Document:

Blueprint

EXHIBIT
4.2

IN THE COURT OF CHANCERY OF THE STATE OF
DELAWARE

 

	

IN RE MABVAX THERAPEUTICS HOLDINGS,
INC.

	

)))

	

C.A. No.
2018-0549-TMR

 

 

 

FORM OF ORDER
VALIDATING

 

 

Petitioner’s Corporate Acts
Under 8 Del. C.
§
205

 

WHEREAS, Petitioner MabVax
Therapeutics Holdings, Inc. (“MabVax”) has filed a
Verified Petition for Relief under 8 Del. C. § 205 (the
“Petition”) seeking to have this Court validate certain
corporate acts by MabVax,

WHEREAS, this Court has determined
that the relief sought is appropriate and just,

IT IS HEREBY ORDERED, this
20th day of
September
2018,

1. All conversions of MabVax’s
preferred stock between June 30, 2014 and February 12, 2018, which
are listed on Exhibit B to
the Petition, are validated pursuant to 8 Del. C. § 205;

2. All shares of common stock issued
upon the conversions validated pursuant to Paragraph 1 hereof and
listed in Exhibit B to the
Petition are validated pursuant to 8 Del. C. § 205;

3. The corporate acts listed below,
which were purportedly approved by the stockholders of MabVax at
meetings of stockholders during the time period identified in
Paragraph 1 hereof, are validated pursuant to 8 Del. C. § 205. The corporate acts
to be validated under this paragraph are:

 

 

-1-

 

 

a.

Elections of
Directors

 

●

The
election on August 26, 2015 of Kenneth M. Cohen and Paul V. Maier
as Class III directors, with each to serve until the 2018 Annual
Meeting of Stockholders.

 

●

The
election on June 29, 2016 of J. David Hansen, Philip O. Livingston,
M.D., and Thomas C. Varvaro as Class I directors, with each to
serve until the 2019 Annual Meeting of
Stockholders.

 

●

The
election on June 12, 2017 of Jeffrey F. Eisenberg and Jeffrey V.
Ravetch, M.D., Ph.D., as Class II directors, with each to serve
until the 2020 Annual Meeting of Stockholders.

 

b.

The Filing of,
and Amendments and/or Restatements Effected by, the Following
Documents Filed with the Office of the Secretary of State of the
State of Delaware (the “State
Office”)

 

●

Amended and Restated Certificate of
Incorporation of MabVax, filed with the State Office on September
8, 2014.

 

●

Certificate of Amendment of Amended
and Restated Certificate of Incorporation of MabVax, filed with the
State Office on September 8, 2014.

 

●

Certificate of Amendment of Amended
and Restated Certificate of Incorporation of MabVax, filed with the
State Office on August 16, 2016.

 

●

Certificate of Amendment of Amended
and Restated Certificate of Incorporation of MabVax, filed with the
State Office on February 14, 2018.

 

 

-2-

 

 

c.

Amendments to
MabVax’s Amended and Restated 2014 Employee, Director and
Consultant Equity Incentive Plan

 

●

Second Amended and Restated 2014
Employee, Director and Consultant Equity Incentive Plan, including
increasing the number of shares issuable thereunder to 8,360,789
shares, which was approved by the stockholders of MabVax on August
26, 2015.

 

●

Fourth Amended and Restated 2014
Employee, Director and Consultant Equity Incentive Plan, including
increasing the number of shares issuable thereunder to 4,128,406
shares, which was approved by the stockholders of MabVax on June
12, 2017.

 

●

Fifth
Amended and Restated 2014 Employee, Director and Consultant Equity
Incentive Plan, including increasing the number of shares issuable
thereunder to 6,128,406 shares, which was approved by the
stockholders of MabVax on October 2, 2017.

 

●

Amendment to the Fifth Amended and
Restated 2014 Employee, Director and Consultant Equity Incentive
Plan, including increasing the number of shares issuable thereunder
to 10,128,406 shares, which was approved by the stockholders of
MabVax on December 1, 2017.

 

 

-3-

 

 

d.

Corporate
authorization, for stock exchange purposes, of certain potential
issuances of common stock, the ratification of certain prior
issuances of common stock and certain issuances of
securities

 

●

The
potential issuance, approved by the stockholders on October 2,
2017, of up to an aggregate of 3,400,000 shares of common stock, in
excess of 19.99% of the number of shares of common stock that were
issued and outstanding on August 11, 2017, consisting of (i)
2,386,360 shares of common stock issuable upon conversion of Series
J Preferred Stock, issued to investors in a financing consummated
in August 2017 and (ii) 1,013,640 shares of common stock available
for issuance under designated but unissued shares of Series J
Preferred Stock.

 

●

The
potential issuance, approved by the stockholders on October 2,
2017, of up to 6,500,000 shares of common stock upon conversion of
Series K Preferred Stock issuable in connection with a financing
consummated in August 2017, in excess of 19.99% of the number of
shares of common stock that were issued and outstanding on August
11, 2017.

 

●

The
issuance, approved by the stockholders on October 2, 2017, of
securities in one or more non-public offerings where the maximum
discount at which securities will be offered will be equivalent to
a discount of 30% below the market price of the common stock, as
required by and in accordance with Nasdaq Marketplace Rule
5635(d).

 

●

The
issuance, approved by the stockholders on October 2, 2017, of
securities in one or more non-public offerings where the maximum
discount at which securities will be offered will be equivalent to
a discount of 20% below the market price of the common stock, as
required by and in accordance with Nasdaq Marketplace Rule
5635(d).

