Document:

EX-10.31

 Exhibit 10.31 

CONFIDENTIAL TREATMENT REQUESTED 

Research Collaboration and Option Agreement 

This Research Collaboration and Option Agreement (this “Agreement”) is made effective as of October 31, 2016
(“Effective Date”) by and between Millennium Pharmaceuticals, Inc., with a principal office at 40 Landsdowne Street, Cambridge, MA 02139 (Telephone:
617-679-7000, Facsimile: 617-374-0074), a wholly-owned subsidiary of Takeda
Pharmaceutical Company Ltd. (“Takeda”), and Molecular Templates, Inc. with a principal office at 9301 Amberglen Boulevard, Suite 100, Austin, TX 78729 (“MTI”). MTI and Takeda each will be referred to herein as a
“Party” and together as the “Parties.” 
 Whereas, the Parties desire to work collaboratively on the research project
described in the plan set forth on Exhibit A, attached hereto (the “Project” and the “Project Plan,” respectively) and grant the rights set forth herein, all upon the terms and subject to the conditions set forth in
this Agreement. 
 Now, therefore, in consideration of the mutual promises and covenants contained herein, and intending to be legally bound
hereby, the Parties agree as follows: 
 1. Definitions. Capitalized terms herein will have the following definitions: 

1.1 “Affiliate” means any corporation, company, partnership, joint venture and/or firm which controls, is controlled by or is
under common control with Takeda. As used in this Agreement, “control” means (a) in the case of corporate entities, direct or indirect ownership of at least fifty percent (50%) of the stock or shares having the right to vote
for the election of directors, and (b) in the case of non-corporate entities, the direct or indirect power to manage, direct or cause the direction of the management and policies of the non-corporate entity or the power to elect at least fifty percent (50%) of the members of the governing body of such non-corporate entity.  

1.2 “Applicable Law” means all laws, regulations, rules and guidances of any federal, state, local or foreign governmental
authority pertaining to a Party’s performance hereunder, as amended from time to time. 
 1.3 “Control” means
(a) with respect to patents, know-how or other intangible rights, the possession by a Party of the ability to grant a license or sublicense of such rights as provided for herein without violating
the terms of any agreement between such Party and any third party and (b) with respect to any material, the possession by a Party of the ability to use or provide to the other Party such material as provided herein without violating the terms
of any agreement between such Party and any third party. 
 1.4 “MTI Background IP” means Technology, and all intellectual
property rights therein, Controlled by MTI through efforts independent of this Agreement. 
 1.5 “Takeda Background IP”
means Technology, and all intellectual property rights therein, Controlled by Takeda through efforts independent of this Agreement. 
 1.6
“Technology” means developments, inventions, improvements, uses, methods, techniques, conceptions, know-how, data, results, materials, specifications, and information, whether or not patented
or patentable. 
 Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with
the 
 Secretary of the Commission pursuant to the Registrant’s application requesting confidential treatment pursuant

 to Rule 406 of the Securities Act of 1933, as amended. 

 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 2. Communication. 

2.1 Representatives. Each Party will appoint up to two employees as representatives (each, a “Representative”) having
responsibility for interactions with the other Party. Takeda’s Representatives will be Katherine Galvin [***] with regard to issues related to the performance of the Project, and Perrin Wilson [***] with regard to contract related matters, and
MTI’s Representative will be Eric Poma [***], with regard to issues related to the performance of the Project, and Kurt Elster [***], with regard to contract related matters. Each Party may replace its Representatives with individuals of
similar expertise and authority upon written notice to the other Party. The Representatives of both Parties will meet by teleconference or in person bi-weekly, or otherwise as needed and agreed, at times to be
mutually agreed upon by the Parties, to discuss progress of the Project and any matters requiring decisions by the Parties. 
 2.2
Reports. Each Party will provide the other Party with periodic progress reports. Each Party will use reasonable efforts to contribute to and collaborate with the other Party to produce a final written report as set forth in the Project Plan
within 30 days of completion of the Project Plan. 
 3. Performance; Exclusivity. 

3.1 Performance. Each Party agrees to use reasonable commercial efforts to perform its assigned activities under the Project Plan
in accordance with the terms of this Agreement and Applicable Laws. 
 3.2 Exclusivity. During the Term, Option Period and Negotiation
Period (if the Option is exercised during the Option Period in accordance with Section 5.4), MTI shall collaborate and negotiate exclusively with Takeda with regard to CD38 (the “Target”) and during such period shall not
directly or indirectly grant, negotiate, solicit, initiate, facilitate or encourage any inquiries, proposals or offers with respect to, or the submission of, any proposal or offer from a third party for any acquisition by such third party of rights,
including by purchase, license, sublicense or covenant not to sue, to the practice of any MTI Background IP and the Target, provided, however, that MTI has a CD38 product development grant application under review with the Cancer Prevention and
Research Institute of Texas (“CPRIT”) and MTI shall not be restricted in the continued pursuit or acceptance of such grant if ultimately approved by CPRIT. 

4. Technology Access/Exclusivity Fee and Costs Reimbursement. Takeda shall pay MTI a technology access/exclusivity fee of [***] within
thirty (30) days of Effective Date of this Agreement and receipt by Takeda of an invoice therefor, which fee will be fully creditable against any amounts payable by Takeda pursuant to a license agreement or any other agreement by and between
Takeda and MTI. Each Party will be responsible for the costs of performance of its obligations under the Project Plan and this Agreement; provided, however, Takeda will reimburse MTI up to [***] for its performance of the Project as set forth in the
Project Plan as follows: (i) [***] within thirty (30) days of the Effective Date, (ii) [***] upon completion of Phase 1 of the Project Plan and (iii) [***] upon delivery of anti-CD38-SLTA fusion proteins for [***] as described in Phase 2 of the
Project Plan. All payments due hereunder are payable in United States dollars subject to receipt by Takeda of an invoice referencing the applicable purchase order number provided by Takeda and providing reasonable detail for costs incurred during
the applicable period and sent to Millennium Pharmaceuticals Inc., c/o [***]. 

  
 2 

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the 

Secretary of the Commission pursuant to the Registrant’s application requesting confidential treatment pursuant 

to Rule 406 of the Securities Act of 1933, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 5. Technology. 

5.1 Project IP. Inventorship of Technology generated, conceived or reduced to practice during the performance of this Agreement
(“Project Technology”) will be determined in accordance with United States patent laws. The Parties hereby agree that all right, title and interest in and to Project IP and any intellectual property rights therein (“Project
IP”), vests in both Parties equally and each Party has the non-sublicensable right to use the Project IP solely for performance of the Project and for internal research purposes without payment of
consideration or other obligation to the other Party. [***]. 
 5.2 Licenses. 

