Document:

Exhibit 10.3

 

CONFIDENTIAL TREATMENT REQUESTED. Confidential portions
of this document have been redacted and have been separately filed with the Commission. 

 

 

EXCLUSIVE
LICENSE AGREEMENT

 

THIS EXCLUSIVE LICENSE AGREEMENT (the
“Agreement”) is made and entered into as of the 22nd day of May, 2017 (the “Effective
Date”) by and between Mustang Bio, Inc. (f/k/a Mustang Therapeutics, Inc.), a Delaware corporation with a principal
place of business at 2 Gansevoort, 9th Floor, New York, NY 10014 (“Licensee”) and City
of Hope, a California nonprofit public benefit corporation located at 1500 East Duarte Road, Duarte, California 91010 (“City
of Hope” or “COH”). Licensee and COH are each sometimes referred to herein individually
as a “Party” and collectively as the “Parties.”

 

WHEREAS:

 

A.           COH
operates an academic research and medical center that encourages the use of its inventions, discoveries and intellectual property
for the benefit of the public, and COH owns or Controls (as defined below) certain Patent Rights (as defined below) useful in the
Field (as defined below);

 

B.           The
inventions covered by the Patent Rights were invented by Dr. Stephen Forman (the “Investigator”) who, as of
the Effective Date, is affiliated with COH;

 

C.           The
research may have been sponsored in part by the National Institute of Health, and as a consequence this license is subject to obligations
to the United States Federal Government under 35 U.S.C. §§ 200-212 and applicable U.S. government regulations;

 

D.           The
research was sponsored in part by a grant from the California Institute for Regenerative Medicine (the “CIRM Grant”),
and as a consequence this Agreement is subject to applicable law and other obligations as applicable to exclusive licensees under
the CIRM Grant;

 

E.            Licensee
is a company dedicated to the commercial development and exploitation in the Field (as defined below) of products and services
that incorporate one or more of the technologies described in the Patent Rights and therefore Licensee desires to obtain from COH
a worldwide, exclusive license under the Patent Rights, on the terms and subject to the conditions set forth herein; and

 

F.            COH
and Licensee have entered into that certain Exclusive License Agreement, dated February 17, 2017, whereby COH granted to Licensee
certain exclusive rights in certain patent rights related to spacer technology (the “A&R Spacer License”).

 

NOW, THEREFORE, in consideration
of the mutual covenants contained herein, and for other good and valuable consideration, the amount and sufficiency of which are
hereby acknowledged, the Parties hereby agree as follows:

 

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CONFIDENTIAL

 

ARTICLE
1: DEFINITIONS

 

1.1           “Affiliate”
of a Party means a Person that, directly or indirectly (through one or more intermediaries) controls, is controlled by, or is under
common control with such Party. For purposes of this Section 1.1, “control” means (i) the direct or indirect ownership
of 50 percent or more of the voting stock or other voting interests or interests in profits, or (ii)
the ability to otherwise control or direct the decisions of board of directors or equivalent governing body thereof.

 

1.2           “Business
Day” means any day, other than a Saturday, Sunday or day on which commercial banks located in Los Angeles, California,
are authorized or required by law or regulation to close.

 

1.3           “CAR”
means a chimeric antigen receptor.

 

1.4           “Change
of Control” means (i) any transaction or series of related transactions following which the holders of Licensee’s
capital stock immediately prior to such transaction or series of related transactions collectively are the owners of less than
fifty percent (50%) of the outstanding equity interests of Licensee entitled to (a) vote with respect to the election of directors
(or positions having a similar function) or (b) receive the proceeds upon any sale, liquidation or dissolution of Licensee, (ii)
a sale, transfer, exclusive license or other disposition, in a single transaction or series of related transactions, of all or
a material portion of Licensee’s interest in the Licensed Product or Licensed Service or (iii) a sale, transfer, exclusive
license or other disposition, in a single transaction or series of related transactions, of all or a material portion of Licensee’s
right title, or interest in its assets taken as a whole.

 

1.5           “COH
CAR” means a CAR that is licensed to Licensee by COH pursuant to an applicable license agreement between the Parties,
including but not limited to, pursuant to this Agreement.

 

1.6           “COH
Confidential Information” means Confidential Information disclosed or provided by, or on behalf of, COH to Licensee
or its designees.

 

1.7           “COH
Spacer Technology” means any spacer, hinge, or linker sequence(s) that is used to connect the extracellular ligand-binding
domain to transmembrane and intracellular-signaling domains of an applicable CAR and that is covered by a Valid Claim under the
Spacer Patent Rights.

 

1.8           “Commercially
Reasonable Efforts” means the exercise of such efforts and commitment of such resources by Licensee, directly or
through one or more Sublicensees, in a diligent manner consistent with organizations in the pharmaceutical industry for a comparable
development or commercialization program at a similar stage of development or commercialization. In the event that Licensee or
a Sublicensee with respect to a given Licensed Product or Licensed Service, has a program or product that competes with the programs
contemplated by this Agreement with respect to such Licensed Product or Licensed Service, then “Commercially Reasonable Efforts”
shall also mean efforts at least comparable to those efforts and resources expended by Licensee or its Sublicensee on the competing
program and/or product or service.

 

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CONFIDENTIAL

 

1.9         “Completion”
means, with respect to a particular clinical trial, the earlier of (i) the database lock or freeze related to the completion of
treatment or examination of participants in such clinical trial or (ii) the dosing of the first patient in a clinical trial in
a subsequent phase (e.g., with respect to a Phase 1 Clinical Trial, the Phase 1 Clinical Trial will be deemed completed
in the event a patient is dosed in a Phase 2 Clinical Trial before a database lock in the related Phase 1 Clinical Trial).

 

1.10       “Confidential
Information” means: (i) all information and materials (of whatever kind and in whatever form or medium) disclosed
by or on behalf of a Party to the other Party (or its designee) in connection with this Agreement, whether prior to or during the
term of this Agreement and whether provided orally, electronically, visually, or in writing; provided that all such information
and materials initially disclosed in writing or electronically shall be clearly marked as “CONFIDENTIAL” and all such
materials and information initially disclosed orally shall be reduced to writing and marked as “CONFIDENTIAL” within
ten (10) days following the date of initial oral disclosure; (ii) all copies of the information and materials described in (i)
above; and (iii) the existence and each of the terms and conditions of this Agreement; provided further that Confidential Information
shall not include information and materials to the extent a Party can demonstrate through its contemporaneous written records that
such information and materials are or have been:

 

(a)          known
to the receiving Party, or in the public domain, at the time of its receipt by a Party, or which thereafter becomes part of the
public domain other than by virtue of a breach of this Agreement or the obligations of confidentiality under this Agreement;

 

(b)          received
without an obligation of confidentiality from a Third Party having the right to disclose without restrictions such information;

 

(c)          independently
developed by the receiving Party without use of or reference to Confidential Information disclosed by the other Party; or

 

(d)          released
from the restrictions set forth in this Agreement by the express prior written consent of the disclosing Party.

 

1.11       “Control(s)”
or “Controlled” means the possession by a Party, as of the Effective Date, of rights sufficient to effect
the grant of rights set forth in this Agreement without violating the terms of any agreement with any Third Party.

 

1.12       “Covers”
or “Covered by,” means with reference to a particular Licensed Product or Licensed Service that the manufacture,
use, sale, offering for sale, or importation of such Licensed Product or performance of such Licensed Service would, but for ownership
of, or a license granted under this Agreement to, the relevant Patent Right, infringe a Valid Claim under the Patent Rights in
the country in which the activity occurs.

 

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CONFIDENTIAL

 

1.13       “CTA”
means any Investigator-Initiated Clinical Research Support Agreement between Licensee and City of Hope National Medical Center
relating to * that is materially consistent with the form set forth in Exhibit A and for which Licensee is paying *
percent ( * %) of costs.

 

1.14       “CTA
Inventions” means any patentable inventions, discoveries, and innovations conceived and reduced to practice by Institution
Personnel solely relating to * used in connection with the Protocol.

 

1.15       “Dispute”
means any controversy, claim or legal proceeding arising out of or relating to this Agreement, or the interpretation, breach, termination,
or invalidity thereof. 

 

1.16       “EMA”
means the European Medicines Agency or any successor agency with responsibilities comparable to those of the European Medicines
Agency.

 

1.17       “European
Union” means any of the following countries in the European Union: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech
Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands,
Poland, Portugal, Romania, Slovakia., Slovenia, Spain, Sweden, and the United Kingdom, whether or not the countries identified
above remain member states of the European Union.

 

1.18       “Field”
means the treatment and diagnosis of all human diseases.

 

1.19       “First
Commercial Sale” means, with respect to a particular Licensed Product or Licensed Service in a given country, the
first arm’s-length commercial sale of such Licensed Product or the first performance of such Licensed Service following Marketing
Approval in such country by or under authority of Licensee or any Sublicensee to a Third Party who is not a Sublicensee.

 

1.20       “FDA”
means the United States Food and Drug Administration or a successor agency in the United States with responsibilities comparable
to those of the United States Food and Drug Administration.

 

1.21       “GAAP”
means generally accepted accounting principles, consistently applied, as promulgated from time to time by the Financial Accounting
Standards Board.

 

1.22       “Generic
or Biosimilar Product” means, with respect to any Licensed Product in the United States, any product that is eligible
for submission and approved for marketing by the FDA as a therapeutic biologic product under Section 351(k) of the Public Health
Service Act (and not eligible for submission for marketing approval to the FDA under Section 505(b)(2) or Section 505(j) of the
Federal Food, Drug and Cosmetic Act), including an expression construct used in the manufacture of the therapeutic biologic product,
where such product is highly similar to the reference product notwithstanding minor differences in clinically inactive components
and for which there are no clinically meaningful differences between the biological product and the reference product in terms
of the safety, purity, and potency of the product. With respect to Licensed Product in any country in the Territory other than
the United States, a “Generic or Biosimilar Product” means any biologic product that is eligible for submission for
approval under a law of a foreign jurisdiction, which is either similar to or a counterpart of the Public Health Service Act (and
not eligible for submission for approval under a law of a foreign jurisdiction, which is either similar to or a counterpart of
the Federal Food, Drug and Cosmetic Act), including an expression construct used in the manufacture of the therapeutic biologic
product, requiring the biologic product to be similar to the reference medicine and not having any meaningful differences from
the reference medicine in terms of quality, safety or efficacy.

 

 

*Confidential material redacted and filed
separately with the Commission.

 

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CONFIDENTIAL

 

1.23       “Institution
Personnel” has the meaning set forth in Section 1 of the CTA.

 

1.24       “Investigator”
has the meaning set forth in the Recitals.

 

1.25       “License
Year” means each calendar year during the term of this Agreement; except that the first License Year shall commence
on the Effective Date and end on December 31 of the calendar year in which the Effective Date occurs.

 

1.26       “Licensed
Product” means a product (including kits, component sets or components thereof, regardless of concentration or formulation)
that: (i) is Covered by a Valid Claim under the Patent Rights, (ii) is manufactured by a process or used in a method Covered by
a Valid Claim under the Patent Rights, or (iii) contains, as an active ingredient, any substance the manufacture, use, offer for
sale or sale of which is Covered by a Valid Claim under the Patent Rights. By way of clarification, “Licensed Product”
shall include a product manufactured in a country in which such manufacture is Covered by a Valid Claim under the Patent Rights
and thereafter exported to and sold in a country in which no Valid Claim under the Patent Rights exists.

 

1.27       “Licensed
Service” means any service the performance of which would, but for the license granted herein, infringe a Valid Claim
under the Patent Rights.

 

1.28       “Licensee
Confidential Information” means Confidential Information disclosed or provided by, or on behalf of, Licensee to COH
or its designees.

 

1.29       “Marketing
Approval” means all approvals, licenses, registrations or authorizations of any federal, state or local Regulatory
Authority, department, bureau or other governmental entity, necessary for the manufacturing, use, storage, import, transport, marketing
and sale of Licensed Products or performance of Licensed Services in a country or regulatory jurisdiction.

 

1.30       “Net
Sales” means the total gross amount invoiced by Licensee, its Affiliates and its Sublicensees (regardless of whether
and when such invoices are actually paid) on the sale of Licensed Products and Licensed Services to Third Parties (including, without
limitation, the provision of any product by Licensee, its Affiliates or any of its Sublicensee that incorporates a Licensed Product
or Licensed Service but for clarity excluding documented sponsored research and/or development activities, valued at the actual
direct cost of such activities on a fully burdened basis (including reasonable margin for overhead)), less the following items,
as determined from the books and records of Licensee, its Affiliates or its Sublicensees:

 

(a)          insurance,
handling and transportation charges actually invoiced;

 

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CONFIDENTIAL

 

(b)          amounts
repaid, credited or allowed for rejection, return or recall;

 

(c)          sales
or other excise taxes or other governmental charges levied on or measured by the invoiced amount (including, without limitation,
value added taxes);

 

(d)          brokerage,
customs and import duties or charges; and

 

(e)          normal
and customary trade and quantity discounts (including chargebacks and allowances) and rebates which relate to the Licensed Products
or Licensed Services.

 

Sales of Licensed Products between or among
Licensee, its Affiliates or its Sublicensees shall be excluded from the computation of Net Sales, except in those instances in
which the purchaser is also the end-user of the Licensed Product sold. Further, transfers of reasonable quantities of Licensed
Product by Licensee, any of its Affiliates or of its Sublicensee to a Third Party that is not a Sublicensee for use in the development
of such Licensed Product (and not for resale) and transfers of industry standard quantities of Licensed Product for promotional
purposes shall not be deemed a sale of such Licensed Product that gives rise to Net Sales for purposes of this Section 1.30.

 

1.31       “Patent
Rights” means: (i) Patent Cooperation Treaty (PCT) application no. PCT/ * ; (ii) patents, patent applications,
continuation and divisional applications and foreign equivalents that claim the same invention(s) and priority date as the foregoing;
(iii) continuation-in-part applications that repeat a substantial portion of any of the foregoing applications; (iv) Letters Patent
or the equivalent issued on any of the foregoing applications throughout the world; (v) amendments, extensions, renewals, reissues,
and re-examinations of any of the foregoing; and (vi) subject to Section 8.2.4, the CTA Inventions. Notwithstanding the foregoing,
“Patent Rights” shall only include any continuation-in-part application to the extent that claims in such continuation-in-part
application are supported in the specification of the parent application, unless otherwise mutually agreed to in writing by the
parties to this Agreement. 

 

1.32       “Person”
means any person or entity, including any individual, trustee, corporation, partnership, trust, unincorporated organization, limited
liability company, business association, firm, joint venture or governmental agency or authority.

 

1.33       “Phase
1 Clinical Trial” means, as to a specific Licensed Product or Licensed Service, a clinical study in a small group
of people for the first time to evaluate its safety, determine a safe dosage range, and identify side effects in patients as described
in 21 C.F.R. § 312.21(a); or a similar clinical study in a country other than the United States.

 

1.34       “Phase
2 Clinical Trial” means, as to a specific Licensed Product or Licensed Service, a study in humans designed with the
principal purpose of determining initial efficacy and dosing of such Licensed Product in patients for the indication(s) being studied
as described in 21 C.F.R. § 312.21(b); or a similar clinical study in a country other than the United States.

 

 

*Confidential material redacted and filed
separately with the Commission.

 

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CONFIDENTIAL

 

1.35       “Phase
3 Clinical Trial” means, as to a specific Licensed Product or Licensed Service, a lawful study in humans of the efficacy
and safety of such Licensed Product or Licensed Service, which is prospectively designed to demonstrate statistically whether such
Licensed Product or Licensed Service is effective and safe for use in a particular indication in a manner sufficient to file an
application to obtain Marketing Approval to market and sell that Licensed Product or Licensed Service in the United States or another
country for the indication being investigated by the study, as described in 21 C.F.R. § 312.21(c); or similar clinical study
in a country other than the United States.

 

1.36       “Protocol”
has the meaning set forth in Section 1 of the CTA.

 

1.37       “Regulatory
Authority” means, with respect to any country or jurisdiction, any court, agency, department, authority or other
instrumentality of any international, multinational or supra-national, national, regional, province, state, county, city or other
political subdivision having responsibility for granting Marketing Approvals in such country or jurisdiction, including the FDA
in the United States and the EMA in the European Union.

 

1.38       “Regulatory
Exclusivity” means any period of regulatory data protection or market exclusivity or similar regulatory protection
afforded by the Regulatory Authorities in a jurisdiction, including any such periods listed in the FDA’s Orange Book or periods
under national implementations of Article 10 of Directive 2001/EC/83 (as amended), and all international equivalents, and any exclusivity
afforded by restrictions on the granting by a Regulatory Authority of Marketing Approval to market a generic product.

 

1.39       “Spacer
Patent Rights” means: (i) Patent Cooperation Treaty (PCT) application no. PCT/ * ; (ii) US patent application
no. * ; (iii) patents, patent applications, continuation and divisional applications and foreign equivalents that claim the same
invention(s) and priority date as the foregoing; (iv) continuation-in-part applications that repeat a substantial portion of any
of the foregoing applications; (v) Letters Patent or the equivalent issued on any of the foregoing applications throughout the
world; (vi) amendments, extensions, renewals, reissues, and re-examinations of any of the foregoing; and (vii) any claim in a patent
or patent application licensed to Licensee by COH pursuant to an applicable license agreement that claims (a) a COH CAR, and (b)
the spacer, hinge, or linker sequence(s) that is used to connect the extracellular ligand-binding domain to transmembrane and intracellular-signaling
domains of such COH CAR covered by a Valid Claim of any of the foregoing (i)-(vii). Notwithstanding the foregoing, “Spacer
Patent Rights” shall only include any continuation-in-part application to the extent that claims in such continuation-in-part
application are supported in the specification of the parent application, unless otherwise mutually agreed to in writing by the
parties to this Agreement. 

 

1.40       “Study
Data” means all results, data, analyses, reports, and other documentation relating to * resulting from, or generated
in the course of or with respect to, the performance of the Protocol.

 

 

*Confidential material redacted and filed
separately with the Commission.

 

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CONFIDENTIAL

 

1.41       “Sublicensee”
means any Affiliate of Licensee or Third Party which enters into an agreement with Licensee involving the grant to such Affiliate
or Third Party of any rights under the license granted to Licensee pursuant to this Agreement.

 

1.42       “Sublicense
Revenues” means all consideration, in whatever form, due from a Sublicensee in return for the grant of a sublicense
of Licensee’s rights hereunder, excluding consideration in the form of: (i) royalties received by Licensee and calculated
wholly as a function of sales of Licensed Products or Licensed Services, (ii) payments or reimbursement for documented sponsored
research and/or development activities, valued at the actual direct cost of such activities on a fully burdened basis (including
reasonable margin for overhead), (iii) payment or reimbursement of reasonable patent expenses actually incurred or paid by Licensee
and not otherwise reimbursed, or payment of patent expenses required to by paid by Licensee hereunder, (iv) payments for the purchase
of equity in Licensee at the fair market value of such equity, and (v) payments recognized as Net Sales under this Agreement for
which a royalty is payable to COH. By way of clarification, the principal amount of any loan or other extension of credit provided
to Licensee or an Affiliate of Licensee in connection with the grant of a sublicense by Licensee that is other than an arm’s-length
credit relationship shall be deemed to constitute “Sublicense Revenues.

 

1.43       “Territory”
means the entire world.

 

1.44       “Third
Party” means a Person that is neither a Party to this Agreement nor an Affiliate of a Party.

 

1.45       “Valid
Claim” means a claim of a pending patent application or an issued and unexpired patent included in, as applicable,
the Patent Rights or the Spacer Patent Rights, in a particular jurisdiction, which claim has not, in such jurisdiction been finally
rejected or been declared invalid or cancelled by the patent office or a court of competent jurisdiction in a decision that is
no longer subject to appeal as a matter of right.

 

ARTICLE
2: DEVELOPMENT AND COMMERCIALIZATION EFFORTS

 

2.1         Development
and Commercialization Responsibilities. Licensee shall have the sole right and responsibility for, and control over, all
of its development, manufacturing and commercialization activities (including all regulatory activities) with respect to Licensed
Products and Licensed Services in the Field.

 

2.2         Licensee
Diligence. Licensee shall use Commercially Reasonable Efforts to develop and commercialize Licensed Products and Licensed
Services in the Field, directly or through one or more Sublicensees. Without limiting the foregoing, if Licensee, directly or through
one or Sublicensees, fails to accomplish any one of the “Diligence Milestones” set forth in this Section 2.2 by the
date specified (each a “Deadline Date”) corresponding to such Diligence Milestone, COH shall have the right, on notice
to Licensee, to terminate this Agreement.

 

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CONFIDENTIAL

 

	“Deadline Date”	“Diligence Milestone”
	 	 
	1.  * ( * ) years from the Effective Date	Licensee to initiate * (with COH listed as the principal institution for such * ).  Licensee may extend this Deadline Date for up to *  ( * ) additional * ( * ) month periods upon payment of $ * to COH for each * ( * ) month period. 
	 	 
	2.  *  ( * ) years from the Effective Date	Licensee to initiate * (COH, at its option, shall be listed as a co-principal institution; provided however that COH and Licensee shall discuss in good faith COH’s right to be listed as a co-principal institution and the first institution to dose a patient for such * ).  Licensee may extend this Deadline Date for up to * ( * ) additional * ( * ) month periods upon payment of $ * to COH for each * ( * ) month period. 

 

2.3         Governance.
COH and Licensee shall each designate one individual to serve as the main point of contact for communications related to development
and commercialization of Licensed Products and Licensed Services under this Agreement (each a “Designated Representative”).
The initial Designated Representative of COH shall be George Megaw and the initial Designated Representative of Licensee shall
be Michael S. Weiss. Each Party may replace its Designated Representative at any time upon prior notice to the other Party. Licensee
shall keep COH reasonably informed as to progress in the development and commercialization of Licensed Products and Licensed Services.
Without limiting the foregoing, on or before January 15 and July 15 of each year during the term of this Agreement, Licensee shall
provide to COH a written report setting forth, in reasonable detail, its activities and achievements with respect to the development
and commercialization of Licensed Products and Licensed Services during the preceding six months (the “Semi-Annual Report”).
Each Semi-Annual Report shall also include the COH reference number, * . The Designated Representatives shall meet in person twice
each calendar year to present and discuss the current Semi-Annual Report at such location and date as mutually agreed. Each Party
shall be responsible for all expenses incurred by its Designated Representative in the participation in such annual meetings. A
copy of each Semi-Annual Report shall be provided, in addition to the persons set forth in Section 14.7, to: The Office of Technology
Licensing, email: licensing@coh.org.

 

2.4         Clinical
Trial Agreements. Prior to the * ( * ) anniversary of the Effective Date, COH and Licensee shall enter into a CTA(s) that
is materially consistent with the form set forth in Exhibit A.

 

 

*Confidential material redacted and filed
separately with the Commission.

 

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CONFIDENTIAL

 

ARTICLE
3: LICENSE GRANTS

 

3.1         Grant
of Rights.

 

3.1.1       Exclusive
Patent License. COH hereby grants to Licensee an exclusive royalty-bearing right and license under the Patent Rights to make,
have made, use, offer for sale, sell and import Licensed Products and to perform Licensed Services, in the Field, in the Territory;
provided, however, the foregoing license does not include any right or license under any patent claim
of the Patent Rights that includes a limitation directed toward the COH Spacer Technology. The Parties acknowledge and agree that
Licensee is granted rights to practice such COH Spacer Technology pursuant to the A&R Spacer License.

 

3.1.2       Exclusive
Study Data License. Subject to Section 8.2.4, COH hereby grants to Licensee an exclusive right and license under the Study
Data to make, have made, use, offer for sale, sell and import Licensed Products and to perform Licensed Services, in the Field,
in the Territory.

 

3.2         The
foregoing grant of rights shall be subject to: (1) the retained rights of the U.S. Government in the Patent Rights pursuant to
35 U.S.C. §§ 200-212 and applicable U.S. government regulations, (ii) the royalty-free right of COH and its Affiliates
to practice the Patent Rights and the Study Data for educational and research uses, (iii) the right of COH and its Affiliates to
publicly disclose research results including, to the extent applicable, as specified in the Research Agreement, and (iv) the right
of COH and its Affiliates to allow other non-profit institutions to use the Patent Rights and the Study Data for the same purposes
as (ii) and (iii).