 

●

The
potential issuance, approved by the stockholders on December 1,
2017, of up to an aggregate of 9,666,667 shares of common stock, in
excess of 19.99% of the number of shares of common stock that were
issued and outstanding on October 17, 2017, upon the conversion of
58,000 shares of the Company’s newly authorized Series L
Convertible Preferred Stock, which were issued to certain holders
of the Company’s Preferred Stock pursuant to Exchange
Agreements dated October 18, 2017.

 

 

-4-

 

 

●

Ratification of the issuance,
approved by the stockholders on December 1, 2017, of up to an
aggregate of 2,900,000 restricted shares of common stock to certain
investors in the Company’s May 2017 public offering, in
excess of 19.99% of the number of shares of common stock that were
issued and outstanding on May 3, 2017, including 1,968,664 shares
of common stock underlying the Company’s Series I Convertible
Preferred Stock.

 

4. This Order validates the corporate
acts referenced in the foregoing Paragraphs, effective as of the
time each such act was originally taken and notwithstanding any
failures of authorization or potential failures of authorization
described in, or resulting from the matters described in, the
Petition.

 

 

	

 

	
 

	

 

	

 

	

 

	

 

	

 

	
 

	
By:  

	
/s/  Montgomery-Reeves

	

 

	

 

	

 

	
Vice Chancellor
Montgomery-Reeves

	

 

	

 

	

 

	

	

 

        

 

-5-Blueprint

CONFIDENTIAL TREATMENT REQUESTED

 

  EXHIBIT
10.6

 

  

SUBLICENSE AGREEMENT

 

This
Sublicense
Agreement (the “Agreement”) is made and
signed as of June 27, 2018 (the “Effective Date”) by and
between MabVax Therapeutics
Holdings, Inc., with a
principal place of business at 11535 Sorrento Valley Road, Suite
400, San Diego, CA 92121 (“MabVax”),
on the one hand, and Y-mAbs Therapeutics
Inc., with a principal place of business at 230 Park Avenue,
Suite 3350, New York, NY 10169 (“YmAbs”), on the other hand.
MabVax and YmAbs are sometimes referred to herein individually as a
“Party” and
collectively as the “Parties”.

 

Recitals

 

Whereas,
MabVax and Sloan-Kettering Institute for Cancer Research,
(“SKI”) have
entered into that certain Exclusive License Agreement dated June
30, 2008 and amended on May 11, 2011 (and subject to the side
letter agreement of even date hereof (the “Side Letter”) of MabVax and
SKI), under which SKI granted MabVax an exclusive license under
SKI’s rights in the invention that is the subject of the
disclosure entitled “Polyvalent Conjugate Vaccines for Cancer
(SK#14491),” and patent rights thereon (the “SKI License
Agreement”);

 

Whereas,
MabVax desires to grant to YmAbs, and YmAbs desires to obtain, a
sublicense under MabVax’s interest and rights in, to, and
under such patent rights for use in developing and commercializing
a vaccine against neuroblastoma; and

 

Whereas, SKI
and MabVax have agreed to amend certain terms of the SKI License
Agreement with respect to, among other things, the obligations
hereby assumed by YmAbs or its sublicensees in accordance with the
Side Letter of MabVax and SKI.

 

Agreement

 

Now,
Therefore, in consideration of the foregoing and the
covenants and promises contained in this Agreement and intending to
be legally bound, the Parties agree as follows:

 

ARTICLE 1. DEFINITIONS

 

The
terms, as defined herein, shall have the same meanings in both
their singular and plural forms:

 

1.1

“Affiliate”
means a corporation, partnership,
trust or other entity that directly, or indirectly through one or
more intermediates, controls, is controlled by or is under common
control with a specified Party but only for so long as such
relationship exists. For such purposes, “control”,
“controlled by”, and “under common control
with” shall mean the possession of the power to direct or
cause the direction of the management and policies of an entity,
whether through the ownership of voting equity, voting member or
partnership interests, control of a majority of the board of
directors or other similar body, by contract, or otherwise,
including without limitation, in the case of a corporation, the
direct or indirect ownership of fifty percent (50%) or more of its
outstanding voting shares.

 

 

Portions of this Exhibit, indicated by the mark
“[***],” were omitted and have been filed separately
with the Secretary of the Commission pursuant to the
Registrant’s application requesting confidential treatment
pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as
amended.

  

-1-

 

CONFIDENTIAL TREATMENT REQUESTED

  

1.2

“Control”
means, with respect to items,
information, or intellectual property rights (including patents,
patent applications and/or know-how), possession by a Party of the
power and authority, whether arising by ownership, license, or
other authorization, to grant and authorize the licenses or
sublicenses, as applicable, under such items, information, or
intellectual property rights (including patents, patent
applications and/or know-how) of the scope granted to the other
Party in this Agreement.

 

1.3

“FDA”
means the United States Food and Drug
Administration.

 

1.4

“Field”
means the prevention or treatment of
neuroblastoma by means of administering a bi-valent ganglioside
vaccine.

 

1.5

“Know-How”
means ideas, inventions, discoveries,
trade secrets, know how, improvements, data, and information (which
as of the Effective Date are not subject to a patent or patent
application), together with all experience, data, formulas,
procedures, and results, and improvements thereon, that (a) exist
as of the Effective Date, (b) are under the Control of MabVax, and
(c) are listed on Exhibit B.

 

1.6

“Licensed
Process” means any
process which either (a) is covered in whole or in part by the
Patent Rights, (b) would infringe a Valid Claim but for this
Agreement, or (c) uses Know-How, in each case, in any country in
which such process is practiced.

 

1.7

“Licensed
Product” means any
product or part thereof which: (a) either (i) is covered in whole
or in part by the Patent Rights; (ii) would infringe a Valid Claim
but for this Agreement; or (iii) uses Know-How, in each case, in
the country in which any product or part thereof is made, leased,
used or sold; or (b) is manufactured using a Licensed
Process.

