Document:

Exhibit

Exhibit 10.2
PENN VIRGINIA CORPORATION 
2019 MANAGEMENT INCENTIVE PLAN
1.Purpose.  The purpose of the Penn Virginia Corporation 2019 Management Incentive Plan is to further align the interests of participants with those of the shareholders by providing incentive compensation opportunities tied to the performance of the Common Stock (as defined below) and by promoting increased ownership of the Common Stock by such individuals.  The Plan is also intended to advance the interests of the Company and its shareholders by attracting, retaining and motivating key personnel upon whose judgment, initiative and effort the successful conduct of the Company’s business is largely dependent.
2.Definitions.  Wherever the following capitalized terms are used in the Plan, they shall have the meanings specified below:
“Affiliate” shall mean any person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the Company (within the meaning of the Exchange Act).
“Award” means an award of a Stock Option, Restricted Stock Award, Restricted Stock Unit Award, or Other Award granted under the Plan.
“Award Agreement” means an agreement (including an electronic agreement) entered into between the Company and a Participant setting forth the terms and conditions of an Award granted to a Participant, as provided in Section 12.1 hereof.
“Board” means the Board of Directors of the Company.
“Cause” shall have the meaning set forth in Section 10.2(b) hereof.
“Change in Control” means the consummation of a transaction or series of related transactions in which either:
(a)    one Person (or more than one Person acting as a group) acquires beneficial ownership of stock of the Company that, together with the stock held by such Person or group, constitutes more than 50% of the total fair market value or total voting power of the stock of the Company; 
(b)    a majority of the members of the Board are replaced during any twelve-month period by directors whose appointment or election is not endorsed by a majority of the Board before the date of appointment or election; or 
(c)    one Person (or more than one Person acting as a group), acquires (or has acquired during the twelve-month period ending on the date of the most recent acquisition) assets from the Company having a total gross fair market value equal to or more than 50% of the total gross fair market value of all the assets of the Company immediately before such acquisition.
“Code” means the United States Internal Revenue Code of 1986, as amended, together with the applicable regulations thereunder.

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“Committee” means the Compensation and Benefits Committee of the Board, or such other committee of the Board appointed by the Board to administer the Plan, or the full Board if no such committee is appointed.
“Common Stock” means the common stock of the Company (par value $0.01 per share).
“Company” means Penn Virginia Corporation and any successor thereto.
“Date of Grant” means the date on which an Award under the Plan is granted by the Committee, or such later date as the Committee may specify to be the effective date of an Award.
“Eligible Person” means any person who is an employee, director, or consultant of the Company or any of its Subsidiaries.
“Exchange Act” means the United States Securities Exchange Act of 1934, as amended.
“Fair Market Value” of a share of Common Stock means, as of a particular date, the fair market value of such share as reasonably determined by the Committee in its good-faith discretion, and to the extent deemed appropriate by the Committee, based upon a recent transaction price per share or third-party valuation of the Common Stock and, to the extent necessary, shall be determined in a manner consistent with Section 409A of the Code; provided that, at any time that the Common Stock is listed on a nationally-recognized securities exchange, the “Fair Market Value” shall be the closing trading price of a share of Common Stock on that date (or if there were no reported prices on such date, on the last preceding date on which the prices were reported).
“Incentive Stock Option” means a Stock Option granted under Section 6 hereof that is intended to meet the requirements of Section 422 of the Code.
“Nonqualified Stock Option” means a Stock Option granted under Section 6 hereof that is not an Incentive Stock Option.
“Other Award” means any right granted pursuant to Section 9 hereof which is (a) not an Award described in Sections 6 through 8 hereof and (b) an Award of Common Stock or an Award denominated or payable in, valued in whole or in part by reference to, or otherwise based on or related to, Common Stock (including, without limitation, securities convertible into Common Stock), as deemed by the Committee to be consistent with the purposes of the Plan.
“Participant” means any Eligible Person who holds an outstanding Award under the Plan.
“Person” means an individual, partnership, corporation, unincorporated organization, joint stock company, limited liability company, trust, joint venture or other legal entity, or a governmental agency or political subdivision thereof.
“Plan” means the Penn Virginia Corporation 2019 Management Incentive Plan as set forth herein, effective as provided in Section 14.1 hereof and as may be amended and/or restated from time to time.
“Prior Plan” means the Penn Virginia Corporation 2016 Management Incentive Plan.

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“Restricted Stock Award” means a grant of shares of Common Stock to an Eligible Person under Section 7 hereof that are issued subject to such vesting and transfer restrictions as the Committee shall determine, and such other conditions, as are set forth in the Plan and the applicable Award Agreement.
“Restricted Stock Unit Award” means a grant of a right to receive shares of Common Stock (or other consideration based on the value of shares of Common Stock) to an Eligible Person under Section 8 hereof that are issued subject to such vesting and transfer restrictions as the Committee shall determine, and such other conditions, as are set forth in the Plan and the applicable Award Agreement.
“Securities Act” means the United States Securities Act of 1933, as amended.
“Service” means a Participant’s service as an employee, director, consultant of the Company or any of its Subsidiaries, as applicable.
“Stock Option” means a grant to an Eligible Person under Section 6 hereof of an option to purchase shares of Common Stock at such time and price, and subject to such conditions, as are set forth in the Plan and the applicable Award Agreement.
“Subsidiary” means an entity (whether or not a corporation) that is wholly or majority owned or controlled, directly or indirectly, by the Company, or any other Affiliate of the Company that is so designated, from time to time, by the Committee, during the period of such affiliated status; provided, however, that with respect to Incentive Stock Options, the term “Subsidiary” shall include only an entity that qualifies under Section 424(f) of the Code as a “subsidiary corporation” with respect to the Company.
3.Administration.

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3.1    Committee Members.  The Plan shall be administered by the Committee.  The Committee shall have the right, from time to time, to delegate to one or more officers of the Company the authority of the Committee to grant and determine the terms and conditions of Awards granted under the Plan, subject to the requirements of applicable law and such other limitations as the Committee shall determine.  The Committee shall also be permitted to delegate, to any appropriate officer or employee of the Company, responsibility for performing certain ministerial functions under the Plan.  In the event that the Committee’s authority is delegated to officers or employees in accordance with the foregoing, all provisions of the Plan relating to the Committee shall be interpreted in a manner consistent with the foregoing by treating any such reference as a reference to such officer or employee for such purpose.  Any action undertaken in accordance with the Committee’s proper delegation of authority hereunder shall have the same force and effect as if such action was undertaken directly by the Committee and shall be deemed for all purposes of the Plan to have been taken by the Committee.
3.2    Committee Authority.  
(a)    Committee Powers and Authority.  Subject to Section 3.2(b), the Committee shall have such powers and authority as may be necessary or appropriate for the Committee to carry out its functions as described in the Plan.  Subject to the express limitations of the Plan, including those set forth in Section 3.2(b), the Committee shall have authority in its discretion to determine the Eligible Persons to whom, and the time or times at which, Awards may be granted, the number and type of shares or units subject to each Award, the purchase price of an Award (if any), the time or times at which an Award will become vested, exercisable or payable, the performance criteria, performance goals and other conditions of an Award, the duration of the Award, and all other terms of the Award.  Subject to Section 3.2(b), the Committee may, in its discretion, provide for the extension of the exercisability of an Award, accelerate the vesting or exercisability of an Award, eliminate or make less restrictive any restrictions contained in an Award, waive any restriction or other provision of the Plan or an Award or otherwise amend or modify an Award in any manner that is, in either case, (1) not materially adverse to the Participant to whom such Award was granted, (2) consented to by such Participant or (3) authorized by Section 4.2 hereof; provided, however, no such action shall permit the term of any Stock Option to be greater than 10 years from its grant date.  The Committee shall also have discretionary authority to interpret the Plan, to make all factual determinations under the Plan, and to make all other determinations necessary or advisable for Plan administration, including, without limitation, to correct any defect, to supply any omission or to reconcile any inconsistency in the Plan or any Award Agreement hereunder.  The Committee may prescribe, amend, and rescind rules and regulations relating to the Plan.  The Committee’s determinations under the Plan need not be uniform and may be made by the Committee selectively among Participants and Eligible Persons, whether or not such persons are similarly situated.  The Committee shall, in its discretion, consider such factors as it deems relevant in making its interpretations, determinations and actions under the Plan including, without limitation, the recommendations or advice of any officer or employee of the Company or such attorneys, consultants, accountants or other advisors as the Committee may select.  All interpretations, determinations, and actions by the Committee shall be final, conclusive, and binding upon all parties.
(b)    Limitations on Committee Powers and Authority.  
(1)    Minimum Vesting Period.  All Awards granted under the Plan to Eligible Persons other than non-employee directors of the Company shall vest no earlier than one (1) year following the date of grant.  All Awards granted under the Plan to non-employee directors of the Company shall vest no earlier than the sooner of one (1) year after the date of grant or the next annual meeting of shareholders 

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(provided that such annual meetings are at least fifty (50) weeks apart). Notwithstanding the foregoing, (A) the Committee may permit acceleration of the vesting of an Award in the event of a Participant’s death or disability or upon a Change in Control and (B) the Committee may grant Awards covering up to five percent (5%) of the total number of shares of Common Stock authorized for issuance under Section 4.1 of the Plan that are not subject to such minimum vesting periods.
(2)    No Stock Option Repricing.  Subject to Section 4.2, the Committee shall not, without the approval of the shareholders of the Company: (A) lower the exercise price of a Stock Option after it is granted, (B) cancel a Stock Option that is out-of-the money in exchange for cash or another Award, (C) cancel a Stock Option in exchange for another Stock Option with a lower exercise price, or (D) take any other action with respect to a Stock Option that would be treated as a repricing under the rules and regulations of the principal securities exchange on which the shares of Common Stock are traded.
(3)    Limitation on Director Awards.  The aggregate dollar value of equity-based awards (based on the grant date Fair Market Value of such awards) granted under this Plan or otherwise during any calendar year to a non-employee director, taken together with any cash fees paid during such calendar year to such non-employee director, in respect of the non-employee director’s service as a member of the Board during such year (including service as a member or chair of any committees of the Board), shall not exceed $300,000; provided, however, that in any calendar year in which a non-employee director first joins the Board or serves as Chairman of the Board, the maximum aggregate dollar value of equity-based and cash compensation provided to the non-employee director for services as a director may be up to $500,000.
3.3    Liability & Indemnification.  The members of the Committee and its designees shall not be liable for any action or determination made in good faith with respect to the Plan or any Award issued hereunder.  The Company will indemnify and defend the members of the Committee and its designees to the maximum extent permitted by law for all actions taken on behalf of the Company with respect to the Plan.
4.Shares Subject to the Plan.
4.1    Number of Shares Reserved.  Subject to adjustment pursuant to Section 4.2 hereof, the aggregate number of shares of Common Stock which may be issued under all Awards granted to Participants under the Plan shall be 675,000 plus (a) any shares of Common Stock that remain available for grant under the Prior Plan as of the Effective Date and (b) any shares of Common Stock subject to outstanding awards under the Prior Plan as of the Effective Date (such outstanding awards the “Prior Plan Awards”) that on or after the Effective Date are forfeited, terminated, expire or otherwise lapse without being exercised (to the extent applicable), or are settled in cash.  The aggregate number of shares of Common Stock with respect to which Incentive Stock Options may be granted shall be 675,000.
4.2    Adjustments.  If there shall occur any change with respect to the outstanding shares of Common Stock by reason of any recapitalization, reclassification, stock dividend, extraordinary cash or stock dividend, stock split, reverse stock split, or other distribution or payment with respect to the shares of Common Stock or any merger, reorganization, consolidation, combination, spin-off, or other similar corporate change, or any other change affecting the Common Stock the Committee shall, in the manner and to the extent it considers in good faith to be equitable to the Participants and consistent with the terms of the Plan, cause an adjustment to be made to (a) the number and kind of shares or units subject to Awards under the Plan pursuant to Section 4.1 hereof, (b) the number and kind of shares of Common Stock or other rights (including, without limitation, cancellation of the awards in exchange for a cash payment or awarding cash payments to holders of 

