Document:

DATED 15TH MARCH
2010

     

    (1)
CANCER RESEARCH TECHNOLOGY LIMITED

    

    AND

    

    (2)
GENESIS BIOPHARMA, INC.

      

    
      

    

    
       

      Patent
and Know How Licence

       

      
        
   

        
          
             

          

          
            GB 000001

            
              

            

          

          
             

          

        

      

       

    

    THIS
AGREEMENT is made the 15th day of March 2010

     

    BETWEEN:

     

    
      	
              (1)

            	
              Cancer Research Technology
      Limited, a company registered in England and Wales under number
      1626049 with registered office at Sardinia House, Sardinia Street, London
      WC2A 3NL, England (“CRT”);
    and

            

    

    

    
      	
              (2)

            	
              Genesis Biopharma, Inc.
      (formerly known as Freight Management Corporation), a company
      incorporated in the State of Nevada, United States of America whose
      principal place of business is at Suite 200, 8275 Eastern Ave., Las Vegas,
      Nevada, 89123 (“Genesis
      Biopharma”).

            

    

    

    RECITALS

    

    
      	
              (A)

            	
              CRT
      is an oncology focused technology transfer and development
      company.

            

    

     

    
      	
              (B)

            	
              CRT
      is wholly owned by Cancer Research UK, a company registered under number
      4325234 and registered charity number 1089464. Cancer Research UK was
      formed as a result of the merger on 4 February 2002 of two charities: the
      Cancer Research Campaign (“CRC”) and Imperial
      Cancer Research Fund.

            

    

     

    
      	
              (C)

            	
              CRC
      funded research concerning the CD55 antigen in the laboratories of
      Professor Lindy Durrant at the University of Nottingham (the “University”). Pursuant
      to a Research Collaboration and Option Agreement dated 27th
      July 2000 made between CRT (under its former name of Cancer Research
      Campaign Technology Limited), Viragen (Scotland) Limited and the
      University, as amended by the Novation Agreement dated 7th
      September 2001 (the “Collaboration
      Agreement”), the research led to a novel therapeutic use of
      anti-CD55 antibodies (the “Invention”) and CRT is
      the registered proprietor of the application(s) for patent(s) described in
      Schedule 2 (the ”Scheduled Patents”) in
      respect of the  Invention. Under a letter agreement dated
      11th
      November 2003 between Viragen, Inc. (“Viragen”) and CRT (the
      “Letter
      Agreement”), CRT granted a limited licence to Viragen to certain
      intellectual property in respect of the Invention. The Collaboration
      Agreement and Letter Agreement expired and Viragen (the parent company of
      Viragen (Scotland) Limited), entered into a patent and know how licence
      agreement dated 27 April 2005 (the “2005 Licence”) under
      which CRT granted Viragen an exclusive licence to the Licensed
      Intellectual Property (as defined by the 2005 Licence, the “2005 Licensed Intellectual
      Property”).  During the term of the Letter Agreement and
      2005 Licence, Viragen (either itself or through its wholly owned
      subsidiary Viragen (Scotland) Limited) generated certain Viragen
      Intellectual Property (defined in Clause
1).

            

    

     

    
      	
              (D)

            	
              In
      connection with the liquidation of Viragen and Viragen (Scotland) Limited,
      the 2005 Licence was terminated in accordance with its terms by CRT. In
      the interests of ensuring the further development of the Invention, CRT
      waived its rights to call for Viragen’s rights in the Viragen Intellectual
      Property (as defined in the 2005 Licence) and the clinical data generated
      by Viragen relating to the 2005 Licensed Intellectual Property to be
      assigned to CRT.  At the request of Viragen’s liquidators, CRT
      negotiated and concluded  a licence (the “Percipio Licence” as
      defined below) in materially similar terms to the 2005 Licence with
      Percipio Biotherapeutics, Inc. (“Percipio”) to ensure the
      commercial exploitation of the Invention and anti-CD55 antibody programme
      to develop Products (as defined in Clause 1).  During the term
      of the Percipio Licence, Percipio generated certain Percipio Intellectual
      Property (defined in Clause
1).

            

    

     

    
      
         

      

      
        GB 000002

        
          

        

      

      
         

      

    

     

    
      	
               (E)

            	
              On
      the basis of the arrangements described in paragraph D, (i) the Viragen
      Intellectual Property was assigned to Hamilton Atlantic, a company
      organized in the Cayman Islands (“Hamilton”), pursuant to
      an Assignation executed by Hamilton on  6 May  2008;
      (ii) Hamilton entered into that certain License Agreement (“Agreement I”) effective
      as of August 20, 2008, by and between Hamilton and Percipio (formerly
      known as Sunburst Acquisitions III, Inc., a Colorado corporation), and
      that certain License Agreement (“Agreement II,”
      collectively with Agreement I the “Sunburst License
      Agreements”) effective as of August 21, 2008, by and between
      Hamilton and Percipio, pursuant to which Hamilton agreed to license to
      Percipio the Viragen Intellectual Property; and (iii) CRT and Hamilton
      entered into that certain Agreement effective as of October 21, 2008,
      between CRT and Hamilton (the “Hamilton Side
      Agreement”), pursuant to which Hamilton agreed to grant CRT an
      exclusive worldwide right and licence to the Viragen Intellectual Property
      in the event that the Percipio Licence and Agreement II are
      terminated.

            

    

     

    
      	
              (F)

            	
              It
      is proposed that concurrent with this Agreement Hamilton will terminate
      the Sunburst Licence Agreements by agreement with Percipio and will assign
      the Viragen Intellectual Property to Genesis Biopharma pursuant to an
      asset purchase agreement (the “Asset Purchase
      Agreement”).

            

    

     

    
      	
              (G)

            	
              It
      is proposed that concurrent with this Agreement CRT, Hamilton, Percipio,
      and Genesis Biopharma will enter into an agreement (the “Licence Termination and Waiver
      Agreement”) pursuant to which CRT and Percipio will terminate the
      Percipio License and CRT will waive its rights arising from the Hamilton
      Side Agreement in order to facilitate the commercial exploitation of the
      Invention and anti-CD55 antibody programme, including by the grant of an
      exclusive licence under the Licensed Patents (defined in Clause 1), the
      Licensed Know How and the Licensed Materials upon the terms and conditions
      set out in this Agreement.

            

    

    

    
      	
              (H)

            	
              Percipio
      has assigned all rights in the Percipio Intellectual Property to Genesis
      Biopharma as referred to in the Licence Termination and Waiver
      Agreement.

            

    

     

    
      
         

      

      
        GB 000003

        
          

        

      

      
         

      

    

    
 

    NOW
IT IS HEREBY AGREED as follows:

     

    
      	
              1.

            	
              DEFINITIONS
      AND INTERPRETATION

            

    

     

    
      	
              1.1

            	
              In
      this Agreement and in the Schedules to this Agreement the following words
      and phrases shall have the following
meanings:

            

    

     

    
      
        	
                “Affiliate”

              	 
      	
                means,
      with respect to a Party, any company, corporation, partnership or other
      entity, which directly or indirectly Controls, or is controlled by, or is
      under the common control with such Party including as a subsidiary, parent
      or holding company of such Party; and the term “Control” means the
      ownership of more than fifty per cent (50%) of the issued share capital or
      the legal power to direct or cause the direction of the general management
      and policies of the relevant Party.

              
	 
      	 
      	 
      
	
                “Agreement”

              	 
      	
                means
      this document entitled “Patent and Know How Licence” and any and all
      schedules, appendices and other addenda to it as may be varied or
      otherwise altered or amended from time to time in accordance with the
      provisions of Clause 13.3.

              
	 
      	 
      	 
      
	
                “Business
      Day”

              	 
      	
                means
      a day other than a Saturday, Sunday, bank or other public holiday in
      England.

              
	 
      	 
      	 
      
	
                “Commencement
      Date”

              	 
      	
                means
      the date first above written.

              
	 
      	 
      	 
      
	
                “Competent
      Authority”

              	 
      	
                means
      any local or national agency, authority, department, inspectorate,
      minister, ministry official or public or statutory person (whether
      autonomous or not) of any government or of any country having jurisdiction
      over this Agreement or of any of the Parties or over the development or
      marketing of medicinal products including, but not limited to, the
      European Commission, the European Court of Justice and the Food and Drug
      Administration of the United States of America.

              
	 
      	 
      	 
      
	
                “Confidential
      Information”

              	 
      	
                means
      any and all information which is identified and treated by the disclosing
      Party as secret and confidential or which, by reason of its character or
      the circumstances or manner of its disclosure, is evidently secret and
      confidential and which the disclosing Party from time to time discloses to
      the recipient Party, whether orally, in writing, in digital form, in the
      form of machine readable code or any other physical medium which relates
      to the disclosing Party, its business activities and including, but not
      limited to Know How, financial information (except that published in
      audited accounts), business strategies or intentions, marketing plans or
      information, formulae, inventions or product or services
      development.

              
	 
      	 
      	 
      
	
                “Development
      Plan”

              	 
      	
                means
      the programme for the development of Products to be undertaken by or on
      behalf of Genesis Biopharma as more particularly set out in Schedule 1 and
      as may be amended from time to time by agreement of the Parties in
      writing.

              

      

    

     

    
      
         

      

      
        GB 000004

        
          

        

      

      
         

      

    

    
 

    
      
        	
                “European
      Economic Area”

              	 
      	
                means
      those countries that are members of the European Economic Area as
      constituted at the Commencement Date.

              
	 
      	 
      	 
      
	
                “Field”

              	 
      	
                means
      the field of use of 791T/36 for the immunotherapeutic treatment and/or
      diagnosis of diseases.

              
	 
      	 
      	 
      
	
                “Financing
      Event”

              	 
      	
                means
      the receipt by Genesis Biopharma of at least US$1,100,000 (one million one
      hundred thousand US dollars), in total, whether in a single tranche or
      cumulatively, in cash.

              
	 
      	 
      	 
      
	
                “Genesis
      Biopharma Intellectual Property”

              	 
      	
                means
      any Know How, Material or Patent Rights directly related to the
      development of antibodies directed against CD55 or the Products, whether
      as an improvement to the Licensed Intellectual Property and/or Viragen
      Intellectual Property and/or Percipio Intellectual Property or otherwise,
      discovered, invented, developed, or manufactured as a result of research
      undertaken by Genesis Biopharma itself or its Affiliates or Sub-licensees
      or research funded by Genesis Biopharma but undertaken by a Third Party
      and undertaken pursuant to the licence in this
  Agreement.

              
	 
      	 
      	 
      
	
                “Force
      Majeure”

              	 
      	
                means
      in relation to either Party any event or circumstance which is beyond the
      reasonable control of that Party, which that Party could not reasonably be
      expected to have taken into account at the Commencement Date and which
      results in or causes the failure of that Party to perform any or all of
      its obligations under this Agreement including an act of God, lightning,
      fire, storm, flood, earthquake, accumulation of snow or ice, lack of water
      arising from weather or environmental problems, strike, lockout or other
      industrial disturbance, war, terrorist act, blockade, revolution, riot
      insurrection, civil commotion, public demonstration, sabotage, act of
      vandalism, prevention from or hindrance in obtaining in any way materials,
      energy or other supplies, explosion, fault or failure of plant or
      machinery, governmental restraint, act of legislature and directive or
      requirement of a Competent Authority governing any Party provided that
      lack of funds shall not be interpreted as a cause beyond the reasonable
      control of that Party.

              
	 
      	 
      	 
      
	
                “Indication”

              	 
      	
                means
      a recognized disease or condition, a significant manifestation of a
      disease or condition, or symptoms associated with a disease or condition
      or a risk for a disease or condition. Notwithstanding the foregoing,
      “Indication” as used in Clause 4 shall mean a specific disease indication
      differentiated by tumor types (as opposed to different labels within the
      same tumor type).

              

      

    

     

    
      
         

      

      
        GB 000005

        
          

        

      

      
         

      

    

    
 

    
      
        
          	
                  “In
      Vivo Efficacy Work”

                	 
      	
                  means
      the work so described as detailed in Part 1 of Stage 1 of the Development
      Plan.

                
	 
      	 
      	 
      
	
                  “Initial
      Financing”

                	 
      	
                  means
      the receipt by Genesis Biopharma of the sum of US$400,000 (four hundred
      thousand US Dollars) pursuant to commitments made on or before the
      Commencement Date.

                
	 
      	 
      	 
      
	
                  “Know
      How”

                	 
      	
                  means
      technical and other information which is not in the public domain
      including, ideas, concepts, inventions, discoveries, data, formulae,
      specifications, information relating to Materials (including Licensed
      Materials), procedures for experiments and tests and results of
      experimentation and testing, results of research and development including
      laboratory records and data analyses which is secret, substantial and
      identifiable.

                
	 
      	 
      	 
      
	
                  “Licensed
      Intellectual Property”

                	 
      	
                  means
      the Licensed Know How, the Licensed Materials and the Licensed
      Patents.