 

3.3         No
Implied Licenses. Licensee acknowledges that the licenses granted in this Agreement are limited to the scope expressly
granted and that, subject to the terms and conditions of this Agreement, all other rights under all Patent Rights, the Study Data,
and other intellectual property rights Controlled by COH are expressly reserved to COH.

 

3.4         Sublicensing.
Licensee shall have the right to sublicense its rights hereunder without the consent of COH, effective on notice to COH. The terms
and conditions of each sublicense of Licensee’s rights hereunder shall be consistent with this Agreement. A true and complete
copy of each sublicense of Licensee’s rights hereunder, as well as any amendment thereto, shall be delivered to COH promptly
following the effective date of each such sublicense or amendment.

 

3.5         Effect
of Termination on Sublicenses.

 

3.5.1       In
the event that this Agreement terminates at any time for any reason, each sublicense validly granted hereunder which is in good
standing as of the effective date of such termination shall continue in effect as a direct license between COH (as licensor) and
Sublicensee (as licensee), provided that: (i) such sublicense, as determined by COH in its reasonable and good faith discretion,
contains or imposes on COH no material obligation or liability additional to those set forth in this Agreement, (ii) the Sublicensee
delivers to COH, within thirty (30) days of the effective date of the termination of this Agreement, written acknowledgement that
all payment and other obligations previously payable to Licensee under such sublicense shall thereafter be payable and due, and
be paid directly to COH, and (iii) such Sublicensee (including its employees and contractors) is not at such time debarred or excluded
or otherwise ineligible for participation in federally funded programs. All other sublicenses in existence as of the effective
date of the termination of this Agreement which fail to satisfy the foregoing conditions shall, upon such termination, terminate.

 

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CONFIDENTIAL

 

3.5.2       Further
and in addition to the requirements of Section 3.5.1, above, the conversion of a sublicense into a direct license between COH (as
licensor) and Sublicensee (as licensee) upon termination of this Agreement shall require that either [A] or [B] (but not both),
below, be satisfied:

 

[A]         On the effective date of
the termination of this Agreement:

 

(i)          the
Sublicensee is not a party to a proceeding in bankruptcy or insolvency filed by or against such Sublicensee, has not made a general
assignment for the benefit of its creditors, and is not in litigation with COH or any Affiliate of COH, and

 

(ii)         (1)
the effective royalty rate payable on Sublicensee’s Net Sales of Licensed Products and Licensed Services, (2) the aggregate
of other non-sale/royalty-based consideration due from Sublicensee, and (3) the other material terms and conditions of the sublicense
are materially no less favorable to COH than the corresponding terms (excluding the stock grant due pursuant to Section 43, below)
of this Agreement, or

 

[B] the terms and conditions of
the sublicense had been approved by COH prior to its having been entered into by Licensee and the Sublicensee, such approval having
been considered by COH expeditiously and not conditioned on the payment by Licensee of any additional consideration.

 

3.6         Documentation
of Licensed Services. Licensee and its Sublicensees shall provide Licensed Services only pursuant to one or more written
agreements which set forth, in reasonable detail, all consideration due to Licensee for the provision of such services. Licensee
shall provide a true and complete copy of each such agreement to COH promptly following the effective date of such agreement.

 

ARTICLE
4: PAYMENTS

 

4.1         Up-Front
Payment. In consideration for the license to the Patent Rights, Licensee shall pay to COH a one-time non-refundable license
fee of $ * within * ( * ) days after the Effective Date. 

 

4.2         License
Maintenance Fee. On or before the tenth Business Day after the end of each License Year (excluding the first License Year
ending December 31, 2017), Licensee shall pay to COH a non-refundable license maintenance fee of $ * . The license maintenance
fee paid in a given License Year shall be applied as credit against royalties otherwise due to COH pursuant to Section 4.4, below,
during the License Year in which payment was made but may not be carried over and applied as credit against royalties due in subsequent
years.

 

 

*Confidential material redacted and filed
separately with the Commission.

 

    	- 11 -

     

    

 

CONFIDENTIAL

 

4.3         Milestone
Payments. Within * ( * ) days after the occurrence of each “Milestone Event” set forth below,
Licensee shall pay COH or its designee the amount indicated below:

 

 

	Milestone Event	 	Amount Due	 
	 	 	 	 
	#1. Upon the * .	 	$	 *	 
	#2. Upon * .	 	$	 *	 
	#3. Upon * .	 	$	 *	 
	#4. Upon the * .	 	$	 *	 
	#5.  Upon * .	 	$	 *	 
	#6. Upon the * .	 	$	 *	 
	#7. Upon * .	 	$	 *	 
	#8. Upon * .	 	$	 *	 
	#9. Upon * .	 	$	 *	 
	#10.  Upon * .	 	$	 *	 

 

In the event that * is received prior to
the satisfaction of any prior * Event, then Licensee shall also pay the amount due for occurrence of all prior * Events not previously
paid upon receiving such * (e.g., if * is received prior to * , Licensee shall pay COH $ * ). The Parties agree that in
the event that a clinical trial is conducted and is characterized as a * , then upon commencement of such trial, Licensee shall
simultaneously pay the amounts due for occurrence of * , and upon * shall be paid (e.g * , Licensee shall pay to COH $ *
upon commencement of such trial and $ * upon Completion of such trial). For clarity, each payment above shall be made only once,
regardless of the number of Licensed Products or Licensed Services achieving each * Event.

 

 

*Confidential material redacted and filed
separately with the Commission.

 

    	- 12 -

     

    

 

CONFIDENTIAL

 

4.4         Royalties.

 

4.4.1       Base
Royalties.

 

(a)          Subject
to Sections 4.4.2-4.4.5, and 4.5 below, Licensee shall pay to COH or its designee royalties in an amount equal to (i) * percent
of Net Sales of Licensed Products up to $ * ; (ii) * percent of Net Sales of Licensed Products of $ * up to and including $ * ;
and (iii) * percent of Net Sales of Licensed Products that exceed $ * .

 

(b)          Subject
to Sections 4.4.2-4.4.5, and 4.5 below, Licensee shall pay to COH or its designee royalties in an amount equal to (i) *
percent of Net Sales of Licensed Services up to $ * ; (ii) *
percent of Net Sales of Licensed Services of $ * up to and including
$ * ; and (iii) * percent of Net Sales of Licensed Services
that exceed $ * .

 

4.4.2       Royalty
Reduction Upon Loss of Patent Coverage or Regulatory Exclusivity. On a country-by-country, Licensed Product-by-Licensed Product,
and Licensed Service-by-Licensed Service basis, the royalty rate payable under Section 4.4.1 on sales of such Licensed Product
or performance of such Licensed Service in such country shall be reduced by * percent ( * %) during any period when: (i) a particular
Licensed Product or Licensed Service is not Covered by a Valid Claim of the Patent Rights in a country in which such Licensed Product
is sold or Licensed Service is performed, and (ii) a particular Licensed Product or Licensed Service is not covered by a Regulatory
Exclusivity in a country in which such Licensed Product is sold or Licensed Service is performed.

 

4.4.3       Royalty
Reduction Upon Launch Of Generic or Biosimilar Product. Notwithstanding anything to the contrary, if a Generic or Biosimilar
Product corresponding to a Licensed Product or Licensed Service is launched in a particular country, then the royalty rates set
forth in Section 4.4.1, as may be adjusted by Section 4.4.2, applicable to a particular Licensed Product or Licensed Service and
a particular country will be reduced in accordance with the table below (each such reduction, a “Reduction in Royalty”).
For purposes of the table below, the “Percentage Reduction of Net Sales” for any particular calendar quarter
means the quotient (expressed as a percentage) obtained by dividing (A) the difference obtained by subtracting the Net Sales of
the Licensed Product or Licensed Service in such country for such applicable calendar quarter from the Net Sales of the Licensed
Product or Licensed Service in such country for the calendar quarter immediately prior to the calendar quarter in which the first
commercial sale of the Generic or Biosimilar Product in such country occurred by (B) the Net Sales of the Licensed Product or Licensed
Service in such country for the calendar quarter prior to the calendar quarter in which the first commercial sale of the Generic
or Biosimilar Product in such country occurred. Once the applicable Percentage Reduction of Net Sales set forth in the table below
has been attained for a particular country for a calendar quarter, the corresponding Reduction in Royalty set forth in the table
below shall remain in place unless there is an additional Reduction in Royalty. Once a country experiences a * percent ( * %) or
greater Percentage Reduction of Net Sales for any given Licensed Product or Licensed Service, then Licensee shall have no further
obligations to make any further payments to COH with regards to any Net Sales of such Licensed Product or Licensed Service in such
country.

 

 

*Confidential material redacted and filed
separately with the Commission.

 

    	- 13 -

     

    

 

CONFIDENTIAL

 

	Percentage Reduction of

Net Sales	Reduction in Royalty
	Less than * %	 * 
	Greater than or equal to * % but less than * %	 * %
	Greater than or equal to *%	* % (i.e., the royalty shall be *   for the applicable Licensed Product or Licensed Service in the applicable country)

 

4.4.4       Minimum
Annual Royalty. Beginning in the calendar year of Marketing Approval in any jurisdiction of the first Licensed Product or Licensed
Service by Licensee or Sublicensees and if the total earned royalties paid by Licensee under Section 4.4.1, as adjusted by Sections
4.4.2, 4.4.3, and 4.5, in any such year cumulatively amounts to less than $ * for that calendar year (“Minimum Annual
Royalty”), Licensee shall pay to COH on or before February 28 following the last quarter of such year the difference
between the Minimum Annual Royalty and the total earned royalty paid by Licensee for such year under Section 4.4.1, as adjusted
by Sections 4.4.2, 4.4.3, and 4.5; provided, however, that for the first year of commercial sales of the first Licensed
Product or Licensed Services, the amount of Minimum Annual Royalty payable shall be pro-rated for the number of months remaining
in that calendar year. 

 

4.4.5       Royalty
Term. Licensee’s payment obligations under Section 4.4.1 (as adjusted by Sections 4.4.2, 4.4.3, and 4.5) shall expire,
on a country-by-county, Licensed Product-by-Licensed Product basis, and Licensed Service-by-Licensed Service basis, on the later
of (i) the last date on which there exists a Valid Claim of the Patent Rights Covering such Licensed Product or such Licensed Service
in such country or (ii) the * ( * ) anniversary of the First Commercial Sale of such Licensed Product or such Licensed Service
in such country (the “Royalty Expiration Date”).

 

4.5         Royalty
Offsets.

 

4.5.1       Third
Parties. If, in Licensee’s reasonable business judgment it is necessary to pay to a Third Party other than a Sublicensee
consideration (whether in the form of a royalty or otherwise) for the right to make, have made, use, sell, offer for sale or import
a Licensed Product or Licensed Service in a given jurisdiction, and if the aggregate royalty rates of any and all royalties payable
to such Third Party licensors when combined with the royalty rate payable to COH exceeds * percent ( * %) in the case of Net Sales
of Licensed Products or Licensed Services, then Licensee shall have the right with respect to any period for which royalties are
due (i.e., a calendar quarter or calendar year) to set off * percent ( * %) of the aggregate royalties otherwise payable
with respect to such period and such jurisdiction to such Third Party licensors against royalties that would otherwise be due to
COH hereunder with respect to such period and jurisdiction; provided, however, that under no circumstances shall
the royalty offsets permitted in this Section 4.5 result in the reduction of the effective adjusted royalty rate and the royalty
amount otherwise due to COH in any period for which payment is due and in any jurisdiction pursuant to Section 4.4, above, by more
than * percent ( * %) (e.g., minimum effective adjusted royalty rate for Licensed Product or Licensed Services sales up
to $ * shall be * percent).

 

 

*Confidential material redacted and filed
separately with the Commission.

 

    	- 14 -

     

    

 

CONFIDENTIAL

 

4.5.2       A&R
Spacer License. In the event that royalties are due to COH by Licensee pursuant to Section 4.7(b) of the A&R Spacer License,
then Licensee may set off such royalties payable to COH against the royalties payable to COH by Licensee pursuant to Section 4.4.1
of this Agreement.

 

4.6         Sublicense
Revenues. Licensee shall pay to COH a percentage of all Sublicense Revenues within * ( * ) days after payment is received
from the relevant Sublicensee, determined as follows: 

 

(a)          
* percent ( * %) of Sublicense Revenues if the Sublicense
is granted prior to the Completion of a * ,

 

(b)          
* percent ( * %) of all Sublicense Revenues if the Sublicense
is granted prior to the Completion of a * ,

 

(c)          
* percent ( * %) of all Sublicense Revenues if the Sublicense
is granted prior to the Completion of a * , and

 

(d)          
* percent ( * %) of all Sublicense Revenues if the Sublicense
is granted after Completion a * .

 

If Sublicense Revenues are not in cash
or cash equivalents, the percentage share payable to COH pursuant to this Section 4.6 shall be due, in COH’s sole discretion,
either in kind or in its cash equivalent.

 

4.7         Timing
of Royalty Payments. Royalty payments due under Section 4.4, above, shall be paid annually within * ( * ) days following
the end of each License Year until the first License Year in which aggregate Net Sales reach $ * . Thereafter, all royalty payments
due under Section 4.4 shall be paid in quarterly installments, within * ( * ) days following the end of each calendar quarter.

 

4.8         No
Deductions from Payments. Licensee is solely responsible for payment of any fee, royalty or other payment due to any Third
Party not a Sublicensee in connection with the research, development, manufacture, distribution, use, sale, import or export of
a Licensed Product or Licensed Service and, except as set forth in Section 4.5, above, Licensee shall not have the right
to set off any amounts paid to such a Third Party, including fee, royalty or other payment, against any amount payable to COH hereunder.

 

 

*Confidential material redacted and filed
separately with the Commission.

 

    	- 15 -

     

    

 

CONFIDENTIAL

 

4.9         Single
Royalty. Only a single royalty payment shall be due and payable on Net Sales of a Licensed
Product or performance of a Licensed Service, regardless if such Licensed Product or Licensed Service is Covered by more than one
Valid Claim under the Patent Rights.

 

ARTICLE
5: REPORTS, AUDITS AND FINANCIAL TERMS

 

5.1         Royalty
Reports. Within * ( * ) days after the end of each calendar quarter in which a royalty payment under Article 4 is required
to be made, Licensee shall send to COH a report of Net Sales of the Licensed Products and Licensed Services for which a royalty
is due, which report sets forth for such calendar quarter the following information, on a Licensed Product-by-Licensed Product,
Licensed Service-by-Licensed Service and country-by-country basis: (i) total Net Sales, (ii) total gross sales of Licensed Products
and Licensed Services, (iii) the quantity of each Licensed Products sold and Licensed Services performed, (iv) the exchange rate
used to convert Net Sales from the currency in which they are earned to United States dollars; and (v) the total royalty payments
due. All royalty reports shall also include the COH reference number, * . A copy of each royalty report shall be provided, in addition
to the persons set forth in Section 14.7, to: The Office of Technology Licensing, email: otl-royalties@coh.org. 

 

5.2         Additional
Financial Terms.

 

5.2.1       Currency.
All payments to be made under this Agreement shall be made in United States dollars, unless expressly specified to the contrary
herein. Net Sales outside of the United States shall be first determined in the currency in which they are earned and shall then
be converted into an amount in United States dollars. All currency conversions shall use the conversion rate reported by Reuters,
Ltd. on the last Business Day of the calendar quarter for which such payment is being determined.

 

5.2.2       Payment
Method. Amounts due under this Agreement shall be paid in immediately available funds, by means of wire transfer to an account
identified by COH.

 

5.2.3       Withholding
of Taxes. Licensee may withhold from payments due to COH amounts for payment of any withholding tax that is required by law
to be paid to any taxing authority with respect to such payments. Licensee shall provide to COH all relevant documents and correspondence,
and shall also provide to COH any other cooperation or assistance on a reasonable basis as may be necessary to enable COH to claim
exemption from such withholding taxes and to receive a full refund of such withholding tax or claim a foreign tax credit. Licensee
shall give COH proper evidence from time to time as to the payment of such tax. The Parties shall cooperate with each other in
seeking deductions under federal and state tax laws and any double taxation or other similar treaty or agreement from time to time
in force.

 

5.2.4       Late
Payments. Any amounts not paid on or before the date due under this Agreement are subject to interest from the date due through
and including the date upon which payment is received. Interest is calculated, over the period between the date due and the date
paid, at a rate equal to * percentage point ( * %) over the “bank prime loan” rate, as such rate is published in the
U.S. Federal Reserve Bulletin H.15 or successor thereto on the last Business Day of the applicable calendar quarter prior to the
date on which such payment is due.

 

 

*Confidential material redacted and filed
separately with the Commission.

 

    	- 16 -

     

    

 

CONFIDENTIAL

 

5.2.5       Blocked
Currency. If, at any time, legal restrictions prevent the prompt remittance of part or all royalties with respect to any country
where a Licensed Product is sold or Licensed Service provided, payment shall be made through such lawful means or methods as Licensee
may determine. When in any country, the law or regulations prohibit both the transmittal and deposit of royalties or other payments,
Licensee shall continue to report all such amounts, but may suspend payment for as long as such prohibition is in effect. As soon
as such prohibition ceases to be in effect, all amounts that would have been obligated to be transmitted or deposited but
for the prohibition, together with accrued interested thereon, shall promptly be transmitted to COH.

 

5.3         Accounts
and Audit.

 

5.3.1       Records.
Licensee shall keep, and shall require that each Sublicensee keep, full, true and accurate books of account containing the particulars
of its Net Sales and the calculation of royalties. Licensee and its Sublicensees shall each keep such books of account and the
supporting data and other records at its principal place of business. Such books and records must be maintained available for examination
in accordance with this Section 5.3.1 for * ( * ) calendar years after the end of the calendar year to which they pertain, and
otherwise as reasonably required to comply with GAAP. 

 

5.3.2       Appointment
of Auditor. COH may appoint an internationally-recognized independent accounting firm reasonably acceptable to Licensee to
inspect the relevant books of account of Licensee and its Sublicensees to verify any reports or statements provided, or amounts
paid or invoiced (as appropriate), by Licensee or its Sublicensees.

 

5.3.3       Procedures
for Audit. COH may exercise its right to have Licensee’s and its Sublicensees’ relevant records examined only during
the * ( * ) year period during which Licensee is required to maintain records, no more than once in any consecutive * ( * ) calendar
quarters. Licensee and its Sublicensees are required to make records available for inspection only during regular business hours,
only at such place or places where such records are customarily kept, and only upon receipt of at least * ( * ) days advance notice
from COH.

 

5.3.4       Audit
Report. The independent accountant will be instructed to provide to COH an audit report containing only its conclusions and
methodology regarding the audit, and specifying whether the amounts paid were correct and, if incorrect, the amount of any underpayment
or overpayment.

 

 

*Confidential material redacted and filed
separately with the Commission.

 

    	- 17 -

     

    

 

CONFIDENTIAL

 

5.3.5       Underpayment
and Overpayment. After review of the auditor’s report: (i) if there is an uncontested underpayment by Licensee for all
of the periods covered by such auditor’s report, then Licensee shall pay to COH the full amount of that uncontested underpayment,
and (ii) if there is an uncontested overpayment for such periods, then COH shall provide to Licensee a credit against future payments
(such credit equal to the full amount of that overpayment), or, if Licensee is not obligated to make any future payments, then
COH shall pay to Licensee the full amount of that overpayment. Contested amounts are subject to dispute resolution under Article
12. If the total amount of any such underpayment (as agreed to by Licensee or as determined under Article 12) exceeds * percent
of the amount previously paid by Licensee for the period subject to audit, then Licensee shall pay the reasonable costs for the
audit. Otherwise, all costs of the audit shall be paid by COH.

 

ARTICLE
6: LICENSEE COVENANTS

 

6.1         Licensee
covenants and agrees that:

 

6.1.1       During
the period commencing on the Effective Date and ending on the * ( * ) anniversary of the Effective Date, both Dr. Lindsay A. Rosenwald
and Michael S. Weiss will hold senior management positions of Licensee; provided, that, in the event of a Change
of Control of Licensee, subsequent to such Change of Control, in the event that either Dr. Lindsay A. Rosenwald or Michael S. Weiss
no longer holds a senior management position of Licensee both individuals must remain materially involved with the oversight and
management of the development of Licensed Products during such period; provided further that in the event of the
death of either of Dr. Rosenwald or Mr. Weiss, Licensee will be excused from observing this Section 6.1.1 with regard to the decedent;

 

6.1.2       in
conducting activities contemplated under this Agreement, it shall comply in all material respects with all applicable laws and
regulations including, without limitation, those related to the manufacture, use, labeling importation and marketing of Licensed
Products and Licensed Services; and

 

6.1.3       without
limiting the foregoing and notwithstanding any other provision in this Agreement, Licensee acknowledges and agrees that it is an
exclusive Licensee under this Agreement and agrees (i) to be subject to all laws and other obligations applicable to the CIRM Grant
as they apply to an exclusive Licensee, including diligence, reporting, access and pricing requirements, and (ii) to assist COH
as necessary to ensure COH remains in compliance with any laws and other obligations applicable to the CIRM Grant.

 

ARTICLE
7: INTELLECTUAL PROPERTY; PATENT PROSECUTION,

 MAINTENANCE AND ENFORCEMENT.

 

7.1         Patent
Prosecution, Maintenance and Enforcement.

 

7.1.1       COH
shall be responsible for the preparation, filing, prosecution, and maintenance of all Patent Rights, using counsel of its choice.
COH will timely provide Licensee with copies of all relevant documentation relating to such prosecution and Licensee shall keep
such information confidential. In addition, COH shall instruct the patent counsel prosecuting Patent Rights to (i) copy Licensee
on patent prosecution documents that are received from or filed with the United States Patent and Trademark Office (“USPTO”)
and foreign equivalent, as applicable; (ii) if requested by Licensee, provide Licensee with copies of draft submissions to
the USPTO prior to filing; and (iii) give reasonable consideration to the comments and requests of Licensee or its patent counsel,
provided that (a) COH reserves the sole right to make all final decisions with respect to the preparation, filing, prosecution
and maintenance of such patent applications and patents; and (b) the patent counsel remains counsel to COH (and shall not jointly
represent Licensee unless requested by Licensee and approved by COH, and an appropriate engagement letter and conflict waiver are
in effect). All patents and patent applications in Patent Rights, to the extent assignable in whole or in part to COH, shall be
assigned to COH.

 

 

*Confidential material redacted and filed
separately with the Commission.

 

    	- 18 -

     

    

 

CONFIDENTIAL

 

7.1.2       COB
will not unreasonably refuse to amend any patent application in Patent Rights to include claims reasonably requested by Licensee
to protect the products contemplated to be sold by Licensee under this Agreement. If Licensee informs COH of other countries or
jurisdictions in which it wishes to obtain patent protection with respect to the Patent Rights, COH shall prepare, file, prosecute
and maintain patent applications in such countries and any patents resulting therefrom (and, for the avoidance of doubt, such patent
applications and patents shall be deemed included in the Patent Rights). On a country by country and patent by patent basis, Licensee
may elect to surrender any patent or patent application in Patent Rights in any country upon * ( * ) days advance written notice
to COH. Such notice shall relieve Licensee from the obligation to pay for future patent costs but shall not relieve Licensee from
responsibility to pay patent costs incurred prior to the expiration of the * ( * ) day notice period. Such U.S. or foreign patent
application or patent shall thereupon cease to be a Patent Right hereunder, Licensee shall have no further rights therein and COH
shall be free to license its rights to that particular U.S. or foreign patent application or patent to any other party on any terms.

 

7.1.3       Each
Party shall promptly provide written notice to the other in the event it becomes aware of any actual or probable infringement of
any of the Patent Rights in or relevant to the Field or of any Third Party claim regarding the enforceability or validity of any
Patent Rights (“Infringement Notice”). Licensee shall, in cooperation with COH, use reasonable efforts to terminate
infringement without litigation.

