Document:

EX-10.5

 Exhibit 10.5 

***Text Omitted and Filed Separately 

with the Securities and Exchange Commission. 

Confidential Treatment Requested 

Under 17 C.F.R. Sections 200.80(b)(4) 

and 240.24b-2. 
  

AMENDED 
 DEVELOPMENT AND
LICENSE AGREEMENT 
 By and between 

ALMIRALL, S.A. 
 and 

ASLAN PHARMACEUTICALS PTE. LTD. 

Dated: December 21, 2015 

 This AMENDED DEVELOPMENT AND LICENSE AGREEMENT (the “Agreement”), dated as of December 21, 2015
(“Effective Date”), is entered by and between ALMIRALL, S.A. (“ALMIRALL”), a Spanish corporation having its principal offices at Ronda de General Mitre, 151, 08022 Barcelona, Spain, and ASLAN PHARMACEUTICALS Pte.
Ltd. (“ASLAN”), a Singapore corporation having its principal offices at 10A Bukit Pasoh Road, Singapore 089824. ALMIRALL and ASLAN shall be referred to individually as a “Party” and collectively as the “Parties”.

 WITNESSETH 
  

	I.	WHEREAS, ALMIRALL has identified and owns proprietary rights to a Compound (as this term is defined below) that could be suitable for use, after appropriate development, in the Product (as this term is defined below)
within the Licensed Field (as this term is defined below). 

  

	II.	WHEREAS, ASLAN is a company with experience and expertise in the development of pharmaceutical products. 

  

	III.	WHEREAS, ALMIRALL has provided ASLAN with access to some Information (as this term is defined below) of ALMIRALL with the exclusive purpose of permitting ASLAN to verify whether it would be interested in carrying out
the Development (as this term is defined below), to receive the grant of ASLAN’s Commercialization Rights (as this term is defined below) 

  

	IV.	WHEREAS, such ASLAN’s access to the ALMIRALL’s Information has been done subject to the Confidentiality Agreement dated 22 July 2011, entered between the Parties, as amended by the Amendment Agreement to
the Confidentiality Agreement dated 13 March 2012, the Earlier Development and License Agreement and to the terms and conditions applicable to the data site created by ALMIRALL. 

 

	V.	WHEREAS, after reviewing the ALMIRALL’s Information, ASLAN has informed ALMIRALL of its interest to conduct the Development with the purpose of exercising ASLAN’s Commercialization Rights. 

 

	VI.	WHEREAS, ALMIRALL wishes to grant ASLAN and, ASLAN wishes to receive from ALMIRALL, a license to use the ALMIRALL Information with the exclusive purpose of conducting the Development and, after that, to exercise
ASLAN’s Commercialization Rights on the terms and conditions set forth in this Agreement. 

 NOW, THEREFORE, in consideration of the
following mutual promises and obligations, the Parties agree to enter into this Agreement which shall be subject to the following: 

SECTION 1 
 DEFINITIONS

 For the purpose of this Agreement and unless otherwise required by the context, the capitalised words and expressions listed below shall have the
meaning set forth beside each of them, being understood that words denoting the singular include the plural and vice versa: 
  

	1.1	Affiliate shall mean, with respect to any Party, any other Person which controls, is controlled by or is under common control with such Party, in each case directly or indirectly. A Person shall be deemed to
control any of the Parties if such Person possesses the power to direct or cause the direction of the management, business and policies of such Person, whether through the ownership of more than fifty per cent (50%) of the voting securities of such
Person, by contract or otherwise. 

  

	1.2	Agreement shall have the meaning set out in the preamble of this Agreement. 

  

	1.3	ALMIRALL shall have the meaning set out in the preamble of this Agreement. 

  

	1.4	ALMIRALL Competitor shall mean any company or group of companies that is active in developing, manufacturing, marketing, promoting or commercialising a Competing Product. 

 

	1.5	ALMIRALL Pre-existing Know How shall mean all Information that is Controlled by ALMIRALL or by any of its Affiliates, as of the Effective Date, which is necessary or useful
for the Development, manufacture, use or sale of the Product and which it is not included or covered by the ALMIRALL Patents. 

  

	1.6	 ALMIRALL Patents shall mean any and all patents and patent applications which as of the Effective Date are
owned by ALMIRALL or its Affiliates and that contain at least one Valid Claim 

	 	
that encompasses or embraces the Compound or the Product, or the manufacture or use of any of the foregoing, including without limitation, any continuations, divisionals, continuations-in-part, re-examinations, reissues, substitutions, confirmations, registrations,
re-validations, patents of addition, patent term extensions and supplementary protection certificates, in any case, for the Territory. All ALMIRALL Patents existing as of the Effective Date are set forth on
Schedule 1.6. 

  

	1.7	ALMIRALL IP shall mean the ALMIRALL Patents, the ALMIRALL Pre-existing Know How and the Product Development Information. 

 

	1.8	ASLAN shall have the meaning set out in the Preamble. 

  

	1.9	ASLAN’s Commercialization Rights shall mean the rights identified in Section 2.1 of this Agreement. 

  

	1.10	ASLAN Developed Know-How shall mean all Information that is Controlled by ASLAN or by any of its Affiliates (i) that results from the Development or from the
manufacture of the Product, (ii) that is useful for the Development, manufacture, use, commercialization or sale of the Product, and (iii) which is neither included in, or covered by, the ALMIRALL IP. 

 

	1.11	ASLAN Pre-existing Know How shall mean all Information that is Controlled by ASLAN or by any of its Affiliates, as of the Effective Date, which is necessary or useful for
the Development or for the manufacture of the Product. 

  

	1.12	Business Day shall mean any day on which the offices of ALMIRALL or ASLAN are normally scheduled to be open for business, as indicated on their respective corporate calendars. 

 

	1.13	Claims shall mean all charges, complaints, actions, suits, proceedings, hearings, investigations, claims, demands, judgments, orders, decrees, stipulations, injunctions, damages (including but not limited to
damages claimed by Third Parties), deficiencies, defaults, assessments, dues, penalties, fines, costs, amounts paid in settlement, liabilities, obligations, taxes, liens, losses, expenses, costs and fees (including without limitation interest, court
costs, reasonable fees of attorneys, accountants and other experts or other expenses of litigation or other proceedings or of any claim, default or assessment), and includes all damages awardable pursuant to the Law. 

 

	1.14	Clinical Proof-of-Concept shall mean the completion of clinical Phase 2 trials as agreed by the Parties in the Development Plan (and
as may subsequently be amended from time to between the Parties in writing). 

  

	1.15	Commercially Reasonable Efforts shall mean the carrying out of obligations or tasks in a reasonable, good faith, and diligent manner consistent with efforts and resources as commonly used by a company with
experience and expertise in the research, development and commercialization of pharmaceutical products for a pharmaceutical product at a similar stage of research and development, and having similar market potential than the Product, taking into
account, without limitation, issues of safety, efficacy, product profile, status of the Product, the development costs, the regulatory environment, and other scientific factors, market conditions then prevailing, including competitive environment,
profitability the competitiveness of alternative products that are or are expected to be in the relevant marketplace, and other similar factors. 

  

	1.16	Competing Product shall mean any pharmaceutical product or any pharmaceutical compound that has the same mechanism of action (DHODH inhibitor) as the Compound within the Licensed Field. 

 

	1.17	Compound shall mean the ALMIRALL proprietary compound identified as LAS 186323 or other compounds to be provided by ALMIRALL with the same mechanism of action (back-ups).

  

	1.18	Confidential Information shall mean all Information or materials possessed or developed by either ASLAN or ALMIRALL or their respective Affiliates, whether developed before or after the Effective Date, in
relation to the Development, manufacture and the commercialization of the Product hereunder, including, but not limited to, the Information disclosed by ALMIRALL to ASLAN under the Agreement, the ALMIRALL IP, ASLAN
Pre-existing Know How, ASLAN Developed Know How and any Information disclosed and discussed by the Parties in the framework of the JSC. 

 

	1.19	Control or Controlled shall mean, with respect to any particular material, item of Information or intellectual property, that the Party owns or has a license to such item or right, and has the ability to grant to
the other Party the license (or sublicense, as applicable) to such item or right as provided for in this Agreement. 

	1.20	Development shall have the meaning set forth in Section 5.1 of this Agreement. 

  

	1.21	Development Plan shall mean the development plan agreed by the Parties and attached to this Agreement as Schedule 1.21 which will be updated from time to time and presented to ALMIRALL at the JSC.

  

	1.22	Earlier Development and License Agreement shall mean the development and license agreement entered into between the Parties on 16th May 2012 which is superseded by this Agreement pursuant to Section 15.6
below. 

  

	1.23	Effective Date shall mean the date appearing in the preamble of this Agreement. 

  

	1.24	Good Clinical Practices or GCP means the current Good Clinical Practices as commonly understood in the pharmaceutical industry, including without limitation those specified in the European Union
regulations, the applicable standards of the European Medicine Agency (EMA) and the regulations where the Development (or the manufacture of the Product) is performed, at the time of testing. 

 

	1.25	Good Laboratory Practices or GLP means the current Good Laboratory Practices as commonly understood in the pharmaceutical industry, including without limitation those specified in the European Union regulations,
the applicable standards of the European Medicine Agency (EMA) and the regulations where the Development (or the manufacture of the Product) is performed, at the time of testing. 

 

	1.26	Good Manufacturing Practices or GMP means the current Good Manufacturing Practices as commonly understood in the pharmaceutical industry, including without limitation those specified in the European Union
regulations, the applicable standards of the European Medicine Agency (EMA) and the regulations where the Development (or the manufacture of the Product) is performed, at the time of testing. 

 

	1.27	Information shall mean information, results, data and materials of any type whatsoever, in any tangible or intangible form whatsoever, including without limitation, inventions, discoveries, processes or other
intellectual property rights, databases, practices, methods, techniques, specifications, formulations, knowledge, skill, experience, test data including pharmacological, biological, chemical, biochemical, toxicological, safety and efficacy data,
marketing data, absorption, distribution, metabolism, excretion studies, preclinical and clinical test data, analytical and quality control data, stability data, studies and procedures related to the Compound or the Product. As the case may be, the
Information will include the ALMIRALL IP and ASLAN’s Pre-existing Know How. 

  

	1.28	Joint Steering Committee or JSC shall mean the Joint Steering Committee to be established by the Parties pursuant to Section 6.1 of this Agreement. 

 

	1.29	Laws shall mean all laws, statutes, rules, regulations, orders, judgments, injunctions and/or ordinances of any governmental or public authority in the country where the concerned action is going to be performed.

  

	1.30	License shall mean the license granted by ALMIRALL to ASLAN set forth in Section 2.1 of this Agreement. 

  

	1.31	Licensed Field shall mean the treatment or prevention of any disease in humans with primary focus on oncology diseases, excluding any Dermatological disease or any topical formulation. 

 

	1.32	Milestones means the milestones referred to in sub-clause 8.2.1(a) to (d) of this Agreement. 

 

	1.33	Net Sales shall mean, on a country by country basis, with respect to the Products, the total ex-factory gross sales by ASLAN and its Sublicensees to Third Parties in the
Territory, after reasonable and customary deduction of the following: 

  

	 	(i)	customary trade, quantity or prompt settlement discounts (including chargebacks and allowances) actually allowed; 

  

	 	(ii)	amounts repaid or credited by reason of rejection, returns or recalls of goods; 

  

	 	(iii)	mandatory rebates and similar payments made with respect to sales paid for by any governmental or regulatory authority; 

	 	(iv)	sales, excise, turnover, inventory, value-added, indirect and any other tax of a similar nature assessed on the sale of the Products, as well as customs duties, customs levies and import fees imposed on the sale,
importation, use or distribution of the Products; and 

  

	 	(v)	any other similar and customary deductions, provided that such discounts and deductions are consistent with generally accepted international accounting principles that ASLAN or its Affiliates customarily apply with
respect to its own portfolio of similar market potential at a similar stage in development or product life in the Field and that such discounts and deductions given are commercially reasonable, product specific and are given in the interest of
increasing overall revenues of the Products. 

  

	1.34	Net Sales Report means a statement in writing provided by ASLAN to ALMIRALL in accordance with clause 8.3 of this Agreement, setting out the Net Sales received by ASLAN in respect of the preceding Quarterly
Period. 

  

	1.35	Person shall mean any individual, partnership, joint venture, limited liability company, corporation, firm, trust, association, unincorporated organization, governmental authority or agency, or any other entity
not specifically listed herein. 

  

	1.36	Product shall mean any oral pharmaceutical product containing the Compound as its sole active ingredient, or with other ingredients if agreed between the Parties, for use within the Licensed Field only.

  

	1.37	Product Development Information shall have the meaning set forth in Section 5.6 of this Agreement. 

  

	1.38	Quarterly Period means the periods of three months commencing on 1 January, 1 April, 1 July and 1 October in each calendar year respectively. 

 

	1.39	Sublicensee shall mean any ASLAN Affiliate or Third Party to whom ASLAN sublicenses rights under this Agreement. 

  

	1.40	Sublicense Income shall mean any and all payments received by ASLAN from its Sublicensees (including without limitation any upfront payments, down-payments, milestones, and other revenues whatsoever), but
excluding amounts received in concept of royalties and/or Product supplies. 

  

	1.41	Term shall have the meaning set forth in Section 13 of this Agreement. 

  

	1.42	Territory shall mean all the countries of the world. 

  

	1.43	Third Party shall mean any Person other than ASLAN or ALMIRALL or any Affiliate of either Party. 

  

	1.44	Valid Claim shall mean either (a) a claim of a granted and unexpired patent, which claim has not been held permanently revoked, unenforceable or invalid by a decision of a court or other governmental agency
or competent jurisdiction, unappealable within the time allowed for appeal, and which has not been admitted to be invalid or unenforceable through reissue or disclaimer or otherwise or (b) a claim of a pending patent application, which claim
was filed in good faith and has not been abandoned or finally disallowed without the possibility of appeal or refilling of said application. 

SECTION 2 
 GRANT OF
LICENSES 
  

	2.1	License to ASLAN. ALMIRALL hereby grants to ASLAN subject to the provisions of this Agreement, the exclusive and non-assignable right (subject to clause 15.1), under the
ALMIRALL IP, in the Territory and within the Licensed Field: 

  

	 	(i)	to conduct and perform the Development; 

  

	 	(ii)	to manufacture, or have manufactured, the Product; 

  

	 	(iii)	to commercialize the Products in the Territory; and 

  

	 	(iv)	to sublicense to Affiliates and/or Third Parties the necessary rights, to perform (i) or (ii) and/or (iii) in the Territory. 

 All rights granted hereby by ALMIRALL to ASLAN shall be exercised in the Territory, during the
Term and in accordance with the terms and conditions set out in this Agreement (the “License”). 
  

	2.2	License to ALMIRALL. ASLAN hereby grants to ALMIRALL, and ALMIRALL accepts, the irrevocable right, to use ASLAN Developed Know-How, free of charge, for ALMIRALL’s
internal programs for topical use and/or in the dermatology field. This internal use, however, shall not prevent the ALMIRALL’s right to commercialize the results of such internal programs for topical use and/or in the dermatology field in
accordance with the pharmaceutical standard business practices. 

  

	2.3	No other rights. ALMIRALL grants to ASLAN no other rights than those included within the License. ALMIRALL reserves all rights not expressly included in the License. 

 

	2.4	Non-Compete. ASLAN shall not be, directly or indirectly, involved in any development or commercialization activity with any Competing Product during a period starting on
the Effective Date until the longest of (a) the term in which an ALMIRALL IP is in force or (b) ten (10) years following the launch of the Product on country by country basis. 

 

	2.5	ALMIRALL’s First Negotiation Right For Melanoma. The Parties agree that ALMIRALL shall have a right of first negotiation to take a licence of the Compound and/or on any products containing the Compound for
use in the treatment of melanoma. 

 In order to permit ALMIRALL to exercise such right of first negotiation, as soon as ASLAN
has available a licence of the Compound for use in Melanoma and has commenced negotiations with a Third Party for the grant of such a licence, it shall promptly disclose this circumstance to ALMIRALL and ASLAN shall provide ALMIRALL with information
in sufficient detail to enable ALMIRALL to decide whether it desires or not to exercise the right of first negotiation. 
 Upon receipt of
such information, ALMIRALL will have [...***...] to evaluate it. During such evaluation period, ALMIRALL may require ASLAN to provide additional information or further explanation of such information. Provided that ASLAN has supplied the
corresponding information for the evaluation, ALMIRALL shall inform ASLAN, within such [...***...] period, if it is interested in exercising the right of first negotiation or not, by written notice. Failure by ALMIRALL to give written notice
of its interest or lack of interest in negotiating within the mentioned period shall be deemed a waiver by ALMIRALL of its right of first negotiation. 

In the event ALMIRALL decides to exercise the right of first negotiation, then the Parties shall enter into a period (“Negotiation
Period”) to negotiate in good faith the terms and conditions applicable to the license to be granted by ASLAN to ALMIRALL. The Negotiation Period shall endure for a maximum of [...***...] after the date of the ALMIRALL’s notice. If
ALMIRALL waives its right of first negotiation within the Negotiation Period, or if the Parties, acting in good faith, fail to agree to the terms applicable to such license to ALMIRALL, evidenced by mutually agreeing a term sheet, within the
Negotiation Period, then ASLAN shall be free to grant the licence negotiated with ALMIRALL in relation to the Compound for treatment of melanoma to any Third Party. However, ASLAN shall not grant any such rights to any Third Party on terms which are
less favourable to ASLAN than those last offered to ALMIRALL without first offering such terms to ALMIRALL. If ALMIRALL notifies ASLAN in writing that ALMIRALL accepts such terms, within [...***...], then the Parties shall enter into an
agreement on such terms within [...***...] after such notice from ALMIRALL. If ALMIRALL does not notify ASLAN in writing that ALMIRALL accepts such terms, within the said [...***...] period, then ASLAN shall be free to grant such rights
to any Third Party on such terms. 
 SECTION 3 

TECHNOLOGY DISCLOSURE 
  

	3.1	Information disclosed under Earlier Development and License Agreement. A list of information disclosed by ALMIRALL to ASLAN under the Earlier Development and License Agreement is included as Schedule
3.1. 

  
 ***Confidential Treatment Requested 

 SECTION 4 

MANUFACTURING OF THE PRODUCT 
  

	4.1	License to manufacture the Product. As provided in Section 2.1 above, ALMIRALL grants ASLAN the exclusive and non-assignable right to use the ALMIRALL IP in the
Territory and during the Term, with the purpose of manufacturing the Product to conduct the Development and exercising ASLAN’s Commercialization Rights. 

  

	4.2	Manufacture of the Product. ASLAN shall manufacture the Product directly or through any Third Party subject to the provisions of Section 15.1 below. ASLAN recognises and agrees that such manufacture will be
performed under ASLAN’s exclusive control and without ALMIRALL’s involvement. 

 ALMIRALL shall neither be obliged to
provide ASLAN with any information nor with any amount of the Compound, product, material, raw material, excipients, etc., necessary for manufacturing the Product, nor with any personal or material assistance. ASLAN shall only be entitled to entrust
the manufacturing of the Product to a Third Party, provided that such Third Party agrees in advance to comply with the obligations included in Section 9.8. 
  

	4.3	Responsibility. ASLAN recognises and agrees that the manufacturing of the Product will be performed under ASLAN’s exclusive responsibility. ASLAN shall use, handle, store and dispose of the Information and
shall manufacture the Product at its own risk and expense, in compliance with any and all applicable Law and with the GCP, GLP and GMP. ASLAN assumes full responsibility for potential outcome or damage caused by the Product manufactured by ASLAN (or
by an ASLAN’s contractor). Therefore, ASLAN shall bear all Claims resulting from or associated with the manufacture, use, handle, storage and disposal of the Product manufactured by ASLAN, or by a Third Party under ASLAN’s request, and/or
disposal of the Information for such purposes. 

 SECTION 5 

DEVELOPMENT 
  

	5.1	Development. Based on the License, ASLAN shall carry out activities to complete the development of the Product, as agreed in the Development Plan, including for example, CMC/pharmaceutical development, research,
preclinical and clinical activities. For this purpose, ASLAN shall perform regulatory activities and shall obtain all necessary regulatory authorizations, which will include, among others, to obtain any regulatory authorizations necessary to conduct
clinical trials under the Development Plan (the “Development”). 

  

	5.2	Performance of the Development and responsibility. ASLAN shall carry out the Development in accordance with the Development Plan. Any changes to the Development Plan (other than minor operational matters) shall
be notified to the Parties through the JSC. 

 ASLAN shall have control and shall bear all of the costs and expenses associated
with the Development, and shall conduct such tasks in compliance with the requirements of the applicable Laws, including without limitation the then-current GCP and GLP. In the Development of the Product, ASLAN may collaborate or consult with
researchers and investigators and may contract for studies or for manufacturing services. However, ASLAN is not entitled to contract for conducting of any study with any purpose beyond the scope of the License. 

The Development shall be conducted and performed at ASLAN’s sole risk and responsibility. Therefore, ASLAN assumes full responsibility for
potential outcome or damage derived from the conduct and performance of the Development (including but not limited to any Claims for payment of any compensation due to any participants in the clinical trials conducted in the framework of the
Development who suffer death or bodily injury pursuant to any rights or applicable industry guidelines) and shall be responsible for any such Claims resulting from such activities. 

 

	5.3	Commercially Reasonable Efforts. ASLAN shall use Commercially Reasonable Efforts to conduct the Development with the goal of completing the Development for the Product in the terms set out in the Development
Plan. 

  

	5.4	 Records and Reports. ASLAN shall maintain records in sufficient detail and in a good scientific manner of
all work conducted by it under the Development Plan and all Information resulting from such work. Such records, including any electronic files where such Information may also be contained, shall reflect all work done and results achieved in the
performance of the Development Plan in sufficient detail and in a good scientific manner appropriate for regulatory 

	 	
purposes. ASLAN shall provide ALMIRALL via the JSC or email every [...***...] with reports summarizing ASLAN’s development activities under the Development Plan and the outcome of the
studies conducted thereunder. In addition, ASLAN will submit to the JSC protocols of any study before they start and will provide a summary of the final reports once any study is completed. 

 

	5.5	ALMIRALL’s involvement in the Development. ASLAN recognises and agrees that the Development will be conducted under ASLAN’s exclusive control and without ALMIRALL’s involvement. ALMIRALL shall have
no obligation to participate, collaborate, assist or be involved in any way in the Development. 

  

	5.6	Product Development Information. ASLAN undertakes, promptly upon becoming aware of it, to communicate and deliver to ALMIRALL, through the JSC, any significant Information conceived, generated, developed,
invented, or reduced to practice solely by employees of either Party and/or jointly by employees of both Parties, or other persons not employed by the Parties acting on behalf of ALMIRALL or ASLAN (including but not limited to any ASLAN’s agent
or independent contractor), resulting from or arising out of the Development or the manufacture of the Product, including Information and know-how related to alternatives or improvements of the manufacturing
proceeding, improvements of the Products, and the formulation of finished Product, but excluding any ALMIRALL’s Information (the “Product Development Information”). Ownership and exploitation of the Product Development
Information shall be in accordance with Section 9.2 of this Agreement. 

  

	5.7	Publication Strategy. Any and all publications, totally or partially, of the Product Development Information, including but not limited to clinical studies results, shall be agreed in advance by the Parties
through a decision passed by the JSC. 

