Document:

Exhibit 10.30

 

STOCK PURCHASE
AGREEMENT

 

THIS
STOCK PURCHASE AGREEMENT (this “Agreement”) is made as of the 26th day of March, 2021, by and between (a)
Bionik Laboratories Corp., a Delaware corporation (the “Company”), Bionik Inc., a Massachusetts corporation and a wholly-owned
subsidiary of the Company (“US Sub”) and Bionik Laboratories Inc., a Canada corporation and a wholly-owned indirect
subsidiary of the Company (“Canada Sub”), on the one hand, and (b) RGD INVESTISSEMENTS, a French corporation having
an office at Paris (75008), France, 46 rue Pierre Charron, and registered under the number 489 878 884 RCS PARIS (the “Purchaser”),
on the other hand.

 

WHEREAS,
the Purchaser is the owner of certain credits of US Sub and Canada Sub and wishes to make an investment in the Company pursuant to the
terms and conditions set forth in this Agreement.

 

NOW
THEREFORE, in consideration of the promises, stipulations and considerations contained herein, and for other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows:

 

1.             Purchase and Sale of Securities.

 

1.1.          Sale and Issuance of Common Stock. Subject to the terms and conditions of this Agreement, the Purchaser agrees to purchase,
and the Company agrees to sell and issue to the Purchaser, at and as of the date hereof, 135,560 shares (collectively, the “Shares”)
of the Common Stock, par value $0.001 per share, of the Company.

 

1.2.          Purchase Price. The purchase price for the Shares shall be the forgiveness and satisfaction in full by the Purchaser of
an aggregate of (a) US$61,667.00 of wage liabilities of the US Sub and (b) US$277,237.00 of wage liabilities of the Canada Sub (collectively,
the “Liabilities”), which Liabilities are reflected in the consolidated balance sheet and other financial statements
of the Company. The Liabilities have been acquired by the Purchaser on the date hereof pursuant to those certain Credit Assignment Agreements
with Eric Dusseux and Loren Wass, and in each such case as are defined as “Credits” and “Obligations” in each
of such Credit Assignment Agreements.

 

1.3.          Satisfaction of Credits. By signing this Agreement and upon the issuance of the Shares, the Purchaser, directly and indirectly,
on behalf of himself and his affiliated entities, his agents, heirs, successors and/or assigns, does hereby (a) acknowledge PAYMENT IN
FULL of the Liabilities, Credits and the Obligations and all obligations arising therefrom, and (b) release, acquit and forever discharge
the Company, its direct and indirect subsidiaries (including the US Sub and the Canada Sub, and their respective successors and assigns,
of and from any and all actions, causes of action, claims, demands, costs, expenses and compensation on account of or in any way arising
out the Liabilities, Credits and the Obligations.

 

     

     

    

 

1.4.          Defined Terms Used in this Agreement. In addition to the terms defined above, the following terms used in this Agreement
shall be construed to have the meanings set forth or referenced below.

 

(a)           “Person” means any individual, corporation, partnership, trust, limited liability company, association or other
entity.

 

(b)           “Securities Act” means the United States Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder.

 

2.             Representations and Warranties of the Company.
The Company hereby represents and warrants to the Purchaser that the following representations are true and complete as of the date hereof,
except as otherwise indicated.

 

2.1           Organization,
Good Standing, Corporate Power and Qualification. The Company is a corporation duly organized, validly existing and in good standing
under the laws of the State of Delaware and has all requisite corporate power and authority to carry on its business as presently conducted
and as proposed to be conducted.

 

2.2           Authorization.
All corporate action required to be taken by the Company’s Board of Directors in order to authorize the Company to enter into this
Agreement, and to issue the Shares, has been taken. All action on the part of the officers of the Company necessary for the execution
and delivery of this Agreement, the performance of all obligations of the Company under this Agreement, and the issuance and delivery
of the Shares, have been taken prior to the date hereof. This Agreement, when executed and delivered by the Company, shall constitute
valid and legally binding obligations of the Company, enforceable against the Company in accordance with its terms except (i) as
limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, or other laws of general application
relating to or affecting the enforcement of creditors’ rights generally or (ii) as limited by laws relating to the availability
of specific performance, injunctive relief, or other equitable remedies.

 

2.3           Valid
Issuance of Shares. The Shares, when issued, sold and delivered in accordance with the terms and for the consideration set
forth in this Agreement, will be validly issued, fully paid and nonassessable and free of restrictions on transfer other than restrictions
on transfer under applicable state and federal securities laws and liens or encumbrances created by or imposed by the Purchaser. Assuming
the accuracy of the representations of the Purchaser in Section 3 of this Agreement, the Shares will be issued in compliance with
all applicable federal and state securities laws.

 

2.4           Disclosure.
The Company has made available to the Purchaser all the information reasonably available to the Company that the Purchaser has requested
for deciding whether to acquire the Shares.

 

3.             Representations and Warranties of the Purchaser.
The Purchaser hereby represents and warrants to the Company, as of the date hereof, that:

 

3.1           Organization,
Good Standing, Corporate Power and Qualification. The Purchaser is duly organized, validly existing and in good standing under the
laws of the jurisdiction of organization and has all requisite power and authority to carry on its business as presently conducted and
as proposed to be conducted.

 

     

     

    

 

3.2           Authorization.
All action required to be taken by the Purchaser’s Board of Directors or corresponding governing body in order to authorize the
Company to enter into this Agreement and consummate the transactions contemplated herein, has been taken. All action on the part of the
officers of the Purchaser necessary for the execution and delivery of this Agreement and the performance of all obligations of the Company
under this Agreement, have been taken prior to the date hereof. This Agreement, when executed and delivered by the Purchaser, shall constitute
valid and legally binding obligations of the Purchaser, enforceable against the Purchaser in accordance with its terms except (i) as
limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, or other laws of general application
relating to or affecting the enforcement of creditors’ rights generally or (ii) as limited by laws relating to the availability
of specific performance, injunctive relief, or other equitable remedies.

 

3.3           Purchase
Entirely for Own Account. This Agreement is made with the
Purchaser in reliance upon the Purchaser’s representation to the Company, which by the Purchaser’s execution of this Agreement,
the Purchaser hereby confirms, that the Shares to be acquired by the Purchaser will be acquired for investment for the Purchaser’s
own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and that the Purchaser
has no present intention of selling, granting any participation in, or otherwise distributing the same. By executing this Agreement, the
Purchaser further represents that the Purchaser does not presently have any contract, undertaking, agreement or arrangement with any Person
to sell, transfer or grant participations to such Person or to any third Person, with respect to the Shares. The Purchaser has not been
formed for the specific purpose of acquiring the Shares.

 

3.4           Disclosure
of Information. The Purchaser has had an opportunity to
discuss the Company’s business, management, financial affairs and the terms and conditions of the offering of the Shares with the
Company’s management and has had an opportunity to review the Company’s facilities. The foregoing, however, does not limit
or modify the representations and warranties of the Company in Section 2 of this Agreement or the right of the Purchaser to rely
thereon.

