Document:

Exhibit 10.1

 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE SELLAS LIFE SCIENCES GROUP, INC. HAS DETERMINED THE INFORMATION (I)
IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO SELLAS LIFE SCIENCES GROUP, INC. IF PUBLICLY DISCLOSED.

 

Exclusive
License Agreement

 

by and between

 

SELLAS
LIFE SCIENCES GROUP, Inc.,

 

SLSG
Limited, LLC,

 

and

 

3D
medicines INC.

 

December
7, 2020

 

    

     

    

 

TABLE OF CONTENTS

Page

 

	Article 1 DEFINITIONS	2
	 	 
	Article 2 GRANT OF RIGHTS	13
	 	 
	2.1   	License	13
	2.2   	Sublicenses	14
	2.3   	No Implied Rights	14
	2.4   	Retained Rights	15
	2.5   	3DMed’s Right of First Negotiation	15
	2.6   	Grant to SELLAS	15
	2.7   	Section 365(n) of the U.S. Bankruptcy Code	15
	2.8   	Registration of Agreement and Back License	16
	2.9   	MSK as Third Party Beneficiary	16
	 	 
	Article 3 GOVERNANCE	16
	 	 
	3.1   	Establishment of JSC	16
	3.2   	Co-Chairpersons of JSC	17
	3.3   	JSC Responsibilities	17
	3.4   	JSC Meetings	18
	3.5   	JSC Decision-Making Authority	18
	3.6   	Limitations on Authority of JSC	18
	3.7   	Alliance Managers	19
	 	 
	Article 4 DEVELOPMENT AND COMMERCIALIZATION	19
	 	 
	4.1  	 Responsibility	19
	4.2   	Diligence	19
	4.3   	Development Plan	20
	4.4  	Development Records	20
	4.5   	Regulatory Activities	20
	4.6   	Reporting Obligations	21
	4.7   	Know-How Transfer	22
	4.8   	Technical Assistance	23
	4.9   	Data Sharing and Use	24
	4.10   	Supply of Licensed Product	24
	4.11   	Safety Data Exchange Agreement	25
	4.12   	Territory Filings and Approvals	25
	4.13   	Notice of Actions	26
	4.14   	Pivotal REGAL Study	26

 

    i

     

    

 

	Article 5 FINANCIAL PROVISIONS	26
	 	 
	5.1   	Upfront Payment	26
	5.2   	Milestone Events	26
	5.3   	Royalties	28
	5.4   	Method of Payments; Late Payments	30
	5.5   	Books and Records; Audits	30
	5.6   	Taxes	31
	5.7   	Currency Conversion	32
	5.8   	Full Consideration for the License	32
	 	 
	Article 6 INTELLECTUAL PROPERTY RIGHTS	32
	 	 
	6.1   	Prosecution and Maintenance of Patents	32
	6.2   	Third Party Infringement	34
	6.3   	Defense of Claims Brought by Third Parties	36
	6.4   	Legal Action Pertaining to Trademarks	36
	6.5   	Patent Marking	37
	 	 
	Article 7 CONFIDENTIALITY	37
	 	 
	7.1   	Nondisclosure and Non-Use	37
	7.2   	Exceptions	38
	7.3   	Authorized Disclosure	38
	7.4  	 Press Release; Disclosure of Agreement	39
	7.5   	Prior CDA	39
	7.6   	Securities Filings	39
	7.7   	Equitable Relief	40
	 	 
	Article 8 REPRESENTATIONS, WARRANTIES AND COVENANTS	40
	 	 
	8.1  	 Representations and Warranties of Both Parties	40
	8.2   	Representations and Warranties of SELLAS	40
	8.3   	Mutual Covenants	41
	8.4   	3DMed Covenants	42
	8.5   	Debarment	43
	8.6   	Covenants relating to MSK License Agreement	44
	8.7   	Standstill	45
	8.8   	Disclaimer	46
	8.9   	LIMITATION OF LIABILITY	46
	 	 
	Article 9 INDEMNIFICATION	46
	 	 
	9.1   	Indemnification by 3DMed	46

 

    ii

     

    

 

	9.2  	Indemnification by SELLAS	47
	9.3  	Procedure	48
	9.4  	Insurance	48
	 	 
	Article 10 TERM AND TERMINATION	48
	 	 
	10.1   	Term; Expiration	48
	10.2   	Termination for Cause	48
	10.3   	Termination for Bankruptcy	50
	10.4  	 Termination by 3DMed	50
	10.5   	Termination for Export Laws	50
	10.6   	Effects of Termination.	50
	10.7   	Accrued Rights; Surviving Provisions of this Agreement	53
	 	 
	Article 11 MISCELLANEOUS	53
	 	 
	11.1   	Internal Resolution	53
	11.2   	Binding Arbitration	53
	11.3   	Governing Law	54
	11.4   	Assignment	54
	11.5  	Force Majeure	55
	11.6   	Notices	55
	11.7   	Waivers and Modifications	56
	11.8   	Severability	57
	11.9   	Independent Contractors	57
	11.10   	Headings	57
	11.11   	Further Assurances	57
	11.12   	Construction of Agreement	57
	11.13   	Counterparts	57
	11.14   	Interpretation	58
	11.15   	Entire Agreement	58

 

Exhibits and Schedules

 

	Exhibit A	Description of GPS
	Exhibit B	Description of GPS-Plus
	Exhibit C	Licensed Patents
	Exhibit D	MSK License Agreement
	Exhibit E	Product Trademarks
	Exhibit F	Development Plan
	Exhibit G	Press Release

 

Schedule 8.2(d)

 

    iii

     

    

 

EXCLUSIVE LICENSE AGREEMENT

 

This Exclusive
License Agreement (this “Agreement”) is entered into as of the 7th day of December, 2020
(the “Effective Date”), by and among SELLAS Life Sciences Group, Inc., a Delaware corporation with an office
address located at Times Square Tower, 7 Times Square, Suite 2503, New York, New York 10036, United States of America (“SELLAS
Parent”), SLSG Limited, LLC, a Delaware limited liability company with an office address located at Times Square Tower,
7 Times Square, Suite 2503, New York, New York 10036, United States of America (“SELLAS Sub,” and together with
SELLAS Parent and its other Affiliates, “SELLAS”), and 3D Medicines Inc., a corporation organized under the
laws of the Cayman Islands with its legal address located at Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111,
Cayman Islands (“3DMed”). SELLAS and 3DMed are each referred to herein by name or as a “Party”
or, collectively, as “Parties.”

 

RECITALS

 

WHEREAS,
SELLAS Life Sciences Group Ltd. (“SELLAS Bermuda”), a wholly-owned subsidiary of SELLAS Parent, is party
to the MSK License Agreement (as defined below) pursuant to which SELLAS Bermuda obtained a license from MSK to certain intellectual
property related to galinpepimut-S, a cancer immunotherapeutic agent that targets the Wilms tumor 1 protein (as further defined
below, “GPS”);

 

WHEREAS,
SELLAS bermuda assigned all of its rights, title and interest in and to the MSK License Agreement to SELLAS Sub pursuant
to that certain Assignment of License Agreement, dated June 28, 2019, by and between SELLAS Bermuda and SELLAS Sub;

 

Whereas,
as a result of the foregoing, SELLAS controls the rights to GPS, which may be dosed together with one or more adjuvants (as further
defined below, a “GPS Product”), and with certain other proprietary peptide chains controlled by SELLAS (as
further defined below, a “GPS-Plus Product,” together with the GPS Product, the “Licensed Products”);

 

Whereas,
3DMed is a pharmaceutical company with experience in developing pharmaceutical products in, among other regions, the Territory;
and

 

WHEREAS, SELLAS
desires to grant to 3DMed, and 3DMed desires to obtain from SELLAS, an exclusive license to certain intellectual property owned
or controlled by SELLAS relating to GPS and the Licensed Products to permit 3DMed to Develop, Manufacture and Commercialize the
Licensed Products in the Field in the Territory (as defined below), all upon the terms and conditions as more specifically described
herein.

 

Now,
therefore, in consideration of the premises and mutual covenants herein
contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties
hereto agree as follows:

 

    

     

    

 

Article
1

DEFINITIONS

 

As used in this Agreement, the following
terms shall have the meanings set forth in this Article 1:

 

1.1             
“Affiliate” means any Person that directly or indirectly through one (1) or more intermediaries
controls, is controlled by or is under common control with a Party. For purposes of this definition, a Person shall be deemed to
 “control” another Person if it (a) owns, directly or indirectly, beneficially or legally, at least fifty percent
(50%) of the outstanding voting securities or capital stock (or such lesser percentage which is the maximum allowed to be owned
by a Person in a particular jurisdiction) of such other Person, or has other comparable ownership interest with respect to any
Person other than a corporation, or (b) has the power, whether pursuant to contract, ownership of securities or otherwise, to direct
the management and policies of such Person.

 

1.2             
“Applicable Laws” means individually and collectively, any federal, state, local, national
and supra-national laws, treaties, statutes, ordinances, rules and regulations, including any rules, regulations, guidance, guidelines
or requirements having the binding effect of law of national securities exchanges, automated quotation systems or securities listing
organizations, Regulatory Authorities, courts, tribunals, Governmental Authorities other than Regulatory Authorities, legislative
bodies and commissions that are in effect from time to time during the Term and applicable to a particular activity hereunder and,
where the context permits, includes Applicable PRC Laws. Applicable Laws shall include GCP, GLP and GMP.

 

1.3             
“Applicable PRC Laws” means any (local or national-level) laws, administrative regulations,
decrees, provisions, rules, circulars, and other legislative, executive or judicial decisions or normative pronouncements of any
Governmental Authority of the PRC which are publicly promulgated and available and in effect during the Term, including, where
the context permits, any applicable mandatory or recommended standards in the PRC, as identified by the “GB” (国标)
or “GB/T” (国标/推荐)
prefix.

 

1.4             
“Approval” means any consent, authorization, order, confirmation, qualification, permission,
certification, approval, record-filing, registration, license, permit, designation and/or declaration or other act by a Regulatory
Authority or Governmental Authority approving or consenting to a request or application.

 

1.5             
“Bankruptcy Code” means Title 11, U.S. Code or foreign equivalent laws, including the PRC
Enterprise Bankruptcy Law.

 

1.6             
“BLA” means a Biologics License Application filed with the FDA in the United States with respect
to a Licensed Product, as defined in Title 21 of the U.S. Code of Federal Regulations, Section 601.2 et seq.

 

    2

     

    

 

1.7             
 “Board of Directors” means the Board of Directors of SELLAS Parent.

 

1.8             
“Business Day” means a day other than a Saturday or a Sunday on which banking institutions
in New York, New York, United States or Beijing, China are open for business.

 

1.9             
“Calendar Quarter” means a period of three (3) consecutive months ending on the last day of
March, June, September, or December, respectively.

 

1.10         
“Calendar Year” means a period of twelve (12) consecutive months beginning on January 1 and
ending on December 31.

 

1.11         
“CDE” means the Chinese Center for Drug Evaluation of the NMPA, or any successor entity thereto.

 

1.12         
“China” or “PRC” means, for the purpose of this Agreement, the People’s
Republic of China, excluding Hong Kong, Macau and Taiwan.

 

1.13         
“Clinical Trial” means a clinical trial of a pharmaceutical product or compound in human patients,
as defined in 21 C.F.R. 312.21, as amended from time to time, including Phase 2 Clinical Trials and Phase 3 Clinical Trials, or
the corresponding foreign regulations, as well as other clinical trials that may be conducted in connection with or in order to
maintain a Regulatory Approval.

 

1.14         
“Commercialization” or “Commercialize” means all activities directed to
marketing, promoting, distributing, detailing or selling a pharmaceutical or biologic compound or product (as well as importing
and exporting activities in connection therewith), including all pre-launch activities undertaken in preparation for a product
launch and all activities directed to obtaining pricing and reimbursement Approvals. For clarity, Commercialization shall not include
Development or Manufacturing activities.

 

1.15         
“Competing Product” means any product, other than a Licensed Product, that is [***].

 

1.16         
“Confidential Information” means all information, including trade secrets, processes, formulae,
Data, Know-How, improvements, inventions, chemical or biological materials, assays, techniques, marketing plans, business plans,
strategies, customer lists, financial information, or other information that has been disclosed by or on behalf of one Party to
the other Party under this Agreement, regardless of whether any of the foregoing are marked “confidential” or “proprietary”
or communicated in oral, written, graphic, or electronic form, or by visual inspection. This Agreement shall be the Confidential
Information of each Party.

 

    3

     

    

 

1.17          “Control,”
 “Controls,” or “Controlled” when used in reference to any particular subject matter
including Patents, Know-How, tangible materials or other intellectual property rights, means the legal authority or right of
a Party to grant a license or sublicense to such subject matter to another Party, or to otherwise provide such other Party
the right to access and use such subject matter, whether arising by ownership, license, or other authorization, without
breaching the terms of any written agreement with a Third Party under which such Party first acquired rights to such subject
matter, or misappropriating the proprietary or trade secret information of a Third Party.

 

1.18         
“Corporate Names” means the SELLAS trademark and the SELLAS corporate logos in each Relevant
Region in the Territory or such other corporate names and logos as SELLAS may designate in writing to 3DMed from time to time,
together with any variations and derivatives thereof.

 

1.19         
“Data” means pre-clinical, clinical, chemical, manufacturing and analytical data and any other
data and information generated or resulting from the Development or Commercialization of the Licensed Products.

 

1.20         
“Development” means, with respect to a pharmaceutical or biologic compound or product, all
processes and activities that are reasonably required to obtain Regulatory Approval of such compound or product, including, without
limitation, toxicology, pharmacology and other pre-clinical efforts, test method development and stability testing, statistical
analysis, clinical studies and regulatory activities. When used as a verb, “Develop” means to engage in Development.

 

1.21         
“Dollars” or “$” means the legal tender of the U.S.

 

1.22         
“Drug Registration Certificate” means a drug registration certificate (药品注册许可证)
issued by the NMPA for a pharmaceutical or biologic product, regardless of whether or not such a product is Manufactured in or
outside of China.

 

1.23         
“Executive Officer” means (a) with respect to 3DMed, the President and Chief Executive Officer
of 3DMed, or any other person that such officer designates from time to time, and (b) with respect to SELLAS, the President and
Chief Executive Officer of SELLAS Parent, or any other person that such officer designates from time to time.

 

1.24         
“FDA” means the U.S. Food and Drug Administration, or any successor entity thereto.

 

1.25         
“Field” means all therapeutic and diagnostic uses.

 

1.26         
“First Commercial Sale” means, with respect to any Licensed Product, the first sale to a Third
Party of such Licensed Product in any Relevant Region in the Territory after all Regulatory Approvals have been granted in such
Relevant Region.

 

    4

     

    

 

1.27         
 “GCP” means current Good Clinical Practices as defined in Parts 50, 56 and 312 of Title 22
of the U.S. Code of Federal Regulations, as may be amended from time to time, or any successor thereto or foreign equivalents thereof,
including Good Clinical Practices for Drugs (i.e. 《药物临床试验质量管理规范》)
promulgated by NMPA and the National Health Commission effective as of July 1, 2020, together with any guidelines and/or implementation
rules issued by NMPA in connection thereto, in each case as amended from time to time.

 

1.28         
“Generic Competition” with respect to a Licensed Product, on a Relevant Region-by-Relevant
Region basis within the Territory, shall exist if, during any Calendar Quarter in such Relevant Region, (a) there is one or more
Generic Products with respect to the Licensed Product being sold within such Relevant Region, and (b) the sales of the Licensed
Products account for [***] of the average Calendar Quarterly Net Sales of the Licensed Product in such Relevant Region in the [***]
Calendar Quarters immediately preceding the first Calendar Quarter in which the first Generic Product is made commercially available
in such Relevant Region.  For clarity, a Generic Product marketed or sold by or on behalf of 3DMed or its Affiliates or Sublicensees
shall not qualify as a Generic Product for purposes of determining whether Generic Competition exists.

 

1.29         
“Generic Product” means with respect to a Licensed Product in a Relevant Region in the Territory
that has received Regulatory Approval in such Relevant Region, a Third Party pharmaceutical product [***], that (a) is [***], (b) has
been approved in such Relevant Region by the applicable Regulatory Authority as [***], (c) is sold for use by human patients
for the same indication as the Licensed Product, and (d) produces similar clinical outcomes as the Licensed Product in any given
patient.  For clarity, [***].

 

1.30         
“GLP” means current Good Laboratory Practices as defined in Part 58 of Title 21 of the U.S.
Code of Federal Regulations, as may be amended from time to time, or any successor thereto and foreign equivalents thereof.

 

1.31         
“GMP” means current Good Manufacturing Practices as defined in Parts 210 and 211 of Title
21 of the U.S. Code of Federal Regulations, as may be amended from time to time, or any successor thereto and foreign equivalents
thereof, including Good Manufacturing Practice for Drugs (i.e. 《药品生产质量管理规范》)
promulgated by the Ministry of Health of China effective as of March 1, 2011, as may be amended from time to time.

 

1.32         
“Governmental Authority” means any court, agency, department, authority or other instrumentality
of any national, state, provincial, county, city or other political subdivision, including any entity authorized or delegated by
the foregoing to exercise any administrative authority or function.

 

1.33         
“GPS” means galinpepimut-S, a cancer immunotherapeutic agent that targets the Wilms tumor
1 protein [***] described on Exhibit A hereto.

 

    5

     

    

 

1.34         
 “GPS-Plus” means a cancer immunotherapeutic agent that targets Wilms tumor 1 protein [***]
described on Exhibit B hereto.

 

1.35         
“GPS-Plus Product” means any pharmaceutical product containing GPS-Plus and [***], in the
formulation covered by the Licensed IP, in all forms, presentations, formulations and dosage forms, and that is administered together
with [***].

 

1.36         
“GPS Product” means any pharmaceutical product containing GPS and [***], in the formulation
covered by the Licensed IP, in all forms, presentations, formulations and dosage forms, and that is administered together with
[***].

 

1.37         
“Indication” means a class of human disease or condition for which a separate MAA (including
any extensions or supplements) is required to be filed with a Regulatory Authority. Notwithstanding the foregoing, [***], shall
be considered separate Indications.

 

1.38         
“Initiation” means, with respect to a Clinical Trial, the first dosing of the first patient
in such Clinical Trial.

 

1.39         
 “IND” means any investigational new drug application filed with the FDA pursuant to Part
312 of Title 21 of the U.S. Code of Federal Regulations prior to beginning clinical trials in humans in the United States, or any
comparable application filed with any Regulatory Authority outside the United States.

 

1.40         
“Know-How” means any proprietary Data, results, material(s), technology, and nonpublic information
of any type whatsoever, in any tangible or intangible form, including: (a) information, techniques, technology, practices,
trade secrets, discoveries, developments, inventions (whether patentable or not), methods, knowledge, know-how, skill, experience,
Data, results (including assay development, compound screening, chemical, pharmacological, toxicological and clinical test Data
and results), analytical and quality control Data, results or descriptions, software and algorithms, reports and study reports;
and (b) compositions of matter, cells, cell lines, assays, animal models and physical, biological or chemical material.

 

1.41         
“Liabilities” means any and all losses, costs, liabilities, expenses (including reasonable
legal costs), fines, damages, penalties, compensation, awards, proceedings, claims and demands and each is a “Liability”.

