Document:

Patent License Agreement

 Exhibit 10.50 
 Text Marked By [* * *] Has Been Omitted Pursuant To A Request For Confidential Treatment And Was Filed Separately With The Securities And Exchange Commission. 

UNIVERSITY of PENNSYLVANIA 

Patent License Agreement 
 This Patent License Agreement (this “Agreement”) is between The Trustees of the University of Pennsylvania, a Pennsylvania nonprofit corporation (“Penn”), and
ImmunoCellular Therapeutics, Ltd., a corporation organized and existing under the laws of Delaware (“Company”). This Agreement is being signed on February 10, 2012 (the “Execution Date”). This Agreement will
become effective on February 10, 2012 (the “Effective Date”). 
 BACKGROUND 

Penn owns certain intellectual property developed by Dr. Brian Czerniecki of Penn’s School of Medicine relating to the
production, use and cryopreservation of dendritic cell cancer vaccines. Penn also owns certain letters patent and/or applications for letters patent relating to the intellectual property. Company desires to obtain a license under the patent
rights to exploit the intellectual property. Penn has determined that the exploitation of the intellectual property by Company is in the best interest of Penn and is consistent with its educational and research missions and goals. 

In consideration of the mutual obligations contained in this Agreement, and intending to be legally bound, the parties agree as follows:

  

	1.	LICENSE 

 1.1
License Grant. Penn grants to Company an exclusive, world-wide license (the “License”) to make, have made, use, import, offer for sale and sell Licensed Products in the Field of Use during the Term (as such terms may be
defined in Sections 1.2 and 6.1). The License includes the right to sublicense as permitted by this Agreement. No other rights or licenses are granted by Penn. 
 1.2 Related Definitions. The term “Licensed Products” means products that are made, made for, used, imported, offered for sale or sold by Company or its Affiliates or sublicensees
and that would (i) in the absence of the License, infringe (or, in the case of pending patent applications, upon issuance, would infringe) at least one claim of the Patent Rights or (ii) use a process or method covered in whole or in part
by a claim of the Patent Rights, whether the claim is issued or pending. The term “Limited Field” means development, production, use, and storage of vaccines for the prevention and/or treatment of breast cancer and ductal carcinoma
in situ. The term “Patent Rights” means all of Penn’s patent rights represented by or issuing from: (a) the United States patents and patent applications listed in Exhibit A that have not been irretrievably lapsed, revoked
or abandoned; (b) any continuation, continuation-in-part (to the 

  
 1 

 
extent that the claims are directed to inventions which are fully supported by the patents and applications (a) or (b), divisional, re-issue applications, renewals and re-examinations of
(a) or (b); and (c) any foreign counterparts and extensions of (a) or (b). The term “Affiliate” means a legal entity that is controlling, controlled by or under common control with Company and that has executed either
this Agreement or a written joinder agreement agreeing to be bound by all of the terms and conditions of this Agreement. For purposes of this Section 1.2, the word “control” means (x) the direct or indirect ownership of
more than fifty percent (50%) of the outstanding voting securities of a legal entity, (y) the right to receive fifty percent (50%) or more of the profits or earnings of a legal entity, or (z) the right to determine the policy
decisions of a legal entity. The term “Field of Use” means no field restrictions except for the Limited Field. 

1.3 Reservation of Rights by Penn. Penn reserves the right to use and to permit others to use, for any purpose the Patent Rights
other than in the Field of Use, including but not limited to, the Limited Field. Penn reserves the right to use, and to permit other non-commercial entities to use, the Patent Rights in the Field of Use for educational and research purposes.

 1.4 U.S. Government Rights. The parties acknowledge that the United States government retains rights in intellectual
property funded under any grant or similar contract with a Federal agency. The License is expressly subject to all applicable United States government rights, including, but not limited to, any applicable requirement that products, which result from
such intellectual property and are sold in the United States, must be substantially manufactured in the United States. 
 1.5
Sublicense Conditions. The Company’s right to sublicense granted by Penn under the License is subject to each of the following conditions: 
 (a) In each sublicense agreement, Company will prohibit the sublicensee from further sublicensing and require the sublicensee to comply with the terms and conditions of this Agreement. 

(b) Within thirty (30) days after Company enters into a sublicense agreement, Company will deliver to Penn a complete
and accurate copy of the entire sublicense agreement written in the English language. Penn’s receipt of the sublicense agreement, however, will constitute neither an approval of the sublicense nor a waiver of any right of Penn or obligation of
Company under this Agreement. 
 (c) In the event that Company causes or experiences a Trigger Event (as defined
in Section 6.4), all payments due to Company from its Affiliates or sublicensees under the sublicense agreement will, upon notice from Penn to such Affiliate or sublicensee, become payable directly to Penn for the account of Company. Upon
receipt of any such funds, Penn will remit to Company the amount by which such payments exceed the amounts owed by Company to Penn. 
 (d) Company’s execution of a sublicense agreement will not relieve Company of any of its obligations under this Agreement. Company is primarily liable to Penn for any act or omission of an Affiliate
or sublicensee of Company that would be a breach of this Agreement if performed or omitted by Company, and Company will be deemed to be in breach of this Agreement as a result of such act or omission. 

  
 2 

 1.6 No License by Implication. Nothing in this Agreement confers by estoppel
implication or otherwise, any license or rights under any Penn patent other than the Patent Rights, regardless whether such patents are dominant or subordinate to the Patent Rights. 

 

	2.	DILIGENCE 

 2.1
Business Plan. Company will deliver to Penn, within thirty (30) days after the Effective Date, a copy of an initial business plan for the use of the Patent Rights (the “Business Plan”). Thereafter, Company will deliver
to Penn an annual updated Business Plan no later than December 1 of each year during the Term. The Business Plan will include, at a minimum, the information listed in Exhibit B. 

2.2 Company’s Efforts. Company will use commercially reasonable efforts to develop, commercialize, market and sell Licensed
Products in a manner consistent with the Business Plan. 
 2.3 Diligence Events. The Company will use commercially
reasonable efforts to achieve each of the diligence events by the applicable completion date listed in the table below for the first Licensed Product. 
  

			
	 DILIGENCE EVENT
	  	 COMPLETION DATE

	 Delivery to Penn of a completed business plan in a form acceptable to Penn
	  	March 1, 2012
		
	 First dosing of first patient in a Phase III or other pivotal clinical trial for the first Licensed Product
	  	 Twenty-four (24) months

from completion of

current Phase II trial

		
	 Filing of NDA for the first Licensed Product
	  	January 1, 2018
		
	 First Sale of the first Licensed Product
	  	June 30, 2019

 If Penn determines that Company has not fulfilled its obligations under this Section 2.3, Penn shall
furnish Company with written notice of the determination. Within sixty (60) days after receipt of the notice, Company shall either (i) fulfill the relevant obligation or (ii) negotiate with Penn a mutually acceptable schedule of
revised diligence obligations, failing which Penn may, immediately upon written notice to Company, terminate this Agreement or grant additional licenses to third parties to the Patent Rights in the Field of Use. 

 

	3.	FEES AND ROYALTIES 

3.1 License Initiation Fee. In partial consideration of the License, Company will pay to Penn on the Effective Date a
non-refundable, non-creditable license initiation fee of [***]. 
 3.2 License Maintenance Fees. In partial
consideration of the License, Company will pay to Penn, on each anniversary of the Effective Date a license maintenance fee of [***]. License maintenance fees relate to the twelve-month period immediately prior to the anniversary date
on which they are due. 

  
 3 

 3.3 Milestone Payments. In partial consideration of the License, Company will pay to
Penn the applicable milestone payment listed in the table below after achievement of each milestone event for each Licensed Product, whether such milestone event is achieved by Company, its Affiliates or sublicensees. Company will provide Penn with
written notice within thirty (30) days after achieving each milestone. 
  

			
	 MILESTONE
	  	 PAYMENT

	 First dosing of first patient in a Phase II trial for each Licensed Product, not including the ongoing clinical trial NCT01280552
or a Phase I/II study
	  	[***]
		
	 First dosing of first patient in a Phase III clinical trial for each Licensed Product
	  	[***]
		
	 First Sale of each Licensed Product
	  	[***]
		
	 Achievement of [***] in cumulative Sales for each Licensed Product
	  	[***]

 The term “Phase II clinical trial” means studies in humans of the safety, dose ranging
and efficacy of an investigational product that would satisfy the requirements of 21 CFR 312.21(b). 
 The term “Phase
III clinical trial” means a human clinical trial in any country that provides for continued trails of a product on sufficient numbers of patients to establish the safety and efficacy of a product and generate, if required, pharmacoeconomics
data to support regulatory approval in the proposed therapeutic indications as more fully defined in 21 C.F.R. (S) 312.21(c) or equivalent in a foreign country. For clarity, each time a milestone is achieved with respect to a Licensed Product,
then any other milestone payments with respect to earlier milestones that have not yet been paid will be due and payable together with the milestone payment for the milestone that is actually achieved. For additional clarity, milestones are due and
payable on Licensed Products and on products that, upon FDA approval, would become Licensed Products. 
 3.4 Earned
Royalties. In partial consideration of the License, Company will pay to Penn during each Quarter a royalty of (i) [***] of Net Sales on cumulative Net Sales up to [***] for each Licensed Product and (ii) one
and [***] of Net Sales on cumulative Net Sales equal to or exceeding [***] for each Licensed Product. 
 3.5 Related Definitions. The term “Sale” means any bona fide transaction for which consideration is received or expected by Company or its Affiliate or sublicensee for the sale, use, lease,
transfer or other disposition of a Licensed Product to a third party. A Sale is deemed completed at the time that Company or its Affiliate or sublicensee invoices, ships or receives payment for a Licensed Product, whichever occurs first. The term
“Quarter” means each three-month period beginning on January 1, April 1, July 1 and October 1. The term “Net Sales” means the consideration received or expected from, or the fair market value
attributable to, each Sale, less Qualifying Costs that are directly attributable to a Sale, specifically identified on an invoice or other documentation and actually borne by Company or its Affiliates or sublicensees. For purposes of determining Net
Sales, the words “fair market value” mean the cash 

  
 4 

 
consideration that Company or its Affiliates or sublicensees would realize from an unrelated buyer in an arms length sale of an identical item sold in the same quantity and at the time and place
of the transaction. The term “Qualifying Costs” means: (a) customary discounts in the trade for quantity purchased or for wholesalers and distributors; (b) credits or refunds for claims or returns that do not exceed the original
invoice amount; (c) Company’s bad debt actually written off, net of subsequent recoveries; (d) prepaid outbound transportation expenses and transportation insurance premiums; (e) sales and use taxes and other fees imposed by and
indefeasibly paid to a governmental agency; and (f) Licensed Products provided at or below cost for indigent care or patient assistance programs or administered in clinical trials, except when the recipient is charged for such product; provided
that such Licensed Products do not represent more than [***] of Sales. A Sale is deemed completed at the time that Company or its Affiliate or sublicensee invoices, ships or receives payment for a Licensed Product, whichever occurs
first. The term “Quarter” means each three-month period beginning on January 1, April 1, July 1 and October 1. 
 3.6 Minimum Royalties. In partial consideration of the License, Company will pay to Penn the amount, if any, that the applicable minimum royalty listed in the table below exceeds Company’s
actual aggregate earned royalties for all Licensed Products under Section 3.4 for each year after the first Sale of a Licensed Product. 
  

			
	 Year:
	  	 Each Year

	 MINIMUM:
	  	Aggregate of [***]

 3.7 Sublicense Fees. In partial consideration of the License, Company will pay to Penn a
sublicense fee of (i) [***] of the sum of all payments plus the fair market value of all other consideration of any kind, received by Company from sublicensees for sublicenses involving solely Patent Rights or Penn Technology and
(ii) [***] of the sum of all payments plus the fair market value of all other consideration of any kind, received by Company for all other sublicenses, including, but not limited to, sublicenses involving Patent Rights together
with non-Penn Company owned or controlled intellectual property during the Quarter, other than: (a) royalties paid to Company by a sublicensee based upon Sales by the sublicensee; (b) milestone payments paid to Company by a sublicensee
which Company pays to Penn pursuant to Section 3.3 as a pass through; (c) equity investments in Company by a sublicensee up to the amount of the fair market value of the equity purchased on the date of the investment; (d) loan
proceeds paid to Company by a sublicensee in an arms length, full recourse debt financing to the extent that such loan is not forgiven; (e) sponsored research funding, including clinical research funding, paid to Company by a sublicensee in a
bona fide transaction for future research to be performed by Company; and (f) reimbursements paid to Company by sublicensee for patent costs directly relating to the Patent Rights. 