 SECTION 6 

JOINT STEERING COMMITTEE 
  

	6.1	Joint Steering Committee. The Parties shall promptly, and in no event later that [...***...] after the Effective Date, establish a Joint Steering Committee (“JSC”). For such purpose the Parties
shall appoint within the referred period, at least (1) person from their respective organizations and shall inform the other Party of the contact details of the appointed people. Each Party is entitled to remove the people appointed as the
members of the JSC and appoint new members at any time and without limitation, provided that the Party changing its representatives informs the other Party of any such changes. The JSC’s main responsibilities will be: 

 

	 	(i)	to serve as a forum for exchanging any Information regarding the Development and Commercialization. For this purpose, ASLAN shall provide ALMIRALL through the JSC with any and all reports, results, data, technical
information, preclinical and clinical data and all final and intermediate studies reports resulting from the Development and Commercialization activities; 

  

	 	(ii)	to agree the form, timing and content of any publication related to this Agreement, including but not limited to any publication referred in Sections 5.7 and 12.5. 

 

	6.2	JSC meetings. As a general rule, ASLAN shall be in charge of the organization of any meeting of the JSC. In particular, ASLAN shall call the meeting, set the agenda (which will include, where practical, a list of
all participants expected in the meeting) and circulate the agenda at least [...***...] prior to the meeting. Unless otherwise expressly agreed by the Parties, the JSC will meet [...***...] per year. Should any of the Parties consider
necessary to call a meeting of the JSC, such Party shall inform the other Party by written notice. Both Parties understand that reasonable flexibility to set meeting dates and schedules shall be necessary in view of possible previous commitments in
each Party’s calendars, therefore, several different dates shall be proposed for each meeting, whenever possible. The Parties agree that as a general rule, all the meetings will be held face to face in person in the city of Barcelona. Without
prejudice to the above, the Parties understand and agree that ALMIRALL shall have no obligation to participate in the JSC. Absence of ALMIRALL’s participation in the JSC meeting shall not release ASLAN of its obligation to inform ALMIRALL as
above. 

  

	6.3	 Minutes. ASLAN shall prepare and circulate to ALMIRALL drafts of minutes of all JSC meetings within
[...***...] of the meeting. Such drafts must provide a description in reasonable detail of the discussions held at the meeting and a list of actions, decisions or 

  
 ***Confidential Treatment Requested 

	 	
determinations approved by the JSC. ALMIRALL will review such draft with a target of providing any comments within [...***...] of receipt. Final minutes shall be promptly prepared by ASLAN
following the resolution of any outstanding comments. 

  

	6.4	Language. All the meetings, the information to be exchanged between the Parties as a consequence of the Agreement, and the minutes of the JSC’ meetings shall be in English language. 

SECTION 7 
 REGULATORY

  

	7.1	Responsibility for regulatory interactions. ASLAN shall be responsible for the preparation and filing of any and all regulatory process, health technology assessments, negotiation, interaction, application and
activity which could be necessary to carry out the activities set out in the Development Plan, All such regulatory documents will be filed in ASLAN’s name and on its behalf. 

Notwithstanding the above, ALMIRALL will have the right to review and comment on any substantive regulatory communications, and to the extent
permitted by law, to participate in substantive meetings with any competent regulatory authority. 
  

	7.2	ASLAN’s duty to inform. ASLAN shall keep ALMIRALL reasonably informed of any material events regarding, or material changes in the process of, ASLAN’s efforts to obtain and maintain any regulatory
approval as soon as reasonably practicable after such event occurs. 

  

	7.3	Subsequent regulatory activities. Upon completion of the Development Plan, the Parties shall meet through the JSC in order to inform ALMIRALL of any additional regulatory documents and proceedings will be
necessary, if any, to be prepared and filled, in order to continue with the development of the Product or for ASLAN to exercise ASLAN’s Commercialization Rights. 

 

	7.4	Records. The Parties shall maintain a record of all non-medical and medical Product-related or Compound-related complaints and reports on adverse events that any of them
obtain, directly or from any Third Party, as a consequence of the performing of any activity contemplated in this Agreement or by any other reason. 

  

	7.5	Exchange of safety Information. If applicable, the Parties shall establish procedures for the exchange and reporting of all adverse events related to the Compound, which shall be governed by a
Pharmacovigilance & Safety Exchange Agreement (the “Pharmacovigilance Agreement”). The Parties shall use Commercially Reasonable Efforts to establish such procedures and execute the mentioned Pharmacovigilance Agreement, if
applicable, within [...***...] from the Effective Date. Once signed, the Pharmacovigilance Agreement will be attached to this Agreement as Schedule 7.5. 

Each Party shall designate a qualified/appropriate person responsible for pharmacovigilance to ensure proper communication of, and adherence
to, the Pharmacovigilance Agreement. Each Party shall be responsible for the collection of adverse event reports for the Compound reported to that Party in their respective development programs. Starting on Effective Date and for so long as the
Pharmacovigilance Agreement is not signed all serious adverse events and reactions, whether believed due to the Compound or not, will be transmitted to the other Party as promptly as possible and in any event within [...***...] of first
knowledge of the event/reaction except for deaths or life-threatening events which will be transmitted within [...***...]. 
 Each
Party will be responsible to prepare the aggregate reports required to fulfill regulatory requirements for their corresponding activities with the Compound or the Product (e.g., regulatory periodic reports, DSURs etc.). Each Party shall make an
effort to promptly obtain any follow-up information to the initial report from the reporter. The Parties shall promptly inform each other of any safety issues in a time and manner sufficient to permit the
Parties to comply with their respective legal and regulatory responsibilities. 
  

	7.6	Costs and expenses. Any and all cost derived from any regulatory activity related to the Product under the Development Plan (included but not limited to mandatory taxes or fees to be paid to the competent
regulatory authorities in any country of the Territory) shall be paid by ASLAN. 

  
 ***Confidential Treatment Requested 

 SECTION 8 

COMMERCIALIZATION & SUBLICENSE 
  

	8.1	ASLAN’s Commercialization Rights. Upon entering this Agreement, ASLAN shall be granted ASLAN’s Commercialization Rights. 

In exercising ASLAN’s Commercialization Rights ASLAN shall make Commercially Reasonable Efforts: 

 

	 	a)	to commercialize the Product itself; 

  

	 	b)	to find Sublicensees interested in obtaining all or any of ASLAN’s Commercialization Rights and execute the corresponding agreements with them in consistency with the terms and conditions of this Agreement.

 ASLAN shall, and shall cause its Sublicensees, to: (i) launch each Product within a reasonable time period after
obtaining regulatory approval, on a country-by-country basis, (ii) use Commercially Reasonable Efforts in the promotion and marketing of the Products. In addition,
ASLAN shall provide ALMIRALL with the commercial plan for the Products through the JSC, on a Product-by-Product basis and on a country-by-country basis. 
  

	8.2	Payments to ALMIRALL. 

  

	 	8.2.1	Milestone Payments. Upon achieving certain milestones, ASLAN will make milestone payments to ALMIRALL (not reimbursable or refundable). The amount of each milestone payment is the equivalent in Euros to the
amounts detailed below in US Dollars (conversion into Euros to be made by applying the exchange rate published by The Wall Street Journal -Europe Edition- for the Business Day corresponding to the date of invoicing the corresponding amount):

  

							
	 (a)
	  	 [...***...]:
	  	USD$	[...***...]	 
	 (b)
	  	 [...***...]:
	  	USD$	[...***...]	 
	 (c)
	  	 [...***...]:
	  	USD$	[...***...]	 
	 (d)
	  	 [...***...]:
	  	USD$	[...***...]	 

  

	 	8.2.2	Royalties. Royalties shall be paid quarterly by ASLAN to ALMIRALL in accordance with this Section 8 on Net Sales of the Product for any indication, as follows: 

 

	 	(a)	For all Net Sales up to the equivalent of US$[...***...] in aggregate worldwide during any particular calendar year, ASLAN will pay to ALMIRALL a royalty of [...***...] on actual Net Sales during such year;

  

	 	(b)	If Net Sales exceed the equivalent of US$[...***...] in aggregate worldwide during any particular calendar year, ASLAN will thereafter pay to ALMIRALL a royalty of [...***...] on actual Net Sales exceeding
the mentioned amount of US$[...***...] during such year (it being understood that [...***...]% royalty shall be payable for amounts up to US$[...***...] according to section (a) above). 

 

	 	8.2.3	Sublicensinq Payments to ALMIRALL. The Parties agree that in the event ASLAN sub-licenses ASLAN’s Commercialization Rights to a Sublicensee to carry out any of the
activities in 2.1(i) to (iii) of this Agreement in relation to a Product, ASLAN shall pay ALMIRALL an amount equivalent to ten percent (10%) of any Sublicense Income received by ASLAN from any and all of its Sublicensees. 

 

	8.3	Reports. Within [...***...] of the end of each Quarterly Period, ASLAN shall provide to ALMIRALL a Net Sales Report in relation to that Quarterly Period setting out: 

 

	 	(a)	the total Net Sales in respect of that Quarterly Period; 

  

	 	(b)	the period for which the Net Sales were calculated; 

  
 ***Confidential Treatment Requested 

	 	(c)	the number of Products sold or supplied during that period; 

  

	 	(d)	the price of each Product supplied or used during that period; 

  

	 	(e)	the basis on which the amount of Net Sales was calculated; 

  

	 	(f)	the amount of any withholding or other income taxes deductible or due to be deducted from the amount of Net Sales due and payable; 

  

	 	(g)	any other particulars ALMIRALL may reasonably require. 

 Calculation of Net Sales will be made
after converting the corresponding local currency into US Dollars applying the exchange rate index published by The Wall Street Journal (Europe Edition) for the last Business Day in each of the quarter covered by the Net Sales Report. 

Also, in the Net Sales Report, ASLAN shall detail any Sublicense Income received during the corresponding Quarterly Period. 

 

	8.4	Invoicing. ALMIRALL shall invoice ASLAN for Royalties due according to section 8.2.2 (based on the amount set out in the Net Sales Report). Also, ALMIRALL shall invoice ASLAN for any amounts due according to
section 8.2.3, if any (based on Sublicense Income detailed in the Net Sales Report). Such invoice shall be sent to the address set out in clause 15.7 of this Agreement. 

 

	8.5	Payments. ASLAN shall pay such invoice within [...***...] of the date of receipt of the invoice in Euros via wire transfer to such account as ALMIRALL may from time to time notify ALSAN in writing. For
calculation of the amount to be invoiced by ALMIRALL in Euros, the figure of Net Sales and Sublicense Income in USD shall be converted into Euros by applying the exchange rate index published by The Wall Street Journal (Europe Edition) for the last
Business Day in each of the quarter covered by the Net Sales Report. 

  

	8.6	Reconciliation/adjustment. In the event of any difference between amounts actually due in concept of royalty and amounts paid by ASLAN in view of calculation of Net Sales as stated quarterly in the Net Sales
Report, the corresponding reconciliation and payment shall be made not later than March 30th of each year, with respect to the previous calendar year. 

 

	8.7	Records and Audits. ASLAN shall keep, full, true and accurate books of account containing all particulars that may be necessary for the purpose of showing commercialization revenues (Net Sales, Sublicense Income)
and demonstrating their calculation. ALMIRALL shall have the right, directly or through any Third Party, upon no less than [...***...] advance notice and at such reasonable times and intervals and to such reasonable extent as ALMIRALL shall
request, not more than [...***...] during any year, to have the books and records of ASLAN to the extent related to ASLAN’s rights or obligations under this Agreement, for the preceding [...***...], audited by an independent
internationally recognized accounting firm of its choosing under appropriate confidentiality provisions, for the sole purpose of verifying the accuracy of all financial, accounting and numerical information and calculations provided under this
Agreement. 

 The results of any such audit shall be delivered in writing to each Party and shall be final and binding upon the
Parties, which shall be required to undertake any necessary corrective action, unless such audit report is disputed within [...***...] of receipt. Unless otherwise mutually agreed by the Parties, any disputes regarding the results of any such
audit shall be subject to the dispute resolution procedure set forth in Section 15.11. If the audit shows that ASLAN has underpaid ALMIRALL an amount due under this Agreement by a factor of more than [...***...]%, ASLAN shall pay ALMIRALL
such underpaid amount jointly with the costs of such audit, plus interest on the amount underpaid at the European Interbank Offered Rate (EURIBOR) interest rate, plus [...***...] percentage points, for the period of any such underpayment.
ASLAN shall pay such amount to ALMIRALL within [...***...] after the date of the corresponding invoice issued by ALMIRALL for such payment purpose. If the audit shows that ASLAN has overpaid ALMIRALL by a factor of more than
[...***...]%, ALMIRALL shall pay ASLAN such overpaid amount jointly with the costs of such audit. 
  

	8.8	Taxes. Any withholding or other taxes that either Party or its Affiliates are required by Law to withhold or pay on behalf of the other Party, with respect to any payments to it hereunder, shall be deducted from
such payments and paid contemporaneously with the remittance to the other Party; provided, however, that the withholding Party shall furnish the other Party with proper evidence of the taxes so paid. Each Party shall furnish the other Party with
appropriate documents to secure application of the most favorable rate of withholding tax under applicable Law. 

 Should new
tax regulations be implemented in any country of the Territory that may negatively affect any Party’s interests in transactions made under this Agreement, both Parties shall promptly co-operate in good
faith to minimise the impact of such regulations and to implement an equitable satisfactory solution. 

  
 ***Confidential Treatment Requested 

	8.9	Interest on late payment. Interest on late payment shall be calculated at the average 12-month European Interbank Offered Rate (EURIBOR) for the Euro as reported from time
to time by the European Central Bank, effective for the first date on which payment was due and calculated, plus [...***...] percentage points, for the period such payment is overdue. 

SECTION 9 
 INTELLECTUAL
PROPERTY 
  

	9.1	Ownership of pre-existing Information. The Parties acknowledge and agree that all right, title and interest to the ALMIRALL
Pre-existing Know How and the ALMIRALL Patents belong exclusively to ALMIRALL; and all right, title and interest to ASLAN Pre-existing Know How belong exclusively to
ASLAN. 

  

	9.2	Product Development Information. The Parties agree that ALMIRALL shall be the sole and exclusive owner of all the Product Development Information. Notwithstanding ALMIRALL’s exclusive ownership over the
Product Development Information: 

  

	 	(a)	as a consequence of the License, ASLAN shall be entitled to use such Product Development Information and the related ALMIRALL Pre-existing Know How and the ALMIRALL Patents for
the purpose of fulfilling its rights and obligations under this Agreement (including but not limited, to grant to Sublicensees any right over ASLAN’s Commercialization Rights). 

 

	 	(b)	ALMIRALL will only be entitled to use Product Development Information, free of charge, for its internal programs for topical use and/or in the dermatology field. This internal use, however, shall not prevent the
ALMIRALL’s right to commercialize the results of such internal programs for topical use and/or in the dermatology field in accordance with the pharmaceutical standard business practices. 

The Parties agree that if in accordance with the Law applicable [...***...] the Product Development Information [...***...], then
[...***...] the Product Development Information without limitation, as well as [...***...] and [...***...] required for effecting the obligations and purposes of this Agreement. 

 

	9.3	ASLAN Developed Know-How. ASLAN shall own all ASLAN Developed Know-How. To the extent it is necessary to continue with the
development of the Compound or of any other product containing the Compound or for its manufacture, use or commercialization, ASLAN shall grant to ALMIRALL a non-exclusive, perpetual, royalty free and
worldwide license to use ASLAN Developed Know How, for topical use and/or in the dermatology field only. This internal use, however, shall not prevent the ALMIRALL right to commercialize the results of such internal programs for topical use and/or
in the dermatology field in accordance with the pharmaceutical standard business practices. 

  

	9.4	Disclosure. During the Term ASLAN shall disclose via the JSC to ALMIRALL the Product Development Information and ASLAN Developed Know-How. 

 

	9.5	Intellectual Property Rights prosecution and maintenance. ALMIRALL shall prepare, file, prosecute and maintain the ALMIRALL IP at its own expense. In addition, ALMIRALL shall control the prosecution and
maintenance and shall bear the costs of any such activities undertaken by itself or its agents with respect to the ALMIRALL IP, Upon ALMIRALL’s request ASLAN shall fully cooperate and assist in all such activities at ALMIRALL’s expense but
at a fair and reasonable price for such activities, including by promptly providing ALMIRALL with pertinent files, correspondence, records, information and other documents relating thereto in its possession or control if additional to those supplied
on a regular basis through the JSC. ALMIRALL shall keep ASLAN regularly informed, upon ASLAN request, about the status of the ALMIRALL Patents. If in addition, ASLAN (at its own expense) chooses to make representations or suggestions to ALMIRALL
about matters pertaining to the prosecution of ALMIRALL IP, ALMIRALL shall not unreasonably reject such representations or suggestions. 

  
 ***Confidential Treatment Requested 

	9.6	Enforcement. In the event that ASLAN or ALMIRALL becomes aware of any actual, apparent or threatened infringement of the ALMIRALL IP (the “Infringement”), ASLAN or ALMIRALL, as the case may be, shall
promptly notify the other Party in writing and shall provide the other Party with all available evidence supporting such known or suspected Infringement. [...***...] shall have the first right to bring and direct any legal or other action
against any Third Party, including any settlement negotiation or proceeding. 

 Should [...***...] not commence a
particular legal or any other action against the Third Party within [...***...] (or such shorter period as reasonably required to prevent the Infringement), [...***...] upon notification in writing to [...***...], shall be
entitled, if allowed by Law, to bring such Infringement action provided that, [...***...]. 
 The Party conducting such legal action
shall have full control over such action and shall assume all the associated cost, as well as be entitled to all damages or proceeds recovered. The Party conducting the legal action against the alleged infringer shall keep the other Party reasonably
informed as to important developments of such action, and the other Party shall if requested, provide reasonable assistance and cooperation in any such action or litigation at the other’s expense, and shall not enter into any settlement,
consent or other voluntary final disposition of any action against infringers without the other party’s prior written consent not to be unreasonably withheld or delayed. 
  

	9.7	Third Party’s claims. In the event of the institution of any suit by a Third Party against ASLAN and/or ALMIRALL for intellectual property, know how or proprietary information’s infringement, the Party
sued shall promptly notify the other Party in writing. Each Party shall have the right (but not the obligation) to defend any suit brought against it at its own expense, but shall, at all times, take into consideration the views and technical
considerations of the other Party. ASLAN and ALMIRALL shall provide reasonable assistance and cooperation to each other in any such litigation at the other’s request and at the other’s expense. Neither party shall enter into any
settlement, consent or other voluntary final disposition of any action involving alleged infringement without the other party’s prior written consent, not to be unreasonably withheld or delayed. 

 

	9.8	Employee’s obligation. Prior to beginning the work under this Agreement related to the manufacture of the Product or the Development, each employee, agent or independent contractor of ASLAN who performs
services in connection with or under this Agreement shall sign a non-disclosure and invention assignment agreement pursuant to which such person agrees to comply with the obligations of ASLAN in this
Section 9 and Section 12, It is understood and agreed that such non-disclosure and invention assignment agreement need not reference or be specific to this Agreement. 

SECTION 10 

REPRESENTATIONS AND WARRANTIES 
  

	10.1	Due organisation, valid existence and due authorisation. Each Party hereto represents and warrants to the other Party as follows: 

 

	 	(i)	it is duly organized and validly existing under the Laws of its place of incorporation; 

  

	 	(ii)	it has full corporate power and authority and has taken all corporate action necessary to enter into and perform this Agreement; 

  

	 	(iii)	the execution and performance by it of its obligations hereunder shall not constitute a breach of, or conflict with, its organizational documents nor any other material agreement or arrangement, whether written or oral,
by which it is bound; 

  

	 	(iv)	no representation or warranty made in this Agreement contains or shall contain any untrue statement of a material fact or omits or shall omit to state a material fact necessary in order to make the statements contained
herein or therein not false or misleading; 

  

	 	(v)	this Agreement is a legal, valid and binding obligation, enforceable in accordance with the terms and conditions hereof (subject to applicable Laws of bankruptcy, insolvency, reorganization, moratorium or similar
regulations affecting the enforcement of creditor’s rights). 

  
 ***Confidential Treatment Requested 

	10.2	Additional representations and warranties of ASLAN. ASLAN hereby represents and warrants to ALMIRALL that as of the Effective Date: 

 

	 	(i)	ASLAN is not subject to any agreement with a Third Party that includes a royalty or similar payment obligation to, or other restriction or limitation in favour of such Third Party (including, for this purpose, to
current officers, directors, employees, consultants or personnel of ASLAN or any predecessor) which will have an impact on ASLAN’s rights to practice ASLAN Pre-existing Know How under this Agreement;

  

	 	(ii)	ASLAN is neither involved, in any development or the rendering of any other service to a Third Party which has any interests in any Competing Products at the Effective Date. 

 

	10.3	Additional representations and warranties of ALMIRALL. ALMIRALL hereby represents and warrants to ASLAN that as of the Effective Date: 

 

	 	(i)	ALMIRALL is the sole owner of the ALMIRALL Pre-existing Know How and of the ALMIRALL Patents, with the right to grant ASLAN the License free and clear of any liens or encumbrances
which would prevent the grant of the License; 

  

	 	(ii)	so far ALMIRALL is aware, there are no actual or threatened proceedings relating to infringement of Third Party intellectual property rights by the use of the ALMIRALL
Pre-existing Know How and the ALMIRALL Patents and ALMIRALL further represents and warrants that the ALMIRALL Pre-existing Know How and the ALMIRALL Patents are not the
subject of any actual or threatened challenge or revocation proceedings. However, ALMIRALL discloses hereby that some of the ALMIRALL Patents are still under the process to be granted; 

 

	 	(iii)	so far ALMIRALL is aware, ALMIRALL has the right to grant to ASLAN the License granted under this Agreement; 

  

	 	(iv)	so far ALMIRALL is aware, none of the acts to be undertaken by ALMIRALL pursuant to this Agreement will infringe the rights of Third Parties. 

Save as expressly stated in items (i), (ii), (iii) and (iv), no representation, condition or warranty whatsoever is made or given by or on
behalf ALMIRALL. All conditions and warranties whether arising by operation of law or otherwise are hereby expressly excluded including any conditions and warranties to the effect that any of the ALMIRALL Patents are valid and enforceable. 

 

	10.4	Compliance with Law. Each Party covenants to the other that it will comply with all applicable Laws as amended, in carrying out their obligations pursuant to this Agreement. In particular ASLAN covenants that so
far as it is aware, ASLAN and any ASLAN’s subcontractor currently holds or at the relevant time will hold any and all consent approvals, orders or authorizations necessary to comply with its obligations under this Agreement. In addition, ASLAN
covenants that so far it is aware, neither the Product Development Information nor the ASLAN Developed Know How will infringe any Third Party’s right including but not limited to any Third Party’s intellectual property, ownership, know how
or contractual right. Therefore, ASLAN covenants that so far it is aware, the development of the Product and its subsequent commercialization will not infringe any such Third Party’s rights and will not entail any unfair competition act.

  

	10.5	Disclaimers. Without prejudice to the ALMIRALL’s representation and warranties set out in Sections 10.1 and 10.3, ALMIRALL covenants that it provides the ALMIRALL’s Information and the Compound to be
delivered by ALMIRALL to ASLAN in accordance with Section 4.2 above, as is”, that is, without any warranty of any kind, express or implied, including, without limitation, warranty of their accuracy or completeness, of merchantability,
fitness for a particular purpose (including but not limited to manufacture the Product or conduct the Development), commercial value, and without any warranty of any kind, express or implied, of the absence of infringement of Third Party’s
rights, inexistence of adverse effects, of the safety or other quality, efficiency, stability, characteristics or usefulness of, or merchantability, or fitness for a particular purpose of any Product. Without prejudice to ASLAN’s representation
and warranties set out in Sections 10.1 and 10.2, ASLAN covenants that ASLAN provides ASLAN Pre-existing Know How “as is”, that is, without any warranty of any kind, express or implied, including,
without limitation, warranty of its accuracy or completeness, of merchantability, fitness for a particular purpose (including but not limited to manufacture the Product or conduct the Development), commercial value, and without any warranty of any
kind, express or implied, of the inexistence of adverse effects, of the safety or other quality, efficiency, stability, characteristics or usefulness of, or merchantability, or fitness for a particular purpose of any Product. 

