Document:

EX-10.2

 Exhibit 10.2 

***Text Omitted and Filed Separately 

with the Securities and Exchange Commission. 

Confidential Treatment Requested 

Under 17 C.F.R. Sections 200.80(b)(4) and Rule 24b-2 

THIRD AMENDMENT 
 TO

 RESEARCH COLLABORATION AND LICENSE AGREEMENT 

This THIRD AMENDMENT TO RESEARCH COLLABORATION
AND LICENSE AGREEMENT (the “Third Amendment”) is effective as of June 18, 2019 (“Third Amendment Effective Date”), by and between
ULTRAGENYX PHARMACEUTICAL INC., a Delaware corporation having an address at 60 Leveroni Court, Novato, CA, 94949 (“Ultragenyx”), and ARCTURUS
THERAPEUTICS, INC., a Delaware corporation having an address at 10628 Science Center Drive, Suite 250, San Diego, CA 92121 (“Arcturus”), and, solely for purposes of Section 5(b),
ARCTURUS THERAPEUTICS HOLDINGS INC, a Delaware Corporation (“Arcturus Parent”), and amends that certain Research Collaboration and License Agreement between the
Parties, dated October 26, 2015, as amended on October 17, 2017 and April 20, 2018 (the “License Agreement”). 

The Parties, for their mutual benefit, now wish to amend the License Agreement to, among other things, expand the scope of the
collaboration to include additional types of nucleic acid products and to include targets relevant to any disease or indication. Capitalized terms used herein which are not defined shall have the respective meanings ascribed to them in the License
Agreement. All references to the term “Agreement” in the License Agreement shall be deemed to include all of the terms and conditions of this Third Amendment. 

NOW, THEREFORE, in consideration of good and valuable consideration the receipt and sufficiency of which is hereby
acknowledged and of the mutual agreements made herein, the Parties hereby agree as follows: 

1.              DEFINITIONS 

(a)      Section 1.6 of the License Agreement is hereby deleted and replaced with the
following: 
 “1.6    “Arcturus
Know-How” means any Know-How Controlled by Arcturus and/or any of its Affiliates as of the Effective Date and/or during the Term that is actually used by
Arcturus or its Affiliates in its Collaborative Development activities and/or is necessary or useful for the Exploitation of any Compound and/or Product. For the avoidance of doubt, (a) the term Arcturus
Know-How includes all Know-How Controlled by Arcturus and/or any of its Affiliates as of the Effective Date and/or during the Term that relate to the manufacturing
process for any Nucleic Acid Product and (b) Arcturus Know-How does not include the Arcturus Patents. Subject to and to the extent as provided in Section 13.4, the use of “Affiliate” in
this definition shall exclude any Third Party that becomes an Affiliate due to such Third Party’s or such Third Party’s Affiliate acquisition of Arcturus in a Change of Control Transaction.” 

(b)      Section 1.8 of the License Agreement is hereby deleted and replaced with the
following: 
 “1.8    “Arcturus Patents” means all Patent Rights
Controlled by Arcturus and/or any of its Affiliates as of the Effective Date and/or during the Term that (a) Cover any Compound 

 
and/or Product (but not with respect to any active ingredient other than a Compound); (b) is necessary for the Exploitation of any Compound and/or Product (but not with respect to any active
ingredient other than a Compound); and/or (c) is reasonably useful for the Exploitation of any Compound and/or Product (but not with respect to any active ingredient other than a Compound) other than Arcturus Platform Technology. For the
avoidance of any doubt and notwithstanding anything to the contrary set forth in subsection (c) above, the term Arcturus Patents includes all Patent Rights Controlled by Arcturus and/or any of its Affiliates as of the Effective Date and/or
during the Term that Cover the manufacturing process for any mRNA, UNA Oligomer, DNA and/or siRNA within a Compound or Product. The Arcturus Patents existing as of the Third Amendment Effective Date are listed on Exhibit A. Subject to and to the
extent as provided in Section 13.4, the use of “Affiliate” in this definition shall exclude any Third Party that becomes an Affiliate due to such Third Party’s or such Third Party’s Affiliate acquisition of Arcturus in a
Change of Control Transaction.” 
 (c)        Section 1.25 of the
License Agreement is hereby deleted in its entirety and replaced with the following: 

“1.25    “Compound” means any mRNA, UNA Oligomer, DNA
and/or siRNA designed to express or encode a Development Target or designed to knockout or otherwise modulate the expression level, properties, half-life, distribution or activity of any mRNA, UNA Oligomer, DNA and/or siRNA that expresses or encodes
a Development Target, in each case discovered and/or optimized under the Collaborative Development Plan, and any and all derivatives of any such molecule.” 

(d)        Section 1.42 of the License Agreement (definition of Expansion
Option Payment) is hereby deleted in its entirety. 
 (e)        Section
1.100 of the License Agreement is hereby deleted in its entirety and replaced with the following: 

“1.100  “Nucleic Acid Product” means any product containing an
mRNA, UNA Oligomer, DNA or siRNA and is designed to have its therapeutic effect through one of these nucleic acid modalities.” 

(f)         Section 1.104 of the License Agreement is hereby deleted in
its entirety and replaced with the following: 

“1.104  “Target” means any single protein (i.e., a protein
designated by a unique NCBI reference sequence but including all of its naturally-occurring mutations and variants).” 

(g)        The definition of Nucleic Acid Chemistry Technology in the last
sentence of Section 7.6 is hereby deleted in its entirety and replaced with the following: 

“Nucleic Acid Chemistry Technology” means technologies related to the chemical and
enzymatic modification of nucleobases or conformational and/or structural features of a Compound that increases resistance to degradation resulting in a longer half-life. Nucleic Acid Chemistry Technology does not include improvements related to
codon-optimization, modification of the 5’ cap structure, use of alternative 5’ or 3’ prime sequences, modification of the 5’ untranslated region or 3’ untranslated region, or variations in the polyA tail sequence or
length.” 

  
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 (h)      The following new Sections
1.117, 1.118 and 1.119 are hereby added after Section 1.116 of the License Agreement: 

“1.117  “DNA” means an active pharmaceutical ingredient that is
any single or double stranded molecule containing deoxyribonucleic acid nucleotide/s, natural or modified, and is used to achieve expression or inhibition of a target protein. 

