Document:

Exhibit 4 3 Form of Indenture 1

Exhibit 4.3
Team Health Holdings, Inc.
Team Finance LLC
Health Finance Corporation

INDENTURE
Dated as of [●]

Wells Fargo Bank, National Association
as Trustee

        

TABLE OF CONTENTS

Page
ARTICLE I. DEFINITIONS AND INCORPORATION BY REFERENCE                                     1
		
	Section 1.1
	Definitions                                                                                                                   1

		
	Section 1.2
	Incorporation by Reference of Trust Indenture Act                                           5

		
	Section 1.3
	Rules of Construction                                                                                                     6

ARTICLE II. THE SECURITIES                                                                                                                   6
		
	Section 2.1
	Issuable in Series                                                                                                     6

		
	Section 2.2
	Establishment of Terms of Series of Securities                                           6

		
	Section 2.3
	Execution and Authentication                                                                                      9

		
	Section 2.4
	Registrar and Paying Agent                                                                                    10

		
	Section 2.5
	Paying Agent to Hold Money in Trust                                                        11

		
	Section 2.6
	Securityholder Lists                                                                                                   11

		
	Section 2.7
	Transfer and Exchange                                                                                     11

		
	Section 2.8
	Mutilated, Destroyed, Lost and Stolen Securities                                          12

		
	Section 2.9
	Outstanding Securities                                                                                     12

		
	Section 2.10
	Treasury Securities                                                                                                    13

		
	Section 2.11
	Temporary Securities                                                                                                    13

		
	Section 2.12
	Cancellation                                                                                                                  13

		
	Section 2.13
	Defaulted Interest                                     14

		
	Section 2.14
	Special Record Dates                                                14

		
	Section 2.15
	Global Securities                                                14

		
	Section 2.16
	CUSIP Numbers                                                16

		
	Section 2.17
	Persons Deemed Owners                                            16

ARTICLE III. REDEMPTION                                                    16
		
	Section 3.1
	Notice to Trustee                                     16

		
	Section 3.2
	Selection of Securities to be Redeemed                         17

		
	Section 3.3
	Notice of Redemption                                     17

		
	Section 3.4
	Effect of Notice of Redemption.                             18

		
	Section 3.5
	Deposit of Redemption Price                                           19

		
	Section 3.6
	Securities Redeemed in Part                                 19

ARTICLE IV. COVENANTS                                             19
		
	Section 4.1
	Payment of Principal and Interest                             19

		
	Section 4.2
	Additional Amounts                                               19

		
	Section 4.3
	Maintenance of Office or Agency                            19

		
	Section 4.4
	[Reserved]                                        20

i

		
	Section 4.5
	Compliance Certificate                               20

		
	Section 4.6
	[Reserved]                                     21

		
	Section 4.7
	[Reserved]                                     21

		
	Section 4.8
	[Reserved]                                     21

		
	Section 4.9
	Calculations.                                     21

ARTICLE V. SUCCESSORS                                         21
		
	Section 5.1
	Merger, Consolidation, or Sale of Assets                     21

		
	Section 5.2
	Successor Person Substituted                             22

ARTICLE VI. DEFAULTS AND REMEDIES                             22
		
	Section 6.1
	Events of Default                                 22

		
	Section 6.2
	Acceleration                                     23

		
	Section 6.3
	Other Remedies                                 24

		
	Section 6.4
	Waiver of Past Defaults                             24

		
	Section 6.5
	Control by Majority                                 25

		
	Section 6.6
	Limitation on Suits                                 25

		
	Section 6.7
	Rights of Holders of Securities to Receive Payment                 25

		
	Section 6.8
	Collection Suit by Trustee                             26

		
	Section 6.9
	Trustee May File Proofs of Claim                         26

		
	Section 6.10
	Priorities                                     26

		
	Section 6.11
	Undertaking for Costs                                 27

ARTICLE VII. TRUSTEE                                         27
		
	Section 7.1
	Duties of Trustee                                 27

		
	Section 7.2
	Rights of Trustee                                 29

		
	Section 7.3
	Individual Rights of Trustee.                             30

		
	Section 7.4
	Trustee’s Disclaimer                                 30

		
	Section 7.5
	Notice of Defaults                                 30

		
	Section 7.6
	Reports by Trustee to Holders                         30

		
	Section 7.7
	Compensation and Indemnity                             31

		
	Section 7.8
	Replacement of Trustee                             31

		
	Section 7.9
	Successor Trustee by Merger, etc.                         32

		
	Section 7.10
	Eligibility; Disqualification                             33

		
	Section 7.11
	Preferential Collection of Claims Against Issuers                 33

ARTICLE VIII. LEGAL DEFEASANCE AND COVENANT DEFEASANCE             33
		
	Section 8.1
	Option to Effect Legal Defeasance or Covenant Defeasance             33

		
	Section 8.2
	Legal Defeasance and Discharge                         33

		
	Section 8.3
	Covenant Defeasance                                 34

		
	Section 8.4
	Conditions to Legal or Covenant Defeasance                     34

ii

		
	Section 8.5
	Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions                                 36

		
	Section 8.6
	Repayment to Issuers                                        36

		
	Section 8.7
	Reinstatement                                         36

ARTICLE IX. AMENDMENTS AND WAIVERS                                 37
		
	Section 9.1
	Without Consent of Holders                                 37

		
	Section 9.2
	With Consent of Holders                                 38

		
	Section 9.3
	Limitations                                         39

		
	Section 9.4
	Compliance with Trust Indenture Act                             40

		
	Section 9.5
	Revocation and Effect of Consents                             40

		
	Section 9.6
	Notation on or Exchange of Securities                         40

		
	Section 9.7
	Trustee Protected                                     41

ARTICLE X. GUARANTEES                                         41
		
	Section 10.1
	Guarantees                                         41

ARTICLE XI. SATISFACTION AND DISCHARGE                             41
		
	Section 11.1
	Satisfaction and Discharge                                 41

		
	Section 11.2
	Application of Trust Money                                 42

ARTICLE XII. MISCELLANEOUS                                         43
		
	Section 12.1
	Trust Indenture Act Controls                                 43

		
	Section 12.2
	Notices                                         43

		
	Section 12.3
	Communication by Holders with Other Holders                     44

		
	Section 12.4
	Certificate and Opinion as to Conditions Precedent                     44

		
	Section 12.5
	Statements Required in Certificate or Opinion                     45

		
	Section 12.6
	Rules by Trustee and Agents                                 45

		
	Section 12.7
	Legal Holidays                                     45

		
	Section 12.8
	No Recourse Against Others                                 45

		
	Section 12.9
	Counterparts                                         46

		
	Section 12.10
	Governing Law; Waiver of Trial by Jury                         46

		
	Section 12.11
	No Adverse Interpretation of Other Agreements                     46

		
	Section 12.12
	Successors                                         46

		
	Section 12.13
	Severability                                         46

		
	Section 12.14
	Table of Contents, Headings, Etc                             46

		
	Section 12.15
	Securities in a Foreign Currency                             47

		
	Section 12.16
	Multiple Originals.                                     47

		
	Section 12.17
	Force Majeure.                                     47

		
	Section 12.18
	U.S.A. Patriot Act.                                     48

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ARTICLE XIII. SINKING FUNDS                                         48
		
	Section 13.1
	Applicability of Article                                 48

		
	Section 13.2
	Satisfaction of Sinking Fund Payments with Securities                           48

		
	Section 13.3
	Redemption of Securities for Sinking Fund                         49

iv

TEAM HEALTH HOLDINGS, INC.
Reconciliation and tie between Trust Indenture Act of 1939 and the Indenture
	
		
	§ 310(a)(1)
	7.10

	(a)(2)
	7.10

	(a)(3)
	Not Applicable

	(a)(4)
	Not Applicable

	(a)(5)
	7.10

	(b)
	7.10

	(c)
	Not Applicable

	§ 311(a)
	7.11

	(b)
	7.11

	(c)
	Not Applicable

	§ 312(a)
	2.6

	(b)
	12.3

	(c)
	12.3

	§ 313(a)
	7.6

	(b)(1)
	Not Applicable

	(b)(2)
	Not Applicable

	(c)(1)
	7.6

	(c)(2)
	7.6

	(c)(3)
	Not Applicable

	(d)
	7.6

	§ 314(a)
	4.5

	(b)
	Not Applicable

	(c)(1)
	12.4

	(c)(2)
	12.4

	(c)(3)
	Not Applicable

	(d)
	Not Applicable

	(e)
	12.5

	(f)
	Not Applicable

	§ 315(a)
	7.1

	(b)
	7.5

	(c)
	7.1

	(d)
	7.1

	(e)
	6.11

	§ 316(a)
	2.10

	(a)(1)(A)
	6.5

	(a)(1)(B)
	6.4

	(b)
	6.7

	(c)
	2.14, 9.5(d)

	§ 317(a)(1)
	6.8

v

	
		
	(a)(2)
	6.9

	(b)
	2.5

	§ 318(a)
	12.1

Note: This reconciliation and tie shall not, for any purpose, be deemed to be part of the Indenture.

vi

Indenture dated as of [●] among Team Health Holdings, Inc., a Delaware corporation (“Holdings”), Team Finance LLC, a Delaware limited liability company (the “Company”), Health Finance Corporation, a Delaware corporation (the “Co-Issuer” and, together with the Company, the “Issuers”), and Wells Fargo Bank, National Association, a national banking association organized under the laws of the United States of America, as trustee (“Trustee”).
Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the Securities (or applicable Series thereof) issued under this Indenture.

ARTICLE I.
DEFINITIONS AND INCORPORATION BY REFERENCE
Section 1.1    Definitions. 
“Additional Amounts” means any additional amounts which are required hereby or by any Security, under circumstances specified herein or therein, to be paid by the Issuers in respect of certain taxes imposed on Holders specified herein or therein and which are owing to such Holders.
“Affiliate” of any specified person means any other person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified person. For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by” and “under common control with”), as used with respect to any person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such person, whether through the ownership of voting securities or by agreement or otherwise.
“Agent” means any Registrar or Paying Agent.
“Bankruptcy Law” has the meaning specified in Section 6.1.
“Board of Directors” means the Board of Directors, Board of Managers or other governing body of Holdings, the Company or the Co-Issuer, as applicable, or any duly authorized committee thereof.
“Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of Holdings, the Company or the Co-Issuer, as applicable to have been adopted by the Board of Directors or pursuant to authorization by the Board of Directors and to be in full force and effect on the date of the certificate and delivered to the Trustee.
“Business Day” means, unless otherwise provided by Board Resolution, Officer’s Certificate or supplemental indenture hereto for a particular Series, any day except a Saturday, Sunday or a legal holiday in The City of New York or in the city where the Corporate Trust Office is located on which banking institutions are authorized or required by law, regulation or executive order to close.
“Capital Stock” means:
(1)in the case of a corporation, corporate stock;
(2)    in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock;
(3)    in the case of a partnership or limited liability company, partnership interests (whether general or limited) or membership interests; and

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(4)    any other interest or participation that confers on a person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing person, but excluding from all of the foregoing any debt securities convertible into Capital Stock, whether or not such debt securities include any right of participation with Capital Stock.
“Co-Issuer” means the party named as such above until a successor replaces it pursuant to Article V hereof and thereafter means the successor.
“Company” means the party named as such above until a successor replaces it pursuant to Article V hereof and thereafter means the successor.
“Covenant Defeasance” has the meaning specified in Section 8.3.
“Custodian” has the meaning specified in Section 6.1.
“Corporate Trust Office” means the office of the Trustee at which at any particular time its corporate trust business shall be principally administered.
“Default” means any event that is, or after notice or passage of time or both would be, an Event of Default.
“Depository” means, with respect to the Securities of any Series issuable or issued in whole or in part in the form of one or more Global Securities, the person designated as Depository for such Series by the Issuers, which Depository shall be a clearing agency registered under the Exchange Act; and if at any time there is more than one such person, “Depository” as used with respect to the Securities of any Series shall mean the Depository with respect to the Securities of such Series.
“Depository Entry” has the meaning specified in Section 9.5(c).
“Discount Security” means any Security that provides for an amount less than the stated principal amount thereof to be due and payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.2.
“Dollars” and “$” means the currency of The United States of America.
“Equity Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any debt security that is convertible into, or exchangeable for, Capital Stock).
“Event of Default” has the meaning specified in Section 6.1.
“Exchange Act” means the Securities Exchange Act of 1934, as amended.
“Foreign Currency” means any currency or currency unit issued by a government other than the government of The United States of America.

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“GAAP” means, unless otherwise specified with respect to Securities of a particular Series, generally accepted accounting principles in the United States, which are in effect as of the time when and for the period as to which such accounting principles are to be applied.
“Global Security” or “Global Securities” means a Security or Securities, as the case may be, in the form established pursuant to Section 2.2 evidencing all or part of a Series of Securities, issued to the Depository for such Series or its nominee, and registered in the name of such Depository or nominee.
“Government Securities” means direct obligations of, or obligations guaranteed by, the United States of America, and the payment for which the United States pledges its full faith and credit.
“Guarantor” means Holdings and any other person that issues a guarantee of the Securities, either on the Issue Date or after the Issue Date in accordance with the terms of this Indenture; provided, that upon the release and discharge of such person from its guarantee in accordance with this Indenture, such person shall cease to be a Guarantor.
“Holder” or “Securityholder” means a person in whose name a Security is registered.
“Holdings” means the party named as such above until a successor replaces it pursuant to Article V hereof and thereafter means the successor.
“Indenture” means this Indenture as amended or supplemented from time to time and shall include the form and terms of particular Series of Securities established as contemplated hereunder.
“interest” when used with respect to any Discount Security which by its terms bears interest only after Maturity, means interest payable after Maturity.
“Issue Date” means with respect to any Series of Securities the first date such Securities are issued under this Indenture.
“Issuers Order” means a written order signed in the name of the Issuers by an Officer of each of the Issuers.
“Legal Defeasance” has the meaning specified in Section 8.2.
“Legal Holiday” has the meaning specified in Section 12.7.
“Lien” means any mortgage, pledge, security interest, encumbrance, lien or charge of any kind (including, without limitation, any conditional sale or other title retention agreement or lease in the nature thereof or any agreement to give any security interest).

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“Maturity,” when used with respect to any Security or installment of principal thereof, means the date on which the principal of such Security or such installment of principal becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption, notice of option to elect repayment or otherwise.
“Officer” means the Chief Executive Officer, President, any Vice-President, the Chief Financial Officer, the Treasurer, any Assistant Treasurer or the Secretary or any Assistant Secretary of Holdings, the Company, the Co-Issuer or any Guarantor, as applicable.
“Officer’s Certificate” means a certificate signed by an Officer of each Issuer.
“Opinion of Counsel” means a written opinion of legal counsel who is reasonably acceptable to the Trustee. Such counsel may be an employee of or counsel to Holdings, the Company, the Co-Issuer or any Guarantor.
“optional sinking fund payment” has the meaning specified in Section 13.1.
“Paying Agent” has the meaning specified in Section 2.4.
“person” means any individual, corporation, partnership, joint venture, association, limited liability company, joint-stock company, trust, unincorporated organization or other entity or government or any agency or political subdivision thereof.
“principal” of a Security means the principal of the Security plus, when appropriate, the premium, if any, on, and any Additional Amounts in respect of, the Security.
“Registrar” has the meaning specified in Section 2.4.
“Responsible Officer” means, when used with respect to the Trustee, any officer within the corporate trust department of the Trustee, including any vice president, assistant vice president, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by the persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with the particular subject and who shall have direct responsibility or be part of the group that has such responsibility for the administration of this Indenture.
“SEC” means the Securities and Exchange Commission or any successor agency.
“Securities” means the debentures, notes or other debt instruments of the Issuers of any Series authenticated and delivered under this Indenture.
 “Series” or “Series of Securities” means each series of debentures, notes or other debt instruments of the Issuers created pursuant to Sections 2.1 and 2.2 hereof.
 “Stated Maturity” when used with respect to any Security or any installment of principal thereof or interest thereon, means the date specified in such Security as the fixed date 

5

on which the principal of such Security or such installment of principal or interest is due and payable.
“Subsidiary” of any specified person means any corporation, association or other business entity of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by such person or one or more of the other Subsidiaries of that person or a combination thereof.
“TIA” means the Trust Indenture Act of 1939 (15 U.S. Code §§ 77aaa-77bbbb) as in effect on the date of this Indenture; provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, “TIA” means, to the extent required by any such amendment, the Trust Indenture Act as so amended.
“Trustee” means the person named as the “Trustee” in the first paragraph of this instrument until a successor Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean each person who is then a Trustee hereunder, and if at any time there is more than one such person, “Trustee” as used with respect to the Securities of any Series shall mean the Trustee with respect to Securities of that Series.
Section 1.2    Incorporation by Reference of Trust Indenture Act.
Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following meanings:
“Commission” means the SEC.
“indenture securities” means the Securities.
“indenture security holder” means a Securityholder.
“indenture to be qualified” means this Indenture.
“indenture trustee” or “institutional trustee” means the Trustee.
“obligor” on the indenture securities means the Issuers, any successor obligor upon the Securities or a Guarantor.
All other terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under the TIA and not otherwise defined herein are used herein as so defined.
Section 1.3    Rules of Construction.
Unless the context otherwise requires:

6

(a)    a term has the meaning assigned to it;
(b)    an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;
(c)    “or” is not exclusive;
(d)    “will” shall be interpreted to express a command;
(e)    words in the singular include the plural, and in the plural include the singular;
(f)    provisions apply to successive events and transactions; and
(g)    references to sections of or rules under the Securities Act will be deemed to include substitute, replacement of successor sections or rules adopted by the SEC from time to time.
 
ARTICLE II.
THE SECURITIES
Section 2.1    Issuable in Series.
The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited. The Securities may be issued in one or more Series. All Securities of a Series shall be identical except as may be set forth in a Board Resolution, a supplemental indenture or an Officer’s Certificate detailing the adoption of the terms thereof pursuant to the authority granted under a Board Resolution. In the case of Securities of a Series to be issued from time to time, the Board Resolution, Officer’s Certificate or supplemental indenture detailing the adoption of the terms thereof pursuant to authority granted under a Board Resolution may provide for the method by which specified terms (such as interest rate, maturity date, record date or date from which interest shall accrue) are to be determined. Securities may differ between Series in respect of any matters, provided that all Series of Securities shall be equally and ratably entitled to the benefits of the Indenture.
Section 2.2    Establishment of Terms of Series of Securities.
At or prior to the issuance of any Securities within a Series, the following shall be established by or pursuant to a Board Resolution, and set forth or determined in the manner provided in a Board Resolution or in a supplemental indenture or in an Officer’s Certificate pursuant to authority granted under a Board Resolution:
(a)    the title of the Series (which shall distinguish the Securities of that particular Series from the Securities of any other Series);

7

(b)    the price or prices (expressed as a percentage of the principal amount thereof) at which the Securities of the Series will be issued;
(c)    any limit upon the aggregate principal amount of the Securities of the Series which may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the Series pursuant to Section 2.7, 2.8, 2.11, 3.6 or 9.6);
(d)    whether the Securities rank as senior Securities, senior subordinated Securities or subordinated Securities or any combination thereof and the terms of any such subordination;
(e)    the form and terms of any guarantee of any Securities of the series;
(f)    the terms and conditions, if any, upon which the Securities of the series shall be exchanged for or converted into other securities of Holdings, the Company, the Co-Issuer or any Guarantor or securities of another person;
(g)    the provisions, if any, relating to any security provided for the Securities of the Series;
(h)    the date or dates on which the principal of the Securities of the Series is payable;
(i)    the rate or rates (which may be fixed or variable) per annum or, if applicable, the method used to determine such rate or rates (including, but not limited to, any currency exchange rate, commodity, commodity index, stock exchange index or financial index) at which the Securities of the Series shall bear interest, if any, the date or dates from which such interest, if any, shall accrue, or the method for determining the date or dates from which interest will accrue, the date or dates on which such interest, if any, shall commence and be payable and any regular record date for the interest payable on any interest payment date;
(j)    the manner in which the amounts of payment of principal of, premium, if any, or interest, if any, on the Securities of the Series will be determined, if such amounts may be determined by reference to an index based on a currency or currencies or by reference to a currency exchange rate, commodity, commodity index, stock exchange index or financial index;
(k)    if other than the Corporate Trust Office, the place or places where the principal of and interest, if any, on the Securities of the Series shall be payable, where the Securities of such Series may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Issuers in respect of the Securities of such Series and this Indenture may be served, and the method of such payment, if by wire transfer, mail or other means;

8

(l)    if applicable, the period or periods within which, the price or prices at which and the terms and conditions upon which the Securities of the Series may be redeemed, in whole or in part, at the option of the Issuers;
(m)    the obligation, if any, of the Issuers to redeem or purchase the Securities of the Series pursuant to any sinking fund or analogous provisions or at the option of a Holder thereof and the period or periods within which, the price or prices at which and the terms and conditions upon which Securities of the Series shall be redeemed or purchased, in whole or in part, pursuant to such obligation;
(n)    if other than minimum denominations of $2,000 and any integral multiple of $1,000 in excess thereof, the denominations in which the Securities of the Series shall be issuable;
(o)    the forms of the Securities of the Series in fully registered form (and, if in fully registered form, whether the Securities of the Series shall be issued in whole or in part in the form of a Global Security or Securities, and the terms and conditions, if any, upon which such Global Security or Securities may be exchanged in whole or in part for other individual Securities);
(p)    any depositories, interest rate calculation agents, bid solicitation agents, conversion or exchange agents, exchange rate calculation agents or other agents with respect to Securities of such Series if other than those appointed herein;
(q)    the Trustee for the series of Securities, if other than the Trustee named on the first page hereof or its successors;
(r)    if other than the principal amount thereof, the portion of the principal amount of the Securities of the Series that shall be payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.2;
(s)    any addition to or change in the covenants set forth in Articles IV or V which applies to Securities of the Series;
(t)    any addition to or change in the Events of Default which applies to any Securities of the Series and any change in the right of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 6.2;
(u)    if other than Dollars, the currency of denomination of the Securities of the Series, which may be any Foreign Currency, and if such currency of denomination is a composite currency, the agency or organization, if any, responsible for overseeing such composite currency;
(v)    if other than Dollars, the designation of the currency, currencies or currency units in which payment of the principal of and interest, if any, on the Securities of the Series will be made;

9

(w)    if payments of principal of or interest, if any, on the Securities of the Series are to be made in one or more currencies or currency units other than that or those in which such Securities are denominated, the manner in which the exchange rate with respect to such payments will be determined;
(x)    the securities exchange(s) on which the Securities of the Series will be listed, if any;
(y)    additions or deletions to or changes in the provisions relating to covenant defeasance and legal defeasance;
(z)    additions or deletions to or changes in the provisions relating to satisfaction and discharge of the Indenture;
(aa)    additions or deletions to or changes in the provisions relating to the modification of the Indenture both with and without the consent of holders of Securities of the Series issued under the Indenture; and
(bb)    any other terms of the Securities of the Series (which terms may modify, supplement or delete any provision of this Indenture with respect to such Series; provided, however, that no such term may modify or delete any provision hereof if imposed by the TIA; and provided, further, that any modification or deletion of the rights, duties or immunities of the Trustee hereunder shall have been consented to in writing by the Trustee).
All Securities of any one Series need not be issued at the same time and may be issued from time to time, consistent with the terms of this Indenture, if so provided by or pursuant to the Board Resolution, supplemental indenture hereto or Officer’s Certificate referred to above, and the authorized principal amount of any Series may be increased to provide for issuances of additional Securities of such Series, unless otherwise provided in such Board Resolution, supplemental indenture or Officer’s Certificate.
Section 2.3    Execution and Authentication.
One Officer shall sign the Securities for each of the Issuers by manual or facsimile signature.
If an Officer whose signature is on a Security no longer holds that office at the time the Security is authenticated, the Security shall nevertheless be valid.
A Security shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent. The signature shall be conclusive evidence that the Security has been authenticated under this Indenture.
The Trustee shall at any time, and from time to time, authenticate Securities for original issue in the principal amount provided in the Board Resolution, supplemental indenture hereto or Officer’s Certificate, upon receipt by the Trustee of an Issuers Order. Each Security 

10

shall be dated the date of its authentication unless otherwise provided by a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate.
The aggregate principal amount of Securities of any Series outstanding at any time may not exceed any limit upon the maximum principal amount for such Series set forth in the Board Resolution, supplemental indenture hereto or Officer’s Certificate delivered pursuant to Section 2.2, except as provided in Section 2.9.
Prior to the issuance of Securities of any Series, the Trustee shall have received and (subject to Section 7.2) shall be fully protected in relying on: (a) the Board Resolution, supplemental indenture hereto or Officer’s Certificate establishing the form of the Securities of that Series or of Securities within that Series and the terms of the Securities of that Series or of Securities within that Series, (b) an Officer’s Certificate complying with Section 12.4, and (c) an Opinion of Counsel complying with Section 12.4.
The Trustee shall have the right to decline to authenticate and deliver any Securities of such Series: (a) if the Trustee, being advised by counsel, determines that such action may not be taken lawfully; or (b) if the Trustee in good faith determines that such action would expose the Trustee to personal liability.
The Trustee may appoint an authenticating agent acceptable to the Issuers to authenticate Securities. An authenticating agent may authenticate Securities whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with the Issuers or an Affiliate of the Issuers.
Section 2.4    Registrar and Paying Agent.
The Issuers shall maintain, with respect to each Series of Securities, at the place or places specified with respect to such Series pursuant to Section 2.2, an office or agency where Securities of such Series may be presented or surrendered for payment (“Paying Agent”) and where Securities of such Series may be surrendered for registration of transfer or exchange (“Registrar”)
The Registrar shall keep a register with respect to each Series of Securities and to their transfer and exchange. The Issuers will give prompt written notice to the Trustee of the name and address, and any change in the name or address, of each Registrar or Paying Agent. If at any time the Issuers shall fail to maintain any such required Registrar or Paying Agent or shall fail to furnish the Trustee with the name and address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office, and the Issuers hereby appoint the Trustee as its agent to receive all such presentations, surrenders, notices and demands.
The Issuers may also from time to time designate one or more co-registrars or additional paying agents and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Issuers of their 

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obligations to maintain a Registrar and Paying Agent in each place so specified pursuant to Section 2.2 for Securities of any Series for such purposes. The Issuers will give prompt written notice to the Trustee of any such designation or rescission and of any change in the name or address of any such co-registrar or additional paying agent. The term “Registrar” includes any co-registrar and the term “Paying Agent” includes any additional paying agent.
The Issuers hereby appoint the Trustee the initial Registrar and Paying Agent for each Series unless another Registrar or Paying Agent, as the case may be, is appointed prior to the time Securities of that Series are first issued.
Section 2.5    Paying Agent to Hold Money in Trust.
The Issuers shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust, for the benefit of Securityholders of any Series of Securities, or the Trustee, all money held by the Paying Agent for the payment of principal of or interest on the Series of Securities, and will promptly notify the Trustee of any default by the Issuers in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Issuers at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than Holdings, the Company or a Subsidiary of the Company) shall have no further liability for the money. If Holdings, the Company or a Subsidiary of the Company acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of Securityholders of any Series of Securities all money held by it as Paying Agent.
Section 2.6    Securityholder Lists.
The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Securityholders of each Series of Securities and shall otherwise comply with TIA § 312(a). If the Trustee is not the Registrar, the Issuers shall furnish, or shall cause the Registrar to furnish, to the Trustee at least ten days before each interest payment date, but in any event at least once every six months, and at such other times as the Trustee may request in writing a list, in such form and as of such date as the Trustee may reasonably require, of the names and addresses of Securityholders of each Series of Securities.
Section 2.7    Transfer and Exchange.
Where Securities of a Series are presented to the Registrar or a co-registrar with a request to register a transfer or to exchange them for an equal principal amount of Securities of the same Series, the Registrar shall register the transfer or make the exchange if its requirements for such transactions are met. To permit registrations of transfers and exchanges, the Trustee, shall authenticate Securities at the Registrar’s request in accordance with and subject to the terms hereof. No service charge shall be made for any registration of transfer or exchange (except as otherwise expressly permitted herein), but the Issuers may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other 

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than any such transfer tax or similar governmental charge payable upon exchanges pursuant to Sections 2.11, 3.6 or 9.6).
Every Security presented or surrendered for registration of transfer or for exchange shall (if so required by the Issuers or the Registrar) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Issuers and the Trustee duly executed, by the Holder thereof or his attorney duly authorized in writing.
Neither the Issuers nor the Registrar shall be required (a) to issue, register the transfer of, or exchange Securities of any Series for the period beginning at the opening of business fifteen days immediately preceding the delivery of a notice of redemption of Securities of that Series selected for redemption and ending at the close of business on the day of such delivery, or (b) to register the transfer of or exchange Securities of any Series selected, called or being called for redemption as a whole or the portion being redeemed of any such Securities selected, called or being called for redemption in part.
The Trustee shall authenticate any Securities in accordance with the provisions of Section 2.3.
Section 2.8    Mutilated, Destroyed, Lost and Stolen Securities.
If any mutilated Security is surrendered to the Trustee, the Issuers shall execute and the Trustee shall authenticate and make available for delivery in exchange therefor a new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.
If there shall be delivered to the Issuers and the Trustee (a) evidence to their satisfaction of the destruction, loss or theft of any Security and (b) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Issuers or the Trustee that such Security has been acquired by a bona fide purchaser, the Issuers shall execute and, upon receipt of an Issuers Order, the Trustee shall authenticate and make available for delivery, in lieu of any such destroyed, lost or stolen Security, a new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.
In case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Issuers in its discretion may, instead of issuing a new Security, pay such Security.
Upon the issuance of any new Security under this Section, the Issuers may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith.
Every new Security of any Series issued pursuant to this Section in lieu of any destroyed, lost or stolen Security shall constitute an original additional contractual obligation of 

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the Issuers, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of that Series duly issued hereunder.
The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities.
Section 2.9    Outstanding Securities.
Subject to Section 2.10, the Securities outstanding at any time are all the Securities authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the interest in a Global Security effected by the Trustee in accordance with the provisions hereof and those described in this Section as not outstanding.
If a Security is replaced pursuant to Section 2.8, it ceases to be outstanding until the Trustee receives proof satisfactory to it that the replaced Security is held by a bona fide purchaser.
If the Paying Agent (other than the Holdings, a Subsidiary of the Company or an Affiliate of the Company) holds as of 11:00 a.m. Eastern Time on the date of Maturity of Securities of a Series or on any day thereafter (in the case money is deposited by the Issuers following the date of Maturity) money sufficient to pay such Securities payable on such date of Maturity or on any such later date, as the case may be, then on and after such date of Maturity or such later date, as the case may be, such Securities of the Series cease to be outstanding and interest on them ceases to accrue.
A Security does not cease to be outstanding because the Company or an Affiliate of the Company holds the Security.
In determining whether the Holders of the requisite principal amount of outstanding Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder, the principal amount of a Discount Security that shall be deemed to be outstanding for such purposes shall be the amount of the principal thereof that would be due and payable as of the date of such determination upon a declaration of acceleration of the Maturity thereof pursuant to Section 6.2.
Section 2.10    Treasury Securities.
In determining whether the Holders of the required principal amount of Securities of a Series have concurred in any request, demand, authorization, direction, notice, consent or waiver, Securities of a Series owned by the Company or an Affiliate of the Company shall be disregarded, except that for the purposes of determining whether the Trustee shall be protected in relying on any such request, demand, authorization, direction, notice, consent or waiver only Securities of a Series that a Responsible Officer of the Trustee knows are so owned shall be so disregarded. 

