Document:

Document

Exhibit 10.1

SECOND AMENDMENT TO
LOAN AND SECURITY AGREEMENT

THIS SECOND AMENDMENT to Loan and Security Agreement (this “Amendment”) is entered into as of March 31, 2020, by and between OXFORD FINANCE LLC, a Delaware limited liability company with an office located at 133 North Fairfax Street, Alexandria, Virginia 22314 (“Oxford”), as collateral agent (in such capacity, “Collateral Agent”), the Lenders listed on Schedule 1.1 hereof or otherwise a party hereto from time to time including Oxford in its capacity as a Lender (each a “Lender” and collectively, the “Lenders”) and BELLICUM PHARMACEUTICALS, INC., a Delaware corporation with offices located at 2130 West Holcombe Boulevard, Suite 800, Houston, Texas 77030 (“Borrower”).
Recitals
A.Collateral Agent, Lenders and Borrower have entered into that certain Loan and Security Agreement dated as of December 21, 2017 (as amended from time to time, including by that certain First Amendment to Loan and Security Agreement dated as of December 24, 2019, collectively, the “Loan Agreement”).
B.Lenders have extended credit to Borrower for the purposes permitted in the Loan Agreement.  
C.Borrower desires to enter into the MD Anderson Asset Purchase Agreement (as defined herein) pursuant to which Borrower agrees to (i) sell, convey, transfer, assign and deliver to The University of Texas M.D. Anderson Cancer Center certain Purchased Assets (as defined in the MD Anderson Asset Purchase Agreement),  and (ii) enter into certain other arrangements all as more particularly described in the MD Anderson Asset Purchase Agreement.
D.Borrower has requested that Collateral Agent and Lenders (i) consent to the MD Anderson Asset Purchase Agreement and the transactions contemplated therein as more fully set forth herein, (ii) modify the repayment provisions of the Loan Agreement, and (iii) make certain other revisions to the Loan Agreement as more fully set forth herein. In exchange for the agreement of the Lenders and Collateral Agent to (i) consent to the MD Anderson Asset Purchase Agreement and the transactions contemplated therein as more fully set forth herein, and (ii) modify the repayment provisions of the Loan Agreement, the Borrower has agreed to grant to the Lenders and the Collateral Agent a new security interest in Borrower’s Intellectual Property as of the Second Amendment Effective Date, all as more fully set forth herein.
E.Collateral Agent and Lenders have agreed to amend certain provisions of the Loan Agreement to set forth the agreement above, but only to the extent, and subject to the terms and conditions and in reliance upon the representations and warranties, set forth below.
Agreement
Now, Therefore, in consideration of the foregoing recitals and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows:
1.Definitions.  Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Loan Agreement.
2.Consent. Pursuant to Section 7.1 of the Loan Agreement, Borrower shall not Transfer all or any part of its business or property without the prior written consent of the Required Lenders, except for certain specifically enumerated permitted Transfers. Notwithstanding anything to the contrary contained in Section 7.1 of the Loan Agreement and provided that (i) all upfront payments, royalties, milestone payments or other proceeds arising from the MD Anderson Asset Purchase Agreement that are payable to Borrower or any of its Subsidiaries are paid to a Deposit Account that is governed by a Control Agreement in favor of Collateral Agent, and (ii) no Event of Default has occurred and is continuing prior to, or would occur immediately after, as a result of the consummation 
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of the transactions contemplated by the MD Anderson Asset Purchase Agreement, Collateral Agent and Lenders hereby consent, subject to the terms hereof, to Borrower’s the performance of Borrower’s obligations under the MD Anderson Asset Purchase Agreement, and agree that the execution and performance of the MD Anderson Asset Purchase Agreement shall not, in and of itself, constitute an “Event of Default” under Section 7.1 of the Loan Agreement
3.Amendments to Loan Agreement. 
3.1  Section 2.2(b) (Term Loan).  Section 2.2(b) of the Loan Agreement hereby is amended and restated in its entirety to read as follows:
“(b) Repayment.  Borrower shall make monthly payments of interest only on each Payment Date during the Interest-Only Period.  Borrower agrees to pay, on the Funding Date of the Term Loan, any initial partial monthly interest payment otherwise due for the period between the Funding Date of the Term Loan and the first Payment Date thereof.  For each Payment Date which does not occur during the Interest-Only Period, Borrower shall make equal monthly payments of principal, together with applicable interest, in arrears, to each Lender, as calculated by Collateral Agent (which calculations shall be deemed correct absent manifest error) based upon: (1) the amount of such Lender’s Term Loan, (2) the effective rate of interest, as determined in Section 2.3(a), and (3) a repayment schedule outlined in Annex I attached hereto, as applicable as determined by (x) the date of the MD Anderson Closing Date, and (y) the date of the achievement of the Capital Event; provided, however, that if the MD Anderson Closing Date is after April 30, 2020 then Collateral Agent shall provide an updated repayment schedule to account for the change in prepayment to be made on the MD Anderson Closing Date in accordance with Section 2.2(d)(ii).  All unpaid principal and accrued and unpaid interest with respect to the Term Loan is due and payable in full on the Maturity Date.  The Term Loan may only be prepaid in accordance with Sections 2.2(c) and 2.2(d).”
3.2  Section 2.2(d) (Term Loan).  Section 2.2(d) of the Loan Agreement hereby is amended and restated in its entirety to read as follows:
“(d) Permitted Prepayment of Term Loan.  
        (i) Borrower shall have the option to prepay all, but not less than all, of the Term Loan advanced by the Lenders under this Agreement, provided Borrower (i) provides written notice to Collateral Agent of its election to prepay the Term Loan at least thirty (30) days prior to such prepayment, and (ii) pays to the Lenders on the date of such prepayment, payable to each Lender in accordance with its respective Pro Rata Share, an amount equal to the sum of (A) all outstanding principal of the Term Loan plus accrued and unpaid interest thereon through the prepayment date, (B) the Final Payment, (C) the Prepayment Fee, plus (D) all other Obligations that are due and payable, including Lenders’ Expenses and interest at the Default Rate with respect to any past due amounts. 
        (ii) Notwithstanding anything herein to the contrary, on the MD Anderson Closing Date, Borrower shall prepay part of Term Loans advanced by the Lenders under this Agreement, payable to each Lender in accordance with its respective Pro Rata Share, in an amount equal to the sum of (A) a portion of the outstanding principal of the Term Loans, which, if the MD Anderson Closing Date is after March 31, 2020 and prior to May 1, 2020, shall be equal to Six Million Four Hundred Thirty-Nine Thousand Seven Hundred Forty-Two and 41/100 Dollars ($6,439,742.41), plus all accrued and unpaid interest thereon through the prepayment date, (B) the applicable Final Payment with respect to the portion of such Term Loans being prepaid which, if the MD Anderson Closing Date is after March 31, 2020 and prior to May 1, 2020, shall be equal to Five Hundred Sixty Thousand Two Hundred Fifty-Seven and 59/100 Dollars ($560,257.59), and (C) all outstanding Lenders’ Expenses as of the MD Anderson Closing Date. If the MD Anderson 
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Closing Date occurs on or after May 1, 2020 and on or prior to June 30, 2020 then such prepayment amounts under this Section 3.2(d)(ii) will be revised by Oxford to reflect the reduction of such prepayment amounts by the consecutive equal monthly scheduled payment per month made by Borrower on the outstanding principal of the Term Loans, such that the prepayment amount consisting of (A) and (B) above will be reduced by One Million Dollars ($1,000,000) each month. For the purposes of clarity, any partial prepayment shall be applied pro-rata to all outstanding amounts under each Term Loan, and shall be applied pro-rata within each Term Loan tranche to reduce amortization payments under Section 2.2(b) on a pro-rata basis.”
