Document:

EX-4.2

 Exhibit 4.2 

ONCOTHYREON INC. 
 PIGGYBACK
REGISTRATION RIGHTS AGREEMENT 
 This Piggyback Registration Rights Agreement (this “Agreement”) is made and
entered into as of August 8, 2014 by and between Oncothyreon Inc., a Delaware corporation (the “Company”) and each of Jay Venkatesan and Mitchell H. Gold (collectively, the “Founders”). 

R E C I T A L S 

A. In connection with that certain Agreement and Plan of Reorganization dated as of August 8, 2014, by and among the Company, AB Acquisition (DE)
Corp., a Delaware corporation and wholly-owned subsidiary of Acquiror, Alpine Biosciences, Inc., a Delaware corporation and Jay Venkatesan as Stockholders’ Agent (the “Merger Agreement”), the Company has agreed to issue
to the Founders certain shares of Common Stock (the “Founders Shares”). 
 B. Pursuant to Section 4.6 of the Merger
Agreement, the Company has agreed to grant the Founders certain “piggyback” registration rights for the Founders Shares acquired by each of the Founders as more fully described below. 

C. The Founders Shares will also be subject to certain lock-up restriction (i.e., lock-up agreements) for a period of 180 days following the Closing (as
defined in the Merger Agreement) (the “Lock-Up Period”). 
 NOW, THEREFORE, in consideration of the foregoing recitals and the
mutual promises hereinafter set forth, the parties hereto hereby agree as follows: 
 1 Definitions. 

(a) Common Stock. The term “Common Stock” means the Common Stock of the Company and any other common equity securities
issued by the Company, and any other shares of stock issued or issuable with respect thereto (whether by way of a stock dividend or stock split or in exchange for or upon conversion of such shares or otherwise in connection with a combination of
shares, recapitalization, merger, consolidation or other corporate reorganization). 
 (b) Exchange Act. The term “Exchange
Act” means the Securities Exchange Act of 1934, as amended, or any similar successor federal statute, and the rules and regulations of the Commission thereunder, all as the same shall be in effect at the time. 

(c) Registration. The terms “register,” “registered” and “registration”
refer to a registration effected by preparing and filing a registration statement in compliance with the Securities Act of 1933, as amended (the “Securities Act”), and the declaration or ordering of effectiveness of such
registration statement. 

 (d) Registrable Securities. The term “Registrable Securities”
means (i) the Founders Shares, in each case that are now owned or may hereafter be acquired by Holder or any of Holder’s permitted successors and assigns; (ii) any shares of Common Stock issued as a dividend or other distribution with
respect to, or in exchange for or in replacement of, all such Founders Shares described in clause (i) of this subsection (d); excluding in all cases, however, any Registrable Securities sold by a person in a transaction in which rights under
this Agreement are not assigned in accordance with this Agreement or any Registrable Securities sold to the public or sold pursuant to Rule 144 promulgated under the Securities Act. 

(e) Holder. The term “Holder” means any person (i) owning of record Registrable Securities that have not been sold
to the public or pursuant to Rule 144 promulgated under the Securities Act and (ii) if such person is not a Founder, then who is an assignee of record of such Registrable Securities to whom rights under this Agreement have been duly assigned in
accordance with this Agreement. 
 (f) SEC. The term “SEC” or “Commission” means the U.S.
Securities and Exchange Commission. 
 2. Piggyback Registrations. At any time after the Lock-Up Period, the Company will notify all
Holders in writing at least twenty (20) days prior to filing any registration statement under the Securities Act for purposes of effecting a public offering of securities of the Company (including, but not limited to, registration statements
relating to secondary offerings of securities of the Company, but excluding registration statements relating to any employee benefit plan or a corporate reorganization) and will afford each such Holder an opportunity to include in such
registration statement all or any part of the Registrable Securities then held by such Holder. Each Holder desiring to include in any such registration statement all or any part of the Registrable Securities held by such Holder will, within fifteen
(15) days after receipt of the above-described notice from the Company, so notify the Company in writing, and in such notice will inform the Company of the number of Registrable Securities such Holder wishes to include in such registration
statement. If a Holder decides not to include all of its Registrable Securities in any registration statement thereafter filed by the Company, such Holder will nevertheless continue to have the right to include any Registrable Securities in any
subsequent registration statement or registration statements as may be filed by the Company with respect to offerings of its securities, all upon the terms and conditions set forth herein. 

(a) Underwriting. If a registration statement under which the Company gives notice under this Section 2 is for an underwritten offering,
then the Company will so advise the Holders. In such event, the right of any such Holder to be included in a registration pursuant to this Section 2 will be conditioned upon such Holder’s participation in such underwriting and the
inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to distribute their Registrable Securities through such underwriting will enter into an underwriting agreement in
customary form with the managing underwriter or underwriter(s) selected for such underwriting. Notwithstanding any other provision of this Agreement, if the Company or managing underwriter determines that marketing or other factors require a
limitation of the number of shares to be underwritten, then the Company may exclude shares (including all or any portion of the Registrable Securities) from the registration and the underwriting. If any Holder disapproves of the terms of any such
underwriting, such Holder may elect to withdraw therefrom by written notice to the Company and the underwriter, delivered at least twenty (20) days prior to the effective date of the registration statement. Any Registrable Securities excluded
or withdrawn from such underwriting will be excluded and withdrawn from the registration. 

  
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 (b) Expenses. All expenses incurred in connection with a registration pursuant to this
Section 2 (excluding underwriters’ and brokers’ discounts and commissions), including, without limitation all federal and “blue sky” registration and qualification fees, printers’ and accounting fees, fees and
disbursements of counsel for the Company (but excluding counsel for the Holders), will be borne by the Company. 
 3.
Obligations of the Company. Whenever required to effect the registration of any Registrable Securities under this Agreement, the Company will, as efficiently as reasonably possible: 

(a) Prepare and file with the SEC a registration statement with respect to such Registrable Securities and use its reasonable, diligent efforts to cause
such registration statement to become and remain effective until completion of the proposed offering. 
 (b) Prepare and file with the SEC such
amendments and supplements to such registration statement and the prospectus used in connection with such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all
securities covered by such registration statement. 
 (c) Furnish to the Holders such number of copies of a prospectus, including a preliminary
prospectus, in conformity with the requirements of the Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of the Registrable Securities owned by them that are included in such registration.

 (d) Use reasonable, diligent efforts to register and qualify the securities covered by such registration statement under such other securities or
Blue Sky laws of such jurisdictions as will be reasonably requested by the Holders, provided that the Company will not be required in connection therewith or as a condition thereto to qualify to do business or to file a general consent to service of
process in any such states or jurisdictions. 
 (e) In the event of any underwritten public offering, enter into and perform its obligations under an
underwriting agreement, in usual and customary form, with the managing underwriter(s) of such offering. Each Holder participating in such underwriting will also enter into and perform its obligations under such an agreement. 

(f) Notify each Holder of Registrable Securities covered by such registration statement at any time when a prospectus relating thereto is required to be
delivered under the Securities Act of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact
required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing. 
 (g)
Furnish, at the request of any Holder requesting registration of Registrable Securities, on the date that such Registrable Securities are delivered to the underwriters for sale, if such securities are being sold through underwriters, or, if such
securities are not being sold through underwriters, on the date that the registration statement with respect to such securities becomes effective, (i) an opinion, dated as of such date, of the counsel representing the Company

  
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for the purposes of such registration, in form and substance as is customarily given to underwriters in an underwritten public offering, addressed to the underwriters, if any, and (ii) a
“comfort” letter dated as of such date, from the independent certified public accountants of the Company, in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten public
offering, addressed to the underwriters, if any. 
 (h) Cause the securities covered by such registration statement to be listed on the securities
exchange or quoted on the quotation system on which the Common Stock is then listed or quoted. 
 4. Obligations of the Holders. 

(a) Furnish Information. It will be a condition precedent to the obligations of the Company to take any action pursuant to Section 2
hereof that the selling Holders will furnish to the Company such information regarding themselves, the Registrable Securities held by them, and the intended method of disposition of such securities as will be required to timely effect the
registration of their Registrable Securities. 
 (b) Underwriting Agreement. In the event of any underwritten public offering, each Holder will
enter into, and perform its obligations under, an underwriting agreement, in usual and customary form, with the managing underwriter(s) of such offering. 

5. Delay of Registration. No Holder will have any right to obtain or seek an injunction restraining or otherwise delaying any such
registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Agreement. 
 6.
Indemnification. In the event any Registrable Securities are included in a registration statement under Section 2 hereof: 
 (a)
By the Company. To the extent permitted by law, the Company will indemnify and hold harmless each Holder, the partners, members, officers and directors of each Holder, any underwriter (as defined in the Securities Act) for such
Holder and each person, if any, who controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act, against any losses, claims, damages, or liabilities (joint or several) to which they may become subject under the
Securities Act, the Exchange Act or other federal or state law, insofar as such losses, claims, damages, or liabilities (or actions in respect thereof) arise out of or are based upon any of the following statements, omissions or violations
(collectively a “Violation”): 
 (i) any untrue statement or alleged untrue statement of a material fact contained in such
registration statement, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto; 
 (ii)
the omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading, or 

(iii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any federal or state securities law or any rule or
regulation promulgated under the Securities Act, the Exchange Act or any federal or state securities law in connection with the offering covered by such registration statement; 

  
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 and the Company will reimburse each such Holder, partner, member, officer or director, underwriter or controlling person
for any legal or other expenses reasonably incurred by them, as incurred, in connection with investigating or defending any such loss, claim, damage, liability or action; provided however, that the indemnity agreement contained in this
Section 6 will not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Company (which consent will not be unreasonably withheld), nor will the
Company be liable in any such case for any such loss, claim, damage, liability or action to the extent that it arises out of or is based upon a Violation that occurs in reliance upon and in conformity with written information furnished expressly for
use in connection with such registration by such Holder, partner, member, officer, director, underwriter or controlling person of such Holder. 
 (b)
By Selling Holders. To the extent permitted by law, each selling Holder will indemnify and hold harmless the Company, each of its directors, each of its officers who have signed the registration statement, each person, if any, who
controls the Company within the meaning of the Securities Act, any underwriter and any other Holder selling securities under such registration statement or any of such other Holder’s partners, directors or officers or any person who controls
such Holder within the meaning of the Securities Act or the Exchange Act, against any losses, claims, damages or liabilities (joint or several) to which the Company or any such director, officer, controlling person, underwriter or other such Holder,
partner or director, officer or controlling person of such other Holder may become subject under the Securities Act, the Exchange Act or other federal or state law, insofar as such losses, claims, damages or liabilities (or actions in respect
thereto) arise out of or are based upon any Violation, in each case to the extent (and only to the extent) that such Violation occurs in reliance upon and in conformity with written information furnished by such Holder expressly for use in
connection with such registration; and each such Holder will reimburse any legal or other expenses reasonably incurred by the Company or any such director, officer, controlling person, underwriter or other Holder, partner, officer, director or
controlling person of such other Holder in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the indemnity agreement contained in this Section 6 will not apply to
amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Holder, which consent will not be unreasonably withheld; and provided further, that the total
amounts payable in indemnity by a Holder under this Section 6 in respect of any Violation will not exceed the net proceeds received by such Holder in the registered offering out of which such Violation arises. 

