Document:

Exhibit
10.5

 

THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR
ANY STATE SECURITIES LAWS, AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED OR HYPOTHECATED UNLESS THERE IS AN EFFECTIVE REGISTRATION
STATEMENT UNDER SUCH ACT AND ANY APPLICABLE STATE SECURITIES LAWS COVERING SUCH SECURITIES OR THE SALE IS MADE IN ACCORDANCE WITH
AN EXEMPTION UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS, AND THE COMPANY RECEIVES AN OPINION OF COUNSEL FOR THE HOLDER
OF THESE SECURITIES REASONABLY SATISFACTORY TO THE COMPANY STATING THAT SUCH SALE, TRANSFER, ASSIGNMENT OR HYPOTHECATION IS EXEMPT
FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SUCH ACT AND ANY APPLICABLE STATE SECURITIES LAWS.

 

Mustang
Bio, Inc.

 

COMMON STOCK
WARRANT

 

This
Warrant is issued as of this 5th day of July 2016 (the “Issue
Date”) by Mustang Bio, Inc., a Delaware corporation (the “Company”),
to NSC Biotech Venture Fund I, LLC, or permitted assigns (the “Holder”).

 

1.          Issuance
of Warrant; Number and Type of Securities Subject to Warrant. Previously, the Holder made a loan to Company’s
parent and a portion of the loan was used for the benefit of the Company (the “SubCo
Loan”). In consideration of the Holder’s agreement to fund the SubCo Loan, the receipt and sufficiency
of which are hereby acknowledged, the Company hereby grants to the Holder the right to purchase a number of shares of the Company’s
Common Stock (the “Common Stock”)
equal to the twenty-five percent (25%) of the SubCo Loan divided by the lowest price at which equity securities
are sold in the first third party financing of the Company (the “SubCo
Financing”). In the event of a Deemed Liquidation Event occurring prior to the SubCo Financing, the price
used will be the price per share to be received by the common shareholders as a result of such Deemed Liquidation Event. The exercise
price of the warrant will be the par value of the Common Stock. A “Deemed
Liquidation Event” shall mean: (A)
any sale of all or substantially all of the assets of the Company; (B) any consolidation or merger of the Company with or into
any other corporation or other entity or person, or any other corporate reorganization, other than any such consolidation, merger
or reorganization in which the holders of equity securities of the Company immediately prior to such consolidation, merger or
reorganization, continue to hold a majority of the equity securities of the surviving entity in substantially the same proportions
(or, if the surviving entity is a wholly owned subsidiary, its parent) immediately after such consolidation, merger or reorganization;
or (C) any transaction or series of related transactions to which the Company is a party in which in excess of fifty percent (50%)
of the Company’s equity securities are transferred.

 

     

     

    

  

2.      
Term; Exercise Price. This Warrant
shall only be exercisable in accordance with the terms of Section 6 hereof, and shall expire on the date that is ten (10) years
after the Issue Date. The per share exercise price (the “Warrant
Price”) for the purchase of shares of Common Stock issuable pursuant to this Warrant (the “Warrant
Shares”) shall be $0.0001, the par value of the Common Stock.

 

3.          Adjustments
and Notices. This Warrant shall be subject to adjustment from time to time in accordance with the following provisions.

 

(a)          Stock
Splits, Subdivisions or Combinations. If at any time on or after the date hereof the Company shall split, subdivide
or otherwise change its outstanding shares of any securities receivable upon exercise of this Warrant into a greater number of
securities, the Warrant Price in effect immediately prior to such subdivision shall thereby be proportionately reduced and the
number of Warrant Shares shall thereby be proportionately increased; and, conversely, if at any time on or after the date hereof
the outstanding number of shares of any securities receivable upon exercise of this Warrant shall be combined into a smaller number
of securities, the Warrant Price in effect immediately prior to such combination shall thereby be proportionately increased and
the number of Warrant Shares shall thereby be proportionately decreased, all subject to further adjustment as provided in this
Section 3.

 

(b)          Reclassification.
If the Company, by reclassification of securities, reorganization of the Company (or any other entity the securities of which are
at the time receivable upon the exercise of this Warrant) or otherwise (including by merger or consolidation), shall change any
of the securities as to which purchase rights under this Warrant exist into the same or a different number of securities of any
other class or classes, this Warrant shall thereafter represent the right to acquire such number and kind of securities as would
have been issuable as the result of such change with respect to the securities that were subject to the purchase rights under this
Warrant immediately prior to such reclassification or other change and the Warrant Price therefor shall be appropriately adjusted,
all subject to further adjustment as provided in this Section 3.

 

(c)          No
Impairment. The Company shall not, by amendment of its Certificate of Incorporation or Bylaws, each as amended to date,
or through a reorganization, transfer of assets, consolidation, merger, dissolution, issue, or sale of securities or any other
voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed under this
Warrant by the Company, but shall at all times in good faith assist in carrying out the provisions of this Warrant and in taking
all such action as may be necessary or appropriate to protect the Holder's rights under this Warrant against impairment.

 

(d)          Fractional
Shares. No fractional Warrant Shares shall be issuable upon exercise or conversion of the Warrant and the number of
Warrant Shares to be issued shall be rounded to the nearest whole Warrant Share. If a fractional Warrant Share arises upon any
exercise or conversion of the Warrant, the Company shall eliminate such fractional Warrant Share by paying the Holder an amount
computed by multiplying the fractional interest by the fair market value of a full Warrant Share.

 

4.          No
Voting or Dividend Rights. Nothing contained in this Warrant shall be construed as conferring upon the holder hereof
the right to vote or to consent to receive notice as a stockholder of the Company on any other matters or any rights whatsoever
as a stockholder of the Company. No dividends or interest shall be payable or accrued in respect of this Warrant or the interest
represented hereby or the shares purchasable hereunder until, and only to the extent that, this Warrant shall have been exercised.

 

     

     

    

  

5.          Shares
to be Fully Paid; Reservation of Shares. The Company covenants and agrees that all Warrant Shares will, upon issuance
and payment of the applicable Warrant Price, be duly authorized, validly issued, fully paid and nonassessable, and free of all
preemptive rights, liens and encumbrances, except for restrictions on transfer provided for herein. The Company shall at all times
reserve and keep available out of its authorized and unissued Common Stock, solely for the purpose of providing for the exercise
of the rights to purchase all Warrant Shares granted pursuant to this Warrant, such number of shares of Common Stock as shall,
from time to time, be sufficient therefor.

 

6.          Exercise
of Warrant. Subject to Section 4, this Warrant may be exercised in whole or in part, at any time, by the surrender of
this Warrant, together with the Notice of Exercise and Investment Representation Statement in substantially the forms attached
hereto as Attachment 1 and Attachment
2. respectively (subject to appropriate revision if this Warrant is adjusted pursuant to Section 3 hereof), duly completed
and executed at the principal office of the Company, and accompanied by payment in full of the applicable aggregate Warrant Price
in cash or by check with respect to the Warrant Shares being purchased. Prior to exercise of the Warrant, the Holder shall notify
the Company of its desire to exercise the Warrant. This Warrant shall be deemed to have been exercised immediately prior to the
close of business on the date of its surrender for exercise as provided above, and the person or entity entitled to receive the
Warrant Shares issuable upon such exercise shall be treated for all purposes as holder of such shares of record as of the close
of business on such date.

 

7.          Notice
of Proposed Transfer. Prior to any proposed transfer of this Warrant or the Warrant Shares received on the exercise
of this Warrant (together, the “Securities”),
unless there is in effect a registration statement under the Securities Act of 1933, as amended (the “Act”)
covering the proposed transfer, the Holder thereof shall give written notice to the Company of such Holder’s
intention to effect such transfer. Each such notice shall describe the manner and circumstances of the proposed transfer in sufficient
detail, and shall, if the Company so requests, be accompanied (except in transactions in compliance with Rule 144) by either (i)
an unqualified written opinion of legal counsel who shall be reasonably satisfactory to the Company addressed to the Company and
reasonably satisfactory in form and substance to the Company’s counsel, to the effect that the proposed transfer of the
Securities may be effected without registration under the Act, or (ii) a “no action” letter from the Securities and
Exchange Commission (the “Commission”)
to the effect that the transfer of such Securities without registration will not result in a recommendation by the staff of the
Commission that action be taken with respect thereto, whereupon the Holder of the Securities shall be entitled to transfer the
Securities in accordance with the terms of the notice delivered by the Holder to the Company; provided,
however, no such registration statement or opinion of counsel shall be necessary for a transfer by a Holder to any
affiliate of such Holder. Each certificate evidencing the Securities transferred as above provided shall bear the appropriate
restrictive legend set forth above, except that such certificate shall not bear such restrictive legend if in the opinion of counsel
for the Company such legend is not required in order to establish compliance with any provisions of the Act.

 

     

     

    

 

8.          Certificate
of Adjustment. Whenever the Warrant Price or number or type of Warrant Shares issuable upon exercise of this Warrant
is adjusted, as herein provided, the Company shall promptly deliver to the record holder of this Warrant a certificate of the Secretary
of the Company setting forth the nature of such adjustment and a brief statement of the facts requiring such adjustment.

 

9.          Replacement
of Warrants. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss, theft, destruction
or mutilation of the Warrant, and in the case of any such loss, theft or destruction of the Warrant, on delivery of an indemnity
agreement or security reasonably satisfactory in form and amount to the Company, and reimbursement to the Company of all reasonable
expenses incidental thereto, and upon surrender and cancellation of the Warrant if mutilated, the Company will execute and deliver,
in lieu thereof, a new Warrant of like tenor.

 

10.         Amendment,
Waiver, etc. Except as expressly provided herein, neither this Warrant nor any term hereof may be amended, waived,
discharged or terminated other than by a written instrument signed by the party against whom enforcement of any such amendment,
waiver, discharge or termination is sought; provided,
however, that any provisions hereof
may be amended, waived, discharged or terminated upon the written consent of the Company and a Requisite Majority. For purposes
hereof, “Requisite Majority”
shall mean Holders of at least a majority of the Warrant Shares then issuable upon exercise of then outstanding warrants of like
tenor to this Warrant issued by the Company (the “Offering
Warrants”); provided,
however, that no such amendment or waiver may disproportionately and adversely affect the Holder relative to the holders
of all other Offering Warrants without the Holder’s consent. Any amendment effected in accordance with this Section shall be binding
upon all holders of the Offering Warrants, each future holder of the Offering Warrants, and the Company. By acceptance hereof,
the Holder acknowledges that in the event the required consent is obtained, any term of this Warrant may be amended or waived
with or without the consent of the Holder.

 

11.         Successors
and Assigns. This Warrant and the rights evidenced hereby shall inure to the benefit of and be binding upon the successors
of the Company and the successors and assigns of the Holder. The provisions of this Warrant are intended to be for the benefit
of all Holders from time to time of this Warrant, and shall be enforceable by any such Holder.

 

12.         Severability.
In case any one or more of the provisions of this Warrant shall be invalid or unenforceable in any respect, the validity and enforceability
of the remaining terms and provisions of this Warrant shall not in any way be affected or impaired thereby and the parties will
attempt in good faith to agree upon a valid and enforceable provision which shall be a commercially reasonable substitute therefor,
and upon so agreeing, shall incorporate such substitute provision in this Warrant.

 

13.         Miscellaneous.
This Warrant shall be governed by the laws of the State of New York as such laws are applied to contracts to be entered into and
performed entirely in New York. The headings in this Warrant are for purposes of convenience and reference only, and shall not
be deemed to constitute a part hereof.

 

     

     

    

  

	ISSUED this 5th day of July 2016.	 
	 	 
	 	Mustang Bio, Inc.
	 	 
	 	By:	/s/ Michael S. Weiss
	 	 	Michael S. Weiss, CEO

 

27967.2- 923980
v1 [Signature Page to Mustang Bio, Inc. Common Stock Warrant]

 

     

     

    

  

Attachment
1

 

NOTICE
OF EXERCISE

TO:    Mustang
Bio, Inc.