                
	 
      	 
      	 
      
	
                  “Licensed
      Know How”

                	 
      	
                  means
      any and all Know How set out in Schedule 3 to this
    Agreement.

                
	 
      	 
      	 
      
	
                  “Licensed
      Materials”

                	 
      	
                  means
      (i) the mouse monoclonal antibody called 791T/36 and (ii) the hybridoma
      ATCC Hybridoma Number HB9173 which produces 791T/36 owned by
      CRT.

                
	 
      	 
      	 
      
	
                  “Licensed
      Patents”

                	 
      	
                  means
      (i)  Patent Application Number PCT/GB2003/005163 (and all
      foreign equivalents thereof); (ii) any and all other patent
      application(s), patents, divisionals, continuations, continuations in part
      and improvements arising therefrom; and (iii) any and all other Patent
      Rights obtained in pursuance of or deriving priority from the Patent
      Rights listed in items (i) and (ii) hereof.  A list of Patent
      Rights as of the Commencement Date is set forth in Schedule
    2.

                
	 
      	 
      	 
      
	
                  “Major
      Market”

                	 
      	
                  means
      each of the following groups of countries:

                
	 
      	 
      	 
      
	 
      	 
      	
                  (i)

                	
                  the
      European Economic Area;

                
	 
      	 
      	 
      
	 
      	 
      	
                  (ii)

                	
                  Japan,
      Australia and New Zealand; and

                
	 
      	 
      	 
      
	 
      	 
      	
                  (iii)

                	
                  the
      United States of America and Canada.

                
	 
      	 
      	 
      
	
                  “Marketing
      Plan”

                	 
      	
                  has
      the meaning set forth in Clause
3.5.

                

        

      

    

     

    
      
         

      

      
        GB 000006

        
          

        

      

      
         

      

    

    
 

    
      
        	
                “Material”

              	 
      	
                means
      any chemical or biological substance directly related to the Licensed
      Materials, including any:

              
	 
      	 
      	 
      
	 
      	 
      	
                (i)

              	
                organic
      or inorganic chemical element or compound;

              
	 
      	 
      	 
      
	 
      	 
      	
                (ii)

              	
                nucleotide
      or nucleotide sequence including DNA and RNA sequences;

              
	 
      	 
      	 
      
	 
      	 
      	
                (iii)

              	
                gene;

              
	 
      	 
      	 
      
	 
      	 
      	
                (iv)

              	
                vector
      or construct including plasmids, phages, or viruses;

              
	 
      	 
      	 
      
	 
      	 
      	
                (v)

              	
                host
      organism including bacteria, fungi, algae, protozoa and
      hybridomas;

              
	 
      	 
      	 
      
	 
      	 
      	
                (vi)

              	
                eukaryotic
      or prokaryotic cell line or expression system or any development strain or
      product of that cell line or expression system;

              
	 
      	 
      	 
      
	 
      	 
      	
                (vii)

              	
                protein
      including any peptide, amino acid sequence, enzyme, antibody or protein
      conferring targeting properties and any fragment of a protein, peptide,
      enzyme, or antibody;

              
	 
      	 
      	 
      
	 
      	 
      	
                (viii)

              	
                drug
      or pro-drug;

              
	 
      	 
      	 
      
	 
      	 
      	
                (ix)

              	
                other
      genetic or biological material or micro-organism; or

              
	 
      	 
      	 
      
	 
      	 
      	
                (x)

              	
                assay
      or reagent.

              
	 
      	 
      	 
      
	
                “Net
      Sales”

              	 
      	
                means
      the invoiced amount actually received for sales of Products to a Third
      Party trade purchaser (the “Customer”) by Genesis Biopharma or its
      Affiliates, or, to the extent permitted in this Agreement, by
      Sub-licensees or sub-sub-licensees, less the following items to the extent
      they are paid or incurred or allowed and included in the invoice
      price:

              
	 
      	 
      	 
      
	 
      	 
      	
                (i)

              	
                quantity,
      trade and/or cash discounts or rebates actually granted or
      accrued;

              
	 
      	 
      	 
      
	 
      	 
      	
                (ii)

              	
                amounts
      repaid or credited and allowances including cash, credit or free goods
      allowances given by reason of billing errors and rebates actually allowed
      or paid or accrued;

              
	 
      	 
      	 
      
	 
      	 
      	
                (iii)

              	
                amounts
      refunded or credited for Products which were rejected or damaged or
      recalled; and

              

      

    

     

    
      
         

      

      
        GB 000007

        
          

        

      

      
         

      

    

    
 

    
      
        	 
      	 
      	
                (iv)

              	
                shipping
      charges, taxes, tariffs, customs duties and surcharges and other
      governmental charges incurred in connection with the sale, exportation or
      importation of Products.

              
	 
      	 
      	 
      
	 
      	 
      	
                The
      transfer of Products by Genesis Biopharma, by its Affiliates or by its
      Sub-licensees to another one of the foregoing shall not be considered a
      sale. In such cases, Net Sales shall be determined based on the invoiced
      sale price levied by Genesis Biopharma or the relevant Affiliate or
      Sub-licensee on the Customer, less the aforementioned deductions set out
      above to the extent they are allowed, paid or accrued.

              
	 
      	 
      	 
      
	
                “Orphan
      Indication”

              	 
      	
                means
      an Indication which is rare in the general population in the Territory, as
      defined by the controlling Competent Authority in the country of interest,
      as such definition may be amended from time to time.

              
	 
      	 
      	 
      
	
                “Parties”

              	 
      	
                means
      CRT and Genesis Biopharma and “Party”  shall be construed as any
      of them.

              
	 
      	 
      	 
      
	
                “Patent
      Rights”

              	 
      	
                means
      any patent applications, patents, author certificates, inventor
      certificates, utility certificates, utility models and all foreign
      counterparts of them and includes all divisions, renewals, continuations,
      continuations-in-part, extensions, reissues, substitutions, provisional
      applications, continued prosecution applications, requests for continued
      examinations, re-examinations, confirmations, registrations, revalidations
      and additions of or to them, as well as any supplementary protection
      certificate, or like form of protection.

              
	 
      	 
      	 
      
	
                “Percipio
      Intellectual Property”

              	 
      	
                means
      any Know How, Material or Patent Rights directly related to the
      development of antibodies directed against CD55, whether as an improvement
      to the Licensed Intellectual Property or otherwise, discovered, invented,
      developed, or manufactured as a result of research undertaken by Percipio
      itself or its Affiliates or Sub-licensees or research funded by Percipio
      but undertaken by a Third Party and whether undertaken pursuant to the
      Percipio Licence or pursuant to the Sunburst Licence Agreement, assigned
      to Genesis Biopharma as referred to in Recital
  (G).

              

      

    

     

    
      
         

      

      
        GB 000008

        
          

        

      

      
         

      

    

    
 

    
      
        	
                “Percipio
      Licence”

              	 
      	
                means
      the Patent and Know How Licence dated 21 October 2008 made between (1) CRT
      and (2) Percipio.

              
	 
      	 
      	 
      
	
                “Pivotal
      Registration Study”

              	 
      	
                means
      a clinical study designed to provide the efficacy data required to enable
      a new drug application or other like documentation to be filed in the
      United States of America  or any Major
Market.

              
	 
      	 
      	 
      
	
                “Product”

              	 
      	
                means
      any item, thing or process that falls within the scope of a Licensed
      Patent or that uses Licensed Know How, or which contains or was developed
      using Licensed Materials, or any Viragen Intellectual Property or Percipio
      Intellectual Property.

              
	 
      	 
      	 
      
	
                “Quarter”

              	 
      	
                means
      any period of three consecutive calendar months commencing on 1 January, 1
      April, 1 July, or 1 October in any year.

              
	 
      	 
      	 
      
	
                “Revenue
      Share”

              	 
      	
                means
      the revenue share to be decided based upon the arms-length, fair market
      value of the intellectual property being conveyed by Genesis Biopharma to
      CRT pursuant to this Agreement.  In determining fair market
      value, the intellectual and financial contributions of the Parties to the
      entire package of intellectual property (which includes Genesis Biopharma
      Intellectual Property) that is to be commercialized shall be determinative
      factors.

              
	 
      	 
      	 
      
	
                “SPC”

              	 
      	
                means
      a right based on the Licensed Patents or any of them pursuant to which the
      holder of the right is entitled to exclude Third Parties from using,
      making, having made, selling, advertising or otherwise disposing or
      offering to dispose of, importing or keeping the product to which the
      right relates, such as Supplementary Protection Certificates in Europe,
      and any similar right anywhere in the world.

              
	 
      	 
      	 
      
	
                “Sub-licence”

              	 
      	
                means
      a sub-licence of the Licensed Intellectual Property granted by Genesis
      Biopharma to its Affiliate or a Third Party.

              
	 
      	 
      	 
      
	
                “Sub-licence
      Fees”

              	 
      	
                means
      all gross consideration (including upfront and milestone payments) other
      than royalty payments that accrue to Genesis Biopharma under any
      Sub-licence.

              
	 
      	 
      	 
      
	
                “Sub-licensee”

              	 
      	
                means
      any Third Party or Affiliate of Genesis Biopharma granted a Sub-licence by
      Genesis Biopharma in accordance with Clause 2.4.

              
	 
      	 
      	 
      
	
                “Territory”

              	 
      	
                means
      the world.

              

      

    

     

    
      
         

      

      
        GB 000009

        
          

        

      

      
         

      

    

    

    
      
        	
                “Third
      Party”

              	 
      	
                means
      any entity or person other than the Parties or an Affiliate of either of
      them.

              
	 
      	 
      	 
      
	
                “Tobacco
      Party”

              	 
      	
                means
      any corporation, company, partnership or other organisation or person with
      a material interest in or links to the tobacco
industry.

              
	 
      	 
      	 
      
	
                “Viragen
      Intellectual Property”

              	 
      	
                means
      any Know How, Material or Patent Rights directly related to the
      development of antibodies directed against CD55, whether as an improvement
      to the Licensed Intellectual Property or otherwise, discovered, invented,
      developed, or manufactured as a result of research undertaken by Viragen
      itself or its Affiliates or Sub-licensees or research funded by Viragen
      but undertaken by a Third Party and whether undertaken pursuant to the
      2005 Licence or pursuant to the Letter Agreement, assigned to Genesis
      Biopharma by Hamilton under the terms of the  Asset Purchase
      Agreement.

              

      

    

    

    
      	
              1.2

            	
              In
      this Agreement:

            

    

     

    
      	
               
      

            	
              1.2.1

            	
              unless
      the context otherwise requires, all references to a particular Clause or
      schedule shall be a reference to that Clause or schedule in or to this
      Agreement as it may be amended from time to time pursuant to this
      Agreement;

            

    

     

    
      	
               
      

            	
              1.2.2

            	
              the
      headings are inserted for convenience only and shall be ignored in
      construing this Agreement;

            

    

     

    
      	
               
      

            	
              1.2.3

            	
              unless
      the contrary intention appears, words importing the masculine gender shall
      include the feminine and vice versa and words in the singular include the
      plural and vice versa;

            

    

     

    
      	
               
      

            	
              1.2.4

            	
              unless
      the contrary intention appears, words denoting “persons” shall include any
      individual, partnership, company, corporation, joint venture, trust
      association, organisation or other entity, in each case whether or not
      having separate legal personality;

            

    

     

    
      	
               
      

            	
              1.2.5

            	
              the
      words “include”, “included” and “including” are to be construed without
      limitation to the generality of the preceding words;
  and

            

    

     

    
      	
               
      

            	
              1.2.6

            	
              reference
      to any statute or regulation includes any modification or re-enactment of
      that statute or regulation.

            

    

     

    
      
         

      

      
        GB 0000010

        
          

        

      

      
         

      

    

     

    
      	
              2.

            	
              GRANT
      OF LICENCE

            

    

     

    
      	
              2.1

            	
              In
      consideration for the payments to be made by Genesis Biopharma to CRT
      pursuant to Clause 4, CRT hereby grants to Genesis Biopharma an exclusive
      worldwide right and licence under all of its rights in the Licensed
      Intellectual Property to research, develop, use, keep, make, have made,
      market, distribute, sell, offer to sell, advertise or otherwise dispose of
      Products in the Field. Genesis Biopharma hereby acknowledges that as of
      the Commencement Date it is already in possession of the Licensed Know How
      and Licensed Materials and CRT is under no obligation to provide further
      quantities of such Licensed Know How and Licensed
    Materials.

            

    

     

    
      	
              2.2

            	
              Subject
      to Clause 2.3, the licence granted in Clause 2.1 shall, in relation to a
      particular country in the Territory, terminate
  on:

            

    

     

    
      	
               
      

            	
              2.2.1

            	
              the
      expiry of the relevant Licensed Patent in the relevant country;
      or

            

    

     

    
      	
               
      

            	
              2.2.2

            	
              ten
      years after the date that the first therapeutic Product was placed on the
      market in such country,

            

    

     

    whichever
is the later.