(c) Notice. Promptly after receipt by an indemnified party under this Section 6 of notice of the commencement of any action (including any
governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 6, deliver to the indemnifying party a written notice of the commencement thereof and the
indemnifying party will have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the defense thereof with counsel mutually satisfactory to the
parties; provided, however, that an indemnified party will have the right to retain its own counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained
by the indemnifying party would be inappropriate due to actual or potential conflict of 

  
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interests between such indemnified party and any other party represented by such counsel in such proceeding. The failure to deliver written notice to the indemnifying party within a reasonable
time of the commencement of any such action, if prejudicial to its ability to defend such action, will relieve such indemnifying party of any liability to the indemnified party under this Section 6, but the omission so to deliver written notice
to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Section 6. 

(d) Defect Eliminated in Final Prospectus. The foregoing indemnity agreements of the Company and Holders are subject to the
condition that, insofar as they relate to any Violation made in a preliminary prospectus but eliminated or remedied in the amended prospectus on file with the SEC at the time the registration statement in question becomes effective or the amended
prospectus filed with the SEC pursuant to SEC Rule 424(b) (the “Final Prospectus), such indemnity agreement will not inure to the benefit of any indemnified party if a copy of the Final Prospectus was furnished to such indemnified
party and was not furnished to the person asserting the loss, liability, claim or damage at or prior to the time such action is required by the Securities Act, where such indemnified party had a legal obligation to deliver or cause to be delivered
the Final Prospectus. 
 (e) Contribution. In order to provide for just and equitable contribution to joint liability under the Securities Act
in any case in which either (i) any Holder exercising rights under this Agreement, or any controlling person of any such Holder, makes a claim for indemnification pursuant to this Section 6 but it is judicially determined (by the entry of
a final judgment or decree by a court of competent jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case notwithstanding the fact that this
Section 6 provides for indemnification in such case, or (ii) contribution under the Securities Act may be required on the part of any such selling Holder or any such controlling person in circumstances for which indemnification is provided
under this Section 6; then, and in each such case, the Company and such Holder will contribute to the aggregate losses, claims, damages or liabilities to which they may be subject (after contribution from others) in such proportion so that such
Holder is responsible for the portion represented by the percentage that the public offering price of its Registrable Securities offered by and sold under the registration statement bears to the public offering price of all securities offered by and
sold under such registration statement, and the Company and other selling Holders are responsible for the remaining portion; provided, however, that, in any such case, (A) no such Holder will be required to contribute any amount
in excess of the public offering price of all such Registrable Securities offered and sold by such Holder pursuant to such registration statement; and (B) no person or entity guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Securities Act) will be entitled to contribution from any person or entity who was not guilty of such fraudulent misrepresentation. 

(f) Survival. The obligations of the Company and Holders under this Section 6 will survive the completion of any offering of Registrable
Securities in a registration statement, and otherwise. 
 7. Termination of the Company’s Obligations. The Company
will have no obligations pursuant to Section 2 with respect to any Registrable Securities proposed to be sold by a Holder in a registration pursuant to Section 2 hereof if, in the opinion of counsel to the Company, all such Registrable
Securities proposed to be sold by a Holder may be sold in a three-month period without registration under the Securities Act pursuant to Rule 144 under the Securities Act and such Holder holds less than one percent (1%) of the outstanding
shares of the Company’s capital stock. 

  
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 8. Assignment. Notwithstanding anything herein to the contrary, the rights of a Holder under this
Agreement may be assigned only if the Company has given prior written consent thereto; provided, that any such assignee shall receive such assigned rights subject to all the terms and conditions of this Agreement, including without limitation
the provisions of this Section 8. 
 9. Miscellaneous. 

(a) Termination of this Agreement. This Agreement may be terminated voluntarily by written agreement of (1) the Company and (2) the
Founders. Such termination will be binding upon all Holders of Registrable Securities. 
 (b) Notices. Unless otherwise provided, any notice
required or permitted under this Agreement will be given in writing and will be deemed effectively given upon personal delivery to the party to be notified, or three (3) days after deposit with the United States Post Office, by registered or
certified mail, postage prepaid, or by deposit with a nationally recognized courier service such as FedEx, or by facsimile with confirmed receipt and addressed to the party to be notified at the address indicated for the Company and the Founders on
the signature page hereof, or at such other address as any party may designate by giving at least ten (10) days advance written notice to all other parties, pursuant to this Section 9(b). 

(c) Entire Agreement. This Agreement constitutes the entire agreement and understanding of the parties with respect to the subject matter
hereof and supersedes any and all prior negotiations, correspondence, agreements, understandings duties or obligations between the parties with respect to the subject matter hereof. 

(d) Amendment and Waiver. Any provision of this Agreement may be amended and the observance thereof may be waived (either generally or in a
particular instance and either retroactively or prospectively) only with the written consent of (1) the Company and (2) the Founders. Any amendment or waiver effected in accordance with this Section 9(d) will be binding upon each
Holder, each permitted successor or assignee of any Holder, and the Company. 
 (e) Governing Law. This Agreement will be governed by and
construed under the internal laws of the State of Delaware as applied to agreements among Delaware residents entered into and to be performed entirely within Delaware, without reference to principles of conflict of laws or choice of laws. 

(f) Severability. If any provision of this Agreement is held to be unenforceable under applicable law, such provision will be excluded from this
Agreement and the balance of the Agreement will be interpreted as if such provision were so excluded and will be enforceable in accordance with its terms. 

(g) Third Parties. Nothing in this Agreement, express or implied, is intended to confer upon any person, other than the parties hereto and
their successors and assigns, any rights or remedies under or by reason of this Agreement. 

  
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 (h) Successors And Assigns. The terms and conditions of this Agreement will inure to the
benefit of and be binding upon the respective successors and assigns of the parties. 
 (i) Headings. The headings and captions used in this
Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement. All references in this Agreement to sections, paragraphs, exhibits and schedules will, unless otherwise provided, refer to sections
and paragraphs hereof and exhibits and schedules attached hereto, all of which exhibits and schedules are incorporated herein by this reference. 

(j) Counterparts. This Agreement may be executed in two or more counterparts, each of which will be deemed an original, but all of which together
will constitute one and the same instrument. 
 (k) Costs And Attorneys’ Fees. In the event that any action, suit or other
proceeding is instituted concerning or arising out of this Agreement or any transaction contemplated hereunder, the prevailing party will recover all of such party’s costs and reasonable attorneys’ fees incurred in each such action, suit
or other proceeding, including any and all appeals or petitions therefrom. 
 (l) Further Assurances. From and after the date of this
Agreement, upon the request of the Founders or the Company, the Company and the Founders will execute and deliver such instruments, documents or other writings as may be reasonably necessary or desirable to confirm and carry out and to effectuate
fully the intent and purposes of this Agreement. 
 [REMAINDER OF PAGE INTENTIONALLY
LEFT BLANK] 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and year first above
written. 
 COMPANY 
  

			
	ONCOTHYREON INC.
		
	By:	 	/s/ Dr. Robert L. Kirkman
	Name:	 	Dr. Robert L. Kirkman
	Title:	 	President and CEO

 FOUNDERS 
  

	
	
	/s/ Jay Venkatesan
	Jay Venkatesan

  

	
	
	/s/ Mitchell H. Gold
	Mitchell H. Gold

 [SIGNATURE PAGE TO ONCOTHYREON INC.
PIGGYBACK REGISTRATION RIGHTS AGREEMENT]EX-10.1

 EXHIBIT 10.1 

* Confidential Treatment has been 
 requested for the
marked portions of 
 this exhibit pursuant to Rule 24B-2 

of the Securities Exchange Act of 
 1934, as amended. 

PATENT LICENSE AGREEMENT 
 Between 

STC.UNM and ALPINE BIOSCIENCES, INC. 
 THIS PATENT LICENSE
AGREEMENT (the “Agreement”) entered into effective June 30, 2014 (the “Effective Date”) between STC.UNM, a New Mexico 501(c)(3) nonprofit corporation, with its principal office at 801 University Blvd. SE, Suite
101, Albuquerque, New Mexico 87106 (hereinafter referred to as “STC”) and ALPINE BIOSCIENCES, INC., a Delaware corporation with a place of business at 600 Stewart St. Suite 150, Seattle, Washington 98101 (“LICENSEE”). 

Effective as of the date set out above, in consideration of the mutual covenants and premises contained herein, the receipt and sufficiency of which are hereby
acknowledged, STC and LICENSEE agree: 
 BACKGROUND 

By assignment from The Regents of the University of New Mexico (“University”), STC holds title to and has certain rights and interests in the
Licensed Patents. STC desires to have products and services utilizing the Licensed Patents developed and marketed at the earliest possible time in order that such products and services may be available for public use and benefit. LICENSEE desires to
obtain rights to use the Licensed Patents for commercial purposes and STC desires to grant certain rights and licenses in and to the Licensed Patents to Licensee, all in accordance with the terms and conditions of this Agreement. 

With the exception of the STC Solely-Owned Licensed Patent (as defined below) the Licensed Patents are owned jointly by STC.UNM and Sandia Corporation,
a Delaware corporation, manager and operator of Sandia National Laboratories for the United States Department of Energy under contract DE-AC04-94AL85000 (“Sandia”). In accordance with the Sandia—STC—UNM Memorandum of
Understanding on Intellectual Property, entered into among Sandia, STC, and University effective August 31, 2006, and fully executed on September 5, 2006, as amended by First Amendment to Sandia—STC—UNM Memorandum of
Understanding on Intellectual Property, Sandia, STC, and University have entered into a Commercialization Agreement (as defined below) with respect to each Commercialization Agreement Licensed Patent (as defined below). STC anticipates that Sandia,
STC, and University will enter into Commercialization Agreements with respect to one or more of the other Licensed Patents. 
  

[*] 
 *Confidential Treatment Requested. 

 ARTICLE I. 