 

1.42         
“Licensed IP” means the Licensed Know-How and the Licensed Patents.

 

1.43         
“Licensed Know-How” means any Know-How Controlled by SELLAS or its Affiliates as of the Effective
Date or after the Effective Date during the Term, that is reasonably necessary for the making, using, selling, offering for sale
and importation of the Licensed Products in the Field in the Territory.

 

    6

     

    

 

1.44         
 “Licensed Patents” means any Patents that are Controlled by SELLAS or its Affiliates as of
the Effective Date or after the Effective Date during the Term, that claim or cover the making, using, selling, offering for sale
and importation of the Licensed Products in the Field in the Territory. The Licensed Patents in existence as of the Effective Date
are set forth on Exhibit C hereto, which shall be updated as needed from time to time during the Term to include additional
patents, including patents issued from any listed application or claiming priority thereto or otherwise continuing therefrom.

 

1.45         
“Licensed Product(s)” means the GPS Products and the GPS-Plus Products.

 

1.46         
“3DMed IP” means the 3DMed Patents, the 3DMed Know-How and the 3DMed Product Trademarks.

 

1.47         
“3DMed Know-How” means any Know-How Controlled by 3DMed or its Affiliates during the Term
that is reasonably necessary for the making, using, selling, offering for sale and importation of the Licensed Products outside
of the Territory.

 

1.48         
“3DMed Patents” means any Patents that are Controlled by 3DMed or its Affiliates during the
Term that claim or cover the making, having made, using, selling, offering for sale, importation or exportation of the Licensed
Products outside of the Territory.

 

1.49         
“3DMed Product Trademarks” means Trademarks developed by 3DMed relating to the Licensed Product
in the Territory.

 

1.50         
“MAA” means a Marketing Authorization Application, BLA, or similar application, as applicable,
and all amendments and supplements thereto, submitted to the FDA, NMPA, or any equivalent filing in a country or regulatory jurisdiction
other than the U.S. or China with the applicable Regulatory Authority, to obtain marketing approval for a pharmaceutical or biologic
product, in a country or in a group of countries, including in China, an application for a Drug Registration Certificate.

 

1.51         
“Manufacture” or “Manufacturing” means all activities related to the manufacturing
of a pharmaceutical or biologic compound or product, or any ingredient thereof, including but not limited to, test method development
and stability testing, characterization, formulation, process development, manufacturing for use in non-clinical or clinical studies,
manufacturing scale-up, quality assurance/quality control development, quality control testing (including in-process release and
stability testing), packaging, release of such compound or product or any component or ingredient thereof, quality assurance activities
related to manufacturing and release of such compound or product, and regulatory activities related to all of the foregoing.

 

1.52         
“MOFCOM” means the Ministry of Commerce of China or any successor agency with a similar scope
of responsibility.

 

    7

     

    

 

1.53         
 “MSK” means the Memorial Sloan Kettering Cancer Center, and any assignee or successor in
interest to such entity’s interest under the MSK License Agreement.

 

1.54         
“MSK IP” means the MSK Know-How and the MSK Patents.

 

1.55         
“MSK Know-How” means the “Licensed Know-How,” as such term is defined under the
MSK License Agreement, that is included within the Licensed Know-How as defined under this Agreement.

 

1.56         
“MSK License Agreement” means the Amended and Restated Exclusive License Agreement, dated
October 10, 2017, by and between MSK and SELLAS Bermuda, which was assigned by SELLAS Bermuda to SELLAS Sub, as amended by the
First Amendment to Amended and Restated Exclusive License Agreement, dated September 29, 2020, by and between MSK and SELLAS Sub,
together as set forth in Exhibit D, and as may be amended or restated from time to time.

 

1.57         
“MSK Patents” means the “Patent Rights,” as such term is defined under the MSK
License Agreement, that are included within the Licensed Patents as defined under this Agreement.

 

1.58         
“Net Sales” means the gross price billed or invoiced on sales of Licensed Products by 3DMed
or its Sublicensees, less:

 

(a)              
[***];

 

(b)              
[***];

 

(c)              
[***];

 

(d)              
[***]; and

 

(e)              
[***].

 

[***].

 

[***].

 

The Parties further agree that 3DMed and
its Sublicensees may only use generally accepted accounting principles and standards applicable in each Relevant Region in the
Territory in calculating the Net Sales, consistently applied.

 

1.59         
“NMPA” means the National Medical Products Administration in China, or any successor agency
with a similar scope of responsibility regarding the regulation of human pharmaceutical and biologic products in China.

 

    8

     

    

 

1.60         
 “Other Marks” means any Trademarks, other than the Product Trademarks, Controlled by SELLAS
or any of its Affiliates.

 

1.61         
“Patent” means (a) all patents and patent applications in any country or supranational jurisdiction,
and (b) any substitutions, divisions, continuations, continuations-in-part, provisional applications, reissues, renewals, registrations,
confirmations, re-examinations, extensions, supplementary protection certificates and the like of any such patents or patent applications.

 

1.62         
“Person” means any individual, partnership, joint venture, limited liability company, corporation,
firm, trust, association, unincorporated organization, governmental authority or agency, or any other entity not specifically listed
herein.

 

1.63         
“Phase 2 Clinical Trial” means a human clinical trial of a compound or product that would
satisfy the requirements of U.S. 21 C.F.R. Part 312.21(b), as amended, and is intended to explore a variety of doses, dose response,
and duration of effect, and to generate evidence of clinical safety and effectiveness for a particular Indication or Indications
in a target patient population, or a similar clinical study prescribed by the relevant Regulatory Authorities in a country other
than the United States.

 

1.64         
“Phase 3 Clinical Trial” means a human clinical trial of a compound or product that would
satisfy the requirements of U.S. 21 C.F.R. Part 312.21(c), as amended, and is intended to (a) establish that the compound or product
is safe and efficacious for its intended use, (b) define contraindications, warnings, precautions and adverse reactions that are
associated with the compound or product in the dosage range to be prescribed, and (c) support Regulatory Approval for such compound
or product, or a similar clinical study prescribed by the relevant Regulatory Authorities in a country other than the United States.

 

1.65         
“Product Trademarks” means the Trademarks in the Territory owned or Controlled by SELLAS for
the Licensed Products, as set forth in Exhibit E.

 

1.66         
“Regulatory Approval” means all Approvals, including if required by Applicable Laws, pricing
Approvals, necessary for the marketing and sale of a Licensed Product in the Territory, which may include satisfaction of all applicable
regulatory and notification requirements.

 

1.67         
“Regulatory Authority” means any federal, national, supranational, state, provincial, directly
administered municipality or local regulatory agency, department, bureau or other Governmental Authority, including the CDE and
the NMPA, that has authority over the Manufacture, Development, Commercialization or other use or exploitation (including the granting
of Regulatory Approval) of any Licensed Product in any applicable regulatory jurisdiction.

 

    9

     

    

 

1.68         
 “Regulatory Materials” means materials developed or compiled in preparation for Regulatory
Authority meetings, regulatory applications (including INDs and MAAs), submissions, dossiers, notifications, registrations, Regulatory
Approvals (including Approvals of MAAs, supplements and amendments, pre- and post-approvals, pricing Approvals, and labeling Approvals)
and/or other filings made to or with, or other Approvals granted by, a Regulatory Authority or Governmental Authority that are
necessary or reasonably desirable for or incidental to the Development, Manufacture or Commercialization of a Licensed Product
in a particular regulatory jurisdiction.

 

1.69         
“SELLAS Additional Product” means any Competing Products that SELLAS or any of its Affiliates
Controls as of the Effective Date or during the Term.

 

1.70         
“SELLAS Additional Product Opportunity” means the right to Develop, Manufacture, or Commercialize
any SELLAS Additional Product in the Field in the Territory, or any Licensed Products in the Territory for use outside the Field.

 

1.71         
“SELLAS Territory” means the entire world other than the Territory.

 

1.72         
“Sublicensee” means an Affiliate or Third Party to whom 3DMed or its Affiliate has granted
a sublicense under the License in accordance with Section 2.2.

 

1.73         
“Tax” means any form of tax or taxation, levy, duty, charge, social security charge, contribution
or withholding of whatever nature, together with any related fine, penalty, surcharge or interest thereon imposed by, or payable
to, a Governmental Authority.

 

1.74         
“Technology Transfer Completion” means completion of SELLAS’ obligations to conduct
the Technology Transfer under the Technology Transfer Plan.

 

1.75         
“Territory” means the Greater Area of China, including (a) mainland China, (b) the Hong Kong
Special Administrative Region (“Hong Kong”), (c) the Macau Special Administrative Region (“Macau”),
and (d) Taiwan (each of the foregoing a “Relevant Region”).

 

1.76         
“Third Party” means any Person other than SELLAS or 3DMed or an Affiliate of SELLAS or 3DMed.

 

1.77         
“Trademarks” means any and all trademarks of every kind and nature (including all goodwill
associated therewith), however designated, whether arising by operation of law, contract, license or otherwise, including product
names, trade names, service marks, logos, program names, taglines, slogans, trade dress, designs, and any other indicia of origin
whether or not registered or unregistered.

 

1.78         
“Trademark Enforcement Action” means any administrative proceeding or other contentious action
challenging or defending a Trademark.

 

    10

     

    

 

1.79         
 “United States” or “U.S.” means the United States of America, including
its territories and possessions.

 

1.80         
“Valid Claim” means an issued and unexpired claim or a pending claim within the Licensed Patents,
that shall not have been irretrievably withdrawn, cancelled, or disclaimed, nor been held invalid or unenforceable by a court or
other appropriate agency of competent jurisdiction in an unappealable decision.

 

1.81         
Additional Definitions: The following table identifies the location of definitions set forth in various
Sections of this Agreement:

 

	Defined Terms	Section
	3DMed	Preamble
	Action	6.2(c)
	Agreement	Preamble
	Alliance Managers	3.7
	Back License	2.6
	Breaching Party	10.2(a)
	Cap	5.6(a)
	Claims	9.1
	Commercial Supply Agreement	4.10(d)
	Commercial Supply Quality Agreement	4.10(d)
	Clinical Supply Agreement	4.10(c)
	Clinical Supply Quality Agreement	4.10(c)
	Defending Party	6.3
	Development Plan	4.3
	Disclosing Party	7.1
	Effective Date	Preamble
	Exchange Act	8.7(b)
	Excluded Claim	11.2(f)
	Force Majeure	11.5
	Global JSC	3.1
	HKIAC	11.2

 

    11

     

    

 

 

	Defined Terms	Section
	Hong Kong	1.75
	Indemnitee	9.3
	Infringement	6.2(a)
	Infringement Claims	6.4(a)
	Joint Decision Matter	3.5
	Joint Steering Committee, JSC	3.1
	License	‎ 2.1
	Losses	9.1
	Macau	1.75
	Manufacturing Know-How	4.7(c)
	Non-breaching Party	10.2(a)
	OFAC	8.4(d)
	Other Licensed Patents	6.1(b)
	Party, Parties	Preamble
	Payments	5.6(a)
	Pharmacovigilance Agreement	4.11
	Prior CDA	7.5
	Upfront Payment	5.1
	Upfront Payment Due Date	5.1
	Receiving Party	7.1
	Relevant Person	8.4(d)
	Relevant Region	1.75
	Representatives	7.1
	[***]	[***]
	[***]	[***]
	[***]	[***]
	[***]	[***]
	Royalty Term	5.3(b)
	Securities Regulators	7.6
	SELLAS	Preamble
	SELLAS Bermuda	Recitals
	SELLAS Parent	Preamble
	SELLAS Sub	Preamble
	Selling Period	10.6(b)(vii)
	Supply End Date	4.10(a)
	Technical Assistance	4.8
	Technology Transfer	4.7(c)
	Technology Transfer Agreements	4.7(c)
	Technology Transfer Plan	4.7(c)
	Term	10.1
	Territory Filings and Approvals	4.12
	VAT	5.6(b)

 

    12

     

    

 

Article
2

GRANT OF RIGHTS

 

2.1             
License. Subject to the terms and conditions of this Agreement, and in consideration of 3DMed’s
satisfaction of all of its obligations hereunder, SELLAS hereby grants to 3DMed:

 

(a)              
a royalty-bearing license to Develop, make, use, sell, offer for sale, have sold, import, Manufacture and have Manufactured,
market, distribute and Commercialize Licensed Products in the Field in the Territory under the Licensed IP (other than the MSK
IP), together with the right to sublicense as provided in Section 2.2, which license shall be exclusive (even with respect
to SELLAS and its Affiliates), except as provided in Section 2.4 below;

 

(b)              
a royalty-bearing sublicense to make, use, sell, offer for sale, and import Licensed Products in the Field in the
Territory under the MSK IP, together with the right to further sublicense as provided in Section 2.2, which sublicense shall
be exclusive as to the MSK Patents, except as provided in Sections 2.2 and 2.3 of the MSK License Agreement and Section 2.4
below, and non-exclusive as to the MSK Know-How; and

 

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(c)              
a royalty-bearing license to make, use, sell, offer for sale and import Licensed Products in the Field in the Territory
under the Product Trademarks, together with the right to sublicense as provided in Section 2.2, which license shall be exclusive
((a), (b) and (c) collectively, the “License”). Other than as set forth in this Section 2.1(c),
3DMed shall not, without the prior written consent of SELLAS, use any Corporate Names, Other Marks, Trademarks or house marks of
SELLAS, or marks confusingly similar thereto, in connection with 3DMed’s Commercialization of the Licensed Products in the
Territory under this Agreement, except as may be expressly agreed to in writing by the Parties. 3DMed agrees that it will use the
trademark registration symbol ® or TM, as appropriate, in connection with the Product Trademarks. All Product labeling, packaging
and promotional materials shall identify SELLAS as the owner and licensor of the applicable Product Trademark.

 

2.2             
Sublicenses.

 

(a)              
3DMed may grant sublicenses (and may amend sublicenses) only upon prior written consent of SELLAS, which will not
be unreasonably withheld, conditioned or delayed, except that 3DMed may grant such sublicense without SELLAS’ consent to
its Affiliates, and, if the sublicense relates to the MSK IP, then only upon prior written consent of MSK in accordance with the
terms of the MSK License Agreement (which consent, for clarity, shall be obtained in addition to the prior written consent of SELLAS).
To request such consent, 3DMed shall provide SELLAS with a complete, unredacted copy of the proposed sublicense agreement (or amendment)
and any associated agreements between it and the proposed sublicensee. 3DMed shall also promptly provide SELLAS with fully executed
copies of such agreements. All such documents shall be deemed Confidential Information of 3DMed.

 

(b)              
Any sublicense shall by its terms bind the Sublicensee to all provisions of this Agreement that by their terms are
capable of performance by a Sublicensee, including without limitation, the restrictions, limitations, and obligations of Articles
2, 3, 4, 6, 9, 10, 12, 13 and Sections 7.5, 11.6, 11.7, 18.1 and 18.2 of the MSK License Agreement, and shall provide that MSK
is a third party beneficiary. Any breach by a Sublicensee shall be considered a breach by 3DMed. 3DMed shall (i) cause each of
its Sublicensees to comply with the terms of this Agreement, and (ii) remain responsible for the performance and non-performance
of its Sublicensees as if such Sublicensees were 3DMed hereunder.

 

(c)              
3DMed shall promptly provide SELLAS with a copy of any notice of breach, termination or the like sent to or received
from a Sublicensee.

 

2.3             
No Implied Rights. Except as expressly stated herein, 3DMed shall have no other right to use, interest
in, or covenant in or to the Licensed IP. Additionally, 3DMed shall not have any interest in any other Patents, Know-How or other
intellectual property owned, licensed, developed or Controlled by SELLAS or its Affiliates, other than as expressly provided in
this Agreement or other valid written agreements. SELLAS makes no grant of intellectual property rights, interests or covenants
by implication.

 

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2.4             
 Retained Rights. All rights that are not specifically granted herein by SELLAS to 3DMed are reserved
to SELLAS. SELLAS retains rights under the Licensed IP to (a) perform its obligations under this Agreement, and (b) make, use,
sell, offer for sale, and import Licensed Products outside the Territory. For clarity, nothing in this Agreement shall restrict
SELLAS’s ability, either directly or indirectly, to purchase raw materials or components of the Licensed Products from Third
Parties in the Territory.

 

2.5             
3DMed’s Right of First Negotiation. If, at any time during the Term, SELLAS desires to pursue
any SELLAS Additional Product Opportunity in the Territory [***]. [***]. [***]. If [***], the ROFN will expire and 3DMed shall
have no further rights with respect to such SELLAS Additional Product Opportunity.

 

2.6             
Grant to SELLAS. In consideration of SELLAS agreeing to (a) grant the License to 3DMed, (b) perform
certain other obligations to enable 3DMed to Develop, Manufacture and Commercialize the Licensed Products in the Field in the Territory,
including the Technology Transfer and the Technical Assistance, and subject to the terms and conditions of this Agreement, 3DMed
hereby grants to SELLAS an exclusive (even with respect to 3DMed and its Affiliates), royalty-free, fully paid-up, sublicensable
(through multiple tiers) license under the 3DMed IP to make, use, sell, offer for sale, and import Licensed Products in the Field
in the SELLAS Territory (the “Back License”). SELLAS may sublicense the rights granted under the Back License
to its Affiliates and Third Party contract development and manufacturing organizations, distributors,
contract sales organizations or other service providers engaged by SELLAS in connection with the Development, Manufacturing or
Commercialization of the Licensed Products in any region in the SELLAS Territory without 3DMed’s prior consent; provided,
that any sublicense to other Third Parties shall require the prior written consent of 3DMed, which will not be unreasonably withheld,
conditioned or delayed. Upon the request of SELLAS from time to time during the Term, 3DMed shall promptly and at its sole expense
(i) deliver to SELLAS a list of all 3DMed Patents then in existence, and (ii) transfer and deliver to SELLAS copies of all 3DMed
Patents applications, documents and filings, and all tangible embodiments of the 3DMed Know-How then within its Control.

 

2.7             
Section 365(n) of the U.S. Bankruptcy Code. All rights and licenses granted under or pursuant to
any section of this Agreement are, and shall otherwise be deemed to be, for purposes of Section 365(n) of the Bankruptcy Code,
licenses of rights to “intellectual property” as defined under Section 101(35A) of the Bankruptcy Code. Each Party
shall retain and may fully exercise all of its rights and elections under the Bankruptcy Code or equivalent legislation in any
other jurisdiction. Upon the bankruptcy of either Party, the other Party shall further be entitled to a complete duplicate of (or
complete access to, as appropriate) any such intellectual property, and such, if not already in its possession, shall be promptly
delivered to such other Party, unless the Party in bankruptcy elects to continue, and continues, to perform all of its obligations
under this Agreement.