 

3.5           Restricted
Securities. The Purchaser understands that the Shares have
not been, and will not be, registered under the Securities Act, by reason of a specific exemption from the registration provisions of
the Securities Act which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of the Purchaser’s
representations as expressed herein. The Purchaser understands that the Shares are “restricted securities” under applicable
U.S. federal and state securities laws and that, pursuant to these laws, the Purchaser must hold the Shares indefinitely unless they are
registered with the Securities and Exchange Commission and qualified by state authorities, or an exemption from such registration and
qualification requirements is available. The Purchaser acknowledges that the Company has no obligation to register or qualify the Shares
for resale. The Purchaser further acknowledges that if an exemption from registration or qualification is available, it may be conditioned
on various requirements including, but not limited to, the time and manner of sale, the holding period for the Shares (which may be 6
months or a year), and on requirements relating to the Company which are outside of the Purchaser’s control (such as whether the
Company is public and whether it was ever involved in a “reverse merger” or similar transaction), and which the Company is
under no obligation and may not be able to satisfy. 

 

     

     

    

 

3.6           Legends.
The Purchaser understands that the Shares shall be notated with the following legend or a legend substantively similar:

 

“THE SECURITIES
REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW
TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH TRANSFER MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT
RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES
ACT OF 1933.”

 

3.7           Accredited
Investor. The Purchaser is an accredited investor as defined
in Rule 501(a) of Regulation D promulgated under the Securities Act.

 

4.             Miscellaneous. 

 

4.1           Survival
of Warranties. Unless otherwise set forth in this Agreement,
the representations and warranties of the Company and the Purchaser contained in or made pursuant to this Agreement shall survive the
execution and delivery of this Agreement and shall in no way be affected by any investigation or knowledge of the subject matter thereof
made by or on behalf of the Purchaser or the Company.

 

4.2           Successors
and Assigns. The terms and conditions of this Agreement
shall inure to the benefit of and be binding upon the respective successors and assigns of the parties. Nothing in this Agreement, express
or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights,
remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

 

4.3           Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument. Counterparts may be delivered via electronic mail (including pdf or any electronic signature)
or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and
effective for all purposes. 

 

4.4           Titles
and Subtitles. The titles and subtitles used in this
Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.

 

4.5           Notices.
All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given
upon the earlier of actual receipt, or (a) personal delivery to the party to be notified, (b) when sent, if sent by electronic mail during
normal business hours of the recipient, and if not sent during normal business hours, then on the recipient’s next business day,
(c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) business
day after deposit with a nationally recognized overnight courier, freight prepaid, specifying next business day delivery, with written
verification of receipt. All communications shall be sent to the respective parties at their address as set forth on the signature page
or, or to such e-mail address, or address as subsequently modified by written notice given in accordance with this Subsection 4.5.

 

     

     

    

 

4.6           Amendments
and Waivers. Any term of this Agreement may be amended,
terminated or waived only with the written consent of the Company and the Purchaser.

 

4.7           Severability.
The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision.

 

4.8           Delays
or Omissions. No delay or omission to exercise any right,
power or remedy accruing to any party under this Agreement, upon any breach or default of any other party under this Agreement, shall
impair any such right, power or remedy of such non-breaching or non-defaulting party nor shall it be construed to be a waiver of any such
breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of
any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit,
consent or approval of any kind or character on the part of any party of any breach or default under this Agreement, or any waiver on
the part of any party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent
specifically set forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to any party, shall
be cumulative and not alternative.

 

4.9           Entire
Agreement. This Agreement constitutes the full and entire
understanding and agreement between the parties with respect to the subject matter hereof, and any other written or oral agreement relating
to the subject matter hereof existing between the parties are expressly canceled. 

 

4.10         Governing
Law; Dispute Resolution. This Agreement shall be governed
by the internal law of the State of Delaware without regard to the choice of law provisions of any jurisdiction. Each party hereto irrevocably
submits to the exclusive jurisdiction of the state or federal courts located in the State of Delaware for the purposes of any action or
claim arising out of this Agreement or any transaction contemplated hereby, and agrees to commence any such action or claim only in such
courts. Each party further agrees that service of any process, summons, notice or document by U.S. registered mail to such party’s
respective address set forth herein shall be effective service of process for any such action or claim. Each party irrevocably and unconditionally
waives any objection to the laying of venue of any action or claim arising out of this Agreement or the transactions contemplated hereby
in such courts, and hereby irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action
or claim brought in any such court has been brought in an inconvenient forum. EACH PARTY HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL
BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT
AND THE TRANSACTIONS CONTEMPLATED HEREBY OR THE ACTIONS OF SUCH PARTY IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE AND ENFORCEMENT
HEREOF.

 

4.11         Further
Assurances. Each of the parties hereto shall, from time to time at the request of the other party, furnish the other party such further
information or assurances, execute and deliver such additional documents, instruments and conveyances, and take such other actions and
do such other things, as may be reasonably necessary or appropriate to carry out the provisions of this Agreement and give effect to the
transactions contemplated hereby and thereby.

 

[Remainder
of Page Intentionally Left Blank; Signature Page Follows]

 

     

     

    

 

IN
WITNESS WHEREOF, the parties have executed this Stock Purchase Agreement as of the date first written above.

 

 

	 	COMPANY:
	 	 
	 	BIONIK LABORATORIES CORP.
	 	 
	 	By:	 /s/ Rich Russo Jr.
	 	Name: Rich Russo Jr.
	 	Title: CFO
	 	 
	 	 
	 	US SUB:
	 	 
	 	BIONIK INC.
	 	 
	 	By:	/s/ Rich Russo Jr.
	 	Name: Rich Russo Jr.
	 	Title: CFO
	 	 
	 	 
	 	CANADA SUB:
	 	 
	 	BIONIK LABORATORIES INC.
	 	 
	 	By:	/s/ Rich Russo Jr.
	 	Name: Rich Russo Jr.
	 	Title: CFO
	 	 
	 	 
	 	PURCHASER:
	 	 
	 	RGD INVESTISSEMENTS
	 	 
	 	 
	 	By:	/s/ Remi Gaston-Dreyfus
	 	Name: Remi Gaston-Dreyfus
	 	Title: President

 

	 	Address:	 
	 	 
	 	 

 

	 	E-mail/Facsimile:EX-10.9

 Exhibit 10.9 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [****], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND
(II) THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL. 
 AMENDED AND RESTATED 

LICENSE AND OPTION AGREEMENT 

between 
 THE REGENTS OF THE
UNIVERSITY OF CALIFORNIA 
 and 

SURROZEN 
 for 

Llama Single Domain Antibody Phage Library 

UC Case No. [****] 
  

 TABLE OF CONTENTS 

 

							
			
