Document:

EX-10.3

 Exhibit 10.3 

[***] Certain information in this document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such excluded information is not
material and is the type that the registrant customarily and actually treats as private and confidential. 
 VOTING AGREEMENT 

This VOTING AGREEMENT (hereinafter referred to as this “Agreement”), is entered into as of October 1, 2021, by and among
Louis Reese, Blackfoot Healthcare Ventures LLC, a Delaware limited liability company and United Biomedical, Inc., a Delaware corporation, (each, a “Stockholder” and, collectively, the “Stockholders”; subject to
adjustment as set forth in Sections 2(a) and 2(c)(i) below) and Mei Mei Hu (the “Grantee”; subject to adjustment as set forth in Section 2(c)(i) below). 

RECITALS 
 WHEREAS each
Stockholder is a stockholder of Vaxxinity, Inc., a Delaware corporation (the “Company”); and 
 WHEREAS on August 6,
2021, the Company submitted to the U.S. Securities and Exchange Commission (the “SEC”) under the Securities Act of 1933, as amended, a draft registration statement on Form S-1 relating to the
initial public offering (the “IPO”) of the Company, as amended by an amendment to the draft registration statement submitted to the SEC on September 16, 2021; 

WHEREAS each of the Stockholders and the Grantee desires to enter into this Agreement to set forth certain matters with respect to certain
shares of capital stock of the Company held or owned, directly or indirectly, by each of the Stockholders. 
 NOW, THEREFORE, in
consideration of the premises and of the covenants and obligations contained herein, the parties hereto agree as follows: 
 1. Definitions. Unless
the context otherwise requires, for the purposes of this Agreement, the following terms shall have the meanings specified below. 
 (a)
“13D Group” means any group of persons formed for the purpose of acquiring, holding, voting or disposing of voting securities of the Company (or any securities convertible, exchangeable for or otherwise exercisable to acquire such
voting securities) which would be required under Section 13(d) of the Exchange Act, and the rules and regulations promulgated thereunder, to file a statement on Schedule 13D or Schedule 13G with the SEC as a “person” within the
meaning of Section 13(d) (3) of the Exchange Act if such group beneficially owned (within the meaning set forth in Rule 13d-3 or Rule 13d-5(b)(i) of the rules
and regulations promulgated under the Exchange Act) voting securities of the Company representing more than 5% of any class of voting securities of the Company then outstanding. 

(b) “Actively Engaged,” with respect to Grantee on any date of determination, means (i) Grantee is then a Director and
(ii) Grantee has not sold, or otherwise disposed for pecuniary gain, shares of the Company’s Class B Common Stock in excess of the Threshold Amount. 

(c) “Affiliate” means (i) with respect to any Person (including a natural person), any other Person that, directly or
indirectly, controls, is controlled by, or is under common control with, such Person; (ii) with respect to any Person (other than a natural person), any other Person directly or indirectly owning or controlling ten percent (10%) or more of any
class of equity interests of such Person; (iii) with respect to any Person (other than a natural person), any officer, director, general partner or trustee of such Person; and (iv) with respect to any Person that is a natural Person,
(x) the parents, siblings, spouse, former spouse and children (including stepchildren and those by adoption) of such Person and any other Person who lives in such Person’s household; (y) the parents, siblings, spouse, or children
(including stepchildren and those by adoption) of any of the foregoing described in clause (x); and (z) any trust or other entity whose primary beneficiary or beneficial owner is such Person or any Person described in clause (x) or (y).

 (d) “CEO” means the Chief Executive Officer of the Company. 

(e) “Disabled” means, with respect to a Person, a court of competent jurisdiction has determined in a final non-appealable order that such Person is permanently and totally disabled and unable to engage in any substantial gainful activity by reason of a medically determinable physical or mental impairment that can be
expected to result in death within 12 months, or which has lasted or can be expected to last for a continuous period of not less than 12 months. 

(f) “Director” means a director of the Company. 

(g) “Equity Securities” means (i) any securities of the Company having voting rights, (ii) any equity securities
evidencing an ownership interest in the Company and (iii) any equity securities, warrants, calls, options or other rights, whether vested or unvested, convertible into or exchangeable for, or representing the right to acquire from the Company,
any shares of the foregoing, in the case of each of clauses (i)-(iii), without duplication. 
 (h) “Expiration Date” means
the date that this Agreement terminates pursuant to Section 4. 
 (i) “Exchange Act” means the Securities and Exchange
Act of 1934, as amended. 
 (j) “Grantee Replacement Date” means the earliest of (i) the date of the death of
Ms. Hu, (ii) the date on which Ms. Hu is determined to be Disabled and (iii) the date that is six (6) months after the later of (x) the date on which Ms. Hu ceases to be CEO, and (y) the date on which
Ms. Hu ceases to be Actively Engaged; provided that the Grantee Replacement Date shall be the date on which Ms. Hu ceases to be Actively Engaged if (i) Ms. Hu is not then CEO and (ii) Ms. Hu ceases to be Actively
Engaged pursuant to clause (ii) of the definition of Actively Engaged. 
 (k) “Person” means any natural person,
corporation, limited liability company, unlimited liability company, trust, joint venture, association, company, partnership or other entity. 

(l) “Subject Shares” means, with respect to a Person, any Equity Securities entitled to vote on a matter submitted to a vote
of the stockholders of the Company or action by written consent by the stockholders of the Company that are held or owned, directly or indirectly, by such Person. 

(m) “Threshold Amount” means 65% of the shares of Class B capital stock of the Company held by Ms. Hu as of the
date of this Agreement (subject to equitable adjustments in the event of any stock split, stock dividend, stock conversion, recapitalization, reorganization or the like occurring after the date hereof). 

2. Proxy Appointment. 
 (a) On the date hereof,
each of the parties hereto (other than the applicable grantee) shall enter into a proxy and power of attorney substantially in the form included in Exhibit A hereto with respect to its Subject Shares and shall enter into a proxy and power of
attorney substantially in the form included in Exhibit B hereto with respect to its Subject Shares. If, after the date hereof, an Affiliate of a Stockholder or Grantee becomes the owner of or otherwise acquires, directly or indirectly, any Subject
Shares of a Stockholder or Grantee, such Stockholder or Grantee, as applicable, shall, prior to, or 

  
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substantially concurrently with, any transaction giving rise to any such ownership or acquisition, cause such Affiliate to (i) execute and deliver to the Grantee a Joinder Agreement to this
Agreement substantially in the form included in Exhibit C hereto (unless such Affiliate is already a Stockholder bound by the terms of this Agreement), (ii) execute and deliver to Ms. Hu a proxy and power of attorney substantially in the form
included in Exhibit A hereto (unless (x) such Affiliate is at such time already bound by a proxy and power of attorney substantially in the form included in Exhibit A hereto or (y) such time occurs after the Grantee Replacement Date) and
(iii) execute and deliver to Louis Reese a proxy and power of attorney substantially in the form included in Exhibit B hereto (unless (x) such Affiliate is at such time already bound by a proxy and power of attorney substantially in the
form included in Exhibit B hereto or (y) at such time Louis Reese is deceased or has been determined to be Disabled). For the avoidance of doubt, this Agreement does not restrict the ability of a Stockholder or Grantee to transfer any Equity
Securities that it holds or owns, directly or indirectly, subject to complying with the Joinder Agreement and proxy and power of attorney requirements in this Section 2(a) if transferring to an Affiliate of a Stockholder or Grantee. 

(b) Each Stockholder agrees that, with respect to a given matter subject to a vote of the stockholders of the Company or action by written
consent by the stockholders of the Company, unless Grantee provides explicit written notice to such Stockholder that it may vote its Subject Shares as desired by such Stockholder and without limitation to each proxy and power of attorney delivered
hereunder, such Stockholder shall not vote any of its Subject Shares (in person, by proxy or by action by written consent, as applicable) on any matters; it being the intention and agreement of the parties that, except in the case of explicit
written notice by the Grantee as provided above, the Grantee shall have the exclusive right to vote the Subject Shares of the Stockholders in the Grantee’s sole discretion on all matters submitted to a vote of stockholders of the Company during
the term of this Agreement. 
 (c) On the Grantee Replacement Date: 

 

	 	(i)	 Mr. Reese shall replace Ms. Hu as the “Grantee” for the purposes of this Agreement
(and references to “Grantee” herein shall thereafter refer to Mr. Reese rather than Ms. Hu); and Ms. Hu shall replace Mr. Reese as a “Stockholder” for the purposes of this Agreement (and references to a
“Stockholder” or “Stockholders” herein shall thereafter include Ms. Hu and not include Mr. Reese); and 

  

	 	(ii)	 the proxy and power of attorney theretofore granted to Ms. Hu for the purposes of this Agreement by each
Stockholder shall automatically be canceled and revoked. 

 (d) Each Stockholder hereby revokes and cancels any and all
proxies in respect of its Subject Shares that exist (or may exist) as of immediately prior to such Stockholder becoming a party to this Agreement (other than, for the avoidance of doubt, any such proxy granted pursuant to the explicit terms of this
Agreement). 
 3. Covenants and Agreements. 

(a) Other Arrangements. During the term of this Agreement each Stockholder will not, without Grantee’s written consent: 

 

	 	(i)	 offer, seek or propose to acquire or cause to be acquired, any ownership of any assets or business of the
Company or any of its subsidiaries, or seek to propose or propose, whether alone or in concert with other persons, any tender offer, exchange offer, merger, business combination, restructuring, liquidation, recapitalization or similar transaction
involving the Company or any of its subsidiaries; 

  
 3 

	 	(ii)	 make, or in any way participate in, any “solicitation” of “proxies” (as such terms are
defined in Rule 14a-1 under the Exchange Act) with respect to the voting of any securities of the Company or any of its subsidiaries or seek to advise or influence other stockholders the Company with regard to
the voting of their securities of the Company; 

  

	 	(iii)	 form, join, or in any way become a member of a 13D Group with respect to any voting securities of the Company
or any of its subsidiaries (other than a 13D Group that may exist solely as a result of this Agreement and the transactions contemplated hereby); 

  

	 	(iv)	 nominate any person as a director of the Company who is not nominated by the then incumbent directors, propose
any matter to be voted upon by the stockholders of the Company or initiate or vote in favor of a call for a special meeting of stockholders of the Company; or 

 

	 	(v)	 publicly announce or disclose any intention, plan or arrangement inconsistent with the foregoing.