 

1.8

“Net Income”
means [***].

 

1.9

“Patent
Rights” means: (a) the
United States and foreign patents and patent applications listed in
Exhibit A which is a subset of the patents and patent applications
licensed to MabVax in the SKI License Agreement; (b) United States
and foreign patents issued from the applications listed in Exhibit
A, and from divisionals and continuations of these applications;
(c) claims of U.S. and foreign continuation-in-part applications,
and of the resulting patents, which are directed to subject matter
specifically described in or entitled to or claim priority on the
U.S. and foreign patent applications listed in Exhibit A; and (d)
any reissues, extensions, substitutions, re-examinations,
supplementary protection certificates, and patents of addition of
patents and patent applications described in (a), (b), or (c)
above.

 

1.10

“Priority Review
Voucher” means a voucher
issued to YmAbs under the United States Congress Rare Pediatric
Disease Priority Review Voucher Program, effectuated by the FDA
under Section 529 to the Federal Food, Drug, and Cosmetic Act as
part of a rare pediatric disease product application made by YmAbs
for a Licensed Product only.

 

1.11

“Territory”
means worldwide.

 

 

Portions of this Exhibit, indicated by the mark
“[***],” were omitted and have been filed separately
with the Secretary of the Commission pursuant to the
Registrant’s application requesting confidential treatment
pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as
amended.

  

-2-

 

CONFIDENTIAL TREATMENT REQUESTED

  

1.12

“Valid
Claim” means any claim of
an issued and unexpired patent within the Patent Rights that has
not been held unenforceable, unpatentable or invalid by a decision
of a court or governmental agency of competent jurisdiction, which
decision is unappealable or unappealed within the time allowed for
appeal.

 

ARTICLE 2. GRANT

 

2.1

Sublicense. Subject to the terms and conditions of this
Agreement and the SKI License Agreement, MabVax hereby grants to
YmAbs under all rights granted to it under the SKI License
Agreement including the Patent Rights and Know-How, an exclusive
(even to MabVax), worldwide sublicense, including the right to
grant sublicenses, to develop, make, have made, use, sell, offer to
sell, import, and export Licensed Products in the Field in the
Territory and to use the Know-How in connection therewith. For
clarity, the Parties intend that YmAbs shall have the right to
practice all rights granted to MabVax under the SKI License
Agreement to the extent applicable to the exploitation of the
Licensed Products in the Field in the
Territory.

 

2.2

The SKI License
Agreement. YmAbs acknowledges
that the rights granted to YmAbs under this Agreement that
constitute a sublicense under the SKI License Agreement are, in
addition to being limited by and are subject to the terms and
conditions of this Agreement, further limited by the terms and
conditions of the SKI License Agreement. Notwithstanding Article 8,
pursuant to the SKI License Agreement, YmAbs acknowledges that
MabVax will furnish to SKI a true and complete copy of this
Agreement and any current and future amendments
thereto.

 

2.3

Incorporation by
Reference. MabVax and YmAbs
hereby agree that the SKI License Agreement is incorporated into
this Agreement by reference and made a part hereof, and the terms
and conditions of the SKI License Agreement shall govern the
sublicense from MabVax to YmAbs pursuant to Section 2.1, provided
however that it is understood and agreed that YmAbs’
obligations resulting from such incorporation of the SKI License
Agreement shall never exceed those described in Section 3.4 below
(for clarity, such incorporation does not limit payment obligations
owed by YmAbs to MabVax directly). Nothing in this Agreement shall
be deemed to grant to YmAbs any rights under the rights sublicensed
to it under the SKI License Agreement beyond those MabVax has the
right to grant to YmAbs pursuant to the SKI License
Agreement.

 

2.4

Transfer of Know-How.
Within thirty (30) days after the
Effective Date, MabVax shall deliver to YmAbs the materials and
information set forth in Exhibit B. The Parties acknowledge and
agree that YmAbs will obtain directly from SKI additional
information and know-how relating to an investigator-sponsored
clinical trial of Licensed Products in the Field conducted by SKI,
and that such information and know-how is not included in the
Know-How.

 

2.5

Transfer of [***]. Any and all supply of the [***] owned by MabVax as
of the Effective Date shall be transferred to YmAbs within fifteen
(15) days after the Effective Date at no charge to
YmAbs.

 

 

Portions of this Exhibit, indicated by the mark
“[***],” were omitted and have been filed separately
with the Secretary of the Commission pursuant to the
Registrant’s application requesting confidential treatment
pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as
amended.

  

-3-

 

CONFIDENTIAL TREATMENT REQUESTED

  

ARTICLE 3. CONSIDERATION & DILIGENCE
OBLIGATIONS

 

3.1

Upfront Payment.
In partial consideration for the
rights granted to YmAbs under this Agreement, YmAbs shall pay to
MabVax a one-time, non-refundable payment of seven hundred thousand
U.S. dollars ($700,000) within five (5) days after YmAbs’
receipt of the Know-How pursuant to Section
2.4.

 

3.2

Continuation Payment.
In partial consideration for the
rights granted to YmAbs under this Agreement, YmAbs shall pay to
MabVax a one-time, non-refundable payment of six hundred thousand
U.S. dollars ($600,000) within five (5) days after the first
anniversary of the Effective Date, provided that no notice of
termination of this Agreement has been made by YmAbs before such
date.

 

3.3

Priority Review Voucher Revenue Share.

 

(a)

In
partial consideration for the rights granted to YmAbs under this
Agreement, YmAbs shall pay MabVax a one-time amount equal to [***]
percent ([***]%) of [***] for the sale by YmAbs of one Priority
Review Voucher.