 

	4.	REPORTS AND PAYMENTS 

 4.1 Royalty Reports. Within forty-five (45) days after the end of each Quarter following the first Sale (or sixty (60) days after the end of each Quarter following the first Sale if
Company has sublicensed the License), Company will deliver to Penn a report, certified by the chief financial officer of Company, detailing the calculation of all royalties, fees and other 

  
 5 

 
payments due to Penn for such Quarter. The report will include, at a minimum, the following information for the Quarter, each listed by product, by country: (a) the number of units of
Licensed Products constituting Sales; (b) the gross consideration invoiced, billed or received for Sales; (c) the gross amount of any payments and other consideration received by Company from sublicensees and the amounts of any deductions
permitted by Section 3.7; (f) the royalties, fees and other payments owed to Penn, listed by category; and (g) the computations for any applicable currency conversions. Each royalty report will be substantially in the form of the
sample report attached as Exhibit C. 
 4.2 Payments. Company will pay all royalties, fees and other payments due
to Penn under Sections 3.3, 3.4, 3.6, and 3.7, and within forty-five (45) days after the end of the Quarter (or sixty (60) days after the end of the Quarter if Company has sublicensed the License) in which the royalties, fees or other
payments accrued. 
 4.3 Records. Company will maintain, and will cause its Affiliates and sublicensees to maintain,
complete and accurate books, records and related background information to verify Sales, and all of the royalties, fees, and other payments due or paid under this Agreement, as well as the various computations reported under Section 4.1. The
records for each Quarter will be maintained for at least five (5) years after submission of the applicable report required under Section 4.1. 
 4.4 Audit Rights. Upon reasonable prior written notice to Company, Company and its Affiliates and sublicensees will provide Penn and its accountants with access to all of the books, records, key
personnel and related background information required by Section 4.3 to conduct a review or audit of Sales, and all of the royalties, fees, and other payments payable under this Agreement. Access will be made available: (a) during normal
business hours; (b) in a manner reasonably designed to facilitate Penn’s review or audit without unreasonable disruption to Company’s business; and (c) no more than once each calendar year during the Term (as defined below) and
for a period of five (5) years thereafter. Company will promptly pay to Penn the amount of any underpayment determined by the review or audit, plus accrued interest. If the review or audit determines that Company has underpaid any payment by
five percent (5%) or more, then Company will also promptly pay the costs and expenses of Penn and its accountants in connection with the review or audit. In addition, once annual Sales of Licensed Products exceed Fifty Million ($50,000,000),
Company will conduct, at Penn’s request, no more than once every two (2) years, at its own expense, an independent audit of Sales, and all of the royalties, fees, and other payments due or paid under this Agreement. Promptly after
completion of the audit, Company will provide to Penn a copy of the report of the independent auditors along with any underpayments and interest thereon. 
 4.5 Currency. All dollar amounts referred to in this Agreement are expressed in United States dollars. All payments will be made in United States dollars. If Company receives payment from a third
party in a currency other than United States dollars for which a royalty or fee is owed under this Agreement, then (a) the payment will be converted into United States dollars at the conversion rate for the foreign currency as published in the
eastern edition of the Wall Street Journal as of the last business day of the Quarter in which the payment was received by Company, and (b) the conversion computation will be documented by Company in the applicable report delivered to Penn
under Section 4.1. 

  
 6 

 4.6 Place of Payment. All payments by Company are payable to “The Trustees of
the University of Pennsylvania” and will be made to the following addresses: 
  

					
	 By Electronic Transfer:
	  	 By Check (direct mail):
	  	 By Check (lockbox):

			
	 [***]
	  	 The Trustees of the University of Pennsylvania
 c/o Center for Technology Transfer
 Center for

Technology Transfer
 Attention: Financial
Coordinator
	  	 The Trustees of the University of Pennsylvania
 c/o Center for Technology Transfer
 PO Box 785546

Philadelphia, PA 19178-5546

 4.7 Interest. All amounts that are not paid by Company when due will accrue interest from the date
due until paid at a rate equal to one and one-half percent (1.5%) per month (or the maximum allowed by law, if less). 
  

	5.	CONFIDENTIALITY AND USE OF PENN’S NAME 

 5.1 Confidentiality Agreement. In connection with the execution of this Agreement, the parties will enter into a Confidential Disclosure Agreement substantially similar to Penn’s standard form
as attached hereto as Exhibit D. 
 5.2 Other Confidential Matters. Penn is not obligated to accept any confidential
information from Company, except for the reports required by Sections 2.1, 4.1, 4.4 and 6.6. Penn, acting through its Center for Technology Transfer and finance offices, will use reasonable efforts not to disclose to any third party outside of Penn
any confidential information of Company contained in those reports, for so long as such information remains confidential. Penn bears no institutional responsibility for maintaining the confidentiality of any other information of Company. Company may
elect to enter into confidentiality agreements with individual investigators at Penn that comply with Penn’s internal policies. The provisions of this Section 5.2 shall not limit Penn’s obligations to Company or Company’s
obligations to Penn under any other agreement, including confidentiality agreement, between the parties relating to transactions other than the License. 
 5.3 Use of Penn’s Name. Company and its Affiliates, sublicensees, employees, and agents may not use the name, logo, seal, trademark, or service mark (including any adaptation of them) of Penn
or any Penn school, organization, employee, student or representative, without the prior written consent of Penn. 

  
 7 

	6.	TERM AND TERMINATION 

 6.1 Term. This Agreement will commence on Effective Date and terminate upon the later of: (a) the expiration or abandonment of the last patent to expire or become abandoned of the Patent
Rights; or (b) ten (10) years after the first Sale of the first Licensed Product if no patent has issued from the Patent Rights (as the case may be, the “Term”). Upon the expiration or abandonment of all Patent Rights in
any country during the Term no royalties shall be payable under this Agreement thereafter based on Sales in that country. 
 6.2
Early Termination by Company. Company may terminate this Agreement at any time effective upon completion of each of the following conditions: (a) providing at least sixty (60) days prior written notice to Penn of such intention to
terminate; (b) ceasing to make, have made, use, import, offer for sale and sell all Licensed Products; (c) terminating all sublicenses and causing all Affiliates and sublicensees to cease making, having made, using, importing, offering for
sale and selling all Licensed Products; and (d) paying all amounts owed to Penn under this Agreement and any sponsored research agreement between Penn and Company related to the Patent Rights, through the effective date of termination.

 6.3 Early Termination by Penn. Penn may terminate this Agreement if: (a) Company is more than thirty
(30) days late in paying to Penn any amounts owed under this Agreement and does not immediately pay Penn in full, including accrued interest, upon written demand (a “Payment Default”); (b) other than a Payment Default,
Company or its Affiliate or sublicensee materially breaches this Agreement and does not cure the breach within forty-five (45) days after written notice of the breach; or (c) Company or its Affiliates or sublicensee experiences a Trigger
Event, and in the case of sublicensee, Company has not terminated the sublicense prior to or automatically upon the occurrence of the Trigger Event. If a sublicensee materially breaches the applicable sublicense agreement, Company will take
reasonable steps to enforce the terms of such sublicense agreement against such sublicensee 
 6.4 Trigger Event. The
term “Trigger Event” means any of the following: (a) a material default by Company under any sponsored research agreement or option or license agreement between Company and Penn related to the Patent Rights (whether entered
prior to, contemporaneous with, or subsequent to the Effective Date) that is not cured within the cure period, if any, set forth in such agreement or a material default under either of the Option Agreement (“Option Agreement”) or
the Know-How License (“Know-How License”), each by and between Company and Penn pursuant to the Option Agreement ; (b) if Company or its Affiliate or sublicensee (i) becomes insolvent, bankrupt or generally fails to pay
its debts as such debts become due, (ii) is adjudicated insolvent or bankrupt; (iii) admits in writing its inability to pay its debts, (iv) suffers the appointment of a custodian, receiver or trustee for it or its property and, if
appointed without its consent, not discharged within thirty (30) days; (v) makes an assignment for the benefit of creditors; or (vi) suffers proceedings being instituted against it under any law related to bankruptcy, insolvency,
liquidation or the reorganization, readjustment or release of debtors and, if contested by it, not dismissed or stayed within ten(10) days; (c) the institution or commencement by Company or its Affiliate or sublicensee of any proceeding under
any law related to bankruptcy, insolvency, liquidation or the reorganization, readjustment or release of debtors; (d) the entering of any order for relief relating to any of the proceedings described in Section 6.4(b) or (c) above;
(e) the calling by Company or its Affiliate or sublicensee of a meeting of its creditors with a view to arranging a composition or adjustment of its debts; (f) the act or failure to act by Company or its Affiliate or sublicenseeindicating
its 

  
 8 

 
consent to, approval of or acquiescence in any of the proceedings described in Section 6.4(b) – (e) above; (g) failure by Company to pay patent expenses ; or (h) the
commencement by Company of any action against Penn, including an action for declaratory judgment, to declare or render invalid or unenforceable the Patent Rights, or any claim thereof. 

6.5 Effect of Termination. Upon the termination of this Agreement for any reason: (a) the License terminates;
(b) Company and all its Affiliates and sublicensees will cease all making, having made, using, importing, offering for sale and selling all Licensed Products, except to extent permitted by Section 6.6; (c) Company will pay to Penn all
amounts, including accrued interest, owed to Penn under this Agreement and any sponsored research agreement related to the Patent Rights, the Option Agreement and the Know-How License through the date of termination, including royalties on Licensed
Products invoiced or shipped through the date of termination and any sell off period permitted by Section 6.6, whether or not payment is received prior to termination or expiration of the sell off period permitted by Section 6.6;
(d) Company will, at Penn’s request, return to Penn all confidential information of Penn and provide to Penn a development summary directly related to Licensed Products generated by Company during the Term that will facilitate the further
development of the technology licensed under this Agreement; and (e) in the case of termination under Section 6.3, all duties of Penn and all rights (but not duties) of Company under this Agreement immediately terminate without further
action required by either Penn or Company. 
 6.6 Inventory & Sell Off. Upon the termination of this Agreement
for any reason, Company will cause physical inventories to be taken immediately of: (a) all completed Licensed Products on hand under the control of Company or its Affiliates or sublicensees; and (b) such Licensed Products as are in the
process of manufacture and any component parts on the date of termination of this Agreement. Company will deliver promptly to Penn a copy of the written inventory, certified by an officer of the Company. Upon termination of this Agreement for any
reason, Company will promptly remove, efface or destroy all references to Penn from any advertising, labels, web sites or other materials used in the promotion of the business of Company or its Affiliates or sublicensees, and Company and its
Affiliates and sublicensees will not represent in any manner that it has rights in or to the Patent Rights or the Licensed Products. Upon the termination of this Agreement for any reason other than pursuant to Section 6.3(a) or (c), Company may
sell off its inventory of Licensed Products existing on the date of termination for a period of six (6) months and pay Penn royalties on Sales of such inventory within thirty (30) days following the expiration of such six (6) month
period. 
 6.7 Survival. Company’s obligation to pay all amounts, including accrued interest, owed to Penn under
this Agreement will survive the termination of this Agreement for any reason. Sections 13.9, 13.10 and 13.11 and Articles 4, 5, 6, 9, 10, and 11 will survive the termination of this Agreement for any reason in accordance with their respective terms.

  

	7.	PATENT PROSECUTION AND MAINTENANCE 

 7.1 Patent Control. Penn controls the preparation, prosecution and maintenance of the Patent Rights and the selection of patent counsel, with input from Company. For purposes of this Article 7, the
word “maintenance” includes any interference negotiations, claims, or proceedings, in any forum, brought by Penn, Company, a third party, or the United States Patent and Trademark Office, and any requests by Penn or Company that the
United States Patent and Trademark Office reexamine or reissue any patent in the Patent Rights. 

  
 9 

 7.2 Payment and Reimbursement. Within thirty (30) days after the Effective Date,
Company will reimburse Penn for all historically accrued attorneys fees, expenses, official fees and all other charges accumulated prior to the Effective Date incident to the preparation, filing, prosecution and maintenance of the Patent Rights.
Thereafter, Company will reimburse Penn for all documented attorneys fees, expenses, official fees and all other charges accumulated on or after the Effective Date incident to the preparation, filing, prosecution, and maintenance of the Patent
Rights, within thirty (30) days after Company’s receipt of invoices for such fees, expenses and charges. Penn reserves the right to require the Company to provide a deposit in advance of incurring out of pocket patent expenses estimated by
counsel to exceed [***]. If Company fails to reimburse patent expenses under Paragraph 7.2, provide a requested deposit with respect to a Patent Right, or fails to prepare, prosecute or maintain any Patent Rights that may be in
Penn’s best interest to prepare, prosecute or maintain, then Company shall provide Penn with reasonable prior written notice of such intended abandonment or decline of responsibility. In the event of such failure of Company with respect to such
expenses, deposit or preparation, prosecution or maintenance of any Patent Rights, regardless of notice, Penn will be free at its discretion and expense to either abandon such applications or patents related to such Patent Right or to continue such
preparation, prosecution and/or maintenance activities, and any patent rights associated with such patent action will be automatically excluded from the term “Patent Rights” hereunder, on a patent by patent or country by country
basis, as applicable. 
  

	8.	INFRINGEMENT 

 8.1
Notice. Company and Penn will notify each other promptly of any infringement of the Patent Rights that may come to their attention. Company and Penn will consult each other in a timely manner concerning any appropriate response to the
infringement. 
 8.2 Prosecution of Infringement. Company may prosecute any infringement of the Patent Rights at
Company’s expense, including defending against any counterclaims or cross claims brought by any party against Company or Penn regarding the Patent Rights and defending against any claim that the Patent or Patent Rights are invalid in the course
of any infringement action or in a declaratory judgment action. Penn reserves the right to intervene voluntarily and join Company in any such infringement litigation. If Penn chooses not to intervene voluntarily, but Penn is a necessary party to the
action brought by Company, then Company may join Penn in the infringement litigation. If Company decides not to prosecute any infringement of the Patent Rights, then Penn may elect to prosecute such infringement independently of Company in
Penn’s sole discretion. 
 8.3 Cooperation. In any litigation under this Article 8, either party, at the request and
sole expense of the other party, will cooperate to the fullest extent reasonably possible. This Section 8.3 will not be construed to require either party to undertake any activities, including legal discovery, at the request of any third party,
except as may be required by lawful process of a court of competent jurisdiction. If, however, either party is required to undertake any activity, including legal discovery, as a right of lawful process of a court of competent jurisdiction, then
Company will pay all expenses incurred by Company and by Penn. 