1.118  “siRNA” means small interfering Ribonucleic Acid, an active
pharmaceutical ingredient that is a double-stranded RNA molecule, natural or modified used to inhibit expression of a target protein. 

1.119  “Viral Gene Therapy Product” means any product that uses a
virus to deliver genetic cargo into cells to replace missing or malfunctioning genes.” 

2.            NUCLEIC ACID
PRODUCT. All references to “RNA Product” under the License Agreement shall be replaced with “Nucleic Acid Product”. 

3.            IMPROVEMENT IP.
Notwithstanding anything to the contrary in this Agreement, including Section 13.4, in the event Arcturus undergoes a Change of Control Transaction after the Third Amendment Effective Date, then the intellectual property of the entity(ies)
surviving such Change of Control Transaction that is developed after such Change of Control Transaction shall not be excluded from the definition of Arcturus Technology to the extent (a) such intellectual property is developed through the use
of Arcturus Know-How, Arcturus Patents, Arcturus Platform Technology or Improvements to Arcturus Platform Technology, in each case, existing as of the date of such Change of Control Transaction or
(b) constituting an improvement or enhancement to the Arcturus Know-How, Arcturus Patents, Arcturus Platform Technology or Improvements to Arcturus Platform Technology, in each case, existing as of the
date of such Change of Control Transaction ((a) and (b) collectively, the “Improvement IP”). For clarity, the Improvement IP shall be included in the scope of the license granted to Ultragenyx under this Agreement
without regard to such Change of Control Transaction. 

4.            TARGET SELECTION;
EXCLUSIVITY 
 (a)         Section 3.1.3 of the
License Agreement is hereby deleted in its entirety and replaced with the following 

“3.1.3    Ultragenyx Expansion Option. During the Reserved Target Exclusivity Period
(so long as there are no outstanding, overdue payments due to Arcturus under this Agreement), on a Reserved Target-by-Reserved Target basis, Ultragenyx shall have the
option, at no additional cost to Ultragenyx, to convert [...***...] to an additional Development Target by providing Arcturus with written notification (such option, the “Ultragenyx Expansion Option” and such notification,
the “Ultragenyx Expansion Notice”), whereupon (a) the list of Development Targets set forth on Exhibit B shall automatically be amended by adding such Target; (b) the list of Reserved
Targets set forth on Exhibit C shall be amended by deleting such Target. The Parties shall promptly generate a Collaborative Development Plan for such new Development Target in accordance with Section 4.1. Notwithstanding the foregoing,
at the time of any such exercise of an Ultragenyx Expansion Option, if there are three (3) or more Development Targets for which Arcturus is engaged in the performance of active and ongoing Collaborative Development pursuant to the respective
Collaborative Development Plans, then such Collaborative Development Plan for such new Development Target shall not include any obligations for Arcturus to actively conduct Collaborative Development until

  
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the earlier of (a) completion of Arcturus’s Collaborative Development obligations under other Collaborative Development Plan(s) such that (without counting this Collaborative
Development Plan for such new Development Target) there are two (2) or fewer Development Targets for which Arcturus is engaged in the performance of active and ongoing Collaborative Development and (b) six (6) months after
Ultragenyx’s exercise of the applicable Ultragenyx Expansion Option. For avoidance of doubt, the conversion of a Reserved Target to an additional Development Target shall not permit Ultragenyx to add an additional Reserved Target in place of
such converted Reserved Target.” 
 (b)          Section
3.2.1 of the License Agreement is hereby deleted in its entirety and replaced with the following: 

“3.2.1    Reserved Target Selection. As of the Third Amendment Effective Date, the
Parties have agreed to a list of three (3) Targets for which Ultragenyx will have the exclusive right to evaluate whether it desires to initiate Collaborative Development, such list set forth on Exhibit C (each, a
“Reserved Target”). During the Reserved Target Exclusivity Period, Ultragenyx shall have the right to nominate seven (7) additional Targets to be deemed Reserved Targets under this Agreement, at no additional cost, in
accordance with the terms of Section 3.2.2. Ultragenyx shall only have the right to initiate Collaborative Development under this Agreement with respect to a particular Reserved Target by converting such Reserved Target into a Replacement
Target pursuant to Section 3.1.2 or by exercising its option to designate such Reserved Target as an additional Development Target pursuant to Section 3.1.3; provided, that Ultragenyx shall have the right to conduct preliminary non-clinical research with respect to Reserved Targets and related compounds to evaluate whether it wishes to convert such Reserved target into a Development Target and, at Ultragenyx’s request and sole cost
and expense, Arcturus shall cooperate with Ultragenyx to conduct activities with respect to such Reserved Targets to facilitate such evaluation.” 

(c)    Section 3.2.2 of the License Agreement is hereby deleted in its entirety and replaced with
the following: 
 “3.2.2 New Reserved Targets 

(a)    During the Reserved Target Exclusivity Period, Ultragenyx shall have the right to nominate a new
Target to be deemed a Reserved Target and to replace each Reserved Target with a proposed new Target, in each case, by providing Arcturus with written notice thereof in accordance with Section 3.2.2(b); provided that as of the time Ultragenyx
provides such notification, (i) Arcturus has not already granted an option or a license to any Third Party to develop and/or commercialize products with respect to such Target, or otherwise has entered into an agreement with a Third Party that
prevents Arcturus from accepting such Target as a Reserved Target, (ii) Arcturus has not commenced a bona fide internal research and development program directed to such Target and such program has completed, at a minimum, preclinical in vivo
proof of concept, (iii) such Target was not previously subject to Third Party rights or obligations to Third Parties under an agreement between Arcturus and a Third Party and returned to Arcturus, where the Target program has been advanced to
demonstrate proof of concept activity in an animal model and (iv) such Target is not one of the Targets identified on Exhibit G attached hereto (each, an “Unavailable Target”). Ultragenyx shall have the right to
nominate seven (7) additional Targets to be deemed Reserved Targets under this Agreement and Ultragenyx shall have the right to make 

  
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no more than a total of eight (8) replacements of existing Reserved Targets pursuant to this Section 3.2.2. 