	10.6	Continuing Representations. The Parties agree that Sections 10.1 to 10.5 shall survive after the Term of the Agreement. 

SECTION 11 
 LIABILITY

  

	11.1	Indemnification by ASLAN. ASLAN assumes responsibility and will defend, indemnify and hold harmless ALMIRALL and its Affiliates and the directors, officers, and employees of any of them (the “Indemnified
Party”), from and against any and all Claims of any kind or nature whatsoever (including but not limited to Claims arising from Third Parties), including Claims for death, personal injuries or property damages, suffered or incurred by the
Indemnified Party at any time during the Term or thereafter (in each case including reasonable out-of-pocket expenses, reasonable attorneys’ fees, court costs and
expert witnesses’ fees, and other reasonable expenses) (a “Liability”) that result from, or arise out of: 

  

	 	(i)	material breach by ASLAN of any representation, warranty, covenant or agreement contained in this Agreement; 

  

	 	(ii)	ASLAN’s, or any ASLAN contractors’ failure to comply with any applicable Law or with any obligation under the Agreement, 

  

	 	(iii)	the manufacture, Development, use, handling, storage, sale or other disposition of the Product or of the Compound by ASLAN (including also with respect to the Compound delivered by ALMIRALL under the Earlier Development
and License Agreement), or by any ASLAN’s contractor, including damages derived from defects in the Product, from any of ASLAN activities under Sections 4 and 5 or from the ASLAN’s direct (or by Sublicensees) development and
commercialization of the Product. except in each such case to the extent that any such Liability arises from ALMIRALL’s negligence or intentional malfeasance, ALMIRALL’s breach of this Agreement, or ALMIRALL’s violation of any
applicable Law. 

 ASLAN and any ASLAN contractors shall obtain and maintain in force during the Term and for all period in
which a Third Party will be entitled to make a Claim against ALMIRALL, a civil liability insurance policy with an international reputable insurance company sufficient to cover ASLAN’s potential liabilities to ALMIRALL and any ASLAN’s
contractor. Upon ALMIRALL’s request, ASLAN shall provide a copy of the mentioned insurance policy and of any evidence of its renewal. 
  

	11.2	Indemnification by ALMIRALL. ALMIRALL assumes responsibility and will defend, indemnify and hold harmless ASLAN and its Affiliates and the directors, officers, and employees of any of them (the “Indemnified
Party”), from and against any and all Third Party’s Claims of any kind or nature whatsoever, including reasonable out-of-pocket expenses reasonable
attorneys’ fees, court costs and expert witnesses’ fees and other reasonable expenses (a “Liability”) that result from, or arise out of: 

  

	 	(i)	a material breach by ALMIRALL of any representation, warranty, covenant or agreement contained in this Agreement; 

  

	 	(ii)	ALMIRALL’s failure to comply with any applicable Law or with any obligation under the Agreement, or 

  

	 	(iii)	ALMIRALL negligence or wilful misconduct, except in each such case to the extent that any such Liability arises from ASLAN’s breach of any warranty contained in this Agreement or any other matter listed in
Section 11.1 above. 

  

	11.3	Indemnity Procedure. The obligations of ASLAN and ALMIRALL under this Section 11 shall be subject to the following terms and conditions: 

 

	 	(i)	The Party claiming a right to indemnification shall, within [...***...] of receipt of any Claim give written notice to the indemnifying Party, of any such Claim received from a Third Party which is governed by the
indemnity obligations of this Agreement, provided, however, that failure to timely give the notice provided in this Section shall not be a defense to the liability of the Indemnified Party for such Claim, but the Indemnified Party may recover actual
damages arising from the Indemnified Party’s failure to give such timely notice. 

  
 ***Confidential Treatment Requested 

	 	(ii)	The indemnifying Party shall conduct, at its own sole cost and expense, the defense of any and all such Claims by a Third Party. 

  

	 	(iii)	Neither Party shall settle or admit Liability with respect to any such Claims which could result in Liability to the other Party without the prior written consent of the other Party, which consent shall not be
unreasonably withheld or delayed. 

  

	 	(iv)	If the indemnifying Party does not take the steps necessary against any such Claims by a Third Party, the Party claiming indemnification may defend against or settle such Claims in such manner as it may deem appropriate
provided that that Party may not settle such Claims without the prior written consent of the indemnifying Party which consent shall not be unreasonably withheld or delayed; however, the defense and/or settlement under this Section 11 shall not
act as a waiver of rights to indemnification under this Agreement, or any other rights or remedies of a Party claiming indemnification and shall not excuse the indemnifying Party from its obligations hereunder and all reasonable costs and expenses
incurred by the Party claiming indemnification shall be subject to indemnity by the indemnifying Party; and, 

  

	 	(v)	Each Party will offer reasonable assistance to the other Party in defending or settling the Claim, including by making available relevant documents and witnesses. 

SECTION 12 

CONFIDENTIALITY AND NON-USE OBLIGATIONS 

 

	12.1	ASLAN acknowledges that all the ALMIRALL Confidential Information is confidential and proprietary to ALMIRALL and agrees to (i) maintain such Confidential Information in confidence during the Term of this Agreement
and for a period of [...***...] thereafter and (ii) use and appropriately disclose such Confidential Information solely for the purpose of performing its obligations hereunder or to exercise the rights granted to it hereunder. ASLAN
covenants that it shall not disclose any such Confidential Information except to its employees, agents or any other Person under its authorization; provided, that such employees, agents or Persons under its authorization who have access to such
Confidential Information have been advised by ASLAN of ASLAN’s obligations under this Agreement, and are contractually (in writing) or legally bound by confidentiality and non-use obligations not less
stringent than those set forth in this Agreement prior to any such disclosure. ASLAN shall be responsible to ALMIRALL for the compliance of such Persons with this Agreement. For its part, ALMIRALL agrees to maintain in confidence and not to use,
during the Term of this Agreement and for a period of [...***...] thereafter, ASLAN’s Confidential Information, provided that ALMIRALL retains the right to use and disclose any such ASLAN Confidential Information to a Thirty Party
strictly on a need to know basis and directly in connection with the conduct of further development of products for topical use and/or for dermatology diseases and with the exercise any of ALMIRALL’s commercialization rights upon exercising the
first negotiation right described in Section 2.5. 

  

	12.2	The confidentiality obligations and use restrictions set forth in Section 12.1 shall not apply to Confidential Information which: 

 

	 	(i)	was generally available to the public or otherwise part of the public domain at the time of its disclosure to the receiving Party; 

  

	 	(ii)	is received from a Third Party on an unrestricted basis, where such Third Party is authorized to disclose the information; 

  

	 	(iii)	became generally available to the public or otherwise part of the public domain after its disclosure and other than through any act or omission of the receiving Party in breach of this Agreement; or 

 

	 	(iv)	is required to be disclosed to a competent authority in accordance with a mandatory applicable Laws, in which case the disclosing Party shall promptly notify the other Party of such disclosure requirement to enable the
other Party to seek a protective order or other form of confidential treatment for the information, and shall thereafter disclose only that portion of the information required to be disclosed in order to comply. 

  
 ***Confidential Treatment Requested 

	12.3	ASLAN shall not use any ALMIRALL’s Confidential Information or any Confidential Information which is generated or discussed in the framework of the JSC, for any purpose other than in connection with the compliance
of ASLAN’s obligations under this Agreement. 

  

	12.4	Injunctive relief and additional remedies. Each Party hereby recognizes, acknowledges and agrees that in the event of any breach of this confidentiality obligation by the other Party (or by any Third Party
contracted by the other Party), including without limitation, the actual or threatened disclosure or unauthorized use of the Confidential Information without the prior express written consent of the other Party, the other Party will suffer serious
damages and injuries for which financial compensation may not be an adequate remedy at law. Accordingly each Party agrees that the other Party shall have the right to enforce this Agreement and any of its provisions by injunction, specific
performance and any other available remedies, without prejudice to any other rights and remedies that that other Party may have for a breach of this Agreement. Such rights and remedies include, among others, the right to receive a compensation for
any and all direct or indirect costs and damages (including but not limited, reasonable attorney cost and investigation cost) the Party may suffer as a consequence of such infringements. 

 

	12.5	Publication. ASLAN and ALMIRALL agree not to issue any press releases or public announcements concerning this Agreement (and to ensure that their respective Affiliates do not do so) without the prior written
consent of the other Party, upon a [...***...] period for a prior review by each Party, to the form, timing and content of any such release of announcement, except as required by a governmental authority and applicable Law, including
disclosure required by any securities exchange; provided that following agreement upon the content of such disclosure, subsequent releases which do not materially depart from such agreed content may be made without prior written consent from the
other Party. Except as required by Law, neither Party (or their respective Affiliates) shall disclose to any Third Party, under any circumstances, any Information of the other Party that have not been previously disclosed publicly pursuant to this
Section 12 without the prior written consent of the other Party. Notwithstanding the foregoing, ASLAN shall be entitled to make announcements on the progress of the Development, upon giving ALMIRALL [...***...] prior written notice,
except when such announcements are related to the safety of the Product in which case ALMIRALL’s prior written consent is needed. In situations of extreme urgency where immediate disclosure is required by a governmental authority and applicable
Law, ASLAN shall inform ALMIRALL with sufficient time to permit the Parties to negotiate the content and form of the announcement. In the event the Parties are unable to reach an agreement in the timeframe permitted by the governmental authority and
applicable law and to the extent ASLAN is obliged to make such announcement, ASLAN will be entitled to comply with the announcements requirement but shall omit any reference to ALMIRALL and, if possible, to the Compound. 

SECTION 13 
 TERM 

This Agreement shall come into effect on the Effective Date and unless terminated before as hereinafter provided, shall remain in full force and effect until
termination on a Product-by-Product basis, and/or country-by-country basis (the
“Term”). 
 SECTION 14 

EARLY TERMINATION 
  

	14.1	Termination by either Party. This Agreement may be terminated before the Term by either Party, upon written notice to this effect to the other Party: 

 

	 	(i)	Without prejudice to other situations expressly governed in this Agreement, and to any other rights and remedies, in the event of the other Party failing to comply with any of its obligations under this Agreement and
not remedying the violation or breach within [...***...], after having being notified by the other Party. 

  

	 	(ii)	Immediately, at any time, for significant safety issues which make the continue Development or commercialization of the Product unlawful or in violation of standard industry practices. 

 

	 	(iii)	 To the extent permitted by the applicable Law, immediately if the other Party becomes insolvent, or makes or
seeks to make or arrange an assignment for the benefit of 

  
 ***Confidential Treatment Requested 

	 	
creditors, or if proceedings in voluntary or involuntary bankruptcy shall be initiated by, on behalf of or against such Party (and, in the case of any such involuntary proceeding, not dismissed
within [...***...]), or if a receiver or trustee of such Party’s property shall be appointed and not discharged within [...***...]. 

  

	 	(iv)	If Development outcomes or market conditions mean that continuation of this Agreement is no longer commercially viable as proven by ASLAN based on supporting objective data reasonably acceptable to the Parties after
good faith discussion. 

  

	14.2	Termination by ALMIRALL. In addition to the reasons set out in Section 14.1 above, this Agreement may be terminated early by ALMIRALL upon written notice to this effect to ASLAN, without prejudice to any
other rights and remedies: 

  

	 	(i)	If the Development has not started within [...***...] after the Effective Date. 

  

	 	(ii)	If ASLAN does not provide evidence of having used Commercially Reasonable Efforts according to Section 3.5 and 8.1 of this Agreement, upon [...***...] of being requested by ALMIRALL to do so.

  

	 	(iii)	In the event that ASLAN is subject to a change of control (which for this purpose means a change in the power to direct the adoption and/or execution of the policies, management or operations of ASLAN by any means
whatsoever, directly or indirectly, whether through the ownership of voting securities, by shareholder agreement or contract relating to voting rights or corporate governance, by change in applicable Laws, governmental action or otherwise) which
could reasonably be expected to lead to an impairment to ALMIRALL. In order for ALMIRALL to assess the likelihood of such an impairment, ASLAN shall provide to ALMIRALL as soon as possible details of the identity of the party who will have power to
control ASLAN. For the purposes of this Section 14,2(v), an “impairment” will only be deemed to occur where ALMIRALL can show that control of ASLAN by such party will mean (i) an ALMIRALL Competitor controls ASLAN; (ii) the
commercial value of the Product may be damaged; (iii) the commercial value of the ALMIRALL’s topical and/or dermatology products containing the Compound may be adversely affected; (iv) ALMIRALL’s reputation or any of the
ALMIRALL’s products or compounds’ reputation in the market place may be damaged; and/or (v) the party lacks credible financial substance and material and human resources in order to be able to maximize commercial sales of the Product.
ALMIRALL shall have [...***...] from submission of the details in question, to indicate if it has grounds for terminating under this clause, and if so give reasonable details of the grounds for believing the change of control will give rise to
an impairment. ASLAN shall have [...***...] from the date ALMIRALL supplies such grounds, to withdraw from its change of control transaction and inform ALMIRALL of such withdrawal, failing which ALMIRALL may proceed to terminate under this
Section 14.2 (v) but must do so within [...***...]. 

  

	 	(iv)	Immediately in the case that ASLAN or any of its Affiliates challenges or assists a Third Party to challenge the validity of any ALMIRALL Patent or ALMIRALL IP. 

 

	 	(v)	In case of general withdraw or recall of the Product from any country (in this case, termination may be on a Product-by-Product basis
and/or on a country-by-country basis). 

  

	14.3	Provisions upon expiration or termination. Upon expiration of the Term or early termination of this Agreement as provided above, ASLAN undertakes: 

 

	 	(i)	to return to ALMIRALL within [...***...] all ALMIRALL’s Information which would concern the Compound and the Product, (which shall include but it is not limited to, all Information related to the ALMIRALL
IP); 

  

	 	(ii)	to cease with the Development and with any negotiation or discussions entered with Third Parties with the purpose of granting ASLAN’s Commercialization Rights; 

 

	 	(iii)	to cease with any manufacturing activity and to destroy (i) any amount of Product already manufactured or in the process of manufacturing, (ii) any piece of Information related to the
manufacturing of the Product and (iii) any raw material (including but not limited to the Compound) used for the manufacturing of the Product; 

  

	 	(iv)	[...***...] and, in particular, [...***...]; and 

  
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	 	(v)	[...***...] within [...***...] from the date of request, [...***...]. In the event [...***...], within [...***...] from the date of termination of this Agreement, [...***...].
Additionally, unless otherwise agreed by the Parties on a case by case basis, the termination of this Agreement shall [...***...]. 

  

	14.4	Survival of obligations. Upon termination of this Agreement for any reason (i) neither ASLAN nor ALMIRALL shall be relieved of any obligations incurred by such Party prior to such termination, and
(ii) the obligations of the Parties under Sections 11 and 12 and all other provisions which by their nature are intended to survive any such termination, shall survive and continue to be enforceable. Upon termination of this Agreement for any
reason, each Party shall, and shall ensure that any Third Party with whom Confidential information of the other has legitimately been shared pursuant to this Agreement, promptly returns to the other or destroys (subject to written certification of
the latter), all written Confidential Information, including copies, and all internal reports and notes thereof. 

SECTION 15 
 GENERAL
PROVISIONS 
  

	15.1	Assignment and subcontracting. Except in connection with an internal reorganisation or amalgamation among ASLAN and its Affiliates (provided that such corporate reorganization or amalgamation will not entail a
change of control —as change of control is defined in Section 14,2 above- in ASLAN), or as otherwise expressly provided herein, neither this Agreement nor any of the rights or obligations hereunder may be assigned by ASLAN without the
prior written consent of ALMIRALL (and “non-assignable” as used in this Agreement shall be construed accordingly). Any attempted assignment in violation hereof shall be void. ALMIRALL may at any time
assign this Agreement in whole or part, or designate, for the benefit or charge of any of the rights or obligations resulting from this Agreement, to any Third Party (including any of its Affiliates). This Agreement shall be binding upon and inure
to the benefit of the Parties and their respective corporate successors. 

 Without prejudice to the above, ASLAN will be
entitled to subcontract some of its obligations under the Agreement. ASLAN shall secure that any such subcontractors comply with any internationally accepted standards of good practice (such as, without limitation, GLP, GMP, and GCP) as relevant and
abide to applicable national and international law. ASLAN shall inform ALMIRALL from time to time or promptly upon the ALMIRALL’s request (not more [...***...] per calendar year) of the activities that ASLAN has subcontracted or is going
to subcontract and of the Third Party’s subcontractors. ASLAN shall give due consideration to any reasonable comments and suggestions that ALMIRALL may give to it upon receiving such information. 

ASLAN will be joint and severally liable with any Third Party subcontracted by it for any and all activities performed by any such Third
Parties subcontractors. 
  

	15.2	Independent status of the Parties. The Parties to this Agreement are independent contractors and agree that the relationship between the Parties shall not constitute a partnership, joint venture or agency. No
Party shall have the authority to make any statement, representation or commitment of any kind, or to take any action, which shall be binding on the other Party, without the prior written consent of the other Party. 

  
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	15.3	Waiver. No delay or omission by a Party in exercising or availing itself of any right, power or privilege hereunder shall preclude the later exercise of any such right, power or privilege by such Party. No waiver
shall be effective unless made in writing with specific reference to the relevant provision(s) of this Agreement and signed by a duly authorized representative of the Party granting the waiver. Waiver by a Party of a breach hereunder by the other
Party shall not be construed as a waiver of any succeeding breach of the same or any other provision. 

  

	15.4	Non-solicitation. The Parties agree that during the Development period and [...***...] thereafter, neither Party shall, directly or indirectly, solicit for employment
any employee or former employee of the other Party or any of its Affiliates, with whom it has come into contact or interacted for the purposes of the negotiation or performance of this Agreement. 

 

	15.5	Force majeure. Neither Party shall be deemed to be in breach of this Agreement or otherwise liable to the other by reasons of any delay in performance or non-performance of
any of its obligations under this Agreement, to the extent that such delay or non-performance is due to any event of force majeure, including without limitation any wars, insurrections, strikes, acts of God,
Governmental actions or controls or any other contingency beyond its control. The Party whose performance of obligations has been delayed by force majeure shall use its best efforts to overcome the effect of the force majeure event as soon as
possible. 

 The Party affected by the force majeure shall notify immediately to the other Party the existence of the force
majeure. The other Party shall have no right to demand indemnity or damages as a result of the force majeure event. If the event of force majeure preventing performance continues for more than [...***...] from the date of notice given pursuant
thereto and such suspension of performance would otherwise constitute a material breach under this Agreement, the non-force majeure Party may terminate this Agreement, by giving written notice of termination
to the other without liability to any of the Parties, except the obligation to make any payments due up to such date under this Agreement. Termination under this Section 15.6 shall be considered as termination under Section 14.1 provided
that no Party shall be entitled to damages or any other legal remedy in connection therewith. 
  

	15.6	Entire Agreement. This Agreement embodies all of the understandings and obligations between the Parties with respect to the subject matter hereof, and supersedes, replaces and cancels all prior agreements or
understandings between the Parties with respect to the same (including but not limited to (i) the Earlier Development and License Agreement and (ii) the Confidentiality Agreement referred to in the Whereas IV of this Agreement).

 For the avoidance of doubt, the Parties agree that the Earlier Development and License Agreement is, with effect from the
Effective Date, hereby terminated and replaced by this Agreement, subject to the first sentence of Section 14.5 of the Earlier Development and License Agreement (that is: “Upon termination of the Earlier Development and License
Agreement for any reason (i) neither ASLAN nor ALMIRALL shall be relieved of any obligations incurred by such Party prior to such termination, and (ii) the obligations of the Parties under Sections 11 and 12 and
all other provisions which by their nature are intended to survive any such termination, shall survive and continue to be enforceable”). The Parties hereby waive their rights on termination under Section 14.4
(“Provisions upon expiration or termination’) and the last sentence of Section 14.5 of the Earlier Development and License Agreement (that is: “Upon termination of the Earlier Development and License Agreement
for any reason, each Party shall, and shall ensure that any Third Party with whom Confidential information of the other has legitimately been shared pursuant to the Earlier Development and License Agreement, promptly returns to the other or destroys
(subject to written certification of the latter), all written Confidential Information, including copies, and all internal reports and notes thereof”). 

No amendments to this Agreement shall be valid unless executed in writing duly authorized directors(s) of both Parties. 

 

	15.7	Notices. All notices, instructions and other communications hereunder or in connection herewith shall be in writing, shall be sent to the address of the relevant Party set forth below and shall be
(a) delivered personally, (b) sent via a reputable international overnight courier service, or (c) sent by facsimile transmission with confirmation by overnight courier. Any such notice, instruction or communication shall be delivered
in the case of (a) upon receipt, (b) upon signature of the receipt by the receiving Party and (c) when transmitted with electronic confirmation of receipt, if transmitted by facsimile (if such transmission is on a Business Day, or
otherwise, on the next Business Day following such transmission). Either Party may change its address by giving notice to the other Party in the manner provided above. All notices shall be in English language. Additionally, all information,
documents and reports which ASLAN is required to provide or send to ALMIRALL and/or the JSC under this Agreement, and which are not originally in English, shall be sent together with their applicable translation into English. 

  
 ***Confidential Treatment Requested 

	 	(a)	If to ASLAN: 

 ASLAN Pharmaceuticals Pte Ltd. 

10A Bukit Pasoh Road 
 Singapore
089824 
 Attention: Head of Finance 

Fax No.: +65 6225 2419 
  

	 	(b)	If to ALMIRALL: 

 ALMIRALL, S.A. 

Ronda de General Mitre, 151 

08022 Barcelona 
 Spain 

Fax number: + 34 93 291 3205 

Attention: Corporate Legal Director 
  

	15.8	Severability. In the event any portion of this Agreement shall be held illegal, void or ineffective, the remaining portion hereof shall remain in full force and effect and shall not be affected. If any of the
terms or provisions of this Agreement are in conflict with any applicable statute or rule of law, then such terms or provisions shall be deemed inoperative to the extent they may conflict therewith and shall be deemed to be modified to conform to
such statute or rule of law. However, in case such invalidation or unenforceability injures the rights and interests of either Party, the Parties hereto shall renegotiate the corresponding provisions of this Agreement in good faith.

  

	15.9	Third-Party beneficiaries. None of the provisions of this Agreement shall be for the benefit of or enforceable by any Third Party including, without limitation, any creditor of any Party hereto. No such Third
Party shall obtain any right under any provision of this Agreement or shall by reason of any such provision make any claim in respect of any debt, liability or obligation (or otherwise) against any Party hereto. 

 

	15.10	Governing Law. This Agreement and any dispute arising from the performance or breach hereof shall be governed, construed and enforced in accordance with the laws of Spain, without regard or giving effect to the
conflicts of law principles thereof. The Parties expressly exclude application of the United Nations Convention for the International Sale of Goods. 