  
 10 

 8.4 Control of Litigation. Company controls any litigation or potential litigation
involving the prosecution of infringement claims regarding the Patent Rights in which Penn is not a party, including the selection of counsel, all with input from Penn. Company must not settle or compromise any such litigation in a manner that
imposes any obligations or restrictions on Penn or grants any rights to the Patent Rights, other than any permitted sublicenses, without Penn’s prior written permission. Penn controls any litigation or potential litigation involving the
prosecution of infringement claims regarding the Patent Rights in which Penn has elected to prosecute the infringement independently of Company or has voluntarily or involuntarily joined Company in the infringement litigation, including the
selection of counsel, all with input from Company. In all instances in which Penn is a party, Penn reserves the right to select its own counsel. If Penn is involuntarily joined as a party, Penn retains the right to select its own counsel, but
Company will be responsible for all litigation expenditures as set forth in Section 8.5. 
 8.5 Recoveries from
Litigation. If Company prosecutes any infringement claims either without Penn as a party or with Penn involuntarily joined as a party, then Company will reimburse Penn for Penn’s litigation expenditures, including any attorneys’ fees,
expenses, official fees and other charges incurred by Penn, even if there are no financial recoveries from the infringement action. Company will reimburse Penn within thirty (30) days after receiving each invoice from Penn. After reimbursing
Penn for its expenditures, Company will use the financial recoveries from such claims, if any, (a) first, to reimburse Company for its litigation expenditures; and (b) second, share between Company [***] and Penn
[***] as to any remainder. If Company prosecutes any infringement claims with Penn joined as a voluntary party, then any financial recoveries from such claims will be (x) first, shared between Company and Penn in proportion with
their respective shares of the aggregate litigation expenditures by Company and Penn; and (y) second, shared [***] by Company and Penn as to any remainder after Company and Penn have fully recovered their aggregate litigation
expenditures. If Penn prosecutes any infringement claims independent of Company, then Penn will prosecute such infringement at Penn’s expense and will retain any financial recoveries in their entirety. 

 

	9.	REPRESENTATIONS; DISCLAIMER OF WARRANTIES 

 9.1 Penn Representations. Penn represents to Company that to the knowledge of the current staff of Penn’s Center for Technology Transfer, without investigation, as of the Effective Date, Penn:
(a) is sole owner of Penn’s Patent Rights; (b) has the right to grant the License to Company; and (c) has not received any written notice of any third party claim for infringement by Penn relating to the Penn Patent Rights.

 9.2 Disclaimer. THE PATENT RIGHTS, LICENSED PRODUCTS AND ANY OTHER TECHNOLOGY LICENSED UNDER THIS AGREEMENT ARE
PROVIDED ON AN “AS IS” BASIS. PENN MAKES NO REPRESENTATIONS (EXCEPT AS SET FORTH IN SECTION 9.1 ABOVE) OR WARRANTIES, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO ANY WARRANTY OF ACCURACY, COMPLETENESS, PERFORMANCE, MERCHANTABILITY,
FITNESS FOR A PARTICULAR PURPOSE, COMMERCIAL UTILITY, NON INFRINGEMENT OR TITLE. 

  
 11 

	10.	LIMITATION OF LIABILITY 

 10.1 Limitation of Liability. PENN WILL NOT BE LIABLE TO COMPANY, ITS AFFILIATES, SUBLICENSEES, SUCCESSORS OR ASSIGNS, OR ANY THIRD PARTY WITH RESPECT TO ANY CLAIM: ARISING FROM COMPANY’S,
AFFILIATES’ OR SUBLICENSEES’ USE OF THE PATENT RIGHTS, LICENSED PRODUCTS OR ANY OTHER TECHNOLOGY LICENSED UNDER THIS AGREEMENT; OR ARISING FROM THE DEVELOPMENT, TESTING, MANUFACTURE, USE OR SALE OF LICENSED PRODUCTS. PENN WILL NOT BE
LIABLE TO COMPANY, ITS AFFILIATES, SUBLICENSEES, SUCCESSORS OR ASSIGNS, OR ANY THIRD PARTY FOR LOST PROFITS, BUSINESS INTERRUPTION, OR INDIRECT, SPECIAL OR CONSEQUENTIAL DAMAGES OF ANY KIND. 

 

	11.	INDEMNIFICATION 

11.1 Indemnification. Company will defend, indemnify, and hold harmless each Indemnified Party from and against any and all
Liabilities with respect to an Indemnification Event. The term “Indemnified Party” means each of Penn and its trustees, officers, faculty, students, employees, contractors, and agents. The term “Liabilities” means
all damages, awards, deficiencies, settlement amounts, defaults, assessments, fines, dues, penalties, costs, fees, liabilities, obligations, taxes, liens, losses, lost profits and expenses (including, but not limited to, court costs, interest and
reasonable fees of attorneys, accountants and other experts) that are incurred by an Indemnified Party or awarded or otherwise required to be paid to third parties by an Indemnified Party. The term “Indemnification Event” means any
Claim against one or more Indemnified Parties arising out of or resulting from: (a) the development, testing, use, manufacture, promotion, sale or other disposition of any Patent Rights, or Licensed Products by Company, its Affiliates,
sublicensees, assignees or vendors or third parties, including, but not limited to, (x) any product liability or other Claim of any kind related to use by a third party of a Licensed Product, (y) any Claim by a third party that the
practice of any of the Patent Rights or the design, composition, manufacture, use, sale or other disposition of any Licensed Product infringes or violates any patent, copyright, trade secret, trademark or other intellectual property right of such
third party, and (z) any Claim by a third party relating to clinical trials or studies for Licensed Products; (b) any material breach of this Agreement by Company or its Affiliates or sublicensees; and (c) the enforcement of this
Article 11 by any Indemnified Party. The term “Claim” means any charges, complaints, actions, suits, proceedings, hearings, investigations, claims or demands. 
 11.2 Reimbursement of Costs. Company will pay directly all Liabilities incurred for defense or negotiation of any Claim or will reimburse Penn for all documented Liabilities incident to the defense
or negotiation of any Claim within thirty (30) days after Company’s receipt of invoices for such fees, expenses and charges. 
 11.3 Control of Litigation. Company controls any litigation or potential litigation involving the defense of any Claim, including the selection of counsel, with input from Penn. Penn reserves the
right to protect its interest in defending against any Claim by selecting its own counsel. If such separate representation is based on Penn’s reasonable determination that Company cannot adequately defend Penn’s interests, or if the
interests of the Indemnified Party and Company with respect to such Claim are sufficiently adverse to prohibit the representation by the same counsel of both parties under applicable law, ethical rules or equitable principals, then any
attorneys’ fees and litigation expenses incurred by Penn for such separate representation will be paid for by Company, pursuant to Sections 11.1 and 11.2. 

  
 12 

 11.4 Other Provisions. Company will not settle or compromise any Claim giving rise to
Liabilities in any manner that imposes any restrictions or obligations on Penn or grants any rights to the Patent Rights or the Licensed Products without Penn’s prior written consent, which shall not be unreasonably withheld. If Company fails
or declines to assume the defense of any Claim within thirty (30) days after notice of the Claim, or fails to reimburse an Indemnified Party for any Liabilities pursuant to Sections 11.1 and 11.2 within the thirty (30) day time period set
forth in Section 11.2, then Penn may assume the defense of such Claim for the account and at the risk of Company, and any Liabilities related to such Claim will be conclusively deemed a liability of Company. The indemnification rights of the
Indemnified Parties under this Article 11 are in addition to all other rights that an Indemnified Party may have at law, in equity or otherwise. 
  

	12.	INSURANCE 

 12.1
Coverages. Company will procure and maintain insurance policies for the following coverages with respect to personal injury, bodily injury and property damage arising out of Company’s performance under this Agreement: (a) during the
Term, comprehensive general liability, including broad form and contractual liability, in a minimum amount of $2,000,000 combined single limit per occurrence and in the aggregate; (b) prior to the commencement of clinical trials involving
Licensed Products, clinical trials coverage in a minimum amount of $3,000,000 combined single limit per occurrence and in the aggregate; and (c) prior to the Sale of the first Licensed Product, product liability coverage, in a minimum amount of
$2,000,000 combined single limit per occurrence and in the aggregate. Penn may review periodically the adequacy of the minimum amounts of insurance for each coverage required by this Section 12.1, and Penn reserves the right to require Company
to adjust the limits accordingly. Any Penn required increase in coverage shall be based upon a reasonable determination by Penn of reasonable and customary levels of coverage, taking into account factors that will include, but not be limited to, the
size of the market, the FDA established safety profile of the product and insurance separately maintained by the manufacturer. The required minimum amounts of insurance do not constitute a limitation on Company’s liability or indemnification
obligations to Penn under this Agreement. 
 12.2 Other Requirements. The policies of insurance required by
Section 12.1 will be issued by an insurance carrier with an A.M. Best rating of “A” or better and will name Penn as an additional insured with respect to Company’s performance under this Agreement. Company will provide Penn with
insurance certificates evidencing the required coverage within thirty (30) days after the Effective Date and the commencement of each policy period and any renewal periods. Each certificate will provide that the insurance carrier will notify
Penn in writing at least thirty (30) days prior to the cancellation or material change in coverage. 
  

	13.	ADDITIONAL PROVISIONS 

 13.1 Independent Contractors. The parties are independent contractors. Nothing contained in this Agreement is intended to create an agency, partnership or joint venture between the parties. At no
time will either party make commitments or incur any charges or expenses for or on behalf of the other party. 

  
 13 

 13.2 No Discrimination. Neither Penn nor Company will discriminate against any
employee or applicant for employment because of race, color, sex, sexual or affectional preference, age, religion, national or ethnic origin, handicap, or veteran status. 
 13.3 Compliance with Laws. Company must comply with all prevailing laws, rules and regulations that apply to its activities or obligations under this Agreement. For example, Company will comply
with applicable United States export laws and regulations. The transfer of certain technical data and commodities may require a license from the applicable agency of the United States government and/or written assurances by Company that Company will
not export data or commodities to certain foreign countries without prior approval of the agency. Penn does not represent that no license is required, or that, if required, the license will issue. 

13.4 Modification, Waiver & Remedies. This Agreement may only be modified by a written amendment that is executed by an
authorized representative of each party. Any waiver must be express and in writing. No waiver by either party of a breach by the other party will constitute a waiver of any different or succeeding breach. Unless otherwise specified, all remedies are
cumulative. 
 13.5 Assignment & Hypothecation. This Agreement is binding upon the parties and their respective
heirs, successors, assigns, and personal representatives. Company may not assign this Agreement or any part of it, either directly or by merger or operation of law, without the prior written consent of Penn, except in connection with a merger or the
sale, or other transfer of all or substantially all of its assets or all of its business or the business unit holding its cancer vaccine products and technology to a pharmaceutical or vaccine company with a market capitalization or annual revenues
of at least $100,000,000, provided that (a) at least ten (10) days before the proposed transaction, Company gives Penn written notice and such background information as may be reasonably requested by Penn; (b) the assignee agrees in
writing to be legally bound by this Agreement and to deliver to Penn an updated Business Plan within forty five (45) days after the closing of the proposed transaction; and (c) Company provides Penn with a copy of assignee’s
undertaking. Any permitted assignment will not relieve Company of responsibility for performance of any obligation of Company that has accrued at the time of the assignment. Company will not grant a security interest in the License or this Agreement
during the Term. Any prohibited assignment or security interest will be null and void. 
 13.6 Notices. Any notice or
other required communication (each, a “Notice”) must be in writing, addressed to the party’s respective Notice Address listed on the signature page, and delivered: (a) personally; (b) by certified mail, postage
prepaid, return receipt requested; (c) by recognized overnight courier service, charges prepaid; or (d) by facsimile. A Notice will be deemed received: if delivered personally, on the date of delivery; if mailed, five (5) days after
deposit in the United States mail; if sent via courier, one (1) business day after deposit with the courier service; or if sent via facsimile, upon receipt of confirmation of transmission provided that a confirming copy of such Notice is sent
by certified mail, postage prepaid, return receipt requested. 

  
 14 

 13.7 Severability & Reformation. If any provision of this Agreement is held
to be invalid or unenforceable by a court of competent jurisdiction, then the remaining provisions of this Agreement will remain in full force and effect. Such invalid or unenforceable provision will be automatically revised to be a valid or
enforceable provision that comes as close as permitted by law to the parties’ original intent. 
 13.8
Headings & Counterparts. The headings of the articles and sections included in this Agreement are inserted for convenience only and are not intended to affect the meaning or interpretation of this Agreement. This Agreement may be
executed in several counterparts, all of which taken together will constitute the same instrument. 
 13.9 Governing Law.
This Agreement will be governed in accordance with the laws of the Commonwealth of Pennsylvania, without giving effect to the conflict of law provisions of any jurisdiction. 
 13.10 Dispute Resolution. If a dispute arises between the parties concerning any right or duty under this Agreement, then the parties will confer, as soon as practicable, in an attempt to resolve
the dispute. If the parties are unable to resolve the dispute amicably, then the parties will submit to the exclusive jurisdiction of, and venue in, the state and Federal courts located in the Eastern District of Pennsylvania if an action is brought
by Company and Delaware if any action is brought by Penn with respect to all disputes arising under this Agreement. 
 13.11
Integration. This Agreement with its Exhibits, and the Confidentiality Agreement, contain the entire agreement between the parties with respect to the Patent Rights and the License and supersede all other oral or written representations,
statements, or agreements with respect to such subject matter. 
 Each party has caused this Agreement to be executed by its
duly authorized representative. 
  