DEFINITIONS 
 When used in this
Agreement, the capitalized terms listed below shall have the following meaning: 
 “Affiliate” means a person or entity that directly or
indirectly through one or more intermediaries controls, is controlled by, or is under common control, with the person or entity specified. For purposes of this definition, “control” and cognates thereof mean, with respect to an entity, the
direct or indirect ownership of (a) at least fifty percent (50%) of the capital stock or share capital entitled to vote for the election of directors of the entity; or (b) at least fifty percent (50%) of equity or voting
interests of the entity, or (c) the ability to otherwise direct the management and operations of the entity. 
 “Agreement” or
“License Agreement” means this Agreement, including all Exhibits attached to this Agreement. 
 “Change-In-Control” means each and
all of the following occurrences after the date hereof: (i) the consummation of a merger or consolidation of LICENSEE with any other corporation, other than a merger or consolidation which would result in the voting securities of LICENSEE
outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or its parent company) more than fifty percent (50%) of the total voting power
represented by the voting securities of LICENSEE or such surviving entity, or its parent company, outstanding immediately after such merger or consolidation, or (ii) the consummation of a sale or disposition by LICENSEE of all or substantially
all LICENSEE’s assets, or (iii) the acquisition by any person directly or indirectly, of securities of the LICENSEE representing fifty percent (50%) or more of the total voting power represented by LICENSEE’ s then outstanding
voting securities. 
 “Combination Product” means a Licensed Product or Licensed Service that incorporates at least one other proprietary
molecule, compound or other active ingredient, or a proprietary service or method, in each case that is not itself a Licensed Product or Licensed Service in addition to the Licensed Product or Licensed Service (each such other active ingredient,
service or method, an “Other Component”). For clarity, all references to “Licensed Products or Licensed Services” in this Agreement shall be deemed to include Combination Products. 

“Commercialization Agreement” means a written agreement entered into among Sandia, STC, and University in accordance with the
Sandia—STC—UNM Memorandum of Understanding on Intellectual Property, entered into among Sandia, STC, and University effective August 31, 2006, and fully executed on September 5, 2006, as amended by First Amendment to
Sandia—STC—UNM Memorandum of Understanding on Intellectual Property. 
 “Commercialization Agreement Licensed Patent” means a
Licensed Patent that, as specified on attached Exhibit A, is subject to and covered by a Commercialization Agreement as of the Effective Date. 
  

[*] 
 *Confidential Treatment Requested. 

 “Commercial Sublicense” means any sublicensing agreement or arrangement between LICENSEE or a
Licensed Affiliate and a third party by which the third party is licensing the Licensed Patents primarily for its own commercial development of Licensed Products or to provide Licensed Services. The holder of a Commercial Sublicense is a
“Commercial Sublicensee.” 
 “Common Stock” means the LICENSEE’s common stock. 

“Compassionate Use Program” means the use of a Licensed Product or a Licensed Service as an investigational drug in accordance with applicable
law outside of a clinical trial to treat a patient with a serious or immediately life-threatening disease or condition who has no comparable or satisfactory alternative treatment options. 

“Effective Date” means the date set out on the opening paragraph of this Agreement. 

“Exclusive License” means a license as to which STC agrees that on and after the Effective Date, STC will not grant any additional rights or
licenses to third parties with respect to a Licensed Patent or itself practice the inventions claimed therein for commercial purposes. 
 “Field
of Use” means all fields of use, subject, however, to certain exceptions applicable to the Commercialization Agreement Licensed Patents as set forth in Section 2.3, below. 

“First Commercial Sale” means the first transaction following launch of the applicable Licensed Product that results in either (i) Net
Sales to the LICENSEE or a Licensed Affiliate or (ii) results in Sublicense Income based upon (A) the sale or other disposition of Licensed Products by the Commercial Sublicensee or a sublicensee of a Commercial Sublicensee, or
(B) the performance of Licensed Services by a Commercial Sublicensee or a sublicensee of a Commercial Sublicensee (with the definitions of “sale or other disposition” and “otherwise disposed of” having the meanings set out
in the definition of “Net Sales” below, but as applied to activities of the Commercial Sublicensee). 
 “Net Sales” means the
gross payments and other consideration accrued or received by LICENSEE or a Licensed Affiliate (but not Commercial Sublicensees) for: (i) the sale or other disposition of Licensed Products; or (ii) the performance of Licensed Services. The
expression “other disposition” or “otherwise disposed of” with respect to Licensed Products means Licensed Products not sold but delivered by LICENSEE to others regardless of the basis for compensation. Where Licensed Products
are not sold, but are otherwise disposed of, Net Sales from such products for the purpose of computing royalties will be the selling price at which Licensed Products are currently being offered for sale by LICENSEE, or its Licensed Affiliates or
Commercial Sublicensees. Where Licensed Products are not currently being offered for sale by LICENSEE, its Licensed Affiliates, or Commercial Sublicensees, Net Sales from such products for the purposes of determining royalties shall be the fair
market value of such products. 
  
 [*] 

*Confidential Treatment Requested. 

 In the event that Licensed Products or Licensed Services are Combination Products, the Net Sales of such
Combination Product, for the purposes of computing royalties, shall be determined by multiplying the Net Sales of the Combination Product during the applicable royalty reporting period, by the fraction, A/A+B, where A is the average sale price of
the Licensed Products or Licensed Services included as components or constituent of such Combination Product and B is the average sale price of the Other Components when sold separately. If the Other Components are not sold separately, Net Sales for
the purposes of computing royalties shall be calculated by multiplying the Net Sales of the Combination Product by the fraction of C/C+D, where C is the fair market value of the Licensed Products or Licensed Services included as components or
constituent of such Combination Product, and D is the fair market value of all Other Components included in the Combination Product. 

Notwithstanding the foregoing, Net Sales shall not include gross payments or other consideration received by LICENSEE or a Licensed Affiliate from the
sale of other disposition of Licensed Products or the performance of Licensed Services: (a) sold or used for development purposes; provided that such sales or uses are in accordance with a written agreement that sets out the compensation for
the development activities and such compensation is reasonable in light of the circumstances; or (b) sold or used in connection with a Compassionate Use Program or patient assistance program or in reasonable and customary quantities as
commercial samples; or (c) provided to a Licensed Affiliate or a Commercial Sublicensee if either: (i) the Licensed Affiliate or Commercial Sublicensee uses such Licensed Products or Licensed Services in a manner described in (a) or
(b), above; or (ii) Net Sales with respect to such Licensed Products or Licensed Services are deducted by the Licensed Affiliate pursuant to (A) or (B) below; or (iii) the amounts received by LICENSEE or a Licensed Affiliate
under a Commercial Sublicense for such Licensed Products or Licensed Services are not included as Sublicense Income pursuant to subsections (a) through (d) of the definition of “Sublicense Income” below; or (iv) a royalty
will be payable to STC under Section 4.3 or under Section 4.2 upon the sale or other disposition of the Licensed Product or the performance of Licensed Services by the Licensed Affiliate or Commercial Sublicensee. 

In determining Net Sales with respect to a Licensed Product or a Licensed Service the LICENSEE and its Licensed Affiliate may exclude the following
items: (1) trade, quantity and cash discounts; (2) packing, freight, transportation and insurance charges, in each case as separately charged and enumerated on an invoice to customers; and (3) import, export, sales, use and value
added taxes, and customs or excise duties or other duties relating to sales, in each case as separately charged and enumerated on an invoice to customers. 

In addition, LICENSEE and its Licensed Affiliates may deduct from Net Sales in any reporting period under Section 5.1 amounts LICENSEE or the
Licensed Affiliate pays or credits or otherwise allows during that reporting period for: (A) write offs for bad debts with respect to Licensed Products or Licensed Services for which a royalty was paid to STC in a prior reporting period;
(B) with respect to the current reporting period and with respect to Licensed Products or Licensed Services sold or otherwise disposed for which a royalty was paid to STC for any prior reporting period, price adjustments, billing errors,
damaged or defective goods, recalls, returns, rebates, and chargeback rebates or similar payments to wholesalers or other distributors. Any royalty income or other consideration for a Commercial Sublicense that is subject to Section 4.2 hereof
shall not be deemed to be “Net Sales” hereunder. 
  
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 “Indemnitees” means STC, STC’s employees, officers, and directors, University,
University’s employees, Sandia, Sandia’s employees, officers and directors, and the Inventors, and their respective heirs, executors, administrators, and legal representatives. 

“Inventors” means [*] 
 “Licensed
Affiliate” means an Affiliate of the LICENSEE designated by the LICENSEE as a Licensed Affiliate in a notice provided to STC in accordance with Article XV of this Agreement. An entity designated as a Licensed Affiliate shall remain a Licensed
Affiliate until the earlier of the date: (a) such entity is no longer an Affiliate of the Licensee; and (b) LICENSEE gives notice to STC that such entity is no longer designated as a Licensed Affiliate. 

“Licensed Patents” means all rights in inventions or discoveries covered by or embodied in the patents and patent applications listed on
attached Exhibit A, and all divisions, substitutions, continuations, continuations-in-part (but only to extent the claims thereof are enabled by disclosure of and name the same Inventors and assignees as the parent application), reissues, renewals,
reexaminations or extensions thereof, any patents that issue thereon, and existing and future foreign patent applications and patents that correspond thereto. To the extent any continuation-in-part is enabled by disclosure of the parent application
but names at least one new Inventor, the parties agree to discuss in good faith adding such continuation-in-part as a Licensed Patent under this Agreement. 

“Licensed Products” means products, the development, manufacture, use, or sale of which would, but for the license granted to LICENSEE under
this Agreement, infringe a Valid Claim. 
 “Licensed Services” means services that make use of the Licensed Patents in a manner which would,
but for the license granted to LICENSEE under this Agreement, infringe a Valid Claim. 
 “Licensed Territory” means worldwide. 

“Other STC/Sandia Jointly Owned Licensed Patents” means a Licensed Patent as specified on attached Exhibit A that, as of the Effective Date,
is not the subject to or covered by a Commercialization Agreement. 
 “Regulatory Approval” means approval, clearance, certification, or
permission of the U.S. Food and Drug Administration (the “FDA”) for the marketing, sale, or use of a Licensed Product (including 510(k) premarket notification, premarket approval, and qualification for the humanitarian device exemption) or
the comparable approval, clearance, certification, or permission under the laws of any foreign country or jurisdiction, including but not limited to any classification of CE Mark or certification in Europe. The term Regulatory Approval does not
include approval, clearance, certification, or permission of the FDA or a comparable foreign agency to use Licensed Products in research or development (including in a clinical trial), or in a Compassionate Use Program or other charitable program.