 

7.1.4       If
infringing activity has not been abated within * ( * ) days following the date the Infringement Notice takes effect, then Licensee
may, following consultation with COB, in its sole discretion and at its sole expense, take action against any alleged infringer
or in defense of such any claim, provided, that, Licensee has exclusive rights under this Agreement. Any recovery
obtained by Licensee as the result of legal proceedings initiated and paid for by Licensee pursuant to this subsection (d), after
deduction of Licensee’s reasonable out-of-pocket expenses incurred in securing such recovery, shall be deemed to be Net Sales
of Licensed Products and/or Licensed Services in the calendar quarter in which such recovery was received and royalties shall be
due and payable thereon accordingly.

 

 

*Confidential material redacted and filed
separately with the Commission.

 

    	- 19 -

     

    

 

CONFIDENTIAL

 

7.1.5       If
COH is involuntarily joined in a suit initiated by Licensee, then the Licensee will pay any costs incurred by COH arising out of
such suit, including but not limited to, reasonable legal fees of counsel that COH selects and retains to represent it in the suit.

 

7.1.6       In
the event that Licensee declines either to cause such infringement to cease (e.g., by settlement or injunction) or to initiate
and thereafter diligently maintain legal proceedings against the infringer other than as part of a mutually agreed upon bona fide
strategy, developed with the guidance of outside patent counsel, to preserve the Patent Rights, COH may, in its sole discretion
and at its sole expense, take action against such alleged infringer or in defense of any such Third Party claim. Any recovery obtained
by COH as the result of any such legal proceedings shall be for the benefit of COH only.

 

7.2         Trademarks.
Licensee shall be responsible for the selection, registration, maintenance, and defense of all trademarks for use in connection
with the sale or marketing of Licensed Products and Licensed Services in the Field in the Territory (the “Marks”),
as well as all expenses associated therewith. All uses of the Marks by Licensee or a Sublicensee shall comply in all material respects
with all applicable laws and regulations (including those laws and regulations particularly applying to the proper use and designation
of trademarks in the applicable countries). Licensee shall not, without COH’s prior written consent, use any trademarks or
house marks of COH (including the COH corporate name), or marks confusingly similar thereto, in connection with Licensee commercialization
of Licensed Products or Licensed Services under this Agreement in any promotional materials or applications or in any manner implying
an endorsement by COH of Licensee or the Licensed Products or Licensed Services. Licensee shall own all Marks.

 

7.3         Challenge
to the Patent Rights by Licensee.

 

7.3.1       COH
may terminate this Agreement and, notwithstanding Section 3.4, above, all Sublicenses issued hereunder, upon written notice to
Licensee in the event that Licensee or any of its Affiliates or Sublicensees directly or indirectly asserts a Patent Challenge.
“Patent Challenge” means any challenge in a legal or administrative proceeding to the patentability, validity
or enforceability of any of the Patent Rights (or any claim thereof), including by: (a) filing or pursuing a declaratory judgment
action in which any of the Patent Rights is alleged to be invalid or unenforceable; (b) citing prior art against any of the Patent
Rights, filing a request for or pursuing a re-examination of any of the Patent Rights (other than with COH’s written agreement),
or becoming a party to or pursuing an interference; or (c) filing or pursuing any re-examination, opposition, cancellation, nullity
or other like proceedings against any of the Patent Rights; but excluding any challenge raised as a defense against a claim, action
or proceeding asserted by COH against Licensee, its Affiliates or Sublicensees. In lieu of exercising its rights to terminate under
this Section 7.3.1, COH may elect upon written notice to increase the payments due under all of Section 4 by * percent ( * %),
which election will be effective retroactively to the date of the commencement of the Patent Challenge. Licensee acknowledges and
agrees that this Section 7.3.1 is reasonable, valid and necessary for the adequate protection of COH’s interest in and to
the Patent Rights, and that would not have granted to Licensee the licenses under those Patent Rights, without this Section 7.3.1.

 

 

*Confidential material redacted and filed
separately with the Commission.

 

    	- 20 -

     

    

 

CONFIDENTIAL

 

7.3.2       Payment
of COH Patent Expenses.

 

(a)          The
Parties acknowledge that, prior to the Effective Date, COH incurred historic expenses with respect to the drafting, prosecution
and maintenance of the Patent Rights. In consideration of such historic expenditures by COH, Licensee shall reimburse COH $ * in
full reimbursement for such expenses. Licensee shall pay such expenses within * ( * ) days of the Effective Date.

 

(b)          After
the Effective Date, COH shall provide to Licensee an annual invoice and reasonably detailed documentation with respect to COH’s
out-of-pocket expenses incurred with respect to such prosecution and maintenance for the previous License Year. Licensee shall
reimburse COH for * percent ( * %) of such expenses within * ( * ) days after receipt of such invoice and documentation. 

 

7.4         Marking.
Licensee and its Sublicensees shall mark all Licensed Products and all materials related to Licensed Services in such a matter
as to conform with the patent laws of the country to which such Licensed Products are shipped or in which such products are sold
and such Licensed Services performed.

 

ARTICLE
8: TERM AND TERMINATION

 

8.1         Term
and Expiration of Term. The term of this Agreement (the “Term”) shall commence on the Effective Date
and, notwithstanding any other provision of this Agreement, unless sooner terminated by mutual agreement or pursuant to any other
provision of this Agreement, this Agreement shall expire on a country-by-country basis, a Licensed Product-by-Licensed Product
basis, and a Licensed Service-by-Licensed Service basis, on the applicable Royalty Expiration Date for each Licensed Product or
each Licensed Service in each country (such expiry of the Term for a particular Licensed Product or a particular Licensed Service
in a particular country hereinafter referred to as “Expiration” of this Agreement with respect to such Licensed Product
or such Licensed Service in such country).

 

8.2         Termination.

 

8.2.1       Material
Breach. Either Party may terminate this Agreement prior to its Expiration for any material breach by the other Party, provided,
that, the Party seeking to terminate shall have first given the breaching Party notice of such material breach with reasonable
particulars of the material breach, and the Party receiving the notice of the material breach shall have failed to cure that material
breach within * ( * ) days after the date of receipt of such notice.

 

 

*Confidential material redacted and filed
separately with the Commission.

 

    	- 21 -

     

    

 

CONFIDENTIAL

 

8.2.2       Bankruptcy.
COH shall have the right to terminate this Agreement prior to its Expiration upon notice to Licensee, in the event that: (i) Licensee
seeks protection of any bankruptcy or insolvency law other than with the prior consent of COH, or (ii) a proceeding in bankruptcy
or insolvency is filed by or against Licensee and not withdrawn, removed or vacated within * and twenty ( * ) days of such filing,
or there is adjudication by a court of competent jurisdiction that Licensee is bankrupt or insolvent.

 

8.2.3       Termination
at Will by Licensee. Licensee shall have the right to terminate this Agreement prior to its Expiration upon notice to COH without
cause, effective no fewer than * ( * ) days following the date of such notice.

 

8.2.4       Breach-Based
Termination of CTA. Licensee and COH hereby acknowledge and agree that in the event that COH terminates the CTA pursuant to
Section 11(a) or Section 4(b) of the CTA, Licensee’s rights to the CTA Inventions and the Study Data under this Agreement
shall automatically terminate as of the effective date of termination of the CTA; provided, that in the event of any such
termination of the CTA by COH, Licensee shall provide written notice to COH within * ( * ) days of such termination. 

 

8.3         Effect
of Termination.

 

8.3.1       Upon
any termination of this Agreement pursuant to Section 8.2 (but for clarity, not in the case of its Expiration), all rights and
licenses granted to Licensee under Article 4, if any, shall immediately terminate on and as of the effective date of termination
as provided in Section 8.2, except that Licensee shall have the right to continue to sell Licensed Products manufactured prior
to the effective date of such termination until the sooner of: (i) * ( * ) days after the effective date of termination, or (ii)
the exhaustion of Licensee’s inventory of Licensed Products.

 

8.3.2       Upon
termination of this Agreement pursuant to Section 8.2 (but for clarity, not in the case of its Expiration):

 

(a)          Each
Party shall promptly return to the other Party all relevant records and materials in its possession or control containing
or comprising the other Party’s Confidential Information and to which the Party does not retain rights hereunder.

 

(b)          Licensee
shall discontinue making any representation regarding its status as a licensee of COH for Licensed Products and Licensed Services.
Subject to Section 8.3.1, above, Licensee shall cease conducting any activities with respect to the marketing, promotion, sale
or distribution of Licensed Products and Licensed Services.

 

8.3.3       Termination
of this Agreement through any means and for any reason pursuant to Section 8.2 (but for clarity, not in the case of its Expiration),
shall not relieve the Parties of any obligation accruing prior thereto, including the payment of all sums due and payable, and
shall be without prejudice to the rights and remedies of either Party with respect to any antecedent breach of any of the provisions
of this Agreement.

 

 

*Confidential material redacted and filed
separately with the Commission.

 

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CONFIDENTIAL

 

8.4         Effect
of Expiration. In the event of Expiration of this Agreement for a particular Licensed Product (or Licensed Service) in
a particular country pursuant to Section 8.1, the rights and licenses granted to Licensee under this Agreement with respect to
the Study Data in such country shall become nonexclusive, perpetual, irrevocable, and royalty-free.

 

8.5         Survival.
Sections 4.7, 5.1, 5.2, 5.3, 7.4, 8.3, 8.4, 8.5, Article 10, Article 11, Article 12, Sections 14.2, 14.4, 14.7, and 14.10 shall
survive termination of this Agreement for any reason pursuant to Section 8.2 and Expiration pursuant to Section 8.1.

 

ARTICLE
9: REPRESENTATIONS AND WARRANTIES

 

9.1         Mutual
Representations and Warranties. COH and Licensee each represents and warrants as follows:

 

9.1.1       It
has the right and authority to enter into this Agreement and all action required to be taken on its behalf, its officers, directors,
partners and stockholders necessary for the authorization, execution, and delivery of this Agreement and, the performance of all
of its obligations hereunder, and this Agreement, when executed and delivered, will constitute valid and legally binding obligations
of such Party, enforceable in accordance with its terms, subject to: (i) laws limiting the availability of specific performance,
injunctive relief, and other equitable remedies; and (ii) bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance
or other similar laws now or hereafter in effect generally relating to or affecting creditors’ rights generally;

 

9.1.2       Entry
into this Agreement will not constitute a breach of any other agreement to which it is a party;

 

9.1.3       It
has read this Agreement, with assistance from its counsel of choice. It understands all of this Agreement’s terms. It has
been given a reasonable amount of time to consider the contents of this Agreement before each Party executed it. It agrees that
it is executing this Agreement voluntarily with full knowledge of this Agreement’s legal significance; and

 

9.1.4       It
has made such investigation of all matters pertaining to this Agreement that it deems necessary, and does not rely on any statement,
promise, or representation, whether oral or written, with respect to such matters other than those expressly set forth herein.
It agrees that it is not relying in any manner on any statement, promise, representation or understanding, whether oral, written
or implied, made by any Party, not specifically set forth in this Agreement. It acknowledges that, after execution of this Agreement,
it may discover facts different from or in addition to those which it now knows or believes to be true. Nevertheless, it agrees
that this Agreement shall be and remain in full force and effect in all respects, notwithstanding such different or additional
facts.

 

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CONFIDENTIAL

 

9.2         Representations
and Warranties of COH. COH represents and warrants that, as of the Effective Date, to the actual knowledge of the Investigator
and the Director of its Office of Technology Transfer without independent inquiry, COH has the full power and authority to grant
the rights, licenses and privileges granted herein.

 

9.3         Exclusions.
Nothing in this Agreement is or shall be construed as:

 

9.3.1       A
warranty or representation by COH that anything made, used, sold, or otherwise disposed of under any license granted in this Agreement
is or will be free from infringement of any patent rights or other intellectual property right of any Third Party;

 

9.3.2       A
grant by COH, whether by implication, estoppel, or otherwise, of any licenses or rights under any patents other than Patent Rights
as defined herein, regardless of whether such patents are dominant or subordinate to Patent Rights;

 

9.3.3       An
obligation on COH to bring or prosecute any suit or action against a third party for infringement of any of the Patent Rights;

 

9.3.4       An
obligation to furnish any know-how not provided in Patent Rights or the Study Data; or

 

9.3.5       A
representation or warranty of the ownership of the Patent Rights or the Study Data other than as set forth in Section 9.2, above.

 

9.4         DISCLAIMER.
NO WARRANTY IS GIVEN WITH RESPECT TO THE PATENT RIGHTS OR THE STUDY DATA, EXPRESS OR IMPLIED, EITHER IN FACT OR BY OPERATION OF
LAW, BY STATUTE OR OTHERWISE, AND THE PARTIES SPECIFICALLY DISCLAIM ANY EXPRESS OR IMPLIED WARRANTY OF MERCHANTABILITY, FITNESS
FOR A PARTICULAR PURPOSE, VALIDITY OF THE PATENT RIGHTS OR NON-INFRINGEMENT OF THE INTELLECTUAL PROPERTY OR OTHER RIGHTS OF ANY
THIRD PARTY. THE WARRANTIES SET FORTH IN SECTIONS 9.1 AND 9.2, ABOVE, ARE IN LIEU OF ALL OTHER WARRANTIES, EXPRESS OR IMPLIED,
INCLUDING BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, VALIDITY, NON-INFRINGEMENT
AND ALL SUCH OTHER WARRANTIES ARE HEREBY EXPRESSLY DISCLAIMED.

 

ARTICLE
10: INDEMNIFICATION

 

10.1       Indemnification
by Licensee. Licensee shall defend, indemnify and hold harmless COH, its Affiliates, officers, directors, shareholders,
employees and agents (“COH Indemnitees”) from and against any and all Third Party liabilities, claims, suits,
and expenses, including reasonable attorneys’ fees (collectively, “Losses”), arising out of or are in
any way attributable to: (i) the material breach of any representation or warranty made by Licensee under this Agreement, (ii)
the research, development, marketing, approval, manufacture, packaging, labeling, handling, storage, transportation, use, distribution,
promotion, marketing or sale of Licensed Products or Licensed Services by or on behalf of Licensee, any of its Affiliates or a
Sublicensee or any other exercise of rights under this Agreement or pursuant to any sublicense, or (iii) the negligence, willful
misconduct or failure to comply with applicable law by a Licensee Indemnitee or Sublicensee; in each case except to the extent
that such Losses are caused directly by: (a) COH’s material breach of any representation or warranty made by COH under this
Agreement, (b) COH’s material breach of its obligations under this Agreement, and/or (c) the gross negligence or willful
misconduct of a COH Indemnitee.

 

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CONFIDENTIAL

 

10.2       Indemnification
by COH. COH shall defend, indemnify and hold harmless Licensee and its Affiliates and their respective officers, directors,
shareholders, employees and agents (collectively, the “Licensee Indemnitees”) from and against any and all Losses
caused directly by: (i) the material breach of any representation or warranty made by COH under this Agreement, or (ii) the gross
negligence or willful misconduct of a COH Indemnitee, except to the extent that such Losses arise out of or are in any way attributable
to: (a) the material breach of any representation or warranty made by Licensee under this Agreement, (b) the research, development,
marketing, approval, manufacture, packaging, labeling, handling, storage, transportation, use, distribution, promotion, marketing
or sale of Licensed Products or Licensed Services by or on behalf of Licensee or a Sublicensee, or (c) the negligence, willful
misconduct or failure to comply with applicable law by a Licensee Indemnitee or a Sublicensee.

 

10.3       Procedure.
The indemnities set forth in this Article 10 are subject to the condition that the Party seeking the indemnity shall forthwith
notify the indemnifying Party on being notified or otherwise made aware of a liability, claim, suit, action or expense and that
the indemnifying Party defend and control any proceedings with the other Party being permitted to participate at its own expense
(unless there shall be a conflict of interest which would prevent representation by joint counsel, in which event the indemnifying
Party shall pay for the other Party’s counsel); provided, that, the indemnifying Party may not settle the liability,
claim, suit, action or expense, or otherwise admit fault of the other Party or consent to any judgment, without the written consent
of the other Party (such consent not to be unreasonably withheld). Notwithstanding the foregoing, no delay in the notification
of the existence of any claim of Loss shall cause a failure to comply with this Section 10.3 as long as such delay shall not have
materially impaired the rights of the indemnifying Party.

 

10.4       Insurance.

 

10.4.1     Within
* ( * ) days following the Effective Date, Licensee shall procure at its sole expense and provide to COH evidence of comprehensive
or commercial general liability insurance (contractual liability included) with limits of at least: (i) each occurrence, $ * ;
(ii) products/completed operations aggregate, $ * ; (iii) personal and advertising injury, $ * ; and general aggregate (commercial
form only), $ * . 

 

10.4.2     The
foregoing policies will provide primary coverage to COH and shall name the COH Indemnitees as additional insureds, and shall remain
in effect during the term of this Agreement and for * years following the termination or expiration of the term of this Agreement.
The COH Indemnitees shall be notified in, writing by Licensee not less than * ( * ) days prior to any modification, cancellation
or non-renewal of such policy. Licensee’s insurance must include a provision that the coverages will be primary and will
not participate with nor will be excess over any valid and collective insurance or program of self-insurance carried or maintained
by the COH Indemnitees. Such insurance coverage shall be maintained with an insurance company or companies having an A.M. Best’s
rating (or its equivalent) of A-XII or better.

 

 

*Confidential material redacted and filed
separately with the Commission.

 

    	- 25 -

     

    

 

CONFIDENTIAL

 

10.5      LIMITATION
ON DAMAGES. NOTWITHSTANDING ANYTHING CONTAINED IN THIS AGREEMENT TO THE CONTRARY, EXCEPT IN RELATION TO LICENSEE’S INDEMNIFICATION
OBLIGATIONS UNDER SECTION 10.1 AND ANY BREACH BY LICENSEE OF ARTICLE 11: (I) IN NO EVENT SHALL EITHER PARTY BE LIABLE FOR ANY SPECIAL,
PUNITIVE, CONSEQUENTIAL, INDIRECT, OR INCIDENTAL DAMAGES (INCLUDING LOSS OF PROFITS, COSTS OF PROCURING SUBSTITUTE GOODS, LOST
BUSINESS OR ENHANCED DAMAGES FOR INTELLECTUAL PROPERTY INFRINGEMENT) WHETHER BASED UPON BREACH OF WARRANTY, BREACH OF CONTRACT,
NEGLIGENCE, STRICT LIABILITY IN TORT OR ANY OTHER LEGAL THEORY, AND (II) IN NO EVENT SHALL COH BE LIABLE TO LICENSEE FOR AN AGGREGATE
AMOUNT IN EXCESS OF * OF THE TOTAL CONSIDERATION PAID TO COH HEREUNDER.

 

ARTICLE
11: CONFIDENTIALITY

 

11.1       Confidential
Information. During the term of this Agreement and for * ( * ) years thereafter without regard to the means of termination:
(i) COH shall not use, for any purpose other than the purpose contemplated by this Agreement, or reveal or disclose to any Third
Party Licensee Confidential Information; and (ii) Licensee shall not use, for any purpose other than the purpose contemplated by
this Agreement, or reveal or disclose COH Confidential Information to any Third Party. The Parties shall take reasonable measures
to assure that no unauthorized use or disclosure is made by others to whom access to such information is granted. 

 

11.2       Exceptions.
Notwithstanding the foregoing, a Party may use and disclose Confidential Information of the other Party as follows:

 

11.2.1     if
required by applicable law, rule, regulation, government requirement and/or court order, provided, that, the disclosing
Party promptly notifies the other Party of its notice of any such requirement and provides the other Party a reasonable opportunity
to seek a protective order or other appropriate remedy and/or to waive compliance with the provisions of this Agreement;

 

11.2.2     to
the extent such use and disclosure occurs in the filing or publication of any patent application or patent on inventions;

 

11.2.3     as
necessary or desirable for securing any regulatory approvals, including pricing approvals, for any Licensed Products or Licensed
Services, provided, that, the disclosing Party shall take all reasonable steps to limit disclosure of the Confidential
Information outside such regulatory agency and to otherwise maintain the confidentiality of the Confidential Information;

 

 

*Confidential material redacted and filed
separately with the Commission.

 

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CONFIDENTIAL

 

11.2.4     to
take any lawful action that it deems necessary to protect its interest under, or to enforce compliance with the terms and conditions
of, this Agreement;

 

11.2.5     to
the extent necessary, to its Affiliates, directors, officers, employees, consultants, vendors and clinicians under written agreements
of confidentiality at least as restrictive as those set forth in this Agreement, who have a need to know such information in connection
with such Party performing its obligations or exercising its rights under this Agreement; and

 

11.2.6     by
Licensee, to actual and potential investors, licensees, Sublicensees, consultants, vendors and suppliers, and academic and commercial
collaborators, under written agreements of confidentiality at least as restrictive as those set forth in this Agreement.

 

11.3       Certain
Obligations. During the Term and for a period of * ( * ) years thereafter and subject to the exceptions set forth in Section
11.2, Licensee, with respect to COH Confidential Information, and COH, with respect to Licensee Confidential Information, agree:

 

11.3.1     to
use such Confidential Information only for the purposes contemplated under this Agreement,

 

11.3.2     to
treat such Confidential Information as it would its own proprietary information which in no event shall be less than a reasonable
standard of care,

 

11.3.3     to
take reasonable precautions to prevent the disclosure of such Confidential Information to a Third Party without written consent
of the other Party, and

 

11.3.4     to
only disclose such Confidential Information to those employees, agents and Third Parties who have a need to know such Confidential
Information for the purposes set forth herein and who are subject to obligations of confidentiality no less restrictive than those
set forth herein.

 

11.4        Termination.
Upon termination of this Agreement pursuant to Section 8.2 (but for clarity, not in the case of its Expiration), and upon the request
of the disclosing Party, the receiving Party shall promptly return to the disclosing Party or destroy all copies of Confidential
Information received from such Party, and shall return or destroy, and document the destruction of, all summaries, abstracts, extracts,
or other documents which contain any Confidential Information of the other Party in any form, except that each Party shall be permitted
to retain a copy (or copies, as necessary) of such Confidential Information for archival purposes or to enforce or verify compliance
with this Agreement, or as required by any applicable law or regulation.

 

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CONFIDENTIAL

 

ARTICLE
12: DISPUTE RESOLUTION

 

All Disputes shall be first referred to
a Chief Strategy Officer of COH and the President of Licensee for resolution, prior to proceeding under the other provisions of
this Article 12. A Dispute shall be referred to such executives upon one Party (the “Initiating Party”) providing
the other Party (the “Responding Party”) with notice that such Dispute exists, together with a written statement
describing the Dispute with reasonable specificity and proposing a resolution to such Dispute that the Initiating Party is willing
to accept, if any. Within ten days after having received such statement and proposed resolution, if any, the Responding Party shall
respond with a written statement that provides additional information, if any, regarding such Dispute, and proposes a resolution
to such Dispute that the Responding Party is willing to accept, if any. In the event that such Dispute is not resolved within *
( * ) days after the Responding Party’s receipt of the Initiating Party’s notice, either Party may bring and thereafter
maintain suit against the other with respect to such Dispute; provided, however, that the exclusive jurisdiction of any such suit
shall be the state and federal courts located in Los Angeles County, California, and the Parties hereby consent to the exclusive
jurisdiction and venue of such courts. 

 

ARTICLE
13: GOVERNMENTAL MATTERS

 

13.1       Governmental
Approval or Registration. If this Agreement or any associated transaction is required by the law of any nation to be either
approved or registered with any governmental agency, Licensee shall assume all legal obligations to do so. Licensee shall notify
COH if it becomes aware that this Agreement is subject to a U.S. or foreign government reporting or approval requirement. Licensee
shall make all necessary filings and pay all costs including fees, penalties and all other out-of-pocket costs associated with
such reporting or approval process.

 

13.2       Export
Control Laws. Licensee shall observe all applicable U.S. and foreign laws with respect to the transfer of Licensed Products
and related technical data to foreign countries, including, without limitation, the International Traffic in Arms Regulations and
the Export Administration Regulations.

 

13.3       Preference
for United States Industry. If Licensee sells a Licensed Product in the U.S., Licensee shall manufacture said product substantially
in the U.S.