 

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2.8             
Registration of Agreement and Back License. To the extent required by Applicable PRC Laws and
in order to perform its obligations contemplated hereunder, within [***] after the Effective Date, 3DMed shall complete the registration
of this Agreement with (a) the competent local counterpart of MOFCOM as a technology importation contract pursuant to the PRC
Technology Importation and Exportation Administrative Regulations (i.e.《中华人民共和国技术进出口管理条例》)
promulgated by the State Council of China effective as of January 1, 2002 and amended as of March 2, 2019 and the Registration
of Technology Importation and Exportation Contracts Administrative Measures (i.e.《技术进出口合同登记管理办法》)
promulgated by MOFCOM and effective as of March 3, 2009, in each case, as may be amended from time to time, and (b) any other
applicable Regulatory Authority as required under Applicable PRC Laws. 3DMed shall also be responsible for filing this Agreement
with the National Intellectual Property Administration of PRC pursuant to the Measures for the Filing of Patent Exploitation License
Contracts (i.e. 《专利实施许可合同备案办法》).
3DMed shall also be responsible for completing a registration of technology exportation with MOFCOM under the foregoing rules
and registration with any other applicable Regulatory Authority with respect to the Back License within [***] of conceiving of
the first item of 3DMed IP, and SELLAS shall provide reasonable assistance and cooperation in connection therewith. Upon successful
registration of this Agreement, and where applicable, any separate agreement (if any) in relation to the Back License with each
applicable Regulatory Authority in the Territory, 3DMed shall promptly forward to SELLAS certified true and complete copies of
any registration certificates as well as any other relevant documentation received by 3DMed in connection with the same, including
English translations of the same, if appropriate.

 

2.9             
MSK as Third Party Beneficiary. The Parties acknowledge and agree that MSK is an express third
party beneficiary of this Agreement. Without limitation to the generality of the foregoing, 3DMed agrees to be bound by all provisions
of this Agreement that by their terms are capable of performance by 3DMed, including without limitation, the restrictions, limitations,
and obligations of Articles 2, 3, 4, 6, 9, 10, 12, 13 and Sections 7.5, 11.6, 11.7, 18.1 and 18.2 of the MSK License Agreement.

 

Article
3

GOVERNANCE

 

3.1              Establishment
of JSC. The Parties will establish a joint steering committee to review and oversee the Development and
Commercialization of the Licensed Products in the Field in the Territory and to coordinate the Parties’ activities
under this Agreement (the “Joint Steering Committee” or “JSC”). Within [***] after the
Effective Date, each Party shall appoint two (2) representatives to the JSC, each of whom shall have sufficient seniority and
relevant expertise to make decisions within the scope of the JSC’s responsibilities. The JSC may change its size from
time to time by mutual consent of the Parties; provided, that the JSC will consist at all times of an equal number of
representatives of each of SELLAS and 3DMed. Each Party may at any time replace its JSC representatives upon written notice
to the other Party. For the avoidance of doubt, nothing in this Agreement shall prohibit SELLAS from establishing a separate
global steering committee with respect to the global Development of the Licensed Products (the “Global
JSC”), and if SELLAS forms a Global JSC, SELLAS shall include representatives of 3DMed on such Global JSC and 3DMed
shall participate in the activities of such Global JSC.

 

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3.2             
Co-Chairpersons of JSC. Each of SELLAS and 3DMed will select from their representatives a co-chairperson
for the JSC, and each Party may change its designated co-chairperson from time to time upon written notice to the other Party.
The co-chairpersons of the JSC will be responsible, with the assistance of the Alliance Managers, for calling meetings, preparing
and circulating an agenda and relevant materials (including drafts of, updates to, or any proposed changes to the Development Plan)
to the other Party at least [***] in advance of each meeting, and preparing and issuing minutes of each meeting within [***] thereafter.
The co-chairpersons of the JSC shall be responsible for executing the final agreed version of the minutes from each meeting of
the JSC and such minutes, when executed by the co-chairperson from each Party, shall be binding upon the Parties, including with
respect to any amendment or waiver to the terms of this Agreement that is included in such minutes.

 

 

3.3             
JSC Responsibilities. The JSC shall be responsible for:

 

(a)              
coordinating the activities of the Parties under this Agreement and providing a forum to facilitate communications
between the Parties under this Agreement;

 

(b)              
reviewing and discussing the Development, Manufacture and Commercialization of the Licensed Products in the Field
in the Territory, including the activities of 3DMed and its Sublicensees to (i) Develop the Licensed Products in the Field in the
Territory in accordance with the Development Plan, (ii) Manufacture quantities of the Licensed Products for use in the Field in
the Territory, (iii) following receipt of Regulatory Approval, launch, market, distribute and sell Licensed Products in the Field
in the Territory, and (iv) subject to Section 2.2, 3DMed’s selection of Third Party service providers to support 3DMed’s
efforts to Develop, Manufacture and Commercialize the Licensed Products in the Field in the Territory;

 

(c)              
reviewing, discussing and approving changes to the Development Plan, overseeing the implementation of the Development
Plan, and reviewing and discussing the Data and results of the Development activities under the Development Plan, in each case,
subject to the provisions of Section 3.5, below;

 

(d)              
reviewing and discussing, on an annual basis, commercial strategy, including branding, marketing, market access,
and pricing for the Licensed Products in the Territory;

 

    17

     

    

 

(e)              
 discussing at a high-level and exchanging relevant information relating to the Development, Manufacture and Commercialization
activities for the Licensed Products undertaken by SELLAS and its Affiliates and sublicensees outside of the Territory (i) to the
extent relevant to the Development, Manufacture and Commercialization of the Licensed Products in the Field in the Territory, and
(ii) to the extent that SELLAS has the right to disclose such information to 3DMed; and

 

(f)               
performing such other functions as appropriate to further the purposes of this Agreement, as expressly set forth
in this Agreement or allocated to it by the Parties in writing by mutual agreement.

 

3.4             
JSC Meetings. The JSC will hold meetings on [***] basis at such times as the co-chairpersons may
reasonably determine. Unless otherwise agreed to by the Parties, [***] each Calendar Year shall be held in person at a mutually
agreed upon location and the balance of the JSC meetings shall be held by teleconference, videoconference or other similar or mutually
acceptable electronic means. Each Party will bear its own costs associated with attending meetings of the JSC. Each Party may from
time to time invite a reasonable number of participants (including translators), in addition to its representatives, to attend
the JSC meetings in a non-voting capacity. Each individual attending any JSC meeting hereunder (whether as a JSC member or invitee)
shall be bound by written non-use and non-disclosure terms and conditions at least as restrictive as those set forth in this Agreement
with respect to the Confidential Information of the other Party (for clarity, this may be through employment, confidentiality,
invention assignment or similar agreements with such individuals). All materials to be discussed at a JSC meeting must be sent
to the Parties at least [***] prior to such meeting.

 

3.5             
JSC Decision-Making Authority. The members of each Party on the JSC shall collectively have one
vote. Except as otherwise provided in this Section 3.5, decisions of the JSC shall be made by unanimous vote; provided,
that at least one (1) representative from each Party participates in such vote. If the JSC does not reach unanimity with respect
to a particular matter, and the JSC is unable to resolve the dispute within [***], then either Party may, by written notice to
the other Party, have such matter referred to the Executive Officers, who shall meet promptly and negotiate in good faith to resolve
the dispute. If the Executive Officers are unable to resolve such dispute within [***], then [***]. Each Party shall at all times
exercise its decision-making authority using reasonable scientific and business judgment, in compliance with Applicable Laws, and
with respect to 3DMed in accordance with its diligence obligations in Section 4.2.

 

3.6              Limitations
on Authority of JSC. The JSC shall not have responsibility for, oversight over or decision-making authority with
respect to, the Development and Commercialization of the Licensed Products outside the Territory. Neither Party, in
exercising its final decision-making authority, shall have the authority or power to (a) amend or modify the terms of
this Agreement, (b) avoid or seek to avoid any obligation of such Party under this Agreement, (c) waive compliance with
the terms of this Agreement, (d) permit a Party to take an action that requires the prior written consent or other approval
of the other Party under this Agreement, or (e) impose additional financial or other obligations on a Party that are not
otherwise specified in this Agreement or agreed to by such Party.

 

    18

     

    

 

3.7             
Alliance Managers. Each Party shall appoint a single English-speaking individual to act as the
primary point of contact between the Parties in connection with the Development, Manufacture and Commercialization of the Licensed
Products in the Field in the Territory (the “Alliance Managers”). Each Party may at any time appoint a different
Alliance Manager by written notice to the other Party and may elect, upon mutual agreement by the Parties, to eliminate the responsibilities
of the Alliance Managers. The Alliance Managers will (a) attend all meetings of the JSC, and (b) be the first point of referral
for all matters of conflict resolution, and bring disputes to the attention of the JSC in a timely manner.

 

Article
4

DEVELOPMENT AND COMMERCIALIZATION

 

4.1             
Responsibility. During the Term, 3DMed shall be solely responsible, at its sole cost and expense,
for Developing, Manufacturing (subject to SELLAS’s obligation to supply quantities of Licensed Product to 3DMed under the
Clinical Supply Agreement and the Commercial Supply Agreement) and Commercializing the Licensed Products in the Field in the Territory,
and except as expressly set forth herein shall have sole decision-making authority with respect thereto. All Development, Manufacture
and Commercialization activities undertaken by or on behalf of 3DMed or its Sublicensees shall be in compliance with all Applicable
Laws.

 

4.2             
Diligence. During the Term, 3DMed shall use commercially reasonable best efforts to (a) bring Licensed
Products to market in the Field in the Territory through a thorough, vigorous and diligent program for exploitation of the Licensed
IP, and (b) continue active, diligent sales and marketing efforts for the Licensed Products throughout the Term. Without limiting
the foregoing, 3DMed will use commercially reasonable best efforts to Develop and obtain Regulatory Approval for the Licensed Products
in the Territory in accordance with the Development Plan, including the timelines set forth therein, and upon receipt of such Regulatory
Approval, Commercialize the Licensed Products in the Territory.

 

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4.3              Development
Plan. 3DMed shall use commercially reasonable best efforts to Develop the Licensed Products in the Field in the
Territory pursuant to a development plan that will include a description of the Development activities to be performed in
support of obtaining Regulatory Approval for the Licensed Products in the Field in the Territory, including study designs and
projected timelines for the completion of such activities (the “Development Plan”). Without limiting the
foregoing, the Development Plan will include projected timelines for the achievement of the following milestones: (a)
submission by 3DMed of the first IND for a Licensed Product in China; (b) Initiation of the first Phase 2 Clinical Trial in
the Territory for a Licensed Product; (c) Initiation of the first Phase 3 Clinical Trial in the Territory for a Licensed
Product; and (d) the submission of an MAA for a Licensed Product to the NMPA. The initial Development Plan agreed to by the
Parties is attached hereto as Exhibit F. Not later than [***] after December 31 of each Calendar Year during the Term
when Development of the Licensed Products in the Field in the Territory is ongoing, 3DMed shall submit to the JSC for its
review and approval an updated Development Plan for the pending Calendar Year. Such update shall take into account
completion, commencement, changes in or cessation of Development activities not contemplated by the then-current Development
Plan in sufficient detail to reflect the continued diligence of 3DMed and its Sublicensees. Any material changes to the
Development Plan made outside of the annual process to update the Development Plan shall be drafted by 3DMed, including the
addition of any Clinical Trial protocols or any material changes thereto, and shall require the approval of the JSC. In the
event of any proposed change to the Development Plan as a result of any interaction with any Regulatory Authority or
Governmental Authority, the JSC shall meet as promptly as practicable to review and discuss any such proposed changes and
determine an appropriate revision (if any) to the Development Plan. SELLAS shall have the right to review and comment on any
updates to the Development Plan proposed by 3DMed before such updates are submitted to the JSC for review and approval. In
the event SELLAS reasonably disagrees with an update to the Development Plan, 3DMed shall consider in good faith
SELLAS’ comments relating thereto.

 

4.4             
Development Records. 3DMed shall maintain complete and accurate records of all work conducted by
or on behalf of 3DMed in furtherance of the Development of the Licensed Products and all material results and Data generated in
conducting such activities. Such records shall be maintained in sufficient detail and in good scientific manner appropriate for
patent and regulatory purposes and in accordance with Applicable Laws. SELLAS shall have the right to review and receive a copy
of an English translation, where necessary, of such records upon request.

 

4.5             
Regulatory Activities.

 

(a)              
3DMed shall apply for and maintain, at 3DMed’s sole cost and expense and in 3DMed’s name, all Approvals,
including Regulatory Approvals, relating to the Licensed Products in the Field in the Territory, except for any Drug Registration
Certificate that is required under Applicable PRC Laws to be filed in SELLAS’s name and will be owned by SELLAS. 3DMed shall
be responsible for the preparation of all Regulatory Materials and all communications and interactions with Regulatory Authorities
with respect to the Licensed Products in the Field in the Territory, both prior to and subsequent to receipt of any Regulatory
Approvals, provided that 3DMed shall provide prior written notice and copies of all proposed material Regulatory Materials, including
any IND or MAA, in each case in the form of an electronic copy in English, or if the originals are not written in English, together
with translations into English, at least [***] in advance of filing for SELLAS’ review and comment, and 3DMed will consider
in good faith SELLAS’ comments to such Regulatory Materials prior to filing such Regulatory Materials with the applicable
Regulatory Authorities. SELLAS shall provide reasonable assistance requested by 3DMed with respect to such Regulatory Materials,
subject to Section 4.8.

 

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(b)              
Upon the request by a Regulatory Authority or Governmental Authority in the Territory to 3DMed for any information
or materials relating to the Licensed Products that have not already been provided to 3DMed under the terms of this Agreement,
SELLAS shall promptly provide to 3DMed such information or materials to the extent that such information or materials are in SELLAS’
possession, readily available and within SELLAS’ Control.

 

(c)              
Upon SELLAS’ reasonable request, 3DMed shall, as soon as practicable, provide SELLAS with (i) an electronic
copy (in English, or if the originals are not written in English, together with the translations into English) of all material
Regulatory Materials and correspondence with Regulatory Authorities or Governmental Authorities, including any IND or MAA, (ii)
an electronic copy of all other Regulatory Materials and correspondence with Regulatory Authorities or Governmental Authorities,
and (iii) a written summary in English of all other interactions with Regulatory Authorities and Governmental Authorities,
in each case by or on behalf of 3DMed or its Sublicensees with respect to the Development of the Licensed Products in the Field
in the Territory.

 

4.6             
Reporting Obligations.

 

(a)              
Development Reports. On [***] of each Calendar Year during any period in which activities described in the
Development Plan are ongoing, 3DMed shall submit to SELLAS a report summarizing in reasonable detail 3DMed’s and its Sublicensees’
activities related to the Development and Manufacture (to the extent that 3DMed and its permitted Sublicensees are conducting Manufacturing
activities) of the Licensed Products during the preceding [***] period, including the information required to be provided by SELLAS
to MSK under Sections 4.5 and 4.6 of the MSK License Agreement. SELLAS shall have the opportunity to discuss each such report and
its contents with 3DMed, either through the JSC or in any other manner reasonably acceptable to SELLAS, and 3DMed shall provide
to SELLAS any additional documentation or information reasonably requested by SELLAS relating to such reports.

 

(b)              
Commercialization Reports. On [***] of each Calendar Year after the completion of the activities described
in the Development Plan, 3DMed shall submit to SELLAS a report summarizing in reasonable detail 3DMed’s and its permitted
Sublicensees’ activities related to the Manufacture (to the extent that 3DMed and its permitted Sublicensees are conducting
Manufacturing activities) and Commercialization of the Licensed Products during the preceding year. SELLAS shall have the opportunity
to discuss each such report and its contents with 3DMed, either through the JSC or in any other manner reasonably acceptable to
SELLAS, and 3DMed shall provide to SELLAS any additional documentation or information reasonably requested by SELLAS relating to
such reports.

 

(c)               Commercial
Launch Plan and Marketing Materials. At least [***] prior to the anticipated First Commercial Sale of a Licensed Product
in the Field in the Territory, 3DMed shall submit to SELLAS its proposed commercial launch plan for such Licensed Product for
SELLAS’s review and comment. Upon the request of SELLAS from time to time after receipt of Regulatory Approval for the
first Licensed Product in the Field in the Territory, 3DMed shall provide to SELLAS (i) a copy of 3DMed’s then-current
marketing plan for the Licensed Products in the Field in the Territory, and (ii) copies of any marketing materials then being
used by 3DMed to market and promote the Licensed Products in the Field in the Territory. 3DMed will not under any
circumstances use Licensed Products to promote its other products or use Licensed Products as a “loss leader” to
generate sales for its other products. Following the delivery of the proposed commercial launch plan, 3DMed shall submit to
SELLAS an update to such plan [***]. The commercial launch plan and each subsequent update shall include, without limitation,
launch plans, promotional plans, projected timelines, pricing and contracting strategy, product position statement,
communications strategy, and promotional spend commitments.

 

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4.7             
Know-How Transfer.

 

(a)              
Access to Contract Development and Manufacturing Organizations. SELLAS shall use commercially reasonable efforts
to grant 3DMed authorization to access the GPS/GPS-Plus drug substance and drug product manufacturing programs administered by
the Third Party contract development and manufacturing organizations currently engaged by SELLAS to Manufacture the clinical batches
of the Licensed Products used in its Phase III Clinical Trials for the purposes of (i) enabling 3DMed to conduct a gap analysis
of the IND filed with the FDA as compared to NMPA requirements for an IND in China, and (ii) conducting the Technology Transfer
(as defined below). Within [***] after the Effective Date, SELLAS shall provide each such Third Party contract development and
manufacturing organization with a notification letter granting 3DMed authorization to access such programs, subject to the execution
of a tripartite confidentiality and non-disclosure agreement. The Parties shall cooperate in good faith to enter into a tripartite
confidentiality and non-disclosure agreement with each such Third Party contract development and manufacturing organization for
purposes of the access described herein as soon as practicable and in any event within [***] of the Effective Date.

 

(b)              
Initial Data and Know-How Transfer. Within [***] after receipt of the Upfront Payment, SELLAS shall transfer
and deliver to 3DMed, at no cost to 3DMed, an electronic copy of all material Licensed Know-How (other than the Manufacturing Know-How)
in tangible form, including the full IND dossier and clinical and non-clinical Data.

 

(c)               Transfer
of Manufacturing Know-How. Within [***] after the Effective Date, (i) SELLAS and 3DMed shall agree on (x) the list of
material Licensed Know-How relating to the clinical and/or commercial Manufacture of the Licensed Products that is in
tangible form and will be transferred to 3DMed (the “Manufacturing Know-How,” and such transfer, the
 “Technology Transfer”), and (y) a plan detailing the terms of the Technology Transfer and the other
assistance to be provided by SELLAS to 3DMed to enable 3DMed to Manufacture, or have Manufactured, the Licensed Products in
the Territory (the “Technology Transfer Plan”), and (ii) SELLAS shall use commercially reasonable efforts
to cause its Third Party contract development and manufacturing organizations that have been engaged to Manufacture the
Licensed Products on SELLAS’s behalf to enter into any agreements reasonably necessary for the Technology Transfer on
terms that are reasonably acceptable to SELLAS and such Third Parties (the “Technology Transfer
Agreements”) with 3DMed and/or 3DMed designated Third Party contract development and manufacturing organization for
the purpose of such Technology Transfer. Promptly upon, at the latest not later than [***] of, agreement on the Technology
Transfer Plan and execution of such Technology Transfer Agreements, SELLAS shall commence, or use commercially reasonable
efforts to cause its Third Party contract development and manufacturing organizations to commence, the Technology Transfer to
3DMed or its designated contract development and manufacturing organization pursuant to the Technology Transfer Plan and
Technology Transfer Agreements.