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such Awards) subject to then outstanding Awards, (c) the exercise price or base price for each share or other right subject to then outstanding Awards, and (d) any other terms of an Award that are affected by the event or change.  Notwithstanding the foregoing, (i) any such adjustments shall, to the extent necessary, be made in a manner consistent with the requirements of Section 409A of the Code, and (ii) in the case of Incentive Stock Options, any such adjustments shall, to the extent practicable, be made in a manner consistent with the requirements of Section 424(a) of the Code.
4.3    Availability of Certain Shares; Share Counting.  Any shares of Common Stock covered by an Award granted under the Plan shall not be counted against the limit set forth in Section 4.1 above unless and until such shares are actually issued and delivered to a Participant and, therefore, the total number of shares of Common Stock available under the Plan as of a given date shall not be reduced by shares of Common Stock relating to previously granted Awards that (in whole or in part) have expired or have been forfeited or cancelled, or which have been settled in cash, and any shares of Common Stock that were covered by such expired, forfeited, cancelled or cash-settled Award will remain available for issuance hereunder.  Shares of Common Stock purchased by Participants for Fair Market Value and shares of Common Stock not issued or delivered as a result of the net settlement of or the payment of the withholding taxes on an outstanding Award (other than a Stock Option) shall again be made available for delivery to Participants under the Plan and shall not be counted against the limit set forth in Section 4.1 above.  Notwithstanding the foregoing, the following shares of Common Stock shall not be made available for issuance to Participants under the Plan and shall be counted against the limit set forth in Section 4.1 above: (a) shares of Common Stock not issued or delivered as a result of the net settlement of an outstanding Stock Option, (b) shares of Common Stock used to pay the exercise price or withholding taxes related to a Stock Option, and (c) shares of Common Stock repurchased by the Company using proceeds realized by the Company in connection with a Participant’s exercise of a Stock Option.
5.Eligibility and Awards.  Any Eligible Person may be selected by the Committee to receive an Award and become a Participant under the Plan.  The Committee has the authority, in its discretion, to determine and designate from time to time those Eligible Persons who are to be granted Awards, the types of Awards to be granted, the number of shares of Common Stock subject to Awards to be granted and the terms and conditions of such Awards consistent with the terms of the Plan.  In selecting Eligible Persons to be Participants, and in determining the type and amount of Awards to be granted under the Plan, the Committee shall consider any and all factors that it deems relevant or appropriate.
6.Stock Options.
6.1    Grant of Stock Options.  A Stock Option may be granted to any Eligible Person selected by the Committee.  Subject to the provisions of Section 6.6 hereof and Section 422 of the Code, each Stock Option shall be designated, in the discretion of the Committee, as an Incentive Stock Option or as a Nonqualified Stock Option.
6.2    Exercise Price.  The exercise price per share of a Stock Option shall not be less than 100% of the Fair Market Value of the shares of Common Stock on the Date of Grant.  The Committee may, in its discretion, specify for any Stock Option an exercise price per share that is higher than the Fair Market Value on the Date of Grant.
6.3    Vesting of Stock Options.  Subject to Section 3.2(b)(i), the Committee shall in its discretion prescribe the time or times at which, or the conditions upon which, a Stock Option or portion thereof 

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shall become vested and/or exercisable.  The requirements for vesting and exercisability of a Stock Option may be based on the continued Service of the Participant, on the attainment of specified performance goals or on such other terms and conditions as approved by the Committee in its discretion.  The vesting and exercisability of a Stock Option may be accelerated by, and may be dependent upon, in whole or in part, the occurrence of a Change in Control.
6.4    Term of Stock Options.  The Committee shall, in its discretion, prescribe in an Award Agreement the period during which a vested Stock Option may be exercised, provided, however, that the maximum term of a Stock Option shall be ten years from the Date of Grant.  A Stock Option may be earlier terminated as specified by the Committee and set forth in an Award Agreement upon or following the termination of a Participant’s Service with the Company or any Subsidiary.
6.5    Stock Option Exercise; Tax Withholding.  Subject to such terms and conditions as specified in an Award Agreement, a vested Stock Option may be exercised in whole or in part at any time during the term thereof by notice in the form required by the Company, together with payment of the aggregate exercise price therefore, provided that arrangements satisfactory to the Company have been made with respect to any applicable withholding tax, pursuant to Section 13.4 hereof.  Payment of the exercise price shall be made in one or more of the following forms of payment at the election of the Participant: (a) in cash or by cash equivalent acceptable to the Committee, (b) to the extent permitted by the Committee in its discretion, in shares of Common Stock, valued at the Fair Market Value of such shares on the date of exercise, (c) to the extent permitted by the Committee in its discretion, by reduction in the number of shares of Common Stock otherwise deliverable upon exercise of such Stock Option with a Fair Market Value equal to the aggregate exercise price of such Stock Option at the time of exercise, (d) by a combination of the foregoing methods, or (e) by such other method as may be approved by the Committee or set forth in the Award Agreement.

6.6    No Rights as Shareholder.  Unless and until shares of Common Stock underlying a Stock Option are actually issued to the Participant upon exercise of the Stock Option, the Participant shall have no rights of a shareholder with respect to the shares granted to the Participant under the Stock Option, including but not limited to the right to vote the shares or receive dividends or other distributions or amounts accrued, paid or made with respect thereto.
6.7    Additional Rules for Incentive Stock Options.
(a)    Eligibility.  An Incentive Stock Option may be granted only to an Eligible Person who is considered an employee for purposes of Treasury Regulation §1.421-7(h) with respect to the Company or any Subsidiary that qualifies as a “subsidiary corporation” with respect to the Company for purposes of Section 424(f) of the Code.
(b)    Annual Limits.  No Incentive Stock Option shall be granted to a Participant as a result of which the aggregate Fair Market Value (determined as of the Date of Grant) of Common Stock with respect to which incentive stock options under Section 422 of the Code are exercisable for the first time in any calendar year under the Plan and any other stock option plans of the Company or any subsidiary or parent corporation, would exceed $100,000, determined in accordance with Section 422(d) of the Code.  This limitation shall be applied by taking stock options into account in the order in which they were granted.
(c)    Termination of Employment.  An Award of an Incentive Stock Option may provide that such Stock Option may be exercised not later than three months following termination of 

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employment of the Participant with the Company and all Subsidiaries, or not later than one year following a permanent and total disability within the meaning of Section 22(e)(3) of the Code, as and to the extent determined by the Committee to comply with the requirements of Section 422 of the Code.
(d)    Other Terms and Conditions; Nontransferability.  Any Incentive Stock Option granted hereunder shall contain such additional terms and conditions, not inconsistent with the terms of the Plan, as are deemed necessary or desirable by the Committee, which terms, together with the terms of the Plan, shall be intended and interpreted to cause such Incentive Stock Option to qualify as an “incentive stock option” under Section 422 of the Code.  An Award Agreement for an Incentive Stock Option may provide that such Stock Option shall be treated as a Nonqualified Stock Option to the extent that certain requirements applicable to “incentive stock options” under the Code shall not be satisfied.  An Incentive Stock Option shall by its terms be nontransferable other than by will or by the laws of descent and distribution, and shall be exercisable during the lifetime of a Participant only by such Participant.
(e)    Disqualifying Dispositions.  If shares of Common Stock acquired by exercise of an Incentive Stock Option are disposed of within two years following the Date of Grant or one year following the transfer of such shares to the Participant upon exercise, the Participant shall, promptly following such disposition, notify the Company in writing of the date and terms of such disposition and provide such other information regarding the disposition as the Company may reasonably require.
7.Restricted Stock Awards.
7.1    Grant of Restricted Stock Awards.  A Restricted Stock Award may be granted to any Eligible Person selected by the Committee.  The Committee may require the payment by the Participant of a specified purchase price in connection with any Restricted Stock Award. 
7.2    Vesting Requirements.  The restrictions imposed on shares granted under a Restricted Stock Award shall lapse in accordance with the vesting requirements specified by the Committee in the Award Agreement in accordance with the restrictions of Section 3.2(b)(i) hereof.  The requirements for vesting of a Restricted Stock Award may be based on the continued Service of the Participant, on the attainment of specified performance goals or on such other terms and conditions as approved by the Committee in its discretion.  The vesting of a Restricted Stock Award may be accelerated by, and may be dependent upon, in whole or in part, the occurrence of a Change in Control.
7.3    Rights as Shareholder.  Subject to the foregoing provisions of the Plan and the applicable Award Agreement, unless otherwise prohibited by applicable law or determined by the Committee, the Participant shall have the rights of a shareholder with respect to the shares granted to the Participant under a Restricted Stock Award, including but not limited to the right to vote the shares and receive all dividends in respect of shares and other distributions paid or made with respect thereto.  Notwithstanding the foregoing, any dividends or distributions declared or paid with respect to such Restricted Stock Award prior to the vesting of such Award shall be (a) accrued or (b) reinvested in additional shares of Common Stock (which may thereafter accrue additional dividends).  Any such reinvestment shall be at the Fair Market Value at the time thereof and subject to the same terms as the underlying Award.  Accrued dividends shall be paid as soon as practicable following vesting of the Restricted Stock Award and may be settled in cash or shares of Common Stock, or a combination thereof, in a single payment or in installments.
7.4    Section 83(b) Election.  If a Participant makes an election pursuant to Section 83(b) of the Code with respect to a Restricted Stock Award, the Participant shall reasonably promptly provide a copy to 

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the Company.  The Committee may provide in an Award Agreement that the Restricted Stock Award is conditioned upon the Participant’s making or refraining from making an election with respect to the Award under Section 83(b) of the Code.
8.Restricted Stock Unit Awards.
8.1    Grant of Restricted Stock Unit Awards.  A Restricted Stock Unit Award may be granted to any Eligible Person selected by the Committee.  The Committee may require the payment by the Participant of a specified purchase price in connection with any Restricted Stock Unit Award.
8.2    Payment.  A Restricted Stock Unit Award may be settled by the delivery of shares of Common Stock or their cash equivalent, any combination thereof, or in any other form of consideration, as determined by the Committee and contained in the Award Agreement.
8.3    Vesting Requirements.  The restrictions or conditions imposed on shares granted under a Restricted Stock Unit Award shall lapse in accordance with the vesting requirements specified by the Committee in the applicable Award Agreement in accordance with the restrictions of Section 3.2(b)(i) hereof.  The requirements for vesting of a Restricted Stock Unit Award may be based on the continued Service of the Participant, on the attainment of specified performance goals or on such other terms and conditions as approved by the Committee in its discretion.  The vesting and/or settlement of a Restricted Stock Unit Award may be accelerated by, and may be dependent upon, in whole or in part, the occurrence of a Change in Control.  At the time of the grant of a Restricted Stock Unit Award, the Committee, as it deems appropriate, may impose such restrictions or conditions that delay the settlement of a Restricted Stock Unit Award to a time after the vesting of such Restricted Stock Unit Award, subject to Section 409A of the Code.
8.4    No Rights as Shareholder.  Unless and until shares of Common Stock underlying a Restricted Stock Unit Award are actually delivered to the Participant upon settlement of the Restricted Stock Unit Award, the Participant shall have no rights of a shareholder with respect to the shares granted to the Participant under a Restricted Stock Unit Award, including but not limited to the right to vote the shares or receive dividends or other distributions or amounts accrued, paid or made with respect thereto.
8.5    Dividend Equivalents.  Dividend equivalents may be credited in respect of shares of Common Stock covered by a Restricted Stock Unit Award, as determined by the Committee and contained in the applicable Award Agreement.  At the sole discretion of the Committee, such dividend equivalents may be converted into additional shares of Common Stock covered by the Restricted Stock Unit Award in such manner as determined by the Committee.  Any such dividend equivalents (including but not limited to any additional shares covered by the Restricted Stock Unit Award credited by reason of such dividend equivalents) will be subject to all of the same terms and conditions of the underlying Award Agreement to which they relate, including, without limitation, with respect to the vesting and settlement thereof.  
9.Other Awards.  An Other Award may be granted to any Eligible Person selected by the Committee.  Subject to the terms of the Plan, the Committee will determine the terms and conditions of any such Other Award, including but not limited to the price, if any, at which securities may be purchased pursuant to any Other Award granted under the Plan, and any applicable vesting, settlement and payment terms.
10.Forfeiture Events.

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10.1    General.  The Committee may specify in an Award Agreement that the Participant’s rights, payments and benefits with respect to an Award shall be subject to reduction, cancellation, forfeiture or recoupment (including, without limitation, repayment to the Company of any gain related to the Award), or other provisions intended to have a similar effect, upon such terms and conditions as may be determined by the Committee, upon the occurrence of certain specified events, in addition to any otherwise applicable vesting or performance conditions of an Award.  Such events shall include, but shall not be limited to, termination of the Participant’s Service for Cause, the Participant’s violation of material Company policies or breach of noncompetition, confidentiality or other restrictive covenants that may apply to the Participant.  In addition, notwithstanding anything in the Plan to the contrary, any Award Agreement may also provide for the reduction, cancellation, forfeiture or recoupment of an Award (including, without limitation, repayment to the Company of any gain related to the Award), or other provisions intended to have a similar effect, upon such terms and conditions as may be required by the Committee or under Section 10D of the Exchange Act and any applicable rules or regulations promulgated by the SEC or any national securities exchange or national securities association on which the Common Stock may be traded or under any clawback or similar policy adopted by the Company.
10.2    Termination for Cause.
(a)    General.  Unless otherwise set forth in an Award Agreement or a written employment agreement between a Participant and the Company, if applicable, if a Participant’s employment with the Company or any Subsidiary shall be terminated for Cause, such Participant’s rights, payments and benefits with respect to an Award shall be subject to cancellation, forfeiture and/or recoupment.  The Company shall have the power, subject to Section 10.2(b), to determine whether the Participant has been terminated for Cause and the date upon which such termination for Cause occurs.  Any such determination shall be final, conclusive and binding upon the Participant.  In addition, if the Company shall reasonably determine that a Participant has committed or may have committed any act which is reasonably likely to constitute the basis for a termination of such Participant’s employment for Cause, the Company may suspend for up to 30 days the Participant’s rights to exercise any option, receive any payment or vest in any right with respect to any Award pending a determination by the Company of whether an act has been committed which is reasonably likely to constitute the basis for a termination for Cause as provided in this Section 10.2, but, in each case, only to the extent that such action would not result in an acceleration of income or imposition of a tax under Section 409A of the Code.  If, subsequent to a Participant’s voluntary termination of employment or involuntary termination of employment without Cause, it is discovered that the Participant’s employment could have been terminated for Cause, the Committee may deem such Participant’s employment to have been terminated for Cause.
(b)    Definition of “Cause”.  For purposes of the Plan and determining the treatment of Awards granted thereunder, unless otherwise provided in an applicable Award Agreement or as set forth in a written employment agreement between a Participant and the Company, “Cause” shall mean: (1) material dishonesty, which is not the result of an inadvertent or innocent mistake, of the Participant with respect to the Company or any Affiliate; (2) willful misfeasance or nonfeasance of duty by the Participant that is or may be injurious to the Company or any Affiliate, or the reputation, business, or business relationships of the Company or any Affiliate, or any of their respective officers, directors, or employees; (3) material violation by the Participant of his or her employment agreement; (4) conviction of the Participant of any felony, any crime involving moral turpitude or any other crime (other than a minor vehicular offense) which could reflect in some material fashion unfavorably upon the Company or any Affiliate; (5) any refusal by the Participant to obey the lawful orders of the Board or any other person to whom the Participant reports or (6) the Participant’s (A) failure to perform any of his or her fiduciary duties to the Company or any Affiliate, (B) failure to make 