	 	 	 	  	Page	 
	 Article No.
	 	 Title
	  			
		
	 BACKGROUND
	  	 	1	 
			
	 1.
	 	 DEFINITIONS
	  	 	2	 
			
	 2.
	 	 GRANT
	  	 	3	 
			
	 3.
	 	 OPTION FEES
	  	 	5	 
			
	 4.
	 	 EXERCISE OF THE OPTION
	  	 	6	 
			
	 5.
	 	 TERMS OF THE PROPOSED COMMERCIAL LICENSE AGREEMENT
	  	 	7	 
			
	 6.
	 	 PROGRESS REPORTS
	  	 	8	 
			
	 7.
	 	 LIFE OF THE AGREEMENT
	  	 	9	 
			
	 8.
	 	 TERMINATION BY THE REGENTS
	  	 	9	 
			
	 9.
	 	 TERMINATION BY OPTIONEE
	  	 	9	 
			
	 10.
	 	 DISPOSITION OF BIOLOGICAL MATERIALS ON HAND UPON TERMINATION OR EXPIRATION
	  	 	10	 
			
	 11.
	 	 USE OF NAMES AND TRADEMARKS
	  	 	10	 
			
	 12.
	 	 CONFIDENTIALITY
	  	 	10	 
			
	 13.
	 	 LIMITED WARRANTY
	  	 	12	 
			
	 14.
	 	 LIMITATION OF LIABILITY
	  	 	13	 
			
	 15.
	 	 INDEMNIFICATION
	  	 	13	 
			
	 16.
	 	 NOTICES
	  	 	14	 
			
	 17.
	 	 ASSIGNABILITY
	  	 	15	 
			
	 18.
	 	 WAIVER
	  	 	15	 
			
	 19.
	 	 FORCE MAJEURE
	  	 	15	 
			
	 20.
	 	 GOVERNING LAWS; VENUE; ATTORNEYS FEES
	  	 	16	 
			
	 21.
	 	 GOVERNMENT APPROVAL OR REGISTRATION
	  	 	16	 
			
	 22.
	 	 COMPLIANCE WITH LAWS
	  	 	16	 
			
	 23.
	 	 MISCELLANEOUS
	  	 	17	 
		
	 EXHIBIT A
	  	 	19	 
		
	 EXHIBIT B: CONSENT TO SUBSTITUTION OF PARTY
	  	 	20	 

  

  
 -i- 

 AMENDED AND RESTATED LICENSE AND OPTION AGREEMENT FOR 

UC Case No [****] 
 “Llama
Single Domain Antibody Phage Library” 
 This amended and restated license and option agreement (“Agreement”) is
effective this 17th day of January, 2020 (“Amended and Restated Effective Date”), between The Regents of the University of California (“The Regents”), a California corporation, having its statewide
administrative offices at 1111 Franklin Street, 12th Floor, Oakland, California 94607-5200, and acting through its Office of Technology Management, University of California San Francisco, 600 16th Street, Suite
S-272, San Francisco, CA 94143 and Surrozen, Inc., a Delaware corporation, having a principal place of business at171 Oyster Point Blvd., Suite 400, South San Francisco, CA 94080
(“Surrozen”). The Regents and Surrozen are sometimes referred to herein individually as a “Party” and collectively as the “Parties.” 

BACKGROUND 

A.    Certain inventions, generally characterized as the Llama Single Domain Antibody Phage Library and disclosed in UC Case No. [****]
(“Invention”), are covered by the Technology Rights (as defined in Paragraph 1.12 below) and were made in the course of research at the University of California, San Francisco by [****]. 

B.    Development of the Invention was sponsored by The National Institutes of Health (“NIH”) and as a consequence, this
Agreement, any Commercial License Agreement, and the Invention are subject to overriding obligations to the United States Federal Government under 35 U.S.C. §§ 200-212 and applicable regulations
including a non-exclusive, non-transferable, irrevocable, paid-up license to practice or have practiced the Invention for or on
behalf of the United States Government throughout the world. 
 C.    The Regents elected on [****] to retain title and granted the
aforementioned licenses to the United States Government. 
 D.    Surrozen wishes to use the Biological Material under the Agreement to
discover Identified Antibodies and to determine its interest in exercising its option to obtain a commercial license to develop and commercialize the Identified Antibody(ies) or Derivative Antibody(ies). 

E.    The Regents wishes to grant Surrozen the non-exclusive license and the option so that the
Invention is used to discover and develop Identified Antibodies or Derivative Antibody(ies), if any, for the benefit of the general public by treating serious disease. 

F.    The Regents and Surrozen entered into a License and Option Agreement dated October 5, 2016 (the “Effective
Date”) with UC Agreement Control No. [****] (“Original Agreement”). Surrozen and The Regents now desire to amend and restate the Original Agreement in its entirety with this Agreement for the purpose of updating the option
and terms of the proposed Commercial License Agreement. 

  
 Page 1
of 21 

 AGREEMENT 

The Parties agree as follows: 

1.    DEFINITIONS 

As used in this Agreement, the following terms, whether used in the singular or plural, shall have the following meanings: 

1.1    “Antibody(ies)” means a protein or immunoglobulin that binds to an antigen or target of interest
through a complementarity determining region (“CDR”), or any fragment of such protein, including, but not limited to, an antibody, antibody fragment, [****]. 

1.2    “Biological Materials” means: (a) the Original Materials and their Progeny;
(b) Unmodified Derivatives; (c) Identified Antibody(ies); or (d) Derivative Antibody(ies). 

1.3    “Commercial License Agreement” means the license agreement as more fully described in Article 5
and Exhibit A (Terms of the Proposed Commercial License Agreement) by and between The Regents and Surrozen that may result if Surrozen exercises its option under this Agreement. 

1.4    “CRO” means a contract research organization under contract with Surrozen to perform research for
or on behalf of Surrozen. 
 1.5    “Derivative Antibody” means an Antibody that is the result of
Surrozen’s (i) research, development or optimization efforts using an Identified Antibody as a starting compound, [****], or (ii) combining an Identified Antibody with a third-party Antibody, [****]. 

1.6    “Field of Use” means the use of the Biological Materials for internal research, drug discovery and
screening by Surrozen on Surrozen’s own premises or by a CRO on behalf of Surrozen, to identify Antibodies against targets of interest and to test such Antibodies in vitro and in vivo (in animal models) as candidates for further development.
The Field of Use specifically excludes (i) the Sale, transfer, lease, exchange or other disposition or provision of Biological Materials, including but not limited to the Original Materials, or Product(s); (ii) any use in humans of the
Biological Materials or Product(s); (iii) the use or testing of the Products in any clinical trials; and (iv) the modification, in any way, of the Original Materials. 

1.7    “Identified Antibody(ies)” means a) an Antibody identified, produced or derived from the
Biological Materials by Surrozen, b) a polynucleotide encoding the Antibody described in a) above, or c) the amino acid or nucleotide sequence of the CDR of the Antibody described in a) above. 

  
 Page 2
of 21 

 1.8    “Original Materials” means the Phage Display
Llama VHH Single Domain Antibody Library developed by [****] as described UC Case No. [****]. 

1.9    “Product” means any article of manufacture, composition of matter, material, compound, component
or product that consists of, contains or incorporates Identified Antibody(ies) or Derivative Antibody(ies). 

1.10    “Progeny” means descendants from the Original Materials, Progeny and/or Unmodified Derivatives,
including those with mutations such as: virus from virus; cell from cell; or organism from organism. 

1.11    “Sale” means the act of selling, leasing or otherwise transferring, providing, or furnishing for
use for any financial consideration. Correspondingly, “Sell” means to make or cause to be made a Sale, and “Sold” means to have made or caused to be made a Sale. 

1.12    “Technology Rights” means (i) The Regents’ personal property rights in the Biological
Materials; and (ii) The Regents’ personal proprietary rights in the existing know-how associated with the Biological Materials. 