 

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(d)              
Continuing Obligations. After the initial transfer of the Licensed Know-How contemplated by Sections 4.7(b)
and 4.7(c) above, from time to time during the Term at 3DMed’s request, SELLAS shall transfer and deliver to 3DMed
all tangible embodiments of the Licensed Know-How (other than Data and reports that are subject to Section 4.9(a)), including
Manufacturing Know-How, not previously transferred and delivered to 3DMed.

 

4.8             
Technical Assistance. SELLAS shall provide or cause to be provided to 3DMed with (a) reasonable
technical assistance during regular business hours and upon reasonable prior notice as requested by 3DMed with preparing Regulatory
Materials and obtaining Regulatory Approval for the Licensed Products in the Field in the Territory, and (b) assistance to enable
3DMed or its permitted Sublicensee to Manufacture the Licensed Products as specified in the Technology Transfer Plan (collectively,
the “Technical Assistance”). For clarity, all Technical Assistance shall be provided by employees or consultants
of SELLAS. [***]. Within [***] after the end of each Calendar Quarter, SELLAS shall deliver to 3DMed an invoice setting forth
the number of hours of Technical Assistance provided by SELLAS to 3DMed during the prior Calendar Quarter and the amounts owed
to SELLAS with respect thereto, which invoice shall be paid in accordance with Section 5.4.

 

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4.9             
 Data Sharing and Use.

 

(a)              
Data Sharing. In addition to the technology transfer obligations under Section 4.7 and the adverse
event and safety reporting obligations under Section 4.11, each Party shall promptly provide the other Party, through the
JSC if practicable or if not practicable directly to the other Party, with copies of all material Data, including non-clinical
and clinical data, reports and Regulatory Materials, that is in each case (i) generated from its (or its Affiliates’ or sublicensees’)
Development of the Licensed Products in its respective territory, (ii) Controlled by such Party and permitted to be disclosed by
such Party to the other Party, and (iii) necessary for the Development of the Licensed Products in the other Party’s territory.
3DMed shall provide to SELLAS an English translation of any material Data, reports and Regulatory Materials delivered under this
Section 4.9(a). Each Party shall be responsible for obtaining all Approvals and completing all filings required under
Applicable Laws for the transfer of Data, reports and Regulatory Materials to the other Party as required under this Section
4.9(a). For clarity, 3DMed solely owns any Data it generates in furtherance of this Agreement.

 

(b)              
Use of Data and Results. Each Party shall have the right to use and reference any Data, reports and Regulatory
Materials disclosed to such Party under Section 4.9(a) in support of obtaining Regulatory Approval for the Licensed
Products in its respective territory, in each case consistent with the rights and licenses granted by each Party to the other Party
under Article 2.

 

4.10         
Supply of Licensed Product.

 

(a)              
Subject to this Section 4.10 and Section 4.12, SELLAS shall be responsible for Manufacturing all quantities
of the Licensed Products necessary for 3DMed to Develop and Commercialize the Licensed Products in the Field in the Territory until
3DMed has received all Approvals required for 3DMed or its designated contract manufacturing organization to Manufacture the Licensed
Products in the Territory (the “Supply End Date”). Following the Supply End Date, 3DMed shall be responsible
at its sole cost for Manufacturing all quantities of the Licensed Products necessary for 3DMed to Develop and Commercialize Licensed
Products in the Field in the Territory. For the avoidance of doubt, notwithstanding any provision to the contrary in either the
Clinical Supply Agreement or the Commercial Supply Agreement (each as defined below), SELLAS’s obligation to Manufacture
and supply quantities of the Licensed Products for 3DMed shall terminate on the Supply End Date.

 

(b)               3DMed
acknowledges and agrees that SELLAS has engaged certain Third Party contract research organizations, consultants and contract
manufacturers to Develop and Manufacture the Licensed Products on behalf of SELLAS and that SELLAS’s obligations to
engage in the data sharing contemplated by Section 4.9, to provide Technical Assistance and supply quantities of the
Licensed Products to 3DMed shall be subject to, and limited by, the terms of SELLAS’s agreements with such Third Party
contract research organizations, consultants and contract manufacturers. The Clinical Supply Agreement and the Commercial
Supply Agreement shall set forth the extent to which SELLAS shall remain responsible for the performance and non-performance
of such Third Party contract research organizations, consultants and contract manufacturers.

 

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(c)              
Within [***] after the Effective Date, the Parties shall negotiate in good faith the terms of and enter into a clinical
supply agreement (the “Clinical Supply Agreement”) and a related quality agreement (the “Clinical Supply
Quality Agreement”) pursuant to which SELLAS shall supply to 3DMed quantities of the Licensed Products in bulk, unlabeled
form [***] to support the Development of Licensed Products in the Field in the Territory. The Clinical Supply Agreement and Clinical
Supply Quality Agreement shall contain terms that are consistent with SELLAS’s agreements with any applicable Third Party
contract research organization, consultant or contract manufacturer and such other terms that are customary and reasonable for
agreements of such type.

 

(d)              
At least [***] prior to the anticipated date of Regulatory Approval of a Licensed Product in China, if the Supply
End Date has not occurred yet the Parties shall negotiate in good faith the terms of and enter into a commercial supply agreement
(the “Commercial Supply Agreement”) and a related quality agreement (the “Commercial Supply Quality
Agreement”) pursuant to which SELLAS shall supply to 3DMed quantities of the Licensed Products in bulk, unlabeled form
[***] to support the Commercialization of Licensed Products in the Field in the Territory. The Commercial Supply Agreement and
Commercial Supply Quality Agreement shall contain terms that are consistent with SELLAS’s agreements with any applicable
Third Party contract research organization, consultant or contract manufacturer and such other terms that are customary and reasonable
for agreements of such type.

 

4.11         
Safety Data Exchange Agreement. Within [***] of the Effective Date, but in any event prior to commencement
of any Clinical Trials with the Licensed Products in the Field in the Territory, the Parties will in good faith negotiate and finalize
a separate safety data exchange agreement (the “Pharmacovigilance Agreement”), the terms of which shall
set forth the obligations, procedures and timelines for exchanging Data (such as the occurrence of adverse events and serious adverse
events) observed in connection with the Licensed Products in order to enable each Party to comply with its safety reporting obligations
to Regulatory Authorities in its respective territory. Prior to the execution of the Pharmacovigilance Agreement, each Party shall
promptly notify the other Party of any information observed in connection with the Licensed Products necessary to enable such Party
to comply with its safety reporting obligations to Regulatory Authorities or Governmental Authorities in its respective territory.
SELLAS shall maintain the global safety database for the Licensed Products, which shall include adverse events and other information
relating to the safety of the Licensed Products.

 

4.12         
Territory Filings and Approvals. With respect to any applicable filings and Approvals required
from any Governmental Authority in the Territory in order to Develop, Manufacture and/or Commercialize Licensed Products in the
Territory (“Territory Filings and Approvals”), the Parties agree that 3DMed shall be solely responsible for
making, obtaining and maintaining all such Territory Filings and Approvals, at its sole cost and expense.

 

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4.13         
Notice of Actions. If 3DMed or its Sublicensee is the subject of a demand, notice, inquiry, or
inspection report by a Governmental Authority or certification agency in relation to any Licensed Product that (a) by its terms
directs or contemplates, or may reasonably be expected to require or relate to, suspension or cessation of Manufacturing, sale,
Development, or Commercialization of Licensed Product efforts, (b) concerns a recall or potential recall of Licensed Products,
(c) concerns a loss of life or material issue of safety, or (d) may reasonably be expected to prevent 3DMed’s or Sublicensee’s
compliance with its diligence obligations under Section 4.2, then 3DMed shall provide a copy to SELLAS without delay and
keep SELLAS reasonably apprised of its response.

 

4.14         
Pivotal REGAL Study. 3DMed acknowledges and agrees that SELLAS shall have the sole right, but not
the obligation, to lead, control and be responsible for the execution of (a) the ongoing pivotal global clinical study entitled
 “REGAL” for use of the GPS Product to treat acute myeloid leukemia, and (b) other Clinical Trials in connection with
the Development and Commercialization of the Licensed Products outside the Territory. Upon the request of either Party, the Parties
shall discuss in good faith the inclusion of patients in the Territory in the REGAL clinical study, provided that 3DMed agrees
to be responsible for its proportionate share of the costs of such participation and SELLAS shall retain sole discretion as to
whether such patients shall be included in the REGAL clinical study.

 

Article
5

FINANCIAL PROVISIONS

 

5.1             
Upfront Payment. Within [***] of the Effective Date (the “Upfront Payment Due Date”),
3DMed shall pay to SELLAS a one-time, non-refundable, non-creditable payment of seven million five hundred thousand dollars ($7,500,000)
(the “Upfront Payment”). The Parties acknowledge and agree that (a) SELLAS has incurred significant expenses
to Develop the Licensed Products as part of a global Development program prior to the Effective Date, and (b) the Upfront
Payment is intended to reimburse SELLAS for certain of such expenses based on the proportionate value of the rights to the Licensed
Products in the Territory as compared to the global rights to the Licensed Products.

 

5.2             
Milestone Events. 

 

(a)               Development
Milestone Events. Subject to the terms and conditions set forth in this Section 5.2(a), 3DMed shall make each of
the one-time, non-refundable, non-creditable milestone payments to SELLAS that are set forth below upon the first occurrence
of the corresponding development milestone event by or on behalf of 3DMed or its Sublicensee with respect to a Licensed
Product. Each milestone payment under this Section 5.2(a) shall be paid only once with respect to the first time such
development milestone event is achieved. In the event that a development milestone event is achieved and an earlier
development milestone event has not been achieved (e.g., development milestone event 5 is achieved before development
milestone event 4), then such earlier development milestone event shall be deemed to have been achieved at the same time as
the later development milestone event and 3DMed shall pay to SELLAS the milestone payment for such earlier development
milestone event at the same time that the milestone payment for the later development milestone event is paid.

 

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	Milestone 

Number	Milestone
 Event

                                                                                 
	Milestone

Payment (US$)
	1	[***]	[***]
	2	[***]	[***]
	3	[***]	[***]
	4	[***]	[***]
	5	[***]	[***]
	6	[***]	[***]
	7	[***]	[***]
	8	[***]	[***]
	9	[***]	[***]

 

* [***].

 

(b)              
Sales Milestone Events. Subject to the terms and conditions set forth in this Section 5.2(b), 3DMed
shall make each of the one-time, non-refundable, non-creditable milestone payments to SELLAS that are set forth below upon the
first occurrence of the corresponding sales milestone event by or on behalf of 3DMed or its Sublicensee with respect to the Licensed
Products. Each milestone payment under this Section 5.2(b) shall be paid only once with respect to the first time such sales
milestone event is achieved. In the event that more than one sales milestone event is first achieved in the same Calendar Year,
then 3DMed shall pay to SELLAS each of the corresponding sales milestone payment(s) for each such sales milestone event that has
been achieved in that Calendar Year.

 

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	Milestone

 Number	Milestone

Event	Milestone
 Payment (US$)

                                                                                 

	1	Net Sales of the Licensed Products in the Territory in a given Calendar Year reach $[***] for the first time	[***]
	2	Net Sales of the Licensed Products in the Territory in a given Calendar Year reach $[***] for the first time	[***]
	3	Net Sales of the Licensed Products in the Territory in a given Calendar Year reach $[***] for the first time	[***]
	4	Net Sales of the Licensed Products in the Territory in a given Calendar Year reach $[***] for the first time	[***]
	5	Net Sales of the Licensed Products in the Territory in a given Calendar Year achieve $[***] for the first time	[***]
	6	Net Sales of the Licensed Products in the Territory in a given Calendar Year exceed $[***] for the first time	[***]

 

(c)              
Payment. 3DMed shall notify SELLAS in writing promptly, but in no event later than [***], after the achievement
of each milestone event set forth in this Section 5.2. 3DMed shall pay each milestone payment due to SELLAS in Dollars within
[***] as of such notification date.

 

5.3             
Royalties.

 

(a)              
Royalty Rate. Subject to the remainder of this Section 5.3, 3DMed shall pay to SELLAS the following
tiered royalties on annual Net Sales of Licensed Products in the Territory.

 

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	Royalty Tiers

                                                                                 
	Royalty Rate
	The portion of Net Sales of Licensed Products in the Territory in a given Calendar Year up to and including $[***]	[***]%
	The portion of Net Sales of Licensed Products in the Territory in a given Calendar Year above $[***] up to and including $[***]	[***]%
	The portion of Net Sales of Licensed Products in the Territory in a given Calendar Year above $[***] up to and including $[***]	[***]%
	The portion of Net Sales of Licensed Products in the Territory in a given Calendar Year above $[***] up to and including $[***]	[***]%
	The portion of Net Sales of Licensed Products in the Territory in a given Calendar Year above $[***]	[***]%

 

The Parties
hereby acknowledge and agree that the Licensed Know-How is proprietary, substantial, of significant value and required for 3DMed
to Manufacture and Commercialize the Licensed Products in the Territory.  Consequently, the Parties
have determined to adopt the royalty rates set forth above even in the case when a Licensed Product in a Relevant Region is not
covered by a Valid Claim of a Licensed Patent.

 

(b)              
Royalty Term. 3DMed’s obligation to pay royalties with respect to a Licensed Product in a Relevant Region
in the Territory shall commence upon the First Commercial Sale of such Licensed Product in such Relevant Region and shall expire
on the latest of (i) the date that is fifteen (15) years from approval of an MAA for such Licensed Product in such Relevant Region,
and (ii) the date that is ten (10) years from the expiration of the last Valid Claim of a Licensed Patent covering or claiming
such Licensed Product in such Relevant Region (the “Royalty Term”).

 

(c)              
Royalty Reduction. In the event that (i) Generic Competition exists in a Relevant Region in the Territory
with respect to a Licensed Product, or (ii) [***], the royalty rate for Net Sales of such Licensed Product in such Relevant Region
above $[***] in a Calendar Year will thereafter be reduced to [***].

 

(d)               Reports;
Royalty Payments. Until the expiration of all royalty payment obligations under this Section 5.3, 3DMed, within
[***] of the end of each Calendar Quarter during which there was Net Sales of a Licensed Product in the Territory, shall
deliver to SELLAS true and accurate reports, giving such particulars of the business conducted by 3DMed and its Sublicensees
during the preceding period. The reports shall include at least the following information, to be itemized per Licensed
Product by Relevant Region of sales origin: (i) product number; (ii) units sold; (iii) unit price; (iv) extended sales
dollars; (v) royalty rate; (vi) extended royalty dollars due; (vii) the portion of Net Sales that was received from
Sublicensees; (viii) country of sale; (ix) foreign currency conversion rate; and (x) any reduction to royalties taken in
accordance with Section 5.3(c) above and documentation supporting 3DMed’s right to take such reduction. With
each such report submitted, 3DMed shall pay to SELLAS the royalties due and payable under this Agreement. If no royalties
shall be due, 3DMed shall so report.

 

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5.4             
Method of Payments; Late Payments. All payments due to SELLAS under this Agreement shall be paid
in Dollars by wire transfer to a bank account designated in writing by SELLAS. Except as otherwise specified, all payments due
to SELLAS under this Agreement shall be paid within [***] after receipt of an invoice for such payments. Late payments shall accrue
interest at the rate per annum equal to the sum of [***], or, if lower, the highest rate permitted under Applicable Laws. For clarity,
all payments made to SELLAS pursuant to Sections 5.1 and 5.2 shall be made by 3DMed without any deductions, offsets or withholdings
whatsoever. Notwithstanding any other provisions contained in this Agreement, 3DMed may not assign such payment obligations to
any Affiliate established pursuant to Applicable PRC Laws without the prior written consent of SELLAS. 3DMed’s obligation
to make payments to SELLAS under this Agreement shall not be contingent upon 3DMed receiving any payment from its Affiliate.

 

5.5             
Books and Records; Audits.

 

(a)              
 Books and Records. 3DMed shall keep, and shall require its Affiliates and Sublicensees to keep, full, true
and accurate books of account containing all particulars that may be necessary for the purpose of showing the amounts payable to
SELLAS hereunder. Said books and records shall include, but not be limited to: Invoice registers and original invoices, product
sales analysis reports, accounting general ledgers, sub-license and distributor agreements, price lists, contracts for the sale
of Licensed Products, product catalogs and marketing materials, audited financial statements and/or income tax returns, sales tax
returns, inventory and production records and shipping documents. Said books and records shall be maintained for a period of no
less than [***] following the period to which they pertain. Such records shall include original data files used to prepare the
submitted royalty reports.

 

(b)               Audits. For
the Term, and at least annually, SELLAS or its agents (or, upon the request of MSK made in accordance with the MSK License
Agreement, MSK or its agents) shall have the right upon reasonable written notice to inspect such books and records for the
purpose of verifying 3DMed’s royalty statement or compliance in other respects with this Agreement. In addition, 3DMed
shall provide all reasonable cooperation to enable SELLAS to verify royalty statements provided hereunder. Such inspections
shall be during normal working hours of 3DMed, and shall not be exercised more than [***] (provided, that should any
inspection result in the discovery of a discrepancy or error in a royalty statement, then the foregoing limitation shall not
apply for the balance of [***] during which such inspection right was exercised) and not more frequently than once with
respect to records covering any specific period of time and shall be performed in a manner that will not unduly interfere
with 3DMed’s normal course of business. Notwithstanding anything to the contrary herein, SELLAS or its agents shall
only be entitled to audit the books and records of 3DMed of the [***] in which the audit request is made. SELLAS or its
agents, as the case may be, agrees to hold in strict confidence all information received and all information learned in the
course of any audit or inspection and any audit summary or reports, except to the extent necessary to enforce its rights
under this Agreement or to the extent required to comply with Applicable Laws. For the avoidance of doubt, nothing contained
in this Section 5.5(b) shall limit the audit rights granted to MSK pursuant to the MSK License Agreement. Should
such inspection result in the discovery of a discrepancy greater than the greater of [***], in reporting to SELLAS’s
detriment, for any [***] period, 3DMed shall pay the full cost of such audit plus interest as provided for late payments. If
the audit determines an error that is due to a misinterpretation of this Agreement or the MSK License Agreement or if the
error results from the application of an incorrect accounting or clerical methodology, SELLAS and or their agents shall be
entitled to correct such errors for the period of time that the statute of limitations of the governing jurisdiction allows.
Any additional royalties due from the correction of errors from the prior periods will be subject to interest as provided for
late payments.

 

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5.6             
Taxes.