     

    
      	
              2.3

            	
              It
      is acknowledged and agreed that:

            

    

     

    
      	
               
      

            	
              2.3.1

            	
              this
      Agreement shall be subject to the academic research rights granted to the
      University under the Licensed Intellectual Property;
  and

            

    

     

    
      	
               
      

            	
              2.3.2

            	
              CRT
      shall have the right to license the Licensed Intellectual Property to
      academic and research institutions other than the University, including,
      for the avoidance of doubt, Cancer Research UK, for non-commercial
      research purposes only, provided that (i) such research does not involve
      and does not envisage (a) the disclosure of Confidential Information, or
      Licensed Intellectual Property that is not in the public domain or (b) the
      licence of any of the Licensed Intellectual Property to a Third Party who
      is not a not-for-profit or publicly funded organisation; and (ii) any
      licence between CRT and the Third Party licensee shall be non-transferable
      and shall provide that such Third Party shall have no rights to sublicense
      any of its rights under the Licensed Intellectual
      Property.  Prior to CRT granting any licence pursuant to this
      Clause 2.3.2 CRT shall first obtain from any such prospective licensee
      undertakings relating to confidentiality  and publication on
      terms no less onerous than those set out in Clause
  9.

            

    

     

    
      
         

      

      
        GB 0000011

        
          

        

      

      
         

      

    

    
      	
              2.4

            	
              Genesis
      Biopharma shall have the right to grant Sub-licences of any or all of the
      rights granted to it pursuant to Clause 2.1 to a Third Party or an
      Affiliate if, in respect of each Sub-licence, Genesis Biopharma ensures
      that CRT’s rights under this Agreement are maintained and that Genesis
      Biopharma meets the material terms and conditions of the
      Agreement.  In the case of the grant of a Sub-licence to a Third
      Party only, Genesis Biopharma shall obtain the prior written consent of
      CRT, such consent not to be unreasonably withheld or delayed, provided,
      however, that CRT’s failure to provide written “good cause” denial of
      consent within thirty (30) Business Days after Genesis Biopharma requests
      consent to grant a Sub-licence shall be deemed to be consent.
      Notwithstanding anything to the contrary set forth herein, (i) Genesis
      Biopharma shall have the right to grant Sub-licences of any or all of the
      rights granted to it pursuant to Clause 2.1 to any Affiliate of Genesis
      Biopharma without obtaining CRT’s prior written consent and (ii) Genesis
      Biopharma shall also have the right, without obtaining CRT’s prior written
      consent, to enter into a sub-contract manufacturing, co-marketing or
      distribution agreement with a Third Party under which Genesis Biopharma
      appoints a Third Party as its agent to manufacture, promote or sell
      Products. Within thirty (30) Business Days of the grant of any Sub-licence
      to a Third Party, Genesis Biopharma shall provide CRT with a true copy of
      the Sub-licence signed by Genesis Biopharma and such Third Party, at
      Genesis Biopharma’s own expense. Any Sub-licence that is granted in breach
      of this Clause 2.4 shall be void. Without prejudice to Genesis Biopharma’s
      obligation to seek CRT’s consent to grant Sub-licences to Third Parties as
      set forth under this Clause 2.4, any Sub-licence granted by Genesis
      Biopharma to a Third Party shall be presumed to meet the requirements of
      this Clause 2.4 if it shall:

            

    

     

    
      	
               
      

            	
              2.4.1

            	
              be
      granted on an arm’s length basis reflecting the arms length fair market
      value for 100% cash consideration;

            

    

     

    
      	
               
      

            	
              2.4.2

            	
              provide
      that the Sub-licence shall terminate automatically on termination for
      whatever reason of this Agreement;

            

    

     

    
      	
               
      

            	
              2.4.3

            	
              provide
      that the Third Party with whom the Sub-licence has been entered into shall
      undertake to allow Genesis Biopharma access to such Third Party’s books
      and records relating to the calculation of Net Sales of Products, and
      Genesis Biopharma undertakes to include in its books and records or make
      available to CRT all Net Sales information and records it receives from
      such Third Party relating to
Products;

            

    

     

    
      	
               
      

            	
              2.4.4

            	
              provide
      that, in the event of termination of this Agreement, the Third Party
      Sub-licensee shall have the right, for a period of ninety (90) Business
      Days following the date of termination, to sell off stocks of Product held
      by it at the date of termination;
and

            

    

     

    
      	
               
      

            	
              2.4.5

            	
              prohibit
      the assignment of the Sub-licence to any Third Party; provided, however,
      that Genesis Biopharma shall be permitted to permit such Third Party
      Sub-licensee to sub-license the rights granted to it under the
      Sub-licence, provided that (1) Genesis Biopharma shall ensure that the
      terms of such sub-sub-licence comply with the terms of this Clause 2.4
      mutatis mutandis;
      and (2) the terms of the sub-sub-licence prohibit the sub-licensing of the
      rights granted thereunder and Genesis Biopharma shall, at its own cost,
      provide a copy of each sub-sub-licence to CRT as soon as possible after
      completion.

            

    

     

    
      	
              2.5

            	
              Any
      breach of Clauses 2.3 or 2.4 shall be a material breach of this
      Agreement.

            

    

     

    
      	
              2.6

            	
              In
      the event that this Agreement is terminated by Genesis Biopharma pursuant
      to Clause 10.5 hereof, CRT agrees that it will not directly or indirectly
      contact or contract with any Sub-licensee or sub-sub-licensee of Genesis
      Biopharma, or enter into any contractual arrangement with any
      Sub-Licensee, sub-sub-licensee or competitor of Genesis Biopharma in
      regard to any Licensed Intellectual Property, for a period of one (1) year
      after such termination of this
Agreement.

            

    

     

    
      
         

      

      
        GB 0000012

        
          

        

      

      
         

      

    

     

    
      	
              3.

            	
              DEVELOPMENT
      AND MARKETING PLAN

            

    

     

    
      	
              3.1

            	
              Genesis
      Biopharma shall:

            

    

     

    
      	
               
      

            	
              3.1.1

            	
              subject
      to Clause 3.3, use commercially reasonable endeavours to undertake the
      Development Plan at its own cost and expense;
  and

            

    

     

    
      	
               
      

            	
              3.1.2

            	
              provide
      quarterly reports for periods ending on 31 March 2010 and each subsequent
      period of three months until 31 December 2012, and thereafter six-monthly
      reports for periods ending on 30 June and 31 December in each year,
      outlining its and its Affiliates’ and any Sub-licensee’s progress with
      respect to the milestone deadlines in the Development Plan and proposing
      any reasonable changes to the Development Plan it requires;
      and

            

    

     

    
      	
               
      

            	
              3.1.3

            	
              spend
      no less than [**********] of the Initial Financing  in
      undertaking and completing the In Vivo Efficacy Work on or before
      [**********].

            

    

     

    
      	
              3.2

            	
              In
      the event that Genesis Biopharma proposes amendment of the Development
      Plan pursuant to Clause 3.1.2 or otherwise, the Parties shall discuss such
      amendment in good faith but no amendment to the Development Plan shall be
      effective unless made in writing and signed by both
    Parties.

            

    

     

    
      	
              3.3

            	
              In
      the event that Genesis Biopharma misses any of the material milestones
      highlighted in the Development Plan (as may have been amended pursuant to
      Clause 3.2) by more than three (3)  months, , such failure shall
      be a material breach of this Agreement and the Parties shall meet to
      discuss the matter with an aim to come to an agreement on the reassignment
      of the milestones, but on doing so, if the Parties cannot reach agreement,
      CRT shall have the right to terminate this Agreement in accordance with
      the terms of Clause 10.5 below.  Failure by Genesis Biopharma to
      deliver to CRT any quarterly or six-monthly report as provided in Clause
      3.1.2 shall be a material breach of this
  Agreement.

            

    

     

    
      	
              3.4

            	
              Genesis
      Biopharma shall, and shall procure that its Affiliates and Sub-licensees
      shall, use their commercially reasonable endeavours to: (i) obtain all
      necessary and desirable regulatory and other approvals to market and sell
      Products (collectively, “Marketing Approval”)
      from any relevant Competent Authority and, upon receipt of Marketing
      Approval in a country; (ii) commercialize the Products in each such
      country to the maximum extent practicable; and (iii) without limitation of
      its obligations under Clause 3.4(i) and (ii) hereof, adhere to the
      Marketing Plan as further set forth in Clause 3.5
  hereof.

            

    

     

    
      
         

      

      
        GB 0000013

        
          

        

      

      
         

      

    

    
      	
              3.5

            	
              Commencing
      with the first full calendar year to occur after the first grant of
      Marketing Approval for a Product by a Competent Authority and for each
      calendar year thereafter during the term of the Agreement, Genesis
      Biopharma shall submit to CRT an annual Marketing Plan (each a “Marketing Plan”) within
      forty-five (45) days after the first day of a calendar year, which shall
      include a summary of the marketing, sales and distribution plans on a
      country-by-country basis for such calendar year of Genesis Biopharma or
      its Affiliates or Sub-licensees, as applicable.  Each Marketing
      Plan shall be of sufficient detail to allow CRT to determine that a highly
      professional and logical plan has been devised that will support the
      objective of making the Product available to as many patients as possible
      as early as possible, within the applicable laws and regulations, and
      thereby generating, growing and maintaining Product sales throughout the
      term of this Agreement.  The Marketing Plan may be subject to
      changes based upon local market conditions, changes in competition,
      changes in other aspects that may be expected to have an impact on local
      sales results and as a result, the Marketing Plan shall be subject to
      change by Genesis Biopharma upon prior written notice to CRT (provided,
      further, that the foregoing shall be without limitation of the obligations
      of Genesis Biopharma pursuant to Clause 3.4(i) and (ii)
      hereof).  All costs relating to the preparation and submission
      of the Marketing Plans shall be borne by Genesis Biopharma.  All
      Marketing Plans shall be deemed as Confidential Information for purposes
      of this Agreement and CRT shall not provide any Third Party with access to
      any Marketing Plan, or any portion
thereof.

            

    

     

    
      	
              4.

            	
              CONSIDERATION

            

    

     

    
      	
              4.1

            	
              Genesis
      Biopharma shall pay to CRT:

            

    

     

    
      	
               
      

            	
              4.1.1

            	
              £30,000
      (thirty thousand pounds sterling) on the Commencement
  Date;

            

    

     

    and

     

    
      	
               
      

            	
              4.1.2

            	
              [*****************************]
      within thirty (30) Business Days of the Financing
  Event;

            

    

     

    and

     

    
      	
               
      

            	
              4.1.3

            	
              subject
      to the provisions of Clauses 4.2, 4.3, 10.6 and 11.4, the following
      payments within thirty (30) Business Days of the occurrence of the
      relevant milestone event for a therapeutic Product (and separate
      Indications with respect thereto) set forth in this Clause
      4.1.3:

            

    

     

    
      	
               
      

            	
              4.1.3.1

            	
              [*****************************]
      on filing of IND or equivalent in each of the US and the European Economic
      Area; and

            

    

     

    
      	
               
      

            	
              4.1.3.2

            	
              [*****************************]
      on the commencement of Phase III clinical or Pivotal Registration Studies
      in each of the US and the European Economic Area;
  and

            

    

     

    
      	
               
      

            	
              4.1.3.3

            	
              [*****************************]
      on the filing of a new drug application or equivalent application in each
      of the US and the European Economic Area;
and

            

    

     

    
      	
               
      

            	
              4.1.3.4

            	
              [*****************************]
      on the grant of the initial Marketing Approval in each of the US and the
      European Economic Area.

            

    

     

    and

     

    
      
        
        

      

      
        GB 0000014

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              4.1.4

            	
              subject
      to the provisions of Clauses 4.2, 4.3, 10.6 and 11.4, the following
      payments within thirty (30) Business Days of the occurrence of the
      relevant milestone event for each diagnostic Product (and separate
      Indications with respect thereto):

            

    

     

    [*****************************]
on the grant of Marketing Approval in a Major Market;

     

    and

     

    
      	
               
      

            	
              4.1.5

            	
              subject
      to the provisions of Clauses 10.6 and 11.4, royalties of [**********] of
      Net Sales of therapeutic Products and royalties of [**********] of Net
      Sales of diagnostic/imaging Products (together “Direct
      Royalties”);

            

    

     

    and

     

    
      	
               
      

            	
              4.1.6

            	
              subject
      to the provisions of Clauses 10.6 and 11.4, [**********] of Sub-licence
      Fees (“Indirect
      Royalties”).

            

    

     

    
      	
              4.2

            	
              For
      the avoidance of doubt, if, in respect of each of the milestone events
      described in Clauses 4.1.3 and 4.1.4, that milestone event is achieved in
      respect of a particular Product by a Sub-licensee which is not an
      Affiliate of Genesis Biopharma, Genesis Biopharma shall not be liable to
      pay the payment linked in Clause 4.1.3 or Clause 4.1.4 to that particular
      milestone event and the only payments to be made, if applicable, shall be
      under Clauses 4.1.5 and 4.1.6.