  
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 “Related IND Application” means the filing of an investigational new drug application with the
United States Food and Drug Administration with respect to a Licensed Product or a Licensed Service. 
 “Sublicense Income” means all
amounts accrued or received by LICENSEE or a Licensed Affiliate under a Commercial Sublicense, in consideration of the granting of the sublicense of the Licensed Patents, net of any sales taxes (paid or payable, including value added tax) imposed
upon LICENSEE or the Licensed Affiliate and not reimbursed or paid by a third party with respect to such amounts, as consideration under the Commercial Sublicense, including, without limitation, license fees or maintenance fees. Sublicense Income
shall not include amounts received by LICENSEE or a Licensed Affiliate for: (a) research and development activities conducted after the date of the Commercial Sublicense related to the Licensed Patents, Licensed Products or Licensed Services,
including without limitation pre-clinical and clinical studies, provided that the research and development activities are performed in accordance with a written agreement that sets out the compensation for the development activities and such
compensation is reasonable in light of the circumstances; (b) equity interests in the LICENSEE; (c) Licensed Products purchased from LICENSEE or a Licensed Affiliate which generate Net Sales to the LICENSEE or the Licensed Affiliate;
provided that the consideration for such Licensed Products is separately stated in the Commercial Sublicense; and (d) reimbursement for patent costs or regulatory filing fees; provided that such reimbursement is separately stated in the
Commercial Sublicense. For the avoidance of doubt, royalties received by LICENSEE or a Licensed Affiliate for sales or other disposition of Licensed Products or the provision of Licensed Services by Commercial Sublicensees shall be included in and
treated as Sublicense Income. 
 “STC Solely-Owned Licensed Patent” means [*] 

“Valid Claim” means a claim of an issued and unexpired patent, or a claim of a patent application being prosecuted in good faith, in each case
included within the Licensed Patents, which claim shall not have been disclaimed, irrevocably abandoned or withdrawn, or held invalid, unpatentable, or unenforceable in an unappealable decision of a court or other authority of competent
jurisdiction, and which shall not have been admitted to be invalid or unenforceable through reissue, re-examination, disclaimer, or otherwise. 
  

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 ARTICLE II. 

GRANT OF LICENSES 
 2.1 Subject to the
terms and conditions of this Agreement, including the reservations set out in Sections 2.2, 2.3, 2.6, 2.7, and 2.9, below, STC hereby grants to LICENSEE, to the extent of the Field of Use (subject to the provisions of Section 2.3, below) and
Licensed Territory, an Exclusive License under the Licensed Patents to: (i) make, use, sell, offer for sale, and import Licensed Products and to provide Licensed Services; and (ii) to grant Commercial Sublicenses allowing a Commercial
Sublicensee to make, use, sell, offer for sale, and import Licensed Products and to provide Licensed Services in accordance with the provisions of Section 2.6 below. 

2.2 The LICENSEE acknowledges that, except for the STC Solely-Owned Patent, this Agreement grants rights with respect to Licensed Patents that are owned
jointly by STC and Sandia, and that as of the Effective Date, STC and Sandia have entered into Commercialization Agreements only with respect to the Commercialization Agreement Licensed Patents. Unless and until STC and Sandia enter into a
Commercialization Agreement with respect to the Other STC/Sandia Jointly Owned Licensed Patents, Sandia retains all rights of a joint patent owner with respect to the Other STC/Sandia Jointly Owned Licensed Patents, including the power to grant
licenses with respect to the Other STC/Sandia Jointly Owned Licensed Patents. Following the Effective Date, STC agrees to use commercially reasonable efforts to negotiate and execute a Commercialization Agreement with Sandia with respect to each of
the Other STC/Sandia Jointly Owned Licensed Patents. Upon the execution of a Commercialization Agreement by STC and Sandia with respect to an Other STC/Sandia Jointly Owned Licensed Patent, such Other STC/Sandia Jointly Owned Licensed Patent shall
be a Commercialization Agreement Licensed Patent under this Agreement. STC shall notify LICENSEE of the execution of each such Commercialization Agreement, and any limitations imposed by Sandia under the Commercialization Agreement, including any
fields of use for which Sandia has retained the right to grant licenses. Upon the execution of a Commercialization Agreement by STC and Sandia with respect to an Other STC/Sandia Jointly Owned Licensed Patent, STC shall provide LICENSEE with a
revised Exhibit A, reflecting the change of the applicable Other STC/Sandia Jointly Owned Licensed Patent to a Commercialization Agreement Licensed Patent under this Agreement. 

2.3 The LICENSEE acknowledges that under the Commercialization Agreements, Sandia has, with respect to certain Commercialization Agreement Licensed
Patents, retained the right to grant licenses to third parties except within certain fields of use as specified on attached Exhibit A. Under the Commercialization Agreements, and subject to the provisions of Section 2.7 and 2.9 below, Sandia
agreed not to grant licenses to third parties within such fields of use. Consequently, notwithstanding the grant by STC under this Agreement of an Exclusive License with respect to all fields of use, Sandia has the rights to grant additional
licenses to third parties with respect to any fields of use other than those specified on attached Exhibit A. For clarity, STC agrees that it shall not grant licenses to third parties under the Licensed Patents for any field of use despite the
foregoing rights retained by Sandia. 
  
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 2.4 Except as expressly granted by STC to LICENSEE herein, all rights and entitlements in and to the
Licensed Patents, whether now existing or that may hereafter come into existence, are reserved to STC. 
 2.5 This Agreement shall not be construed to
confer any rights upon LICENSEE by implication or estoppel. 
 2.6 LICENSEE acknowledges and consents that, notwithstanding any provision of this
Agreement, including the grant of the license granted under Section 2.1 to the Licensed Patents, the rights and licenses granted to LICENSEE under this Agreement to the Licensed Patents are subject to the reservation by University of a
permanent, irrevocable, royalty-free, non-exclusive right and license to use and practice the Licensed Patents at University for research, development, and educational purposes, including the right to use and practice the Licensed Patents for
research and testing, including research and testing funded by third parties. The foregoing shall not be construed to reserve any right to use and practice a Licensed Patent for commercial applications or to produce Licensed Products or provide
Licensed Services in quantities greater than reasonably required for research, development or educational purposes by the University. 
 2.7 LICENSEE
acknowledges and consents that, notwithstanding any provision of this Agreement, including the grant of the license granted under Section 2.1 to the Licensed Patents, the rights and licenses granted to LICENSEE under this Agreement to the
Licensed Patents are subject to the reservation by Sandia of a permanent, irrevocable, royalty-free, non-exclusive right and license to use and practice the Licensed Patents: (a) for research, development, and educational purposes; and
(b) to non-exclusively license the Licensed Patents as background intellectual property to CRADA Participants and WFO Sponsors solely for use in the conduct of the CRADA or WFO and not for the purposes of making, using, selling, or importing
Licensed Products or providing Licensed Services. 
 2.8 STC also grants to LICENSEE and each Licensed Affiliate the right to sublicense the rights
granted to LICENSEE and the Licensed Affiliate under this Agreement to Commercial Sublicensees, and to allow the Commercial Sublicensees to further sublicense such rights. LICENSEE and each Licensed Affiliate shall ensure that all uses of Licensed
Patents and all development and distribution of Licensed Products or the provision of Licensed Services by each Commercial Sublicensee and each sublicensee of a Commercial Sublicensee 1) are consistent with the terms and conditions of this
Agreement, and 2) return value to LICENSEE or the Licensed Affiliate commensurate, in the reasonable discretion of the LICENSEE or the Licensed Affiliate, with the benefits conferred on the Commercial Sublicensee by the Commercial Sublicense.
LICENSEE and each Licensed Affiliate shall provide STC with a copy of each Commercial Sublicense, and any amendments thereto and a copy of each sublicense granted by any Commercial Sublicensee, and amendments thereto, promptly following the
execution thereof. STC shall treat Commercial Sublicenses and each sublicense granted by any Commercial Sublicensee as Confidential Information of LICENSEE. LICENSEE and each Licensed Affiliate shall use commercially reasonable efforts to enforce
its Commercial Sublicenses in accordance with the terms thereof. 
  
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 2.9 The Licensed Patents, or portions thereof, may have been developed with financial or other assistance
through grants or contracts funded by the United States government. LICENSEE acknowledges that in accordance with Public Law 96-517 and other statutes, regulations, and Executive Orders as now exist or may be amended or enacted, the United States
government may have certain rights in the Licensed Patents. LICENSEE shall take all action necessary to enable STC to satisfy its obligations under any federal law relating to the Licensed Patents, including any right of the United States government
to a noncommercial use license. Without limiting the foregoing: 
 (a) It is understood that the United States Government (through any of its agencies
or otherwise) has funded research, Contract No. DE-AC04-94AL85000 United States DOE’s National Nuclear Security Administration, during the course of or under which the inventions described under the Licensed Patents were conceived or made. The
United States Government is entitled, as a right, under 48 CFR 952.227-13, to a non-exclusive, non- transferable, irrevocable, paid-up license to practice or have practiced the inventions for governmental purposes. The parties also agree and
understand that the United States Government retains “march-in” rights, in accordance with the procedures set forth in 37 CFR 401.6 and any supplemental regulations promulgated by the DOE. Any rights or licenses granted to LICENSEE
pursuant to this Agreement shall be subject to such rights. 
 (b) It is further understood that one or more of the Licensed Patents are subject
inventions as defined under 35 U.S.C. §201(e), and that the United States Government has a nonexclusive, nontransferable, irrevocable, paid-up license to practice or have practiced for or on behalf of the United States the subject invention
throughout the world (and in some cases the right to assign or have assigned foreign patent rights). The parties also agree and understand that the United States Government retains “march-in” rights, in accordance with 35 U.S.C. §203.
The parties agree and understand that licensing of the Licensed Patents is subject to other restrictions, including that preferences be given to small business firms (35 U.S.C. §202(c)(7)(D) and for U.S. manufacturing (35 U.S.C. §204).

 2.10 The parties agree that, notwithstanding anything to the contrary in Section 7(c)(ii) of the Sponsored Research Agreement by and between
the University and LICENSEE, dated as of July 14, 2014 (the “Sponsored Research Agreement”), all patent applications on any inventions or discoveries covering or related to protocells that are owned by STC, and (a) name the same
Inventors as any of the Licensed Patents and (b) are developed pursuant to the Sponsored Research Agreement, shall be added to this Agreement as a Licensed Patent and shall be subject to the terms and conditions of this Agreement, including the
royalty obligations set out herein, at LICENSEE’s election without the need for any further action by the parties upon the payment by LICENSEE to STC of $[*] for each such Licensed Patent LICENSEE elects to add to this Agreement in accordance
with this Section 2.10. Such payment shall be due within thirty (30) days after LICENSEE’s election to add the applicable patent or patent application to this Agreement. STC will promptly notify LICENSEE of any such patent
applications. In addition, the parties agree that to the extent that STC owns any rights under patents and patent applications claiming any inventions or discoveries covering or related to protocells but that are not covered by subsections
(a) and (b) above, the parties agree to discuss in good faith adding such patents or patent applications as Licensed Patents under this Agreement. 
  

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 ARTICLE III. 

DILIGENCE AND COMMERCIALIZATION 
 3.1
Diligence and Commercialization. Throughout the term of this Agreement, LICENSEE shall use commercially reasonable efforts to bring Licensed Products and Licensed Services, in the Field of Use to market, including the obtaining of any
required Regulatory Approvals. The Parties acknowledge that this Agreement relates to new technology, and that there are many risks, some unknown and unpredictable, involved in such new technology, and that this Article only obligates the LICENSEE
to make efforts that LICENSEE believes in good faith are commercially reasonable at the time given the information known to LICENSEE. 
 3.2 Lack
of Diligence. If STC believes that LICENSEE is not in compliance with Section 3.1, then, STC will so notify LICENSEE in writing. Upon written request by LICENSEE, the parties shall meet to discuss in good faith the basis for such belief and
agree upon a corrective action plan regarding LICENSEE’s commercialization efforts within one hundred twenty (120) days of such notice. 