 (b) Grantee’s Liability. In voting the Subject Shares, Grantee shall not be liable for any error of
judgment nor for any act done or omitted, nor for any mistake of fact or law nor for anything which Grantee may do or refrain from doing, nor shall Grantee have any accountability hereunder, in each case to the fullest extent permissible by law.
Furthermore, upon any judicial or other inquiry or investigation of or concerning Grantee’s acts pursuant to the Grantee’s rights and powers as Grantee, such acts shall be deemed reasonable and in the best interests of Stockholders to the
fullest extent permissible by law. 
 (c) Powers of Grantee. During the term of this Agreement, Grantee shall have the power to act
alone and with full power of substitution and to execute all appropriate instruments consistent with and in furtherance of this Agreement on behalf of each Stockholder. 

(d) Consideration. In connection with this Agreement and as partial consideration for the obligations of Stockholders hereunder, each
of Ms. Hu and Mr. Reese shall pay (by check, cash or other valid consideration) to each other party to this Agreement as of the date hereof the sum of U.S. $100 in the aggregate. 

4. Termination. This Agreement, and all rights and obligations of the parties hereunder, shall terminate and shall have no further force or effect as
of the earliest to occur of: 
 (a) the liquidation, dissolution or winding up of the business operations of the Company; 

(b) the execution by the Company of a general assignment for the benefit of creditors or the appointment of a receiver or trustee to take
possession of the property and assets of the Company; 
 (c) any determination by the Grantee (in the Grantee’s sole discretion) to
terminate this Agreement, provided a written notice of termination is delivered by the Grantee to each Stockholder at least 30 days in advance of the termination effective date selected by the Grantee and set forth therein; or 

  
 4 

 (d) on the Grantee Replacement Date, if as of such date, Mr. Reese (i) is
deceased, (ii) has been determined to be Disabled or (iii) is not a Director. 
 (e) after the Grantee Replacement Date, the
earliest to occur of (i) the date of the death of Mr. Reese, (ii) the date on which Mr. Reese is determined to be Disabled and (iii) the date on which Mr. Reese ceases to be a Director. 

5. Miscellaneous and General. 
 (a)
Amendments; Waivers; Etc. This Agreement may not be amended, changed, supplemented, waived or otherwise modified, except upon the execution and delivery of a written agreement executed by Grantee and each of the Stockholders; provided,
however, that a Grantee and any Stockholder may amend, change, supplement, waive or modify this Agreement solely with respect to such Stockholder. No failure or delay by any party in exercising any right, power or privilege hereunder shall
operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not
exclusive of any rights or remedies provided by applicable law. To the extent this Agreement is amended, supplemented, waived or otherwise modified, a copy of the Agreement, as amended, will be provided promptly to the Company. 

(b) Counterparts; Effectiveness. This Agreement may be executed in any number of counterparts (including by facsimile or by attachment
to electronic mail in portable document format (PDF)), with each such counterpart being deemed to be an original instrument, and all such counterparts shall together constitute the same agreement, and shall become effective when one or more
counterparts have been signed by each of the parties hereto and delivered to the other parties hereto. 
 (c) Governing Law and Venue;
Waiver of Jury Trial. 
  

	 	(i)	 THIS AGREEMENT SHALL BE INTERPRETED, CONSTRUED AND GOVERNED BY AND IN ACCORDANCE WITH THE LAWS OF THE STATE OF
DELAWARE, AND ANY CLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE GOVERNED BY THE LAWS OF THE STATE OF DELAWARE, IN EACH CASE WITHOUT REGARD TO ANY CONFLICT OF LAW PRINCIPLES THEREOF THAT
OTHERWISE WOULD RESULT IN THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION. In any action or proceeding between the parties arising out of or relating to this Agreement, each of the parties hereby (A) irrevocably and unconditionally consents
and submits to the exclusive jurisdiction and venue of the Court of Chancery of the State of Delaware in and for New Castle County, Delaware; (B) agrees that it will not attempt to deny or defeat such jurisdiction by motion or other request for
leave from such court; and (C) agrees that it will not bring any such action in any court other than the Court of Chancery of the State of Delaware in and for New Castle County, Delaware, or, if (and only if) such court finds it lacks subject
matter jurisdiction, the Federal court of the United States of America sitting in Delaware, and appellate courts thereof. Service of process, summons, notice or document to any party’s address and in the manner set forth in Section 5(d)
shall be effective service of process for any such action. 

  
 5 

	 	(ii)	 EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO
INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO
THIS AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE
FOREGOING WAIVER, (B) EACH SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) EACH SUCH PARTY MAKES THIS WAIVER VOLUNTARILY AND (D) EACH SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG
OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 5(C). 

 (d) Notices. Notices, requests,
instructions or other documents to be given under this Agreement shall be in writing and shall be deemed given, (i) on the date sent by e-mail of a PDF document if sent during normal business hours, and
on the next business day if sent after normal business hours, (ii) when delivered, if delivered personally to the intended recipient and (iii) one business day later, if sent by overnight delivery via a national courier service (providing
proof of delivery), and in each case, addressed to a party at the following address for such party: 
 if to Mr. Reese: 

Louis Reese 
 c/o Vaxxinity, Inc.

 1717 Main Street, Suite 3388 

Dallas, TX 75201 

Email:    [***] 

              legal@vaxxinity.com 

if to Blackfoot Healthcare Ventures LLC: 

Blackfoot Healthcare Ventures LLC 

c/o Vaxxinity, Inc. 
 1717 Main
Street, Suite 3388 
 Dallas, TX 75201 

Email:    [***] 

              [***] 

              legal@vaxxinity.com 

if to United Biomedical, Inc.: 

United Biomedical, Inc. 
 25
Davids Drive 
 Hauppauge, NY 11788 

Email:    [***] 

  
 6 

 and 

if to Ms. Hu: 
 Mei Mei Hu

 c/o Vaxxinity, Inc. 
 1717
Main Street, Suite 3388 
 Dallas, TX 75201 

Email:    [***] 

               legal@vaxxinity.com 

in each case, with a copy (which shall not constitute notice) to: 

Cravath, Swaine & Moore LLP 

Worldwide Plaza 
 825 Eighth
Avenue 
 New York, NY 10019 

Attention: Joseph D. Zavaglia 

                 Nicholas A. Dorsey 

Email:    jzavaglia@cravath.com 

              ndorsey@cravath.com 

or to such other persons or addresses as may be designated in writing by the party to receive such notice as provided above. 

(e) Entire Agreement. This Agreement, together with the corresponding proxies and powers of attorney and Joinder Agreements
contemplated herein, constitutes the entire agreement, and supersedes all other prior agreements, understandings, representations and warranties both written and oral, among the parties hereto, with respect to the subject matter hereof. 

(f) No Third-Party Beneficiaries. This Agreement is not intended to, and does not, confer upon any Person other than the parties hereto
any rights or remedies hereunder. 
 (g) Severability. The provisions of this Agreement shall be deemed severable and the invalidity
or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. If any provision of this Agreement, or the application thereof to any Person or any circumstance, is invalid or unenforceable,
(i) a suitable and equitable provision negotiated in good faith by the parties hereto shall be substituted therefor in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision
and (ii) the remainder of this Agreement and the application of such provision to other Persons or circumstances shall not, subject to clause (i) above, be affected by such invalidity or unenforceability, except as a result of such
substitution, nor shall such invalidity or unenforceability affect the validity or enforceability of such provision, or the application thereof, in any other jurisdiction. 

(h) Absence of Presumption. The parties hereto have participated jointly and were adequately represented by counsel in the arm’s-length negotiation and drafting of this Agreement and, in the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by such parties and
no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement. 

  
 7 

 (i) Assignment. This Agreement shall not be assignable by operation of law or
otherwise. Any assignment shall be null and void. 
 (j) Specific Performance. The parties hereto acknowledge and agree that
irreparable damage would occur and that the parties would not have any adequate remedy at law if any provision of this Agreement were not performed in accordance with its specific terms or were otherwise breached, and that monetary damages, even if
available, would not be an adequate remedy therefor. It is accordingly agreed that each party hereto shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the performance of the terms and
provisions hereof, without proof of actual damages (and each party hereby waives any requirement for the security or posting of any bond in connection with such remedy), this being in addition to any other remedy to which such party is entitled at
law or in equity. The parties further agree not to assert that a remedy of specific enforcement is an unenforceable, invalid, contrary to applicable law or inequitable remedy for any reason, and not to assert that a remedy of monetary damages would
provide an adequate remedy for any such breach or that any party hereto otherwise has an adequate remedy at law. 
 (k) Valid and Binding
Agreement. The parties hereto acknowledge and agree that this Agreement is a valid and binding agreement, enforceable against each of the parties in accordance with its terms; that each party has been advised by counsel in the negotiation,
execution and delivery of this Agreement; that no party will, directly or indirectly, contest the validity or enforceability of this Agreement on any grounds, including as being against public policy, as having been improperly induced or otherwise,
whether by the initiation of any legal proceeding for such purpose or the intervention, participation or attempted intervention or participation in any manner in any other legal proceeding initiated by another person or otherwise; and that no party
shall take, or cause any of its Affiliates to take, any position or action contrary to the intent of this Agreement. 
 (l) Further
Assurances. Each party hereto shall do and perform, or cause to be done and performed, such further reasonable acts, including in coordination with the Company, as may be reasonably necessary in order to carry out the intent and accomplish the
purposes of this Agreement. 
 (m) Fiduciary Duties Exclusion. Notwithstanding anything to the contrary, nothing in this Agreement
shall limit or restrict any party from discharging its fiduciary duty, if any, or require any action that would violate any applicable law or regulation, and nothing herein shall be interpreted to the contrary (it being understood that this
Agreement shall apply to each Stockholder solely in such Stockholder’s capacity as a holder of voting securities of the Company). 

[Remainder of page intentionally left blank] 

  
 8 

 IN WITNESS WHEREOF, the undersigned have executed and caused to be effective this Agreement
as of the date first written above. 
  

			
	 STOCKHOLDERS
  

Louis Reese

		
	 By:
	 	 /s/ Louis Reese

		 	

  

			
	Blackfoot Healthcare Ventures LLC
		
		 	 /s/ Louis Reese

		 	 Name: Louis Reese

		 	 Title: Manager/Executive Chair

  

			
	United Biomedical, Inc.
		