1.13    “Unmodified Derivative(s)” means a substance(s) derived from the Original Materials, Progeny or
Unmodified Derivatives that constitutes an unmodified functional subunit or derivative of the Original Materials, Progeny or Unmodified Derivatives, [****]. For the avoidance of doubt, Unmodified Derivatives shall not include any Antibody (ies)
identified by Licensee through screening the Original Materials, Progeny or Unmodified Derivatives. 
 2.    GRANT

 2.1    Supply. The Regents, and Surrozen acknowledge that a viable sample of the existing Original
Materials (or an equivalent thereof), has been provided to Surrozen. Surrozen is responsible for any handling and shipping costs associated with the provision of any additional samples of Original Materials to Surrozen. Surrozen may use such
Original Materials solely as necessary to exercise the rights granted to Surrozen hereunder; provided, however, in no event may Surrozen Sell, transfer, lease, exchange or otherwise dispose of or provide such Original Materials and/or any Biological
Materials to any third party except solely as provided for in Paragraph 2.11. Surrozen shall notify The Regents if Surrozen receives any biological material from [****] or any representative of The Regents that is not Original Materials. Surrozen
may not use such biological material without the written permission of The Regents. 

  
 Page 3
of 21 

 2.2    Non-Exclusive
License. Subject to the limitations and other terms and conditions set forth in this Agreement, including the license granted to the United States Government as set forth in the recitals and in Paragraph 2.4, The Regents grants Surrozen, under
the Technology Rights, the non-exclusive right to make (propagate) and use the Biological Materials only in the Field of Use, in the United States and in other countries where The Regents may lawfully grant
such licenses, solely to provide Surrozen the opportunity to discover Identified Antibodies and determine its interest in a Commercial License Agreement. 

2.3    Option. Subject to the limitations and other terms and conditions set forth in this Agreement, including the
license granted to the United States Government as set forth in the recitals and in Paragraph 2.4, The Regents grants Surrozen a time-limited right to negotiate in good faith the terms of the Commercial License Agreement. 

2.4    U.S. Government Rights. The rights and licenses granted hereunder are subject to the overriding obligations
to the United States Government under 35 USC§§ 200-212 and all applicable governmental implementing regulations, as amended from time to time, including the obligation to report on the utilization of
the Invention as set forth in 37 CFR.§ 401.14(h), and all applicable provisions of any license to the United States Government executed by The Regents. 

2.5    Limitations. The rights and licenses granted in Paragraphs 2.1, 2.2 and 2.3 do not constitute a license to
make or use Identified Antibodies or Derivative Antibodies except for the sole purpose of conducting an evaluation to determine the interest by Surrozen in exercising the rights granted in Paragraph 2.3 above. The right to test in clinical trials,
import, offer for Sale, and Sell Biological Materials or Product(s) is expressly excluded from this Agreement. Unless there is an executed and active Commercial License Agreement between the parties covering the subject Identified Antibody,
Derivative Antibody or Product, Surrozen is prohibited from filing an Investigational New Drug (IND) application with the FDA (or a similar application with a foreign regulatory authority) on any Identified Antibody, Derivative Antibody, or Product.

 2.6    Patent Filings. Inventorship of inventions conceived or reduced to practice in the course of activities
performed under or contemplated by this Agreement shall be determined under U.S. patent laws pertaining to inventorship. 

2.7    Title. Title in and to the Original Materials, Progeny and Unmodified Derivatives and any rights, including
any and all intellectual property rights, relating thereto is owned by The Regents and is not transferred to Surrozen under this Agreement. Surrozen will own any Derivative Antibody(ies), except that The Regents retains ownership of any Original
Materials, Progeny, and Unmodified Derivatives, as well as portions of Unmodified Derivatives contained or incorporated in any such Derivative Antibody. 

  
 Page 4
of 21 

 2.8    The Regents’ Retention of Rights. The Regents
reserves and retains the right (and the rights granted to Surrozen in this Agreement shall be limited accordingly) to make, use and practice the Invention, the Technology Rights, and the Original Materials, Progeny and Unmodified Derivatives and any
technology relating to any of the foregoing created by The Regents for educational and research purposes, including without limitation, any sponsored research performed for or on behalf of commercial entities and including publication and other
communication of any research results. Surrozen understands that the right of The Regents to transfer the Original Materials, Progeny and Unmodified Derivatives to other educational and non-profit institutions
as provided for in this Paragraph 2.8 could lead to the inadvertent loss or diminution of the proprietary and commercial value of the Original Material, Progeny and Unmodified Derivatives and that such loss or diminution does not affect the
consideration Surrozen is to convey to The Regents hereunder. 
 2.9    Additional Licenses. Subject to
Section 4.2, The Regents is free to issue additional licenses under the Technology Rights and to the Original Materials and any biological materials made from the Original Materials for commercial or
non-commercial purposes and is free to transfer the Original Materials and any biological materials made from the Original Materials to third parties, except The Regents shall not transfer the Derivative
Antibodies to a Third Party. 
 2.10    No Right to Sublicense. This Agreement specifically excludes the right to
sublicense, except as permitted under Paragraph 2.11 (CROs) below. 
 2.11    CROs. Surrozen’s right to
transfer possession of the Biological Materials and Identified Antibody(ies) and/or Derivative Antibody(ies) to third parties is expressly limited under the terms of this Agreement. Surrozen shall have the right to transfer the Biological Materials,
Identified Antibody(ies) and/or Derivative Antibody(ies) solely to CROs for the express purpose of performing research in the Field of Use on behalf of Surrozen. If Surrozen transfers any Biological Materials, Identified Antibody(ies) and/or
Derivative Antibody(ies) to CROs, it hereby agrees that such CROs shall be required to comply with the terms and conditions of this Agreement. For the purpose of this Agreement, Surrozen shall remain responsible for the performance of its rights and
obligations set out in this Agreement by such recipient CROs, including the confidentiality and material handling protections set forth in this Agreement. 

3.    OPTION FEES 

3.1    Option Issue Fee. As partial consideration for the rights granted to Surrozen herein, Surrozen will pay The
Regents an option issue fee of [****]. The option issue fee is due The Regents within [****] of the Effective Date. The option issue fee was paid in full on [****]. 

  
 Page 5
of 21 

 3.2    Option Maintenance Fee. Surrozen will also pay The Regents
an option maintenance fee of [****] beginning on the first anniversary of the Effective Date and continuing annually on each anniversary of the Effective Date until, the earlier of, either the Parties executing a Commercial License Agreement or
termination of this Agreement. The option maintenance fee is due The Regents within [****] of each anniversary of the Effective Date beginning with the first anniversary. 

3.3    Term Extension. Upon receipt of Surrozen’s notice of a request to extend the Term, the Parties may
extend the Term of this Agreement for an additional four (4) years by written agreement. If the Parties agree to an additional Term, Surrozen will pay an option extension fee of [****], which is due within [****] of the Parties written
agreement to extend the Term. 
 3.4    The option issue fee, option maintenance fee and option extension fee are non-refundable, non -cancelable, non-creditable and not an advance against royalties or other payments required to be paid under the terms of this Agreement or the
Commercial License Agreement. 
 3.5    In the event that fees or other monies owed to The Regents are not received by
The Regents when due, then Surrozen will pay The Regents interest at a rate of [****]. Such interest will be calculated from the date payment was due until actually received by The Regents. Such accrual of interest will be in addition to and not in
lieu of, enforcement of any other rights of The Regents due to such late payment. 
 4.    EXERCISE OF THE OPTION

 4.1    If Surrozen elects to exercise its right to negotiate the terms of the Commercial License Agreement, then
Surrozen will notify The Regents in writing not later than [****] prior to the expiration of this Agreement. 