 

1.          The
undersigned hereby elects to purchase ___________shares of _________ of Mustang Bio, Inc. (the “Warrant Shares”) pursuant
to the terms of the attached Warrant, and tenders herewith payment of the purchase price in full, together with all applicable
transfer taxes, if any.

 

2.          Please
issue a certificate or certificates representing said number of Warrant Shares in the name of the undersigned or in such other
name as is specified below:

 

 

 

(Name)

 

 

(Address)

 

	 	 	 

  

	(Date)	 	 	(Name of Warrant Holder)

 

	 	 	By:	 
	 	 	 	 
	 	 	Title;	 

 

     

     

    

  

Attachment
2

 

INVESTMENT
REPRESENTATION STATEMENT

 

Shares of______
of

Mustang
Bio, Inc.

 

In
connection with the purchase of the shares of _______of Mustang Bio, Inc., the undersigned hereby represents to Mustang Bio,
Inc. (the “Company”) as follows:

 

(A)         The
undersigned is an accredited investor (as defined in Rule 501(a) of Regulation D promulgated under the Securities Act of 1933,
as amended (the “Act”)). The undersigned acknowledges that an investment in the Company is highly speculative and represents
that it is able to fend for itself in the transactions contemplated by this Statement, has such knowledge and experience in financial
and business matters as to be capable of evaluating the merits and risks of its investments, and has the ability to bear the economic
risks (including the risk of a total loss) of its investment. The undersigned represents that it has had the opportunity to ask
questions of the Company concerning the Company’s business and assets and to obtain any additional information which it considered
necessary to verify the accuracy of or to amplify the Company’s disclosures, and has had all questions which have been asked
by it satisfactorily answered by the Company.

 

(B)         The
undersigned understands that no liquid public market now exists for the securities being issued by the Company and that the Company
has made no assurances that a public market will ever exist for the Company’s securities being obtained hereby.

 

(C)         The
undersigned understands that the securities issued upon exercise of the Warrant (the “Securities”), and any securities
issued in respect thereof or exchange therefor, may bear the following legend:

 

“THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”)
OR ANY STATE SECURITIES LAWS, AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED OR HYPOTHECATED UNLESS THERE IS AN EFFECTIVE REGISTRATION
STATEMENT UNDER SUCH ACT AND ANY APPLICABLE STATE SECURITIES LAWS COVERING SUCH SECURITIES OR THE SALE IS MADE IN ACCORDANCE WITH
AN EXEMPTION UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS, AND THE COMPANY RECEIVES AN OPINION OF COUNSEL FOR THE HOLDER
OF THESE SECURITIES REASONABLY SATISFACTORY TO THE COMPANY STATING THAT SUCH SALE, TRANSFER, ASSIGNMENT OR HYPOTHECATION IS EXEMPT
FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SUCH ACT AND ANY APPLICABLE STATE SECURITIES LAWS.”

 

(D)         By
executing this Statement, the undersigned further represents that it does not have any contract, undertaking, agreement or arrangement
with any person to sell, transfer or grant participation to such person or to any third person, with respect to any Securities
issuable upon exercise of the Warrant.

 

     

     

    

 

 

(E)         The
undersigned understands that the Securities issuable upon exercise of the Warrant at the time of issuance and exercise may not
be registered under the Act, and applicable state securities laws, on the ground that the issuance of such securities is exempt
pursuant to Section 4(2) of the Act and state law exemptions relating to offers and sales not by means of a public offering, and
that the Company’s reliance on such exemptions is predicated on the undersigned’s representations set forth herein.

 

(F)         The
undersigned agrees that in no event will it make a disposition of any Securities acquired upon the exercise of the Warrant unless
and until (i) it shall have notified the Company of the proposed disposition and shall have furnished the Company with a statement
of the circumstances surrounding the proposed disposition, and (ii) if reasonably required by the Company it shall have furnished
the Company with an opinion of counsel reasonably satisfactory to the Company and Company’s counsel to the effect that (A)
appropriate action necessary for compliance with the Act and any applicable state securities laws has been taken or an exemption
from the registration requirements of the Act and such laws is available, and (B) the proposed transfer will not violate any of
said laws.

 

(G)         The
undersigned acknowledges that the Securities issuable upon exercise of the Warrant must be held indefinitely unless subsequently
registered under the Act or an exemption from such registration is available. The undersigned is aware of the provisions of Rule
144 promulgated under the Act which permit limited resale of shares purchased in a private placement subject to the satisfaction
of certain conditions, including, among other things, the existence of a public market for the shares, the availability of certain
current public information about the Company, the resale occurring not less than one year after a party has purchased and paid
for the security to be sold, the sale being through a “broker’s transaction” or in transactions directly with
a “market makers” (as provided by Rule 144(f)) and the number of shares being sold during any three-month period not
exceeding specified limitations.

 

[Signature
on Next Page]

  

     

     

    

 

 

	Dated:	 	 

 

	 	 
	(Print Name of Holder)	 

 

	By:	 	 
	 	(signature)	 

 

	Name:	 	 
	 	(print name of person signing)	 

 

	Title:	 	 

 

 

[Signature Page to Investor
Representation Statement]CONFIDENTIAL TREATMENT REQUESTED. Confidential
portions of this document have been redacted and have been separately filed with the Commission. 

Exhibit 10.6

  

EXCLUSIVE LICENSE AGREEMENT

 

THIS EXCLUSIVE LICENSE AGREEMENT (the
“Agreement”) is made and entered into as of the 17th day of March, 2015 (the “Effective Date”)
by and between Mustang Therapeutics, Inc., a Delaware corporation with a principal place of business at 3 Columbus Circle, New
York, NY 10019 (“Licensee”) and City of Hope, a California nonprofit public benefit corporation located at 1500
East Duarte Road. Duarte, California 91010 (“City of Hope” or “COH”). Licensee and
COH are each sometimes referred to herein individually as a “Party” and collectively as the “Parties.”

 

WHEREAS:

 

A.           COH
operates an academic research and medical center that encourages the use of its inventions, discoveries and intellectual property
for the benefit of the public and COH owns or Controls (as defined below) certain Patent Rights (as defined below) useful in the
Field (as defined below);

 

B.           The
inventions covered by the Patent Rights were invented by Dr. Stephen Forman who, as of the Effective Date, is affiliated with COH;

 

C.           The
research was sponsored in part by the National Institute of Health, and as a consequence this license is subject to obligations
to the United States Federal Government under 35 U.S.C. §§ 200-212 and applicable U.S. government regulations;

 

D.           Licensee
is a company dedicated to the commercial development and exploitation in the Field (as defined below) of products and services
that incorporate one or more of the technologies described in the Patent Rights and therefore Licensee desires to obtain from COH
a worldwide, exclusive license under the Patent Rights, on the terms and subject to the conditions set forth herein;

 

E.           On
even date herewith, the Parties have entered into the Research Agreement pursuant to Section of this Agreement; and 4.6

 

F.           The
Certificate of Incorporation of Licensee is in the form attached hereto as Exhibit A (the “Charter”)
and provides, among other things, for the rights and preferences of a class of stock, referred to therein as Class A Common Stock,
to be issued to COH or its designee(s) in accordance with the terms of this Agreement.

 

NOW, THEREFORE, in consideration of
the mutual covenants contained herein, and for other good and valuable consideration, the amount and sufficiency of which are hereby
acknowledged, the Parties hereby agree as follows:

 

    	 	1	 

     

    

  

CONFIDENTIAL 

ARTICLE 1:          DEFINITIONS

 

1.1           “Act”
means the Securities Act of 1933, as amended.

 

1.2           “Affiliate”
of a Party means a Person that, directly or indirectly (through one or more intermediaries) controls, is controlled by, or is under
common control with such Party. For purposes of this Section 1.2, “control” means (i) the direct or indirect ownership
of 50 percent or more of the voting stock or other voting interests or interests in profits, or (ii) the ability to otherwise control
or direct the decisions of board of directors or equivalent governing body thereof.

 

1.3           “Business
Day’’ means any day, other than a Saturday, Sunday or day on which commercial banks located in Los Angeles,
California, are authorized or required by law or regulation to close.

 

1.4           “Change
of Control” means (i) any transaction or series of related transactions following which the holders of Licensee’s
capital stock immediately prior to such transaction or series of related transactions collectively are the owners of less than
50% of the outstanding equity interests of Licensee entitled to (a) vote with respect to the election of directors (or positions
having a similar function) or (h) receive the proceeds upon any sale, liquidation or dissolution of Licensee, (ii) a sale, transfer,
exclusive license or other disposition, in a single transaction or series of related transactions, of all or a material portion
of Licensee’s interest in the Licensed Product or Licensed Service or (iii) a sale, transfer, exclusive license or other
disposition, in a single transaction or series of related transactions, of all or a material portion of Licensee’s right
title, or interest in its assets taken as a whole.

 

1.5           “Class
A Common Stock” means Class A Common Stock, par value $0.0001 per share, of Licensee, with such
rights preferences and privileges as are set forth in the Charter.

 

1.6           “Commercially
Reasonable Efforts” means the exercise of such efforts and commitment of such resources by Licensee, directly
or through one or more Sublicensees, in a diligent manner consistent with organizations in the pharmaceutical industry for a comparable
development or commercialization program at a similar stage of development or commercialization. In the event that Licensee or
a Sublicensee with respect to a given Licensed Product or Licensed Service, has a program or product that competes with the programs
contemplated by this Agreement with respect to such Licensed Product or Licensed Service, then “Commercially Reasonable Efforts”
shall also mean efforts at least comparable to those efforts and resources expended by Licensee or its Sublicensee on the competing
program and/or product or service.

 

1.7           “COH
Shares” means the shares of Class A Common Stock to be issued to COH Stockholders in accordance with Section 4.3
and/or the terms of the Charter upon a Change of Control or Qualified Public Offering.

 

1.8           “COH
Confidential Information” means Confidential Information disclosed or provided by, or on behalf of, COH to Licensee
or its designees.

 

1.9           “Completion”
means, with respect to a particular clinical trial, the earlier of (i) the database lock or freeze related to the completion of
treatment or examination of participants in such clinical trial or (ii) the dosing of the first patient in a clinical trial in
a subsequent phase (e.g., with respect to a Phase 1 Clinical Trial, the Phase 1 Clinical Trial will be deemed completed in the
event a patient is dosed in a Phase 2 Clinical Trial before a database lock in the related Phase 1 Clinical Trial).

 

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CONFIDENTIAL

 

1.10         “Common
Stock” means Common Stock, par value $.001 per share, of Licensee.

 

1.11         “Confidential
Information” means: (i) all information and materials (of whatever kind and in whatever form or medium) disclosed
by or on behalf of a Party to the other Party (or its designee) in connection with this Agreement, whether prior to or during the
term of this Agreement and whether provided orally, electronically, visually or in writing; provided that all such information
and materials initially disclosed in writing or electronically shall be clearly marked as “CONFIDENTIAL” and all such
materials and information initially disclosed orally shall be reduced to writing and marked as “CONFIDENTIAL” within
10 days following the date of initial oral disclosure; (ii) all copies of the information and materials described in (i) above;
and (iii) the existence and each of the terms and conditions of this Agreement; provided further that Confidential Information
shall not include information and materials to the extent a Party can demonstrate through its contemporaneous written records that
such information and materials are or have been:

 

(a)          known
to the receiving Party, or in the public domain, at the time of its receipt by a Party, or which thereafter becomes part of the
public domain other than by virtue of a breach of this Agreement or the obligations of confidentiality under this Agreement;

 

(b)          received
without an obligation of confidentiality from a Third Party having the right to disclose without restrictions such information;

 

(c)          independently
developed by the receiving Party without use of or reference to Confidential Information disclosed by the other Party; or

 

(d)          released
from the restrictions set forth in this Agreement by the express prior written consent of the disclosing Party.

 

1.12         “Control(s)”
or “Controlled” means the possession by a Party, as of the Effective Date, of rights sufficient to effect
the grant of rights set forth in this Agreement without violating the terms of any agreement with any Third Party.