		 	 /s/ Joop F. Sistermans

		 	 Name: Joop F. Sistermans

		 	 Title: Director

 Accepted and Agreed: 
  

			
	GRANTEE
	
	Mei Mei Hu
		
	By:	 	/s/ Mei Mei Hu

 [Signature Page to Voting Agreement] 

 EXHIBIT A 

PROXY AND POWER OF ATTORNEY 

This Proxy and Power of Attorney (this “Proxy”) is executed by the undersigned (the “Grantor”) pursuant to
the terms of that certain Voting Agreement dated as of October 1, 2021, by and among Mei Mei Hu, Louis Reese, Blackfoot Healthcare Ventures LLC and United Biomedical, Inc. (as amended or modified from time to time, the
“Agreement”). Capitalized terms used but not defined herein shall have the respective meanings ascribed to such terms in the Agreement. By the execution of this Proxy, the Grantor agrees as follows: 

 

	 	(a)	 the Grantor hereby constitutes and appoints Mei Mei Hu, with full power of substitution and re-substitution, to be its true and lawful proxy and attorney to vote (including a vote of “withhold” or “abstain” that may not constitute a “vote” under the applicable voting standard
required to approve a matter or elect a director nominee at a meeting of the stockholders of the Company), or to deliver consent or not deliver consent with respect to, all of the Grantor’s Subject Shares that are now or hereafter may be owned
by the Grantor in Ms. Hu’s sole discretion on all matters submitted to a vote of stockholders of the Company at a meeting of stockholders or through the solicitation of a written consent (whether of any individual class of stock or of
multiple classes of stock), and to take any other action reasonably necessary to effect the foregoing; and 

  

	 	(b)	 the proxy and power of attorney granted by clause (a) is coupled with an interest and shall be irrevocable
as to the Subject Shares of the Grantor until the earliest of (i) the date that this Proxy is automatically canceled and revoked pursuant to Section 2(c)(ii) of the Agreement, (ii) the date that the Agreement terminates pursuant to
Section 4 thereof and (iii) such time as the Grantor has transferred all such Subject Shares to one or more of the following Persons: (x) a Person that is not required to execute and deliver a proxy and power of attorney pursuant to
Section 2 of the Agreement and/or (y) a Person required to so execute and deliver one or more proxies and powers of attorney that has executed and delivered all such proxies and powers of attorney in accordance with the terms of the
Agreement, and upon such earliest date under this clause (b) the proxy and power of attorney granted by clause (a) above shall be automatically revoked without further action by any Person. The proxy and power of attorney granted by clause
(a) above may be voted and acted upon until the date it is automatically revoked as set forth in this clause (b) above notwithstanding that such date may occur after 3 years from the date hereof. 

Any notice required or permitted by this Proxy or the Agreement or the subject matter hereof or thereof shall be given to the Grantor at the
address listed below the Grantor’s signature below. 
 The provisions of Section 5(b), (c), (g), (i), (j), (k) and (l) of the
Agreement are incorporated by reference herein and shall apply, mutatis mutandis, to this Proxy. 
 [Remainder of page
intentionally left blank] 

  
 A-1 

 EXECUTED AND DATED this _____ day of ______________, 20__. 

 

			
	[GRANTOR]:

 
			
		
	 By:
	 	 

 
			
	        	 	 Name:

		 	 Title:

		 	

 
			
	Address:	 	
		 	
	Email:	 	

 Accepted and Agreed: 
  

			
	MEI MEI HU
		
	By:	 	 
		 	

  
 A-2 

 EXHIBIT B 

PROXY AND POWER OF ATTORNEY 

This Proxy and Power of Attorney (this “Proxy”) is executed by the undersigned (the “Grantor”) pursuant to
the terms of that certain Voting Agreement dated as of October 1, 2021, by and among Louis Reese, Mei Mei Hu, Blackfoot Healthcare Ventures LLC and United Biomedical, Inc. (as amended or modified from time to time, the
“Agreement”). Capitalized terms used but not defined herein shall have the respective meanings ascribed to such terms in the Agreement. By the execution of this Proxy, the Grantor agrees as follows: 

 

	 	(a)	 the Grantor hereby constitutes and appoints, effective as of, and subject to the occurrence of, the Grantee
Replacement Date (as such term is defined in the Agreement), Louis Reese, with full power of substitution and re-substitution, to be its true and lawful proxy and attorney to vote (including a vote of
“withhold” or “abstain” that may not constitute a “vote” under the applicable voting standard required to approve a matter or elect a director nominee at a meeting of the stockholders of the Company), or to deliver
consent or not deliver consent with respect to, all of the Grantor’s Subject Shares that are now or hereafter may be owned by the Grantor in Louis Reese’s sole discretion on all matters submitted to a vote of stockholders of the Company on
or after the Grantee Replacement Date at a meeting of stockholders or through the solicitation of a written consent (whether of any individual class of stock or of multiple classes of stock), and to take any other action reasonably necessary to
effect the foregoing; and 

  

	 	(b)	 the proxy and power of attorney granted by clause (a) is coupled with an interest and shall be irrevocable
as to the Subject Shares of the Grantor until the earlier of (i) the date that the Agreement terminates pursuant to Section 4 thereof and (ii) such time as the Grantor has transferred all such Subject Shares to one or more of the
following Persons: (x) a Person that is not required to execute and deliver a proxy and power of attorney pursuant to Section 2 of the Agreement and/or (y) a Person required to so execute and deliver one or more proxies and powers of
attorney that has executed and delivered all such proxies and powers of attorney in accordance with the terms of the Agreement, and upon such earlier date under this clause (b) the proxy and power of attorney granted by clause (a) above
shall be automatically revoked without further action by any Person. The proxy and power of attorney granted by clause (a) above may, once effective, be voted and acted upon until the date it is automatically revoked as set forth in this clause
(b) above notwithstanding that such date may occur after 3 years from the date hereof. 

 Any notice required or
permitted by this Proxy or the Agreement or the subject matter hereof or thereof shall be given to the Grantor at the address listed below the Grantor’s signature below. 

The provisions of Section 5(b), (c), (g), (i), (j), (k) and (l) of the Agreement are incorporated by reference herein and shall
apply, mutatis mutandis, to this Proxy. 
 [Remainder of page intentionally left blank] 

  
 B-1 

 EXECUTED AND DATED this _____ day of ______________, 20__. 

 

			
	[GRANTOR]:

 
			
		
	 By:
	 	 

 
			
	      	 	 Name:

		 	 Title:

		 	

 
			
	 Address:
	 	
		 	
	 Email:
	 	

 Accepted and Agreed: 
  

			
	LOUIS REESE
		
	 By:
	 	 
		 	

  
 B-2 

 EXHIBIT C 

JOINDER AGREEMENT 

This Joinder Agreement to the Voting Agreement, dated as of October 1, 2021 (the “Agreement”), between the Stockholders
and the Grantee, is executed and delivered by [        ] (the “Joining Party”) as of [        ]. Each capitalized term used herein but not otherwise
defined shall have the meaning set forth in the Agreement. 
 1. Agreement to be Bound. The Joining Party hereby agrees to be bound
by all of the terms of the Agreement, a copy of which is attached to this Joinder Agreement as Annex I, with the same force and effect as a direct party thereto. From and after the date of this Joinder Agreement, the Joining Party shall be a
“Stockholder” for all purposes under the Agreement. 
 2. Governing Law. THIS JOINDER AGREEMENT SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, AND ANY CLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE GOVERNED BY THE LAWS OF THE STATE OF DELAWARE, IN EACH CASE WITHOUT
REGARD TO ANY CONFLICT OF LAW PRINCIPLES THEREOF THAT OTHERWISE WOULD RESULT IN THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION. In any action or proceeding between the parties arising out of or relating to this Joinder Agreement or the
Agreement, each of the parties hereby (A) irrevocably and unconditionally consents and submits to the exclusive jurisdiction and venue of the Court of Chancery of the State of Delaware in and for New Castle County, Delaware; (B) agrees
that it will not attempt to deny or defeat such jurisdiction by motion or other request for leave from such court; and (C) agrees that it will not bring any such action in any court other than the Court of Chancery of the State of Delaware in
and for New Castle County, Delaware, or, if (and only if) such court finds it lacks subject matter jurisdiction, the Federal court of the United States of America sitting in Delaware, and appellate courts thereof. 

[Remainder of page intentionally left blank] 

  
 C-1 

 EXECUTED AND DATED this _____ day of ______________, 20__. 

 

			
	[JOINING PARTY]:

 
			
		
	By:	 	 

 
			
	      	 	 Name:

		 	 Title:

		 	

 
			
	 Address:
	 	
		 	
	 Email:
	 	

 Accepted and Agreed: 
  

			
	 GRANTEE

 

			
	 By:
	 	 

			
		 	

  
 C-2 

 ANNEX I 

Agreement 

  
 C-3EX-10.4

 Exhibit 10.4 

[***] Certain information in this document has been excluded pursuant to Regulation S-K, Item 601(b)(10). Such
excluded information is not material and is the type that the registrant customarily and actually treats as private and confidential. 

PLATFORM LICENSE AGREEMENT 

Dated as of August 5, 2021 

 TABLE OF CONTENTS 

 

							
	 ARTICLE I Definitions and Construction
	  	 	1	 
			
	 Section 1.1
	 	Definitions	  	 	1	 
	 Section 1.2
	 	Construction	  	 	6	 
	 ARTICLE II Right of Use
	  	 	6	 
			
	 Section 2.1
	 	Licenses under Contributed Assets; Regulatory Documentation	  	 	6	 
	 Section 2.2
	 	Sublicensing	  	 	7	 
	 Section 2.3
	 	Non-Disposal of IP	  	 	7	 
	 Section 2.4
	 	Licensing Restrictions	  	 	7	 
	 Section 2.5
	 	No Implied Licenses	  	 	7	 
	 Section 2.6
	 	Non-Compete	  	 	7	 
	 Section 2.7
	 	Procurement	  	 	7	 
	 Section 2.8
	 	Consideration	  	 	8	 
	 Section 2.9
	 	Withholding	  	 	8	 
	 Section 2.10
	 	Tax Treatment	  	 	8	 
	 ARTICLE III Representations and Warranties of Licensors
	  	 	8	 
			
	 Section 3.1
	 	Organization and Authority of UBI; Enforceability	  	 	8	 
	 Section 3.2
	 	Organization and Authority of IP Holdings; Enforceability	  	 	9	 
	 Section 3.3
	 	Organization and Authority of US Holdings; Enforceability	  	 	9	 
	 Section 3.4
	 	No Conflicts; Consents	  	 	9	 
	 Section 3.5
	 	Legal Proceedings	  	 	10	 
	 Section 3.6
	 	No Broker	  	 	10	 
	 Section 3.7
	 	Existing Assets	  	 	10	 
	 Section 3.8
	 	Exclusivity of Representations	  	 	11	 
	 ARTICLE IV Representations and Warranties of Licensee
	  	 	12	 
			
	 Section 4.1
	 	Organization and Authority of Licensee; Enforceability	  	 	12	 
	 Section 4.2
	 	No Conflicts; Consents	  	 	12	 
	 Section 4.3
	 	Legal Proceedings	  	 	12	 
	 Section 4.4
	 	No Broker	  	 	12	 
	 Section 4.5
	 	Exclusivity of Representations	  	 	12	 
	 ARTICLE V Covenants of the Parties
	  	 	13	 
			