(b) During the Reserved Target Exclusivity Period, in the event that (i) pursuant to Section 3.2.1 Ultragenyx
desires to select a new Target to be deemed a Reserved Target or (ii) pursuant to Section 3.2.2(a) Ultragenyx desires to select a new Target to be deemed a Reserved Target and to replace a Reserved Target with a proposed new Target, then
Ultragenyx shall provide written notice thereof to Arcturus (provided, that such notice shall not disclose the applicable selected Target). Within ten (10) Business Days after Arcturus’ receipt of any such notice from Ultragenyx, the
Parties shall jointly agree in good faith on an independent, U.S.-based law firm that has expertise in life sciences partnering transactions (an “Expert”) to determine whether such selected new Target is available to become a
Reserved Target under this Agreement or whether it is an Unavailable Target. If the Parties do not agree upon an Expert within such time period, than each Party shall select its own proposed Expert within five (5) Business Days of the
expiration of such time period and the two proposed Experts shall decide on an independent Expert to serve as the Expert for such review within five (5) Business Days of selection of the last proposed Expert. Within three (3) Business Days
of selection (and joint engagement by the Parties) of such Expert, (x) Ultragenyx shall disclose to such Expert its selected new Target and (y) Arcturus shall disclose to such Expert a list of all Targets that Arcturus in good faith
believes are Unavailable Targets as of such date. If the Target is identified on the list of Unavailable Targets, such Expert shall ask Arcturus to provide reasonable documentation demonstrating why such Target should be classified as an Unavailable
Target pursuant to the terms of this Agreement (including, if applicable, a copy of any agreement between Arcturus and a Third Party or documentation evidencing the internal research and development records with respect to such Target). Within ten
(10) Business Days after receipt such information from Ultragenyx and Arcturus, the Expert shall advise both Parties in writing whether such Target is an Unavailable Target. The Parties shall share equally the fees of any such Expert. 

(c)    Promptly upon determination by the Expert that any Target selected by Ultragenyx pursuant to
Section 3.2.2(a) or Section 3.2.1 is not an Unavailable Target, the Expert shall disclose such new Target to Arcturus and the list of Reserved Targets set forth in Exhibit C shall automatically be amended accordingly to include such
new Target as a Reserved Target. For clarity, at any given time during the Reserved Target Exclusivity Period, there shall be a maximum of ten (10) Reserved Targets.” 

(d)          Section 3.3.1 of the License Agreement is hereby
deleted in its entirety and replaced with the following: 
 “3.3.1    Arcturus
Development Target Exclusivity. 
 (a) Nucleic Acid Exclusivity. With respect to a particular Development
Target, during the corresponding Development Target Exclusivity Period, Arcturus shall not conduct or participate in, or advise, assist or intentionally enable any Third Party to conduct or participate in the preclinical or clinical development,
manufacture or commercialization of any Nucleic Acid Product with respect to such Development Target. The “Development Target Exclusivity Period” means the period beginning on the date that a Target becomes a Development
Target and ending on the earlier of (i) 

  
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the date that such Development Target becomes a Discontinued Target or (ii) termination of the Agreement with respect to such Development Target. 

(b)    Right of First Negotiation with Respect to Nucleic Acid Products. On a Development Target-by-Development Target basis, during the corresponding Development Target Exclusivity Period, Arcturus hereby grants Ultragenyx an exclusive right of first negotiation
to obtain an exclusive license to Exploit products that are not Nucleic Acid Products with respect to each Development Target within the Territory (each, a “Development Target ROFN”) as further described herein. Arcturus
shall provide written notice to Ultragenyx promptly upon Arcturus’ decision to seek a partner for the research, development and/or commercialization of any such Nucleic Acid Product with respect to a Development Target (“Development
Target ROFN Notice”). Ultragenyx shall have [...***...] days from its receipt of the Development Target ROFN Notice to notify Arcturus if Ultragenyx desires to exercise its Development Target ROFN with respect to such Development Target
and upon such notice from Ultragenyx, Arcturus and Ultragenyx will negotiate such rights in good faith for a period of [...***...] (the “Development Target ROFN Negotiation Period”). If, at the end of the Development Target
ROFN Negotiation Period, Arcturus and Ultragenyx are unable to reach agreement on such terms, or if Ultragenyx does not notify Arcturus of its interest in such Development Target during such [...***...] period, Arcturus shall be free to grant a
license or enter into any other arrangement with a Third Party to Exploit such Nucleic Acid Products with respect to such Development Target; provided, for clarity, that this Section 3.3.1(b) shall not relieve Arcturus of its restrictions under
Section 3.3.1(a) or (c). 
 (c)    LUNAR Exclusivity. Within the first four
(4) years after the Third Amendment Effective Date, Arcturus shall not conduct or participate in, or advise, assist or intentionally enable any Third Party to conduct or participate in the preclinical or clinical development, manufacture or
commercialization of any product utilizing LUNAR Nanoparticle Delivery Technology with respect to a Development Target.” 

(e)          Section 3.3.2 of the License Agreement is hereby
deleted in its entirety and replaced with the following: 
 “3.3.2    Ultragenyx
Development Target Exclusivity. With respect to a particular Development Target, during the corresponding Development Target Exclusivity Period, Ultragenyx shall not conduct or participate in, or advise, assist or intentionally enable any Third
Party to conduct or participate in the preclinical or clinical development, manufacture or commercialization of any product (other than a Product) containing any mRNA, UNA Oligomer, DNA or siRNA with respect to such Development Target. For clarity,
the foregoing shall not restrict Ultragenyx’s rights with respect to any Viral Gene Therapy Product.” 

(f)          Section 3.3.3 of the License Agreement 3 (but not
Section 3.3.3(a) of the License Agreement which shall remain in full force and effect and unamended by this Section 3(f) of the Third Amendment) is hereby deleted in its entirety and replaced with the following: 

“3.3.3    Reserved Target Exclusivity. With respect to each Reserved Target, during
the Reserved Target Exclusivity Period, Arcturus shall not conduct or participate in, or advise, assist or intentionally enable any Third Party to conduct or participate in the preclinical or clinical development, manufacture or commercialization of
(a) any Nucleic Acid Product 