3.3  Section 5.2(d) (Collateral).  Section 5.2(d) of the Loan Agreement hereby is amended and restated in its entirety to read as follows:
 “(d)  Borrower and each of its Subsidiaries is the sole owner of the Intellectual Property each respectively purports to own, free and clear of all Liens other than Permitted Liens.  At all times after the Second Amendment Effective Date, (i) Each of Borrower’s and its Subsidiaries’ Patents is valid and enforceable and no part of Borrower’s or its Subsidiaries’ Intellectual Property has been judged invalid or unenforceable, in whole or in part, and (ii) to the best of Borrower’s knowledge, no claim has been made that any part of the Intellectual Property or any practice by Borrower or its Subsidiaries violates the rights of any third party except to the extent such claim could not reasonably be expected to have a Material Adverse Change.  Except as noted on the Perfection Certificates, neither Borrower nor any of its Subsidiaries is a party to, nor is bound by, any material license or other material agreement with respect to which Borrower or such Subsidiary is the licensee that (i) prohibits or otherwise restricts Borrower or its Subsidiaries from granting a security interest in Borrower’s or such Subsidiaries’ interest in such material license or material agreement or any other property, or (ii) for which a default under or termination of could interfere with Collateral Agent’s or any Lender’s right to sell any Collateral.  Borrower shall provide written notice to Collateral Agent and each Lender within ten (10) days of Borrower or any of its Subsidiaries entering into or becoming bound by any license or agreement with respect to which Borrower or any Subsidiary is the licensee (other than over-the-counter software that is commercially available to the public).”
3.4  Section 6.2 (Financial Statements, Reports, Certificates).  Section 6.2(vii) of the Loan Agreement hereby is amended and restated in its entirety to read as follows:
“(vii)  prompt notice of (A) at all times after the Second Amendment Effective Date, any material change in the composition of the Intellectual Property, (B) at all times after the Second Amendment Effective Date, the registration of any copyright, including any subsequent ownership right of Borrower or any of its Subsidiaries in or to any copyright, patent or trademark, including a copy of any such registration, and (C) any event that could reasonably be expected to materially and adversely affect the value of the Intellectual Property.”
3.5  Section 6.7 (Protection of Intellectual Property Rights).  Section 6.7 of the Loan Agreement hereby is amended and restated in its entirety to read as follows:
“6.7 Protection of Intellectual Property Rights.  Borrower and each of its Subsidiaries shall: (a) use commercially reasonable efforts to protect, defend and maintain the validity and enforceability of its Intellectual Property that is material to Borrower’s business; (b) promptly advise Collateral Agent in writing of material infringement by a third party of its Intellectual Property; and (c) not allow any Intellectual Property material to Borrower’s business to be abandoned, forfeited or dedicated to the public without Collateral Agent’s prior written consent.  At all times after the Second Amendment Effective, if Borrower or any of its Subsidiaries (i) obtains any patent, registered trademark or servicemark, registered copyright, registered mask work, or any pending application for any of the foregoing, whether as owner, licensee or otherwise, or (ii) applies for any patent or the registration of any trademark or 
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servicemark, then Borrower or such Subsidiary shall substantially contemporaneously provide written notice thereof to Collateral Agent and each Lender and shall execute such intellectual property security agreements and other documents and take such other actions as Collateral Agent shall reasonably request in its good faith business judgment to perfect and maintain a first priority perfected security interest in favor of Collateral Agent, for the ratable benefit of the Lenders, in such property.  At all times after the Second Amendment Effective, if Borrower or any of its Subsidiaries decides to register any copyrights or mask works in the United States Copyright Office, Borrower or such Subsidiary shall: execute an intellectual property security agreement and such other documents and take such other actions as Collateral Agent may reasonably request in its good faith business judgment to perfect and maintain a first priority perfected security interest in favor of Collateral Agent, for the ratable benefit of the Lenders, in the copyrights or mask works intended to be registered with the United States Copyright Office; and (z) record such intellectual property security agreement with the United States Copyright Office contemporaneously with filing the copyright or mask work application(s) with the United States Copyright Office.  At all times after the Second Amendment Effective, Borrower or such Subsidiary shall promptly provide to Collateral Agent and each Lender with evidence of the recording of the intellectual property security agreement necessary for Collateral Agent to perfect and maintain a first priority perfected security interest in such property.”
3.6  Section 13.1 (Definitions).  The following terms and their respective definitions hereby are added or amended and restated in their entirety, as applicable, to Section 13.1 of the Loan Agreement in their proper alphabetical order as follows:
“Capital Event” means delivery to Collateral Agent and Lenders of evidence, in form and content reasonably acceptable to Collateral Agent and Lenders, of the receipt by Borrower after the First Amendment Effective Date, but in no event later than March 31, 2021, of gross cash proceeds of not less than Thirty-Five Million Dollars ($35,000,000.00) from (i) the issuance and sale by Borrower of its equity securities to one or more investment partnerships advised by Baker Bros. pursuant to that certain Securities Purchase Agreement dated as of August 16, 2019 by and among Borrower and the Purchasers listed thereto, (ii) any sale of equity securities or (iii) any partnership or licensing arrangement of Borrower.
“Interest-Only Period” is the period commencing on the first (1st) Payment Date following the Funding Date of the Term Loan, and ending on January 31, 2020; provided that if the MD Anderson Closing Date is on or prior to June 30, 2020, the Interest-Only Period shall be automatically extended through December 31, 2020; provided further that if the MD Anderson Closing Date is on or prior to June 30, 2020 and the Borrower achieves the Capital Event, the Interest-Only Period shall extend for an additional seven (7) months beginning in the month following the month in which the Capital Event occurs, as outlined in Annex I attached hereto as applicable as determined by the date of the achievement of the Capital Event.
“IP Agreement” is that certain Intellectual Property Security Agreement entered into by and between Borrower and Collateral Agent dated as of the Second Amendment Effective Date, as such may be amended from time to time.
“Loan Documents” are, collectively, this Agreement, the Perfection Certificates, each Compliance Certificate, each Disbursement Letter, the Post Closing Letter, the IP Agreement, any subordination agreements, any note, or notes or guaranties executed by Borrower or any other Person, and any other present or future agreement entered into by Borrower, any Guarantor or any other Person for the benefit of the Lenders and Collateral Agent in connection with this Agreement; all as amended, restated, or otherwise modified.
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“MD Anderson Asset Purchase Agreement” means that certain Asset Purchase Agreement by and between Borrower, as seller, and The University of Texas M.D. Anderson Cancer Center, as buyer, in substantially the form attached hereto as Annex II.
“MD Anderson Closing Date” means the Closing Date as defined in the MD Anderson Asset Purchase Agreement, which, for the sake of clarity, is the date on which the transactions contemplated by the MD Anderson Asset Purchase Agreement occur are consummated.