 

(b)

YmAbs
will use [***] to obtain the Priority Review Voucher set forth in
Section 3.3(a) and thereafter to sell such Priority Review
Voucher.

 

3.4

Assumed Obligations.
In consideration for the rights
granted to YmAbs under this Agreement, YmAbs agrees that it shall
solely be responsible for the amounts payable by MabVax to SKI and
the other obligations of MabVax to SKI pursuant to the SKI License
Agreement to the extent incurred after the Effective Date and
solely (i) arising out of YmAbs’ exercise of its sublicense
under the SKI License Agreement and (ii) to the extent applicable
to Licensed Products in the Field, including without limitation
those that are set forth in Exhibit C (the “Assumed
Obligations”). Such
payments shall be made in accordance with Sections 5.5 and 5.6 of
the SKI License Agreement, applied mutatis mutandis
as if such payments were payable by
MabVax to SKI. YmAbs confirms that it has received a copy of and
reviewed a copy of the SKI License Agreement, and covenants that it
shall perform all obligations of MabVax to the extent incurred
after the Effective Date and solely (i) arising out of YmAbs’
exercise of its sublicense under the SKI License Agreement and (ii)
to the extent applicable to Licensed Products in the
Field.

 

3.5

Clarification.
For clarity, no development milestones
or royalties are payable by YmAbs to MabVax under this Agreement in
consideration for the rights granted by MabVax under this
Agreement. Any payments payable by MabVax to SKI under the SKI
License Agreement arising as a result of payments made by YmAbs to
MabVax under this Agreement shall be of no concern to YmAbs. For
clarity, this Section 3.5 does not supersede the Assumed
Obligations in Section 3.4. Further, for clarity it is noted that
YmAbs shall not assume any obligations of MabVax to make payments
to SKI under clause 4 of the Side Letter.

 

 

Portions of this Exhibit, indicated by the mark
“[***],” were omitted and have been filed separately
with the Secretary of the Commission pursuant to the
Registrant’s application requesting confidential treatment
pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as
amended.

  

-4-

 

CONFIDENTIAL TREATMENT REQUESTED

  

3.6

Diligence Milestones.
YmAbs agrees to use [***]
to:

 

(a)

[***]
within [***] from the Effective Date of this
Agreement;

 

(b)

[***]
within [***]from the Effective Date of this Agreement;
and

 

(c)

make
(or have made) the [***] from the Effective Date of this
Agreement.

 

ARTICLE 4. RECORDS

 

4.1

Records. YmAbs will keep, and cause its Affiliates and
sublicensees to keep, full, complete and proper records and
accounts of the sales of Priority Review Vouchers in sufficient
detail to enable the payment set forth in Section 3.3(a) to be
determined.

 

ARTICLE 5. INTELLECTUAL PROPERTY

 

5.1

Prosecution.
As of the Effective Date, [***] is
responsible for the prosecution and maintenance of the Patent
Rights under the supervision of [***]. [***].

 

5.2

Cooperation.
[***] shall fully cooperate with and
assist [***] in performing activities reasonably required for
filing and prosecuting patent, trademark and copyright applications
and otherwise protecting [***] rights to any of the Know-How. In
this regard, [***] shall execute such filings, assignments and
other documents as [***] deems necessary. [***] will reimburse
[***] for all reasonable costs and expenses incurred in performing
[***] obligations under this Section 5.2.

 

5.3

Enforcement.

 

(a)

[***]
shall have the first right (but not the obligation) to institute,
prosecute, and control any action or proceeding with respect to any
infringement of Patent Rights, at [***]’ expense and by
counsel of its own choice, in [***] own name and under [***]
direction and control, including the right to control the defense
of any challenges to such Patent Rights as a counterclaim in such
infringement proceeding as well as the defense of declaratory
judgment actions. [***] shall cooperate in the institution and
prosecution of such infringement suit, including without limitation
consenting to being joined in such infringement suit as a party
plaintiff.

 

(b)

If
[***] determines not to institute an action or proceeding with
respect to a given infringement of Patent Rights, it shall notify
and consult with [***] of such decision, and [***] shall thereupon
have the right (but not the obligation) to institute an action or
proceeding with respect to such infringement, at [***] expense with
counsel of its choice, [***]. If [***] does not institute such
action or proceeding [***], then [***] shall thereupon have the
right (but not the obligation) to institute such action or
proceeding, at [***] expense with counsel of its choice. If either
[***] or [***] determines to undertake such action or proceeding,
[***] any such action or proceeding as a party at [***] or [***],
as applicable, if doing so is necessary for the purposes of
establishing standing.

 

(c)

[***].

 

 

Portions of this Exhibit, indicated by the mark
“[***],” were omitted and have been filed separately
with the Secretary of the Commission pursuant to the
Registrant’s application requesting confidential treatment
pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as
amended.

  

-5-

 

CONFIDENTIAL TREATMENT REQUESTED

  

5.4

SKI License Agreement.
Notwithstanding the foregoing
provisions of this Section 5, the provisions of the SKI License
Agreement shall control with respect to intellectual property
rights and responsibilities should they conflict with this Section
5.

 

ARTICLE 6. TERM AND TERMINATION

 

6.1

Term. The term of this Agreement shall commence on the
Effective Date and, unless this Agreement is earlier terminated in
accordance with the provisions herein, shall subject to Section 6.4
below end on the expiration or termination date of the SKI License
Agreement.

 

6.2

Termination for Material
Breach. If either Party commits
a material breach of this Agreement, then the other Party may give
the breaching Party written notice of default and intent to
terminate. The non-breaching Party shall be entitled to terminate
this Agreement if the breaching Party fails to cure the default
within sixty (60) days of receiving such written
notice.