									
	 THE TRUSTEES OF THE UNIVERSITY OF PENNSYLVANIA
	 		 	IMMUNOCELLULAR THERAPEUTICS, LTD
					
	By:	 	 /s/ Michael J. Cleare, PHD
	 		 	By:	 	/s/ Manish Singh, PhD
		 	 Name: Michael J. Cleare, PHD
	 		 		 	Name: Manish Singh, PhD
		 	 Title: Executive Director, Center for Technology Transfer
	 		 		 	Title: CEO
					
	Address:	 	 Center for Technology Transfer

University of Pennsylvania

3160 Chestnut Street, Suite 200

Philadelphia, PA 19104-6283

Attention: Executive Director
	 		 	Address:	 	 21900 Burbank Blvd.
 3rd Floor
 Woodland Hills, CA 91367
 Attention: CEO

				
	 Required copy to:
	 		 		 	
		 	 University of Pennsylvania

Office of General Counsel

133 South 36th Street, Suite 300

Philadelphia, PA 19104-3246

Attention: General Counsel
	 		 		 	

  
 15 

 EXHIBIT INDEX 

 

			
		
	Exhibit A	  	Patent Applications in Patent Rights
		
	Exhibit B	  	Minimum Contents of Business Plan
		
	Exhibit C	  	Format of Royalty Report
		
	Exhibit D	  	Confidentiality Agreement

  
 16 

 Exhibit A 

Patent Applications in Patent Rights 
  

													
	 W5470
	  	 System and Method of Preparing and Storing
Activated Mature
Dendritic Cells

	 Serial No
	  	 Patent No
	  	App Type	  	File Date	 	  	Country	  	Issue Date
	 61/313,984
	  		  	Provisional	  	 	3/15/2010	  	  	US	  	
	 PCT/US11/28487
	  		  	PCT	  	 	3/15/2011	  	  	US	  	

  
 17 

 Exhibit B 

Minimum Contents of Business Plan 
  

	 	•	 	 Date of Business Plan and reporting period covered 

  

	 	•	 	 Identification and nature of each active contractual relationship between Company, its Affiliates and sublicensees 

 

	 	•	 	 Current status of DC vaccine program 

  

	 	•	 	 Projected timelines for completing Licensed Product development and commercial launch 

 

	 	•	 	 Projected timeline for securing sublicensees 

  

	 	•	 	 Significant changes made to the Business Plan since the previous Development Plan and the reasons for the changes 

  
 18 

 Exhibit C 

Form of Royalty Report 
 

 
  

  
 19 

 Exhibit D 

Form of Confidentiality Agreement 
 UNIVERSITY of PENNSYLVANIA 
 Confidential Disclosure Agreement 
 Signature Page 

 

					
	 COMPANY CONTACT INFORMATION

 

	 Company full legal name and notice address:

IMMUNOCELLULAR THERAPEUTICS LTD

21900 BURBANK BOULEVARD, 3RD
FLOOR
 WOODLAND HILLS, CA 91367

 
	  	 Company primary phone number:
 818-992-2907
  

	  	 Company primary fax number:
 818-992-2908
  

			
	 Company contact name:
 Manish Singh, PhD, MBA
	  	 Contact title:
 President and CEO
	  	 Contact phone number:
 [***]

	
	 PENN CONTACT INFORMATION

 

	 Penn notice address:

University of Pennsylvania
 Center for Technology Transfer
 3160 Chestnut Street, Suite 200

Philadelphia, PA 19104-6283
 Attention: Executive Director
	  	 Penn primary phone number:
 215-898-9591
  
 Penn primary fax number:
 215-898-9519

	  
			
	 Penn Investigator name:
 Brian Czerniecki, MD, PhD
	  	 Penn department:
 Surgery
	  	

  

			
	 SUBJECT MATTER

 

	 Penn Docket and application numbers and titles:

Application nos. 61/313,984 and PCT/US11/28487

Reference only: W5470 entitled System and Method of
 Preparing and Storing Activated Mature Dendritic Cells
	  	 Investigator research area:
 Cell-based Immunotherapy of Cancer

  

			
	 PURPOSE & EFFECTIVE DATE

 

	 Limited Purpose:
 Company’s exercise of its rights and performance of its obligations under that certain patent license agreement (“License Agreement”) by and between the parties of even date herewith
related to the patents and patent applications in Penn’s Dockets listed above.
	  	 Effective Date:
 3/19/12

  

							
	SIGNATURES  

	This Agreement includes this Signature Page and all of the attached Terms and Conditions. By signing below, Company and Penn agree to all of the provisions.
 

	COMPANY 	 	THE TRUSTEES OF THE UNIVERSITY OF
PENNSYLVANIA
				
	By:	 	 	 	By:	 	 
		 	         (please sign)
	 		 	             (please sign)

	Name: 	 	 	 	Name: 	 	 
		 	         (please print)
	 		 	             (please print)

	Title:	 	 	 	Title:	 	 
		 	         (please print)
	 		 	             (please print)

	Date:	 	 ______________________, 2012
	 	Date:	 	 ______________________, 2012

  
 20 

 Confidential Disclosure Agreement 

Terms and Conditions 

 

 1. Purpose. Penn desires to protect its Confidential Information, which may
be disclosed to Company by Penn. 
 2. Definition. The term “Confidential Information” means
all information, data or know-how that is contained in or related to the Patent Rights (as defined in the License Agreement) and the Penn Dockets relating thereto and/or the general area of research in the Investigator’s laboratory identified
in the Signature Page. Confidential Information does not include information, data or know-how that: (a) becomes part of the public domain through no improper action of the Company; (b) was in the possession of the Company at the time of
disclosure; (c) is received by the Company from a third party and is not subject to an obligation of confidentiality owed to such third party; or (d) can be shown by documentation to have been independently developed by Company by
individuals who have not had access to Confidential Information. Failure to mark any Confidential Information as confidential or proprietary will not affect its status as Confidential Information under this Agreement. 

3. Non-Use & Non-Disclosure. Company will not use any Confidential Information for any purpose, other than for
the Limited Purpose identified on the Signature Page. No licenses or other rights are granted. Company will not use Confidential Information for experimental research planning or experimental activity. Company will not disclose any Confidential
Information to third parties or employees, other than on a need to know basis to those employees and consultants who are bound to obligations of non-use and non-disclosure at least as restrictive as those set forth in this Agreement. Company will
take all reasonable measures to protect the secrecy of, and avoid the unauthorized disclosure or use of, Confidential Information. Such measures will include the highest degree of care that Company utilizes to protect Company’s own confidential
information of a similar nature. Company will promptly notify Penn in writing of any misuse or misappropriation of any Confidential Information that may come to Company’s attention. In the event that Company is required by judicial or
administrative process to disclose Confidential Information, Company will promptly notify Penn and allow Penn a reasonable time to oppose such process.

 4. Term. This Agreement applies to Confidential Information that is
disclosed to Company from the Effective Date. Company’s obligations as to any item of Confidential Information will expire upon the later of: (i) five (5) years after the initial disclosure of such item to Company; or
(ii) termination of the License Agreement. Company’s obligations under this Agreement will survive the expiration or termination of any other contract or negotiation between the parties. Upon the written request of Penn, Company will
return to Penn all Confidential Information received from Penn, except that Company may maintain a single copy of any written Confidential Information for Company’s records. 

5. Use of Penn’s Name. Company will not use Penn’s name or trademarks or the name of any Penn employee in any
manner without Penn’s prior written consent. 
 6. Disclaimer. All Confidential Information is provided on
an “As Is” basis, without express or implied warranties of any kind. 
 7. Miscellaneous. Any
notice must be in writing and sent to the address of the party listed on the Signature Page. This Agreement may only be modified by a written amendment that is executed by an authorized representative of each party. Any waiver must be
express and in writing. No waiver by either party of a breach by the other party will constitute a waiver of any different or succeeding breach. This Agreement will be governed by and construed in accordance with the laws of the
Commonwealth of Pennsylvania without regard to conflicts of law principles of any jurisdiction. This Agreement contains the entire agreement between the parties with respect to subject matter of this Agreement and supersedes all other oral or
written representations, statements, or agreements with respect to such subject matter. This Agreement is binding upon the parties and their respective heirs, successors, assigns, and personal representatives. Neither party may assign this Agreement
without the prior written consent of the other party. 

 

  
 21Exclusive License Agreement

 Exhibit 10.51 
 Text Marked By [* * *] Has Been Omitted Pursuant To A Request For Confidential Treatment And Was Filed Separately With The Securities And Exchange Commission. 

EXCLUSIVE LICENSE AGREEMENT 
 BETWEEN 
 THE JOHNS HOPKINS UNIVERSITY 

& 

IMMUNOCELLULAR THERAPEUTICS, LTD. 
 JHU Agreement: # - A20530 

 EXCLUSIVE LICENSE AGREEMENT 

THIS EXCLUSIVE LICENSE AGREEMENT (the “Agreement”) is entered into by and between THE JOHNS HOPKINS UNIVERSITY, a
Maryland corporation having an address at 3400 N. Charles Street, Baltimore, Maryland, 21218-2695 (“JHU”) and IMMUNOCELLULAR THERAPEUTICS, LTD., a Delaware corporation having an address at 21900 Burbank Blvd, 3rd Floor, Woodland
Hills, CA 91367 (“Company”), with respect to the following: 
 RECITALS 

WHEREAS, as a center for research and education, JHU is interested in licensing PATENT RIGHTS (hereinafter defined) in a manner that will
benefit the public by facilitating the distribution of useful products and the utilization of new processes, but is without capacity to commercially develop, manufacture, and distribute any such products or processes; and 

WHEREAS, valuable inventions entitled “Development of Mesothelin-Specific Cancer Immunotherapy using an Ascitogenic
Ovarian/Peritoneal Tumor Model” and “Control of Human Mesothelin-expressing Tumors By DNA Vaccines” (JHU Ref Nos. C04083 and C10013, respectively) were developed during the course of research conducted by Drs. Tzyy-Choou Wu, Ralph
Hruban, Chien-Fu Hung, and Elizabeth Jaffee (all hereinafter, “Inventors”); and 
 WHEREAS, JHU has acquired
through assignment all rights, title and interest, with the exception of certain retained rights by the United States Government, in its interest in said valuable inventions; and 

WHEREAS, Company desires to obtain certain rights in such inventions as herein provided, and to commercially develop, manufacture, use
and distribute products and processes based upon or embodying said valuable inventions throughout the world; 
 NOW THEREFORE,
in consideration of the premises and the mutual promises and covenants contained in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

 ARTICLE 1 
 DEFINITIONS 
 All references to particular Exhibits, Articles or Paragraphs
shall mean the Exhibits to, and Paragraphs and Articles of, this Agreement, unless otherwise specified. For the purposes of this Agreement and the Exhibits hereto, the following words and phrases shall have the following meanings: 

1.1 “AFFILIATED COMPANY” as used herein in either singular or plural shall mean any corporation, company, partnership,
joint venture or other entity, which controls, is controlled by or is under common control with Company. For purposes of this Paragraph 1.1, control shall mean the direct or indirect ownership of at least fifty percent (50%) of the securities
or other ownership interests representing the equity, voting stock, general partnership or membership interest of such entity. 

  
 Page 1

 1.2 “EFFECTIVE DATE” of this Agreement shall mean February 16, 2012.

 1.3 “EXCLUSIVE LICENSE” shall mean a grant by JHU to Company of its entire right and interest in the PATENT
RIGHTS subject to rights retained by the United States Government, if any, in accordance with the Bayh-Dole Act of 1980 (established by P.L. 96-517 and amended by P.L. 98-620, codified at 35 USC § 200 et. seq. and implemented according to 37
CFR Part 401), and subject to the retained right of JHU to make, have made, provide and use for its and The Johns Hopkins Health Systems’ purposes LICENSED PRODUCT(S) and LICENSED SERVICE(S), including the ability to distribute any biological
material disclosed and/or claimed in PATENT RIGHTS for nonprofit academic research use to non-commercial entities as is customary in the scientific community. 
 1.4 “FIRST COMMERCIAL SALE” shall mean, with respect to any LICENSED PRODUCT or LICENSED SERVICE and any country of the world, the first sale of such LICENSED PRODUCT or LICENSED SERVICE
under this Agreement by Company, its AFFILIATED COMPANY, or SUBLICENSEE(S) to a non-affiliate third party in such country. 

1.5 “LICENSED FIELD” shall mean all mesothelin peptide-based vaccines for cancer treatment and/or prevention, excluding
bacteria-based, viral vector-based and nucleic acid-based vaccines for cancer treatment and/or prevention. 
 1.6
“LICENSED PRODUCT(S)” as used herein in either singular or plural shall mean any process or method, material, compositions, drug, or other product, the manufacture, use or sale of which would constitute, but for the license granted to
Company pursuant to this Agreement, an infringement of a VALID CLAIM of PATENT RIGHTS (infringement shall include, but is not limited to, direct, contributory, or inducement to infringe). 