 

1.13         “Covers”
or “Covered by,” means with reference to a particular Licensed Product or Licensed Service that the
manufacture, use, sale, offering for sale, or importation of such Licensed Product or performance of such licensed Service would,
but for ownership of, or a license granted under this Agreement to, the relevant Patent Right, infringe a Valid Claim in the country
in which the activity occurs.

 

1.14         “Dispute”
means any controversy, claim or legal proceeding arising out of or relating to this Agreement, or the interpretation, breach, termination,
or invalidity thereof.

 

1.15         “Field”
means the treatment and diagnosis of all human diseases.

 

    	 	3	 

     

    

  

CONFIDENTIAL

 

1.16         “First
Commercial Sale” means, with respect to a particular Licensed Product or Licensed Service in a given country, the
first arm’s-length commercial sale of such Licensed Product or the first performance of such Licensed Service following
Marketing Approval in such country by or under authority of Licensee or any Sublicensee to a Third Party who is not a Sublicensee.

 

1.17         “GAAP”
means generally accepted accounting principles, consistently applied, as promulgated from time to time by the Financial Accounting
Standards Board.

 

1.18         “License
Year” means each calendar year during the term of this Agreement; except that the first License Year shall commence
on the Effective Date and end on December 31 of the calendar year in which the Effective Date occurs.

 

1.19         “Licensed
Product” means a product (including kits, component sets or components thereof, regardless of concentration or formulation)
that: (i) is Covered by a Valid Claim. (ii) is manufactured by a process or used in a method Covered by a Valid Claim, or (iii)
contains, as an active ingredient, any substance the manufacture, use, offer for sale or sale of which is Covered by a Valid Claim.
By way of clarification, “Licensed Product” shall include a product manufactured in a country in which such manufacture
is Covered by a Valid Claim and thereafter exported to and sold in a country in which no Valid Claim exists.

 

1.20         “Licensed
Service” means any service the performance of which would, but for the license granted herein, infringe a Valid Claim.

 

1.21         “Licensee
Confidential Information” means Confidential Information disclosed or provided by, or on behalf of, Licensee to COH
or its designees.

 

1.22         “Marketing
Approval” means all approvals, licenses, registrations or authorizations of any federal, state or local regulatory
agency, department, bureau or other governmental entity, necessary for the manufacturing, use, storage, import, transport, marketing
and sale of Licensed Products or performance of Licensed Services in a country or regulatory jurisdiction.

 

1.23         “Net
Proceeds” means the net proceeds actually received by Licensee from all sales of shares of capital stock after deduction
of all transaction expenses, finder’s fees, advisory fees, legal fees, sales commissions or similar amounts paid to brokers
or dealers and other costs and expenses incurred by Licensee or its subsidiaries in connection therewith. In the event such net
proceeds are not paid to Licensee in cash, the value of such net proceeds will be the fair market value of the assets constituting
such net proceeds.

 

1.24         “Net
Sales” means the total gross amount invoiced by Licensee, its Affiliates and its Sublicensees (regardless of whether
and when such invoices are actually paid) on the sale of Licensed Products and Licensed Services to Third Parties (including, without
limitation, the provision of any product by Licensee, its Affiliates or any of its Sublicensee that incorporates a Licensed Product
or Licensed Service but for clarity excluding documented sponsored research and/or development activities, valued at the actual
direct cost of such activities on a fully burdened basis (including reasonable margin for overhead)), less the following items,
as determined from the books and records of Licensee, its Affiliates or its Sublicensees:

 

    	 	4	 

     

    

  

CONFIDENTIAL

 

(a)          insurance,
handling and transportation charges actually invoiced;

 

(b)          amounts
repaid, credited or allowed for rejection, return or recall;

 

(c)          sales
or other excise taxes or other governmental charges levied on or measured by the invoiced amount (including, without limitation,
value added taxes);

 

(d)          brokerage,
customs and import duties or charges; and

 

(e)          normal
and customary trade and quantity discounts (including chargebacks and allowances) and rebates which relate to the Licensed Products
or Licensed Services.

 

Sales of Licensed Products between or among
Licensee, its Affiliates or its Sublicensees shall be excluded from the computation of Net Sales, except in those instances in
which the purchaser is also the end-user of the Licensed Product sold. Further, transfers of reasonable quantities of Licensed
Product by Licensee, any of its Affiliates or of its Sublicensee to a Third Party that is not a Sublicensee for use in the development
of such Licensed Product (and not for resale) and transfers of industry standard quantities of Licensed Product for promotional
purposes shall not be deemed a sale of such Licensed Product that gives rise to Net Sales for purposes of this Section 1.24.

 

1.25         “Patent
Rights” means: (i) Patent Cooperation Treaty (PC 1) application PCT/*;  (ii)
PCT application PCT/*; (iii) U.S. Patent Application No. * (iv) patents, patent applications, continuation and divisional applications
and foreign equivalents that claim the same invention(s) and priority date as the foregoing, (v) continuation-in-part applications
that repeat a substantial portion of any of the foregoing applications, (vi) Letters Patent or the equivalent issued on any of
the foregoing applications throughout the world, and (vii) amendments, extensions, renewals, reissues, and re-examinations of any
of the foregoing. Notwithstanding the foregoing, “Patent Rights” shall only include any continuation-in-part application
to the extent that claims in such continuation-in-part application are supported in the specification of the parent application,
unless otherwise mutually agreed to in writing by the parties to this Agreement.

 

1.26         “Person”
means any person or entity, including any individual, trustee, corporation, partnership, trust, unincorporated organization, limited
liability company, business association, firm, joint venture or governmental agency or authority.

 

1.27         “Phase
1 Clinical Trial” means, as to a specific Licensed Product or Licensed Service, a study as described in 21 C.F.R.
§312.21(a) or a comparable clinical study in a country other than the United States.

 

1.28         “Phase
2 Clinical Trial” means, as to a specific Licensed Product or Licensed Service, a study in humans designed with the
principal purpose of determining initial efficacy and dosing of such Licensed Product in patients for the indication(s) being studied
as described in 21 C.F.R. §312.21(b); or a similar clinical study in a country other than the United States.

 

 

*Confidential material redacted and filed
separately with the Commission.

 

    	 	5	 

     

    

  

CONFIDENTIAL

 

1.29         “Phase
3 Clinical Trial” means, as to a specific Licensed Product or Licensed Service, a lawful study in humans of the efficacy
and safety of such Licensed Product or Licensed Service, which is prospectively designed to demonstrate statistically whether such
Licensed Product is effective and safe for use in a particular indication in a manner sufficient to file an application to obtain
Marketing Approval to market and sell that Licensed Product or Licensed Service in the United States or another country for the
indication being investigated by the study. as described in 21 C.F.R. § 312.21(c); or similar clinical study in a country
other than the United States.

 

1.30         “Qualified
Financing” means the sale of capital stock of Licensee, in one or more transactions, that constitute a bona fide
equity financing at such time as the Net Proceeds to Licensee from third party investors that are not Affiliates of Licensee in
such equity financing(s) are less than or equal to the Qualified Financing Protection Ceiling; provided that if capital stock of
Licensee is sold in a single transaction or series of related transactions for different purchase prices and any of such shares
of capital stock are included for purposes of determining the number of shares of Qualifying Stock to be issued to COH pursuant
to Section 4.3, each share of capital stock that is sold for the lowest purchase price shall be deemed to be have sold first (regardless
of the date on which such shares are actually sold) and the next number of shares of capital stock that are sold for the next highest
purchase price shall be deemed to have sold next, et cetera, until the Net Proceeds from all such sales (applying all transaction
expenses to the first shares issued (except to the extent that such expenses are calculated on a per share basis, such as sales
commission, which shall be applied only to the shares included in such calculation) are equal to the Qualified Financing Protection
Ceiling.

 

1.31         “Qualified
Financing Protection Ceiling” means $*. 

 

1.32         “Qualified
Public Offering” means the first public offering of the Common Stock of the Company to the general public that is
effected pursuant to a registration statement filed with, and declared effective by, the United States Securities and Exchange
Commission under the Act, as amended, hut, for purposes of clarity shall not include an offering effected pursuant to a registration
statement on Form S-8 or any successor form.

 

1.33         “Qualifying
Stock” means the sum of: (i) the shares of Class A Common Stock issued and to be issued to COH in accordance with
Section 4.3, (ii) the number of shares of Common Stock (excluding (x) the shares referenced in the foregoing subclause (i) and
(y) shares issued to employees, directors and consultants in their capacity as such) of Licensee outstanding. and (iii) the maximum
number of shares of Common Stock of Licensee issuable (assuming the satisfaction of any conditions to exercisability, convertibility
or exchangeability) upon the exercise, conversion or exchange of all evidences of indebtedness, shares or other securities directly
or indirectly convertible into or exchangeable for Common Stock of the Licensee, including all rights, options or warrants to subscribe
for, purchase or otherwise acquire shares of Common Stock of the Licensee but excluding options and rights granted to employees,
directors and consultants in their capacity as such).

 

 

*Confidential material redacted and filed
separately with the Commission.

 

    	 	6	 

     

    

  

CONFIDENTIAL

 

1.34         “Research
Agreement” has the meaning set forth in Section 4.6.

 

1.35         “Sublicensee”
means any Affiliate of Licensee or Third Party which enters into an agreement with Licensee involving the grant to such Affiliate
or Third Party of any rights under the license granted to Licensee pursuant to this Agreement.

 

1.36         “Sublicense
Revenues” means all consideration, in whatever form, due from a Sublicensee in return for the grant of a sublicense
of Licensee’s rights hereunder, excluding consideration in the form of: (i) royalties received by Licensee and calculated
wholly as a function of sales of Licensed Products or Licensed Services, (ii) payments or reimbursement for documented sponsored
research and/or development activities, valued at the actual direct cost of such activities on a fully burdened basis (including
reasonable margin for overhead), (iii) payment or reimbursement of reasonable patent expenses actually incurred or paid by Licensee
and not otherwise reimbursed, or payment of patent expenses required to by paid by Licensee hereunder, (iv) payments for the purchase
of equity in Licensee at the fair market value of such equity, and (v) payments recognized as Net Sales under this Agreement for
which a royalty is payable to COH. By way of clarification, the principal amount of any loan or other extension of credit provided
to Licensee or an Affiliate of Licensee in connection with the grant of a sublicense by Licensee that is other than an arm’s-length
credit relationship shall be deemed to constitute “Sublicense Revenues.”

 

1.37         “Territory”
means the entire world.

 

1.38         “Third
Party” means a Person that is neither a Party to this Agreement nor an Affiliate of a Party.

 

1.39         “Valid
Claim” means a claim of a pending patent application or an issued and unexpired patent included in the Patent Rights
in a particular jurisdiction, which claim has not, in such jurisdiction been finally rejected or been declared invalid or cancelled
by the patent office or a court of competent jurisdiction in a decision that is no longer subject to appeal as a matter of right.

 

ARTICLE 2:          DEVELOPMENT AND COMMERCIALIZATION
EFFORTS

 

2.1           Development
and Commercialization Responsibilities. Licensee shall have the sole right and responsibility for, and control over,
all development, manufacturing and commercialization activities (including all regulatory activities) with respect to Licensed
Products and Licensed Services in the Field.

 

2.2           Licensee
Diligence. Licensee shall use Commercially Reasonable Efforts to develop and commercialize Licensed Products and Licensed
Services in the Field, directly or through one or more Sublicensees. Without limiting the foregoing, if Licensee, directly or through
one or Sublicensees, fails to accomplish any one of the “Diligence Milestones” set forth in this Section 2.2
by the date specified (each a “Deadline Date”) corresponding to such Diligence Milestone, COH shall have the
right, on notice to Licensee, to terminate this Agreement.

 

    	 	7	 

     

    

 

CONFIDENTIAL

 

	“Deadline
    Date”	 	“Diligence
    Milestone”

	 	 	 
	 1. * 
        from the Effective Date
	 	Licensee to receive not less than
        $* through any combination of: (i) Net Proceeds from the sale of any equity securities (or securities convertible into
        or exercisable for equity securities) and (ii) unrestricted grants or gifts.