5.2.1 License to MTI. Takeda hereby grants to MTI a non-exclusive, non-sublicensable, non-transferable, worldwide, fully-paid and royalty-free license under Takeda’s rights in Takeda Background IP, used by Takeda, or provided by Takeda
for use, in the Project, solely for MTI’s use in performance of the Project. 
 5.2.2 License to Takeda. MTI hereby grants to
Takeda, and its Affiliates, a non-exclusive, non-sublicensable, non-transferable, worldwide, fully-paid and royalty-free license
under MTI’s rights in MTI Background IP, and used by MTI, or provided by MTI for use, in the Project, solely for Takeda’s use in performance of the Project. 

5.3 Takeda Option. MTI hereby grants to Takeda an exclusive option (the “Option”) during the Term and for a period of
[***] thereafter (the “Option Period”) to obtain from MTI an exclusive (including as to MTI), worldwide, sublicensable license to practice any Project IP for any and all purposes on commercially reasonable terms to be
negotiated in good faith by the Parties, which license will also include a nonexclusive license to MTI Background IP as necessary or useful to practice the foregoing described exclusive license. Takeda will exercise its Option, if at all, by
delivering to MTI a written notice thereof within the Option Period. Upon such notification, Takeda and MTI will have a period of [***] (the “Negotiation Period”) within which to negotiate a definitive agreement, such period
to be extended as necessary and mutually agreed by the Parties.  
 6. Term; Termination. 

6.1 Term. This Agreement will commence as of the Effective Date and will remain in full force and effect until the earlier of
(a) completion of the Project and delivery of the final report (as described in the Project Plan) or (b) termination as provided in Section 6.2 (the “Term”). 

6.2 Termination. 
 6.2.1
Breach. In the event that either Party commits a material breach of its obligations under this Agreement and fails to cure that breach within thirty (30) days after receiving a written demand to cure from the non-breaching Party, the non-breaching Party may terminate this Agreement immediately upon written notice of termination to the breaching Party. 

6.2.2 Additional Right of Termination. If either Party (the “Objecting Party”) makes a good faith determination that
(a) the research cannot be conducted substantially in accordance with the Project Plan; (b) the research cannot be substantially completed within the time frame set forth in the Project Plan; or (c) the continued conduct of the
Project Plan is unlikely to yield scientifically valid or 

  
 3 

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the 

Secretary of the Commission pursuant to the Registrant’s application requesting confidential treatment pursuant 

to Rule 406 of the Securities Act of 1933, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 
useful results, it will send written notice to the other Party with reasonably detailed reasons for the determination. If the other Party disagrees with such determination and provides the
Objecting Party with written notice including a reasonably detailed explanation for its disagreement within five (5) business days of receipt of the Objecting Party’s notice, the Parties will discuss the matter for up to ten
(10) additional business days. If the Parties agree at any time during the aforementioned 5-day or 10-day periods that the Research should be terminated then this
Agreement will be thereby terminated. If at the end of this 10-day period the Parties are unable to resolve the matter to the reasonable satisfaction of the Objecting Party and the Objecting Party desires to
terminate this Agreement then the Objecting Party has the right to provide a ten (10) business days’ notice of termination. 
 6.3
Sections 1, 2.2, 3.2, 5, 6.3, 7, 8, 9, 10, 11, 15-20 and any other provisions required to interpret and enforce the Parties’ rights and obligations under this Agreement will survive the termination or
expiration of this Agreement to the extent required for the full observation and performance of this Agreement by the Parties in accordance with its terms. 

7. Confidentiality. 
 7.1 Each Party agrees
that during the Term, and for a period of five (5) years thereafter, information disclosed by one Party, or on behalf of such Party, (each, a “Disclosing Party”) to the other (each, a “Receiving Party”) in the
course of activities under this Agreement (“Confidential Information”) will not be disclosed to any third party, or used, by the Receiving Party, except as necessary for performance of its obligations and the exercise of its rights
set forth herein. The Receiving Party may disclose Confidential Information of the other Party to its Affiliates and its and their respective directors, officers, and employees, and agents (collectively, “Representatives”) who have
a need to have access to and knowledge of the Confidential Information solely for the purpose of discharging the Receiving Party’s obligations and reasonably exercising its rights under this Agreement and provided that such Representatives are
bound by obligations of confidentiality substantially similar to those contained herein. For the avoidance of doubt, Project IP is the Confidential Information of both MTI and Takeda and neither Party may publish any Project IP without the prior
written consent of the other Party. Any publication agreed upon by the Parties will include acknowledgement of the other Party’s contributions. 

7.2 The Receiving Party will have no obligation with respect to information that (a) was rightfully in possession of or known to the
Receiving Party without any obligation of confidentiality prior to receiving it from the Disclosing Party; (b) is, or subsequently becomes, legally and publicly available without breach of this Agreement; (c) is rightfully obtained by the
Receiving Party from a source other than the Disclosing Party without any obligation of confidentiality to the Disclosing Party; or (d) is developed by or for the Receiving Party without use of the Confidential Information and such independent
development can be shown by documentary evidence. Further, the Receiving Party may disclose Confidential Information pursuant to a valid order issued by a court or government agency, provided that, to the extent practicable, the Receiving Party
provides the Disclosing Party prior written notice of such obligation; and the opportunity to oppose such disclosure or obtain a protective order at Disclosing Party’s expense. 

7.3 Upon written request by the Disclosing Party, and in any event upon termination of this Agreement, the Receiving Party will: (a) cease
using the Confidential Information, (b) return or destroy the Confidential Information furnished by or on behalf of the Disclosing Party and destroy all notes or 

  
 4 

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the 

Secretary of the Commission pursuant to the Registrant’s application requesting confidential treatment pursuant 

to Rule 406 of the Securities Act of 1933, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 
extracts prepared by the Receiving Party containing any Confidential Information, provided that the Receiving Party will be permitted to retain one (1) archival copy of all Confidential
Information for purposes of determining its obligations under this Agreement; and (c) upon request of the Disclosing Party, certify in writing that the Receiving Party has complied with the obligations set forth in this Section 7. 

7.4 Marking. Each Party will use reasonable commercial efforts to label or otherwise identify as “CONFIDENTIAL,” at the
time of disclosure, all Confidential Information which is disclosed in writing or other tangible form, and reduce to writing or other tangible form and similarly label, within thirty (30) days of disclosure, all Confidential Information which
is disclosed verbally. 
 8. No Use of Name. Neither Party will, without the prior written consent of the other Party, use in endorsement,
advertising, publicity (including, without limitation, press releases, corporate websites, corporate presentations), or otherwise, the name, trademark, logo, symbol, or other image of the Party or that Party’s employees or agents provided
however, each Party agrees that its name may be used whenever required by law or regulation, including, without limitation, disclosure to the Securities and Exchanges Commission. 