1.7 “LICENSED SERVICE(S)” as used herein in either singular or plural shall mean the performance on behalf of a third
party of any method or the manufacture of any product or the use of any product or composition which would constitute, but for the license granted to Company pursuant to this Agreement, an infringement of a VALID CLAIM of the PATENT RIGHTS,
(infringement shall include, but not be limited to, direct, contributory or inducement to infringe). 
 1.8 “NET
SALES” shall mean gross sales revenues and fees received by Company and AFFILIATED COMPANY from the sale of LICENSED PRODUCT(S) less (i) trade discounts allowed, (ii) refunds, returns and recalls granted, and (ii) freight
charges and associate insurance, , and sales taxes invoiced to and paid by the purchaser of LICENSED PRODUCT(S). In the event that Company and/or AFFILIATED COMPANY sells a LICENSED PRODUCT(S) in combination with other ingredients or substances or
as part of a kit, the NET SALES for purposes of royalty payments shall be based on the sales revenues and fees received from the entire combination or kit. 

  
 Page 2

 1.9 “NET SERVICE REVENUES” shall mean gross service revenues and fees
billed by Company and AFFILIATED COMPANY for the performance of LICENSED SERVICE(S) less sales and/or use taxes imposed upon and with specific reference to the LICENSED SERVICE(S). In the event that Company and/or AFFILIATED COMPANY sells a LICENSED
SERVICE(S) in combination with other services or substances or as part of a kit, the NET SERVICE REVENUES for purposes of royalty payments shall be based on the sales revenues and fees received from the entire combination or kit. 

1.10 “PATENT RIGHTS” shall mean the U.S. patent applications listed in Exhibit A of this Agreement, each of which
is assigned to JHU, and the inventions disclosed and claimed therein, and all divisions and continuations thereof, all U.S. patents issuing thereon and reissues, reexaminations, renewals and extensions thereof, any corresponding foreign patent
applications, and any patents, or other equivalent foreign patent rights issuing, granted or registered thereon. Upon the written request of Company, JHU shall (or JHU shall instruct its outside legal counsel to) provide to Company a complete
listing of the issued and applied-for PATENT RIGHTS outstanding at the time, including the status of any applications, divisions, continuations, reexaminations, reissues, renewals, or registrations then outstanding. 

1.11 “PHASE I CLINICAL TRIAL” shall mean a human clinical trial, the principal purpose of which is a preliminary
determination of safety in healthy individuals or patients as required in 21 C.F .R. § 312 (a), or a similar clinical study prescribed by the regulatory authorities in a market other than the United States. 

1.12 “PHASE II CLINICAL TRIAL” shall mean a human clinical trial, for which a primary endpoint is a preliminary
determination of efficacy or dose ranges in patients with the disease target being studied as required in 21 C.F .R. § 312.2 1 (b), as may be amended from time to time, or a similar clinical study prescribed by the regulatory authorities in a
market other than the United States. 
 1.13 “PHASE III CLINICAL TRIAL” shall mean an expanded pivotal human
clinical trial performed after preliminary evidence suggesting effectiveness has been obtained from a PHASE II CLINICAL TRIAL, and intended to gather the additional information about effectiveness and safety that is needed to evaluate the overall
benefit-risk relationship and to provide an adequate basis for physician labeling as required in 21 C.F .R. § 312.21 (c), or a similar clinical study prescribed by the regulatory authorities in a market other than the United States. 

1.14 “REGULATORY APPROVAL” shall mean all approvals, including licenses, registrations, and authorizations, of all
governmental agencies in a country necessary for the manufacture, use or sale of a LICENSED PRODUCT or LICENSED SERVICE in the applicable country. As used herein, REGULATORY APPROVAL shall not include pricing or reimbursement approval. 

1.15 “SUBLICENSEE(S)” as used herein in either singular or plural shall mean any person or entity other than an
AFFILIATED COMPANY to which Company has granted a sublicense under this Agreement. SUBLICENSEE(S) shall also include any person or entity to which Company’s SUBLICENSEE(S) has granted a sublicense subject to JHU’s approval. 

  
 Page 3

 1.16 “VALID CLAIM” shall mean a claim of any (i) unexpired United
States or foreign issued patent or (ii) pending patent application within PATENT RIGHTS that shall not have been dedicated to the public, disclaimed, nor held invalid or unenforceable by a court or government agency of competent jurisdiction in
an unappealed or unappealable decision. 
 ARTICLE 2 

LICENSE GRANT 
 2.1 Grant. Subject to the terms and conditions of this Agreement, JHU hereby grants to Company an EXCLUSIVE LICENSE to make, have made, develop, use, import, offer for sale and sell the LICENSED
PRODUCT(S) and to provide the LICENSED SERVICE(S) in the United States and worldwide under the PATENT RIGHTS in the LICENSED FIELD. This Grant shall apply to the Company and any AFFILIATED COMPANY, except that any AFFILIATED COMPANY shall not have
the right to sublicense others as set forth in Paragraph 2.2 below. If any AFFILIATED COMPANY exercises rights under this Agreement, such AFFILIATED COMPANY shall be bound by all terms and conditions of this Agreement, including but not limited to
indemnity and insurance provisions and royalty payments, which shall apply to the exercise of the rights, to the same extent as would apply had this Agreement been directly between JHU and the AFFILIATED COMPANY. In addition, Company shall remain
fully liable to JHU for all acts and obligations of AFFILIATED COMPANY such that acts of the AFFILIATED COMPANY shall be considered acts of the Company. 
 2.2 Sublicense. Company may sublicense the rights granted by JHU under Paragraph 2.1 to others under this Agreement, subject to the terms and conditions of this Paragraph 2.2. Company may extend
the right to further sublicense the rights granted by JHU under Paragraph 2.1 to its SUBLICENSEE(S), subject to JHU prior written approval, not to be unreasonably withheld, and further subject to the terms and conditions of this Paragraph 2.2. As a
condition to its validity and enforceability, each sublicense agreement shall: (a) incorporate by reference the terms and conditions of this Agreement, (b) be consistent with the terms, conditions and limitations of this Agreement,
(c) name JHU as an intended third party beneficiary of the obligations of SUBLICENSEE without imposition of obligation or liability on the part of JHU or its Inventors to the SUBLICENSEE, and (d) specifically incorporate Paragraphs 6.2
“Representations by JHU”, 7.1 “Indemnification”, 10.1 “Use of Name”, 10.4 “Product Liability” into the body of the sublicense agreement, and cause the terms used in therein to have the same meaning as in this
Agreement. Company and its SUBLICENSEE(S) shall provide to JHU each proposed sublicense agreement, executed by both Company and SUBLICENSEE. To the extent that any terms, conditions or limitations of any sublicense agreement are inconsistent with
this Agreement, those terms, conditions and limitations are null and void against JHU 
 2.3 Government Rights. The
United States Government may have acquired a nonexclusive, nontransferable, irrevocable, paid-up license to practice or have practiced for or on behalf of the United States the inventions described in PATENT RIGHTS throughout the world. The rights
granted herein are additionally subject to: (i) the requirement that any LICENSED PRODUCT(S) produced for use or sale within the United States shall be substantially 

  
 Page 4

 
manufactured in the United States (unless a waiver under 35 USC § 204 or equivalent is granted by the appropriate United States government agency), (ii) the right of the United States
government to require JHU, or its licensees, including Company, to grant sublicenses to responsible applicants on reasonable terms when necessary to fulfill health or safety needs, and, (iii) other rights acquired by the United States
government under the laws and regulations applicable to the grant/contract award under which the inventions were made. 

ARTICLE 3 

FEES, ROYALTIES, & PAYMENTS 
 3.1 License Fee. Company shall pay to JHU a license fee as set forth in Exhibit B (the “License Fee”). The license fee is nonrefundable and shall not be credited against
royalties or other fees. Company’s obligation to pay the License Fee shall survive termination of this Agreement. 
 3.2
Milestones License Fees. In addition to the License Fee as set forth in Paragraph 3.1, Company shall pay to JHU for certain milestone license fees for the achievement of the applicable milestones by Company, AFFILIATED COMPANIES or SUBLICENSEES,
as set forth in Exhibit B (the “Milestone License Fees”). For those milestones achieved by Company or AFFILIATED COMPANIES, Company shall pay to JHU the applicable Milestone License Fee(s) within thirty (30) days of such
achievement, and for those milestones achieved by SUBLICENSEES, Company shall pay to JHU the applicable Milestone License Fee(s) within forty-five (45) days of such achievement. 

3.3 Minimum Annual Royalties. Company shall pay to JHU minimum annual royalties as set forth in Exhibit B. These minimum
annual royalties shall be due, without invoice from JHU, within thirty (30) days of each anniversary of the EFFECTIVE DATE beginning with the first anniversary following the issuance of the first U.S. patent within PATENT RIGHTS claiming a
therapeutic product or method. Running royalties accrued under Paragraph 3.4 and paid to JHU during the one (1) year period preceding an anniversary of the EFFECTIVE DATE shall be credited against the minimum annual royalties due on that
anniversary date. In the event that a milestone is achieved and a Milestone Licensee Fee is paid to JHU as set forth in Paragraph 3.2, no minimum annual royalties shall be due and payable to JHU in the same year as such Milestone License Fee is
received by JHU. 
 3.4 Running Royalties. Company shall pay to JHU a running royalty as set forth in Exhibit B,
for each LICENSED PRODUCT(S) sold, and for each LICENSED SERVICE(S) provided, by Company and AFFILIATED COMPANIES, based on NET SALES and NET SERVICE REVENUES for the term of this Agreement. Such payments shall be made within sixty (60) days of
the end of each calendar quarter following FIRST COMMERCIAL SALE of LICENSED PRODUCT or providing LICENSED SERVICES. All non-US taxes related to LICENSED PRODUCT(S) or LICENSED SERVICE(S) sold under this Agreement shall be paid by Company and shall
not be deducted from royalty or other payments due to JHU. If Company is required by law to withhold non-US taxes, JHU will provide reasonable assistance to Company in its efforts to file such requests as are available under the regulations
applicable to the jurisdiction and the taxing agency to eliminate the withholding and/or qualify the royalty payments made hereunder for reduced rates of income tax withholding under any applicable income tax treaty. 

  
 Page 5

 In order to insure JHU the full royalty payments contemplated hereunder, Company agrees that
in the event any LICENSED PRODUCT(S) shall be sold to an AFFILIATED COMPANY or SUBLICENSEE(S) or to a corporation, firm or association with which Company shall have any agreement, understanding or arrangement with respect to consideration (such as,
among other things, an option to purchase stock or actual stock ownership, or an arrangement involving division of profits or special rebates or allowances) the royalties to be paid hereunder for such LICENSED PRODUCT(S) shall be based upon the
greater of: 1) the net selling price (per NET SALES) at which the purchaser of LICENSED PRODUCT(S) resells such product to the end user, 2) the NET SERVICE REVENUES received from using the LICENSED PRODUCT(S) in providing a service, 3) the fair
market value of the LICENSED PRODUCT(S) or 4) the net selling price (per NET SALES) of LICENSED PRODUCT(S) paid by the purchaser. 
 3.5 Sublicense Consideration. In addition to the running royalty as set forth under Paragraph 3.4, Company shall pay to JHU a percentage of consideration received for sublicenses granted under this
Agreement as set forth in Exhibit B. This sublicense consideration shall be due, without the need for invoice from JHU, within forty-five (45) days of the effective date of each sublicense agreement. Such consideration shall mean
consideration of any kind received by the Company or AFFILIATED COMPANIES from a SUBLICENSEE(S) for the grant of a sublicense under this Agreement, including (i) amounts paid to Company or an AFFILIATED COMPANY by the SUBLICENSEE(S) for running
royalties on sales of LICENSED PRODUCT(S) and LICENSED SERVICE(S) (hereinafter referred to as “Royalty Sublicense Consideration”) and (ii) upfront fees, milestone fees, any premium paid by the SUBLICENSEE(S) over Fair Market
Value for stock of the Company or an AFFILIATED COMPANY in consideration for such sublicense, and any other sublicensing revenue (hereinafter referred to as “Non-royalty Sublicense Consideration”). However, not included in such
Non-royalty Sublicense Consideration are amounts paid to the Company or an AFFILIATED COMPANY by the SUBLICENSEE(S) for product development, research work, clinical studies and regulatory approvals performed by or for the Company or AFFILIATED
COMPANIES (including third parties on their behalf), each pursuant to a specific agreement including a performance plan and commensurate budget, and equity investments at Fair Market Value. The term “Fair Market Value” shall mean
the average price that the stock in question is publicly trading at for twenty (20) days prior to the announcement of its purchase by the SUBLICENSEE(S) or if the stock is not publicly traded, the value of such stock as determined by the most
recent private financing through a financial investor (an entity whose sole interest in the Company or AFFILIATED COMPANY is financial) of the Company or AFFILIATED COMPANY that issued the shares. 