“Second Amendment Effective Date” means March 31, 2020.
3.7  Section 13.1 (Definitions).  The following defined term and its respective definition is hereby deleted from Section 13.1 of the Loan Agreement in its entirety:
        “Amortization Date”
3.8  On the Second Amendment Effective Date, Exhibit A of the Loan Agreement hereby is replaced in its entirety with Exhibit A attached hereto.
4.Limitation of Amendment.
4.1  If the MD Anderson Closing Date is after June 30, 2020, the amendments set forth in Section 3 hereof shall be revoked and Collateral Agent, Lenders and Borrower shall renegotiate each of the respective provisions thereunder. Furthermore, if the MD Anderson Closing Date is after June 30, 2020, the consent provided by Collateral Agent in Section 2 related to performance of Borrower’s obligations under the MD Anderson Asset Purchase Agreement shall be revoked.
4.2  The consent and amendments set forth in Section 2 and Section 3 above, are effective for the purposes set forth herein and shall be limited precisely as written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right or remedy which Collateral Agent or any Lender may now have or may have in the future under or in connection with any Loan Document.
4.3  This Amendment shall be construed in connection with and as part of the Loan Documents and all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and effect.
5.Representations and Warranties.  To induce Collateral Agent and Lenders to enter into this Amendment, Borrower hereby represents and warrants to Collateral Agent and Lenders as follows:
5.1  Immediately after giving effect to this Amendment (a) the representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as of such date), and (b) no Event of Default has occurred and is continuing;
5.2  Borrower has the power and authority to execute and deliver this Amendment and to perform its obligations under the Loan Agreement, as amended by this Amendment;
5.3  The organizational documents of Borrower delivered to Collateral Agent and Lenders on the Effective Date, or subsequent thereto, remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect;
5.4  The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, have been duly authorized;
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5.5  The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not and will not contravene (a) any law or regulation binding on or affecting Borrower, (b) any contractual restriction with a Person binding on Borrower, (c) any order, judgment or decree of any court or other governmental or public body or authority, or subdivision thereof, binding on Borrower, or (d) the organizational documents of Borrower;
5.6  The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any governmental or public body or authority, or subdivision thereof, binding on Borrower; and
5.7  This Amendment has been duly executed and delivered by Borrower and is the binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting creditors’ rights.
6.Release by Borrower.
6.1  FOR GOOD AND VALUABLE CONSIDERATION, Borrower hereby forever relieves, releases, and discharges Collateral Agent and each Lender and their respective present or former employees, officers, directors, agents, representatives, attorneys, and each of them, from any and all claims, debts, liabilities, demands, obligations, promises, acts, agreements, costs and expenses, actions and causes of action, of every type, kind, nature, description or character whatsoever, whether known or unknown, suspected or unsuspected, absolute or contingent, arising out of or in any manner whatsoever connected with or related to facts, circumstances, issues, controversies or claims existing or arising from the beginning of time through and including the date of execution of this Amendment solely to the extent such claims arise out of or are in any manner whatsoever connected with or related to the Loan Documents, the Recitals hereto, any instruments, agreements or documents executed in connection with any of the foregoing or the origination, negotiation, administration, servicing and/or enforcement of any of the foregoing (collectively “Released Claims”).
6.2  By entering into this release, Borrower recognizes that no facts or representations are ever absolutely certain and it may hereafter discover facts in addition to or different from those which it presently knows or believes to be true, but that it is the intention of Borrower hereby to fully, finally and forever settle and release all matters, disputes and differences, known or unknown, suspected or unsuspected in respect of the Released Claims; accordingly, if Borrower should subsequently discover that any fact that it relied upon in entering into this release was untrue, or that any understanding of the facts was incorrect, Borrower shall not be entitled to set aside this release by reason thereof, regardless of any claim of mistake of fact or law or any other circumstances whatsoever. Borrower acknowledges that it is not relying upon and has not relied upon any representation or statement made by Bank with respect to the facts underlying this release or with regard to any of such party’s rights or asserted rights.
6.3  This release may be pleaded as a full and complete defense and/or as a cross-complaint or counterclaim against any action, suit, or other proceeding that may be instituted, prosecuted or attempted in breach of this release. Borrower acknowledges that the release contained herein constitutes a material inducement to Collateral Agent and the Lenders to enter into this Amendment, and that Collateral Agent and the Lenders would not have done so but for Collateral Agent’s and the Lenders’ expectation that such release is valid and enforceable in all events.
6.4  Borrower hereby represents and warrants to Collateral Agent and the Lenders, and Collateral Agent and the Lenders are relying thereon, as follows:
(a)  Except as expressly stated in this Amendment, neither Collateral Agent, the Lenders nor any agent, employee or representative of any of them has made any statement or representation to Borrower regarding any fact relied upon by Borrower in entering into this Amendment.
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(b)  Borrower has made such investigation of the facts pertaining to this Amendment and all of the matters appertaining thereto, as it deems necessary.
(c)  The terms of this Amendment are contractual and not a mere recital.
(d)  This Amendment has been carefully read by Borrower, the contents hereof are known and understood by Borrower, and this Amendment is signed freely, and without duress, by Borrower.
(e)  Borrower represents and warrants that it is the sole and lawful owner of all right, title and interest in and to every claim and every other matter which it releases herein, and that it has not heretofore assigned or transferred, or purported to assign or transfer, to any person, firm or entity any claims or other matters herein released. Borrower shall indemnify Collateral Agent and the Lenders, defend and hold each harmless from and against all claims based upon or arising in connection with prior assignments or purported assignments or transfers of any claims or matters released herein.
7.Counterparts.  This Amendment may be executed in any number of counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument.
8.Effectiveness.  This Amendment shall be deemed effective upon (i) the due execution and delivery to Collateral Agent and Lenders of this Amendment by each party hereto, (ii) the due execution and delivery to Collateral Agent of the Corporate Borrowing Certificate attached hereto, (iii) the due execution and delivery to the Collateral Agent and Lenders the Intellectual Property Security Agreement by each party hereto, (iv) Collateral Agent’s filing of a UCC-3 in respect of the existing UCC-1 filed with the Delaware Secretary of State naming Collateral Agent, as secured party, and Borrower, as debtor, amending the description of the Collateral to conform with Exhibit A as revised by this Amendment, and (v) Borrower’s payment of all Lenders’ Expenses incurred through the Second Amendment Effective Date.
9.Conditions Subsequent.  Borrower agrees to provide Collateral Agent and the Lenders at least two (2) days prior written notice of the date that will be the MD Anderson Closing Date. 