         

	2.  * from the Effective Date	 	Licensee to initiate first Phase I
        Clinical Trial for the first Licensed Product or Licensed Service (with COH listed as principal institution for the clinical
        trial.) Licensee may extend this Deadline Date for up to * (*) additional * (*) month periods upon payment of $* to COH,
        for each month* (*) period.

         

	3.  * from the Effective Date	 	Licensee to initiate the first Phase
        II Clinical Trial for the first Licensed Product or Licensed Service (with COH listed as principal institution for the
        clinical trial.) Licensee may extend this Deadline Date for up to * (*) additional * (*) month periods upon payment of
        $* to COH, for each * month (*) period. If, however, this Diligence Milestone is not achieved after these * (*) extensions
        through no fault of Licensee, this Diligence Milestone will be additionally extended for as long as the Research Agreement
        is in effect.

        

 

2.3           Governance.
COH and Licensee shall each designate one individual to serve as the main point of contact for communications related to development
and commercialization of Licensed Products and Licensed Services under this Agreement (each a “Designated Representative”).
The initial Designated Representative of COH shall be George Megaw and the initial Designated Representative of Licensee shall
be Michael S. Weiss. Each Party may replace its Designated Representative at any time upon prior notice to the other Party. Licensee
shall keep COH reasonably informed as to progress in the development and commercialization of Licensed Products and Licensed Services.
Without limiting the foregoing, on or before January 15 and July 15 of each year during the term of this Agreement, Licensee shall
provide to COH a written report setting forth, in reasonable detail, its activities and achievements with respect to the development
and commercialization of Licensed Products and Licensed Services during the preceding six months (the “Semi-Annual Report”).
The Designated Representatives shall meet in person twice each calendar year to present and discuss the current Semi-Annual
Report at such location and date as mutually agreed. Each Party shall be responsible for all expenses incurred by its Designated
Representative in the participation in such annual meetings.

 

 

 *Confidential material redacted and filed
separately with the Commission.

 

    	 	8	 

     

    

 

CONFIDENTIAL

 

ARTICLE 3:          LICENSE GRANTS

 

3.1           Grant
of Rights. COH hereby grants to Licensee an exclusive royalty-bearing right and license under the Patent Rights to make,
have made, use, offer for sale, sell and import Licensed Products and to perform Licensed Services, in the Field, in the Territory.
The foregoing grant of rights shall be subject to: (i) the retained rights of the U.S. Government in the Patent Rights pursuant
to 35 U.S.C. §§ 200-212 and applicable U.S. government regulations, (ii) the royalty-free right of COH and its Affiliates
to practice the Patent Rights for educational and research uses, (iii) the right of COH and its Affiliates to publicly disclose
research results including, to the extent applicable, as specified in the Research Agreement, and (iv) the right of COH and its
Affiliates to allow other non-profit institutions to use the Patent Rights for the same purposes as (ii) and (iii).

 

3.2           No
Implied Licenses. Licensee acknowledges that the licenses granted in this Agreement are limited to the scope expressly
granted and that, subject to the terms and conditions of this Agreement, all other rights under all Patent Rights and other intellectual
property rights Controlled by COH are expressly reserved to COH.

 

3.3           Sublicensing.
Licensee shall have the right to sublicense its rights hereunder without the consent of COH, effective on notice to COH. The terms
and conditions of each sublicense of Licensee’s rights hereunder shall be consistent with this Agreement. A true and complete
copy of each sublicense of Licensee’s rights hereunder, as well as any amendment thereto, shall be delivered to COH promptly
following the effective date of each such sublicense or amendment.

 

3.4           Effect
of Termination on Sublicenses.

 

(a)          In
the event that this Agreement terminates at any time for any reason, each sublicense validly granted hereunder which is in good
standing as of the effective date of such termination shall continue in effect as a direct license between COH (as licensor) and
Sublicensee (as licensee), provided that: (i) such sublicense, as determined by COH in its reasonable and good faith discretion,
contains or imposes on COH no material obligation or liability additional to those set forth in this Agreement, (ii) the Sublicensee
delivers to COH, within 30 days of the effective date of the termination of this Agreement, written acknowledgement that all payment
and other obligations previously payable to Licensee under such sublicense shall thereafter be payable and due, and be paid directly
to COH, and (iii) such Sublicensee (including its employees and contractors) is not at such time debarred or excluded or otherwise
ineligible for participation in federally funded programs. All other sublicenses in existence as of the effective date of the termination
of this Agreement which fail to satisfy the foregoing conditions shall, upon such termination, terminate.

 

(b)          Further
and in addition to the requirements of Section 3.4(a), above, the conversion of a sublicense into a direct license between COH
(as licensor) and Sublicensee (as licensee) upon termination of this Agreement shall require that either [A] or [B] (but not both),
below, be satisfied:

 

    	 	9	 

     

    

 

CONFIDENTIAL

 

[A]           On the effective date of the
termination of this Agreement:

 

(i)          the
Sublicensee is not a party to a proceeding in bankruptcy or insolvency filed by or against such Sublicensee, has not made a general
assignment for the benefit of its creditors, and is not in litigation with COH or any Affiliate of COH and

 

(ii)         (1)
the effective royalty rate payable on Sublicensee’s Net Sales of Licensed Products and Licensed Services, (2) the aggregate
of other non-sale/royalty-based consideration due from Sublicensee, and (3) the other material terms and conditions of the sublicense
are materially no less favorable to COH than the corresponding terms (excluding the stock grant due pursuant to Section 4.3, below)
of this Agreement, or

 

[B]           the terms and conditions of
the sublicense had been approved by COH prior to its having been entered into by Licensee and the Sublicensee, such approval having
been considered by COH expeditiously and not conditioned on the payment by Licensee of any additional consideration.

 

3.5           Documentation
of Licensed Services. Licensee and its Sublicensees shall provide Licensed Services only pursuant to one or more written
agreements which set forth, in reasonable detail, all consideration due to Licensee for the provision of such services. Licensee
shall provide a true and complete copy of each such agreement to COH promptly following the effective date of such agreement.

 

ARTICLE 4:          PAYMENTS

 

4.1           Up-Front
Payment. Licensee shall pay to COH a one-time non-refundable  license
fee of $* within * days after the Effective Date.

 

4.2           License
Maintenance Fee. On or before the tenth Business Day after the end of each License Year (excluding the first license Year
ending December 3l, 2015), Licensee shall pay to COH a non-refundable license maintenance fee of $*. The license maintenance fee
paid in a given License Year shall be applied as credit against royalties otherwise due to COH pursuant to Section 4.8, below,
during the License Year in which payment was made but may not be carried over and applied as credit against royalties due in subsequent
years.

 

 

*Confidential material redacted and filed
separately with the Commission.

 

    	 	10	 

     

    

 

CONFIDENTIAL

 

4.3           Stock
Grant.

 

(a)          Concurrently
with the execution of this Agreement, Licensee will issue to COH stock certificates evidencing * validly issued, fully-paid, non-assessable
shares of Class A Common Stock. At the closing of each Qualified Financing that occurs prior to the achievement of the Qualified
Financing Protection Ceiling, Licensee will issue to COH and such reasonable number of designees as COH may specify (provided that
each such designee has: (i) demonstrated to the reasonable satisfaction of Licensee that it is an “accredited investor”
as such term is defined in Regulation D promulgated under the Securities Act of 1933 (the “Act”), (ii) represented
to Licensee that it is acquiring the shares for investment purposes only, and (iii) acknowledged that the shares to be received
are restricted securities under the Act (COH and its designees collectively, the “COH Stockholders”)),
stock certificates evidencing a number of shares of validly issued, fully-paid, non-assessable shares of Class A Common Stock that
is determined such that upon the completion of such issuance, COH and its designees will hold 10% of the total number of shares
of Qualifying Stock, calculated as of immediately after the closing of such Qualified Financing (the “Measurement Date”).
Promptly after the applicable Measurement Date, Licensee will deliver to the COH Stockholders (i) certificates representing the
shares of Class A Common Stock to be issued in accordance with the foregoing, and (ii) a certificate, executed on behalf of Licensee
by an executive officer of Licensee, showing Licensee’s calculation of the number of shares of Qualifying Stock as of the
Measurement Date, the sales price of each share of capital stock issued in the Qualified Financings, and the gross proceeds and
Net Proceeds of the Qualified Financings and Licensee’s calculation of the shares of Class A Common Stock to be issued to
the COH Stockholders. Such shares of Class A Common Stock will be issued in consideration for the benefits provided to Licensee
under the Agreement and no additional consideration shall be payable for such shares of Class A Common Stock.

 

(c)          COH
and the other COH Stockholders acknowledge and agree that the COH Shares will be restricted securities and will not be registered
with the Securities and Exchange Commission or qualified with any state securities authority and that, accordingly, the COH Shares
may not be distributed, sold or otherwise transferred except pursuant to an effective registration statement under the Act or pursuant
to an available exemption from the registration requirements of the Act.

 

4.4           First
Public Offering Fee. At the closing of the first Qualified Public Offering of stock of Licensee, Licensee shall pay COH
a one-time non-refundable fee of $*. 

 

4.5           Sale
of NewCo Business. Upon any Change in Control of Licensee, Licensee shall pay COH a non-refundable fee of $*.

 

4.6           Research
Funding. Simultaneous with the execution of this Agreement, Licensee shall enter into the separate research agreement with
COH (“Research Agreement”) set forth on Exhibit C. Pursuant to the Research Agreement, Licensee
shall provide COH research funds of $* each year for * (*) years, totaling $* in research funds (“Research Funds”).
Such Research Funds shall be payable in equal payments of $* on a * basis, with the first * payment being due and payable *
(*) days after the Effective Date and thereafter on the next quarterly due date (January 1, April 1, July 1 or October 1).

 

 

*Confidential material redacted and filed
separately with the Commission.

 

    	 	11	 

     

    

 

CONFIDENTIAL

 

4.7           Milestone
Payments. Within * after the occurrence of each “Milestone
Event” set forth below, Licensee shall pay COH or its designee the amount indicated below for each distinct chimeric
antigen receptor within the scope of the Patent Rights:

 

	Milestone Event	 	Amount Due
	 	 	 
	#1.  Upon the *	 	$*
	#2  Upon the *	 	$*
	#3  Upon *	 	$*
	#4  Upon *	 	$*
	#5  Upon *	 	$*
	#6  Upon *	 	$*

 

in the event that any * is received prior to
the *, then Licensee shall also pay the amount due for occurrence of Milestone Event #3 upon receiving such * (e.g., if * is
received prior to the *, Licensor shall pay COH $*).

 

4.8           Royalties.

 

(a)          Subject
to Subsection (b). below, Licensee shall pay to COH or its designee royalties in an amount equal to (i) * percent of Net Sales
of Licensed Products up to and including $*; (ii) * percent of Net Sales of Licensed Products greater than $* up to and including
$*; and (iii) * percent of Net Sales of Licensed Products that exceed $*. Royalties shall be paid on a Licensed Product-by-Licensed
Product and country-by-country basis until the expiration in each country of the last to expire of the Valid Claims in such country
Covering Licensed Product.

 

(b)          Subject
to Subsection (c), below, Licensee shall pay to COH or its designee royalties in an amount equal to (i) * percent of Net Sales
of Licensed Services up to and including $*; (ii) * percent of Net Sales of Licensed Services greater than $* up to and including
$*; and (iii) * percent of Net Sales of Licensed Services that exceed $*. Royalties shall be paid on a Licensed Service-by-Licensed
Service and country-by-country basis until the expiration in each country of the last to expire of the Valid Claims in such country
Covering Licensed Service.

 

(c)          Beginning
in the calendar year of Marketing Approval in any jurisdiction of the first Licensed Product or Licensed Service by Licensee or
Sublicensces and if the total earned royalties paid by Licensee under Sections 4.8(a) and (h) in any such year cumulatively amounts
to less than $* for that calendar year (“Minimum Annual Royalty”), Licensee shall pay to COH on or before
February 28 following the last quarter of such year the difference between the $* minimum royalty noted above and the total earned
royalty paid by Licensee for such year under Sections 4.8(a) and (b), provided, however. that for the first year of commercial
sales of the first Licensed Product or Licensed Services, the amount of minimum annual royalty payable shall be pro-rated for the
number of months remaining in that calendar year.