 

(a)               Withholding. To
the extent any payments due to SELLAS under this Agreement (“Payments”) become subject to withholding of
income Taxes under Applicable Laws, 3DMed shall deduct and withhold the amount of such Taxes for the account of SELLAS to the
extent required by Applicable Laws but shall not be otherwise subject to any other deductions, offsets or withholdings
whatsoever other than those directly related to withholding Taxes that SELLAS is required to pay under Applicable Laws up to
the Cap; the Payments payable to SELLAS shall be reduced by the amount of withholding income Taxes deducted and withheld; and
3DMed shall pay the amounts of such Taxes to the proper Governmental Authority in a timely manner and transmit to SELLAS an
official tax certificate or other evidence of such Tax obligations together with proof of payment from the relevant
Governmental Authority of all amounts deducted and withheld sufficient to enable SELLAS to claim such payment of Taxes. Any
such withholding income Taxes required under Applicable Laws to be paid or withheld shall be an expense of, and borne solely
by, SELLAS, provided that in no event shall the aggregate withholding income Taxes borne by SELLAS under this Section
5.6(a) exceed [***] of any given royalty payment due and payable by 3DMed to SELLAS under Section 5.3 (the
 “Cap”).  If SELLAS is entitled (whether under any applicable tax treaty or otherwise under
Applicable Laws) to a reduction in the rate of, or the elimination of, withholding of income Tax with respect to the
Payments, it may deliver to 3DMed or the appropriate Governmental Authority (with the assistance of 3DMed to the extent that
this is reasonably required and is expressly requested in writing) the prescribed forms necessary to reduce the applicable
rate of withholding or to relieve 3DMed of its obligation to withhold Tax, and 3DMed shall apply the reduced rate of
withholding, or dispense with withholding, as the case may be.  3DMed agrees to take reasonable and lawful efforts
to minimize such withholding income Taxes that would otherwise be borne by SELLAS.  3DMed shall cooperate with
SELLAS as reasonably requested in any claim for refund or application to any Governmental Authority and/or in obtaining any
tax credit by SELLAS for the withholding of income Taxes with respect to the Payments. Notwithstanding any other provisions
contained in this Agreement, SELLAS shall assume, and 3DMed shall deduct and withhold the withholding income Taxes under
Applicable Laws for all royalty payments, including any such Taxes incurred during 3DMed’s intra-group payments in
order for 3DMed to directly make royalty payments to SELLAS, subject to the Cap.

 

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(b)              
VAT. All Payments, including any royalty payments payable to SELLAS pursuant to Section 5.3 of this
Agreement, shall be paid exclusive of, and without reduction for, any value-added tax (including, for greater certainty, any goods
and services tax, harmonized sales tax and any similar taxes, including any interest, penalties or other additions to tax thereon)
(“VAT”) (which, if applicable, shall be payable by 3DMed). 3DMed shall be responsible for the payment of all
VAT applicable to the Payments and shall file all applicable VAT tax returns.  SELLAS shall cooperate, to the extent
reasonably required, with the filing of any such VAT tax returns. 3DMed shall indemnify SELLAS for any VAT imposed on SELLAS with
respect to the Payments and if SELLAS directly pays any VAT, 3DMed shall promptly reimburse SELLAS for such VAT including all reasonable
related costs. If SELLAS determines that it is required to report any such tax, 3DMed shall promptly provide SELLAS with applicable
receipts and other documentation necessary or appropriate for such report.   For clarity, this Section 5.6(b)
is not intended to limit 3DMed’s right to deduct VAT in determining Net Sales.

 

5.7             
Currency Conversion. With respect to sales of Licensed Products invoiced in Dollars, the Net Sales
and the amounts due hereunder will be expressed in Dollars. If any currency conversion shall be required in connection the payment
of royalties hereunder, such conversion shall be made by using the exchange rate prevailing at the JP Morgan Chase Bank on the
last Business Day of the Calendar Quarter reporting period to which such royalty payments relate.

 

5.8             
Full Consideration for the License. The Parties agree and acknowledge that the payments made by
3DMed to SELLAS under this Agreement, including Sections 5.1, 5.2 and 5.3, the Back License, and the other
covenants made by 3DMed under this Agreement, constitutes the full and complete consideration for the License granted by SELLAS
to License under Section 2.1 hereof.

 

 

Article
6

 

INTELLECTUAL PROPERTY RIGHTS

 

6.1             
Prosecution and Maintenance of Patents.

 

(a)               MSK
Patents. 3DMed acknowledges that MSK has the sole right to prosecute and maintain the MSK Patents under the terms of the
MSK License Agreement. SELLAS shall be responsible for all expenses relating to the MSK Patents in the Territory for which
SELLAS is responsible under Section 7.1 and Section 7.2 of the MSK License Agreement. For clarity, 3DMed shall have no
obligation to reimburse SELLAS for any expenses relating to the prosecution and maintenance of MSK Patents outside of the
Territory. SELLAS agrees to (i) consult with 3DMed with respect to the prosecution and maintenance of the MSK Patents in the
Territory, and (ii) promptly provide to 3DMed copies of all patent documentation and other information relating to the MSK
Patents in the Territory received by SELLAS from MSK.

 

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(b)              
Other Licensed Patents. SELLAS shall have the first right, but not the obligation, to prepare, file, prosecute,
and maintain, at its own cost and expenses, each of the Licensed Patents other than the MSK Patents (the “Other Licensed
Patents”) in the Territory. SELLAS shall consult with 3DMed and keep 3DMed reasonably informed of the status of the Other
Licensed Patents in the Territory. SELLAS shall provide 3DMed a reasonable opportunity to review and comment on all material filings
and correspondence with patent offices with respect to the prosecution and maintenance of the Licensed Patents in the Territory,
and SELLAS shall consider 3DMed’s comments regarding such filings and correspondence in good faith. If, during the Term,
SELLAS intends to allow any Licensed Patent to expire or intends to otherwise abandon any such Licensed Patent in the Territory,
SELLAS shall notify 3DMed of such intention or decision at least [***] prior to any filing or payment due date, or any other date
that requires action, in connection with such Licensed Patent, and 3DMed shall thereupon have the right, but not the obligation,
to assume responsibility for the preparation, filing, prosecution or maintenance thereof in the Territory at its sole cost and
expense. Each Party agrees to reasonably cooperate with the other Party to execute all lawful papers and instruments and to provide
consultation and assistance as may be reasonably necessary in the prosecution and maintenance of the Licensed Patents in a manner
consistent with this Section 6.1(b).

 

(c)              
3DMed Patents. 3DMed shall have the first right, but not the obligation, to prepare, file, prosecute, and
maintain each of the 3DMed Patents on a worldwide basis. Whether or not 3DMed exercises this right, 3DMed shall be responsible
for all expenses related to the preparation, filing, prosecution and maintenance of the 3DMed Patents. If, during the Term, 3DMed
intends to allow any 3DMed Patent in the SELLAS Territory to expire or intends to otherwise abandon any such 3DMed Patent, 3DMed
shall notify SELLAS of such intention or decision at least [***] prior to any filing or payment due date, or any other date that
requires action, in connection with such 3DMed Patent, and SELLAS shall thereupon have the right, but not the obligation, to assume
responsibility for the preparation, filing, prosecution or maintenance of such 3DMed Patent at its sole cost and expense. If SELLAS
elects not to assume responsibility for the preparation, filing, prosecution or maintenance of such 3DMed Patent, such 3DMed Patent
that is the subject of such written notice shall no longer be licensed to SELLAS under Section 2.6 or be subject to the
terms of this Section 6.1(c). 3DMed shall consult with SELLAS and keep SELLAS reasonably informed of the status of the 3DMed
Patents in the SELLAS Territory. 3DMed shall provide SELLAS a reasonable opportunity to review and comment on all material filings
and correspondence with patent offices with respect to the prosecution and maintenance of the 3DMed Patents in the SELLAS Territory,
and 3DMed shall consider SELLAS’ comments regarding such filings and correspondence in good faith. Each Party agrees to reasonably
cooperate with the other Party to execute all lawful papers and instruments and to provide consultation and assistance as may be
reasonably necessary in the prosecution and maintenance of the 3DMed Patents in a manner consistent with this Section 6.1(c).

 

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6.2             
 Third Party Infringement.

 

(a)              
Monitoring and Notice. 3DMed shall use commercially reasonable efforts to monitor Third Party infringement
of the Licensed Patents, MSK Patents and 3DMed Patents in the Field in the Territory and 3DMed shall keep SELLAS timely informed
of any activities by 3DMed in regard hereto. If either Party becomes aware of any suspected infringement or misappropriation by
a Third Party of any Licensed IP, MSK IP or 3DMed IP (each, an “Infringement”), then that Party shall promptly
notify the other Party and provide it with all material details of such activities of which it is aware.

 

(b)              
MSK Patents. The Parties acknowledge and agree that enforcement of the MSK Patents shall be subject to the
terms of the MSK License Agreement and 3DMed shall have the first right, but not the obligation, in the place of SELLAS, to initiate,
defend and manage any adversarial legal proceeding relating to the MSK Patents in the Field in the Territory in accordance with
Article 8 of the MSK License Agreement; provided, that (i) 3DMed shall keep SELLAS reasonably informed about such proceeding and
SELLAS shall provide all reasonable cooperation to 3DMed in connection with such proceeding, (ii) 3DMed shall not take any position
with respect to such proceeding in any way that is reasonably likely to directly and adversely affect the scope, validity or enforceability
of the MSK Patents, or compromise or settle any such proceeding, without the prior written consent of SELLAS, which consent shall
not be unreasonably withheld, conditioned or delayed, and (iii) if 3DMed does not intend to prosecute or defend such proceeding,
or ceases to diligently pursue such proceeding, it shall promptly inform SELLAS in such a manner that such proceeding will not
be prejudiced.

 

(c)              
3DMed Right to Enforce. Subject to Section 6.2(b), 3DMed shall have the first right, but not the obligation,
to address Infringement of the Licensed IP (other than the MSK IP) in the Field in the Territory by taking reasonable steps, which
may include the institution of legal proceedings or other actions (an “Action”), and to compromise or settle
such Action; provided, that (i) 3DMed shall keep SELLAS reasonably informed about such Action and SELLAS shall provide all reasonable
cooperation to 3DMed in connection with such Action, (ii) 3DMed shall not take any position with respect to such Action in any
way that is reasonably likely to directly and adversely affect the scope, validity or enforceability of the Other Licensed Patents,
or compromise or settle any such Action, without the prior written consent of SELLAS, which consent shall not be unreasonably withheld,
conditioned or delayed, and (iii) if 3DMed does not intend to prosecute or defend an Action, or ceases to diligently pursue such
an Action, it shall promptly inform SELLAS in such a manner that such Action will not be prejudiced and Section 6.2(d) shall
apply.

 

(d)               SELLAS
Right to Enforce. In the event of an Infringement of the Licensed IP (other than the MSK IP), if (i) 3DMed informs SELLAS
that it does not intend to prosecute an Action in respect thereof, (ii) within [***] after notice of Infringement 3DMed has
not commenced any such Action, or (iii) if 3DMed thereafter ceases to pursue such Action, then SELLAS shall have the right,
at its own expense, upon notice to 3DMed to take appropriate action to address such Infringement, including by initiating its
own Action or taking over prosecution of any Action initiated by 3DMed. In such event, SELLAS shall keep 3DMed fully informed
about such Action and 3DMed shall provide all reasonable cooperation to SELLAS in connection with such Action.

 

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(e)              
Right to Representation. To the extent permitted by Applicable Laws, each Party shall have the right to participate
and be represented by counsel that it selects, in any Action instituted under Section 6.2(c) or Section 6.2(d)
by the other Party. If a Party with the right to initiate an Action to eliminate an Infringement lacks standing to do so and the
other Party has standing to initiate such Action, then the Party with the right to initiate an Action may name the other Party
as plaintiff in such Action or may require the Party with standing to initiate such Action at the expense of the other Party. The
Parties will reasonably cooperate with each other and use best efforts to confer standing to sue upon necessary or relevant Parties
in any Action, and will seek in any Action to recover the full amount of all claims for damages against any infringers.

 

(f)               
Cooperation. In any Action instituted under this Section 6.2, the Parties shall cooperate with and
assist each other in all reasonable respects.

 

(g)              
Share of Recoveries. Except as otherwise provided, the costs and expenses of the Party bringing suit under
this Section 6.2 shall be borne by such Party, and any damages or other monetary awards recovered shall be shared as follows:
(i) the amount of such recovery actually received by the Party controlling such Action shall first be applied to the out-of-pocket
costs of each Party in connection with such Action; (ii) if 3DMed is the Party controlling such Action, then [***] of any remaining
proceeds shall be retained by 3DMed, and [***] of the remaining proceeds shall be paid to SELLAS; or (iii) if SELLAS is the Party
controlling such Action, then [***] of any remaining proceeds shall be retained by SELLAS, and [***] of the remaining proceeds
shall be paid to 3DMed; provided, that if SELLAS and 3DMed are both joined in such Action and the amount of recovery is allocated
by a final and non-appealable adjudication, then any damages or other monetary awards recovered shall be shared pursuant to the
division set out in such adjudication. A settlement or consent judgment or other voluntary final disposition of a suit under this
Section 6.2 may not be entered into without the consent of the Party not bringing the suit, which consent shall not
be unreasonably withheld, conditioned or delayed.

 

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6.3              Defense
of Claims Brought by Third Parties. In the event that any Action, suit or proceeding is brought against either Party
or an Affiliate or sublicensee of either Party alleging the misappropriation of the Know-How or the infringement of the
Patents of a Third Party by the making, having made, use, sale, offering for sale, importation or exportation of the Licensed
Product in the Field in the Territory, such Party shall notify the other Party within [***] of the earlier of (a) receipt of
service of process in such Action, suit or proceeding, or (b) the date such Party becomes aware that such Action, suit or
proceeding has been instituted, and the Parties shall meet as soon as possible to discuss the overall strategy for defense of
such matter. Unless the Parties otherwise agree in writing, each Party shall have the right to defend itself against a suit
that names it as a defendant (the “Defending Party”). None of the Parties shall enter into any settlement
of any claim described in this Section 6.3 that admits to the invalidity or
unenforceability of the Licensed Patents, MSK Patents or 3DMed Patents, incurs any financial or other liability on the part
of the other Party or requires an admission of liability, wrongdoing or fault on the part of the other Party without such
other Party’s prior written consent, not to be unreasonably withheld, conditioned or delayed. In any event, the other
Party shall reasonably assist the Defending Party and cooperate in any such litigation at the Defending Party’s
reasonable request and expense. If the Defending Party is deemed responsible in connection with any suit or claim subject to
this Section 6.3, any resulting damages, settlement amounts and expenses shall be
borne by the Defending Party. If both Parties are Defending Parties and are both deemed responsible in connection with any
suit or claim subject to this Section 6.3, any resulting damages, settlement amounts
and expenses shall be borne by the Parties in proportion to their relative responsibility unless a final and non-appealable
adjudication states otherwise.

 

6.4             
Legal Action Pertaining to Trademarks.

 

(a)              
Defense of Third Party Trademark Claims. Each Party shall notify the other Party promptly upon learning of
any actual or alleged infringement, or of any unfair trade practices, trade dress imitation, passing off of counterfeit goods or
like offenses or any such claims thereof relating to the Product Trademarks (hereinafter, “Infringement Claims”)
in the Territory brought by a Third Party against a Party or any of its Affiliates. Upon learning of such Infringement Claim, 3DMed
shall take all reasonable and appropriate steps to resolve the Infringement Claim and shall confer with SELLAS, and give reasonable
consideration to SELLAS’ suggestions, regarding such Infringement Claim. SELLAS shall have the first right, but not the obligation,
to defend against and control any such legal Action. If SELLAS does not take steps to defend against or resolve the Infringement
Claims in the Territory within [***], or any other period that requires action, after learning of the Infringement Claims, then
3DMed shall have the right, but not the obligation, to defend against such Action. SELLAS shall have the right to choose outside
counsel. Neither Party shall have the right to settle any infringement Action under this Section 6.4 in a manner that
diminishes the rights or interests of the other Party or imposes any liability on the other Party without the prior written consent
of such other Party, which shall not be unreasonably withheld, conditioned or delayed. All reasonable and documented expenses incurred
in bringing, maintaining, defending, prosecuting and settling, any Action described in this Section 6.4(a) shall be
borne by the Party defending the Infringement Claim. The non-defending Party shall reasonably cooperate with the defending Party
in connection with any Infringement Claims.

 

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(b)               Infringement
by Third Parties. Each Party shall notify the other Party in writing promptly upon learning of any actual or alleged
infringement by any Third Party of any Product Trademarks in the Territory of which they become aware. SELLAS shall have the
first right, but not the obligation, to initiate, pursue, prosecute and control any legal Action and to control the defense
of any challenge relating to the Product Trademarks in the Territory. If SELLAS does not take steps to address the
infringement or initiate an infringement Action within [***], or any other period that requires action, after learning of the
infringement, then 3DMed shall have the right, but not the obligation, to bring such an Action. Neither Party shall have the
right to settle any infringement action under this Section 6.4(b) in a manner that diminishes the rights or interests
of the other Party or imposes any liability on the other Party without the prior written consent of such other Party, which
shall not be unreasonably withheld, conditioned or delayed. SELLAS shall have the right to choose outside counsel. All
reasonable and documented expenses of outside counsel incurred in bringing, maintaining, defending, prosecuting, settling,
obtaining or enforcing a judgment in any Action governed by this Section 6.4(b) shall be borne by the Party
bringing, maintaining, defending, prosecuting, settling, obtaining or enforcing a judgment in such Action (to the extent not
reimbursed through recoveries from such litigation). Except as otherwise provided, the costs and expenses of the Party
bringing suit under this Section 6.4 shall be borne by such Party, and any damages or other monetary awards
recovered shall be shared as follows: (i) the amount of such recovery actually received by the Party controlling such Action
shall first be applied to the out-of-pocket costs of each Party in connection with such Action; (ii) if 3DMed is the Party
controlling such Action, then [***] of any remaining proceeds shall be retained by 3DMed, and [***] of the remaining proceeds
shall be paid to SELLAS; or (iii) if SELLAS is the Party controlling such Action, then [***] of any remaining proceeds shall
be retained by SELLAS, and [***] of the remaining proceeds shall be paid to 3DMed.

 

6.5             
Patent Marking. 3DMed will mark, and will cause
its Sublicensees to mark, the Licensed Products with all Licensed Patents in accordance with Applicable Laws, which marking obligation
will continue for as long as (and only for as long as) required under Applicable Laws.

 

Article
7

 

CONFIDENTIALITY

 

7.1             
Nondisclosure and Non-Use. Each Party agrees that, for so long as this Agreement is in effect and
for a period of [***] thereafter, a Party (the “Receiving Party”) receiving or possessing Confidential Information
of the other Party (the “Disclosing Party”) shall, and shall cause its and its Affiliates’ respective
employees, officers, directors, representatives, Affiliates, consultants, contractors, lenders, insurers, financing sources, collaboration
partners, professional advisors, agents and sublicensees (collectively, “Representatives”) to, (a) maintain
in confidence such Confidential Information using not less than the efforts such Receiving Party uses to maintain in confidence
its own proprietary industrial information of similar kind and value (but no less than reasonable care), (b) not disclose such
Confidential Information to any Third Party without the prior written consent of the Disclosing Party, except for disclosures expressly
permitted below, and (c) not use such Confidential Information for any purpose except those permitted by this Agreement, including
in connection with exercising its rights or fulfilling its obligations under this Agreement (it being understood that this clause
(c) shall not create or imply any rights, licenses or covenants not expressly granted under Article
2 hereof). Each Receiving Party shall be responsible for any breach of these obligations by any of its Representatives
to which it discloses or provides access to any Confidential Information of the Disclosing Party. Each Receiving Party shall take
all reasonable action under Applicable Law to enforce the confidentiality obligations hereunder against any Representatives to
which it discloses or provides access to any Confidential Information of the Disclosing Party.