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Section 2.11    Temporary Securities.
Until definitive Securities are ready for delivery, the Issuers may prepare and the Trustee shall authenticate temporary Securities upon receipt of an Issuers Order. Temporary Securities shall be substantially in the form of definitive Securities but may have variations that the Issuers consider appropriate for temporary Securities. Without unreasonable delay, the Issuers shall prepare, and the Trustee, upon receipt of an Issuers Order, shall authenticate definitive Securities of the same Series and date of maturity in exchange for temporary Securities. Until so exchanged, temporary Securities shall have the same rights under this Indenture as the definitive Securities.
Section 2.12    Cancellation.
The Issuers at any time may deliver Securities to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee any Securities surrendered to them for registration of transfer, exchange, replacement or payment. The Trustee shall cancel all Securities surrendered for transfer, exchange, payment, replacement or cancellation and shall dispose of such Securities in accordance with the Trustee’s customary procedures. The Issuers may not issue new Securities to replace Securities that it has paid or delivered to the Trustee for cancellation.
Section 2.13    Defaulted Interest.
If the Issuers default in a payment of interest on a Series of Securities, they shall pay the defaulted interest, plus, to the extent permitted by law, any interest payable on the defaulted interest, to the persons who are Securityholders of the Series on a subsequent special record date. The Issuers shall fix such special record date and the related payment date. At least 15 days before such special record date, the Issuers shall deliver to the Trustee and to each Securityholder of the Series a notice that states such special record date, the related payment date and the amount of interest to be paid. The Issuers may pay defaulted interest in any other lawful manner.
Section 2.14    Special Record Dates.
(a)    The Issuers may, but shall not be obligated to, set a record date for the purpose of determining the identity of Holders entitled to consent to any supplement, amendment or waiver permitted by this Indenture. If a record date is fixed, the Holders of such Series and Securities outstanding on such record date, and no other Holders, shall be entitled to consent to such supplement, amendment or waiver or revoke any consent previously given, whether or not such Holders remain Holders after such record date. No consent shall be valid or effective for more than 90 days after such record date unless consents from Holders of the principal amount of such Series and Securities required hereunder for such amendment or waiver to be effective shall have also been given and not revoked within such 90-day period.
(b)    The Issuers may, but shall not be obligated to, fix any day as a record date for the purpose of determining the Holders of any Series of Securities entitled to join in the 

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giving or making of any notice of Default, any declaration of acceleration, any request to institute proceedings or any other similar direction. If a record date is fixed, the Holders of such Series and Securities outstanding on such record date, and no other Holders, shall be entitled to join in such notice, declaration, request or direction, whether or not such Holders remain Holders after such record date; provided, however, that no such action shall be effective hereunder unless taken on or prior to the date 90 days after such record date.
(c)    To the extent reasonably practicable, the Issuers shall give the Trustee a 15-day advance written notice of any special record date set in accordance with this Section 2.14.
Section 2.15    Global Securities.
(a)    Terms of Securities. A Board Resolution, a supplemental indenture hereto or an Officer’s Certificate shall establish whether the Securities of a Series shall be issued in whole or in part in the form of one or more Global Securities and the Depository for such Global Security or Securities.
(b)    Transfer and Exchange. Notwithstanding any provisions to the contrary contained in Section 2.7 of the Indenture and in addition thereto, any Global Security shall be exchangeable pursuant to Section 2.7 of the Indenture for Securities registered in the names of Holders other than the Depository for such Security or its nominee only if (i) such Depository notifies the Issuers that it is unwilling or unable to continue as Depository for such Global Security or if at any time such Depository ceases to be a clearing agency registered under the Exchange Act, and, in either case, the Issuers fail to appoint a successor Depository registered as a clearing agency under the Exchange Act within 90 days of such event, (ii) the Issuers execute and deliver to the Trustee an Officer’s Certificate to the effect that such Global Security shall be so exchangeable (subject to the procedures of the Depository) or (iii) an Event of Default with respect to the Securities represented by such Global Security shall have happened and be continuing. Any Global Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for Securities registered in such names as the Depository shall direct in writing in an aggregate principal amount equal to the principal amount of the Global Security with like tenor and terms.
Except as provided in this Section 2.15(b), a Global Security may not be transferred except as a whole by the Depository with respect to such Global Security to a nominee of such Depository, by a nominee of such Depository to such Depository or another nominee of such Depository or by the Depository or any such nominee to a successor Depository or a nominee of such a successor Depository.
(c)    Legend. Any Global Security issued hereunder shall bear a legend in substantially the following form:
“Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), New York, New York, to the issuer or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or such other name as may be requested by an authorized 

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representative of DTC (and any payment is made to Cede & Co. or such other entity as may be requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co. has an interest herein.”
“Transfer of this Global Security shall be limited to transfers in whole, but not in part, to DTC, to nominees of DTC or to a successor thereof or such successor’s nominee and limited to transfers made in accordance with the restrictions set forth in the Indenture referred to herein.”
(d)    Acts of Holders. The Depository, as a Holder, may appoint agents and otherwise authorize participants to give or take any request, demand, authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give or take under the Indenture.
(e)    Payments. Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by Section 2.2, payment of the principal of and interest, if any, on any Global Security shall be made to the Holder thereof.
(f)    Consents, Declaration and Directions. Except as provided in Section 2.15(e), the Issuers, the Trustee and any Agent shall treat a person as the Holder of such principal amount of outstanding Securities of such Series represented by a Global Security as shall be specified in a written statement of the Depository with respect to such Global Security, for purposes of obtaining any consents, declarations, waivers or directions required to be given by the Holders pursuant to this Indenture.
Section 2.16    CUSIP Numbers.
The Issuers in issuing the Securities may use “CUSIP” and/or other similar security identifying numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP” numbers (and/or any such other security identifying numbers) in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption and that reliance may be placed only on the other elements of identification printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. 
Section 2.17    Persons Deemed Owners.
Prior to due presentment of a Security for registration of transfer, the Issuers, the Trustee and any agent of the Issuers or the Trustee may treat the person in whose name such Security is registered in the register kept by the Registrar as the owner of such Security for the purpose of receiving payment of principal of and (subject to the record date provisions thereof) interest on and any Additional Amounts with respect to, such Security and for all other purposes whatsoever, whether or not any payment with respect to such Security shall be overdue, and none 

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of the Issuers, the Trustee or any agent of the Issuers or the Trustee shall be affected by notice to the contrary. 
No holder of any beneficial interest in any Global Security held on its behalf by a Depository shall have any rights under this Indenture with respect to such Global Security, and such Depository may be treated by the Issuers, the Trustee and any agent of the Issuers or the Trustee as the owner of such Global Security for all purposes whatsoever. None of Holdings, the Company, the Co-Issuer or any Guarantor, the Trustee, any Paying Agent or the Registrar will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a Global Security or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests.
ARTICLE III.
REDEMPTION
Section 3.1    Notice to Trustee.
The Issuers may, with respect to any Series of Securities, reserve the right to redeem and pay the Series of Securities or may covenant to redeem and pay the Series of Securities or any part thereof prior to the Stated Maturity thereof at such time and on such terms as provided for in such Securities. If a Series of Securities is redeemable and the Issuers want or are obligated to redeem prior to the Stated Maturity thereof all or part of the Series of Securities pursuant to the terms of such Securities, they shall notify the Trustee of the redemption date and the principal amount of Series of Securities to be redeemed. The Issuers shall give the notice at least 15 days before the redemption date (or such shorter notice as may be acceptable to the Trustee).
Section 3.2    Selection of Securities to be Redeemed.
Unless otherwise indicated for a particular Series by a Board Resolution, a supplemental indenture or an Officer’s Certificate, if less than all the Securities of a Series are to be redeemed, the Trustee shall select the Securities of such Series for redemption in compliance with the requirements of the Depository, or if the Securities of such Series are not held through the Depository or the Depository prescribes no method of selection, on a pro rata basis or by lot, subject to adjustments so that no Security in an unauthorized denomination remains outstanding after such redemption or purchase; provided, however, that no Security of $2,000 in aggregate principal amount or less shall be redeemed in part.
In the event of partial redemption, the Trustee shall make the selection from Securities of the Series outstanding not previously called for redemption. The Trustee may select for redemption a portion of the principal amount of any Security of such Series; provided that the unredeemed portion of the principal amount of any Security shall be in an authorized denomination (which shall not be less than the minimum authorized denomination) for such Security. Provisions of this Indenture that apply to Securities of a Series called for redemption also apply to portions of Securities of that Series called for redemption.

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Section 3.3    Notice of Redemption.
Unless otherwise indicated for a particular Series by Board Resolution, a supplemental indenture hereto or an Officer’s Certificate, at least 15 days but not more than 60 days before a redemption date, the Issuers shall deliver a notice of redemption to each Holder whose Securities are to be redeemed, except that redemption notices may be delivered more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Series of Securities or a satisfaction and discharge of this Indenture pursuant to Articles VIII or XI hereof.
The notice shall identify the Securities of the Series to be redeemed and shall state:
(a)    the redemption date;
(b)    the redemption price (or if not then ascertainable, the manner of calculation thereof);
(c)    the name and address of the Paying Agent;
(d)    that Securities of the Series called for redemption must be surrendered to the Paying Agent to collect the redemption price;
(e)    that interest on Securities of the Series called for redemption ceases to accrue on and after the redemption date;
(f)    the CUSIP number, and that no representation is made as to the accuracy or correctness of the CUSIP number, if any, listed in such notice or printed on the Securities; and
(g)    any other information as may be required by the terms of the particular Series or the Securities of a Series being redeemed.
At the Issuers’ request, the Trustee shall give the notice of redemption in the Issuers’ name and at its expense; provided that the Issuers shall have delivered to the Trustee, at least two Business Days (or such shorter period as the Trustee may agree) before notice of redemption is required to be sent or caused to be sent to Holder pursuant to this Section 3.3 (unless a shorter notice shall be agreed to by the Trustee), an Officer’s Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice as provided in this Section 3.3.
Section 3.4    Effect of Notice of Redemption.
Once notice of redemption is delivered or published as provided in Section 3.3, Securities of a Series called for redemption become due and payable on the redemption date and at the redemption price specified in such notice. If money sufficient to pay the redemption price of and accrued interest on the Securities of a Series to be redeemed is deposited with the Trustee 

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on or before the redemption date, on and after the redemption date interest will cease to accrue on the Securities of a Series (or such portions thereof) called for redemption and such Securities will cease to be outstanding.
Notice of any redemption, whether in connection with an equity offering, other transaction or otherwise, may be given prior to the completion thereof, and any such redemption or notice may, at the Issuers’ discretion, be subject to one or more conditions precedent, including, but not limited to, completion of a transaction or an event such as an equity offering, debt offering or change of control of the Company. In addition, if such redemption is subject to satisfaction of one or more conditions precedent, such notice shall state that, in the Issuers’ discretion, the redemption date may be delayed until such time as any or all such conditions shall be satisfied, or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied by the redemption date, or by the redemption date so delayed. In addition, the Issuers may provide in such notice that payment of the redemption price and performance of the Issuers obligations with respect to such redemption may be performed by another Person.
Upon surrender to the Paying Agent, such Securities shall be paid at the redemption price plus accrued interest to the redemption date; provided that, unless otherwise specified with respect to such Securities pursuant to Section 2.2 hereof, installments of interest whose Stated Maturity is on or prior to the redemption date shall be payable to the Holders of such Securities (or one or more predecessor Securities) registered at the close of business on the relevant record date therefor according to their terms and the terms of this Indenture.  
Section 3.5    Deposit of Redemption Price.
By no later than 11:00 a.m. (New York City time) on the redemption date, the Issuers shall deposit with the Trustee or a Paying Agent money sufficient to pay the redemption price of and accrued interest, if any, on all Securities to be redeemed on that date.
Section 3.6    Securities Redeemed in Part.
Upon surrender of a Security that is redeemed in part, the Trustee shall authenticate for the Holder a new Security of the same Series and the same maturity equal in principal amount to the unredeemed portion of the Security surrendered.
ARTICLE IV.
COVENANTS
Section 4.1    Payment of Principal and Interest.
The Issuers covenant and agree for the benefit of the Holders of each Series of Securities that it will pay or cause to be paid the principal of, and premium, if any, and interest on, the Securities of that Series on the dates and in the manner provided in such Securities. Principal of, and premium, if any, and interest on any Series of Securities will be considered paid on the date due if the Paying Agent, if other than Holdings, the Company or a Subsidiary thereof, 

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holds as of 11:00 a.m. Eastern Time on the due date money deposited by the Issuers in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest then due.
The Issuers covenant and agree for the benefit of the Holders of each Series of Securities that it will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal with respect to such Securities at the rate specified therefor in the Securities; it will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace period) at the same rate to the extent lawful.
Section 4.2    Additional Amounts.
If any Securities of a Series provide for the payment of Additional Amounts, the Issuers agree to pay to the Holder of any such Security Additional Amounts as provided in or pursuant to this Indenture or such Securities. Whenever in this Indenture there is mentioned, in any context, the payment of the principal of or interest on, or in respect of, any Security of any Series, such mention shall be deemed to include mention of the payment of Additional Amounts provided by the terms of such Series established hereby or pursuant hereto to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof pursuant to such terms, and express mention of the payment of Additional Amounts (if applicable) in any provision hereof shall not be construed as excluding Additional Amounts in those provisions hereof where such express mention is not made.
Section 4.3    Maintenance of Office or Agency.
The Issuers covenant and agree for the benefit of the Holders of each Series of Securities that it will maintain an office or agency (which may be an office of the Trustee for such Securities or an Affiliate of such Trustee, Registrar for such Securities or co-registrar) where such Securities may be surrendered for registration of transfer or for exchange and where notices and demands in respect of such Securities and this Indenture may be served. The Issuers will give prompt written notice to the Trustee for such Securities of the location, and any change in the location, of such office or agency. If at any time the Issuers fail to maintain any such required office or agency or fails to furnish such Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the applicable Corporate Trust Office.
The Issuers may also from time to time designate one or more other offices or agencies where Holders of a Series of Securities may present or surrender such Securities for any or all such purposes and may from time to time rescind such designations. The Issuers will give prompt written notice to the Trustee for such Series of Securities of any such designation or rescission and of any change in the location of any such other office or agency.
With respect to each Series of Securities, the Issuers hereby designate the Corporate Trust Office for such Securities as one such office or agency of the Issuers in accordance with Section 2.4 hereof.

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Section 4.4    [Reserved]
Section 4.5    Compliance Certificate.
(a)    The Issuers and each Guarantor of any Series of Securities (to the extent that such guarantor is so required under the TIA) shall deliver to the Trustee with respect to such Series, within 120 days after the end of each fiscal year ending December 31, an Officer’s Certificate signed by the principal executive officer, the principal financial officer or the principal accounting officer stating that a review of the activities of Holdings and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officer with a view to determining whether the Issuers have kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his or her knowledge the Issuers have kept, observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions of this Indenture (or, if a Default or Event of Default has occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what action the Issuers are taking or propose to take with respect thereto) and that to the best of his or her knowledge no event has occurred and remains in existence by reason of which payments on account of the principal of or interest, if any, on the Series of Securities is prohibited or if such event has occurred, a description of the event and what action the Issuers are taking or propose to take with respect thereto.
(b)    So long as any Series of Securities is outstanding, the Issuers will deliver to the Trustee with respect to such Series, within 30 days following any Officer becoming aware of any Default or Event of Default, an Officer’s Certificate specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect thereto.
Section 4.6    [Reserved]
Section 4.7    [Reserved]
Section 4.8    [Reserved]
Section 4.9    Calculations.
The Issuers shall be responsible for making all calculations and determinations called for under the Securities.  These calculations and determinations include, but are not limited to, accrued interest payable on the Securities and any applicable premium.  The Issuers shall make all these calculations in good faith and, absent manifest error, the Issuers’ calculations shall be final and binding on the Holders.  Upon written request, the Issuers shall provide a schedule of their calculations to the Trustee.  The Trustee is entitled to rely conclusively upon the accuracy of the Issuers’ calculations without independent verification and shall have no liability or responsibility for such calculations or any information used in connection therewith. The Trustee will forward the Issuers’ calculations to any Holder upon the written request of that Holder at the sole cost and expense of the Issuers.

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ARTICLE V.
SUCCESSORS
Section 5.1    Merger, Consolidation, or Sale of Assets.
Each of the Issuers covenants and agrees for the benefit of the Holders of each Series of Securities that it shall not, directly or indirectly: (a) consolidate or merge with or into another person (whether or not such Issuer is the surviving entity) or (b) sell, lease, transfer or otherwise dispose of all or substantially all of the assets of the applicable Issuer and its Subsidiaries taken as a whole, in one or more related transactions, to another person, and each Issuer shall not permit any other person to consolidate with or merger into it, unless:
(i)    (A) the applicable Issuer shall be the continuing entity or (B) the successor person shall be a corporation, trust, limited liability company, partnership or other entity organized and validly existing under the laws of the United States or any State thereof or the District of Columbia that expressly assumes, by an indenture supplemental hereto, executed and delivered to the Trustee, all the obligations of the applicable Issuer under the Securities and this Indenture and, for each Security that by its terms provides for conversion, shall have provided for the right to convert such Security in accordance with its terms;
(ii)    immediately after such transaction, no Event of Default exists and no event which, after notice or lapse of time or both, would become an Event of Default, shall have occurred and be continuing; and
(iii)    the Issuers shall deliver to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation, merger, sale, lease, transfer or other disposition and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture comply with this Article V and that all conditions precedent herein provided for relating to such transaction have been complied with.
This Section 5.1 will not apply to:
(1)    a merger of an Issuer with an Affiliate solely for the purpose of reincorporating such Issuer in another jurisdiction; or
(2)    any consolidation or merger, or any sale, assignment, transfer, conveyance, lease or other disposition of assets between or among an Issuer and its Subsidiaries.
Section 5.2    Successor Person Substituted.
Upon any consolidation or merger, or any sale, lease, transfer or other disposition of all or substantially all of the assets of an Issuer in a transaction that is subject to, and that complies with the provisions of, Section 5.1 hereof, the successor person formed by such 

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consolidation or into or with which such Issuer is merged or to which such sale, lease, transfer or other disposition is made shall succeed to, and be substituted for (so that from and after the date of such consolidation, merger, sale, lease, transfer or other disposition, the provisions of this Indenture referring to the “Company” or the “Co-Issuer,” as applicable shall refer instead to the successor person and not to such Issuer), and may exercise every right and power of such Issuer under this Indenture with the same effect as if such successor person had been named as such Issuer herein; provided, however, that the predecessor Issuer shall not be relieved from the obligation to pay the principal of and interest on any Series of Securities except in the case of a sale of all of such Issuer’s assets in a transaction that is subject to, and that complies with the provisions of, Section 5.1 hereof.
ARTICLE VI.
DEFAULTS AND REMEDIES
Section 6.1    Events of Default.
“Event of Default,” wherever used herein with respect to Securities of any Series, means any one of the following events, unless in the establishing Board Resolution, supplemental indenture or Officer’s Certificate, it is provided that such Series shall not have the benefit of said Event of Default:
(a)    default in the payment of any interest on any Security of that Series when it becomes due and payable, and continuance of such default for a period of 30 days; or
(b)    default in payment when due of the principal of, or premium, if any, on any Security of that Series; or 
(c)    default in the deposit of any sinking fund payment, when and as due in respect of any Security of that Series; or
(d)    default in the performance of any other covenant of the Issuers in this Indenture (other than a covenant that has been included in this Indenture solely for the benefit of any Series of Securities other than that Series), which default continues uncured for the period and after the notice specified below; or
(e)    an Issuer pursuant to or within the meaning of any Bankruptcy Law:
(i)    commences a voluntary case,
(ii)    consents to the entry of an order for relief against it in an involuntary case,
(iii)    consents to the appointment of a Custodian of it or for all or substantially all of its property,
(iv)    makes a general assignment for the benefit of its creditors, or

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(v)    generally is unable to pay its debts as the same become due; or
(f)    a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:
(i)    is for relief against an Issuer in an involuntary case,
(ii)    appoints a Custodian of an Issuer or for all or substantially all of its property, or
(iii)    orders the liquidation of an Issuer, and the order or decree remains unstayed and in effect for 60 days; or
(g)    any other Event of Default provided with respect to Securities of that Series, which is specified in a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate, in accordance with Section 2.2.
The term “Bankruptcy Law” means title 11, U.S. Code or any similar Federal or State law for the relief of debtors. The term “Custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.
A Default under clause (d) above is not an Event of Default with respect to a particular Series of Securities until the Trustee notifies the Issuers, or the Holders of more than 25% in principal amount of the then outstanding Securities of that Series notify the Issuers and the Trustee of the Default, and the Issuers do not cure the Default within 90 days after receipt of the notice. The notice must specify the Default, demand that it be remedied and state that the notice is a “Notice of Default.” Such notice shall be given by the Trustee if so requested in writing by the Holders of more than 25% of the principal amount of the then outstanding Securities of that Series. 
Section 6.2    Acceleration.
If an Event of Default with respect to Securities of any Series at the time outstanding occurs and is continuing (other than an Event of Default referred to in Section 6.1(e) or (f)) then in every such case the Trustee or the Holders of more than 25% in principal amount of the outstanding Securities of that Series may declare the principal amount (or, if any Securities of that Series are Discount Securities, such portion of the principal amount as may be specified in the terms of such Securities) of and accrued and unpaid interest, if any, on all of the Securities of that Series to be due and payable immediately, by a notice in writing to the Issuers (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified amount) and accrued and unpaid interest, if any, shall become immediately due and payable. If an Event of Default specified in Section 6.1(e) or (f) shall occur, the principal amount (or specified amount) of and accrued and unpaid interest, if any, on all outstanding Securities shall ipso facto become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder.   