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In Witness Whereof, the parties hereto have caused this Amendment to be duly executed and delivered as of the date first written above.
									
	COLLATERAL AGENT AND LENDER:		
			
	OXFORD FINANCE LLC 		
			
			
	By:	/s/ Colette H. Featherly
	
	Name:	Colette H. Featherly                                              
	
	Title:	Senior Vice President
	
			
			
			
			
	BORROWER:		
			
	BELLICUM PHARMACEUTICALS, INC.		
			
			
	By:	/s/ Atabak Mokari
	
	Name:	Atabak Mokari
	
	Title:	Chief Financial Officer
	
			
			

[Signature Page to Second Amendment to Loan and Security Agreement]

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EXHIBIT A
Description of Collateral
The Collateral consists of all of Borrower’s right, title and interest in and to the following personal property:
All goods, Accounts (including health-care receivables), Equipment, Inventory, contract rights or rights to payment of money, leases, license agreements, franchise agreements, General Intangibles (including all Intellectual Property), commercial tort claims, documents, instruments (including any promissory notes), chattel paper (whether tangible or electronic), cash, deposit accounts and other Collateral Accounts, all certificates of deposit, fixtures, letters of credit rights (whether or not the letter of credit is evidenced by a writing), securities, and all other investment property, supporting obligations, and financial assets, whether now owned or hereafter acquired, wherever located; and
All Borrower’s Books relating to the foregoing, and any and all claims, rights and interests in any of the above and all substitutions for, additions, attachments, accessories, accessions and improvements to and replacements, products, proceeds and insurance proceeds of any or all of the foregoing.
Notwithstanding the foregoing, the Collateral does not include (i) more than sixty-five percent (65%) of the total combined voting power of all classes of stock entitled to vote the shares of capital stock (the “Shares”) of any Foreign Subsidiary, if Borrower demonstrates to Collateral Agent’s reasonable satisfaction that a pledge of more than sixty-five percent (65%) of the Shares of such Subsidiary creates a present and existing adverse tax consequence to Borrower under the U.S. Internal Revenue Code; (ii) any license or contract, in each case if the granting of a Lien in such license or contract is prohibited by or would constitute a default under the agreement governing such license or contract (but (A) only to the extent such prohibition is enforceable under applicable law and (B) other than to the extent that any such term would be rendered ineffective pursuant to Sections 9-406, 9-408 or 9-409 (or any other Section) of Division 9 of the Code); provided that upon the termination, lapsing or expiration of any such prohibition, such license or contract, as applicable, shall automatically be subject to the security interest granted in favor of Collateral Agent hereunder and become part of the “Collateral; (iii) cash securing obligations permitted under clause (h) of the definition of Permitted Indebtedness; (iv) Excluded Accounts; (v) any “intent to use” application for registration of a trademark filed pursuant to Section 1(d) of the Lanham Act, 15 U.S.C. Section 1051, prior to the filing of a “Statement of Use” pursuant to Section 1(d) of the Lanham Act or an “Amendment to Allege Use” pursuant to Section 1(c) of the Lanham Act with respect thereto, to the extent that, and during the period in which, the grant of a security interest therein would impair the validity or enforceability of any registration that issues from such intent-to-use application under applicable federal law, and (vi) any interest of Borrower as a lessee under an Equipment lease if Borrower is prohibited by the terms of such lease from granting a security interest in such lease or under which such an assignment or Lien would cause a default to occur under such lease; provided, however, that upon termination of such prohibition, such interest shall immediately become Collateral without any action by Borrower or Oxford. 

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ANNEX I
[Amortization Schedule]
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ANNEX II
[MD Anderson Asset Purchase Agreement]
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CORPORATE BORROWING CERTIFICATE
												
	Borrower:
	BELLICUM PHARMACEUTICALS, INC.	Date: March 31, 2020
	
	Lender:	OXFORD FINANCE LLC, as Collateral Agent and Lender		
				

I hereby certify as follows, as of the date set forth above:
1. I am the Secretary, Assistant Secretary or other officer of Borrower.  My title is as set forth below.
2. Borrower’s exact legal name is set forth above.  Borrower is a corporation existing under the laws of the State of Delaware.
3. Attached hereto as Exhibit A and Exhibit B, respectively, are true, correct and complete copies of (i) Borrower’s Certificate of Incorporation (including amendments), as filed with the Secretary of State of the state in which Borrower is incorporated as set forth in paragraph 2 above; and (ii) Borrower’s Bylaws.  Neither such Certificate of Incorporation nor such Bylaws have been amended, annulled, rescinded, revoked or supplemented, and such Articles/Certificate of Incorporation and such Bylaws remain in full force and effect as of the date hereof.  
4. The following resolutions were duly and validly adopted by Borrower’s Board of Directors at a duly held meeting of such directors (or pursuant to a unanimous written consent or other authorized corporate action).  Such resolutions are in full force and effect as of the date hereof and have not been in any way modified, repealed, rescinded, amended or revoked, and the Lenders may rely on them until each Lender receives written notice of revocation from Borrower.

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Resolved, that any one of the following officers or employees of Borrower, whose names, titles and signatures are below, may act on behalf of Borrower:
																		
	Name		Title		Signature	Authorized to Add or Remove Signatories

						□
						□
						□
						□

Resolved Further, that any one of the persons designated above with a checked box beside his or her name may, from time to time, add or remove any individuals to and from the above list of persons authorized to act on behalf of Borrower.
Resolved Further, that such individuals may, on behalf of Borrower:
Borrow Money.  Borrow money from the Lenders.
Execute Loan Documents.  Execute any loan documents any Lender requires. 
Grant Security.  Grant Collateral Agent a security interest in any of Borrower’s assets.
Negotiate Items.  Negotiate or discount all drafts, trade acceptances, promissory notes, or other indebtedness in which Borrower has an interest and receive cash or otherwise use the proceeds.
Further Acts.  Designate other individuals to request advances, pay fees and costs and execute other documents or agreements (including documents or agreement that waive Borrower’s right to a jury trial) they believe to be necessary to effectuate such resolutions.