	 Section 5.1
	 	Public Announcements	  	 	13	 
	 Section 5.2
	 	Confidentiality.	  	 	13	 
	 Section 5.3
	 	Regulatory Documentation and Know-How	  	 	14	 
	 Section 5.4
	 	Further Assurances	  	 	15	 

  
 i 

							
	 ARTICLE VI Indemnification
	  	 	15	 
			
	 Section 6.1
	 	Indemnification by Licensors	  	 	15	 
	 Section 6.2
	 	Indemnification by Licensee	  	 	15	 
	 Section 6.3
	 	Indemnification Procedures	  	 	16	 
	 Section 6.4
	 	Limitations	  	 	16	 
	 ARTICLE VII Patent Expenses and Prosecution of Contributed Patents;
Enforcement
	  	 	16	 
			
	 Section 7.1
	 	Direction of Prosecution	  	 	16	 
	 Section 7.2
	 	Abandonment of Rights	  	 	17	 
	 Section 7.3
	 	Enforcement	  	 	17	 
	 ARTICLE VIII Miscellaneous
	  	 	17	 
			
	 Section 8.1
	 	Term	  	 	17	 
	 Section 8.2
	 	Notices	  	 	17	 
	 Section 8.3
	 	Entire Agreement	  	 	18	 
	 Section 8.4
	 	Severability	  	 	18	 
	 Section 8.5
	 	Amendment; Waiver	  	 	19	 
	 Section 8.6
	 	Assignment	  	 	19	 
	 Section 8.7
	 	No Third-Party Beneficiaries	  	 	19	 
	 Section 8.8
	 	Governing Law	  	 	19	 
	 Section 8.9
	 	Export Control	  	 	19	 
	 Section 8.10 
	 	Rights in Bankruptcy	  	 	20	 
	 Section 8.11 
	 	Counterparts	  	 	20	 

  

			
	EXHIBITS	  	
		
	Exhibit A	  	Contributed Patents
	Exhibit B	  	CpG Patents
	Exhibit C	  	UBITh Patents

  
 ii 

 PLATFORM LICENSE AGREEMENT 

This Platform License Agreement (this “Agreement”), dated as of August 5, 2021 (the “Effective
Date”), is entered into between the following parties: 
  

	 	(a)	 United Biomedical, Inc., a company incorporated under the laws of Delaware (“UBI”), UBI
IP Holdings, a company incorporated under the laws of the Cayman Islands (“IP Holdings”), and UBI US Holdings, LLC, a limited liability company formed under the laws of Delaware (“US Holdings”) (collectively, UBI,
IP Holdings and US Holdings are “Licensors”); and 

  

	 	(b)	 Vaxxinity, Inc., a company incorporated under the laws of Delaware
(“Licensee”).  

 Licensors and Licensee are sometimes referred to individually as a
“Party”, and collectively as the “Parties”. 
 RECITALS 

WHEREAS, Licensors have developed, are developing and will continue to develop technologies related to vaccine candidates targeting
various diseases and intellectual property rights related thereto; 
 WHEREAS, Licensors wish to grant to Licensee, and Licensee
wishes to accept from Licensors, an exclusive license under the rights of Licensors and their Affiliates to the Contributed Assets (as defined herein) in the Field (as defined herein), subject to the terms and conditions set forth herein; 

NOW, THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: 
 ARTICLE I 

Definitions and Construction 

Section 1.1 Definitions. As used in this Agreement, the following defined terms have the following meanings

 (a) “Action” has the meaning set forth in Section 3.5. 

(b) “Affiliate” means, with respect to any Person, any Person which directly or indirectly controls, is controlled by, or is
under common control with such Person, for so long as such control continues. For purposes of this definition, “control” (including correlative meanings, the terms “controlled by” “controlling” or “under common
control”) means, as to any Person, (i) beneficial ownership of greater than fifty percent (50%) of the stock, equity or other voting interests of a corporation or other business organization with voting interests, (ii) the ability to otherwise
control or direct the decisions of the board of directors or equivalent 

  
 1 

 
governing body of a Person, or (iii) a greater than fifty percent (50%) interest in the net assets or profits of a partnership or other business organization without voting interests, or in
any country where the local law will not permit foreign equity participation of a majority, ownership or control, directly or indirectly, of the maximum percentage of such outstanding stock or voting rights permitted by local law. For clarity, for
purposes of this Agreement, Licensee and its subsidiaries, on the one hand, will be deemed to not be Affiliates of any of Licensors or their respective Affiliates (other than Licensee and its subsidiaries). 

(c) “Agreement” has the meaning set forth in the first paragraph hereof. 

(d) “Arising Know-How” means all Information owned or otherwise Controlled by
Licensors or any of their Affiliates at any time during the Term, but excluding the Existing Know-How. 

(e) “Arising Patents” means all Patents owned or otherwise Controlled by Licensors or any of their Affiliates at any time
during the Term, but excluding the Existing Patents. 
 (f) “Arising Regulatory Documentation” means all Regulatory
Documentation owned or otherwise Controlled by Licensors or any of their Affiliates at any time during the Term to the extent (but only to the extent) it relates to the making, having made, use, offer for sale, sale, or importation of any Product
for use in the Field, but excluding the Existing Regulatory Documentation. 
 (g) “Arising Related Rights” means, to the
extent they exist, all Inventions, Invention disclosures, and discoveries described in the Arising Patents, that either (i) are included in any claim in the Arising Patents or (ii) are subject matter capable of being reduced to a patent
claim. 
 (h) “Confidential Information” has meaning set forth in Section 5.2(a). 

(i) “Contributed Assets” means (i) the Contributed Patents, (ii) the Related Rights, (iii) the Contributed Know-How, and (iv) the Contributed Regulatory Documentation. 
 (j) “Contributed Know-How” means the Existing Know-How and the Arising Know-How. 

(k) “Contributed Patents” means the Existing Patents and the Arising Patents. 

(l) “Contributed Regulatory Documentation” means the Existing Regulatory Documentation and the Arising Regulatory
Documentation. 
 (m) “Control” means, with respect to any item of Information, Regulatory Documentation, material, Patent,
or other intellectual property right, possession of the right, whether directly or indirectly, and whether by ownership, license or otherwise, to effect a transfer or conveyance of, or to grant a license, sublicense or other right (including the
right to reference Regulatory Documentation) to or under, such Information, Regulatory Documentation, material, Patent, or other intellectual property right as provided for herein, in each case, without (i) violating the terms of any agreement or
other arrangement with any Third Party or (ii) requiring the payment of consideration to or consent of a Third Party. 

  
 2 

 (n) “Disclosing Party” has meaning set forth in Section 5.2(a). 

(o) “Effective Date” has the meaning set forth in the first paragraph hereof. 

(p) “Encumbrance” means any mortgage, lien, license, pledge, security interest or other encumbrance. 

(q) “Exclusive License” has meaning set forth in Section 2.1(a). 

(r) “Existing Assets” means (i) the Existing Patents, (ii) the Existing Related Rights, (iii) the Existing Know-How, and (iv) the Existing Regulatory Documentation. 
 (s) “Existing Know-How” means all Information owned or otherwise Controlled by Licensors or any of their Affiliates as of the Effective Date. 

(t) “Existing Patents” means all Patents owned or otherwise Controlled by Licensors or any of their Affiliates as of the
Effective Date, including the Patents set forth on Exhibit A, Exhibit B and Exhibit C. 
 (u) “Existing
Regulatory Documentation” means all Regulatory Documentation owned or otherwise Controlled by Licensors or any of their Affiliates as of the Effective Date to the extent (but only to the extent) it relates to the making, having made, use,
offer for sale, sale, or importation of any Product for use in the Field. 
 (v) “Existing Related Rights” means, to the
extent they exist, all Inventions, Invention disclosures, and discoveries described in the Existing Patents, that either (A) are included in any claim in the Existing Patents or (B) are subject matter capable of being reduced to a patent
claim. 
 (w) “FDA” means the United States Food and Drug Administration and any successor agency thereto. 

(x) “Field” means all human prophylactic and therapeutic uses. 

(y) “Governmental Entity” means any court, tribunal, arbitrator, authority, agency, commission, official or other
instrumentality of the United States or other country, or any supranational organization, state, county, city or other political subdivision, including any Regulatory Authority. 

(z) “HIV T-Cell Vaccine” means (i) the
T-cell vaccine against human immunodeficiency virus (HIV) being developed by Licensors or (ii) any successor T-cell vaccine against human immunodeficiency virus
(HIV) developed by Licensors at any time during the Term of the Agreement. 

  
 3 

 (aa) “HSV T-Cell Vaccine” means
(i) the T-cell vaccine against herpes simplex virus (HSV) being developed by Licensors or (ii) any successor T-cell vaccine against herpes simplex virus (HSV)
developed by Licensors at any time during the Term of the Agreement. 
 (bb) “Identified Existing Regulatory Documentation”
means all Regulatory Documentation that to Licensors’ Knowledge constitutes Existing Regulatory Documentation. 
 (cc) “IgE
Program” means (i) the Immunoglobulin E (IgE) vaccine against allergic reactions being developed by Licensors or (ii) any successor IgE vaccine against allergic reactions developed by Licensors at any time during the Term of the
Agreement. 
 (dd) “Indemnified Party” and “Indemnifying Party” have the meanings set forth in . 

(ee) “Information” means all technical, scientific, and other know-how and
information, trade secrets, knowledge, technology, means, methods, processes, practices, formulae, instructions, skills, techniques, procedures, experiences, ideas, technical assistance, designs, drawings, assembly procedures, computer programs,
apparatuses, specifications, data, results and other material, including: biological, chemical, pharmacological, toxicological, pharmaceutical, physical and analytical, pre-clinical, clinical, safety,
manufacturing and quality control data and information, including study designs and protocols; assays; and biological methodology; in each case (whether or not confidential, proprietary, patented or patentable) in written, electronic or any other
form now known or hereafter developed. 
 (ff) “Invention” means any discovery, improvement, process, formula, data,
invention, know-how, trade secret, procedure, device, or other intellectual property, whether or not patentable, including any enhancement in the manufacture, formulation, ingredients, preparation,
presentation, means of delivery, dosage or packaging of a compound or product or any discovery or development of a new indication or use for a compound or product. 

(gg) “IP Holdings” has the meaning set forth in the first paragraph hereof. 

(hh) “Knowledge” means, with respect to a Party, the actual or constructive knowledge of any executive officer of such Party,
without any obligation to conduct any inquiry. 
 (ii) “Law” means any national, federal, state, provincial, departmental,
or local law, statute or ordinance, or any rule, regulation, or published guidelines or pronouncements having the effect of law promulgated by any Governmental Entity, as applicable in the relevant jurisdiction. 