  
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with respect to such Reserved Target, or (b) without offering Ultragenyx the right of first negotiation (as described in Section 3.3.3(a)), any other product utilizing the LUNAR
Delivery Technology with respect to such Reserved Target. The foregoing restriction shall expire on the fourth anniversary of the Third Amendment Effective Date (the “Reserved Target Exclusivity Period”), provided, that the
Reserved Target Exclusivity Period may be extended, upon written notice to Arcturus, on a Reserved Target-by-Reserved Target basis for up to three (3) additional
one year period(s) by paying the Exclusivity Extension Fee pursuant to Section 7.3. For clarity, Section 3.3.1 and not this Section 3.3.3 shall apply to any Reserved Target that becomes a Development Target pursuant to
Section 3.1.2 or Section 3.1.3.” 
 (g)        Section 3.5.1
of the License Agreement is hereby deleted in its entirety and replaced with the following: 
 “3.5.1 For each
Discontinued Target: (i) all licenses granted to Ultragenyx under this Agreement with respect to such Discontinued Target will terminate, (ii) Ultragenyx shall grant and hereby grants to Arcturus an exclusive, royalty-bearing (in
accordance with Section 3.5.2) worldwide, perpetual (provided that Arcturus fulfills its payment obligations under Section 3.5.2, subject to breach/cure procedures comparable to that described in Section 12.2) license, with right of
sublicense, under (a) all Product-Specific Technology, (b) Collaboration Technology (including Joint Collaboration Technology) and (c) other Patent Rights and Know-How that as of the date of
discontinuation of the Discontinued Target had been practiced or used by Ultragenyx under this Agreement, in each case to the extent Controlled by Ultragenyx and/or its Affiliates, to Exploit Compounds and Products with respect to such Discontinued
Target (“Discontinued Products”), provided that such license shall not include the right for Arcturus to Exploit any type of Nucleic Acid Product other than a product containing any mRNA, UNA Oligomer, DNA or siRNA unless
otherwise expressly agreed in writing by the Parties; (iii) Ultragenyx shall, within [...***...] of the applicable Development Target becoming a Discontinued Target and at Arcturus’s expense, transfer to Arcturus available data and
information relating to such Discontinued Products Controlled by Ultragenyx and in Ultragenyx’s possession at such time, (iv) if mutually agreed by the Parties, Ultragenyx shall transfer to Arcturus the responsibility for the prosecution
and maintenance of all Product-Specific Patents that specifically pertain to Compounds and/or Products with respect to the Discontinued Target and Arcturus shall perform such prosecution and maintenance activities in accordance with
Section 8.2.2 and (v) Arcturus shall have the first right to enforce such Product-Specific Patents in a Product Infringement with respect to Compounds and/or Products with respect to the Discontinued Target in the manner similar to
Ultragenyx’s enforcement rights described in Section 8. The license granted by Ultragenyx to Arcturus pursuant to this Section 3.5.1 shall include, for the avoidance of any doubt, any and all improvements to the process of
manufacturing Nucleic Acid Products developed by Ultragenyx during the term of this Agreement, to the extent Controlled by Ultragenyx and/or its Affiliates and to the extent practiced or used by Ultragenyx under this Agreement.” 

5.              COLLABORATIVE
DEVELOPMENT 
 (a)        Section 4.2 of the License
Agreement is hereby deleted in its entirety and replaced with the following: 

“4.2      Collaborative Development of Products. Upon
approval by the JSC of the applicable Collaborative Development Plan and associated Budget, each Party shall 

  
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commence and conduct Collaborative Development activities assigned to it under, and in accordance with, such Collaborative Development Plan in good scientific manner and in accordance with all
applicable Laws. For clarity, Ultragenyx shall have the right to generate modified products or derivatives incorporating the Compound identified by Arcturus under the Collaborative Development Plan, provided that (i) Ultragenyx shall promptly
identify in writing all such modified products and derivatives to Arcturus and (ii) such modified products and derivatives shall be deemed as Products under this Agreement. Ultragenyx shall be solely responsible, at its discretion, for the
development, manufacture and, if successful, commercialization of any and all Products after their respective PCC Designation.” 

(b)      Section 4.5.3 of the License Agreement is hereby deleted in its entirety and
replaced with the following: 
 “4.5.3    Data Sharing. Arcturus shall promptly and
regularly make available to Ultragenyx, through the JSC (or any applicable subcommittee established by the JSC), all topline data generated by Arcturus and its Affiliates or on their behalf under each Collaborative Development Plan. Upon the
reasonable advanced written request Ultragenyx, Arcturus shall promptly make available to Ultragenyx any data and materials described in such Collaborative Development Plan for delivery by Arcturus to Ultragenyx or as otherwise reasonably requested
by Ultragenyx, including all Know-How in the Opt-In Data Package. In addition, on a calendar quarter basis, and more frequently upon the reasonable advanced written
request of Ultragenyx, Arcturus shall promptly make available to Ultragenyx (a) copies of all pending and issued Arcturus Patents that have disclosures and/or claims which Cover the composition of a Compound or Product or the method of making
or using a Compound or Product and (b) any other data reasonably necessary or useful for Ultragenyx to prepare and file patent applications or Regulatory Filings for Products permitted by this Agreement. Arcturus shall allow Ultragenyx to
inspect and, to the extent reasonably necessary or useful for regulatory or intellectual property protection purposes, copy such records. Ultragenyx shall promptly and regularly make available to Arcturus: (i) all data generated by Ultragenyx
and its Affiliates or on their behalf with respect to any Products to the extent that such data was generated using funds, in whole or in part, paid by Arcturus and (ii) any other non-clinical development
and clinical development data related to the safety of the Arcturus Platform Technology that would require adverse event reporting to applicable Regulatory Authorities. Each Party shall also regularly disclose to the other Party all new Arcturus
Platform Technology and Improvements to Arcturus Platform Technology generated or acquired by such Party (as applicable) during the Term to the extent necessary or useful for the Exploitation of a Compound or Product (including any lipid used in any
formulation thereof) under this Agreement. 

6.              MANUFACTURING 

(a)      The following new Section 6.6 is hereby added at the end of
Section 6.5 of the License Agreement: 
 6.6      Manufacturing. In the event
Ultragenyx decides to incorporate and use LUNAR Nanoparticle Delivery Technology in its manufacturing process for any Compound or Product, then prior to engaging any Third Party manufacturer to use such LUNAR Nanoparticle Delivery Technology in the
manufacture of such Compound or Product, Ultragenyx shall consult with Arcturus regarding potential Third Party manufacturers and 

  
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Ultragenyx shall reasonably consider any comments provided by Arcturus. Ultragenyx shall have the right to grant one or more sublicenses under the licenses granted to Ultragenyx in
Section 5.1 and/or 5.2.3 to manufacture the Compound and Product in accordance with the terms of Section 5.3. Without limiting the generality of the foregoing, Ultragenyx shall ensure that any such Third Party manufacturer is bound by
obligations of confidentiality and non-use at least as restrictive as those set forth in Article 11 of this Agreement. 