4.2    Within the [****] following Surrozen’s election to exercise its option pursuant to Paragraph 4.1, Surrozen and
The Regents will begin, in good faith, to negotiate the outstanding terms and conditions of the Commercial License Agreement. The Parties shall have a maximum of [****] from the date of election to conclude a Commercial License Agreement
(“Negotiation Period”). Such Negotiation Period may be extended by written mutual agreement. 

4.3    The Parties mutually acknowledge that good-faith negotiations may or may not result in the execution of the
Commercial License Agreement. Neither Party will be liable to the other in the event of any termination of negotiations or failure to execute the Commercial License Agreement unless and to the extent the other Party proves, by clear and convincing
evidence, that the terms sought by such Party are so unreasonable as to clearly constitute bad faith. 

  
 Page 6
of 21 

 5.    TERMS OF THE PROPOSED COMMERCIAL LICENSE AGREEMENT 

5.1    If Surrozen exercises its rights under Paragraph 2.3, Article 3 (Option Fees), Article 4 (Exercise of the Option)
and this Article 5, then The Regents and Surrozen will thereafter negotiate, in good faith, the terms of the Commercial License Agreement. The terms of the Commercial License Agreement will include, but not be limited to, the agreed upon terms set
forth in Exhibit A and the following provisions: 
  

	 	5.1.1	 confidentiality terms; 

 

	 	5.1.2	 indemnification by Surrozen of The Regents, the sponsors of the research that led to the Invention and the
development of the Original Materials to the extent of their sponsorship of the research, and the inventors of the Original Materials and their employers. 

  

	 	5.1.3	 a warranty that is limited to The Regents’ right to grant a license under Technology Rights as set forth
in Article 13 (Limited Warranty) hereof; 

  

	 	5.1.4	 limitation of liability of The Regents; and 

 

	 	5.1.5	 other standard terms normally found in exclusive license agreements executed by The Regents.

 5.2    Surrozen and The Regents have agreed upon a term sheet (“Term Sheet”) which
sets forth the basic terms under which the Parties have agreed to negotiate a Commercial License Agreement, a copy of which is attached to this Agreement as Exhibit A. The Term Sheet shall not create any binding obligations on the part of either
Surrozen or The Regents to execute a Commercial License Agreement. Any rights and obligations of the Parties pursuant to the Commercial License Agreement will be subject to the negotiation and execution of the Commercial License Agreement. 

5.3    The Commercial License Agreement will be subject to the following: 

 

	 	5.3.1	 The obligations to the U.S. Government under 35 U.S.C. §§
200-212 and applicable governmental implementing regulations, as amended from time to time, including the obligation to report on the utilization of the Invention as set forth in 37 CFR. § 401.14(h), and
all applicable provisions of any license to the United States Government executed by The Regents; and 

  

	 	5.3.2	 The National Institutes of Health “Principles and Guidelines for Recipients of NIH Research Grants and
Contracts on Obtaining and Disseminating Biomedical Research Resources,” 64 F.R. 72090 (Dec. 23, 1999), as amended from time to time. 

  
 Page 7
of 21 

 6.    PROGRESS REPORTS 

6.1    Beginning on the [****], and [****] thereafter (“Progress Report Due Date”), Surrozen will provide
to The Regents a written progress report as described in Paragraph 6.2 below covering Surrozen’s activities related to the use of the Biological Material. 

6.2    The progress reports will include, but are not limited to, the following: 

 

	 	6.2.1	 A summary of work completed and in progress as of the submission date, related to the use of the Biological
Material. The summary of work should provide The Regents with enough information so that The Regents may understand the usefulness and effectiveness of The Regents’ libraries, the success of Surrozen’s screenings, and the development
status of any Identified Antibodies and Derivative Antibodies. [****] 

  

	 	6.2.2	 [****] 

  

	 	6.2.3	 [****] 

6.3    A progress report will be considered timely if provided to The Regents within [****] of the Progress Report Due
Date. If Surrozen fails to submit a timely progress report to The Regents, then The Regents will provide Surrozen written notice that it has failed to submit a timely progress report and Surrozen will have an additional [****] after receiving The
Regents’ written notice to submit the progress report. If Surrozen fails to submit a progress report during this additional [****] window, then The Regents will be entitled to terminate this Agreement in accordance with Section 8. If
either Party terminates this Agreement before expiration, then Surrozen shall submit within [****] following termination a final progress report to cover the period up to the time of termination. 

6.4    In the event that Surrozen elects to extend the term of this Agreement as provided for in Paragraph 3.3, Surrozen
must continue to submit progress reports in accordance with the provisions of Paragraphs 6.1, 6.2 and 6.3 above. 

  
 Page 8
of 21 

 7.    LIFE OF THE AGREEMENT 

7.1    Unless otherwise terminated by operation of law or by acts of the Parties in accordance with the terms of this
Agreement, this Agreement will be in force from the Effective Date and will remain in effect for four (4) years thereafter (the “Term”). 

7.2    Surrozen may extend this Agreement for an additional Term in accordance with the provisions of Paragraph 3.3. 

7.3    This Agreement will automatically terminate without the obligation to provide sixty (60) days notice as set
forth in Article 8 upon the filing of a petition for relief under the United States Bankruptcy Code by or against Surrozen as a debtor or alleged debtor. 

7.4    Any termination of this Agreement will not affect the rights and obligations set forth in the following Paragraph
and Articles: 
 Article 1          Definitions Option Fees 

Article 3          Option Fees 

Article 7          Life of the Agreement 

 

	 	Article	 10        Disposition of Biological Materials on Hand Upon Termination
or Expiration 

 Article 11        Use of Names and Trademarks 

Article 12        Confidentiality 

Article 13        Limited Warranty 

Article 14        Limitation of Liability 

Article 15        Indemnification 

Article 16        Notices 

Article 20        Governing Laws; Venue; Attorneys Fees 

7.5    Any termination or expiration of this Agreement will not relieve the Surrozen of its obligation to pay any fees or
monies, including the option fee and extension fee (if any), due or owing at the time of termination or expiration and will not impair any accrued right of The Regents. 

8.    TERMINATION BY THE REGENTS 

8.1    If The Regents believes that Surrozen is in material breach of this Agreement, then The Regents shall give written
notice of the breach (“Notice of Breach”) to Surrozen such Notice of Breach describing the alleged material breach in sufficient detail to put Surrozen on notice. If Surrozen fails to repair the material breach within sixty
(60) days of receipt of the Notice of Breach, then The Regents will have the right to immediately terminate this Agreement and its licenses by providing a written notice of termination (“Notice of Termination”) to Surrozen.

 9.    TERMINATION BY OPTIONEE 

9.1    Surrozen has the right to terminate this Agreement at any time by providing a Notice of Termination to The Regents.
Termination of this Agreement will be effective sixty (60) days from the effective date of such notice. 