 

ARTICLE
14: MISCELLANEOUS

 

14.1       Assignment
and Delegation. Except as expressly provided in this Section 14.1, neither this Agreement nor any right or obligation hereunder
shall be assignable in whole or in part, whether by operation of law, or otherwise by Licensee without the prior written consent
of COH. Notwithstanding the foregoing, Licensee may assign or transfer its rights and obligations under this Agreement to a Person
that succeeds to all or substantially all of that Party’s business or assets, whether by sale, merger, operation of law or
otherwise and provided that such Person agrees, in form and substance reasonably acceptable to COH, to be bound as a direct party
to this Agreement in lieu of or in addition to Licensee and provided further that Licensee has complied with its obligations pursuant
to Section 4.4. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the Parties hereto and their
respective successors and permitted assignees. Any transfer or assignment of this Agreement in violation of this Section 14.1 shall
be null and void.

 

 

*Confidential material redacted and filed
separately with the Commission.

 

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CONFIDENTIAL

 

14.2       Entire
Agreement. This Agreement contains the entire agreement between the Parties relating to the subject matter hereof, and
all prior understandings, representations and warranties between the Parties are superseded by this Agreement.

 

14.3       Amendments.
Changes and additional provisions to this Agreement shall be binding on the Parties only if agreed upon in writing and signed by
the Parties.

 

14.4       Applicable
Law. This Agreement shall be construed and interpreted in accordance with the laws of the State of California and all rights
and remedies shall be governed by such laws without regard to principles of conflicts of law.

 

14.5       Force
Majeure. If the performance of this Agreement or any obligations hereunder is prevented, restricted or interfered with
by reason of earthquake, fire, flood or other casualty or due to strikes, riot, storms, explosions, acts of God, war, terrorism,
or a similar occurrence or condition beyond the reasonable control of the Parties, the Party so affected shall, upon giving prompt
notice to the other Parties, be excused from such performance during such prevention, restriction or interference, and any failure
or delay resulting therefrom shall not be considered a breach of this Agreement.

 

14.6       Severability.
The Parties do not intend to violate any public policy or statutory common law. However, if any sentence, paragraph, clause or
combination of this Agreement is in violation of any law or is found to be otherwise unenforceable, such sentence, paragraph, clause
or combination of the same shall be deleted and the remainder of this Agreement shall remain binding; provided, that, such
deletion does not alter the basic purpose and structure of this Agreement.

 

14.7       Notices.
All notices, requests, demands, and other communications relating to this Agreement shall be in writing in the English language
and shall be delivered in person or by mail, international courier or facsimile transmission (with a confirmation copy forwarded
by courier or mail). Notices sent by mail shall be sent by first class mail or the equivalent, registered or certified, postage
prepaid, and shall be deemed to have been given on the date actually received. Notices sent by international courier shall be sent
using a service which provides traceability of packages. Notices shall be sent as follows:

 

	Notices to COH:	with a copy to:
	 	 
	Office of Technology Licensing	Office of General Counsel
	City of Hope	City of Hope
	1500 East Duarte Road	1500 East Duarte Road
	Duarte, CA 91010	Duarte, CA 91010
	Attn: Chief Strategy Officer	Attn: General Counsel
	Fax: 626-301-8175	Fax: 626-301-8863
	 	 
	Notices to Licensee:	With a copy to:
	 	 
	Mustang Bio, Inc.	Mustang Bio, Inc.
	2 Gansevoort, 9th Floor	2 Gansevoort, 9th Floor
	New York, NY 10014	New York, NY 10014
	Attn: CEO	Attn: Corporate Secretary

 

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CONFIDENTIAL

 

Either Party may change its address for
notices or facsimile number at any time by sending notice to the other Party.

 

14.8       Independent
Contractor. Nothing herein shall create any association, partnership, joint venture, fiduciary duty or the relation of
principal and agent between the Parties hereto, it being understood that each Party is acting as an independent contractor, and
neither Party shall have the authority to bind the other or the other’s representatives in any way.

 

14.9       Waiver.
No delay on the part of either Party hereto in exercising any power or right hereunder shall operate as a waiver thereof, nor shall
any single or partial exercise of any power or right hereunder preclude other or further exercise thereof or the exercise of any
other power or right. No waiver of this Agreement or any provision hereof shall be enforceable against any Party hereto unless
in writing, signed by the Party against whom such waiver is claimed, and shall be limited solely to the one event.

 

14.10      Interpretation.
This Agreement has been prepared jointly and no rule of strict construction shall be applied against either Party. In this Agreement,
the singular shall include the plural and vice versa and the word “including” shall be deemed to be followed by the
phrase “without limitation.” The section headings contained in this Agreement are inserted for convenience only and
shall not affect in any way the meaning or interpretation of this Agreement.

 

14.11     Counterparts.
This Agreement may be executed in counterparts, each of which together shall constitute one and the same Agreement. For purposes
of executing this agreement, a facsimile copy or an emailed PDF of this Agreement, including the signature pages, will be deemed
an original.

 

14.12     Licensee
Certification. Licensee certifies to COH, under penalty of perjury, that Licensee has not been convicted of a criminal
offense related to health care, is not currently debarred, excluded or otherwise ineligible for participation in federally funded
health care programs and has not arranged or contracted (by employment or otherwise) with any employee, contractor, or agent that
it knew or should have known are excluded from participation in any federal health care program, and will not knowingly arrange
or contract with any such individuals or entities during the term of this Agreement. Licensee agrees to notify COH in writing immediately
of any threatened, proposed or actual conviction relating to health care, of any threatened, proposed or actual debarment or exclusion
from participation in federally funded programs, of Licensee or any officer or director of Licensee. Any breach of this Section
14.12 by Licensee shall be grounds for termination of this Agreement by COH in accordance with Section 8.2.1.

 

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CONFIDENTIAL

 

14.13     Publicity.
Neither Party may issue a press releases or otherwise disclose the existence or terms of this Agreement without the prior written
consent of the other Party; provided, however, that once the existence or any terms or conditions of this Agreement has
been publicly disclosed in a manner mutually and reasonably agreed-to by the Parties, either Party may republish the facts previously
disclosed without the prior consent of the other Party. COH may, in its sole discretion and without the approval of Licensee, publicly
disclose the existence of this Agreement and the overall potential value of the Agreement to COH, so long as the detailed and specific
terms and conditions of this Agreement are not disclosed. If a third party inquires whether a license is available, COH may disclose
the existence of the Agreement and the extent of its grant in Section 3.1 to such third party, but will not disclose the name of
the Licensee, except where COH is required to release information under either the California Public Records Act or other applicable
law. Notwithstanding the foregoing, COH may disclose an unredacted copy of this Agreement as required under applicable law and
other obligations as applicable to the CIRM Grant.

 

14.14     No
Third Party Beneficiaries. Except for the rights of the COH Indemnities pursuant to Article 10, nothing in this Agreement,
either express or implied, is intended to or shall confer upon any Third Party any legal or equitable right, benefit or remedy
of any nature whatsoever under or by reason of this Agreement.

 

*      *      *      *      *

 

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CONFIDENTIAL

 

IN WITNESS WHEREOF,
the Parties have executed this Agreement by their duly authorized representatives.

 

 

	MUSTANG BIO, INC.	 	CITY OF HOPE
	 	 	 	 	 
	By:	 	 	By:	 
	Name:	 	 	Name:	 
	Title:	 	 	Title:	 

 

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EXHIBIA A

 

CTA

 

    	- 33 -

     

    

 

CONFIDENTIAL

 

INVESTIGATOR-INITIATED

CLINICAL RESEARCH SUPPORT AGREEMENT

 

This Investigator-Initiated Clinical Research
Support Agreement (this “Agreement”) is made as of [___________________] 2017 (“Effective Date”)
by and between City of Hope National Medical Center (collectively, “Institution”), and [INSERT] (“Corporation”).
The Institution and Corporation are each referred to herein as a “Party,” and collectively, as the “Parties.”

 

RECITALS

 

		A.	This Agreement is entered into to support the research and promote an increase in the useful clinical
and scientific knowledge related to the Investigator-sponsored study conducted under an Institutional Review Board-approved, investigator-initiated
protocol entitled: “[INSERT]” (the “Study”).

 

		B.	[INSERT RELEVANT FUNDING INFORMATION, IF APPLICABLE].

 

AGREEMENT

 

In consideration of the above, and of the
mutual covenants and promises contained herein and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the Parties further agree as follows:

 

		1.	DEFINITIONS:

 

		a.	“Institution Personnel” means Institutions’ employees and medical
staff performing Study activities hereunder.

 

		b.	“Inventions” means all inventions (whether patentable or not), discoveries
and innovations, conceived and reduced to practice by Institution Personnel in connection with the performance of the Protocol
under this Agreement.

 

		c.	“Investigator” means [INSERT].

 

		d.	“Protocol” means the Study protocol entitled: “[INSERT]”,
which has been approved by Institution’s designated Institutional Review Board (“IRB”), including
all amendments thereto.

 

		2.	SCOPE OF WORK: Institution agrees to perform the above titled Study in accordance with the
Protocol attached to this Agreement and incorporated herein by reference. Institution shall ensure that such Study is performed
in compliance with all applicable federal, state, and local statutes and regulations, with all Institutional requirements, and
with all Protocol requirements, including those relating to the documentation and submission of information and reports to regulatory
entities, including the FDA and Institution’s designated IRB, and with this Agreement. Institution agrees and acknowledges
that Corporation’s support for the Study is not being used to reward Institution’s support for any Corporation activities
or to influence prescribing or formulary decisions at Institution.

 

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CONFIDENTIAL

 

		3.	TERM: The term of this Agreement will commence as of the Effective Date and will end upon
delivery of a final study report for the Study from Institution to Corporation, unless terminated earlier as provided herein.

 

		4.	PAYMENT AND SUPPORT:

 

		a.	Fees: In consideration for the Study performed by Institution, Corporation shall be responsible
for the payment schedule in accordance with Exhibit A-1 and Exhibit A-2. Checks shall be made payable to: City of Hope National
Medical Center and sent to: 1500 East Duarte Road, Duarte, California 91010, Attention: Office of Clinical Trials Support Services.
The Parties acknowledge that the fees set forth on Exhibits A-1 and A-2 are applicable to any subjects enrolled under the Protocol,
without regard to specific stratum and/or strata that such subject may have been enrolled or will enroll.

 

		b.	Termination for nonpayment: In the event that Corporation fails to pay the initial payment
or subsequent invoices in full as and when due under Exhibit A-I and Exhibit A-2 (including any extension terms), Corporation and/or
Institution shall have the right to terminate this Agreement (and such payment obligation) upon a * ( * ) day notification to the
other Party, if such invoice is not paid within such * (*) day notice period. 

 

		c.	Breach for nonpayment: In the event Institution does not receive either full payment or
a timely termination notice as described in Section 4(b), then Corporation shall owe to Institution a penalty of * dollars ($ *
) per week until either full payment or a termination notice is received. The penalties described in this section shall automatically
begin to accrue the first Monday following the failure to fully pay the amounts owed or receipt of a timely termination notice.
In the event that Corporation remits payment following Corporation’s sending of a termination notice, Corporation shall continue
to be responsible for the penalties as described in this section up until the date the notice is received. Corporation shall pay
any penalties within * ( * ) days of the day that the penalties began to accrue. Should such penalties be required, checks shall
be made payable to: City of Hope National Medical Center and sent to: 1500 East Duarte Road, Duarte, California 91010, Attention:
Office of Clinical Trials Support Services. Any payments made towards penalties, as described in this section, shall be nonrefundable.

 

		5.	CONFIDENTIAL INFORMATION:

 

		a.	For purposes of this Agreement, the term “Confidential Information” shall mean
all written or oral information relating to the Study, including but not limited to Inventions; Study Data; know-how; technical
and nontechnical materials; and compound samples and specifications, which Institution may disclose, or have disclosed on its behalf
to Corporation pursuant to or related to the subject matter of this Agreement.

 

 

*Confidential material redacted and filed
separately with the Commission.

 

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CONFIDENTIAL

 

		b.	Confidentiality: Corporation agrees to maintain Confidential Information in confidence with
the same degree of care it holds its own confidential information, which shall be no less than a reasonable degree of care. Corporation
will not use Confidential Information except for the exercise of its rights under this Agreement, as set forth in Sections 6 and
8. Corporation will disclose Confidential Information only to its and its affiliates’ officers, consultants and employees
directly concerned with the Study that are subject to written obligations of confidentiality sufficient to ensure Corporation’s
compliance with its confidentiality obligations hereunder, and (except as expressly permitted hereunder) will not disclose Confidential
Information to any other third party nor use Confidential Information for any purpose, provided that Corporation shall be free
to disclose Confidential Information as reasonably necessary to exercise its rights hereunder, provided such disclosure is, to
the extent commercially reasonable, subject to obligations of confidentiality comparable to those set forth in this Section 5.

 

		c.	Exceptions to Confidentiality: Corporation’s obligation of nondisclosure and the limitations
upon the right to use Confidential Information shall not apply to the extent that Corporation can demonstrate that such Confidential
Information: (a) is now, or hereafter becomes, through no act or failure to act on the part of Corporation, generally known or
available to the public; (b) was known, without obligation of confidentiality, by Corporation before generation hereunder by Institution;
(c) is hereafter rightfully obtained by Corporation from a third party, without breach by the third party of any obligation to
Institution; or (d) is independently developed by or on behalf of Corporation without use or benefit of or reference to Confidential
Information by persons who had no access to such Confidential Information. Corporation may disclose Confidential Information if
and to the extent that a disclosure thereof is required by applicable law, rule, or regulation, provided that Corporation uses
reasonable efforts to limit the disclosure by means of a protective order or a request for confidential treatment and, to the extent
reasonably practicable, provides Institution a reasonable opportunity to review the disclosure before it is made and to interpose
its own objection to the disclosure.

 

		d.	HIPAA: Corporation will take appropriate measures to protect the confidentiality and security
of all protected health information (as such term is defined in the Health Insurance Portability and Accountability Act) that it
receives from Institution in connection with the Study. If, in connection with the Study or performance of this Agreement, Corporation
comes into contact with individually identifiable health information relating to patients who are not Study subjects, Corporation
agrees to maintain the confidentiality of such information, not use it for any purpose, immediately notify Institution and cooperate
with Institution to return or destroy any such information. If Corporation is permitted to receive any individually identifiable
information of Study subjects under the applicable informed consent form, Corporation shall only use and disclose such information
as necessary for the Study and shall promptly notify Institution of any unauthorized use or disclosure. The obligations in this
paragraph shall survive the termination of this Agreement indefinitely.

 

    	- 36 -

     

    

 

CONFIDENTIAL

 

		e.	Survival: All obligations regarding Confidential Information under this Agreement shall
survive the termination of this Agreement.

 

		6.	USE OF DATA: Corporation acknowledges that Institution owns all results, data, analyses,
reports, and other documentation resulting from, or generated in the course of or with respect to, the performance of the Study
as set forth in the Protocol (collectively, “Study Data”); provided, that Corporation shall
have the right to use Study Data solely relating to [INSERT] used in connection with the Protocol and in accordance with
[INSERT LICENSE: AGREEMENT] (the “License”).

 

		7.	REPORTS: Institution shall furnish to Corporation a comprehensive written report within
60 days after the completion of the Study. For the avoidance of doubt, such report, is considered Confidential Information subject
to Section 5 of this Agreement. Failure by Institution to furnish such report to Corporation in a timely manner shall constitute
a material breach of this agreement.

 

		8.	PUBLICATION: Institution and Corporation recognize the traditional freedom of all scientists
to publish and present promptly the results of their research. Institution and Corporation also recognize that patent rights can
be jeopardized by public disclosure prior to the filing of suitable patent applications and that confidential information can thereby
be inadvertently disclosed. Therefore, Institution shall submit all proposed publications arising from research under this Agreement
to Corporation before submission to a publisher for review. Corporation shall have thirty (30) days in which to review the publication,
which may be extended for an additional sixty (60) days when Corporation discloses to Institution a reasonable need for such extension
in order to file for patent protection.

 

		9.	INVENTIONS & INTELLECTUAL PROPERTY: Ownership of all Inventions shall follow inventorship
in accordance with U.S. patent law. Institution shall promptly notify Corporation in writing and in reasonable detail of any Inventions
solely relating to [INSERT] used in connection with the Protocol. Institution and Corporation agree that Corporation’s
rights to such Inventions shall be subject to the License. Notwithstanding the foregoing provisions, nothing in this Agreement
is intended to, or should be construed to, conflict with federal law (including any Bayh-Dole or NIH obligations) or [INSERT
FUNDING SOURCE, IF APPLICABLE] obligations that may arise with respect to Inventions resulting from research funded hereunder.
Federal law or applicable law shall govern in the event of any inconsistency with this Section 9.

 

    	- 37 -

     

    

 

CONFIDENTIAL

 

		10.	INDEMNIFICATION:

 

		a.	Institution shall indemnify and hold Corporation and its (and its affiliates’) directors,
officers, agents, contractors and employees harmless from any claim, liability, loss or demand arising from (i) the negligence,
recklessness or willful misconduct of Institution or any Institution Personnel in the conduct of the Study, and (ii) Institution’s
or any Institution Personnel’s failure to comply with any applicable law or regulations in the conduct of the Study.

 

		b.	Corporation agrees to indemnify and hold Institution, its affiliates, and their respective directors,
officers, agents, medical staff, contractors and employees, including Investigator, harmless from any claim, liability, loss or
demand arising from (i) Corporation’s use of the results of the Study; (ii) any breach of this Agreement by Corporation or
any of its agents, contractors or employees; (iii) the negligence, recklessness or willful misconduct of Corporation or any of
its agents, contractors or employees in connection with the Study or this Agreement; and (iv) Corporation’s or any of its
agents’, contractors’ or employees’ failure to comply with any applicable law or regulations.

 

		c.	The obligations of each Party under this Section are subject to: prompt notification to the indemnifying
party by the indemnified party of any claim or suit; full control by the indemnifying party of any disposition or settlement of
said claim or suit; and cooperation by the indemnified party with the indemnifying party regarding such disposition or settlement;
provided, however, that, without the indemnified party’s prior written approval (such approval not to be unreasonably withheld),
the indemnifying party shall not settle or compromise any such claim or suit if such settlement or compromise would result in an
admission of liability or wrongdoing or impose any obligation on the indemnified party.

 

		11.	TERMINATION:

 

		a.	If any Party breaches any material provision in this Agreement, the other Party may terminate this
Agreement if the breaching Party does not cure the breach to the non-breaching Party’s reasonable satisfaction within * (
* ) days after written notice to the breaching Party of the same. Such right of termination shall be in addition to any other rights
the terminating Party may have, at law or equity, pursuant to this Agreement or otherwise. 

 

		b.	Each Party may terminate this Agreement as noted in Section 4.

 

		c.	Each Party shall be entitled to terminate this Agreement at any time upon * ( * ) days’ written
notice to the other Party.

 

		d.	Each Party reserves the right to terminate this Agreement at any time effective immediately (i)
if the authorization and approval to conduct the Study is withdrawn by the FDA, IRB, or other regulatory authority, or (ii) for
bona fide safety concerns.

 

 

*Confidential material redacted and filed
separately with the Commission.

 

    	- 38 -

     

    

 

CONFIDENTIAL

 

		e.	In the event of termination (other than a termination by Corporation pursuant to Section 11(a)
hereof), Corporation will reimburse the Institution for all actual costs and non-cancelable commitments properly incurred prior
to receipt of notice of termination in the performance of the Study consistent with this Agreement. Any payments made by Corporation
to Institution shall be nonrefundable.

 

		12.	NOTICES: All notices or other communications that are required or permitted hereunder shall
be in writing and delivered personally, sent by email, sent by a nationally-recognized overnight courier or sent by registered
or certified mail, postage prepaid, return receipt requested, to the addresses listed below or to such other addresses as each
of the Parties may otherwise request. Any such communication shall be deemed to have been given (i) when delivered, if personally
delivered or sent by facsimile or email on a business clay, (ii) on the business day after dispatch, if sent by nationally-recognized
overnight courier, and (iii) on the fifth business day following the date of mailing, if sent by mail.

 

	If to Corporation:	[INSERT]
	 	 
	If to Institution for contract	City of Hope National Medical Center
	or administrative matters:	1500 East Duarte Road
	 	Duarte, California 91010
	 	Attn: Office of Clinical Trials Support Services
	 	Tel: 626-256-4673, ext.  64284
	 	Email: CTSS-E@coh.org
	 	 
	If to Investigator for clinical	[INSERT]
	 or technical matters:	1500 East Duarte Road
	 	Duarte, California 91010
	 	Tel: [INSERT]
	 	Email: [INSERT]

 

		13.	RELATIONSHIP OF THE PARTIES: The execution of this Agreement shall not confer upon the Parties
any interest or benefits other than those specifically set forth herein. In making and performing this Agreement, the Parties shall
act at all times as independent entities, and nothing contained in this Agreement shall be construed or implied to create an agency,
partnership or employer and employee relationship between Corporation and Institution, Investigator, or Institution’s officers,
employees, consultants or agents. Except as specifically provided herein, at no time shall either Party make commitments or incur
any charges or expenses for or in the name of the other Party.

 

		14.	INDEPENDENT RESEARCH: Nothing in this Agreement shall be construed to limit the freedom
of Institution or Investigator or other individuals participating in this Study, whether paid under this Agreement or not, to engage
in research similar or competitive to the Study independently under other grants, contracts or agreements with parties other than
Corporation. The Parties agree that, by executing this Agreement or performing hereunder, Institution and Investigator are not
transferring or delegating any legal or regulatory obligations they may have under applicable law as the sponsors of such Study
or holder of any IND or similar authorization to conduct such Study, and that, except as explicitly set forth in this Agreement,
Corporation shall have no obligations or liabilities with respect to the Study or the performance thereof.

 

    	- 39 -

     

    

 

CONFIDENTIAL

 

		15.	SURVIVAL: Expiration or termination of this Agreement by any Party shall not affect the
rights and obligations of the Parties accrued prior to the effective date of the expiration or termination. The provisions of Sections
1, 5, 9, 10, 15, 16, 17 and 21 shall survive the termination or expiration of this Agreement for any reason.

 

		16.	COMPLIANCE WITH LAWS: All parties shall comply in all material respects with the requirements
of all applicable laws, rules, regulations and orders of any government authority in performing the Study including, without limitation,
all U.S. Food and Drug Administration regulations relating to Good Clinical Practice and clinical trials,

 

		17.	HUMAN SUBJECTS RESEARCH PROTECTION: In the event of a Research Injury (as defined, below),
Institution will make medical care available to Study subjects, when appropriate, as further set forth in the informed consent
document approved by the IRB for this Study. “Research Injury” as used herein shall mean injury or illness sustained
by a Study subject to the extent that such injury or illness is directly related to a Study procedure or the Study Drug.

 

		18.	REPRESENTATIONS AND WARRANTIES: The Institution and Corporation each represents and warrants
that (i) it is a corporation duly organized, validly existing and in good standing under the laws of its state of incorporation;
(ii) it has the right and authority to execute and deliver this Agreement and to consummate the transactions contemplated hereunder;
(iii) this Agreement is a legal, valid and binding agreement of the Party and enforceable against it; (iv) the execution and delivery
of this Agreement will not, to each Party’s knowledge, violate any statute, regulation or any other restriction upon the
Party; and (v) it has secured all requisite authorizations and approvals necessary for the execution, delivery and performance
of this Agreement. EXCEPT AS EXPRESSLY PROVIDED HEREIN, ALL STUDY DATA AND INVENTIONS PROVIDED, SUBMITTED OR GENERATED HEREUNDER
BY THE INSTITUTION OR INSTITUTION PERSONNEL (INCLUDING WITHOUT LIMITATION THE INVESTIGATOR) IS PROVIDED, SUBMITTED OR GENERATED,
AS APPLICABLE, “AS-IS” WITH NO WARRANTY OF ANY KIND, AND ALL SUCH WARRANTIES THEREIN, WHETHER STATUTORY, EXPRESS OR
IMPLIED (AND INCLUDING WITHOUT LIMITATION WARRANTIES OF FITNESS FOR A PARTICULAR PURPOSE, MERCHANTABILITY, TITLE AND NON-INFRINGEMENT
OF THIRD PARTY RIGHTS), ARE HEREBY DISCLAIMED TO THE MAXIMUM EXTENT PERMISSIBLE BY LAW. THE PARTIES ACKNOWLEDGE THAT THE STUDY
IS EXPERIMENTAL AND THE INSTITUTION DISCLAIMS ANY WARRANTY THAT IT WILL BE ABLE TO COMPLETE THE STUDY AS CONTEMPLATED BY THE PROTOCOL
OR THAT THE STUDY WILL BE SUCCESSFUL. EXCEPT WITH RESPECT TO ANY INDEMNIFICATION OBLIGATIONS OF INSTITUTION AS SET FORTH IN THIS
SECTION, (I) THE INSTITUTION SHALL HAVE NO LIABILITY TO CORPORATION FOR ANY LOST PROFITS, LOST OPPORTUNITIES, OR CONSEQUENTIAL,
SPECIAL, INCIDENTAL, INDIRECT OR PUNITIVE DAMAGES, AND (II) THE INSTITUTION’S MAXIMUM LIABILITY TO CORPORATION SHALL NOT
EXCEED THE AMOUNTS PAID BY CORPORATION TO THE INSTITUTION UNDER THIS AGREEMENT.