Resolved Further, that all acts authorized by the above resolutions and any prior acts relating thereto are ratified.

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5. The persons listed above are Borrower’s officers or employees with their titles and signatures shown next to their names.
												
		By:
		
		Name:
		
		Title:
		

*** If the Secretary, Assistant Secretary or other certifying officer executing above is designated by the resolutions set forth in paragraph 4 as one of the authorized signing officers, this Certificate must also be signed by a second authorized officer or director of Borrower.
I, the __________________________ of Borrower, hereby certify as to paragraphs 1 through 5 above, as 
                   [print title]
of the date set forth above.
												
		By:
		
		Name:
		
		Title:
		

[Signature Page to Corporate Borrowing Certificate]
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EXHIBIT A
Certificate of Incorporation (including amendments)
[see attached]

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EXHIBIT B
Bylaws
[see attached]

EAST\173196087.2Exhibit 10.1

    

    

    

    
      Portions of this exhibit indicated by bracketed asterisks have been omitted because they are not material and would likely cause competitive harm to Rexahn Pharmaceuticals, Inc. if publicly
        disclosed.

      

      

      Confidential

      

      

      AMENDMENT NO. 2

      TO

      COLLABORATION AND LICENSE AGREEMENT

       

      This AMENDMENT NO. 2 (this “Amendment No. 2”), to the Collaboration and License Agreement, dated as of February 25,
        2019 (as amended by the First Amendment, as defined below, the “Agreement”), by and between BIOSENSE GLOBAL LLC, a New Jersey limited liability company having a place
        of business located at 1 Meadowlands Plaza, Suite 800, East Rutherford, NJ 07073 (“Biosense”), and REXAHN PHARMACEUTICALS, INC., a Delaware corporation having a place
        of business located at 15245 Shady Grove Road, Suite 455, Rockville, MD 20850 (“Rexahn”), is effective as of March 10, 2020 (the “Amendment Effective Date”). Biosense
        and Rexahn are sometimes referred to herein individually as a “Party” and collectively as the “Parties.”

       

      RECITALS:

       

      WHEREAS, the Parties entered into the Agreement effective as of February 25, 2019;

       

      WHEREAS, the Parties amended the Agreement pursuant to the First Amendment, effective as of
          August 24, 2019;

       

      WHEREAS, as of the Amendment Effective Date, Rexahn does not expect to pursue the further
          development of RX-3117, including in combination with Abraxane as first line treatment for pancreatic cancer and other indications.

       

      WHEREAS, the Parties now desire to the further amend the Agreement, on the terms and
          subject to the conditions set forth in this Amendment No. 2.

       

      NOW, THEREFORE, in consideration of the foregoing promises and the mutual covenants herein
          contained, Biosense and Rexahn hereby agree as follows:

       

      1.    Definitions.  As used in this Amendment No. 2, capitalized terms shall have the meanings assigned to them in the Agreement, except as otherwise defined in this Amendment No. 2,
        including in this Section 1.

       

      	

            	a.	
              “Assigned Patents” means any Patents assigned by Rexahn to Biosense pursuant to Article 7 of the Agreement.

            

       

      	

            	b.	
              “Drug Substance Materials” means up to [***] of active pharmaceutical ingredient of RX-3117 and all associated manufacturing information (e.g., batch records, standard operating procedures) in the
                possession and control of Rexahn.

            

       

      	

            	c.	
              “Drug Product” means the following quantity of finished clinical trial supply of RX-3117 and all associated release and other related documentation in the possession and control of Rexahn: [***]
                10ct bottles of 200mg capsules and [***] 10ct bottles of 500mg capsules.

            

       

      
        1

        
          

      

      	

            	d.	
              “First Amendment” means Amendment No. 1 to Collaboration and License Agreement, effective as of August 24, 2019, between the Parties.

            

       

      	

            	e.	
              “Intermediate Materials” means up to [***] of pharmaceutical intermediate materials known as [***] and all associated manufacturing information (e.g., batch records, standard operating procedures)
                in the possession and control of Rexahn.

            

       

      	

            	f.	
              “Joint Patents” means Patents jointly owned by the Parties that cover the Licensed Product, both within and outside of the Territory.

            

       

      	

            	g.	
              “Licensed Field” means all human uses.

            

       

      	

            	h.	
              “Licensed Patents” means Patents within the Licensed IP.

            

       

      	

            	i.	
              “Transferred Materials” means the Drug Substance Materials, Drug Product and Intermediate Materials.

            

       

      2.    Amendments.  The Parties agree that, effective from and after the Amendment Effective Date, the Agreement shall be amended as set forth in this Section 2.

       

      	

            	a.	
              Title of Agreement.   The title of the Agreement shall be changed from “Collaboration
                    and License Agreement,” to “License and Assignment Agreement”.

            

       

      	

            	b.	
              Reporting.  Within [***] days of the Amendment Effective Date, Biosense shall provide Rexahn with an initial development plan that
                  outlines in reasonable detail the development and supportive activities to be conducted by Biosense for the [***]-year period following the Amendment Effective Date for the Licensed Product (the “Development
                    Plan”).  Biosense shall, within [***] days following the end of each calendar year during the Term, update the Development Plan setting forth, in reasonable detail, the activities undertaken during the prior calendar year (or
                  portion thereof) in respect of the clinical development of the Licensed Product, and the planned and expected development activities for the subsequent [***]-year period.  Biosense shall continue to provide these reports with respect to
                  each Licensed Product until that Licensed Product is the subject of a report provided under Section 5.5.1 of the Agreement. To be clear, these reports are for the purpose of satisfying the obligations of Biosense under this section, and
                  not for the purpose of Rexahn providing agreement or approval thereto.

            

       

      	

            	c.	
              Section 4.2.  Section 4.2 of the Agreement is amended to add the following subsection 4.2.3:

            

       

      “Subject to the terms and conditions of this Agreement, as partial consideration for the payments set forth herein, subject to the payment of the Upfront Payments, Rexahn shall assign, transfer and
        convey to Biosense, the Assigned Patents pursuant to a mutually agreed form of patent assignment agreement, such assignment agreement to be filed in applicable patent offices in the Territory.”