9. Certifications; Disclaimer; Indemnification. 

9.1 Certifications. Each of MTI and Takeda represents and warrants to the other that: 

(a) it is an entity duly organized, validly existing and is in good standing under the laws of its jurisdiction of formation, and has all
requisite power and authority, corporate or otherwise, to execute, deliver and perform this Agreement and the other agreements contemplated hereunder and to consummate the transactions contemplated hereby and thereby; 

(b) the execution, delivery and performance of this Agreement have been duly authorized by all necessary corporate action and do not and will
not: (i) with or without the giving of notice or lapse of time or both, result in a breach of or constitute a default under or conflict with any material agreement, license, permit or other instrument or obligation to which it is a party or by
which it or its properties or assets may be bound or affected; or (ii) require that it make any filing with, or give any notice to, or obtain any consent from, any third party; and 

(c) its Animal Care and Use Committee, or equivalent body (“ACUC”), has or will approve in writing all aspects of the Project
being conducted by such Party that involve use of animals. If approval by the ACUC has not been obtained prior to execution of this Agreement, each Party agrees to obtain that approval prior to commencing those aspects of the Project that involve
use of animals. Each Party further represents that it shall adhere to all applicable laws and regulations governing the care and use of laboratory animals, including applicable NIH guidelines and USDA and OLAW animal welfare requirements. 

9.2 Disclaimer. The Takeda Background IP, MTI Background IP and Project IP are experimental in nature and provided by a Party to the
other, WITHOUT WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR ANY OTHER WARRANTY, EXPRESSED OR IMPLIED. EACH OF TAKEDA AND MTI MAKES NO 

  
 5 

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the 

Secretary of the Commission pursuant to the Registrant’s application requesting confidential treatment pursuant 

to Rule 406 of the Securities Act of 1933, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 
REPRESENTATION OR WARRANTY THAT THE USE OF THE TAKEDA BACKGROUND IP, MTI BACKGROUND IP OR PROJECT IP WILL NOT INFRINGE ANY PATENT OR OTHER PROPRIETARY RIGHT. Each Party agrees that the other
Party will not be liable for, and hereby releases the other Party from, any liability as a result of damage to, or loss of property or injury to or death of any person as a result of or in connection with activities of that Party relating to the
Project, except to the extent the damage, loss, injury or death is determined by a court of last resort to be attributable to negligence or willful misconduct of the other Party.  

9.3 Indemnification by Takeda. Takeda will indemnify, defend and hold MTI, its employees and agents harmless against any and all
actions, suits, claims, demands, prosecutions, liabilities, costs and expenses (including reasonable attorneys’ fees) based on or arising out of any third party claim (“Claims”) based on or arising out of the conduct of
Takeda’s activities under (a) the Project or (b) breach of this Agreement, except to the extent that any Claims are determined by a court of last resort to be attributable to the negligence or willful misconduct of MTI, its employees
or agents. This indemnification is contingent on (i) MTI providing Takeda with prompt written notice of any the Claim, (ii) Takeda, at its sole expense, controlling the defense of the Claim, including, without limitation, settlement of the
Claim, and (iii) MTI performing, at Takeda’s sole expense, all acts that are reasonably necessary for the defense or settlement by Takeda of the Claim. 

9.4 Indemnification by MTI. To the extent permitted by law, MTI will indemnify, defend and hold Takeda, its Affiliates, and their
respective employees and agents harmless against any and all Claims based on or arising out of MTI’s (a) activities under the Project or (b) breach of this Agreement, except to the extent that any Claims are determined by a court of
last resort to be attributable to the negligence or willful misconduct of Takeda, its Affiliates, or their respective employees or agents. This indemnification is contingent on (i) Takeda providing MTI prompt written notice of the Claim,
(ii) MTI, at its sole expense, controlling the defense of the Claim, including, without limitation, settlement of the Claim, and (iii) Takeda performing, at MTI’s sole expense, all acts that are reasonably necessary for the defense or
settlement by MTI of the Claim. 
 10. Notice. Any notice or communication pursuant to this Agreement will be sufficiently made or given if
sent by certified or registered mail, postage prepaid, or by overnight courier, with proof of delivery by receipt, addressed to the address below or as either Party will designate by written notice to the other Party. 

 

			
	 In the case of MTI, to:
	  	 Molecular Templates, Inc.

		  	 9301 Amberglen Drive, Suite 100

		  	 Austin, TX 78729

		
		  	 Attention: Jason Kim

		  	 President and CFO

		
	 In the case of Takeda, to:
	  	 Millennium Pharmaceuticals, Inc.

		  	 40 Landsdowne Street

		  	 Cambridge, MA 02139

		  	[***]
		
	With a required copy to:	  	Attention: Office of the General Counsel

  
 6 

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the 

Secretary of the Commission pursuant to the Registrant’s application requesting confidential treatment pursuant 

to Rule 406 of the Securities Act of 1933, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 11. Entire Agreement. This Agreement constitutes the entire and only agreement between the
Parties relating to the subject matter hereof, and all prior negotiations, representations, agreements and understandings are superseded by this Agreement. This Agreement may be executed in counterparts, each of which will be deemed an
original, but all of which together will constitute one agreement. Parties participated equally in the formation of this Agreement; the language of this Agreement will not be presumptively construed against either Party. 

12. Waiver. No waiver of any rights will be effective unless assented to in writing by the Party to be charged and the waiver of any breach or
default will not constitute a waiver of any other right hereunder or any subsequent breach or default. 
 13. Modifications. No
modification to this Agreement will be effective unless agreed to in writing by duly authorized representatives of the Parties. 
 14.
Assignment. This Agreement is not assignable by either Party, whether by operation of law or otherwise, without the prior written consent of the other Party, except that Takeda may assign or transfer Takeda’s rights and obligations under
this Agreement, in whole or in part, to an Affiliate of Takeda or to a successor to all or substantially all of its assets or business relating to this Agreement, whether by sale, merger, operation of law or otherwise upon written notice to MTI.
This Agreement will be binding upon and inure to the benefit of the Parties hereto and their respective successors and permitted assigns. 
 15.
Interpretation; Headings. The word “including” means “including without limitation.” All pronouns and any variations thereof refer to the masculine, feminine or neuter, singular or plural, as the context
may require. All terms defined in this Agreement in their singular or plural forms have correlative meanings when used herein in their plural or singular forms, respectively. Headings used in this Agreement are for convenience of reference only and
are not intended to influence the interpretation hereof. References to “Section” mean sections of this Agreement unless expressly stated otherwise. 