  
 Page 9
of 21 

 10.    DISPOSITION OF BIOLOGICAL MATERIALS ON HAND UPON TERMINATION OR
EXPIRATION 
 10.1    Surrozen must destroy any Biological Materials in its possession within [****] after any of
the following events have occurred: 
  

	 	10.1.1	 the date the termination of this Agreement takes effect, prior to expiration; 

 

	 	10.1.2	 if the Agreement has not been terminated earlier, the date of expiration of this Agreement takes effect, if
Surrozen has not exercised the Option according to the provisions of Article 4 (Exercise of the Option); or 

  

	 	10.1.3	 the termination of negotiations where Surrozen exercised the Option in accordance with Article 4 (Exercise of
the Option), but negotiations between The Regents and Surrozen were terminated without an agreement on the terms of the Commercial License Agreement being reached. 

10.2    Surrozen will provide The Regents within [****] following the destruction of the Biological Materials with written
notice that they have been destroyed. 
 11.    USE OF NAMES AND TRADEMARKS 

11.1    Nothing contained in this Agreement confers any right to use in advertising, publicity or other promotional
activities any name, trade name, trademark or other designation of either Party hereto (including contraction, abbreviation or simulation of any of the foregoing). Without Surrozen’s consent case-by-case, The Regents may list Surrozen’s name as a licensee of technology from The Regents without further identifying the technology. Unless required by law or unless consented to in writing by
Executive Director, Office of Technology Transfer of The Regents, the use by Surrozen of the name “The Regents of the University of California” or the name of any campus of the University of California in advertising, publicity or
other promotional activities is expressly prohibited. Notwithstanding the foregoing, Surrozen shall be permitted to acknowledge in a scientific publication, consistent with standard practice for such publications, the source of the Biological
Materials. 
 12.    CONFIDENTIALITY 

12.1    Each Party agrees that, during the Term and for a period of [****] thereafter, a Party (the “Receiving
Party”) receiving proprietary know-how, inventions, Biological Materials, business, patent prosecution, software, engineering drawings, process and technical information, and other proprietary
information, including the negotiated terms of this Agreement and any progress reports (“Proprietary Information”) of the other Party (the “Disclosing Party”) shall (a) maintain in confidence such Proprietary
Information using reasonable efforts, but not less than the efforts such Receiving Party 

  
 Page 10
of 21 

 uses to maintain in confidence its own proprietary information of similar kind and value, (b) not
disclose such Proprietary Information to any third party without the prior written consent of the Disclosing Party, except for disclosures expressly permitted in this Article 12 (Confidentiality), and (c) not use such Proprietary Information
for any purpose except those permitted by this Agreement. 
 12.2    Surrozen and The Regents may use and disclose
Proprietary Information to their employees, agents, consultants, contractors, lawyers, investment bankers and potential investors provided that such parties are bound by a like duty of confidentiality as that found in this Article 12
(Confidentiality). Notwithstanding anything to the contrary contained in this Agreement, The Regents may disclose this Agreement as required pursuant to the California Public Records Act or other applicable law. 

12.3    All written Proprietary Information will be labeled or marked confidential or proprietary. If the Proprietary
Information is orally disclosed, it will be reduced to writing or some other physically tangible form, marked, and labeled as confidential or proprietary by the disclosing party, and delivered to the receiving party within [****] after the oral
disclosure. 
 12.4    Nothing contained herein will in any way restrict or impair the right of Surrozen or The Regents
to use or disclose any Proprietary Information that the Receiving Party can show by written documentation: 
  

	 	12.4.1	 was previously known to it prior to its disclosure by the Disclosing Party; 

 

	 	12.4.2	 is now, or becomes in the future, public knowledge other than through acts or omissions of Receiving Party;

  

	 	12.4.3	 was lawfu1ly obtained without restrictions on the Receiving Party from sources independent of the Disclosing
Party; and 

  

	 	12.4.4	 that The Regents is required to disclose pursuant to the California Public Records Act or other applicable law
(subject to Section 12.5(ii)). 

 12.5    Surrozen or The Regents may also use or disclose
Proprietary Information that is required to be disclosed (i) to a governmental entity or agency in connection with seeking any governmental or regulatory approval, governmental audit, or other governmental contractual requirement or
(ii) by law, provided that the Receiving Party uses reasonable efforts to give the c sufficient notice of such required disclosure to allow the Disclosing Party reasonable opportunity to object to, and to take legal action to prevent, such
disclosure. 
 12.6    Upon any termination of this Agreement, Surrozen and The Regents will destroy or return any of
the Disclosing Party’s Proprietary Information in its possession within [****] following the termination of this Agreement. Surrozen and The Regents will provide each other, within [****] following termination, with written notice that such
Proprietary Information has been returned or destroyed. Each Party may, however, retain one copy of such Proprietary Information for archival purposes in non-working files. 

  
 Page 11 of
21 

 12.7    With regard to the Biological Materials, Surrozen agrees: 

 

	 	12.7.1	 not to use the Biological Materials except for the sole purpose of performing under the terms of this
Agreement; 

  

	 	12.7.2	 not to transfer the Biological Materials to others (except to its employees, agents, CROs or consultants who
are bound to Surrozen by like obligations conditioning and restricting access, use and continued use of Biological Material) without the express written permission of The Regents, except that Surrozen is not prevented from transferring any
Biological Material that is lawfully obtained by the Surrozen from sources independent of The Regents; 

  

	 	12.7.3	 to safeguard the Biological Materials against disclosure and transmission to others with the same degree of
care as it exercises with its own biological materials of similar nature; and 

  

	 	12.7.4	 to destroy all copies of the Biological Materials at the termination or expiration of this Agreement within
[****] following the effective date of such termination or expiration. 

 13.    LIMITED WARRANTY

 13.1    The Regents warrants to Surrozen that it has the lawful right to grant this option. 

13.2    Except as expressly set forth in this Agreement, the licenses and the associated Invention and any Biological
Materials are provided by The Regents WITHOUT WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR ANY OTHER WARRANTY OF ANY KIND, EXPRESS OR IMPLIED. THE REGENTS MAKES NO EXPRESS OR IMPLIED REPRESENTATION OR WARRANTY THAT THE
INVENTION, PRODUCTS OR BIOLOGICAL MATERIALS WILL NOT INFRINGE ANY PATENT, COPYRIGHT, TRADEMARK OR OTHER RIGHTS. 

13.3    This Agreement does not: 
  

	 	13.3.1	 express or imply a warranty or representation as to the validity, enforceability, or scope of any Technology
Rights; or 

  

	 	13.3.2	 express or imply a warranty or representation that anything made, used, Sold, offered for Sale or imported or
otherwise disposed of under any license from The Regents is or will be free from infringement of patents, copyrights, or other rights of third parties; or 

  
 Page 12 of
21 

	 	13.3.3	 obligate The Regents to bring or prosecute actions or suits against third parties for patent infringement; or

  

	 	13.3.4	 confer by implication, estoppel or otherwise any license or rights under any patents or other rights of The
Regents; or 

  

	 	13.3.5	 obligate The Regents to furnish any know-how, technology or information
not provided in Biological Materials or Technology Rights; or 

  

	 	13.3.6	 obligate The Regents to update the technology in Technology Rights. 