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full disclosure to the Company or any Affiliate of all business opportunities pertaining to their business, (C) acting for his or her own benefit concerning the subject matter of his or her fiduciary relationship with the Company or any Affiliate, or (D) taking any action which he or she knows or should reasonably know would not comply with the law as applicable to his or her employment, including but not limited to the United States Foreign Corrupt Practices Act. No act or failure to act by the Participant shall be considered “willful” if such act is done by the Participant in the good faith belief that such act is or was to be beneficial to the Company and its Affiliates, or such failure to act is due to the Participant’s good faith belief that such action would be materially harmful to the Company and its Affiliates.
11.Restrictions on Transfer.  Except as provided below, no Award and no shares of Common Stock subject to Awards that have not been issued or as to which any applicable restriction or performance period has not lapsed, may be sold, assigned, transferred, pledged or otherwise encumbered, other than by will or the laws of descent and distribution, and such Award may be exercised during the life of the Participant only by the Participant or the Participant’s guardian or legal representative.  To the extent and under such terms and conditions as determined by the Committee, a Participant may assign or transfer an Award (each transferee thereof, a “Permitted Assignee”) to (a) the Participant’s spouse, children or grandchildren (including any adopted and step children or grandchildren), parents, grandparents or siblings, (b) to a trust for the benefit of one or more of the Participant or the persons referred to in clause (a), (c) to a partnership, limited liability company or corporation in which the Participant or the persons referred to in clause (a) are the only partners, members or shareholders, (d) for charitable donations or (e) pursuant to a domestic relations order entered or approved by a court of competent jurisdiction; provided, that such Permitted Assignee shall be bound by and subject to all of the terms and conditions of the Plan and the Award Agreement relating to the transferred Award and shall execute an agreement satisfactory to the Company evidencing such obligations; provided, further, that such Participant shall remain bound by the terms and conditions of the Plan.  The Company shall cooperate with any Permitted Assignee and the Company’s transfer agent in effectuating any transfer permitted by the Committee under this Section 11. For the avoidance of doubt, in no event will any Award be transferrable by a Participant in exchange for value.
12.General Provisions.
12.1    Award Agreement.  An Award under the Plan shall be evidenced by an Award Agreement in a written or electronic form approved by the Committee setting forth the number of shares of Common Stock subject to the Award, the purchase price of the Award (if any), the time or times at which an Award will become vested, exercisable or payable and the term of the Award.  The Award Agreement may also set forth the effect on an Award of a Change in Control and a termination of Service under certain circumstances.  The Award Agreement shall be subject to and incorporate, by reference or otherwise, all of the applicable terms and conditions of the Plan, and may also set forth other terms and conditions applicable to the Award as determined by the Committee consistent with the limitations of the Plan.  An Award Agreement may be in the form of an agreement to be executed by both the Participant and the Company (or an authorized representative of the Company) or certificates, notices or similar instruments as approved by the Committee.  The Committee need not require the execution of an Award Agreement by a Participant, in which case, acceptance of the Award by the Participant shall constitute agreement by the Participant to the terms, conditions, restrictions and limitations set forth in the Plan and the Award Agreement.
12.2    Determinations of Service.  Subject to applicable law, including without limitation Section 409A of the Code, the Committee shall, in good faith, make all determinations relating to the Service of a Participant with the Company or any Subsidiary in connection with an Award, including, without 

11

limitation, with respect to the continuation, suspension or termination of such Service.  A Participant’s Service shall not be deemed terminated if the Committee determines that (a) a transition of employment to service with a partnership, joint venture or corporation not meeting the requirements of a Subsidiary in which the Company or a Subsidiary is a party is not considered a termination of Service, (b) the Participant transfers between service as an employee and service as a consultant or other personal service provider (or vice versa), or (c) the Participant transfers between service as an employee and that of a non-employee director (or vice versa).  The Committee may determine whether any corporate transaction, such as a sale or spin-off of a division or subsidiary that employs a Participant, shall be deemed to result in a termination of Service for purposes of any affected Awards.
12.3    No Right to Employment or Continued Service.  Nothing in the Plan, in the grant of any Award or in any Award Agreement shall confer upon any Eligible Person or any Participant any right to continue in the Service of the Company or any of its Subsidiaries, or interfere in any way with the right of the Company or any of its Subsidiaries to terminate the employment or other service relationship of an Eligible Person or a Participant for any reason at any time.
12.4    Rights as Shareholder.  A Participant shall have no rights as a holder of shares of Common Stock with respect to any unissued securities covered by an Award until the date the Participant becomes the holder of record of such securities.  Except as provided in Section 4.2 hereof, no adjustment or other provision shall be made for dividends or other shareholder or security holder rights, except to the extent that the Award Agreement provides for dividend payments or dividend equivalent rights.  For the avoidance of doubt, although they may accrue, no dividends or dividend equivalent rights shall be paid on any unvested Award under the Plan. The Committee may determine, in its discretion, the manner of delivery of Common Stock to be issued under the Plan, which may be by delivery of stock certificates, electronic account entry into new or existing accounts or any other means as the Committee, in its discretion, deems appropriate.  The Committee may require that any certificates or other evidence of ownership be held in escrow by the Company for any shares of Common Stock or cause the shares to be legended in order to comply with the securities laws, the restrictions arising under the Plan or other applicable restrictions.  Should the shares of Common Stock be represented by book or electronic account entry rather than a certificate, the Committee may take such steps to restrict transfer of the shares of Common Stock as the Committee reasonably considers necessary or advisable.
12.5    Other Compensation and Benefit Plans.  The adoption of the Plan shall not affect any other share incentive or compensation plans in effect for the Company or any Subsidiary, nor shall the Plan preclude the Company from establishing any other forms of share incentive or other compensation or benefit program for employees of the Company or any Subsidiary.  The amount of any compensation deemed to be received by a Participant pursuant to an Award shall not constitute includable compensation for purposes of determining the amount of benefits to which a Participant is entitled under any other compensation or benefit plan or program of the Company or a Subsidiary, including, without limitation, under any pension or severance benefits plan, except to the extent specifically provided by the terms of any such plan.
12.6    Plan Binding on Transferees.  The Plan shall be binding upon the Company, its successors, transferees and assigns, and the Participant, the Participant’s executor, administrator and Permitted Assignees and beneficiaries.
12.7    Additional Restrictions.  In the event of a Change in Control or similar corporate event or a change in capital structure, any Awards that vest or become payable as a result of or in connection with the applicable event or circumstances may be subject to the same terms and conditions applicable to the proceeds 

12

realized by the Company or its shareholders in connection therewith (including, without limitation, payment timing and any escrows, indemnities, payment contingencies or holdbacks), as determined by the Committee in its sole discretion, subject to compliance with Section 409A of the Code.
13.Legal Compliance
13.1    Securities Laws.  No shares of Common Stock will be issued or transferred pursuant to an Award unless and until all applicable requirements imposed by Federal and state securities and other laws, rules and regulations and by any regulatory agencies having jurisdiction, and by any exchanges upon which the shares of Common Stock may be listed, have been fully met.  The Committee may in good faith impose such conditions on any shares of Common Stock issuable under the Plan as a result of restrictions under the Securities Act or under the requirements of any exchange upon which such shares of the same class are then listed or of any regulatory agency having jurisdiction over the Company, and under any blue sky or other securities laws applicable to such shares.  The Committee may also require the Participant to make customary representations and warranties at the time of issuance or transfer, including, without limitation, that the shares of Common Stock are being acquired only for investment purposes and without any current intention to sell or distribute such shares.  Certificates representing Common Stock acquired pursuant to an Award may bear such legends as the Committee may consider appropriate under the circumstances.

13

13.2    Unfunded Plan.  The adoption of the Plan and any reservation of shares of Common Stock or cash amounts by the Company to discharge its obligations hereunder shall not be deemed to create a trust or other funded arrangement.  Except upon the issuance of Common Stock pursuant to an Award, any rights of a Participant under the Plan shall be those of a general unsecured creditor of the Company, and neither a Participant nor the Participant’s permitted transferees or estate shall have any other interest in any assets of the Company by virtue of the Plan.  Notwithstanding the foregoing, the Company shall have the right to implement or set aside funds in a grantor trust, subject to the claims of the Company’s creditors or otherwise, to discharge its obligations under the Plan.
13.3    Section 409A Compliance.  To the extent applicable, it is intended that the Plan and all Awards hereunder comply with, or be exempt from, the requirements of Section 409A of the Code and the Treasury Regulations and other guidance issued thereunder, and that the Plan and all Award Agreements shall be interpreted and applied by the Committee in a manner consistent with this intent in order to avoid the imposition of any additional tax under Section 409A of the Code.  In the event that any provision of the Plan or an Award Agreement is determined by the Committee to not comply with the applicable requirements of Section 409A of the Code and the Treasury Regulations and other guidance issued thereunder, the Committee shall have the authority to take such actions and to make such changes to the Plan or an Award Agreement as the Committee deems necessary to comply with such requirements.  Notwithstanding anything contained herein to the contrary, a Participant shall not be considered to have terminated service with the Company for purposes of any payments under the Plan which are subject to Section 409A of the Code until the Participant has incurred a “separation from service” from the Company within the meaning of Section 409A of the Code.  Each amount to be paid or benefit to be provided under the Plan shall be construed as a separate identified payment for purposes of Section 409A of the Code.  If any payment or benefit provided to a Participant in connection with his or her separation from service is determined to constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Code and Participant is determined to be a “specified employee” as defined in Section 409A of the Code, then such payment or benefit shall not be paid until the day following the six-month anniversary of the separation from service or, if earlier, on the Participant’s date of death.  The Company makes no representation that any or all of the payments described in the Plan will be exempt from or comply with Section 409A of the Code.  In no event whatsoever shall the Company or any of its Subsidiaries or Affiliates be liable for any tax, interest or penalties that may be imposed on a Participant by Section 409A of the Code or otherwise, or any damages for failing to comply with Section 409A of the Code.
13.4    Tax Withholding.  The Participant shall be responsible for payment of any taxes or similar charges permitted by law to be paid by the Participant or withheld from an Award or an amount paid in satisfaction of an Award.  Any withholdings shall be paid by the Participant on or prior to the payment or other event that results in taxable income in respect of an Award.  In addition to the methods described in the Plan, the Award Agreement may specify the manner in which the withholding or other tax-related obligation shall be satisfied with respect to the particular type of Award.  Without limiting the foregoing, if the Company or any Subsidiary reasonably determines that under the requirements of applicable taxation laws or regulations of any applicable governmental authority it is obliged or permitted to withhold for remittance to a taxing authority any amount upon the grant, vesting, or exercise of an Award, the other disposition or deemed disposition by a Participant of an Award or any Common Stock or the provision of any other benefit under the Plan and if the Participant does not provide notice of the applicable withholding method from items (a) through (d) below, the Company or any of its Subsidiaries, may take any steps it considers reasonably necessary in the circumstances in connection therewith, including, without limiting the generality of the foregoing:

14

(a)    requiring the Participant to pay the Company or any of its Subsidiaries such amount as the Company or any of its Subsidiaries is obliged to remit to such taxing authority in respect thereof, with any such payment, in any event, being due no later than the date as of which any such amount first becomes included in the gross income of the Participant for tax purposes;
(b)    to the extent permitted, and subject to rules established by, the Committee, issuing any Common Stock issued pursuant to an Award to an agent on behalf of the Participant and directing the agent to sell a sufficient number of such shares on behalf of the Participant to satisfy the amount of any such withholding obligation, with the agent paying the proceeds of any such sale to the Company or any of its Subsidiaries for this purpose;
(c)    to the extent permitted, and subject to the rules established by, the Committee, withholding from the Common Stock otherwise issuable pursuant to the exercise or settlement of an Award a number of shares of Common Stock sufficient to satisfy the amount of any such withholding obligation; or
(d)    to the extent permitted by law and consistent with Section 409A of the Code, deducting the amount of any such withholding obligation from any payment of any kind otherwise due to the Participant.
13.5    No Guarantee of Tax Consequences.  Neither the Company, the Board, the Committee nor any other person make any commitment or guarantee that any Federal, state, local or foreign tax treatment will apply or be available to any Participant or any other person hereunder.
13.6    Severability.  If any provision of the Plan or any Award Agreement shall be determined to be illegal or unenforceable by any court of law in any jurisdiction, the remaining provisions hereof and thereof shall be severable and enforceable in accordance with their terms, and all provisions shall remain enforceable in any other jurisdiction.
13.7    Governing Law.  The Plan and all rights hereunder shall be subject to and interpreted in accordance with the laws of the Commonwealth of Virginia, without reference to the principles of conflicts of laws, and to applicable Federal securities laws.
14.Term; Amendment and Termination.