 

 

*Confidential material redacted and filed
separately with the Commission.

 

    	 	12	 

     

    

  

CONFIDENTIAL

 

4.9           Royalty
Offsets. If, in Licensee’s reasonable business judgment it is necessary to pay to a Third Party other than a Sublicensee
consideration (whether in the form of a royalty or otherwise) for the right to make, have made, use, sell, offer for sale or import
a Licensed Product or Licensed Service in a given jurisdiction, and if the aggregate royalty rates of any and all royalties payable
to such Third Party licensors when combined with the royalty rate payable to COH exceeds * percent in the case of Net Sales of
Licensed Products or Licensed Services, then Licensee shall have the right with respect to any period for which royalties are due
(i.e. a calendar quarter or calendar year) to set off * percent of the aggregate royalties otherwise payable with respect to such
period and such jurisdiction to such Third Party licensors against royalties that would otherwise be due to COH hereunder with
respect to such period and jurisdiction; provided. however, that each Third Party licensor agrees to be stacked proportionally;
and provided further, however, that under no circumstances shall the royalty offsets permitted in this Section 4.9 result in the
reduction of the effective adjusted royalty rate and the royalty amount otherwise due to COH in any period for which payment is
due and in any jurisdiction pursuant to Section 4.8, above, by more than * percent (e.g., minimum effective adjusted royalty rate
for Licensed Product or Licensed Services sales up to $* shall be * percent).

 

4.10         Sublicense
Revenues. Licensee shall pay to COH a percentage of all Sublicense Revenues within * after payment is received from the
relevant Sublicensee, determined as follows:

 

(a)          *
percent of Sublicense Revenues if the Sublicense is granted prior to the *,

 

(b)          *
percent of all Sublicense Revenues if the Sublicense is granted prior to the *,

 

(c)          *
percent of all Sublicense Revenues if the Sublicense is granted prior to the *, and

 

(d)          *
percent of all Sublicense Revenues if the Sublicense is granted after *.

 

If Sublicense Revenues are not in cash or cash
equivalents, the percentage share payable to COH pursuant to this Section 4.10 shall be due, in COH’s sole discretion, either
in kind or in its cash equivalent.

 

4.11         Timing
of Royalty Payments. Royalty payments due under Section 4.8, above, shall be paid annually within *
 following the end of each License Year until the first License Year in which aggregate Net Sales reach $*. Thereafter,
all royalty payments due under Section 4.8 shall be paid in quarterly installments, within * following the end of each calendar
quarter.

 

 

*Confidential material redacted and filed
separately with the Commission.

 

    	 	13	 

     

    

 

CONFIDENTIAL

 

4.12         No
Deductions from Payments. Licensee is solely responsible for payment of any fee, royalty or other payment due to any Third
Party not a Sublicensee in connection with the research, development, manufacture, distribution, use, sale, import or export of
a Licensed Product or Licensed Service and, except as set forth in Section 4.9, above, Licensee shall not have the right to set
off any amounts paid to such a Third Party, including fee, royalty or other payment, against any amount payable to COH hereunder.

 

4.13         Single
Royalty. Only a single royalty payment shall be due and payable on Net Sales of a Licensed Product or performance
of a Licensed Service, regardless if such Licensed Product or Licensed Service is Covered by more than one Valid Claim.

 

ARTICLE 5:          REPORTS, AUDITS AND FINANCIAL
TERMS

 

5.1           Royalty
Reports. Within * after the end of each calendar quarter in which a
royalty payment under Article 4 is required to be made. Licensee shall send to COH a report of Net Sales of the Licensed Products
and Licensed Services for which a royalty is due, which report sets forth for such calendar quarter the following information,
on a Licensed Product-by-Licensed Product, Licensed Service-by-Licensed Service and country-by-country basis: (i) total Net Sales,
(ii) total gross sales of Licensed Products and Licensed Services, (iii) the quantity of each Licensed Products sold and Licensed
Services performed, (iv) the exchange rate used to convert Net Sales from the currency in which they are earned to United States
dollars; and (v) the total royalty payments due.

 

5.2           Additional
Financial Terms.

 

5.2.1           Currency.
All payments to be made under this Agreement shall be made in United States dollars, unless expressly specified to the contrary
herein. Net Sales outside of the United States shall be first determined in the currency in which they are earned and shall then
be converted into an amount in United States dollars. All currency conversions shall use the conversion rate reported by Reuters,
Ltd. on the last Business Day of the calendar quarter for which such payment is being determined.

 

5.2.2           Payment
Method. Amounts due under this Agreement shall be paid in immediately available funds, by means of wire transfer to an
account identified by COH.

 

5.2.3           Withholding
of Taxes. Licensee may withhold from payments due to COH amounts for payment of any withholding tax that is required by
law to be paid to any taxing authority with respect to such payments. Licensee shall provide to COH all relevant documents and
correspondence, and shall also provide to COH any other cooperation or assistance on a reasonable basis as may be necessary to
enable COH to claim exemption from such withholding taxes and to receive a full refund of such withholding tax or claim a foreign
tax credit. Licensee shall give COH proper evidence from time to time as to the payment of such tax. The Parties shall cooperate
with each other in seeking deductions under federal and state tax laws and any double taxation or other similar treaty or agreement
from time to time in force.

 

 

*Confidential material redacted and filed
separately with the Commission.

 

    	 	14	 

     

    

 

CONFIDENTIAL

 

5.2.4           Late
Payments. Any amounts not paid on or before the date due under this Agreement are subject to interest from the date due
through and including the date upon which payment is received. Interest is calculated, over the period between the date due and
the date paid, at a rate equal to *  percentage point (* %) over the “bank
prime loan” rate, as such rate is published in the U.S. Federal Reserve Bulletin H.15 or successor thereto on the last Business
Day of the applicable calendar quarter prior to the date on which such payment is due.

 

5.2.5           Blocked
Currency. If, at any time, legal restrictions prevent the prompt remittance of part or all royalties with respect to any
country where a Licensed Product is sold or Licensed Service provided, payment shall be made through such lawful means or methods
as Licensee may determine. When in any country, the law or regulations prohibit both the transmittal and deposit of royalties or
other payments, Licensee shall continue to report all such amounts, but may suspend payment for as long as such prohibition is
in effect. As soon as such prohibition ceases to be in effect, all amounts that would have been obligated to be transmitted or
deposited but for the prohibition, together with accrued interested thereon, shall promptly be transmitted to COH.

 

5.3           Accounts
and Audit.

 

5.3.1           Records.
Licensee shall keep, and shall require that each Sublicensee keep, full, true and accurate books of account containing the
particulars of its Net Sales and the calculation of royalties. Licensee and its Sublicensees shall each keep such books of account
and the supporting data and other records at its principal place of business. Such books and records must be maintained available
for examination in accordance with this Section 5.3.1 for * after the end of the calendar year to which they pertain, and otherwise
as reasonably required to comply with GAAP.

 

5.3.2           Appointment
of Auditor. COH may appoint an internationally recognized independent accounting firm reasonably acceptable to Licensee
to inspect the relevant books of account of Licensee and its Sublicensees to verify any reports or statements provided, or amounts
paid or invoiced (as appropriate), by Licensee or its Sublicensees.

 

5.3.3           Procedures
for Audit. COH may exercise its right to have Licensee’s and its Sublicensees’ relevant records examined only
during the * period during which Licensee is required to maintain records, no more than once in any consecutive four calendar quarters.
Licensee and its Sublicensees are required to make records available for inspection only during regular business hours, only at
such place or places where such records are customarily kept, and only upon receipt of at least * advance notice from COH.

 

5.3.4           Audit
Report. The independent accountant will be instructed to provide to COH an audit report containing only its conclusions
and methodology regarding the audit, and specifying whether the amounts paid were correct and, if incorrect, the amount of any
underpayment or overpayment.

 

 

*Confidential material redacted and filed
separately with the Commission.

 

    	 	15	 

     

    

 

CONFIDENTIAL

 

5.3.5           Underpayment
and Overpayment. After review of the auditor’s report: (i) if there is an uncontested underpayment by Licensee for
all of the periods covered by such auditor’s report, then Licensee shall pay to COH the full amount of that uncontested underpayment,
and (ii) if there is an uncontested overpayment for such periods, then COH shall provide to Licensee a credit against future payments
(such credit equal to the full amount of that overpayment), or, if Licensee is not obligated to make any future payments, then
COH shall pay to licensee the full amount of that overpayment. Contested amounts are subject to dispute resolution under Article
12. If the total amount of any such underpayment (as agreed to by Licensee or as determined under Article 12) exceeds *
percent of the amount previously paid by Licensee for the period subject to audit, then Licensee shall pay the reasonable
costs for the audit. Otherwise, all costs of the audit shall be paid by COH.

 

ARTICLE 6:          LICENSEE COVENANTS

 

6.1           Licensee
covenants and agrees that:

 

(a)          During
the period commencing on the Effective Date and ending on the third (3rd) anniversary of the Effective Date, both Dr. Lindsay A.
Rosenwald and Michael S. Weiss will hold senior management positions of Licensee; provided, that, in the event of a Change of Control
of Licensee, subsequent to such Change of Control, in the event that either Dr. Lindsay A. Rosenwald or Michael S. Weiss no longer
holds a senior management position of Licensee both individuals must remain materially involved with the oversight and management
of the development of Licensed Products during such period; provided further that in the event of the death of either of Dr. Rosenwald
or Mr. Weiss, the Company will be excused from observing this section with regard to the decedent;

 

(b)          the
Charter and any amendment thereto will provide the holders of Class A Shares with the right to nominate one individual to the board
of directors of Licensee for a period of ten years after the formation of Licensee;

 

(c)          in
conducting activities contemplated under this Agreement, it shall comply in all material respects with all applicable laws and
regulations including, without limitation, those related to the manufacture, use, labeling importation and marketing of Licensed
Products and Licensed Services; and

 

(d)          Licensee
will obtain all authorizations necessary for the issuance of the COH Shares after the date hereof and the Common Stock issuable
to COH upon conversion of the COH Shares issuable pursuant to this Agreement and/or the Charter after the date hereof prior to
the issuance of such COFI Shares and in any event prior to the issuance of any Qualifying Stock or the consummation of a Change
of Control and covenants that all such shares will be validly issued, fully paid and non-assignable and free of restrictions on
transfer, other than restrictions on transfer under state and federal securities laws.

 

 

*Confidential material
redacted and filed separately with the Commission.

 

    	 	16	 

     

    

 

CONFIDENTIAL

 

ARTICLE 7:          INTELLECTUAL PROPERTY; PATENT
PROSECUTION, MAINTENANCE AND ENFORCEMENT.

 

7.1           Patent
Prosecution, Maintenance and Enforcement.

 

(a)          COH
shall be responsible for the preparation, filing, prosecution, and maintenance of all Patent Rights, using counsel of its choice.
COH will timely provide Licensee with copies of all relevant documentation relating to such prosecution and Licensee shall keep
such information confidential. In addition, COH shall instruct the patent counsel prosecuting Patent Rights to (i) copy Licensee
on patent prosecution documents that are received from or filed with the United States Patent and Trademark Office and foreign
equivalent, as applicable; (ii) if requested by Licensee, provide Licensee with copies of draft submissions to the USPTO prior
to filing: and (iii) give reasonable consideration to the comments and requests of Licensee or its patent counsel, provided that
(a) COH reserves the sole right to make all final decisions with respect to the preparation, tiling, prosecution and maintenance
of such patent applications and patents; and (b) the patent counsel remains counsel to COH (and shall not jointly represent Licensee
unless requested by Licensee and approved by COH, and an appropriate engagement letter and conflict waiver are in effect). All
patents and patent applications in Patent Rights, to the extent assignable in whole or in part to COH, shall be assigned to COH.