14.    LIMITATION OF LIABILITY 

14.1     THE REGENTS WILL NOT BE LIABLE FOR ANY LOST PROFITS, COSTS Of PROCURING SUBSTITUTE GOODS OR SERVICES, LOST
BUSINESS, ENHANCED DAMAGES FOR INTELLECTUAL PROPERTY INFRINGEMENT OR ANY INDIRECT, INCIDENTAL, CONSEQUENTIAL, PUNITIVE OR OTHER SPECIAL DAMAGES SUFFERED BY SURROZEN ARISING OUT OF OR RELATED TO THIS AGREEMENT FOR ALL CAUSES OF ACTION OF ANY KIND
(INCLUDING TORT, CONTRACT, NEGLIGENCE, STRICT LIABILITY AND BREACH OF WARRANTY) EVEN IF THE REGENTS HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. 

15.    INDEMNIFICATION 

15.1    Surrozen will indemnify, hold harmless and defend The Regents and its officers, employees and agents, the sponsors
of the research that led to the Invention and the development of the Original Materials (to the extent of their sponsorship of the research), and the inventors of the Original Materials and their employers against any and all claims, suits, losses,
damage, costs, fees and expenses resulting from, or arising out of, this Agreement, including, but not be limited to, product liability (“Claims”), provided such Claims do not arise due to The Regents’ gross negligence or
willful misconduct. Surrozen will not use or test the Biological Materials, including the Identified Antibody(ies) or Derivative Antibody(ies), or the Products on or in human subjects. If there is a conflict of interest or The Regents’ believes
it will not otherwise be adequately represented by counsel chosen by the Surrozen to defend The Regents in accordance with this Paragraph 15.1, then The Regents may retain counsel of its choice to represent it, and Surrozen will pay all expenses for
such representation. 

  
 Page 13 of
21 

 15.2    During the term of this Agreement and for [****] following its
termination or expiration, the Surrozen, at its sole cost and expense, will insure its activities in connection with any work performed hereunder and will obtain and maintain the following insurance (or an equivalent program of self insurance): 

 

	 	15.2.1	 Comprehensive or commercial form general liability insurance (contractual liability included) with limits as
follows: 

  

			
	Each Occurrence	  	[****]
		
	Personal and Advertising Injury	  	[****]
		
	General Aggregate (commercial form only)	  	[****]

  

	 	15.2.2	 The coverage referred to in Paragraph 15.2. above will not in any way limit the liability of Surrozen. Surrozen
will furnish The Regents with certificates of insurance evidencing compliance with all requirements. Such certificates will: 

  

	 	•	 	 Provide for [****] advance written notice to The Regents of any material modification; 

 

	 	•	 	 Indicate that The Regents are included as an additional insured under the coverage described above; and

  

	 	•	 	 Include a provision that the coverage will be primary and will not participate with, nor will be excess over, any
valid and collectable insurance or program of self-insurance maintained by The Regents. 

 15.3    The
Regents will promptly notify Surrozen in writing of any claim or suit brought against The Regents for which The Regents intends to invoke the provisions of this Article 15 (Indemnification). The Surrozen will keep The Regents informed on a current
basis of its defense of any claims pursuant to this Article 15 (Indemnification). 
 16.    NOTICES 

16.1    Any notice or payment required to be given to either Party shall be deemed to have been properly given and to be
effective as of the date specified below if delivered to the respective address given below or to another address as designated by written notice given to the other party: 
  

	 	16.1.1	 on the date of delivery if delivered in person; 

 

	 	16.1.2	 on the date of mailing if mailed by first-class certified mail, postage paid; or 

 

	 	16.1.3	 on the date of mailing if mailed by any global express carrier service that requires recipient to sign the
documents demonstrating the delivery of such notice or payment. 

 In the case of Surrozen: 

[****] 

  
 Page 14 of
21 

 In the case of The Regents: 

For notices: 

[****] 
 For remittance of
payments: 
 [****] 

17.    ASSIGNABILITY 

This Agreement is personal to Surrozen. Surrozen may not assign or transfer this Agreement without The Regents’ prior written consent
except that such consent will not be required in the case of assignment or transfer to a party that succeeds to all or substantially all of Surrozen’s business or assets relating to this Agreement, whether by sale, merger, operation of law or
otherwise, provided that such assignee or transferee promptly agrees to be bound by the terms and conditions of this Agreement and signs The Regents’ standard substitution of party letter (the form of which is attached hereto as Exhibit B). Any
attempted assignment by Surrozen in violation of this Article 17 (Assignability) will be null and void. This Agreement is binding upon and will inure to the benefit of The Regents, its successors and assigns. 

18.    WAIVER 

No waiver by either party of any breach or default of any of the covenants or agreements contained herein will be deemed a waiver as to any
subsequent and/or similar breach or default. No waiver will be valid or binding upon the parties unless made in writing and signed by a duly authorized officer of each party. 

19.    FORCE MAJEURE 

19.1    Except for Surrozen’s obligation to make any payments to The Regents hereunder, the Parties shall not be
responsible for any failure to perform due to the occurrence of any events beyond their reasonable control which render their performance impossible or onerous, including, but not limited to: accidents (environmental, toxic spill, etc.); acts of
God; biological or nuclear incidents; casualties; earthquakes; fires; floods; governmental acts; orders or restrictions; inability to obtain suitable and sufficient labor, transportation, fuel and materials; local, national or state emergency; power
failure and power outages; acts of terrorism; strike; and war. 

  
 Page 15 of
21 

 19.2    Either Party to this Agreement however, will have the right to
terminate this Agreement upon [****] prior written notice if either party is unable to fulfill its obligations under this Agreement due to any of the causes mentioned in Paragraph 19.1 for a period of [****]. 

20.    GOVERNING LAWS; VENUE; ATTORNEYS FEES 

20.1    THIS AGREEMENT WILL BE INTERPRETED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA, excluding
any choice of law rules that would direct the application of the laws of another jurisdiction and without regard to which party drafted particular provisions of this Agreement, but the scope and validity of any patent or patent application will be
governed by the applicable laws of the country of such patent or patent application. 
 20.2    Any legal action brought
by the parties hereto relating to this Agreement will be conducted in San Francisco, California. 
 20.3    [****] 

21.    GOVERNMENT APPROVAL OR REGISTRATION 

If this Agreement or any associated transaction is required by the law of any nation to be either approved or registered with any governmental
agency, Surrozen will assume all legal obligations to do so. Surrozen will notify The Regents if it becomes aware that this Agreement is subject to a United States or foreign government reporting or approval requirement. The Surrozen will make all
necessary filings and pay all costs including fees, penalties and all other out-of-pocket costs associated with such reporting or approval process. 

22.    COMPLIANCE WITH LAWS 

Surrozen shall comply with all applicable international, national, state, regional and local laws and regulations in performing its
obligations hereunder and in its use, manufacture, or import of the Biological Materials. Surrozen will observe all applicable United States and foreign laws with respect to the transfer of Biological Materials and related technical data to foreign
countries, including, without limitation, the International Traffic in Arms Regulations (ITAR) and the Export Administration Regulations. Surrozen shall manufacture Biological Materials in compliance with applicable government importation laws and
regulations of a particular country for Biological Materials made outside the particular country in which such Biological Materials are made or used. 