 

6.3

Termination at Will.
YmAbs shall have the right to
terminate this Agreement at will upon [***] advance written notice
to MabVax.

 

6.4

Termination of SKI License
Agreement. This Agreement shall
terminate upon the expiration or termination of the SKI License
Agreement, provided that if YmAbs is in material compliance with
this Agreement as of such termination date, then this Agreement
shall be assumed by SKI on the terms negotiated hereunder as
provided in Section 14.5 of the SKI License Agreement, provided
that SKI shall not be liable to YmAbs with respect to any
obligations of MabVax to YmAbs that exceed the obligations of SKI
to MabVax under the SKI License Agreement.

 

6.5

Effect of Termination or Expiration.

 

(a)

All
rights and licenses granted to YmAbs under this Agreement shall
terminate upon termination of this Agreement. [***]. Termination
shall not relieve YmAbs of its obligations to pay any fees owed at
the time of termination and shall not impair any accrued right of
MabVax. Termination shall not relieve YmAbs of any obligation or
liability accrued under this Agreement prior to termination, or
rescind any payment made to MabVax or action by YmAbs prior to the
time termination becomes effective.

 

(b)

YmAbs
will redeliver and assign to MabVax all Know-how and regulatory
filings and approvals for Licensed Products then owned by YmAbs or
its Affiliates or sublicensees, [***]. In this regard, YmAbs shall
execute such filings, assignments and other documents as is
necessary for such purpose.

 

(c)

The
following Articles shall survive the termination or expiration of
this Agreement:

 

(i)

Article
4 (RECORDS);

 

(ii)

Article
7 (REPRESENTATIONS AND WARRANTIES; LIMITATION OF LIABILITY;
INDEMNIFICATION);

 

(iii)

Article
8 (CONFIDENTIALITY); and

 

(iv)

Article
9 (MISCELLANEOUS PROVISIONS).

 

 

Portions of this Exhibit, indicated by the mark
“[***],” were omitted and have been filed separately
with the Secretary of the Commission pursuant to the
Registrant’s application requesting confidential treatment
pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as
amended.

  

-6-

 

CONFIDENTIAL TREATMENT REQUESTED

  

ARTICLE 7. REPRESENTATIONS AND WARRANTIES; LIMITATION OF
LIABILITY; INDEMNIFICATION

 

7.1

Representations and Warranties.

 

(a)

MabVax
hereby represents and warrants to YmAbs that:

 

(i)

It
is duly organized and validly existing under the laws of its
jurisdiction of organization and has the requisite power and
authority to execute, deliver and perform its obligations under
this Agreement.

 

(ii)

MabVax
has not granted as of the Effective Date, and shall not grant
during the Term, any right, option, license or interest in or to
any of the Patent Rights that is in conflict with the rights and
licenses granted to YmAbs under this Agreement.

 

(iii)

As
of the Effective Date, to MabVax’s knowledge, MabVax is not
in possession of information that would, in its reasonable opinion
and to its knowledge, render invalid and/or unenforceable any
claims that are in any of the Patent Rights, and MabVax has no
knowledge of any infringement of any of the Patent Rights by any
third party.

 

(iv)

As
of the Effective Date, MabVax is not currently bound by any
agreement with any third party, or by any outstanding order,
judgment, or decree of any court or administrative agency, that
restricts it from granting to YmAbs the rights and licenses as set
forth in this Agreement.

 

(v)

MabVax
has until now and will continue to comply with all of its
obligations to SKI under the terms of the SKI License Agreement in
all material respects and will not take any action to terminate the
SKI License Agreement without the prior written consent of YmAbs.
Further, MabVax will not amend any of the terms of the SKI License
Agreement that affect the rights and/or obligations of YmAbs,
unless with the prior written approval of YmAbs, provided that such
prior written approval of YmAbs shall not be needed for amendment
of applicable provisions of the SKI License Agreement relating to
payment obligations that do not affect YmAbs’
obligations.

 

(vi)

Exhibit
A contains a complete and accurate list of all patents included in
the Patent Rights that claim or Cover the Licensed Products or
Licensed Process. Except for the Patent Rights, MabVax does not own
or Control (by license or otherwise), as of the Effective Date, any
patent that covers any invention that is necessary or useful to
develop, manufacture, or commercialize any Licensed Product in the
Field in the Territory.

 

(b)

YmAbs
hereby represents and warrants to MabVax that:

 

(i)

It
is duly organized and validly existing under the laws of its
jurisdiction and has the requisite power and authority to execute,
deliver and perform its obligations under this
Agreement.

 

(ii)

YmAbs will [***] to obtain and seek to
sell                                                                                                 any
resulting Priority Review Voucher as set forth in Section
3.3.

 

(iii)

For
the term of this Agreement, upon the commencement of clinical use,
production, sale, or transfer by YmAbs, whichever occurs first, of
any Licensed Product, YmAbs shall obtain and carry in full force
and effect general liability insurance which shall protect YmAbs
and MabVax in regard to events covered by Section 7.5(b). Such
insurance shall be written by a reputable insurance company, shall
list SKI as an additional named insured thereunder, shall be
endorsed to include liability coverage, and shall require thirty
(30) days written notice to be given to MabVax prior to any
cancellation or material change thereof that would violate the
foregoing. The limits of such insurance shall not be less than
$[***] per occurrence with an annual aggregate of $[***] for
personal injury, death or property damage. YmAbs shall provide
MabVax with Certificates of Insurance evidencing the
same.

 

 

Portions of this Exhibit, indicated by the mark
“[***],” were omitted and have been filed separately
with the Secretary of the Commission pursuant to the
Registrant’s application requesting confidential treatment
pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as
amended.