3.3 Financial Capability. At all times during the term of this license, LICENSEE shall use commercially reasonable efforts to maintain the
financial capability to comply with Section 3.1. In the event that STC reasonably believes that LICENSEE does not possess said capability, LICENSEE shall provide STC with reasonable information regarding LICENSEE’s financial capabilities.

 ARTICLE IV. 
 CONSIDERATION FOR
LICENSE AND ROYALTIES 
 4.1 License Fee. In addition to all other amounts due to STC under this Article IV, LICENSEE shall pay STC the
following license fees: 
 (a) Upfront fee of [*] Dollars ($[*]) due upon execution of this Agreement, of which the sum of [*] dollars ($[*]) shall be
credited as paid pursuant to the provisions of that certain Exclusive Option Agreement between the parties dated March 29, 2013, as amended June 24, 2013, August 6, 2013, and January 30, 2014. 

 
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 (b) Within thirty (30) days of the Effective Date, LICENSEE shall issue to STC that number of shares
of the Common Stock of LICENSEE such that STC will own [*] percent ([*]%) of the aggregate equity ownership of LICENSEE on a non-dilutable basis. Thereafter, at any time the equity ownership of STC in LICENSEE shall fall below [*] percent ([*]%) on
a non-dilutable basis, LICENSEE shall issue to STC additional shares of Common Stock of LICENSEE so that at STC owns [*] percent ([*]%) of the aggregate equity ownership of LICENSEE on a non-dilutable basis. STC’s right to maintain ownership of
LICENSEE at [*] percent ([*]%) of the aggregate equity ownership of LICENSEE on a non-dilutable basis shall continue until the earlier of: (i) the issuance of equity by LICENSEE for capital received by LICENSEE of an aggregate amount of [*]
Dollars ($[*]) in consideration of equity securities of the LICENSEE; or (ii) the consummation of a Change in Control, and upon the earlier of (i) and (ii), STC’s right to maintain ownership of LICENSEE at [*] percent ([*]%) on a
non-dilutable basis shall terminate. For clarity, a Change in Control, regardless of the form of such transaction, shall not be treated as an issuance of equity by LICENSEE for capital triggering STC’s right to maintain ownership of LICENSEE at
[*] percent ([*]%) requiring the issuance of additional shares of Common Stock to STC as a result of the Change in Control. The term “non-dilutable basis” will be calculated to include conversion of all issued and outstanding securities
convertible into ownership interests, and the exercise of all then outstanding options, warrants and other rights to acquire ownership interests, whether or not then exercisable. All Common Shares issued to STC under this Section will be considered
fully paid and non-assessable. For purposes of clarity, if LICENSEE issues debt securities convertible into equity securities of the LICENSEE such principal amount of debt securities shall be included in the aggregate amount of capital received in
consideration of equity securities of the LICENSEE upon conversion. If requested by LICENSEE, STC shall enter into a mutually agreeable stock issuance agreement with respect to the Common Stock issued to STC. 

(c) Milestone payments payable as follows: 
 (i)
LICENSEE shall pay to STC the amount of $[*] on the one-year anniversary date of the first Regulatory Approval of a Licensed Product; 
 (ii)
LICENSEE shall pay to STC the amount of $[*] on the one-year anniversary date of the First Commercial Sale of each Distinct Licensed Product. For purposes of this Section 4(c)(ii), a given Licensed Product shall be distinct from another
Licensed Product if the first Licensed Product contains a different active ingredient than does the second Licensed Product; in such case each such Licensed Product would be a Distinct Licensed Product; and 

 
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 (iii) In the event of a Change-in Control of the LICENSEE, LICENSEE shall pay to STC the amount of $[*],
payable as follows: 
 a. If the Change in Control occurs prior to December 31, 2016, LICENSEE shall pay to STC: (x) the amount of $[*]
upon the earlier of: (1) the filing of the first Related IND Application; and (2) December 31, 2016; and (y) the amount of $[*] upon the earlier of: (1) the filing of the second Related IND Application; and
(2) December 31, 2017; or 
 b. If the Change in Control occurs on or after December 31, 2016 but prior to December 31, 2017,
LICENSEE shall pay to STC: (x) the amount of $[*] upon the date of the Change in Control; and (y) the amount of $[*] upon the earlier of: (1) the filing of the second Related IND Application; and (2) December 31, 2017; or,

 c. If the Change in Control occurs on or after December 31, 2017, LICENSEE shall pay to STC the amount of $[*] on the date of the Change in
Control. 
 d. If the proceeds received by the LICENSEE or its stockholders in a Change in Control consist (in whole or in part) of shares of a class
of capital stock that are publicly traded on a national exchange, the milestone payments pursuant to this Section 4.1(c)(iii) shall, at the LICENSEE’s sole discretion, consist (in whole or in part but in the same ratio as paid or payable
to the LICENSEE or the stockholder of LICENSEE) of shares of such class of capital stock issuable to the LICENSEE or its stockholders in such Change in Control. The value of such shares of capital stock shall be deemed to be the average of the
closing prices of the securities on such exchange or system over the five (5) trading-day period preceding the execution of the definitive agreement for such Change in Control transaction. 

e. For purposes of clarity, the milestone payments due pursuant to this Section 4.1(c)(iii) shall be payable only with regard to the first Change
in Control transaction of LICENSEE and no further milestone payments pursuant to this Section 4.1(c)(iii) shall be due and payable for a subsequent Change in Control transaction(s). 

(d) License maintenance fees payable as follows: 

(i) Five annual payments of $[*] each with the first payment due on the first anniversary of the Effective Date and the fifth payment due on the fifth
anniversary of the Effective Date; and 
  
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 (ii) $[*] due on the sixth anniversary of the Effective Date and each anniversary of the Effective Date
thereafter until the earlier of: (x) the date of the First Commercial Sale of a Licensed Product; or (y) the tenth anniversary of the Effective Date. 

4.2 Royalty on Commercial Sublicensing Income. LICENSEE shall pay to STC a royalty on Sublicense Income as follows: 

(a) [*]% of Sublicense Income for aggregate Sublicense Income of less than or equal to $[*]; 

(b) [*]% of Sublicense Income for aggregate Sublicense Income greater than $[*] and less than or equal to $[*]; 

(c) [*]% of Sublicense Income for aggregate Sublicense Income greater than $[*]. 

4.3 Royalty on Net Sales. As further consideration for the grant of rights hereunder, LICENSEE shall pay STC an earned annual royalty of [*]
percent ([*]%) of Net Sales during each calendar year during the term of this Agreement. 
 4.4 Minimum Annual Royalties. LICENSEE shall pay
STC royalties as stated in Section 4.3, but in no event will royalties for any calendar year during the term of this Agreement under Section 4.3 be less than the following minimum royalties during the calendar years indicated: 

(a) $[*] (except as provided in (a)(ii), below) for each calendar year beginning as of the earlier of: (i) the calendar year after the calendar
year in which the First Commercial Sale occurs; or (ii) the calendar year beginning January 1, 2024; provided, however, that for the calendar year beginning January 1, 2024, the minimum royalty shall be $[*]. 

(b) If the First Commercial Sale has not occurred prior to December 31, 2023, with respect to the minimum royalty paid for the 2024 calendar year
and for each calendar year thereafter until (and not including) the calendar year that includes the date of the First Commercial Sale, [*] percent ([*]%) of that year’s minimum royalty payment shall be credited against and offset
LICENSEE’s obligation to pay royalties under Section 4.3 for the calendar year in which the First Commercial Sale occurs and in subsequent calendar years in excess of the $[*] minimum royalty payment (or the lesser amount as provided in
(a)(ii), above) for such year. 
  
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 (c) In the event that this Agreement is terminated for any reason prior to the end of a calendar year, the
minimum royalty payable to STC for the year of termination shall be determined in accordance with the following formula: 
  

	
	 TYMR = MR x (DAYS/365)

	
	 where:

	
	 TYMR is the minimum royalty payable for the year of termination;

	
	MR is the minimum royalty that would have been payable to STC for the year but for the termination: and, DAYS is the number of days of the year of termination prior to the date of termination.

 4.5 Reimbursement for Legal and Patent Expenses. Subject to LICENSEE’s right to notify STC that it no
longer wishes to reimburse STC for such amounts for one or more patent applications included in the Licensed Patents pursuant to Section 7.1, LICENSEE shall reimburse STC for all reasonable, documented out-of-pocket legal and other fees, costs,
and expenses heretofore and hereafter incurred by STC during the term of this Agreement paid in the filing, prosecution, and maintenance of the Licensed Patents in the Licensed Territory as follows: 

(a) With respect to such amounts incurred by STC on or after the Effective Date, LICENSEE shall reimburse and pay to STC all such reasonable, documented
fees, costs, and expenses within thirty (30) days after STC invoices LICENSEE from time-to-time for the amount of such fees, costs, and expenses; 

(b) With respect to such unreimbursed patent costs and expenses incurred by STC prior to the Effective Date, estimated to be [*] Dollars ($[*]),
LICENSEE shall reimburse and pay to STC such amount (plus any such additional costs and expenses incurred through the Effective Date) according to the following payment structure: 

(i) $[*] due upon execution of this Agreement; and 

(ii) the remaining balance due and to be paid in full on the earlier of: (x) the closing by LICENSEE of a Series A financing; (y) 180 days
following a Change in Control; or, (z) the first anniversary of the Effective Date. 
 4.6 Royalty Stacking. If at any time LICENSEE is
required to take one or more royalty- bearing licenses under intellectual property rights owned by a third party in order to make, use, manufacture, sell, have sold, offer for sale, export or import Licensed Products in the Licensed Territory, [*]%
of amounts paid during any reporting period under Section 5.1 to such third parties shall be applied to and reduce the amount of royalties payable to STC pursuant to Section 4.3 for such reporting period; provided that in no event shall
the amount paid to STC during any calendar year be reduced by reason of this Section 4.6 below a royalty rate of [*]% of Net Sales. This provision will apply only to prospective running royalties paid to third parties on the same basis as
required by Section 4.3 of this Agreement, and no credit will be allowed for lump-sum license fees, for milestone payments, for minimum annual royalties in excess of accrued royalties, for any amounts paid for past infringement of any third
party’s rights or for any amount paid for rights not required to permit LICENSEE to make, have made, use, manufacture, sell, have sold, offer for sale, export and import Licensed Products as provided in this Agreement. 

 
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 ARTICLE V. 