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At any time after such a declaration of acceleration with respect to any Series has been made, the Holders of a majority in principal amount of the outstanding Securities of that Series, by written notice to the Issuers and the Trustee, may rescind and annul such declaration and its consequences if the rescission would not conflict with any judgment or decree of a court of competent jurisdiction.
No such rescission shall affect any subsequent Default or impair any right consequent thereon. 
Section 6.3    Other Remedies.
If an Event of Default with respect to Securities of any Series at the time outstanding occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal of and, premium, if any, and interest on such Securities or to enforce the performance of any provision of such Securities or this Indenture.
The Trustee for such Securities may maintain a proceeding even if it does not possess any of such Securities or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder of Securities in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the extent permitted by law.
Section 6.4    Waiver of Past Defaults.
Holders of not less than a majority in aggregate principal amount of the then outstanding Securities of any Series by notice to the Trustee for such Securities may on behalf of the Holders of all of such Securities waive an existing Default or Event of Default with respect to such Securities and its consequences hereunder, except a continuing Default or Event of Default in the payment of the principal of, or premium, if any, or interest on, such Securities or in respect of a covenant or provision hereof which under Article IX cannot be modified or amended without the consent of the Holder of each outstanding Security of the Series affected; provided, however, that the Holders of a majority in aggregate principal amount of the then outstanding Securities of any Series may rescind an acceleration of such Securities and its consequences, including any related payment default that resulted from such acceleration, in accordance with Section 6.2. Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon.
Section 6.5    Control by Majority.
Holders of a majority in aggregate principal amount of the then outstanding Securities of any Series may direct the time, method and place of conducting any proceeding for exercising any remedy available to the Trustee for such Securities or exercising any trust or power conferred on it. However, the Trustee for any Series of Securities may refuse to follow 

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any direction that conflicts with law or this Indenture or that is unduly prejudicial to the rights of other Holders of such Securities or that may involve the Trustee in personal liability.
Section 6.6    Limitation on Suits.
A Holder of any Series of Securities may pursue a remedy with respect to this Indenture or such Securities only if:
(a)    such Holder gives to the Trustee for such Securities written notice that an Event of Default with respect to such Series is continuing;
(b)    Holders of more than 25% in aggregate principal amount of the then outstanding Securities of such Series make a written request to the Trustee for such Securities to pursue the remedy;
(c)    such Holder or Holders offer and, if requested, provide to the Trustee for such Securities security or indemnity reasonably satisfactory to such Trustee against any loss, liability or expense;
(d)    such Trustee does not comply with the request within 90 days after receipt of the request and the offer of security or indemnity; and
(e)    during such 90 day period, Holders of a majority in aggregate principal amount of the then outstanding Securities of such Series do not give such Trustee a direction inconsistent with such request.
A Holder of any Series of Securities may not use this Indenture to prejudice the rights of another Holder of such Series of Securities or to obtain a preference or priority over another Holder of Securities of such Series.
Section 6.7    Rights of Holders of Securities to Receive Payment.
Notwithstanding any other provision of this Indenture, the right of any Holder of a Security of any Series to receive payment of principal of and, premium, if any, and interest on such Securities, on or after the respective due dates expressed in such Securities (including, if applicable, in connection with an offer to purchase), or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such Holder.
Section 6.8    Collection Suit by Trustee.
If an Event of Default specified in Section 6.1(a), (b) or (c) hereof with respect to Securities of any Series occurs and is continuing, the Trustee for such Securities is authorized to recover judgment in its own name and as trustee of an express trust against the Issuers for the whole amount of principal of and, premium, if any, and interest remaining unpaid on, such Securities and interest on overdue principal and, to the extent lawful, overdue interest and such further amount as shall be sufficient to cover the costs and expenses of collection, including the 

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reasonable compensation, expenses, disbursements and advances of such Trustee, its agents and counsel.
Section 6.9    Trustee May File Proofs of Claim.
The Trustee for each Series of Securities is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of such Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of such Trustee, its agents and counsel) and the Holders of the Securities for which it acts as trustee allowed in any judicial proceedings relative to the Issuers (or any other obligor upon such Securities), its creditors or its property and shall be entitled and empowered to collect, receive and distribute any money or other property payable or deliverable on any such claims and any custodian in any such judicial proceeding is hereby authorized by each Holder of such Securities to make such payments to such Trustee, and in the event that such Trustee shall consent to the making of such payments directly to such Holders, to pay to such Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of such Trustee, its agents and counsel, and any other amounts due such Trustee under the Indenture. To the extent that the payment of any such compensation, expenses, disbursements and advances of such Trustee, its agents and counsel, and any other amounts due such Trustee out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that such Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize such Trustee to authorize or consent to or accept or adopt on behalf of any Holder for which it acts as trustee any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of such Holder, or to authorize such Trustee to vote in respect of the claim of any such Holder in any such proceeding.
Section 6.10    Priorities.
If the Trustee of any Series of Securities collects any money or property pursuant to this Article VI, it shall pay out the money in the following order:
First: to the Trustee (in any capacity hereunder), its agents and attorneys for amounts due under the Indenture, including payment of all compensation, expenses and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection;
Second: to Holders of such Securities for amounts due and unpaid on such Securities for principal, premium, if any, and interest, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal, premium, if any and interest, respectively; and
Third: to the Issuers or to such party as a court of competent jurisdiction shall direct.

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Subject to Section 2.14 hereof, the Trustee may fix a record date and payment date for any payment to Holders of Securities pursuant to this Section 6.10.
Section 6.11    Undertaking for Costs.
In any suit for the enforcement of any right or remedy under this Indenture or in any suit against any Trustee for any action taken or omitted by it as a trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder of a Security pursuant to Section 6.6 hereof, or a suit by Holders of more than 10% in aggregate principal amount of the then outstanding Securities of any Series.
 
ARTICLE VII.
TRUSTEE
Section 7.1    Duties of Trustee.
(a)    Subject to Section 7.2(h), if an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested in it by this Indenture and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs; provided that if an Event of Default occurs and is continuing, the Trustee shall be under no obligation to exercise any of the rights or powers under this Indenture at the request or direction of any of the Holders unless such Holders have offered the Trustee indemnity, security or prefunding against any loss, liability or expense satisfactory to the Trustee.
(b)    Except during the continuance of an Event of Default:
(i)    The Trustee need perform only those duties that are specifically set forth in this Indenture and no others.
(ii)    The Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon Officer’s Certificates or Opinions of Counsel furnished to the Trustee and conforming to the requirements of this Indenture; however, in the case of any such Officer’s Certificates or Opinions of Counsel which by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such Officer’s Certificates and Opinions of Counsel to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts contained therein).

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(c)    The Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except that:
(i)    This paragraph does not limit the effect of paragraph (b) of this Section.
(ii)    The Trustee shall not be liable for any error of judgment made in good faith, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts.
(iii)    The Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken by it with respect to Securities of any Series in good faith in accordance with the direction of the Holders of a majority in principal amount of the outstanding Securities of such Series relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such Series.
(d)    Every provision of this Indenture that in any way relates to the Trustee is subject to the provisions of this Section.
(e)    The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders unless such Holders shall have offered to the Trustee security, prefunding or indemnity satisfactory to it against the costs, expenses (including reasonably attorneys’ fees and expenses) and liabilities that might be incurred by it in compliance with such request or direction.
(f)    The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Issuers and the Trustee shall have no liability or responsibility for the use of the proceeds from the sale of the Notes contemplated hereunder. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.
(g)    No provision of this Indenture shall require the Trustee to risk its own funds or otherwise incur any financial liability in the performance of any of its duties, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk is not reasonably assured to it.
(h)    The Paying Agent, the Registrar and any authenticating agent shall be entitled to the protections, immunities and standard of care as are set forth in paragraphs (a), (b) and (c) of this Section with respect to the Trustee.
Section 7.2    Rights of Trustee.
(a)    The Trustee may conclusively rely on and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, notice, 

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request, direction, consent, order, bond or any other paper or document believed by it to be genuine and to have been signed or presented by the proper person. The Trustee need not investigate any fact or matter stated in the document.
(b)    Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificate.
(c)    The Trustee may act through its attorneys and agents and shall not be responsible for the misconduct or negligence of any agent or attorney appointed with due care. No Depository shall be deemed an agent of the Trustee and the Trustee shall not be responsible for any act or omission by any Depository.
(d)    The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within its rights or powers, provided that the Trustee’s conduct does not constitute negligence or willful misconduct.
(e)    The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders of Securities unless such Holders shall have offered to the Trustee security or indemnity reasonably acceptable to it against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction.
(f)    The Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder without negligence and in good faith and in reliance thereon.
(g)    The Trustee shall not be bound to make any investigation into any statement, warranty or representation, or the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document made or in connection with this Indenture; moreover, the Trustee shall not be bound to make any investigation into (i) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or (ii) the occurrence of any default, or the validity, enforceability, effectiveness or genuineness of this Indenture or any other agreement, instrument or document in connection herewith, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit.
(h)    The Trustee shall not be deemed to have notice of any Default or Event of Default unless written notice of any event which is in fact such a default is received by a Responsible Officer of the Trustee at the Corporate Trust Office, and such notice references the Securities generally or the Securities of a particular Series and this Indenture.
(i)    The Trustee shall not be required to provide any bond or surety with respect to the execution of these trusts and powers.

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(j)    In no event shall the Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action.
(k)    The Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office, and such notice references the Notes and this Indenture.
(l)    Under no circumstance shall the Trustee be liable in its individual capacity for the obligations evidenced by the Securities.
Section 7.3    Individual Rights of Trustee.
The Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may otherwise deal with the Company or an Affiliate of the Company with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights. The Trustee is also subject to Sections 7.10 and 7.11. In addition, the Trustee shall be permitted to engage in transactions with the Issuers; provided, however, that if the Trustee acquires any conflicting interest the Trustee must (i) eliminate such conflict within 90 days of acquiring such conflicting interest, (ii) apply to the SEC for permission to continue acting as Trustee or (iii) resign.
Section 7.4    Trustee’s Disclaimer.
The Trustee makes no representation as to the validity or adequacy of this Indenture or the Securities, it shall not be accountable for the Issuers’ use of the proceeds from the Securities, and it shall not be responsible for any statement of the Issuers in this Indenture, in the Securities or in any document issued in connection with the sale of the Securities other than its authentication of such Securities.
Section 7.5    Notice of Defaults.
If a Default or Event of Default occurs and is continuing with respect to the Securities of any Series and if it is actually known to a Responsible Officer of the Trustee (as provided in Section 7.2(h) hereof), the Trustee shall send to each Securityholder of the Securities of that Series in the manner provided by in TIA § 313(c), notice of a Default or Event of Default within 90 days after it occurs. Except in the case of a Default or Event of Default in payment of principal of or interest on any Security of any Series, the Trustee may withhold the notice if and so long as the Trustee in good faith determines that withholding the notice is in the interests of Securityholders of that Series.
Section 7.6    Reports by Trustee to Holders.

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Within 60 days after May 15 in each year following the issuance of a Series of Securities under this Indenture, the Trustee shall deliver to all Securityholders, as their names and addresses appear on the register kept by the Registrar a brief report dated as of such May 15, in accordance with, and to the extent required under, TIA § 313(a).
A copy of each report at the time of its delivery to Securityholders of any Series shall be filed by the Trustee with the SEC and each stock exchange on which the Securities of that Series are listed, if any. The Issuers shall promptly notify the Trustee when Securities of any Series are listed on any stock exchange.
Section 7.7    Compensation and Indemnity.
The Issuers shall pay to the Trustee from time to time such compensation for its services as the Issuers and the Trustee shall agree upon in writing. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuers shall reimburse the Trustee upon request for all reasonable out-of-pocket expenses incurred by it. Such expenses shall include the reasonable compensation and expenses of the Trustee’s agents and counsel.
The Issuers shall indemnify and hold harmless each of the Trustee and any predecessor Trustee (including the cost of defending itself) against any loss, liability or expense, including taxes (other than taxes based upon, measured by or determined by the income of the Trustee) incurred by it except as set forth in the next paragraph in the performance of its duties under or in connection with this Indenture as Trustee or Agent. The Trustee shall notify the Issuers promptly of any claim for which it may seek indemnity. The Issuers shall defend the claim and the Trustee shall cooperate in the defense. The Trustee may have one separate counsel and the Issuers shall pay the reasonable fees and expenses of such counsel. The Issuers need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld. This indemnification shall apply to officers, directors, employees, shareholders and agents of the Trustee.
The Issuers need not reimburse any expense or indemnify against any loss or liability incurred by the Trustee or by any officer, director, employee, shareholder or agent of the Trustee through negligence or willful misconduct.
To secure the Issuers’ payment obligations in this Section, the Trustee shall have a lien prior to the Securities of any Series on all money or property held or collected by the Trustee pursuant to Section 8.4, except that held in trust to pay principal of and interest on particular Securities of that Series.
When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.1(e) or (f) occurs, the expenses and the compensation for the services are intended to constitute expenses of administration under any Bankruptcy Law.
The provisions of this Article shall survive the termination of this Indenture. 

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Section 7.8    Replacement of Trustee.
A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section.
The Trustee may resign with respect to the Securities of one or more Series by so notifying the Issuers at least 30 days prior to the date of the proposed resignation. The Holders of a majority in principal amount of the Securities of any Series may remove the Trustee with respect to that Series by so notifying the Trustee and the Issuers. The Issuers may remove the Trustee with respect to Securities of one or more Series if:
(a)    the Trustee fails to comply with Section 7.10;
(b)    the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy Law;
(c)    a Custodian or public officer takes charge of the Trustee or its property; or
(d)    the Trustee becomes incapable of acting.
If the Trustee resigns or is removed with respect to the Securities of a Series or if a vacancy exists in the office of Trustee for any reason (the Trustee in such event being referred to herein as the retiring Trustee), the Issuers shall promptly appoint a successor Trustee with respect to the Securities of such Series. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Securities of such Series may appoint a successor Trustee with respect to the Securities of such Series to replace the successor Trustee appointed by the Issuers.
If a successor Trustee with respect to the Securities of any one or more Series does not take office within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Issuers or the Holders of at least 10% in principal amount of the Securities of the applicable Series may petition, at expense of the Issuers, any court of competent jurisdiction for the appointment of a successor Trustee.
A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Issuers. Immediately after that, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee subject to the lien provided for in Section 7.7, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee with respect to each Series of Securities for which it is acting as Trustee under this Indenture. A successor Trustee shall send a notice of its succession to each Securityholder of each such Series. Notwithstanding replacement of the Trustee pursuant to this Section 7.8, the Issuers’ obligations under Section 7.7 hereof shall continue for the benefit of the retiring Trustee with respect to expenses and liabilities incurred by it prior to such replacement. No resigning or removed Trustee shall have any liability or responsibility for the action or inaction of any successor Trustee.

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Section 7.9    Successor Trustee by Merger, etc. 
If the Trustee consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation, the successor corporation without any further act shall be the successor Trustee.
Section 7.10    Eligibility; Disqualification.
This Indenture shall always have a Trustee who satisfies the requirements of TIA § 310(a)(1) and (2) and does not violate the prohibitions in TIA § 310(a)(5). The Trustee shall always have a combined capital and surplus of at least $25,000,000 as set forth in its most recent published annual report of condition. The Trustee shall comply with TIA § 310(b).
Section 7.11    Preferential Collection of Claims Against Issuers.
The Trustee is subject to TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated.
 
ARTICLE VIII.
LEGAL DEFEASANCE AND COVENANT DEFEASANCE
Section 8.1    Option to Effect Legal Defeasance or Covenant Defeasance.
The Issuers may at any time elect to have either Section 8.2 or 8.3 hereof be applied to all outstanding Securities of any Series upon compliance with the conditions set forth below in this Article VIII.
Section 8.2    Legal Defeasance and Discharge.
Upon the Issuers’ exercise under Section 8.1 hereof of the option applicable to this Section 8.2, the Issuers and each Guarantor, if any, of such Securities will, subject to the satisfaction of the conditions set forth in Section 8.4 hereof, be deemed to have been discharged from its or their obligations with respect to all outstanding Securities of such Series (including the related guarantees, if any) on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Issuers and such Guarantors will be deemed to have paid and discharged the entire indebtedness represented by the outstanding Securities of such Series (including the related guarantees, if any), which will thereafter be deemed to be “outstanding” only for the purposes of Section 8.5 hereof and the other Sections of this Indenture referred to in clauses (a) and (b) below, and to have satisfied all its or their other obligations under such Securities, such guarantees, if any, and this Indenture (and the Trustee for such Securities, on demand of and at the expense of the Issuers, shall execute proper instruments acknowledging the same), except for the following provisions which will survive until otherwise terminated or discharged hereunder:

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(a)    the rights of Holders of outstanding Securities of such Series to receive payments in respect of the principal of, or interest or premium, if any, on, such Securities when such payments are due solely out of the trust referred to in Section 8.4 hereof;
(b)    the Issuers’ obligations with respect to such Securities under Article II hereof;
(c)    the rights, powers, trusts, duties and immunities of the Trustee for such Securities hereunder and the Issuers’ and the Guarantors’, if any, obligations in connection therewith; and
(d)    this Article VIII.
Subject to compliance with this Article VIII, the Issuers may exercise their option under this Section 8.2 notwithstanding the prior exercise of its option under Section 8.3 hereof.
Section 8.3    Covenant Defeasance.
Upon the Issuers’ exercise under Section 8.1 hereof of the option applicable to this Section 8.3, the Issuers and each of the Guarantors, if any, will, subject to the satisfaction of the conditions set forth in Section 8.4 hereof, be released from each of its or their obligations under the covenants contained in Sections 4.3 and 4.5, Section 5.1, and covenants specified in a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate, in accordance with Section 2.2, with respect to the outstanding Securities of the applicable Series on and after the date the conditions set forth in Section 8.4 hereof are satisfied (hereinafter, “Covenant Defeasance”), and such Securities will thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders of such Securities (and the consequences of any thereof) in connection with such covenants, but will continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such Securities will not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding Securities of such Series, the Issuers may omit to comply with and will have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply will not constitute a Default or an Event of Default under Section 6.1 hereof, but, except as specified above, the remainder of this Indenture and such Securities will be unaffected thereby. In addition, upon the Issuers’ exercise under Section 8.1 hereof of the option applicable to this Section 8.3, subject to the satisfaction of the conditions set forth in Section 8.4 hereof, Sections 6.1(d) or 6.1(g) hereof will not constitute Events of Default.
Section 8.4    Conditions to Legal or Covenant Defeasance.
In order to exercise either Legal Defeasance or Covenant Defeasance under either Section 8.2 or 8.3 hereof with respect to Securities of any Series:

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(a)    the Issuers must irrevocably deposit with the Trustee for such Securities, in trust, for the benefit of the Holders of such Securities, cash in Dollars, non-callable Government Securities (or, in the case of Securities denominated in a single currency other than U.S. dollars, foreign government obligations), or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized investment bank, appraisal firm, or firm of independent public accountants, to pay the principal of, and premium, if any, and interest on, and any mandatory sinking fund payments in respect of the outstanding Securities of such Series on the stated date for payment thereof or on the applicable redemption date, as the case may be, and the Issuers must specify whether such Securities are being defeased to such stated date for payment or to a particular redemption date;
(b)    in the case of an election under Section 8.2 hereof, the Issuers must deliver to the Trustee for such Securities an Opinion of Counsel confirming that:
(1)    the Issuers have received from, or there has been published by, the Internal Revenue Service a ruling; or
(2)    since the date of this Indenture, there has been a change in the applicable federal income tax law,
in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, subject to the customary assumptions and exclusions, the Holders and beneficial owners of such Securities will not recognize income, gain or loss for federal income tax purposes as a result of such Legal Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred;
(c)    in the case of an election under Section 8.3 hereof, the Company must deliver to the Trustee for such Securities an Opinion of Counsel confirming that, subject to the customary assumptions and exclusions, the Holders and beneficial owners of such Securities will not recognize income, gain or loss for federal income tax purposes as a result of such Covenant Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred;
(d)    no Default or Event of Default with respect to such Securities shall have occurred and be continuing on the date of such deposit (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit or the grant of any lien securing such borrowing or any similar and simultaneous deposit relating to other indebtedness and, in each case, the granting of liens in connection therewith) and the deposit will not result in a breach or violation of, or constitute a default under, any other instrument to which the Issuers are a party or by which the Issuers are bound;
(e)    such Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under, any material agreement or instrument (other than this Indenture) to which the Issuers are a party or by which the Issuers (other than that resulting 

37

from the borrowing of funds to be applied to such deposit or the grant of any lien securing such borrowing or any similar and simultaneous deposit relating to other indebtedness and, in each case, the granting of liens in connection therewith) are bound;
(f)    the Issuers must deliver to the Trustee for such Securities an Officer’s Certificate stating that the deposit was not made by the Issuers with the intent of preferring the Holders of such Securities over the other creditors of the Issuers with the intent of defeating, hindering, delaying or defrauding any creditors of the Issuers or others; and
(g)    the Issuers must deliver to the Trustee for such Securities an Officer’s Certificate and an Opinion of Counsel (which opinion of counsel may be subject to customary assumptions and exclusions), each stating that all conditions precedent relating to the Legal Defeasance or the Covenant Defeasance have been complied with.
Section 8.5    Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions.
Subject to Section 8.6 hereof, all money and non-callable Government Securities (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 8.5, the “Trustee”) pursuant to Section 8.4 hereof in respect of the outstanding Securities of any Series will be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and this Indenture, to the payment, either directly or through any Paying Agent (including an Issuer or Guarantor acting as Paying Agent) as the Trustee may determine, to the Holders of such Securities of all sums due and to become due thereon in respect of principal, premium, if any, and interest, but such money need not be segregated from other funds except to the extent required by law.
The Issuers will pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable Government Securities deposited pursuant to Section 8.4 hereof or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the outstanding Securities of the applicable Series.
Notwithstanding anything in this Article VIII to the contrary, the Trustee will deliver or pay to the Issuers from time to time upon the request of the Issuers any money or non-callable Government Securities held by it as provided in Section 8.4 hereof which, in the opinion of a nationally recognized investment bank, appraisal firm or firm of independent public accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.4 hereof), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.
Section 8.6    Repayment to Issuers.
Any money deposited with the Trustee or any Paying Agent, or then held by the Issuers, in trust for the payment of the principal of, or premium, if any, or interest on, any Series 

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of Securities and remaining unclaimed for one year after such principal, premium, if any, or interest has become due and payable shall be paid to the Issuers on its request or (if then held by an Issuer) will be discharged from such trust; and the Holders of such Securities will thereafter be permitted to look only to the Issuers for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Issuers as trustee thereof, will thereupon cease.
Section 8.7    Reinstatement.
If, in connection with a Legal Defeasance or Covenant Defeasance, the Trustee or Paying Agent is unable to apply any Dollars or non-callable Government Securities in accordance with Section 8.5, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Issuers’ and any applicable Guarantors’ obligations under this Indenture and the applicable Securities and the guarantees will be revived and reinstated as though no deposit had occurred pursuant to Section 8.2 or 8.3 hereof until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.5; provided, however, that, if the Issuers make any payment of principal of or interest on any such Securities following the reinstatement of its obligations, the Issuers will be subrogated to the rights of the Holders of such Securities to receive such payment from the money held by the Trustee or Paying Agent.
 
ARTICLE IX.
AMENDMENTS AND WAIVERS
Section 9.1    Without Consent of Holders.
Notwithstanding Section 9.2 of this Indenture, the Issuers and the Trustee may amend or supplement this Indenture or the Securities of one or more Series without the consent of any Securityholder:
(a)    to cure any ambiguity or correct any inconsistency or defect hereunder;
(b)    to evidence uncertificated Securities in addition to or in place of certificated Securities;
(c)    to provide for the assumption of an Issuer’s obligations to the Holders of the Securities by a successor to such Issuer pursuant to Article V hereof;
(d)    to add any additional Events of Default with respect to all or any Series of Securities outstanding hereunder;
(e)    to provide for addition of guarantees for the benefit of the Holders of the Securities of any series or to add a guarantor or obligor under this Indenture;
(f)    to secure the Securities (or provide additional collateral) pursuant to the requirements of any covenant on liens in respect of such Series of Securities or otherwise 

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and provide the terms and conditions for the release or substitution of the Security (or additional collateral);
(g)    to change or eliminate any of the provisions of this Indenture, or to add any new provision to this Indenture, in respect of one or more series of Securities; provided, however, that any such change, elimination or addition (A) shall neither (i) apply to any Security outstanding on the date of such indenture supplemental hereto nor (ii) modify the rights of the Holder of any such Security with respect to such provision in effect prior to the date of such indenture supplemental hereto or (B) shall become effective only when no Security of such series remains outstanding;
(h)    to add to, change or eliminate any of the provisions of this Indenture in any manner that will become effective only when there is no outstanding Security which is entitled to the benefit of the provision as to which the modification would apply;
(i)    to make any change that would provide any additional rights or benefits to the Holders of the Securities or that does not adversely affect the Holders’ rights hereunder in any material respect or to surrender any right or power conferred upon the Issuers hereunder;
(j)    to comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture under the TIA;
(k)    to provide for the issuance of and establish the form and terms and conditions of Securities of any Series as permitted by this Indenture;
(l)    to eliminate any conflict between the terms of this Indenture and the TIA;
(m)    to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more Series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee; or
(n)    to conform any provision of this Indenture, the Securities of any Series or any related guarantees or security documents to the description of such Securities contained in the Issuers’ prospectus, prospectus supplement, offering memorandum or similar document with respect to the offering of the Securities of such Series to the extent that such description was intended to be a verbatim recitation of a provision in the Indenture, such Securities or any related guarantees or security documents..
Upon the request of the Issuers and upon receipt by the Trustee of the documents described in Section 12.4 hereof, the Trustee will join with the Issuers in the execution of any amended or supplemental indenture authorized or permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee will not be obligated to enter into such amended or supplemental indenture that affects its own rights, duties or immunities under this Indenture or otherwise.

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Section 9.2    With Consent of Holders.
The Issuers and the Trustee may enter into a supplemental indenture with the written consent of the Holders of at least a majority in principal amount of the outstanding Securities of each Series affected by such supplemental indenture (including consents obtained in connection with a tender offer or exchange offer for the Securities of such Series), for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights of the Securityholders of each such Series. Except as provided in Section 6.4, the Holders of at least a majority in principal amount of the outstanding Securities of each Series by notice to the Trustee (including consents obtained in connection with a tender offer or exchange offer for the Securities of such Series) may waive compliance by the Issuers with any provision of this Indenture or the Securities with respect to such Series.
It shall not be necessary for the consent of the Holders of Securities under this Section 9.2 to approve the particular form of any proposed supplemental indenture or waiver, but it shall be sufficient if such consent approves the substance thereof. Upon the request of the Issuers and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of Securities as aforesaid, and upon receipt by the Trustee of the documents described in Section 12.4 hereof, the Trustee will join with the Issuers in the execution of such amended or supplemental indenture unless such amended or supplemental indenture directly affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but will not be obligated to, enter into such amended or supplemental Indenture.
After a supplemental indenture or waiver under this section becomes effective, the Issuers shall promptly deliver to the Holders of Securities affected thereby a notice briefly describing the supplemental indenture or waiver. Any failure by the Issuers to deliver or publish such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture or waiver.
Section 9.3    Limitations.
Without the consent of each Securityholder affected, an amendment, supplement or waiver may not (with respect to any Securities held by a non-consenting Holder):
(a)    reduce the amount of Securities whose Holders must consent to an amendment, supplement or waiver;
(b)    reduce the rate of or extend the time for payment of interest (including default interest) on any Security;
(c)    reduce the principal of or premium, if any, on or change the Stated Maturity of any Security or reduce the amount of, or postpone the date fixed for, the payment of any sinking fund or analogous obligation;

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(d)    reduce the principal amount of Discount Securities payable upon acceleration of the maturity thereof;
(e)    waive a Default or Event of Default in the payment of the principal of or interest, if any, on any Security (except a rescission of acceleration of the Securities of any Series by the Holders of at least a majority in principal amount of the outstanding Securities of such Series and a waiver of the payment default that resulted from such acceleration);
(f)    make the principal or premium, if any, of or interest, if any, on any Security payable in any currency other than that stated in the Security;
(g)    make any change in Sections 6.4, 6.7 or 9.3; or
(h)    waive a redemption payment with respect to any Security.
Section 9.4    Compliance with Trust Indenture Act.
Every amendment or supplement to this Indenture or the Securities of one or more Series shall be set forth in an amended or supplemental indenture that complies with the TIA as then in effect.
Section 9.5    Revocation and Effect of Consents.
(a)    Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Security is a continuing consent by the Holder and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security, even if notation of the consent is not made on any Security. However, any such Holder or subsequent Holder subject to Section 9.5(d) may revoke the consent as to his Security or portion of a Security if the Trustee receives the notice of revocation before the date the amendment, supplement or waiver becomes effective.
(b)    An amendment, supplement or waiver effective in accordance with its terms will thereafter bind every Holder.
(c)    For purposes of this Indenture, the consent of the Holder of a Global Security shall be deemed to include any consent delivered by any member of, or participant in, any Depository, any nominees thereof and their respective successors and assigns, or such other depository institution hereinafter appointed by the Issuers (“Depository Entity”) by electronic means in accordance with the Automated Tender Offer Procedures system or other customary procedures of, and pursuant to authorization by, such Depository Entity.
(d)    The Issuers may, but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to consent to any amendment, supplement or waiver. If a record date is fixed, then notwithstanding the last sentence of the immediately preceding paragraph, those persons who were Holders at such record date (or their duly designated proxies), and only those persons, shall be entitled to revoke any consent previously given, 

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whether or not such persons continue to be Holders after such record date. No such consent shall be valid or effective for more than 120 days after such record date. The Issuers shall inform the Trustee of the fixed record date, if applicable.
(e)    Any amendment or waiver once effective shall bind every Securityholder of each Series affected by such amendment or waiver unless it is of the type described in any of clauses (a) through (h) of Section 9.3. In that case, the amendment or waiver shall bind each Holder of a Security who has consented to it and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security.
Section 9.6    Notation on or Exchange of Securities.
The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Security of any Series thereafter authenticated. The Issuers in exchange for Securities of that Series may issue and the Trustee shall, upon receipt of an Issuers Order, authenticate new Securities of that Series that reflect the amendment or waiver.
Section 9.7    Trustee Protected.
In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article IX or the modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 7.1) shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture and that the supplemental indenture is the legally valid and binding obligation of the Issuers and any Guarantor, enforceable against each in accordance with its terms. The Trustee may, but shall not be obligated to, enter into any supplemental indenture which affects the Trustee’s own rights, duties, obligations or immunities under this Indenture or otherwise.
 