7.                FINANCIAL
TERMS 
 (a)      Third Amendment Upfront Payment. As
partial consideration for the rights granted to Ultragenyx by Arcturus under this Third Amendment, Ultragenyx will pay to Arcturus a one-time payment of Six Million Dollars (US$6,000,000) (the
“Upfront Payment”) within five (5) business days after the Third Amendment Effective Date. 

(b)      Expansion Option Payment. Section 7.2 of the License Agreement is
hereby deleted in its entirety. 
 (c)      Exclusivity Extension Fee. The
second sentence of Section 7.3 of the License Agreement is hereby deleted in its entirety and replaced with the following: 

“All Exclusivity Extension Fees paid for a particular Reserved Target prior to the Third Amendment Effective Date that
becomes a Development Target shall be fully creditable against any Milestone Payments due for the corresponding Development Target pursuant to Section 7.7.1” 

(d)      Optimized Lead Milestone. Section 7.5 of the License Agreement is
hereby deleted in its entirety. 
 (e)      Option Exercise Fee. The first
sentence of Section 7.6 of the License Agreement is hereby deleted in its entirety and replaced with the following: 

“For each Development Target for which Ultragenyx exercises its option under Section 5.2, within [...***...] after
such option exercise, Ultragenyx shall pay Arcturus a one-time, non-refundable, non-creditable option exercise fee, in the amount
of: [...***...]. 
 (f)      The following new paragraph (g) is added at the end
of Section 7.7.1 of the License Agreement: 
 “Notwithstanding the foregoing, with respect to any Development
Target that was converted to a Development Target from a Reserved Target prior to the Third Amendment Effective Date, the Milestone Payments payable for each such Development Target shall, to the extent applicable, be reduced by the amount of all
Exclusivity Extension Fee(s) paid for such Development Target under Section 7.3.” 

(g)      Section 7.7.3 of the License Agreement is hereby deleted in its entirety and
replaced with the following: 
 “7.7.3    No Use of Specified Technology. On a Product-by-Product basis, in the event that the Exploitation of a Product in any given country within the Territory does not utilize (a) (i) the LUNAR Nanoparticle
Delivery Technology Covered by either an Arcturus Patent 

  
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and/or a Product-Specific Patent or (ii) another nucleic acid delivery technology Covered by an Arcturus Patent, or (b) (i) a Nucleic Acid Chemistry Technology Covered by an Arcturus
Patent that results in an increase in mRNA half-life or (ii) the incorporation of an unlocked nucleic acid into an siRNA Covered by an Arcturus Patent, then the corresponding milestone payment(s) set forth in Section 7.7.1 and 7.7.2
payable in such country with respect to such Product shall be reduced by [...***...]. For example, if the Exploitation of a particular Product in a given country in the Territory does not utilize technology described under (a) nor technology
described under (b), then the corresponding milestone payment(s) set forth in Section 7.7.1 and 7.7.2 payable in such country with respect to such Product shall be reduced by [...***...]. As another example, if the Exploitation of a particular
Product in a given country in the Territory does not utilize technology described under (a) but does utilize technology described under (b), then the corresponding milestone payment(s) set forth in Section 7.7.1 and 7.7.2 payable in such
country with respect to such Product shall be reduced by [...***...]. As yet another example, if the Exploitation of a particular Product in a given country in the Territory utilizes technology described under (a) and (b), then this
Section 7.7.3 shall not act to reduce the corresponding milestone payment(s) set forth in Section 7.7.1 and 7.7.2 payable in such country with respect to such Product.” 

(h)      Section 7.8.4(c) of the License Agreement is hereby deleted in its entirety and
replaced with the following: 
 “7.8.4(c)    No Use of Specified Technology. On a Product-by-Product basis, in the event that a Selling Party’s sale of Product does not utilize (a) (i) the LUNAR Nanoparticle Delivery Technology Covered by any
Arcturus Patent or Product-Specific Patent or (ii) another nucleic acid delivery technology Covered by an Arcturus Patent, or (b) (i) a Nucleic Acid Chemistry Technology Covered by an Arcturus Patent that results in an increase in mRNA
half-life or (ii) the incorporation of an unlocked nucleic acid into an siRNA Covered by an Arcturus Patent, then the royalty rates set forth in Section 7.8.1 with respect to Net Sales for such Product in such country shall be reduced by
[...***...] of what would otherwise have been due in the absence of such reduction, subject in all cases to the terms of Section 7.8.4(e). For example, if the Exploitation of a particular Product in a given country in the Territory does not
utilize technology described under (a) nor technology described under (b), then the royalty rates set forth in Section 7.8.1 with respect to Net Sales for such Product in such country shall be reduced by [...***...] of what would otherwise
have been due in the absence of such reduction, subject in all cases to the terms of Section 7.8.4(e). As another example, if the Exploitation of a particular Product in a given country in the Territory does not utilize technology described
under (a) but does utilize technology described under (b), then the royalty rates set forth in Section 7.8.1 with respect to Net Sales for such Product in such country shall be reduced by [...***...] of what would otherwise have been due
in the absence of such reduction, subject in all cases to the terms of Section 7.8.4(e). As yet another example, if the Exploitation of a particular Product in a given country in the Territory utilizes technology described under (a) and
(b), then this Section 7.8.4(c) shall not act to reduce the royalty rates set forth in Section 7.8.1 with respect to Net Sales for such Product in such country.” 