 

(b)          COH
will not unreasonably refuse to amend any patent application in Patent Rights to include claims reasonably requested by Licensee
to protect the products contemplated to be sold by Licensee under this Agreement. If Licensee informs COH of other countries or
jurisdictions in which it wishes to obtain patent protection with respect to the Patent Rights, COH shall prepare, file, prosecute
and maintain patent applications in such counties and any patents resulting therefrom (and, for the avoidance of doubt, such patent
applications and patents shall be deemed included in the Patent Rights). On a country-by-country and patent-by-patent basis, Licensee
may elect to surrender any patent or patent application in Patent Rights in any country upon *
 (*) * advance written notice to COH. Such notice shall relieve Licensee from the obligation to pay for future patent
costs but shall not relieve Licensee from responsibility to pay patent costs incurred prior to the expiration of the * (*) * notice
period. Such U.S. or foreign patent application or patent shall thereupon cease to be a Patent Right hereunder, Licensee shall
have no further rights therein and COH shall be free to license its rights to that particular U.S. or foreign patent application
or patent to any other party on any terms.

 

(c)          Each
Party shall promptly provide written notice to the other in the event it becomes aware of any actual or probable infringement of
any of the Patent Rights in or relevant to the Field or of any Third Party claim regarding the enforceability or validity of any
Patent Rights (“Infringement Notice”). Licensee shall, in cooperation with COH, use reasonable efforts to terminate
infringement without litigation.

 

 

*Confidential material redacted and filed
separately with the Commission.

 

    	 	17	 

     

    

 

CONFIDENTIAL

 

(d)          If
infringing activity has not been abated within * (*) days following the date the Infringement Notice takes effect, then Licensee
may, following consultation with COH, in its sole discretion and at its sole expense, take action against any alleged infringer
or in defense of such any claim, provided, that Licensee has exclusive rights under this Agreement. Any recovery obtained
by Licensee as the result of legal proceedings initiated and paid for by Licensee pursuant to this subsection (d), after deduction
of Licensee’s reasonable out-of-pocket expenses incurred in securing such recovery, shall be deemed to be Net Sales of Licensed
Products and/or Licensed Services in the calendar quarter in which such recovery was received and royalties shall be due and payable
thereon accordingly.

 

(e)          If
COH is involuntarily joined in a suit initiated by Licensee, then the Licensee will pay any costs incurred by COH arising out of
such suit, including but not limited to, reasonable legal fees of counsel that COH selects and retains to represent it in the suit.

 

(f)          In
the event that Licensee declines either to cause such infringement to cease (e.g., by settlement or injunction) or to initiate
and thereafter diligently maintain legal proceedings against the infringer other than as part of a mutually agreed upon bona fide
strategy, developed with the guidance of outside patent counsel, to preserve the Patent Rights, COH may, in its sole discretion
and at its sole expense, take action against such alleged infringer or in defense of any such Third Party claim. Any recovery obtained
by COH as the result of any such legal proceedings shall be for the benefit of COH only.

 

7.2           Trademarks.
Licensee shall be responsible for the selection, registration, maintenance, and defense of all trademarks for use in connection
with the sale or marketing of Licensed Products and Licensed Services in the Field in the Territory (the “Marks”),
as well as all expenses associated therewith. All uses of the Marks by Licensee or a Sublicensee shall comply in all material respects
with all applicable laws and regulations (including those laws and regulations particularly applying to the proper use and designation
of trademarks in the applicable countries). Licensee shall not, without COH’s prior written consent, use any trademarks or
house marks of COH (including the COH corporate name), or marks confusingly similar thereto, in connection with Licensee commercialization
of Licensed Products or Licensed Services under this Agreement in any promotional materials or applications or in any manner implying
an endorsement by COH of Licensee or the Licensed Products or Licensed Services. Licensee shall own all Marks.

 

7.3           Challenge
to the Patent Rights by Licensee.

 

(a)          COH
may terminate this Agreement and, notwithstanding Section 3.3, above, all Sublicenscs issued hereunder, upon written notice to
Licensee in the event that Licensee or any of its Affiliates or Sublicensees directly or indirectly asserts a Patent Challenge.
“Patent Challenge” means any challenge in a legal or administrative proceeding to the patentability,
validity or enforceability of any of the Patent Rights (or any claim thereof), including by: (a) filing or pursuing a declaratory
judgment action in which any of the Patent Rights is alleged to be invalid or unenforceable; (h) citing prior art against any of
the Patent Rights, filing a request for or pursuing a re-examination of any of the Patent Rights (other than with COH’s written
agreement), or becoming a party to or pursuing an interference; or (c) Mina or pursuing any re-examination, opposition. cancellation,
nullity or other like proceedings against any of the Patent Rights; but excluding any challenge raised as a defense against a claim,
action or proceeding asserted by COH against Licensee, its Affiliates or Sublicensees. In lieu of exercising its rights to terminate
tinder this Section 7.3(a) COH may elect upon written notice to increase the payments due under all of Section 4 by *
percent (*%), which election will be effective retroactively to the date of the commencement of the Patent Challenge.
Licensee acknowledges and agrees that this Section 7.3(a) is reasonable, valid and necessary for the adequate protection of COH’s
interest in and to the Patent Rights, and that would not have granted to Licensee the licenses under those Patent Rights, without
this Section.

 

 

*Confidential material redacted and filed
separately with the Commission.

 

    	 	18	 

     

    

 

CONFIDENTIAL

 

(b)          Payment
of COH Patent Expenses. The Parties acknowledge that, prior to the Effective Date, COH provided to Licensee documentation
of historic expenses incurred by COH with respect to the drafting, prosecution and maintenance of the Patent Rights. In consideration
of such historic expenditures by COH, Licensee shall reimburse COH for such expenses within * of the Effective Date.

 

(c)          After
the Effective Date. COH shall provide to Licensee an annual invoice and reasonably detailed documentation with respect to COH’s
out-of-pocket expenses incurred with respect to such prosecution and maintenance for the previous year. Licensee shall reimburse
COH for * percent of such expenses within * after receipt of such invoice and documentation.

 

7.4           Marking.
Licensee and its Sublicensees shall mark all Licensed Products and all materials related to Licensed Services in such a matter
as to conform with the patent laws of the country to which such Licensed Products are shipped or in which such products are sold
and such Licensed Services performed.

 

ARTICLE 8:          TERM AND TERMINATION

 

8.1           Term
and Expiration of Term. The term of this Agreement (the “Term”) shall commence on the Effective Date and, notwithstanding
any other provision of this Agreement, unless sooner terminated by mutual agreement or pursuant to any other provision of this
Agreement, this Agreement shall expire on a country-by-country basis and on a Patent Right-by-Patent Right basis on the later to
occur of: (a) the expiration of the last to expire of any of the Patent Rights in such country (or if no patent issues, until the
last patent application in Patent Rights is abandoned), and (b) the date on which the last of the remaining obligations under this
Agreement between the Parties with respect to the payment of milestones or royalties with respect to Licensed Products and Licensed
Services have been satisfied (such expiry of the Term hereinafter referred to as “Expiration”).

 

8.2           Termination.

 

8.2.1           Material
Breach. Either Party may terminate this Agreement prior to its Expiration for any material breach by the other Party,
provided, that, the Party seeking to terminate shall have first given the breaching Party notice of such material breach
with reasonable particulars of the material breach, and the Party receiving the notice of the material breach shall have failed
to cure that material breach within * after the date of receipt of’ such notice.

 

 

*Confidential material redacted and filed
separately with the Commission.

 

    	 	19	 

     

    

 

CONFIDENTIAL

 

8.2.2           Bankruptcy.
COH shall have the right to terminate this Agreement prior to its Expiration upon notice to Licensee, in the event that:
(i) Licensee seeks protection of any bankruptcy or insolvency law other than with the prior consent of City of Hope, or (ii) a
proceeding in bankruptcy or insolvency is filed by or against Licensee and not withdrawn, removed or vacated within *
of such filing, or there is adjudication by a court of competent jurisdiction that Licensee is bankrupt or insolvent.

 

8.2.3           Termination
at Will by Licensee. Licensee shall have the right to terminate this Agreement prior to its Expiration upon notice to COH
without cause, effective no fewer than * following the date of such notice.

 

8.3           Effect
of Termination.

 

8.3.1           Upon
any termination of this Agreement pursuant to Section 8.2 (but for clarity, not in the ease of its Expiration), all rights and
licenses granted to Licensee under Article 4. if any, shall immediately terminate on and as of the effective date of termination
as provided in Section 8.2. except that Licensee shall have the right to continue to sell Licensed Products manufactured prior
to the effective date of such termination until the sooner of: (i) * after the effective date of termination, or (ii) the exhaustion
of Licensee’s inventory of Licensed Products.

 

8.3.2           Upon
termination of this Agreement pursuant to Section 8.2 (but for clarity, not in the case of its Expiration):

 

(a)          Each
Party shall promptly return to the other Party all relevant records and materials in its possession or control containing or comprising
the other Party’s Confidential Information and to which the Party does not retain rights hereunder.

 

(b)          Licensee
shall discontinue making any representation regarding its status as a licensee of COH for Licensed Products and Licensed Services.
Subject to Section 8.3.1, above, Licensee shall cease conducting any activities with respect to the marketing, promotion, sale
or distribution of Licensed Products and Licensed Services.

 

8.3.3           Termination
of this Agreement through any means and for any reason pursuant to Section 8.2 (but for clarity, not in the case of its Expiration),
shall not relieve the Parties of any obligation accruing prior thereto, including the payment of all sums due and payable, and
shall be without prejudice to the rights and remedies of either Party with respect to any antecedent breach of any of the provisions
of this Agreement.

 

8.4           Survival.
Sections 4.11, 5.1, 5.2, 5.3, 7.4, 8.3, 8.4, Article 10, Article 11. Article 12, Sections 14.2, 14.4, 14.7, and 14.10 shall survive
termination of this Agreement for any reason pursuant to Section 8.2 and Expiration pursuant to Section 8.1.

 

 

*Confidential material redacted and filed
separately with the Commission.

 

    	 	20	 

     

    

 

CONFIDENTIAL

 

ARTICLE 9:          REPRESENTATIONS AND WARRANTIES

 

9.1           Mutual
Representations and Warranties. COH and Licensee each represents and warrants as follows:

 

9.1.1           It
has the right and authority to enter into this Agreement and all action required to be taken on its behalf; its officers, directors,
partners and stockholders necessary for the authorization, execution, and delivery of this Agreement and, the performance of all
of its obligations hereunder, and this Agreement, when executed and delivered, will constitute valid and legally binding obligations
of such Party, enforceable in accordance with its terms, subject to: (i) laws limiting the availability of specific performance,
injunctive relief, and other equitable remedies; and (ii) bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance
or other similar laws now or hereafter in effect generally relating to or affecting creditors’ rights generally;

 

9.1.2           Entry
into this Agreement will not constitute a breach of any other agreement to which it is party;

 

9.1.3           It
has read this Agreement, with assistance from its counsel of choice. It understands all of this Agreement’s terms. It has
been given a reasonable amount of time to consider the contents of this Agreement before each Party executed it. It agrees that
it is executing this Agreement voluntarily with full knowledge of this Agreement’s legal significance; and

 

9.1.4           It
has made such investigation of all matters pertaining to this Agreement that it deems necessary, and does not rely on any statement,
promise, or representation, whether oral or written, with respect to such matters other than those expressly set forth herein.
It agrees that it is not relying in any manner on any statement, promise, representation or understanding, whether oral, written
or implied, made by any Party, not specifically set forth in this Agreement. It acknowledges that, after execution of this Agreement,
it may discover facts different from or in addition to those which it now knows or believes to be true. Nevertheless, it agrees
that this Agreement shall be and remain in full force and effect in all respects, notwithstanding such different or additional
facts.

 

9.2           Representations
and Warranties of COH. COH represents and warrants that, to the actual knowledge of the Investigator (as defined
in the Research Agreement) and the Director of its Office of Technology Transfer without independent inquiry, COH has the full
power and authority to grant the rights, licenses and privileges granted herein.