ARTICLE X.
GUARANTEES
Section 10.1    Guarantees.
Any Series of Securities may be guaranteed by one or more of the Guarantors. The terms and the form of any such guarantee will be established in the manner contemplated by Section 2.2 for that particular Series of Securities.
ARTICLE XI.
SATISFACTION AND DISCHARGE
Section 11.1    Satisfaction and Discharge.
This Indenture will be discharged and will cease to be of further effect as to a Series of Securities issued hereunder, when:

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(a)    either:
(i)    all such Securities that have been authenticated, except lost, stolen or destroyed Securities that have been replaced or paid and Securities for whose payment money has theretofore been deposited in trust and thereafter repaid to the Issuers, have been delivered to the Trustee for cancellation; or
(ii)    all such Securities that have not been delivered to the Trustee for cancellation have become due and payable by reason of the delivery of a notice of redemption or otherwise or will become due and payable within one year and the Issuers have irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders of such Securities, cash in Dollars, non-callable Government Securities (or, in the case of Securities denominated in a single currency other than U.S. dollars, foreign government obligations), or a combination thereof, in such amounts as will be sufficient, without consideration of any reinvestment of interest, to pay and discharge the entire indebtedness on such Securities not delivered to the Trustee for cancellation for principal, premium, if any, and accrued interest to the date of maturity or redemption;
(b)    no Default or Event of Default has occurred and is continuing on the date of such deposit (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit or the grant of any lien securing such borrowing or any similar and simultaneous deposit relating to other indebtedness and, in each case, the granting of liens in connection therewith) and the deposit will not result in a breach or violation of, or constitute a default under, any other instrument to which the Issuers or any Guarantor of such Securities is a party or by which the Issuers or any such Guarantor is bound (other than a breach, violation or default resulting from the borrowing of funds to be applied to such deposit or the grant of any lien securing such borrowing or any similar and simultaneous deposit relating to other indebtedness and, in each case, the granting of liens in connection therewith);
(c)    the Issuers or any Guarantor of such Securities has paid or caused to be paid all sums payable by it under this Indenture; and
(d)    the Issuers has delivered irrevocable instructions to the Trustee for such Securities under this Indenture to apply the deposited money toward the payment of such Securities at maturity or on the redemption date, as the case may be.
In addition, the Issuers must deliver an Officer’s Certificate and an Opinion of Counsel to the Trustee for such Securities stating that all conditions precedent to satisfaction and discharge have been satisfied, and all fees and expenses of the Trustee shall have been paid.
Notwithstanding the satisfaction and discharge of this Indenture, if money has been deposited with the Trustee pursuant to subclause (ii) of clause (a) of this Section 11.1, the provisions of Sections 11.2 and 8.6 hereof will survive. In addition, nothing in this Section 11.1 will be deemed to discharge those provisions of Section 7.7 hereof, that, by their terms, survive the satisfaction and discharge of this Indenture.

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Section 11.2    Application of Trust Money.
Subject to the provisions of Section 8.6 hereof, all money or Government Securities deposited with the Trustee pursuant to Section 11.1 hereof shall be held in trust and applied by it, in accordance with the provisions of the Securities with respect to with such deposit was made and this Indenture, to the payment, either directly or through any Paying Agent (including an Issuer or Guarantor acting as its own Paying Agent) as such Trustee may determine, to the persons entitled thereto, of the principal (and premium, if any) and interest for whose payment such money has been deposited with the Trustee; but such money need not be segregated from other funds except to the extent required by law.
If the Trustee or Paying Agent is unable to apply any money or Government Securities in accordance with Section 11.1 hereof by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Issuers’ and any applicable Guarantor’s obligations under this Indenture and the applicable Securities shall be revived and reinstated as though no deposit had occurred pursuant to Section 11.1 hereof; provided that if the Issuers have made any payment of principal of, or premium, if any, or interest on, any Securities because of the reinstatement of its obligations, the Issuers shall be subrogated to the rights of the Holders of such Securities to receive such payment from the money or Government Securities held by the Trustee or Paying Agent.
 
ARTICLE XII.
MISCELLANEOUS
Section 12.1    Trust Indenture Act Controls.
If any provision of this Indenture limits, qualifies, or conflicts with another provision which is required or deemed to be included in this Indenture by the TIA, such required or deemed provision shall control.
Section 12.2    Notices.
Any notice or communication by the Issuers or the Trustee to the other, or by a Holder to the Issuers or the Trustee, is duly given if in writing and (a) delivered in person, (b) delivered, (c) sent by overnight air courier with next Business Day delivery or (d) delivered electronically (in .pdf or similar format) if, in case of electronic notices, receipt is confirmed:
if to Holdings, the Company, the Co-Issuer or any Guarantor:
Team Health Holdings, Inc. 
265 Brookview Centre Way, Suite 400
Knoxville, Tennessee 37919 
Telephone No.: (865) 693-1000 

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Facsimile No.: (865) 560-0295
Attention: General Counsel
With a copy to: 
Simpson Thacher & Bartlett LLP  
425 Lexington Avenue 
New York, New York 10017  
Facsimile No.: (212) 455-2502  
Attention: Edward P. Tolley III
if to the Trustee:
Wells Fargo Bank, National Association
150 East 42nd Street, 40th Floor
New York, New York 10017
Facsimile No.: (917) 260-1593  
Attention: Team Health Holdings, Inc. Administrator

The Issuers or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications.
Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.
All notices and communications (other than those sent to Holders) will be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; the next Business Day after timely delivery to the courier, if sent by overnight air courier for next Business Day delivery; and when receipt is confirmed, if delivered electronically.
Any notice or communication to a Securityholder shall be delivered to his address shown on the register kept by the Registrar, unless otherwise provided with respect to the applicable Series. Failure to deliver a notice or communication to a Securityholder of any Series or any defect in it shall not affect its sufficiency with respect to other Securityholders of that or any other Series.
In case by reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder.

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If a notice or communication is delivered or published in the manner provided above, within the time prescribed, it is duly given, whether or not the Securityholder receives it.
If the Issuers deliver a notice or communication to Securityholders, they shall deliver a copy to the Trustee and each Agent at the same time.
Where the Indenture provides for notice of any event to a Holder of a Global Security, such notice shall be sufficiently given if given to the Depository for such Global Security (or its designee), pursuant to the applicable procedures of the Depository, not later than the latest date (if any), and not earlier than the earliest date (if any), prescribed for the giving of such notice.
Section 12.3    Communication by Holders with Other Holders.
Securityholders of any Series may communicate pursuant to TIA § 312(b) with other Securityholders of that Series or any other Series with respect to their rights under this Indenture or the Securities of that Series or all Series. The Issuers, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c).
Section 12.4    Certificate and Opinion as to Conditions Precedent.
Upon any request or application by the Issuers to the Trustee to take any action under this Indenture, the Issuers shall furnish to the Trustee:
(a)    an Officer’s Certificate stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and
(b)    an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent have been complied with.
Section 12.5    Statements Required in Certificate or Opinion.
Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to Section 4.5 hereof and TIA § 314(a)(4)) shall comply with the provisions of TIA § 314(e) and shall include:
(a)    a statement that the person making such certificate or opinion has read such covenant or condition;
(b)    a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based;
(c)    a statement that, in the opinion of such person, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and

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(d)    a statement as to whether or not, in the opinion of such person, such condition or covenant has been complied with.
Section 12.6    Rules by Trustee and Agents.
The Trustee may make reasonable rules for action by or a meeting of Securityholders of one or more Series. Any Agent may make reasonable rules and set reasonable requirements for its functions.
Section 12.7    Legal Holidays.
Unless otherwise provided by Board Resolution, Officer’s Certificate or supplemental indenture hereto for a particular Series, a “Legal Holiday” is any day that is not a Business Day. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period.
Section 12.8    No Recourse Against Others.
No past, present or future director, officer, stockholder or employee, as such, of Holdings, the Company, the Co-Issuer, any Guarantor or any successor entity shall have any liability for any obligation of Holdings, the Company, the Co-Issuer, any Guarantor under the Securities or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each Holder by accepting a Security waives and releases all such liability. The waiver and release are part of the consideration for the execution of this Indenture and the issue of the Securities.
Section 12.9    Counterparts.
This Indenture may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.
Section 12.10    Governing Law; Waiver of Trial by Jury.
THE INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. EACH OF HOLDINGS, THE COMPANY, THE CO-ISSUER, ANY GUARANTOR, THE TRUSTEE AND EACH HOLDER BY ACCEPTING A SECURITY (1) AGREES TO SUBMIT TO THE NON-EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR STATE COURT LOCATED IN THE BOROUGH OF MANHATTAN, IN THE CITY OF NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE OR THE TRANSACTIONS CONTEMPLATED THEREBY AND (2) IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY 

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JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE OR THE TRANSACTIONS CONTEMPLATED THEREBY.
Section 12.11    No Adverse Interpretation of Other Agreements.
This Indenture may not be used to interpret any other indenture, loan or debt or other agreement of Holdings, the Company or its Subsidiaries or of any other person. Any such indenture, loan or debt or other agreement may not be used to interpret this Indenture.
Section 12.12    Successors.
All agreements of Holdings, the Company, the Co-Issuer and any Guarantor in this Indenture and the Securities shall bind its successor. All agreements of the Trustee in this Indenture shall bind its successor.
Section 12.13    Severability.
In case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.
Section 12.14    Table of Contents, Headings, Etc.
The Table of Contents, Cross-Reference Table, and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof.
Section 12.15    Securities in a Foreign Currency.
Unless otherwise specified in a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate delivered pursuant to Section 2.2 of this Indenture with respect to a particular Series of Securities, whenever for purposes of this Indenture any action may be taken by the Holders of a specified percentage in aggregate principal amount of Securities of all Series or all Series affected by a particular action at the time outstanding and, at such time, there are outstanding Securities of any Series which are denominated in a coin or currency other than Dollars, then the principal amount of Securities of such Series which shall be deemed to be outstanding for the purpose of taking such action shall be that amount of Dollars that could be obtained for such amount at the Market Exchange Rate at such time. For purposes of this Section 12.15, “Market Exchange Rate” shall mean the noon Dollar buying rate in New York City for cable transfers of that currency as published by the Federal Reserve Bank of New York. If such Market Exchange Rate is not available for any reason with respect to such currency, the Trustee shall use, in its sole discretion and without liability on its part, such quotation of the Federal Reserve Bank of New York as of the most recent available date, or quotations from one or more major banks in The City of New York or in the country of issue of the currency in question or such other quotations as the Issuers shall deem appropriate. The provisions of this paragraph 

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shall apply in determining the equivalent principal amount in respect of Securities of a Series denominated in currency other than Dollars in connection with any action taken by Holders of Securities pursuant to the terms of this Indenture.
All decisions and determinations of the Issuers regarding the Market Exchange Rate or any alternative determination provided for in the preceding paragraph shall be in its sole discretion and shall, in the absence of manifest error, to the extent permitted by law, be conclusive for all purposes and irrevocably binding upon all Holders.
Section 12.16    Multiple Originals.
The parties may sign any number of copies of this Indenture.  Each signed copy shall be an original, but all of them together represent the same agreement.  One signed copy is enough to prove this Indenture.  The exchange of copies of this Indenture and of signature pages by facsimile or “pdf” transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture and signature pages for all purposes.
Section 12.17    Force Majeure.
In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.
Section 12.18    U.S.A. Patriot Act.
The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee.  The parties to this Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the U.S.A. Patriot Act.
 
ARTICLE XIII.
SINKING FUNDS
Section 13.1    Applicability of Article.
The provisions of this Article XIII shall be applicable to any sinking fund for the retirement of the Securities of a Series, except as otherwise permitted or required by any form of Security of such Series issued pursuant to this Indenture.

50

The minimum amount of any sinking fund payment provided for by the terms of the Securities of any Series is herein referred to as a “mandatory sinking fund payment” and any other amount provided for by the terms of Securities of such Series is herein referred to as an “optional sinking fund payment.” If provided for by the terms of Securities of any Series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 13.2. Each sinking fund payment shall be applied to the redemption of Securities of any Series as provided for by the terms of the Securities of such Series.
Section 13.2    Satisfaction of Sinking Fund Payments with Securities.
The Issuers may, in satisfaction of all or any part of any sinking fund payment with respect to the Securities of any Series to be made pursuant to the terms of such Securities (a) deliver outstanding Securities of such Series to which such sinking fund payment is applicable (other than any of such Securities previously called for mandatory sinking fund redemption) and (b) apply as a credit Securities of such Series to which such sinking fund payment is applicable and which have been repurchased by the Issuers or redeemed either at the election of the Issuers pursuant to the terms of such Series of Securities (except pursuant to any mandatory sinking fund) or through the application of permitted optional sinking fund payments or other optional redemptions pursuant to the terms of such Securities, provided that such Securities have not been previously so credited. Such Securities shall be received by the Trustee, together with an Officer’s Certificate with respect thereto, not later than 15 days prior to the date on which the Trustee begins the process of selecting Securities for redemption, and shall be credited for such purpose by the Trustee at the price specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly. If as a result of the delivery or credit of Securities in lieu of cash payments pursuant to this Section 13.2, the principal amount of Securities of such Series to be redeemed in order to exhaust the aforesaid cash payment shall be less than $100,000, the Trustee need not call Securities of such Series for redemption, except upon receipt of an Issuers Order that such action be taken, and such cash payment shall be held by the Trustee or a Paying Agent and applied to the next succeeding sinking fund payment, provided, however, that the Trustee or such Paying Agent shall from time to time upon receipt of an Issuers Order pay over and deliver to the Issuers any cash payment so being held by the Trustee or such Paying Agent upon delivery by the Issuers to the Trustee of Securities of that Series purchased by the Issuers having an unpaid principal amount equal to the cash payment required to be released to the Issuers.
Section 13.3    Redemption of Securities for Sinking Fund.
Not less than 30 days (unless otherwise indicated in the Board Resolution, supplemental indenture or Officer’s Certificate in respect of a particular Series of Securities) prior to each sinking fund payment date for any Series of Securities, the Issuers will deliver to the Trustee an Officer’s Certificate specifying the amount of the next ensuing mandatory sinking fund payment for that Series pursuant to the terms of that Series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting of Securities of that Series pursuant to Section 13.2, and the optional amount, if any, to be added in cash to the next ensuing mandatory sinking fund 

51

payment, and the Issuers shall thereupon be obligated to pay the amount therein specified. Not less than 15 days (unless otherwise indicated in the Board Resolution, Officer’s Certificate or supplemental indenture in respect of a particular Series of Securities) before each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 3.2 and cause notice of the redemption thereof to be given in the name of and at the expense of the Issuers in the manner provided in Section 3.3. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections 3.4, 3.5 and 3.6.

52

IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of the day and year first above written.
TEAM HEALTH HOLDINGS, INC.

By:         
Name: 
Title: 

TEAM FINANCE LLC

By:         
Name: 
Title:

HEALTH FINANCE CORPORATION

By:         
Name: 
Title:

[Trustee Signature Follows]

53

Wells Fargo Bank, National Association

By:                     
Name: [    ]
Title: [             ]

[Signature Page to Base Indenture]Exclusive Channel Collaboration Agreement

 Exhibit 10.1 

CONFIDENTIAL TREATMENT REQUESTED BY ORAGENICS, INC. 

Portions herein identified by [*****] have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities Exchange Act of
1934, as amended. A complete copy of this document has been filed separately with the Securities and Exchange Commission. 

EXCLUSIVE CHANNEL COLLABORATION AGREEMENT 

THIS EXCLUSIVE CHANNEL COLLABORATION AGREEMENT (the
“Agreement”) is made and entered into effective as of June 9, 2015 (the “Effective Date”) by and between INTREXON CORPORATION, a Virginia corporation with
offices at 20374 Seneca Meadows Parkway, Germantown, MD 20876, U.S.A. (“Intrexon”), Intrexon Actobiotics NV, a naamloze vennootschap under Belgian law with registered offices at Technologiepark 4, 9052 Zwijnaarde (CBE no.
0882.251.820 (Ghent), Belgium (“Actobiotics”), and ORAGENICS, INC., a Florida corporation having its principal place of business at 4902 Eisenhower Boulevard, Suite 125, Tampa, FL 33634, U.S.A.
(“Oragenics”). Intrexon and Actobiotics together on the one hand and Oragenics on the other hand may be referred to herein individually as a “Party”, and collectively as the “Parties.” 

RECITALS 

WHEREAS, Intrexon has expertise in and owns or controls proprietary technology relating to the
identification, design and production of genetically modified cells, DNA vectors and in vivo control of expression; 

WHEREAS, Actobiotics (formerly known as ActoGeniX NV and now legally operating under the name above), a
wholly-owned subsidiary of Intrexon, Controls proprietary technology known as AG013 and a related L. lactis expression platform; and 

WHEREAS, Oragenics now desires to become Intrexon’s exclusive channel collaborator with respect to
such technology for the purpose of developing the Program (as defined herein), and Intrexon is willing to appoint Oragenics as a channel collaborator in such field under the terms and conditions of this Agreement. 

NOW THEREFORE, in consideration of the foregoing and the covenants and promises contained
herein, the Parties agree as follows: 
 ARTICLE 1 

DEFINITIONS 

As used in this Agreement, the following capitalized terms shall have the following meanings: 

1.1 “Actobiotics IP” means all Information, Patents, and proprietary biological materials that (a) are Controlled
by Actobiotics as of the Effective Date or during the Term and (b) are reasonably required or useful for Oragenics to conduct the Program. For the avoidance of doubt, the Actobiotics IP shall include the AG013 Regulatory Rights, and any
Information, Patents, and proprietary biological materials relating to AG013 and to other L. lactis strains under development that express human Trefoil Factor. 

 CONFIDENTIAL TREATMENT REQUESTED BY ORAGENICS, INC. 

Portions herein identified by [*****] have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities Exchange Act of
1934, as amended. A complete copy of this document has been filed separately with the Securities and Exchange Commission. 
  

 1.2 “Affiliate” means, with respect to a particular Party, any other
person or entity that directly or indirectly controls, is controlled by, or is in common control with such Party. As used in this Section 1.2, the term “controls” (with correlative meanings for the terms “controlled by” and
“under common control with”) means the ownership, directly or indirectly, fifty percent (50%) or more of the voting securities or other ownership interest of an entity, or the possession, directly or indirectly, of the power to direct
the management or policies of an entity, whether through the ownership of voting securities, by contract, or otherwise. Notwithstanding the foregoing, Third Security shall be deemed not to be an Affiliate of Intrexon or Oragenics, and neither Party
shall be deemed to be an Affiliate of the other Party. In addition, any other person, corporation, partnership, or other entity that would be an Affiliate of a Intrexon or Oragenics solely because it and Intrexon are under common control by Randal
J. Kirk or by investment funds managed by Third Security or an affiliate of Third Security shall also be deemed not to be an Affiliate of Intrexon or Oragenics. Further notwithstanding the foregoing, none of the KFLP Group shall be deemed to be an
Affiliate of Oragenics, and any person, corporation, partnership, or other entity that would otherwise be an Affiliate of Oragenics solely because it and Oragenics are under common control by a member of the KFLP Group shall not be deemed to be an
Affiliate of Oragenics. 
 1.3 “AG013” shall mean the existing drug product candidate as described in
Investigational New Drug application number 13995 filed with the FDA and under clinical development as of the Effective Date comprising genetically modified L. lactis that expresses a human Trefoil Factor and that is indicated for the
treatment of oral mucositis, which regulatory application, corresponding drug product candidate and intellectual property rights are owned by Actobiotics and licensed to Oragenics in accord with the terms and conditions of this Agreement. 

1.4 “AG013 Regulatory Rights” means all Information Controlled by Actobiotics (or otherwise by Intrexon) and existing
as of the Effective Date relating to the regulatory approval of AG013, including regulatory filings, data, clinical trial reports, and rights thereunder. 

1.5 “Applicable Laws” has the meaning set forth in Section 8.2(d)(xii). 

1.6 “Approval Milestone Event” means the first to occur for a particular Oragenics Product of (i) the First
Commercial Sale of such Oragenics Product anywhere in the Territory, or (ii) the ninetieth (90th) day after the approval of an FDA New Product Application for such Oragenics Product by
the FDA or equivalent regulatory action in a foreign jurisdiction. 
 1.7 “Authorizations” has the meaning set forth
in Section 8.2(d)(xii). 
 1.8 “CC” has the meaning set forth in Section 2.2(b). 

1.9 “Channel-Related Program IP” has the meaning set forth in Section 6.1(c). 

  
 2 

 CONFIDENTIAL TREATMENT REQUESTED BY ORAGENICS, INC. 

Portions herein identified by [*****] have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities Exchange Act of
1934, as amended. A complete copy of this document has been filed separately with the Securities and Exchange Commission. 
  

 1.10 “Claims” has the meaning set forth in Section 9.1. 

1.11 “CMCC” has the meaning set forth in Section 2.2(b). 

1.12 “Committees” has the meaning set forth in Section 2.2(a). 

1.13 “Commercialize” or “Commercialization” means any activities directed to marketing, promoting,
distributing, importing for sale, offering to sell and/or selling Oragenics Products. 
 1.14 “Commercialization Milestone
Event” means any one of the Phase II Milestone Event, the Phase IIb/III Milestone Event, the Regulatory Approval Application Milestone Event, the Approval Milestone Event, the New Indication Milestone Event, and the New Product Milestone
Event. 
 1.15 “Commercial Sale” means for a given product and country the sale for value of that product by a Party
(or, as the case may be, by an Affiliate or permitted sublicensee of a Party), to a Third Party after regulatory approval (if necessary) has been obtained for such product in such country. 

1.16 “Company Sale” means the sale of Oragenics, whether in a single transaction or in a series of related
transactions that are consummated contemporaneously (or consummated pursuant to contemporaneous agreements), to one or more Third Parties on an arm’s length basis, pursuant to which such Third Party or Third Parties acquires (i) (whether
by merger, consolidation, sale or transfer of capital stock, recapitalization, or otherwise) more than fifty percent (50%) of Oragenics’ common stock other than a Reverse Merger, or (ii) all or substantially all of the assets of
Oragenics determined on a consolidated basis. 
 1.17 “Complementary In-Licensed Third Party IP” has the meaning set forth
in Section 3.8(a). 
 1.18 “Confidential Information” means each Party’s confidential Information,
inventions, non-public know-how or non-public data disclosed pursuant to this Agreement or any other confidentiality agreement between the Parties and shall include, without limitation, manufacturing, technical, marketing, financial, personnel and
other business information and plans, whether in oral, written, graphic or electronic form. 
 1.19 “Control” means,
with respect to Information, a Patent or other intellectual property right, that a Party owns or has a license from a Third Party to such right and has the ability to grant a license or sublicense as provided for in this Agreement under such right
without violating the terms of any agreement or other arrangement with any Third Party. 
 1.20 “CRC” has the
meaning set forth in Section 2.2(b). 

  
 3 

 CONFIDENTIAL TREATMENT REQUESTED BY ORAGENICS, INC. 

Portions herein identified by [*****] have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities Exchange Act of
1934, as amended. A complete copy of this document has been filed separately with the Securities and Exchange Commission. 
  

 1.21 “Diligent Efforts” means, with respect to a Party’s
obligation under this Agreement, the level of efforts and resources reasonably required to diligently develop, manufacture, and/or Commercialize (as applicable) each Oragenics Product in a sustained manner, consistent with the efforts and resources
a similarly situated company working in the Field would typically devote to a product of similar market potential, profit potential, strategic value and/or proprietary protection, based on market conditions then prevailing. With respect to a
particular task or obligation, Diligent Efforts requires that the applicable Party promptly assign responsibility for such task and consistently make and implement decisions and allocate resources designed to advance progress with respect to such
task or obligation. 
 1.22 “Equity Agreement” has the meaning set forth in Section 5.1. 

1.23 “Excess Product Liability Costs” has the meaning set forth in Section 9.3. 

1.24 “Executive Officer” means: (i) the Chief Executive Officer of the applicable Party, or (2) another
senior executive officer of such Party who has been duly appointed by the Chief Executive Officer to act as the representative of the Party to resolve, as the case may be, (a) a Committee dispute, provided that such appointed officer is not a
member of the applicable Committee and occupies a position senior to the positions occupied by the applicable Party’s members of the applicable Committee, or (b) a dispute described in Section 11.1. 

1.25 “FDA” has the meaning set forth in Section 8.2(d)(xiii). 

1.26 “FDA New Product Application” means a “New Drug Application” or a “Biologics License
Application” (as both of such are defined according to relevant FDA guidelines and regulations establishing the mechanisms for the submission of new drug products in the United States of America for regulatory approval prior to commercial sale
and marketing), but excluding any Supplemental FDA Applications. 
 1.27 “Field” means, irrespective of whether such
requires regulatory approval, (i) the treatment of oral mucositis in humans, (ii) the administration to humans of a trefoil factor via genetically modified bacteria (including L. lactis) for the treatment of diseases and conditions
of the oral cavity, throat, and esophagus, or (iii) both of (i) and (ii). Notwithstanding the foregoing, the Field shall exclude (a) the delivery of anti-cancer effectors for the purpose of treatment or prophylaxis of cancer, and
(b) the Prior Field. For the sake of clarity, the Field does include the amelioration of symptoms or complications of cancer (as opposed to the treatment of the cancer itself), including those symptoms or complications that are side effects of
other cancer treatments, such as, for example, the delivery of AG013 to treat oral mucositis in cancer patients. 
 1.28
“Field Infringement” has the meaning set forth in Section 6.3(b). 
 1.29 “First Commercial
Sale” means, with respect to an Oragenics Product and country, the first sale to a Third Party of such Oragenics Product in such country after any necessary regulatory approvals and any necessary pricing or reimbursement approvals have been
obtained in such country. 

  
 4 

 CONFIDENTIAL TREATMENT REQUESTED BY ORAGENICS, INC. 

Portions herein identified by [*****] have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities Exchange Act of
1934, as amended. A complete copy of this document has been filed separately with the Securities and Exchange Commission. 
  

 1.30 “Fully Loaded Cost” means the direct cost of the applicable
good, product or service plus indirect charges and overheads reasonably allocable to the provision of such good, product or service in accordance with US GAAP. Subject to the approval of a project and its associated budget by the JSC, Intrexon
and/or Actobiotics will bill for its respective internal direct costs incurred through the use of annualized standard full-time equivalents; such rate shall be based upon the actual fully loaded costs of those personnel of Intrexon and its
Affiliates (including Actobiotics) directly involved in the provision of such good, product or service. Intrexon may, from time to time, adjust such full-time equivalent rate based on changes to its actual fully loaded costs and will review the
accuracy of its full-time equivalent rate at least quarterly. Intrexon and Actobiotics shall provide Oragenics with reasonable documentation indicating the basis for any direct costs (including costs charged to Intrexon and/or Actobiotics by
JSC-authorized Third Party providers), indirect charges, any allocable overhead, and any such adjustment in full-time equivalent rate. 

1.31 “Initial Financing Period” has the meaning set forth in Section 10.2(e). 