            

    

     

    
      	
              4.3

            	
              Notwithstanding
      anything to the contrary set forth herein, (i) Genesis Biopharma shall not
      be obliged to pay the sums in respect of the milestone events in Clauses
      4.1.3 or 4.1.4 if it has already made four (4) such payments in respect
      thereof previously, and (ii) Genesis Biopharma shall also not be obliged
      to pay the sums in respect of the milestone events in Clauses 4.1.3 or
      4.1.4 which have occurred for an Orphan Indication. For the avoidance of
      doubt the maximum number of milestone events that Genesis Biopharma shall
      be obliged to pay sums in respect of under Clauses 4.1.3 and 4.1.4 is
      twenty (20).

            

    

     

    
      	
              4.4

            	
              The
      Direct Royalties and Indirect Royalties shall be paid Quarterly in arrears
      within thirty (30) Business Days of the end of the Quarter in which the
      relevant sales of Products or receipt of Sub-licence Fees (as the case may
      be) has taken place.  Within thirty (30) Business Days of the
      end of each Quarter Genesis Biopharma shall provide to CRT a written
      report setting out in respect of that Quarter the sales of Products on a
      country by country basis, if any, made by Genesis Biopharma, the
      calculation of the Net Sales and the royalty payable to CRT in respect of
      such Net Sales together with any Sub-licence Fees received by Genesis
      Biopharma.  Subject to the provisions of Clauses 10.6, 11.1 and
      11.8, the royalties in this Clause 4.4 shall not be reduced, limited or
      diminished in any way by virtue of the fact that Genesis Biopharma is
      required to seek a licence or other rights from or make payments to any
      Third Party for the exploitation of any of the rights granted to it under
      this Agreement.

            

    

     

    
      
         

      

      
        GB 0000015

        
          

        

      

      
         

      

    

     

    
      	
              5.

            	
              PAYMENT

            

    

     

    
      	
              5.1

            	
              All
      payments due to CRT under this Agreement shall be made in pounds sterling
      in cleared funds to the account of
      [******************************************************]  (or
      such other account details as CRT may from time to time notify to Genesis
      Biopharma).

            

    

     

    
      	
              5.2

            	
              Where
      sums are received by Genesis Biopharma in a currency other than pounds
      sterling, conversion of such currencies to pounds sterling shall be
      performed at the closing mid-spot rate for that currency published in the
      Financial Times in London on the last Business Day of the Quarter in which
      the sum is to be paid.

            

    

     

    
      	
              5.3

            	
              All
      costs of transmission or currency conversion shall be borne by Genesis
      Biopharma.

            

    

     

    
      	
              5.4

            	
              All
      payments by Genesis Biopharma to CRT under this Agreement are expressed to
      be exclusive of value added tax howsoever arising, and Genesis Biopharma
      shall pay to CRT in addition to those payments or if earlier on receipt of
      a tax invoice or invoices from CRT, all Value Added Tax for which CRT is
      liable to account in relation to any supply made or deemed to be made for
      Value Added Tax purposes pursuant to this
  Agreement.

            

    

     

    
      	
              5.5

            	
              All
      payments to CRT shall be made free and clear of, and without deduction or
      deferment in respect of, any claims, set-off and taxes imposed or levied
      by any Competent Authority including any withholding taxes.  In
      the event that Genesis Biopharma is obliged to deduct any withholding or
      other taxes it shall pay to CRT an amount as shall result in the net
      amount being received by CRT being equal to the amount which would have
      been received by CRT had no deduction or withholding been made; provided
      always that, if CRT is able to recover or set-off any such deduction or
      withholding, it shall refund such amount to Genesis Biopharma as shall
      result in the net amount being retained by CRT being equal to the amount
      which would have been received by CRT had no deduction or withholding been
      made.

            

    

     

    
      	
              5.6

            	
              The
      provisions of Clause 5.5 above requiring Genesis Biopharma to pay to CRT a
      sum such that the net amount received by CRT is equal to the amount that
      would have been received by CRT had no deduction or withholding been made
      shall not apply if, and only to the extent that, the relevant deduction
      results from Genesis Biopharma being under a legal obligation under the UK
      tax rules requiring Genesis Biopharma to deduct income tax at source from
      royalties payable by Genesis Biopharma to CRT in respect of a UK granted
      patent.

            

    

     

    
      	
              5.7

            	
              Where
      CRT does not receive payment of any sums due to it within thirty (30)
      Business Days of the relevant date set out in Clause 4 (the “Due Date”), interest
      shall accrue on the sum due and owing to CRT at the rate equivalent to an
      annual rate of three per cent  (3%) over the then current base
      rate of the Bank of England, for the UK, calculated on a daily basis,
      without prejudice to CRT’s right to receive payment on the Due
      Date.

            

    

     

    
      
         

      

      
        GB 0000016

        
          

        

      

      
         

      

    

     

    
      	
              6.

            	
              BOOKS
      AND RECORDS

            

    

     

    
      	
              6.1

            	
              Pursuant
      to Clause 4.4, Genesis Biopharma shall prepare Quarterly Reports. The
      Quarterly Reports shall include Net Sales by country, including the
      company making the sales and the amount of Products sold. If CRT gives
      notice to Genesis Biopharma within twenty (20) Business Days of the
      receipt of any such Quarterly Report that it does not accept the same,
      that Quarterly Report shall be certified by an independent accountant
      appointed by agreement between Genesis Biopharma and CRT or, in default of
      agreement within ten (10) Business Days, appointed by the President for
      the time being of the Institute of Chartered Accountants of England and
      Wales in London. Genesis Biopharma shall (subject to the independent
      accountant agreeing to maintain the confidentiality of the books and
      records save insofar as is necessary for the proper reporting to Genesis
      Biopharma and CRT) make available to the independent accountant all books
      and records required for the purpose of that certification and the
      statements so certified shall be final and binding between the
      Parties.  The cost of the certification shall be the
      responsibility of Genesis Biopharma if the statement is shown to have
      underestimated the monies payable to CRT by more than five per cent (5%)
      and the responsibility of CRT otherwise.  Any outstanding
      payments due to CRT which are identified as a result of carrying out the
      investigation shall be paid to CRT within ten (10) Business Days. There
      shall be no more than one certification by an independent accountant in
      relation to any one calendar year.

            

    

     

    
      	
              6.2

            	
              Genesis
      Biopharma shall keep true and accurate records and books of account, and
      shall require in its contracts with Sub-licensees that its Sub-licensees
      shall keep true and accurate records and books of account, containing all
      data necessary for the calculation of the amounts payable by Genesis
      Biopharma to CRT pursuant to this Agreement, including such amounts
      payable pursuant to Clause 2.4.3.  Such records and books of
      account shall be kept for six (6) years following the end of the calendar
      year to which they relate and Genesis Biopharma’s records and books of
      account shall, upon reasonable notice having been given by CRT, be open at
      reasonable times on Business Days for inspection under the terms of
      confidentiality contained in this Agreement, by an independent firm of
      accountants appointed by agreement between the Parties or, failing such
      agreement within ten (10) Business Days, appointed by the President for
      the time being of the Institute of Chartered Accountants of England and
      Wales in London. The cost of any such examination shall be borne by CRT,
      such examination to take place and be completed not later than six (6)
      years following the expiration of the period to which it relates and there
      shall be no more than one examination per
year.

            

    

     

    
      	
              7.

            	
              MANAGEMENT
      OF PATENT RIGHTS; OWNERSHIP OF INTELLECTUAL
  PROPERTY

            

    

     

    
      	
              7.1

            	
              Subject
      to Clauses 7.4, 7.5 and 7.6 hereof, Genesis Biopharma shall, from the
      Commencement Date, undertake or procure the filing, prosecution, and
      maintenance of the Licensed Intellectual Property, including the Licensed
      Patents, in the name of CRT and be responsible for any enforcement
      proceedings relating to them (including any interference or opposition
      proceedings); provided, further, that the Parties agree that Genesis
      Biopharma’s obligations hereunder shall extend only within the Field
      (unless such filing, prosecution or maintenance is not separable by
      Field). Genesis Biopharma or CRT shall provide copies of all relevant
      correspondence to CRT or Genesis Biopharma, as the case may be, within
      fourteen (14) Business Days of receipt, and the Parties shall consult in
      all material respects with each other in relation to such filing,
      prosecution, and maintenance. Genesis Biopharma shall also be responsible
      for payment of all fees incurred by or on instructions of Percipio but
      which are not paid by Percipio.  Genesis Biopharma shall not
      appoint or change any outside firm of Patent Attorneys appointed to
      represent it in the efforts described in this Clause 7.1 without CRT’s
      prior written consent (which consent CRT shall not unreasonably
      withhold).

            

    

     

    
      
         

      

      
        GB 0000017

        
          

        

      

      
         

      

    

     

    
      	
              7.2

            	
              Each
      Party shall give the other immediate notice of any actual or suspected
      infringement of the Licensed Patents or any actual or suspected misuse or
      misapplication of the Licensed Know How and/or the Licensed Materials by a
      Third Party which comes to that Party’s attention during the term of this
      Agreement.

            

    

     

    
      	
              7.3

            	
              If
      either Party receives any notice, claim, or proceedings from any Third
      Party alleging infringement of that Third Party’s intellectual property by
      reason of either Party’s activities in relation to this Agreement or the
      use and exploitation of the Licensed Intellectual Property in the Field,
      the Party receiving that notice shall forthwith (but in no event in excess
      of three (3) Business Days) notify the other Party of the notice, claim or
      proceeding.

            

    

     

    
      	
              7.4

            	
              Genesis
      Biopharma may (subject to Clause 7.5), at its own cost, defend and enforce
      or may procure the defence or enforcement of the rights under the Licensed
      Intellectual Property in the Field, including any interference
      proceedings. CRT shall, at Genesis Biopharma’s cost, render all such
      reasonable assistance as Genesis Biopharma reasonably
      requests.  As used herein, “cost” shall mean the actual
      expenditure of expenses and shall not include any consulting fee or fees
      for reasonable time spent by CRT rendering assistance pursuant to this
      provision. To the extent that in any proceedings the court of competent
      jurisdiction does not award damages to Genesis Biopharma in respect of
      lost royalties, any damages or financial settlement monies received by
      Genesis Biopharma pursuant to such proceedings shall, after deduction of
      any and all of the costs and expenses incurred by Genesis Biopharma in
      such proceedings (to the extent such costs and expenses have not been
      recovered from the other Party), be treated as Net Sales. If Genesis
      Biopharma, for any reason whatsoever, decides not to defend or enforce the
      Licensed Intellectual Property in the Field or any part of it pursuant to
      this Clause 7.4, it shall promptly notify CRT and CRT shall have the right
      to undertake proceedings on its own behalf pursuant to Clause
      7.5.

            

    

     

    
      	
              7.5

            	
              If
      Genesis Biopharma elects not to defend or enforce the relevant Licensed
      Intellectual Property in the Field pursuant to Clause 7.4 and if CRT
      desires the enforcement or defence of such rights it shall notify Genesis
      Biopharma and Genesis Biopharma shall, at CRT’s request and cost, grant to
      CRT any and all rights that would be necessary solely for the purpose of
      allowing CRT to undertake such enforcement or defence. If Genesis
      Biopharma is unable to grant such rights then it shall, at CRT’s request,
      grant to CRT the right to conduct such an action in its name. CRT shall
      defend and enforce or shall procure the defence or enforcement of the
      rights under Licensed Intellectual Property in the Field pursuant to this
      Clause 7.5 at its own cost. Genesis Biopharma shall provide, at CRT’s
      cost, all such reasonable assistance as CRT may reasonably request in any
      such proceedings.  Any monies received by CRT, or any damages or
      costs awarded against CRT, pursuant to any enforcement or defence of the
      Licensed Intellectual Property by it under this Clause 7.5 shall be solely
      for the benefit of CRT.

            

    

     

    
      
         

      

      
        GB 0000018

        
          

        

      

      
         

      

    

    
      	
              7.6

            	
              In
      the event that the Licensed Intellectual Property is licensed to a Third
      Party outside the Field for commercial purposes the costs and expenses in
      relation to the prosecution, maintenance and defence of the Licensed
      Intellectual Property referred to in this Clause 7 shall no longer be
      borne by Genesis Biopharma alone and CRT undertakes to ensure that such
      costs and expenses shall be apportioned as between each licensee of the
      Licensed Intellectual Property in shares reflecting the commercial value
      of the Licensed Intellectual Property in the respective fields. However,
      nothing herein, including any licence to a Third Party by CRT, shall
      prevent Genesis Biopharma from exercising its rights under Clause 7.4, and
      CRT agrees to take all steps necessary with said Third Parties to grant to
      Genesis Biopharma any and all rights necessary to allow Genesis Biopharma
      to undertake such enforcement or defence.  CRT further agrees
      that it will not allow any Third Party to enforce or defend the Licensed
      Intellectual Property, either within or outside the Field, without the
      prior express written permission of Genesis
  Biopharma.