16. Governing Law. This Agreement will be governed by, construed, and interpreted in accordance with the laws of the Commonwealth of Massachusetts,
U.S.A., without reference to principles of conflicts of laws. 
 17. Language. This Agreement has been prepared in the English language, and the
English language will control its interpretation. 
 18. Severability. In the event that any provision of this Agreement becomes or is declared by a
court of competent jurisdiction to be illegal, unenforceable or void, this Agreement will continue in full force and effect without said provision; provided that no severability will be effective if the result of that action materially changes the
economic benefit of this Agreement to Takeda, or to MTI. 
 19. Further Assurances. Each Party will execute and deliver such further
instruments and do such further reasonable acts and things as reasonably may be required to carry out the intent and purpose of this Agreement. 

  
 7 

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the 

Secretary of the Commission pursuant to the Registrant’s application requesting confidential treatment pursuant 

to Rule 406 of the Securities Act of 1933, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 20. No Partnership or Employment Relationship. Takeda and MTI are independent contractors. This
Agreement does not create a joint venture, partnership or employment relationship between Takeda and MTI. 
 IN WITNESS WHEREOF this Agreement has
been executed by the duly authorized representatives of the Parties: 
  

			
	MILLENNIUM PHARMACEUTICALS, INC.
		
	By:	 	/s/ Christophe Bianchi
	 Name:
	 	 Christophe Bianchi

	 Title:
	 	 President

	
	MOLECULAR TEMPLATES, INC.
		
	By:	 	/s/ Kurt Elster
	Name:	 	Kurt Elster
	Title:	 	EVP Corporate Development

  

  
 8 

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the 

Secretary of the Commission pursuant to the Registrant’s application requesting confidential treatment pursuant 

to Rule 406 of the Securities Act of 1933, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 

 Exhibit A 

Project Plan for the discovery and development of anti-CD38 Shigella toxin fusion proteins. 

{Redacted Exhibit A content comprises 3 pages} 

[***] 

  
 Page 9 of 9 

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the 

Secretary of the Commission pursuant to the Registrant’s application requesting confidential treatment pursuant 

to Rule 406 of the Securities Act of 1933, as amended.EX-10.32

 Exhibit 10.32 

CONFIDENTIAL TREATMENT REQUESTED 

NON-EXCLUSIVE LICENSE AGREEMENT FOR THE PROVISION OF 

BIOLOGICAL MATERIALS FOR INTERNAL RESEARCH ONLY 

BETWEEN 
 THE HENRY M. JACKSON
FOUNDATION FOR THE 
 ADVANCEMENT OF MILITARY MEDICINE, INC. 

AND 
 MOLECULAR TEMPLATES, INC.

 THIS NON-EXCLUSIVE LICENSE AGREEMENT is entered into as of the date of the last signature on the
signature page of this document (the “Effective Date”), by and between The Henry M. Jackson Foundation for the Advancement of Military Medicine, Inc., a tax-exempt corporation organized under the
laws of the State of Maryland and having its principal offices at 6720-A Rockledge Drive, Suite 100, Bethesda, Maryland 20817 (the “Foundation”) and Molecular Templates, Inc., a corporation
organized under the laws of the State of Delaware and having its principal offices at 111 W. Cooperative Way, Suite 201, Georgetown, Texas 78626 (“Licensee”). The Foundation and Licensee sometimes are referred to collectively herein
as the “Parties” or individually as a “Party.” 
 WHEREAS, the Foundation and the Uniformed Services University of the
Health Sciences, an institution of higher learning within the Department of Defense, an agency of the United States Government, located at 4301 Jones Bridge Road, Bethesda, Maryland 20814 (“USU”) have agreed to collaborate in the
development and commercialization of inventions, patents, trade secrets, and other intellectual property rights; 
 WHEREAS, the Foundation
and USU are committed to the policy that ideas or creative works produced at the Foundation and USU should be used for the greatest possible public benefit and that every reasonable incentive should be provided for the prompt introduction of such
ideas into public use, all in a manner consistent with the public interest; 
 WHEREAS, USU has developed certain Biological Materials (as
hereinafter defined) and the Foundation, pursuant to written agreement with USU, has the authority to grant licenses to such Biological Materials; 

WHEREAS, Licensee requests the ability to the use the Biological Materials for its own internal research purposes as further described herein;
and 
 WHEREAS, Licensee desires to obtain from the Foundation, and the Foundation agrees to grant to Licensee, a non-exclusive license upon the terms and conditions set forth herein. 
 Portions of this Exhibit,
indicated by the mark “[***],” were omitted and have been filed separately with the Secretary of the Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of
1933, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 
 NOW, THEREFORE, in consideration of the mutual promises and covenants
set forth in this Agreement, the Parties, intending to be legally bound, agree as follows: 
 ARTICLE I 

DEFINITIONS 
 As used in this
Agreement, the following terms shall have the following meanings: 
 1.1 “Agreement” means this Agreement, including all
Appendices hereto, as the same may be amended from time to time in accordance with the terms hereof. 
 1.2 “Biological Materials”
means the materials identified in Appendix A together with any progeny, subclones, or derivatives thereof provided by the Foundation or created by Licensee. 

1.3 “Business Day” means any day other than a Saturday, a Sunday, or a day on which banking institutions in Montgomery County,
Maryland are closed. 
 1.4 “Confidential Information” means information, disclosed by one Party to the other Party, that is
treated as proprietary or confidential by the disclosing Party and, at the time of disclosure, that is marked “proprietary” or “confidential” or that bears a marking or legend of like import restricting its use, copying, or
dissemination or that is identified as being confidential in a letter or other written communication sent to the receiving Party prior to or contemporaneously with disclosure to the receiving Party. Any such information that is in another form when
disclosed, such as oral or visual, shall be treated as Confidential Information only if and to the extent the disclosing Party informs the receiving Party of the proprietary or confidential nature of the information prior to or at the time of the
disclosure, and thereafter creates a written record of the disclosure (marked in accordance with this Agreement) and delivers the written record to the receiving Party promptly, but in no event more than thirty (30) days after the original
disclosure to the receiving Party. Confidential Information does not include any information that (i) was known to the receiving party without a duty of confidentiality before receipt from the disclosing party as evidenced by written records
made prior to such receipt or disclosure (when such prior knowledge did not become known to such receiving party through disclosure by a third party known to the receiving party to be subject to an obligation to maintain the confidentiality
thereof); (ii) is or becomes a matter of public knowledge through no fault of the receiving party or any of its agents; (iii) is rightfully received by the receiving party from a third party without a duty of confidentiality; or (iv) is
independently developed by the receiving party as evidenced by written records of the receiving party. 
 1.5 “Field” means the
manufacture and use of [***] solely for the detection of MT-3724. 
 1.6 “Territory” means
worldwide. 

  
 2 

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Secretary of the
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 
 ARTICLE II 

GRANT OF RIGHTS 
 2.1 The
Foundation hereby grants to Licensee and Licensee accepts, subject to the terms and conditions hereof, in the Territory and for the Field, a non-exclusive license to use the Biological Materials. 