1.32 “Initial Study” means a study to be conducted under the Program to determine according to pre-set criteria the
next steps with respect to the advancement of AG013 as a clinical candidate, which study, guidelines, and criteria are described in a written plan exchanged between and approved by the Parties prior to the Effective Date. 

1.33 “In-Licensed Program IP” has the meaning set forth in Section 3.8(a). 

1.34 “Information” means information, results and data of any type whatsoever, in any tangible or intangible form
whatsoever, including without limitation, databases, inventions, practices, methods, techniques, specifications, formulations, formulae, knowledge, know-how, skill, experience, test data including pharmacological, biological, chemical, biochemical,
toxicological and clinical test data, analytical and quality control data, stability data, studies and procedures, and patent and other legal information or descriptions. 

1.35 “Infringement” has the meaning set forth in Section 6.3(a). 

1.36 “Intrexon Channel Technology” means Intrexon’s current and future technology directed towards the design,
identification, culturing, and/or production of genetically modified cells, including without limitation the technology embodied in the Intrexon Materials and the Intrexon IP, and specifically including without limitation the following of
Intrexon’s platform areas and capabilities: (1) UltraVector®, (2) DNA and RNA MOD engineering, (3) protein engineering, (4) transcription control chemistry, (5) genome engineering, (6) cell system engineering,
and (7) the Actobiotics IP. 
 1.37 “Intrexon Indemnitees” has the meaning set forth in Section 9.2. 

1.38 “Intrexon IP” means the Intrexon Patents and Intrexon Know-How. 

  
 5 

 CONFIDENTIAL TREATMENT REQUESTED BY ORAGENICS, INC. 

Portions herein identified by [*****] have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities Exchange Act of
1934, as amended. A complete copy of this document has been filed separately with the Securities and Exchange Commission. 
  

 1.39 “Intrexon Know-How” means all Information (other than Intrexon
Patents) that (a) is Controlled by Intrexon as of the Effective Date or during the Term and (b) is reasonably required or useful for Oragenics to conduct the Program. For the avoidance of doubt, the Intrexon Know-How shall include any
Information (other than Intrexon Patents) in the Channel-Related Program IP and the AG013 Regulatory Rights. 
 1.40
“Intrexon Materials” means the genetic code and associated amino acids and gene constructs, in each case that are Controlled by Intrexon, used alone or in combination and such other proprietary reagents and biological materials
including but not limited to plasmid vectors, virus stocks, cells and cell lines, antibodies, and ligand-related chemistry, in each case that are reasonably required or provided to Oragenics by or on behalf of Intrexon to conduct the Program. 

1.41 “Intrexon Patents” means all Patents that (a) are Controlled by Intrexon as of the Effective Date or during
the Term; and (b) are reasonably required or useful for Oragenics to conduct the Program. For the avoidance of doubt, the Intrexon Patents shall include any Patent in the Channel-Related Program IP. 

1.42 “Intrexon Trademarks” means those trademarks related to the Intrexon Channel Technology that are established from
time to time by Intrexon for use across its channel partnerships or collaborations. 
 1.43 “Inventions” has the
meaning set forth in Section 6.1(b). 
 1.44 “IPC” has the meaning set forth in Section 2.2(b). 

1.45 “JSC” has the meaning set forth in Section 2.2(b). 

1.46 “KFLP” means the Koski Family Limited Partnership. 

1.47 “KFLP Group” means KFLP, each of its general partners, and Beverly Koski (as sole owner of Koski Management,
Inc.). 
 1.48 “Losses” has the meaning set forth in Section 9.1. 

1.49 “Net Sales” means, with respect to any Oragenics Product, the net sales of such Oragenics Product by Oragenics,
any Affiliates of Oragenics (including without limitation net sales of Oragenics Product to a non-Affiliate sublicensee but not including net sales by such non-Affiliate sublicensee), and any Product Sublicensees as determined in accordance with
US GAAP as the gross amount invoiced on account of sales of Oragenics Product less the usual and customary discounts as determined in accordance with US GAAP. In the case of any sale for value, such as barter or counter-trade other than in an
arm’s length transaction exclusively for cash, Net Sales shall be deemed to be the net sales at which substantially similar quantities of the product are sold for cash in an arm’s length transaction in the relevant country. If Oragenics
Product is sold to any Third Party together with other products or services, the price of such 

  
 6 

 CONFIDENTIAL TREATMENT REQUESTED BY ORAGENICS, INC. 

Portions herein identified by [*****] have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities Exchange Act of
1934, as amended. A complete copy of this document has been filed separately with the Securities and Exchange Commission. 
  

 
product, solely for purposes of the calculation of Net Sales, shall be deemed to be no less than the price at which such product would be sold in a similar transaction to a third party not also
purchasing the other products or services. 
 1.50 “New Indication Milestone Event” means the filing by or on behalf
of Oragenics, or an Affiliate or permitted sublicensee of Oragenics, of a Supplemental FDA Application with the FDA (or an equivalent filing with another equivalent regulatory agency) which Supplemental FDA Application seeks approval of an
indication for use of an Oragenics Product for a use other than the current regulatory-approved indication for the respective Oragenics Product. Notwithstanding the foregoing and in order to incentivize Oragenics to pursue new indications for the
product AG013 in parallel with the existing indication (as such existing indication is described in Investigational Drug Application no. 13995) for product AG013, the New Indication Milestone Event will be deemed not to have occurred if the
filed regulatory package under the prior sentence relies upon one or more human clinical trials for the specific new indication, which clinical trial(s) were conducted simultaneously and in parallel with human clinical trials underpinning the
first-approved indication for AG013. For the avoidance of doubt and clarification purposes, any occurrence of the New Indication Milestone Event shall not also be deemed the occurrence of the New Product Milestone Event or vice versa. 

1.51 “New Product Milestone Event” means the filing by or on behalf of Oragenics, or an Affiliate or permitted
sublicensee of Oragenics, of a regulatory package with the FDA or with another equivalent regulatory agency, which regulatory package seeks approval of, or seeks permission to begin human trials in support of approval of, a subject Oragenics Product
that is deemed (according to relevant FDA guidelines) to be a different drug product than the first Oragenics Product that was clinically pursued under the Program. For purposes of the New Product Milestone Event, the subject Oragenics Product shall
be deemed to be a “different” Oragenics Product from the first Oragenics Product (and thus constitute an occurrence of the New Product Milestone Event) if regulatory approval of the subject Oragenics Product must be obtained from the FDA
under a different FDA New Product Application than the first Oragenics Product. For the avoidance of doubt and clarification purposes, any occurrence of the New Product Milestone Event shall not also be deemed the occurrence of the New Indication
Milestone Event or vice versa. 
 1.52 “Oragenics Indemnitees” has the meaning set forth in Section 9.1. 

1.53 “Oragenics Independent IP” has the meaning set forth in Section 6.1(f). 

1.54 “Oragenics Product” means any product in the Field that is created, produced, developed, or identified in whole
or in part, directly or indirectly, by or on behalf of Oragenics during the Term through use or practice of Intrexon Channel Technology, Intrexon IP, Actobiotics IP, or the Intrexon Materials. For clarity, the continued development and
Commercialization of AG013 shall be pursued under the Program as an Oragenics Product. 
 1.55 “Oragenics Program
Patent” has the meaning set forth in Section 6.2(b). 

  
 7 

 CONFIDENTIAL TREATMENT REQUESTED BY ORAGENICS, INC. 

Portions herein identified by [*****] have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities Exchange Act of
1934, as amended. A complete copy of this document has been filed separately with the Securities and Exchange Commission. 
  

 1.56 “Oragenics Termination IP” means all Patents or other
intellectual property that Oragenics or any of its Affiliates Controls as of the Effective Date or during the Term that cover, or is otherwise necessary or useful for, the development, manufacture or Commercialization of a Reverted Product or
necessary or useful for Intrexon to operate in the Field. Notwithstanding the foregoing, Oragenics Termination IP shall not include Oragenics Independent IP. 

1.57 “Patents” means (a) all patents and patent applications (including provisional applications), (b) any
substitutions, divisions, continuations, continuations-in-part, reissues, renewals, registrations, requests for continued examination, confirmations, re-examinations, extensions, supplementary protection certificates and the like of the foregoing,
and (c) any foreign or international equivalents of any of the foregoing. 
 1.58 “Phase II Milestone Event”
means the first dosing of a patient by or on behalf of Oragenics, or an Affiliate or permitted sublicensee of Oragenics, in a phase II clinical trial (as such is defined by relevant FDA guidelines) for a given Oragenics Product, irrespective of
whether such occurs in the United States of America under the jurisdiction of the FDA or elsewhere under the jurisdiction of a foreign regulatory agency. 

1.59 “Phase IIb/III Milestone Event” means the first to occur for a particular Oragenics Product of (i) the
meeting of the primary endpoint by or on behalf of Oragenics, or an Affiliate or permitted sublicensee of Oragenics, in a phase IIb clinical trial (as such is defined by relevant FDA guidelines wherein the subject clinical trial endpoints are
designed to be sufficient for regulatory approval of the clinical product without a subsequent clinical phase III trial) for a given Oragenics Product, irrespective of whether such occurs in the United States of America under the jurisdiction of the
FDA or elsewhere under the jurisdiction of a foreign regulatory agency, or (ii) the meeting of the primary endpoint by or on behalf of Oragenics, or an Affiliate or permitted sublicensee of Oragenics, in a phase III clinical trial (as such is
defined by relevant FDA guidelines) for a given Oragenics Product, irrespective of whether such occurs in the United States of America under the jurisdiction of the FDA or elsewhere under the jurisdiction of a foreign regulatory agency. 

1.60 “Prior Field” means the “Field” as recited and defined in Section 1.24 of the prior
“Exclusive Channel Collaboration Agreement” dated September 30, 2013 and previously executed by and between Intrexon and Oragenics. For clarity, the use of “Field” in the prior sentence does not have the meaning ascribed in
Section 1.27 of this Agreement. 
 1.61 “Product-Specific Program Patent” means any issued Intrexon Patent
where all the claims are directed to Inventions that relate solely and specifically to Oragenics Products. In the event of a disagreement between the Parties as to whether a particular Intrexon Patent is or is not a Product-Specific Program Patent,
the Parties shall seek to resolve the issue through discussions at the IPC, provided that if the Parties are unable to resolve the disagreement, the issue shall be submitted to arbitration pursuant to Section 11.2. Any Intrexon Patent that is
subject to such a dispute shall be deemed not to be a Product-Specific Program Patent unless and 

  
 8 

 CONFIDENTIAL TREATMENT REQUESTED BY ORAGENICS, INC. 

Portions herein identified by [*****] have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities Exchange Act of
1934, as amended. A complete copy of this document has been filed separately with the Securities and Exchange Commission. 
  

 
until (a) Intrexon agrees in writing that such Patent is a Product-Specific Program Patent or (b) an arbitrator or arbitration panel determines, pursuant to Article 11, that such
Intrexon Patent is a Product-Specific Program Patent. 
 1.62 “Product Sublicense” has the meaning set forth in
Section 3.2(c). 
 1.63 “Product Sublicensee” has the meaning set forth in Section 3.2(c). 

1.64 “Program” has the meaning set forth in Section 2.1(a). 

1.65 “Proposed Terms” has the meaning set forth in Section 11.2. 

1.66 “Prosecuting Party” has the meaning set forth in Section 6.2(c). 

1.67 “Recovery” has the meaning set forth in Section 6.3(f). 

1.68 “Regulatory Approval Application Milestone Event” means for a given Oragenics Product, the first to occur of
(a) the filing by Oragenics, an Affiliate thereof, or a permitted sublicensee thereof, of an FDA New Product Application with the FDA seeking approval of such Oragenics Product, or (b) the filing of an equivalent approval or marketing
application for such Oragenics Product with an equivalent regulatory authority in a foreign jurisdiction. 
 1.69 “Retained
Product” has the meaning set forth in Section 10.4(a). 
 1.70 “Reverse Merger” means the sale of
Oragenics, whether in a single transaction or in a series of related transactions that are consummated contemporaneously (or consummated pursuant to contemporaneous agreements), to one or more Third Parties on an arm’s length basis, pursuant to
which such Third Party or Third Parties acquire(s) via merger more than fifty percent (50%) of Oragenics’ common stock in a form of transaction wherein Oragenics is the surviving entity. 

1.71 “Reverted Product” has the meaning set forth in Section 10.4(c). 

1.72 “SEC” means the United States Securities and Exchange Commission. 

1.73 “Sublicensing Revenue” means any cash consideration, or the cash equivalent value of non-cash consideration,
regardless of whether in the form of upfront payments, milestones, or royalties, actually received by Oragenics or its Affiliate from a Third Party in consideration for a grant of a sublicense under the Intrexon IP or any rights to develop or
Commercialize Oragenics Products, but excluding: (a) any amounts paid as bona fide reimbursement for research and development costs to the extent incurred following such grant; (b) bona fide loans or any payments in consideration for a
grant of equity of Oragenics to the extent that such consideration is equal to or less than fair market value (i.e. any amounts in excess of fair market value shall be Sublicensing Revenue); (c) any amounts paid by Oragenics

  
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Portions herein identified by [*****] have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities Exchange Act of
1934, as amended. A complete copy of this document has been filed separately with the Securities and Exchange Commission. 
  

 
to a Third Party for the right to operate under or utilize Third Party owned intellectual property that is used to make or use an Oragenics Product underlying the Sublicensing Revenue,
(d) subject to the waiver provisions of Section 5.2(c), any payments received by Oragenics from permitted sublicensees for the achievement of a Commercialization Milestone Event that is the same as (or substantially similar to) a
Commercialization Milestone Event for which Intrexon is entitled to receive an equity-based milestone payment under Section 5.2(a), and (e) amounts received from sublicensees in respect of any Oragenics Product sales that are included in
Net Sales and for which Intrexon receives revenue sharing payments under Section 5.4(a). For clarity, Sublicensing Revenue includes milestone payments for Oragenics Products received by Oragenics from a sublicensee of Oragenics (including a
Product Sublicensee) for (i) the achievement by the Oragenics sublicensee of any milestone event that is not the same as, or substantially similar to, a Commercialization Milestone Event, (ii) the achievement by the Oragenics sublicensee
of the second or subsequent occurrence of the same (or substantially similar) Commercialization Milestone Event, irrespective of whether the first occurrence of the Commercialization Milestone Event in question was achieved by Oragenics, or its
Affiliate or a sublicensee, and (iii) the achievement by a permitted sublicensee of Oragenics of the first occurrence of the same (or substantially similar) Commercialization Milestone Event where Intrexon elects to share such milestone payment
as Sublicensing Revenue in accord with Section 5.2(c). 
 1.74 “Sublicensing Revenue Rate” means a percentage
of Sublicensing Revenue applicable to a proposed sublicense by Oragenics as follows: (a) with respect to any sublicense of an AG013 Oragenics Product (including new indications thereof), any revenues Oragenics receives from a Product
Sublicensee under a Product Sublicense that are not a percentage of Product Sublicensee’s Net Sales of Oragenics Products, and any amounts recovered under Section 6.3(f), the Sublicensing Revenue Rate shall be fifty percent (50%); and
(b) with respect to any other sublicense, the Sublicensing Revenue Rate shall be determined in accordance with Section 3.2. 

1.75 “Superior Therapy” means a therapy in the Field that, based on the data then available, (a) demonstrably
appears to offer either superior efficacy or safety or significantly lower cost of therapy, as compared with both (i) those therapies that are marketed (either by Oragenics or others) at such time for the indication and (ii) those
therapies that are being actively developed by Oragenics for such indication; (b) demonstrably appears to represent a substantial improvement over such existing therapies; and (c) has intellectual property protection and a regulatory
approval pathway that, in each case, would not present a significant barrier to commercial development. 
 1.76 “Supplemental
FDA Application” means a “Supplemental New Drug Application” or a “Supplemental Biologics License Application” (as both of such are defined according to relevant FDA guidelines and regulations establishing the mechanisms
for the submission of data in support of the FDA granting approval for new, amended, and/or expanded label indications for a prior-approved drug product in the United States of America). 

  
 10 

 CONFIDENTIAL TREATMENT REQUESTED BY ORAGENICS, INC. 

Portions herein identified by [*****] have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities Exchange Act of
1934, as amended. A complete copy of this document has been filed separately with the Securities and Exchange Commission. 
  

 1.77 “Supplemental In-Licensed Third Party IP” has the meaning set
forth in Section 3.8(a). 
 1.78 “Support Memorandum” has the meaning set forth in Section 11.2. 

1.79 “Technology Access Fee” has the meaning set forth in Section 5.1. 

1.80 “Term” has the meaning set forth in Section 10.1. 

1.81 “Territory” means the entire world. 

1.82 “Third Party” means any individual or entity other than the Parties or their respective Affiliates. 

1.83 “Third Security” means Third Security, LLC. 

1.84 “US GAAP” means generally accepted accounting principles in the United States. 

1.85 “Work Plan” has the meaning set forth in Section 2.1(c). 

ARTICLE 2 

SCOPE OF CHANNEL COLLABORATION; MANAGEMENT 

2.1 Direction of the Program. 

(a) Generally. The general purpose of the channel collaboration described in this Agreement will be to use the Intrexon Channel
Technology to research, develop and Commercialize products for use in the Field, including the continued development and Commercialization of AG013 (collectively, the “Program”). As provided below, the JSC shall establish, monitor,
and govern projects for the Program. Either Party may propose other potential projects in the Field for review and consideration by the JSC. 

(b) Advancement of AG013; the Initial Study. The Parties have concluded that the Program would benefit from the Initial Study being
conducted before further other clinical activity is pursued for AG013, and, as such, have agreed that the Initial Study shall be conducted by Intrexon and/or Actobiotics under Section 4.7 immediately following the Effective Date. Exhibit
A contains a general description of the Initial Study, and Intrexon shall supply to Oragenics a complete study plan, in agreement with the parameters (including timing, budget, data evaluation criteria, and resulting implications with respect to
subsequent AG013 clinical activity) set forth in Exhibit A, for the Initial Study prior to commencement of the study. Following the completion of the Initial Study, the JSC will promptly meet and review the data produced under the Initial
Study and apply the criteria set forth in Exhibit A, with the purpose of determining the immediate clinical path forward for AG013 under the Program. 

  
 11 

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Portions herein identified by [*****] have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities Exchange Act of
1934, as amended. A complete copy of this document has been filed separately with the Securities and Exchange Commission. 
  

 (c) Management via Work Plan. The Parties shall mutually draft and finalize at the
JSC, within thirty (30) days following completion of the Initial Study an initial version of a Program-wide work plan describing the development of Oragenics Products, including advancement of AG013 as an Oragenics Product, in the Field
(“Work Plan”), which Work Plan shall be adopted by the JSC. The Work Plan shall serve as a basis for the operation of the Program on a going-forward basis, and may be modified by the JSC subject to the rest of this Article 2,
including to introduce parallel research projects for the collaborative pursuit of new indications for AG013 and/or of new Oragenics Products in the Field. Notwithstanding the foregoing, the Parties (i) agree to conduct the Initial Study under
the Program beginning immediately after the Effective Date, and (ii) commit to have the JSC meet regularly prior to the finalization of the Work Plan in order to conduct and monitor, and to review the results of, the Initial Study in accord
with Section 2.1(b) above and to discuss other issues of relevance to the Program. 
 2.2 Committees. 

(a) Generally. The Parties desire to establish several committees (collectively, “Committees”) to oversee the Program
and to facilitate communications between the Parties with respect thereto. Each of such Committees shall have the responsibilities and authority allocated to it in this Article 2. Each of the Committees shall have the obligation to exercise its
authority consistent with the respective purpose for such Committee as stated herein and any such decisions shall be made in good faith. 

(b) Formation and Purpose. Promptly following the Effective Date, the Parties shall confer and then create the JSC and the IPC, and,
optionally, create one or more of the other Committees listed in the chart below. Each Committee shall have the purpose indicated in the chart. To the extent that after conferring both Parties agree to not create a Committee (other than the JSC and
the IPC), the creation of such Committee shall be deferred until one Party informs the other Party of its then desire to create the so-deferred Committee, at which point the Parties will thereafter promptly create the so-deferred Committee and
promptly schedule a meeting of such Committee within a reasonable time. 
  

			
	 Committee
	  	 Purpose

	Joint Steering Committee (“JSC”)	  	Establish projects for the Program and establish the priorities, as well as approve budgets for such projects. Approve all subcommittee projects and plans.
		
	Chemistry, Manufacturing and Controls Committee (“CMCC”)	  	Establish project plans and review and approve activities and budgets for chemistry, manufacturing, and controls under the Program.

  
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Portions herein identified by [*****] have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities Exchange Act of
1934, as amended. A complete copy of this document has been filed separately with the Securities and Exchange Commission. 
  

			
	 Committee
	  	 Purpose

	Clinical/Regulatory Committee (“CRC”)	  	Review and approve all research and development plans and projects, including clinical projects, associated with any necessary regulatory approvals, all associated publications, and all regulatory filings and correspondence relating
to gaining regulatory approval under the Program; and review and approve itemized budgets with respect to the foregoing.
		
	Commercialization Committee (“CC”)	  	Establish project plans and review and approve activities and budgets for Commercialization activities under the Program.
		
	Intellectual Property Committee (“IPC”)	  	Evaluate intellectual property issues in connection with the Program; review and approve itemized budgets with respect to the foregoing.

 2.3 General Committee Membership and Procedure. 

(a) Membership. For each Committee, each Party shall designate an equal number of representatives (not to exceed four (4) for each
Party) with appropriate expertise to serve as members of such Committee. For the JSC the representatives must all be employees of such Party or an Affiliate of such Party, and for Committees other than the JSC the representatives must all be
employees of such Party or an Affiliate of such Party with the caveat that each Party may designate for each such other Committee up to one (1) representative who is not an employee if: (i) such non-employee representative agrees in
writing to be bound to the terms of this Agreement for the treatment and ownership of Confidential Information and Inventions of the Parties, and (ii) the other Party consents to the designation of such non-employee representative, which
consent shall not be unreasonably withheld. Each representative as qualified above may serve on more than one (1) Committee as appropriate in view of the individual’s expertise. Each Party may replace its Committee representatives at any
time upon written notice to the other Party. Each Committee shall have a chairperson; the chairperson of each committee shall serve for a two-year term and the right to designate which representative to the Committee will act as chairperson shall
alternate between the Parties, with Oragenics selecting the chairperson first for the JSC, CRC and CC, and Intrexon selecting the chairperson first for the CMCC and IPC. The chairperson of each Committee shall be responsible for calling meetings,
preparing and circulating an agenda in advance of each meeting of such Committee, and preparing and issuing minutes of each meeting within fifteen (15) days thereafter. 

  
 13 

 CONFIDENTIAL TREATMENT REQUESTED BY ORAGENICS, INC. 

Portions herein identified by [*****] have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities Exchange Act of
1934, as amended. A complete copy of this document has been filed separately with the Securities and Exchange Commission. 
  

 (b) Meetings. Each Committee shall hold meetings at such times as it elects to do so,
but in no event shall such meetings be held less frequently than once every six (6) months, with the caveat that both Parties may agree to suspend activities of a given Committee other than the JSC until such time as one Party informs the other
Party of its then desire to reactivate the so-suspended Committee, at which point the Parties will thereafter schedule and hold the next meeting for the reactivated Committee within one (1) month. Meetings of any Committee may be held in person
or by means of telecommunication (telephone, video, or web conferences). To the extent that a Committee holds any meetings in person, the Parties will alternate in designating the location for such in-person meetings, with Oragenics selecting the
first meeting location for each Committee. A reasonable number of additional representatives of a Party may attend meetings of a Committee in a non-voting capacity. Each Party shall be responsible for all of its own expenses of participating in any
Committee excepting that an Intrexon employee or agent serving on a Committee shall not prevent Intrexon from recouping the Fully Loaded Costs otherwise derived from the labor of that employee or agent in the course of providing manufacturing or
support services as set forth in Sections 4.6 and 4.7 below. 
 (c) Meeting Agendas. Each Party will disclose to the other proposed
agenda items along with appropriate information at least three (3) business days in advance of each meeting of the applicable Committee; provided, that a Party may provide its agenda items to the other Party within a lesser period of time in
advance of the meeting, or may propose that there not be a specific agenda for a particular meeting, so long as such other Party consents to such later addition of such agenda items or the absence of a specific agenda for such Committee meeting.

 (d) Limitations of Committee Powers. Each Committee shall have only such powers as are specifically delegated to it hereunder or
from time to time as agreed to in writing by the mutual consent of the Parties and shall not be a substitute for the rights of the Parties. Without limiting the generality of the foregoing, no Committee shall have any power to amend this Agreement.
Any amendment to the terms and conditions of this Agreement shall be implemented pursuant to Section 12.7 below. Additionally, no member of any Committee shall be able to vote in such Committee and thereby bind its respective Party on any
material matter except as otherwise properly authorized, approved, or delegated by such Party in accord with Section 2.5. 
 2.4
Committee Decision-Making. If a Committee is unable to reach unanimous consent on a particular matter within thirty (30) days of its initial consideration of such matter, then either Party may provide written notice of such dispute to the
Executive Officer of the other Party. The Executive Officers of each of the Parties will meet at least once in person or by means of telecommunication (telephone, video, or web conferences) to discuss the dispute and use their good faith efforts to
resolve the dispute within thirty (30) days after submission of such dispute to the Executive Officers. If any such dispute is not resolved by the Executive Officers within thirty (30) days after submission of such dispute to such
officers, then the Executive Officer of the Party specified in the applicable subsection below shall have the authority to finally resolve such dispute acting in good faith. 

(a) Casting Vote at JSC. If a dispute at the JSC is not resolved pursuant to Section 2.4 above, then the Executive Officer of
Oragenics shall have the authority to finally resolve such dispute. 

  
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Portions herein identified by [*****] have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities Exchange Act of
1934, as amended. A complete copy of this document has been filed separately with the Securities and Exchange Commission. 
  

 (b) Casting Vote at CMCC. If a dispute at the CMCC is not resolved pursuant to
Section 2.4 above, then (i) in the case of any disputes relating to the Intrexon Materials, the manufacture of an Oragenics Product active pharmaceutical ingredient, or the manufacturing of other components of Oragenics Products contracted
for or manufactured by Intrexon, the Executive Officer of Intrexon shall have the authority to finally resolve such dispute; and (ii) in the case of any other disputes, the Executive Officer of Oragenics shall have the authority to finally
resolve such dispute. 
 (c) Casting Vote at CRC. If a dispute at the CRC is not resolved pursuant to Section 2.4 above, then
the Executive Officer of Oragenics shall have the authority to finally resolve such dispute. 
 (d) Casting Vote at CC. If a dispute
at the CC is not resolved pursuant to Section 2.4 above, then the Executive Officer of Oragenics shall have the authority to finally resolve such dispute. 

(e) Casting Vote at IPC. If a dispute at the IPC is not resolved pursuant to Section 2.4 above, then the Executive Officer of
Intrexon shall have the authority to finally resolve such dispute, provided that such authority shall be shared by the Parties with respect to Product-Specific Program Patents (i.e., neither Party shall have the casting vote on such matters, and any
such disputes shall be resolved pursuant to Article 11). 
 (f) Other Committees. If any additional Committee other than those set
forth in Section 2.2(b) is formed, then the Parties shall, at the time of such formation, agree on which Party shall have the authority to finally resolve a dispute that is not resolved pursuant to Section 2.4 above. 

(g) Restrictions. Neither Party shall exercise its right to finally resolve a dispute at a Committee in accordance with this
Section 2.4 in a manner that (i) excuses such Party from any of its obligations specifically enumerated under this Agreement; (ii) expands the obligations of the other Party under this Agreement; (iii) negates any consent rights
or other rights specifically allocated to the other Party under this Agreement; (iv) purports to resolve any dispute involving the breach or alleged breach of this Agreement; (v) resolves a matter if the provisions of this Agreement
specify that mutual agreement is required for such matter; or (vi) would require the other Party to perform any act that is inconsistent with applicable law. 