            

    

     

    
      	
              7.7

            	
              CRT
      shall, at CRT’s cost, provide such reasonable assistance and advice to
      Genesis Biopharma as Genesis Biopharma may request (including the
      provision of copies of any necessary documents) which is necessary or
      desirable for Genesis Biopharma to apply for an extension to the term of
      protection of the Licensed Patents in the Field including any SPC or other
      like form of protection anywhere in the
  Territory.

            

    

     

    
      	
              7.8

            	
              As
      between the Parties, their Affiliates and Sub-licensees:  (i)
      all rights, title and interest in the Genesis Biopharma Intellectual
      Property shall be exclusively owned by Genesis Biopharma and (ii) all
      rights, title and interest in any clinical data or regulatory filings
      relating to the Products shall be exclusively owned by Genesis
      Biopharma.

            

    

     

    
      	
              8.

            	
              WARRANTIES
      AND LIABILITY

            

    

     

    
      	
              8.1

            	
              Each
      Party represents and warrants to the other Party
  that:

            

    

     

    
      	
               
      

            	
              8.1.1

            	
              it
      has legal power, authority and right to enter into this Agreement and to
      perform its respective obligations hereunder and such Agreement is valid,
      binding and enforceable against such Party in accordance with its terms;
      and

            

    

     

    
      
        	
              	
                8.1.2

              	
                it
      is not at the Commencement Date a party to any agreement, arrangement or
      understanding with any Third Party which in any significant way prevents
      it from fulfilling any of its material obligations
    hereunder.

              

      

    

     

    
      	
              8.2

            	
              Save
      as provided in Clause 8.1, neither Party gives any representation or
      warranty to the other Party that the performance of this Agreement will
      not result in the infringement of any rights, including intellectual
      property rights, vested in a Third
Party.

            

    

     

    
      	
              8.3

            	
              Neither
      Party shall be liable to the other Party, its Affiliates or Sub-licensees
      in contract, tort, negligence, breach of statutory duty or otherwise for
      any loss, damage, cost or expense of an indirect or consequential nature
      (including any economic loss or other loss of turnover, profits, business
      or goodwill) arising out of or in connection with this Agreement or the
      subject matter of this Agreement.

            

    

     

    
      
        
        

      

      
        GB 0000019

        
          

        

      

      
        
        

      

    

     

    
      	
              8.4

            	
              Nothing
      in this Agreement shall be construed as a representation made or warranty
      given by either Party that any patent will issue based upon the Licensed
      Patents, that any patent included in the Licensed Patents which issues
      will be valid, or that the use of any Licensed Intellectual Property will
      not infringe the patent or proprietary rights of any other
      person.  Furthermore, neither Party makes any representation or
      warranty, express or implied, with respect to the Licensed Intellectual
      Property, including without limitation, any warranty of merchantability or
      fitness for a particular purpose.

            

    

     

    
      	
              8.5

            	
              All
      Materials, including Licensed Materials, provided by or on behalf of
      either Party and data generated by or on behalf of either Party under this
      Agreement are provided "as is" and without any representation or warranty,
      express or implied, including without limitation any implied warranty of
      merchantability or fitness for any particular purpose or any warranty that
      the use of the Licensed Materials will not infringe or violate any patent
      or other proprietary rights of any other
person.

            

    

     

    
      	
              8.6

            	
              Subject
      to Clause 8.3, Genesis Biopharma shall be responsible for, indemnify and
      hold harmless CRT, its Affiliates and their officers, servants and agents
      against any and all liability, loss, damage, cost or expense (including
      reasonable attorney’s fees and court and other expenses of litigation)
      (“Losses”) arising
      out of or in connection with Third Party claims relating to the discovery,
      research, development, manufacture, marketing, selling and disposal of
      Products by Percipio, Genesis Biopharma, its Affiliates and/or any
      Sub-licensees, provided always that no such Losses arise or have arisen as
      a consequence of any breach of this Agreement, breach of statutory duty,
      negligent act, omission or wilful misconduct of or by CRT or its
      Affiliates or their officers, servants and
  agents.

            

    

     

    
      	
              8.7

            	
              In
      the event that CRT intends to seek indemnification under Clause 8.6, as
      applicable, it shall promptly inform the indemnifying Party of a claim
      after receiving notice of the claim and shall permit the indemnifying
      Party to direct and control the defence of the claim and shall provide
      such reasonable assistance as reasonably requested by the indemnifying
      Party (at the indemnifying Party’s cost) in the defence of the claim. As
      used herein, “cost” shall mean the actual expenditure of expenses and
      shall not include any consulting fee or fees for reasonable time spent by
      CRT rendering assistance pursuant to this
  provision.

            

    

     

    
      	
              8.8

            	
              Under
      no circumstances shall CRT’s liability to Genesis Biopharma under this
      Agreement in total exceed the sums which are actually paid or due and
      owing by Genesis Biopharma to CRT pursuant to this Agreement except in the
      event Losses arise or have arisen as a consequence of any negligent act,
      omission or wilful misconduct of or by CRT or its Affiliates or their
      officers, servants and agents.

            

    

     

    
      	
              8.9

            	
              Nothing
      in this Agreement shall be construed as excluding or limiting the
      liability of either Party or any of their officers, employees and agents
      to the other Party for death or personal injury of any person resulting
      from the negligence or wilful misconduct of such
  persons.

            

    

     

    
      	
              9.

            	
              CONFIDENTIALITY

            

    

     

    
      	
              9.1

            	
              Each
      Party undertakes to keep secret and confidential and agrees not at any
      time for any reason whatsoever disclose or permit to be disclosed to any
      Third Party or otherwise make use of or permit use to be made of (except
      as expressly permitted by this Agreement), any Confidential Information of
      the disclosing Party and/or Know How of the disclosing Party and/or the
      Licensed Intellectual Property which come into the recipient Party’s
      possession during the term of this
Agreement.

            

    

     

    
      
        
        

      

      
        GB 0000020

        
          

        

      

      
        
        

      

    

     

    
      	
              9.2

            	
              The
      Parties shall ensure that only those of, and their Affiliates’ and/or
      Sub-licensees’, their directors, officers and employees who need to have
      access to Confidential Information and/or Know How and/or the Licensed
      Intellectual Property for the proper performance of this Agreement and any
      Sub-licence do have access and that those who are directly concerned with
      the performance of this Agreement and any Sub-licence and who have access
      to the Confidential Information and/or Know How of the disclosing Party
      and/or the Licensed Intellectual Property are informed of its secret and
      confidential nature and the recipient Party undertakes to ensure that such
      of its, and its Affiliates’ and its Sub-licensees’, directors, officers
      and employees to whom the Confidential Information and/or Know How and/or
      the Licensed Intellectual Property is disclosed shall have, prior to such
      disclosure, executed a confidentiality undertaking on terms no less
      onerous than those contained in this Agreement or that such disclosure is
      adequately governed by the terms of the contract of employment of such
      director, officer or employee.

            

    

     

    
      	
              9.3

            	
              The
      obligations of confidence referred to in this Clause 9 shall not extend to
      any Confidential Information or Know How or the Licensed Intellectual
      Property which:

            

    

     

    
      	
               
      

            	
              9.3.1

            	
              is
      at the time of disclosure, or thereafter becomes, generally available to
      the public otherwise than by reason of a breach by the recipient Party of
      the provisions of this Agreement;
or

            

    

     

    
      	
               
      

            	
              9.3.2

            	
              is
      known to the recipient Party without obligations of confidence prior to
      its receipt from the disclosing Party, as can be shown by written record;
      or

            

    

     

    
      	
               
      

            	
              9.3.3

            	
              is
      subsequently disclosed to the recipient Party without obligations of
      confidence by another party owing no such obligations in respect thereof;
      or

            

    

     

    
      	
               
      

            	
              9.3.4

            	
              is
      required to be disclosed by any applicable law or any Competent Authority
      to which a Party is from time to time subject;
  or

            

    

     

    
      	
               
      

            	
              9.3.5

            	
              is
      independently developed by a person or persons with no access to the
      Confidential Information disclosed by a Party, as demonstrated by written
      records; or

            

    

     

    
      	
               
      

            	
              9.3.6

            	
              is
      required to be or is necessarily disclosed through the marketing of a
      Product embodying Licensed Intellectual Property or to any Competent
      Authority or by the rules of any stock exchange, including for the
      avoidance of doubt the United States Securities and Exchange Commission
      pursuant to relevant U.S. securities regulations, and as may be required
      under the National Audit Act 1983 or otherwise legally required to be
      disclosed, provided always that the recipient Party shall use its best
      endeavours to limit any such disclosure to a minimum and shall, if
      reasonably possible, prior to such disclosure, provide the disclosing
      Party with sufficient notice, in order to obtain a protective or other
      order as a court of competent jurisdiction shall
  award.

            

    

     

    
      
        
        

      

      
        GB 0000021

        
          

        

      

      
        
        

      

    

     

    
      	
              9.4

            	
              The
      obligations of each Party under Clauses 9.1-9.3 shall survive the
      expiration or termination for whatever reason of this
      Agreement.

            

    

     

    
      	
              10.

            	
              TERM
      AND TERMINATION

            

    

     

    
      	
              10.1

            	
              This
      Agreement shall come into effect on the Commencement Date and, unless
      sooner terminated as provided hereunder, shall continue in full force and
      effect until the termination of all licences granted to Genesis Biopharma
      pursuant to Clause 2.1 above.  Genesis Biopharma’s obligations
      to make royalty payments to CRT on a country by country basis throughout
      the Territory pursuant to Clause 4 shall expire with respect to a country
      upon the termination of the licence in such country pursuant to Clause
      2.2.

            

    

     

    
      	
              10.2

            	
              CRT
      may, on thirty (30) Business Days written notice, terminate this Agreement
      if:

            

    

     

    
      	
               
      

            	
              10.2.1

            	
              Genesis
      Biopharma takes any action, serves any notice or commences any proceedings
      seeking to revoke or challenge the validity of the Licensed Patent or if
      it procures or assists a Third Party to take any such action;
      or

            

    

     

    
      	
               
      

            	
              10.2.2

            	
              the
      Financing Event has not occurred prior to expiry of the period of six (6)
      months after the Commencement Date;
or

            

    

     

    
      	
               
      

            	
              10.2.3

            	
              at any time prior to the listing
      of shares of Genesis Biopharma on a public exchange, in the event of a
      change of Control of Genesis Biopharma where the new Controlling party is
      a Tobacco Party. “Control” for the purposes of this sub-clause means the
      power to secure that the affairs of Percipio are conducted in accordance
      with the wishes of another whether through ownership of 50% or more of the
      voting securities of Genesis Biopharma or by contract or otherwise and
      “Controlling” shall be construed
  accordingly.

            

    

     

    
      	
              10.3

            	
              If
      Genesis Biopharma, for bona-fide commercial reasons, decides to cease the
      prosecution and/or maintenance of the Licensed Patent in a particular
      country within the Territory (“Ex-country”), Genesis
      Biopharma shall notify CRT and CRT may in its discretion continue to
      support the Licensed Patent in the relevant Ex-country provided that
      Genesis Biopharma’s licence in respect of the Licensed Patent in the
      relevant Ex-country shall expire thirty (30) Business Days from receipt by
      CRT of such notification from Genesis Biopharma.  Any deadlines
      or payments required to be made during the notice period shall be complied
      with or paid by Genesis Biopharma.

            

    

     

    
      	
              10.4

            	
              If
      for any reason Genesis Biopharma, or its Sub-licensees no longer wish to
      develop, make, market, sell and/or otherwise dispose of Products in the
      Territory, or in a particular country within the Territory, Genesis
      Biopharma shall so notify CRT in writing and this Agreement shall
      terminate in the country or Territory, as may be applicable, ninety (90)
      Business Days from receipt of such
notice.

            

    

     

    
      	
              10.5

            	
              Either
      CRT on the one hand or Genesis Biopharma on the other hand (the “Terminating Party”)
      shall have the right to terminate this Agreement forthwith upon giving
      written notice of termination to Genesis Biopharma on the one hand or CRT
      on the other hand as the case may be (the “Defaulting Party”), upon
      the occurrence of any of the following events at any time during this
      Agreement:

            

    

     

    
      
        
        

      

      
        GB 0000022

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              10.5.1

            	
              the
      Defaulting Party commits a material breach of this Agreement which in the
      case of a breach capable of remedy has not been remedied thirty (30)
      Business Days after the receipt by the Defaulting Party from the
      Terminating Party of written notice identifying the breach and requiring
      its remedy;

            

    

     

    
      	
               
      

            	
              10.5.2

            	
              the
      Defaulting Party for a period of longer than thirty (30) Business Days
      suspends payment of its debts or otherwise ceases or threatens to cease to
      carry on its business or becomes bankrupt or insolvent (including without
      limitation being deemed to be unable to pay its
  debts);

            

    

     

    
      	
               
      

            	
              10.5.3

            	
              a
      proposal is made or a nominee or supervisor is appointed for a composition
      in satisfaction of the debts of the Defaulting Party or a scheme or
      arrangement of its affairs, or the Defaulting Party enters into any
      composition or arrangement for the benefit of its creditors, or
      proceedings are commenced in relation to the Defaulting Party under any
      law, regulation or procedure relating to the re-construction or
      re-adjustment of debts (including where a petition is filed or proceeding
      commenced seeking any reorganisation, arrangement, composition or
      re-adjustment under any applicable bankruptcy, insolvency, moratorium,
      reorganisation or other similar law affecting creditor’s rights or where
      the Defaulting Party consents to, or acquiesces in, the filing of such a
      petition); or

            

    

     

    
      	
               
      

            	
              10.5.4

            	
              the
      Defaulting Party takes any action, or any legal proceedings are started or
      other steps are taken by a Third Party, with a view
  to:

            

    

     

    
      	
               
      

            	
              (a)

            	
              the
      winding up or dissolution of the Defaulting Party (other than for the
      reconstruction of a solvent company for any purpose, including the
      inclusion of any part of the share capital of the Defaulting Party on a
      recognised public stock exchange);
or

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      appointment of a liquidator, trustee, receiver, administrative receiver,
      receiver and manager, interim receiver custodian, sequestrator or similar
      officer of the Defaulting Party against the Defaulting Party or a
      substantial part of the assets of the Defaulting Party;
  or

            

    

     

    
      	
               
      

            	
              (c)

            	
              the
      undertaking of anything analogous to any of the foregoing under the laws
      of any country.