2.2 The granting and exercise of this license is subject to the following conditions: 

(a) Licensee shall not have the right to grant sublicenses hereunder. 

(b) Licensee shall not have the right to transfer or sell any Biological Materials to any third party, except to perform validated/qualified
assays solely for the detection of MT-3724. Licensee shall require any such third party to abide by the terms and conditions of this Agreement. 

(c) Licensee shall not use the Biological Materials in human beings, or for the treatment, diagnosis, prognosis, or other such use in human
beings. 
 2.3 The license granted hereunder shall not be construed to confer any rights upon Licensee by implication, estoppel, or
otherwise as to any technology or material not expressly within the terms of this Agreement. 
 2.4 Within thirty (30) days after the
receipt of the License Issue Royalty (as hereinafter defined in Section 3.1), the laboratory of Dr. [***] of USU shall provide to Licensee, and Licensee is hereby authorized to use in accordance with the terms and conditions of this Agreement,
the Biological Materials. 
 2.5 Licensee shall not modify any of the Biological Materials in any way or
co-mingle any Biological Materials with the material of any third party, unless prior written authorization is received from Foundation. Such authorization is hereby provided to the extent needed to perform
validated/qualified assays solely for the detection of MT-3724. Neither Licensee nor any third party to which the Biological Materials are transferred shall disassemble, analyze, reverse engineer, copy,
sequence, or transfect any of the Biological Materials. Neither Licensee nor any such third party shall use the Biological Materials for in vivo testing in human subjects. 

2.6 Licensee’s use of the Biological Materials shall comply with all applicable federal, state, and local laws and regulations,
including, but not limited to, animal welfare laws and regulations, and all applicable laws, rules, regulations and recommendations of the FDA, EPA, OSHA, and any other federal, state, or local regulatory agency having jurisdiction over biomedical
operations or the disposal of biomedical waste. 

  
 3 

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Secretary of the
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 
 ARTICLE III 

LICENSING PAYMENTS AND ROYALTIES 

3.1 Licensee shall pay to the Foundation a non-creditable,
non-refundable license issue royalty in the sum of [***] (“License Issue Royalty”). Such License Issue Royalty is due within thirty (30) days after the Effective Date. 

3.2 Licensee shall pay to the Foundation each of the following applicable one-time payment(s) within
thirty (30) days after the first time that any of the Biological Materials is used for the following: 
 (a) analysis of human clinical
samples in connection with a Phase I clinical study: [***]; 
 (b) analysis of human clinical samples in connection with a Phase II clinical
study: [***]; 
 (c) analysis of human clinical samples in connection with a Phase III clinical study: [***]; 

(d) analysis of human clinical samples in connection with a Phase IV clinical study: [***]. 

3.3 All payments due hereunder shall be paid in full, without deduction for any taxes or other fees imposed by any government or any transfer,
collection, or similar charges; any such tax, fee, or charge shall be paid by Licensee. All amounts paid to the Foundation are non-refundable. 

3.4 All payments shall be paid by check or by wire transfer in United States dollars in Bethesda, Maryland. Checks shall be payable to The
Henry M. Jackson Foundation for the Advancement of Military Medicine, Inc., and all such payments shall be sent to the following address: 

The Henry M. Jackson Foundation for the Advancement of Military Medicine, Inc. 

ATTN: Legal Department 
 6720A
Rockledge Drive, Suite 100 
 Bethesda, MD 20817. 

Electronic/wire transfer payments shall be made as follows: 
  

			
	Bank Info	  	[***]
	Bank Country	  	[***]
	Sort Code / ABN	  	[***]

  
 4 

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Secretary of the
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 
  

			
	Swift Code	  	[***]
	Account Name	  	[***]
	Account #	  	[***]

 3.5 In the event any amount payable to the Foundation is not timely paid, Foundation shall be entitled
to receive interest on the unpaid amount at the rate of one and one-half percent (1-1/2%) per month, or the greatest amount permitted by law, whichever is less. 

ARTICLE IV 
 REPORTING AND
ATTRIBUTION 
 4.1 Within thirty (30) days after the Effective Date, Licensee shall provide to Foundation an initial development plan
that includes the clinical development timeline and the anticipated commencement dates of the Phase I, Phase II, Phase III, and Phase IV clinical studies. Thereafter, no later than March 1st of
each year, Licensee shall provide an annual update of such plan. 
 4.2 In any publication or presentation referencing Licensee’s use
of the [***] provided hereunder, Licensee will provide proper attribution to Dr. [***] at the Uniformed Services University of the Health Sciences, as the source of the antibody. 

4.3 In the event of acquisition, merger, change of corporate name, or change of make-up, organization,
or identity, Licensee shall report the same to Foundation in writing within thirty (30) days of such event. 
 ARTICLE V 

TERMINATION OF AGREEMENT 
 5.1
This Agreement, unless sooner terminated as provided herein, shall remain in effect until Licensee’s completion of all clinical studies utilizing any of the Biological Materials or Licensee’s final decision to terminate all clinical
development utilizing any of the Biological Materials. 
 5.2 The Foundation may terminate this Agreement in the circumstances set forth in
this Section, and any such termination shall be effective immediately upon the Foundation giving written notice to Licensee of any of the following: 

(a) if Licensee does not make a payment due hereunder and fails to cure such non-payment (including
the payment of interest in accordance with Section 3.5) within thirty (30) days after the date of notice in writing of such non-payment by the Foundation; 

(b) if Licensee, after failing to timely make a payment due hereunder (whether later cured or not), subsequently fails to timely make any
other payment due hereunder; 

  
 5 

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Secretary of the
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 
 (c) if Licensee defaults in its obligations under Section 6.5 to
procure and maintain insurance; 
 (d) if Licensee: is unable to pay its debts as such debts become due; makes a general assignment for the
benefit of creditors; has a petition in bankruptcy or a suit seeking reorganization, liquidation, dissolution, or similar relief filed against it; or files or permits the filing of any petition or answer seeking to adjudicate itself bankrupt or
insolvent, or seeking for itself any liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of Licensee or its debts under any law relating to bankruptcy, insolvency, or reorganization or relief of
debtors, or seeking or consenting to the appointment of a trustee, custodian, receiver, liquidator or other similar official for Licensee or for any substantial part of its property; or takes any corporate action to authorize any of the foregoing
actions; or 
 (e) except as provided in subsections (a), (b), (c), or (d) above, if Licensee defaults in the performance of any
obligation under this Agreement and the default has not been remedied within ninety (90) days after the date of notice in writing of such default by the Foundation. 

5.3 Licensee may terminate this Agreement by giving forty-five (45) days advance written notice of termination to the Foundation. 