2.5 Authorization of Committee Representatives. Each representative serving on a Committee shall be responsible for ensuring that he or
she acts only as duly authorized by its respective Party and obtains any advance approvals, delegations, or other authorizations from his or her respective Party in advance of making any Committee votes. Any Committee representative shall only be
able to bind its respective appointing Party via any Committee vote 

  
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1934, as amended. A complete copy of this document has been filed separately with the Securities and Exchange Commission. 
  

 
or other material Committee activity to the extent such vote or other activity has been previously approved by the Party, is within the authority duly delegated to the representative by the
respective Party, or is otherwise authorized by its respective Party as may be required by that Party’s corporate charter or bylaws, or by its board of directors. Any action or vote taken without valid authority shall be considered null and
void and shall be without effect unless subsequently approved by a vote in accord with this Section 2.5. 
 ARTICLE 3 

LICENSE GRANTS 

3.1 Licenses to Oragenics. 

(a) Subject to the terms and conditions of this Agreement, Intrexon and Actobiotics hereby grant to Oragenics a license under the
Intrexon IP and the Actobiotics IP to research, develop, use, import, export, make, have made, sell, and offer for sale Oragenics Products in the Field in the Territory. Such license shall be exclusive (even as to Intrexon and Actobiotics) with
respect to any clinical development, selling, offering for sale or other Commercialization of Oragenics Products in the Field, and shall be otherwise non-exclusive. 

(b) Subject to the terms and conditions of this Agreement, Intrexon and Actobiotics hereby grant to Oragenics a non-exclusive,
royalty-free license to use and display the Intrexon Trademarks and Actobiotics trademarks, solely in connection with the Commercialization of Oragenics Products, in the promotional materials, packaging, and labeling for Oragenics Products, as
provided under and in accordance with Section 4.9. 
 (c) Subject to the terms and conditions of this Agreement, Intrexon and
Actobiotics hereby grant to Oragenics an exclusive license in the Field under the AG013 Regulatory Rights, including an exclusive right in the Field to make reference to for purposes of conducting clinical trials and obtaining regulatory approval
for AG013 as an Oragenics Product. 
 3.2 Sublicensing. Except as provided in this Section 3.2, Oragenics shall not sublicense
the rights granted under Section 3.1 to any Third Party, or transfer the Intrexon Materials to any Third Party, or otherwise grant any Third Party the right to research, develop, use, or Commercialize Oragenics Products or use or display the
Intrexon Trademarks, in each case except with Intrexon’s written consent, which written consent may be withheld in Intrexon’s sole discretion. The parties shall agree, in connection with any such sublicense not covered under Sections
3.2(a) through 3.2(c) below, on the applicable Sublicensing Revenue Rate with respect to such sublicense. Notwithstanding the foregoing, Oragenics (and its Product Sublicensees only to the extent set forth in Section 3.2(a) below) shall have a
limited right to sublicense under the circumstances described in Sections 3.2(a) through 3.2(c) below. 
 (a) Oragenics may transfer,
to the extent reasonably necessary and after providing Intrexon with reasonable advance notice thereof, Intrexon Materials that are or that produce Oragenics Products to a Third Party contractor performing contract manufacturing

  
 16 

 CONFIDENTIAL TREATMENT REQUESTED BY ORAGENICS, INC. 

Portions herein identified by [*****] have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities Exchange Act of
1934, as amended. A complete copy of this document has been filed separately with the Securities and Exchange Commission. 
  

 
responsibilities for Oragenics Products, and may in connection therewith grant limited sublicenses necessary to enable such Third Party to perform such activities. If Oragenics transfers any
Intrexon Materials under this Section 3.2(a), Oragenics will remain obligated to ensure that the rights of Intrexon in and to the Intrexon Materials and Intrexon IP and under the provisions of Articles 6 and 7 of this Agreement are not violated
by any such Third Party contractor. A Product Sublicensee of Oragenics may transfer, to the extent reasonably necessary and upon the consent of Intrexon, which consent shall not be unreasonably withheld, Intrexon Materials that are or that produce
ingredients for the Oragenics Product sublicensed by the Product Sublicensee to a Third Party contractor performing on behalf of that Product Sublicensee contract manufacturing responsibilities for Oragenics Products, and may in connection therewith
grant limited sublicenses to the extent necessary to enable such Third Party to perform such activities. Oragenics will require and ensure that if any Product Sublicensee transfers any Intrexon Materials under this Section 3.2(a), that such
Product Sublicensee, after obtaining Intrexon’s consent, will take commercially reasonable steps, including contractually obligating any such Third Party contractors, to ensure that the rights of Intrexon in and to the Intrexon Materials and
Intrexon IP and under the provisions of Articles 6 and 7 of this Agreement are not violated by any Third Party contractors of such Product Sublicensees. 

(b) Oragenics may, with Intrexon’s written consent, which written consent shall not be unreasonably withheld, conditioned, or
delayed, sublicense the rights granted under Section 3.1 to an Affiliate, or transfer the Intrexon Materials to an Affiliate, or grant an Affiliate the right to use or display the Intrexon Trademarks. In the event that Intrexon consents to any
such grant or transfer to an Affiliate, Oragenics shall remain responsible for, and be guarantor of, the performance by any such Affiliate and shall cause such Affiliate to comply with the provisions of this Agreement in connection with such
performance (as though such Affiliate were Oragenics), including any payment obligations owed to Intrexon hereunder. 
 (c) Oragenics
may grant a sublicense of the rights granted under Section 3.1 (and not including a right to sublicense under this Section 3.2(c)) to a Third Party licensee of any Oragenics Product that is the subject of an effective Investigational New
Drug Application or equivalent application or investigational exemption with a foreign regulatory body (a “Product Sublicensee”) to the extent necessary to permit such Third Party to research, develop, use, import, export, make,
have made, sell, and offer for sale that Oragenics Product (a “Product Sublicense”), provided, that (i) such Product Sublicense is expressly limited to the appropriate Oragenics Product, (ii) such Product Sublicensee does
not grant the Product Sublicensee any rights to Intrexon IP other than that incorporated into the Oragenics Product at the time of the Product Sublicense, (iii) does not purport to relieve Oragenics of any of its obligations under this
Agreement, (iv) the Product Sublicensee agrees in writing, in a document in form reasonably acceptable to Intrexon and to which Intrexon is an express third party beneficiary, to abide by the following provisions of this Agreement: Sections
3.1., 3.3-3.6, 3.8, 3.10, and 3.11 and Articles 6, 7, and 10, (v) the Product Sublicense is presented in full to the JSC by Oragenics before execution by Oragenics and the prospective Product Sublicensee and as soon as is reasonably practical
for the purpose of allowing the JSC to review and comment upon the terms and scope of the Product Sublicense agreement before execution, and (vi) the Product Sublicensee is not controlled by or otherwise affiliated with a member of the KFLP
Group. 

  
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 CONFIDENTIAL TREATMENT REQUESTED BY ORAGENICS, INC. 

Portions herein identified by [*****] have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities Exchange Act of
1934, as amended. A complete copy of this document has been filed separately with the Securities and Exchange Commission. 
  

 3.3 Limitation on Sublicensees. None of the enforcement rights under the Intrexon
Patents that are granted to Oragenics pursuant to Section 6.3 shall be transferred to, or exercised by, a sublicensee except with Intrexon’s prior written consent, which may be withheld in Intrexon’s sole discretion. 

3.4 No Non-Permitted Use. Oragenics hereby covenants that it shall not, nor shall it permit any Affiliate or, if applicable,
(sub)licensee, to use or practice, directly or indirectly, any Intrexon IP, Intrexon Channel Technology, or Intrexon Materials for any purposes other than those expressly permitted by this Agreement. 

3.5 Exclusivity. Intrexon, Actobiotics and Oragenics mutually agree that, under the channel collaboration established by this
Agreement, it is intended that the Parties will be exclusive to each other in the Field. To this end, neither Intrexon, Actobiotics, nor its Affiliates shall make the Intrexon Channel Technology, Intrexon Materials or Actobiotics IP available to any
Third Party for the purpose of developing or Commercializing products in the Field, and neither Intrexon nor any Affiliate shall pursue (either by itself or with a Third Party or Affiliate) the research, development or Commercialization of any
product for purpose of sale in the Field, outside of the Program. Further, other than Oragenics’ activities within the Program, neither Oragenics nor its Affiliates shall pursue (either by itself or with a Third Party or Affiliate) the
research, development or Commercialization of any product that uses, incorporates, references in a related regulatory filing, or is produced from Intrexon Channel Technology, Intrexon Materials, or Intrexon IP for purpose of sale in the Field. 

3.6 Off Label Use. For purpose of clarity, (a) following the First Commercial Sale of an Oragenics Product, the use by direct or
indirect purchasers or other users of Oragenics Products outside the Field (i.e. “off label use”) shall not constitute a breach by Oragenics of the terms of Section 3.4 or 3.5, provided that neither Oragenics nor its Affiliate (nor
any Third Party under contract with either of them) marketed or promoted Oragenics Products for such off-label use; and (b) following the First Commercial Sale of a product by Intrexon, an Intrexon Affiliate, or a Third Party sublicensee,
collaborator, or partner of Intrexon, the use by direct or indirect purchasers or other users of such products in the Field (i.e. “off label use”) shall not constitute a breach by Intrexon of the terms of Section 3.5, provided that
neither Intrexon nor its Affiliate (nor any Third Party under contract with either of them) marketed or promoted such products for such off-label use. 

3.7 No Prohibition on Intrexon. Except as explicitly set forth in Sections 3.1 and 3.5, nothing in this Agreement shall prevent
Intrexon from practicing or using the Intrexon Materials, Intrexon Channel Technology, and Intrexon IP for any purpose, and to grant to Third Parties the right to do the same. Without limiting the generality of the foregoing, Oragenics acknowledges
that Intrexon has all rights, in Intrexon’s sole discretion, to make the Intrexon Materials, Intrexon Channel Technology (including any biological materials used in an Oragenics Product), and Intrexon IP available to Third Party channel
partners or collaborators for use in fields outside the Field. 

  
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 CONFIDENTIAL TREATMENT REQUESTED BY ORAGENICS, INC. 

Portions herein identified by [*****] have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities Exchange Act of
1934, as amended. A complete copy of this document has been filed separately with the Securities and Exchange Commission. 
  

 3.8 Rights to Clinical and Regulatory Data. With the exception of the AG013 Regulatory
Rights, Oragenics shall own and control all clinical data and regulatory filings relating to Commercialization of Oragenics Products (except to the extent such become Reverted Products). Oragenics shall provide (or shall cause any applicable Product
Sublicensee to provide) full copies of all clinical and non-clinical data and reports, regulatory filings, and communications from regulatory authorities that relate specifically and solely to Oragenics Products. To the extent that there exist any
clinical and non-clinical data and reports, regulatory filings, and communications from regulatory authorities owned by Oragenics (or a Product Sublicensee) that relate both to Oragenics Products and other products produced by Oragenics (or a
Product Sublicensee) outside the Field, Oragenics shall provide (or shall cause any applicable Product Sublicensee to provide) to Intrexon upon Intrexon’s request copies of the portions of such data, reports, filings, and communications that
relate to Oragenics Products. Subject to its ongoing obligations of exclusivity under Section 3.5, Intrexon shall be permitted, directly or in conjunction with or through partners or other channel collaborators, to reference this data, reports,
filings, and communications relating to Oragenics Products in regulatory filings made to obtain regulatory approval for products indicated for use in fields outside the Field. Intrexon shall have the right to use any such information in developing
and Commercializing products outside the Field and to license any Third Parties to do so. 
 3.9 Third Party Licenses. 

(a) [*****] shall obtain, at its sole expense, any licenses from Third Parties that are required in order to practice the Intrexon
Channel Technology in the Field where the licensed intellectual property is reasonably necessary for [*****] to conduct genetic and cell engineering and related analytic activities under JSC established plans for the Program (but excluding
intellectual property directed to any specific target genes, cells lines or genetic transformation methodologies) (“Supplemental In-Licensed Third Party IP”). Other than with respect to Supplemental In-Licensed Third Party IP,
[*****] shall be solely responsible for obtaining [*****] any licenses from Third Parties that [*****] determines, in its sole discretion, are required in order to lawfully make, use, sell, offer for sale, or import Oragenics
Products (“Complementary In-Licensed Third Party IP”). Supplemental In-Licensed Third Party IP and Complementary In-Licensed Third Party IP are collectively referred to as “In-Licensed Program IP”. 

(b) In the event that either Party desires to license from a Third Party any Supplemental In-Licensed Third Party IP or Complementary
In-Licensed Third Party IP, such Party shall so notify the other Party, and the IPC shall discuss such In-Licensed Program IP and its applicability to the Oragenics Products and to the Field. As provided above in Section 3.9(a), [*****]
shall have the sole right and responsibility to pursue a license under Supplemental In-Licensed Third Party IP, and [*****] hereby covenants that it shall not itself directly license such Supplemental In-Licensed Third Party IP at any time,
provided that [*****] may (but shall 

  
 19 

 CONFIDENTIAL TREATMENT REQUESTED BY ORAGENICS, INC. 

Portions herein identified by [*****] have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities Exchange Act of
1934, as amended. A complete copy of this document has been filed separately with the Securities and Exchange Commission. 
  

 
not be obligated to) obtain such a license directly if the Third Party owner or licensee of such Supplemental In-Licensed Third Party IP brings an infringement action against [*****] or
its Affiliates or threatens to bring such action (solely to the extent such threats would reasonably be considered to subject the Third Party owner or licensee to declaratory judgment action jurisdiction) and, after written notice to [*****]
of such action, [*****] fails to obtain a license to such Supplemental In-Licensed Third Party IP using Diligent Efforts within ninety (90) days after such notice. Following the IPC’s discussion of any Complementary In-Licensed
Third Party IP, subject to Section 3.9(c), [*****] shall have the right to pursue a license under Complementary In-Licensed Third Party IP, at [*****] sole expense. For the avoidance of doubt, [*****] may at any time obtain
a license under Complementary In-Licensed Third Party IP outside the Field, at [*****] sole expense, provided that if [*****] decides to seek to obtain such a license, it shall use reasonable efforts to coordinate its
licensing activities in this regard with [*****]. 
 (c) [*****] shall provide the proposed terms of any license under
Complementary In-Licensed Third Party IP and the final version of the definitive license agreement for any Complementary In-Licensed Third Party IP to the IPC for review and discussion prior to signing, and shall consider [*****] comments
thereto in good faith. To the extent that [*****] obtains a license under Supplemental In-Licensed Third Party IP, [*****] shall provide the final version of the definitive license agreement for such Supplemental In-Licensed Third
Party IP to the IPC. If [*****] acquires rights under any In-Licensed Program IP outside the Field, it will do so on a non-exclusive basis unless it obtains the prior written consent of [*****] for such license outside the Field to be
exclusive. Any Party that is pursuing a license to any In-Licensed Program IP with respect to the Field under this Section 3.9 shall keep the other Party reasonably informed of the status of any negotiations relating thereto. For purposes of
clarity, (i) any costs incurred by [*****] in obtaining and maintaining licenses to Supplemental In-Licensed Third Party IP shall be borne solely by [*****], and (ii) any costs incurred by [*****] in obtaining and
maintaining licenses to Complementary In-Licensed Third Party IP (and, to the limited extent provided in subsection (b), Supplemental In-Licensed Third Party IP) shall be borne solely by [*****]. 

(d) For any Third Party license under which Oragenics or its Affiliates obtain a license under Patents claiming inventions or know-how
specific to or used or incorporated into the development, manufacture, and/or Commercialization of Oragenics Products, Oragenics shall use commercially reasonable efforts to ensure that Oragenics will have the ability, pursuant to
Section 10.4(h), to assign such agreement to Intrexon or grant a sublicense to Intrexon thereunder (having the scope set forth in Section 10.4(h)). 

(e) The licenses granted to Oragenics under Section 3.1 may include sublicenses under Intrexon IP that has been licensed to
Intrexon by one or more Third Parties. Any such sublicenses are subject to the terms and conditions set forth in the applicable upstream license agreement, subject to the cost allocation set forth in Section 3.9(c), provided that
Intrexon shall either provide unredacted copies of such upstream license agreements to Oragenics or shall disclose in writing to Oragenics all of such terms and conditions that are applicable to Oragenics.

  
 20 

 CONFIDENTIAL TREATMENT REQUESTED BY ORAGENICS, INC. 

Portions herein identified by [*****] have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities Exchange Act of
1934, as amended. A complete copy of this document has been filed separately with the Securities and Exchange Commission. 
  

 
Oragenics shall not be responsible for complying with any provisions of such upstream license agreements unless, and to the extent that, such provisions have been disclosed to Oragenics as
provided in the preceding sentence. 
 (f) If either Party receives notice from a Third Party concerning activities of a Party taken
in conjunction with performance of obligations under this Agreement, which notice alleges infringement by a Party of, or offers license under, Patents or other intellectual property rights owned or controlled by that Third Party, the receiving Party
shall inform the other party thereof within five (5) business days. 
 3.10 Licenses to Intrexon. Subject to the terms and
conditions of this Agreement, Oragenics hereby grants to Intrexon a non-exclusive, worldwide, fully-paid, royalty-free license, under any applicable Patents or other intellectual property Controlled by Oragenics or its Affiliates, solely to the
extent necessary for Intrexon to conduct those responsibilities assigned to it under this Agreement, which license shall be sublicensable solely to Intrexon’s Affiliates or to any Intrexon subcontractors as permitted in accord with
Section 4.6 or as otherwise permitted to be used by Intrexon in conjunction with support services under Section 4.7 (subject to JSC research plan approval) 

3.11 Restrictions Relating to Intrexon Materials. Oragenics and its permitted sublicensees shall use the Intrexon Materials solely for
purposes of the Program and not for any other purpose without the prior written consent of Intrexon. With respect to the Intrexon Materials comprising Intrexon’s vector assembly technology, Oragenics shall not, and shall ensure that Oragenics
personnel and permitted sublicensees do not, except as otherwise expressly permitted under this Agreement, (a) distribute, sell, lend or otherwise transfer such Intrexon Materials to any Third Party; (b) co-mingle such Intrexon Materials
with any other proprietary biological or chemical materials without Intrexon’s written consent; or (c) analyze such Intrexon Materials or in any way attempt to reverse engineer or sequence such Intrexon Materials. 

ARTICLE 4 

OTHER RIGHTS AND OBLIGATIONS 

4.1 Development and Commercialization. Subject to Sections 4.6 and 4.7, Oragenics shall be solely responsible for the development and
Commercialization of Oragenics Products in the Field. Oragenics shall be responsible for all costs incurred in connection with the Program except that Intrexon shall be responsible for the following: (a) costs of establishing manufacturing
capabilities and facilities in connection with Intrexon’s manufacturing obligation under Section 4.6 (provided, however, that Intrexon may include an allocable portion of such costs, through depreciation and amortization, when calculating
the Fully Loaded Cost of manufacturing an Oragenics Product, to the extent such allocation, depreciation, and amortization is permitted by US GAAP, it being recognized that the majority of non-facilities scale-up costs cannot be capitalized and
amortized under US GAAP); (b) costs of basic research with respect to the Intrexon Channel Technology and Intrexon Materials (i.e., platform 

  
 21 

 CONFIDENTIAL TREATMENT REQUESTED BY ORAGENICS, INC. 

Portions herein identified by [*****] have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities Exchange Act of
1934, as amended. A complete copy of this document has been filed separately with the Securities and Exchange Commission. 
  

 
improvements) but, for clarity, excluding research described in Section 4.7 or research requested by the JSC for the development of an Oragenics Product (which research costs shall be
reimbursed by Oragenics); (c) [*****]; and (d) costs of filing, prosecution and maintenance of Intrexon Patents. The costs encompassed within clause (a) of the previous sentence shall include the scale-up of Intrexon Materials
for generating data for regulatory approval submissions and Commercialization of Oragenics Products undertaken pursuant to Section 4.6, which shall be at Intrexon’s cost whether it elects to conduct such efforts internally or through Third
Party contractors retained by either Intrexon or Oragenics (with Intrexon’s consent). 
 4.2 Transfer of Technology and
Information. The JSC shall develop a plan and protocol for each project and timing for the transfer of relevant data and Intrexon Materials. 

4.3 Information and Reporting. Oragenics will keep Intrexon informed about Oragenics’ efforts to develop and Commercialize
Oragenics Products, including reasonable and accurate summaries of Oragenics’ (and its Affiliates’ and, if applicable, (sub)licensees’) global development plans (as updated), including preclinical, clinical and regulatory plans,
global marketing plans (as updated), progress towards meeting the goals and milestones in such plans and explanations of any material deviations, and significant developments in the development and/or Commercialization of the Oragenics Products,
including initiation or completion of a clinical trial, submission of a United States or international regulatory filing, receipt of a response to such United States or international regulatory filing, clinical or product safety event, receipt of
regulatory approval or commercial launch, and manufacturing costs and pricing information. As set forth in Section 3.8 above, Oragenics shall also provide to Intrexon copies of all final preclinical protocols and reports, final clinical
protocols and reports, and regulatory correspondence and filings generated by Oragenics as soon as practical after they become available. Intrexon will keep Oragenics informed about Intrexon’s efforts (a) to establish manufacturing
capabilities and facilities for Oragenics Products (and Intrexon Materials relevant thereto) and otherwise perform its manufacturing responsibilities under Section 4.6 and (b) to undertake discovery-stage research for the Program with
respect to the Intrexon Channel Technology and Intrexon Materials. Unless otherwise provided herein or directed by the JSC in accord with Section 4.2 above, such disclosures by Oragenics and Intrexon will be coordinated by the JSC and made in
connection with JSC meetings at least once every six (6) months while Oragenics Products are being developed or Commercialized anywhere in the world, and shall be reflected in the minutes of such meetings. 

4.4 Regulatory Matters. At all times after the Effective Date, Oragenics shall own and maintain, at its own cost, all regulatory
filings and regulatory approvals for Oragenics Products that Oragenics is developing or Commercializing pursuant to this Agreement. As such, Oragenics shall be responsible for reporting all adverse events related to such Oragenics Products to the
appropriate regulatory authorities in the relevant countries, in accordance with the applicable laws and regulations of such countries. To the extent that Intrexon will itself develop, or in collaboration with other third parties develop, Intrexon
Materials outside of the Field, Intrexon may request that Oragenics and Intrexon establish and execute a separate safety data exchange agreement, which agreement will address and govern the timely exchange of

  
 22 

 CONFIDENTIAL TREATMENT REQUESTED BY ORAGENICS, INC. 

Portions herein identified by [*****] have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities Exchange Act of
1934, as amended. A complete copy of this document has been filed separately with the Securities and Exchange Commission. 
  

 
safety information generated by Oragenics, Intrexon, and relevant third parties with respect to specific Intrexon Materials. The decision to list or not list Patents in any regulatory filing for
an Oragenics Product (for example, as required by 21 C.F.R. § 314.53(b)), add or delete a Patent from a regulatory filing, or to otherwise identify a Patent to a third party in compliance with laws or regulations relating to regulatory
approvals (for example, in compliance with 42 U.S.C. § 262(a)(1)(A)(k) et seq.) shall be determined by Intrexon, after consultation with Oragenics, except with respect to Product Specific Program Patents, which will be mutually
determined by the Parties. 
 4.5 Diligence. 

(a) Oragenics shall use, and shall require its Product Sublicensees to use, Diligent Efforts to develop and Commercialize Oragenics
Products. 
 (b) Without limiting the generality of the foregoing, Intrexon may, from time to time, notify Oragenics that it believes
it has identified a Superior Therapy, and in such case Intrexon shall provide to Oragenics its then-available information about such therapy and reasonable written support for its conclusion that the therapy constitutes a Superior Therapy. Oragenics
shall have the following obligations with respect to such proposed Superior Therapy: (i) within sixty (60) days after such notification, Oragenics shall prepare and deliver to the JSC for review and approval a development plan detailing
how Oragenics will pursue the Superior Therapy (including a proposed budget); (ii) Oragenics shall revise the development plan as directed by the JSC; and (iii) following approval of the development plan by the JSC, Oragenics shall use
Diligent Efforts to pursue the development of the Superior Therapy under the Program in accordance with such development plan. If Oragenics fails to comply with the foregoing obligations, or if Oragenics unreasonably exercises its casting vote at
the JSC to either (x) prevent the approval of a development plan for a Superior Therapy; (y) delay such approval more than sixty (60) days after delivery of the development plan to the JSC; or (z) approve a development plan that
is insufficient in view of the nature and magnitude of the opportunity presented by the Superior Therapy, then Intrexon shall have the termination right set forth in Section 10.2(c) (subject to the limitation set forth therein). For clarity,
any dispute arising under this 4.5, including any dispute as to whether a proposed project constitutes a Superior Therapy (as with any other dispute under this Agreement) shall be subject to dispute resolution in accordance with Article 11. 

(c) The activities of Oragenics’ Affiliates and any permitted sublicensees shall be attributed to Oragenics for the purposes of
evaluating Oragenics’ fulfillment of the obligations set forth in this Section 4.5. 
 4.6 Manufacturing. Intrexon shall
have the option and, in the event it so elects, shall use Diligent Efforts, to perform any manufacturing activities in connection with the Program that relate to the Intrexon Materials, including through the use of a suitable Third Party contract
manufacturer. To the extent that Intrexon so elects, Intrexon may request that Oragenics and Intrexon establish and execute a separate manufacturing and supply agreement, which 

  
 23 

 CONFIDENTIAL TREATMENT REQUESTED BY ORAGENICS, INC. 

Portions herein identified by [*****] have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities Exchange Act of
1934, as amended. A complete copy of this document has been filed separately with the Securities and Exchange Commission. 
  

 
agreement will establish and govern the production, quality assurance, and regulatory activities associated with manufacture of Intrexon Materials. Except as provided in Section 4.1, any
manufacturing undertaken by Intrexon pursuant to the preceding sentence shall be performed in exchange for cash payments equal to Intrexon’s Fully Loaded Cost in connection with such manufacturing, on terms to be negotiated by the Parties in
good faith. In the event that Intrexon does not manufacture Intrexon Materials, bulk drug product or bulk quantities of other components of Oragenics Products, then Intrexon shall provide to Oragenics or a contract manufacturer selected by Oragenics
and approved by Intrexon all Information Controlled by Intrexon that is (a) related to the manufacturing of such Intrexon Materials, bulk drug product or bulk qualities of other components of Oragenics Products, for use in the Field and
(b) reasonably necessary to enable Oragenics or such contract manufacturer (as appropriate) for the sole purpose of manufacturing such Intrexon Materials, bulk drug product or bulk quantities of other components of Oragenics Products. The costs
and expenses incurred by Intrexon in carrying out such transfer shall be borne by Intrexon. Any manufacturing Information transferred hereunder to Oragenics or its contract manufacturer shall not be further transferred to any Third Party, including
any Product Sublicensee, or any Oragenics Affiliate without the prior written consent of Intrexon; provided, however, that Intrexon shall not unreasonably withhold such consent if necessary to permit Oragenics to switch manufacturers. 

4.7 Support Services. The study plan produced by Intrexon under Section 1.2(b) and the Work Plan shall describe tasks by which
Intrexon (by itself, through its Affiliates (including Actobiotics), or through designated Third Parties) will provide support services to Oragenics for the research and development of Oragenics Products under the Program, which tasks may be updated
or amended from time to time by the JSC. Oragenics will compensate Intrexon for such support services with cash payments equal to Intrexon’s Fully Loaded Cost in connection with such services. Additionally, from time to time, on an ongoing
basis, Oragenics shall request, or Intrexon may propose, that Intrexon (by itself, through its Affiliates (including Actobiotics), or through designated Third Parties) perform certain additional support services with respect to the Program. To the
extent that the Parties mutually agree that Intrexon (or its Affiliates (including Actobiotics) should perform such additional services, the Parties shall negotiate in good faith the terms under which services would be performed, it being understood
that Intrexon and/or Actobiotics (as appropriate) would be compensated for such services by cash payments equal to their Fully Loaded Cost in connection with such services. 