 

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7.2             
 Exceptions. The obligations in Section 7.1 shall not
apply with respect to any portion of the Confidential Information that the Receiving Party can show by competent proof:

 

(a)              
was known to the Receiving Party or any of its Affiliates, without any obligation to keep it confidential or any
restriction on its use, prior to disclosure by the Disclosing Party;

 

(b)              
was generally available to the public or otherwise part of the public domain at the time of its disclosure to the
Receiving Party;

 

(c)              
became generally available to the public or otherwise part of the public domain after its disclosure and other than
through any act or omission of the Receiving Party in breach of this Agreement;

 

(d)              
is subsequently disclosed to the Receiving Party or any of its Affiliates by a Third Party lawfully in possession
thereof and without any obligation to keep it confidential or any restriction on its use; or

 

(e)              
has been independently developed by employees or contractors of the Receiving Party or any of its Affiliates without
the aid, application or use of Confidential Information of the Disclosing Party as demonstrated by documented evidence prepared
contemporaneously with such independent development.

 

7.3             
Authorized Disclosure. The Receiving Party may disclose Confidential Information belonging to the
Disclosing Party to the extent (and only to the extent) such disclosure is reasonably necessary in the following instances:

 

(a)              
preparing, filing or prosecuting Patents; preparing, filing or prosecuting Regulatory Materials with respect to obtaining
and maintaining Approvals from Regulatory Authorities relating to the Licensed Products, including Regulatory Approvals, and prosecuting
or defending litigation;

 

(b)              
subject to Section 7.6, complying with Applicable Laws (including the rules and regulations of any national
securities exchange on which the securities of the Receiving Party or its Affiliates are listed, Applicable PRC Laws and rules
issued by the State Intellectual Property Office of China) and with judicial process, if in the reasonable opinion of the Receiving
Party’s counsel, such disclosure is necessary for such compliance, provided that the Receiving Party shall promptly notify
the other Party of such required disclosure so that the Disclosing Party can seek a protective order or other appropriate remedies
and, at the Disclosing Party’s request and expense, reasonably assist the Disclosing Party in seeking such protective order
or other reasonable remedies; and

 

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(c)               disclosure
in connection with the performance or in furtherance of the purposes of this Agreement and/or solely on a “need to know
basis”, to Representatives (including potential sublicensees), potential or actual investors or investment bankers, or
acquirers who are bound by obligations of confidentiality and non-use no less restrictive than the obligations set forth in
this Article 7.

 

7.4             
Press Release; Disclosure of Agreement. Except to the extent required by Applicable Laws or the
rules of a securities exchange or securities listing organization, neither Party shall issue any other press release or other public
disclosure concerning this Agreement, the subject matter hereof or the Parties’ activities hereunder, or any results or Data
arising hereunder, except with the other Party’s prior written consent. The Parties agree to consult with each other reasonably
and in good faith with respect to the text and timing of any such press releases and disclosures prior to the issuance thereof,
and a Party may not unreasonably withhold, condition or delay consent to such releases and disclosures, and shall give due consideration
to any reasonable comments delivered in a timely manner by the non-filing Party relating to such releases and disclosures, including
where applicable subject matter for which confidential treatment may be sought. A Party may publicly disclose without regard to
the preceding requirements of this Section 7.4 any information that (a) was previously
publicly disclosed pursuant to this Section 7.4; provided that such disclosure does not
materially alter the meaning of the information disclosed previously or (b) is required by securities law disclosure requirements
or otherwise required by Applicable Laws, or legal process, in which event the Party issuing such press release or making such
public announcement will, to the extent possible, provide the other Party with advance notice of at least [***] prior to such press
release or public announcement and a draft thereof and reasonably consider any timely comment with respect thereto provided by
such other Party. Attached hereto as Exhibit G is a copy of the press release to be issued in connection with the execution
of this Agreement.

 

7.5             
Prior CDA. This Agreement supersedes the Confidentiality and Non-Disclosure Agreement between the
Parties dated as of September 2, 2020 (the “Prior CDA”) with respect to information disclosed thereunder. All
information exchanged between the Parties under the Prior CDA shall be deemed Confidential Information of the Disclosing Party
and shall be subject to the terms of this Article 7.

 

7.6             
Securities Filings. Notwithstanding the provisions of this Article 7, each Party, in its
capacity as a Disclosing Party, acknowledges and agrees that the Receiving Party may (a)  disclose the Disclosing Party’s
Confidential Information in order to comply with the rules and regulations of the U.S. Securities and
Exchange Commission or any other applicable national securities exchange in any jurisdiction (collectively, the “Securities
Regulators”) if, in the reasonable opinion of the Receiving Party’s counsel, such disclosure is necessary for such
compliance, or (b) submit this Agreement or the terms thereof to, or file this Agreement with, the Securities Regulators.

 

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7.7              Equitable
Relief. Each Receiving Party acknowledges and agrees that a breach of this Article
7 cannot reasonably or adequately be compensated in damages in an action at law and that such a breach shall cause
the Disclosing Party irreparable injury and damage. By reason thereof, the Parties agree that each Party shall be entitled,
in addition to any other remedies it may have under this Agreement or otherwise, to seek preliminary and permanent injunctive
and other equitable relief to prevent or curtail any breach of the obligations relating to Confidential Information set forth
herein.

 

Article
8

 

REPRESENTATIONS, WARRANTIES AND COVENANTS

 

8.1             
Representations and Warranties of Both Parties. Each Party hereby represents and warrants to the
other Party, as of the Effective Date, that:

 

(a)              
such Party is duly organized, validly existing and in good standing under Applicable Laws of the jurisdiction of
its incorporation and has full corporate power and authority to enter into this Agreement and to carry out the provisions hereof;

 

(b)              
such Party has taken all necessary action on its part to authorize the execution and delivery of this Agreement and
the performance of its obligations hereunder;

 

(c)              
this Agreement has been duly executed and delivered on behalf of such Party, and constitutes a legal, valid and binding
obligation, enforceable against it in accordance with the terms hereof, except as enforcement may be affected by bankruptcy, insolvency
or other similar laws and by general principles of equity;

 

(d)              
the execution, delivery and performance of this Agreement by such Party does not conflict with any material agreement,
instrument or understanding, oral or written, to which it is a party or by which it is bound, nor violate any law or regulation
of any court, governmental body or administrative or other agency having jurisdiction over such Party;

 

(e)              
neither Party nor any of its Affiliates is under any material obligation to any Person, contractual or otherwise,
that would reasonably be expected to materially impede the fulfillment of such Party’s obligations hereunder; and

 

(f)               
except as otherwise provided herein, no government authorization, consent, Approval, license, exemption of or filing
or registration with any court or governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign,
under any Applicable Laws currently in effect, is necessary for the transaction contemplated by this Agreement or any other agreement
or instrument executed in connection herewith.

 

8.2             
Representations and Warranties of SELLAS. SELLAS hereby represents and warrants to 3DMed, as of
the Effective Date, that:

 

(a)              
Exhibit C sets forth a complete and accurate list of the Licensed Patents existing as of the Effective Date;

 

    40

     

    

 

(b)              
 Exhibit E sets forth a complete and accurate list of the Product Trademarks existing as of the Effective
Date;

 

(c)              
SELLAS Controls the Licensed Know-How and Licensed Patents existing as of the Effective Date;

 

(d)              
SELLAS has the right to grant all rights and licenses it purports to grant to 3DMed with respect to the Licensed
Know-How and Licensed Patents under this Agreement, free and clear from any mortgages, pledges, liens, security interests, conditional
and installment sale agreement, encumbrances, charges or claim of any kind except as set forth in Schedule 8.2(d) attached
hereto and made a part hereof;

 

(e)              
SELLAS has no present knowledge, without any independent investigation, of (i) any settled, pending or threatened
claim or lawsuit or legal proceeding of a Third Party against SELLAS alleging that the Licensed Know-How or Licensed Patents (x)
misappropriate or infringe, in part or in whole, the intellectual property or intellectual property rights of such Third Party
in the Field in the Territory, or (y) are invalid or unenforceable, or (ii) any fact that a Third Party is infringing or has infringed
the Licensed Patents, or is misappropriating or has misappropriated the Licensed Know-How, as of the Effective Date;

 

(f)               
SELLAS has complied with all Applicable Laws in all material respects connection with the prosecution of the Licensed
Patents, and has maintained the Licensed Patents in the Territory existing as of the Effective Date. To SELLAS’ knowledge,
prior to the Effective Date, SELLAS has not taken action or failed to undertake an action, in connection with filing, prosecuting
and maintaining the Licensed Patents set forth in Exhibit C in the Territory in violation of any Applicable Law;

 

(g)              
SELLAS has not granted any right or license to any Third Party relating to any of the Licensed Know-How, Licensed
Patents, MSK Know-How or MSK Patents that would cause a material conflict or interfere with any of the rights or licenses granted
to 3DMed hereunder; and

 

(h)              
SELLAS has disclosed to 3DMed all material information received by SELLAS concerning the institution of any interference,
opposition, reexamination, reissue, revocation, nullification or any official proceeding involving any Licensed Patent anywhere
in the world.

 

8.3             
Mutual Covenants. Each Party hereby covenants to the other Party that:

 

(a)               such
Party shall, to the extent applicable, perform its activities pursuant to this Agreement in compliance with all Applicable
Laws, including GLP, GMP and GCP, as well as any Applicable PRC Laws concerning the protection, collection, use, storage,
processing or transfer of personal data, important data and human genetic resources materials and information (as such terms
are defined under the PRC Human Genetic Resources Administrative Regulations (i.e. 《中华人民共和国人类遗传资源管理条例》)
promulgated by the State Council of the PRC effective as of July 1, 2019, as may be amended from time to time), the published
standards of any applicable Regulatory Authorities, and the scientific standards applicable to the conduct of such
activities, if any;

 

    41

     

    

 

(b)              
such Party shall notify the other Party in writing promptly in the event that it has actual knowledge of the material
breach of any covenant under this Article 8 or the material breach of any representation or warranty provided by either
Party under Section 8.1 or by SELLAS under Section 8.2;

 

(c)              
during the Term, such Party shall not grant any right or license to any Third Party relating to any of the intellectual
property rights it Controls, including the Licensed IP and the 3DMed IP, as applicable, which would conflict or materially interfere
with any of the rights or licenses granted to the other Party hereunder; and

 

(d)              
such Party hereby covenants and agrees not to export, directly or indirectly, any technical data it acquires from
or provides to the other Party in violation of Applicable Laws.

 

8.4             
3DMed Covenants. 3DMed hereby covenants to SELLAS that when performing its activities pursuant
to this Agreement:

 

(a)              
it will prepare, maintain and retain all Regulatory Materials in the Territory pursuant to and in accordance in all
material respects with all Applicable Laws and will not make any materially false or misleading statement to a Regulatory Authority
in connection with such Regulatory Materials;

 

(b)              
it will, and will cause each of its Affiliates and Sublicensees and any of their respective directors, officers,
managers, employees, independent contractors, representatives or agents to, at all times, (i) comply with all Applicable Laws,
including those relating to foreign investment, human genetic resources, healthcare and pharmaceuticals, clinic trials, advertisement,
data privacy, intellectual property rights, foreign exchange, environment protection, anti-unfair competition, anti-monopoly, taxation,
employment, and social welfare and benefits in all material respects, and (ii) duly obtain and maintain all Approvals from and
complete all filings and registrations with the Governmental Authorities as required by Applicable Laws in a timely manner for
conducting its business and engaging in the activities as contemplated hereunder in compliance with all Applicable Laws;

 

(c)               it
will not, and will cause each of its Affiliates and Sublicensees and any of their respective directors, officers, managers,
employees, independent contractors, representatives or agents not to, promise, authorize or make any payment to, or otherwise
contribute any item of value to, directly or indirectly, to any Third Party, including any governmental officials, in each
case, in violation of any Applicable PRC Laws relating to the prevention or prohibition of bribery and corruption, the U.S.
Foreign Corrupt Practices Act or any other Applicable Laws relating to anti-bribery or anti-corruption of any other
jurisdiction;

 

    42

     

    

 

(d)              
it will not, and will cause each of its Affiliates, Sublicensees and Representatives and any of their respective
directors, officers, managers, employees, independent contractors, representatives or agents (collectively, “Relevant
Persons”) not to, engage directly or indirectly in transactions connected with any of North Korea, Iraq, Syria, Libya,
Cuba, Iran, Myanmar or Sudan, or otherwise engage directly or indirectly in transactions connected with any government, country
or other entity or person that is the target of U.S. economic sanctions administered by the Office of Foreign Assets Control of
the United States Treasury Department (“OFAC”), including those
designated on its list of Specially Designated Nationals and Blocked Persons. No Relevant Person will receive unlicensed
donations or engaged in any financial transaction while knowing or having reasonable cause to believe that such transaction poses
a risk of furthering terrorist attacks anywhere in the world; and

 

(e)              
it has and will maintain at all times during the Term sufficient expertise and resources (including financial, management
and operational) to fulfil its obligations under this Agreement.

 

8.5             
Debarment.

 

(a)              
Each Party hereby represents, warrants and covenants each of such Party, its Sublicensees or their respective Affiliates
is not, has not been and will not be during the Term:

 

(i)                
debarred under Section 306(a) or 306(b) of the United States Federal Food, Drug and Cosmetic Act, as may be amended
and supplemented from time to time, or any foreign equivalent thereof in the Territory;

 

(ii)             
charged with, or convicted of, any felony or misdemeanor within the ambit of 42 U.S.C. Sections 1320a-7(a), 1320a-7(b)(1)-(3),
or proposed for exclusion, or any foreign equivalent thereof in the Territory; or

 

(iii)           
excluded, suspended or debarred from participation, or otherwise ineligible to participate, in any federal or state
health care programs (including convicted of a criminal offense that falls within the scope of 42 U.S.C. Section 1320a-7 but not
yet excluded, debarred, suspended or otherwise declared ineligible), or excluded, suspended or debarred from participation, or
otherwise ineligible to participate, in any federal procurement or nonprocurement programs, or any foreign equivalent thereof in
the Territory.

 

(b)              
Such Party shall immediately notify the other Party, but in no event later than [***], after knowledge of any such
exclusion, debarment, suspension or ineligibility otherwise occurring during the Term, or if any action or investigation is pending.

 

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8.6             
 Covenants relating to MSK License Agreement.

 

(a)              
Generally. The Parties acknowledge and agree that to the extent the License constitutes the grant of a sublicense
to MSK IP under the MSK License Agreement, such sublicense is subject to and limited by the terms of the MSK License Agreement
and is otherwise encumbered by obligations that would be binding on SELLAS under the MSK License Agreement, as further set forth
in the MSK License Agreement. The terms of the MSK License Agreement to the extent applicable to the License granted to 3DMed hereunder
are hereby incorporated by reference herein and if there is any conflict between any applicable term of the MSK License Agreement
and this Agreement to the extent relating to any rights sublicensed to 3DMed hereunder, the terms of the MSK License Agreement
shall control. SELLAS has provided to 3DMed a copy of the MSK License Agreement prior to the Effective Date. Notwithstanding anything
else herein to the contrary, 3DMed hereby consents to SELLAS (i) providing a copy of this Agreement to MSK, and (ii) disclosing
to MSK any Confidential Information of 3DMed that is required to be disclosed to MSK under the terms of the MSK License Agreement.

 

(b)              
Covenants by 3DMed. 3DMed hereby covenants and agrees that:

 

(i)                
3DMed agrees to be bound by the terms and conditions of the MSK License Agreement applicable to sublicensees to the
extent of the sublicenses of the MSK IP granted hereunder;

 

(ii)             
3DMed shall faithfully and timely perform its obligations pursuant to this Agreement in accordance with the terms
of the MSK License Agreement to the extent applicable to such obligations;

 

(iii)           
3DMed shall promptly take any action, or refrain from taking any action, reasonably requested by SELLAS in order
to maintain compliance with the MSK License Agreement;

 

(iv)            
without limiting subsections (i), (ii) and (iii) above, 3DMed shall promptly, and in any event within the relevant
time period required under the MSK License Agreement, cure any breach of the MSK License Agreement caused by the action or omission
of 3DMed, and shall provide SELLAS with written notice of such cure upon completion thereof;

 

(v)              
Notwithstanding anything to the contrary herein, 3DMed shall promptly, and in any event at least [***] prior to the
date when any information, report or notice is required to be provided to MSK under the MSK License Agreement, provide to SELLAS
(or, upon the request of and at the direction of SELLAS, provide directly to MSK) any information, report or notice required under
the MSK License Agreement based on 3DMed’s activities under this Agreement; and

 

    44

     

    

 

(vi)            
 except as expressly required under this Agreement, 3DMed shall not communicate directly with MSK with respect to
the MSK License Agreement, the MSK Patents or the Licensed Products without SELLAS’ prior written consent, which consent
may be withheld in SELLAS’ sole discretion.

 

(c)              
Covenants by SELLAS. SELLAS hereby covenants and agrees that:

 

(i)                
SELLAS shall faithfully and timely perform its obligations pursuant to the MSK License Agreement;

 

(ii)             
SELLAS shall not terminate the MSK License Agreement, or modify, amend or assign (except an assignment to a party
to which this Agreement has been assigned as permitted under Section 11.4 or to any Affiliate), in whole or in part, the
MSK License Agreement in a manner that adversely and materially affects the Development, Manufacture or Commercialization of the
Licensed Products in the Field in the Territory, without the prior written consent of 3DMed, which shall not be unreasonably withheld,
conditioned or delayed; and

 

(iii)           
SELLAS shall provide to 3DMed a copy of any amendment to or restatement of the MSK License Agreement promptly after
execution thereof.

 

8.7             
Standstill. 3DMed hereby covenants to SELLAS that for a period beginning on the Effective Date
and terminating on the date that is [***], unless the Board of Directors shall otherwise provide advanced written consent, 3DMed
shall not, and shall cause its Representatives not (and 3DMed and its Representatives shall not assist or encourage others) to
directly or indirectly:

 

(a)              
acquire or offer to acquire, seek, propose or agree to acquire, by means of a purchase, agreement, business combination
or in any other manner, beneficial ownership of any securities or assets of SELLAS, including rights or options to acquire such
ownership;

 

(b)              
seek or propose to influence, advise, change or control the management, Board of Directors, governing instruments
or policies or affairs of SELLAS, including, without limitation, by means of a solicitation of proxies (as such terms are defined
in Rule 14a-1 of Regulation 14A promulgated pursuant to Section 14 of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), disregarding clause (iv) of Rule 14a-1(1)(2) and including any exempt solicitation pursuant to Rule 14a-2(b)(1)
or (2)), or seeking to influence, advise or direct the vote of any holder of voting securities of SELLAS;

 

(c)              
form, join, communicate or associate with other security holders with respect to, or otherwise participate in, any
 “group” (as defined under the Exchange Act) with respect to SELLAS or any of its subsidiaries or any voting securities
of SELLAS or any of its subsidiaries;

 

    45

     

    

 

(d)              
 enter into any discussions, negotiations, arrangements or understandings with any Third Parties with respect to
the foregoing; or

 

(e)              
disclose any intention, plan or arrangement to do any of the foregoing.