            

    

     

    
      	
              10.6

            	
              Notwithstanding
      anything to the contrary herein, in the event that any patent, or claim
      thereof, included within the Licensed Patents is held invalid in a
      country, by a final decision by a court of competent jurisdiction and from
      which no appeal has or can be taken, then any obligations to make
      milestone payments under Clauses 4.1.3 and 4.1.4 shall cease to exist in
      such country as of the date of the final decision and that all royalties
      payable under Clauses 4.1.5 and 4.1.6 of this Agreement with respect to
      such country shall be reduced by [**********]; provided, further that upon
      the occurrence such event, Genesis Biopharma shall have a non-exclusive
      licence to the Licensed Intellectual Property in such country as set forth
      in Clause 11.4 hereof.

            

    

     

    
      
        
        

      

      
        GB 0000023

        
          

        

      

      
        
        

      

    

     

    
      	
              11.

            	
              CONSEQUENCES
      OF TERMINATION

            

    

     

    
      	
              11.1

            	
              Subject
      to Clauses 10.6 and 11.4 upon termination of this
    Agreement:

            

    

     

    
      	
               
      

            	
              11.1.1

            	
              the
      licence rights granted by CRT to Genesis Biopharma pursuant to Clause 2
      shall terminate and any Sub-licences granted by Genesis Biopharma pursuant
      to Clause 2.4 shall terminate;

            

    

     

    
      	
               
      

            	
              11.1.2

            	
              Genesis
      Biopharma shall pay to CRT within ninety (90) Business Days all sums due
      to CRT hereunder which have accrued prior to the date of
      termination;

            

    

     

    
      	
               
      

            	
              11.1.3

            	
              each
      recipient of Confidential Information shall promptly return to each
      disclosing Party, or, at the option of the disclosing Party, destroy, all
      Confidential Information held in hard copy or electronic form which has
      been provided to the recipient Party save that each recipient Party shall
      be permitted to retain one copy of any document containing such
      Confidential Information for the purposes of ensuring its continuing
      compliance with Clause 9 and for no other purpose;
  and

            

    

     

    
      	
               
      

            	
              11.1.4

            	
              upon
      written request by CRT, Genesis Biopharma shall, within thirty (30)
      Business Days of receipt of said notice, return to CRT, or, at CRT’s
      option, destroy all Licensed Materials held by Genesis
      Biopharma.  Nothing herein shall require Genesis Biopharma to
      return publicly available material or other materials that are the subject
      of Clause 9.3, above.

            

    

     

    
      	
              11.2

            	
              Subject
      to the provisions of Clause 10.6:

            

    

     

    
      	
               
      

            	
              11.2.1

            	
              Genesis
      Biopharma shall provide to CRT within thirty (30) Business Days of
      termination of this Agreement one copy of each document containing
      information, together with any information held in an electronic form, in
      each case in reasonably sufficient detail to enable CRT itself or through
      a Third Party to further develop Products; (a) relating directly to the
      Licensed Intellectual Property and/or developed or acquired by Genesis
      Biopharma whilst undertaking  the Development Plan; and (b)
      comprised within Viragen Intellectual Property, Percipio Intellectual
      Property, Genesis Biopharma Intellectual Property and/or clinical data
      relating to the Licensed Intellectual Property to which Genesis Biopharma
      has rights.

            

    

     

    
      	
               
      

            	
              11.2.2

            	
              Genesis
      Biopharma shall provide to CRT within sixty (60) Business Days of the
      Commencement Date and on each anniversary thereof, one copy of each such
      document, together with any such information held in an electronic form,
      as referred to in Clause 11.2.1, which pending accrual  of CRT’s
      rights under Clauses 11.1 or 11.3 CRT shall hold to the order of Genesis
      Biopharma.

            

    

     

    
      
        
        

      

      
        GB 0000024

        
          

        

      

      
        
        

      

    

     

    
      	
              11.3

            	
              In
      the event of termination:

            

    

     

    
      	
               
      

            	
              11.3.1

            	
              By
      Genesis Biopharma pursuant to Clauses 10.3 or 10.4 in a particular
      country, then Genesis Biopharma agrees to provide CRT with an exclusive,
      sub-licensable licence to use the Percipio Intellectual Property, the
      Viragen Intellectual Property,  the Genesis Biopharma
      Intellectual Property and all clinical data relating to the Licensed
      Intellectual Property to which it has rights, to research, develop, use,
      keep, make, have made, market, distribute, sell, offer to sell, advertise
      or otherwise dispose of Products in the Field in that country or countries
      on a Revenue Share basis;

            

    

     

    
      	
               
      

            	
              11.3.2

            	
              By
      Genesis Biopharma pursuant to Clauses 10.3 or 10.4 in the entire
      Territory, or by  CRT pursuant to Clauses 10.2.2 or 10.5, then
      Genesis Biopharma agrees to assign to CRT the Percipio Intellectual
      Property, the Viragen Intellectual Property and  the Genesis
      Biopharma Intellectual Property and all clinical data relating to the
      Licensed Intellectual Property to which  it has rights, on a
      Revenue Share basis.

            

    

     

    
      	
              11.4

            	
              In
      the event of the expiry of this Agreement or the termination of this
      Agreement by Genesis Biopharma pursuant to Clause 10.5, CRT shall grant to
      Genesis Biopharma a non-exclusive, perpetual, fully paid up royalty-free
      licence to the Licensed Intellectual Property to research, develop, use,
      keep, make, have made, market, distribute, sell, offer to sell, advertise
      or otherwise dispose of the Products in the Territory. In the event of (i)
      a termination of a licence in a country (except pursuant to Clauses 10.3
      or 10.4) or (ii) the occurrence of an event as set forth in Clause 10.6,
      CRT shall grant to Genesis Biopharma a non-exclusive, perpetual, fully
      paid up royalty-free licence to the Licensed Intellectual Property to
      research, develop, use, keep, make, have made, market, distribute, sell,
      offer to sell, advertise or otherwise dispose of the Products in such
      country.  Notwithstanding anything to the contrary set forth in
      this Clause 11.4, if CRT shall terminate the Agreement pursuant to Clauses
      10.2 or 10.5, the licence shall
terminate.

            

    

     

    
      	
              11.5

            	
              If
      Genesis Biopharma serves notice to terminate this Agreement in the
      Territory or in particular countries pursuant to Clauses 10.3 or 10.4 it
      shall, without prejudice to its obligation to pay royalties during the
      notice period, pay to CRT all of any milestone payment which has not been
      paid and in respect of which the milestone event has been achieved prior
      to the date of notification by Genesis Biopharma of its intention to
      terminate.

            

    

     

    
      	
              11.6

            	
              Notwithstanding
      anything to the contrary herein, the termination or expiry of this
      Agreement for whatever reason shall not affect the accrued rights of the
      Parties arising in any way out of this Agreement as at the date of
      termination or expiry and in particular but without limitation the right
      to recover damages and interest, and the provisions of Clauses 2.3, 2.6,
      6.2, 7.7 (but only to the extent that a licence has been granted pursuant
      to Clause 11.4 hereof), 7.8, 8.1-8.9, 9.1-9.4, 10.6, 11.1-11.8, 14.1-14.2,
      17.1-17.3, 18.1, 18.2, 19.1, 20.1, 20.2, 21.1 and 22.1-22.3 shall remain
      in full force and effect.

            

    

     

    
      	
              11.7

            	
              Notwithstanding
      the provisions of Clause 11.1.1, termination or expiry of this Agreement
      for whatever reason shall be without prejudice to the rights of Genesis
      Biopharma and/or its permitted Sub-licensees to fulfill orders received
      prior to the termination or expiry subject to the payment of royalties on
      any Net Sales accruing in respect thereof at the rates set out in this
      Agreement.

            

    

     

    
      
        
        

      

      
        GB 0000025

        
          

        

      

      
        
        

      

    

     

    
      	
              11.8

            	
              If
      pursuant to Clause 10.3, CRT should wish to proceed with commercialisation
      of a Product in any Ex-country, Genesis Biopharma shall grant to CRT a
      licence in such Ex-country to the relevant portion of the Genesis
      Biopharma Intellectual Property on Revenue Share terms to be agreed; for
      the avoidance of doubt, CRT shall not be obliged to pay a licence fee upon
      signature of such licence.

            

    

     

    
      	
              12.

            	
              WAIVER

            

    

     

    
      	
              12.1

            	
              Neither
      Party shall be deemed to have waived any of its rights or remedies
      conferred by this Agreement unless the waiver is made in writing and
      signed by a duly authorised representative of that Party.  In
      particular, no delay or failure of either Party in exercising or enforcing
      any of its rights or remedies conferred by this Agreement shall operate as
      a waiver of those rights or remedies or so as to preclude or impair the
      exercise or enforcement of those rights or remedies nor shall any partial
      exercise or enforcement of any right or remedy by either Party preclude or
      impair any other exercise or enforcement of that right or remedy by that
      Party.

            

    

     

    
      	
              13.

            	
              ENTIRE
      AGREEMENT/VARIATIONS

            

    

     

    
      	
              13.1

            	
              Save
      for the Licence Termination and Waiver Agreement and the Confirmatory
      Waiver Agreement of even date herewith, this Agreement constitutes the
      entire agreement and understanding between the Parties and supersedes all
      prior oral or written understandings, arrangements, representations or
      agreements between them relating to the subject matter of this
      Agreement.

            

    

     

    
      	
              13.2

            	
              No
      director, employee or agent of either Party is authorised to make any
      representation or warranty to the other Party not contained in this
      Agreement, and each Party acknowledges that it has not relied on any such
      oral or written representations or warranties. Nothing in this Clause 13
      shall operate to limit or exclude any liability for
  fraud.

            

    

     

    
      	
              13.3

            	
              No
      variation, amendments, modification or supplement to this Agreement shall
      be valid unless made in writing in the English language and signed by a
      duly authorised representative of both
Parties.

            

    

     

    
      	
              13.4

            	
              In
      the event of any conflict or discrepancy between this Agreement and any
      other agreement, schedule or amendment, the terms of this Agreement shall
      control unless superseded by subsequent written
  agreement.

            

    

     

    
      	
              14.

            	
              NOTICES

            

    

     

    
      	
              14.1

            	
              Any
      notice to be given pursuant to this Agreement shall be in writing in the
      English language and shall be delivered by hand, sent by overnight
      registered or recorded delivery airmail post or sent by facsimile
      confirmed by registered or recorded delivery post to the address or
      facsimile number of the recipient set out below or such other address or
      facsimile number as a Party may from time to time designate by written
      notice to the other Parties.

            

    

     

    
      
        
        

      

      
        GB 0000026

        
          

        

      

      
        
        

      

       

    

    Address
of Genesis Biopharma

    

    Genesis
Biopharma, Inc.

    Suite
200

    8275
Eastern Ave.

    Las
Vegas, Nevada

    USA

    

    For the
attention of Robert Brooke

         Chief
Executive Officer

    

    Fax No.
+1 (310) 696-0334

    

    Address
of CRT

    

    Sardinia
House

    Sardinia
Street

    London

    WC2A
3NL

    

    Fax No.
+44 (0) 20 7269 3641

    

    For the
attention of the Chief Executive.

    

    
      	
              14.2

            	
              Any
      notice given pursuant to this Clause 14 shall be deemed to have been
      received:

            

    

     

    
      	
               
      

            	
              14.2.1

            	
              in
      the case of delivery by hand, when delivered;
or

            

    

     

    
      	
               
      

            	
              14.2.2

            	
              in
      the case of sending by overnight registered or recorded delivery airmail
      post on the second Business Day following the day of posting;
      or

            

    

     

    
      	
               
      

            	
              14.2.3

            	
              in
      the case of facsimile, on acknowledgement by the recipient facsimile
      receiving equipment if the acknowledgement occurs before 1700 hours local
      time of the recipient on a Business Day and in any other case on the
      following Business Day.