  

-7-

 

CONFIDENTIAL TREATMENT REQUESTED

  

7.2

DISCLAIMER OF WARRANTY.
EXCEPT AS EXPRESSLY PROVIDED IN THIS
AGREEMENT, NEITHER PARTY PROVIDES ANY WARRANTIES, WHETHER WRITTEN
OR ORAL, EXPRESS OR IMPLIED, REGARDING THE LICENSED PRODUCTS USED
IN CLINICAL TRIALS OR FOR COMMERCIAL USE, AND EACH PARTY HEREBY
DISCLAIMS ALL OTHER WARRANTIES, WHETHER WRITTEN OR ORAL, EXPRESS OR
IMPLIED, INCLUDING WITHOUT LIMITATION THE IMPLIED WARRANTIES OF
MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND FREEDOM FROM
INFRINGEMENT OF THIRD PARTY RIGHTS.

 

7.3

LIMITATION OF LIABILITY.
NEITHER PARTY SHALL BE LIABLE TO THE
OTHER PARTY FOR SPECIAL, INDIRECT, INCIDENTAL, PUNITIVE OR
CONSEQUENTIAL DAMAGES (INCLUDING WITHOUT LIMITATION DAMAGES
RESULTING FROM LOSS OF USE, LOSS OF PROFITS, INTERRUPTION OR LOSS
OF BUSINESS, OR OTHER ECONOMIC LOSS) ARISING OUT OF THIS AGREEMENT
OR WITH RESPECT TO A PARTY’S PERFORMANCE OR NON-PERFORMANCE
HEREUNDER, EXCEPT WITH RESPECT TO ANY BREACH OF THE CONFIDENTIALITY
OBLIGATIONS OF ARTICLE 8 OR TO THE EXTENT THAT THE LOSS IS COVERED
BY THE INDEMNIFICATION OBLIGATIONS OF A PARTY UNDER SECTION 7.5.
EXCEPT FOR MABVAX’S GROSS NEGLIGENCE OR BREACH OF ANY OF ITS
REPRESENTATIONS OR WARRANTIES HEREUNDER, MABVAX SHALL NOT BE LIABLE
TO YMABS FOR ANY DAMAGES UNDER THIS AGREEMENT EXCEEDING THE AMOUNTS
PAID TO MABVAX UNDER THIS AGREEMENT.

 

7.4

MabVax
shall have no responsibility for the quality of the Know-How and
other items delivered to YmAbs. YmAbs agrees that the delivered
Know-How and other items are delivered “As Is,”
“With All Faults,” and “With All Defects.”
YmAbs is solely responsible for determining whether the delivered
Know-How and other items have applicability or utility in
YmAbs’ contemplated exploitation of Licensed Products and in
the Field, with no further assurances, and YmAbs assumes all risk
and liability in connection with such determination.

 

7.5

Indemnification.

 

(a)

MabVax
hereby agrees to indemnify, defend and hold harmless YmAbs from and
against any and all costs, expenses, judgments, liabilities,
damages and losses of any type (including reasonable attorney fees
and costs) that YmAbs may suffer as a result of [***], except to
the extent arising from an action for which YmAbs must indemnify
MabVax pursuant to subsection (b).

 

(b)

YmAbs
hereby agrees to indemnify, defend and hold harmless MabVax from
and against any and all costs, expenses, judgments, liabilities,
damages and losses of any type (including reasonable attorney fees
and costs) that MabVax may suffer as a result of [***], except to
the extent arising from an action for which MabVax must indemnify
YmAbs pursuant to subsection (a).

 

(c)

In
the event that either Party seeks indemnification under the terms
of this Section 7.5(a or b), it shall inform the other Party of the
claim as soon as reasonably practicable after it receives notice
thereof, shall permit the indemnifying Party, at indemnifying
Party’s cost, to assume direction and control of the defence
of the claim, and shall co-operate as requested (at the expense of
the indemnifying Party), in the defense of the claim. An
indemnifying Party shall not settle or otherwise compromise any
claim or suit in any manner that adversely affects the other Party
hereunder or imposes obligations on the other Party in addition to
those set forth in this Agreement, without prior written consent of
the indemnified Party, for which consent shall not be unreasonably
withheld or delayed.

 

(d)

YmAbs
hereby agrees to indemnify, defend and hold harmless [***], and
their respective successors, heirs and assigns (each an
“Indemnitee”), from and against any and all costs,
expenses, judgments, liabilities, damages and losses of any type
(including reasonable attorney fees and costs) that they may suffer
as a result of [***]. In the event that an Indemnitee seeks
indemnification under the terms of this Section 7.5 (d) it shall
inform YmAbs of the claim as soon as reasonably practicable after
it receives notice thereof, shall permit YmAbs, at YmAbs’
cost, to assume direction and control of the defence of the claim,
and shall co-operate as requested (at the expense of YmAbs), in the
defence of the claim. YmAbs shall not settle or otherwise
compromise any claim or suit in any manner (i) that does not
release the Indemnitee from all liability with respect to such
third party claims; or (ii) that adversely affects [***], without
prior written consent of [***], for which consent shall not be
unreasonably withheld or delayed.

 

ARTICLE 8. CONFIDENTIALITY

 

8.1

Each of the Parties undertakes to treat as
strictly confidential all information that it receives from the
other Party relating to its business affairs (“Confidential
Information”). Each of
the Parties may disclose the other Party’s Confidential
Information to its employees, directors, agents, affiliates, or
third party contractors, potential or actual investors, acquirers
or collaborators, and advisors (“Representatives”);
provided that such Representatives have a need to know the
Confidential Information in order to carry out this Agreement and
are under a written obligation to safeguard the Confidential
Information prior to disclosure. This duty of confidentiality shall
not include Confidential Information that is already in the public
domain, which enters the public domain for reasons beyond the
relevant Party’s control, or which must be disclosed under a
statutory obligation (provide the disclosing Party uses reasonable
efforts to seek confidential treatment thereof where available).
This duty of confidentiality shall survive any expiration or
termination of this Agreement for [***].