REPORTS AND PAYMENTS 
 5.1 Not later
than the last day of each March, May, August, and November during the term of this Agreement, LICENSEE shall deliver to STC a written report stating for the quarterly period ended the last days of the preceding December, March, June, and September,
respectively (each, a “reporting period”): 
 (a) for Licensed Products, the number of units sold and the Net Sales of LICENSEE and all
Licensed Affiliates; 
 (b) the amount, if any, taken by LICENSEE during the reporting period as a deduction for(A) write offs for bad debts with
respect to Licensed Products or Licensed Services for which a royalty was paid to STC in a prior reporting period; (B) with respect to the current reporting period and with respect to Licensed Products or Licensed Services sold or otherwise
disposed for which a royalty was paid to STC for any prior reporting period, price adjustments, billing errors, damaged or defective goods, recalls, returns, rebates, and chargeback rebates; 

(c) for Licensed Services, a description of the services provided and the Net Sales of the LICENSEE and all Licensed Affiliates from Licensed Services;

 (d) the number of units sold or otherwise disposed of by LICENSEE and Licensed Affiliates for Compassionate Use Programs; 

(e) for each Commercial Sublicense, the name and address of the Commercial Sublicensee, any reports received by LICENSEE from the Commercial Sublicensee
during the reporting period, the consideration received by LICENSEE from the Commercial Sublicensee under the Commercial Sublicense, and the amount of Sublicense Income received from the Commercial Sublicensee under the Commercial Sublicense; 

(f) the total amount due to STC from LICENSEE, with supporting calculations. 
  

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 5.2 With the delivery of each report required under Section 5.1, LICENSEE shall pay to STC all amounts
due with respect to the preceding reporting period. In the event that the amounts due as described in Section 4.3 at the end of any calendar year do not equal or exceed the minimum royalty amount specified in Section 4.4 for such calendar
year, LICENSEE shall pay to STC, on or before the last day of the following March, the amount required to satisfy the minimum royalty obligation for the preceding calendar year. If no amount is accrued during any reporting period, a written
statement to that effect shall be delivered to STC. 
 5.3 All amounts to be paid by LICENSEE hereunder shall be paid in U.S. Dollars. To the extent
that Net Sales received by LICENSEE in any reporting period are received in currencies other than U.S. Dollars, for purposes of calculating the royalties due hereunder, such Net Sales shall be converted to U.S. Dollars at the exchange rate existing
between the U.S. Dollar and the relevant currency on the last day of such reporting period, as such rate is determined by the Chase Manhattan Bank of New York. All payments due must be made without deduction for taxes, assessments, or other
charges of any kind that may be imposed on STC by any government other than that of the United States, or any political subdivision of such other government, with respect to any amounts payable to STC pursuant to this Agreement, and such taxes,
assessments, or other charges must be assumed and paid by LICENSEE. 
 5.4 Payments required under this Agreement, when overdue, shall bear interest
at a rate per annum rate of (1.5% in excess of the prime rate as published by “The Wall Street Journal” at the time such payment is due and until payment is received by STC. The accrual of such interest shall not foreclose STC from
exercising any other rights it may have resulting from the failure of LICENSEE to make the payment when due. 
 5.5 If this Agreement is terminated
for any reason before all of the payments provided for have been made (including the minimum royalties for the year in which the Agreement is terminated and any legal and patent expenses incurred by STC prior to the termination date), LICENSEE must
submit a terminal report and pay to STC any remaining unpaid balance within thirty (30) days after the date of termination even though the due date as above provided has not been reached. 

 
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 ARTICLE VI. 

RECORDS 
 6.1 Records of Operations
and Audit. LICENSEE, each Licensed Affiliate and each of their Commercial Sublicensees shall keep full and accurate records containing particulars that may be necessary for the purpose of calculating the amounts payable to STC hereunder in
sufficient detail to verify the royalty income payable to STC and to further allow such investigation of its operations as may be necessary to determine compliance by the LICENSEE, Licensed Affiliate, and Commercial Sublicensee with the financial
obligations under this Agreement in all material respects, as well as the accuracy of the reports and statements furnished hereunder. LICENSEE, each Licensed Affiliate, and each Commercial Sublicensee shall keep these records carefully preserved and
available for inspection by a nationally recognized independent accountant (a) selected by STC and reasonably acceptable to the LICENSEE or Licensed Affiliate, with respect to inspections of LICENSEE or Licensed Affiliate’s records or
(b) selected by Commercial Sublicensee and reasonably acceptable to STC, with respect to inspections of the Commercial Sublicensee’s records, in each case for a period of at least five (5) years following the end of the calendar year
to which they pertain. STC through such independent accountant, shall have the right at its own expense to inspect the records upon reasonable (at least five (5) calendar days) written notice and during regular business hours. If the audit
discloses an underpayment of more than (i) five percent (5%) from the amount of the original report or payment calculation, or (ii) $5,000, whichever is greater, LICENSEE shall, in addition to paying to STC any deficiency plus
interest thereon in accordance with Section 5.4, reimburse STC for the full cost of the performance of the audit. 
  

[*] 
 *Confidential Treatment Requested. 

 ARTICLE VII. 

PATENT PROSECUTION AND 

MAINTENANCE/LICENSEE PATENT DISPUTES 

7.1 Prosecution and Maintenance of Licensed Patents. The prosecution and maintenance of the United States and foreign patent applications and
patents included in the Licensed Patents shall be the primary responsibility of and controlled by STC, with consultation and input by LICENSEE by patent counsel selected by STC that is reasonably acceptable to LICENSEE. STC shall diligently
prosecute and maintain the United States and foreign patent applications and patents included in the Licensed Patents. STC, or its patent counsel, shall promptly provide LICENSEE with copies of all relevant documentation to keep LICENSEE informed
with respect to the prosecution and maintenance of the patent applications and patents included in the Licensed Patents. LICENSEE shall be afforded reasonable opportunities to comment on such documentation and advise STC and cooperate with STC in
such prosecution and maintenance and STC will reasonably consider all such comments and advice made by LICENSEE pursuant to this Section 7.1. If LICENSEE should fail to reimburse STC for patent expenses incurred under this Section in accordance
with Section 4.5 of this Agreement, STC shall have no further obligation to prosecute or maintain the patent applications and patents included in the Licensed Patents. LICENSEE may, upon ninety (90) days’ advance written notice to
STC, advise STC that it no longer wishes to reimburse STC for expenses for filing, prosecuting or maintaining one or more patent applications or patents included in the Licensed Patents. The giving of such notice, however, shall not relieve LICENSEE
of its obligation to reimburse STC for such expenses incurred prior to the expiration of the ninety (90)-day period. STC may, at its option, elect to pay such expenses or permit such patent applications and patents included in the Licensed Patents
to become abandoned or lapsed. If STC elects to pay such expenses, such patents shall not be subject to any license granted to LICENSEE hereunder. Without limiting the foregoing, STC agrees to file any patent application included in the Licensed
Patents or prosecute or maintain any Licensed Patent, in each case as requested by LICENSEE, provided that LICENSEE reimburses STC for patent expenses as set forth above. In the event that such costs are anticipated to be significant in any
particular case, STC may require that LICENSEE advance funds to STC. 
  
 [*] 

*Confidential Treatment Requested. 

 7.2 Extension of Licensed Patents. LICENSEE may request that STC have the normal term of any patent
application or patent included in the Licensed Patents extended or restored under a country’s procedure of extending life for time lost in government regulatory approval processes, and the expense of same shall be borne in accordance with the
terms of Section 4.5. LICENSEE shall assist STC to take whatever action is necessary to obtain such extension. In the case of such extension, royalties payable pursuant to Article IV hereof shall be payable until the end of the extended life of
the applicable patent. In the event that LICENSEE does not elect to extend patent application or patent included in the Licensed Patents, STC may, at its own expense, effect the extension of such patent application or patent included in the Licensed
Patents with LICENSEE’s prior written consent, not to be unreasonably conditioned, delayed or withheld. 
 7.3 Licensee Patent Dispute.
With respect to any assertion or claim by LICENSEE of the patentability, invalidity, unenforceability, or non-infringement of a Licensed Patent (a “Licensee Patent Dispute”): 

(a) Notwithstanding any other provision of this Agreement and specifically notwithstanding Section 12.3 of this Agreement, STC may by written
notice to LICENSEE terminate this Agreement in the event that LICENSEE initiates any action, arbitration, or other proceeding arising out of a Licensee Patent Dispute. 

(b) Notwithstanding any other provision of this Agreement, in the event that LICENSEE initiates any action, arbitration, or other proceeding arising out
of a Licensee Patent Dispute, then effective as of the date such proceeding is initiated: 
 (i) The royalty rate on Sublicense Income under
Section 4.2 shall be increased to [*] times the amount provided for under Section 4.2; 
 (ii) The royalty rate on Net Sales under
Section 4.3 shall be increased to [*] times the amount provided for under Section 4.3 during the pendency of the action, arbitration, or other proceeding, and [*] times the amount provided for under Section 4.3 in the event that any
judgment or award in such action, arbitration, or proceeding upholds the validity or enforceability of the Licensed Patent, or any claim thereof, or determines that LICENSEE has infringed or is infringing the Licensed Patent. 

(iii) The minimum annual royalty under Section 4.4 shall be increased to [*] times the amount provided for under Section 4.4 during the
pendency of the action, arbitration, or other proceeding, and [*] times the amount provided for under Section 4.4 in the event that any judgment or award in such action, arbitration, or proceeding upholds the validity or enforceability of the
Licensed Patent, or any claim thereof, or determines that LICENSEE has infringed or is infringing the Licensed Patent. 
  

[*] 
 *Confidential Treatment Requested. 

 (c) Reports and payments to STC under Section 5.1 shall be made on a monthly basis, with reports and
payments for each month due and payable on or before the tenth (10th) day of the following month. 

(d) LICENSEE shall reimburse and pay STC its costs, expenses, attorney’s and expert fees, and all other amounts incurred by STC in any action,
arbitration or proceeding arising out of a Licensee Patent Dispute in the event that any arbitration award or judgment in such action, arbitration or proceeding upholds the validity or enforceability of the Licensed Patents, or any claim thereof, or
determines that LICENSEE has infringed or is infringing the Licensed Patents. 
 ARTICLE VIII. 

ABATEMENT OF INFRINGEMENT 
 8.1 LICENSEE
acknowledges that the Licensed Patents are of great value to STC, and therefore, LICENSEE promises to take all reasonable measures to protect STC’s interests therein. LICENSEE shall not permit any entity, individual or firm to have rights to
practice the Licensed Patents, except as authorized in this Agreement. 
 8.2 Each party shall promptly give written notice to the other party in the
event such party learns of: (i) any suspected infringement of a Licensed Patent; or, (ii) the threat of or filing of any declaratory judgment action by a third party alleging the invalidity, unenforceability, or non-infringement of the
Licensed Patent. 
 8.3 LICENSEE shall have the exclusive first right (but not the obligation) to notify an infringer and initiate legal proceedings
to abate the infringement of a Licensed Patent within LICENSEE’S Field of Use. STC agrees to join as a party plaintiff in any such lawsuit initiated by LICENSEE, if requested to do so by LICENSEE, with all reasonable, documented costs,
attorneys’ fees, and expenses of STC to be paid by LICENSEE. Should LICENSEE elect not to institute such an action to enforce the Licensed Patent against infringement within LICENSEE’s Field of Use within ninety (90) days after
receipt of written notice from STC of STC’s intention to bring suit for such infringement, STC shall have the right (but not the obligation) at its own expense to take those steps on behalf of itself and LICENSEE, provided that LICENSEE shall
have the right to participate at its own expense in any action brought by STC. 
  