(jj) “Licensee” has the meaning set forth in the first paragraph hereof. 

(kk) “Losses” has the meaning set forth in Section 6.1. 

(ll) “Non-Exclusive License” has meaning set forth in Section 2.1(c). 

(mm) “Party” and “Parties” has the meaning set forth in the first paragraph hereof. 

  
 4 

 (nn) “Patents” means all national, regional and international patents and
patent applications. 
 (oo) “Person” means any natural person, corporation, general partnership, limited partnership,
limited liability company, proprietorship, business organization, trust, union, association, or other entity, including any Governmental Entity. 

(pp) “Products” means any peptide-based vaccine or biotherapeutic, except for such vaccines or biotherapeutic related to the
IgE Program, HIV T-Cell Vaccine and HSV T-Cell Vaccine.  

(qq) “Receiving Party” has meaning set forth in Section 5.2(a). 

(rr) “Related Rights” means the Existing Related Rights and the Arising Related Rights. 

(ss) “Regulatory Authority” means any supra-national, national, federal, regional, state, provincial, departmental, or local
regulatory agency, department, bureau, commission, council or entity regulating or otherwise exercising authority of any kind or nature with respect to the discovery, development, manufacture, marketing, distribution or sale of pharmaceutical
products or intermediates or components thereof (including the pricing thereof), including the FDA. 
 (tt) “Regulatory
Documentation” means all applications (including Investigational New Drug applications and New Drug Applications and their foreign equivalents), filings, submissions, registrations, licenses, authorizations, approvals (including regulatory
marketing approvals), correspondence and reports submitted to or received from Regulatory Authorities and all supporting documents with respect thereto, regulatory drug lists, product labeling, promotional materials, adverse event files, compliance
files, and clinical data contained or relied upon in any of the foregoing in respect of pharmaceutical products. 
 (uu)
“Representatives” means, with respect to a Party, such Party’s officers, employees, agents, attorneys, consultants, advisors and other representatives. 

(vv) “Sole License” has meaning set forth in Section 2.1(b). 

(ww) “UBI” has the meaning set forth in the first paragraph hereof. 

(xx) “US Holdings” has the meaning set forth in the first paragraph hereof. 

(yy) “Term” has meaning set forth in Section 8.1. 

(zz) “Third Party” means any Person other than Licensors, Licensee and their respective Affiliates. 

(aaa) “Warrant” shall mean the warrant to purchase 3,000,000 shares, subject to adjustment in accordance with its terms, of
common stock, par value $0.0001 per share, of Licensee in the form attached hereto as Exhibit D. 

  
 5 

 Section 1.2 Construction. Unless the context of this
Agreement otherwise requires: (a) words of any gender include each other gender; (b) words using the singular or plural number also include the plural or, singular number, respectively; (c) the terms “hereof,”
“herein,” “hereby” and derivative or similar words refer to this entire Agreement; (d) the terms “Article”, “Section”, “clause”, and “Exhibit” refer to the specified Article, Section,
clause, or Exhibit of this Agreement; (e) the term “or” has, except where otherwise indicated, the inclusive meaning represented by the phrase “and/or”; and (f) the terms “including” and “includes”
mean “including without limitation” and “includes without limitation,” respectively. Whenever this Agreement refers to a number of days, such number shall refer to calendar days unless business days are specified. The headings in
this Agreement are for reference only and shall not affect the interpretation of this Agreement. 
 ARTICLE II 

Right of Use 

Section 2.1 Licenses under Contributed Assets; Regulatory Documentation. 

(a) As of the Effective Date, each Licensor, on behalf of itself and each of its Affiliates (other than any other Licensor), shall, and hereby
does, grant to Licensee a worldwide, sublicensable in accordance with Section 2.2, perpetual, exclusive (even as to Licensors), fully paid-up, royalty-free right and license (or sublicense) under the
Existing Patents and the Existing Related Rights to research, develop, make or have made, utilize, import, export, market, distribute, offer for sale, sell or have sold, commercialize and otherwise exploit Products in the Field (such license, the
“Exclusive License”). 
 (b) As of the Effective Date, each Licensor, on behalf of itself and each of its Affiliates (other
than any other Licensor), shall, and hereby does, grant to Licensee a worldwide, sublicensable in accordance with Section 2.2, perpetual, exclusive (except as to Licensors), fully paid-up, royalty-free
right and license (or sublicense) under the Arising Patents and the Arising Related Rights to research, develop, make or have made, utilize, import, export, market, distribute, offer for sale, sell or have sold, commercialize and otherwise exploit
Products in the Field (such license, the “Sole License”). 
 (c) As of the Effective Date, each Licensor, on behalf of
itself and each of its Affiliates (other than any other Licensor), shall, and hereby does, grant to Licensee a worldwide, sublicensable in accordance with Section 2.2, perpetual, non-exclusive, fully paid-up, royalty-free right and license (or sublicense) under the Contributed Know-How to research, develop, make or have made, utilize, import, export, market, distribute,
offer for sale, sell or have sold, commercialize and otherwise exploit Products in the Field (such license, the “Non-Exclusive License”). 

(d) As of the Effective Date, to the extent any such Contributed Regulatory Documentation has not previously been assigned to Licensee in
conjunction with rights at least as broad as those set forth in this Section 2.1(b), each Licensor hereby assigns to Licensee, and Licensee hereby accepts, all of such Licensor’s right, title and interest in and to the Contributed
Regulatory Documentation. 

  
 6 

 Section 2.2 Sublicensing. Licensee shall have the right to
grant sublicenses (or further rights of reference), through multiple tiers of sublicensees, under the licenses and rights of reference granted in Section 2.1 to its Affiliates and Third Parties; provided, that (a) any such sublicenses
shall be consistent with the terms and conditions of this Agreement; and (b) Licensee shall be primarily responsible for any breach by any sublicensee of this Agreement. Licensee shall provide Licensors with a copy of any sublicense it enters
into with a Third Party. For clarity, if Licensee or its Affiliate grants any sublicense under this Section 2.2 that is inconsistent with the terms of this Agreement, such sublicense shall to the extent of any such inconsistency be null and
void and unenforceable against Licensors. 
 Section 2.3 Non-Disposal
of IP. Licensors shall not (and shall not permit or cause any of their Affiliates to) dispose of any of the Contributed Assets unless Licensee’s rights granted pursuant to Section 2.1 are preserved. 

Section 2.4 Licensing Restrictions. From the Effective Date, Licensors shall not (and shall not permit to
cause any of their Affiliates to) grant or enter into any agreement, arrangement or commitment, according to which any Affiliate of Licensors or any Third Party is granted any rights that would derogate from or conflict with the rights and licenses
granted to Licensee pursuant to this ARTICLE II. 
 Section 2.5 No Implied Licenses. All rights in and to
the Contributed Assets not expressly licensed to Licensee under this Agreement are hereby retained by Licensors or their Affiliates. Except as expressly provided in this Agreement, no Party will be deemed by estoppel or implication to have granted
the other Party any licenses or other right with respect to any intellectual property. 
 Section 2.6 Non-Compete. 
 (a) During the Term of the Agreement, each of the Licensors covenants not to, and
covenants not to permit or cause any of its Affiliates or its or their respective employees, directors or officers to, directly or indirectly (including through the grant of any license, option or other right to any Third Party), (i) research,
develop, make or have made, utilize, import, export, market, distribute, offer for sale, sell or have sold, commercialize and otherwise exploit Products in the Field or (ii) otherwise compete with Licensee with respect to the exploitation of
Products in the Field. 
 (b) If during the Term of the Agreement any of the Licensors acquires a Third Party or a portion of the business of
a Third Party (whether by merger, stock purchase or purchase of assets) that is, prior to such acquisition, engaged in researching, developing, commercializing or exploiting any Products in the Field that would violate Section 2.6(a) if
researched, developed, commercialized or exploited by any of the Licensors (“Competing Program”), such Licensor shall use commercially reasonably efforts to divest such Competing Program promptly following the closing of such
acquisition. 
 Section 2.7 Procurement. If the Licensors or any of their Affiliates do not have the
necessary rights, title and interests to grant the licenses purported to be granted herein, Licensors shall, or shall cause their Affiliates to, promptly procure all such rights, title and interests for Licensee’s benefit, at Licensors’
sole cost and expense. 

  
 7 

 Section 2.8 Consideration. In partial consideration of the
licenses and rights granted herein, Licensee shall, concurrently with the execution and delivery of this agreement, issue to UBI the Warrant. 

Section 2.9 Withholding. Licensee shall be entitled to deduct and withhold taxes on any and all payments made
to the Licensors pursuant to this Agreement (including in connection with the issuance of the Warrant) to the extent required by applicable Law. The Licensors shall deliver to the Licensee a duly executed IRS Form
W-9 or an applicable IRS Form W-8 prior to the Effective Date (and at any time thereafter if such IRS Form W-9 or applicable IRS
Form W-8 is no longer valid, or upon the Licensee’s reasonable request). 

Section 2.10 Tax Treatment. Licensee and Licensors agree (a) that the Warrants will be issued as
consideration for the licenses granted to the Licensee pursuant to this Agreement and not in connection with the performance of any services by the Licensors for all applicable tax purposes (“Tax Treatment”) and (b) not to take
any position on any tax return or in any tax audit or proceeding or otherwise inconsistent with the Tax Treatment unless otherwise required pursuant to a “final determination” within the meaning of Section 1313(a) of the Internal
Revenue Code of 1986, as amended (or any similar provision of applicable U.S. state or local or non-U.S. law). 

ARTICLE III 

Representations and Warranties of Licensors 

Licensors represent and warrant to Licensee that the statements contained in this ARTICLE III are true and correct as of the Effective Date.

 Section 3.1 Organization and Authority of UBI; Enforceability. UBI is a corporation duly organized,
validly existing and in good standing under the laws of the State of Delaware. UBI has full corporate power and authority to enter into this Agreement and the documents to be delivered hereunder, to carry out its obligations hereunder and to
consummate the transactions contemplated hereby. The execution, delivery and performance by UBI of this Agreement and the documents to be delivered hereunder and the consummation of the transactions contemplated hereby have been duly authorized by
all requisite corporate action on the part of UBI. This Agreement and the documents to be delivered hereunder have been duly executed and delivered by UBI, and (assuming due authorization, execution and delivery by Licensee) this Agreement and the
documents to be delivered hereunder constitute legal, valid and binding obligations of UBI, enforceable against UBI in accordance with their respective terms, subject to the effects of bankruptcy, insolvency, or other laws of general application
affecting the enforcement of creditor rights, judicial principles affecting the availability of specific performance, and general principles of equity (whether enforceability is considered a proceeding at law or equity). 