15

14.1    Term.  The Plan was approved by the Board on June 17, 2019 and shall become effective on the date the Plan is approved by the Company’s shareholders (the “Effective Date”).  Subject to earlier termination as provided in Section 14.2 hereof, no new Awards may be granted under the Plan on or after June 17, 2029; provided, however, that Awards outstanding on such date shall remain subject to the terms of the Plan and any applicable Award Agreement.
14.2    Amendment and Termination.  The Board may from time to time and in any respect, amend, modify, suspend or terminate the Plan or any Award or Award Agreement hereunder.  Notwithstanding the foregoing, no amendment, modification, suspension or termination shall materially and adversely affect any Award theretofore granted without the consent of the Participant or the permitted transferee of the Award.  For purposes of this Section 14.2, any action of the Board or the Committee that in any way alters or affects the tax treatment of any award or that the Board determines is necessary to prevent an award from being subject to tax under Section 409A of the Code shall not be considered to materially or adversely affect any Award.

16EX-10.3

 Exhibit 10.3 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE ZIOPHARM ONCOLOGY, INC. HAS DETERMINED THE
INFORMATION (I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO ENTEROME S.A. IF PUBLICLY DISCLOSED. 

PUBLIC HEALTH SERVICE 

PATENT LICENSE AGREEMENT – EXCLUSIVE 

This Agreement is based on the model Patent License Exclusive Agreement adopted by the U.S. Public Health Service
(“PHS”) Technology Transfer Policy Board for use by components of the National Institutes of Health (“NIH”), the Centers for Disease Control and Prevention (“CDC”), and the Food and Drug
Administration (“FDA”), which are agencies of the PHS within the Department of Health and Human Services (“HHS”). 

This Cover Page identifies the Parties to this Agreement: 

The U.S. Department of Health and Human Services, as represented by 

National Cancer Institute 
 an
Institute or Center (hereinafter referred to as the “IC”) of the 
 NIH 

and 
 Ziopharm Oncology, Inc.,

 hereinafter referred to as the “Licensee”, 

having offices at One First Avenue, Parris Building #34, Navy Yard Plaza, Boston, MA 02129, 

created and operating under the laws of Delaware. 

Tax ID No.: 841475642 

  
 CONFIDENTIAL 

 For the IC internal use only: 

License Number:
L-190-2019-0 

License Application Number: A-085-2019 

Serial Number(s) of Licensed Patent(s) or Patent Application(s): 
  

	 	1.	 [***]; 

  

	 	2.	 [***]; 

  

	 	3.	 [***]; 

  

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 CONFIDENTIAL 

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 CONFIDENTIAL 

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	 	66.	 [***]. 

Cooperative Research and Development Agreement (CRADA) Number (if a subject invention): 03111 

Additional Remarks: N/A 
 Public
Benefit(s): New therapeutics options for the treatment of advanced cancers. 
 This Patent License Agreement, hereinafter referred to as the
“Agreement”, consists of this Cover Page, an attached Agreement, a Signature Page, Appendix A (List of Patent(s) or Patent Application(s)), Appendix B (Fields of Use and Territory), Appendix C (Royalties), Appendix D
(Benchmarks and Performance), Appendix E (Commercial Development Plan), Appendix F (Example Royalty Report), and Appendix G (Royalty Payment Options). 

  
 CONFIDENTIAL 

 The IC and the Licensee agree as follows: 

 

	1.	 BACKGROUND 

  

	 	1.1	 In the course of conducting biomedical and behavioral research, the IC investigators made inventions
that may have commercial applicability. 

  

	 	1.2	 By assignment of rights from IC employees and other inventors, HHS, on behalf of the
Government, owns intellectual property rights claimed in any United States or foreign patent applications or patents corresponding to the assigned inventions. HHS also owns any tangible embodiments of these inventions actually reduced
to practice by the IC. 

  

	 	1.3	 The Secretary of HHS has delegated to the IC the authority to enter into this Agreement
for the licensing of rights to these inventions. 

  

	 	1.4	 The IC desires to transfer these inventions to the private sector through commercialization licenses to
facilitate the commercial development of products and processes for public use and benefit. 

  

	 	1.5	 The Licensee desires to acquire commercialization rights to certain of these inventions in order to
develop processes, methods, or marketable products for public use and benefit. 

  

	2.	 DEFINITIONS 

  

	 	2.1	 “Affiliate(s)” means a corporation or other business entity, which directly or indirectly is
controlled by or controls, or is under common control with the Licensee. For this purpose, the term “control” shall mean ownership of more than fifty percent (50%) of the voting stock or other ownership interest of the corporation
or other business entity, or the power to elect or appoint more than fifty percent (50%) of the members of the governing body of the corporation or other business entity. Notwithstanding the foregoing, Eden BioCell Limited shall be deemed an
Affiliate of Licensee. 

  

	 	2.2	 “Additional T Cell Receptor(s)” means an isolated human, murine or human-murine hybrid T cell
receptor restricted by any major histocompatibility complex class molecule, which immunologically recognizes a mutated epidermal growth factor receptor (EGFR), KRAS or P53 tumor antigen. 

 

	 	2.3	 “Benchmarks” mean the performance milestones that are set forth in Appendix D.

  

	 	2.4	 “Combination Product” means a product that (a) contains a Licensed Product(s) or
utilizes a Licensed Process(es), and (b) contains at least one other active therapeutic component or device other than a Licensed Product(s). 

 

	 	2.5	 “Commercial Development Plan” means the written commercialization plan attached as Appendix E.

  

	 	2.6	 “CRADA” means a Cooperative Research and Development Agreement. For purposes of this
Agreement, the specific CRADA between IC and Licensee bears IC reference number 03111. 

  

	 	2.7	 “FDA” means the Food and Drug Administration of the United States of America.

  
 CONFIDENTIAL 

	 	2.8	 “First Commercial Sale” means the initial transfer by or on behalf of the Licensee,
its Affiliates or sublicensees of the Licensed Products or the initial practice of a Licensed Process by or on behalf of the Licensee, its Affiliates or sublicensees in a country, in each case, after all applicable
marketing and pricing approvals (if any) have been granted by the applicable governing regulatory authority in such country, in exchange for cash or some equivalent consideration to which value can be assigned for the purpose of determining Net
Sales. In addition, sales of a Product by and between the Licensee and its Affiliates and sublicensees shall not constitute a First Commercial Sale. 

 

	 	2.9	 “Government” means the Government of the United States of America. 

 

	 	2.10	 “Licensed Fields of Use” means the fields of use identified in Appendix B.

  

	 	2.11	 “Licensed Patent Rights” shall mean: 

 

	 	(a)	 Patent applications (including provisional patent applications and PCT patent applications) or patents listed
in Appendix A, all divisions and continuations of these applications, all patents issuing from these applications, divisions, and continuations, and any reissues, reexaminations, and extensions of these patents; 

 

	 	(b)	 to the extent that the following contain one or more claims directed to the invention or inventions disclosed
in 2.11(a): 

  

	 	(i)	 continuations-in-part of
2.11(a); 

  

	 	(ii)	 all divisions and continuations of these
continuations-in-part; 

  

	 	(iii)	 all patents issuing from these
continuations-in-part, divisions, and continuations; 

  

	 	(iv)	 priority patent application(s) of 2.11(a); and 

 

	 	(v)	 any reissues, reexaminations, and extensions of these patents; 

 

	 	(c)	 to the extent that the following contain one or more claims directed to the invention or inventions disclosed
in 2.11(a): all counterpart foreign and U.S. patent applications and patents to 2.11(a) and 2.11(b), including those listed in Appendix A; and 

  

	 	(d)	 Licensed Patent Rights shall not include claims included in patents or applications identified in
2.11(b) or 2.11(c) to the extent that such claims are directed to new matter which is not the subject matter disclosed in 2.11(a). 

  

	 	2.12	 “Licensed Processes” means processes which, in the course of being practiced, would be within
the scope of one or more Valid Claims of the Licensed Patent Rights in the country in which such processes are practiced. 

  

	 	2.13	 “Licensed Products” means tangible materials which, in the course of manufacture, use, sale,
or importation, would be within the scope of one or more Valid Claims of the Licensed Patent Rights in the country of such manufacture, use, sale, or import, as applicable. 

 

	 	2.14	 “Licensed Territory” means the geographical area identified in Appendix B.

  

	 	2.15	 “Net Sales” means [***]; 

  
 CONFIDENTIAL 

	 	2.16	 “Phase 1 Clinical Study” shall mean the initial introduction of an investigational new drug
into humans, the principal purpose of which is to determine the metabolism and pharmacologic actions of the drug in humans, the side effects associated with increasing doses, and, if possible, to gain early evidence on effectiveness, in compliance
with 21 C.F.R. §312(a) or foreign equivalen0074. 

  

	 	2.17	 “Phase 2 Clinical Study” shall mean controlled human clinical studies conducted to evaluate
the effectiveness of a drug for a particular indication or indications in patients with the disease or condition under study and to determine the common short-term side effects and risks associated with the drug in compliance with 21 C.F.R.
§312(b) or foreign equivalent, and shall include any clinical study that leads to a conditional regulatory approval, that is followed by a confirmatory Phase 3 Clinical Trial. 

 

	 	2.18	 “Phase 3 Clinical Study” shall mean expanded controlled and uncontrolled human clinical trials
pursuant to a randomized study with endpoints agreed upon by regulatory bodies for regulatory approval performed after Phase 2 Clinical Trial evidence suggesting effectiveness of a drug has been obtained, and is intended to gather additional
information about effectiveness and safety that is needed to evaluate the overall benefit-risk relationship of a drug and to provide an adequate basis for regulatory approval and physician labeling, as in compliance with 21 C.F.R. §312 or
foreign equivalent, and shall include a confirmatory study that is conducted following conditional regulatory approval. 

  

	 	2.19	 “Practical Application” means to manufacture in the case of a composition or product, to
practice in the case of a process or method, or to operate in the case of a machine or system; and in each case, under these conditions as to establish that the invention is being utilized and that its benefits are to the extent permitted by law or
Government regulations available to the public on reasonable terms. 

  

	 	2.20	 “Research License” means a nontransferable, nonexclusive license to make and to use the
Licensed Products or the Licensed Processes as defined by the Licensed Patent Rights for purposes of research within the Licensed Fields of Use and not for any commercial purposes or distribution or in lieu of purchase.

  

	 	2.21	 “Sublicense Revenue” means [***]. 

 

	 	2.22	 “Valid Claim” means (a) a claim of any issued and unexpired patent within the Licensed
Patent Rights; or (b) a claim of a pending patent application within the Licensed Patent Rights and, in each case has not been (i) permanently revoked or held unpatentable, invalid or unenforceable by a final decision of a court
or governmental agency of competent jurisdiction, which decision can no longer be appealed or was not appealed within the time allowed, (ii) rendered unenforceable through disclaimer or otherwise, (iii) abandoned or (iv) permanently
lost through an interference or opposition proceeding without any right of appeal or review; provided, however, that if a claim of a pending patent application within the Licensed Patent Rights shall not have issued within [***] after
the first official office action on its merits, such claim shall not constitute a Valid Claim for the purposes of this Agreement unless and until a patent issues with such claim (from and after which time the same would be deemed a
Valid Claim). 

  
 CONFIDENTIAL 

	3.	 GRANT OF RIGHTS 

 

	 	3.1	 The IC hereby grants and the Licensee accepts, subject to the terms and conditions of this
Agreement, an exclusive license under the Licensed Patent Rights Groups A, B, C, D and E in the Licensed Territory to make and have made, to use and have used, to sell and have sold, to offer to sell, and to import any
Licensed Products in the Licensed Fields of Use and to practice and have practiced any Licensed Process(es) in the Licensed Fields of Use. For clarity: Licensed Field of Use 1 applies to Licensed Patent
Rights Group A only; Licensed Field of Use 2 applies to Licensed Patent Rights Group B only; Licensed Field of Use 3 applies to Licensed Patent Rights Group C only; Licensed Field of Use 4 applies to
Licensed Patent Rights Group D only; and Licensed Field of Use 5 applies to Licensed Patent Rights Group E only. 

  

	 	3.2	 The IC hereby grants and the Licensee accepts, subject to the terms and conditions of this
Agreement, a nonexclusive license under Licensed Patent Rights Group F in the Licensed Territory to make and have made, to use and have used, to sell and have sold, to offer to sell, and to import any Licensed Products in
the Licensed Fields of Use 6 and to practice and have practiced any Licensed Processes in the Licensed Fields of Use 6. 