8.              Equity Investment.
Concurrent with the execution of this Third Amendment, the Parties shall execute that certain Equity Purchase Agreement pursuant to which Ultragenyx will purchase 2,400,000 of Arcturus Parent’s common stock for Twenty-Four Million Dollars
(US$24,000,000) (the “Initial Investment Amount”) in accordance with the terms and conditions set forth therein (the “Equity Purchase Agreement”). Additionally, pursuant to the Equity Purchase
Agreement, Ultragenyx shall have 

  
 10 

***Confidential Treatment Requested 

 
the option to purchase another 600,000 shares of Arcturus Parent’s common stock at the price set forth in the Equity Purchase Agreement, which option can be exercised in accordance with the
terms and conditions set forth in the Equity Purchase Agreement. Notwithstanding the restrictions set forth in Section 11.1.2 of the License Agreement, Ultragenyx shall not be prohibited from purchasing or selling equity securities of Arcturus
solely as a result of having access to Confidential Information of Arcturus unless prohibited by any applicable Law or any policy of Arcturus applicable generally to its directors and Affiliates. For the avoidance of any doubt, the Parties hereby
agree and confirm that (a) the terms of this Agreement are commercially reasonable to both Parties without taking into account the Equity Purchase Agreement and (b) the entry into the Equity Purchase Agreement is not a condition to the
entry into this Agreement. 

9.                EXHIBITS

 (a)      Exhibit A of the License Agreement is hereby deleted in its
entirety and replaced with Exhibit A attached hereto. As of the Third Amendment Effective Date, Arcturus warrants to Ultragenyx that Exhibit A attached to this Third Amendment is a complete and accurate list of all Arcturus Patents
existing as of the Third Amendment Effective Date. 
 (b)      Exhibit C of the
License Agreement is hereby deleted in its entirety and replaced with Exhibit C attached hereto. 

(c)      Exhibit G attached hereto is hereby added as new Exhibit G
to the License Agreement. 

10.            MISCELLANEOUS 

(a)      No Other Amendments. Except as herein set forth, the License Agreement
has not been modified and, as amended by this Third Amendment, remains in full force and effect. 

(b)      Entire Agreement. The License Agreement as modified by this Third
Amendment is both a final expression of the Parties’ agreement and a complete and exclusive statement with respect to its subject matter. They supersede all prior and contemporaneous agreements and communications, whether written or oral, of
the Parties regarding this subject matter. 
 (c)      Severability. If any one
or more provisions of this Third Amendment is held to be invalid, illegal, or unenforceable, the affected provisions of this Agreement shall be curtailed and limited only to the extent necessary to bring it within the applicable legal requirements
and the validity, legality, and enforceability of the remaining provisions of this Agreement shall not in any way be affected or impaired thereby. 

(d)      Counterparts. This Third Amendment may be executed in counterparts, each
of which will be considered an original, but all of which together will constitute the same instrument. Once signed, any reproduction of this Third Amendment made by reliable means (e.g., photocopy, portable document format (PDF) or facsimile) is
considered an original. 
 {SIGNATURES ON FOLLOWING PAGE} 

  
 11 

 IN WITNESS
WHEREOF, the duly authorized representatives of the Parties have executed this Third Amendment effective as of the Third Amendment Effective Date. 

 

							
	ULTRAGENYX PHARMACEUTICAL INC.	  	ARCTURUS THERAPEUTICS, INC.
				
	By:	 	 /s/ Emil D.
Kakkis                                        
            	  	By:	 	 /s/ Joseph E.
Payne                                        
        
	Name: Emil D. Kakkis	  	Name: Joseph E. Payne
	Title: President and Chief Executive Officer	  	Title: Chief Executive Officer
			
	Solely for purposes of Section 8,	  		 	
	ARCTURUS THERAPEUTICS HOLDINGS INC.	  		 	
				
	By:	 	 /s/ Joseph E.
Payne                                        
            	  		 	
	Name: Joseph E. Payne	  		 	
	Title: Chief Executive Officer	  		 	

  
 Signature Page to Third
Amendment 

 Exhibit A 

Arcturus Patents 
 [...***...] 

  
 13 

***Confidential Treatment Requested 

 Exhibit C 

Reserved Targets 
 [...***...] 

  
 14 

***Confidential Treatment Requested 

 Exhibit G 

Ineligible Reserved Targets 
 [...***...]

  
 15 

***Confidential Treatment RequestedExhibit
10.1

 

THE
EXCHANGE CONTEMPLATED HEREIN IS INTENDED TO COMPORT WITH THE REQUIREMENTS OF SECTION 3(a)(9) OF THE SECURITIES ACT OF 1933, AS
AMENDED.

 

EXCHANGE
AGREEMENT

 

This
Exchange Agreement (this “Agreement”) is entered into as of June 20, 2019 by and between Iliad Research and
Trading, L.P., a Utah limited partnership (“Lender”), and Inpixon, a Nevada corporation (“Borrower”
or the “Company”). Capitalized terms used in this Agreement without definition shall have the meanings given
to them in the Original Note (defined below).

 

A. Borrower
previously sold and issued to Lender that certain Promissory Note dated October 12, 2018, as amended (the “Original Note”),
in the original principal amount of $2,520,000.00 pursuant to that certain Note Purchase Agreement dated October 12, 2018 by and
between Lender and Borrower, as amended (the “Purchase Agreement,” and together with the Original Note and
all other documents entered into in conjunction therewith, the “Transaction Documents”).

 

B. Subject
to the terms of this Agreement, Borrower and Lender desire to partition a new Promissory Note in the form of the Original Note
(the “Partitioned Note”) in the original principal amount of $200,000.00 (“Exchange Amount”)
from the Original Note and then cause the outstanding balance of the Original Note to be reduced by an amount equal to the Exchange
Amount, which represents the total outstanding balance of the Partitioned Note.

 

C. Borrower
and Lender further desire to exchange (such exchange is referred to as the “Note Exchange”) the Partitioned
Note for the delivery of 317,461 shares of the Company’s Common Stock, par value $0.001 (the “Common Stock”,
and such 317,461 shares of Common Stock, the “Exchange Shares”), at an effective price per Exchange Share equal
to $0.63, according to the terms and conditions of this Agreement.

 

D. The
Note Exchange will consist of Lender surrendering the Partitioned Note in exchange for the Exchange Shares, which will be issued
free of any restrictive securities legend. Other than the surrender of the Partitioned Note, no consideration of any kind whatsoever
shall be given by Lender to Borrower in connection with this Agreement.

 

E. Lender
and Borrower now desire to exchange the Partitioned Note for the Exchange Shares on the terms and conditions set forth herein.

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree
as follows:

 

1. Recitals
and Definitions. Each of the parties hereto acknowledges and agrees that the recitals set forth above in this Agreement are
true and accurate, are contractual in nature, and are hereby incorporated into and made a part of this Agreement.