 

8.2

Neither
Party shall disclose the terms and conditions of this Agreement or
activities under this Agreement except as may be required by law or
rules of a securities exchange. Notwithstanding the foregoing, with
respect to complying with the disclosure requirements of any
governmental authority or securities exchange in connection with
any required filing of this Agreement, the Parties shall consult
with one another concerning which terms of this Agreement shall be
requested to be redacted in any public disclosure of the Agreement,
and in any event each Party shall seek reasonable confidential
treatment for any public disclosure by any such governmental
authority or securities exchange. Each Party shall have the right
to issue press releases in regards to this Agreement with the prior
written agreement of the other Party or as required to comply with
any law or by the rules of any stock exchange or automated
quotation system (in the case of such required disclosure, by
providing five (5) days’ notice to the other Party and
reasonably considering comments provided by such other Party within
two (2) days after such notice, or such shorter notice and comment
time periods as the disclosing Party may reasonably
require).

 

 

Portions of this Exhibit, indicated by the mark
“[***],” were omitted and have been filed separately
with the Secretary of the Commission pursuant to the
Registrant’s application requesting confidential treatment
pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as
amended.

  

-8-

 

CONFIDENTIAL TREATMENT REQUESTED

  

ARTICLE 9. MISCELLANEOUS PROVISIONS

 

9.1

Relationship of the
Parties. The Parties are
independent contractors and nothing herein shall be construed as
creating a partnership, joint venture, employment or the
relationship of principal and agent between the
parties.

 

9.2

Assignment. This Agreement may not be assigned, in whole or in
part, by a Party without the prior written consent of the other
Party, except that such prior consent shall not be needed for
assignment of this Agreement to a Party’s affiliate or
successor-in-interest (whether by merger, acquisition, asset
purchase, share purchase, or other transaction). Subject to the
first sentence of this Section 9.2, this Agreement will be binding
upon, inure to the benefit of and be enforceable by, the
Parties’ successors and permitted
assigns.

 

9.3

Further Actions.
Each Party agrees to execute,
acknowledge and deliver such further instruments, and to do all
such other acts, as may be necessary or appropriate in order to
carry out the purposes and intent of this
Agreement.

 

9.4

Force Majeure.
Neither Party shall be liable or
responsible to the other Party for loss or damages, nor shall it
have any right to terminate this Agreement for any default or delay
attributable to any event beyond its reasonable control and without
its fault or negligence, including without limitation acts of God,
acts of government (including injunctions), fire, flood,
earthquake, strike, lockout, labor dispute, breakdown of plant,
shortage of critical equipment, loss or unavailability of
manufacturing facilities or material, casualty or accident, civil
commotion, acts of public enemies, acts of terrorism or threat of
terrorist acts, blockage or embargo and the like;
provided,
however, that in each such case
the Party affected shall (i) use reasonable efforts to avoid such
occurrence and to remedy it promptly and (ii) give prompt notice of
any such cause to the other Party. The Party giving such notice
shall thereupon be excused from such of its obligations hereunder
as it is thereby disabled from performing for so long as it is so
disabled and for thirty (30) days thereafter, and the Party
receiving notice shall be similarly excused from its respective
obligations which it is thereby disabled from performing;
provided,
however, that such affected
Party commences and continues to take reasonable and diligent
actions to cure such cause. Notwithstanding the foregoing, nothing
in this Section 9.4 shall excuse or suspend the obligation to make
any payment due hereunder in the manner and at the time
provided.

 

9.5

Notices. All notices and other communications hereunder
shall be in writing and shall be deemed given (a) if delivered
personally or by facsimile transmission (receipt verified), (b)
three (3) business days after mailed by registered or certified
mail (return receipt requested), postage prepaid, or (c) one (1)
business day after sent by express courier service, to the Parties
at the following addresses (or at such other address for a Party as
shall be specified by like notice, provided that notices of a
change of address shall be effective only upon receipt
thereof):

 

If to
YmAbs: 

YmAbs Therapeutics
Inc.,

230
Park Avenue, Suite 3350

New
York, NY 10169

USA

Att:
Thomas Gad, President

Telephone:
[***]

E-mail:
[***]

 

With copies
to: 

Y-mAbs Therapeutics
Inc.

230
Park Avenue, Suite 3350

New
York, N.Y. 10169

Attn.:
Sune R. Nyland, Esq.

Telephone:
[***]

E-mail:
[***]

 

If to
MabVax: 

MabVax Therapeutics
Holdings, Inc.

11535
Sorrento Valley Road, Suite 400

San
Diego, CA 92121

USA

Attn:
David Hansen, President and CEO

Telephone:
[***]

Mobile:
[***]

E-mail:
[***]

 

9.6

Governing Law;
Jurisdiction. This Agreement
shall be governed by and interpreted in accordance with the
substantive laws of the State of New York, U.S.A., without regard
to its or any other jurisdiction’s choice of law rules. The
Parties hereto submit and consent to the jurisdiction of the courts
of the State of New York, including the federal courts located
therein, should federal jurisdiction requirements exist, in any
action brought to enforce (or otherwise relating to) this
Agreement.

 

 

Portions of this Exhibit, indicated by the mark
“[***],” were omitted and have been filed separately
with the Secretary of the Commission pursuant to the
Registrant’s application requesting confidential treatment
pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as
amended.

  

-9-

 

CONFIDENTIAL TREATMENT REQUESTED

  

9.7

Amendment. No amendment, modification or supplement of any
provision of this Agreement shall be valid or effective unless made
in writing and signed by a duly authorized officer of each
Party.