  

	15.11	Dispute Resolution. 

 (a)    Internal
Resolution. Except as otherwise expressly provided herein, in the event of any controversy, claim or other dispute arising out of or relating to any provision of this Agreement or the interpretation, enforceability, performance, breach,
termination or validity hereof (a “Dispute”), such Dispute shall be first referred to the Chief Executive Officer (CEO) of each Party or the Person that each of them may delegate (such delegate being a senior director or above), for
resolution, prior to proceeding under the following provisions of Section 15.11. For the avoidance of doubt, this internal resolution proceeding shall not and cannot be used by any of the Parties as a way to modify the rights and obligations
under the Agreement or as a way to modify the agreements already reached by the Parties as they has been reflected in the Agreement. Any Parties’ resolution under this proceeding shall be resolved in accordance with the terms and conditions of
the Agreement and the rights and obligations of the Parties as they are currently reflected in the Agreement. This internal resolution proceeding will be used as the last resort for the Parties to avoid to enter into a dispute to be resolved by the
arbitration proceeding below. A Dispute shall be referred to such executives upon any Party providing the other Party with written notice that such Dispute exists, and such executives, or their designees, shall attempt to resolve such Dispute
through good faith discussions, each Party acting reasonably. If the CEOs of each Party or their delegates are unable to reach an agreement on any such Dispute within [...***...] of such other Party’s receipt of the referred written
notice: 

  
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	 	•	 	For any Dispute relating to [...***...] (except for any Dispute affecting any matter [...***...], [...***...] CEO (or his delegate) shall have the final decision making authority to the extent such
[...***...] CEO’s decision [...***...]. 

  

	 	•	 	For any Dispute on matters [...***...], or that [...***...], or [...***...], or [...***...], [...***...] CEO (or his delegate) shall have the final decision making authority.

 (b)    Arbitration. Except as otherwise expressly provided in this Agreement, the
Parties agree that any Dispute in any matter different to those matters listed in Section 15.11(a) must be finally resolved through a binding arbitration which the Parties agree to accept in lieu of litigation or other legally available
remedies (except for injunctive relief where such relief is necessary to protect a Party from irreparable harm pending the outcome of the arbitration). Any such arbitration shall be settled in accordance with the Rules of Conciliation and
Arbitration of the International Chamber of Commerce by three (3) arbitrators chosen in accordance with said Rules. The arbitration shall be conducted in English and will be held in Barcelona, Spain. Judgment upon the award may be entered in
any court having jurisdiction thereof. 
  

	15.12	Use of Name. None of the Parties is entitled to use the corporate or commercial name of the other Party, for any advertisement or promotional purposes without the prior written consent of the other Party.

  

	15.13	Headings and captions. Headings and captions in this Agreement are for convenience of reference only and shall not be considered in construing this Agreement. 

 

	15.14	Awareness. In this Agreement when a Party’s liability for a statement is limited by the extent of its ‘awareness’, this shall be construed to mean a level of awareness assuming reasonable enquiries
have been made. 

 In witness whereof, the Parties have signed this Agreement in duplicate originals by their qualified representatives in the
dates set forth. 
  

					
	ALMIRALL, S.A.	 		 	ASLAN PHARMACEUTICALS PTE. LTD.
			
	 /s/ Thomas Eichholtz
	 		 	 /s/ Carl Firth

	(signature)	 		 	(signature)
			
	 Thomas Eichholtz
	 		 	 Carl Firth

	(name)	 		 	(name)
			
	 CSO
	 		 	 CEO

	(title)	 		 	(title)

 J. Sobe 
 Proxy 

  
 ***Confidential Treatment Requested 

 SCHEDULE 1.6 

ALMIRALL PATENTS 
 Patents and
patent applications in the Territory belonging to the patent families of the following international patent applications: 
  

			
	Publication No	  	Filing Date
	 [...***...]
	  	[...***...]

  
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 SCHEDULE 1.21 

DEVELOPMENT PLAN 

(attached) 
 [...***...] 

  
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 SCHEDULE 3.1 

LIST OF INFORMATION DISCLOSED BY ALMIRALL IN EARLIER AGREEMENT 

[...***...] 

  
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 SCHEDULE 7.5 

PHARMACOVIGILANCE AGREEMENT 

[to be attached when agreed according to Section 7.5, if applicable] 

 ***Text Omitted and Filed Separately 

with the Securities and Exchange Commission. 

Confidential Treatment Requested 

Under 17 C.F.R. Sections 200.80(b)(4) 

and 240.24b-2. 

AMENDMENT NO. 1 TO 

DEVELOPMENT AND LICENSE AGREEMENT 

By and between 
 ALMIRALL, S.A.

 and 
 ASLAN
PHARMACEUTICALS PTE. LTD. 
 Dated: 16 March 2018 

 This AMENDMENT AGREEMENT NO. 1, dated as of 16 March, 2018 (“Effective Date”), is entered
by and between ALMIRALL, S.A. (“ALMIRALL”), a Spanish corporation having its principal offices at Ronda de General Mitre, 151, 08022 Barcelona, Spain, and ASLAN PHARMACEUTICALS Pte. Ltd. (“ASLAN”), a Singapore
corporation having its principal offices at 83 Clemenceau Avenue, #12-03 UE Square, Singapore 239920. ALMIRALL and ASLAN shall be referred to individually as a “Party” and collectively as the
“Parties”. 
 WITNESSETH 
  

	I.	WHEREAS, the Parties have entered into a Development and License Agreement dated December 21, 2015 (the “Principal Agreement”) for the Development and commercialization of the Compound (terms as
defined in the Principal Agreement). 

  

	II.	WHEREAS, the Parties have agreed to amend the terms of the Principal Agreement, in accordance with Section 15.6 thereof, in consideration of the mutual obligations and undertakings contained herein.

 NOW, THEREFORE, the Parties agree to enter into this Amendment Agreement which shall be subject to the following: 

SECTION 1 
 DEFINITIONS 

 

	1.1	Unless otherwise provided herein, terms used in this Amendment Agreement shall have the same meanings and construction as defined in the Principal Agreement. 

SECTION 2 
 CONTINUANCE OF
PRINCIPAL AGREEMENT 
  

	2.1	Except to the extent expressly modified or replaced by the terms of this Amendment Agreement, the Principal Agreement shall continue to remain in full force and effect according to its terms. 

SECTION 3 
 AMENDMENTS TO THE
PRINCIPAL AGREEMENT 
  

	3.1	On the second page the address for ASLAN shall be changed to: “83 Clemenceau Avenue, #12-03 UE Square, Singapore 239920.” 

 

	3.2	In Section 1.7 the words “of ALMIRALL” shall be inserted after the phrase “Product Development Information”. 

 

	3.3	In Section 1.10 the phrase “including Information from Sublicensees” shall be inserted after: “Controlled by ASLAN or by any of its Affiliates”. 

 

	3.4	In Section 1.18 the phrase “, Product Development Information” shall be inserted after “ASLAN Developed Know How”; and the phrase “in the framework of the JSC”
shall be replaced by “pursuant to this Agreement.” 

  

	3.5	Section 1.20 shall be deleted and replaced by the following: 

 “Development
shall mean all activities with respect to the development of Products including preclinical, clinical, contract research (academic or commercial), regulatory, process research and manufacturing development, formulation and all other activities
relating to such development; and “Develop” and like expressions shall be construed accordingly.” 
  

	3.6	In Section 1.21 the phrase “at the JSC” shall be replaced by “pursuant to Section 5.2.” In Section 9.5 the phrase “through the JSC”, and in
Section 15.7 the phrase “and/or the JSC”, shall in each case be deleted. 

	3.7	Section 1.28 shall be deleted and two new Sections shall be inserted as follows (and subsequent Sections re-numbered accordingly): 

 

	 	“1.28	KHDs and NMSC shall mean, respectively, keratinocyte hyperproliferative disorders; and the non-melanoma skin cancers: basal cell carcinoma, squamous cell carcinomas and
Gorlin Syndrome. 

  

	 	1.30	KHD/NMSC Products shall mean Topically administered products for the treatment of KHDs or NMSC which embody the Compound.” 

 

	3.8	The existing Section 1.31 shall be replaced by the following (numbered 1.32): 

“Licensed Field shall mean the treatment or prevention of any disease in humans with primary focus on oncology diseases,
excluding Topically administered products for the treatment of KHDs and NMSC, subject to Section 2.5.” 
  

	3.9	In Section 1.36 (re-numbered 1.37) the word “oral” shall be deleted. 

  

	3.10	After the existing Section 1.43 (re-numbered 1.44) there shall be inserted the following new Section 1.45, and the remaining Section shall be deemed re-numbered accordingly: 

 “Topical shall mean administration of a medical
treatment where both the application location and the pharmacodynamic effect thereof is local (not systemic), and the daily dosage level is below the systemic therapeutic range; such administration by methods which do not puncture the skin, or if
so, no deeper than the epidermis (such as, without limitation, creams, foams, gels, lotions, ointments, drops, patches, powders, pastes, tinctures) or intralesional injections. For intralesional injections , the daily dose of the Compound shall
provide an AUC (Area Under the Curve) – for clarity, extent of systemic exposure – of 10% or less compared to the approved doses of the Compound for the systemic therapies; and “Topically” and like expressions shall be construed
accordingly.” 
  

	3.11	The existing Section 2.2 shall be replaced by the following: 

 “License to
ALMIRALL. ASLAN hereby grants to ALMIRALL, and ALMIRALL accepts, the irrevocable right, to use ASLAN Developed Know-How, free of charge, for ALMIRALL’s programs for development, manufacture,
commercialisation and any other activities related to KHD/NMSC Products, subject to Section 2.5”. 
  

	3.12	The existing Section 2.5 shall be deleted, and replaced by the following new Section 2.5: 

“ALMIRALL’s reservation of rights for Topical applications for KHDs and NMSC. 

ALMIRALL retains all rights in relation to Topical applications for KHDs and NMSC. Without prejudice to this, the following provisions
shall apply: 
  

	 	(a)	Reporting. ALMIRALL shall, on request in writing, provide ASLAN with Information regarding the ongoing development of KHD/NMSC Products through reasonably detailed reports to be provided to ASLAN no more than
on [...***...], or another frequency if reasonably agreed by the Parties, summarizing all material development activities (including regulatory activities) and results with respect to KHD/NMSC Products in the Territory, it being
understood that ASLAN shall keep such information and data in strict confidence; 

  

	 	(b)	Revenues. ALMIRALL shall retain all worldwide revenues arising from manufacturing, commercialization or any other exploitation of KHD/NMSC Products (directly or through Affiliates or Third Parties);

  

	 	(c)	 ASLAN’s Right of First Negotiation. If ALMIRALL wishes to develop KHD/NMSC Products via a Third
Party, ASLAN shall have the right of first negotiation to take a licence to carry out these activities. In order to permit ASLAN to exercise such right of first negotiation, as soon as ALMIRALL has commenced, or intends to commence, negotiations
with a Third Party for the grant of such a licence, it shall promptly disclose this circumstance to ASLAN and provide ASLAN with information available to ALMIRALL in reasonable detail to enable ASLAN to decide whether it desires or not to exercise
the right of first negotiation. Upon receipt of such information, ASLAN will have [...***...] to evaluate it. ASLAN shall inform ALMIRALL, within such [...***...], if it is interested in exercising the right of first
negotiation or not, by written notice. Failure by ASLAN to give written notice of its interest or lack of interest in negotiating within the mentioned period shall be deemed a waiver by ASLAN of its right of first negotiation. In the event ASLAN
decides to exercise the right of first 

  
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negotiation, then the Parties shall enter into a period (“Negotiation Period”) to negotiate in good faith the terms and conditions applicable to the licence to be granted by ALMIRALL to
ASLAN. The Negotiation Period shall endure for a maximum of [...***...] after the date of the ASLAN’s notice. If ASLAN waives its right of first negotiation within the Negotiation Period, or if the Parties, acting in good faith,
fail to agree to the terms applicable to such licence to ASLAN within the Negotiation Period, then ALMIRALL shall be free to grant the licence negotiated with ASLAN in relation to the Compound for KHD/NMSC Products to any Third Party. However,
ALMIRALL shall not grant any such rights to any Third Party on terms which are less favourable to ALMIRALL than those last offered to ASLAN without first offering such terms to ASLAN. If ASLAN notifies ALMIRALL in writing that ASLAN accepts such
terms, within [...***...], then the Parties shall enter into an agreement on such terms within [...***...] after such notice from ASLAN. If ASLAN does not notify ALMIRALL in writing that ASLAN accepts such terms, within the
said [...***...] period, then ALMIRALL shall be free to grant such rights to any Third Party on such terms. 

  

	 	(d)	CMC/Supply of API. ALMIRALL may if it chooses, and ASLAN agrees (such agreement not to be unreasonably delayed or denied), contract with ASLAN to perform CMC activities and supply drug substance and/or drug
product for KHD/NMSC Products. The terms and conditions for such CMC and supply activities shall be set forth in a separate agreement to be negotiated in good faith by the Parties. The price shall be (unless otherwise agreed in good faith in view of
market situation, manufacturing costs and other relevant items that the Parties will consider), [...***...], auditable by independent expert, plus [...***...]. Section 8.7 shall apply mutatis mutandis to this
Section 2.5 (d). If ASLAN does not agree to perform the CMC activities or supply as set out above, ASLAN shall promptly take all reasonable steps, upon ALMIRALL’s prior confirmation to do so, to provide all relevant and/or necessary data
and technical information to enable a Third Party to perform these services to ALMIRALL For the avoidance of doubt, ALMIRALL shall be free to use a Third Party supplier instead if it wishes. 

 

	 	(e)	Supply of Compound for R&D activities. Notwithstanding paragraph (d), it is expressly agreed that ASLAN shall supply to ALMIRALL, [...***...] and upon [...***...] from
ALMIRALL’s written request, [...***...] to be used by ALMIRALL or its designee for research and/or pre-clinical development activities in relation to KHD/NMSC Products. 

 

	 	(f)	Non-undermining of ASLAN’s rights. For the avoidance of doubt, ALMIRALL agrees not to pursue development and commercialisation of KHD/NMSC Products in a manner
which is specifically intended to, or which ALMIRALL, in respect of matters within ALMIRALL’s direct control, should reasonably be expected to know will (assessed objectively), prevent or restrict ASLAN’s Commercially Reasonable Efforts to
Develop, obtain marketing approvals and commercialise Products throughout the Territory under this Agreement.” 

  

	3.13	Section 5 shall be deleted and replaced by: 

 “DILIGENCE 

 

	 	5.1	General. ASLAN and/or its Affiliates shall, including through Sublicensees, use Commercially Reasonable Efforts to (i) conduct Development of the Product, (ii) obtain marketing approvals for Products
throughout the Territory, and (iii) commercialize Products throughout the Territory after receipt of such marketing approvals. Any such activities shall be performed by ASLAN at its sole risk and responsibility, cost and expense, and in
compliance with all applicable Laws and regulatory requirements, including without limitation GCP, GLP and GMP. Therefore, ASLAN assumes full responsibility for potential outcome or damage derived from the conduct and performance of the Development
(including but not limited to any Claims for payment of any compensation due to any participants in the clinical trials conducted in the framework of the Development who suffer death or bodily injury pursuant to any rights or applicable industry
guidelines) and shall be responsible for any such Claims resulting from such activities. 

  
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	 	5.2	Information and Reports. ASLAN shall keep ALMIRALL informed regarding the ongoing Development and commercialization of Products through reasonably detailed reports to be provided to ALMIRALL on a
[...***...] basis, together with, if requested by ALMIRALL, face to face meetings in Barcelona (if the Parties agree on this location) or telephone conferences to discuss the same. Such [...***...] reports shall include
summaries of all material Development activities (including regulatory activities) and results with respect to the Products in the Territory, including study results and conclusions generated therefrom with respect to all ongoing clinical trials,
CMC reports and all patent applications filed. ASLAN shall promptly notify ALMIRALL of all regulatory filings submitted or received by ASLAN, its Affiliates or Sublicensees with respect to Products, and upon ALMIRALL’s request, shall provide to
ALMIRALL one paper copy or electronic file of all such regulatory filings. Additionally, ASLAN will upon ALMIRALL’s request, to the extent reasonably required to confirm ASLAN’s compliance with its obligations under Section 5.1,
provide ALMIRALL with reasonable additional information and data generated by or on behalf of ASLAN in such [...***...] period, it being understood that ALMIRALL shall keep such information and data in strict confidence.

  

	 	5.3	Records and Reports. ASLAN shall maintain records in sufficient detail and in a good scientific manner of all work conducted by it under the Development Plan and all Information resulting from such work.

  

	 	5.4	ALMIRALL’s involvement in the Development. ASLAN recognises and agrees that the Development will be conducted under ASLAN’s exclusive control and without ALMIRALL’s involvement. ALMIRALL shall
have no obligation to participate, collaborate, assist or be involved in any way in the Development. 

  

	 	5.5	Product Development Information. Each Party undertakes, promptly upon becoming aware of it, to communicate and deliver to the other, any significant Information conceived, generated, developed, invented, or
reduced to practice solely by employees of that Party and/or jointly by employees of both Parties, or other persons not employed by the Parties acting on behalf of ALMIRALL or ASLAN as the case may be (including but not limited to any ASLAN’s
agent or independent contractor), resulting from or arising out of the Development or the manufacture of the Product, or, as the case may be, ALMIRALL’s development and manufacture of KHD/NMSC products, including Information and know-how related to alternatives or improvements of the manufacturing proceeding, improvements, and the formulation of finished products (the “Product Development Information”).
Ownership and exploitation of the Product Development Information shall be in accordance with Section 9.2 of this Agreement. 

  

	 	5.6	Responsibility for regulatory interactions. ASLAN shall be responsible for the preparation and filing of any and all regulatory process, health technology assessments, negotiation, interaction, application and
activity which could be necessary to carry out the activities set out in the Development Plan. All such regulatory documents will be filed in ASLAN’s name and/or on its behalf. 

 

	 	5.7	Exchange of safety Information. If applicable, the Parties shall establish procedures for the exchange and reporting of all adverse events related to the Compound, which shall be governed by a
Pharmacovigilance & Safety Exchange Agreement (the “Pharmacovigilance Agreement”), to be entered into in due course.” 

  

	3.14	Sections 6 and 7 shall be deleted. 

  

	3.15	Section 8 shall be re-named “FINANCIAL PROVISIONS” and Section 8.1 shall be deleted. 

  
 ***Confidential Treatment Requested

	3.16	In Section 8.2 the table of Milestone Payments set out shall be deleted, and replaced by the following: 

  

					
	 (a)
	  	[...***...]	  	USD$[...***...]
	 (b)
	  	[...***...]	  	USD$[...***...]
	 (c)
	  	[...***...]	  	USD$[...***...]
	 (d)
	  	[...***...]	  	USD$[...***...]
	 (e)
	  	[...***...]	  	USD$[...***...]
	 (f)
	  	[...***...]	  	USD$[...***...]
	 (g)
	  	[...***...]	  	USD$[...***...]
	 (h)
	  	[...***...]	  	USD$[...***...]
	 (i)
	  	[...***...]	  	USD$[...***...]

  

	3.17	Section 8.2.2 shall be replaced by the following: 

 “Royalties. Royalties
shall be paid quarterly by ASLAN to ALMIRALL in accordance with this Section 8 on Net Sales of the Product for any indication, as follows: 
  

	 	(a)	For Net Sales up to the equivalent of US$[...***...] in aggregate worldwide during any particular calendar year, ASLAN will pay to ALMIRALL a royalty of [...***...]; 

 

	 	(b)	For Net Sales above the equivalent of US$[...***...] in aggregate worldwide during any particular calendar year, ASLAN will pay to ALMIRALL a royalty of [...***...]; 

Notwithstanding the foregoing: 
  

	 	•	 	in the event the base royalty under any sublicence agreement ASLAN enters into with a Sublicensee is [...***...] or less and Net Sales are below $[...***...], ASLAN will pay ALMIRALL
[...***...] of the amounts actually received by it under such sublicence agreement during any particular calendar year, in lieu of the applicable royalty specified in Section 8.2.2 (a) above that would otherwise be
due, capped at [...***...]; 

  

	 	•	 	in the event the base royalty under any sublicence agreement ASLAN enters into with a Sublicensee is [...***...] or less and Net Sales exceed $[...***...], ASLAN will pay ALMIRALL
[...***...] of the amounts actually received by it under such sublicence agreement during any particular calendar year, in lieu of the applicable royalty specified in Section 8.2.2 (b) above that would otherwise be due,
capped at [...***...]. In any event, royalty payable under this paragraph (i.e. when Net Sales exceed $[...***...]) shall never be lower than [...***...].” 

 

	3.18	In Section 8.2.3 the following shall be added to the end: 

 “; provided always
that if the same event triggers both (A) a milestone payment by ASLAN to ALMIRALL pursuant to Section 8.2.1 above, and (B) a milestone payment by the Sublicensee to ASLAN pursuant to the
relevant sublicence agreement, then ASLAN shall be entitled to offset the full amount of (A) against (B), and will pay to ALMIRALL [...***...] of any balance of (B) remaining after such
offsetting.” 

  
 ***Confidential Treatment Requested

	3.19	Sections 9.2 to 9.4 shall be deleted and shall be replaced by the following: 

  

	 	9.2	“Product Development Information. The Parties agree that the sole and exclusive owner of any particular Product Development Information shall be the Party (deemed to include any Affiliates,
contractors or sublicensees of that Party) which created it or caused it to be created. In the event Product Development Information is created by or on behalf of the Parties acting jointly, then ownership shall be joint. Notwithstanding the
foregoing: 

  

	 	(a)	as a consequence of the License, ASLAN shall be entitled to use Product Development Information of ALMIRALL and the related ALMIRALL Pre-existing Know How and the ALMIRALL
Patents for the purpose of fulfilling its rights and obligations under this Agreement in the Licensed Field (including but not limited, to grant to Sublicensees any right over ASLAN’s Commercialization Rights). 

 

	 	(b)	ALMIRALL shall be entitled, under a royalty-free non-exclusive irrevocable perpetual license, to use Product Development Information of ASLAN and the related ASLAN Developed
Know How for the purpose of fulfilling its rights and applicable obligations under this Agreement in respect of KHD/NMSC Products (including but not limited, to grant rights in respect of the same to sublicensees), subject to Section 2.5. For
the avoidance of doubt, the mentioned license to ALMIRALL will survive after termination of the Agreement. 

  

	 	  	The Parties agree to cooperate in the preparation, filing, prosecution, maintenance and enforcement of any intellectual property right to protect Product Development Information (including but not limited to patents
and patent applications) and to perform all acts and to sign, execute, acknowledge and delivery any and all documents required for effecting the obligations and purposes of this Agreement. 

 

	 	9.3	ASLAN Developed Know-How. ASLAN shall own all ASLAN Developed Know-How. To the extent it is necessary in connection with
ALMIRALL’s programs for development, manufacture, commercialisation and any other activities related to KHD/NMSC Products, ASLAN shall grant to ALMIRALL a non-exclusive, perpetual, royalty free worldwide
license to use ASLAN Developed Know How, for such programs, subject to Section 2.5. 

  

	 	9.4	Disclosure. During the Term ASLAN shall disclose to ALMIRALL the Product Development Information of ASLAN and ASLAN Developed Know-How, and ALMIRALL shall disclose to
ASLAN the Product Development Information of ALMIRALL.” 

  

	3.20	The last two sentences of Section 10.4 shall be replaced with the following: 

 “In
addition, ASLAN covenants that it will use its best efforts, so far it is reasonably able, to ensure that neither the Product Development Information of ASLAN nor the ASLAN Developed Know How will infringe any Third Party’s right including but
not limited to any Third Party’s intellectual property, ownership, know-how or contractual right. Therefore, ASLAN covenants that so far it is aware, the development of the Product and its subsequent
commercialization will not infringe any such Third Party’s rights and will not entail any unfair competition act. ALMIRALL covenants that it will use its best efforts, so far it is reasonably able, to ensure that the Product Development
Information of ALMIRALL will not infringe any Third Party’s right including but not limited to any Third Party’s intellectual property, ownership, know-how or contractual right.” 