  

	 	3.3	 This Agreement confers no license or rights by implication, estoppel, or otherwise under any patent
applications or patents of the IC other than the Licensed Patent Rights regardless of whether these patents are dominant or subordinate to the Licensed Patent Rights. 

 

	4.	 SUBLICENSING 

  

	 	4.1	 Upon written approval, which shall include prior review of any sublicense agreement by the IC and which
shall not be unreasonably withheld, the Licensee may enter into sublicensing agreements under the Licensed Patent Rights. If, within [***] of IC’s receipt of a proposed sublicense from Licensee, IC has not
provided Licensee with a written notice of rejection thereof, then IC shall be deemed to have given its approval of such sublicense agreement and Licensee shall be free to enter into such sublicense agreement under the
Licensed Patent Rights, subject to the further requirements of Paragraphs 4.2-4.4 of this Agreement. However, Licensed Patent Rights Group F may only be sublicensed in combination with
Licensee’s proprietary intellectual property, in-licensed intellectual property rights received from a third party, or other exclusively in-licensed
intellectual property rights received from the IC. For the avoidance of doubt, the Licensee does not have the right to solely sublicense Licensed Patent Rights Group F. 

 

	 	4.2	 The Licensee agrees that any sublicenses granted by it shall provide that the obligations to the
IC of Paragraphs 5.1-5.4, 8.1, 10.1, 10.2, 12.5, and 13.8-13.10 of this Agreement shall be binding upon the sublicensee as if it were a party to this
Agreement. The Licensee further agrees to attach copies of these Paragraphs to all sublicense agreements. 

  

	 	4.3	 Any sublicenses granted by the Licensee shall provide for the termination of the sublicense, or the
conversion to a license directly between the sublicensees and the IC, at the option of the sublicensee, upon termination of this Agreement under Article 13. This conversion is subject to the IC approval and contingent upon
acceptance by the sublicensee of the remaining provisions of this Agreement. 

  

	 	4.4	 The Licensee agrees to forward to the IC a complete copy of each fully executed sublicense
agreement postmarked within [***] of the execution of the agreement. To the extent permitted by law, the IC agrees to maintain each sublicense agreement in confidence. 

  
 CONFIDENTIAL 

	5.	 STATUTORY AND NIH REQUIREMENTS AND RESERVED GOVERNMENT RIGHTS 

 

	 	5.1         (a)	 The IC reserves on behalf of the Government an irrevocable, nonexclusive, nontransferable, royalty-free license for the practice of all inventions licensed under the Licensed Patent Rights throughout the world by or on behalf of the Government and on behalf of any foreign government or
international organization pursuant to any existing or future treaty or agreement to which the Government is a signatory. Prior to the First Commercial Sale, the Licensee agrees to provide the IC with reasonable
quantities of the Licensed Products or materials made through the Licensed Processes for IC research use. Given the nature of the envisioned Licensed Products as personalized autologous cell therapy products, if any
Licensed Products and/or materials made through the Licensed Processes are not available in reasonable quantities for IC research use, they shall not be subject to the foregoing obligation; and 

 

	 	(b)	 In the event that the Licensed Patent Rights are Subject Inventions made under CRADA, the
Licensee grants to the Government, pursuant to 15 U.S.C. §3710a(b)(1)(A), a nonexclusive, nontransferable, irrevocable, paid-up license to practice the Licensed Patent Rights
or have the Licensed Patent Rights practiced throughout the world by or on behalf of the Government. In the exercise of this license, the Government shall not publicly disclose trade secrets or commercial or financial
information that is privileged or confidential within the meaning of 5 U.S.C. §552(b)(4) or which would be considered as such if it had been obtained from a non-Federal party. Prior to the First
Commercial Sale, the Licensee agrees to provide the IC with reasonable quantities of the Licensed Products or materials made through the Licensed Processes for IC research use. Given the nature of the
envisioned Licensed Products as personalized autologous cell therapy products, if any Licensed Products and/or materials made through the Licensed Processes are not available in reasonable quantities for IC research use,
they shall not be subject to the foregoing obligation. 

  

	 	5.2	 The Licensee agrees that products used or sold in the United States embodying the Licensed
Products or produced through use of the Licensed Processes shall be manufactured substantially in the United States, unless a written waiver is obtained in advance from the IC, which written waiver will not be unreasonably withheld
or denied. 

  

	 	5.3	 The Licensee acknowledges that the IC may enter into future CRADAs under the Federal
Technology Transfer Act of 1986 that relate to the subject matter of this Agreement. The Licensee agrees not to unreasonably deny requests for a Research License from future collaborators with the IC when acquiring
these rights is necessary in order to make a CRADA project feasible. The Licensee may request an opportunity to join as a party to the proposed CRADA. 

  
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	 	(a)	 In addition to the reserved license of Paragraph 5.1, the IC reserves the right to grant Research
Licenses directly or to require the Licensee to grant Research Licenses on reasonable terms. In the exercise of this reserved right, the IC shall not publicly disclose trade secrets or commercial or financial information
that is privileged or confidential within the meaning of 5 U.S.C. §552(b)(4) or which would be considered as such if it had been obtained from a non-Federal party. The purpose of these Research
Licenses is to encourage basic research, whether conducted at an academic or corporate facility. In order to safeguard the Licensed Patent Rights, however, (i) the IC shall consult with the Licensee before granting to
commercial entities a Research License or providing to them research samples of materials made through the Licensed Processes; (ii) the IC shall give to the Licensee advance written notice of any commercial party to
which the IC proposes to grant a Research License; (iii) the IC shall provide the Licensee reasonable opportunity to raise objections thereto and comment thereon, such objection(s) and comment(s) to be provided
within fifteen (15) days; and (iv) the IC shall consult with the Licensee to consider in good faith the objections and comments of the Licensee; and 

 

	 	(b)	 In exceptional circumstances, and in the event that the Licensed Patent Rights are Subject Inventions
made under a CRADA, the Government, pursuant to 15 U.S.C. §3710a(b)(1)(B), retains the right to require the Licensee to grant to a responsible applicant a nonexclusive, partially exclusive, or exclusive sublicense to
use the Licensed Patent Rights in the Licensed Field of Use on terms that are reasonable under the circumstances, or if the Licensee fails to grant this license, the Government retains the right to grant the license
itself. The exercise of these rights by the Government shall only be in exceptional circumstances and only if the Government determines: 

  

	 	(i)	 the action is necessary to meet health or safety needs that are not reasonably satisfied by the
Licensee; 

  

	 	(ii)	 the action is necessary to meet requirements for public use specified by Federal regulations, and these
requirements are not reasonably satisfied by the Licensee; or 

  

	 	(iii)	 the Licensee has failed to comply with an agreement containing provisions described in 15 U.S.C.
§3710a(c)(4)(B). 

  

	 	(c)	 The determination made by the Government under this Paragraph 5.3 is subject to administrative appeal
and judicial review under 35 U.S.C. §203(b). 

  

	 	(d)	 The IC acknowledges and agrees that a Research License or other right granted pursuant to this
Paragraph 5.3 shall only pertain to the Licensed Patent Rights and shall not include a right or license to any patent or other intellectual property right owned or controlled by the Licensee or its Affiliates other than the
Licensed Patent Rights. Without limiting the foregoing, except as expressly provided herein, nothing contained in this Agreement shall be construed as granting, by implication, estoppel or otherwise, any licenses or rights under any
patents or other intellectual property rights other than the Licensed Patent Rights. 

  
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	 	5.4	 Notwithstanding anything to the contrary set forth in this Agreement, except as set forth in Paragraph
5.3(b), the IC shall not grant any rights under the Licensed Patent Rights within the Licensed Field of Use and shall not provide any Licensed Products or materials made through the Licensed Processes to any third
party for any commercial purpose within the Licensed Field of Use. 

  

	6.	 ROYALTIES AND REIMBURSEMENT 

 

	 	6.1	 The Licensee agrees to pay the IC a non-creditable, non-refundable license issue royalty as set forth in Appendix C. 

  

	 	6.2	 The Licensee agrees to pay the IC a non-refundable, fully
creditable (against earned royalties due for sales under Paragraph 6.3 below) minimum annual royalty as set forth in Appendix C. 

  

	 	6.3	 The Licensee agrees to pay the IC earned royalties as set forth in Appendix C.

  

	 	6.4	 The Licensee agrees to pay the IC benchmark royalties as set forth in Appendix C.

  

	 	6.5	 The Licensee agrees to pay the IC sublicensing royalties as set forth in Appendix C.

  

	 	6.6	 A patent or patent application licensed under this Agreement shall cease to fall within the Licensed
Patent Rights for the purpose of computing earned royalty payments in any given country on the earliest date that a Valid Claim no longer exists. For the avoidance of doubt, if a patent application pending for more than [***] from the
first official office action on its merits later issues as a patent, Licensee shall thereafter pay any royalties payable with respect thereto. 

  

	 	6.7	 On sales of the Licensed Products by the Licensee to sublicensees or on sales made in other than
an arm’s-length transaction, the value of the Net Sales attributed under this Article 6 to this transaction shall be that which would have been received in an
arm’s-length transaction, based on sales of like quantity and quality products on or about the time of this transaction. 

 

	 	6.8	 With regard to unreimbursed expenses associated with the preparation, filing, prosecution, and maintenance of
all patent applications and patents included within Licensed Patent Rights Groups C and E and paid by the IC prior to the effective date of this Agreement, the Licensee shall pay the IC, as an additional royalty,
within sixty (60) days of the IC’s submission of a statement and request for payment to the Licensee, an amount equivalent to these unreimbursed expenses previously paid by the IC. A good faith estimate of the
unreimbursed expenses previously paid by the IC is set forth in Appendix C. 

 Pursuant to Article 14.4, for
amendments adding additional patent applications or patents to the Licensed Patent Rights, the royalty due under this Article 6.8 solely for the additional patent applications or patents added by the amendment shall be calculated as of the
date of execution of the amendment. 
  

	 	6.9	 With regard to unreimbursed expenses associated with the preparation, filing, prosecution, and maintenance of
all patent applications and patents included within the Licensed Patent Rights and paid by the IC on or after the effective date of this Agreement, the IC, at its sole option, may require the Licensee:

  

	 	(a)	 [***] 

  

	 	(b)	 [***]; or 

  
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	 	(c)	 in limited circumstances, the Licensee may be given the right to assume responsibility for the
preparation, filing, prosecution, or maintenance of any patent application or patent included with the Licensed Patent Rights. In that event, the Licensee shall directly pay the attorneys or agents engaged to prepare, file, prosecute,
or maintain these patent applications or patents and shall provide the IC with copies of each invoice associated with these services as well as documentation that these invoices have been paid. 

 

	 	6.10	 The IC agrees, upon written request, to provide the Licensee with summaries of patent prosecution
invoices for which the IC has requested payment from the Licensee under Paragraphs 6.8 and 6.9. The Licensee agrees that all information provided by the IC related to patent prosecution costs shall be treated as
confidential commercial information and shall not be released to a third party except as required by law or a court of competent jurisdiction. 

  

	 	6.11	 The Licensee may elect to surrender its rights in any country of the Licensed Territory under any
of the Licensed Patent Rights upon ninety (90) days written notice to the IC and owe no payment obligation under Paragraph 6.9 for patent-related expenses paid in that country after ninety (90) days of the effective date of
the written notice. 

  

	7.	 PATENT FILING, PROSECUTION, AND MAINTENANCE 

 

	 	7.1	 Except as otherwise provided in this Article 7, the IC agrees to take responsibility for the
preparation, filing, prosecution, and maintenance of any and all patent applications or patents included in the Licensed Patent Rights. IC shall further consult with the Licensee in the preparation, filing, prosecution, and maintenance
of any and all patent applications or patents included in Licensed Patent Rights Groups A, B, C, D and E and shall, on an ongoing basis, furnish copies of relevant patent-related documents from these
groups to the Licensee. 

  

	 	7.2	 Upon the IC’s written request, the Licensee shall have the right to assume the
responsibility for the preparation, filing, prosecution, and maintenance of any and all patent applications or patents included in the Licensed Patent Rights and shall, on an ongoing basis, promptly furnish copies of all patent-related documents to the IC. In this event, the Licensee shall, subject to the prior approval of the IC, select registered patent attorneys or patent agents to provide these services on
behalf of the Licensee and the IC. The IC shall provide appropriate powers of attorney and other documents necessary to undertake this action to the patent attorneys or patent agents providing these services. The Licensee
and its attorneys or agents shall consult with the IC in all aspects of the preparation, filing, prosecution and maintenance of patent applications and patents included within the Licensed Patent Rights and shall provide the IC
sufficient opportunity to comment on any document that the Licensee intends to file or to cause to be filed with the relevant intellectual property or patent office. 

 

	 	7.3	 At any time, the IC may provide the Licensee with written notice that the IC wishes to
assume control of the preparation, filing, prosecution, and maintenance of any and all patent applications or patents included in the Licensed Patent Rights. If the IC elects to reassume these responsibilities, the Licensee
agrees to cooperate fully with the IC, its attorneys, and agents in the preparation, filing, prosecution, and maintenance of any and all patent applications or patents included in the Licensed Patent Rights and to provide the IC
with complete copies of any and all documents or other materials that the IC deems necessary to undertake such responsibilities. The Licensee shall be responsible for all costs associated with transferring patent prosecution
responsibilities to an attorney or agent of the IC’s choice. 