 

9.8

Waiver. No provision of this Agreement shall be waived by
any act, omission or knowledge of a Party or its agents or
employees except by an instrument in writing expressly waiving such
provision and signed by a duly authorized officer of the waiving
Party. A waiver by either Party of any term or condition of this
Agreement in any instance shall not be deemed or construed to be a
waiver of such term or condition for any similar instance in the
future or any subsequent breach hereof.

 

9.9

Severability.
Whenever possible, each provision of
this Agreement shall be interpreted in such manner as to be
effective and valid under applicable laws, but if any provision of
this Agreement is held to be prohibited by or invalid under
applicable laws, such provision shall be ineffective only to the
extent of such prohibition or invalidity, without invalidating the
remainder of this Agreement. In the event of such invalidity, the
Parties shall seek to agree on an alternative enforceable provision
that preserves the original purpose of this
Agreement.

 

9.10

Construction.
The descriptive headings of this
Agreement are for convenience only, and shall be of no force or
effect in construing or interpreting any of the provisions of this
Agreement. Except where the context otherwise requires, wherever
used the singular shall include the plural, the plural the
singular, the use of any gender shall be applicable to all genders.
The language of this Agreement shall be deemed to be the language
mutually chosen by the Parties and no rule of strict construction
shall be applied against either Party hereto.

 

9.11

Entire Agreement; Third Party
Beneficiaries. This Agreement
constitutes and contains the complete, final and exclusive
understanding and agreement of the Parties, and cancels and
supersedes any and all prior or contemporaneous negotiations,
correspondence, understandings, and agreements, whether oral or
written, between the Parties respecting the subject matter hereof.
This Agreement is not intended to confer upon any person other than
the Parties hereto, as applicable, any rights or
remedies.

 

9.12

Counterparts; Electronic
Delivery. This Agreement may be
executed simultaneously in two counterparts, either one of which
need not contain the signature of more than one Party, but both of
which taken together shall constitute one and the same agreement.
Signatures to this Agreement transmitted by facsimile, by email in
“portable document format” or “.pdf”, or by
any other electronic means intended to preserve the original
graphic and pictorial appearance of this Agreement, shall have the
same effect as physical delivery of the paper document bearing
original signature.

 

[Signature
Page Follows]

 

 

 

Portions of this Exhibit, indicated by the mark
“[***],” were omitted and have been filed separately
with the Secretary of the Commission pursuant to the
Registrant’s application requesting confidential treatment
pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as
amended.

  

-10-

 

 

CONFIDENTIAL TREATMENT REQUESTED

  

 

Portions of this Exhibit, indicated by the mark
“[***],” were omitted and have been filed separately
with the Secretary of the Commission pursuant to the
Registrant’s application requesting confidential treatment
pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as
amended.

-11-

 

 

CONFIDENTIAL TREATMENT REQUESTED

  

 

In Witness
Whereof, the Parties have caused this Agreement to be
executed as of the Effective Date by their duly authorized
representatives as set forth below:

 

	

Y-mAbs Therapeutics, Inc.

By: /s/
Thomas Gas

Name:
Thomas Gad

Title:
Chairman, President

 

	

MabVax Therapeutics Holdings, Inc.

By: /s/
J. David Hansen

Name:
J. David Hansen

Title:
President and CEO

 

 

 

Portions of this Exhibit, indicated by the mark
“[***],” were omitted and have been filed separately
with the Secretary of the Commission pursuant to the
Registrant’s application requesting confidential treatment
pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as
amended.

-12-

CONFIDENTIAL TREATMENT REQUESTED

Exhibit A

 

Patent Rights

 

[***]

Portions of this Exhibit, indicated by the mark
“[***],” were omitted and have been filed separately
with the Secretary of the Commission pursuant to the
Registrant’s application requesting confidential treatment
pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as
amended.

-13-

CONFIDENTIAL TREATMENT REQUESTED

Exhibit B

 

Know-How

 

[***]

Portions of this Exhibit, indicated by the mark
“[***],” were omitted and have been filed separately
with the Secretary of the Commission pursuant to the
Registrant’s application requesting confidential treatment
pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as
amended.

-14-

CONFIDENTIAL TREATMENT REQUESTED

Exhibit C

 

 

Portions of this Exhibit, indicated by the mark
“[***],” were omitted and have been filed separately
with the Secretary of the Commission pursuant to the
Registrant’s application requesting confidential treatment
pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as
amended.

  

-15-

 

 

CONFIDENTIAL TREATMENT REQUESTED

  

 

Assumed Obligations

 

Assumed
obligations means all due diligence obligations under Article III,
payment obligations under Article V, reporting obligations under
Article VI, and obligations to SKI under Articles IX, XI, XII, XIII
and XIV of the SKI License Agreement, all solely with respect to
the Licensed Products in the Field and incurred after the Effective
Date (as they may have been amended or waived with respect to YmAbs
or its sublicensees under the Side Letter of even date between
MabVax and SKI).

 

	

81721496v.1

YmAbs
agrees that it is solely responsible for performing all obligations
under the SKI License Agreement after the Effective Date that arise
solely out of and relate solely to YmAbs’ development,
manufacture, use or commercialization of Licensed Products in the
Field, and that it will comply with all such terms of the SKI
License Agreement in a timely manner as required thereunder (all as
they may have been amended or waived with respect to YmAbs or its
sublicensees under the Side Letter of even date between MabVax and
SKI).

Portions of this Exhibit, indicated by the mark
“[***],” were omitted and have been filed separately
with the Secretary of the Commission pursuant to the
Registrant’s application requesting confidential treatment
pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as
amended.

-16-

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