 

     

     

    

 

2. Partition.
Effective as of the date hereof, Borrower and Lender agree that the Partitioned Note is hereby partitioned from the Original Note.
Following such partition of the Original Note, Borrower and Lender agree that the Original Note shall remain in full force and
effect, provided that the outstanding balance of the Original Note shall be reduced by an amount equal to the Exchange Amount.

 

3. Issuance
of Shares. Pursuant to the terms and conditions of this Agreement, the Exchange Shares shall be delivered to Lender on or
before June 21, 2019 and the Note Exchange shall occur with Lender surrendering the Partitioned Note to Borrower on the Free Trading
Date (as defined below). On the Free Trading Date, the Partitioned Note shall be cancelled and all obligations of Borrower under
the Partitioned Note shall be deemed fulfilled. All Exchange Shares delivered hereunder shall be delivered via DWAC to Lender’s
designated brokerage account. Borrower agrees to provide all necessary cooperation or assistance that may be required to cause
all Exchange Shares delivered hereunder to become Free Trading (the first date such occurs, the “Free Trading Date”).
For purposes hereof, the term “Free Trading” means that (a) the Exchange Shares have been cleared and approved
for public resale by the compliance departments of Lender’s brokerage firm and the clearing firm servicing such brokerage,
and (b) such shares are held in the name of the clearing firm servicing Lender’s brokerage firm and have been deposited
into such clearing firm’s account for the benefit of Lender.

 

4. Closing.
The closing of the transactions contemplated hereby (the “Closing”) along with the delivery of the Exchange
Shares to Lender shall occur on the date that is mutually agreed to by Borrower and Lender by means of the exchange by email of
..pdf documents, but shall be deemed to have occurred at the offices of Hansen Black Anderson Ashcraft PLLC in Lehi, Utah.

 

5. Holding
Period, Tacking and Legal Opinion. Borrower represents, warrants and agrees that for the purposes of Rule 144 (“Rule
144”) of the Securities Act of 1933, as amended (the “Securities Act”), the holding period of the
Partitioned Note and the Exchange Shares will include Lender’s holding period of the Original Note from October 12, 2018,
as amended or modified pursuant to that certain Global Amendment, dated February 8, 2019. Borrower agrees not to take a position
contrary to this Section 5 in any document, statement, setting, or situation. Borrower agrees to take all action necessary to
issue the Exchange Shares without restriction, and not containing any restrictive legend without the need for any action by Lender;
provided that the applicable holding period has been met. In furtherance thereof, at the Closing, counsel to Lender may, in its
sole discretion, provide an opinion that: (a) the Exchange Shares may be resold pursuant to Rule 144 without volume or manner-of-sale
restrictions; and (b) the transactions contemplated hereby and all other documents associated with this transaction comport with
the requirements of Section 3(a)(9) of the Securities Act. Borrower represents that it is not subject to Rule 144(i). The Exchange
Shares are being issued in substitution of and exchange for and not in satisfaction of the Partitioned Note. The Exchange Shares
shall not constitute a novation or satisfaction and accord of the Partitioned Note. Borrower acknowledges and understands that
the representations and agreements of Borrower in this Section 5 are a material inducement to Lender’s decision to consummate
the transactions contemplated herein.

 

    2

     

    

 

6. Representations,
Warranties and Agreements.

 

(a) Borrower
Representations, Warranties and Agreement. In order to induce Lender to enter into this Agreement, Borrower, for itself, and
for its affiliates, successors and assigns, hereby acknowledges, represents, warrants and agrees as follows: (a) Borrower has
full power and authority to enter into this Agreement and to incur and perform all obligations and covenants contained herein,
all of which have been duly authorized by all proper and necessary action, (b) no consent, approval, filing or registration with
or notice to any governmental authority is required as a condition to the validity of this Agreement or the performance of any
of the obligations of Borrower hereunder, (c) no Event of Default has occurred under the Original Note and any Events of Default
that may have occurred thereunder have not been, and are not hereby, waived by Lender, (d) except as specifically set forth herein,
nothing herein shall in any manner release, lessen, modify or otherwise affect Borrower’s obligations under the Original
Note, (e) the issuance of the Exchange Shares is duly authorized by all necessary corporate action and the Exchange Shares, when
issued in accordance with the terms hereof, will be validly issued, fully paid and non-assessable, free and clear of all taxes,
liens, claims, pledges, mortgages, restrictions, obligations, security interests and encumbrances of any kind, nature and description,
(f) Borrower has not received any consideration in any form whatsoever for entering into this Agreement, other than the surrender
of the Partitioned Note, and (g) Borrower has taken no action which would give rise to any claim by any person for a brokerage
commission, placement agent or finder’s fee or other similar payment by Borrower related to this Agreement.

 

(b) Lender
Representations Warranties and Agreement. In order to induce the Company to enter into this Agreement, Lender for itself,
and for its affiliates, successors and assigns, hereby acknowledges, represents, warrants and agrees as follows: (a) Lender has
full power and authority to enter into this Agreement and to incur and perform all obligations and covenants contained herein,
all of which have been duly authorized by all proper and necessary action, (b) no consent, approval, filing or registration with
or notice to any governmental authority is required as a condition to the validity of this Agreement or the performance of any
of the obligations of Lender hereunder, (c) the Lender understands that the Exchange Shares are being offered and exchanged in
reliance on specific exemptions from the registration requirements of United States federal and state securities laws and that
the Company is relying in part upon the truth and accuracy of, and the Lender’s compliance with, the representations, warranties,
agreements, acknowledgments and understandings of the Lender set forth herein and in the Exchange Documents in order to determine
the availability of such exemptions and the eligibility of the Lender to acquire the Exchange Shares, (d) the Lender understands
that no United States federal or state agency or any other government or governmental agency has passed on or made any recommendation
or endorsement of the Securities or the fairness or suitability of the investment in the Partitioned Note or the Exchange Shares
nor have such authorities passed upon or endorsed the merits of the offering of the Partitioned Note or the Exchange Shares, (e)
the Lender is acquiring the Partitioned Note in the ordinary course of its business, the Lender has such knowledge, sophistication,
and experience in business and financial matters so as to be capable of evaluation of the merits and risks of the prospective
investment in the Partitioned Note and Exchange Shares and has so evaluated the merits and risk of such investment and the Lender
is an “accredited investor” as defined in Regulation D under the Securities Act, (f) the Lender owns the Original
Note free and clear of any liens, (h) the Lender shall not sell, purchase, trade or otherwise dispose of or acquire any shares
of Common Stock or other securities of the Company until a Current Report on Form 8-K disclosing the transactions contemplated
hereunder is filed with the U.S. Securities and Exchange Commission, which shall be filed no later than 5:30pm EDT as of the date
hereof and (i) the issuance of the Exchange Shares shall not result in the Lender beneficially owning a number of shares of Common
Stock, when aggregated with any other shares of Common Stock beneficially owned at such time, that would result in the Lender
beneficially owning (as determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended, and the
rules promulgated thereunder) more than 4.99% of all of the issued and outstanding shares of Common Stock.