  
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	 	7.4	 Each party shall promptly inform the other as to all matters that come to its attention that may affect the
preparation, filing, prosecution, or maintenance of the Licensed Patent Rights and provide sufficient opportunity, when possible, to the other party to provide comments and suggestions with respect to the preparation, filing, prosecution, and
maintenance of the Licensed Patent Rights, which comments and suggestions shall be considered by the other party. 

  

	8.	 RECORD KEEPING 

 

	 	8.1	 The Licensee agrees to keep accurate and correct records of the Licensed Products made, used,
sold, or imported and the Licensed Processes practiced under this Agreement appropriate to determine the amount of royalties due the IC. These records shall be retained for at least five (5) years following a given
reporting period and shall be available during normal business hours, but not more than once in any one-year period, for inspection, at the expense of the IC, by an accountant or other designated
auditor selected by the IC for the sole purpose of verifying reports and royalty payments hereunder. The accountant or auditor shall only have the right to audit those records that have not previously been audited pursuant to this Paragraph
8.1, unless IC determines that there is just cause for an additional audit, and shall only disclose to the IC information relating to the accuracy of reports and royalty payments made under this Agreement. If an inspection shows
an underreporting or underpayment in excess of five percent (5%) for any twelve (12) month period, then the Licensee shall reimburse the IC for the cost of the inspection at the time the Licensee pays the unreported
royalties, including any additional royalties as required by Paragraph 9.8. All royalty payments required under this Paragraph shall be due within sixty (60) days of the date the IC provides to the Licensee notice of the payment
due. The Licensee shall have the right to require that any accountant or auditor, prior to conducting an audit under this Paragraph 8.1, enter into an appropriate non-disclosure agreement with the
Licensee regarding such financial information. 

  

	9.	 REPORTS ON PROGRESS, BENCHMARKS, SALES, AND PAYMENTS 

 

	 	9.1	 Prior to signing this Agreement, the Licensee has provided the IC with the Commercial
Development Plan in Appendix E, under which the Licensee intends to bring the subject matter of the Licensed Patent Rights to the point of Practical Application. This Commercial Development Plan is hereby incorporated
by reference into this Agreement. Based on this plan, performance Benchmarks are determined as specified in Appendix D. 

  

	 	9.2	 The Licensee shall provide written summary annual reports on its product development progress or efforts
to commercialize under the Commercial Development Plan for each of the Licensed Fields of Use within [***] days after December 31 of each calendar year. These progress reports shall include, but not be limited to: [***]. The
IC also encourages these reports to include information on any of the Licensee’s public service activities that relate to the Licensed Patent Rights. [***], the Licensee shall [***]. In the annual report, the
Licensee [***]. The Licensee agrees to provide any additional information reasonably required by the IC to evaluate the Licensee’s performance under this Agreement. The Licensee may [***]. The IC
shall not unreasonably withhold approval of any request of the Licensee to [***]. 

  

	 	9.3	 The Licensee shall report to the IC the dates for achieving Benchmarks specified in
Appendix D and the First Commercial Sale in each country in the Licensed Territory within [***] of such occurrences. 

  
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	 	9.4	 The Licensee shall submit to the IC, within [***] after each calendar half-year ending June 30 and December 31, a royalty report, as described in the example in Appendix F, setting forth for the preceding half-year period the amount of
the Licensed Products sold or Licensed Processes practiced by or on behalf of the Licensee in each country within the Licensed Territory, the Net Sales, and the amount of royalty accordingly due. With each royalty
report, the Licensee shall submit payment of earned royalties due. If no earned royalties are due to the IC for any reporting period, the written report shall so state. The royalty report shall be certified as correct by an authorized
officer of the Licensee [***]. The royalty report shall also identify the site of manufacture for the Licensed Product(s) sold in the United States. 

 

	 	9.5	 The Licensee agrees to forward semi-annually to the IC a
copy of these reports received by the Licensee from its sublicensees during the preceding half-year period as shall be pertinent to a royalty accounting to the IC by the Licensee for
activities under the sublicense. 

  

	 	9.6	 Royalties due under Article 6 shall be paid in U.S. dollars and payment options are listed in Appendix G.
[***]. The royalty report required by Paragraph 9.4 shall be mailed to the IC at its address for Agreement Notices indicated on the Signature Page. 

 

	 	9.7	 [***]. 

  

	 	9.8	 [***] may be assessed by the IC on any payment that is more than ninety (90) days overdue at the
rate of [***]. [***] rate may be applied retroactively from the original due date until the date of receipt by the IC of the overdue payment and additional royalties. The payment of any additional royalties shall not prevent the IC
from exercising any other rights it may have as a consequence of the lateness of any payment. 

  

	 	9.9	 All plans and reports required by this Article 9 and marked “confidential” by the Licensee
shall, to the extent permitted by law, be treated by the IC as commercial and financial information obtained from a person and as privileged and confidential, and any proposed disclosure of these records by the IC under the Freedom of
Information Act (FOIA), 5 U.S.C. §552 shall be subject to the predisclosure notification requirements of 45 C.F.R. §5.65(d). 

  

	10.	 PERFORMANCE 

  

	 	10.1	 The Licensee shall use its reasonable commercial efforts to bring the Licensed Products and the
Licensed Processes to Practical Application. “Reasonable commercial efforts” for the purposes of this provision shall include adherence to the Commercial Development Plan in Appendix E and performance of the
Benchmarks in Appendix D. The efforts of a sublicensee shall be considered the efforts of the Licensee. 

  

	 	10.2	 Upon the First Commercial Sale, until the expiration or termination of this Agreement, the
Licensee shall use its reasonable commercial efforts to make the Licensed Products and the Licensed Processes reasonably accessible to the United States public. The efforts of Licensee’s Affiliates or sublicensees
shall be considered the efforts of the Licensee for purposes of this Paragraph 10.2. 

  

	 	10.3	 The Licensee agrees, after its First Commercial Sale and as part of its marketing and product
promotion, to develop educational materials (e.g., brochures, website, etc.) directed to patients and physicians detailing the Licensed Products or medical aspects of the prophylactic and therapeutic uses of the Licensed Products.

  

	 	10.4	 The Licensee agrees to supply, to the Mailing Address for Agreement Notices indicated on the
Signature Page, the Office of Technology Transfer, NIH with inert samples of the Licensed Products or the Licensed Processes or their packaging for educational and display purposes only. 

  
 CONFIDENTIAL 

	11.	 INFRINGEMENT AND PATENT ENFORCEMENT 

 

	 	11.1	 The IC and the Licensee agree to notify each other promptly of each infringement or possible
infringement of the Licensed Patent Rights, as well as, any facts which may affect the validity, scope, or enforceability of the Licensed Patent Rights of which either party becomes aware. 

 

	 	11.2	 Pursuant to this Agreement and the provisions of 35 U.S.C. Chapter 29, the Licensee may:

  

	 	(a)	 bring suit in its own name, at its own expense, and on its own behalf for infringement of presumably valid
claims in the Licensed Patent Rights; 

  

	 	(b)	 in any suit, enjoin infringement and collect for its use, damages, profits, and awards of whatever nature
recoverable for the infringement; or 

  

	 	(c)	 settle any claim or suit for infringement of the Licensed Patent Rights provided, however, that the
IC and appropriate Government authorities shall have the first right to take such actions; and 

  

	 	(d)	 if the Licensee desires to initiate a suit for patent infringement, the Licensee shall notify the
IC in writing. If the IC does not notify the Licensee of its intent to pursue legal action within [***], the Licensee shall be free to initiate suit. The IC shall have a continuing right to intervene in the suit at
its own expense. The Licensee shall take no action to compel the Government either to initiate or to join in any suit for patent infringement; provided, however, that the Government will participate in the suit if, and only if,
required for legal standing purposes. The Licensee may request the Government to initiate or join in any suit if necessary to avoid dismissal of the suit. Should the Government be made a party to any suit, the Licensee
shall reimburse the Government for any costs, expenses, or fees which the Government incurs as a result of the motion or other action, including all costs incurred by the Government in opposing the motion or other action. In all
cases, the Licensee agrees to keep the IC reasonably apprised of the status and progress of any litigation. Before the Licensee commences an infringement action, the Licensee shall notify the IC and give careful
consideration to the views of the IC and to any potential effects of the litigation on the public health in deciding whether to bring suit. 

  

	 	11.3	 In the event that a declaratory judgment action alleging invalidity or
non-infringement of any of the Licensed Patent Rights shall be brought against the Licensee or raised by way of counterclaim or affirmative defense in an infringement suit brought by the
Licensee under Paragraph 11.2, pursuant to this Agreement and the provisions of 35 U.S.C. Chapter 29 or other statutes, the Licensee may: 

 

	 	(a)	 defend the suit in its own name, at its own expense, and on its own behalf for presumably valid claims in the
Licensed Patent Rights; 

  

	 	(b)	 in any suit, ultimately to enjoin infringement and to collect for its use, damages, profits, and awards of
whatever nature recoverable for the infringement; and 

  

	 	(c)	 settle any claim or suit for declaratory judgment involving the Licensed Patent Rights-provided,
however, that the IC and appropriate Government authorities shall have the first right to take these actions and shall have a continuing right to intervene in the suit at its own expense; and 

  
 CONFIDENTIAL 

	 	(d)	 if the IC does not notify the Licensee of its intent to respond to the legal action within a
reasonable time, the Licensee shall be free to do so. The Licensee shall take no action to compel the Government either to initiate or to join in any declaratory judgment action. The Licensee may request the
Government to initiate or to join any suit if necessary to avoid dismissal of the suit. Should the Government be made a party to any suit by motion or any other action of the Licensee, the Licensee shall reimburse the
Government for any costs, expenses, or fees, which the Government incurs as a result of the motion or other action. If the Licensee elects not to defend against the declaratory judgment action, the IC, at its option, may
do so at its own expense. In all cases, the Licensee agrees to keep the IC reasonably apprised of the status and progress of any litigation. Before the Licensee commences an infringement action, the Licensee shall notify
the IC and give careful consideration to the views of the IC and to any potential effects of the litigation on the public health in deciding whether to bring suit. 

 

	 	11.4	 Except as otherwise set forth above, in any action under Paragraphs 11.2 or 11.3 the expenses including costs,
fees, attorney fees, and disbursements, shall be paid by [***]. The value of any recovery made by the Licensee through court judgment or settlement, after first reimbursing the Licensee for such expenses paid by the Licensee,
[***]. 

  

	 	11.5	 The IC shall cooperate fully with the Licensee in connection with any action under Paragraphs
11.2 or 11.3. The IC agrees promptly to provide access to all necessary documents and to render reasonable assistance in response to a request by the Licensee. 

 

	12.	 NEGATION OF WARRANTIES AND INDEMNIFICATION 

 

	 	12.1	 The IC offers no other warranties than those specified in Article 1: (i) HHS, by assignment of
rights from NIH employees, on behalf of the Government, owns all intellectual property rights claimed in the United States and foreign patent applications and patents in the Licensed Patent Rights, (ii) HHS owns
tangible embodiments of inventions actually reduced to practice, and (iii) IC has the authority, by delegation from the Secretary of HHS, to enter into this Agreement. 

 

	 	12.2	 The IC does not warrant the validity of the Licensed Patent Rights and makes no representations
whatsoever with regard to the scope of the Licensed Patent Rights, or that the Licensed Patent Rights may be exploited without infringing other patents or other intellectual property rights of third parties. 

 

	 	12.3	 THE IC MAKES NO WARRANTIES, EXPRESS OR IMPLIED, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE
OF ANY SUBJECT MATTER DEFINED BY THE CLAIMS OF THE LICENSED PATENT RIGHTS OR TANGIBLE MATERIALS RELATED THERETO. 

  

	 	12.4	 The IC does not represent that it shall commence legal actions against third parties infringing the
Licensed Patent Rights. 

  

	 	12.5	 The Licensee shall indemnify and hold the IC, its employees, students, fellows, agents, and
consultants harmless from and against all liability, demands, damages, expenses, and losses, including but not limited to death, personal injury, illness, or property damage (“Losses”) to the extent arising out of any suit or
proceeding brought by a third party for: 

  

	 	(a)	 the use by or on behalf of the Licensee, its sublicensees, directors, employees, or third parties of any
Licensed Patent Rights; or 

  
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	 	(b)	 the design, manufacture, distribution, or use of any Licensed Products, Licensed Processes or
materials by the Licensee, or other products or processes developed by or on behalf of the Licensee in connection with or arising out of the Licensed Patent Rights. 

Notwithstanding the foregoing, Licensee shall have no obligation under this Paragraph 12.5 to the extent any such Losses were
the result of the willful misconduct or gross negligence of IC. 
  

	 	12.6	 The Licensee agrees to maintain a liability insurance program consistent with sound business practice.

  

	13.	 TERM, TERMINATION, AND MODIFICATION OF RIGHTS 

 

	 	13.1	 This Agreement is effective when signed by all parties, unless the provisions of Paragraph 14.16 are not
fulfilled, and shall extend to the expiration of the last to expire of the Licensed Patent Rights unless sooner terminated as provided in this Article 13. 