 [*] 

*Confidential Treatment Requested. 

 8.4 If LICENSEE leads proceedings to abate and remedy infringement, any monetary recovery from the
infringement of Licensed Patents received by LICENSEE shall first be applied to reimburse LICENSEE’s reasonable, documented unreimbursed expenses of such proceedings and then STC’s reasonable, documented unreimbursed expenses of such
proceedings, including, in each case, without limitation, reasonable attorneys’ fees and court costs. Any remainder shall, to the extent the same pertain to an infringement of the Licensed Patents within LICENSEE’s Field of Use, be treated
as Net Sales and subject to LICENSEE’s royalty obligations pursuant to Section 4.3 above. If STC leads proceedings to abate and remedy infringement, any monetary recovery from the infringement of Licensed Patents shall be first applied to
reimburse STC’s unreimbursed expenses of such proceedings, and then LICENSEE’s unreimbursed expenses of such proceedings, including without limitation, reasonable attorneys’ fees and court costs. Any remainder shall, to the extent the
same pertains to an infringement of the Licensed Patents within LICENSEE’s Field of Use, be treated as Net Sales and subject to LICENSEE’s royalty obligations pursuant to Section 4.3 above. 

8.5 In the event that a declaratory judgment action is brought by a third party against STC or LICENSEE alleging invalidity, unenforceability, or
non-infringement of the Licensed Patents, STC, at its option, shall have the right within twenty (20) days after commencement of such action to take over the sole defense of the action at its own expense. If STC does not exercise this right,
LICENSEE may take over the defense of the action at LICENSEE’s expense, either solely or in conjunction with other licensees of STC holding licenses with respect to fields of use of the Licensed Patents other than the Field of Use. STC agrees
to participate in such defense as a party, if requested by LICENSEE, with all reasonable, documented costs, attorneys’ fees, and expenses of STC to be paid by LICENSEE. In either case, the non-controlling party as between STC and LICENSEE shall
have the right to participate in, comment on, and make recommendations regarding the course of the controlling party’s defense of such declaratory judgment action, which recommendations the controlling party agrees to reasonably consider except
to the extent the recommendations would result, in STC’s reasonable determination, in an unwarranted narrowing of the Licensed Patents. The controlling party shall provide to the non-controlling party each document or a draft thereof pertaining
to the declaratory judgment action, including but not limited to each communication to opposing counsel, pleading, discovery request, or other court filing as follows: (a) documents received from the court or opposing counsel shall be provided
to the non-controlling party promptly after receipt; and (b) for a document to be served upon opposing counsel or filed in court, a draft of such document shall be provided to the non- controlling party sufficiently prior to its filing, to
allow for review and comment by the non-controlling party. 
 ARTICLE IX. 

CONFIDENTIALITY 
 9.1 Except as provided
herein, STC shall maintain in confidence, and shall not use for any purpose or disclose to any third party, information disclosed by or on behalf of LICENSEE or a Licensed Affiliate in writing and marked “Confidential” or that is disclosed
by or on behalf of LICENSEE or an Affiliate orally and confirmed in writing as confidential within forty-five (45) days following such disclosure, or which by its nature would reasonably be deemed to be confidential or proprietary
(collectively, “Confidential Information”) and shall not use such Confidential Information for any purpose other than those expressly permitted by this Agreement, or reasonably necessary for the performance or the enforcement of this
Agreement. Confidential Information shall not include any information that: (i) is already known to the receiving party at the time of disclosure hereunder other than under an obligation of confidentiality, (ii) now or hereafter becomes
publicly known other than through acts or omissions of the receiving party, (iii) is disclosed to the receiving party by a third party under no obligation of confidentiality to the disclosing party or (iv) is independently developed by the
receiving party without reliance on the Confidential Information of the disclosing party. 
 9.2 Neither party shall, without the express written
consent of the other, for any reason or at any time either during or subsequent to the term of this Agreement disclose to third parties the financial terms set forth in this Agreement, except upon a subpoena or other court order made with
appropriate provision for protection of confidential information or as required by securities or other applicable laws or to advisors (including financial advisors, attorneys and accountants), potential and existing investors, and others on a need
to know basis, in each case under circumstances that protect the confidentiality thereof on terms no less strict than those contained in this Agreement. Notwithstanding the foregoing, STC may disclose the financial terms of this Agreement to
University, Sandia, and to the Inventors under a duty of confidentiality no less strict than that contained in this Agreement. 
  

[*] 
 *Confidential Treatment Requested. 

 ARTICLE X. 

LIMITED WARRANTY, 
 MERCHANTABILITY
AND EXCLUSION OF WARRANTIES 
 (i) Each Party warrants to the other that it has the right and power to enter into this Agreement. STC
represents, in good faith and to the best of its knowledge, that: (i) there are not, as of the date of the Effective Date, any claims, demands, suits, or judgments against it that in any manner would or might impair or interfere with STC’s
performance of the license granted by STC to LICENSEE under this Agreement; (ii) it has all requisite power and authority to grant the licenses granted to LICENSEE pursuant to Article II; it has not previously granted to any third party any
rights that conflict with the licenses granted to LICENSEE pursuant to this Agreement; (iv) it has not received any notification, and does not possess any information reasonably indicating that the Licensed Patents may be invalid or that the
exercise of the rights granted hereunder will infringe on any patent or other proprietary right of any third party. Notwithstanding the foregoing, STC does not warrant the validity of any Licensed Patents. STC does not warrant the content contained
in the Licensed Patents or that they will be error free or that any defects will be corrected. STC makes no representation whatsoever with regard to the scope or commercial potential or profitability or income of or from the Licensed Patents or that
such Licensed Patents may be exploited by LICENSEE without infringing any rights of any other party. STC makes no covenant either to defend any infringement charge by a third party or to institute action against infringers of Licensed Patents. STC
does not warrant that the Licensed Patents will meet LICENSEE’s or any of LICENSEE’s customer’s specific requirements. LICENSEE warrants that it possesses the necessary expertise and skill to make, and has made, its own evaluation of
the capabilities, safety, utility, and commercial application of the Licensed Patents. 
  
 [*]

 *Confidential Treatment Requested. 

 10.1 EXCEPT AS OTHERWISE PROVIDED IN SECTION 10.1, THE LICENSED PATENTS ARE PROVIDED “AS IS.” STC
MAKES NO OTHER REPRESENTATION OR WARRANTY OF ANY KIND WITH RESPECT TO THE LICENSED PATENTS AND EXPRESSLY DISCLAIMS ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE AND ANY OTHER IMPLIED WARRANTIES WITH RESPECT TO THE
CAPABILITIES, SAFETY, UTILITY, OR COMMERCIAL APPLICATION OF LICENSED PATENTS. 
 ARTICLE XI. 

DAMAGES, INDEMNIFICATION, AND INSURANCE 

11.1 LICENSEE shall defend, indemnify and hold the Indemnitees harmless from any and all third party claims, demands, actions and causes of action
against the Indemnitees, and each of them, whether groundless or not, in connection with any and all injuries, losses, damages or liability of any kind whatsoever arising, directly or indirectly, out of use, exploitation, distribution, or sale of
Licensed Patents or Licensed Products by or through the LICENSEE or its Affiliates or Commercial Sublicensees, whether or not the claims, demands, actions or causes of action are alleged to have resulted, in whole or in part, from the negligent acts
or omissions of an Indemnitee, or from acts or omissions of such persons for which an Indemnitee would otherwise be strictly liable. This indemnification obligation shall include, without limiting the generality of the foregoing, reasonable attorney
fees and other reasonable costs or expenses incurred in connection with the defense of any and all such claims, demands, actions, or causes of action. 

11.2 Without limiting LICENSEE’s indemnity obligations, within ninety (90) days of the commercial distribution of any Licensed Product or
provision of Licensed Services, or, if applicable, on the date of initiation of any human trials, whichever occurs sooner, LICENSEE shall acquire a liability insurance policy and shall further maintain said policy throughout the term of this
Agreement and for three (3) years thereafter, said policy to cover each Indemnitee as a named insured (with right to prior notice of cancellation) for all liabilities, claims, damages, and actions arising from or relating to LICENSEE’s
exercise of its license under this Agreement, including but not limited to product liability and other matters within the scope of LICENSEE’s indemnity obligations under this Agreement, said coverage to be in an amount no less than Two Million
Dollars ($2,000,000) per occurrence for bodily injury and Five Million Dollars ($5,000,000) per occurrence for property damage, subject to a reasonable aggregate amount. 

STC shall promptly notify LICENSEE in writing of each claim, demand, action and cause of action for which STC or any Indemnitee intends to claim
indemnification under Section 11.1 , cooperate reasonably in any such claim, demand, action or cause of action, and provide, to the extent that such an evaluation is reasonably possible by STC, LICENSEE with STC’s good-faith evaluation of
the claim, demand, action or cause of action. STC will not make any admissions or take any actions in such claim, demand, action or cause of action that may prejudice or impair LICENSEE’s ability to defend such claim or suit without
LICENSEE’s prior written consent. 
  
 [*] 

*Confidential Treatment Requested. 

 11.3 Limitation of Liability. NEITHER PARTY SHALL BE LIABLE TO THE OTHER PARTY OR ANY THIRD PARTY
FOR ANY LOST PROFITS OR ANTICIPATED REVENUES OR PROFITS RELATING TO THE SAME, OR FOR ANY SPECIAL, CONSEQUENTIAL, INDIRECT, EXEMPLARY OR INCIDENTAL DAMAGES ARISING FROM ANY CLAIM RELATING TO THIS AGREEMENT, WHETHER SUCH CLAIM IS BASED ON CONTRACT,
TORT (INCLUDING NEGLIGENCE) OR OTHERWISE, EVEN IF AN AUTHORIZED REPRESENTATIVE OF SUCH PARTY IS ADVISED OF THE POSSIBILITY OR LIKELIHOOD OF SAME. 