 

9.3           Representations
and Warranties of Licensee. Licensee represents and warrants as follows:

 

9.3.1           all
authorizations necessary for the issuance of the COH Shares on the date hereof and the Common Stock issuable to COH upon conversion
of the COH Shares issuable to COH pursuant to this Agreement on the date hereof, have been obtained;

 

    	 	21	 

     

    

 

CONFIDENTIAL

 

9.3.2           no
consent, approval, order, or authorization of, or registration, qualification, designation, declaration, or filing with, any federal,
state, or local governmental authority on the part of Licensee is required in connection with the offer, sale, or issuance of the
COH Shares (and the Common Stock issuable upon conversion of the COH Shares) or the consummation of any other transaction contemplated
hereby, except for the following: (i) the filing of the Charter, which has been filed by Licensee and accepted by the Secretary
of State of the State of Delaware prior to the date of this Agreement in the form attached hereto as Exhibit A; (ii) the
filing of a notice of exemption pursuant to Section 25102(f) of the California Corporate Securities Law of 1968, as amended, which
shall be filed by Licensee promptly following the date hereof and promptly following any Measurement Date; and (iii) the compliance
with other applicable state securities laws, which compliance will have occurred within the appropriate time periods therefor.
The offer, sale, and issuance of the COH Shares in conformity with the terms of this Agreement are exempt from the registration
requirements of Section 5 of the Act, and from the qualification requirements of Section 25110 of the California Securities Law,
and Licensee, nor any authorized agent acting on its behalf will take any action hereafter that prevent the loss of such exemptions;

 

9.3.3           The
sale of the COH Shares is not, and the subsequent conversion of the COH Shares into Common Stock will not be, subject to any preemptive
rights or rights of first refusal that have not been properly waived or complied with;

 

9.3.4           The
COH Shares, when issued, sold and delivered in accordance with the terms of this Agreement for the consideration expressed herein,
will be duly and validly issued, fully paid and nonassessable and free of restrictions on transfer, other than restrictions on
transfer under applicable state and federal securities laws. The common stock issuable upon conversion of the COH Shares has been
duly and validly reserved for issuance and, upon issuance in accordance with the terms of the Charter, will be duly and validly
issued, fully paid and nonassessable and will be free of restrictions on transfer other than restrictions on transfer under applicable
state and federal securities laws;

 

9.3.5           The
authorized capital stock of Licensee consists of * shares of Common Stock,
* of which will be issued and outstanding on the date hereof (taking into account the issuance of the COH Shares of Class A Common
Stock on the date hereof, and the issuance of the Class B Common Stock). There are no shares of preferred stock issued or outstanding
as of the date hereof. Licensee has also reserved but have not issued an aggregate of * shares of Common Stock for issuance to
employees, directors and consultants pursuant to Licensee’s equity incentive compensation plans. All issued and outstanding
shares will have been duly authorized and validly issued and be fully paid and nonassessable. Other than the COH Shares and the
shares of Common Stock issuable upon conversion thereof, there are no other outstanding rights, options, warrants, preemptive rights,
rights of first refusal, or similar rights for the purchase or acquisition from Licensee of any securities of Licensee nor any
commitments to issue or execute any such rights, options, warrants, preemptive rights or rights of first refusal. The respective
rights, preferences, privileges, and restrictions of the Common Stock, including the Class A Common Stock and Class B Common Stock,
are solely as stated in the Charter. Exhibit B sets forth a true and complete capitalization table of Licensee; and

 

 

*Confidential material redacted and filed
separately with the Commission.

 

    	 	22	 

     

    

 

CONFIDENTIAL

 

9.3.6           Licensee
is not in violation or default of any provision of the Charter or its bylaws and will not, on any Measurement Date be in such violation
or default.

 

9.4           Exclusions.
Nothing in this Agreement is or shall be construed as:

 

9.4.1           A
warranty or representation by COH as to the validity or scope of any claim or patent or patent application within the Patent Rights;

 

9.4.2           A
warranty or representation by COH that anything made, used, sold, or otherwise disposed of under any license granted in this Agreement
is or will be free from infringement of any patent rights or other intellectual property right of any Third Party;

 

9.4.3           A
grant by COH, whether by implication, estoppel, or otherwise, of any licenses or rights under any patents other than Patent Rights
as defined herein, regardless of whether such patents are dominant or subordinate to Patent Rights;

 

9.4.4           An
obligation on COH to bring or prosecute any suit or action against a third party for infringement of any of the Patent Rights;

 

9.4.5           An
obligation to furnish any know-how not provided in Patent Rights; or

 

9.4.6           A
representation or warranty of the ownership of the Patent Rights other than as set forth in Section 9.2, above.

 

9.5           DISCLAIMER.
NO WARRANTY IS GIVEN WITH RESPECT TO THE PATENT RIGHTS, EXPRESS OR IMPLIED, EITHER IN FACT OR BY OPERATION OF LAW, BY STATUTE OR
OTHERWISE, AND THE PARTIES SPECIFICALLY DISCLAIM ANY EXPRESS OR IMPLIED WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE,
VALIDITY OF THE PATENT RIGHTS OR NON-INFRINGEMENT OF THE INTELLECTUAL PROPERTY OR OTHER RIGHTS OF ANY THIRD PARTY. THE WARRANTIES
SET FORTH IN SECTIONS 9.1 AND 9.2, ABOVE, ARE IN LIEU OF ALL OTHER WARRANTIES, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO,
THE IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, VALIDITY, NON-INFRINGEMENT AND ALL SUCH OTHER WARRANTIES
ARE HEREBY EXPRESSLY DISCLAIMED.

 

ARTICLE 10:          INDEMNIFICATION

 

10.1         Indemnification
by Licensee. Licensee shall defend, indemnify and hold harmless COH, its Affiliates, officers, directors, shareholders,
employees and agents (“COH Indemnitees”) from and against any and all Third Party liabilities, claims, suits,
and expenses, including reasonable attorneys’ fees (collectively, “Losses”), arising out of or are in any way
attributable to: (i) the material breach of any representation or warranty made by Licensee under this Agreement, (ii) the research,
development, marketing, approval, manufacture, packaging, labeling, handling, storage, transportation, use, distribution, promotion,
marketing or sale of Licensed Products or Licensed Services by or on behalf of Licensee, any of its Affiliates or a Sublicensee
or any other exercise of rights under this Agreement or pursuant to any sublicense, or (iii) the negligence, willful misconduct
or failure to comply with applicable law by a Licensee Indemnitee or Sublicensee; in each case except to the extent that such Losses
are caused directly by: (a) COH’s material breach of any representation or warranty made by COH under this Agreement, (b)
COH’s material breach of its obligations under this Agreement, and/or (c) the gross negligence or willful misconduct of a
COH Indemnitee.

 

    	 	23	 

     

    

  

CONFIDENTIAL

 

10.2         Indemnification
by COH. COH shall defend, indemnify and hold harmless Licensee and its Affiliates and their respective officers,
directors, shareholders, employees and agents (collectively, the “Licensee Indemnitees”) from and against any and all
Losses caused directly by: (i) the material breach of any representation or warranty made by COH under this Agreement, or (ii)
the gross negligence or willful misconduct of a COH Indemnitee, except to the extent that such Losses arise out of or are in any
way attributable to: (a) the material breach of any representation or warranty made by Licensee under this Agreement, (h) the research,
development, marketing, approval, manufacture, packaging, labeling, handling, storage, transportation, use, distribution, promotion,
marketing or sale of Licensed Products or Licensed Services by or on behalf of Licensee or a Sublicensee, or (c) the negligence,
willful misconduct or failure to comply with applicable law by a Licensee Indemnitee or a Sublicensee.

 

10.3         Procedure.
The indemnities set forth in this Article 10 are subject to the condition that the Party seeking the indemnity shall forthwith
notify. the indemnifying Party on being notified or otherwise made aware of a liability, claim, suit, action or expense
and that the indemnifying Party defend and control any proceedings with the other Party being permitted to participate at its own
expense (unless there shall be a conflict of interest which would prevent representation by joint counsel, in which event the indemnifying
Party shall pay for the other Party’s counsel); provided, that, the indemnifying Party may not settle the liability,
claim, suit, action or expense, or otherwise admit fault of the other Party or consent to any judgment, without the written consent
of the other Party (such consent not to be unreasonably withheld). Notwithstanding the foregoing, no delay in the notification
of the existence of any claim of Loss shall cause a failure to comply with this Section 10.3 as long as such delay shall not have
materially impaired the rights of the indemnifying Party.

 

10.4         Insurance.

 

(a)          Within
* following the Effective Date, Licensee shall procure at its sole expense
and provide to COH evidence of comprehensive or commercial general liability insurance (contractual liability included) with limits
of at least: (i) each occurrence, $*; (ii) products/completed operations aggregate, $*; (iii) personal and advertising injury,
$*; and general aggregate (commercial form only), $*.

 

(b)          The
foregoing policies will provide primary coverage to COH and shall name the COH Indemnitees as additional insureds, and shall remain
in effect during the term of this Agreement and for * following the termination or expiration of the term of this Agreement. The
COH Indemnitees shall be notified in writing by Licensee not less than 30 days prior to any modification, cancellation or non-renewal
of such policy. Licensee’s insurance must include a provision that the coverages will be primary and will not participate
with nor will be excess over any valid and collective insurance or program of self-insurance carried or maintained by the COH Indemnitees.
Such insurance coverage shall be maintained with an insurance company or companies having an A.M. Best’s rating (or its equivalent)
of A-XII or better.

 

 

*Confidential material redacted and filed
separately with the Commission.

 

    	 	24	 

     

    

 

CONFIDENTIAL

 

(c)          Licensee
expressly understands that the coverage limits in Section 10.4(a) do not in any way limit the Licensee’s liability.

 

10.5         LIMITATION
ON DAMAGES. NOTWITHSTANDING ANYTHING CONTAINED IN THIS AGREEMENT TO THE CONTRARY, EXCEPT IN RELATION TO LICENSEE’S INDEMNIFICATION
OBLIGATIONS UNDER SECTION 10.1 AND ANY BREACH BY LICENSEE OF ARTICLE 11: (1) IN NO EVENT SHALL EITHER PARTY BE LIABLE FOR ANY SPECIAL,
PUNITIVE, CONSEQUENTIAL, INDIRECT, OR INCIDENTAL DAMAGES (INCLUDING LOSS OF PROFITS, COSTS OF PROCURING SUBSTITUTE GOODS, LOST
BUSINESS OR ENHANCED DAMAGES FOR INTELLECTUAL PROPERTY INFRINGEMENT) WHETHER BASED UPON BREACH OF WARRANTY, BREACH OF CONTRACT,
NEGLIGENCE, STRICT LIABILITY IN TORT OR ANY OTHER LEGAL THEORY, AND (II) IN NO EVENT SHALL COH BE LIABLE TO LICENSEE FOR AN AGGREGATE
AMOUNT IN EXCESS OF TWO-THIRDS OF THE TOTAL CONSIDERATION PAID TO COH HEREUNDER.

 

ARTICLE 11:          CONFIDENTIALITY

 

11.1         Confidential
Information. During the term of this Agreement and for * thereafter
without regard to the means of termination: (i) COH shall not use, for any purpose other than the purpose contemplated by this
Agreement, or reveal or disclose to any Third Party Licensee Confidential information; and (ii) Licensee shall not use, for any
purpose other than the purpose contemplated by this Agreement, or reveal or disclose COH Confidential Information to any Third
Party. The Parties shall take reasonable measures to assure that no unauthorized use or disclosure is made by others to whom access
to such information is granted.

 

11.2         Exceptions.
Notwithstanding the foregoing, a Party may use and disclose Confidential Information of the other Party as follows:

 

(a)          if
required by applicable law, rule, regulation, government requirement and/or court order, provided, that, the disclosing
Party promptly notifies the other Party of its notice of any such requirement and provides the other Party a reasonable opportunity
to seek a protective order or other appropriate remedy and/or to waive compliance with the provisions of this Agreement;

 

(b)          to
the extent such use and disclosure occurs in the filing or publication of any patent application or patent on inventions;

 

 

 *Confidential
material redacted and filed separately with the Commission.