       

      
        2

        
          

      

      	

            	d.	
              Section 6.1.  Section 6.1 of the Agreement is deleted in its entirety and is replaced with the following:

            

       

      	

            	i.	
              “In partial consideration for the Exclusive License and the assignment of the Assigned Patents to Biosense, Biosense has paid Rexahn $150,000 on or about the Effective Date, and $1,350,000, on or about April 13, 2019;

            

       

      	

            	ii.	
              On or within [***] days of the Amendment Effective Date, Biosense shall pay to Rexahn (X) $50,000, as a non-refundable license fee; and (Y) $100,000 upon Rexahn making available the Transferred Materials, pursuant to Section 2.e., below.
                The payments set forth in this Section 6.1 (i-iii, inclusive, such payments, the “Upfront Payments”), represent all of the payments due and payable on account of the Upfront Payments from Biosense to
                Rexahn.”

            

       

      	

            	e.	
              Transfer of Transferred Materials.  Upon the written request of Biosense (a “Transfer Request”),
                  Rexahn will make available, at a location or locations identified by Rexahn in its sole discretion, the Transferred Materials. Rexahn shall be under no obligation to make the Transferred Materials available to Biosense on fewer than [***]
                  days prior notice. Rexahn will provide the Transferred Materials to Biosense at no additional charge. Biosense shall be fully responsible for the costs and expenses associated with the transfer of the Transferred Materials to Biosense,
                  including transportation costs, taxes, customs duties and any costs related to export/import licenses.  From and after [***] days following the Amendment Effective Date until such time as Biosense makes the written request referred to
                  above, until the transfer of title to the Transferred Materials, as applicable, Biosense shall pay Rexahn all actual costs and expenses incurred by Rexahn in connection with the storage and maintenance of the Transferred Materials at the
                  location or locations where those Transferred Materials are being stored or maintained.    REXAHN MAKES NO WARRANTIES, EXPRESS OR IMPLIED, WITH RESPECT TO THE TRANSFERRED
                  MATERIALS, AND THE TRANSFERRED MATERIALS ARE PROVIDED ON AN “AS IS” “WHERE IS” BASIS.  BIOSENSE SHALL MAKE USE OF THE TRANSFERRED MATERIALS AT ITS OWN RISK. Rexahn shall provide all corresponding records in Rexahn’s possession and control
                  relating specifically to the Transferred Material, including but not limited to production and analysis records for the Transferred Materials. In the case where Rexahn fails to provide any corresponding records in Rexhan’s possession and
                  control relating specifically to the Transferred Material, Biosense is entitled to require Rexahn or its successors, permitted assigns or acquirer to provide these records within [***] days any time after Amendment Effective Date. Rexahn
                  represents and warrants to Biosense that the Transferred Materials are owned by Rexahn free and clear of all liens and encumbrances, and that Rexahn has the authority to transfer the Transferred Materials to Biosense as set forth in this
                  Section 2.e.  Title to, and risk of loss for the Transferred Materials shall transfer to Biosense at the date, time and place on which Rexahn makes the Transferred Materials, as applicable, available to Biosense. Rexahn shall
                  maintain the Transferred Materials properly and have liability to Biosense for any loss occurring to the Transferred Materials until the title to and risk of loss for the Transferred Materials are transferred to Biosense unless the
                  BioSense written request is made more than [***] days after the Amendment Effective Date.  Biosense may dispose of any unused Transferred Material at its own discretion.

            

       

      
        3

        
          

      

      	

            	f.	
              Milestone Payments; Royalties.

            

       

      	

            	i.	
              The charts set forth in Sections 6.2 and 6.3 of the Agreement are deleted in their entirety and are replaced with the charts set forth on Schedules 2.c-1 and 2.c-2. of this Amendment No. 2.

            

       

      	

            	ii.	
              The chart set forth in Section 6.5.1 of the Agreement is deleted in its entirety and is replaced with the chart set forth on Schedule 2.c-3 of this Amendment No. 2.

            

       

      	

            	g.	
              Rexahn Know-How.  Within the first to occur of [***] days of the Amendment Effective Date or the closing of a transaction that results
                  in a change in control of Rexahn, Rexahn shall make available to Biosense, at a location identified by Rexahn, a copy of all Rexahn Know-How reasonably available to Rexahn as of the Amendment Effective Date and listed on Schedule 2.d in
                  both electronic and paper copies when reasonably available. In the case where Rexahn fails to provide a complete copy of all Rexahn Know-How reasonably available to Rexahn as of the Amendment Effective Date, Biosense is entitled to
                  require Rexahn or its successors, permitted assigns or acquirer to provide such Know-How within [***] days any time after Amendment Effective Date. Biosense shall be responsible for all costs and expenses with respect to the matters set
                  forth in this Section 2.g.

            

       

      	

            	h.	
              Certain Intellectual Property Matters.  Article 7 of the Agreement shall be deleted in its entirety and replaced with the following:

            

       

      “ARTICLE 7

      PATENT MATTERS

      

      

      7.1         Transfer of Licensed Patents and Joint Patents.  Within [***] days following the Amendment Effective Date, Rexahn shall assign to Biosense (i) the Licensed
        Patents to Biosense, and (ii) Rexahn’s interest in Joint Patents.  For clarity, the foregoing assignment of Licensed Patents and Rexahn’s interest in Joint Patents is solely with respect to the Territory.  Biosense shall be responsible for all
        costs and expenses arising from the foregoing assignment of the Licensed Patents and Rexahn’s interest in the Joint Patents.

      

      

      7.2         Abandonment of Joint Patents.  If Rexahn intends to abandon the prosecution or maintenance of  Rexahn’s interest in the Joint Patents outside of the Territory
        (the “Outside the Territory Patents”), then Rexahn shall notify Biosense and provide Biosense with a reasonable opportunity to request that Rexahn assign to Biosense the Outside the Territory Patents.  If
        requested by Biosense, Rexahn shall assign the Outside the Territory Patents to Biosense at no additional charge, except that Biosense shall be responsible for the third party costs and expenses related to such assignment.  Rexahn shall have no
        obligation to prosecute, maintain, defend or enforce any Outside the Territory Patents.

      

      

      
        4

        
          

      

      7.3          Prosecution, Maintenance and Enforcement of Assigned Patents.  Biosense shall use Commercially Reasonable Efforts to, and shall be solely responsible for the
        prosecution, maintenance, defense and enforcement of any Assigned Patents, including the costs and expenses thereof.”

      

      

      	

            	i.	
              New IP. Any New IP developed, conceived or generated solely by Biosense after the Amendment Effective Date shall be owned and vest in
                  Biosense. Biosense shall own all right, title, and interest in and to any New IP invented or developed using the Licensed IP and Rexahn Materials.

            

       

      	

            	j.	
              Licensed IP.  Following the Amendment Effective Date (and as a result of giving effect to this Amendment No. 2), the term Rexahn Patents
                  shall include any patents transferred to Biosense as a result of this Amendment No. 2.