 

	3.21	In Section 11.1 (iii) the word “; or” shall be added at the end; and a new Section 11.1 (iv) shall be added as follows: 

“ASLAN negligence or wilful misconduct” 
  

	3.22	After Section 11.2 (ii) a new Section 11.2 (iii) and be inserted as follows, and the existing Section 11.2 (iii) re-numbered accordingly: 

“the manufacture, development, use, handling, storage, sale or other disposition of KHD/NMSC Products or of the Compound in relation
to KHD/NMSC Products by ALMIRALL or by any ALMIRALL contractor, including damages derived from defects in KHD/NMSC Products, from any of ALMIRALL’s activities under Section 2.5 or from the ALMIRALL’s development and commercialization
of KHD/NMSC Products; or” 
  

	3.23	In Section 12.1 the phrase “and on a need-to-know basis for the above mentioned purpose (including Third Parties such as
advisors as well as potential partners, manufacturers, providers, or subcontractors)” shall be inserted after “or any other Person under its authorization”; and the last sentence shall be deleted. 

	3.24	After Section 12.1 a new Section 12.2 and be inserted as follows, and the remaining Sections of Section 12 re-numbered accordingly: 

“ALMIRALL acknowledges that all the ASLAN Confidential Information is confidential and proprietary to ASLAN and agrees to
(i) maintain such Confidential Information in confidence during the Term of this Agreement and for a period of [...***...] years thereafter and (ii) use and appropriately disclose such Confidential
Information solely for the purpose of performing its obligations hereunder or to exercise the rights granted to it hereunder. ALMIRALL covenants that it shall not disclose any such Confidential Information except to its employees, agents or any
other Person under its authorization on a need-to-know basis for the above mentioned purpose (including Third Parties such as advisors as well as potential partners,
licensees, manufacturers, providers, or subcontractors); provided, that such employees, agents or Persons under its authorization who have access to such Confidential Information have been advised by ALMIRALL of ALMIRALL’s obligations under
this Agreement, and are contractually (in writing) or legally bound by confidentiality and non-use obligations not less stringent than those set forth in this Agreement prior to any such disclosure. ALMIRALL
shall be responsible to ASLAN for the compliance of such Persons with this Agreement.” 
  

	3.25	Section 12.3 (now 12.4) shall be deleted and replaced with: 

 “ASLAN shall not use
any ALMIRALL Confidential Information which is generated or discussed in the framework of this Agreement, for any purpose other than in connection with the compliance of ASLAN’s obligations under this Agreement.” 

 

	3.26	Section 12.5 (now 12.6) shall be deleted and replaced with the following: 

“Publication. ASLAN and ALMIRALL agree not to issue any press releases or public announcements concerning the terms of this
Agreement if the other Party (or its Affiliates or products) is named therein (directly or by referencing items such as logotypes, corporate image, commercial brands, or trademarks) or such release or announcement discloses Confidential Information
of the other Party or discloses information which will or may (assessed reasonably) cause harm to the commercial value or reputation of the other’s products containing the Compound (and to ensure that their respective Affiliates do not do so)
without the prior written consent of the other Party. 
 The Party interested in issuing the publication shall submit the proposal
to the other Party, who shall have at least [...***...] for review, except as required by a governmental authority and applicable Law, including disclosure required by any securities exchange; provided that following agreement upon the
content of such disclosure, subsequent releases which do not materially depart from such agreed content may be made without prior written consent from the other Party. Except as required by Law, neither Party (or their respective Affiliates) shall
disclose to any Third Party, under any circumstances, any Information of the other Party that have not been previously disclosed publicly pursuant to this Section 12 without the prior written consent of the other Party.
Notwithstanding the foregoing, ASLAN shall be entitled to make announcements on the progress of the Development, upon giving ALMIRALL [...***...] prior written notice, except when such announcements are related to the safety of the
Product in which case ALMIRALL’s prior written consent is needed.  
 In situations of extreme urgency where immediate
disclosure is required by a governmental authority and applicable Law, ASLAN shall inform ALMIRALL with sufficient time to permit the Parties to negotiate the content and form of the announcement. In the event the Parties are unable to reach an
agreement in the timeframe permitted by the governmental authority and applicable law and to the extent ASLAN is obliged to make such announcement, ASLAN will be entitled to comply with the announcements requirement but shall omit any reference to
ALMIRALL and, if possible, to the Compound. 
 For the sake of clarity, nothing in this Section 12 shall be interpreted as a
restriction by any Party to be able to comply in due time and form with disclosures or publications as required by a governmental authority and/or by applicable Law, including disclosure required by any security exchange or stock exchange authority
or regulation.” 
  

	3.27	The existing Section 14.1 (i) shall be replaced by the following: 

 “In accordance
with the provisions of Section 14.2.” 

  
 ***Confidential Treatment Requested

	3.28	A new Section 14.2 shall be inserted as follows, and the remaining clauses of Section 14 re-numbered accordingly: 

“Termination for material failure to comply with this Agreement or general withdrawal or recall of the Product 

(i) In the event of a Party materially failing to comply with any of its obligations under this Agreement and the matter is incapable of
remedy, the other Party may serve notice on the other terminating this Agreement on [...***...]. 
 (ii) In the event of
a Party materially failing to comply with any of its obligations under this Agreement and the matter is capable of remedy, or if any ground of termination under Section 14.3 (iv) (general withdrawal or recall of the Product) applies, the other
Party shall serve notice on the other detailing the relevant ground for termination and giving the other a period of at least [...***...] (“Response Period”) to formulate a plan for how the issue may be remedied as quickly as
possible. The plan shall be developed in consultation between the Parties and shall include a deadline for completion of the remedy. The Response Period may be extended once by a further [...***...] at the request of the Party seeking
to remedy, if in good faith it requires more time to formulate the remedy plan. 
 (iii) If a remedy plan satisfactory to the Party
which originally served notice (who shall act reasonably is assessing such plan) is not generated by the end of the Response Period (as extended, if applicable), the other Party may serve notice on the other terminating this Agreement (or relevant
part thereof) with immediate effect. 
 (iv) If by the end of the Response Period the Parties have agreed the remedy plan (with a
specific deadline for full remedy), then it shall be implemented immediately and termination shall be suspended. 
 (v) If the
relevant issue is remedied by or before the deadline specified in the remedy plan (including as extended by mutual written agreement), then the notice of termination shall be deemed withdrawn and this Agreement will continue in full force and
effect. 
 (vi) If the relevant issue is not remedied by Party in alleged failure by the deadline specified in the remedy plan
(including as extended by mutual written agreement), then the other Party may serve notice on the other terminating this Agreement (or relevant part thereof) with immediate effect. 

(vii) Termination under this Section 14.2 shall be without prejudice to other situations expressly governed in this Agreement, and to
any other rights and remedies of either Party accrued as at the date of termination. 
 (viii) It is expressly agreed that any remedy
plan related to termination based on section 14.3(v) related to withdrawal or recall shall only be applicable to the extent permitted by applicable law or regulatory requirements.” 

 

	3.29	Section 14.2 (ii) (now numbered 14.3 (ii)) shall have added at the end the following: 

“For this purpose, and without limitation of other facts or circumstances, no evidence provided by ASLAN of having actively pursued
Development for [...***...] or started a clinical trial with the Product after [...***...] from the end of the preceding clinical trial phase (“start” for this purpose meaning date of first patient, first visit,
and “end” meaning date of last patient, last visit) shall be considered a failure by ASLAN to use Commercially Reasonable Efforts under this paragraph and a reason for termination by ALMIRALL;” 

 

	3.30	The third sentence of Section 14.2 (now numbered 14.3 (iii)) shall be replaced by the following: 

“For the purposes of this Section 14.3(iii), an “impairment” will only be deemed to occur where ALMIRALL can show that
control of ASLAN by such party will mean (i) an ALMIRALL Competitor controls ASLAN; (ii) the commercial value of the Product may be damaged; (iii) the commercial value of the ALMIRALL’s KHD/NMSC Products containing the Compound
may be adversely affected; (iv) ALMIRALL’s reputation or any of the ALMIRALL’s products or compounds’ reputation in the market place may be damaged; and/or (v) the party lacks credible financial substance and material and
human resources in order to be able to maximize commercial sales of the Product.” 

  
 ***Confidential Treatment Requested

	3.31	In Section 14.2 (v) (now numbered 14.3(v)) the phrase “, subject to Section 14.2” shall be added to the end. 

 

	3.32	In Section 14.3 (now numbered 14.4): in sub-section (iv), after “Product Development Information”, the phrase “of ASLAN” shall be inserted;
and a new sub-section (vi) shall be inserted at the end, as follows: 

“if so previously confirmed by ALMIRALL to ASLAN in writing, use Commercially Reasonable Efforts to cause its Sublicensee(s) to assume
all obligations and liabilities of ASLAN under this Agreement (as condition precedent to maintain the license grant from ALMIRALL), including without limitation regarding Development, manufacturing, and commercialization of the Product, as well as
to ensure that Sublicensee makes direct payment to ALMIRALL or its designee with respect to any amounts due to ALMIRALL such as milestones and royalty payments.” 
  

	3.33	In Section 15.7: sub paragraph (a) shall be replaced by the following new Section 15.7(a): 

“If to ASLAN: 

ASLAN Pharmaceuticals Pte Limited 

83 Clemenceau Avenue 

#12-03 UE Square 

Singapore 239920 

Attention: General Counsel 

Fax No.: +65 6225 2419”; 
  

	  	and in sub paragraph (b) the phrase “Corporate Legal Director” shall be replaced with “Senior VP Legal”. 

 

	3.34	After Section 15.9, there shall be added a new Section 15.10 as follows (and the remaining clauses of Section 15 re-numbered accordingly): 

“Limitation of liability. Neither Party shall be liable for any punitive, special, indirect, consequential, incidental or
exemplary damages or similar damages or losses incurred by the other Party, including but not limited to loss of profits, loss of business, loss of goodwill or similar loss, regardless of whether arising from breach of contract, warranty, strict
liability or otherwise; provided however, that the foregoing limitation of liability shall not apply to liabilities caused or attributable to a Party arising from that Party’s gross negligence, fraud, or willful misconduct. This provision shall
survive the termination of this Agreement and shall apply upon its expiration or termination for any reason.” 
  

	3.35	In Section 15.11 (now numbered 15.12) the two bullet points shall be replaced by the following: 

  

	 	•	 	“For any Dispute relating to the Product development strategy under the Development Plan (except for any Dispute affecting any matter for which the decision making authority correspond to ALMIRALL as provided
below), ASLAN’s CEO (or his delegate) shall have the final decision making authority.  

  

	 	•	 	For any Dispute on matters within ASLAN’s control that may have a damaging effect on the commercial value of KHD/NMSC Products, or on ALMIRALL’s reputation, ALMIRALL’s CEO (or his delegate) shall have
the final decision making authority.” 

  

	3.36	In Schedule 1.21 the text and graphic under the heading shall be deleted and replaced with the following: 

“Any updates to the Development Plan shall be communicated in writing to ALMIRALL promptly as soon as they are available to ASLAN, and
in any event upon [...***...] after written request by ALMIRALL.” 
  

	3.37	Other cross reference changes: 

  

	 	•	 	Section 1.32 (now 1.33): ‘(d)’ to ‘(i)’; 

  

	 	•	 	Section 1.37 (now 1.38): ‘5.6’ to ‘5.5’; 

  

	 	•	 	Section 8.7: ’15.11’ to ’15.12’; 

  

	 	•	 	Section 12.2 (now 12.3): ’12.1’ to ’12.1 and 12.2’; 

  

	 	•	 	Section 14.2 (now 14.3): add ‘or 14.2’ after ‘set out in Section 14.1’ in the first sentence; 

  
 ***Confidential Treatment Requested

	 	•	 	Section 14.2 (ii) (now 14.3 (ii)): ‘3.5 and 8.1’ to ‘5.1’; 

  

	 	•	 	In the last line of Section 14.2 (iii) (now 14.3 (iii)): “Section 14.2 (v)” to “Section 14.3 (iii)”.

 

	 	•	 	Section 15.1 “14.2’ to ’14.3 (iii)’; 

  

	 	•	 	Section 15.5: ’15.6’ to ’15.5’; 

  

	 	•	 	In Section 15.11 (now 15.12): references to ’15.11’ to ’15.12’. 

SECTION 4 
 GENERAL PROVISIONS

  

	4.1	Governing Law. This Agreement and any dispute arising from the performance or breach hereof shall be governed, construed and enforced in accordance with the laws of Spain, without regard or giving effect to the
conflicts of law principles thereof. The Parties expressly exclude application of the United Nations Convention for the International Sale of Goods. 

  

	4.2	Headings and captions. Headings and captions in this Agreement are for convenience of reference only and shall not be considered in construing this Amendment Agreement. 

 

	4.3	Counterparts. This Agreement may be executed in two counterparts, each of which shall be deemed an original, and all of which together, shall constitute one and the same instrument. 

In witness whereof, the Parties have signed this Amendment Agreement in duplicate originals by their qualified representatives in the dates set forth.

  

					
	ALMIRALL, S.A.	 		 	ASLAN PHARMACEUTICALS PTE. LTD.
			
	/s/ J. Sabe /s/ B. Hardas	 		 	/s/ Carl Firth
	(signature)	 		 	(signature)
			
	J. Sabe – B. Hardas	 		 	Carl Firth
	(name)	 		 	(name)
			
	Proxies	 		 	CEO
	(title)	 		 	(title)EX-10.6

 Exhibit 10.6 

***Text Omitted and Filed Separately 

with the Securities and Exchange Commission. 

Confidential Treatment Requested 

Under 17 C.F.R. Sections 200.80(b)(4) 

and 240.24b-2. 

LICENCE AGREEMENT 

BETWEEN 
 CSL LIMITED

 ABN 99 051 588 348 

AND 
 ASLAN
Pharmaceuticals Pte Ltd 

 License Agreement 
  

 THIS AGREEMENT is made on 12 May 2014 

BETWEEN:- 
  

	(1)	CSL Limited incorporated and registered in Australia with ABN 58 895 584 259 whose registered office is at 45 Poplar Rd, Parkville, Victoria 3052, Australia; (“CSL”) and 

 

	(2)	ASLAN Pharmaceuticals Pte Ltd, incorporated and registered in Singapore with company number 201007695N, whose registered office is at 10A Bukit Pasoh Road, Singapore 089824 (“ASLAN”). 

WHEREAS:- 
  

	(A)	CSL is a pharmaceutical company that is engaged in the discovery, research, development and commercialization of compounds for treating disease in humans. CSL owns certain patent rights and technology relating to the
Product. 

  

	(B)	CSL desires to ensure that the clinical development of the Product through Clinical Proof of Concept is achieved as promptly as possible and to thereafter find a partner or partners capable of realizing promptly the
commercial potential of the Product in the Territory and within the Field. 

  

	(C)	ASLAN possesses pharmaceutical development capabilities, and desires to secure rights from CSL for, the further development of the Product for the treatment of respiratory and inflammatory conditions and in particular
asthma as set forth in this Agreement and further desires to make the commitment and investment to conduct clinical development of the Product through Clinical Proof of Concept and to find a partner or partners capable of realizing promptly the
therapeutic and commercial potential of the Product. It is the intention of the parties that, subject to the terms of this Agreement, the benefit of any successful Commercialisation of Products pursuant to this Agreement be shared
[...***...](ASLAN):[ ...***...](CSL). 

 Now, therefore, in consideration of the premises and mutual covenants herein contained,
and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto agree as follows: 

	

  
 ***Confidential Treatment Requested

  
 1 

 License Agreement 
  

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1.	The definitions and rules of interpretation in this Section apply in this Agreement: 

“Affiliate” shall mean, with respect to a legal entity, any corporation or other entity which directly or indirectly Controls,
is Controlled by or is under common Control with, such entity. 
 “Annual Net Sales” means the total Net Sales in the
Territory in a given calendar year. 
 “ASLAN Background Intellectual Property” shall mean ASLAN Patents and ASLAN Know-How
and other Intellectual Property relating thereto, in each case owned and Controlled by ASLAN before the Effective Date, that are reasonably necessary for the Parties to conduct their respective activities under the Development Program and to further
develop, make, have made, use, import, offer for sale and sell Products in the Field and in the Territory. 
 “ASLAN
Know-How” shall mean proprietary confidential information which (a) ASLAN discloses to CSL under this Agreement or specifically in anticipation of this Agreement and (b) is within the Control of ASLAN, but excludes the Development
IP. 
 “ASLAN IP” means the ASLAN Background Intellectual Property, ASLAN’s rights in Development IP and any other IP
which is Controlled by ASLAN and which is necessary or useful for the Commercialisation of Products. 
 “ASLAN Patents”
shall mean all Patents Controlled by ASLAN, but excludes the Development IP. 
 “Business Day” means a day that is not a
Saturday, Sunday or public holiday in Singapore or Victoria, Australia. 
 ‘Change in Control Event’ in relation to a Party,
means if such Party: 
  

	 	(a)	subject to paragraph (c) of this definition, the person who Controls, or group of persons who, acting together, Control ASLAN cease to have that Control; 

 

	 	(b)	a change or alteration occurring in the corporate structure of ASLAN which results in a person other than the shareholders of ASLAN at the Effective Date: 

 

	 	(i)	controlling the composition of the board of directors; 

  
 2 

 License Agreement 
  

	 	(ii)	controlling the voting power of the board of directors or any class of shareholders or both; or 

  

	 	(iii)	holding more than [...***...] per cent of the issued share capital (either beneficially or otherwise); or 

  

	 	(c)	ASLAN disposes of an asset or assets (whether in a single transaction or a series of related or unrelated transactions) which, in CSL’s reasonable opinion, would adversely affect ASLAN’s ability to carry out
the Development. 

 “Claim” means, in relation to a person, a demand, claim, action or proceeding made or
brought by or against the person, however arising. 
 “Clinical Proof of Concept” shall mean Completion of clinical
Phase 2 trials that support and immediately precede the initiation of a Phase 3 clinical trial program (if so required), have been carried out on sufficient numbers of patients such that it provides a preliminary determination of safety and
efficacy of the Product in the target patient population over a range of doses and dose regimens and otherwise comply with the requirements of this Agreement. 

“Completion” shall be deemed to occur, with respect to a particular clinical trial for a Product, upon the availability of the
final clinical study report. 
 “Commercialize” means research, develop, manufacture, have manufactured, make, have made,
use, import, sell, have sold, market or distribute, and “Commercialization” shall be construed accordingly; 

“Confidential Information” has the meaning given to it in Section 16.1. 

“Control,” “Controls,” “Controlled” or “Controlling” shall mean: 

 

	 	(a)	in relation to a legal entity, the possession, directly or indirectly, of more than 50% of the issued shares in that entity or the power to direct, or cause the direction of, the management or policies of that entity,
whether through the ownership of voting securities, by contract or otherwise; and; 

  

	 	(b)	in relation to Intellectual Property, possession of the ability to grant the licenses or sub-licenses as provided herein without violating the terms of any agreement or other arrangements with any Third Party.

 “CSL 334” means CSL’s proprietary anti-IL13Rα1 monoclonal antibody known as CSL334 which has the
[...***...] set out in Schedule 2, and any [...***...] thereof, and includes any post translational modifications of such [...***...]. 

  
 ***Confidential Treatment Requested

  
 3 

 License Agreement 
  

 “CSL IP” means the Licensed Patents, the Licensed Know-How and CSL’s
rights in Development IP. 
 “CSL In-Licensed Know-How” means all results, data, know-how, compounds, processes,
discoveries, formulations, materials, inventions, techniques or proprietary confidential information which: 
 (a) are necessary for
researching, developing, manufacturing, applying for and obtaining marketing authorisations or licenses in respect of, marketing or selling Products; and 

(b) are licensed to CSL pursuant to the [...***...] and in respect of which, and to the extent that, CSL is entitled to grant a sub-license of such [...***...] information. 
 “CSL In-Licensed Patents” means
patents and patent applications licensed to CSL at the date of the Agreement pursuant to the [...***...] to the extent that CSL is entitled to grant sub-licenses of such patents and to the extent that they relate to the Development &
Commercialisation of CSL334. 
 “CSL Know-How” shall mean all results, data, know-how, compounds, processes, discoveries,
formulations, materials, inventions, techniques or proprietary confidential information which: 
 (a) are necessary for researching,
developing, manufacturing, applying for and obtaining marketing authorisations or licenses in respect of, marketing or selling Products; and 

(b) are owned by CSL as at the date of this Agreement, 

and for the avoidance of doubt includes CSL’s rights in any [...***...]. 

“CSL Patents” shall mean the Patents Controlled by CSL and listed in Schedule 3. 

“CSL Third Party Technology Agreements” means [...***...]. 

  
 ***Confidential Treatment Requested

  
 4 

 License Agreement 
  

 “Development” shall mean the activities and obligations that ASLAN agrees to
perform pursuant to Section 3.1. 
 “Development Data” shall mean, with respect to a Product, (i) all data from
clinical trials of such Product; and (ii) all research data, preclinical data, manufacturing data and other information, in each case that are generated by or under authority of ASLAN with respect to such Product. For such purposes,
“Development Data” shall include (1) raw data, study protocols, study results, analytical methodologies, manufacturing processes, materials lists, batch records, vendor information, validation documentation, and the like,
(2) regulatory filings, documentation, correspondence and adverse event data, and (3) expert opinions, analyses, reports and the like, relating to the data, including in each case electronic information and databases embodying such data.

 “Development IP” means all Intellectual Property developed or created by or on behalf of ASLAN during or arising from the
Development which is necessary or useful for the Commercialization of Products, and includes rights in the Development Data, but excludes any Intellectual Property created or developed by or on behalf of CSL. 

“Development Milestone” means a development milestone identified as such in the Master Plan. 

“Development Milestone Date” means the date by which the corresponding Development Milestone must be achieved as set out in
the Master Plan, as adjusted in accordance with this Agreement. 
 “Development Program” shall mean the detailed program for
the Development to be prepared by ASLAN in accordance with Section 3.3. 
 “Diligent Efforts” shall mean
[...***...]. 
 “Effective Date” shall mean the date this Agreement is last signed. 

“EMA” means the European Medicines Agency or any successor entity thereto. 

 

  
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 “Field” shall mean the treatment, diagnosis or prevention of diseases or
conditions in humans. 
 “Force Majeure Event” means acts of God; fire; storm; flood; earthquake; other forces of nature;
war; rebellion; insurrection; riot; invasion; national emergencies; or strike, lockout or other work stoppage; or acts, omissions or delays in action of any government or regulatory authority which after complying with the standards required under
this Agreement could not be prevented or overcome by such Party. 
 “GST Act” means the A New Tax System (Goods and Services
Tax) Act 1999 (Cth), and Consideration, GST, GST Amount, Input Tax Credit, Tax Invoice and Taxable Supply each has the meaning given by that Act. 

“Improvement” means any improvement, development, modification or enhancement of the CSL Patents or CSL Know-How, whether or
not patentable, but excluding Development IP. 
 “Intellectual Property” (or “IP”) shall mean any Patents,
rights to inventions, registered designs, copyright and related rights, database rights, design rights, topography rights, trade marks, service marks, trade names and domain names, trade secrets, confidential information, rights in unpatented
know-how, and any other intellectual or industrial property rights of any nature including all applications (or rights to apply) for, and renewals or extensions of such rights and all similar or equivalent rights or forms of protection which subsist
or will subsist now or in the future in any part of the world. 
 “Joint Development Team” (or “JDT”) shall
mean the committee established under Section 4. 
 “Joint Steering Committee” (or “JSC”) shall mean
the committee established under Section 5. 
 “Liabilities” means Claims, losses, liabilities, costs, expenses or
damage of any kind and however arising, including investigative costs, court costs, legal fees, penalties, fines and interest and amounts paid in settlement. 