 

    	 	25	 

     

    

 

CONFIDENTIAL

 

(c)          as
necessary or desirable for securing any regulatory approvals, including pricing approvals, for any Licensed Products or Licensed
Services, provided, that, the disclosing Party shall take all reasonable steps to limit disclosure of the Confidential Information
outside such regulatory agency and to otherwise maintain the confidentiality of the Confidential Information;

 

(d)          to
take any lawful action that it deems necessary to protect its interest under, or to enforce compliance with the terms and conditions
of, this Agreement;

 

(e)          to
the extent necessary, to its Affiliates, directors, officers, employees, consultants, vendors and clinicians under written agreements
of confidentiality at least as restrictive as those set forth in this Agreement, who have a need to know such information in connection
with such Party performing its obligations or exercising its rights under this Agreement; and

 

(f)          by
Licensee, to actual and potential investors, licensees, Sublicensees, consultants, vendors and suppliers, and academic and commercial
collaborators, under written agreements of confidentiality at least as restrictive as those set forth in this Agreement.

 

11.3         Certain
Obligations. During the Term and for a period of five years thereafter and subject to the exceptions set forth in Section
11.2, Licensee, with respect to COH Confidential Information, and COH, with respect to Licensee Confidential Information, agree:

 

(a)          to
use such Confidential Information only for the purposes contemplated under this Agreement,

 

(b)          to
treat such Confidential Information as it would its own proprietary information which in no event shall be less than a reasonable
standard of care,

 

(c)          to
take reasonable precautions to prevent the disclosure of such Confidential information to a Third Party without written consent
of the other Party, and

 

(d)          to
only disclose such Confidential Information to those employees, agents and Third Parties who have a need to know such Confidential
Information for the purposes set forth herein and who are subject to obligations of confidentiality no less restrictive than those
set forth herein.

 

11.4        Termination.
Upon termination of this Agreement pursuant to Section 8.2 (but for clarity, not in the case of its Expiration), and upon the request
of the disclosing Party, the receiving Party shall promptly return to the disclosing Party or destroy all copies of Confidential
information received from such Party, and shall return or destroy, and document the destruction of, all summaries, abstracts, extracts,
or other documents which contain any Confidential Information of the other Party in any form, except that each Party shall be permitted
to retain a copy (or copies, as necessary) of such Confidential Information for archival purposes or to enforce or verify compliance
with this Agreement, or as required by any applicable law or regulation.

 

    	 	26	 

     

    

 

CONFIDENTIAL

 

ARTICLE 12:          DISPUTE RESOLUTION

 

All Disputes shall be first
referred to a Vice President, Center for Applied Technology Development of COH (the “COH VP”) and the President
of Licensee for resolution, prior to proceeding under the other provisions of this Article 12. A Dispute shall be referred to such
executives upon one Party (the “Initiating Party”) providing the other Party (the “Responding Party”)
with notice that such Dispute exists, together with a written statement describing the Dispute with reasonable specificity
and proposing a resolution to such Dispute that the Initiating Party is willing to accept, if any. Within ten days after having
received such statement and proposed resolution, if any, the Responding Party shall respond with a written statement that provides
additional information, if any, regarding such Dispute, and proposes a resolution to such Dispute that the Responding Party is
willing to accept, if any. In the event that such Dispute is not resolved within * after
the Responding Party’s receipt of the Initiating Party’s notice, either Party may bring and thereafter maintain suit
against the other with respect to such Dispute; provided, however, that the exclusive jurisdiction of any such suit shall be the
state and federal courts located in Los Angeles County, California, and the Parties hereby consent to the exclusive jurisdiction
and venue of such courts.

 

ARTICLE 13:            GOVERNMENTAL MATTERS

 

13.1        Governmental
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, Licensee shall assume all legal obligations to do so. Licensee shall notify
COH if it becomes aware that this Agreement is subject to a U.S. or foreign government reporting or approval requirement. Licensee
shall 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.

 

13.2        Export Control
Laws. Licensee shall observe all applicable U.S. and foreign laws with respect to the transfer of Licensed Products and
related technical data to foreign countries, including, without limitation, the International Traffic in Arms Regulations and the
Export Administration Regulations.

 

13.3        Preference
for United States Industry. If Licensee sells a Licensed Product in the U.S., Licensee shall manufacture said product substantially
in the U.S.

 

ARTICLE 14:          MISCELLANEOUS

 

14.1         Assignment
and Delegation. Except as expressly provided in this Section 14.1, neither this Agreement nor any right or obligation hereunder
shall be assignable in whole or in part, whether by operation of law, or otherwise by Licensee without the prior written consent
of COH. Notwithstanding the foregoing, Licensee may assign or transfer its rights and obligations under this Agreement to a Person
that succeeds to all or substantially all of that Party’s business or assets, whether by sale, merger, operation of law or
otherwise and provided that such Person agrees, in form and substance reasonably acceptable to COH, to be bound as a direct party
to this Agreement in lieu of or in addition to Licensee and provided further that Licensee has complied with its obligations pursuant
to Section 4.5. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the Parties hereto and their
respective successors and permitted assignees. Any transfer or assignment of this Agreement in violation of this Section 14.1 shall
be null and void.

 

 

*Confidential material redacted and filed
separately with the Commission.

 

    	 	27	 

     

    

 

CONFIDENTIAL

  

14.2         Entire
Agreement. This Agreement and the Research Agreement contains the entire agreement between the Parties relating to the
subject matter hereof, and all prior understandings, representations and warranties between the Parties are superseded by this
Agreement.

 

14.3         Amendments.
Changes and additional provisions to this Agreement shall be binding on the Parties only if agreed upon in writing and signed by
the Parties.

 

14.4         Applicable
Law. This Agreement shall be construed and interpreted in accordance with the laws of the State of California and
all rights and remedies shall be governed by such laws without regard to principles of conflicts of law.

 

14.5         Force Majeure.
If the performance of this Agreement or any obligations hereunder is prevented, restricted or interfered with by reason of earthquake,
fire, flood or other casualty or due to strikes, riot, storms, explosions, acts of God, war, terrorism, or a similar occurrence
or condition beyond the reasonable control of the Parties, the Party so affected shall, upon giving prompt notice to the other
Parties, be excused from such performance during such prevention, restriction or interference, and any failure or delay resulting
therefrom shall not be considered a breach of this Agreement.

 

14.6         Severability.
The Parties do not intend to violate any public policy or statutory common law. However, if any sentence, paragraph, clause or
combination of this Agreement is in violation of any law or is found to be otherwise unenforceable, such sentence, paragraph, clause
or combination of the same shall be deleted and the remainder of this Agreement shall remain binding, provided that such deletion
does not alter the basic purpose and structure of this Agreement.

 

14.7         Notices.
All notices, requests, demands, and other communications relating to this Agreement shall be in writing in the English language
and shall be delivered in person or by mail, international courier or facsimile transmission (with a confirmation copy forwarded
by courier or mail). Notices sent by mail shall be sent by first class mail or the equivalent, registered or certified, postage
prepaid, and shall be deemed to have been given on the date actually received. Notices sent by international courier shall be sent
using a service which provides traceability of packages. Notices shall be sent as follows:

 

	Notices to COH:	with a copy to:
	 	 
	Office of Technology Licensing	Office of General Counsel
	City of Hope	City of Hope
	1500 East Duarte Road	1500 East Duarte Road
	Duarte, CA 91010	Duarte, CA 91010
	Attn: Sr. VP, Center for Applied	Attn: General Counsel
	Technology Development	Fax 626-301-8863
	Fax 626-301-8175	 

 

    	 	28	 

     

    

 

CONFIDENTIAL

 

	Notices to Licensee:	with a copy to
	 	 
	Mustang Therapeutics, Inc.	Mustang Therapeutics, Inc.
	3 Columbus Circle, 15th Floor	3 Columbus Circle, 15th Floor
	
        New York, NY 10019
	New York, NY 10019
	
        Attn: CEO

        
	
         Attn: Corporate Secretary

 

Either Party may change its address for notices
or facsimile number at any time by sending notice to the other Party.

 

14.8         Independent
Contractor. Nothing herein shall create any association, partnership, joint venture, fiduciary duty or the relation
of principal and agent between the Parties hereto, it being understood that each Party is acting as an independent contractor,
and neither Party shall have the authority to bind the other or the other’s representatives in any way.

 

14.9        Waiver. No
delay on the part of either Party hereto in exercising any power or right hereunder shall operate as a waiver thereof, nor shall
any single or partial exercise of any power or right hereunder preclude other or further exercise thereof or the exercise
of any other power or right. No waiver of this Agreement or any provision hereof shall be enforceable against any Party hereto
unless in writing, signed by the Party against whom such waiver is claimed, and shall be limited solely to the one event.

 

14.10        Interpretation.
This Agreement has been prepared jointly and no rule of strict construction shall be applied against either Party. In this
Agreement, the singular shall include the plural and vice versa and the word “including” shall be deemed to be followed
by the phrase “without limitation.” The section headings contained in this Agreement are inserted for convenience only
and shall not affect in any way the meaning or interpretation of this Agreement.

 

14.11         Counterparts.
This Agreement may be executed in counterparts, each of which together shall constitute one and the same Agreement. For purposes
of executing this agreement, a facsimile copy or an emailed PDF of this Agreement, including the signature pages, will be deemed
an original.

 

14.12         Licensee
Certification. Licensee certifies to COH, under penalty of perjury, that Licensee has not been convicted of a criminal
offense related to health care, is not currently debarred, excluded or otherwise ineligible for participation in federally funded
health care programs and has not arranged or contracted (by employment or otherwise) with any employee, contractor, or agent that
it knew or should have known are excluded from participation in any federal health care program, and will not knowingly arrange
or contract with any such individuals or entities during the term of this Agreement. Licensee agrees to notify col4 in writing
immediately of any threatened, proposed or actual conviction relating to health care, of any threatened, proposed or actual debarment
or exclusion from participation in federally funded programs, of COH or any employee, contractor or agent of COH. Any breach of
this Section 14.12 by Licensee shall be grounds for termination of this Agreement by COH in accordance with Section 8.2.1.

 

    	 	29	 

     

    

 

CONFIDENTIAL

 

14.13         Publicity.
Neither Party may issue a press releases or otherwise disclose the existence or terms of this Agreement without the prior written
consent of the other Party; provided, however, that once the existence or any terms or conditions of this Agreement has
been publicly disclosed in a manner mutually and reasonably agreed-to by the Parties, either Party may republish the facts previously
disclosed without the prior consent of the other Party. COH may, in its sole discretion and without the approval of Licensee, publicly
disclose the existence of this Agreement and the overall potential value of the Agreement to COH, so long as the detailed and specific
terms and conditions of this Agreement are not disclosed. If a third party inquires whether a license is available, COH may disclose
the existence of the Agreement and the extent of its grant in Section 3.1 to such third party, but will not disclose the name of
the Licensee, except where COH is required to release information under either the California Public Records Act or other applicable
law.

 

    	 	30	 

     

    

 

IN WITNESS WHEREOF,
the Parties have executed this Agreement by their duly authorized representatives.

 

	MUSTANG THERAPEUTICS, INC.	 	CITY OF HOPE

 

	By:	/s/ Michael Weiss	 	By:	/s/ Robert Stone
	 	Michael Weiss	 	 	Robert Stone
	 	President and CEO	 	 	President and CEO

 

    	 	31	 

     

    

  

CONFIDENTIAL TREATMENT REQUESTED. Confidential portions of this
document have been redacted and have been separately filed with the Commission.

Exhibit 10.6

 

EXHIBIT A

 

Form of Charter

 

 

     

     

    

 

CONFIDENTIAL

 

EXHIBIT B

 

List of Capital Stock Holders

 

*: * 

 

*: *

 

*: *

 

*: *

 

*: *

 

 

*Confidential material redacted and filed separately with the Commission.

 

     

     

    

 

 

EXHIBIT C

 

Form of Standard Research Agreement

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