5.4 Upon termination pursuant to this Article V, whether by the Foundation or by Licensee, Licensee shall cease all use of the Biological
Materials and shall, upon request, return or destroy (at Foundation’s option) all Biological Materials under its control or in its possession. 

5.5 Article I and Sections 2.5, 2.6, 3.5, 4.1, 5.4, 5.5, 6.1 through 6.9 inclusive, 6.11, 6.12, and 6.14 through 6.20 inclusive shall survive
any expiration or termination of this Agreement indefinitely. Additionally, any rights or remedies arising out of a breach or violation of any terms of this Agreement will survive any expiration or termination of this Agreement. The expiration or
termination of this Agreement shall not discharge either Party from any obligation that it owes to the other Party by reason of any loss, cost, damage, expense, liability, or contractual duty that occurs or arises (or the circumstances, events, or
basis of which occurs or arises) prior to such expiration or termination, and shall not affect the right of either Party to institute or maintain any action for damages relating to any breach of this Agreement by the other Party prior to the date of
termination. It is the intent of the Parties that any such obligation owed by a Party to the other Party arising before the date of expiration or termination (whether the same shall be known or unknown at such date, or whether the circumstances,
events, or basis of the same shall be known or unknown at such date), including payment obligations (computed in accordance with Article III) incurred prior to the date of termination or expiration, indemnification obligations, and confidentiality
obligations, shall survive the expiration or termination of this Agreement. 

  
 6 

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Secretary of the
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 
 ARTICLE VI 

MISCELLANEOUS PROVISIONS 
 6.1
Rules of Construction. This Agreement is to be interpreted in accordance with the following rules of construction: 
 (a) Number
and Gender. All definitions of terms apply equally to both the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine, and neuter forms. 

(b) Including; Herein; Etc. The words “include,” “includes,” and “including” are deemed to be followed by
the phrase “without limitation.” The words “herein,” “hereof,” and “hereunder” and words of similar import refer to this Agreement (including all Appendices) in its entirety and are not limited to any part
hereof, unless the context shall otherwise require. The word “or” is not exclusive and means “and/or.” 
 (c)
Subdivisions and Attachments. All references in this Agreement to Articles, Sections, subsections, paragraphs, and Appendices are, respectively, references to Articles, Sections, subsections, and paragraphs of, and Appendices to, this
Agreement, unless otherwise specified. 
 (d) References to Documents and Laws. All references to this Agreement or any Appendix
hereof are to it as amended, modified, and supplemented from time to time in accordance with the terms of this Agreement. All references to (i) any other agreement or instrument or (ii) any statute, law, regulation, permit, or similar item
are to it as amended and supplemented from time to time (and, in the case of a statute, law or regulation, to any corresponding provisions of successor statutes, laws, or regulations), unless otherwise specified. 

(e) References to Days. Any reference in this Agreement to a “day” or number of “days” (without the explicit
qualification “Business”) is a reference to a calendar day or number of calendar days. If any action or notice is to be taken or given on or by a particular calendar day, and such calendar day is not a Business Day, then such action or
notice may be taken or given on the next Business Day. 
 (f) Examples. If, in any provision of this Agreement any example is given
(through the use of the words “such as,” “for example,” “e.g.,” or otherwise) of the meaning, intent, or operation of any provision of this Agreement, such example is intended to be illustrative only and not
exclusive. 
 (g) Currency. Except as expressly provided herein, all prices or other monetary amounts stated in this Agreement are
stated in United States Dollars. 
 (h) Participation in Drafting. Both Parties and their respective legal counsel have participated,
or had the opportunity to participate, in the drafting of this Agreement, and this Agreement will be construed simply and according to its fair meaning and not strictly for or against either Party. 

  
 7 

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Secretary of the
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 
 6.2 No Foundation Warranty. 

(a) THE FOUNDATION EXPRESSLY DISCLAIMS ANY AND ALL IMPLIED AND EXPRESS WARRANTIES AND MAKES NO WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A
PARTICULAR PURPOSE OF THE BIOLOGICAL MATERIALS OR INFORMATION SUPPLIED BY THE FOUNDATION OR USU. 
 (b) The Foundation has made no
investigation and makes no representation that the Biological Materials supplied or the methods used in making or using such materials are free from liability for patent infringement. 

6.3 Limitation of Liability. IN NO EVENT SHALL THE FOUNDATION BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, OR CONSEQUENTIAL DAMAGES
(INCLUDING DAMAGES FOR LOSS OF PROFITS OR EXPECTED SAVINGS OR OTHER ECONOMIC LOSSES, OR FOR INJURY TO PERSONS OR PROPERTY) ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR ITS SUBJECT MATTER, REGARDLESS OF WHETHER THE FOUNDATION KNOWS OR
SHOULD KNOW OF THE POSSIBILITY OF SUCH DAMAGES. THE FOUNDATION’S AGGREGATE LIABILITY FOR ALL DAMAGES AND AWARDS OF ANY KIND RELATING TO THIS AGREEMENT OR ITS SUBJECT MATTER, OR TO ANY RELATED ARBITRATION OR LITIGATION, SHALL NOT EXCEED THE
AMOUNT PAID BY LICENSEE TO THE FOUNDATION UNDER THIS AGREEMENT. EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN THIS AGREEMENT, IN NO EVENT WILL EITHER PARTY BE LIABLE TO THE OTHER PARTY FOR ATTORNEYS’ FEES INCURRED IN CONNECTION WITH ANY LITIGATION,
ARBITRATION, OR OTHER FORM OF DISPUTE RESOLUTION RELATED TO THIS AGREEMENT OR ITS SUBJECT MATTER. The foregoing exclusions and limitations shall apply to all claims and actions of any kind, whether based on contract, tort (including but not limited
to negligence), or any other grounds. 
 6.4 Safeguarding of Biological Materials. Licensee shall not distribute or release the
Biological Materials to any third party except for transfers that fit within the exception set forth in Section 2.2 (b). Licensee shall require any such third party to comply with the terms and conditions of this Agreement. Licensee and any
third party to which the Biological Materials are transferred shall protect the Biological Materials at least as well as it protects its own valuable tangible personal property and shall take measures to protect the Biological Materials from any
claims by third parties including creditors and trustees in bankruptcy. 

  
 8 

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Secretary of the
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 
 6.5 Indemnification and Insurance. 

(a) Licensee shall indemnify, defend and hold harmless the Foundation and its current and former directors, board members, trustees, officers,
employees, and agents and their respective successors, heirs and assigns (collectively, the “Indemnitees”), from and against any and all claims, liabilities, costs, expenses, damages, deficiencies, losses or obligations of any kind or
nature (including reasonable attorneys’ fees and other costs and expenses of litigation) (collectively “Claims”) based upon, arising out of, or otherwise relating to this Agreement, including without limitation any cause of action
relating to product liability concerning any product, process, or service made, used, or sold pursuant to any right or license granted under this Agreement. 