3.6 Patent Reimbursement. Company will reimburse JHU for the unreimbursed, reasonable past costs associated with preparing,
filing, maintaining and prosecuting PATENT RIGHTS within the LICENSED FIELD, not to exceed [***] and excluding all costs previously paid by another licensee (hereinafter referred to as “Past Patent Expenses”). Company shall
reimburse JHU within thirty (30) days after the EFFECTIVE DATE of this Agreement and receipt of an invoice from JHU for Past Patent Expenses. In accordance with Paragraph 4.1 

  
 Page 6

 
below, Company will reimburse JHU, within thirty (30) days of the receipt of an invoice from JHU, for all reasonable costs associated with the preparation, filing, maintenance, and
prosecution of PATENT RIGHTS incurred subsequent to the EFFECTIVE DATE of this Agreement consistent with a mutually-acceptable budget (hereinafter referred to as “Future Patent Expenses”. Future Patent Expenses shall be prorated by
the number of licensees reimbursing JHU for such costs. JHU will provide a cost estimate for work to prepare, file, maintain and/or prosecute patents and/or patent applications within the PATENT RIGHTS. In the event that it does not reimburse such
costs in a timely fashion, Company will pay a reasonable retainer, consistent with the cost estimate provided by JHU, for each new matter or action to prepare, file, maintain and/or prosecute patents and/or patent applications within the PATENT
RIGHTS. 
 3.7 Form of Payment. All payments under this Agreement shall be made in U.S. Dollars by either check or wire
transfer. 
 3.8 Payment Information. All check payments from Company to JHU shall be sent to: 

Executive Director 
 Johns Hopkins Technology Transfer 
 The Johns Hopkins University 

100 N. Charles Street, 5th Floor 
 Baltimore, MD 21201 
 Attn: JHU Agreement # A20530 

or such other addresses which JHU may designate in writing from time to time. Checks are to be made payable to “The Johns Hopkins University”.

 Wire transfers may be made through: 
 ACH information for U.S. payments: 
 Johns Hopkins University Central Lockbox

 [***] 
 FED WIRE for international payments: 
 Johns Hopkins University Central Lockbox

 [***] 
 Company shall be responsible for any and all costs associated with wire transfers. Company shall provide JHU with the date of wire transfer payment and ACH confirmation number upon completion of such
payment. 
 3.9 Late Payments. In the event that any payment due hereunder is not made when due, the payment shall accrue
interest beginning on the tenth day following the due date thereof, calculated at the annual rate of six percent (6%), the interest being compounded on the last day of each calendar year. Each such payment when made shall be accompanied by all
interest so 

  
 Page 7

 
accrued. Said interest and the payment and acceptance thereof shall not negate or waive the right of JHU to seek any other remedy, legal or equitable, to which it may be entitled because of the
delinquency of any payment including, but not limited to termination of this Agreement as set forth in Paragraph 9.2. 
 3.10
Invoices. Any invoice for payments sent by JHU to Company may be electronically provided by e-mail service. JHU will send invoices to an e-mail address provided by Company. Company will provide JHU with any updates to this e-mail address.

 ARTICLE 4 
 PATENT PROSECUTION, MAINTENANCE, & INFRINGEMENT 
 4.1
Prosecution & Maintenance. JHU, at Company’s expense, shall file, prosecute and maintain all patents and patent applications specified under PATENT RIGHTS in the LICENSED FIELD and, subject to the terms and conditions of this
Agreement, Company shall be licensed thereunder. Title to all such patents and patent applications shall reside in JHU. JHU shall have full and complete control over all patent matters in connection therewith under the PATENT RIGHTS, provided
however, that JHU shall (a) cause its patent counsel to timely copy Company on all official actions and written correspondence with any patent office, and (b) allow Company an opportunity to comment and advise JHU. JHU shall consider and
reasonably incorporate all comments and advice. By concurrent written notification to JHU and its patent counsel at least thirty (30) days in advance (or later at JHU’s discretion) of any filing or response deadline, or fee due date,
Company may elect not to have a patent application filed in any particular country or not to pay expenses associated with prosecuting or maintaining any patent application or patent, provided that Company pays for all costs incurred up to JHU’s
receipt of such notification. Failure to provide such notification can be considered by JHU to be Company’s authorization to proceed at Company’s expense. Upon such notification, JHU may file, prosecute, and/or maintain such patent
applications or patent at its own expense and for its own benefit, and any rights or license granted hereunder held by Company, AFFILIATED COMPANIES or SUBLICENSEE(S) relating to the PATENT RIGHTS which comprise the subject of such patent
applications or patent and/or apply to the particular country, shall terminate. 
 4.2 Notification. Each party will
notify the other promptly in writing when any infringement by another is uncovered or suspected. 
 4.3 Infringement.
Company shall have the first right to enforce any patent within PATENT RIGHTS in the LICENSED FIELD against any infringement or alleged infringement thereof, and shall at all times keep JHU informed as to the status thereof. Before Company commences
an action with respect to any infringement of such patents, Company shall give careful consideration to the views of JHU and to potential effects on the public interest in making its decision whether or not to sue. Thereafter, Company may, at its
own expense, institute suit against any such infringer or alleged infringer and control and defend such suit in a manner consistent with the terms and provisions hereof and recover any damages, awards or settlements resulting therefrom, subject to
Paragraph 4.5. However, no settlement, consent judgment or other voluntary final disposition of the suit may be entered into without the prior written consent of JHU, which consent shall not be unreasonably withheld. This right to sue for
infringement shall not be used in an arbitrary or capricious manner. JHU shall reasonably cooperate in any such litigation at Company’s expense. 

  
 Page 8

 If Company elects not to enforce any patent within the PATENT RIGHTS in the LICENSED FIELD,
then it shall so notify JHU in writing within ninety (90) days of receiving notice that an infringement exists, and JHU may, in its sole judgment and at its own expense, take steps to enforce any patent and control, settle, and defend such suit
in a manner consistent with the terms and provisions hereof, and recover, for its own account, any damages, awards or settlements resulting therefrom. 
 4.4 Patent Invalidity Suit. If a declaratory judgment action is brought naming Company as a defendant and alleging invalidity of any of the PATENT RIGHTS, JHU may elect to take over the sole
defense of the action at its own expense. Company shall cooperate fully with JHU in connection with any such action. 
 4.5
Recovery. Any recovery by Company under Paragraph 4.3 shall be deemed to reflect loss of commercial sales, and Company shall pay to JHU [***] of the recovery net of all reasonable costs and expenses associated with each suit or
settlement. If the cost and expenses exceed the recovery, then [***] of the excess shall be credited against royalties payable by Company to JHU hereunder in connection with sales of LICENSED PRODUCT covered in the PATENT RIGHTS which are the
subject of the infringement suit, in the country of such legal proceedings, provided, however, that any such credit under this Paragraph 4.5 shall not exceed [***] of the royalties otherwise payable to JHU with regard to sales in the country
of such action in any one calendar year, with any excess credit being carried forward to future calendar years. 
 ARTICLE 5

 OBLIGATIONS OF THE PARTIES 
 5.1 Reports. Company shall provide to JHU the following written reports according to the following schedules: 
 (a) Until Company, an AFFILIATED COMPANY or a SUBLICENSEE(S) has achieved a FIRST COMMERCIAL SALE of a LICENSED PRODUCT or LICENSED SERVICE, Company shall provide Semi-Annual Diligence Reports, due within
sixty (60) days of the end of every June and December following the EFFECTIVE DATE of this Agreement. These Semi-Annual Diligence Reports shall describe Company’s, AFFILIATED COMPANIES’, or any SUBLICENSEE(S)’ technical efforts
towards meeting its obligations under the terms of this Agreement. 
 (b) Upon achieving a FIRST COMMERCIAL SALE of a LICENSED
PRODUCT or LICENSED SERVICE, Company shall provide Royalty Reports, substantially in the format of Exhibit C accompanying each running royalty payment under Paragraph 3.4 of this Agreement. Royalty Reports shall disclose the amount of
LICENSED PRODUCT(S) and LICENSED SERVICE(S) sold, the total NET SALES and NET SERVICE REVENUES of such LICENSED PRODUCT(S) and LICENSED SERVICE(S), and the running royalties due to JHU as a result of NET SALES and NET SERVICE REVENUES by Company and
AFFILIATED COMPANIES thereof. 

  
 Page 9

 (c) Company shall provide Annual Reports within sixty (60) days of the end of every
December following the EFFECTIVE DATE of this Agreement. Annual Reports shall include: 
 (i) evidence of insurance as required
under Paragraph 10.4, or, a statement of why such insurance is not currently required; 
 (ii) identification of all AFFILIATED
COMPANIES which have exercised rights pursuant to Paragraph 2.1, or, a statement that no AFFILIATED COMPANY has exercised such rights; 
 (iii) notice of all FDA approvals of any LICENSED PRODUCT(S) or LICENSED SERVICE(S) obtained by COMPANY, AFFILIATED COMPANY or SUBLICENSEE, the patent(s) or patent application(s) licensed under this
Agreement upon which such product or service is based, and the commercial name of such product or service, or, in the alternative, a statement that no FDA approvals have been obtained; and 

(iv) Notification of any change of control, name change or other significant change in Company status that related to this Agreement, if
not previously provided to JHU. 
 (d) In lieu of sending reports to JHU via mail or via courier under this Paragraph 5.1,
Company may electronically submit all required reports to an e-mail address specified by JHU. 
 5.2 Records. Company
shall make and retain, for a period of three (3) years following the period of each report required by Paragraph 5.1, true and accurate records, files and books of account containing all the data reasonably required for the full computation and
verification of sales and other information required in Paragraph 5.1. Such books and records shall be in accordance with generally accepted accounting principles consistently applied. Company shall permit the inspection and copying of such records,
files and books of account by JHU or its agents during regular business hours upon ten (10) business days’ written notice to Company. Such inspection shall not be made more than once each calendar year. All costs of such inspection and
copying shall be paid by JHU, provided that if any such inspection shall reveal that an error has been made in the amount equal to or more than the greater of five percent (5%) of such payment or ten thousand dollars ($10,000), such costs shall
be borne by Company. As a condition to entering into any such agreement, Company shall include in any agreement with its AFFILIATED COMPANIES or its SUBLICENSEE(S) which permits such party to make, use, sell or import the LICENSED PRODUCT(S) or
provide LICENSED SERVICE(S), a provision requiring such party to retain records of sales of LICENSED PRODUCT(S) and records of LICENSED SERVICE(S) and other information as required in Paragraph 5.1 and permit JHU to inspect such records as required
by this Paragraph 5.2. 
 5.3 Best Efforts. Company shall exercise commercially reasonable efforts to develop and to
introduce the LICENSED PRODUCT(S) and LICENSED SERVICE(S) into the commercial market as soon as practicable, consistent with sound and reasonable business practice and judgment; thereafter, until the expiration or termination of this Agreement,
Company shall endeavor to keep LICENSED PRODUCT(S) and LICENSED SERVICE(S) 

  
 Page 10

 
reasonably available to the public. Company shall also exercise reasonable efforts to develop LICENSED PRODUCT(S) suitable for different indications within the LICENSED FIELD, so that the PATENT
RIGHTS can be commercialized as broadly and as speedily as good scientific and business judgment would deem possible. 
 5.4
Developmental Obligations. Best efforts shall be demonstrated, among other ways, by the achievement of the following diligence milestones: 
  

					
	 Event
	  	Date	 
	 (i)     Initiation of PHASE I CLINICAL TRIAL
	  	 	July 1, 2013	  
	 (ii)    Initiation of PHASE II CLINICAL TRIAL
	  	 	July 1, 2016	  

 With regard to the diligence milestone specified in Paragraph 5.4(i), Company may extend such milestone
by one (1) year with written notice to JHU prior to the due date thereof specified in Paragraph 5.4(i) and upon paying JHU a non-creditable, nonrefundable fee of [***] within thirty (30) days after such notice. The Company may
extend the milestone for an additional one (1) year period by written notice to JHU prior to expiration of the initial one (1) year extension period and payment to JHU of a non-creditable, non-refundable fee of [***] within thirty
(30) days after such written notice. 
 With regard to the diligence milestone specified in Paragraph 5.4(ii), Company may
extend such milestone by one (1) year with written notice to JHU prior to the due date thereof specified in Paragraph 5.4(i) and upon paying JHU a non-creditable, nonrefundable fee of [***] within thirty (30) days after such notice.
The Company may extend the milestone for an additional one (1) year period by written notice to JHU prior to expiration of the initial one (1) year extension period and payment to JHU of a non-creditable, non-refundable fee of [***]
within thirty (30) days after such written notice. 
 Company shall provide JHU with notice, as provided hereunder in
Paragraph 10.6, within thirty (30) days of achieving each diligence milestone. 
 5.5 Other Products. After clinical
evidence, provided in writing by JHU or by another party, to Company, demonstrating the practicality of a particular market or use within the LICENSED FIELD which is not being developed or commercialized by Company, Company shall either provide JHU
with a reasonable development plan and start development or attempt to reasonably sublicense the particular market or use to a third party. For the purpose of clarity, the parties agree that attempts by Company to sublicense all markets or uses
granted under this Agreement as a package of rights shall be considered a reasonable attempt to sublicense the particular market or use. If within nine (9) months of such notification by JHU, Company has not attempted in good faith to initiate
such development efforts or sublicensed that particular market or use, JHU may terminate this license for such particular market or use. This Paragraph 5.5 shall not be applicable if Company reasonably demonstrates to JHU that commercializing such
LICENSED PRODUCT(S) or LICENSED SERVICE(S) or granting such a sublicense in said market or use would have a potentially adverse commercial effect upon marketing or sales of the LICENSED PRODUCT(S) or LICENSED SERVICE(S) developed and being sold by
Company, its AFFILIATED COMPANIES or SUBLICENSEES. 

  
 Page 11

 5.6 Patent Acknowledgement. Company agrees that all packaging containing individual
LICENSED PRODUCT(S) sold by Company, AFFILIATED COMPANIES and SUBLICENSEE(S) of Company will be marked with the number of the applicable patent(s) licensed hereunder in accordance with each country’s patent laws. 