  
 8 

 Section 3.2 Organization and Authority of IP Holdings;
Enforceability. IP Holdings is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware. IP Holdings has full corporate power and authority to enter into this Agreement and the documents to be
delivered hereunder, to carry out its obligations hereunder and to consummate the transactions contemplated hereby. The execution, delivery and performance by IP Holdings of this Agreement and the documents to be delivered hereunder and the
consummation of the transactions contemplated hereby have been duly authorized by all requisite corporate action on the part of IP Holdings. This Agreement and the documents to be delivered hereunder have been duly executed and delivered by IP
Holdings, and (assuming due authorization, execution and delivery by Licensee) this Agreement and the documents to be delivered hereunder constitute legal, valid and binding obligations of IP Holdings, enforceable against IP Holdings in accordance
with their respective terms, subject to the effects of bankruptcy, insolvency, or other laws of general application affecting the enforcement of creditor rights, judicial principles affecting the availability of specific performance, and general
principles of equity (whether enforceability is considered a proceeding at law or equity). 
 Section 3.3
Organization and Authority of US Holdings; Enforceability. US Holdings is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware. US Holdings has full corporate power and
authority to enter into this Agreement and the documents to be delivered hereunder, to carry out its obligations hereunder and to consummate the transactions contemplated hereby. The execution, delivery and performance by US Holdings of this
Agreement and the documents to be delivered hereunder and the consummation of the transactions contemplated hereby have been duly authorized by all requisite corporate action on the part of US Holdings. This Agreement and the documents to be
delivered hereunder have been duly executed and delivered by US Holdings, and (assuming due authorization, execution and delivery by Licensee) this Agreement and the documents to be delivered hereunder constitute legal, valid and binding obligations
of US Holdings, enforceable against US Holdings in accordance with their respective terms, subject to the effects of bankruptcy, insolvency, or other laws of general application affecting the enforcement of creditor rights, judicial principles
affecting the availability of specific performance, and general principles of equity (whether enforceability is considered a proceeding at law or equity). 

Section 3.4 No Conflicts; Consents. The execution, delivery and performance by Licensors of this Agreement
and the documents to be delivered hereunder, and the consummation of the transactions contemplated hereby, do not and will not: (a) violate or conflict with the certificate of incorporation, by-laws or
other organizational documents of Licensors; (b) violate or conflict with any judgment, order, decree or Law applicable to any Licensor or any of its Affiliates or the Contributed Assets; (c) conflict with, or result in (with or without
notice or lapse of time or both) any violation of, or default under, or give rise to a right of termination, acceleration or modification of any obligation or loss of any benefit under any contract or other instrument to which any Licensor or any of
its Affiliates is a party and to which any of the Contributed Assets are subject; or (d) result in the creation or imposition of any Encumbrance on the Contributed Assets. No consent, approval, waiver or authorization is required to be obtained
by any Licensor or any of its Affiliates from any Person (including any Governmental Entity) in connection with the execution, delivery and performance by Licensors of this Agreement and the consummation of the transactions contemplated hereby. 

  
 9 

 Section 3.5 Legal Proceedings. There is no claim, action,
suit, proceeding or governmental investigation (“Action”) of any nature pending or, to Licensors’ Knowledge, threatened against or by Licensors or any of their Affiliates (a) relating to or affecting the Existing Assets;
or (b) that challenges or seeks to prevent, enjoin or otherwise delay the transactions contemplated by this Agreement. No event has occurred or circumstances exist that may give rise to, or serve as a basis for, any such Action. 

Section 3.6 No Broker. There is no broker, finder, investment banker or financial advisor acting or who has
acted on behalf of or based upon arrangements made by Licensors, who is entitled to receive any brokerage or finder’s or other fee or commission in connection with the transactions contemplated by this Agreement. 

Section 3.7 Existing Assets. 

(a) To Licensors’ Knowledge, there are no claims, judgments, or settlements against, or amounts with respect thereto, owed by Licensors or
any of their Affiliates relating to the Existing Patents, the Existing Know-How, or the Identified Existing Regulatory Documentation. Additionally, no claim or litigation has been brought or, to
Licensors’ Knowledge, threatened, by any Person against Licensors or any of their Affiliates alleging, and Licensors has no Knowledge of any claim, whether or not asserted, that (i) the Existing Patents are invalid or unenforceable or
(ii) the Existing Patents, the Existing Know-How, or the Identified Existing Regulatory Documentation or the disclosing, copying, making, assigning, or licensing of the Existing Patents, the Existing Know-How, or the Identified Existing Regulatory Documentation violates, infringes, or otherwise conflicts or interferes with, or would violate, infringe, or otherwise conflict or interfere with, any intellectual
property or proprietary right of any Person. 
 (b) Licensors and their controlled Affiliates are the sole and exclusive owners of the entire
right, title and interest in and to the Existing Patents, the Existing Know-How, and the Existing Regulatory Documentation. 

(c) Licensors have the full right, power and authority to grant or cause to be granted all of the rights, title and interests in the licenses
purported to be granted to Licensee under this Agreement; 
 (d) To Licensors’ Knowledge, no Person is infringing or threatening to
infringe or misappropriating or threatening to misappropriate the Existing Patents, the Existing Know-How, or the Identified Existing Regulatory Documentation. 

(e) To Licensors’ Knowledge, the conception, development, and reduction to practice of the Existing Patents and the Inventions claimed
thereby, the Existing Know-How, and the Identified Existing Regulatory Documentation have not constituted or involved the misappropriation of trade secrets or other rights or property of any Person. 

(f) To Licensors’ Knowledge, (i) the Existing Patents have been diligently prosecuted in the respective patent offices in accordance
with applicable Law; and (ii) the Existing Patents have been filed and maintained properly and correctly and all applicable fees have been paid on or before the due date for payment. 

  
 10 

 (g) To Licensors’ Knowledge, in respect of any pending patent applications included in
the Existing Patents, Licensors or one or more of their Affiliates have presented all relevant references, documents, or Information of which Licensors or any of their Affiliates are aware to the relevant patent examiner at the relevant patent
office. 
 (h) To Licensors’ Knowledge, each of the Existing Patents properly identifies each and every inventor of the claims thereof
as determined in accordance with applicable Law of the jurisdiction in which such Existing Patent is issued or such application is pending. 

(i) To Licensors’ Knowledge, each Person who has or has had any rights in or to any Existing Patents or any Existing Know-How has assigned and has executed an agreement assigning his or its entire right, title, and interest in and to such Existing Patents and Existing Know-How to Licensors
or to one or more of their Affiliates. 
 (j) To Licensors’ Knowledge, all works of authorship and all other materials subject to
copyright protection included in the Existing Know-How were either (i) created by Licensors, Licensors’ Affiliates or employees of Licensors or Licensors’ Affiliates within the scope of their
employment or are otherwise works made for hire, or (ii) all right, title, and interest in and to such materials have been legally and fully assigned and transferred to Licensors or one or more of their Affiliates. 

(k) The Inventions claimed or covered by the Existing Patents (i) were not conceived, discovered, developed, or otherwise made in
connection with any research activities funded, in whole or in part, by the federal government of the United States or any agency thereof or any other government, (ii) are not a “subject invention” as that term is described in 35
U.S.C. § 201(e) or any foreign counterpart thereof, and (iii) are not otherwise subject to the provisions of the Bayh-Dole Act or any similar Law of any jurisdiction outside the United States. 

Section 3.8 Exclusivity of Representations. LICENSEE ACKNOWLEDGES AND AGREES THAT, EXCEPT FOR THE EXPRESS
REPRESENTATIONS AND WARRANTIES CONTAINED IN THIS ARTICLE III, LICENSORS HAVE MADE NO REPRESENTATION OR WARRANTY WHATSOEVER RELATED TO THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT AND LICENSEE HAS NOT RELIED ON ANY REPRESENTATION OR WARRANTY,
EXPRESS OR IMPLIED. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, LICENSEE ACKNOWLEDGES AND AGREES THAT, (A) EXCEPT AS EXPRESSLY PROVIDED IN THIS ARTICLE III, LICENSEE IS ACQUIRING THE CONTRIBUTED ASSETS ON AN “AS IS, WHERE IS”
BASIS WITHOUT ANY EXPRESS OR IMPLIED WARRANTIES, EITHER IN FACT OR BY OPERATION OF LAW, BY STATUTE OR OTHERWISE, INCLUDING ANY WARRANTY AS TO QUALITY, FITNESS FOR A PARTICULAR PURPOSE, MERCHANTABILITY, CONDITION OF ASSETS OR AS TO ANY OTHER MATTER
AND (B) LICENSORS DO NOT REPRESENT OR WARRANT THAT THE CONTRIBUTED ASSETS INCLUDE ALL ASSETS OR RIGHTS NECESSARY TO PRACTICE OR EXPLOIT ANY PARTICULAR PRODUCT OR SERVICE. 

  
 11 

 ARTICLE IV 

Representations and Warranties of Licensee 

Licensee represents and warrants to Licensors that the statements contained in this ARTICLE IV are true and correct as of the Effective Date.

 Section 4.1 Organization and Authority of Licensee; Enforceability. Licensee is a corporation duly
organized, validly existing and in good standing under the laws of the State of Delaware. Licensee has full corporate power and authority to enter into this Agreement and the documents to be delivered hereunder, to carry out its obligations
hereunder and to consummate the transactions contemplated hereby. The execution, delivery and performance by Licensee of this Agreement and the documents to be delivered hereunder and the consummation of the transactions contemplated hereby have
been duly authorized by all requisite corporate action on the part of Licensee. This Agreement and the documents to be delivered hereunder have been duly executed and delivered by Licensee, and (assuming due authorization, execution and delivery by
Licensors) this Agreement and the documents to be delivered hereunder constitute legal, valid and binding obligations of Licensee enforceable against Licensee in accordance with their respective terms, subject to the effects of bankruptcy,
insolvency, or other laws of general application affecting the enforcement of creditor rights, judicial principles affecting the availability of specific performance, and general principles of equity (whether enforceability is considered a
proceeding at law or equity). 
 Section 4.2 No Conflicts; Consents. The execution, delivery and
performance by Licensee of this Agreement and the documents to be delivered hereunder, and the consummation of the transactions contemplated hereby, do not and will not: (a) violate or conflict with the certificate of incorporation, by-laws or other organizational documents of Licensee; or (b) violate or conflict with any judgment, order, decree or Law applicable to Licensee. No consent, approval, waiver or authorization is required to be
obtained by Licensee from any Person (including any Governmental Entity) in connection with the execution, delivery and performance by Licensee of this Agreement and the consummation of the transactions contemplated hereby. 