ARTICLE XII. 
 TERM AND TERMINATION

 12.1 Term. Unless otherwise extended in writing by mutual agreement of the Parties, this Agreement will remain valid and in force
until the expiration date of the last of the Valid Claims of the last to expire of the Licensed Patents. Any extension of the term of this Agreement may include additional provisions or modifications to other provisions of this Agreement as,
negotiated and mutually agreed between the Parties. 
 12.2 Termination by LICENSEE. LICENSEE shall have the right to terminate this Agreement
in whole or in part, including with respect to specified Licensed Patents in one or more specified jurisdictions, at any time, upon ninety (90) days prior written notice, without cause and for any reason. If LICENSEE terminates this Agreement
under this provision, STC will not be under any obligation to return any portion of the consideration paid by LICENSEE to STC prior to or related to the period prior to the date of termination. If such termination is limited to certain Licensed
Patents in specified jurisdictions, then LICENSEE’s rights and obligations with respect thereto shall terminate upon expiration of such notice period, but the Agreement shall otherwise continue in full force and effect. 

12.3 Termination by STC. In the event of material breach of this Agreement by LICENSEE, STC may at any time provide written notice to LICENSEE of
such material breach. If LICENSEE fails to cure the identified material breach within ninety (90) days after the date of the notice, STC may by written notice given to LICENSEE terminate this Agreement. A “material breach” of this
Agreement for purposes of this Section 12.3 would include, but not be limited to, the failure to make the reports required under Article V of this Agreement on time or the failure to make the payments or deliveries required under Article IV of
this Agreement on time. 
  
 [*] 

*Confidential Treatment Requested. 

 12.4 LICENSEE’s Financial Condition. LICENSEE shall immediately notify STC in writing of its
intent to take action to: (a) liquidate and/or cease to carry on its business, (b) become “insolvent” (as such term is defined in the United States Bankruptcy Code, as amended from time to time), or (c) voluntarily seek,
consent to or acquiesce in the benefits of any bankruptcy or similar debtor-relief laws within thirty (30) days of such action. Upon receipt of such notice, STC may, at its sole option, terminate this Agreement without prejudice to any other
remedy to which STC may be entitled at law or in equity or elsewhere under this Agreement, by giving written notice of termination to LICENSEE. Failure by LICENSEE to provide such notice of intent will be deemed a material, pre-petition, incurable
breach of this Agreement and the Agreement will terminate automatically on the date of such voluntary or involuntary petition in bankruptcy. 
 12.5
Effect of Termination on Commercial Sublicenses. Upon termination of the Agreement, any Commercial Sublicenses granted hereunder shall survive, provided that: (a) at the time of such termination, the Commercial Sublicensee of the
Commercial Sublicense is not in material default under the Commercial Sublicense; (b) under such Commercial Sublicense the duties and obligations of STC to the Commercial Sublicensee under the Commercial Sublicense are not greater than the
duties and obligations of STC under this Agreement; and, (c) upon request by STC, such Commercial Sublicensee promptly agrees in writing to render to STC any performance, including the payment of money due from the Commercial Sublicensee under
this Agreement, after the termination and to be bound by the applicable terms of this Agreement. 
 12.6 Effect of Termination on LICENSEE.
Upon termination of this Agreement, LICENSEE shall cease manufacturing, processing, producing, using, or selling Licensed Products and cease providing Licensed Services; provided, however, that notwithstanding the foregoing LICENSEE may complete and
continue to sell in the ordinary course of business for a period of one hundred twenty (120) days reasonable quantities of Licensed Products that are fully or partially manufactured at the date of termination and continue to render any
previously commenced Licensed Services if (a) all monetary obligations of LICENSEE to STC have been satisfied, and (b) royalties on such sales are paid to STC in the amounts and in the manner provided in this Agreement. However, nothing
herein shall be construed to release either party of any obligation that matured prior to the effective date of such termination. 
  

[*] 
 *Confidential Treatment Requested. 

 12.7 Survival of Provisions on Termination. The word “termination” and cognate words such
as “term” and “terminate” as used in this Article and elsewhere in this Agreement are to be read as omitting from their effect the following rights and obligations, all of which shall survive any termination to the degree
reasonably necessary to permit their fulfillment or discharge: 
 (a) LICENSEE’s obligation to provide financial reports pursuant to Article V
for the period through the date of termination, to pay any amounts due hereunder through the date of termination pursuant to Article IV, LICENSEE’s obligation to reimburse STC for legal and patent expenses incurred prior to the date of
termination, and LICENSEE’S other obligations under Article V of this Agreement; 
 (b) Any cause of action or claim of either party accrued, or
to accrue, because of any breach or default by the other party; and 
 (c) The provisions of Articles I, IX, X, XI, XII, XIV and XV of this Agreement.

 ARTICLE XIII. 
 ASSIGNMENT

 This Agreement shall be binding upon and shall inure to the benefit of the legal representatives and assigns of STC and LICENSEE, provided,
however, that any assignment of this Agreement by LICENSEE to a third party may be made only upon prior written consent of STC, which consent may be withheld or conditioned by STC as necessary to prevent prejudice to the Licensed Patents and to
preserve the value of the consideration promised by LICENSEE to STC under this Agreement. Notwithstanding the foregoing, LICENSEE may assign this Agreement in its entirety, and all the rights and obligations hereunder, without such prior consent, to
an Affiliate or acquirer of all or substantially all of the assets of LICENSEE to which this Agreement pertains, whether by merger, acquisition, asset sale or otherwise, provided that LICENSEE informs STC of such assignment promptly thereafter and
provided that the assignee agrees to be bound by all the terms of this Agreement. 
 ARTICLE XIV. 

MISCELLANEOUS 
 14.1 Export
Controls. LICENSEE acknowledges that STC is subject to United States laws and regulations controlling the export of technical data, computer software, laboratory prototypes, and other commodities and that STC’s obligations under this
Agreement are contingent upon compliance with applicable United States export laws and regulations. The transfer of technical data and commodities may require a license from the cognizant agency of the United States government or written assurances
by LICENSEE that LICENSEE shall not export data or commodities to certain foreign countries without the prior approval of certain United States agencies. STC neither represents that an export license shall not be required nor that, if required, such
export license shall issue. 
 14.3 Legal Compliance. LICENSEE shall comply with all laws and regulations relating to its manufacture,
processing, producing, use, selling, or distributing of Licensed Products. 
 14.4 Independent Contractor. LICENSEE’s relationship to STC
shall be that of a licensee only. LICENSEE shall not be the agent of STC and shall have no authority to act for or on behalf of STC in any matter. Persons retained by LICENSEE as employees or agents shall not by reason thereof be deemed to be
employees or agents of STC. 
 14.5 Patent Marking. To the extent reasonably practical, LICENSEE shall mark Licensed Products sold in the
United States with United States patent numbers. Licensed Products manufactured or sold in other countries shall be marked in compliance with the intellectual property laws in force in such foreign countries. 

 
 [*] 

*Confidential Treatment Requested. 

 14.6 Use of Names. LICENSEE shall obtain the prior written approval of STC, University, Sandia, or
the Inventors prior to making use of their names for any commercial purpose, except as required by law. As an exception to the foregoing, LICENSEE, STC and Sandia shall have the right to publicize the existence of this Agreement; however, neither
LICENSEE nor STC shall disclose the terms and conditions of this Agreement without the other party’s consent, except as required by law or rules of a securities exchange, or to such party’s actual or prospective investors, advisors,
strategic partners and investment bankers under confidentiality. 
 14.7 Place of Execution. This Agreement and any subsequent modifications or
amendments hereto shall be deemed to have been executed in the State of New Mexico, U.S.A. 
 14.8 Governing Law. This Agreement and all
amendments, modifications, alterations, or supplements hereto, and the rights of the parties hereunder, shall be construed under and governed by the laws of the State of New Mexico without regard to its conflicts of laws principles. 

14.9 Entire Agreement. This Agreement, including the attached Exhibits, constitutes the entire agreement between STC and LICENSEE with respect to
the subject matter hereof and shall not be modified, amended or terminated except as herein provided or except by another agreement in writing executed by the parties hereto. 

14.10 Severability. All rights and restrictions contained herein may be exercised and shall be applicable and binding only to the extent that
they do not violate any applicable laws and are intended to be limited to the extent necessary so that they will not render this Agreement illegal, invalid or unenforceable. If any provision or portion of any provision of this Agreement shall be
held to be illegal, invalid or unenforceable by a court of competent jurisdiction, it is the intention of the parties that the remaining provisions or portions thereof shall constitute their agreement with respect to the subject matter hereof, and
all such remaining provisions or portions thereof shall remain in full force and effect. To the extent legally permissible, any illegal, invalid or unenforceable provision of this Agreement shall be replaced by a valid provision that will implement
the commercial purpose of the illegal, invalid or unenforceable provision. 
 14.11 Force Majeure. Any delays in, or failure of, performance of
any party to this Agreement shall not constitute default hereunder, or give rise to any claim for damages, if and to the extent caused by occurrences beyond the control of the party whose performance is so affected, including, but not limited to,
acts of God, strikes or other work stoppages; civil disturbances, fires, floods, explosions, riots, war, rebellion, sabotage, acts of governmental authority or failure of governmental authority to issue licenses or approvals that may be required.

  
 [*] 

*Confidential Treatment Requested. 

 ARTICLE XV. 

NOTICES 
 All notices and other
communications shall be hand delivered, sent by private overnight mail service, or sent by registered or certified U.S. mail, postage prepaid, return receipt requested, and addressed to the party to receive such notice or other communication at the
address given below, or such other address as may hereafter be designated by notice in writing: 
  

			
	 If to STC:
	  	 President & CEO
 STC.UNM

801 University Blvd. SE, Suite 101
 Albuquerque, NM 87106

Email:

		
	 With a copy to:
	  	 Sandia National Laboratories
 Attention: Licensing Agreements
Administrator, Org. 7932
 Ref: License #                    

P. O. Box 5800/Mailstop 0114
 Albuquerque, NM 87185-0114

Telephone:
 Facsimile:

		
	 If to LICENSEE:
	  	 President
 ALPINE BIOSCIENCES, INC.

600 Stewart St., Suite 1503
 Seattle, Washington 98102

Email:

 Such notices or other communications shall be effective upon receipt by an employee, agent or representative of the
receiving party authorized to receive notices or other communications sent or delivered in the manner set forth above. 
  

[*] 
 *Confidential Treatment Requested. 

 IN WITNESS WHEREOF, STC AND LICENSEE have caused this Agreement to be signed by their duly
authorized representatives, under seal, as of the day and year indicated above. 
  

											
	STC.UNM	  	 ALPINE BIOSCIENCES, INC.
	  	
						
	By:	  	 /s/ Elizabeth J. Kuuttila
	  		  	By:	  	 /s/ Jay Venkatesan
	  	
		  	Elizabeth J. Kuuttila	  		  		  	Jay Venkatesan	  	
		  	President & CEO	  		  		  	CEO	  	
						
	Date:	  	 7/30/14
	  		  	Date:	  	 7/30/14
	  	

  
 [*] 

*Confidential Treatment Requested. 

 EXHIBIT A 

LICENSED PATENTS 
 [*] 

 
 *Confidential Treatment Requested.

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