 

    	- 40 -

     

    

 

CONFIDENTIAL

 

		19.	DEBARMENT: Corporation hereby certifies to Institution under penalty of perjury, that Corporation
has not been convicted of a criminal offense related to health care and is not currently debarred, excluded or otherwise ineligible
for participation in federally funded health care programs. Corporation agrees to notify Institution in writing immediately of
any threatened, proposed or actual conviction relating to health care, or any threatened, proposed or actual debarment or exclusion
from participation in federally funded health care programs, of the Corporation. Corporation will not employ or contract with individuals
or entities excluded from participation in a federally funded program. Any breach of this section of this Agreement by Corporation
shall be grounds for immediate termination of this Agreement by Institution.

 

		20.	PUBLICITY: Neither Party shall publicly use the other Party’s name, nor issue any
public statement about this Agreement or the Study, without the prior written permission of the other Party (which permission shall
not be unreasonably withheld), except as required by law (and, in such case, only with prior prompt notice to the other Party);
provided, however that Institution has the right to list the Study name and information on its Clinical Trials Online (CTOL) website
system and, in order for the Institution to satisfy its governmental reporting obligations, it may disclose to governmental agencies
the amount of support received from Corporation for the Study.

 

		21.	ASSIGNMENT: This Agreement and all rights and obligations hereunder are personal to the
Parties and may not be assigned without the express written consent of the other Party, which consent will not be unreasonably
withheld or delayed.

 

		22.	CHOICE OF LAW AND JURISDICTION: This Agreement shall be construed in accordance with the
laws of the State of California. All actions arising under this Agreement shall be brought exclusively in the state and federal
courts sitting in Los Angeles County, California and each of the Parties hereby agrees to submit to the exclusive venue and personal
jurisdiction of such courts.

 

		23.	FORCE MAJEURE: Failure of either Party to perform its obligations under this Agreement (except
the obligation to make payments) shall not subject such Party to any liability or place such Party in breach of any term or condition
of this agreement to the other Party if such failure is the result of any event beyond the reasonable control of such nonperforming
Party, which may include, but is not limited to, acts of God, fire, explosion, flood, drought, war, riot, sabotage, embargo, strike
or other labor trouble, failure in whole or in part of suppliers to deliver on schedule materials, equipment or machinery, interruption
of or delay in transportation, a national health emergency or compliance with any order or regulation of any government entity
acting with color of right. Any Corporation payments made to Institution prior to an event beyond the reasonable control of such
nonperforming Party shall be nonrefundable.

 

    	- 41 -

     

    

 

CONFIDENTIAL

 

		24.	WAIVER: The failure of a Party to enforce any breach or provision of this Agreement shall
not constitute a continuing waiver of such breach or provision and such Party may at any time thereafter act upon or enforce such
breach or provisions of this Agreement. Any waiver of breach executed by either Party shall affect only the specific breach and
shall not operate as a waiver of any subsequent or preceding breach.

 

		25.	TIME IS OF THE ESSENCE: Time is of the essence with respect to the performance of this Agreement
and each of its terms.

 

		26.	FURTHER INSTRUMENTS AND ACTS: Each Party shall execute and deliver such further instruments
and do such further acts and things as reasonably may be required to carry out the intent and purpose of this Agreement.

 

		27.	SEVERABILITY: If any clause or provision of this Agreement is declared invalid or unenforceable
by a court of competent jurisdiction or an arbitrator, such provision shall be severed and the remaining provisions of the Agreement
shall continue in full force and effect. The Parties shall use their best efforts to agree upon a valid and enforceable provision
as a substitute for the severed provision, taking into account the intent of this Agreement.

 

		28.	COUNTERPARTS: This Agreement may be executed in any number of counterparts, each of which
shall be an original as against the Party whose signature appears thereon, but all of which taken together shall constitute but
one and the same instrument.

 

		29.	ENTIRE AGREEMENT: This Agreement, including any exhibits and appendices attached hereto,
sets forth the entire agreement between Corporation and Institution as to its subject matter, and supersedes any and all other
discussions, negotiations and representations of any kind by and among the Parties. None of the terms of this Agreement shall be
amended except in writing signed by both Parties; provided, however, that the Protocol may be amended by Institution as reasonably
necessary. Institution shall promptly provide to Corporation a copy of any Protocol amendment. If there is any conflict between
the provisions of the final study Protocol, as it may be amended, and those of this Agreement, the provisions of this Agreement
shall govern; provided, however, that the provisions of the Protocol shall govern with respect to the performance of the Study.
Nothing herein shall supersede, modify, alter, amend or otherwise change each Party’s respective rights, liability or obligations
under the License or the Sponsored Research Agreement.

 

Signature page follows

 

    	- 42 -

     

    

 

IN WITNESS WHEREOF, the Parties have caused
this Agreement to be executed by duly authorized representatives as of the Effective Date.

 

	Corporation	 	Institution
	 	 	 	 	 
	By:	 	 	By:	 
	 	 	 	 	 
	Name:	 	 	Name: Ashley Baker Lee
	 	 	 	 
	Title:	 	 	Title: SVP, Research Operations

 

As Investigator to this Agreement, I attest
that I have read the Agreement in its entirety, and that I consent to the terms herein:

 

	 	Investigator
	 	 	 
	 	By:	
	 	 	 
	 	Name: [INSERT]

 

    	- 43 -

     

    

 

CONFIDENTIAL

 

EXHIBIT
A-1

 

CITY OF
HOPE NATIONAL MEDICAL CENTER PAYMENT TERMS

 

Unless otherwise specified, the amounts
below are payable by Corporation (or its designee) to Institution pursuant to Section 4 of the Agreement, and will be made as follows:

 

Initial Payment to Institution:

 

Within seven (7) days of execution of this
Agreement, Corporation will pay to Institution a one-time, non-refundable payment in the sum of [INSERT], the total initial
start-up fees payment due pursuant to this Agreement.

 

If the Study is terminated and the termination
is not the result of i) the Institution’s failure to enroll any eligible subjects according to the terms of the Agreement
or ii) a violation by the Institution of the Agreement, the Protocol or any applicable laws or regulations, then Corporation shall
reimburse Institution for the actual start-up costs incurred up to the date of termination.

 

Invoiceable Payments to Institution:

 

After Initial Payment has been made, subsequent
payments for costs associated with the screening and evaluation of the patient prior to the initiation of treatment shall be invoiced
to Corporation.

 

Payment Timing and Invoicing:

 

With respect to the invoiceable payments
to Institution outlined in Exhibit A-2, Institution shall submit an invoice every quarter to Corporation for those costs. Corporation
shall have thirty (30) days in which to pay those costs.

 

Invoice Information:

 

The Institution will reference do [INSERT]
as invoicee, and invoices must be made out to the following (do not send invoices here):

 

ALL STUDY INVOICES ARE TO BE SENT TO [INSERT]
AT ADDRESS BELOW.

 

Invoices must contain an accurate itemization
of all fees, supporting documentation, site invoice reference number, PO number (if available), and must specify the following
information:

 

		Reference:	[INSERT]

 

		Attention:	[INSERT]

 

Original invoices pertaining to this Study
should be submitted for reimbursement as follows:

 

		Email (preferred):	[INSERT]

 

    	- 44 -

     

    

 

CONFIDENTIAL

 

		Paper Invoices:	[INSERT]

 

For invoicing questions, please contact
the following:

 

		Attention:	[INSERT]

 

		Email:	[INSERT]

 

		Phone Number:	[INSERT]

 

    	- 45 -

     

    

 

CONFIDENTIAL

 

EXHIBIT
A-2

 

[CITY OF
HOPE NATIONAL MEDICAL CENTER BUDGET]

 

    	- 46 -Exhibit 10.4

 

CONFIDENTIAL TREATMENT
REQUESTED. Confidential portions of this document have been redacted and have been separately filed with the Commission. 

 

EXCLUSIVE
LICENSE AGREEMENT

 

BETWEEN

 

THE REGENTS OF THE UNIVERSITY OF CALIFORNIA

 

AND

 

MUSTANG BIO, INC.

 

FOR

 

UCLA Case
No. * : “Engineered Anti-Prostate Stem Cell Antigen (PSCA) Antibodies

for Cancer Targeting”

 

AND

 

UCLA Case No. * : “High Affinity
Anti-Prostate Stem Cell Antigen (PSCA)

 Antibodies for Cancer Targeting and Detection”

 

 

*Confidential material redacted and filed
separately with the Commission.

 

     

    	 	 	CONFIDENTIAL

    

 

EXCLUSIVE
LICENSE AGREEMENT

TABLE OF CONTENTS

 

	ARTICLE	 	PAGE NUMBER
	 	 	 	 
	recitals	 	1
	1.	Definitions	 	1
	2.	grant	 	6
	3.	SUBLICENSES	 	7
	4.	fees	 	9
	5.	royalties	 	10
	6.	diligence	 	12
	7.	PATENT FILING, PROSECUTION AND MAINTENANCE	 	12
	8.	patent infringement	 	14
	9.	PROGRESS AND ROYALTY REPORTS	 	16
	10.	BOOKS AND RECORDS	 	17
	11.	LIFE OF THE AGREEMENT	 	17
	12.	TERMINATION by the regents	 	18
	13.	termination by licensee	 	18
	14.	disposition of licensed products on hand upon termination	 	18
	15.	patent marking	 	18
	16.	USE OF NAMES AND TRADEMARKS	 	19
	17.	LIMITED WARRANTY	 	19
	18.	INDEMNIFICATION	 	19
	19.	limitation of liability	 	21
	20.	NOTICES	 	21
	21.	assignability	 	22
	22.	LATE PAYMENTS	 	23
	23.	waiver	 	23
	24.	failure to perform	 	23
	25.	GOVERNING LAW	 	23
	26.	GOVERNMENT APPROVAL or registration	 	23
	27.	compliance with LAWS	 	24
	28.	preference for united states industry	 	24
	29.	FORCE MAJEURE	 	24
	30.	confidentiality	 	24
	31.	MISCELLANEOUS	 	25
	32.	COUNTERPARTS AND EXECUTION	 	26

 

Appendix
A

APPENDIX B

APPENDIX C

 

     

    	 	 	CONFIDENTIAL

    

 

EXCLUSIVE
LICENSE AGREEMENT

 

THIS EXCLUSIVE
LICENSE AGREEMENT AND THE ATTACHED APPENDICES A, B, C, AND D (collectively, the “Agreement”) is made
and is effective as of March 17, 2017 (the “Effective Date”) between THE REGENTS OF THE UNIVERSITY OF CALIFORNIA
(“The Regents”), a California corporation having its corporate offices located at 1111 Franklin Street, Oakland,
California 94607-5200, acting through The Technology Development Group of the University of California, Los Angeles, located at
10889 Wilshire Boulevard, Suite 920, Los Angeles, CA 90095-7191, and MUSTANG BIO, INC. (“Licensee”),
a Delaware corporation having a principal place of business at 2 Gansevoort, 9th Floor, New York, NY 10014.

 

RECITALS

 

WHEREAS, certain invention(s), generally
characterized as

 

		1.	UCLA Case No. * :
“Engineered Anti-Prostate Stem Cell Antigen (PSCA) Antibodies for Cancer Targeting”; and

 

		2.	UCLA Case No. * : “High Affinity Anti-Prostate Stem Cell Antigen (PSCA) Antibodies for
Cancer Targeting and Detection”

 

(the “Inventions”) were
made in the course of research at the University of California, Los Angeles by Anna Wu, Robert E. Reiter, Eric J. Lepin, James
D. Marks, and Yu Zhou, (“Inventors”), and are claimed in Regents’ Patent Rights, as defined below;

 

WHEREAS,
the Inventors are employees of The Regents and as such
are obligated to assign their right, title
and interest in and to the Inventions to The Regents;

 

WHEREAS, UCLA Case Nos. * and * were developed
with United States Government funds, and The Regents has elected title thereto and granted royalty-free nonexclusive licenses to
the United States Government on March 6, 2009 and March 5, 2010, respectively, as required under 35 U.S.C. §200-212;

 

WHEREAS, Licensee is a “small
business concern” as defined in 15 U.S.C. §§632; and

 

WHEREAS, The Regents wishes that Regents’
Patent Rights be developed and utilized to the fullest extent so that the benefits can be enjoyed by the general public.

 

The parties
agree as follows:

 

1.     DEFINITIONS

 

		1.1	“Affiliate” means any business entity in which Licensee owns or controls, directly
or indirectly, at least fifty percent (50%) of the outstanding stock or other voting rights entitled to elect directors. In any
country where the local law does not permit foreign equity participation of at least fifty percent (50%), then “Affiliate”
means any business entity in which Licensee owns or controls, directly or indirectly, the maximum percentage of outstanding stock
or voting rights that is permitted by local law.

 

 

*Confidential material redacted and filed
separately with the Commission.

 

    	 	1	 

    	 	 	CONFIDENTIAL

    

  

		1.2	“BLA” means a biologics license application submitted to the FDA prior to marketing
a pharmaceutical product as required under the United States Federal Food, Drug and Cosmetic Act and the regulations promulgated
thereunder, or the substantive equivalent of such BLA as required by a given Regulatory Authority outside the United States prior
to marketing and selling a pharmaceutical product in such Regulatory Authority’s country.

 

		1.3	“Combination Product” means a product which comprises (a) a Licensed Product
(the “Licensed Product Component”), and (b) at least one other pharmacologically active ingredient, which, if
administered or used independently of the Licensed Product, would have a therapeutic effect (the “Non-Licensed Product
Component”). Combination Products are also Licensed Products and therefore references to Licensed Products in the definitions
in this Agreement (such as in the definition of Net Sales, Final Sales, etc.) also refer to Combination Products.

 

		1.4	“Commercialization” has the meaning set forth in Paragraph 6.1 of this
Agreement.

 

		1.5	“Commercially Reasonable Efforts” means, with respect to the efforts to be expended
pertaining to the commercialization of a Licensed Product, those diligent, reasonable, good faith efforts to accomplish such objective
as such party would normally use to accomplish a similar objective under similar circumstances. For the avoidance of doubt, "Commercially
Reasonable Efforts" shall not include (a) halting commercialization of, or otherwise shelving, a Licensed Product for the
purpose of pursuing another of Licensee's (or Sublicensee's as the case may be) products not covered by Regents' Patent Rights
or (b) discontinuing all development, manufacturing, marketing and selling of such Licensed Product for a period of greater than
twenty-four (24) months.

 

		1.6	“Covered” means that the use, manufacture, sale, offer for sale, development,
commercialization or importation of the subject matter in question by an unlicensed entity would infringe a Valid Claim of a Patent
Right; provided that infringement of any Valid Claim of a pending patent application shall be determined as if such Valid Claim
were issued or granted.

 

		1.7	“Customer” means any individual or entity that receives Licensed Products or
Licensed Methods, provided however, that Licensee or Sublicensee shall be deemed a Customer only if it receives Licensed Products
or Licensed Methods that are not intended for further sale, transfer, lease, exchange or other disposition.

 

		1.8	“FDA” means the United States Food and Drug Administration or any successor
entity thereto.

 

		1.9	“Field of Use” *. 

 

		1.10	“Final Sale” means any sale, transfer, lease, exchange or other disposition
or provision of a Licensed Product and/or a Licensed Method to a Customer by Licensee or a Sublicensee.  A Final Sale will
be deemed to have occurred upon the earliest to occur of the following (as applicable): (a) the transfer of title to such Licensed
Product and/or Licensed Method to a Customer, (b) the shipment of such Licensed Product to a Customer, (c) the provision of a Licensed
Method to a Customer, (d) the provision of an invoice for such Licensed Product or Licensed Method to a Customer, or (e) payment
by the Customer for Licensed Products or Licensed Methods. Exchange of Licensed Products between Licensee and a Sublicensee is
not a Final Sale if the Licensed Product is intended for further sale, transfer, lease, exchange or other disposition, in which
case the Final Sale will be deemed to have occurred upon sale, transfer, lease, exchange or other disposition or provision of Licensed
Product by Licensee or Sublicensee to a Customer. In addition, none of the following shall constitute a Final Sale (and no royalty
shall be owing hereunder with respect to any of the following): (x) transfer by Licensee or a Sublicensee of Licensed Product at
no cost solely for use in, or for purposes of, a clinical study, clinical trial, or as a free sample in product promotion; and
(y) use by Licensee, its Affiliates or Sublicensees of Product for their internal research purposes.

 

 

*Confidential material redacted and filed
separately with the Commission.

 

    	 	2	 

    	 	 	CONFIDENTIAL

    

 

		1.11	“First Commercial Sale” means the first sale of any Licensed Product by Licensee
or a Sublicensee, following approval of its marketing by the appropriate governmental agency for the country in which the sale
is to be made. When governmental approval is not required, “First Commercial Sale” means the first sale in that country.

 

		1.12	“IND” means an investigational new drug application submitted to the FDA prior
to the commencement of human clinical testing of a pharmaceutical product as required under the United States Federal Food, Drug
and Cosmetic Act and the regulations promulgated thereunder, or the substantive equivalent of such IND application as required
by a given Regulatory Authority outside the United States prior to commencing clinical testing of a pharmaceutical product in human
subjects in such Regulatory Authority’s country.

 

		1.13	“Joint Venture” means any separate entity established pursuant to an agreement
between a third party and Licensee and/or a Sublicensee, in which the separate entity manufactures, uses, purchases, sells or acquires
Licensed Products from Licensee or a Sublicensee.

 

		1.14	“Licensed Method” means any process, service, or method Covered by a Valid Claim
within Regents’ Patent Rights or whose use or practice would, absent the license granted under this Agreement, constitute
an infringement, inducement of infringement or contributory infringement of any Valid Claim within Regents’ Patent Rights.

 

		1.15	“Licensed Product” means any article, composition, apparatus, substance, chemical,
or any other material Covered by a Valid Claim within Regents’ Patent Rights or whose manufacture, import use, offer for
sale, or sale would, absent the license granted under this Agreement, constitute an infringement, inducement of infringement or
contributory infringement of any Valid Claim within Regents’ Patent Rights, or any service, article, composition, apparatus,
chemical, substance or any other material made, used or sold by or utilizing or practicing a Licensed Method. This definition of
Licensed Product also includes a service either used by Licensee or a Sublicensee or provided by Licensee or a Sublicensee to a
Customer when such service requires the use of Licensed Product or performance of a Licensed Method.

 

		1.16	“Minimum Annual Royalty” has the meaning set forth in Paragraph 5.3 of this
Agreement.

 

		1.17	“NDA” means a new drug application submitted to the FDA prior to marketing a
pharmaceutical product as required under the United States Federal Food, Drug and Cosmetic Act and the regulations promulgated
thereunder, or the substantive equivalent of such NDA as required by a given Regulatory Authority outside the United States prior
to marketing and selling a pharmaceutical product in such Regulatory Authority’s country.

 

		1.18	“Net Sales” means the total of the gross amount invoiced or otherwise charged
(whether consisting of cash or any other forms of consideration) for all Final Sales, less the following deductions (to the extent
included in and not already deducted from the gross amount invoiced or otherwise charged) to the extent reasonable and customary: (i)
cash, trade or quantity discounts actually granted to Customers; (ii) sales, use, tariff, import/export duties or other excise
taxes imposed on particular sales, and value added taxes (“VAT”) to the extent that such VAT is incurred and
not reimbursed, refunded, or credited under a tax authority; (iii) bad debts actually written off, as applied on a consistent basis;
(iv) shipping, handling, freight, postage, insurance and transportation charges; (v) administrative fees paid to group purchasing
organizations (e.g., Medicare) and government-mandated rebates; and (vi) sales returns, allowances or credits to Customers because
of rejections or returns.  Income taxes are not an allowed deduction under Net Sales. If Licensee, a Sublicensee, development
partner or Joint Venture is a Customer, then Licensee will pay royalties on Net Sales based on the total gross amount normally
charged to other Customers in arm’s length transactions.

 

    	 	3	 

    	 	 	CONFIDENTIAL

    

 

If the Licensed
Product or Licensed Method is a component of a Combination Product, such Combination Product is deemed to be the Licensed Product
for purposes of this Agreement.

 

Likewise, if
Licensee or a Sublicensee receives a Licensed Product for incorporation into another product intended for sale, transfer, lease
or other disposition, then, for the purposes of this Agreement, the Licensed Product is such product intended for sale, transfer,
lease, or other disposition by Licensee or a Sublicensee, and such product intended for sale, transfer, lease, or other disposition
by Licensee or a Sublicensee is also a Combination Product for purposes of this Agreement.

 

With respect
to Combination Products, Net Sales means the gross amount invoiced or otherwise charged for the Final Sale by Licensee (or Sublicensee
as the case may be) of such Combination Product, multiplied by a proration factor. This proration factor shall be determined as
follows:

 

		1.18a	If the Licensed Product Component(s) and the Non-Licensed
Product Component(s) were both sold separately from each other during one or more of the immediately preceding ten (10) years,
the proration factor shall be determined by the formula [A/(A+B)], where A is the average over the past ten years of the gross
selling price of the Licensed Product Component sold separately and B is the average over the past ten years of the gross selling
price of the Non-Licensed Product Component(s);

 

		1.18b	If the Licensed Product Component(s) and the Non-Licensed Product Component(s) were not both sold
separately from each other during one or more of the immediately preceding ten (10) years but the Licensed Product Component was
sold separately during one or more of the immediately preceding ten (10) years, the proration factor shall be determined by the
formula A/C, where A is the average over the past ten (10) years of the gross selling price of the Licensed Product Component sold
separately, and C is the invoice price of the Combination Product. 

 

		1.18c	If neither 1.18a or 1.18b applies, then the proration factor shall be determined in a consistent
and equitable manner that reflects the contribution of the Licensed Product Component to the payments received from Net Sales of
the Combination Product as the parties shall in good faith negotiate and agree.

 

With respect to 1.18(a)-(c) above,
in no case will the proration factor in 1.18(a)-(c) above be less than one half (0.5).

 

		1.19	“Patent Action” means the preparation, filing, prosecution and maintenance of
patent applications and patents in Regents’ Patent Rights. Prosecution includes, but is not limited to, reexaminations, interferences,
oppositions, and any other ex parte or inter partes matters originating in a patent office.

 

		1.20	“Patent Costs” means all documented out-of-pocket costs incurred by The Regents
for Patent Actions.

 

		1.21	“Phase I Clinical Trial” means any human clinical trial that has as its principal
purpose, and that is reasonably constituted to achieve, a preliminary determination of safety in human subjects, as required under
the United States Federal Food, Drug and Cosmetic Act and the regulations promulgated thereunder, or the substantive equivalent
of such Phase I Clinical Trial as required by a given Regulatory Authority outside the United States prior to marketing and selling
a Licensed Product in such Regulatory Authority’s country.

 

    	 	4	 

    	 	 	CONFIDENTIAL

    

 

		1.22	“Phase II Clinical Trial” means any human clinical trial that has as its principal
purpose, and that is reasonably constituted to achieve, a preliminary evaluation of clinical efficacy and safety, and/or to obtain
an indication of the dosage regimen in human subjects, as required under the United States Federal Food, Drug and Cosmetic Act
and the regulations promulgated thereunder, or the substantive equivalent of such Phase II Clinical Trial as required by a given
Regulatory Authority outside the United States prior to marketing and selling a Licensed Product in such Regulatory Authority’s
country.