 

	 	13.2	 In the event that the Licensee is in default in the performance of any material obligations under this
Agreement, including but not limited to the obligations listed in Paragraph 13.5, and if the default has not been remedied within ninety (90) days after the date of notice in writing of the default, the IC may terminate this
Agreement by written notice and pursue outstanding royalties owed through procedures provided by the Federal Debt Collection Act. 

  

	 	13.3	 In the event that the Licensee files a petition in bankruptcy, has such a petition filed against it, or
receives notice of a third party’s intention to file an involuntary petition in bankruptcy, the Licensee shall immediately notify the IC in writing. To the extent allowed under applicable law, the IC shall have the right to
terminate this Agreement immediately upon the Licensee’s receipt of written notice. However, with respect to any petition(s) filed against the Licensee, Licensee shall have [***] to resolve or obtain the
dismissal of such petition. If resolution or dismissal of the petition(s) is not achieved in the allotted period, IC shall have the right to immediately terminate this Agreement. 

 

	 	13.4	 The Licensee shall have a unilateral right to terminate this Agreement or any licenses in any
country or territory by giving the IC sixty (60) days written notice to that effect. 

  

	 	13.5	 The IC shall specifically have the right to terminate or modify, at its option, this Agreement by
written notice to the Licensee, if the IC determines in good faith that the Licensee: 

  

	 	(a)	 is not executing the Commercial Development Plan submitted with its request for a license and the
Licensee cannot otherwise demonstrate to the IC’s reasonable satisfaction that the Licensee has taken, or can be expected to take within a reasonable time, effective steps to achieve the Practical Application of the
Licensed Products or the Licensed Processes; 

  

	 	(b)	 has not achieved the Benchmarks as may be modified under Paragraph 9.2; 

 

	 	(c)	 has willfully made a false statement of, or willfully omitted a material fact in the license application or in
any report required by this Agreement; 

  

	 	(d)	 has committed a material breach of a covenant or agreement contained in this Agreement that has not been
remedied within the ninety (90) day period set forth in Paragraph 13.2 above; 

  
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	 	(e)	 is not keeping the Licensed Products or the Licensed Processes reasonably available to the public
after commercial use commences; or 

  

	 	(f)	 cannot reasonably justify a failure to comply with the domestic production requirement of Paragraph 5.2 unless
waived. 

  

	 	13.6	 In making the determination referenced in Paragraph 13.5, the IC shall take into account the normal
course of such commercial development programs conducted with sound and reasonable business practices and judgment and the annual reports submitted by the Licensee under Paragraph 9.2. Prior to invoking termination or modification of this
Agreement under Paragraph 13.5, the IC shall give written notice to the Licensee providing the Licensee specific notice of, and a [***] opportunity to respond to, the IC’s concerns as to the items referenced
in 13.5(a)-13.5(f). If the Licensee fails to alleviate the IC’s concerns as to the items referenced in 13.5(a)-13.5(f) within [***] following written
notice from the IC or fails to initiate corrective action to the IC’s reasonable satisfaction, the IC may terminate this Agreement upon written notice to the Licensee. 

 

	 	13.7	 When the public health and safety so require, and after written notice to the Licensee providing the
Licensee a [***] opportunity to respond, the IC shall have the right to require the Licensee to grant sublicenses to responsible applicants, on reasonable terms, in any Licensed Fields of Use under the Licensed Patent
Rights, unless the Licensee can reasonably demonstrate that the granting of the sublicense would not materially increase the availability to the public of the subject matter of the Licensed Patent Rights. The IC shall not
require the granting of a sublicense unless the responsible applicant has first negotiated in good faith with the Licensee. 

  

	 	13.8	 The IC reserves the right according to 35 U.S.C. §209(d)(3) to terminate or modify this
Agreement if upon written notice to the Licensee it is determined that this action is necessary to meet the requirements for public use specified by federal regulations issued after the date of the license and these requirements are
not reasonably satisfied by the Licensee within [***] following written notice from the IC. 

  

	 	13.9	 Within [***] of receipt of written notice of the IC’s unilateral decision to modify or terminate
this Agreement, the Licensee may, consistent with the provisions of 37 C.F.R. §404.11, appeal the decision by written submission to the designated IC official or designee. The decision of the designated IC
official or designee shall be the final agency decision. The Licensee may thereafter exercise any and all administrative or judicial remedies that may be accessible. 

 

	 	13.10	 Within [***] of expiration or termination of this Agreement under this Article 13, a final report shall
be submitted by the Licensee. Any royalty payments, including those incurred but not yet paid (such as the full minimum annual royalty), and those related to patent expenses, due to the IC shall become immediately due and payable upon
termination or expiration. If terminated under this Article 13, sublicensees may elect to convert their sublicenses to direct licenses with the IC pursuant to Paragraph 4.3. Unless otherwise specifically provided for under this
Agreement, upon termination or expiration of this Agreement, the Licensee shall have the right to offer for sale and sell any existing inventory of Licensed Products for [***] following the effective termination date of
this Agreement, subject to the royalty obligations as set forth in Appendix C. After this [***] period, the Licensee shall return all remaining Licensed Products or other materials included within the Licensed Patent
Rights to the IC or provide the IC with certification of the destruction thereof. The Licensee may not be granted additional IC licenses if the final reporting requirement is not fulfilled. 

  
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	14.	 GENERAL PROVISIONS 

 

	 	14.1	 Neither party may waive or release any of its rights or interests in this Agreement except in writing.
The failure of a party to assert a right hereunder or to insist upon compliance with any term or condition of this Agreement shall not constitute a waiver of that right by such party or excuse a similar subsequent failure to perform any of
these terms or conditions by the other party. 

  

	 	14.2	 This Agreement constitutes the entire agreement between the parties relating to the subject matter of
the Licensed Patent Rights, the Licensed Products and the Licensed Processes, and all prior negotiations, representations, agreements, and understandings are merged into, extinguished by, and completely expressed by this
Agreement. 

  

	 	14.3	 The provisions of this Agreement are severable, and in the event that any provision of this
Agreement shall be determined to be invalid or unenforceable under any controlling body of law, this determination shall not in any way affect the validity or enforceability of the remaining provisions of this Agreement.

  

	 	14.4	 If either party desires a modification to this Agreement, the parties shall, upon reasonable notice of
the proposed modification by the party desiring the change, confer in good faith to determine the desirability of the modification. No modification shall be effective until a written amendment is signed by the signatories to this Agreement or
their designees. 

 For clarity, the parties intend to amend this Agreement to include new patent applications as
they are filed by the IC which claim Additional T Cell Receptor(s) not presently a part of the Licensed Patent Rights. Should IC and Licensee agree to such written amendment, it will include an amendment issue
royalty as described in Appendix C, Paragraph VII of this Agreement. 
  

	 	14.5	 The construction, validity, performance, and effect of this Agreement shall be governed by Federal law
as applied by the Federal courts in the District of Columbia. 

  

	 	14.6	 All Agreement notices required or permitted by this Agreement shall be given by prepaid, first
class, registered or certified mail or by an express/overnight delivery service provided by a commercial carrier, properly addressed to the other party at the address designated on the following Signature Page, or to another address as may be
designated in writing by the other party. Agreement notices shall be considered timely if the notices are received on or before the established deadline date or sent on or before the deadline date as verifiable by U.S. Postal Service postmark
or dated receipt from a commercial carrier. Parties should request a legibly dated U.S. Postal Service postmark or obtain a dated receipt from a commercial carrier or the U.S. Postal Service. Private metered postmarks shall not be acceptable as
proof of timely mailing. 

  

	 	14.7	 This Agreement shall not be assigned or otherwise transferred (including any transfer by legal process
or by operation of law, and any transfer in bankruptcy or insolvency, or in any other compulsory procedure or order of court), except to the Licensee’s Affiliate(s), without the prior written consent of the IC, which
will not be unreasonably denied.  

 If, within [***] of IC’s receipt of a proposed assignment from
Licensee, IC has not provided Licensee with a written notice of rejection thereof, then IC shall be deemed to have given its approval of such assignment of this Agreement. In the event of any such assignment
(other than to Licensee’s Affiliate), the Licensee shall pay the IC, as an additional royalty, [***]. For clarity, no royalty shall be due under this Paragraph 14.7 for an assignment of this Agreement to
Licensee’s Affiliate(s). 

  
 CONFIDENTIAL 

	 	14.8	 The Licensee agrees in its use of any IC-supplied
materials to comply with all applicable statutes, regulations, and guidelines, including NIH and HHS regulations and guidelines. The Licensee agrees not to use the materials for research involving use of the Licensed
Products in human subjects or clinical trials in the United States without complying with 21 C.F.R. Part 50 and 45 C.F.R. Part 46. The Licensee agrees not to use the materials for research involving use of the Licensed
Products in human subjects (including clinical trials) outside of the United States without notifying the IC, in writing, of the research or trials and complying with the applicable regulations of the appropriate national control
authorities. Written notification to the IC of such research involving human subjects or clinical trials outside of the United States shall be given no later than [***] prior to commencement of the research or trials. 

 

	 	14.9	 The Licensee acknowledges that it is subject to and agrees to abide by the United States laws and
regulations (including the Export Administration Act of 1979 and Arms Export Control Act) controlling the export of technical data, computer software, laboratory prototypes, biological material, and other commodities. The transfer of
these items may require a license from the appropriate agency of the U.S. Government or written assurances by the Licensee that it shall not export these items to certain foreign countries without prior approval of this agency. The
IC neither represents that a license is or is not required or that, if required, it shall be issued. 

  

	 	14.10	 The Licensee agrees to mark the Licensed Products or their packaging sold in the United States
with all applicable U.S. patent numbers. All the Licensed Products manufactured in, shipped to, or sold in other countries shall be marked in a manner to preserve the IC’s patent rights in those countries. 

 

	 	14.11	 By entering into this Agreement, the IC does not directly or indirectly endorse any product or
service provided, or to be provided, by the Licensee whether directly or indirectly related to this Agreement. The Licensee shall not state or imply that this Agreement is an endorsement by the Government, the
IC, any other Government organizational unit, or any Government employee. Additionally, the Licensee shall not use the names of the IC, the FDA or the HHS or the Government or their employees
in any advertising, promotional, or sales literature in connection with this Agreement without the prior written approval of the IC. 

  

	 	14.12	 The parties agree to attempt to settle amicably any controversy or claim arising under this Agreement or
a breach of this Agreement, except for appeals of modifications or termination decisions provided for in Article 13. The Licensee agrees first to appeal any unsettled claims or controversies to the designated IC official, or
designee, whose decision shall be considered the final agency decision. Thereafter, the Licensee may exercise any administrative or judicial remedies that may be available. Notwithstanding anything to the contrary in this Agreement,
the Licensee shall have the right, without waiving any right or remedy available under this Agreement or otherwise, to seek and obtain from any court of competent jurisdiction any interim or provisional relief that is necessary or
desirable to protect the rights or property of the Licensee, pending any such settlement or the determination of any such appeal. 

  

	 	14.13	 Nothing relating to the grant of a license, nor the grant itself, shall be construed to confer upon any person
any immunity from or defenses under the antitrust laws or from a charge of patent misuse, and the acquisition and use of rights pursuant to 37 C.F.R. Part 404 shall not be immunized from the operation of state or Federal law by reason of the
source of the grant. 

  

	 	14.14	 Any formal recordation of this Agreement required by the laws of any Licensed Territory as a
prerequisite to enforceability of the Agreement in the courts of any foreign jurisdiction or for other reasons shall be carried out by the Licensee at its expense, and appropriately verified proof of recordation shall be promptly
furnished to the IC. 

  
 CONFIDENTIAL 

	 	14.15	 Paragraphs 4.3, 8.1, 9.5-9.8,
12.1-12.5, 13.9, 13.10, 14.12 and 14.15 of this Agreement shall survive termination of this Agreement. 

  

	 	14.16	 The terms and conditions of this Agreement shall, at the IC’s sole option, be considered by
the IC to be withdrawn from the Licensee’s consideration and the terms and conditions of this Agreement, and the Agreement itself to be null and void, unless this Agreement is executed
by the Licensee and a fully executed original is received by the IC within sixty (60) days from the date of the IC’s signature found at the Signature Page. 