            

       

      	

            	k.	
              Personnel Support. Within [***] days after the Amendment Effective Date, Rexahn shall provide the contact information of the Key
                  Employees of Rexahn as set out in Schedule 2.k. to BioSense so that BioSense, if it determines necessary, may use its reasonable efforts to establish consulting arrangements if these employees terminate their employment with Rexahn,
                  except Rexahn shall have no obligation whatsoever to procure any such consulting arrangements for the benefit of Biosense. Rexahn shall waive any non-compete, confidentiality, and IP ownership obligations of the Key Employees solely to
                  the extent related to RX-3117, which may conflict with or restrict those employees from entering into consulting agreements with Biosense after those employees terminate their employment relationship with Rexahn.

            

       

      	

            	l.	
              Non-compete and Rights for other territories.

            

       

      	

            	i.	
              Rexahn irrevocably and unconditionally agrees with and undertakes to BioSense that, unless with prior written consent of BioSense, during the Term of this Agreement and [***] years thereafter, Rexahn shall not, within the Territory (1)
                engage in research, development or commercialization of any Licensed Product or structurally-related nucleoside analogue that is activated primarily by UCK-2 dependent phosphorylation (“Restricted Products”);
                or (2) market or sell any Restricted Products in the Territory; or (3) authorize other parties to do so in the Territory.

            

       

      	

            	ii.	
              From the Amendment Effective Date until March 31, 2020, Biosense may acquire rights to the Licensed Product outside of the Licensed Territory on the economic terms set forth on Schedule (l)(ii), and otherwise on mutually agreed terms and
                conditions consistent with this License and Assignment Agreement negotiated in good faith by the Parties.  In no event, however, shall either Rexahn or Biosense be obligated to enter into an agreement for rights to the Licensed Product
                outside of the Territory following March 31, 2020.

            

       

      
        5

        
          

      

      	

            	m.	
              New Materials.  Any new project documents (including study results, regulatory documents etc.) created by BioSense after the Effective
                  Dates will be solely owned by BioSense.  These new project documents may be used to support the development or registration of RX-3117 in the Territory by Biosense, and in other markets under the authorization of BioSense with appropriate
                  financial terms to be discussed and agreed by BioSense, and the party interested in obtaining the information.

            

       

      	

            	n.	
              Other Amendments to the Agreement.  It is the intent of the Parties that from and after the Amendment Effective Date, Biosense shall
                  pursue its obligations under the Agreement to develop and commercialize the Licensed Product in the Territory without contribution or collaboration from Rexahn.  Therefore, the Parties agree that the Agreement shall be amended as follows
                  to effect this intent of the Parties:

            

       

      	

            	i.	
              Article 2 of the Agreement shall be deleted in its entirety.

            

      

      

      	

            	ii.	
              Article 3 of the Agreement shall be deleted in its entirety, because, among other reasons, the Parties no longer require a Joint Steering Committee for the Parties to perform their respective obligations under the Agreement.  To the
                extent any provision of Article 3 of the Agreement is referenced in any other portion of the Agreement (e.g., certain definitions, the operation of the Joint Steering Committee and the roles and responsibilities of Alliance Managers), then
                those portions of the Agreement shall be deemed to be deleted from the Agreement if not otherwise deleted, modified, waived or amended by this Amendment No. 2.

            

      

      

      	

            	iii.	
              Section 4.4 of this Agreement shall be deleted in its entirety.

            

      

      

      	

            	iv.	
              Article 5 of the Agreement shall be amended as follows:

            

      

      

      	

            	1.	
              Section 5.1 of the Agreement shall be replaced with the following:

            

      

      

      “Biosense, either itself or by and through its Affiliates, Sublicensees or Subcontractors, shall be solely responsible for all
        development, registration, marketing, advertising, promotional, launch and sales activities in connection with the Licensed Product in the Licensed Field in the Territory.”

      

      
        6

        
          

      

      
        	

              	2.	
                Section 5.2 of the Agreement shall be replaced with the following:

              

        

        

      

      “Biosense shall use Commercially Reasonable Efforts to develop and commercialize the Licensed Product in the Licensed Field in the Territory.  Without limiting the
        generality of the foregoing, Biosense shall use Commercially Reasonable Efforts to (a) develop, obtain Regulatory Approval for and commercialize at least one (1) Licensed Product hereunder, (b) file an IND in China by [***], (c) undertake the
        commercial launch of a Licensed Product in China promptly after, and in any case not later than [***] months after, the date that Regulatory Approval is granted with respect such Licensed Product in China, and (d) after receipt of Regulatory
        Approval of the Licensed Product in China, establish and maintain a sales force and commercial infrastructure either by itself or through its Affiliates or Subcontractors, necessary to commercialize the Licensed Product in the Licensed Field in the
        Territory to a scale that is sufficient given the market demand for the Licensed Product in the Licensed Field in the Territory.  Any failure by Biosense to comply with the obligations set forth in this Section
          5.2 shall be deemed to be a material breach for which Rexahn may exercise any rights and remedies at law or in equity. Subject to the provisions of this Section 5.2, BioSense shall have sole decision making authority for all matters related
        to the development, manufacturing and commercialization of RX-3117 in its territory from and after the Amendment Effective Date. Without prejudice to the rights of Rexahn hereunder, BioSense will provide a written explanation to Rexahn when there
        are decisions made by BioSense that result in not achieving the milestones with respect to RX-3117 set forth in this Section 5.2.

      

      

      	

            	3.	
              Section 5.4 is deleted in its entirety.

            

      

      

      	

            	4.	
              Section 5.5.2 is deleted in its entirety.

            

      

      

      	

            	v.	
              Article 12 of the Agreement shall be amended as follows:

            

      

      

      	

            	1.	
              The reference to Patents in Section 12.2.3 of the Agreement shall be deemed to include any Patents transferred to Biosense pursuant to this Amendment No. 2.

            

      

      

      	

            	2.	
              Section 12.5 of the Agreement shall be deleted in its entirety.

            

      

      

      	

            	3.	
              Section 12.6.1 of the Agreement shall be amended by adding the following subsection (f): “upon the request of Rexahn, Biosense shall promptly assign and transfer to Rexahn any Patents transferred by Rexahn to Biosense pursuant to Article
                7 of the Agreement.”

            

      

      

      
        7

        
          

      

      	

            	vi.	
              Article 13 of the Agreement shall be amended as follows:

            

      

      

      	

            	1.	
              The “proviso” in the last sentence of Section 13.1 shall be deleted, because the corresponding provision of Section 3.1.4 of the Agreement has been deleted.

            

      

      

      	

            	2.	
              All other provisions of Article 13 shall apply with respect to the resolution of disputes under this License and Assignment Agreement.