 

		1.23	“Phase III Clinical Trial” means any human clinical trial that has as its principal
purpose, and that is reasonably constituted to achieve, establishing safety and efficacy in human subjects, as required under the
United States Federal Food, Drug and Cosmetic Act and the regulations promulgated thereunder, or the substantive equivalent of
such Phase III Clinical Trial as required by a given Regulatory Authority outside the United States prior to marketing and selling
a Licensed Product in such Regulatory Authority’s country.

 

		1.24	“Regents’ Patent Rights” means The Regents’
interest in any of the patent applications and patents listed in Appendix A (REGENTS’ PATENT RIGHTS) attached to this Agreement
and assigned to The Regents (UCLA Case Nos. * and * ); any continuing applications
thereof including divisions; but excluding continuations-in-part except to the extent of claims entirely supported in the specification
and entitled to the priority date of the parent application; any patents issuing on these applications including reissues, substitutions,
and patent extensions; and any corresponding foreign patents, patent applications and supplemental protection certificates; all
of which will be automatically incorporated in and added to Appendix A and made a part of this Agreement.

 

		1.25	“Regulatory Authority” means the FDA or its counterpart in Canada, Australia,
Japan, the United Kingdom or any country within the European Union.

 

		1.26	“Side Deal” means an arrangement, understanding, agreement, or transaction (collectively
“Deals”) between the Licensee and a third party Sublicensee and/or its affiliates, which Deal is not a Sublicense.

 

		1.27	“Sublicensee” means any person or entity (including any Affiliate or Joint Venture)
to which any of the rights granted to Licensee hereunder are sublicensed.

 

		1.28	“Sublicensing Income” means income received by Licensee in consideration for
a Sublicense or other agreement providing the right to negotiate or obtain a Sublicense. Sublicensing Income includes income received
from Sublicensees in consideration for the sublicensed Regents’ Patent Rights in the form of e.g. license issue fees, milestone
payments, and certain other payments but specifically excludes: (a) royalties on the sale or distribution of Licensed Products
or the practice of Licensed Methods; and (b) income received by Licensee as payment or reimbursement for research or development
costs at fair market value applied to the licensed Invention and conducted by or for Licensee, including costs of materials, equipment
or clinical testing.

 

		1.29	“Territory” means the jurisdictions where Regents’ Patent Rights exist.

 

		1.30	“Valid Claim” means (i) a claim of an issued patent that has not expired or
been held unenforceable or invalid by a final judgment or decision of a court or other government agency of competent jurisdiction
from which no appeal has been or can be taken, and which has not been admitted to be invalid or unenforceable through reissue,
disclaimer or the like, or (ii) a claim of a pending patent application that has not been abandoned or finally rejected without
the possibility of appeal or re-filing. For purposes of clarity, both (i) and (ii) are Valid Claims for purposes of this Agreement.

 

 

*Confidential material redacted and filed
separately with the Commission.

 

    	 	5	 

    	 	 	CONFIDENTIAL

    

 

2.    GRANT

 

		2.1	Subject to the limitations set forth in this Agreement, The Regents hereby grants to Licensee,
and Licensee hereby accepts an exclusive (even as to The Regents, subject to Paragraph 2.3) license (with rights to sublicense
as further described in Paragraph 3.1) (the “License”) under Regents’ Patent Rights, in jurisdictions
where Regents’ Patent Rights exist, to make, have made, use, sell, offer for sale and import Licensed Products and to practice
Licensed Methods in the Field of Use to the extent permitted by law. Licensee will not make, use, have made, sell, offer for sale,
or import Licensed Products or practice Licensed Methods outside the Field of Use. For the avoidance of doubt, Affiliates and Joint
Ventures have no rights hereunder unless granted a Sublicense.

 

		2.2	The License is subject to all the applicable provisions of any license to the United States Government
executed by The Regents and is subject to any overriding obligations to the United States Federal Government under 35 U.S.C. §§200-212,
applicable governmental implementing regulations, and the U.S. Government sponsored research agreement or other guidelines.

 

		2.3	The Regents expressly reserves the right to: (a) use Regents’ Patent Rights and associated
technology for educational and research purposes, clinical research, (b) publicly disclose research results, (c) use Regents’
Patent Rights and associated technology to offer and perform clinical diagnostic and prognostic services, and (d) allow other non-profit
institutions to use Regents’ Patent Rights and associated technology for the same purposes as all of the foregoing.

 

If Licensee files a claim including
in any way the assertion that any portion of Regents’ Patent Rights is invalid or unenforceable where the filing is by Licensee,
a third party on behalf of Licensee, or a third party at the written urging of, or with the deliberate assistance of, the Licensee,
then, if such challenge fails, the royalty rate due hereunder will immediately double with no further notice from The Regents (any
such action, a “Patent Challenge”). The Parties agree, however, that, notwithstanding the foregoing, the following
actions or filings shall not constitute a Patent Challenge for purposes of this Agreement: (i) arguments and comments made by or
on behalf of Licensee, any Affiliate thereof, or any Sublicensee in its usual course of business with respect to prosecution of
Licensee’s, its Affiliates’, or any Sublicensees’ patents or patent applications in response to communications
from patent offices or Regulatory Authorities, provided that such arguments and comments are primarily directed at differentiating
Licensee’s, its Affiliates’, or any Sublicensees’ patents or patent applications as patentably distinct from
the Regents’ Patent Rights and not primarily aimed at questioning or contesting the validity, enforceability, patentability,
priority of invention or other claim to priority, or patent term adjustment of the Regents’ Patent Rights; (ii) arguments
and comments made by Licensee, any Affiliate thereof, or any Sublicensee in legal proceedings in defense of Licensee’s, its
Affiliates’, or any Sublicensees’ patents or patent applications, but only if an opposing party uses Regents’
Patent Rights to challenge the validity or enforceability of the defended patents or patent applications of Licensee, any Affiliate
thereof, or any Sublicensee, provided that such arguments and comments are primarily directed at differentiating Licensee’s,
its Affiliates’, or Sublicensees’ patents or patent applications as patentably distinct from the Regents’ Patent
Rights and not primarily aimed at questioning or contesting the validity, enforceability, patentability, priority of invention
or other claim to priority, or patent term adjustment of the Regents’ Patent Rights; (iii) any defenses, counterclaims, or
countersuits brought by a Sublicensee in response to a legal proceeding filed by or on behalf of Licensor or any licensee, sublicensee,
or transferee thereof with respect to any Regents’ Patent Rights against such Sublicensee with respect to an alleged or actual
infringement of Regents’ Patent Rights by such Sublicensee with respect to a product or service, other than a Product, not
intended for use in the Field (or the use or manufacture thereof) and where such Sublicensee does not expressly question or contest
the validity or enforceability of the Regents’ Patent Rights with respect to any Product or any other product or service
intended for use in the Field (or the use or manufacture thereof) (i.e., if such Sublicensee expressly contests the validity or
enforceability of the Regents’ Patent Rights with respect to any Product or other product or service intended for use in
the Field (or the use or manufacture thereof) ; (iv) if a non-Affiliate third party Sublicensee withdraws, files a dismissal with
prejudice, or takes any action having similar effect, with respect to any action or proceeding commenced by such Sublicensee in
any patent office, Governmental Authority, or court in which it challenged the validity or enforceability of any Regents’
Patent Rights within  thirty (30) days after the initial filing of such action or proceeding, and delivers a copy of such
withdrawal or dismissal with prejudice, or reasonable documentary evidence of any similar action having similar effect, to The
Regents within such thirty  (30) day period; or (v) any interference, opposition, re-examination or similar proceeding or
any other legal proceeding with a patent office, Regulatory Authority, or any court in which one or more claims or allegations
challenges the validity or enforceability of any Regents’ Patent Rights to the extent the party instituting, maintaining,
or furthering such action or proceeding is only actively engaged in the initiation, maintenance, or furthering thereof prior to
the date on which such party became an Affiliate of Licensee or Sublicensee, provided, that such Affiliate files a dismissal with
prejudice, or takes any action having similar effect, with respect to such action or proceeding commenced by such Affiliate within
thirty (30) days after becoming an Affiliate of Licensee, and delivers a copy of such withdrawal or dismissal with prejudice, or
reasonable documentary evidence of any similar action having similar effect, to The Regents within such thirty (30) day period.

 

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3.    SUBLICENSES

 

		3.1	The Regents hereby grants to Licensee the right to sublicense the rights granted to Licensee hereunder
(“Sublicenses”), and Licensee hereby accepts such right. All Sublicenses will: (i) be issued in writing, (ii)
include an express prohibition against issuing further sublicenses under any or all of Regents’ Patent Rights and (iii) to
the extent applicable include all of the rights of The Regents and require the performance of obligations due to The Regents (and,
if applicable, the U.S. Government under 35 U.S. C. §§201-212) contained in this Agreement. For the purposes of this
Agreement, and solely as between Licensee and The Regents hereunder, operations of Sublicensees performed under the purview of
their applicable Sublicenses are deemed to be the operations of Licensee, for which Licensee is responsible.

 

		3.2	Licensee must pay to The Regents a percentage of all Sublicensing Income according to the following:

 

		3.2a	*  Percent ( * %) of any Sublicensing Income
received under a Sublicense executed prior to the *;

 

		3.2b	* Percent ( * %) of any Sublicensing Income received under a Sublicense executed after the *; and

 

		3.2c	* Percent ( * %) of any Sublicensing Income received under a Sublicense executed after the *.

 

Licensee must pay such Sublicensing
Income to The Regents on or before the following dates:

 

		·	February 28 (for Sublicensing Income received by Licensee on or before the last day of the calendar
quarter ending December 31 of the prior year);

		·	May 31 (for Sublicensing Income received by Licensee on or before the last day of the calendar
quarter ending March 31);

		·	August 31 (for Sublicensing Income received by Licensee on or before the last day of the calendar
quarter ending June 30); and

 

 

*Confidential material redacted and filed
separately with the Commission.

 

    	 	7	 

    	 	 	CONFIDENTIAL

    

 

		·	November 30 (for Sublicensing Income received by Licensee on or before the last day of the calendar
quarter ending September 30).

 

		3.3	On Net Sales of Licensed Products sold or disposed of by a Sublicensee, Licensee must pay to The
Regents an earned royalty in accordance with Article 5 (ROYALTIES) as if these were Licensee’s Net Sales. Any royalties received
by Licensee in excess of royalties due to The Regents under this Paragraph 3.3 belong to Licensee.

 

		3.4	Licensee must provide to The Regents a copy of each Sublicense within thirty (30) days of execution
and is prohibited from entering into any Side Deal with a third party where such Side Deal intentionally dilutes, diverts, conceals
or misrepresents the amount of consideration paid to the Licensee in consideration for a Sublicense.

 

		3.5	Licensee will require that each Sublicensee provide Licensee with reports that are sufficiently
detailed to establish all amounts due to The Regents under this Agreement. Licensee will provide a copy of all such information
submitted to Licensee by Sublicensees relevant to the computation of the payments due to The Regents under this Agreement within
thirty (30) days after receipt of such information from such Sublicensee.

 

		3.6	Upon the termination of this Agreement, each agreement containing a Sublicense (a “Sublicense
Agreement”) which provides for its survival upon such termination shall survive termination, with The Regents as the
Sublicensee’s direct licensor, provided that:

 

		3.6a	the respective Sublicensee is not in material breach of its Sublicense Agreement, or if then in
such breach, cures such breach in accordance with the Sublicense Agreement;

 

		3.6b	such Sublicensee's payment obligations with respect to its exercise
of its surviving rights to the Regents’ Patent Rights (but not with respect to its exercise or enjoyment of any other rights
or assets) shall be the corresponding payment obligations set forth in this Agreement;

 

		3.6c	such Sublicensee delivers to The Regents, within ninety (90) days after termination of this Agreement,
a license agreement, executed by such Sublicensee and proposed thereby for execution by the Regents, that (a) is consistent with
the terms and conditions set forth in this Agreement with respect to The Regents’ Patent Rights, as reasonably modified to
be no greater in scope than the scope of the Sublicense granted to Sublicensee with respect to territory, duration/term of the
Sublicense, Licensed Products, Field of Use, etc. (e.g. if the Sublicensee's Sublicense, as in effect immediately prior to such
termination, included rights and obligations only with respect to a particular Licensed Product, country in the Territory, and/or
indication, the license agreement shall only include rights and obligations with respect to such a particular Licensed Product,
country in the Territory, and/or indication) (such a license agreement, a "New License Agreement"), provided
that (x) such New License Agreement shall not impose any obligations on such Sublicensee in excess of those obligations of Licensee
under this Agreement corresponding to such Sublicensee's rights to The Regents’ Patent Rights, and The Regents shall not
be entitled to impose any additional obligations on such Sublicensee as a condition to The Regents’ execution of a New License
Agreement therewith; and (y) The Regents shall not have any obligations or duties to such Sublicensee in excess of those obligations
or duties corresponding to, and consistent with, those of The Regents set forth in this Agreement with respect to the applicable
rights of such Sublicensee to the Regents’ Patent Rights;

 

    	 	8	 

    	 	 	CONFIDENTIAL

    

 

		3.6d	the rights of The Regents under the New License Agreement(s) will not be less than the rights of
The Regents under this Agreement, including all financial consideration and other rights of The Regents, and the duties of The
Regents under the New License Agreement(s) will not be greater than the duties of The Regents under this Agreement; and

 

		3.6e	The Regents shall promptly execute any New License Agreement, provided that all of the conditions
thereto for the benefit of The Regents in Paragraphs (3.6a) - (3.6d) above have been materially satisfied.

 

Prior to any such assignment,
Licensee will furnish to The Regents the completed licensee contact information form attached hereto as “APPENDIX C”
and incorporated herein by this reference.

 

4.    FEES

 

		4.1	Licensee will pay to The Regents a license issue fee of Two Hundred
Thousand  Dollars ($200,000.00)
within thirty (30) days after the Effective Date. This fee is non-refundable and is not an advance against royalties.

 

		4.2	For each Licensed Product reaching the milestones indicated below, Licensee must make the following
payments (“Milestone Payments”) to The Regents within thirty (30) days of reaching such milestone.  For
purposes of clarity such Milestone Payments are due from Licensee irrespective of whether the associated milestone listed below
was reached by Licensee itself or a third party acting on Licensee’s behalf or by a Sublicensee, Joint Venture or Affiliate.
Each of the Milestone Payments listed below is payable only one time, regardless of the number of times a milestone is achieved:

 

		4.2a	* Dollars ($ * ) upon *;

 

		4.2b	* Dollars ($ * ) upon *;

 

		4.2c	* Dollars ($ *) upon *;

 

		4.2d	* Dollars ($ * ) upon *;

 

		4.2e	* Dollars ($ * ) upon *;

 

		4.2f	* Dollars ($ * ) upon *;

 

		4.2g	* Dollars ($ * ) upon *.

 

		4.3	Licensee must pay to The Regents the license maintenance fee (“License Maintenance Fee”)
set forth below beginning on the one-year anniversary date of the Effective Date of this Agreement and continuing annually on each
anniversary date of the Effective Date.

 

	Anniversary Date
    of the Agreement Effective Date	 	License Maintenance
    Fee
	 	 	 
	* and *	 	* Dollars ($ * )
	* and *	 	* Dollars ($ * )
	* and each subsequent anniversary date	 	* Dollars ($ * )

  

 

Includes confidential
material redacted in the publicly-filed copy of the Agreement.

 

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    	 	 	CONFIDENTIAL

    

  

The maintenance fee will not
be due and payable on any anniversary date of the Effective Date if on that date Licensee is commercially selling a Licensed Product
and paying an earned royalty to The Regents on the sales of that Licensed Product. The license maintenance fees are non-refundable
and are not an advance against royalties.

 

5.    ROYALTIES

 

		5.1	Licensee must pay to The Regents an earned royalty at the rate of
* percent ( * %) of Net Sales for Net Sales less than * US Dollars ($ * ) for each
calendar year and * percent ( * %) of Net Sales that exceed * US Dollars ($ * ) for the same calendar year (“Earned Royalty”).
This Earned Royalty will accrue for the duration of this Agreement.

 

		5.2	Licensee must pay Earned Royalties owed to The Regents on a quarterly basis. Licensee must pay
such Earned Royalties on or before the following dates:

 

		·	February 28 (for any Final Sales that took place on or before the last day of the calendar quarter
ending December 31 of the prior year);

		·	May 31 (for any Final Sales that took place on or before the last day of the calendar quarter ending
March 31);

		·	August 31 (for any Final Sales that took place on or before the last day of the calendar quarter
ending June 30); and

		·	November 30 (for any Final Sales that took place on or before the last day of the calendar quarter
ending September 30).

 

		5.3	Licensee must pay to The Regents the following minimum annual royalties (referred to below as “Minimum
Annual Royalty”) during each of the following calendar years (measured relative to the calendar year in which there was
a First Commercial Sale, and referred to below as “Calendar Years after FCS”) for the life of this Agreement:

 

	Calendar Years
    after FCS	 	Minimum Annual
    Royalty
	 	 	 
	*	 	* Dollars ($ * )
	* and *	 	* Dollars ($ * )
	* and *	 	* Dollars ($ * )

 

Licensee must pay the Minimum
Annual Royalty for a given Calendar Year after FCS to The Regents on or before February 28 of such Calendar Year after FCS. The
Minimum Annual Royalty for a given Calendar Year after FCS will be credited against the Earned Royalty due and owing with respect
to Net Sales made during the calendar year in which such Minimum Annual Royalty was paid. By way of example, if FCS took place
on February 1, 2008, the first Calendar Year After FCS would be 2009 and the Minimum Annual Royalty would be due on or before February
28, 2009.

 

		5.4	All monies due The Regents must be paid in United States funds. With respect to sales of Licensed
Products in a currency other than United States Dollars, the royalties due The Regents will first be determined in the foreign
currency of the country in which the Licensed Products were sold and, second, converted into equivalent United States Funds by
using the applicable conversion rates for buying and selling United States dollars for such foreign currency as published by Reuters
on the final business day of the quarter in which such sales were made.

 

 

*Confidential material redacted and filed
separately with the Commission.

 

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    	 	 	CONFIDENTIAL

    

  

		5.5	Any tax for the account of The Regents required to be withheld by Licensee under the laws of any
foreign country must be promptly paid by Licensee for and on behalf of The Regents to the appropriate governmental authority. Licensee
will use its best efforts to furnish The Regents with proof of payment of any tax. Licensee is responsible for all bank transfer
charges. All payments made by Licensee in fulfilment of The Regents’ tax liability in any particular country will be credited
against fees or royalties due The Regents for that country.

 

		5.6	If at any time legal restrictions prevent the acquisition or prompt remittance of United States
Dollars by Licensee with respect to any country where a Licensed Product is sold, Licensee shall pay royalties due to The Regents
from Licensee’s other sources of United States Dollars.

 

		5.7	If any patent or any claim included in Regents’ Patent Rights is held invalid or unenforceable
in a final decision by a court of competent jurisdiction from which no appeal has or can be taken, all obligation to pay royalties
based on that patent or claim or any claim patentably indistinct from it will cease as of the date of that final decision. Licensee
will not, however, be relieved from paying any royalties that accrued before that decision or that is based on another patent or
claim not involved in that decision.

 

		5.8	No royalties will be collected or paid on Licensed Products sold to the United States Federal Government
or any agency of the United States Government. Licensee and its Sublicensee will reduce the amount charged for Licensed Products
distributed to the United States Government by the amount of the royalty.

 

		5.9	For the avoidance of doubt, in no event will the provisions of
this Paragraph 5.9 apply to Net Sales subject to reduction for Combination Product. If (a) a
Licensed Product is Covered by a claim of any patent(s) or patent application(s) owned, licensed, or controlled by a non-Affiliate
third party (other than The Regents) in the Territory, and Licensee, an Affiliate thereof, or any Sublicensee licenses such patent(s)
or patent application(s); or (b) Licensee, an Affiliate thereof, or any Sublicensee reasonably determines that it is necessary
or advisable to obtain a license to any patent(s) or patent application(s) owned, licensed, or controlled by a non-Affiliate third
party (other than The Regents) in order to minimize, mitigate, or avoid the risk of infringement-related litigation with respect
to the manufacture, use, Commercialization or development of a Licensed Product in the Territory (“Third Party Royalty”),
then Licensee shall be entitled to deduct * percent
( * %) of the consideration actually paid to any such non-Affiliate third party for any such rights in a particular country from
any payments due to The Regents under Section 5.3 of this Agreement, provided that:

 

		(i)	Prior to giving effect to the reduction contemplated by this Paragraph 5.9, the sum of such Third Party Royalty rate and the
Earned Royalty rate set forth in Paragraph 5.1 is equal to, or greater than, * percent ( * %);

 

		(ii)	On an ongoing basis and prior to reduction of any Earned Royalty due The Regents under this Agreement
for a given calendar quarter, Licensee first provides written evidence to The Regents of Licensee’s royalty obligations to
such non-Affiliate third party for such calendar quarter demonstrating that such royalty obligation is in consideration for patent
rights owned or controlled by such non-Affiliate third party without a license to which Licensee would infringe such non-Affiliate
third party patent rights in the manufacture, use, import, offer for sale, or sale of a Licensed Product; and

 

		(iii)	Amounts payable will not be reduced, with respect to any calendar quarter, below * percent ( *%)
of the amounts otherwise due to The Regents with respect to such calendar quarter without such offset.

 

 

*Confidential material redacted and filed
separately with the Commission.

 

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6.    DILIGENCE

 

		6.1	Upon execution of this Agreement, Licensee must use Commercially Reasonable Efforts to earnestly
and diligently (a) develop Licensed Products and Licensed Methods; (b) bring to market Licensed Products and Licensed Methods;
and (c) manufacture and sell Licensed Products and Licensed Methods in quantities sufficient to meet the market demands for them
(all of the foregoing collectively “Commercialization”). For purposes of clarity, the requirements under the
foregoing subsection (b) and (c) shall continue to apply after a First Commercial Sale. The Regents agrees that the activities
of Sublicensees and contractors with respect to Licensed Products shall be deemed to be performance by Licensee of its diligence
obligations.

 

		6.2	The Regents has the right and option to either terminate this Agreement or reduce Licensee’s
exclusive license to a nonexclusive license if Licensee fails to perform any of the terms in Paragraph 6.1 or this Paragraph 6.2.
This right, if exercised by The Regents, supersedes the rights granted in Article 2 (GRANT).

 

		6.2a	Licensee will enroll first patient in a * Clinical Trial for a Licensed Product or Licensed
Method within * ( * ) years of the Effective Date.

 

		6.2b	Licensee will enroll first patient in a * Clinical Trial for a Licensed Product or Licensed Method
within * ( * ) years of the Effective Date.

 

		6.2c	Licensee will enroll first patient in a * Clinical Trial for a Licensed Product or Licensed Method
within * ( * ) years of the Effective Date.

 

		6.2d	Licensee will obtain approval to * or * from a Regulatory Authority within * ( * ) years of the
Effective Date.

 

		6.3	Without limiting Licensee’s obligations under Paragraphs 6.1 and 6.2 of this Agreement, Licensee
has the sole discretion for making all decisions as to how to Commercialize any Licensed Product.

 

7.      PATENT
FILING, PROSECUTION AND MAINTENANCE

 

		7.1	Patent Prosecution

 

		7.1a	Regents’ Patent Rights will be held in the name of The Regents and obtained with counsel
of The Regents’ choice. The Regents shall control all Patent Actions and all decisions with respect to Patent Actions and
will reasonably consider any comments or suggestions by Licensee with respect to Patent Actions. The Regents is entitled to take
action to preserve rights and minimize costs whether or not Licensee has commented, and will use reasonable efforts to file, prosecute
and maintain Regents’ Patent Rights and to not allow any Regents’ Patent Rights for which Licensee is licensed and
is underwriting the costs of to lapse or become abandoned without Licensee’s written authorization under this Article 7,
except for the filing of continuations, divisionals, or the like that substitute for the lapsed application. The Regents shall
have no requirement to file, prosecute, or maintain Regents’ Patent Rights if Licensee is more than * ( * ) days overdue
to pay at least * dollars ($ * ) in invoiced Patent Cost obligations as set forth in this Article 7 and does not cure such breach.

 

 

*Confidential material redacted and filed
separately with the Commission.