ARTICLE 6 

REPRESENTATIONS 
 6.1 Duties of the Parties. JHU is not a commercial organization. It is an institute of research and education. Therefore, JHU has no ability to evaluate the commercial potential of any PATENT
RIGHTS, LICENSED PRODUCT or LICENSED SERVICE or other license or rights granted in this Agreement. It is therefore incumbent upon Company to evaluate the rights and products in question, to examine the materials and information provided by JHU, and
to determine for itself the validity of any PATENT RIGHTS, its freedom to operate, and the value of any LICENSED PRODUCTS or LICENSED SERVICES or other rights granted. 
 6.2 Representations by JHU. JHU warrants that it has good and marketable title to its interest in the inventions claimed under PATENT RIGHTS with the exception of certain retained rights of the
United States Government, which may apply if any part of the JHU research was funded in whole or in part by the United States Government. JHU does not warrant the validity of any patents or that practice under such patents shall be free of
infringement. EXCEPT AS EXPRESSLY SET FORTH IN THIS PARAGRAPH 6.2, COMPANY, AFFILIATED COMPANIES AND SUBLICENSEE(S) AGREE THAT THE PATENT RIGHTS ARE PROVIDED “AS IS”, AND THAT JHU MAKES NO REPRESENTATION OR WARRANTY WITH RESPECT TO THE
PERFORMANCE OF LICENSED PRODUCT(S) AND LICENSED SERVICE(S) INCLUDING THEIR SAFETY, EFFECTIVENESS, OR COMMERCIAL VIABILITY. JHU DISCLAIMS ALL WARRANTIES WITH REGARD TO PRODUCT(S) AND SERVICE(S) LICENSED UNDER THIS AGREEMENT, INCLUDING, BUT NOT
LIMITED TO, ALL WARRANTIES, EXPRESSED OR IMPLIED, OF MERCHANTABILITY AND FITNESS FOR ANY PARTICULAR PURPOSE. NOTWITHSTANDING ANY OTHER PROVISION OF THIS AGREEMENT, JHU ADDITIONALLY DISCLAIMS ALL OBLIGATIONS AND LIABILITIES ON THE PART OF JHU AND
INVENTORS, FOR DAMAGES, INCLUDING, BUT NOT LIMITED TO, DIRECT, INDIRECT, SPECIAL, AND CONSEQUENTIAL DAMAGES, ATTORNEYS’ AND EXPERTS’ FEES, AND COURT COSTS (EVEN IF JHU HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, FEES OR COSTS),
ARISING OUT OF OR IN CONNECTION WITH THE MANUFACTURE, USE, OR SALE OF THE PRODUCT(S) AND SERVICE(S) LICENSED UNDER THIS AGREEMENT. COMPANY, AFFILIATED COMPANIES AND SUBLICENSEE(S) ASSUME ALL RESPONSIBILITY AND LIABILITY FOR LOSS OR DAMAGE CAUSED BY
A PRODUCT AND/OR SERVICE MANUFACTURED, USED, OR SOLD BY COMPANY, ITS SUBLICENSEE(S) AND AFFILIATED COMPANIES WHICH IS A LICENSED PRODUCT(S) OR LICENSED SERVICE(S) AS DEFINED IN THIS AGREEMENT. 

  
 Page 12

 ARTICLE 7 
 INDEMNIFICATION 
 7.1 Indemnification. JHU and the Inventors will
have no legal liability exposure to third parties if JHU does not license the LICENSED PRODUCT(S) and LICENSED SERVICE(S), and any royalties JHU and the Inventors may receive is not adequate compensation for such legal liability exposure. Therefore,
JHU requires Company to protect JHU and Inventors from such exposure to the same manner and extent to which insurance, if available, would protect JHU and Inventors. Furthermore, JHU and the Inventors will not, under the provisions of this Agreement
or otherwise, have control over the manner in which Company or its AFFILIATED COMPANIES or its SUBLICENSEE(S) or those operating for its account or third parties who purchase LICENSED PRODUCT(S) or LICENSED SERVICE(S) from any of the foregoing
entities, develop, manufacture, market or practice the inventions of LICENSED PRODUCT(S) and LICENSED SERVICE(S). Therefore, Company, AFFILIATED COMPANY and SUBLICENSEE shall indemnify, defend with counsel reasonably acceptable to JHU, and hold JHU,
The Johns Hopkins Health Systems, their present and former trustees, officers, Inventors of PATENT RIGHTS, agents, faculty, employees and students harmless as against any judgments, fees, expenses, or other costs arising from or incidental to any
product liability or other lawsuit, claim, demand or other action brought as a consequence of the practice of said inventions by any of the foregoing entities, whether or not JHU or said Inventors, either jointly or severally, is named as a party
defendant in any such lawsuit and whether or not JHU or the Inventors are alleged to be negligent or otherwise responsible for any injuries to persons or property. Practice of the inventions covered by LICENSED PRODUCT(S) and LICENSED SERVICE(S), by
an AFFILIATED COMPANY or an agent or a SUBLICENSEE(S) or a third party on behalf of or for the account of Company or by a third party who purchases LICENSED PRODUCT(S) and LICENSED SERVICE(S) from Company, shall be considered Company’s practice
of said inventions for purposes of this Paragraph 7.1. The obligation of Company to defend and indemnify as set out in this Paragraph 7.1 shall survive the termination of this Agreement, shall continue even after assignment of rights and
responsibilities to an AFFILIATED COMPANY or SUBLICENSEE, and shall not be limited by any other limitation of liability elsewhere in this Agreement.  
 ARTICLE 8 
 CONFIDENTIALITY 

8.1 Confidentiality. If necessary, the parties will exchange information, which they consider to be confidential. The recipient of
such information agrees to accept the disclosure of said information which is marked as confidential at the time it is sent to the recipient, and to employ all reasonable efforts to maintain the information secret and confidential, such efforts to
be no less than the degree of care employed by the recipient to preserve and safeguard its own confidential information. The information shall not be disclosed or revealed to anyone except employees of the recipient who have a need to know the
information and who have entered into a secrecy agreement with the recipient under which such employees are required to maintain confidential the proprietary information of the recipient and such employees shall be advised by the recipient of the
confidential nature of the information and that the information shall be 

  
 Page 13

 
treated accordingly. The information may also be disclosed or revealed to funding sponsors as required by obligations imposed on JHU by a funding sponsor pursuant to an executed funding agreement
with JHU, providing that confidentiality of information provided is maintained for a certain period. The information may also be disclosed by Company to potential investors, strategic partners, or acquirers, provided that such third parties have
entered into a secrecy agreement with Company under which such third parties are required to maintain confidential the proprietary information of JHU and that the information shall be treated accordingly. 

The obligations of this Paragraph 8.1 shall also apply to AFFILIATED COMPANIES and/or SUBLICENSEE(S) provided such information by
Company. JHU’s, Company’s, AFFILIATED COMPANIES’ and SUBLICENSEES’ obligations under this Paragraph 8.1 shall extend until three (3) years after the termination of this Agreement. 

8.2 Exceptions. The recipient’s obligations under Paragraph 8.1 shall not extend to any part of the information: 

 

	 	a.	that can be demonstrated to have been in the public domain or publicly known and readily available to the trade or the public prior to the date of the
disclosure; or 

  

	 	b.	that can be demonstrated, from written records to have been in the recipient’s possession or readily available to the recipient from another source not under
obligation of secrecy to the disclosing party prior to the disclosure; or 

  

	 	c.	that becomes part of the public domain or publicly known by publication or otherwise, not due to any unauthorized act by the recipient; or 

 

	 	d.	that is demonstrated from written records to have been developed by or for the receiving party without reference to confidential information disclosed by the disclosing
party; or 

  

	 	e.	that is required to be disclosed by law, government regulation or court order. 

 8.3 Right to Publish. JHU may publish manuscripts, abstracts or the like describing the PATENT RIGHTS and inventions contained therein provided confidential information of Company as defined in
Paragraph 8.1, is not included or without first obtaining approval from Company to include such confidential information. Otherwise, JHU and the Inventors shall be free to publish manuscripts and abstracts or the like directed to the work done at
JHU related to the licensed technology without prior approval. 
 ARTICLE 9 

TERM & TERMINATION 
 9.1 Term. The term of this Agreement shall commence on the EFFECTIVE DATE and shall continue, in each country, until the date of expiration of the last to expire patent included within PATENT
RIGHTS in that country or if no patents issue then for a term of ten (10) years from the EFFECTIVE DATE of this Agreement. 

  
 Page 14

 9.2 Termination By Either Party. This Agreement may be terminated by either party, in
the event that the other party (a) files or has filed against it a petition under the Bankruptcy Act, makes an assignment for the benefit of creditors, has a receiver appointed for it or a substantial part of its assets, or otherwise takes
advantage of any statute or law designed for relief of debtors or (b) fails to perform or otherwise breaches any of its material obligations hereunder, if, following the giving of notice by the terminating party of its intent to terminate and
stating the grounds therefor, the party receiving such notice shall not have cured the failure or breach within sixty (60) days. The foregoing notwithstanding, in the event that Company fails to make any undisputed payment due under this
Agreement, JHU shall have the right to terminate this Agreement upon thirty (30) days prior written notice to Company, unless Company makes such payment within said thirty-day period. In no event, however, shall such notice or intention to
terminate be deemed to waive any rights to damages or any other remedy which the party giving notice of breach may have as a consequence of such failure or breach. 
 9.3 Termination by Company. Company may terminate this Agreement and the license granted herein, for any reason, upon giving JHU ninety (90) days written notice. 

9.4 Obligations and Duties upon Termination. If this Agreement is terminated or expires, both parties shall be released from all
obligations and duties imposed or assumed hereunder to the extent so terminated, except as expressly provided to the contrary in this Agreement. Upon expiration or termination, both parties shall cease any further use of the confidential information
disclosed to the receiving party by the other party. Expiration or termination of this Agreement, for whatever reason, shall not affect the obligation of either party to make any payments for which it is liable prior to or upon such expiration or
termination. Expiration or termination shall not affect JHU’s right to recover unpaid royalties, fees, reimbursement for patent expenses, or other forms of financial compensation incurred prior to expiration or termination. Upon expiration or
termination, Company shall submit a final royalty report to JHU and any royalty payments, fees, unreimbursed patent expenses and other financial compensation due JHU shall become immediately payable. Furthermore, upon expiration or termination of
this Agreement, all rights in and to the licensed technology shall revert immediately to JHU at no cost to JHU. Upon termination of this Agreement, any SUBLICENSEE(S) shall become a direct licensee of JHU, provided that JHU’s obligations to
SUBLICENSEE(S) are no greater than JHU’s obligations to Company under this Agreement. Company shall provide written notice of such to each SUBLICENSEE(S) with a copy of such notice provided to JHU. 

9.5 Sell-Off Period. For a period of ninety (90) days following the effective termination of this Agreement by Company
pursuant to Paragraph 9.2 or 9.3, Company has the non-exclusive right to sell LICENSED PRODUCT(S) that were manufactured or ordered prior to effective date of termination. Such sales will be subject to all provisions of this Agreement, including an
accounting for and the payment of a running royalty thereon. Such accounting and payment shall be due within thirty (30) days after the close of the ninety (90) day period. 

  
 Page 15

 ARTICLE 10 
 MISCELLANEOUS 
 10.1 Use of Name. Company, AFFILIATED COMPANIES and
SUBLICENSEE(S) shall not use the name of The Johns Hopkins University or The Johns Hopkins Health System or any of its constituent parts, such as the Johns Hopkins Hospital or any contraction thereof or the name of Inventors in any advertising,
promotional, sales literature or fundraising documents without prior written consent from an authorized representative of JHU. In the event Company believes it is under a legal obligation to use the name of The Johns Hopkins University or The Johns
Hopkins Health System or any of its constituent parts, such as the Johns Hopkins Hospital or any contraction thereof or the name of Inventors, Company shall notify JHU and Company shall use only the following language: “Company
received an exclusive license to The Johns Hopkins University’s rights in and to the inventions disclosed and claimed in U.S. Patent Applications Serial Nos. 12/210,604, 12/049,763, and 13/293,357.” All other proposed use by Company will
be submitted for prior review and approval by JHU. Company, AFFILIATED COMPANIES and SUBLICENSEE(S) shall allow at least seven (7) business days notice of any proposed public disclosure for JHU’s review and comment or to provide written
consent. 
 10.2 No Partnership. Nothing in this Agreement shall be construed to create any agency, employment,
partnership, joint venture or similar relationship between the parties other than that of a licensor/licensee. Neither party shall have any right or authority whatsoever to incur any liability or obligation (express or implied) or otherwise act in
any manner in the name or on the behalf of the other, or to make any promise, warranty or representation binding on the other. 

10.3 Notice of Claim. Each party shall give the other or its representative immediate notice of any suit or action filed, or
prompt notice of any claim made, against them arising out of the performance of this Agreement or arising out of the practice of the inventions licensed hereunder. 
 10.4 Product Liability. Prior to initial human testing or FIRST COMMERCIAL SALE of any LICENSED PRODUCT(S) or LICENSED SERVICE(S) as the case may be in any particular country, Company shall
establish and maintain, in each country in which Company, an AFFILIATED COMPANY or SUBLICENSEE(S) shall test or sell LICENSED PRODUCT(S) and LICENSED SERVICE(S), product liability or other appropriate insurance coverage in the minimum amount of
(i) five million dollars ($5,000,000) per claim upon initiation of human testing and through PHASE II CLINICAL TRIAL(S), and (ii) ten million dollars ($10,000,000) per claim during PHASE III CLINICAL TRIAL(S) and thereafter for subsequent
clinical studies and after FIRST COMMERCIAL SALE. Company will annually present evidence to JHU that such coverage is being maintained. Upon JHU’s request, Company will furnish JHU with a Certificate of Insurance of each product liability
insurance policy obtained. JHU shall be listed as an additional insured in Company’s said insurance policies. If such Product Liability insurance is underwritten on a ‘claims made’ basis, Company agrees that any change in underwriters
during the term of this Agreement will require the purchase of ‘prior acts’ coverage to ensure that coverage will be continuous throughout the term of this Agreement. 