Section 4.3 Legal Proceedings. There is no Action of any nature pending or, to Licensee’s Knowledge,
threatened against or by Licensee that challenges or seeks to prevent, enjoin or otherwise delay the transactions contemplated by this Agreement. No event has occurred or circumstances exist that may give rise to, or serve as a basis for, any such
Action. 
 Section 4.4 No Broker. There is no broker, finder, investment banker or financial advisor acting
or who has acted on behalf of or based upon arrangements made by Licensee, who is entitled to receive any brokerage or finder’s or other fee or commission in connection with the transactions contemplated by this Agreement. 

Section 4.5 Exclusivity of Representations. LICENSORS ACKNOWLEDGE AND AGREE THAT, EXCEPT FOR THE EXPRESS
REPRESENTATIONS AND WARRANTIES CONTAINED IN THIS ARTICLE IV, LICENSEE HAS MADE NO REPRESENTATION OR WARRANTY WHATSOEVER RELATED TO THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT AND LICENSORS HAVE NOT RELIED ON ANY REPRESENTATION OR WARRANTY,
EXPRESS OR IMPLIED. 

  
 12 

 ARTICLE V 

Covenants of the Parties 

Section 5.1 Public Announcements. Unless otherwise required by applicable Law or stock exchange requirements,
neither Party shall make any public announcements regarding this Agreement or the transactions contemplated hereby without the prior written consent of the other Party, such consent not to be unreasonably withheld, conditioned or delayed.
Notwithstanding the foregoing either Party may disclose this Agreement and its terms to potential or actual investors, acquirors and providers of finance, and similar persons and their advisors and representatives so long as such persons are prior
to such disclosure subject to customary restrictions on their use and disclosure of such information. 
 Section 5.2
Confidentiality. 
 (a) Confidential Information. All confidential or proprietary information that is disclosed or provided by one
Party (the “Disclosing Party”) to the other Party (the “Receiving Party”) pursuant to this Agreement, whether in oral, written, graphic, electronic, or any other form, shall be the “Confidential
Information” of the Disclosing Party. Except to the extent expressly authorized by this Agreement or by the other Party in writing, during the term of this Agreement and for ten (10) years thereafter, each Party shall maintain in
strict trust and confidence and shall not disclose to any Third Party or use for any purpose any Confidential Information of the other Party, other than as provided for in this Agreement. Notwithstanding the foregoing, any such Confidential
Information that constitutes a trade secret under applicable Law shall be held in confidence by the Receiving Party in perpetuity until the time such Confidential Information no longer remains a trade secret under applicable Law. Each Party agrees
that it shall not use the other Party’s Confidential Information for any purpose or in any manner that would constitute a violation of applicable Laws. For the avoidance of doubt, as between Licensee and the Licensors, confidential information
made available to Licensee hereunder relating to the Contributed Assets shall be the Confidential Information of the relevant Licensor. 

(b) Exceptions. The obligations of confidentiality and nonuse set forth in Section 5.2(a) shall not apply to any specific portion
of information that the Receiving Party can demonstrate by competent written proof: (a) is in the public domain or comes into the public domain through no fault of the Receiving Party; (b) is furnished to the Receiving Party by a Third
Party rightfully in possession of such information and not subject to a duty of confidentiality with respect thereto; (c) is already known by the Receiving Party at the time of receiving such Confidential Information from the Disclosing Party,
as evidenced by the Receiving Party’s prior written records, which shall not include any information relating to the Contributed Assets; or (d) is independently developed by the Receiving Party without access to the Disclosing Party’s
Confidential Information. 
 (c) Authorized Disclosure. Notwithstanding anything to the contrary in this Section 5.2, the
Receiving Party may disclose certain Confidential Information of the Disclosing Party to the extent such disclosure: 

  
 13 

 (i) is (A) required by applicable Law, (B) pursuant to a valid order of a court or
other governmental body having jurisdiction, (C) made to Governmental Entities or Regulatory Authorities (I) to obtain Patents as expressly permitted in this Agreement or (II) to gain or maintain regulatory approvals or to
commercialize Products; provided that, in each case of (A) through (C), such Receiving Party provides such Disclosing Party with reasonable prior written notice of such disclosure and reasonable assistance in obtaining a protective order or
confidential treatment preventing or limiting the disclosure and/or requiring that the Confidential Information so disclosed be used only for the purposes for which the applicable Law required, or for which the order was issued; 

(ii) is on a “need to know basis” to permitted subcontractors and to employees and agents of such Receiving Party and its permitted
subcontractors, each of whom prior to disclosure must be bound by written obligations of confidentiality and non-use no less restrictive than the obligations set forth in this Section 5.2, which for
avoidance of doubt, will not permit use of such Confidential Information for any purpose except those permitted by this Agreement; provided, however, that such Receiving Party shall remain responsible for any failure by any Person who receives
Confidential Information pursuant to this Section 5.2(c)(ii) to treat such Confidential Information as required under this Section 5.2; 

(iii) is made in connection with a public announcement required under the rules of any stock exchange or under securities laws, including in
connection with an initial public offering or any subsequent offering of securities of such Receiving Party; or 
 (iv) is to existing or
potential acquirers or merger candidates, existing or potential sublicensees, investment bankers, existing or potential investors, venture capital firms or other financial institutions or investors for purposes of obtaining financing, each of whom
prior to disclosure is bound by obligations of confidentiality and non-use at least equivalent in scope to those set forth in this Section 5.2 (but may be of shorter duration). 

(d) Return of Confidential Information. Upon termination of the Agreement, or upon written request of the Disclosing Party, the
Receiving Party shall promptly return to the Disclosing Party or destroy all documents, notes and other tangible materials representing the Disclosing Party’s Confidential Information and all copies thereof; provided, however, that each Party
may retain a single archival copy of the other Party’s Confidential Information for the sole purpose of facilitating compliance with the surviving provisions of this Agreement. 

(e) Injunctive Relief. The Parties expressly acknowledge and agree that any breach or threatened breach of Section 5.2 of this
Agreement may cause immediate and irreparable harm to the non-breaching Party that may not be adequately compensated by damages. Each Party therefore agrees that in the event of such breach or threatened
breach and in addition to any remedies available at law, the non-breaching Party shall have the right to seek equitable and injunctive relief, without bond, in connection with such a breach or threatened
breach. 
 Section 5.3 Regulatory Documentation and Know-How.
Promptly following the Effective Date, Licensors will deliver to Licensee, to the extent not previously delivered by Licensors to Licensee, all Existing Know-How and Existing Regulatory Documentation. From
time to time thereafter, upon Licensee’s reasonable request, Licensors will deliver to Licensee any Arising Know-How and Arising Regulatory Documentation not previously delivered. 

  
 14 

 Section 5.4 Further Assurances. Following the Effective
Date, each of the Parties shall execute and deliver such additional documents, instruments, conveyances and assurances and take such further actions as may be reasonably required to carry out the provisions hereof and give effect to the transactions
contemplated by this Agreement and the documents to be delivered hereunder. 
 ARTICLE VI 

Indemnification 

Section 6.1 Indemnification by Licensors. Subject to the other terms and conditions of this ARTICLE
VI, Licensors shall defend, indemnify and hold harmless Licensee, its Affiliates and their respective stockholders, directors, officers and employees from and against all third party claims, judgments, damages, liabilities, settlements, losses,
costs and expenses, including attorneys’ fees and disbursements (collectively, “Losses”), arising from or relating to: 

(a) any inaccuracy in or breach of any of the representations or warranties of Licensors contained in this Agreement or any document to be
delivered by Licensors hereunder; or 
 (b) any breach or non-fulfillment of any covenant, agreement
or obligation to be performed by Licensors pursuant to this Agreement or any document to be delivered by Licensors hereunder; 
 except, in each case
((a) and (b)), for those Losses for which Licensee has an obligation to indemnify Licensors, its Affiliates or their respective stockholders, directors, officers and employees pursuant to Section 6.2, as to which Losses each Party shall
indemnify the other to the extent of their respective liability. 
 Section 6.2 Indemnification by
Licensee. Subject to the other terms and conditions of this ARTICLE VI, Licensee shall defend, indemnify and hold harmless Licensors, their Affiliates and their respective stockholders, directors, officers and employees from and against all
Losses arising from or relating to: 
 (a) any inaccuracy in or breach of any of the representations or warranties of Licensee contained in
this Agreement or any document to be delivered by Licensee hereunder; 
 (b) any breach or
non-fulfillment of any covenant, agreement or obligation to be performed by Licensee pursuant to this Agreement or any document to be delivered by Licensee hereunder; or 

(c) the exploitation of the Contributed Assets; 

  
 15 

 except, in each case ((a), (b) and (c)), for those Losses for which Licensors have an obligation to
indemnify Licensee, its Affiliates or their respective stockholders, directors, officers and employees pursuant to Section 6.1, as to which Losses each Party shall indemnify the other to the extent of their respective liability. 

Section 6.3 Indemnification Procedures. Whenever any claim shall arise for indemnification hereunder, the
Party entitled to indemnification (the “Indemnified Party”) shall promptly provide written notice of such claim to the other Party (the “Indemnifying Party”). Each such notice shall contain a description of the
claim and the nature and amount of such Losses (to the extent that the nature and amount of such Losses are known at such time). The Indemnified Party shall furnish promptly to the Indemnifying Party copies of all papers and official documents
received in respect of any Losses. In connection with any indemnifiable Losses arising or relating to any Action by a Third Party, the Indemnifying Party, at its sole cost and expense and upon written notice to the Indemnified Party, may assume the
defense of any such Action with counsel reasonably satisfactory to the Indemnified Party. The Indemnified Party shall be entitled to participate in the defense of any such Action, with its counsel and at its own cost and expense. If the Indemnifying
Party does not assume the defense of any such Action, the Indemnified Party may, but shall not be obligated to, defend against such Action in such manner as it may deem appropriate, including settling such Action, after giving notice thereof to the
Indemnifying Party, on such terms as the Indemnified Party may deem appropriate and no action taken by the Indemnified Party in accordance with such defense and settlement shall relieve the Indemnifying Party of its indemnification obligations under
this Agreement with respect to any damages resulting therefrom. The Indemnifying Party shall not settle any Action by a Third Party without the Indemnified Party’s prior written consent (which consent shall not be unreasonably withheld,
conditioned or delayed). 
 Section 6.4 Limitations. NO PARTY SHALL HAVE ANY LIABILITY TO THE OTHER
PARTIES FOR SPECIAL, PUNITIVE, INDIRECT, INCIDENTAL, EXEMPLARY OR CONSEQUENTIAL DAMAGES, INCLUDING BUSINESS INTERRUPTION OR LOST PROFITS, WHETHER IN CONTRACT, WARRANTY, NEGLIGENCE, TORT, STRICT LIABILITY OR OTHERWISE, EXCEPT TO THE EXTENT THE SAME
ARE AWARDED ARISING OUT OF AN ACTION INVOLVING A THIRD PARTY. EXCEPT FOR AMOUNTS AWARDED TO THIRD PARTIES IN RESPECT OF INDEMNIFICATION, NEITHER PARTY SHALL HAVE ANY LIABILITY TO THE OTHER FOR PUNITIVE OR EXEMPLARY DAMAGES.  
 ARTICLE VII 

Patent Expenses and Prosecution of Contributed Patents; Enforcement 

Section 7.1 Direction of Prosecution. As of the Effective Date, Licensee shall be responsible for the cost
and strategy of the prosecution and maintenance of the Contributed Patents. Licensors hereby appoint Licensee as its agent to prepare, file, prosecute, maintain and defend in all agency proceedings (e.g. reissues, reexaminations, oppositions and
interferences) of all Contributed Patents during the Term. Licensee shall keep Licensors reasonably apprised of developments as they occur for the Contributed Patents, shall copy Licensors on all patent prosecution documents and shall provide
Licensors reasonable time to review and comment on any such filings. Licensee shall consider the relevant Licensor’s comments in good faith; provided, however, that Licensee shall maintain final authority in all decisions regarding the
prosecution and maintenance of the Contributed Patents. 