(b) Licensee shall, at its own expense, provide attorneys reasonably acceptable to the Foundation to defend against any actions brought or
filed against any Indemnitee hereunder with respect to the subject of indemnity contained herein, whether or not such actions are rightfully brought. 

(c) Licensee shall, at its sole cost and expense, procure and maintain commercial general liability insurance with reasonable coverage for
Licensee’s line of business. The amount of insurance coverage shall not be construed to create a limitation of Licensee’s liability with respect to its indemnification obligations under this Agreement. 

(d) Licensee shall provide the Foundation with written evidence of such insurance upon request of the Foundation. Licensee shall provide the
Foundation with written notice at least thirty (30) days prior to the cancellation, non-renewal, or material change in such insurance; if Licensee does not obtain replacement insurance providing
comparable coverage within such thirty (30) day period, the Foundation shall have the right to terminate this Agreement effective at the end of such thirty (30) day period without notice or any additional waiting periods. 

(e) Licensee shall maintain such commercial general liability insurance for a reasonable period, which period in no event shall be less than
five (5) years after the expiration or termination of this Agreement 
 6.6 Limitation on Advertising and Publicity. Licensee
shall not use the Foundation’s or USU’s name or insignia, or the name or insignia of the U.S. Government or any agency thereof, or any adaptation of the foregoing, or the name of any of Foundation’s or USU’s inventors, in any
press release, public announcement, advertising, promotional, or sales literature without the prior written approval of the Foundation or USU, as the case may be. 

6.7 No Assignment. Without the prior written approval of the Foundation in each instance, neither this Agreement nor the rights granted
hereunder shall be transferred or assigned in whole or in part by Licensee to any person whether voluntarily or 

  
 9 

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Secretary of the
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 
 involuntarily, by operation of law, or otherwise. This Agreement shall be binding upon
the respective successors, legal representatives, and assignees of the Foundation and Licensee. 
 6.8 Governing Law. This Agreement
shall be governed by and construed and interpreted in accordance with the laws of the State of Maryland, as to all matters, including matters of validity, construction, effect, performance, and remedies, irrespective of any contrary choice of law
that otherwise would be applicable under the choice of laws principles of any jurisdiction. 
 6.9 Compliance with Laws and
Regulations. Licensee shall comply with all applicable laws and regulations, including United States laws and regulations controlling exports. Licensee agrees that it will be solely responsible for any violation of applicable laws or regulations
by Licensee, and that it will defend and hold the Foundation harmless in the event of any legal action of any nature occasioned by such violation. 

6.10 Regulatory Approvals. Licensee agrees to obtain all regulatory approvals required for Licensee’s use of the Biological
Materials provided under this Agreement. 
 6.11 Confidential Information and Intellectual Property. Except as specifically required
to comply with obligations set forth in this Agreement, neither Party shall be obligated to disclose or furnish to the other Party any Confidential Information of such first Party or any confidential or proprietary information, technology, or
intellectual property of any third party in such first Party’s possession or control. If, however, the Parties have heretofore entered or hereafter enter into a confidential information nondisclosure agreement or similar agreement (the
“NDA”), neither Party may terminate the NDA prior to the termination or expiration of this Agreement. If the Parties have not entered into an NDA, each Party agrees, for the greater of a period of five (5) years after each disclosure
or during the pendency of this Agreement, to maintain in confidence all Confidential Information disclosed to it by the other Party and to protect such Confidential Information by using the same degree of care, but no less than a reasonable degree
of care, as the receiving Party uses to protect its own similar confidential information. 
 6.12 Headings. The article, section, and
other headings contained in this Agreement are for reference purposes only and are not intended to describe, interpret, define, or limit the scope, extent, or intent of this Agreement. 

6.13 Counterpart Execution. This Agreement and any modification or amendment thereof may be executed in counterparts, both of which
shall be considered one and the same agreement, and shall become effective when such counterparts have been signed by each of the Parties and delivered to the other Party. 

6.14 Waivers; Remedies Generally. The observance of any term of this Agreement may be waived (whether generally or in a particular
instance and either 

  
 10 

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Secretary of the
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 
 retroactively or prospectively) by the Party entitled to enforce such term, but any such
waiver will be effective only if in a writing signed by the Party against which such waiver is to be asserted. Except as otherwise provided in this Agreement, no failure or delay of either Party in exercising any power, right, or remedy under this
Agreement will operate as a waiver thereof, nor will any single or partial exercise of any such right, power, or remedy, preclude any other or further exercise thereof or the exercise of any other right, power, or remedy. A waiver by either Party
shall be limited to the specific instance in which it is given and, therefore, any waiver by either Party of any obligation of the other Party under or breach by the other Party of this Agreement or of any power, right, or remedy of the waiving
Party shall not be a waiver of any other obligation or further or future performance of the same obligation, of any other or succeeding breach, of any other or further exercise of such power, right, or remedy or any other power, right, or remedy.

 6.15 Severability. To the extent that any provision of this Agreement shall be judicially unenforceable in any one or more
jurisdictions, such provision shall not be affected with respect to any other jurisdiction, each provision with respect to each jurisdiction being construed as several and independent. If any term or provision of this Agreement or the application
thereof to any person or circumstance is, to any extent, declared or found to be illegal, unenforceable, or void, then both Parties will be relieved of all obligations arising under such term or provision, but only to the extent that such term or
provision is illegal, unenforceable, or void, it being the intent and agreement of the Parties that this Agreement will be deemed amended by modifying such term or provision to the extent necessary to make it legal and enforceable while preserving
its intent or, if that is not possible, by substituting therefor another term or provision that is legal and enforceable and achieves the same objective. If the remainder of this Agreement will not be affected by such declaration or finding and is
capable of substantial performance, then each term and provision not so affected will be enforced to the extent permitted by law. If necessary to effect the intent of the Parties, the Parties will negotiate in good faith to amend this Agreement to
replace the unenforceable language with enforceable language that as closely as possible reflects such intent and to amend any other term or provision thereby rendered incapable of substantial performance or otherwise affected thereby to the extent
necessary to permit the practical realization, insofar as legally possible, of the intent of the Parties. 
 6.16 Relationship of the
Parties; Disclaimer of Agency. 
 (a) Independent Contractors. In entering into and carrying out this Agreement, the Parties will
be acting solely as independent contractors. Nothing in this Agreement creates, has created, or will create any partnership, joint venture, or other business association between the Parties, nor any duties or responsibilities of partners, venturers,
or members of a business association. 
 (b) No Agency. Except for provisions in this Agreement expressly authorizing one Party to
act for the other, this Agreement will not constitute either Party 

  
 11 

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Secretary of the
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 
 as a legal representative or agent of the other Party, nor will either Party have the
right or authority to assume, create, or incur any liability or any obligation of any kind, expressed or implied, against or in the name or on behalf of the other Party unless otherwise expressly permitted by such Party. 