 

    	 	12	 

    	 	 	CONFIDENTIAL

    

 

		7.1b	The Regents will (a) furnish the Licensee with copies of all correspondence relating to the Regents’
Patent Rights from the United States Patent and Trademark Office (USPTO) and any other patent office, as well as copies of all
proposed responses to such correspondence in time for Licensee to review and comment on such response; (b) give Licensee an opportunity
to review the text of each patent application relating to Regents’ Patent Rights before filing; (c) consult with Licensee
with respect thereto; and (d) supply Licensee with a copy of the application as filed, together with notice of its filing date
and serial number. The Regents shall give Licensee the opportunity to provide comments on and make requests of The Regents concerning
the preparation, filing, prosecution, protection and maintenance of the Regents’ Patent Rights, and shall reasonably consider
such comments and requests.

 

		7.1c	Licensee has the right to request Patent Actions via a written request to The Regents ninety (90)
days prior to the deadline set by the patent office in the territory such Patent Action is to take place in (a “Patent
Prosecution Request”). The absence of a given Patent Prosecution Request by such deadline will be considered an election
not to secure the patent rights associated with the specific phase of patent prosecution in such territory (“Abandoned
Patent Rights”), and such Abandoned Patent Rights will not be part of Regents’ Patent Rights and therefore not
subject to this Agreement, and Licensee will have no further rights or license to them. The Regents will have the right to file
patent applications at its own expense in any territory with respect to Abandoned Rights.

 

		7.2	Past Patent Costs

 

Licensee will bear all Patent
Costs incurred prior to the term of this Agreement of approximately *  Dollars ($ * ) (“Past Patent
Costs”). Licensee must send payment for such Past Patent Costs to The Regents within thirty (30) days of Licensee’s
receipt of an invoice for these costs.

 

		7.3	Ongoing Patent Costs

 

Licensee will bear all Patent
Costs incurred during the term of this Agreement (“Ongoing Patent Costs”) and shall pay in advance The Regents’
patent counsel’s estimated costs for undertaking a Patent Action, which estimates The Regents will share with Licensee, before
The Regents authorizes its patent counsel to proceed (“Advanced Payment”). Fees and expenses that are due to
incidentals (for example photocopy charges or long distance phone charges) are not included within such estimate unless expressly
so stated, nor is Licensee’s interaction with The Regents’ counsel such as by phone calls, e-mails, and in person meetings.
The absence of this Advanced Payment will be considered an election not to secure the patent rights associated with the specific
phase of patent prosecution in such territory, and such patent application(s) and patent(s) will not be part of Regents’
Patent Rights and therefore not subject to this Agreement, and Licensee will have no further rights or license to them.

 

		7.4	Termination of Patent Prosecution by Licensee
	 	 	 

		7.4a	Licensee may terminate its obligations with respect to any or all of Regents’ Patent Rights
by providing written notice to The Regents (“Patent Termination Notice”). Termination of Licensee’s obligations
with respect to such patent application or patent will be effective three (3) months after receipt of such Patent Termination Notice
by The Regents. The Regents will use reasonable efforts to curtail Patent Costs chargeable to Licensee under this Agreement after
this Patent Termination Notice is received by The Regents. The Regents may continue prosecution or maintenance of these application(s)
or patent(s) at its sole discretion and expense, and such application(s) and patent(s) will not be part of Regents’ Patent
Rights and therefore not subject to this Agreement, and Licensee will have no rights or license to them.

 

 

*Confidential material redacted and filed
separately with the Commission.

 

    	 	13	 

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		7.5	Patent Extensions
	 	 	 

		7.5a	Licensee will apply for an extension of the term of any patent included within The Regents’
Patent Rights, if appropriate in Licensee’s reasonable discretion after discussion with The Regents, under the Drug Price
Competition and Patent Term Restoration Act of 1984 and/or European, Japanese and other foreign counterparts. Licensee shall prepare
all documents, and The Regents agrees to execute the documents and to take additional action as Licensee reasonably requests in
connection therewith. Licensee will be liable for all documented out-of-pocket costs relating to such application.

 

		7.5b	If either party (in the case of The Regents, the licensing officer responsible for administration
of this Agreement) receives notice pertaining to the infringement or potential infringement of any issued patent included with
Regents’ Patent Rights under the Drug Price Competition and Patent Term Restoration Act of 1984 (and/or foreign counterparts
of this law) then that party shall within ten (10) days notify the other party after receipt of such notice of infringement.

 

8.    PATENT
INFRINGEMENT

 

		8.1	In the event that The Regents (to the extent of the actual knowledge of the licensing professional
responsible for the administration of this Agreement) or Licensee learns of infringement of any Regents’ Patent Rights licensed
under this Agreement, the knowledgeable party will provide the other with (i) written notice of such infringement and (ii) evidence
of such infringement available to it (the “Infringement Notice”). During the period in which, and in the jurisdiction
where, Licensee has exclusive rights under this Agreement, except as set forth below, neither The Regents nor Licensee will notify
a third party (including the infringer) of infringement or put such third party on notice of the existence of any Regents’
Patent Rights without first meeting, either in-person or by teleconference, within fifteen (15) business days of receipt of the
respective Infringement Notice to discuss a reasonable plan of action (the “Infringement Meeting”). Notwithstanding
the foregoing, in the event the Infringement Meeting does not occur within fifteen (15) business days following the date of receipt
of the respective Infringement Notice, (a) Licensee shall be permitted to notify third parties (including the infringer) of such
infringement and/or put such third party on notice of the existence of any Regents’ Patent Rights, and (b) if Licensee provides
any such notice to a third party within thirty (30) days following the date of the respective Infringement Notice, Licensee shall
notify The Regents of the same at or prior to the time Licensee provides such notice to a third party. If, before the earlier of
the Infringement Meeting or the expiration of the above-mentioned fifteen (15) business day period, Licensee puts such infringer
on notice of the existence of any Regents’ Patent Rights with respect to such infringement without first obtaining the written
consent of The Regents and if a declaratory judgment action is filed by such infringer against The Regents, then Licensee’s
right to initiate a suit against such infringer for infringement under Paragraph 8.2 below will terminate immediately without the
obligation of The Regents to provide notice to Licensee. Both The Regents and Licensee will use their diligent efforts to cooperate
with each other to terminate such infringement without litigation.

 

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    	 	 	CONFIDENTIAL

    

  

		8.2	Licensee shall have the exclusive, first and primary right, but not
the obligation, to institute suit, prosecute and control any action or proceeding with respect to such infringement against the
infringer, provided that (i) Licensee shall not institute a suit against the infringer with respect to such infringement prior
to the respective Infringement Meeting unless such Infringement Meeting does not occur within fifteen (15) business days
following the date of the respective Infringement Notice, and (ii) Licensee shall provide ten (10)
days’ prior written notice to The Regents if it is going to institute such a suit within thirty (30) days following the date
of the respective Infringement Notice. Subject to Article 8.6, Licensee shall be free to enter into a settlement, consent judgment,
or other voluntary disposition with respect to any such action. The Regents may voluntarily join such suit at its own expense,
but may not thereafter commence suit against the infringer for the acts of infringement that are the subject of Licensee’s
suit or any judgment rendered in the suit. Licensee may not join The Regents in a suit initiated by Licensee without The Regents’
prior written consent, such consent subject to the approval of the UC Board of Regents. The Regents will support any such request
made to the UC Board of Regents, and will make best efforts to ensure a prompt response to such request.. If The Regents is joined
in any litigation instituted by Licensee, then Licensee will pay any documented costs incurred by The Regents arising out of such
suit, including but not limited to, any legal fees of counsel that The Regents selects and retains to represent it in the suit.

 

		8.3	If, within one eighty (180) days following the date the Infringement Notice is received, infringing
activity of potential commercial significance by the infringer has not been abated and if Licensee has not brought suit against
the infringer or taken other legal action to abate such infringement, then The Regents may institute suit for patent infringement
against the infringer. If The Regents institutes such suit, then Licensee may not join such suit without The Regents’ consent
and may not thereafter commence suit against the infringer for acts of infringement that are subject to The Regents’ suit
or any judgment rendered in that suit. The Regents shall not join Licensee in a suit initiated by The Regents’ without Licensee’s
prior written consent.

 

		8.4	Any recovery or settlement received in connection with any suit will first be shared by The Regents
and Licensee equally to cover any litigation costs each incurred and next shall be paid to The Regents or Licensee to cover any
litigation costs it incurred in excess of the litigation costs of the other. In any suit initiated by Licensee, any recovery in
excess of litigation costs will be shared between Licensee and The Regents as follows:

 

The Regents will receive *
percent ( * %) of the recovery, except for any portion of the recovery or settlement attributable and paid as enhanced damages
for willful infringement, for which The Regents will receive * percent ( * %) of the recovery.

 

			In any suit initiated by The Regents in conformity with the provisions of this Article 8, any recovery
in excess of litigation costs will belong to The Regents. The Regents and Licensee agree to be bound by all final and non-appealable
determinations of patent infringement, validity and enforceability (but no other issue) resolved by any adjudicated judgment in
a suit brought in compliance with this Article 8 (PATENT INFRINGEMENT).

 

		8.5	Licensee’s rights under this Article 8 may be exercised by its Sublicensees to the extent
provided in the applicable Sublicense Agreement.

 

		8.6	Any agreement made by Licensee for purposes of settling litigation or other dispute shall comply
with the requirements of Article 3 (SUBLICENSES) of this Agreement. No settlement, consent judgment or other voluntary disposition
of any action described in this Article 8 shall (i) materially limit the scope, validity, or enforceability of patents included
in the Regents’ Patent Rights or (ii) admit fault or wrongdoing on the part of The Regents or Licensee, without the prior
written approval of the Regents and Licensee, which, such approval not to be unreasonably withheld.

 

		8.7	Each party will cooperate with the other in litigation proceedings instituted hereunder but at
the expense of the party who initiated the suit (unless such suit is being jointly prosecuted by the parties).

 

 

*Confidential material redacted and filed
separately with the Commission.

 

    	 	15	 

    	 	 	CONFIDENTIAL

    

 

		8.8	Any litigation proceedings will be controlled by the party bringing the suit, except that The Regents
may be represented by counsel of its choice in any suit brought by Licensee.

 

9.     PROGRESS
AND ROYALTY REPORTS

 

		9.1	Beginning January 31, 2018, and thereafter until the First
Commercial Sale of a Licensed Product, Licensee must submit to The Regents annual progress
reports summarizing Licensee’s (and any Affiliates’, Joint Ventures’, and Sublicensees’) activities related
to the development and testing of all Licensed Products and the obtaining of the governmental approvals necessary for marketing.

 

		9.2	Each progress report must include all of the following for each semi-annual period:

 

		9.2a	Summary of work completed.

		9.2b	Key scientific discoveries.

		9.2c	Summary of work in progress.

		9.2d	Current schedule of anticipated events or milestones.

		9.2e	An updated listing of any and all Sublicenses granted by Licensee or any Sublicensees.

		9.2f	The names and addresses of all Sublicensees, and a current and valid phone number and e-mail address
for a principal point of contact at each such Sublicensee who is responsible for administering the Sublicense.

		9.2g	Number of company employees.

 

		9.3	After the First Commercial Sale of each Licensed Product, Licensee must submit quarterly royalty
reports to The Regents by February 28, May 31, August 31 and November 30 of each year (i.e., within sixty (60) days from the end
of each calendar quarter). Licensee will state in its royalty report if it had no sales of any Licensed Product in the applicable
quarter. Each royalty report must cover Licensee’s and all Sublicensees’ activities for most recently completed calendar
quarter and shall include the completed Royalty Statement attached hereto as “APPENDIX B” and incorporated herein
by this reference, showing:

 

		9.3a	Number of each Licensed Product sold by Licensee and any Sublicensees and the corresponding commercial
name of each such Licensed Product;

		9.3b	Gross sales, Final Sales and Net Sales of each Licensed Product made by Licensee and any Sublicensees;

		9.3c	Earned Royalties payable to The Regents;

		9.3d	The method and currency exchange rates (if any) used to calculate the Earned Royalty based on Net
Sales;

		9.3e	A specification of all deductions and their dollar value that were taken to arrive at Net Sales;

		9.3f	A list of all countries in which Licensed Products are being manufactured; and

		9.3g	Date of First Commercial Sale (this need only be reported in the first royalty report following such First Commercial Sale).

 

		9.4	The Regents shall have the right to terminate this Agreement in accordance with Article 12 (TERMINATION
BY THE REGENTS) if Licensee does not provide progress reports and royalty reports in accordance with this Article 9.

 

		9.5	Because of the provisions under 35 U.S.C. §41(h), Licensee must notify The Regents if Licensee
or any of its Sublicensees ceases to be a small entity (as defined by the United States Patent and Trademark Office).

 

    	 	16	 

    	 	 	CONFIDENTIAL

    

 

10.      BOOKS
AND RECORDS

 

		10.1	Licensee must keep accurate books and records necessary to verify
the accuracy of payments hereunder. Licensee must preserve such books and records for at least five (5) years from the date of
the royalty payment to which they pertain. Such books and records will be open, not more than once per calendar year, to examination
by representatives or agents of The Regents during regular office hours to verify the accuracy of payments hereunder, provided
that such accountant first enters into a nondisclosure agreement at least as restrictive as Article 30 (CONFIDENTIALITY) of this
Agreement with Licensee. The auditor will be prohibited, and shall not disclose any information to The Regents other than whether
(i) the payments made hereunder were not accurate and (ii) if such payments were not accurate, the amount of the inaccuracy. Licensee
will pay documented fees and expenses of such audit if an underpayment of more than * percent
( * %) of the total payments due The Regents within a given year under this Agreement is discovered (in each case pursuant to the
final, non-appealable determination of a court of competent jurisdiction), otherwise The Regents will pay the fees and expenses
of inspections. Payment owed by Licensee hereunder for underpayment of royalties will be due within thirty (30) days of the later
of the termination of The Regent’s audit or court determination, and payment by Licensee for any examination costs incurred
by The Regents will be due within thirty (30) days from the date of The Regents’ invoice. If the accountant discovers an
overpayment of amounts due hereunder, Licensee may credit the amount of such overpayment against future royalty payments that may
be due and payable to The Regents. All information accessed or received by an accountant in connection with this Paragraph 10.1
shall be deemed confidential information of Licensee in accordance with Article 30.

 

11.     LIFE
OF THE AGREEMENT

 

		11.1	Unless otherwise terminated by operation of law or by acts of the parties in accordance with the
terms of this Agreement, the term of this Agreement (the “Term”) shall commence on the Effective Date recited
on page one and remain in effect until there are no Valid Claims of Regents’ Patent Rights.

 

		11.2	Upon termination of this Agreement, Licensee will have no further right to make, have made, use
or sell any Licensed Product except as provided in Article 14 (DISPOSITION OF LICENSED PRODUCTS ON HAND UPON TERMINATION).

 

		11.3	Any expiration or termination of this Agreement will not affect the rights and obligations set
forth in the following Articles:

 

	Article 1	DEFINITIONS;
	Paragraph 3.6	Survival of Sublicenses;
	Article 10	BOOKS AND RECORDS;
	Article 14	DISPOSITION OF LICENSED PRODUCTS ON HAND UPON TERMINATION;
	Article 16	USE OF NAMES AND TRADEMARKS;
	Article 17	LIMITED WARRANTY;
	Article 18	INDEMNIFICATION;
	Article 19	LIMITATION OF LIABILITY;
	Article 24	FAILURE TO PERFORM;
	Article 25	GOVERNING LAWS; and
	Article 30	CONFIDENTIALITY.

 

 

*Confidential material redacted and filed
separately with the Commission.

 

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    	 	 	CONFIDENTIAL

    

  

12.     TERMINATION
BY THE REGENTS

 

		12.1	If Licensee violates or fails to perform any material term of this Agreement, then The Regents
may give written notice of the default (“Notice of Default”) to Licensee. If Licensee does not repair such default
within sixty (60) days after receipt by Licensee of the Notice of Default (“Period to Cure”), then The Regents
has the right to terminate this Agreement and the License by a second written notice (“Notice of Termination”)
to Licensee. If The Regents sends a Notice of Termination to Licensee, then this Agreement automatically terminates on the effective
date of this notice. Termination does not relieve Licensee of its obligation to pay any monies owed at the time of the Termination
Effective Date, and does not impair any accrued right of The Regents.

 

13.     TERMINATION
BY LICENSEE

 

		13.1	Licensee has the right at any time to terminate this Agreement in whole or with respect to any
portion of Regents’ Patent Rights by giving written notice to The Regents. This notice of termination will be subject to
Article 20 (NOTICES) and will be effective thirty (30) days after the effective date of the notice (“Termination Effective
Date”).

 

		13.2	Any termination in accordance with Paragraph 13.1 does not relieve Licensee of any obligation or
liability accrued prior to termination. Nor does termination rescind anything done by Licensee or any payments made to The Regents
prior to the effective date of termination. Termination does not affect in any manner any rights of The Regents arising under this
Agreement prior to termination.

 

14.     DISPOSITION OF LICENSED PRODUCTS 

ON HAND UPON TERMINATION

 

		14.1	Upon termination of this Agreement by Licensee, Licensee may continue to sell any previously made
Licensed Products during the one hundred eighty (180) days following the Termination Effective Date.

 

		14.2	Upon termination of this Agreement by The Regents for (i) failure to pay patent costs per the terms
of this Agreement, or (ii) failure to provide progress or royalty reports in the form and at the times specified in this Agreement,
Licensee may continue to sell all previously made Licensed Products during the one hundred eighty (180) days following the effective
date of the Notice of Termination. Licensee will not have this right if this Agreement is terminated for any other causes.

 

		14.3	Licensee must submit royalty reports on the sale of Licensed Products allowed under this Article
14 in accordance with Article 9 (PROGRESS AND ROYALTY REPORTS) and must pay royalties on such sales at the same rate and at the
same time provided in this Agreement for royalties on sales of Licensed Products made during the term of this Agreement.

 

		14.4	Except as set forth in this Article 14 (DISPOSITION OF LICENSED PRODUCTS ON HAND UPON TERMINATION),
Licensee will not otherwise make, sell, offer for sale, or import Licensed Products after termination of this Agreement by Licensee
or The Regents.

 

15.    PATENT
MARKING

 

		15.1	Licensee shall comply with all patent marking laws applicable to Licensed Products made, used or
sold under the terms of this Agreement, or their containers. Licensee shall be responsible for all monetary and legal liabilities
arising from or caused by failure to abide by applicable patent marking laws.

 

    	 	18	 

    	 	 	CONFIDENTIAL

    

  

16.     USE
OF NAMES AND TRADEMARKS

 

		16.1	Licensee will not use any name, trade name, trademark or other designation of The Regents’
or its employees (including contraction, abbreviation or simulation of any of the foregoing) in advertising, publicity or other
promotional activity. Unless required by law, Licensee is expressly prohibited from using the name “The Regents of the University
of California” or the name of any campus of the University of California in advertising, publicity, or other promotional
activity, without written permission of The Regents.

 

17.    LIMITED
WARRANTY

 

		17.1	The Regents represents and warrants that it has the lawful right to grant the licenses granted
hereunder to Licensee.

 

		17.2	This license and the associated invention are provided WITHOUT WARRANTY OF MERCHANTABILITY OR
FITNESS FOR A PARTICULAR PURPOSE OR ANY OTHER WARRANTY, EXPRESS OR IMPLIED. THE REGENTS MAKES NO REPRESENTATION OR WARRANTY THAT
ANY LICENSED PRODUCT WILL NOT INFRINGE ANY PATENT OR OTHER PROPRIETARY RIGHT.

 

		17.3	Nothing in this Agreement will be construed as:

 

		17.3a	A warranty or representation by The Regents as to the validity or scope of any Regents’ Patent
Rights.

 

		17.3b	A warranty or representation that anything made, used, sold or otherwise disposed of under any
license granted in this Agreement is or will be free from infringement of patents, copyrights, trademarks or any other forms of
intellectual property rights or tangible property rights of third parties.

 

		17.3c	Obligating The Regents to bring or prosecute actions or suits against third parties for patent,
copyright or trademark infringement except as provided in Article 8 (PATENT INFRINGEMENT).

 

		17.3d	Conferring by implication, estoppel or otherwise any license or rights under any patents of The
Regents other than Regents’ Patent Rights as defined herein, regardless of whether such patents are dominant or subordinate
to Regents’ Patent Rights.

 

		17.3e	Obligating The Regents to furnish any know-how not provided in Regents’ Patent Rights.

 

18.    INDEMNIFICATION

 

		18.1	To the maximum extent permitted by law, Licensee will, and will require its Sublicensees to, indemnify,
hold harmless and defend The Regents, The Regents’ officers, employees, and agents, the sponsors of the research that led
to the Invention, the inventors of the patents and patent applications in Regents’ Patent Rights and their respective employers
(the “Indemnitees”)from and against any and all liability, claims, suits, losses, damages, costs, fees and expenses
resulting from or arising out of exercise of this license or any Sublicense; provided, however, that Licensee and Sublicensees
will have no obligations under this Paragraph 18.1 with respect to claims, demands or actions arising out of an Indemnitee’s
gross negligence, intentional misconduct or breach of this Agreement. Indemnification includes but is not limited to products liability.
If The Regents, in its sole discretion, believes that there will be a conflict of interest or it will not otherwise be adequately
represented by counsel chosen by Licensee to defend The Regents in accordance with this Paragraph 18.1, then The Regents may retain
counsel of its choice to represent it, and Licensee will pay all documented expenses for such representation. Licensee’s
agreement to indemnify, defend, and hold harmless under this Section 18.1 is conditioned upon the Indemnitee (a) providing written
notice to Licensee of any claim, demand or action arising out of the indemnified matter as soon as reasonably possible; (b) permitting
Licensee (or Sublicensee, as the case may be) to assume control over the investigation of, preparation and defense against, and
settlement or voluntary disposition of any such claim, demand or action; (c) assisting the Licensee (or Sublicensee, as the case
may be), in the investigation, preparation, defense, and settlement or voluntary disposition of any such claim, demand or action;
and (d) not compromising, settling, or entering into any voluntary disposition of any such claim, demand or action without the
Licensee’s (or Sublicensee’s, as the case may be) prior written consent; provided, however, that, if the Indemnitee
fails to promptly notify Licensee pursuant to the foregoing clause (a), Licensee (or Sublicensee, as the case may be) will only
be relieved of its indemnification obligation to the extent materially prejudiced by such failure.

 

    	 	19	 

    	 	 	CONFIDENTIAL

    

  

		18.2	Licensee, at its sole cost and expense, must insure its activities in connection with the work
under this Agreement and obtain, keep in force and maintain Commercial Form General Liability Insurance (contractual liability
included) with limits as follows:

 

	18.2a	Each occurrence	$ * .
	18.2b	Products/completed operations aggregate	$ * .
	18.2c	Personal and advertising injury	$ * .
	18.2d	General aggregate	$ * .

 

		18.3	If the above insurance is written on a claims-made form, it shall continue for * ( * ) years following
termination or expiration of this Agreement.  The insurance shall have a retroactive date of placement prior to or coinciding
with the Effective Date of this Agreement.

 

		18.4	Licensee will obtain, keep in force and maintain Worker’s Compensation Insurance as legally
required in the jurisdiction in which Licensee is doing business.

 

		18.5	Licensee expressly understands, however, that the coverages and limits in Paragraph 18.2 do not
in any way limit Licensee’s liability or indemnification obligations. Licensee’s insurance must:

 

		18.5a	State that The Regents of the University of California is endorsed as an additional insured under
the coverages listed in Paragraph 18.2.

 

		18.5b	Include a provision that the coverages will be primary and will not participate with nor will be
excess over any valid and collective insurance or program of self-insurance carried or maintained by The Regents.

 

Licensee shall provide thirty
(30) days advance written notice to The Regents of any material change to the insurance required under this Agreement including
but not limited to cancellation of any of its insurance coverages, nonpayment of premium, purchase of new or substitute coverages.

 

		18.6	The Regents shall notify Licensee in writing of any claim or suit brought against The Regents in
respect of which The Regents intends to invoke the provisions of this Article 18 (INDEMNIFICATION). To the extent that The Regents
elect to permit Licensee authority to defend or settle such claim or suit, Licensee may not admit liability or wrongdoing on the
part of The Regents without The Regents’ prior express written consent. Licensee shall keep The Regents informed on a current
basis of its defense of any claims under this Article 18 (INDEMNIFICATION).