4.8 Compliance with Law. Each Party shall comply, and shall ensure that its Affiliates, (sub)licensees and Third Party contractors
comply, with all applicable laws, regulations, and guidelines applicable to the Program, including without limitation those relating to the transport, storage, and handling of Intrexon Materials and Oragenics Products. 

4.9 Trademarks and Patent Marking. To the extent permitted by applicable law and regulations, Oragenics shall, and shall ensure that
the packaging, promotional materials, and labeling for Oragenics Products, as appropriate, shall carry, in a conspicuous location, the applicable Intrexon Trademark(s), subject to Oragenics’ reasonable approval of the size, position, and
location thereof. Consistent with the U.S. patent laws, Oragenics shall ensure that 

  
 24 

 CONFIDENTIAL TREATMENT REQUESTED BY ORAGENICS, INC. 

Portions herein identified by [*****] have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities Exchange Act of
1934, as amended. A complete copy of this document has been filed separately with the Securities and Exchange Commission. 
  

 
Oragenics Products, or their respective packaging or accompanying literature as appropriate, bear applicable and appropriate patent markings for Intrexon Patent numbers. Oragenics shall provide
Intrexon with copies of any materials containing the Intrexon Trademarks or patent markings prior to using or disseminating such materials, in order to obtain Intrexon’s approval thereof. Oragenics’ use of the Intrexon Trademarks and
patent markings shall be subject to prior review and approval of the IPC. Oragenics acknowledges Intrexon’s sole ownership of the Intrexon Trademarks and agrees not to take any action inconsistent with such ownership. Oragenics covenants that
it shall not use any trademark confusingly similar to any Intrexon Trademarks in connection with any products (including any Oragenics Product). From time to time during the Term, Intrexon shall have the right to obtain from Oragenics samples of
Oragenics Product sold by Oragenics or its Affiliates or sublicensees, or other items which reflect public uses of the Intrexon Trademarks or patent markings, for the purpose of inspecting the quality of such Oragenics Products, the use of the
Intrexon Trademarks, or the accuracy of the patent markings. In the event that Intrexon inspects under this Section 4.9, Intrexon shall notify the result of such inspection to Oragenics in writing thereafter. Oragenics shall comply with
reasonable policies provided by Intrexon from time-to-time to maintain the goodwill and value of the Intrexon Trademarks. 
 4.10
Reporting Compliance. During the Term, in the event that Intrexon notifies Oragenics that Intrexon has reasonably concluded, after consultation with its outside advisors, that Intrexon will be required to consolidate Oragenics’ financial
statements with its own or otherwise incorporate summary financial information of Oragenics in one of or more of Intrexon’s financial reports and filings as required by US GAAP or SEC requirements, Oragenics shall comply with the
additional obligations set forth below in this Section 4.10. 
 (a) Oragenics shall keep its books and records consistent with
US GAAP. 
 (b) Oragenics shall provide to Intrexon a complete set of draft basic financial statements and a draft of Oragenics’
Form 10-Q within twenty-eight (28) days after the end of the calendar quarter. Such financial statements may be unaudited and should be prepared in accordance with SEC and US GAAP requirements. Additionally, if not otherwise disclosed in
any such draft Form 10-Q of Oragenics, Oragenics shall provide Intrexon with its anticipated cash dry date concurrent with providing the draft Form 10-Q. 

(c) Oragenics shall provide to Intrexon a complete set of draft audited financial statements, including accompanying footnotes, as of
and for the end of each fiscal year and a draft of Oragenics’ Form 10-K within sixty (60) days after the end of such fiscal year. Such financial statements must be prepared in accordance with SEC and US GAAP requirements.
Additionally, if not otherwise disclosed in any such Form 10-K of Oragenics, Oragenics shall provide Intrexon with its anticipated cash dry date concurrent with providing the draft Form 10-K. 

(d) Oragenics shall communicate in writing as soon as practical to Intrexon any material weaknesses or significant deficiencies in
internal accounting controls as well as context regarding the cause and planned disposition of such material weakness or significant deficiencies. 

  
 25 

 CONFIDENTIAL TREATMENT REQUESTED BY ORAGENICS, INC. 

Portions herein identified by [*****] have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities Exchange Act of
1934, as amended. A complete copy of this document has been filed separately with the Securities and Exchange Commission. 
  

 (e) Oragenics shall communicate in writing as soon as practical to Intrexon any
adverse event which may result in a material adjustment to the carrying value of Intrexon’s holdings in Oragenics securities. 
 (f)
Oragenics shall provide to Intrexon, within a reasonable time frame, any other items related to Oragenics operations that may be reasonably requested by Intrexon to meet its compliance requirements under applicable laws and regulations,
including filing requirements with the SEC and any other regulators. 
 (g) Oragenics shall work with its external auditors to cause
any necessary auditor consents or other items needed from such external auditors to be provided timely to Intrexon in order for Intrexon to meet any SEC filing requirements or other compliance requirements under applicable laws and regulations. 

4.11 Modification of Deadlines. The parties agree that the delivery deadlines in Section 4.10 will be modified to the extent
necessary to ensure that such deliverables are provided by Oragenics in a reasonable time frame prior to the date necessary for Intrexon to meet any disclosure obligation under rules or regulations to which Intrexon may be or become subject from
time to time. Intrexon will provide Oragenics with notice as promptly as practicable regarding any changes in Intrexon’s disclosure obligations that would require a change in delivery deadlines or cure periods per this Section 4.11. 

4.12 Transfer of Information. Promptly following the Effective Date and in order to support timely adoption of the Work Plan by the
JSC, Intrexon shall promptly provide to Oragenics copies of relevant data, regulatory approvals and regulatory filings that relate to the development and clinical testing of AG013. Thereafter, as additional projects are included in the Program, the
JSC shall develop a plan and protocol for each such project relating to the transfer of relevant data and Intrexon Materials. 
 ARTICLE 5

 COMPENSATION 

5.1 Technology Access Fee. In partial consideration for Oragenics’ appointment as an exclusive channel collaborator in the Field
and the other rights granted to Oragenics hereunder, contemporaneously with the execution of this Agreement Oragenics shall deliver to Intrexon a note in the amount of five million United States dollars ($5,000,000) (the “Technology Access
Fee”) to Intrexon, all in accordance with the terms and conditions of that certain Stock Issuance Agreement of even date herewith (the “Equity Agreement”). Provided that all closing conditions for the full payment of the
fee under this Section 5.1 to Intrexon as set forth in the Equity Agreement that are within the reasonable control of Intrexon have been satisfied or waived, the full payment to Intrexon of the Technology Access Fee (including the final
issuance of any shares by Oragenics as payment therefor per the terms and conditions set forth in the Equity Agreement) is a condition subsequent to the effectiveness of this Agreement. 

  
 26 

 CONFIDENTIAL TREATMENT REQUESTED BY ORAGENICS, INC. 

Portions herein identified by [*****] have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities Exchange Act of
1934, as amended. A complete copy of this document has been filed separately with the Securities and Exchange Commission. 
  

 5.2 Milestones. 

(a) Oragenics Commercialization Milestones. Upon the attainment of certain Commercialization Milestone Events by an Oragenics Product
(whether such attainment is achieved by Oragenics or by a permitted sublicensee), Oragenics has agreed to pay Intrexon milestone payments as set forth in this Section 5.2. The milestone payments are each payable, at Oragenics’ election but
subject to Sections 5.2(b) through 5.2(d), either in cash or in shares of Oragenics’ common stock (using Fair Market Value, as defined in the Equity Agreement, to calculate the number of shares to be issued to Intrexon in lieu of cash). The
specific milestone payments due to Intrexon upon achievement of each of the Commercialization Milestone Events are set forth in Sections 5.2(a)(i) through 5.3(a)(vi) below. 

(i) Oragenics shall pay Intrexon a milestone payment of two million United States dollars ($2,000,000) within thirty (30) days of each
achievement of the Phase II Milestone Event for each different Oragenics Product, said payment being made, at Oragenics’ option but subject to Sections 5.2(b) through 5.2(d), either in cash or in shares of Oragenics’ common stock. A second
or a subsequent occurrence of the Phase II Milestone Event shall only give rise to an obligation upon Oragenics to make the payment to Intrexon under this Section 5.2(a)(i) if such respective second or subsequent occurrence of the Phase II
Milestone Event occurs after the FDA has granted an approval to an FDA New Product Application for at least one Oragenics Product under the Program. 

(ii) Oragenics shall pay Intrexon a milestone payment of five million United States dollars ($5,000,000) within thirty (30) days of each
achievement of the Phase IIb/III Milestone Event for each different Oragenics Product, said payment being made, at Oragenics’ option but subject to Sections 5.2(b) through 5.2(d), either in cash or in shares of Oragenics’ common stock. A
second or a subsequent occurrence of the Phase IIb/III Milestone Event shall only give rise to an obligation upon Oragenics to make the payment to Intrexon under this Section 5.2(a)(ii) if such respective second or subsequent occurrence of the
Phase IIb/III Milestone Event occurs after the FDA has granted an approval to an FDA New Product Application for at least one Oragenics Product under the Program. 

(iii) Oragenics shall pay Intrexon a milestone payment of five million United States dollars ($5,000,000) within thirty (30) days of
each achievement of the Regulatory Approval Application Milestone Event for each different Oragenics Product, said payment being made, at Oragenics’ option but subject to Sections 5.2(b) through 5.2(d), either in cash or in shares of
Oragenics’ common stock. A second or a subsequent occurrence of the Regulatory Approval Application Milestone Event shall only give rise to an obligation upon Oragenics to make the payment to Intrexon under this Section 5.2(a)(iii) if such
respective second or subsequent occurrence of the Regulatory Approval Application Milestone Event occurs after the FDA has granted an approval to an FDA New Product Application for at least one Oragenics Product under the Program. 

  
 27 

 CONFIDENTIAL TREATMENT REQUESTED BY ORAGENICS, INC. 

Portions herein identified by [*****] have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities Exchange Act of
1934, as amended. A complete copy of this document has been filed separately with the Securities and Exchange Commission. 
  

 (iv) Oragenics shall pay Intrexon a milestone payment of ten million United States dollars
($10,000,000) within thirty (30) days of each achievement of the Approval Milestone Event for each different Oragenics Product, said payment being made, at Oragenics’ option but subject to Sections 5.2(b) through 5.2(d), either in cash or
in shares of Oragenics’ common stock. 
 (v) Oragenics shall pay Intrexon a one-time milestone payment of five million United States
dollars ($5,000,000) within thirty (30) days of the first instance of the achievement of the New Indication Milestone Event, said payment being made, at Oragenics’ option but subject to Sections 5.2(b) through 5.2(d), either in cash or in
shares of Oragenics’ common stock. 
 (vi) Oragenics shall pay Intrexon a one-time milestone payment of five million United States
dollars ($5,000,000) within thirty (30) days of the first instance of the achievement of the New Product Milestone Event, said payment being made, at Oragenics’ option but subject to Sections 5.2(b) through 5.2(d), either in cash or in
shares of Oragenics’ common stock. 
 For purposes of subsections (i) through (iv) above in this Section 5.2(a), a later Oragenics
Product shall be deemed to be a “different” Oragenics Product from an earlier Oragenics Product (and thus trigger a subsequent occurrence of the respective milestone payment obligation under any one of subsections (i) through (iv)) if
regulatory approval of the later Oragenics Products must be obtained from the FDA under a different FDA New Product Application than the earlier Oragenics Product. Conversely and for clarity, a later Oragenics Product shall not be deemed
“different” from an earlier Oragenics Product for these milestones if the respective Commercialization Milestone Event occurs in support of a supplemental FDA New Drug Product Application that was being pursued to obtain labeling approval
for new, added, expanded, or amended indications for an earlier Oragenics Product that had already obtained FDA approval (i.e., the respective milestone shall not be triggered a second time in these instances of Oragenics pursuing new indications
for pre-existing and pre-approved Oragenics Products). Notwithstanding anything in this Agreement to the contrary, but subject to its obligation under Section 4.5(a), Oragenics shall have sole and exclusive control over clinical trials
(including patient dosing) and regulatory filings (including the jurisdictions in which such filings are made) for the purpose of the Commercialization Milestones in Section 5.2(a)(i)-(vi) as applicable. 

(b) Milestones After Company Sale or After Reverse Merger. In the event that Oragenics consummates a Company Sale prior to paying to
Intrexon any one or more of the respective milestone payments set forth in Sections 5.2(a)(i) through 5.2(a)(vi) and this Agreement is transferred or assigned to the buyer in connection with such Company Sale, then all subsequent payments for
Commercialization Milestone Events shall thereafter each be 

  
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 CONFIDENTIAL TREATMENT REQUESTED BY ORAGENICS, INC. 

Portions herein identified by [*****] have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities Exchange Act of
1934, as amended. A complete copy of this document has been filed separately with the Securities and Exchange Commission. 
  

 
payable only in cash to Intrexon. In the event that Oragenics consummates a Reverse Merger, subsequent milestone payments to Intrexon set forth in Sections 5.2(a)(i) through 5.2(a)(vi), shall be
payable, at Intrexon’s option (and not Oragenics’ option), in cash only, in Oragenics common stock only, or in combinations thereof to Intrexon. 

(c) Product Sublicense Milestones. If (A) a Commercialization Milestone Event occurs that gives rise to a right for Intrexon to
receive a payment from Oragenics under Section 5.2(a), (B) that Commercialization Milestone Event is achieved by an Oragenics Product licensed to a Product Sublicensee under a respective Product Sublicense, and (C) Oragenics is due to
receive a milestone payment from the Product Sublicensee for achievement of that same (or substantially similar) Commercialization Milestone Event by the sublicensed Oragenics Product under the respective Product Sublicense, then Intrexon may elect
at its own discretion to waive that particular milestone payment from Oragenics for that particular Commercialization Milestone Event and instead designate the amount of the payment due to Oragenics from the Product Sublicensee for achievement of
that same (or substantially similar) Commercialization Milestone Event as Sublicensing Revenue for which Intrexon will be entitled to receive revenue sharing under Section 5.4(b). If it so elects under this Section 5.2(c), Intrexon must
notify Oragenics in writing of its waiver of the equity-based milestone and election to share the milestone payment due from the Product Sublicensee as Sublicensing Revenue at least five (5) business days prior to the deadline for Oragenics to
make a payment for the waived milestone payment. The actual receipt by Intrexon of its full share of the Product Sublicensee milestone payment as Sublicensing Revenue will be a condition subsequent to making final any waiver of Intrexon’s
rights to receive the particular milestone payment otherwise due from Oragenics under Section 5.2(a). Oragenics will pay Intrexon any amount due under this Section 5.2(c) within the later of (i) thirty (30) days from underlying
Commercialization Milestone Event, or (ii) ten (10) days following the date stipulated in the underlying Product Sublicense for Oragenics to receive the milestone payment. 

(d) Consolidation. The Parties agree that Oragenics’ option to pay any milestone payments that come due for achievement of
Commercialization Milestone Events under this Agreement in equity shall in no event require Intrexon to accept equity of Oragenics as payment if, upon Intrexon’s reasonable conclusion after consultation with its outside advisors, receipt of
such equity payment by Intrexon would cause Intrexon to have to consolidate Oragenics’ financial statements with Intrexon’s financial statements. To this end, upon each achievement of any Commercialization Milestone Event that triggers a
milestone payment being due by Oragenics to Intrexon under Section 5.2(a) above, Oragenics shall notify Intrexon as soon as possible if Oragenics intends to elect to pay the specific milestone payment in equity, such notification being in
writing and delivered to Intrexon in no event less than ten (10) business days from the date of achievement of the respective Commercialization Milestone Event. If Oragenics does not so-notify Intrexon within the time frame set forth in the
prior sentence, such specific Commercialization Milestone payment shall become payable to Intrexon solely in cash. Additionally, upon receiving any notice from Oragenics under the second sentence of this Section 5.2(d) of Oragenics’ intent
to pay a particular Commercialization Milestone payment in equity, Intrexon will therefrom have five (5) business days to consult with its outside advisors to 

  
 29 

 CONFIDENTIAL TREATMENT REQUESTED BY ORAGENICS, INC. 

Portions herein identified by [*****] have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities Exchange Act of
1934, as amended. A complete copy of this document has been filed separately with the Securities and Exchange Commission. 
  

 
conclude whether the expected payment of Oragenics equity to Intrexon is reasonably likely to cause Intrexon to be required to consolidate Oragenics’ financial statements with its own. If
Intrexon reasonably concludes, after consultation with its outside advisors, that payment of the respective amount in Oragenics equity would cause consolidation, (i) Intrexon may notify Oragenics of this conclusion within such five
(5) business days from Intrexon’s receipt of Oragenics’ notice under this subsection, and (ii) upon Intrexon so-notifying Oragenics, the payment due for achievement of the respective Commercialization Milestone Event shall be
payable by Oragenics solely in cash, provided, however, that in the event Oragenics reasonably concludes that such cash payment would have an adverse effect on its working capital needs over the next twelve (12) months then such cash payment
shall be in the form of an interest bearing (under Section 5.9) promissory note with a maturity date of less than twelve (12) months and including other conventional market terms that would not be expected to unreasonably have an adverse
effect on Oragenics working capital needs over such next twelve (12) months. 
 5.3 Equity Agreement Controls. All issuances of
stock to Intrexon shall be in accordance with the terms and conditions of the Equity Agreement, which Equity Agreement shall control to the extent it may conflict with Sections 5.1 through 5.2 of this Agreement. 

5.4 Revenue Sharing. 

(a) No later than thirty (30) days after each calendar quarter in which there is positive Net Sales arising from the sale of any
Oragenics Product in the Field in the Territory, Oragenics shall pay a royalty to Intrexon of twelve percent (12%) of such Net Sales, on an Oragenics Product-by-Oragenics Product basis. Commencing with the Effective Date, in the event that no
Net Sales occur for a particular Oragenics Product in any calendar quarter, neither Oragenics nor Intrexon shall owe any payments hereunder with respect to such Oragenics Product. 

(b) No later than thirty (30) days after each calendar quarter in which Oragenics or any Oragenics Affiliate receives Sublicensing
Revenue, Oragenics shall pay to Intrexon a percentage of such Sublicensing Revenue equal to the applicable Sublicensing Revenue Rate.  

(c) Intrexon and Actobiotics shall be responsible for determining how any revenue sharing payments from Oragenics due under
Section 5.4(a) and 5.4(b) above are distributed among Intrexon and Actobiotics. 
 5.5 Method of Payment. Except for payments
payable as and made in the form of common stock, payments due to Intrexon under this Agreement shall be paid in United States dollars by wire transfer to a bank (or banks as otherwise set forth in Section 5.8) designated in writing by Intrexon.
All references to “dollars” or “$” herein shall refer to United States dollars. 
 5.6 Payment Reports and Records
Retention. Within thirty (30) days after the end of each calendar quarter during which Net Sales have been generated, during which Sublicensing Revenue has been received, or during which a Commercialization Milestone Event has been achieved
or a payment for such is made or due, Oragenics shall deliver to Intrexon a written report that shall contain at a minimum for the applicable calendar quarter: 

(a) gross sales of each Oragenics Product (on a country-by-country basis); 

  
 30 

 CONFIDENTIAL TREATMENT REQUESTED BY ORAGENICS, INC. 

Portions herein identified by [*****] have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities Exchange Act of
1934, as amended. A complete copy of this document has been filed separately with the Securities and Exchange Commission. 
  

 (b) itemized calculation of Net Sales, showing all applicable deductions and
calculations; 
 (c) itemized calculation of Sublicensing Revenue, including any offsets claimed for Third Party license costs; 

(d) the amount of the payment (if any) due pursuant to Section 5.4(a) and/or 5.4(b); 

(e) the amount of the payment (if any) made or made due by the achievement of an applicable Commercialization Milestone Event during
the present calendar quarter; 
 (f) the amount of taxes, if any, withheld to comply with any applicable law; and 

(g) the exchange rates used in any of the foregoing calculations. 

For three (3) years after each sale or other commercial use of Oragenics Product, after incurring any component item Oragenics incorporated into its
calculation of Sublicensing Revenues, payments in accord with Section 5.2(b), or Net Sales as reported to Intrexon, Oragenics shall keep (and shall ensure that its Affiliates and, if applicable, (sub)licensees shall keep) complete and accurate
records of such sales, commercial use, or component item in sufficient detail to confirm the accuracy of the payment calculations hereunder. 

5.7 Audits. 
 (a)
Upon the written request of Intrexon, Oragenics shall permit an independent certified public accounting firm of internationally recognized standing selected by Intrexon, and reasonably acceptable to Oragenics, to have access to and to review,
during normal business hours and upon no less than thirty (30) days prior written notice, the applicable records of Oragenics and its Affiliates to verify the accuracy and timeliness of the reports and payments made by Oragenics under this
Agreement. Such review may cover the records for sales made in any calendar year ending not more than three (3) years prior to the date of such request. The accounting firm shall disclose to both Parties whether the royalty reports and/or
know-how reports conform to the provisions of this Agreement and/or US GAAP, as applicable, and the specific details concerning any discrepancies. Such audit may not be conducted more than once in any calendar year. 

(b) If such accounting firm concludes that additional amounts were owed during such period, Oragenics shall pay additional amounts,
with interest from the date originally 

  
 31 

 CONFIDENTIAL TREATMENT REQUESTED BY ORAGENICS, INC. 

Portions herein identified by [*****] have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities Exchange Act of
1934, as amended. A complete copy of this document has been filed separately with the Securities and Exchange Commission. 
  

 
due as set forth in Section 5.9, within thirty (30) days of receipt of the accounting firm’s written report. If the amount of the underpayment is greater than five percent
(5%) of the total amount actually owed for the period audited, then Oragenics shall in addition reimburse Intrexon for all costs related to such audit; otherwise, Intrexon shall pay all costs of the audit. In the event of overpayment, any
amount of such overpayment shall be fully creditable against amounts payable for the immediately succeeding calendar quarter(s); provided, however, that if such overpayment is reasonably expected to exceed the amount projected to be payable to
Intrexon by Oragenics over next [*****], Intrexon will promptly repay to Oragenics any amount exceeding that projected amount. 

(c) Intrexon shall (i) treat all information that it receives under this Section 5.7 in accordance with the confidentiality
provisions of Article 7 and (ii) cause its accounting firm to enter into an acceptable confidentiality agreement with Oragenics obligating such firm to retain all such financial information in confidence pursuant to such confidentiality
agreement, in each case except to the extent necessary for Intrexon to enforce its rights under this Agreement. 
 5.8 Taxes. The
Parties will cooperate in good faith to obtain the benefit of any relevant tax treaties to minimize as far as reasonably possible any taxes which may be levied on any amounts payable hereunder. Oragenics shall deduct or withhold from any payments
any taxes that it is required by applicable law to deduct or withhold. Notwithstanding the foregoing, if Intrexon is entitled under any applicable tax treaty to a reduction of the rate of, or the elimination of, applicable withholding tax, it may
deliver to Oragenics or the appropriate governmental authority (with the assistance of Oragenics to the extent that this is reasonably required and is expressly requested in writing) the prescribed forms necessary to reduce the applicable rate of
withholding or to relieve Oragenics of its obligation to withhold tax, and Oragenics shall apply the reduced rate of withholding tax, or dispense with withholding tax, as the case may be, provided that Oragenics has received evidence of
Intrexon’s delivery of all applicable forms (and, if necessary, its receipt of appropriate governmental authorization) at least fifteen (15) days prior to the time that the payment is due. If, in accordance with the foregoing, Oragenics
withholds any amount, it shall make timely payment to the proper taxing authority of the withheld amount, and send to Intrexon proof of such payment within forty-five (45) days following that latter payment. Additionally, Intrexon may on an
Oragenics Product-by-Oragenics Product basis, and acting upon reasonable advice of outside tax and/or accounting advisors, request in writing that Oragenics make all of, or a percentage of, any payment that becomes due under Section 5.2 or
Section 5.4 above to Intrexon’s Affiliate directly (instead of to Intrexon), to the extent that such Affiliate has contributed intellectual property to the respective Oragenics Product. To the extent that Oragenics has received such a
request from Intrexon under the prior sentence at least thirty (30) days prior to the time that the payment is due, Oragenics shall honor the request to make the applicable payments (in whole or in part, as applicable) to the Intrexon
Affiliate. 
 5.9 Late Payments. Any amount owed by Oragenics to Intrexon under this Agreement that is not paid within the applicable
time period set forth herein shall accrue interest at the lower of (a) two percent (2%) per month, compounded, or (b) the highest rate permitted under applicable law. 

  
 32 

 CONFIDENTIAL TREATMENT REQUESTED BY ORAGENICS, INC. 

Portions herein identified by [*****] have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities Exchange Act of
1934, as amended. A complete copy of this document has been filed separately with the Securities and Exchange Commission. 
  

 ARTICLE 6 

INTELLECTUAL PROPERTY 

6.1 Ownership. 
 (a)
Subject to the license granted under Section 3.1, all rights in the Intrexon IP shall remain with Intrexon. 
 (b) Oragenics
and/or Intrexon may solely or jointly conceive, reduce to practice or develop discoveries, inventions, processes, techniques, and other technology, whether or not patentable, in the course of performing the Program (collectively
“Inventions”). Each Party shall promptly provide the other Party with a detailed written description of any such Inventions that relate to the Field. Inventorship shall be determined in accordance with United States patent laws.

 (c) Intrexon shall solely own all right, title and interest in all Inventions related to Intrexon Channel Technology, together
with all Patent rights and other intellectual property rights therein (the “Channel-Related Program IP”). Oragenics hereby assigns all of its right, title and interest in and to the Channel-Related Program IP to Intrexon. Oragenics
agrees to execute such documents and perform such other acts as Intrexon may reasonably request to obtain, perfect and enforce its rights to the Channel-Related Program IP and the assignment thereof. 

(d) Notwithstanding anything to the contrary in this Agreement, any discovery, invention, process, technique, or other technology,
whether or not patentable, that is conceived, reduced to practice or developed by Oragenics solely or jointly through the use of the Intrexon Channel Technology, Intrexon IP, or Intrexon Materials in breach of the terms and conditions of this
Agreement, together with all patent rights and other intellectual property rights therein, shall be solely owned by Intrexon and shall be included in the Channel-Related Program IP. 

(e) All Information regarding Channel-Related Program IP shall be Confidential Information of Intrexon. Oragenics shall be under
appropriate written agreements with each of its employees, contractors, or agents working on the Program, pursuant to which such person shall grant all rights in the Inventions to Oragenics (so that Oragenics may convey certain of such rights to
Intrexon, as provided herein) and agree to protect all Confidential Information relating to the Program. 
 (f) All rights,
technology, and intellectual property (A) owned by Oragenics or licensed from a Third Party by Oragenics as of the Effective Date, or (B) thereafter developed by Oragenics independent of the Program, Actobiotics IP, Intrexon Channel
Technology, Intrexon IP or Intrexon Materials, shall be owned by and remain the property of Oragenics (the “Oragenics Independent IP”). 

  
 33 

 CONFIDENTIAL TREATMENT REQUESTED BY ORAGENICS, INC. 

Portions herein identified by [*****] have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities Exchange Act of
1934, as amended. A complete copy of this document has been filed separately with the Securities and Exchange Commission. 
  