 

8.8             
Disclaimer. EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN THIS AGREEMENT, SELLAS MAKES NO REPRESENTATION
AND EXTENDS NO WARRANTY OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING ANY WARRANTY THAT ANY PATENTS ARE VALID OR ENFORCEABLE
OR THAT THEIR EXERCISE DOES NOT INFRINGE ANY PATENT RIGHTS OF THIRD PARTIES AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY
AND FITNESS FOR A PARTICULAR PURPOSE. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, SELLAS DISCLAIMS ANY WARRANTIES WITH RESPECT
TO (A) THE SAFETY OR USEFULNESS FOR ANY PURPOSE OF GPS AND LICENSED PRODUCTS, AND (B) THE VALIDITY, ENFORCEABILITY, OR NON-INFRINGEMENT
OF ANY INTELLECTUAL PROPERTY RIGHTS OR TECHNOLOGY IT PROVIDES OR LICENSES TO 3DMED UNDER THIS AGREEMENT.

 

8.9             
LIMITATION OF LIABILITY. EXCEPT FOR A BREACH OF ARTICLE ‎7
OR FOR ACTS OF GROSS NEGLIGENCE OR WRONGFUL INTENTIONAL ACTS OR OMISSIONS, NEITHER SELLAS NOR 3DMED, NOR ANY OF THEIR AFFILIATES
OR SUBLICENSEES SHALL BE LIABLE TO THE OTHER PARTY, ITS AFFILIATES OR ANY OF THEIR SUBLICENSEES FOR ANY INDIRECT, INCIDENTAL, CONSEQUENTIAL,
SPECIAL, RELIANCE OR PUNITIVE DAMAGES OR LOST OR IMPUTED PROFITS, WHETHER LIABILITY IS ASSERTED IN CONTRACT, TORT (INCLUDING NEGLIGENCE
AND STRICT PRODUCT LIABILITY), INDEMNITY OR CONTRIBUTION, AND IRRESPECTIVE OF WHETHER THAT PARTY OR ANY REPRESENTATIVE OF THAT
PARTY HAS BEEN ADVISED OF, OR OTHERWISE MIGHT HAVE ANTICIPATED THE POSSIBILITY OF, ANY
SUCH LOSS OR DAMAGE; provided, THAT THIS LIMITATION WILL NOT LIMIT THE INDEMNIFICATION OBLIGATION OF A PARTY UNDER THE PROVISIONS
OF ARTICLE 9 FOR SUCH DAMAGES CLAIMED BY A THIRD PARTY.

 

Article
9

 

INDEMNIFICATION

 

9.1             
Indemnification by 3DMed. 3DMed shall indemnify, defend and hold harmless SELLAS, and its Affiliates,
and its or their respective directors, officers, employees and agents, from and against any and all liabilities, damages, losses,
costs and expenses including the reasonable fees of attorneys and other professionals (collectively, “Losses”),
arising out of or resulting from any and all Third Party suits, claims, actions, proceedings or demands (“Claims”)
based upon:

 

    46

     

    

 

(a)              
 the gross negligence or wrongful intentional acts or omissions of 3DMed, its Affiliates or Sublicensees, or their
respective directors, officers, employees and agents, in connection with 3DMed’s performance of its obligations or exercise
of its rights under this Agreement;

 

(b)              
any breach of any representation, warranty or covenant made by 3DMed under ‎this
Agreement;

 

(c)              
any action or omission of 3DMed, its Affiliates or Sublicensees that causes a breach of or results in non-compliance
under the MSK License Agreement; or

 

(d)              
the Development, Manufacture and Commercialization activities conducted by or on behalf of 3DMed, its Affiliates
or Sublicensees of the Licensed Products;

 

except, in each case of Section
9.1(a) through Section 9.1(d) (inclusive), to the extent SELLAS is obligated to indemnify
3DMed with respect to such Losses under Section 9.2.

 

9.2             
Indemnification by SELLAS. SELLAS shall indemnify, defend and hold harmless 3DMed and its Affiliates,
and its or their respective directors, officers, employees and agents, from and against any and all Losses, arising out of or resulting
from any and all Third Party Claims based upon:

 

(a)              
the gross negligence or wrongful intentional acts or omissions of SELLAS and its Affiliates, or their respective
directors, officers, employees and agents, in connection with SELLAS’ performance of its obligations or exercise of its rights
under this Agreement;

 

(b)              
any breach of any representation, warranty or covenant made by SELLAS under this Agreement;

 

(c)              
any breach by SELLAS, its Affiliates or Sublicensees under the MSK License Agreement, which in turn adversely and
materially affects the performance of this Agreement by 3DMed, or its Affiliates or Sublicensees; or

 

(d)              
the Development, Manufacture and Commercialization activities conducted by or on behalf of SELLAS, its Affiliates,
subcontractors or sublicensees of the Licensed Products;

 

except, in each case of Section
9.2(a) through Section 9.2(d) (inclusive), to the
extent 3DMed is obligated to indemnify SELLAS with respect to such Losses under Section 9.1.

 

    47

     

    

 

9.3              Procedure.
In the event that any person (an “Indemnitee”) entitled to indemnification under Section 9.1
or Section 9.2 is seeking such indemnification, such Indemnitee shall (a) inform, in
writing, the indemnifying Party of the Claim as soon as reasonably practicable after such Indemnitee receives notice of such
Claim, (b) permit the indemnifying Party to assume direction and control of the defense of the Claim (provided, that the
indemnifying Party may not settle the Claim without the prior consent of the Indemnitee, not to be unreasonably withheld,
conditioned or delayed), (c) cooperate as reasonably requested (at the expense of the indemnifying Party) in the defense
of the Claim, and (d) undertake all reasonable steps to mitigate any loss, damage or expense with respect to the Claim(s).
Without limiting the foregoing, any Indemnitee will be entitled to participate in the defense of a Claim for which it has
sought indemnification hereunder and to employ counsel of its choice for such purpose; provided, that such employment will be
at the Indemnitee’s own expense unless (i) the employment thereof has been specifically authorized by the indemnifying
Party in writing, or (ii) the indemnifying Party has failed to assume the defense (or continue to defend such Claim in good
faith) and employ counsel in accordance with this Section 9.3, in which case the
indemnified Party will be allowed to control the defense.

 

9.4             
Insurance. During the Term and for a period of not less than [***], each Party shall maintain,
at its cost, a program of insurance against liability and other risks associated with its activities and obligations under this
Agreement (including, with respect to its Clinical Trials, if applicable), and its indemnification obligations hereunder, in such
amounts, subject to such deductibles and on such terms as are customary for such Party for the activities to be conducted by it
under this Agreement.  It is understood that such insurance shall not be construed to create a limit on either Party’s
liability with respect to its indemnification obligations under this Article 9, or otherwise.

 

 

Article
10

 

TERM AND TERMINATION

 

10.1         
Term; Expiration. The term of this Agreement (the “Term”) shall begin on the
Effective Date and, unless earlier terminated pursuant to the other provisions of this Article 10,
shall continue on a Licensed Product-by-Licensed Product and Relevant Region-by-Relevant Region basis until the expiration of all
of 3DMed’s payment obligations to SELLAS under Article 5. Upon expiration of the Term, the License shall become fully
paid-up, perpetual and irrevocable, subject to the terms of the MSK License Agreement as it relates to the MSK IP.

 

10.2         
Termination for Cause.

 

(a)               Termination
for Material Breach. Either Party (the “Non-breaching Party”) may, without prejudice to any other
remedies available to it at law or in equity, terminate this Agreement in the event the other Party (the “Breaching
Party”) shall have materially breached or defaulted in the performance of any of its obligations under this
Agreement and such material breach or default shall have continued for [***] after written notice thereof was provided to the
Breaching Party by the Non-breaching Party, such notice describing with particularity and in detail the alleged material
breach. Any such termination of this Agreement under this Section 10.2(a) shall become effective at the end of such
[***] period, unless the Breaching Party has either (i) cured any such material breach or default prior to the expiration of
such [***] period, or (ii) if such material breach or default is not susceptible to cure within such [***] period, the
Breaching Party has, within such [***] period, provided to the Non-breaching Party a written plan that is reasonably
calculated to effect a cure and such plan is reasonably acceptable to the Non-breaching Party. Where the Non-breaching Party
has accepted any such plan in accordance with the preceding sentence, the Non-breaching Party may terminate this Agreement
immediately upon written notice to the Breaching Party if the Breaching Party subsequently fails to carry out such plan. The
right of either Party to terminate this Agreement as provided in this Section 10.2(a) shall not be affected in
any way by such Party’s waiver or failure to take action with respect to any previous default.

 

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(b)              
Disagreement. If the Parties reasonably and in good faith disagree as to whether there has been a material
breach or default, the Party which seeks to dispute that there has been a material breach or default may contest the allegation
in accordance with Sections 11.1 and 11.2; provided, that (i) the negotiation period between the Parties under Section
11.1 shall be limited to [***], (ii) the negotiation period between the Executive Officers under Section 11.1 shall
be limited to [***], and (iii) the binding arbitration under Section 11.2 shall be conducted and completed within [***]
of the appointment of the arbitrator under Section 11.2(a), and the Parties shall adopt and comply with any additional rules
or procedures instituted by the arbitrator in order to conduct and complete the arbitration within this expedited period. From
the date any claim of material breach is referred to the Executive Officers in accordance with Section 11.1 until such time
as the dispute regarding such claimed material breach or default has become finally settled, the time period during which a Breaching
Party must cure an alleged breach that is the subject matter of the dispute shall be suspended and no termination under Section
10.2(a) shall become effective.

 

(c)              
Termination Due to Patent Challenge. SELLAS may terminate this Agreement immediately, without incurring any
liability on its part for such termination, upon written notice if 3DMed or any of its Affiliates or Sublicensees of the Licensed
Patents directly or indirectly initiate or prosecute any lawsuit or any other civil or administrative proceeding, or the making
of any claim or counterclaim, of any kind in any court, tribunal, agency or governmental entity anywhere in the world challenging
the validity or enforceability of any Licensed Patent licensed or sublicensed to it under this Agreement by SELLAS.

 

(d)              
Termination for Failure to Pay Upfront Payment. SELLAS may terminate this Agreement immediately upon written
notice to 3DMed if SELLAS has not received the Upfront Payment on or before the Upfront Payment Due Date.

 

(e)              
Termination for Debarment. Either Party may terminate this Agreement immediately upon written notice to the
other Party upon such other Party’s breach of Section 8.5.

 

    49

     

    

 

10.3          Termination
for Bankruptcy. Each Party shall have the right to terminate this Agreement in its entirety immediately upon written
notice to the other Party if (a) such other Party files in any court or agency pursuant to any statute or regulation of any
jurisdiction a petition in bankruptcy or insolvency or for reorganization or similar arrangement for the benefit of creditors
or for the appointment of a receiver or trustee of such other Party or its assets, (b) such other Party is served with
an involuntary petition against it in any insolvency proceeding, and upon the ninety-first (91st) day after such service,
such involuntary petition has not been stayed or dismissed, or (c) such other Party makes an assignment of substantially
all of its assets for the benefit of its creditors.

 

10.4         
Termination by 3DMed. At any time following the two (2) year anniversary of the Effective Date,
3DMed may terminate this Agreement in its entirety for convenience upon [***]; provided, however, that in each case under
(i) and (ii) SELLAS may, in its discretion, upon prior written notice to 3DMed, accelerate the effectiveness of such termination
to the extent permitted by Law in the Territory.

 

 

10.5         
Termination for Export Laws. 3DMed may terminate this Agreement in its entirety upon [***] prior
written notice to SELLAS in the event the granting of the License granted by SELLAS to 3DMed hereunder is prohibited or delayed
for more than [***] due to a change of United States export laws and regulations.

 

 

10.6         
Effects of Termination.

 

(a)              
Termination by SELLAS for Cause or by 3DMed for Convenience. In the event of a termination of this Agreement
(x) by SELLAS in accordance with Section 10.2 or Section 10.3, or (y) by 3DMed in accordance with Section 10.4,
the following terms shall apply:

 

(i)                
all licenses and other rights granted by SELLAS to 3DMed shall
terminate, and all rights of 3DMed under the Licensed IP shall revert to SELLAS;

 

(ii)             
the Back License granted by 3DMed to SELLAS shall survive
termination;

 

(iii)           
the Parties shall have no further obligation to perform any activities under this Agreement
other than as provided for or referenced in this Section 10.6 or in Section 10.7, and 3DMed shall
cease any and all Development, Manufacture and Commercialization activities relating to the Licensed Products;

 

(iv)            
each Party shall comply with its obligations pursuant to Section 10.7;

 

(v)              
3DMed shall promptly return to SELLAS, at no cost to SELLAS, all tangible Licensed Know-How
and Confidential Information of SELLAS that is then in 3DMed’s possession;

 

(vi)             upon
the request of SELLAS, 3DMed shall, within [***] of the
effective date of termination of this Agreement, transfer to SELLAS all Data relating to the Licensed Products within
3DMed’s Control, and SELLAS shall have the right to use such Data for any and all
purposes;

 

    50

     

    

 

(vii)         
3DMed hereby grants to SELLAS and its Affiliates a perpetual and irrevocable, royalty-free
and fully paid-up, exclusive license, with the right to grant sublicenses through multiple tiers, under Know-How, Patents and Trademarks
that relate solely to the Licensed Products that are Controlled by 3DMed or any of its Affiliates
and their respective Sublicensees that are necessary or useful to Develop, Manufacture or Commercialize the Licensed Products in
the Field in the Territory, and 3DMed shall
complete a registration of technology exportation with MOFCOM as if the license under this provision were the Back License;

 

(viii)       
with respect to any ongoing Clinical Trials of the Licensed Products conducted by 3DMed,
(x) 3DMed shall wind down at its sole cost the conduct of such Clinical Trials as soon as reasonably
practicable, subject to requirements of Applicable Laws, or, upon the request of SELLAS, transfer to SELLAS the conduct of such
Clinical Trials as soon as reasonably practicable pursuant to the requirements of Applicable Laws, and (y) until such time
as the conduct of such Clinical Trials has been successfully terminated or transferred to SELLAS, 3DMed shall
continue such Clinical Trials at its sole cost; and

 

(ix)            
upon the request of SELLAS, (x) 3DMed shall assign and
transfer to SELLAS or its designee any and all Regulatory Materials, including regulatory filings made with and all Regulatory
Approvals (including any MAAs) obtained from the Regulatory Authorities in the Territory, relating to the Licensed Products in
the Field in the Territory pursuant to the requirements of Applicable Laws, and (y) 3DMed shall
cooperate with SELLAS to facilitate the orderly transition and uninterrupted Development, Manufacturing and Commercialization of
the Licensed Products in the Field in the Territory, including by assigning or otherwise transferring (to the extent permissible)
to SELLAS or its designee all right, title and interest in all Third Party contracts (or portions thereof) related to such Development,
Manufacturing and Commercialization, as reasonably requested by SELLAS.

 

(b)              
Termination by 3DMed for Cause.
In the event of a termination of this Agreement by 3DMed in accordance with Section 10.2,
Section 10.3 or Section 10.5, the following terms shall apply:

 

(i)                
without limitation of Section 10.6(b)(vii) below, all licenses and other rights
granted by SELLAS to 3DMed shall terminate, and all rights of 3DMed under
the Licensed IP shall revert to SELLAS;

 

(ii)              the
Parties shall have no further obligation to perform any activities under this Agreement other than as provided for or
referenced in this Section 10.6 or in Section 10.7,
and 3DMed shall cease any and all Development, Manufacture and Commercialization activities
relating to the Licensed Products except as expressly permitted under Section 10.6(b)(vii);

 

    51

     

    

 

 

 

(iii)           
each Party shall comply with its obligations pursuant to Section 10.7;

 

(iv)           
upon the request of SELLAS, the Back License granted by 3DMed to
SELLAS shall survive termination [***];

 

(v)           
each Party shall promptly return to the other Party, at no cost to the other Party, all tangible
Know-How and Confidential Information of the other Party (except for any Know-How and Confidential Information of 3DMed
that is subject to the Back License if the Back License survives termination of this Agreement); provided,
that if 3DMed exercises its rights under Section 10.6(b)(vii) below, 3DMed’s
obligation to return to SELLAS any tangible Licensed Know-How and Confidential Information of SELLAS that is necessary for 3DMed
to exercise such rights shall not take effect until the expiration of the Selling Period;

 

(vi)           
with respect to any ongoing Clinical Trials of the Licensed Products conducted by 3DMed,
3DMed shall (x) wind down at its sole cost the conduct of such Clinical Trials as soon as reasonably
practicable, subject to requirements of Applicable Laws, and (y) until such time as the conduct of such Clinical Trials has been
successfully terminated, 3DMed shall continue such Clinical Trials at its sole cost; and

 

(vii)         3DMed
shall have the right to, and SELLAS shall grant to 3DMed a non-exclusive,
non-assignable license under the Licensed IP to sell and offer for sale in the Field in the Territory during the [***]
following the effective date of termination of this Agreement (the “Selling Period”)
3DMed’s inventory of finished Licensed Product existing as of the effective date of termination
of this Agreement, subject to the payment of royalties in accordance with Section 5.3 and the other applicable provisions
of Article 5 and compliance with the terms of the MSK License Agreement. For clarity, the foregoing license shall automatically
terminate upon the expiration of the Selling Period. 3DMed shall use commercially reasonable
best efforts to sell any remaining quantities of Licensed Product held by 3DMed during such
[***]. [***].

 

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10.7        
 Accrued Rights; Surviving Provisions of this Agreement.

 

(a)              
Termination or expiration of this Agreement for any reason shall be without prejudice to any rights that shall have
accrued to the benefit of any Party prior to such termination or expiration and any and all damages arising from any breach hereunder.
Such termination or expiration shall not relieve any Party from obligations which are expressly indicated to survive termination
of this Agreement.

 

(b)               The
following provisions shall survive the termination or expiration of this Agreement for any reason, in accordance with their respective
terms and conditions, and for the duration stated, and where no duration is stated, shall survive for so long as required to give
effect to the subject matter of the provision: [***] and any other provisions which are expressed to survive termination or expiration
or which are required to give effect to such termination or expiration.

 

Article
11

MISCELLANEOUS

 

11.1         
Internal Resolution. Other than disputes subject to final decision-making authority by a Party
pursuant to Section 3.5, in the event of any dispute between the Parties relating to or
arising out of this Agreement, the formation, construction, breach or termination hereof, or the rights, duties or liabilities
of either Party hereunder, the Parties shall first attempt in good faith to resolve such dispute by negotiation and consultation
between themselves, utilizing the Alliance Managers. In the event that such dispute is not resolved on an informal basis within
[***], either Party may, by written notice to the other Party, refer the dispute to the Executive Officers for attempted resolution
by good faith negotiation within [***] after such notice is received.