“Licensed Know-How” means the CSL Know-How, the CSL In-Licensed Know How and CSL’s interest in any Improvements which are
not patented. 
 “Licensed Patents” means the CSL Patents, the CSL In-Licensed Patents and CSL’s interest in any
patented Improvement. 
 “Licensed Technology” shall mean: 

(a) the CSL IP; and 

  
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 (b) the ASLAN IP. 

“Licensing Program” shall mean the activities with respect to the grant of rights to Licensed Technology to a Third Party, as
set forth in Section 7. 
 “Licensing Revenues” shall mean [...***...] revenue that ASLAN receives, directly or
indirectly, from a Third Party in connection with the grant of rights to Licensed Technology (including in respect of any option), but excluding any portion of such revenue which is payable under Section 10.1. 

“Loan Agreement” means the loan agreement between ASLAN and CSL Finance Pty Ltd dated on or about the date of this Agreement.

 “[...***...]” means [...***...]. 

“Master Plan” shall mean the workplan with respect to the development of Products within the Field set out in Schedule 1, as
the Parties may amend by mutual agreement in writing from time to time. 
 “Material Safety Risk” means [...***...].

 “[...***...]” means [...***...]. 

“Net Sales” means net sales (or any equivalent concept) as defined under an agreement between ASLAN and a Third Party for the
grant of rights to Licensed 

  
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 Technology in respect of the Commercialisation of Product entered into in accordance with
this Agreement. 
 “Party” shall mean a party to this Agreement. 

“Patent” shall mean (i) issued and unexpired letters patent, including any extension, registration, confirmation,
reissue, continuation, divisional, continuation-in-part, re-examination or renewal thereof, including any supplementary protection certificate or other similar form of extension and (ii) pending applications for letters patent; which in each
case has not been held, by a court or governmental agency of competent jurisdiction, to be invalid or unenforceable in a decision from which no appeal can be taken. 

“Phase IIb Ready” means Completion of clinical trials that support and immediately precede the initiation of a randomised,
double blind placebo controlled study to determine the efficacy of [...***...]. 
 “Product” shall mean, unless
otherwise defined, any pharmaceutical or medicinal item, substance, formulation or dosage for human use containing CSL334. 

“Qualifying Cause of Delay” means [...***...]. 

“Sub-license” means the grant by ASLAN of rights in Licensed Technology in accordance with the provisions of this Agreement.

 “Sub-licensee” means any person or entity to whom a Sub-license has been granted and for the avoidance of doubt includes
any Third Party who has been granted rights to Commercialize Licensed Technology in accordance with Section 8. 

“Term” shall have the meaning given to it in Section 17.1. 

“Territory” shall mean worldwide. 

“Third Party” shall mean any entity other than CSL, ASLAN or any Affiliate of CSL or ASLAN. 

 

  
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 “[...***...]” means [...***...]. 

 

	1.2.	Section, Schedule and paragraph headings shall not affect the interpretation of this Agreement. 

  

	1.3.	The Schedules form part of this Agreement and shall have effect as if set out in full in the body of this agreement and any reference to this Agreement includes the Schedules. 

 

	1.4.	Unless the context otherwise requires, words in the singular include the plural and in the plural include the singular. 

  

	1.5.	Unless the context otherwise requires, a reference to one gender shall include a reference to the other genders. 

  

	1.6.	Writing or written includes faxes but not e-mail. 

  

	1.7.	Any words following the terms ‘including’, ‘include’, ‘in particular’ or any similar expression shall be construed as illustrative and shall not limit the sense of the words preceding those
terms. 

  

	1.8.	A ‘person’ includes a natural person, corporate or unincorporated body (whether or not having separate legal personality), partnership, joint venture and a government or statutory body or authority.

  

	1.9.	If a word is defined or phrase is defined its other grammatical forms have the corresponding meaning. 

  

	1.10.	No rule of constructions will apply to a provision to the disadvantage of a Party merely because that Party proposed the provision or would otherwise benefit from it. 

 

	2.	GRANT OF LICENSES 

  

	2.1.	License to Licensed Patents. CSL hereby grants to ASLAN: 

  

	 	2.1.1.	an exclusive licence, with the right to grant sub-licenses as set out in Section 2.4, under CSL’s rights in the Licensed Patents to conduct and perform the Development in the Field; 

 

	 	2.1.2.	upon achievement of Clinical Proof of Concept and subject to Section 8, the right to grant Third Parties the necessary rights in the Licensed Patents to Commercialize Products in the Field. 

  
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 All rights granted in this Agreement by CSL to ASLAN shall be exercised in the Territory,
during the Term and in accordance with the terms and conditions set out in this Agreement. 
  

	2.2.	License to Licensed Know-How. CSL hereby grants to ASLAN: 

  

	 	2.2.1.	an exclusive licence, with the right to grant sub-licenses as set out in Section 2.4, under CSL’s rights in the Licensed Know-How to conduct and perform the Development in the Field; 

 

	 	2.2.2.	upon achievement of Clinical Proof of Concept and subject to Section 8, the right to grant Third Parties the necessary rights in the Licensed Know-How to Commercialize Products in the Field. 

All rights granted in this Agreement by CSL to ASLAN shall be exercised in the Territory, during the Term and in accordance with the terms and
conditions set out in this Agreement. 
 For the avoidance of doubt, CSL shall retain all rights to the Licensed Know-How other than for the
Development and Commercialisation of Products. 
  

	2.3.	Patents and Patent Applications separately licensed: Each patent and patent application within the Licensed Patents is separately licensed under this Agreement such that if a granted patent within the Licensed
Patents ceases to be in force or a patent is not granted on a patent application within the Licensed Patents (and the decision is not appealed): 

  

	 	2.3.1.	Where the relevant patent or patent application is a CSL Patent, the list of CSL Patents in Schedule 3 is amended to remove that patent or patent application; and 

 

	 	2.3.2.	This Agreement continues as a license in respect of the remaining Licensed Patents and Licensed Know-how (and, if no patents or patent applications remain within the Licensed Patents, as a license of the Licensed
Know-how only). 

  

	2.4.	Sub-licensing during Development. ASLAN may sub-license its rights under Sections 2.1.1 and 2.2.1 to Third Parties if the following conditions are met: 

 

	 	2.4.1.	the Third Party has been contracted by ASLAN to execute discrete tasks, at ASLAN’s discretion, in the conduct or performance of the Development; 

 

	 	2.4.2.	for any proposed sub-license for the execution of manufacturing services, ASLAN has satisfied itself (and, if requested by CSL, provided reasonable evidence to CSL) that the proposed
sub-licensee has sufficient skills and experience to perform the 

  
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	 	services to the standards required of ASLAN under this Agreement with respect to quality, technical capability and time for performance; and 

 

	 	2.4.3.	the conditions in Section 9 have been met. 

  

	2.5.	ASLAN to Remain Responsible: 

  

	 	2.5.1.	ASLAN shall remain liable to CSL under this Agreement for all its Affiliates’, contractors’ and Sub-licensees’ acts and omissions under this Agreement or Sub-licenses or otherwise in relation to Products
or the Licensed Technology, and all such Sub-licensees’ and Affiliates’ respective acts and omissions shall be deemed to be acts and/or omissions (as the case may be) of ASLAN. 

 

	 	2.5.2.	ASLAN shall also remain responsible for payment to CSL of all fees, milestones and royalties payable in respect of the Development and Commercialisation of Products arising as a result of [...***...] and/or
[...***...], irrespective of whether such milestones are achieved by, or sales of Products are made by ASLAN or its Affiliates, contractors or Sub-licensees. 

 

	2.6.	Retained Rights: The parties acknowledge that the grant of rights in Section 2 is subject to the right of [...***...] (including [...***...]) to continue to use the CSL IP for [...***...]
purposes. CSL undertakes not to carry out [...***...] without the [...***...] of ASLAN. 

  

	2.7.	No Modification of Product without Consent. Notwithstanding any other term of this Agreement, ASLAN must not, and must procure that any Third Party to whom it grants rights to Licensed Technology does not,
change, modify or adapt CSL334 without the prior written consent of CSL. 

  

	2.8.	Development post Clinical Proof of Concept: 

 For the avoidance of doubt, ASLAN may not exploit the
Licensed Technology following achievement of Clinical Proof of Concept, other than by granting rights pursuant to Section 8 or as agreed in writing with CSL. 
  

	3.	DEVELOPMENT 

  

	3.1.	Development. ASLAN shall, at its sole risk and expense, undertake all activities and perform all obligations required to develop the Product to Clinical Proof of 

  
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Concept in accordance with the Master Plan, which shall include the manufacture of Products for clinical trials. 

 

	3.2.	ASLAN shall perform the Development and its obligations under this Agreement: 

  

	 	3.2.1.	in a proper, efficient, skilful, diligent and competent manner; 

  

	 	3.2.2.	in accordance with the Master Plan and this Agreement; 

  

	 	3.2.3.	in accordance with all applicable laws and regulations and applicable ICH Harmonised Tripartite Guidelines, including the Guideline for Good Clinical Practice and Guideline for Good Manufacturing Practice;

  

	 	3.2.4.	to a standard acceptable by the United States Food and Drug Administration and/or the European Medicines Agency; 

  

	 	3.2.5.	so as to achieve the Development Milestones by the Development Milestone Dates; 

  

	 	3.2.6.	so that [...***...]. 

  

	3.3.	Within [...***...] of execution of this Agreement and at least [...***...] thereafter during the Term, ASLAN shall prepare and submit to the JDT a reasonably detailed plan for the Development to be
undertaken in the next [...***...] and a timeline for the performance of the relevant activities (“Development Program”), under the overall framework of the Master Plan. The Development Program shall be comprehensive and shall
fully describe the following: 

  

	 	3.3.1.	the proposed preclinical, clinical, research (academic or commercial), regulatory and product development (including manufacturing) and formulation activities related to ongoing preclinical studies, clinical studies and
regulatory plans; 

  

	 	3.3.2.	clinical goals and objectives and other development activities; and 

  

	 	3.3.3.	go/no-go criteria for continuing the development of Products from one clinical trial to the next; and 

  

	 	3.3.4.	any other information as reasonably determined by the JDT. 

  

	3.4.	ASLAN shall provide CSL with such information as CSL may reasonably request from time to time regarding the progress of the Development and status of development of Products hereunder, such information to include copies
of correspondence with regulatory authorities with respect to each Product. 

  
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	3.5.	ASLAN shall carry out the Development substantially in accordance with the Development Program most recently submitted to the JDT. For the avoidance of doubt, performance of the Development in accordance with a
Development Program shall not relieve ASLAN of its obligations under Section 3.2. 

  

	3.6.	Prior to making a material change to a Development Program, ASLAN shall submit to the JDT an updated copy of the Development Program incorporating the material change, for information purposes. 

 

	3.7.	Records and Reports. ASLAN shall maintain records in sufficient detail and in a good scientific manner of all work conducted by it in connection with the Development and all Development Data resulting from such
work. Such records, including any electronic files where such Development Data may also be contained, shall reflect all work done and results achieved in the performance of the Development in sufficient detail and in a good scientific manner
appropriate for regulatory purposes. ASLAN shall keep such records for the longer of [...***...] from the occurrence of the subject matter or event which they concern, or as may be required by the terms of any CSL Third Party Technology
Agreement or as required by law. In addition, ASLAN will submit and present to the JSC reports and results regarding progress of the Development and data produced under the Master Plan, preclinical and clinical study draft reports resulting from the
Development and copies of final reports. 

  

	3.8.	CSL’s involvement in the Development. If requested by ASLAN and necessary to support the Development, CSL may provide research support services to ASLAN to [...***...] and to investigate potential
biomarkers and develop or provide reagents and assays to support clinical development. ASLAN acknowledges and agrees that the Development will be conducted under ASLAN’s exclusive control and that CSL shall have no obligation to participate,
collaborate, assist or be involved in any way in the Development. For the avoidance of doubt, a refusal by CSL to provide research support services pursuant to this Section shall not be a breach of this Agreement. Any CSL involvement in the
Development requested by ASLAN shall depend upon CSL’s sole decision and will be performed through CSL’s participation in the JDT and JSC, or through any other way to be decided by CSL on a case by case basis, and unless otherwise agreed,
at CSL’s expense. CSL shall not be deemed or considered as the sponsor of the Development. 

  

	3.9.	Delays: When it becomes evident to ASLAN that anything will delay the Development, ASLAN shall promptly notify CSL in writing with details of the delay and the cause. If ASLAN is delayed in reaching a Development
Milestone by the relevant Development Milestone Date by a Qualifying Cause of Delay, 

  

  
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ASLAN shall be entitled to a reasonable [...***...] to the relevant Development Milestone Date. ASLAN must submit to CSL a request for a reasonable [...***...] within
[...***...] of the cessation of the Qualifying Cause of Delay and provide such information as is reasonably requested by CSL in order to assess a reasonable [...***...]. If the parties are unable to agree on a reasonable
[...***...], a reasonable [...***...] shall be determined by an expert in accordance with Section 19.15. CSL may also grant an [...***...] for any reason in its sole discretion by notice to ASLAN. 

 

	4.	JOINT DEVELOPMENT TEAM 

  

	4.1.	Joint Development Team. ASLAN and CSL shall establish a joint development committee (“Joint Development Team” or “JDT”) to oversee the execution of the Development and
Development Program during the Term. From time to time, the JDT may establish subcommittees or project teams to oversee particular projects or activities, and such subcommittees or project teams will be constituted as the JDT agrees (e.g.,
for oversight of certain day-to-day matters). 

  

	4.2.	Membership. The JDT shall be comprised primarily of members from ASLAN, provided that the JDT will at all times include two (2) representatives from each of ASLAN and CSL, selected by such Party. It is
anticipated that membership of the JDT will change during the Term as needed to ensure sufficient expertise for oversight of the then-current Development Program. [...***...] of ASLAN shall serve as chairman of the JDT and shall manage the
Development. 

  

	4.3.	JDT Meetings. During the Term, the JDT will meet regularly (at least [...***...]) according to a mutually agreed schedule, alternating between locations convenient to one Party and then convenient to the
other, or by teleconference; the JDT may also meet on an ad hoc basis, as necessary. At its meetings, the JDT will: 

  

	 	4.3.1.	review and provide feedback on the Development Program and objectives; 

  

	 	4.3.2.	monitor the progress of the Development Program toward those objectives and the Development Milestones; 

  

	 	4.3.3.	make proposals to the JSC about any other matters relating to the operation and execution of this Agreement as the members of the JDT may agree; and 

 

	 	4.3.4.	undertake and/or approve such other matters as are specifically provided for the JDT under this Agreement. 

  

	 	ASLAN	shall prepare written minutes of each JDT meeting and a written record of all JDT decisions, whether made at a JDT meeting or otherwise 

  
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	 	and promptly circulate a copy to JDT and JSC members. Each Party shall bear its own personnel, travel and lodging expenses relating to JDT meetings. 

 

	4.4.	Decisions. Decisions of the JDT shall be made by [...***...], with each Party having [...***...]. In the event that the [...***...] required to approve a decision cannot be reached, then the
issue will be referred to the [...***...] for resolution. 

  

	5.	JOINT STEERING COMMITTEE 

  

	5.1.	Joint Steering Committee. The Parties shall establish an overall committee (“Joint Steering Committee,” or “JSC”) to oversee the JDT, to oversee the Licensing Program and to
propose solutions for the resolution of issues arising under this Agreement. The JDT shall report to the JSC. 

  

	5.2.	Membership. The JSC shall be comprised of two (2) representatives from each of ASLAN and CSL or such other number as the parties may otherwise agree in writing, with the members selected from senior
management of each Party and in accordance with this Section 5.2. At the Effective Date, the composition of the JSC is set out below (“Initial Representatives”): 

 

					
	 	  	 ASLAN
	  	 CSL

	 Representative
	  	[...***...]	  	[...***...]
	 Representative
	  	[...***...]	  	[...***...]

 Neither Party shall replace its Initial Representatives without the prior written approval of the other. If an
Initial Representative resigns from the employment of his or her employer, becomes seriously ill or dies, that Party must as soon as practicable notify the other and propose a replacement of at least equivalent experience, ability and expertise. If
either Party has not appointed a replacement who is reasonably acceptable to the other Party within [...***...] of the initial notification, this shall constitute a breach of this Agreement. 

 

	5.3.	JSC Meetings. During the Term, the JSC shall meet no less frequently than [...***...], or as otherwise agreed by the parties, alternating between locations convenient to one Party and then convenient to the
other, or by teleconference. At its meetings, the JSC will: 

  

	 	5.3.1.	consider and, if agreed, propose variations to this Agreement for approval by the Parties; 

  
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	 	5.3.2.	[...***...] ; 

  

	 	5.3.3.	discuss and seek to resolve any issues which have arisen in the JDT that have not been resolved; 

  

	 	5.3.4.	discuss and seek to resolve any other issues arising under this Agreement; and 

  

	 	5.3.5.	undertake and/or approve such other matters as are specifically provided for the JSC under this Agreement; provided, however, that for the avoidance of doubt the JSC shall not have the authority to determine those
matters described in Section 5.5. 

 ASLAN shall prepare written minutes of each JSC meeting and a written record of all
JSC decisions, whether made at a JSC meeting or otherwise, and promptly circulate a copy to all JSC members. Each Party shall bear its own personnel, travel and lodging expenses relating to JSC meetings. 

 

	5.4.	Review of Development Program: Any review or comment on the Development Program by CSL, the JDT or the JSC shall not relieve ASLAN of its obligations under Section 3. 

 

	5.5.	Decisions. Decisions of the JSC shall be made by [...***...] of the Initial Representatives. Parties shall make decisions in good faith and not unreasonably withhold or delay decisions. If the JSC cannot
reach agreement on an issue, then such issue will be referred to the [...***...] of CSL and ASLAN (or their [...***...] nominated delegates) for attempted resolution in good faith, face-to-face negotiations at a mutually agreed site. If
the [...***...] cannot resolve such issue within [...***...], then subject to this Section 5.5 [...***...] will have the right to [...***...]. Notwithstanding any other term of this Agreement, [...***...] will not
have the right, without the prior written agreement of [...***...], to: 

  

	 	5.5.1.	amend or otherwise create additional obligations or Liabilities of [...***...] under this Agreement; 

  

	 	5.5.2.	amend the provisions of this Agreement, including the Master Plan; 

  

	 	5.5.3.	enter into any agreement with a Third Party which [...***...] and which [...***...], but which [...***...]; 

  
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	 	5.5.4.	[...***...]; or 

  

	 	5.5.5.	make any other decision that is stated to require the further approval or agreement of [...***...] under this Agreement, 

or [...***...] under this Agreement in relation to same. 
  

	5.6.	CSL and ASLAN shall cause each of their representatives on the JSC and their respective [...***...] (or delegates) to [...***...], including any [...***...] by [...***...]. The Parties shall
ensure that their dealings with each other and respective activities under this Agreement are performed in good faith. Where this Agreement calls for specified officers of CSL and ASLAN to meet and resolve a particular issue, each Party shall make
its respective officer reasonably available for an in-person meeting on at least three particular dates and times within the [...***...] after the request. 

  

	6.	REGULATORY MATTERS 

  

	6.1.	ASLAN shall be responsible, directly or through Third Parties, for the preparation, filing and maintenance of all regulatory documents with respect to the Development, which shall be filed in the name of ASLAN or its
designee. All clinical trial protocols and regulatory submissions and documents related to the Development shall be subject to review and comment by the JDT prior to the initiation of such trials and prior to filing such protocols and submissions
with any health regulatory agencies. 

  

	7.	LICENSING PROGRAM 

  

	7.1.	ASLAN will use Diligent Efforts to negotiate term sheets and execute agreements with Third Parties for the grant of rights to Licensed Technology in accordance with this Agreement, keeping the JSC informed as to the
progress of such negotiations. It is the intention of the parties that rights to Licensed Technology be granted in such a way so as to [...***...] for both parties. 

 

	7.2.	ASLAN shall not, during the Term, have the right to grant a license with respect to Licensed Technology to any Third Party in the Field except in accordance with this Agreement. 

 

	8.	COMMERCIALIZATION RIGHTS 

  

	8.1.	Upon achievement of Clinical Proof of Concept and subject to this Section 8 and in accordance with this Agreement, ASLAN may enter into an agreement for the grant to a Third Party of rights in Licensed Technology
to Commercialize Products in the Field provided that: 

  
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	 	8.1.1.	the [...***...] prior to entry into the relevant agreement; 

  

	 	8.1.2.	the agreement is [...***...], or [...***...]; 

  

	 	8.1.3.	ASLAN must not [...***...]; 

  

	 	8.1.4.	the Third Party is [...***...]; 

  

	 	8.1.5.	unless otherwise agreed with CSL, the agreement contains [...***...]; 

  

	 	8.1.6.	entry into such an agreement will not relieve ASLAN of its obligations under this Agreement; 

  

	 	8.1.7.	the conditions in Section 9 are met (including any conditions which CSL may reasonably require pursuant to Section 9.2). 

  

	9.	SUB-LICENSING 

  

	9.1.	Any grant of rights by ASLAN in respect of the Licensed Technology must: 

  

	 	9.1.1.	be on terms consistent with all of the terms of this Agreement, including with respect to payments due to CSL; 

  

	 	9.1.2.	not be sub-licensable, without CSL’s prior written approval (not to be unreasonably withheld or delayed in respect of CSL Know-How and CSL Patents); 

 

	 	9.1.3.	require the Sub-licensee to maintain all books or records and accounts necessary to enable verification of any amount of payments due to ASLAN, including the allowance of audits of such books by ASLAN at CSL’s
written request (which CSL shall be entitled to make no more than once in every year of this Agreement); and 

  

	 	9.1.4.	 deliver to CSL a copy of each executed Sub-license agreement within 7 days of execution, which agreement CSL
shall be 

  
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	 	entitled to disclose to its licensors to comply with any obligations under any CSL Third Party Technology Agreement. 

  

	9.2.	Where ASLAN wishes to grant sub-licenses in respect of CSL In-Licensed Patents or CSL In-Licensed Know-How: 

  

	 	9.2.1.	ASLAN must first obtain CSL’s consent, which consent CSL shall only be entitled to be withheld where: 

  

	 	(i)	the terms of the relevant CSL Third Party Technology Agreement [...***...]; 

  

	 	(ii)	the terms of any such sub-licensing by ASLAN are not consistent with the terms of the relevant CSL Third Party Technology Agreement (and, for the purposes of determining whether this Section applies, ASLAN shall provide
CSL with a copy of any proposed sub-license); and 

  

	 	9.2.2.	in respect of rights under the [...***...], ASLAN acknowledges that such rights may [...***...]. Where ASLAN wishes such rights to be granted and the grant is reasonably necessary for the Commercialisation
of Products, CSL will use reasonable efforts to [...***...]; 

  

	 	9.2.3.	any sub-licenses of rights in CSL In-Licensed Know-How must comply with, and does not relieve ASLAN of its obligations under, Section 16. 

 

	10.	CSL THIRD PARTY TECHNOLOGY AGREEMENTS 

  

	10.1.	ASLAN to be responsible for all payments. 

  

	 	10.1.1.	ASLAN will be responsible for all financial requirements and any payments required to be made by CSL under the CSL Third Party Technology Agreements to the extent that such obligation relates to ASLAN’s
exploitation of the rights the subject of those agreements (including any exploitation via a Sub-licensee). 

  
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	 	10.1.2.	ASLAN acknowledges and agrees that it has seen copies of such CSL Third Party Technology Agreements and will use its best efforts to assist CSL in complying with any requirements under such Third Party Technology
Agreements. 