            

    

     

    
      	
              15.

            	
              ASSIGNMENT

            

    

     

    
      	
              15.1

            	
              Neither
      Party shall without the prior written consent of the other Party, assign
      the benefit and/or burden of this Agreement nor sub-contract any of its
      obligations hereunder unless otherwise permitted by the terms
      hereof.

            

    

     

    
      	
              16.

            	
              FORCE
      MAJEURE

            

    

     

    
      	
              16.1

            	
              If
      a Party (the “Non-Performing Party”)
      is unable to carry out any of its obligations under this Agreement due to
      Force Majeure this Agreement shall remain in effect but the Non-Performing
      Party’s relevant obligations under this Agreement and the relevant
      obligations of the other Party (the “Innocent Party”) under
      this Agreement shall be suspended for a period equal to the duration of
      the circumstance of Force Majeure (the “Suspension”) provided
      that:

            

    

     

    
      
        
        

      

      
        GB 0000027

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              16.1.1

            	
              the
      Suspension is of no greater scope than is required by the Force
      Majeure;

            

    

     

    
      	
               
      

            	
              16.1.2

            	
              the
      Non-Performing Party gives the Innocent Party prompt notice describing the
      circumstance of Force Majeure, including the nature of the occurrence and
      its expected duration, and continues to furnish regular reports during the
      period of Force Majeure;

            

    

     

    
      	
               
      

            	
              16.1.3

            	
              the
      Non-Performing Party uses all reasonable efforts to remedy its inability
      to perform and to mitigate the effects of the circumstance of Force
      Majeure; and

            

    

     

    
      	
               
      

            	
              16.1.4

            	
              as
      soon as practicable after the event which constitutes Force Majeure the
      Parties shall discuss how best to continue their operations as far as
      possible in accordance with this
Agreement.

            

    

     

    
      	
              16.2

            	
              If
      the Suspension continues for a period of six (6) calendar months the
      Innocent Party may give thirty (30) Business Days written notice
      thereafter to terminate this Agreement to the Non-Performing Party and
      termination shall occur if the Force Majeure is continuing at the end of
      that thirty (30) Business Day notice
period.

            

    

     

    
      	
              17.

            	
              DISPUTE
      RESOLUTION

            

    

     

    
      	
              17.1

            	
              Any
      question, difference or dispute which may arise concerning the
      construction meaning or effect of this Agreement or concerning the rights
      and liabilities of the Parties hereunder or any other matter arising out
      of or in connection with this Agreement shall first be submitted to the
      then acting Chief Executive Officer of Genesis Biopharma and the Chief
      Executive of CRT who may call on others to advise them as they see
      fit.

            

    

     

    
      	
              17.2

            	
              If
      the discussions under Clause 17.1 should fail to resolve the question,
      difference or dispute within forty-five (45) Business Days, the Parties
      agree to try in good faith to settle the matter by mediation, but not
      arbitration, administered by the American Arbitration Association under
      its Commercial Mediation Rules. Any mediation under this Clause 17.2 shall
      take place in London.  If mediation should fail to resolve the
      question, difference or dispute within forty-five (45) Business Days, the
      Parties agree that either Party may seek resolution of such question,
      difference or dispute in court pursuant to Clause
  22.1.

            

    

     

    
      	
              17.3

            	
              Notwithstanding
      the foregoing, and notwithstanding Clause 22, any Party may seek immediate
      injunctive or other interim relief from any court of competent
      jurisdiction with respect to any matter for which monetary damages would
      not adequately protect such Party’s interests or otherwise to enforce and
      protect intellectual property rights owned or licensed to such
      Party.

            

    

     

    
      	
              18.

            	
              SEVERANCE
      OF TERMS

            

    

     

    
      	
              18.1

            	
              If
      the whole or any part of this Agreement is or becomes or is declared
      illegal, invalid or unenforceable in any jurisdiction for any reason
      (including both by reason of the provisions of any legislation and also by
      reason of any court or Competent Authority which either has jurisdiction
      over this Agreement or has jurisdiction over any of the
      Parties):

            

    

     

    
      
        
        

      

      
        GB 0000028

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              18.1.1

            	
              in
      the case of the illegality, invalidity or unenforceability of the whole of
      this Agreement it shall terminate only in relation to the jurisdiction in
      question; or

            

    

     

    
      	
               
      

            	
              18.1.2

            	
              in
      the case of the illegality, invalidity or unenforceability of part of this
      Agreement that part shall be severed from this Agreement in the
      jurisdiction in question and that illegality, invalidity or
      unenforceability shall not in any way whatsoever prejudice or affect the
      remaining parts of this Agreement which shall continue in full force and
      effect.

            

    

     

    
      	
              18.2

            	
              If
      in the reasonable opinion of any Party any severance under this Clause 18
      materially affects the commercial basis of this Agreement, the Parties
      shall discuss, in good faith, ways to eliminate the material
      effect.

            

    

     

    
      	
              19.

            	
              THIS
      AGREEMENT NOT TO CONSTITUTE A
PARTNERSHIP

            

    

     

    
      	
              19.1

            	
              None
      of the provisions of this Agreement shall be deemed to constitute a
      partnership between the Parties and neither of the Parties shall have any
      authority to bind the other in any way except as provided in this
      Agreement.

            

    

     

    
      	
              20.

            	
              PUBLIC
      STATEMENTS

            

    

     

    
      	
              20.1

            	
              Except
      as provided in Clause 20.2, neither Party shall, without the prior written
      consent of the other Party:

            

    

     

    
      	
               
      

            	
              20.1.1

            	
              use in advertising, publicly or
      otherwise, any trade-name, personal name, trade mark, trade device,
      service mark, symbol, or any abbreviation, contraction or simulation
      thereof, owned by the other Party or its Affiliate;
    or

            

    

     

    
      	
               
      

            	
              20.1.2

            	
              represent,
      either directly or indirectly, that any product or service of the other
      Party  or its Affiliate is a product or service of the
      representing Party or its Affiliate or that it is made in accordance with
      or utilises the information or documents of the other Party or its
      Affiliate.

            

    

     

    
      	
              20.2

            	
              The
      restrictions in Clause 20.1 shall not apply to the
    following:

            

    

     

    
      	
               
      

            	
              20.2.1

            	
              a
      press release, in a form agreed to in writing by both Parties, publicly
      announcing this Agreement; or

            

    

     

    
      	
               
      

            	
              20.2.2

            	
              use
      as required by any applicable law or governmental regulation, including,
      for the avoidance of doubt, compliance with all applicable United States
      Food and Drug Administration and United States federal and state
      securities laws, including the United States Securities and Exchange
      Commission Rules and requirements.

            

    

     

    
      	
              21.

            	
              COSTS

            

    

     

    
      	
              21.1

            	
              Each
      Party shall bear its own legal costs, legal fees and other expenses
      incurred in the preparation and execution of this
    Agreement.

            

    

     

    
      
        
        

      

      
        GB 0000029

        
          

        

      

      
        
        

      

    

     

    
      	
              22.

            	
              GOVERNING
      LAW, JURISDICTION AND PRESUMPTIONS

            

    

     

    
      	
              22.1

            	
              All
      matters relating to this Agreement shall be governed by the laws of
      England and the Parties submit to the non-exclusive jurisdiction of the
      English courts.

            

    

     

    
      	
              22.2

            	
              This
      Agreement shall be deemed to be jointly created and drafted, and no
      presumption shall arise, and no provision shall be construed, against the
      drafter of a particular section or provision, when interpreting this
      Agreement.

            

    

     

    
      	
              22.3

            	
              No
      term of this Agreement shall be enforceable under the Contracts (Rights of
      Third Parties) Act 1999 by a person who is not a Party, but this does not
      affect any right or remedy of a third party which exists or is available
      apart from under that Act.

            

    

     

    
      
         

      

      
        GB 0000030

        
          

        

      

      
         

      

    
 

    SCHEDULE 1 – DEVELOPMENT
PLAN

    
 

    CD55
mAb Programme

    

    STAGE 1.

    

    
      
        
          
            	
                    Activity

                  	 	
                    Estimated
      Timeline for Achievement

                  
	 
      	 	 
      
	
                    (1)
      Design and complete in
      vivo efficacy xenograft model

                  	 	
                    [**********]

                  
	 
      	 	 
      
	
                    (2)
      Manufacturing process development, Contract Manufacturing Organisation
      (CMO) contracting, and Contract Research Organisation (CRO)
      contracting

                  	 	
                    [**********]

                  

          

        

      

    

    

    1. IN VIVO
EFFICACY

    

    
      	
              Purpose:

            	
              To
      determine if antibody enables destruction of tumor xenografts in
      appropriate animal model.

            
	 
      	 
      
	
              Support:

            	
              A
      minimum of [**********] will be committed to support this
      work.

            
	 
      	 
      
	
              Location:

            	
              TBD,
      either by University of Nottingham, SRI International, or another Contract
      Research Organisation

            
	 
      	 
      
	
              Timeline:

            	
              Completion
      Date:  [**********]

            
	 
      	
              (including
      animal application construction, approval through ethics
      committee,  and conduct of study)

            
	 
      	 
      
	
               

            	
              Decision
      Point:                    
      Go: anti-tumor (ADCC) effects observed and little appreciable gross
      mAb-related toxicity 

               

              No
      Go: no anti-tumor (ADCC) effects observed and gross mAb-related toxicity
      observed

            
	 
      	 
      
	
              Tasks:

            	
              conduct
      in vitro studies to test synergy between ADCC and chemotherapy, produce
      antibody for xenograft studies, conduct xenograft studies in a model with
      high expression of CD55 (e.g. 791T xenograft model), and possibly in
      another model that would allow assessment of Ab toxicity (e.g. C170
      xenograft model), if that model is reasonably determined to be
      necessary.

            
	 
      	 
      
	
              Deliverables:

            	
              data
      sets on whether antibody mediates ADCC with or without chemotherapy, and
      on whether antibody exhibits non-specific binding on human
      tissues.

            

    

    

    Note:  Either
the LD79 or most likely the LD86 version of the PB102 antibody will be used,
dependent on an analysis of the current data and discussion with the University
of Nottingham.

     

    
      
        
        

      

      
        GB 0000031

        
          

        

      

      
        
        

      

    

     

    2. MANUFACTURING PROCESS
DEVELOPMENT, CONTRACT MANUFACTURING ORGANISATION CONTRACTING, and CONTRACT
RESEARCH ORGANISATION CONTRACTING

    

    (a)      
Preparation:
Basic Characterisation of mAb and production process

    

    
      	
              Purpose:

            	
              To
      determine basic characteristics of mAb and production process to
      facilitate transfer to Contract Manufacturing Organization
      (CMO).

            
	 
      	 
      
	
              Deliverables:

            	
              Report
      on basic characteristics of antibody: structural integrity of antibody and
      associated carbohydrate, plus details of cell culture process and
      purification.

            
	 
      	 
      
	
              Tasks:

            	
              Cell
      culture process, basic purification development, characterization of
      product

            
	 
      	 
      
	
              Timeline:

            	
              [**********]
      following Financing Event, as defined in the Proposed
    License

            
	 
      	 
      

    

    Note: A certain level of basic
product characterization and details of the cell culture and production process
is required before transfer to CMO, as this expedites their process and cuts
costs as it can easily be done while confirmatory studies are
ongoing.

    

    (b)      
Identify and
contract with CMO

    

    
      	
              Purpose:

            	
              To
      identify and commission a CMO for PB102.

            
	 
      	 
      
	
              Tasks:

            	
              Contract
      a group to perform manufacturing work necessary for IND filing, such as
      Contract Manufacturing Process Transfer, Cell Banking, Pilot Manufacturing
      Batch for Toxicology, Regulatory Filing Support

            
	 
      	 
      
	
              Timeline:

            	
              Schedule
      and contracts for path to IND within [**********] from Financing
      Event

            

    

    

    (c)      
Identify and
contract with CRO

    

    
      	
              Purpose:

            	
              To
      identify and commission a CRO for PB102.

            
	 
      	 
      
	
              Tasks:

            	
              Contract
      a group to perform research and regulatory support work necessary for IND
      filing, such as Analytical and Bioanalytical Method Development and
      Validation (ELISA), Methods Development for the Immunogenicity Analysis,
      Range Finding Toxicity Study and Pharmacokinetics in Rabbits (non-GLP),
      4-Week Repeat Dose Toxicity Study in Rabbits (GLP), Tissue
      Cross-reactivity (TCR) of PB102 Antibodies with Rabbit, Monkey and Human
      Tissues Ex Vivo, Regulatory Preparation –Pre-IND Request and Information
      Packet

            
	 
      	 
      
	
              Timeline:

            	
              Schedule
      and contracts for path to IND within [**********] from Financing
      Event

            

    

    

    STAGE 2.