 

11.2         
Binding Arbitration. If the Executive Officers are not able to resolve such disputed matter within
[***] and any Party wishes to pursue the matter, each such dispute, controversy or claim that is not an Excluded Claim (defined
in Section 11.2(f) below) shall be finally resolved by binding arbitration administered by the Hong Kong International Arbitration
Center (“HKIAC”) pursuant to its then prevailing arbitration rules, and judgment on the arbitration award may
be entered in any court having jurisdiction thereof. The Parties agree that:

 

(a)              
The arbitration shall be conducted by a single arbitrator appointed by the HKIAC, who shall (i) be a lawyer of not
less than fifteen (15) years’ standing who is experienced in the pharmaceutical business in the relevant country, (ii) not
be or have been an employee, consultant, officer, director or stockholder of either Party or any Affiliate of either Party, and
(iii) not have a conflict of interest under any applicable rules of ethics. The place of arbitration shall be Hong Kong, and all
proceedings and communications shall be in English, unless otherwise agreed by all Parties involved in such dispute.

 

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(b)               Any
Party may apply to the arbitrator for interim injunctive relief until the arbitration award is rendered or the controversy is
otherwise resolved. Any Party also may, without waiving any remedy under this Agreement, seek from any court having jurisdiction
any injunctive or provisional relief necessary to protect the rights or property of that Party pending the arbitration award.

 

(c)               The
arbitrator shall have no authority to award punitive or any other type of damages not measured by a Party’s compensatory
damage. Each Party shall bear its own costs and expenses and attorneys’ fees and an equal share of the arbitrator’s
fees and any administrative fees of arbitration unless otherwise determined in the arbitration award.

 

(d)              
Except to the extent necessary to confirm an award or as may be required by law, neither a Party nor the arbitrator
may disclose the existence, content, or results of an arbitration without the prior written consent of all Parties. In no event
shall an arbitration be initiated after the date when commencement of a legal or equitable proceeding, based on the dispute, controversy
or claim, would have been barred by the applicable statute of limitations.

 

(e)              
Each Party hereby irrevocably waives any claim to sovereign immunity in regard to any proceedings to recognise or
enforce an arbitral award rendered by the arbitrator pursuant to this Agreement, including, without limitation, immunity from service
of process, immunity from jurisdiction of any court, and immunity of any of its property from execution, regardless of the commercial
or non-commercial nature of the property in question.

 

(f)                As
used in this Section 11.2, the term “Excluded Claim” shall mean a dispute, controversy or claim that
concerns the scope, validity, enforceability, inventorship or infringement of a patent, patent application, trademark or copyright.
Any Excluded Claim shall be submitted to a court of competent jurisdiction.

 

(g)               The
governing law of this Section 11.2 is the laws of Hong Kong.

 

11.3        
Governing Law. This Agreement shall be governed by, enforced, and shall be construed in accordance
with the laws of the State of New York, U.S., without regard to its conflicts of law provisions.

 

11.4         Assignment. Neither
this Agreement nor any obligation of a Party hereunder may be assigned by either Party without the consent of the other
Party, which consent shall not be unreasonably withheld, conditioned, or delayed, except that each Party may assign this
Agreement without the consent of the other Party to any of its Affiliates, to any purchaser of all or substantially all of
its assets or business, or all or substantially all of its assets or business to which this Agreement relates, or to any
successor corporation resulting from any merger, consolidation, share exchange or other similar transaction; provided, that
in each instance the assignee or resulting entity in such transaction (if not the Party) expressly assumes all obligations
imposed on the assigning Party by this Agreement in writing; provided, further, that any assignment by 3DMed shall require
the prior written consent of MSK in accordance with the terms of the MSK License Agreement as it relates to the MSK IP. This
Agreement shall bind and inure to the benefit of the Parties hereto and their respective successors and permitted assigns.
Any purported assignment in violation of this Section ‎ 11.4 shall be
null and void.

 

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11.5        
Force Majeure. Neither Party shall be liable for delay or failure in the performance of any of
its obligations hereunder if such delay or failure is due to causes beyond its reasonable control, including, without limitation,
acts of God, fires, earthquakes, previously unknown pandemics or epidemics, strikes and labor disputes, acts of war, terrorism,
civil unrest or intervention of any governmental authority (“Force Majeure”); provided, that the affected Party
promptly notifies the other Party; provided, further, that the affected Party shall use its commercially reasonable efforts to
avoid or remove such causes of non-performance and to mitigate the effect of such occurrence, and shall continue performance with
the utmost dispatch whenever such causes are removed. When such circumstances arise, the Parties shall negotiate in good faith
any modifications of the terms of this Agreement that may be necessary or appropriate in order to arrive at an equitable solution.

 

11.6        
Notices. Any notice or request required or permitted to be given under or in connection with this
Agreement shall be deemed to have been sufficiently given (a) if in writing and personally delivered or sent by overnight express
courier service (signature required), prepaid, to the Party for which such notice is intended, at the address set forth for such
Party below or (b) via fax or email at the fax or email address, as applicable, set forth below for such Party upon written confirmation
of receipt by such Party:

 

If to SELLAS, addressed
to:

 

Times Square
Tower

7 Times Square,
Suite 2503

New York, NY
10036

Attn: President
and CEO

Tel: [***]

Fax: [***]

Email: [***]

 

With a copy to:

 

Times Square
Tower

7 Times Square,
Suite 2503

New York, NY
10036

Attn: General
Counsel

Tel: [***]

Fax: [***]

Email: [***]

 

    55

     

    

 

With copies (which
shall not constitute notice) to:

 

Hogan Lovells
US LLP

100 International
Drive, Suite 2000

Baltimore,
MD 21202

Attn: Adriana
V. Tibbitts

Tel: [***]

Fax: [***]

Email: [***]

 

If to 3DMed, addressed
to:

 

3D Medicines
Inc.

Building 11,
118 Furonghua Street,

Pudong District,
Shanghai, 201114

China

Attn: Vice
President

Tel: [***]

Email: [***]

 

With a copy (which
shall not constitute notice) to:

 

Han Kun Law
Offices

33/F, HKRI
Center Two, HKRI Taikoo Hui

288 Shimen
Road (No. 1), Jing'an District

Shanghai 200041,
PRC

Attn: Min ZHU

Tel: [***]

Fax: [***]

Email: [***]

 

or to such other address
for such Party as it shall have specified by like notice to the other Party, provided, that notices of a change of address shall
be effective only upon receipt thereof. If delivered personally, the date of delivery shall be deemed to be the date on which such
notice or request was given. If sent by overnight express courier service, the date of delivery shall be deemed to be the next
Business Day after such notice or request was deposited with such service. Notwithstanding the foregoing, for any notice delivered
outside normal business hours (which shall for these purposes mean in the country of the recipient of the notice), delivery shall
be deemed to occur on the Business Day following such delivery.

 

11.7        Waivers
and Modifications. The failure of any Party to insist on the performance of any obligation hereunder shall not be
deemed to be a waiver of such obligation. Waiver of any breach of any provision hereof shall not be deemed to be a waiver of
any other breach of such provision or any other provision on such occasion or any succeeding occasion. No waiver,
modification, release or amendment of any obligation under or provision of this Agreement shall be valid or effective unless
in writing and signed by all Parties hereto.

 

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11.8          Severability.
If any one or more of the provisions of this Agreement is held to be invalid or unenforceable, the provision shall be considered
severed from this Agreement and shall not serve to invalidate any remaining provisions hereof. The Parties shall make a good faith
effort to replace any invalid or unenforceable provision with a valid and enforceable one such that the objectives contemplated
by the Parties when entering this Agreement may be realized.

 

11.9          Independent
Contractors. Each Party is an independent contractor under this Agreement. Nothing contained herein is intended or is
to be construed so as to constitute SELLAS and 3DMed as partners, agents or joint venturers. Neither Party shall have any express
or implied right or authority to assume or create any obligations on behalf of or in the name of the other Party or to bind the
other Party to any contract, agreement or undertaking with any Third Party.

 

11.10       
Headings. Headings and captions are for convenience only and are not be used in the interpretation
of this Agreement.

 

11.11        Further
Assurances. Each Party agrees to do and perform all such further acts and things and shall execute and deliver such other
agreements, certificates, instruments and documents necessary or that the other Party may deem advisable in order to carry out
the intent and accomplish the purposes of this Agreement and to evidence, perfect or otherwise confirm its rights hereunder.

 

11.12        Construction of Agreement. The terms and provisions of this Agreement represent the results of
negotiations between the Parties and their representatives, each of which has been represented by counsel of its own choosing,
and neither of which has acted under duress or compulsion, whether legal, economic or otherwise. Accordingly, the terms and provisions
of this Agreement shall be interpreted and construed in accordance with their usual and customary meanings, and each of the Parties
hereto hereby waives the application in connection with the interpretation and construction of this Agreement of any rule of law
to the effect that ambiguous or conflicting terms or provisions contained in this Agreement shall be interpreted or construed against
the Party whose attorney prepared the executed draft or any earlier draft of this Agreement. This Agreement, the Exhibits and any
amendments hereto may only be written in English, and the Chinese version of any language included in this Agreement or any Exhibit
or amendment hereto is included solely for convenience and shall not be binding.

 

11.13        Counterparts.
This Agreement may be signed in counterparts, each and every one of which shall be deemed an original, notwithstanding
variations in format or file designation which may result from the electronic transmission, storage and printing of copies of
this Agreement from separate computers or printers. Facsimile signatures and signatures transmitted via PDF shall be treated
as original signatures, unless any relevant Governmental Authority requires otherwise, in which case this Agreement shall be
executed in compliance with such requirement.

 

    57

     

    

 

11.14       
Interpretation.

 

(a)              
Each of the Parties acknowledges and agrees that this Agreement has been diligently reviewed by and negotiated by
and between them, that in such negotiations each of them has been represented by competent counsel and that the final agreement
contained herein, including the language whereby it has been expressed, represents the joint efforts of the Parties hereto and
their counsel. Accordingly, in interpreting this Agreement or any provision hereof, no presumption shall apply against any Party
hereto as being responsible for the wording or drafting of this Agreement or any such provision, and ambiguities, if any, in this
Agreement shall not be construed against any Party, irrespective of which Party may be deemed to have authored the ambiguous provision.
This Agreement is made in English. In the event that this Agreement is translated into any other language, it shall be for reference
purposes only and the English language version of this Agreement shall control any interpretations of the provisions of this Agreement.

 

(b)              The
definitions of the terms herein shall apply equally to 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. The words “include”,
 “includes” and “including” shall be deemed to be followed by the phrase “without limitation”
whether or not such phrase is included. The word “will” shall be construed to have the same meaning and effect as
the word “shall”. The word “any” shall mean “any and all” unless otherwise clearly indicated
by context.

 

(c)             Unless
the context requires otherwise, (i) any definition of or reference to any agreement, instrument or other document herein shall
be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise
modified (subject to any restrictions on such amendments, supplements or modifications set forth herein or therein), (ii) any
reference to any Applicable Law herein shall be construed as referring to such Applicable Law as from time to time enacted, repealed
or amended, (iii) any reference herein to any Person shall be construed to include the Person’s successors and assigns,
(iv) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed
to refer to this Agreement in its entirety and not to any particular provision hereof, and (v) all references herein to Articles,
Sections or Exhibits, unless otherwise specifically provided, shall be construed to refer to Articles, Sections and Exhibits of
this Agreement.

 

11.15        Entire
Agreement. This Agreement (including all Exhibits attached hereto, which are incorporated herein by reference) (a)
sets forth all of the covenants, promises, agreements, warranties, representations, conditions and understandings between the
Parties hereto with respect to the subject matter hereof, (b) constitutes and contains the complete, final and exclusive
understanding and agreement of the Parties with respect to the subject matter hereof, and (c) cancels, supersedes and
terminates all prior agreements (including the Prior CDA and any term sheets exchanged by the Parties) and understanding
between the Parties with respect to the subject matter hereof. There are no covenants, promises, agreements, warranties,
representations, conditions or understandings with respect to the subject hereof, whether oral or written, between the
Parties other than as set forth herein. No subsequent alteration, amendment, change or addition to this Agreement shall be
binding upon the Parties hereto unless reduced to writing and signed by the respective authorized officers of the
Parties.

 

* - * - * - *

 

    58

     

    

 

IN WITNESS WHEREOF,
the Parties have caused this Exclusive License Agreement to be executed by their legal or duly authorized representatives as of
the Effective Date.

 

	SELLAS LIFE SCIENCES GROUP, INC.	 
	 	 
	By:	 /s/ Angelos M. Stergiou, M.D, Sc.D. h.c.	 
	Name: Angelos M. Stergiou, M.D, Sc.D. h.c.	 
	Title: President and CEO	 
	 	 
	SLSG LIMITED, LLC	 
	 	 
	By:	 /s/ Angelos M. Stergiou, M.D, Sc.D. h.c.	 
	Name: Angelos M. Stergiou, M.D,
    Sc.D. h.c.	 
	Title: President and CEO	 
	 	 
	3D MEDICINES INC.	 
	 	 
	By:	 /s/ John Z. Gong	 
	Name: John Z. Gong	 
	Title: CEO	 

 

    59

     

    

 

EXHIBIT A

 

Description of GPS

 

[***]

 

     

     

    

 

EXHIBIT B

 

Description of GPS-Plus

 

[***]

 

     

     

    

 

EXHIBIT C

 

Licensed Patents

 

[***]

 

     

     

    

 

EXHIBIT D

 

MSK License Agreement

 

[***]

 

     

     

    

 

EXHIBIT E

 

Product Trademarks

 

[***]

 

     

     

    

 

Exhibit
F

 

Development Plan

 

[***]

 

     

     

    

 

Exhibit
G

 

Press Release

 

[***]

 

     

     

    

 

SCHEDULE 8.2(D)

 

Royalty Reduction

 

[***]Exhibit
10.1

 

PROMISSORY
NOTE

 

	$_____	__________,
    2020
	 	 

FOR
VALUE RECEIVED, MISTRESS MOVIE LLC, an Arizona limited liability company with an address of 1206 E. Warner Rd, Suite 101-I, Gilbert,
AZ 85296 (“Maker”), agrees and promises to pay to the order of CROSS ENTERTAINMENT, L.L.C., an Arizona limited
liability company with an address of 2700 N. Central Avenue, Ste. 950, Phoenix, AZ 85004 (“Holder”), the sum
of Five Thousand Dollars ($5,000), with such amount payable to Holder at the address set forth above, or at such other place as
Holder may designate.

 

1.          No
Interest. No interest shall accrue under this promissory note (this “Note”).

 

2.          Payments.
The entire balance of this Note is due and payable on or before February 28, 2021 (the “Maturity Date”). Maker
may prepay all or any portion of this Note at any time without penalty.

 

3.          Security.
This Note is unsecured.

 

4.          Default.
The existence or occurrence of any one or more of the following will constitute an “Event of Default” under
this Note:

 

4.1       Non-Performance.
Maker’s failure to comply timely and fully with any of the terms or provisions of this Note, including, without
limitation, the failure to pay all amounts due within ten (10) days after the due date.

 

4.2       Bankruptcy;
Insolvency. Maker being insolvent by being unable to pay debts when due or by having liabilities in excess of assets; or
Maker committing an act of bankruptcy, making a general assignment for the benefit of creditors, or the filing by or against
Maker of a voluntary or involuntary petition in bankruptcy or for the appointment of a receiver (and any involuntary petition
is not dismissed within thirty (30) days from the filing thereof); or if there commences under any law relating to
bankruptcy, insolvency, reorganization or relief of debtors, proceedings affecting any significant part of Maker’s
property or for the composition, extension, arrangement, or adjustment of any of their respective obligations; or if a writ
of attachment, execution, or any similar process is issued or levied against any significant part of Maker’s property
that is not released, stayed, bonded, or vacated within a reasonable time after its issue or levy.

 

5.          Default
Interest. Upon the occurrence of an Event of Default, Holder shall be entitled to receive and Maker shall pay interest on
the entire unpaid principal balance at a rate (the “Default Rate”) equal to ten percent (10%) per annum. The
Default Rate shall be computed from the occurrence of the Event of Default until payment in full. This clause, however, shall
not be construed as an agreement or privilege to extend the Maturity Date, nor as a waiver of any other right or remedy accruing
to Holder by reason of the occurrence of any Event of Default.

 

6.          Acceleration.
In addition to all other rights and remedies at law and/or equity Holder may have if an Event of Default occurs, Holder, at its
option without further notice to Maker, may declare immediately due and payable the unpaid principal balance of this Note together
with all other sums owed by Maker under this Note.

 

7.          Notices.
All notices that Holder or Maker is required or permitted to give under this Note shall be delivered to the addresses of Maker
and Holder as set forth in the opening paragraph.

    1 

     

    

8.          Severability.
If any term or provision of this Note is, to any extent, determined by a court of competent jurisdiction to be invalid or unenforceable,
the remainder of this Note will not be affected, and the invalid or enforceable term or provision will be reduced or otherwise
modified by the court or authority only to the minimum extent necessary to make it valid and enforceable. If any term or provision
cannot be reduced or modified to make it reasonable and permit its enforcement, it will be severed from this Note and the remaining
terms will be interpreted in a way as to give maximum validity and enforceability to this Note. It is the intention of Maker that,
if any provision of this Note is capable of two constructions, one of which would render the provisions void and the other of
which would render the provisions valid, then the provision will have the meaning that renders it valid.

 

9.         Time
of the Essence. Time is of the essence of this Note. Whenever notice must be given, payment made, document delivered, or an
act done under this Note on a day that is not a Business Day, the notice may be given, payment made, document delivered, or act
done on the next following day that is a Business Day. “Business Day” means a day other than a Saturday, Sunday,
or a day observed as a legal holiday by the United States government or the State of Arizona.

 

10.      Governing
Law; Jurisdiction and Venue. This Note is to be governed by and interpreted in accordance with the laws of the State of Arizona.
Any legal action or proceeding with respect to this Note or any document related hereto shall be brought in Maricopa County, Arizona
in any court of competent jurisdiction, and, by execution and delivery of this Note, Maker and the Holder hereby accept the jurisdiction
and venue of such courts.

 

11.      Successors
and Assigns. This Note shall be binding upon and inure to the benefit of Maker and Holder and their respective successors
and permitted assigns. Maker may not voluntarily or involuntarily transfer, convey, or assign this Note, or any of its duties
or obligations hereunder, without Holder’s prior written consent, which may be withheld for any reason, or for no reason
at all. As used herein, the term “Holder” means and includes the successors and permitted assigns of the Holder.

 

12.      Absolute
Obligation. Except as expressly provided herein, no provision of this Note shall alter or impair the obligation of Maker,
which is absolute and unconditional, to pay the principal amount and accrued interest of this Note at the time, place, and rate,
and in the currency, herein prescribed. This Note is a direct debt obligation of Maker.

 

13.      Attorneys’
Fees and Costs. Each party shall bear its own expenses in connection with the issuance of this Note; provided, however, that
if any action at law or in equity is necessary to enforce or interpret the terms of this Note, the prevailing party shall be entitled
to its reasonable attorneys’ fees, costs, and disbursements in addition to any other relief to which such party may be entitled.

 

14.      No
Waiver by Holder. No delay or failure of Holder in exercising any right hereunder shall affect such right, nor shall any single
or partial exercise of any right preclude further exercise thereof.

 

	 	MAKER
	 	Mistress
    Movie LLC, 
	 	an
    Arizona limited liability company
	 	 	 
	 	By: 	 
	 	 	Michael
    Witherill, Manager

    2

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