  
 16 

 Section 7.2 Abandonment of Rights. If at any time Licensee
wishes to cease paying for any costs for a particular Contributed Patent or for patent prosecution thereof in a particular jurisdiction, Licensee must give Licensors at least 90 days prior written notice and Licensee will continue to be obligated to
pay for the patent costs which reasonably accrue during said notice period. 
 Section 7.3 Enforcement.
Each Party shall notify the other Parties promptly after becoming aware of any infringement of the Contributed Patents by a third party and of any available evidence thereof. Licensee shall have the first right, but not obligation, under its own
control and at its own expense, to prosecute any third party infringement of the Contributed Patents. Licensee must not settle or compromise any such suit in a manner that imposes any material obligations or restrictions on Licensors or grants any
rights to the Contributed Patents other than rights that Licensee has the right to grant under this Agreement. In the event Licensee does not bring any such legal action within two (2) months after the date of notice of such infringement (or
settle or otherwise secure the abatement of such infringement action) or ceases to diligently pursue such infringement action, Licensors may bring and control any legal action to enforce the Contributed Patents against such infringement, at
Licensors’ sole cost and expense. Each Party agrees to cooperate in any action under this Section 7.3 which is controlled by another Party including, without limitation, joining such action as a party plaintiff if necessary or desirable
for initiation or continuation of such action; provided that the controlling Party reimburses the cooperating Party(ies) promptly for any reasonable costs and expenses incurred by the cooperating Party(ies) in connection with providing such
assistance. 
 ARTICLE VIII 

Miscellaneous 

Section 8.1 Term. This Agreement shall become effective as of the Effective Date and shall remain in force
until the Parties mutually consent in writing to terminate (“Term”). In the event of termination of this Agreement, all licenses and sublicenses granted under Article II and other rights with respect to the Contributed Assets shall
terminate. In the event of termination, Article I, Article III, Article IV, Article V, Article VI, Article VII, and Article VIII shall survive termination. Upon termination of this Agreement, Licensee hereby assigns to UBI all right, title and
interest in and to the Contributed Regulatory Documentation. 
 Section 8.2 Notices. All notices, requests,
consents, claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed to have been given (a) when delivered by hand (with written confirmation of receipt), (b) when received by the addressee if sent by a
nationally recognized overnight courier (receipt requested), (c) on the date sent by facsimile or e-mail of a PDF document (with confirmation of transmission) if sent during normal business hours of the
recipient, and on the next business day if sent after normal business hours of the recipient or (d) on the third day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid. Such communications must be
sent to the respective Parties at the following addresses (or at such other address for a Party as shall be specified in a notice given in accordance with this Section 8.2): 

 

  
 17 

			
	If to UBI:	 	United Biomedical, Inc.
		 	25 Davids Drive
		 	Hauppauge, New York 11788 U.S.A.
		 	Fax: [***]
		 	Attn: Legal Affairs
		
		 	With a copy to: [***]
		
	If to IP Holdings:	 	UBI IP Holdings
		 	c/o Stuarts Corporate Services Ltd.
		 	P.O. Box 2510
		 	Grand Cayman KY1-1104
		 	Cayman Islands
		 	Attn: Legal Affairs
		
		 	With a copy to: [***]
		
	If to US Holdings:	 	UBI US Holdings, LLC
		 	25 Davids Drive
		 	Hauppauge, New York 11788 U.S.A.
		 	Facsimile: [***]
		 	Attn: Legal Affairs
		
		 	With a copy to: [***]
		
	If to Licensee:	 	Vaxxinity, Inc.
		 	1717 Main Street, Suite 3388
		 	Dallas, TX 75201
		 	Fax: [***]
		 	E-mail: [***]
		 	Attn: General Counsel

 Section 8.3 Entire Agreement. This Agreement and the documents to be
delivered hereunder constitute the sole and entire agreement of the Parties with respect to the subject matter contained herein, and supersede all prior understandings and agreements, both written and oral, with respect to such subject matter. In
the event of any inconsistency between the statements in the body of this Agreement and the exhibits and other documents delivered in connection herewith, this Agreement shall control. 

Section 8.4 Severability. If any term or provision of this Agreement is invalid, illegal or unenforceable in
any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision in any other jurisdiction. 

  
 18 

 Section 8.5 Amendment; Waiver. This Agreement may only be
amended, modified or supplemented by an agreement in writing signed by each Party. No waiver by any Party of any of the provisions hereof shall be effective unless explicitly set forth in writing and signed by the Party so waiving. No waiver by any
Party shall operate or be construed as a waiver in respect of any failure, breach or default not expressly identified by such written waiver, whether of a similar or different character, and whether occurring before or after that waiver. No failure
to exercise, or delay in exercising, any right, remedy, power or privilege arising from this Agreement shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder
preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. 

Section 8.6 Assignment. Without limitation of Licensee’s right to grant sublicenses in accordance with
Section 2.2, neither Party may assign this Agreement or any of its rights or obligations hereunder without the prior written consent of the other Party, provided that either Party may assign this Agreement or any of the rights, interests or
obligations hereunder without the consent of the other Party: (a) to any of its Affiliates; or (b) in connection with the transfer or sale of all or substantially all of such Party’s business or assets to which this Agreement relates
to a Third Party, whether by merger, sale of stock, sale of assets or otherwise. Any attempted assignment or delegation in violation of the preceding sentence shall be void and of no effect. Subject to the foregoing, this Agreement shall be binding
upon and shall inure to the benefit of the Parties and their respective successors and permitted assigns. 

Section 8.7 No Third-Party Beneficiaries. This Agreement is for the sole benefit of the Parties and their
respective successors and permitted assigns and nothing herein, express or implied, is intended to, or shall, confer upon any other Person any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.

 Section 8.8 Governing Law. This Agreement shall be governed by and construed in accordance with the Laws
of the State of Delaware, without giving effect to any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of this Agreement to the substantive Law of another jurisdiction. The Parties agree to
exclude the application to this Agreement of the United Nations Convention on Contracts for the International Sale of Goods. 

Section 8.9 Export Control. This Agreement is made subject to any restrictions concerning the export of
products or technical information from the United States or other countries that may be imposed on the Parties from time to time. Each Party agrees that it will not export, directly or indirectly, any technical information acquired from the other
Party under this Agreement or any products using such technical information to a location or in a manner that at the time of export requires an export license or other governmental approval, without first obtaining the written consent to do so from
the appropriate agency or other Governmental Entity in accordance with applicable Law. 

  
 19 

 Section 8.10 Rights in Bankruptcy. All rights and licenses
granted under or pursuant to this Agreement by Licensors are, and shall otherwise be deemed to be, for purposes of § 365(n) of the US Bankruptcy Code, licenses of rights to “intellectual property” as defined under § 101
of the US Bankruptcy Code or similar provision in the bankruptcy laws of another jurisdiction (the “Code”). The Parties agree that Licensee, as licensee of intellectual property under this Agreement, shall retain and may fully
exercise all of its rights and elections under the Code. The Parties further agree that in the event of a rejection of this Agreement by a Licensor in any bankruptcy proceeding by or against such Licensor under the Code: (a) Licensee shall be
entitled to a complete duplicate of (or complete access to, as appropriate) any such intellectual property and all embodiments of such intellectual property that are necessary for Licensee to practice its license to such intellectual property,
which, if not already in Licensee’s possession, shall be promptly delivered to it upon its written request therefor; and (b) no Licensor shall interfere with Licensee’s rights to such intellectual property, and each Licensor shall
assist and not interfere with Licensee in obtaining such intellectual property and such embodiments of such intellectual property from another entity. The term “embodiments” of intellectual property means all tangible embodiments of the
intellectual property licensed hereunder to the extent of the license scope. All rights, powers and remedies provided in this Section 8.10 are in addition to and not in substitution for any and all other rights, powers and remedies now or
hereafter existing at law or in equity (including the Code) in the event of the commencement of a case under the Code. 

Section 8.11 Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an
original, but all of which together shall be deemed to be one and the same agreement. A signed copy of this Agreement delivered by facsimile, e-mail PDF or other means of electronic transmission shall be
deemed to have the same legal effect as delivery of an original signed copy of this Agreement. 
 [Signature Page Follows] 

  
 20 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed as of the first date set forth
above. 
  

									
	UBI:	 		 	 LICENSEE: 

			
	 UNITED BIOMEDICAL, INC. 
	 		 	VAXXINITY, INC.
					
	By:	 	 /s/ Joop F. Sistermans
	 		 	By:	 	 /s/ Mei Mei Hu

		 	Name: Joop F. Sistermans	 		 		 	Name: Mei Mei Hu
		 	Title: Director	 		 		 	Title: CEO
		 	Date Signed: 08/06/2021	 		 		 	Date Signed: 08/06/2021
			
	US HOLDINGS:	 		 	IP HOLDINGS:
			
	UBI US HOLDINGS, LLC	 		 	UBI IP HOLDINGS
					
	By:	 	 /s/ Joop F. Sistermans
	 	                        	 	By:	 	 /s/ Joop F. Sistermans

		 	Name: Joop F. Sistermans	 		 		 	Name: Joop F. Sistermans
		 	Title: Director	 		 		 	Title: Director
		 	Date Signed: 08/06/2021	 		 		 	Date Signed: 08/06/2021

  
 21 

 EXHIBIT A 

Contributed Patents 
 [***] 

  
 1 

 EXHIBIT B 

CpG Patents 
 [***] 

  
 2 

 EXHIBIT C 

UBITh Patents 
 [***] 

  
 3 

 EXHIBIT D 

Warrant

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