    

    Preclinical
and Clinical development: plans to be agreed in writing by the Parties upon
completion of Stage 1.

     

    
      
         

      

      
        GB 0000032

        
          

        

      

      
         

      

    

     

    SCHEDULE
2

    

    
      
        
          
            	
                    PATENT/APPLICATION
      NUMBER

                  	 
      	
                    COUNTRY/REGION

                  	 
      	
                    FILING
      DATE

                  
	
                    PCT/GB2003/005163

                  	 
      	
                    PCT

                  	 
      	
                    26th
      November 2003

                  
	
                    EP2003000778533

                  	 
      	
                    EP

                  	 
      	
                    26th
      November 2003

                  
	
                    HK05107885.8

                  	 
      	
                    HK

                  	 
      	
                    8th
      September 2005

                  
	
                    AU2003285536

                  	 
      	
                    AU

                  	 
      	
                    26th
      November 2003

                  
	
                    CN200380104471.7

                  	 
      	
                    CN

                  	 
      	
                    26th
      November 2003

                  
	
                    CA032507106

                  	 
      	
                    CA

                  	 
      	
                    26th
      November 2003

                  
	
                    US12/559,342  (Divisional
      application)

                  	 
      	
                    US

                  	 
      	
                    26th
      November 2003

                  
	
                    JP2004-554700

                  	 
      	
                    JP

                  	 
      	
                    26th
      November  2003

                  
	
                    BR2003000016741

                  	
                      

                  	
                    BR

                  	
                      

                  	
                    26th
      November 2003

                  

          

        

      

    

     

    
      
         

      

      
        GB 0000033

        
          

        

      

      
         

      

    
 

    SCHEDULE
3

     

    Licensed Know
How

    

    Full
detail is set out below of all Know How generated and arising from the antibody
programme prior to the termination of the Collaboration Agreement and which
forms the subject matter of the licence rights relating to the Licensed Know How
pursuant to Clause 2.1 as follows:

    

    1.           [**********]

    2.           [**********]

    3.           [**********]

    4.           [**********]

    5.           [**********]

    6.           [**********]

     

    
      
         

      

      
        GB 0000034

        
          

        

      

      
         

      

    

    IN
WITNESS whereof this Agreement has been executed by duly authorized officers of
the Parties on the date first above written.

     

    
      
        	
                Signed
      by:

              	
                /s/
      P. J. L’Huillier

              
	 
      	 
      
	
                Name:

              	
                P.
      J. L’Hullier

              
	 
      	 
      
	
                Title:

              	
                Director,
      Business Management

              
	 
      	 
      
	 
      	
                For
      and on behalf of

              
	 
      	
                CANCER
      RESEARCH TECHNOLOGY LIMITED

              
	 
      	 
      
	
                Signed
      by:

              	
                /s/
      Robert Brooke

              
	 
      	 
      
	
                Name:

              	
                Robert
      Brooke

              
	 
      	 
      
	
                Title:

              	
                Chief
      Executive Officer

              
	 
      	 
      
	 
      	
                For
      and on behalf of

              
	 
      	
                GENESIS
      BIOPHARMA, INC.

              

      

    

     

    
      
         

      

      
        GB 0000035Unassociated Document

    

    

    February
18, 2010

    

    Paul
Buck

    203 Calle
Felicidad

    San
Clemente, CA  92672

    

    Dear
Paul,

    

    On behalf
of CNS Response, Inc. (the "Company"), I am pleased to offer you a position with
the Company based upon the following terms:

    

    1.           Position.  Upon
acceptance of this offer, you will become Chief Financial Officer of the
Company, reporting to the Chief Executive Officer.  You will be
expected to devote at least forty (40) hours per week to the performance of your
duties (except for vacation periods as set forth herein and reasonable periods
of illness or other incapacities permitted by Company’s general employment
policies) and to give
your best efforts to such duties.  Your position may require that you
travel from time to time as the Company may reasonably request and as shall be
appropriate and necessary in the performance of your duties.

    

    2.           Effective
Date.  The effective date of employment shall be:
2/18/2010.

    

    3.           AT-WILL
EMPLOYMENT.  YOU SHOULD BE AWARE THAT YOUR EMPLOYMENT WITH THE
COMPANY IS FOR NO SPECIFIED PERIOD AND CONSTITUTES "AT-WILL"
EMPLOYMENT.  AS A RESULT, YOU ARE FREE TO TERMINATE YOUR EMPLOYMENT AT
ANY TIME, FOR ANY REASON OR FOR NO REASON.   SIMILARLY, THE
COMPANY IS FREE TO TERMINATE YOUR EMPLOYMENT, AT ANY TIME, FOR “CAUSE” OR FOR NO
CAUSE.  “CAUSE” SHALL MEAN YOUR:  (A) INDICTMENT OR
CONVICTION OF ANY FELONY OR OF ANY CRIME INVOLVING DISHONESTY OR MORAL
TURPITUDE; (B) PARTICIPATION IN ANY FRAUD AGAINST COMPANY; (C) PERSISTENT
FAILURE TO SUBSTANTIALLY PERFORM YOUR MATERIAL JOB DUTIES; PROVIDED, HOWEVER,
THAT THE CHIEF EXECUTIVE OFFICER OR THE BOARD OF DIRECTORS SHALL PROVIDE
YOU WRITTEN NOTICE OF SUCH FAILURE AND YOU SHALL HAVE FIFTEEN (15) DAYS TO CURE;
AND (D) INTENTIONAL DAMAGE TO ANY PROPERTY OF COMPANY.  IN THE EVENT
OF TERMINATION OF YOUR EMPLOYMENT, YOU WILL NOT BE ENTITLED TO ANY PAYMENTS,
BENEFITS, OR EMPLOYMENT COMPENSATION OTHER THAN AS SET FORTH
HEREIN.  IF COMPANY TERMINATES YOUR EMPLOYMENT WITHOUT CAUSE OR YOU
“INVOLUTARILY TERMINATE” YOUR EMPLOYMENT WITH THE COMPANY, YOU SHALL RECEIVE, AS
SEVERANCE, YOUR SALARY AND BENEFITS FOR A PERIOD EQUAL TO SIX (6) MONTHS,
PAYABLE IN ONE LUMP SUM UPON TERMINATION.  YOU SHALL BE CONSIDERED TO
INVOLUTARILY TERMINATE YOUR EMPLOYMENT WITH THE COMPANY IF THE COMPANY (A)
COMMITS A BREACH OF THIS OFFER LETTER WHICH REMAINS UNCURED FIFTEEN (15) DAYS
AFTER YOU PROVIDE WRITTEN NOTICE TO THE COMPANY OF SUCH BREACH, OR (B) CHANGES,
WITHOUT YOUR CONSENT OR PURSUANT TO A CORPORATE TRANSACTION (AS DEFINED IN
SECTION 6 BELOW), YOUR TITLE OR RESPONSIBILITIES SO THAT YOU ARE NO LONGER THE
CHIEF FINANCIAL OFFICER OF THE COMPANY.  IF YOUR EMPLOYMENT IS
TERMINATED BY COMPANY WITH CAUSE OR YOU VOLUNTARILY TERMINATE YOUR EMPLOYMENT,
YOU SHALL NOT BE ENTITLED TO SEVERANCE. 

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    4.           Compensation.  The
Company will pay you a salary of $208,000 per annum, payable in amounts of
$8,000 twice-monthly, less applicable withholdings. Your salary will begin as of
the effective date of employment.  The first and last payment by the
Company to you will be prorated, if necessary, to reflect a commencement or
termination date other than the first or last working day of a pay period. Your
salary and performance shall be reviewed at least annually by the Chief
Executive Officer or the Company's board of directors. You may receive increases
in annual salary from time to time as determined by the Chief Executive Officer
or the Board, but in no event shall your annual salary be decreased below
$208,000.

    

    5.           Vacation and
Benefits.   Upon the Effective Date of your employment and
then for so long as you are employed by the Company you will accrue 1.67 days of
paid time off ("PTO") for each full month you are employed by the
Company.  Vacation days shall be deducted from your accrued
PTO.  You shall be entitled to health and dental insurance coverage
for you and your dependents, with premiums paid in full by Company, effective
immediately upon your commencement of employment. You will also
be entitled to standard fringe benefits in accordance with the Company's
practices covering employees, as such benefits may be in effect from time to
time.

    

    6.           Stock
Option.  Upon your acceptance of employment with the Company,
you will be granted an option (the “Option”) to purchase 450,000 shares of the
Company's Common Stock at such time as determined by the Company’s Board of
Directors.  The Option will be subject to the terms and conditions of
a stock option agreement between you and the Company (the “Stock Option
Agreement”) and, at the discretion of the Company’s Board of Directors, either
(i) the Company’s 2010 Stock Incentive Plan, if adopted by the Company’s Board
of Directors or (ii) the Company’s 2006 Stock Incentive Plan.  The
Stock Option Agreement shall set forth the exercise price of the Option, which
will be the closing price of the Company’s common stock as quoted on the
Over-The-Counter Bulletin Board on the trading day immediately preceding the
grant date of the Option.  The Stock Option Agreement will also
provide that the Option will vest in equal monthly installments over a period of
48 months, commencing on the grant date of the Option until the Option is fully
exercisable, subject to your continued service to the Company.  The
Stock Option Agreement will further provide that the vesting schedule of the
Option will be subject to partial acceleration in the event that the Company is
involved in a Corporate Transaction (as defined below).  In the event
of a Corporate Transaction, a portion of your unvested Option determined in
accordance with the following formula will vest:  the number of
unvested options determined immediately prior to the closing of the Corporate
Transaction multiplied by a ratio, the numerator of which equals the number of
days elapsed between the grant date of the Option and the closing date of the
Corporate Transaction and the denominator of which equals 1,460 days (the
total vesting period of the Option).  A Corporate Transaction shall
mean: (i) the sale, lease, transfer or other disposition of all or substantially
all of the assets of the Company, or (ii) the acquisition of the Company by
another entity by means of merger, consolidation, share exchange, reorganization
or otherwise pursuant to which shares of capital stock of the Company are
converted into cash, securities or other property of the acquiring entity or any
of its subsidiaries or parent entities and which results in the holders of
voting securities (excluding shares of the surviving entity held by holders of
the capital stock of the Company acquired by means other than the exchange or
conversion of the capital stock of the Company for shares of the surviving
entity) of the Company immediately prior to such merger, consolidation, share
exchange, reorganization or sale of assets beneficially owning, directly or
indirectly, less than a majority of the combined voting power of the surviving
entity resulting from such merger, consolidation, share exchange, reorganization
or sale of assets. 

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    7.           Employment, Confidential
Information, Invention Assignment and Arbitration
Agreement.  As a condition of accepting this offer of
employment, you will be required to complete, sign and return the Company's
standard form of Confidential Information, Invention Assignment and Arbitration
Agreement.

    

    8.           Immigration
Laws.  For purposes of federal immigration laws, you will be
required to provide to the Company documentary evidence of your identity and
eligibility for employment in the United States.  Such documentation
must be provided within 3 business days of the effective date of your
employment, or your employment relationship with the Company may be
terminated.

     

    9.           Conflicting
Employment.   During the period that you render services
to the Company, you will not engage in any employment, business or activity that
is in any way competitive with the business or proposed business of the
Company.  You will disclose to the Company in writing any other
gainful employment, business or activity that you are currently associated with
or participate in that competes with the Company.  You will not assist
any other person or organization in competing with the Company or in preparing
to engage in competition with the business or proposed business of the
Company.  You represent that your signing of this offer letter, the
Stock Option Agreement and the Company's Confidential Information, Invention
Assignment and Arbitration Agreement and your commencement of employment with
the Company will not violate any agreement currently in place between yourself
and any current or past employers.

    

    10.       
 Entire
Agreement.  This offer letter, the Confidential Information,
Invention Assignment and Arbitration Agreement and, upon its execution, the
Stock Option Agreement, set forth the terms of your employment with the Company
and supersede any and all prior representations and agreements, whether written
or oral.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    11.         Amendment.  This
offer letter can only be amended in writing signed by you and an officer of the
Company.  Any waiver of a right under this offer letter must be in
writing.

    

    12.         Governing
Law.  This offer letter will be governed under the laws of the
State of California applicable to such agreements made and to be performed
entirely within such State.

    

    We look
forward to you joining the Company.  If the foregoing terms are
agreeable, please indicate your acceptance by signing the enclosed copy of this
letter in the space provided below and returning it to me within three
days.

    

    
      
        
          
            
              
                	 
      	 	
                        Sincerely,

                      
	 
      	 	 
      
	 
      	 	
                        CNS
      RESPONSE, INC.

                      
	 
      	 	 
      
	 
      	 	
                        By:  

                      	
                        /s/ George Carpenter

                      
	 
      	 	 
      	
                        George
      C. Carpenter IV

                      
	 
      	 	 
      	
                        CEO

                      
	
                        AGREED
      AND ACCEPTED:

                      	 	 
      
	 
      	 	 
      
	/s/
      Paul Buck

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00175-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00175-of-00352.parquet"}]]