  

	 	10.1.3.	Subject to CSL receiving the assistance that it requires from ASLAN in order to comply with the terms of the CSL Third Party Technology Agreements, CSL shall remain responsible for compliance with the Third Party
Technology Agreements and shall invoice ASLAN for any payments due under such Agreements. Subject to receiving an invoice from CSL, ASLAN shall make payments to CSL required under this Section at least [...***...] in advance of the date on
which the corresponding amount is due under the relevant CSL Third Party Technology Agreements. 

  

	10.2.	ASLAN to assist CSL to comply with CSL Third Party Technology Agreements. 

  

	 	10.2.1.	ASLAN agrees to provide CSL with all information which CSL may reasonably require in order to comply with its obligations under CSL Third Party Technology Agreements, including but not limited to: 

 

	 	(i)	notification of the achievement of milestones under such agreements; 

  

	 	(ii)	provision of royalty statements under each agreement pursuant to which royalties are payable on sales of Product, calculated in accordance with the provisions of the relevant agreement, together with the amount required
to be paid within a timeframe that allows CSL to make the payment to its Third Party licensor within the time stipulated in the relevant agreement; 

  

	 	(iii)	the granting of further sub-licenses under such agreements; 

  

	 	(iv)	information regarding whether the rights the subject of any such CSL Third Party Technology Agreement is being used by ASLAN in respect of the Commercialisation of Product(s); 

 

	 	(v)	reporting and record keeping obligations; 

  

	 	(vi)	auditing obligations; and 

  

  
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	 	(vii)	improvements to the relevant licensor’s Intellectual Property the subject of such CSL Third Party Technology Agreements, in accordance with the terms of each such agreement. 

 

	 	10.2.2.	ASLAN warrants that it and its sub-licensees will only exploit the rights which are the subject of CSL Third Party Technology Agreements in respect of its Commercialisation of Products and in accordance with the terms
of any such CSL Third Party Technology Agreement and this Agreement. 

  

	11.	LICENSING REVENUE AND THIRD PARTY PAYMENTS 

  

	11.1.	ASLAN must, within [...***...] of receipt, pay to CSL [...***...] of all Licensing Revenue. 

  

	11.2.	ASLAN may [...***...] owing under Section 11.1 [...***...] and not any other amount. 

  

	11.3.	Within [...***...] of receipt of each payment that contributes to Licensing Revenues, ASLAN shall provide CSL with a statement specifying: 

 

	 	11.3.1.	the nature of and amount of the payment received that contributes to Licensing Revenue (including copies of any notifications, reports or statements from the Third Party relating to the contribution); 

 

	 	11.3.2.	the calculation of Licensing Revenue based on such payment including details and amount of any deductions made in calculating such revenue; 

 

	 	11.3.3.	details of any exchange rates used to convert any currencies; 

  

	 	11.3.4.	details of the Annual Net Sales as at the date of the statement; 

  

	 	11.3.5.	a statement of the amount of payment due to CSL in respect of such Licensing Revenue; 

  

	 	11.3.6.	details of any amount payable under Section 10.1 in respect of such receipt; 

  

	 	11.3.7.	details of any [...***...] pursuant to Section 11.2; and 

  

	 	11.3.8.	upon receipt of such statement, CSL may issue an invoice to ASLAN for such amount. Within [...***...] of receipt of such invoice, ASLAN must remit payment to CSL to a bank account nominated by CSL.

  

	11.4.	Currency. Payments to CSL must be in the same currency as the corresponding Licensing Revenue received by ASLAN. 

  
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	11.5.	License Revenue Share for the Convenience of the Parties. Given the worldwide scope of this Agreement, the impracticality of monitoring by ASLAN of the movement of Product(s) through international markets, that
CSL will, or may, be issued new patents continually in various countries throughout the Territory throughout the Term that will be licensed hereunder, and the impracticality of establishing the relative contribution of each element of Licensed
Technology to the value of Product(s), in particular at the stage in the development cycle for Product(s) at which the Parties are entering into this Agreement, it is agreed and recognized that paying a share of Licensing Revenue on a worldwide
basis at the rates set forth in this Agreement is fair and reasonable, representing a balance between the concerns and interests of both Parties and resulting in a convenience for ASLAN. 

 

	12.	RECORDS AND ACCOUNTS 

  

	12.1.	ASLAN must keep complete and accurate records of all matters connected with the Development and Commercialisation of Products and must also keep proper accounts in relation to Licensing Revenue and other payments
payable to CSL under this Agreement containing all data necessary for the calculation of the amounts payable to CSL pursuant to this Agreement, including amounts due under CSL Third Party Technology Agreements. ASLAN must keep those records and
books of account for [...***...] following the end of the year to which they relate or as may be required by the terms of any CSL Third Party Technology Agreement. 

 

	12.2.	Not more than once in any [...***...] period, ASLAN must permit during business hours an independent accountant nominated by CSL to inspect the records and accounts maintained under Section 12.1 for the
purpose of verifying their accuracy, and confirming whether all payments payable to CSL under this Agreement have been properly calculated and paid by ASLAN. 

  

	12.3.	ASLAN must provide to the accountant such assistance as is reasonably required by that person in order to verify the accuracy of those records and accounts and confirm whether all payments payable to CSL under this
Agreement have been properly calculated and paid by ASLAN. 

  

	12.4.	If CSL’s inspection reveals that any monies are outstanding then ASLAN must, within [...***...] after receiving notice of the amount due, pay CSL the outstanding amount. If the inspection reveals there was an
overpayment then the amount of the overpayment may be credited against future payments due to CSL under this Agreement. 

  

	12.5.	CSL shall bear the cost of the independent accountant appointed under this Section 12 except if the inspection reveals that any monies are outstanding by 

  
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more than [...***...], in which case ASLAN must pay CSL’s reasonable inspection costs. 
  

	13.	INTELLECTUAL PROPERTY 

  

	13.1.	ASLAN shall give full disclosure to CSL of all ASLAN Background Intellectual Property and CSL shall give full disclosure to ASLAN of all CSL IP. 

 

	13.2.	ASLAN Background Intellectual Property is and shall remain the property of ASLAN and CSL IP is and shall remain the property of CSL (or, where applicable, the Third Party from whom its right to use the relevant
Intellectual Property has derived). 

  

	13.3.	Subject to any contrary provisions in any of the CSL Third Party Technology Agreements: 

  

	 	13.3.1.	ASLAN will ensure that [...***...] and the Parties shall do all things necessary to [...***...]; and 

  

	 	13.3.2.	neither Party shall [...***...] or otherwise [...***...] other than in accordance with this Agreement or with the prior written consent of the other Party. 

 

	13.4.	If any Development IP is patentable, then subject to any contrary provisions in any of the CSL Third Party Technology Agreements: 

  

	 	13.4.1.	[...***...] shall be responsible for the filing, prosecution, maintenance and renewal of applications for such Patents in such countries as the parties agree in writing and [...***...] any fees, including
reasonable agents and lawyers’ fees in relation to such Patents; 

  

	 	13.4.2.	if only one Party wishes to apply for, or continue prosecution, maintenance or renewal of, a Patent in any country or countries, the Party wishing to apply may do so at its [...***...] 

 

	 	13.4.3.	neither Party shall amend or abandon any Patent in respect of Development IP without providing [...***...] notice to the other Party; 

 

	 	13.4.4.	the Party making a Patent application shall keep the other Party reasonably informed and consult with the other Party at reasonable intervals concerning the application for and maintenance of such Patent;

  
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	 	13.4.5.	each Party shall provide all necessary assistance, information, documents and instructions as is reasonably requested by the other Party in connection with the filing, prosecution, maintenance and renewal of such
Patents. 

  

	13.5.	Improvements by CSL. 

  

	 	13.5.1.	If any Improvements are made by CSL or its Third Party collaborators during the Term or as a result of CSL’s performance of research under Section 3.8, the Parties acknowledge that CSL will own such
Improvements and the Intellectual Property therein. 

  

	 	13.5.2.	CSL will promptly disclose such Improvements to ASLAN and they will form part of the Licensed IP and be licensed on the same terms (including financial terms) as CSL Patents and CSL
Know-How. 

  

	13.6.	Improvements by ASLAN. 

  

	 	13.6.1.	If any improvements, developments, modifications or enhancements are made by ASLAN or its Third Party collaborators to ASLAN IP during the Term (“ASLAN Improvements”), the Parties acknowledge that ASLAN
will own such Improvements and the Intellectual Property therein. 

  

	 	13.6.2.	ASLAN will promptly disclose such ASLAN Improvements to CSL if they are necessary or useful to the Development or Commercialisation of products. 

 

	13.7.	Improvements related to Third Party Technology Agreements. 

  

	 	13.7.1.	The parties agree to cooperate to help ensure that CSL is able to comply with the terms of the CSL Third Party Technology Agreements with respect to any inventions, development, modification or enhancement of the CSL
In-licensed Patents and/or the CSL In licensed Know-how, in each case in accordance with the terms of the relevant CSL Third Party Technology Agreement. 

  

	 	13.7.2.	Where CSL is entitled to secure ownership of, or grant sub-licenses to, any invention, development, modification or enhancement of the CSL In-Licensed Patents, whether or not made
by a Party to this Agreement, and where such invention, development, modification or enhancement relates to the Development, manufacture or Commercialisation of a Licensed 

  
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Product, CSL will grant ASLAN a sub-license under the terms of the relevant CSL Third Party Technology Agreement and otherwise in accordance with the terms of this Agreement as they apply to CSL
In-licensed Patents and CSL In-licensed Know-How. 

  

	13.8.	Each Party shall immediately give written notice to the other Party of any actual, threatened or suspected infringement of any Licensed Technology. The Parties shall discuss as to what action to take in respect of such
infringement. 

  

	13.9.	Third Party’s claims. In the event of the institution of any suit by a Third Party against ASLAN and/or CSL alleging infringement of any Intellectual Property relevant to this Agreement, the Party sued shall
promptly notify the other Party in writing. Each Party shall have the right (but not the obligation) to defend any suit brought against it at its own expense, but shall, at all times, take into consideration the views and technical considerations of
the other Party. ASLAN and CSL shall provide reasonable assistance and cooperation to each other in any such litigation at the other’s request and at the other’s expense. A Party shall not enter into any settlement, consent or other
voluntary final disposition of any action involving alleged infringement of Intellectual Property relevant to this Agreement without the other Party’s prior written consent, not to be unreasonably withheld or delayed. 

 

	13.10.	CSL Patents. CSL shall be responsible for prosecution and maintenance of the CSL Patents and applications for extensions of term thereof. In the event that CSL elects to discontinue prosecution or maintenance of
any of the CSL Patents, CSL shall provide written notice to ASLAN identifying the relevant CSL Patents (“Discontinue Notice”). ASLAN may elect to continue to prosecute or maintain at ASLAN’s cost and expense any of those CSL
Patents by providing notice to CSL in writing within [...***...] of receipt of the Discontinue Notice. Upon receipt of such a notice from ASLAN, CSL will provide all reasonable co-operation to enable ASLAN to continue prosecution or
maintenance of the relevant CSL Patents, at ASLAN’s expense. 

  

	13.11.	[...***...] has the right to defend or enforce the CSL Patents. 

  

	 	13.11.1.	Subject to the rest of this Section 13.11, [...***...] shall have the [...***...], to prosecute and control legal action in respect of any Third Party’s infringement or threatened infringement or
other misuse of any rights subsisting in the CSL Patents, CSL Know-how or Development IP (“Third Party Infringement”) save that it may not enter into any settlement, compromise or other disposition of any such proceeding which
concerns the validity of any CSL IP or 

  
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ownership of, or rights to, any CSL IP, without the prior written consent of [...***...] (which consent [...***...] acknowledges may, in relation to certain aspects of the CSL IP, be
dependent upon [...***...] also obtaining the consent of [...***...] to such settlement). 

  

	 	13.11.2.	In exercising its right under Sections 13.11.1, [...***...] shall reasonably consult with [...***...] with respect to the defence of such Intellectual Property. 

 

	 	13.11.3.	Where a damages award is rendered by the presiding court in respect of a Third Party Infringement, [...***...]: 

  

	 	(i)	may first deduct its own expenses incurred by it in prosecuting such proceeding; 

  

	 	(ii)	shall then ensure that [...***...] is reimbursed for all reasonable expenses incurred by it in assisting in such proceeding (including counsel’s fees); and 

 

	 	(iii)	any excess amount after the deductions outlined in sub-Sections (i) and (ii) above shall be treated as Licensing Revenues. 

 

	13.12.	[...***...] to have the right to take action where [...***...] declines. 

  

	 	13.12.1.	ln the event that [...***...] fails, within [...***...], to take all reasonable steps to cause any alleged or suspected Third Party Infringement to cease, [...***...] shall have the [...***...],
to enforce the relevant CSL Patent(s), CSL Know-how or Development IP at its own expense and to retain for itself all awards of damages or other monetary amounts which it may be granted, save that [...***...] may not enter into any settlement,
compromise or other disposition of any such proceeding which would result in [...***...] having to make any payment to the Third Party in respect of [...***...] Commercialisation of Products without the prior written consent of
[...***...]. 

  

	14.	WARRANTIES 

  

	 	14.1.	Each of the Parties warrants that: 

  

	 	14.1.1.	it has full power and authority to enter into and observe the obligations under this Agreement and, for the avoidance of doubt CSL warrants that the CSL Patents are either owned or Controlled by it; 

  
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	 	14.1.2.	to the best of its actual knowledge as at the Effective Date, its entry into and performance under the terms of this Agreement will not infringe the rights of any Third Party or cause it to be in breach of any
obligations to a Third Party; 

  

	 	14.1.3.	all information, data and materials provided by it to the other pursuant to this Agreement will be, to the best of its knowledge and belief, accurate and complete in all material respects. 

 

	14.2.	CSL warrants that, to the best of its actual knowledge as at the Effective Date: 

  

	 	14.2.1.	the exercise by ASLAN of the license rights granted to ASLAN under Sections 2.1 and 2.2 does not infringe the rights of any Third Party; 

 

	 	14.2.2.	no Third Party has threatened or, so far as it is aware, is currently threatening proceedings in respect of infringement of any CSL IP, and none of the CSL IP is the subject of any actual or, so far as it is aware,
threatened challenge, opposition or revocation proceedings, except as disclosed to ASLAN prior to the Effective Date. 

  

	14.3.	ASLAN warrants that, to the best of its actual knowledge as at the Effective Date: 

  

	 	14.3.1.	the exercise by CSL of the rights granted to ASLAN Background Intellectual Property under this Agreement does not infringe the rights of any Third Party; 

 

	 	14.3.2.	no Third Party has threatened or, so far as it is aware, is currently threatening proceedings in respect of infringement of any ASLAN IP, and none of the ASLAN IP is the subject of any actual or, so far as it is aware,
threatened challenge, opposition or revocation proceedings, except as disclosed to CSL prior to the Effective Date. 

  

	14.4.	Any condition, warranty or other term which is not expressly set out in this Agreement which might otherwise be implied or incorporated into this Agreement, whether by statute, common law or otherwise, is, insofar as it
is lawful to do so, hereby excluded. 

  

	14.5.	Compliance with Law. Each Party covenants to the other that it will comply with all applicable laws as amended, in carrying out its obligations pursuant to this Agreement. Each Party covenants to the other that
it and any sub-contractor appointed by it currently holds or at the relevant time will hold any and all 

  

  
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consents, approvals, orders or authorizations necessary to comply with its obligations under this Agreement. 

 

	14.6.	Compliance with Anti-Corruption Laws. Without limiting Section 14.5, neither Party shall perform any actions in exercising rights or complying with obligations under this Agreement that are prohibited by
local and other anti-corruption laws (collectively “Anti-Corruption Laws”) that are applicable to that Party. Without limiting the foregoing, neither Party shall make any payments, or offer or transfer anything of value, to any
government official or government employee, to any political party official or candidate for political office or to any other third party related to the transaction in a manner that would violate Anti-Corruption Laws. 

 

	14.7.	Disclaimers. 

  

	 	14.7.1.	Without prejudice to CSL’s warranties set out in Sections 14.1 and 14.2, ASLAN acknowledges that CSL licenses the CSL IP “as is”, that is, without any warranty of any kind, express or implied, including,
without limitation, warranty of its accuracy or completeness, of merchantability, fitness for a particular purpose (including but not limited to manufacture the Product or conduct the Development), commercial value, and without any warranty of any
kind, express or implied, of the inexistence of adverse effects, of the safety or other quality, efficiency, stability, characteristics or usefulness of, or merchantability, or fitness for a particular purpose of any Product. 

 

	 	14.7.2.	Without prejudice to ASLAN’s representation and warranties set out in Sections 14.1 and 14.3, CSL acknowledges that ASLAN provides ASLAN Know How “as is”, that is, without any warranty of any kind,
express or implied, including, without limitation, warranty of its accuracy or completeness, of merchantability, fitness for a particular purpose (including but not limited to manufacture the Product or conduct the Development), commercial value,
and without any warranty of any kind, express or implied, of the inexistence of adverse effects, of the safety or other quality, efficiency, stability, characteristics or usefulness of, or merchantability, or fitness for a particular purpose of any
Product. 

  

	15.	LIABILITY 

  

	15.1.	ASLAN Indemnities. ASLAN shall indemnify, keep indemnified and hold harmless CSL, its Affiliates and their directors, officers and employees (“CSL Indemnitees”) from and against all Liabilities
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 Third Party claim (including claims against CSL made by its licensors under any CSL Third
Party Technology Agreement) arising out of or resulting from: 
  

	 	15.1.1.	breach of any term of this Agreement by ASLAN or its Affiliates, contractors or sub-licensees; 

  

	 	15.1.2.	the negligence, recklessness or wilful misconduct of ASLAN, its Affiliates or its contractors or sub-licensees; 

  

	 	15.1.3.	the Development or Commercialisation of Products by ASLAN or its Affiliates, sub-licensees or contractors or any end-use of such Products in a manner and for a purpose authorised by any of them, 

except to the extent that the Liabilities arise out of or result from, directly or indirectly, breach of any term of this Agreement,
negligence, or wilful misconduct of any CSL Indemnitees. 
  

	15.2.	CSL Indemnities. CSL shall indemnify, keep indemnified and hold harmless ASLAN and its Affiliates, directors, officers and employees (“ASLAN Indemnitees”) from and against all Liabilities
incurred in connection with any Third Party claim arising out of or resulting from: 

  

	 	15.2.1.	breach of [...***...] term of this Agreement by CSL or its Affiliates, contractors or sub-licensees; 

  

	 	15.2.2.	the negligence, recklessness or wilful misconduct of CSL or its Affiliates or contractors in the performance of its obligations under this Agreement, 

except to the extent that the Liabilities arise out of or result from, directly or indirectly, breach of [...***...] term of this
Agreement, negligence, or wilful misconduct of any ASLAN Indemnitees. 
  

	15.3.	It is a condition of indemnification under this Agreement that: 

  

	 	15.3.1.	the indemnified Party gives written notice to the indemnifying Party of the Claim in respect of which indemnification is sought promptly on becoming aware of it and does not at any time admit liability or otherwise
attempt to settle or compromise such Claim without the indemnifying Party’s prior written consent; 

  

	 	15.3.2.	the indemnifying Party shall, at its cost, have sole conduct of the defence or compromise of any such Claim and as between the indemnifying Party and the indemnified Party shall have the 

 

  
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 sole right to any costs and damages awarded as a result of any such Claim; and 

 

	 	15.3.3.	the indemnified Party provides the indemnifying Party such assistance and co-operation as it shall reasonably require, at the indemnifying Party’s reasonable cost, in respect of the conduct of such defence or
compromise. 

  

	15.4.	Insurance. During the Term and for a period of at least [...***...] after the last commercial sale of a Product, ASLAN will at no cost to CSL maintain in full force and effect with a reputable and solvent insurer
(being an insurer with Standard & Poors financial rating of not less than ‘A-‘), insurance, including product liability insurance and clinical trial insurance, on a claims-made basis, with levels of adequate coverage to meet
ASLAN’s obligations and potential liabilities under this Agreement from time to time, and ASLAN undertakes to regularly review and if necessary adjust its level of insurance cover as such obligations increase or change. Without limiting the
foregoing, the parties agree that ASLAN will obtain and maintain the insurance with coverage limits of not less than the greater of (i) ...***...] per occurrence and an annual aggregate of [...***...] (and ...***...] per
occurrence and an annual aggregate of ...***...] after the initiation of [...***...]) and (ii) an amount which represents the insurance required to conduct Development and Commercialization, as applicable, of Product in the
Territory (or applicable part thereof). At the request of CSL, ASLAN must produce evidence of the currency of the insurance policies referred to in this Section 15.4. 

 

	15.5.	Excluded Liabilities. Subject to this Section 15.5, the Parties agree that with respect to any claim by one Party against the other arising out of the performance or failure of performance of the other Party
under this Agreement, a Party shall be liable to the other Party for direct damages only and shall not be liable for any indirect or consequential loss or damage whatsoever arising under or in relation to the Agreement (whether arising for breach of
contract (including under any indemnity), misrepresentation (whether tortuous or statutory), tort (including negligence), breach of statutory duty, warranty, strict liability or any other legal theory howsoever arising), even if that Party was aware
of the possibility that such loss or damage might be incurred by the other, except as a result of a Party’s wilful misconduct. Nothing in this Section 15.5 is intended to limit or restrict the rights or obligations of either Party under
Sections 15.1 or 15.2 or to limit a Party’s liability in respect of wilful misconduct. 

  

	16.	CONFIDENTIALITY 

  

	16.1.	Confidentiality: Exceptions. In this Agreement, “Confidential Information” means any information and materials disclosed or made available to one Party by 

  
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 or on behalf of the other Party in connection with this Agreement, whether disclosed in
writing, verbally or by any other means and regardless of the date it was disclosed , except to the extent that it can be established by the receiving Party that such Confidential Information: 

 

	 	16.1.1.	is in the lawful knowledge or possession of the receiving Party prior to the time it was disclosed to, or learned by, the receiving Party; 

 

	 	16.1.2.	is developed independently by the receiving Party by an employee with no knowledge of the disclosure; 

  

	 	16.1.3.	was generally available to the public or otherwise part of the public domain at the time of its disclosure to the receiving Party; 

  

	 	16.1.4.	became generally available to the public or otherwise part of the public domain after its disclosure and other than through any act or omission of the receiving Party in breach of this Agreement; or 

 

	 	16.1.5.	is disclosed to the receiving Party, other than under an obligation of confidentiality, by a Third Party who has the lawful power to disclose such information to the receiving Party. 

Confidential Information shall be deemed to include the terms of this Agreement. 