 

 

*Confidential material redacted and filed
separately with the Commission.

 

    	 	20	 

    	 	 	CONFIDENTIAL

    

 

		18.7	Licensee must furnish The Regents with (i) valid certificates of insurance evidencing compliance
with all requirements of this Agreement and (ii) additional insured endorsements for Licensee’s applicable policies of insurance
naming “The Regents of the University of California” as an additional insured. Per occurrence forms, including ISO
Form CG or its equivalent, are acceptable additional insured endorsement forms.  Naming The Regents as an additional insured
on the certificates of insurance alone shall not be considered as compliance with The Regents’ insurance requirements.  Licensee
must furnish both such documents within thirty (30) days of the execution of the Agreement and once per year thereafter for the
duration of this Agreement.  The Regents has the right to terminate this Agreement in accordance with Article 12 (TERMINATION
BY THE REGENTS) should Licensee fail to provide items (i) and (ii) by the dates set forth above.

 

19.  LIMITATION
OF LIABILITY

 

		19.1	SUBJECT TO PARAGRAPH 18.1, NEITHER PARTY WILL BE LIABLE FOR ANY LOST PROFITS, COSTS OF
PROCURING SUBSTITUTE GOODS OR SERVICES, LOST BUSINESS, ENHANCED DAMAGES FOR INTELLECTUAL PROPERTY INFRINGEMENT OR ANY INDIRECT,
INCIDENTAL, CONSEQUENTIAL, PUNITIVE OR OTHER SPECIAL DAMAGES SUFFERED BY THE OTHER PARTY ARISING OUT OF OR RELATED TO THIS AGREEMENT
FOR ALL CAUSES OF ACTION OF ANY KIND (INCLUDING TORT, CONTRACT, NEGLIGENCE, STRICT LIABILITY AND BREACH OF WARRANTY) EVEN IF THE
REGENTS HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. THE REGENTS WILL NOT BE LIABLE FOR ANY DIRECT DAMAGES SUFFERED BY
LICENSEE, SUBLICENSEES, JOINT VENTURES, OR AFFILIATES ARISING OUT OF OR RELATED TO PATENT RIGHTS IN CONNECTION WITH THE ASSIGNMENT
OR LICENSE OF SUCH PATENT RIGHTS BY THE REGENTS’ INVENTORS TO THIRD PARTIES.

 

20.    NOTICES

 

		20.1	Any notice, progress report, royalty report or payment (except for Advanced Payments due under
this Agreement) required to be given to either party must be sent to the respective address given below and is effective: (a) on
the date of delivery if delivered in person, (b) five (5) days after mailing if mailed by first-class certified mail, postage paid,
or (c) on the next business day if sent by overnight delivery. Either party may change its designated address by written notice.

 

	 	For Licensee:	Mustang Bio, Inc.
	 	 	c/o Fortress Biotech, Inc.
	 	 	2 Gansevoort, 9th Floor
	 	 	New York, NY 10014
	 	 	Attention: Legal Department
	 	 	 
	 	For The Regents:	The Regents of the University of California
	 	 	University of California, Los Angeles
	 	 	Technology Development Group
	 	 	10889 Wilshire Boulevard, Suite 920
	 	 	Los Angeles, CA 90095-7191
	 	 	Attention:  Sr. Director of Licensing
	 	 	Ref:  UCLA Case Nos.  * & *

 

    	 	21	 

    	 	 	CONFIDENTIAL

    

 

A copy of any such notice that relates to equity,
or instruments convertible into equity, issued or sold pursuant to the Agreement has will also be sent via email to:  campus.investments@ucop.edu.

 

All Advanced Payments due under
this Agreement shall be sent via wire transfer as follows. In order to ensure that funds are properly credited to your account,
please reference invoice number or UC Control Number on all wire transfers.

 

	 	Bank of America
	 	100 West 33rd Street
	 	New York, NY 10001
	 	Attn: OTT Depository Account No. *
	 	ABA Transit Routing Number: *
	 	Beneficiary Name: Regents of the University of California
	 	SWIFT Code: B of A *

 

		20.2	Licensee shall furnish to The Regents the completed licensee contact information form attached hereto as “APPENDIX
C” concurrent to execution of the Agreement and incorporated herein by this reference, showing:

 

		20.2a	The Progress Reports Contact (i.e. the contact responsible for ensuring that such progress reports are submitted to The Regents);

 

		20.2b	The Patent Prosecution Contact to whom patent prosecution correspondence should be sent to; and

 

		20.2c	The Financial Contact (i.e. the contact responsible for ensuring that payments are made under this Agreement to The Regents).

 

21.    ASSIGNABILITY

 

		21.1	Consent to Assign

This Agreement is binding upon
and inures to the benefit of The Regents, its successors and permitted assignees. This Agreement is personal to Licensee and assignable
by Licensee only with the prior written consent of The Regents; provided, however, that Licensee is permitted to assign this Agreement
without the consent of The Regents if the assignment of this Agreement is to: (a) an Affiliate of Licensee; or (b) in conjunction
with the transfer to a non-Affiliate third party of all or substantially all of the business or assets of Licensee to which this
license relates.

 

Conditions
of Assignment

No later than thirty (30) days
following the effective date of any assignment of this Agreement all of the following terms and conditions shall be met and if
they are not then this Agreement and any assignment thereof will be considered null and void with no further notice from The Regents.

 

		(i)	Licensee shall inform The Regents in writing of the identity of the proposed acquirer or successor
entity and shall provide updated contact information in writing to The Regents for such acquirer or successor entity by updating
and submitting in writing to The Regents Appendix C of this Agreement;

 

 

*Confidential material redacted and filed
separately with the Commission.

 

    	 	22	 

    	 	 	CONFIDENTIAL

    

 

		(ii)	The proposed acquirer or successor entity shall agree in writing to be bound by all the terms and
conditions of this Agreement as if such acquirer or successor entity were the original Licensee and a copy of such written agreement
shall be provided to The Regents by Licensee or the proposed acquirer or successor entity; and

 

		(iii)	The proposed acquirer or successor entity shall provide a written statement to The Regents that
they assume responsibility for any and all liabilities that arise under this Agreement on and after the effective date of the assignment
of this Agreement.

 

22.    LATE
PAYMENTS

 

		22.1	For each royalty payment or fee not received by The Regents when due, Licensee must pay to The
Regents a simple interest charge of * percent ( * %) per annum to be calculated from the date payment was due until
it was actually received by The Regents. For purposes of clarity, this Article 22 (LATE PAYMENTS) does not limit any rights of
The Regents under this Agreement arising from the failure by Licensee to make such payments when due.

 

23.    WAIVER

 

		23.1	The waiver of any breach of any term of this Agreement does not waive any other breach of that
or any other term.

 

24.    FAILURE
TO PERFORM

 

		24.1	If either party takes legal action against the other because of a failure of performance due under
this Agreement, then the prevailing party is entitled to reasonable attorney’s fees in addition to costs and necessary disbursements.

 

25.    GOVERNING
LAW

 

		25.1	THIS AGREEMENT IS TO BE INTERPRETED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
CALIFORNIA, but the scope and validity of any patent or patent application will be governed by the applicable laws of the country
of the patent or patent application.

 

26.    GOVERNMENT
APPROVAL OR REGISTRATION

 

		26.1	If this Agreement or any associated transaction is required by the law of any nation to be either
approved or registered with any governmental agency, Licensee will assume all legal obligations to do so. Licensee will notify
The Regents if it becomes aware that this Agreement is subject to a United States or foreign government reporting or approval requirement.
Licensee will make all necessary filings and pay all costs including fees, penalties, and all other out-of-pocket costs associated
with such reporting or approval process.

 

 

*Confidential material redacted and filed
separately with the Commission.

 

    	 	23	 

    	 	 	CONFIDENTIAL

    

 

27.    COMPLIANCE
WITH LAWS

 

		27.1	Licensee will comply with all applicable laws and regulations in performing its obligations hereunder
and in its use, manufacture, offer for sale, sale or import of Licensed Products or practice of Licensed Methods, including, but
not limited to, obtaining and maintaining all necessary governmental approvals for the commercialization of Licensed Products and
Licensed Methods. Licensee will observe all applicable United States and foreign laws with respect to the transfer of Licensed
Products and related technical data and the provision of services using Licensed Methods to foreign countries, including and without
limitation, the International Traffic in Arms Regulations (ITAR) and the Export Administration Regulations. Licensee will manufacture
Licensed Products and practice the Licensed Methods in compliance with all applicable government importation laws and regulations
of a country into which Licensed Products are imported.

 

28.     PREFERENCE
FOR UNITED STATES INDUSTRY

 

		28.1	Because this Agreement grants an exclusive right to a particular use of the Invention, Licensee
must manufacture in the United States any products embodying this Invention or produced through the Invention's use to the extent
required by 35 U.S.C. §§200-212.

 

29.     FORCE
MAJEURE

 

		29.1	Except for Licensee’s obligation to make any payments to The Regents hereunder, the parties
shall not be responsible for any failure to perform due to the occurrence of any events beyond their reasonable control that render
their performance impossible or onerous, including, but not limited to: accidents (environment, toxic spill, etc.); acts of God;
biological or nuclear incidents; casualties; earthquakes; fires; floods; governmental acts; orders or restrictions; inability to
obtain suitable and sufficient labor, transportation, fuel and materials; local, national or state emergency; power failure and
power outages; acts of terrorism; strike; and war.

 

		29.2	Either party to this Agreement, however, will have the right to terminate this Agreement upon thirty
(30) days’ prior written notice if either party is unable to fulfill its obligations under this Agreement due to any of the
causes specified in Paragraph 29.1 for a continuous period of * ( * ) year.

 

30.    CONFIDENTIALITY

 

		30.1	If either party discloses confidential information to the other party, the disclosing party will
designate this information as confidential by appropriate legend or instruction, and the receiving party will:

 

		30.1a	Use the same degree of care to maintain the secrecy of the confidential information as it uses
to maintain the secrecy of its own information of like kind.

 

		30.1b	Use the confidential information only to accomplish the purposes of this Agreement or for audit
or management purposes.

 

 

*Confidential material redacted and filed separately with the
Commission.

 

    	 	24	 

    	 	 	CONFIDENTIAL

    

 

		30.1c	Ensure that any employees, customers, distributors and other agents to whom the confidential information
is disclosed are bound to it by similar obligations of confidence and to make such disclosure only as required to accomplish the
purposes of this Agreement.

 

		30.2	Neither party will have any confidentiality obligation with respect to the confidential information
belonging to or disclosed by the other party that:

 

		30.2a	the receiving party can demonstrate by written records was previously known to it;

 

		30.2b	the receiving party lawfully obtained from sources under no obligation of confidentiality;

 

		30.2c	is or becomes publicly available other than through an act or omission of the receiving party or
any of its employees;

 

		30.2d	the receiving party independently develops without the use of or reference to the confidential
information as demonstrated by written records; or

 

		30.2e	is required to be disclosed under the California Public Records Act, governmental audit requirement
or other requirement of law.

 

		30.3	The provisions of this Article 30 (CONFIDENTIALITY) will continue in effect for * ( * ) years after
expiration or termination of this Agreement.

 

		30.4	The Regents is free to release the terms and conditions of this Agreement to any and all of the
following: (i) the Inventors, (ii) employees of The Regents, (iii) individual Regents, and (iv) the non-profit sponsors of the
research that led to the Invention.  If such release is made, then The Regents shall give notice of the confidential nature
of such information.

 

		30.5	If a third party inquires of The Regents as to whether a license to Regents’ Patent Rights
is available, then The Regents may disclose the existence of this Agreement and the extent of the grant in Article 2 (GRANT) and
Article 3 (SUBLICENSES) to such third party, but will not disclose the name of Licensee or any other negotiated terms or conditions
of this Agreement to such third party, except where The Regents is required to release information under the California Public
Records Act, a governmental audit requirement or other applicable law.

 

		30.6	Licensee hereby grants permission for The Regents (including UCLA) to include Licensee’s
name, Company Logo, and a link to Licensee’s website in annual reports and websites that showcase technology transfer-related
stories as well as links to any publicly-available news stories about Licensee on such websites.

 

31.       MISCELLANEOUS

 

		31.1	The headings of the several sections are inserted for convenience of reference only and are not
intended to be a part of, or to affect the meaning or interpretation of, this Agreement.

 

		31.2	This Agreement is not binding upon the parties until it has been signed below on behalf of each
party, in which event it becomes effective as of the date recited on page one.

 

		31.3	No amendment or modification of this Agreement will be valid or binding upon the parties unless
made in writing and signed by each party.

 

    	 	25	 

    	 	 	CONFIDENTIAL

    

 

		31.4	This Agreement and Appendix A (REGENTS’ PATENT RIGHTS) embodies the entire understanding
of the parties and supersedes all previous communications, representations or understandings, either oral or written, between the
parties relating to the subject matter hereof.

 

		31.5	If any part of this Agreement is for any reason found to be unenforceable, all other parts nevertheless
remain enforceable as long as a party’s rights under this Agreement are not materially affected. In lieu of the unenforceable
provision, the parties will substitute or add as part of this Agreement a provision that will be as similar as possible in economic
and business objectives as was intended by the unenforceable provision.

 

		31.6	No provisions of this Agreement are intended or shall be construed to confer upon or give to any
person or entity other than The Regents and the Licensee any rights, remedies or other benefits under, or by reason of, this Agreement.

 

		31.7	In performing their respective duties under this Agreement, each of the parties will be operating
as an independent contractor. Nothing contained herein will in any way constitute any association, partnership, or joint venture
between the parties hereto, or be construed to evidence the intention of the parties to establish any such relationship. Neither
party will have the power to bind the other party or incur obligations on the other party’s behalf without the other party’s
prior written consent.

 

32.     COUNTERPARTS
AND EXECUTION

 

		32.1	This Agreement may be executed in two or more counterparts, each of which shall be deemed an original
but all of which together shall constitute one and the same instrument.  Facsimile, Portable Document Format (PDF) or photocopied
signatures of the Parties will have the same legal validity as original signatures.

 

    	 	26	 

    	 	 	CONFIDENTIAL

    

 

Both The Regents and Licensee have executed this Agreement in
duplicate originals by their authorized officers on the dates written below:

 

	MUSTANG BIO, INC.	 	THE REGENTS OF THE
    UNIVERSITY OF CALIFORNIA
	 	 	 	 	 
	By	 	 	By	 
	 	Signature	 	 	Signature
	 	 	 	 	 
	Name:	 	 	Name:	Emily W. Loughran
	 	 	 	 	 
	Title:	 	 	Title:	Sr.
    Director of Licensing
	 	 	 	 	 
	Date:	 	 	Date:	 
	 	 	 	 	 
	 	 	 	THE REGENTS OF THE UNIVERSITY OF
    CALIFORNIA
	 	 	 	 	 
	 	 	 	By	 
	 	 	 	 	Signature
	 	 	 	 	 
	 	 	 	Name:	Amir
    Naiberg
	 	 	 	 	 
	 	 	 	Title:	Assoc.
    Vice Chancellor and President & CEO
	 	 	 	 	 
	 	 	 	Date:	 

 

    	 	1	 

    	 	 	CONFIDENTIAL

    

 

APPENDIX A

 

REGENTS’ PATENT RIGHTS

 

		1)	UCLA CASE NO. *: “Engineered Anti-Prostate Stem Cell Antigen (PSCA) Antibodies for
Cancer Targeting”

 

			Provisional Patent Application No. 60/784,192 entitled,
“Engineered Anti-Prostate Stem Cell Antigen (PSCA) Antibodies for Cancer Targeting”, filed March 20, 2006 (UCLA
Case No. *) by Dr(s). Anna Wu and Robert E. Reiter, and assigned to The Regents.

EXPIRED. APPLICATION
CLAIMING PRIORITY:

 

Patent Cooperation Treaty Application
No. PCT/US2007/007020 entitled, “Engineered Anti-Prostate Stem Cell Antigen (PSCA) Antibodies for Cancer Targeting”,
filed on March 20, 2007 (UCLA Case No. *) by Drs. Anna Wu and Robert E. Reiter, and assigned to The Regents.

EXPIRED. APPLICATIONS CLAIMING
PRIORITY:

 

Canadian Patent Application
No. 2646329 entitled, “Engineered Anti-Prostate Stem Cell Antigen (PSCA) Antibodies for Cancer Targeting”,
filed on March 20, 2007 (UCLA Case No. *) by Drs. Anna Wu and Robert E. Reiter, and assigned to The Regents.

 

Japanese Patent Application No. 2012-276728 entitled,
“Engineered Anti-Prostate Stem Cell Antigen (PSCA) Antibodies for Cancer Targeting”, filed on March 20, 2007
(UCLA Case No. *) by Drs. Anna Wu and Robert E. Reiter, and assigned to The Regents.

 

Patent No. 1996716 in the territories
of Belgium, France, Germany, Ireland, Italy, Luxembourg, Spain, Switzerland, The Netherlands, and the United Kingdom, entitled,
“Engineered Anti-Prostate Stem Cell Antigen (PSCA) Antibodies for Cancer Targeting”, issued on March 11, 2011
from European Patent Application No. 07753630.8 filed on March 20, 2007 (UCLA Case No. UCLA Case No. *) by Drs. Anna Wu and Robert
E. Reiter, and assigned to The Regents.

 

United States Patent No. 8,940,871
entitled, “Engineered Anti-Prostate Stem Cell Antigen (PSCA) Antibodies for Cancer Targeting”, issued on
January 27, 2015 from U.S. Patent Application No. 12/293,860 filed on March 20, 2007 (UCLA Case No. UCLA Case No. *) by Drs. Anna
Wu and Robert E. Reiter, and assigned to The Regents.

 

		2)	UCLA CASE NO. *: “High Affinity Anti-Prostate Stem Cell Antigen (PSCA) Antibodies
for Cancer Targeting and Detection”

 

Provisional Patent Application
No. 60/969,939 entitled, “High Affinity Anti-Prostate Stem Cell Antigen (PSCA) Antibodies for Cancer Targeting and
Detection”, filed September 4, 2007 (UCLA Case No. *) by Drs. Anna Wu, Robert E. Reiter, Eric J. Lepin, James D. Marks,
and Yu Zhou, and assigned to The Regents.

 

 

*Confidential material redacted and filed
separately with the Commission.

 

    	 	2	 

    	 	 	CONFIDENTIAL

    

 

EXPIRED. APPLICATION
CLAIMING PRIORITY:

 

Patent
Cooperation Treaty Application No. PCT/US2008/075291 entitled, “High Affinity
Anti-Prostate Stem Cell Antigen (PSCA) Antibodies for Cancer Targeting and Detection”, filed on March 20, 2007 (UCLA
Case No. *) by Drs. Anna Wu, Robert E. Reiter, Eric J. Lepin, James D. Marks, and
Yu Zhou, and assigned to The Regents.

EXPIRED. APPLICATIONS CLAIMING
PRIORITY:

 

Canadian Patent Application
No. 2698343 entitled, “High Affinity Anti-Prostate Stem Cell Antigen (PSCA) Antibodies for Cancer Targeting and Detection”,
filed on September 4, 2008 (UCLA Case No. *) by Drs. Anna Wu, Robert E. Reiter, Eric J. Lepin, James D. Marks, and Yu Zhou, and
assigned to The Regents.

 

European Patent Application
No. 08799192.3 entitled, “High Affinity Anti-Prostate Stem Cell Antigen (PSCA) Antibodies for Cancer Targeting and
Detection”, filed on September 4, 2008 (UCLA Case No. *) by Drs. Anna Wu, Robert E. Reiter, Eric J. Lepin, James D. Marks,
and Yu Zhou, and assigned to The Regents.

 

Hong Kong Patent Application
No. 10111944.2 entitled, “High Affinity Anti-Prostate Stem Cell Antigen (PSCA) Antibodies for Cancer Targeting and
Detection”, filed on September 4, 2008 (UCLA Case No. *) by Drs. Anna Wu, Robert E. Reiter, Eric J. Lepin, James D. Marks,
and Yu Zhou, and assigned to The Regents.

 

Japanese Patent Application
No. 2010-524150 entitled, “High Affinity Anti-Prostate Stem Cell Antigen (PSCA) Antibodies for Cancer Targeting and
Detection”, filed on September 4, 2008 (UCLA Case No. *) by Drs. Anna Wu, Robert E. Reiter, Eric J. Lepin, James D. Marks,
and Yu Zhou, and assigned to The Regents.

 

Japanese Patent Application
No. 2014-186846 entitled, “High Affinity Anti-Prostate Stem Cell Antigen (PSCA) Antibodies for Cancer Targeting and
Detection”, filed on September 4, 2008 (UCLA Case No. *) by Drs. Anna Wu, Robert E. Reiter, Eric J. Lepin, James D. Marks,
and Yu Zhou, and assigned to The Regents.

 

Japanese Patent Application
No. TBD entitled, “High Affinity Anti-Prostate Stem Cell Antigen (PSCA) Antibodies for Cancer Targeting and Detection”,
filed on a date to be determined (UCLA Case No. *) by Drs. Anna Wu, Robert E. Reiter, Eric J. Lepin, James D. Marks, and Yu Zhou,
and assigned to The Regents.

 

United States Patent No. 8,940,298
entitled, “High Affinity Anti-Prostate Stem Cell Antigen (PSCA) Antibodies for Cancer Targeting and Detection”,
issued on January 27, 2015 from U.S. Patent Application No. 12/676,348 filed on September 4, 2008 (UCLA Case No. *) by Drs. Anna
Wu, Robert E. Reiter, Eric J. Lepin, James D. Marks, and Yu Zhou, and assigned to The Regents.

 

 

*Confidential
material redacted and filed separately with the Commission.

 

    	 	3	 

    	 	 	CONFIDENTIAL

    

 

APPENDIX
B

 

ROYALTY STATEMENT

 

UC Control No:  ___________________Product
Name/Code(s) __________________

 

Licensee Name: __________Mustang
Bio, Inc.________

 

Licensee Phone No: (781) 652-4501

 

Licensee Fax No: N/A

 

Licensee Email Address: ap@fortressbiotech.com
Quarter Covered: _______________

 

	Product Name	 	Number 

of 

Units

Sold	 	Unit

Selling

Price

(US $)	 	Gross

Sales

(US $)	 	Final

Sales

(US $)	 	Net Sales

(US $)	 	Royalty

Rate

(%)	 	Total Earned

Royalties (US

$)
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	 	Total Royalties Earned:_____________
	 	 
	 	Less Minimum Annual Royalty:_____________
	 	(If Applicable)
	 	 
	 	Balance Due The REGENTS:_____________

 

Prepared By:________________________

 

    	 	4	 

    	 	 	CONFIDENTIAL

    

 

APPENDIX C

 

MUSTANG BIO, INC. CONTACT INFORMATION

 

	Licensee Name	Mustang Bio, Inc.	UC Control No.	 
	PATENT PROSECUTION CONTACT
	LAST NAME	Villacorta	TELEPHONE	(202) 295-4199
	FIRST NAME	Gilberto	FAX	 
	TITLE	Partner	EMAIL	yvillacorta@foley.com
	COMPANY NAME	Foley & Lardner LLP
	ADDRESS	Washington Harbour
	ADDRESS	3000 K Street, NW
	CITY, STATE, ZIP	Washington, DC 20007
	COUNTRY	USA
	PROGRESS REPORTS CONTACT
	LAST NAME	Gorelik	TELEPHONE	(781) 652-4532
	FIRST NAME	Leonid	FAX	 
	TITLE	Vice President	EMAIL	lgorelik@fortressbiotech.com
	COMPANY NAME	Fortress Biotech, Inc.
	ADDRESS	95 Sawyer Road, Suite 110
	ADDRESS	 
	CITY, STATE, ZIP	Waltham, MA 02453
	COUNTRY	USA
	FINANCIALS CONTACT
	LAST NAME	Fogg	TELEPHONE	(781) 652-4501
	FIRST NAME	Laura	FAX	 
	TITLE	Accounts Payable Coordinator	EMAIL	ap@fortressbiotech.com
	COMPANY NAME	Fortress Biotech, Inc.
	ADDRESS	95 Sawyer Road, Suite 110
	ADDRESS	 
	CITY, STATE, ZIP	Waltham, MA 02453
	COUNTRY	USA
	 	 	 	 	 	 

 

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