  
 Page 16
of 21 

 23.    MISCELLANEOUS 

23.1    The headings of the several sections are inserted for convenience of reference only and are not intended to be a
part of or to affect the meaning or interpretation of this Agreement. 
 23.2    This Agreement is not binding upon the
Parties until it has been signed below by each Party. It is then effective as of the Effective Date. 
 23.3    No
amendment or modification hereof is valid or binding upon the patties unless made in writing and signed on behalf of each Party. 

23.4    This Agreement embodies the entire understanding of the Patties and supersedes all previous communications,
representations and understandings, either oral or written, between the Patties relating to the subject matter hereof. 

23.5    In case any of the provisions contained in this Agreement is held to be invalid, illegal or unenforceable in any
respect, then such invalidity, illegality or unenforceability will not affect any other provisions of this agreement and this Agreement will be construed as if such invalid, illegal or unenforceable provision had never been contained in it. 

23.6    No provisions of this Agreement are intended or shall be construed to confer upon or give to any person or entity
other than The Regents and the Surrozen any rights, remedies or other benefits under, or by reason of, this Agreement. 

23.7    In performing their respective duties under this Agreement, each of the parties will be operating as an
independent contractor. Nothing contained herein will in any way constitute any association, partnership, or joint venture between the parties hereto, or be construed to evidence the intention of the patties to establish any such relationship.
Neither party will have the power to bind the other party or incur obligations on the other party’s behalf without the other party’s prior written consent. 

Remainder of page intentionally left blank. 

Signatures follow on next page 

  
 Page 17
of 21 

 The Regents and Surrozen have executed this Agreement by their duly authorized
representatives, on the day and year written below. 
  

									
	SURROZEN, INC.	 		 	THE REGENTS OF THE UNIVERSITY OF CALIFORNIA
					
	By:	 	 /s/ Wen-Chen Yeh
	 		 	By:	 	 /s/ Gonzalo Bariera Hernandez

		 	                    (Signature)	 		 		 	                    (Signature)
					
	Name:	 	 Wen-Chen Yeh
	 		 	Name:	 	 Gonzalo Bariera Hernandez, Ph.D.

		 	                    (Please print)	 		 		 	                    (Please print)
	Title:	 	CSO	 		 	Title:	 	Associate Director
		 		 		 		 	Innovation Ventures, UCSF
					
	Date:	 	1/17/2020	 		 	Date:	 	1/23/2020

  
 Page 18
of 21 

 EXHIBIT A 

AGREED-UPON TERM SHEET FOR THE COMMERCIAL LICENSE AGREEMENT 

FOR PRODUCTS 
 UC CASE NO.
[****] 
 This exhibit represents only a summary of certain agreed upon terms and is intended solely as a basis for completing a
Commercial License Agreement. While the terms set forth herein have been agreed to by Surrozen and The Regents, the Parties acknowledge and agree additional terms remain to be negotiated. For purpose of clarification, the Parties agree the terms set
forth herein shall be included in the Commercial License Agreement. This term sheet is not binding. 
  

			
		
	Scope of the Commercial License Agreement	  	 To the extent permitted by law, a non-exclusive worldwide license under The Regents’ property
rights in the Biological Materials to make, use, sell, offer for sale and import Products used in the treatment, palliation, diagnosis or prevention of any human or animal disease.

 
 The right to sublicense to third parties the rights granted to licensee under the
Commercial License Agreement through multiple tiers.

		
	Commercial License Agreement Issue Fee	  	[****], non-refundable and non- creditable, due within [****] of the effective date of the license agreement
		
	Commercial License Agreement Annual Maintenance Fee (AMF)	  	[****], non -refundable and non-creditable, due on the one-year anniversary of the effective date of the Commercial License and due annually on each
subsequent anniversary and ending upon the first commercial sale of a Product.
		
	Commercial License Agreement Earned Royalties	  	An earned royalty of [****] of net sales of any Product, whether sold by Surrozen or any of its Sub-licensees. [****]
		
	 Commercial License
 Agreement Annual Minimum
Royalties
	  	[****] per year beginning with the year of first commercial sale of a Product. Creditable against earned royalties in the same calendar year and pro-rated in the first year
		
	Commercial License Agreement Milestone Payments	  	[****]
		
	Diligence Terms	  	To be discussed and mutually agreed.
		
	Miscellaneous	  	Standard UC language for Use of Names, Limited Warranties, Indemnification and Insurance.

  
 Page 19
of 21 

 EXHIBIT B: CONSENT TO SUBSTITUTION OF PARTY 

This substitution of parties (“Agreement”) is effective this    day of , 20_, among The Regents of the University of
California (“The Regents), a California corporation, having its statewide administrative offices at 1111 Franklin Street, 12th Floor, Oakland, CA 94607-5200, and acting through its Office of Innovation, Technology, and Alliances, University of
California San Francisco, 3333 California Street, Suite S- 11, San Francisco, CA 94143-1209; Surrozen (“Surrozen”), a Delaware corporation, having a principal place of business at
                    ; and [new licensee name][(“YYY”)] a
                    corporation, having a principal place of business at
                    . 
 BACKGROUND 

 

	A.	 The Regents and Surrozen entered into a license agreement effective
                 (UC Control No._-_-_), entitled Option Agreement between The Regents of the University of California and Surrozen for Llama Single Domain
Antibody Phage Library under UC Case No. [****] (“Option Agreement”), wherein Surrozen was granted certain rights. 

  

	B.	 Surrozen desires that [YYY] be substituted as “Surrozen” (defined in the Option Agreement) in place
of Surrozen, and The Regents is agreeable to such substitution. 

  

	C.	 [YYY] has read the Option Agreement and agrees to abide by its terms and conditions. 

The parties agree as follows: 
  

	1.	 [YYY] assumes all liability and obligations under the Option Agreement and is bound by all its terms in all
respects as if it were the original “Surrozen” of the Option Agreement in place of Surrozen. 

  

	2.	 [YYY] is substituted for Surrozen, provided that [YYY] assumes all liability and obligations under the Option
Agreement as if [YYY] were the original party named as “Surrozen” as of the effective date of the Option Agreement. 

  

	3.	 The Regents releases Surrozen from all liability and obligations under the Option Agreement arising before or
after the effective date of this Agreement. 

 The parties have executed this Agreement in triplicate originals by their respective
authorized officers on the following day and year. 

  
 Page 20
of 21 

									
	SURROZEN, INC.	 		 	THE REGENTS OF THE UNIVERSITY OF CALIFORNIA
					
	By:	 	  
	 		 	By:	 	  

		 	(Signature)	 		 		 	(Signature)
	Name:	 	  
	 		 	Name:	 	  

		 	(Please print)	 		 		 	(Please print)
	Title:	 	  
	 		 	Title:	 	  

					
	Date:	 	  
	 		 	Date:	 	  

				
	[YYY] COMPANY	 		 		 	
					
	By:	 	  
	 		 		 	
		 	(Signature)	 		 		 	
	Name:	 	  
	 		 		 	
		 	(Please print)	 		 		 	
	Title:	 	  
	 		 		 	
					
	Date:	 	  
	 		 		 	

  
 Page 21
of 21

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00329-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00329-of-00352.parquet"}]]