            

      

      

      3.    Effectiveness.  This Amendment No. 2 shall be effective from and after the Amendment Effective Date.

       

      4.    No Other Amendments.  Except as modified by this Amendment No. 2 or as the context of this Amendment No. 2 may require, the Agreement shall remain in full force and effect,
        enforceable in accordance with its terms.

       

      5.    Governing Law.  This Amendment and any dispute arising from the performance or breach hereof shall be governed by and construed and enforced in accordance with the laws of the State of New York without reference to conflicts of laws principles which would direct the application of the laws of another jurisdiction.

       

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

       

      7.   Release.  As a condition to Rexahn entering into this Amendment No. 2., Biosense, for itself and its affiliated companies, predecessors, successors, representatives, stockholders,
        directors, trustees, officers, employees, assigns and anyone claiming by, through or under the foregoing (each, a “Biosense Releasing Party”), hereby irrevocably, unconditionally and completely releases,
        acquits and forever discharges Rexahn, and its successors, representatives, stockholders, directors, officers, employees and assigns (each, a “Rexahn Released Party”), from and against, and hereby
        irrevocably, unconditionally and completely waives and relinquishes all past, present and future disputes, claims, controversies, demands, rights, obligations, liabilities, actions and causes of action of every kind and nature (collectively, “Claims”) that a Biosense Releasing Party may have had in the past, may now have or may have in the future, whether directly or indirectly, against any Rexahn Released Party arising out of or related to the
        Agreement prior to the Amendment Effective Date, whether such Claims are based in tort or contract, or are brought under law or in equity.

       

      8.    Counterparts.  This Amendment may be signed in counterparts, each and every one of which shall be deemed an original, notwithstanding variations in format or file designation which
        may result from the electronic transmission, storage and printing of copies of this Agreement from separate computers or printers. Facsimile signatures and signatures transmitted via PDF shall be treated as original
        signatures.

       

      9.    Successors and Assigns. This Amendment shall be binding upon and shall inure to the benefit of the Parties hereto and their respective successors and permitted assigns (including
        acquirer of Rexahn).

       

      Remainder of page intentionally left blank

      

      

      
        8

        
          

      

      IN WITNESS WHEREOF, the Parties have caused this Amendment No. 2 to be executed by their
          duly authorized representatives as of the Amendment Effective Date.

      

      

      	 	
              REXAHN PHARMACEUTICALS, INC.

            
	 	 	 	 
	 	
              By:

            	
              /s/ Douglas J. Swirsky

            	 
	 	 	 	 
	 	
              Name:

            	
              Douglas J. Swirsky

            	 
	 	 	 	 
	 	
              Title:

            	
              President &  CEO

            	 
	 	 	 	 
	 	
              BIOSENSE GLOBAL LLC

            
	 	 	 	 
	 	
              By:

            	
              /s/ Andy Li

            	 
	 	 	 	 
	 	
              Name:

            	
              Andy Li

            	 
	 	 	 	 
	 	
              Title:

            	
              CEO, President

            	 

      

      

      
        9

        
          

      

      SCHEDULE 2.C.

      

      

      MILESTONE PAYMENT CHART

      

      

      Schedule 2.c-1:

      

      

      
        	 	
                Milestone Event

              	
                Payment

                (Amounts set 

                forth below 

                are in Dollars)

              
	
                1.

              	
                [***]

              	
                $[***]

              
	
                2.

              	
                [***]

              	
                $[***]

              
	
                3.

              	
                [***]

              	
                $[***]

              
	
                4.

              	
                [***]

              	
                $[***]

              

      

       

      

      Schedule 2.c-2:

      

      

      
        	
                Milestone Event

              	
                Payment

                (Amounts set forth below are in 

                Dollars)

              
	
                $[***] in Annual Net Sales of a Licensed Product in the Territory

              	
                $[***]

              
	
                $[***] in Annual Net Sales of a Licensed Product in the Territory

              	
                $[***]

              

      

      

      

      Schedule 2.c-3:

      

      

      	
              Annual Net Sales

            	
              Royalty Rate

            
	
              Annual Net Sales for a Licensed Product less than $[***]

            	
              [***]%

            
	
              Annual Net Sales for a Licensed Product equal to or exceeding $[***], but less than or equal to $[***]

            	
              [***]%

            
	
              Annual Net Sales for a Licensed Product exceeding $[***]

            	
              [***]%

            

      

      

      
        10

        
          

      

      SCHEDULE 2.D.

      

      

      REXAHN KNOW-HOW*

      

      

      [***]

      

      

      *Both parties understand that this may not be a complete list and BioSense Global may identify additional items that Rexahn possesses and is required by BioSense to support its regulatory
        submission or continue or complete its development activities and in such case, Rexahn will provide such records to BioSense Global.

      

      

      SCHEDULE 2.K.

      

      

      List of Key Employees

      

      

      [***]

      

      

      
        11

        
          

      

      

      

      SCHEDULE 2.L.II.

      

      

      Outside the Territory Economic Terms

      

      

      
        

        

        	 	
                Upfront Fee

              	
                Payment

                (Amounts set 

                forth below are 

                in Dollars)

              
	
                1.

              	
                Upfront[***] fee

              	
                $[***]

              

        

        

        	 	
                Milestone Event

              	
                Payment

                (Amounts set 

                forth below are 

                in Dollars)

              
	
                2.

              	
                [***]

              	
                $[***]

              
	
                3.

              	
                [***]

              	
                $[***]

              
	
                4.

              	
                [***]

              	
                $[***]

              
	
                5.

              	
                [***]

              	
                $[***]

              
	
                6.

              	
                [***]

              	
                $[***]

              
	
                7.

              	
                [***]

              	
                $[***]

              
	
                8.

              	
                [***]

              	
                $[***]

              
	
                9.

              	
                [***]

              	
                $[***]

              

        

        

      

      
        12

        
          

      

      Sales-related Milestones ex-China

       

      

      
        	
                Milestone Event

              	
                Payment

                (Amounts set forth below are 

                in Dollars)

              
	
                $[***] in Annual Net Sales of a Licensed Product  outside of the Territory (ie outside China)

              	
                $[***]

              
	
                $[***] in Annual Net Sales of a Licensed Product outside of the Territory (ie outside China)

              	
                $[***]

              
	
                $[***] in Annual Net Sales of a Licensed Product outside of the Territory (ie outside China)

              	
                $[***]

              

      

      

      

      Royalties ex-China

      

      

      	
              Annual Net Sales

              outside of the Territory (ie outside China)

            	
              Royalty Rate

            
	
              Annual Net Sales for a Licensed Product less than $[***]

            	
              [***]%

            
	
              Annual Net Sales for a Licensed Product equal to or exceeding $[***], but less than or equal to $[***]

            	
              [***]%

            
	
              Annual Net Sales for a Licensed Product exceeding $[***]

            	
              [***]%

            

      

      

      

      

      13

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