SIGNATURES BEGIN ON NEXT PAGE 

  
 CONFIDENTIAL 

 NIH PATENT LICENSE AGREEMENT – EXCLUSIVE 

SIGNATURE PAGE 
 For the IC: 

 

					
	 /s/ Richard U. Rodriguez
	  		  	May 28, 2019
	Richard U. Rodriguez, MBA	  		  	Date
	Associate Director	  		  	
	Technology Transfer Center, National Cancer Institute	  		  	
	National Institutes of Health	  		  	

 Mailing Address or E-mail Address for Agreement notices and reports: 

License Compliance and Administration 
 Monitoring &
Enforcement 
 Office of Technology Transfer 
 National
Institutes of Health 
 6011 Executive Boulevard, Suite 325 

Rockville, Maryland 20852-3804 U.S.A. 
 E-mail:
                                         
                            

For the Licensee (Upon, information and belief, the undersigned expressly certifies or affirms that the contents of any statements of the
Licensee made or referred to in this document are truthful and accurate.): 
  

					
	by:	 		  	
			
	 /s/ Robert Hadfield
	 		  	May 28, 2019
	Signature of Authorized Official	 		  	Date
			
	 Robert Hadfield
	 		  	
	Printed Name	 		  	
			
	 General Counsel
	 		  	
	Title	 		  	

  

	 	I.	 Official and Mailing Address for Agreement notices: 

 

					
	 Robert Hadfield
	 		 	
	Name	 		 	
			
	 General Counsel
	 		 	
	Title	 		 	
			
	Mailing Address	 		 	

  
 CONFIDENTIAL 

					
	 One First Avenue, Parris Building #34
	 		 	
	 Navy Yard Plaza
	 		 	
	 Boston, MA 02129
	 		 	
	  
	 		 	

					
			
	Email Address:	 	  
	 	
			
	Phone:	 	  
	 	
			
	Fax:	 	  
	 	

  

	 	II.	 Official and Mailing Address for Financial notices (the Licensee’s contact person for royalty
payments) 

  

					
	 Eshane Dupre
	 		 	
	Name	 		 	
			
	 Accounts Payable
	 		 	
	Title	 		 	
			
	Mailing Address:	 		 	
			
	 One First Avenue, Parris Building #34
	 		 	
	 Navy Yard Plaza
	 		 	
	 Boston, MA 02129
	 		 	
	  
	 		 	

					
			
	Email Address:	 	  
	 	
			
	Phone:	 	  
	 	
			
	Fax:	 	  
	 	

 Any false or misleading statements made, presented, or submitted to the Government, including any relevant omissions,
under this Agreement and during the course of negotiation of this Agreement are subject to all applicable civil and criminal statutes including Federal statutes 31 U.S.C. §§3801-3812 (civil liability) and 18 U.S.C.
§1001 (criminal liability including fine(s) or imprisonment). 

  
 CONFIDENTIAL 

 APPENDIX A – PATENT(S) OR PATENT APPLICATION(S) 

Patent(s) or Patent Application(s): 
 Group A 

 

	1.	 [***]; 

  

	2.	 [***]; 

  

	3.	 [***]; 

  

	4.	 [***]; 

  

	5.	 [***]; 

  

	6.	 [***]; 

  

	7.	 [***]; 

  

	8.	 [***]; 

  

	9.	 [***]; 

  

	10.	 [***]; 

  

	11.	 [***]; 

  

	12.	 [***]; 

  

	13.	 [***]; 

  

	14.	 [***]; 

  

	15.	 [***]; 

  

	16.	 [***]; 

  

	17.	 [***]; 

  

	18.	 [***]; 

  

	19.	 [***]; 

  

	20.	 [***]; 

  

	21.	 [***]; 

  

	22.	 [***]; 

  

	23.	 [***]; 

  

	24.	 [***]; 

  

	25.	 [***]; 

  

	26.	 [***]; 

  

	27.	 [***]; 

  

	28.	 [***]; 

  

	29.	 [***]; 

  

	30.	 [***]; 

  

	31.	 [***]; 

  

	32.	 [***]; 

  

	33.	 [***]; 

  

	34.	 [***]; 

  

	35.	 [***]; 

  

	36.	 [***]; 

  

	37.	 [***]; 

  

	38.	 [***]; 

  

	39.	 [***]; 

  

	40.	 [***]; 

  

	41.	 [***]; 

  

	42.	 [***]; 

  

	43.	 [***]; 

  

	44.	 [***]; 

  

	45.	 [***]; 

  

	46.	 [***]; 

  

	47.	 [***]; 

  
 CONFIDENTIAL 

	48.	 [***]; and 

  

	49.	 [***]. 

Group B 
  

	1.	 [***]; and 

  

	2.	 [***]. 

Group C 
  

	1.	 [***]; and 

  

	2.	 [***]. 

Group D 
  

	1.	 [***]; and 

  

	2.	 [***]. 

Group E 
  

	1.	 [***]; and 

  

	2.	 [***]. 

Group F 
  

	1.	 [***]; 

  

	2.	 [***]; 

  

	3.	 [***]; 

  

	4.	 [***]; 

  

	5.	 [***]; 

  

	6.	 [***]; 

  

	7.	 [***]; 

  

	8.	 [***]; and 

  

	9.	 [***]. 

  
 CONFIDENTIAL 

 APPENDIX B – LICENSED FIELDS OF USE AND TERRITORY 

 

	I.	 Licensed Fields of Use: 

 

	 	1.	 Development, manufacture and commercialization of autologous, peripheral blood T cell therapy products
engineered by transposon-mediated gene transfer to express T cell receptors reactive to mutated KRAS, as claimed in the Group A Licensed Patent Rights, for the treatment of human cancers. [***]. 

 

	 	2.	 Development, manufacture and commercialization of autologous, peripheral blood T cell therapy products
engineered by transposon-mediated gene transfer to express T cell receptors reactive to mutated P53, as claimed in the Group B Licensed Patent Rights, for the treatment of human cancers. [***]. 

 

	 	3.	 Development, manufacture and commercialization of autologous, peripheral blood T cell therapy products
engineered by transposon-mediated gene transfer to express T cell receptors reactive to mutated EGFR, as claimed in the Group C Licensed Patent Rights, for the treatment of human cancers. 

 

	 	4.	 Development, manufacture and commercialization of autologous, peripheral blood T cell therapy products
engineered by transposon-mediated gene transfer to express T cell receptors reactive to mutated P53, isolated as claimed in the Group D Licensed Patent Rights, for the treatment of human cancers. [***]. 

 

	 	5.	 Development, manufacture and commercialization of autologous, peripheral blood
T-cell therapy products engineered by non-viral gene transfer to express T cell receptors, as claimed in the Group E Licensed Patent Rights, for the treatment of
human cancers. 

  

	 	6.	 Development, manufacture and commercialization of autologous, peripheral blood T cell therapy products
engineered to express T cell receptors, as claimed in the Group F Licensed Patent Rights, for the treatment of human cancers. 

For the avoidance of doubt, “autologous peripheral blood T cell therapy products” included in Field of Use
1-6 may include autologous and/or allogeneic T-cell receptors obtained from [***]. 

[***]: 
  

	 	1)	 [***]; and 

  

	 	2)	 [***]. 

If IC receives a license application with a complete commercial development plan from a third party for commercial development of a Licensed
Product(s) or Licensed Processes, as they pertain to Licensed Patent Rights for which the proposed commercial development is not reasonably addressed in Licensee’s then-current Commercial Development Plan,
IC shall notify Licensee, in writing, of the existence of the third party’s license application, identifying the scientific, clinical or technical basis for its belief that such commercial development should occur. Upon receipt of
such written notice, Licensee shall either: (a) within [***] amend its Commercial Development Plan in a manner reasonably acceptable to IC to include a clinical research and development program for the proposed third
party’s commercial development of said Licensed Product(s) or Licensed Processes including revised Benchmarks, acceptance of said amendment to said Commercial Development Plan by IC shall take into account
Licensee’s ongoing efforts and normal drug development standards for obtaining FDA approval for multiple indication prophylactic and therapeutic products; or (b) amend its Commercial Development Plan within [***] in a
manner reasonably acceptable to IC to include an offer to enter into a commercially reasonable and customary joint pre-clinical research and development program with the third party for the proposed
third party’s commercial 

  
 CONFIDENTIAL 

 
development of said Licensed Product(s) or Licensed Processes; or (c) within [***] offer to grant a sublicense under commercially reasonable and customary terms to said third
party under Licensed Patent Rights; or both (b) and (c). If Licensee does not (a) amend its Commercial Development Plan in a manner reasonably acceptable to IC to include a clinical research and development
program for the proposed commercial development of said Licensed Product(s) or Licensed Processes of such third party including revised Benchmarks; or (b) amend its Commercial Development Plan in a manner reasonably
acceptable to IC to include a joint pre-clinical research and development program with the third party for the proposed commercial development of said Licensed Product(s) or Licensed
Processes; or (c) grant a sublicense within [***] under commercially reasonable terms to said third party under Licensed Patent Rights, for such commercial development; or both (b) and (c), IC shall remove said
Licensed Product(s) or Licensed Processes from Licensed Fields of Use in this Agreement, IC shall be free to license said Licensed Product(s) or Licensed Processes to said third party solely for the
unaddressed indication(s) that were the subject of such license application, and Licensee’s Licensed Product(s) or Licensed Processes from Licensed Fields of Use shall be limited to the remaining indications. 

 

	II.	 Licensed Territory: 

Worldwide 

  
 CONFIDENTIAL 

 APPENDIX C – ROYALTIES 

Royalties: 
  

	I.	 The Licensee agrees to pay to the IC a non-creditable,
nonrefundable license issue royalty in the amount of one million five hundred thousand dollars ($1,500,000.00) in three (3) installments according to the following schedule: 

 

	 	1.	 Five hundred thousand dollars ($500,000.00) within sixty (60) days of the effective date of this
Agreement; 

  

	 	2.	 Five hundred thousand dollars ($500,000.00) on the six (6) month anniversary of the effective date of this
Agreement; and 

  

	 	3.	 Five hundred thousand dollars ($500,000.00) on the twelve (12) month anniversary of the effective date of
this Agreement. 

 [***] 
  

	II.	 The Licensee agrees to pay to the IC a non-refundable
minimum annual royalty as follows: 

  

	 	1.	 The first minimum annual royalty payment of two hundred fifty thousand dollars ($250,000.00) is due on the
eighteen (18) month anniversary of the effective date of this Agreement and [***]; 

  

	 	2.	 Subsequent minimum annual royalty payments of two hundred fifty thousand dollars ($250,000.00 are due and
payable on January 1 of each calendar year and [***]; 

  

	 	3.	 After aggregate minimum annual royalty payments received by IC under this Agreement reach one
million five hundred thousand dollars ($1,500,000.00), subsequent minimum annual royalty payments shall be reduced to one hundred thousand dollars ($100,000.00) and shall be due [***]. 

 

	III.	 The Licensee agrees to pay the IC earned royalties as follows: 

 

	 	1.	 [***]; 

  

	 	2.	 [***]; and 

  

	 	3.	 [***]. 

  

	 	4.	 [***]. 

  

	 	5.	 [***]. 

  

	IV.	 The Licensee agrees to pay the IC Benchmark royalties within [***] of achieving each
Benchmark: 

  

	 	1.	 One hundred thousand dollars ($100,000.00) upon initiation of the first Licensee-sponsored Phase 1
Clinical Study of a Licensed Product or Licensed Process in Licensed Fields of Use 1-5; 

  

	 	2.	 [***]; 

  

	 	3.	 [***]; 

  
 CONFIDENTIAL 

	 	4.	 [***]; 

  

	 	5.	 [***]; 

  

	 	6.	 [***]; 

  

	 	7.	 [***]; 

  

	 	8.	 [***]; and 

  

	 	9.	 [***]. 

[***] 
  

	V.	 The Licensee agrees to pay the IC the following sublicense royalties on Sublicense Revenue
received for granting each sublicense within [***] of the execution of each sublicense: 

  

	 	1.	 [***]. 

  

	 	2.	 [***]. 

  

	 	3.	 [***]. 

  

	 	4.	 [***]. 

  

	 	5.	 [***]. 

  

	VI.	 As of May 10, 2019, the estimated amount of the royalty due under Paragraph 6.8 is forty-five thousand
seven hundred eleven dollars ($45,711.00). This is only a good faith estimate and Licensee will be responsible for reimbursement of all unreimbursed expenses as stipulated in Paragraph 6.8. 

 

	VII.	 Subject to Paragraph 14.4 of this Agreement, for each Additional T Cell Receptor added by written
amendment, the non-creditable, non-refundable amendment issue royalty shall be [***] for such Additional T Cell Receptor. In addition, for each Additional T
Cell Receptor added by written amendment, Licensee shall pay the same earned royalty, benchmark royalty and sublicensing royalty rates that are applicable to [***]. 

  
 CONFIDENTIAL 

 APPENDIX D – BENCHMARKS AND PERFORMANCE 

The Licensee agrees to the following Benchmarks for its performance under this Agreement and, within thirty (30) days of achieving a
Benchmark, shall notify the IC that the Benchmark has been achieved. 
  

					
	 Benchmark
	  	 Deadline

	I.	  	[***]	  	[***]
			
	II.	  	[***]	  	[***]
			
	III.	  	[***]	  	[***]
			
	IV.	  	[***]	  	[***]
			
	V.	  	[***]	  	[***]
			
	VI.	  	[***]	  	[***]
			
	VII.	  	[***]	  	[***]

  
 CONFIDENTIAL 

 APPENDIX E – COMMERCIAL DEVELOPMENT PLAN 

[***] 

  
 CONFIDENTIAL 

 APPENDIX F – EXAMPLE ROYALTY REPORT 

[***] 

  
 CONFIDENTIAL 

 APPENDIX G – ROYALTY PAYMENT OPTIONS 

New Payment Options Effective March 2018 

The License Number MUST appear on payments, reports and correspondence. 

[*** 3 PAGES OMITTED ***] 

  
 CONFIDENTIAL

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