 

	16.2.	Authorized Use and Disclosure. Except as expressly provided otherwise in this Agreement or on receiving the prior written consent of the other Party, each Party: 

 

	 	16.2.1.	must keep the Confidential Information of the other Party confidential; 

  

	 	16.2.2.	must not use any Confidential Information of the other Party except as reasonably necessary in carrying out its obligations, or exercising its rights, under this Agreement (“Permitted Purpose”);

  

	 	16.2.3.	may only disclose any Confidential Information of the other Party in accordance with the terms of applicable [...***...] and as follows: 

 

	 	(i)	to its Affiliates, directors, employees, permitted sub-licensees, consultants and advisors (and the 

 

  
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 directors, employees, consultants and advisors of its Affiliates) (Representatives)
to the extent necessary for the Permitted Purpose provided that the Party must ensure that any such Representative complies with the obligations of confidence and non-use set out in this Agreement; 

 

	 	(ii)	the terms of this Agreement may be disclosed to its legal and financial advisors, who must be bound by similar obligations of confidentiality as contained in this Agreement; 

 

	 	(iii)	ASLAN may disclose CSL’s Confidential Information to Third Parties for the purposes of the Licensing Program on a need to know basis, and who must be bound by similar obligations of confidentiality as contained in
this Agreement; 

  

	 	(iv)	with CSL’s prior written consent (not to be unreasonably withheld), ASLAN may disclose CSL’s Confidential Information to potential investors, or acquirers, on a need to know basis, and who must be bound by
similar obligations of confidentiality as contained in this Agreement; 

  

	 	(v)	ASLAN may disclose CSL IP to the extent such disclosure is reasonably necessary in filing or prosecuting patent, copyright and trademark applications, prosecuting or defending litigation, complying with applicable
governmental regulations, conducting preclinical or clinical trials; 

  

	 	16.2.4.	either Party may disclose Confidential Information of the other Party to the extent necessary to comply with any applicable law, regulation or rules of any stock exchange, provided, however, that if a Party is required
by law or regulation to make any such disclosure of the other Party’s Confidential Information it will, except where impracticable for necessary disclosures, give reasonable advance notice to the other Party of such disclosure requirement and
will use its reasonable efforts to avoid or minimise the extent of the disclosure and co-operate with the other Party to preserve the confidentiality of the information being disclosed; or 

  
  

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	 	16.2.5.	CSL may disclose Confidential Information as required to comply with the CSL Third Party Technology Agreements. 

  

	16.3.	Term of confidentiality. The obligations of confidentiality set out in this Section 16 apply [...***...]. In the case of information subject to obligations of confidence under a CSL Third Party
Technology Agreement, such information shall be treated as confidential in accordance with the terms of the relevant CSL Third Party Technology Agreement. 

  

	16.4.	Specific enforcement. Each Party acknowledges that: 

  

	 	16.4.1.	the value of the other Party’s Confidential Information, which includes any jointly owned Confidential Information, is unique and difficult to assess in monetary terms; 

 

	 	16.4.2.	a breach by it of any of its obligations of confidentiality under this Agreement may irreparably harm the Party disclosing such Confidential Information, and damages may not be an adequate remedy for any such breach;
and 

  

	 	16.4.3.	therefore, if it actually breaches or threatens to breach the confidentiality obligations set forth in this Agreement, the Party whose Confidential Information is the subject of such breach, or who is affected by such
breach, may seek to enforce this Agreement by way of injunctive relief or specific performance as a remedy (in addition to any other available relief) without proof of actual or special damage. 

 

	16.5.	Publications. 

  

	 	16.5.1.	Each Party shall submit any proposed publication in a scientific journal and for the purpose of patent applications (“Scientific Publication”) containing Confidential Information to the other Party at
least [...***...] in advance to allow that Party to review such planned public disclosure. The reviewing Party will promptly review such proposed Scientific Publication and make any objections that it may have to the publication of
Confidential Information of the reviewing Party contained therein. Should the reviewing Party make an objection to the publication of any such Confidential Information, then the other Party shall not be permitted to publish the reviewing
Party’s Confidential Information and the Parties shall discuss the advantages and disadvantages of publishing such Confidential Information. Nothing in this 

  
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 Section shall permit ASLAN to disclose Confidential Information which is subject to
obligations of confidentiality under the Third Party Technology Agreement, except with CSL’s written consent. 
  

	 	16.5.2.	CSL and ASLAN will, from time to time, and at the request of the other Party, discuss and agree on the general information content relating to this Agreement which may otherwise be publicly disclosed. 

 

	16.6.	Application of Agreement to Confidential Information already disclosed. Without limiting the operation of this Agreement, this Agreement applies to all Confidential Information whether or not any Confidential
Information of a Party was disclosed to or accessed by the other Party before the Effective Date, and applies to information disclosed pursuant to the Confidentiality Agreements dated 14 October 2011 and 6 September 2012.

  

	17.	TERM AND TERMINATION 

  

	17.1.	Term. This Agreement shall become effective as of the Effective Date and, unless earlier terminated or adjusted under this Agreement, shall continue in full force and effect until the date that is twelve
(12) months after the final Development Milestone Date (Term). 

  

	17.2.	If ASLAN is in material and substantial negotiations with a Third Party regarding the grant of rights to Licensed Technology in the period after the final Development Milestone Date but prior to expiry of the Term, then
ASLAN may notify CSL in writing and the Term will be automatically extended until the conclusion of such negotiations with such Third Party or the date that is [...***...] after the final Development Milestone Date, whichever period is the
shorter. In the event of such an extension, ASLAN agrees to promptly notify CSL in writing of any conclusion of such negotiations with such Third Party. 

  

	17.3.	Term Where Rights to Licensed Technology Granted. If, before the expiry of the Term, ASLAN has entered into an agreement(s) with a Third Party in respect of the grant of rights to Licensed Technology pursuant to
Section 8 and in accordance with this Agreement, then the Term shall be extended to be concurrent with the term of the agreement with the Third Party. 

  

	17.4.	Termination For Breach. Either Party may terminate this Agreement in the event the other Party shall have breached or defaulted in the performance of any of its material obligations hereunder, and such default
shall have continued for [...***...] after written notice thereof was provided to the breaching Party by the non-breaching Party. Any termination shall become effective at the end of such 

  
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 [...***...] period unless the breaching Party (or any other Party on its behalf) has
cured any such breach or default prior to the expiration of the [...***...] period. In addition, CSL may immediately terminate this Agreement by notice in writing to ASLAN if there is an Event of Default (as defined under the Loan Agreement)
or CSL Finance Pty Ltd otherwise becomes entitled to terminate the Loan Agreement by reason of ASLAN’s default of such agreement. 
  

	17.5.	Either Party Notice. Either Party may terminate the Agreement at any time in the event of a Material Safety Risk associated with the Product. 

 

	17.6.	Termination for Lack of Commercial Viability. ASLAN may terminate the Agreement at any time by notice in writing to CSL in the event that it reasonably considers that continuation of the Development Program or
Commercialization of Products is no longer commercially viable. Notwithstanding any other term of this Agreement, if ASLAN terminates the Agreement pursuant to this Clause 17.6, CSL shall not be obliged to pay ASLAN any amount under
Clause 18.4. 

  

	17.7.	Termination on Insolvency. Either Party may terminate this Agreement by notice, if, at any time, the other Party (i) suspends payment of its debts or is unable to pay its debts as they fall due or admits
inability to pay its debts or is deemed unable to pay its debts within the meaning of Section 123 of the Insolvency Act 1986; or (ii) a petition is filed, a notice is given, a resolution is passed, or an order is made, for or in connection
with the winding up of that Party (other than for the sole purpose of a scheme for a solvent amalgamation of that Party with one or more other companies or the solvent reorganisation of that Party); or (iii) an application is made to court, or
an order is made, for the appointment of an administrator, or if an administrator is appointed over that Party; or (iv) a receiver is appointed over all or any of the assets of that Party; or (v) a creditor or encumbrancer of that Party
attaches or takes possession of, or a distress, execution, sequestration or other such process is levied or enforced on or sued against, the whole or any part of the assets of that Party and such attachment or process is not discharged within
[...***...]; or (vii) any similar insolvency event to any of the foregoing occurs in any jurisdiction; or (viii) that Party suspends or ceases, or threatens to suspend or cease, to carry on all or a substantial part of its business.

  

	18.	EFFECT OF TERMINATION. 

  

	18.1.	Accrued Rights, Surviving Obligations. Termination or expiration of the Agreement for any reason shall be without prejudice to any obligations which shall have accrued prior to such termination or expiration,
including, without limitation, any and all damages arising from any breach hereunder. 

  
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	18.2.	Provisions upon expiration or termination. Subject to Section 18.3, upon expiration of the Term or early termination of this Agreement as provided above, ASLAN undertakes: 

 

	 	18.2.1.	To return or provide to CSL within [...***...] all CSL IP, including the Development IP; 

  

	 	18.2.2.	to cease with the Development and with any negotiation or discussions entered with Third Parties with the purpose of granting rights to CSL IP and CSL’s share in any Development IP; 

 

	 	18.2.3.	to return or destroy (at CSL’s election) any of CSL’s Confidential Information or Product in the possession or control of ASLAN; 

 

	 	18.2.4.	to grant rights to CSL to any ASLAN IP other than Development IP to the extent Controlled by ASLAN, subject to CSL agreeing to meet any amounts payable to Third Party licensors of such Intellectual Property;

  

	 	18.2.5.	to assign ASLAN’s rights, title and interest in the Development IP to CSL and do all things and execute all documents as are reasonably necessary to give effect to such assignment; and 

 

	 	18.2.6.	to take all necessary actions with the competent authorities in order to transfer free of charge within [...***...] from the date of request, to CSL, or its designee, any rights on any approval, approval
application or authorization related to the Product or necessary to conduct the Development. In the event said transfers are not permitted under the laws of the such country or countries of the Territory, ASLAN shall renounce all such approvals
and/or authorizations obtained in its own name and shall deliver to CSL, within [...***...] from the date of termination of this Agreement, all documents and matters relating to it and which were used to obtain the approvals and/or
authorizations for conducting the Development or the Commercialization of the Product. Additionally, unless otherwise agreed by the Parties on a case by case basis, the termination of this Agreement shall entail the termination of all the agreements
entered into by ASLAN for the grant of rights to Licensed Technology. 

  
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	18.3.	If ASLAN enters into an agreement with a Third Party for the Commercialisation of Products in accordance with this Agreement and that agreement expires in its natural course: 

 

	 	18.3.1.	the rights granted pursuant to Sections 2.1 and 2.2 shall become fully paid-up and perpetual; and 

  

	 	18.3.2.	the obligations in Section 18.2, shall not apply, 

 in so far as they relate to the
agreement with the Third Party. 
  

	18.4.	Effect of Certain Terminations. 

  

	 	18.4.1.	Subject to this Section, if this Agreement is terminated or expires after [...***...] and CSL subsequently Commercializes Products or grants a Third Party rights to Commercialize Products, then CSL shall pay to
ASLAN: 

  

	 	(i)	if the Agreement is not terminated by ASLAN for a breach of this Agreement by CSL, either (i) if CSL Commercializes Products itself, a royalty on the net sales of such Products worldwide at a rate of
[...***...], or (ii) if CSL grants a Third Party rights to Commercialize Products, [...***...] of all licensing revenues received but excluding any portion of such revenues which is payable under the CSL Third Party Technology
Agreements; or 

  

	 	(ii)	if the Agreement is terminated by ASLAN for a breach of this Agreement by CSL, either (i) if CSL Commercializes Products itself, a royalty on the net sales of such Products worldwide at a rate of [...***...],
and [...***...] if such termination takes place after [...***...], or (ii) if CSL grants a Third Party rights to Commercialize Products, [...***...], and [...***...] if such termination takes place after
[...***...], of all licensing revenues received but excluding any portion of such revenues which would be payable under the CSL Third Party Technology Agreements. 

 

  
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	 	18.4.2.	If this Agreement is terminated before [...***...] and such termination is for breach of this Agreement by CSL, and CSL subsequently Commercializes Products or grants a Third Party rights to Commercialize
Products, then CSL shall pay to ASLAN either (i) if CSL Commercializes Products itself, a royalty on the net sales of such Products worldwide at a rate of [...***...], or (ii) if CSL grants a Third Party rights to Commercialize
Products, [...***...] of all licensing revenues received but excluding any portion of such revenues which is payable under the CSL Third Party Technology Agreements. 

 

	 	18.4.3.	If this Agreement is terminated due to the insolvency of CSL, CSL shall assign its interest in the CSL Patents, CSL Know-How and Development IP to ASLAN. 

 

	18.5.	Survival. Sections 2.3, 2.5, 10.1, 10.2.1, 11, 12, 14.1 - 14.4 inclusive, 14.7, 15, 16, 17, 18, 19.l, 19.3, 19.5, 19.7 and 19.12 - 19.17 inclusive shall survive the expiration and any termination of this
Agreement. 

  

	19.	GENERAL 

  

	19.1.	Publicity. Any press release to announce the execution of or otherwise in relation to this Agreement or the Development shall require prior written agreement of the Parties not to be unreasonably withheld or
delayed, provided that if [...***...] has passed from notification of the proposed announcement without a response, the other Party shall be deemed to have agreed; thereafter, ASLAN and CSL may each disclose to Third Parties the information
contained in such agreed press release without the need for further approval by the other. 

  

	19.2.	Assignment. This Agreement shall not be assignable by either Party to any Third Party hereto without the written consent of the other Party hereto, not to be unreasonably withheld or delayed. If any permitted
assignment would result in withholding or other similar taxes becoming due on payments from the assigning Party to the other Party under this Agreement, the assigning Party shall be responsible for all such taxes resulting from such assignment, and
the amount of such taxes shall not be withheld or otherwise deducted from any amounts payable to other Party. No assignment and transfer shall be valid and effective unless and until the assignee/transferee agrees in writing to be bound by the
provisions of this Agreement. The terms and conditions shall be binding on and inure to the benefit of the permitted successors and assigns of the Parties. 

  
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	19.3.	Withholding Tax and VAT: 

  

	 	19.3.1.	Save as expressly permitted under this Section 19.3, all payments to CSL under this Agreement must be made: 

  

	 	(i)	free and clear of, and without any deduction or withholding for or on account of, any present or future withholding tax, including any interest or penalties in relation to such tax, imposed or levied by or on behalf of
any jurisdiction or by any governmental authority (“Withholding Taxes”); and 

  

	 	(ii)	without set-off, counterclaim or deduction, whether on account of any stamp duty or other tax levied or payable on any person in respect of this Agreement. 

 

	 	19.3.2.	If ASLAN is at any time required by any law or regulation to make any deduction or withholding from any payment any amount for, or in respect of, Withholding Taxes, then ASLAN may deduct such amount from the payment
otherwise due. ASLAN must send to CSL proof of any such taxes, duties or other levies withheld and paid by it for the benefit of CSL, and shall provide reasonable assistance to, and at CSL’s cost, in seeking relief from any such taxes or other
levies to the extent legally permissible. 

  

	 	19.3.3.	If a goods and services tax, value added tax or similar tax applies to any supply of products or services made by CSL under or in connection with this Agreement, CSL may, to the extent that the consideration otherwise
provided for that supply is not stated to include an amount in respect of that tax on the supply, increase the consideration otherwise provided for that supply by the amount of that tax or otherwise recover from ASLAN the amount of that tax. CSL
must provide appropriate invoices, other documentation and information and do all things necessary so that a claim can be made for any input tax credit, set off, rebate or refund for or in relation to any tax included in any payment under or in
connection with this Agreement. 

  

	19.4.	Stamp duty. All stamp duty (including fines, penalties and interest) that may be payable on or in connection with this Agreement and any instrument executed under this Agreement shall be borne [...***...]

  

	19.5.	Interest. Where CSL does not receive payment of any sum required on or before the day on which such payment is due, ASLAN shall pay CSL interest on the 

 

  
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	 	past due amount as follows: interest shall accrue thereafter on the sum due and owing to CSL at the lesser of [...***...] over the [...***...] for [...***...] on the [...***...] of the
[...***...], or the maximum amount allowed by law, with interest to accrue on a day to day basis without prejudice to CSL’s right to receive payment on the due date. 

 

	19.6.	Change of Control: 

  

	 	19.6.1.	ASLAN must: 

  

	 	(i)	notify CSL as soon as it is aware that a Change in Control Event, other than for a corporate restructure within ASLAN’s group, has occurred or if possible, will occur; and 

 

	 	(ii)	promptly provide to CSL such further information and assurances as are required by CSL to demonstrate to CSL’s satisfaction that there will be no adverse consequences to the execution of the Development or
CSL’s reputation resulting from the occurrence of the Change in Control Event. Without prejudice to the generality thereof, CSL may seek assurances relating to ASLAN’s ongoing corporate and management culture, capacity, capability and
financial viability. 

  

	 	19.6.2.	CSL reserves the right at any time during the Term to ask ASLAN about potential or actual Change in Control Event, including in relation to corporate restructures, and ASLAN will use its reasonable endeavours to respond
to the enquiry. 

  

	 	19.6.3.	ASLAN must obtain CSL’s prior written consent (not to be unreasonably withheld or delayed) in respect of a Change in Control Event if it involves a competitor to CSL or in respect of any Change in Control Event
described in paragraph (c) of the definition in Section 1.1. For the avoidance of doubt, CSL may withhold its consent in the event that the Change in Control Event involves a competitor to CSL, and in CSL’s reasonable opinion there is
a reasonable likelihood that such Change of Control Event will have adverse consequences on the execution of the Development, Commercialisation of Products or CSL’s reputation. A “competitor” for these purposes shall mean another
company actively involved (or which has an Affiliate which is actively involved) in [...***...]. 

  
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	19.7.	Notices. All notices, requests and communications hereunder shall be in writing and shall be personally delivered or sent by facsimile transmission (confirmed by prepaid registered or certified mail, return
receipt requested or by international express delivery service) mailed by registered or certified mail (return receipt requested), postage prepaid, or sent by international express courier service, and shall be deemed to have been properly served to
the addressee upon receipt of such written communication, to following addresses of the Parties, or such other address as may be specified in writing to the other Party hereto: 

 

					
		 	If to CSL,	  	
			
		 	 addressed to:
	  	CSL Limited
		 		  	45 Poplar Rd, Parkville
		 		  	Victoria 3052, Australia]
		 		  	Attention: Director Project Management
		 		  	  Program Management

			
		 	 with copy to:
	  	Company Secretary
			
		 		  	CSL Limited
		 		  	45 Poplar Rd, Parkville
		 		  	Victoria 3052, Australia
		 		  	Attention: Company Secretary
		 	If to ASLAN,	  	
			
		 	 addressed to:
	  	ASLAN Pharmaceuticals Pte Ltd
		 		  	10A Bukit Pasoh Road
		 		  	Singapore, 089824
		 		  	Attention: Head of Finance
			
		 	 With copy to:
	  	ASLAN Pharmaceuticals Pte Ltd
		 		  	10A Bukit Pasoh Road
		 		  	Singapore, 089824
		 		  	Attention:   Chief Business Officer

  
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 License Agreement 
  

	19.8.	Waiver. Neither Party may waive or release any of its rights or interests in this Agreement except in writing. The failure or delay in either Party asserting a right hereunder or insisting upon compliance with
any term or condition of this Agreement shall not constitute a waiver of that right or excuse a similar subsequent failure to perform any such term or condition. No waiver by either Party of any condition or term in any one or more instances shall
be construed as a continuing waiver of such condition or term or of another condition or term. 

  

	19.9.	Severability. If any provision hereof should be held invalid, illegal or unenforceable in any jurisdiction, the Parties shall negotiate in good faith a valid, legal and enforceable substitute provision that most
nearly reflects the original intent of the Parties and all other provisions hereof shall remain in full force and effect in such jurisdiction and shall be liberally construed in order to carry out the intentions of the Parties hereto as nearly as
may be possible. Such invalidity, illegality or unenforceability shall not affect the validity, legality or enforceability of such provision in any other jurisdiction. 

 

	19.10.	Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

 

	19.11.	Entire Agreement. This Agreement constitutes the entire agreement between the Parties regarding its subject matter and supersedes and replaces any and all prior agreements, understandings or arrangements between
the Parties, whether oral or in writing, with respect to the same. No representation, undertaking or promise shall be taken to have been given or be implied from anything said or written in negotiations between the Parties prior to this Agreement
except as expressly stated in this Agreement. 

  

	19.12.	Independent Contractors. Nothing herein shall be construed to create any relationship of employer and employee, agent and principal, partnership or joint venture between the Parties. Each Party is an independent
contractor. Neither Party shall assume, either directly or indirectly, any liability of or for the other Party. Neither Party shall have the authority to bind or obligate the other Party, and neither Party shall represent that it has such authority.

  

	19.13.	Amendments. This Agreement may only be amended in writing, signed by each Party. 

  

	19.14.	Governing Law. This Agreement and any dispute arising from the performance or breach hereof shall be governed by and construed and enforced in accordance with, the laws of England, without reference to conflicts
of laws principles. The Parties expressly exclude application of the United Nations Convention for the International Sale of Goods. 

  
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	19.15.	Expert Determination. Any matter which is to be referred for expert determination under this Agreement shall be submitted to an independent, mutually agreeable expert in accordance with, and subject to,
[...***...]. If no agreement can be reached as to the identity of the expert, the expert shall be nominated by [...***...]. 

  

	19.16.	Dispute Resolution. 

  

	 	19.16.1.	Internal Resolution. Except as otherwise expressly provided herein, in the event of any controversy, claim or other dispute arising out of or relating to any provision of this Agreement or the interpretation,
enforceability, performance, breach, termination or validity hereof (a “Dispute”), such Dispute shall be first referred to the [...***...] of each Party or the person that each of them may delegate (such delegate being a
[...***...]), for resolution, prior to proceeding under the following provisions of this Section 19.16.1. A Dispute shall be referred to such [...***...] upon any Party providing the other Party with written notice that such Dispute
exists, and such [...***...], or their designees, shall attempt to resolve such Dispute through good faith discussions. 

  

	 	19.16.2.	Arbitration. If the [...***...] of each Party or their delegates are unable to reach an agreement on any such Dispute within [...***...] of service of a notice under Section 19.16.1, then the
Dispute shall be finally settled under [...***...] conducted in London by [...***...] appointed in accordance with such Rules. 

  

	19.17.	GST. 

  

	 	19.17.1.	All payments to CSL under the terms of this Agreement are expressed exclusive of GST, or their equivalent, howsoever arising, and [...***...] or their equivalent, payable on or in respect of any moneys or other
consideration payable to CSL on any supply made by CSL under or in respect of this Agreement at the same time as the payment in question, or (if not previously made) at any time on demand made by CSL. 

 

	 	19.17.2.	Within [...***...] of receipt of a request from ASLAN, CSL must issue a Tax Invoice in respect of any payments due from ASLAN. 

  
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	 	19.17.3.	If GST is payable on any other Taxable Supply made under or in connection with this Agreement, the party providing the Consideration for that Taxable Supply must also pay the GST Amount as additional Consideration. This
Section does not apply to the extent that the Consideration for the Taxable Supply is expressly stated to be GST inclusive. 

  

	 	19.17.4.	Any reference in the calculation of Consideration or of any indemnity, reimbursement or similar amount to a cost, expense or other liability incurred by a party, must exclude the amount of any Input Tax Credit
entitlement of that party in relation to the relevant cost, expense or other liability. 

  
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 License Agreement 
  

 IN WITNESS WHEREOF, the Parties have executed this Agreement in duplicate originals by their duly
authorized representatives as of the date and year first above written. 
 Each person executing this Agreement on behalf of a Party represents and warrants
his / her capacity and authority to do so. 
  

									
	CSL Limited	  		  	ASLAN Pharmaceuticals Pte Ltd
					
	By:	  	 /s/ Andrew Cuthbertson
	  		  	By:	  	 /s/ Carl Firth

	Name:	  	Andrew Cuthbertson	  		  	Name:	  	Carl Firth
	Title:	  	R&D Director	  		  	Title:	  	CEO
					
	Date:	  	12 May 2014	  		  	Date:	  	7 May 2014
				
	CSL Limited	  		  		  	
					
	By:	  	 /s/ Edward Bailey
	  		  		  	
	Name:	  	Edward Bailey	  		  		  	
	Title:	  	Company Secretary	  		  		  	
					
	Date:	  	12/5/14	  		  		  	

  
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 Schedule 1 

Master Plan 
 [...***...] 

 

  
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 Schedule 2 

Product – CSL334 
 [...***...]

  

  
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 Schedule 3 

CSL Patents 
 [...***...] 

  
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