 

    3

     

    

 

7. Arbitration.
By its execution of this Agreement, each party agrees to be bound by the Arbitration Provisions (as defined in the Purchase Agreement)
set forth as an exhibit to the Purchase Agreement and the parties agree to submit all Claims (as defined in the Purchase Agreement)
arising under this Agreement or any Transaction Document or other agreement between the parties and their affiliates to binding
arbitration pursuant to the Arbitration Provisions.

 

8. Governing
Law; Venue. This Agreement shall be construed and enforced in accordance with, and all questions concerning the construction,
validity, interpretation and performance of this Agreement shall be governed by, the internal laws of the State of Utah, without
giving effect to any choice of law or conflict of law provision or rule (whether of the State of Utah or any other jurisdictions)
that would cause the application of the laws of any jurisdictions other than the State of Utah. The provisions set forth in the
Purchase Agreement to determine the proper venue for any disputes are incorporated herein by this reference. BORROWER HEREBY
IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER
OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

9. Counterparts.
This Agreement may be executed in any number of counterparts with the same effect as if all signing parties had signed the same
document. All counterparts shall be construed together and constitute the same instrument. The exchange of copies of this Agreement
and of signature pages by facsimile transmission or other electronic transmission (including email) shall constitute effective
execution and delivery of this Agreement as to the parties and may be used in lieu of the original Agreement for all purposes.
Signatures of the parties transmitted by facsimile transmission or other electronic transmission (including email) shall be deemed
to be their original signatures for all purposes.

 

10. Attorneys’
Fees. In the event of any arbitration or action at law or in equity to enforce or interpret the terms of this Agreement, the
parties agree that the party who is awarded the most money shall be deemed the prevailing party for all purposes and shall therefore
be entitled to an additional award of the full amount of the attorneys’ fees and expenses  paid by such prevailing
party in connection with the arbitration, litigation and/or dispute without reduction or apportionment based upon the individual
claims or defenses  giving rise to the fees and expenses.  Nothing herein shall restrict or impair an arbitrator’s
or a court’s power to award fees and expenses for frivolous or bad faith pleading.

 

11. No
Reliance. Borrower acknowledges and agrees that neither Lender nor any of its officers, directors, members, managers, equity
holders, representatives or agents has made any representations or warranties to Borrower or any of its agents, representatives,
officers, directors, or employees except as expressly set forth in this Agreement and the Transaction Documents and, in making
its decision to enter into the transactions contemplated by this Agreement, Borrower is not relying on any representation, warranty,
covenant or promise of Lender or its officers, directors, members, managers, equity holders, agents or representatives other than
as set forth in this Agreement.

 

    4

     

    

 

12. Severability.
If any part of this Agreement is construed to be in violation of any law, such part shall be modified to achieve the objective
of the parties to the fullest extent permitted and the balance of this Agreement shall remain in full force and effect.

 

13. Entire
Agreement. This Agreement, together with the Transaction Documents, and all other documents referred to herein, supersedes
all other prior oral or written agreements between Borrower, Lender, its affiliates and persons acting on its behalf with respect
to the matters discussed herein, and this Agreement and the instruments referenced herein contain the entire understanding of
the parties with respect to the matters covered herein and therein and, except as specifically set forth herein or therein, neither
Lender nor Borrower makes any representation, warranty, covenant or undertaking with respect to such matters.

 

14. Amendments.
This Agreement may be amended, modified, or supplemented only by written agreement of the parties. No provision of this Agreement
may be waived except in writing signed by the party against whom such waiver is sought to be enforced.

 

15. Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors
and assigns. This Agreement or any of the severable rights and obligations inuring to the benefit of or to be performed by Lender
hereunder may be assigned by Lender to a third party, including its financing sources, in whole or in part. Borrower may not assign
this Agreement or any of its obligations herein without the prior written consent of Lender.

 

16. Continuing
Enforceability; Conflict Between Documents. Except as otherwise modified by this Agreement, the Original Note, the Partitioned
Note and each of the other Transaction Documents shall remain in full force and effect, enforceable in accordance with all of
its original terms and provisions. This Agreement shall not be effective or binding unless and until it is fully executed and
delivered by Lender and Borrower. If there is any conflict between the terms of this Agreement and the Partitioned Note, on the
one hand, and the Original Note or any other Transaction Document, on the other hand, the terms of this Agreement and the Partitioned
Noted shall prevail.

 

17. Time
of Essence. Time is of the essence with respect to each and every provision of this Agreement.

 

18. Notices.
Unless otherwise specifically provided for herein, all notices, demands or requests required or permitted under this Agreement
to be given to Borrower or Lender shall be given as set forth in the “Notices” section of the Purchase Agreement.

 

19. Further
Assurances. Each party shall do and perform or cause to be done and performed, all such further acts and things, and shall
execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request
in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated
hereby.

 

    5

     

    

 

IN
WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first set forth above.

 

	 	COMPANY:
	 	 
	 	INPIXON
	 	 	 
	 	By:	/s/
    Nadir Ali
	 	Name:	Nadir
    Ali
	 	Title:	CEO

 

	 	LENDER:
	 	 
	 	ILIAD
    RESEARCH AND TRADING, L.P.
	 	 	 	 	 
	 	By:
    	Iliad
    Management, LLC, its
	 	 	General
    Partner
	 	 	 	 	 
	 	 	By:	Fife
    Trading, Inc., its Manager
	 	 	 	 	 
	 	 	 	By:	/s/
    John M. Fife
	 	 	 	 	John
    M. Fife, President

 

  

[Signature Page to Exchange Agreement]

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