  
 Page 16

 10.5 Governing Law. This Agreement shall be construed, and legal relations between
the parties hereto shall be determined, in accordance with the laws of the State of Maryland applicable to contracts solely executed and wholly to be performed within the State of Maryland without giving effect to the principles of conflicts of
laws. Any disputes between the parties to the Agreement shall be brought in the state or federal courts of Maryland. Both parties agree to waive their right to a jury trial. 
 10.6 Notice. All notices or communication required or permitted to be given by either party hereunder shall be deemed sufficiently given if mailed by registered mail or certified mail, return
receipt requested, or sent by overnight courier, such as Federal Express, to the other party at its respective address set forth below or to such other address as one party shall give notice of to the other from time to time hereunder. Mailed
notices shall be deemed to be received on the third business day following the date of mailing. Notices sent by overnight courier shall be deemed received the following business day. 

 

			
	If to Company:	  	 CEO and President
 Manish
Singh, Ph.D.
 Immunocellular Therapeutics Ltd.
 21900 Burbank Blvd, 3rd Floor
 Woodland Hills, CA 91367

		
	If to JHU:	  	 Executive Director
 Johns
Hopkins Technology Transfer
 The Johns Hopkins University
 100 N. Charles Street
 5th Floor

Baltimore, MD 21201
 Attn: Agreement #
A20530

 10.7 Compliance with All Laws. In all activities undertaken pursuant to this Agreement, both JHU
and Company covenant and agree that each will in all material respects comply with such Federal, state and local laws and statutes, as may be in effect at the time of performance and all valid rules, regulations and orders thereof regulating such
activities. 
 10.8 Successors and Assigns. Neither this Agreement nor any of the rights or obligations created herein,
except for the right to receive any remuneration hereunder, may be assigned by either party, in whole or in part, without the prior written consent of the other party, except that either party shall be free to assign this Agreement in connection
with any sale of substantially all of its assets or in connection with the asset sale or merger of the business unit which is developing LICENSED PRODUCT(S) and/or LICENSED SERVICE(S) without the consent of the other; provided that: (a) any
such assignee shall agree in writing to be bound by the terms and conditions of this Agreement; and (b) the assigning party shall notify the other party of any such assignment. This Agreement shall bind and inure to the benefit of the
successors and permitted assigns of the parties hereto. 

  
 Page 17

 10.9 No Waivers; Severability. No waiver of any breach of this Agreement shall
constitute a waiver of any other breach of the same or other provision of this Agreement, and no waiver shall be effective unless made in writing. Any provision hereof prohibited by or unenforceable under any applicable law of any jurisdiction shall
as to such jurisdiction be deemed ineffective and deleted herefrom without affecting any other provision of this Agreement. It is the desire of the parties hereto that this Agreement be enforced to the maximum extent permitted by law, and should any
provision contained herein be held by any governmental agency or court of competent jurisdiction to be void, illegal and unenforceable, the parties shall negotiate in good faith for a substitute term or provision which carries out the original
intent of the parties. 
 10.10 Entire Agreement; Amendment. Company and JHU acknowledge that they have read this entire
Agreement and that this Agreement, including the attached Exhibits constitutes the entire understanding and contract between the parties hereto and supersedes any and all prior or contemporaneous oral or written communications with respect to the
subject matter hereof, all of which communications are merged herein. It is expressly understood and agreed that (i) there being no expectations to the contrary between the parties hereto, no usage of trade, verbal agreement or another regular
practice or method dealing within any industry or between the parties hereto shall be used to modify, interpret, supplement or alter in any manner the express terms of this Agreement; and (ii) this Agreement shall not be modified, amended or in
any way altered except by an instrument in writing signed by both of the parties hereto. 
 10.11 Delays or Omissions.
Except as expressly provided herein, no delay or omission to exercise any right, power or remedy accruing to any party hereto, shall impair any such right, power or remedy to such party nor shall it be construed to be a waiver of any such breach or
default, or an acquiescence therein, or in any similar breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any party
of any breach or default under this Agreement, or any waiver on the part of any party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All
remedies either under this Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative. 

10.12 Force Majeure. If either party fails to fulfill its obligations hereunder (other than an obligation for the payment of
money), when such failure is due to an act of God, or other circumstances beyond its reasonable control, including but not limited to fire, flood, civil commotion, riot, war (declared and undeclared), revolution, or embargoes, then said failure
shall be excused for the duration of such event and for such a time thereafter as is reasonable to enable the parties to resume performance under this Agreement, provided however, that in no event shall such time extend for a period of more than one
hundred eighty (180) days. 
 10.13 Further Assurances. Each party shall, at any time, and from time to time, prior
to or after the EFFECTIVE DATE of this Agreement, at reasonable request of the other party, execute and deliver to the other such instruments and documents and shall take such actions as may be required to more effectively carry out the terms of
this Agreement. 

  
 Page 18

 10.14 Survival. All representations, warranties, covenants and agreements made herein
and which by their express terms or by implication are to be performed after the execution and/or termination hereof, or are prospective in nature, shall survive such execution and/or termination, as the case may be. This shall include Paragraphs
3.9 (Late Payments), 5.2 (Records), and Articles 6, 7, 8, 9, and 10. 
 10.15 No Third Party Beneficiaries. Nothing in
this Agreement shall be construed as giving any person, firm, corporation or other entity, other than the parties hereto and their successors and permitted assigns, any right, remedy or claim under or in respect of this Agreement or any provision
hereof. 
 10.16 Headings. Article headings are for convenient reference and are not a part of this Agreement. All
Exhibits are incorporated herein by this reference. 
 10.17 Counterparts. This Agreement may be executed in
counterparts, each of which shall be deemed an original and all of which when taken together shall be deemed but one instrument. 

[Signatures on following page.] 

  
 Page 19

 IN WITNESS WHEREOF, this Agreement shall take effect as of the EFFECTIVE DATE when it has
been executed below by the duly authorized representatives of the parties. 
  

					
	THE JOHNS HOPKINS UNIVERSITY	 		 	 IMMUNOCELLULAR

THERAPEUTICS, LTD.

			
	/s/ Wesley D. Blakeslee, J.D.	 		 	/s/ Manish Singh, Ph.D.
	Wesley D. Blakeslee, J.D.	 		 	Manish Singh, Ph.D.
	Executive Director	 		 	CEO and President
	Johns Hopkins Technology Transfer	 		 	Immunocellular Therapeutics Ltd.
			
	2/23/2012	 		 	2/17/2012
	(Date)	 		 	(Date)

 EXHIBIT A. PATENT RIGHTS 
 EXHIBIT B. LICENSE FEE & ROYALITIES. 
 EXHIBIT C. SALES & ROYALTY REPORT FORM.

  
 Page 20

 EXHIBIT A 
 PATENT RIGHTS 
  

													
	JHU Ref. #	 	 Patent Appl.
 Number
	 	Patent Type	 	Appl. Date	 	 Patent
 Issue
 Number
	 	Issue Date	 	Country
	 P04083-02
	 	60/395,556	 	Provisional	 	12-Jul-2002	 	N/A	 	N/A	 	United States
		 	60/398,217	 	Provisional	 	24-Jul-2002	 	N/A	 	N/A	 	United States
		 	60/414,931	 	Provisional	 	30-Sep-2002	 	N/A	 	N/A	 	United States
	 P04083-01
	 	60/475,783	 	Provisional	 	5-Jun-2003	 	N/A	 	N/A	 	United States
	 P10013-01
	 	60/918,267	 	Provisional	 	15-Mar-2007	 	N/A	 	N/A	 	United States
	 P04083-11
	 	12/210,604	 	Continuation	 	15-Sep-2008	 		 		 	United States
	 P10013-02
	 	12/049,763	 	Continuation-in-part	 	17-Mar-2008	 		 		 	United States
	 P04083-12
	 	13/293,357	 	Continuation	 	10-Nov-2011	 		 		 	United States

  
 Page 21

 EXHIBIT B 
 LICENSE FEE & ROYALTIES 
 1. License Fee. The License Fee due under
Paragraph 3.1 is [***] in cash and Company stock ([***] in cash and shares of Company’s common stock with a value at the time of issuance of [***]). The License Fee shall be payable pursuant to the following schedule:

  

	 	(i)	[***] paid as [***] in cash and shares of Company stock with a value of [***] within thirty (30) days of the EFFECTIVE DATE of this Agreement;
and 

  

	 	(ii)	[***] paid as [***] in cash and shares of Company stock with a value of [***] upon issuance of the first U.S. patent within PATENT RIGHTS claiming
a therapeutic product or method. 

 2. Milestone License Fees. The Milestone License Fees due under Paragraph 3.2 for each
LICENSED PRODUCTS or LICENSED SERVICES developed by Company, AFFILIATED COMPANIES, or SUBLICENSEES are as follows: 
  

	 	(i)	[***] upon dosing of the first patient in a PHASE II CLINICAL TRIAL (or foreign equivalent) at a site other than JHU; and 

 

	 	(ii)	[***] upon dosing of the first patient in a PHASE III CLINICAL TRIAL (or foreign equivalent) at a site other than JHU; and 

 

	 	(iii)	[***] upon receipt of REGULATORY APPROVAL to market a LICENSED PRODUCT in the United States; and 

 

	 	(iv)	[***] upon first achieving [***] in combined annual NET SALES and NET SERVICES REVENUES; and 

 

	 	(v)	[***] upon first achieving [***] in combined annual NET SALES and NET SERVICES REVENUES. 

3. Minimum Annual Royalties. Commencing on the first anniversary of the EFFECTIVE DATE following the issuance of the first U.S. patent within
PATENT RIGHTS claiming a therapeutic product or method, the minimum annual royalties pursuant to Paragraph 3.3 are: 
  

					
	 Anniversary following patent issuance
	  	Amount	 
	 1
	  	 	[	***] 
	 2
	  	 	[	***] 
	 3
	  	 	[	***] 
	 4
	  	 	[	***] 
	 5
	  	 	[	***] 
	 6
	  	 	[	***] 
	 7
	  	 	[	***] 
	 8 and each additional anniversary during the Term of this Agreement
	  	 	[	***] 

  
 Page 22

 4. Royalties. The running royalty rate payable under Paragraph 3.4 is [***]. 

5. Sublicense consideration. The percent sublicense consideration payable under Paragraph 3.5 is as follows: 

 

	 	(i)	[***] of all Royalty Sublicense Consideration; and 

  

	 	(ii)	Non-royalty Sublicense Consideration as set forth below: 

  

	 	(a)	[***] of Non-royalty Sublicense Consideration that Company or an AFFILIATED COMPANY receives under any sublicense agreement executed prior to dosing of the first
patient in the first PHASE II CLINICAL TRIAL; 

  

	 	(b)	[***] of Non-royalty Sublicense Consideration that Company or an AFFILIATED COMPANY receives under any sublicense agreement executed after dosing the
first patient in a PHASE II CLINICAL TRIAL and prior to dosing of the first patient in the first PHASE III CLINICAL TRIAL; and 

  

	 	(c)	[***] of Non-royalty Sublicense Consideration that Company or an AFFILIATED COMPANY receives under any sublicense agreement executed after dosing of the first
patient in a PHASE III CLINICAL TRIAL. 

 In the event that Company sublicenses JHU’s PATENT
RIGHTS together with patent rights owned by a third party as part of a combination vaccine and Company is required to pay a portion of sublicensing revenue to a third party under a third party license for such patent rights, the share of Non-royalty
Sublicense Consideration above shall be abatable by up to [***] of the share paid to the third party(ies), provided that the share of Non-royalty Sublicense Consideration payable to JHU shall not drop below [***] of the share
calculated before the abatement or [***] of total Non-royalty Sublicense Consideration received by Company. 

  
 Page 23

 EXHIBIT C 
 QUARTERLY SALES & ROYALTY REPORT 
 FOR EXCLUSIVE LICENSE
AGREEMENT 
 BETWEEN 
 IMMUNOCELLULAR THERAPEUTICS, LTD. AND 
 THE JOHNS HOPKINS UNIVERSITY

 EFFECTIVE DATE February 16, 2012 
 FOR PERIOD OF              TO              

TOTAL ROYALTIES DUE FOR THIS PERIOD $             

 

													
	 PRODUCT ID
	 	 PRODUCT NAME
	 	 *JHU
REFERENCE
	 	 1st COMMERCIAL
SALE DATE
	 	 TOTAL NET

SALES/SERVICES
	 	 ROYALTY

RATE
	 	 AMOUNT

DUE

		 		 		 		 		 		 	

  

	*	Please provide the JHU Reference Number or Patent Reference 

 This report format is to be used to report quarterly royalty statements to JHU. It should be placed on Company letterhead and accompany any royalty payments due for the reporting period. This report shall
be submitted even if no sales are reported. 

  
 Page 24

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00201-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00201-of-00352.parquet"}]]