6.17 No Third Party Beneficiaries. The representations, warranties, covenants, and undertakings contained in this Agreement are for the
sole benefit of the Parties, their sublicensees, and the Parties’ permitted successors and assigns and shall not be construed as creating any third party beneficiaries of this Agreement or as conferring any rights whatsoever on any third party.

 6.18 Notices. Unless otherwise expressly agreed by the Party receiving notice, any notice, demand, or other communication required
or permitted to be given by either Party under any provision of this Agreement must be in writing, in the English language, and mailed (certified or registered mail, postage prepaid, return receipt requested) or sent by hand or overnight courier, or
by facsimile (with acknowledgment received), charges prepaid and addressed to the intended recipient at such Party’s address set forth below, or to such other address or number as such Party may from time to time specify by notice to the other
Party as provided in this Section. All notices and other communications given in accordance with the provisions of this Agreement will be deemed to have been given and received (i) when actually delivered by hand, by mail, or by courier, or
(ii) when transmitted by E-mail or facsimile (with acknowledgment received and a copy of such notice is sent no later than the next Business Day by a reliable overnight or
two-day courier service, with acknowledgment of receipt). 
 If to Licensee: 

Jason Kim 
 President &
CFO 
 Molecular Templates, Inc. 

111 W. Cooperative Way 
 Suite 201

 Georgetown, TX 78626 
 (P) 512-639-0206 
 (F) 512-233-2709 
 jason.kim@moleculartemplates.com 

If to the Foundation: 
 The Henry
M. Jackson Foundation for 
 the Advancement of Military Medicine, Inc. 

ATTN: Mark G. Scher, Ph.D. 

Director, Technology Transfer & Commercialization 

6720-A Rockledge Drive, Suite 100 

Bethesda, MD 20817 
 (P) [***]

 (F) [***] 
 E-mail: [***] 

  
 12 

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Secretary of the
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 
 6.19 Disputes. 

(a) In the event of any controversy or claim arising out of or relating to any provision of this Agreement or the breach thereof, the Parties
shall try to settle such conflict amicably between themselves. Subject to the exclusions and limitations stated in the remainder of this Section, any such conflict that the Parties are unable to resolve promptly shall be settled through arbitration
conducted through the American Arbitration Association unless the Parties agree to use a different ADR organization, except that only one arbitrator will be selected, and the arbitrator must be in the Washington D.C. Metropolitan Area. In addition,
the arbitrator, before being selected, must agree to issue the ruling on the dispute not later than 180 calendar days from the initial filing for Arbitration, and shall have no authority to make any award for damages excluded in the agreement, nor
for attorneys’ fees. Arbitration discovery, to the extent permitted at all, shall be limited. If the Parties do not agree to the scope and nature of discovery, then the Arbitrator shall decide the extent to which discovery is allowed. If
the Arbitrator must decide, then no interrogatories or requests for admission shall be allowed, and depositions, to the extent that any at all are permitted based on a showing of substantial need, shall be limited to no more than three per Party,
including no more than one corporate deposition, if allowed. No motions practice will be allowed. Unless the Parties agree, the Arbitrator shall decide whether to require pre-hearing exchanges of exhibits and
summaries of witness testimony upon which each Party is relying, and proposed rulings and remedies on each issue. 
 (b) A demand for
arbitration or commencement of litigation shall be filed within a reasonable time after the controversy or claim has arisen, and in no event later than the earlier of: (a) six months after the termination or purported termination of this
Agreement, or (b) the date upon which institution of legal proceedings based on such controversy or claim would be barred by the applicable statute of limitations. For the avoidance of doubt, failure to demand arbitration or commence litigation
on an issue arising out of or relating to this Agreement or the breach thereof within the time period set forth in the preceding sentence absolutely precludes the later arbitration or litigation of such issue. Such arbitration shall be held in
Montgomery County, Maryland. The award through arbitration shall be final and binding. Either Party may enter any such award in a court having jurisdiction or may make application to such court for judicial acceptance of the award and an order of
enforcement, as the case may be. Notwithstanding the foregoing, either Party may, without recourse to arbitration, assert against the other Party a third-party claim or cross-claim in any action brought by a third party, to which the subject matter
of this Agreement may be relevant. In addition, notwithstanding the foregoing, disputes over ownership of intellectual property and claims for damages in excess of one million dollars are excluded from arbitration and either Party may commence an
action for such disputes in a state court of competent jurisdiction in Montgomery County, Maryland, or, if jurisdiction is proper in federal court, in the appropriate federal District Court for the District of Maryland, and both Parties hereby
consent to personal jurisdiction in such state and federal courts in Maryland. 

  
 13 

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Secretary of the
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 
 6.20 Entire Agreement; Modifications. This Agreement constitutes
the complete agreement between the Parties concerning the subject matter hereof and replaces any prior oral or written communications between the Parties. There are no conditions, understandings, agreements, representations, or warranties, express
or implied, that are not specified herein, and neither Party shall be obligated by any condition or representation other than those expressly stated herein or as may be subsequently agreed by the Parties in writing. Any purported modification or
amendment of the express terms or provisions of this Agreement shall be effective only if contained in a written instrument signed by each Party. 
 THE
FOUNDATION AND LICENSEE HAVE READ THIS AGREEMENT INCLUDING ALL APPENDICES HERETO AND AGREE TO BE BOUND BY ALL THE TERMS AND CONDITIONS HEREOF AND THEREOF. 

IN WITNESS WHEREOF, the Parties have entered into this License Agreement as of the Effective Date. 

 

	
	THE HENRY M. JACKSON FOUNDATION FOR THE ADVANCEMENT OF MILITARY MEDICINE, INC.
	
	 /s/ John. W. Lowe

	John W. Lowe
	President
	
	 July 17, 2014

	Date
	
	MOLECULAR TEMPLATES, INC.
	
	 /s/ Jason Kim

	Jason Kim
	President & CFO
	
	 July 14, 2014

	Date

  
 14 

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Secretary of the
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933, as amended. 

 CONFIDENTIAL TREATMENT REQUESTED 

 
 APPENDIX A 

The following materials are the Biological Materials: 
  

	 	•	 	[***] 

  

	 	•	 	Copies of all protocols, SOPs, reagent and equipment lists, and other documentation related to the production, purification, and testing of [***] 

  
 15 

Portions of this Exhibit, indicated by the mark “[***],” were omitted and have been filed separately with the Secretary of the
Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 406 of the Securities Act of 1933, as amended.

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