 6.2 Patent Prosecution. 

(a) Intrexon shall have the sole right, but not the obligation, to (a) conduct and control the filing, prosecution and maintenance
of the Intrexon Patents, and (b) conduct and control the filing, prosecution, and maintenance of any applications for patent term extension and/or supplementary protection certificates for the Intrexon Patents that may be available as a result
of the regulatory approval of any Oragenics Product. At the reasonable request of Intrexon, Oragenics shall cooperate with Intrexon in connection with such filing, prosecution, and maintenance, at Intrexon’s expense. Under no circumstances
shall Oragenics (a) file, attempt to file, or assist anyone else in filing, or attempting to file, any Patent application, either in the United States or elsewhere, that claims or uses or purports to claim or use or relies for support upon an
Invention owned by Intrexon, (b) use, attempt to use, or assist anyone else in using or attempting to use, the Intrexon Know-How, Intrexon Materials, or any Confidential Information of Intrexon to support the filing of a Patent application,
either in the United States or elsewhere, that contains claims directed to the Intrexon IP, Intrexon Materials, or the Intrexon Channel Technology, or (c) without prior approval of the IPC, file, attempt to file, or assist anyone else in
filing, or attempting to file, any application for patent term extension or supplementary protection certificate, either in the United States or elsewhere, that relies upon the regulatory approval of an Oragenics Product. 

(b) Oragenics shall have the sole right, but not the obligation, to conduct and control the filing, prosecution and maintenance of any
Patents claiming Inventions that are owned by Oragenics or its Affiliates and not assigned to Intrexon under Section 6.1(c) (“Oragenics Program Patents”). At the reasonable request of Oragenics, Intrexon shall cooperate with
Oragenics in connection with such filing, prosecution, and maintenance, at Oragenics’ expense. 
 (c) As used herein,
“Prosecuting Party” means Intrexon in the case of Intrexon Patents and Oragenics in the case of Oragenics Program Patents. The Prosecuting Party shall be entitled to use patent counsel selected by it and reasonably acceptable to the
non-Prosecuting Party (including in-house patent counsel as well as outside patent counsel) for the prosecution of the Intrexon Patents and Oragenics Program Patents, as applicable. The Prosecuting Party shall: 

(i) regularly provide the other Party in advance with reasonable information relating to the Prosecuting Party’s prosecution of Patents
hereunder, including by providing copies of substantive communications, notices and actions submitted to or received from the relevant patent authorities and copies of drafts of filings and correspondence that the Prosecuting Party proposes to
submit to such patent authorities (it being understood that, to the extent that any such information is readily accessible to the public, the Prosecuting Party may, in lieu of directly providing copies of such information to such other Party,
provide such other Party with sufficient information that will permit such other Party to access such information itself directly); 

  
 34 

 CONFIDENTIAL TREATMENT REQUESTED BY ORAGENICS, INC. 

Portions herein identified by [*****] have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities Exchange Act of
1934, as amended. A complete copy of this document has been filed separately with the Securities and Exchange Commission. 
  

 (ii) consider in good faith and consult with the non-Prosecuting Party regarding its timely
comments with respect to the same; provided, however, that if, within fifteen (15) days after providing any documents to the non-Prosecuting Party for comment, the Prosecuting Party does not receive any written communication from the
non-Prosecuting Party indicating that it has or may have comments on such document, the Prosecuting Party shall be entitled to assume that the non-Prosecuting Party has no comments thereon; 

(iii) consult with the non-Prosecuting Party before taking any action that would reasonably be expected to have a material adverse impact on
the scope of claims within the Intrexon Patents and Oragenics Program Patents, as applicable. 
 6.3 Infringement of Patents by Third
Parties. 
 (a) Except as expressly provided in the remainder of this Section 6.3, Intrexon shall have the sole right to
take appropriate action against any person or entity directly or indirectly infringing any Intrexon Patent (or asserting that an Intrexon Patent is invalid or unenforceable) (collectively, “Infringement”), either by settlement or
lawsuit or other appropriate action. 
 (b) Notwithstanding the foregoing, Oragenics shall have the first right, but not the
obligation, to take appropriate action to enforce Product-Specific Program Patents against any Infringement that involves a commercially material amount of allegedly infringing activities in the Field (“Field Infringement”), either
by settlement or lawsuit or other appropriate action. If Oragenics exercises the foregoing right, Intrexon agrees to be named in any such action if required. If Oragenics fails to take the appropriate steps to enforce Product-Specific Program
Patents against any Field Infringement within one hundred eighty (180) days of the date one Party has provided notice to the other Party pursuant to Section 6.3(g) of such Field Infringement, then Intrexon shall have the right (but not the
obligation), at its own expense, to enforce Product-Specific Program Patents against such Field Infringement, either by settlement or lawsuit or other appropriate action. 

(c) With respect to any Field Infringement that cannot reasonably be abated through the enforcement of Product-Specific Program Patents
pursuant to Section 6.3(b) but can reasonably be abated through the enforcement of Intrexon Patent(s) (other than the Product-Specific Program Patents), Intrexon shall be obligated to choose one of the following courses of action:
(i) enforce one or more of the applicable Intrexon Patent(s) in a commercially reasonable manner against such Field Infringement, or (ii) [*****]. The Party enforcing the applicable Intrexon Patent(s) shall bear the costs and
expenses of such enforcement. The determination of which Intrexon Patent(s) to assert shall be made by Intrexon in its sole discretion; provided, however, that Intrexon shall consult in good faith with Oragenics on such determination. For the
avoidance of doubt, Intrexon has no obligations under this Agreement to enforce any Intrexon Patents against, or otherwise abate, any Infringement that is not a Field Infringement. 

  
 35 

 CONFIDENTIAL TREATMENT REQUESTED BY ORAGENICS, INC. 

Portions herein identified by [*****] have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities Exchange Act of
1934, as amended. A complete copy of this document has been filed separately with the Securities and Exchange Commission. 
  

 (d) In the event a Party pursues an action under this Section 6.3, the other
Party shall reasonably cooperate with the enforcing Party with respect to the investigation and prosecution of any alleged, threatened, or actual Infringement, at the enforcing Party’s expense. 

(e) Oragenics shall not settle or otherwise compromise any action under this Section 6.3 in a way that diminishes the rights or
interests of Intrexon outside the Field or adversely affects any Intrexon Patent without Intrexon’s prior written consent, which consent shall not be unreasonably withheld. Intrexon shall not settle or otherwise compromise any action under this
Section 6.3 in a way that diminishes the rights or interests of Oragenics in the Field or adversely affects any Intrexon Patent with respect to the Field without Oragenics’ prior written consent, which consent shall not be unreasonably
withheld. 
 (f) Except as otherwise agreed to by the Parties in writing, any settlements, damages or other monetary awards recovered
pursuant to a suit, proceeding, or action brought pursuant to Section 6.3 will be allocated first to the costs and expenses of the Party controlling such action, and second, to the costs and expenses (if any) of the other Party (to the extent
not otherwise reimbursed), and any remaining amounts (the “Recovery”) will be shared by the Parties as follows: In any action initiated by Intrexon pursuant to Section 6.3(a) that does not involve Field Infringement, or in any
action initiated by Intrexon pursuant to Section 6.3(b), Intrexon shall retain one hundred percent (100%) of any Recovery. In any action initiated by Oragenics pursuant to Section 6.3(b), [*****]. In any action initiated by
Intrexon or Oragenics pursuant to Section 6.3(c), the enforcing Party shall retain one hundred percent (100%) of any Recovery. 

(g) Oragenics shall promptly notify Intrexon in writing of any suspected, alleged, threatened, or actual Infringement of which it
becomes aware, and Intrexon shall promptly notify Oragenics in writing of any suspected, alleged, threatened, or actual Field Infringement of which it becomes aware. 

ARTICLE 7 

CONFIDENTIALITY 

7.1 Confidentiality. Except to the extent expressly authorized by this Agreement or otherwise agreed in writing by the Parties, each
Party agrees that it shall keep confidential and shall not publish or otherwise disclose and shall not use for any purpose other than as provided for in this Agreement any Confidential Information disclosed to it by the other Party pursuant to this
Agreement, except to the extent that the receiving Party can demonstrate by competent evidence that specific Confidential Information: 

(a) was already known to the receiving Party, other than under an obligation of confidentiality, at the time of disclosure by the other
Party; 
 (b) was generally available to the public or otherwise part of the public domain at the time of its disclosure to the
receiving Party; 

  
 36 

 CONFIDENTIAL TREATMENT REQUESTED BY ORAGENICS, INC. 

Portions herein identified by [*****] have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities Exchange Act of
1934, as amended. A complete copy of this document has been filed separately with the Securities and Exchange Commission. 
  

 (c) became generally available to the public or otherwise part of the public domain
after its disclosure and other than through any act or omission of the receiving Party in breach of this Agreement; 
 (d) was
disclosed to the receiving Party, other than under an obligation of confidentiality to a Third Party, by a Third Party who had no obligation to the disclosing Party not to disclose such information to others; or 

(e) was independently discovered or developed by the receiving Party without the use of Confidential Information belonging to the
disclosing Party, as documented by the receiving Party’s written records. 
 The foregoing non-use and non-disclosure obligation shall
continue (i) indefinitely, for all Confidential Information that qualifies as a trade secret under applicable law; or (ii) for the Term of this Agreement and for seven (7) years thereafter, in all other cases. 

7.2 Authorized Disclosure. Notwithstanding the limitations in this Article 7, either Party may disclose the Confidential Information
belonging to the other Party to the extent such disclosure is reasonably necessary in the following instances: 
 (a) complying with
applicable laws or regulations or valid court orders, provided that the Party making such disclosure provides the other Party with reasonable prior written notice of such request or demand for disclosure and makes a reasonable effort to
obtain, or to assist the other Party in obtaining, a protective order preventing or limiting the disclosure and/or requiring that the terms and conditions of this Agreement be used only for the purposes for which the law or regulation required, or
for which the order was issued; 
 (b) to regulatory authorities in order to seek or obtain approval to conduct clinical trials, or
to gain regulatory approval, of Oragenics Products or any products being developed by Intrexon or its other licensees and/or channel partners or collaborators, provided that the Party making such disclosure (i) provides the other Party with
reasonable opportunity to review any such disclosure in advance and to suggest redactions or other means of limiting the disclosure of such other Party’s Confidential Information and (ii) does not unreasonably reject any such suggestions;

 (c) disclosure to investors and potential investors, acquirers, or merger candidates who agree to maintain the confidentiality of
such information, provided that such disclosure is used solely for the purpose of evaluating such investment, acquisition, or merger (as the case may be); 

(d) disclosure on a need-to-know basis to Affiliates, licensees, sublicensees, employees, consultants or agents (such as CROs and
clinical investigators) who agree to be bound by obligations of confidentiality and non-use at least equivalent in scope to those set forth in this Article 7; and 

(e) disclosure of the terms of this Agreement by Intrexon to collaborators and other channel partners or collaborators who agree to be
bound by obligations of confidentiality and non-use at least equivalent in scope to those set forth in this Article 7. 

  
 37 

 CONFIDENTIAL TREATMENT REQUESTED BY ORAGENICS, INC. 

Portions herein identified by [*****] have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities Exchange Act of
1934, as amended. A complete copy of this document has been filed separately with the Securities and Exchange Commission. 
  

 7.3 Publicity; Publications. The Parties agree that the public announcement of the
execution of this Agreement shall be substantially in the form of a press release (the form of which shall be mutually agreed to by the Parties) and/or the filing of a Form 8-K by one or both of the Parties (to the extent required by relevant laws
or regulations relating to required disclosure of material information to public markets and/or the SEC). Each Party will provide the other Party with the opportunity to review and comment, prior to submission or presentation, on external reports,
securities filings, publications and presentations (e.g., press releases, reports to government agencies, abstracts, posters, manuscripts and oral presentations) that refer to the Program, Oragenics Products, or programs that are approved by the
JSC. For such reports, publications, and presentations, the disclosing Party will provide the other Party at least fifteen (15) calendar days for review of the proposed submission or presentation. In the case of a Form 8-K filing, such shall be
provided to the non-filing Party by the filing party as soon as practicable prior to filing for review and comment. For reports and manuscripts, the disclosing Party will provide the other Party at least thirty (30) days for review of the
report or manuscript. The presenting Party will act in good faith to incorporate the comments of the other Party and shall, in any event, redact any Confidential Information of the other Party and cooperate with the other Party to postpone such
submissions or presentations if necessary to provide the other Party with sufficient time to prepare and file any related Patent applications before the submission or presentation occurs, as appropriate. 

7.4 Terms of the Agreement. Each Party shall treat the terms of this Agreement as the Confidential Information of other Party, subject
to the exceptions set forth in Section 7.2. Notwithstanding the foregoing, each Party acknowledges that the other Party may be obligated to file a copy of this Agreement with the SEC, either as of the Effective Date or at some point during the
Term. Each Party shall be entitled to make such a required filing, provided that it requests confidential treatment of certain commercial terms and sensitive technical terms hereof to the extent such confidential treatment is reasonably available to
it. In the event of any such filing, the filing Party shall provide the other Party with a copy of the Agreement marked to show provisions for which the filing Party intends to seek confidential treatment and shall reasonably consider and
incorporate the other Party’s comments thereon to the extent consistent with the legal requirements governing redaction of information from material agreements that must be publicly filed. The other Party shall promptly provide any such
comments. 
 7.5 Proprietary Information and Operational Audits. 

(a) For the purpose of confirming compliance with the Field-limited licenses granted in Article 3, the diligence obligations of Article
4, and the confidentiality obligations under Article 7, Oragenics acknowledges that Intrexon’s authorized representative(s), during regular business hours may (i) examine and inspect Oragenics’ facilities and (ii) inspect all
data and work products relating to this Agreement, subject to restrictions imposed by applicable laws. 

  
 38 

 CONFIDENTIAL TREATMENT REQUESTED BY ORAGENICS, INC. 

Portions herein identified by [*****] have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities Exchange Act of
1934, as amended. A complete copy of this document has been filed separately with the Securities and Exchange Commission. 
  

 
Any examination or inspection hereunder shall require five (5) business days written notice from Intrexon to Oragenics. Oragenics will make itself and the pertinent employees and/or agents
available, on a reasonable basis, to Intrexon for the aforementioned compliance review. 
 (b) For the purpose of confirming
compliance with the diligence obligations of Section 4.6, and the confidentiality obligations under Article 7, Intrexon acknowledges that Oragenics authorized representative(s), during regular business hours may (i) examine and inspect
Intrexon’s facilities and (ii) inspect all data and work products relating to this Agreement. Any examination or inspection hereunder shall require five (5) business days written notice from Oragenics to Intrexon. Intrexon will make
itself and the pertinent employees and/or agents available, on a reasonable basis, to Oragenics for the aforementioned compliance review. 

(c) In view of the Intrexon Confidential Information, Intrexon Know-How, and Intrexon Materials transferred to Oragenics hereunder,
Intrexon from time-to-time, but no more than quarterly, may request that Oragenics confirm the status of the Intrexon Materials at Company (i.e. how much used, how much shipped, to whom and any unused amounts destroyed (by whom, when) as well as any
amounts returned to Intrexon or destroyed). Within ten (10) business days of Oragenics’ receipt of any such written request, Oragenics shall provide the written report to Intrexon. 

7.6 Intrexon and Actobiotics Commitment. Intrexon and Actobiotics shall use reasonable efforts to obtain an agreement with its other
licensees and channel partners or collaborators to enable Oragenics to disclose confidential information of such licensees and channel partners or collaborators to regulatory authorities in order to seek or obtain approval to conduct clinical
trials, or to gain regulatory approval of, Oragenics Products, in a manner consistent with the provisions of Section 7.2(b). 

ARTICLE 8 

REPRESENTATIONS AND WARRANTIES 

8.1 Representations and Warranties of Oragenics. Oragenics hereby represents and warrants to Intrexon and Actobiotics that, as of the
Effective Date: 
 (a) Corporate Power. Oragenics is duly organized and validly existing under the laws of Florida and has corporate
full power and authority to enter into this Agreement and to carry out the provisions hereof. 
 (b) Due Authorization. Oragenics is
duly authorized to execute and deliver this Agreement and to perform its obligations hereunder, and the person executing this Agreement on Oragenics’ behalf has been duly authorized to do so by all requisite corporate action. 

(c) Binding Agreement. This Agreement is a legal and valid obligation binding upon Oragenics and enforceable in accordance with its
terms, except as such 

  
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 CONFIDENTIAL TREATMENT REQUESTED BY ORAGENICS, INC. 

Portions herein identified by [*****] have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities Exchange Act of
1934, as amended. A complete copy of this document has been filed separately with the Securities and Exchange Commission. 
  

 
enforcement may be limited by applicable bankruptcy, insolvency, reorganization, arrangement, moratorium or other similar laws affecting creditors’ rights, and subject to general equity
principles and to limitations on availability of equitable relief, including specific performance. The execution, delivery and performance of this Agreement by Oragenics does not conflict with any agreement, instrument or understanding, oral or
written, to which it is a party or by which it may be bound. Oragenics is aware of no action, suit or inquiry or investigation instituted by any governmental agency which questions or threatens the validity of this Agreement. 

8.2 Representations and Warranties of Intrexon and Actobiotics. Intrexon and Actobiotics hereby represent and warrant to Oragenics
that, as of the Effective Date: 
 (a) Corporate Power. Intrexon and Actobiotics are duly organized and validly existing under the
laws of the jurisdiction of its organization and have full corporate power and authority to enter into this Agreement and to carry out the provisions hereof. 

(b) Due Authorization. Intrexon and Actobiotics are duly authorized to execute and deliver this Agreement and to perform its
obligations hereunder, and the person executing this Agreement on Intrexon’s and Actobiotics’s behalf has been duly authorized to do so by all requisite corporate action. 

(c) Binding Agreement. This Agreement is a legal and valid obligation binding upon Intrexon and Actobiotics and enforceable in
accordance with its terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization, arrangement, moratorium or other similar laws affecting creditors’ rights, and subject to general equity principles and
to limitations on availability of equitable relief, including specific performance. The execution, delivery and performance of this Agreement by Intrexon and Actobiotics does not conflict with any agreement, instrument or understanding, oral or
written, to which it is a party or by which it may be bound. Intrexon is aware of no action, suit or inquiry or investigation instituted by any governmental agency which questions or threatens the validity of this Agreement. 

(d) Additional Intellectual Property Representations. 

(i) Intrexon and Actobiotics possesses sufficient rights to enable them to grant all rights and licenses it purports to grant to Oragenics
with respect to the Intrexon IP and Actobiotics IP under this Agreement; 
 (ii) The Intrexon IP and the Actobiotics IP existing as of the
Effective Date constitute all of the intellectual property Controlled by Intrexon and Actobiotics as of such date that is necessary for the development, manufacture or Commercialization of Oragenics Products; 

(iii) Intrexon and Actobiotics have not granted, and during the Term Intrexon and Actobiotics will not grant, any right or license, to any
Third Party under the Intrexon IP and Actobiotics IP that conflicts with the rights or licenses granted or to be granted to Oragenics hereunder 

  
 40 

 CONFIDENTIAL TREATMENT REQUESTED BY ORAGENICS, INC. 

Portions herein identified by [*****] have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities Exchange Act of
1934, as amended. A complete copy of this document has been filed separately with the Securities and Exchange Commission. 
  

 (iv) There is no pending litigation, and neither Intrexon nor Actobiotics has received any
written notice of any claims or litigation, seeking to invalidate or otherwise challenge the Intrexon IP or Intrexon’s rights therein or the Actobiotics IP or Actobiotics’s rights therein; 

(v) None of the Intrexon IP or Actobiotics IP is subject to any pending re-examination, opposition, interference or litigation proceedings;

 (vi) All of the Intrexon Patents and Actobiotics Patents have been filed and prosecuted in accordance with all applicable laws and have
been maintained, with all applicable fees with respect thereto (to the extent such fees have come due) having been paid; 
 (vii) Intrexon
and Actobiotics have entered into agreements with each of its current and former officers, employees and consultants involved in research and development work, including development of the Intrexon’s and Actobiotics’s products and
technology providing Intrexon and Actobiotics, to the extent permitted by law, with title and ownership to patents, patent applications, trade secrets and inventions conceived, developed, reduced to practice by such person, solely or jointly with
other of such persons, during the period of employment by or contract with Intrexon or Actobiotics (except where the failure to have entered into such an agreement would not have a material adverse effect on the rights granted to Oragenics herein),
and neither Intrexon nor Actobiotics is aware that any of its employees or consultants is in material violation thereof; 
 (viii) To
Intrexon’s and/or Actobiotics’s knowledge, there is no infringement, misappropriation or violation by Third Parties of any Intrexon Channel Technology, Intrexon IP, or Actobiotics IP in the Field; 

(ix) There is no pending or, to Intrexon’s and/or Actobiotics’s knowledge, threatened action, suit, proceeding or claim by others
against Intrexon that Intrexon infringes, misappropriates or otherwise violates any intellectual property or other proprietary rights of others in connection with the use of the Intrexon Channel Technology, Intrexon IP, and Actobiotics IP, and
neither Intrexon nor Actobiotics has received any written notice of such claim; 
 (x) To Intrexon’s and/or Actobiotics’s
knowledge, no employee of Intrexon or Actobiotics is the subject of any claim or proceeding involving a violation of any term of any employment contract, patent disclosure agreement, invention assignment agreement, non-competition agreement,
non-solicitation agreement, non-disclosure agreement or any restrictive covenant to or with a former employer (A) where the basis of such violation relates to such employee’s employment with Intrexon or Actobiotics or actions undertaken by
the employee while employed with Intrexon or Actobiotics and (B) where such violation is relevant to the use of the Intrexon Channel Technology or Actobiotics IP in the Field; 

  
 41 

 CONFIDENTIAL TREATMENT REQUESTED BY ORAGENICS, INC. 

Portions herein identified by [*****] have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities Exchange Act of
1934, as amended. A complete copy of this document has been filed separately with the Securities and Exchange Commission. 
  

 (xi) None of the Patents in the Actobiotics IP or Intrexon IP, and, to Intrexon’s
and/or Actobiotics’s knowledge, none of the Patents licensed in the Actobiotics IP or Intrexon IP to Intrexon or its Affiliates, have been adjudged invalid or unenforceable by a court of competent jurisdiction or applicable government agency,
in whole or in part, and there is no pending or, to Intrexon’s and/or Actobiotics’s knowledge, threatened action, suit, proceeding or claim by others challenging the validity or scope of any such Intrexon Patents; and 

(xii) Except as otherwise disclosed in writing to Oragenics, Intrexon and Actobiotics: (A) are in material compliance with all statutes,
rules or regulations applicable to the ownership, testing, development, manufacture, packaging, processing, use, distribution, marketing, labeling, promotion, sale, offer for sale, storage, import, export or disposal of any product that is under
development, manufactured or distributed by Intrexon and Actobiotics in the Field (“Applicable Laws”); (B) has not received any FDA Form 483, notice of adverse finding, warning letter, untitled letter or other correspondence or
notice from the United States Food and Drug Administration (the “FDA”) or any other federal, state, local or foreign governmental or regulatory authority alleging or asserting material noncompliance with any Applicable Laws or any
licenses, certificates, approvals, clearances, authorizations, permits and supplements or amendments thereto required by any such Applicable Laws (“Authorizations”), which would, individually or in the aggregate, result in a
material adverse effect; (C) possesses all material Authorizations necessary for the operation of its business as described in the Field and such Authorizations are valid and in full force and effect and Intrexon is not in material violation of
any term of any such Authorizations; and (D) since January 1, 2011, (1) has not received notice of any claim, action, suit, proceeding, hearing, enforcement, investigation, arbitration or other action from the FDA or any other
federal, state, local or foreign governmental or regulatory authority or third party alleging that any product operation or activity is in material violation of any Applicable Laws or Authorizations and has no knowledge that the FDA or any other
federal, state, local or foreign governmental or regulatory authority or third party is considering any such claim, litigation, arbitration, action, suit investigation or proceeding; (2) has not received notice that the FDA or any other
federal, state, local or foreign governmental or regulatory authority has taken, is taking or intends to take action to limit, suspend, modify or revoke any material Authorizations and has no knowledge that the FDA or any other federal, state, local
or foreign governmental or regulatory authority is considering such action; (3) has filed, obtained, maintained or submitted all material reports, documents, forms, notices, applications, records, claims, submissions and supplements or
amendments as required by any Applicable Laws or Authorizations and that all such reports, documents, forms, notices, applications, records, claims, submissions and supplements or amendments were materially complete and correct on the date filed (or
were corrected or supplemented by a subsequent submission); and (4) has not, either voluntarily or involuntarily, initiated, conducted, or issued or caused to be initiated, conducted or issued, any recall, market withdrawal or replacement,
safety alert, post-sale warning, “dear doctor” letter, or other notice or action relating to the alleged lack of safety or efficacy of any product or any alleged product defect or violation and, to Intrexon’s knowledge, no third party
has initiated, conducted or intends to initiate any such notice or action 
 (xiii) Prior to the Effective Date, Intrexon and Actobiotics
have provided Oragenics with copies of all material correspondence, communications, and filings with the FDA and other regulatory authorities regarding AG013 and its pre-clinical and clinical testing, and associated underlying reports and data. 

  
 42 

 CONFIDENTIAL TREATMENT REQUESTED BY ORAGENICS, INC. 

Portions herein identified by [*****] have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities Exchange Act of
1934, as amended. A complete copy of this document has been filed separately with the Securities and Exchange Commission. 
  

 except, in each of (ix) through (xiii), for any instances which would not, individually or in the
aggregate, result in a material adverse effect on the rights granted to Oragenics hereunder or Intrexon’s or Actobiotics’s ability to perform its obligations hereunder. 

8.3 Warranty Disclaimer. EXCEPT FOR THE EXPRESS WARRANTIES PROVIDED IN THIS ARTICLE 8 OR IN THE EQUITY AGREEMENT, EACH PARTY HEREBY
DISCLAIMS ANY AND ALL OTHER WARRANTIES, EITHER EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION ANY WARRANTIES OF TITLE, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR NONINFRINGEMENT OF THE INTELLECTUAL PROPERTY RIGHTS OF THIRD PARTIES. 

ARTICLE 9 

INDEMNIFICATION 

9.1 Indemnification by Intrexon. Intrexon agrees to indemnify, hold harmless, and defend Oragenics and its Affiliates and their
respective directors, officers, employees, and agents (collectively, the “Oragenics Indemnitees”) from and against any and all liabilities, damages, costs, expenses, or losses (including reasonable legal expenses and attorneys’
fees) (collectively, “Losses”) resulting from any claims, suits, actions, demands, or other proceedings brought by a Third Party (collectively, “Claims”) to the extent arising from (a) the negligence or willful
misconduct of Intrexon or any of its Affiliates, or their respective employees or agents, (b) the use, handling, storage or transport of Intrexon Materials or materials that are Actobiotics IP, by Intrexon or its Affiliates, licensees (other
than Oragenics) or sublicensees; or (c) breach by Intrexon or Actobiotics of any representation, warranty or covenant in this Agreement. Notwithstanding the foregoing, Intrexon shall not have any obligation to indemnify the Oragenics
Indemnitees to the extent that a Claim arises from (i) the negligence or willful misconduct of Oragenics or any of its Affiliates, licensees, or sublicensees, or their respective employees or agents; or (ii) a breach by Oragenics of a
representation, warranty, or covenant of this Agreement. 
 9.2 Indemnification by Oragenics. Oragenics agrees to indemnify, hold
harmless, and defend Intrexon, its Affiliates and Third Security, and their respective directors, officers, employees, and agents (and any Third Parties which have licensed to Intrexon intellectual property rights within Intrexon IP on or prior to
the Effective Date, to the extent required by the relevant upstream license agreement) (collectively, the “Intrexon Indemnitees”) from and against any Losses resulting from Claims, to the extent arising from any of the following:
(a) the negligence or willful misconduct of Oragenics or any of its Affiliates or their respective 

  
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Portions herein identified by [*****] have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities Exchange Act of
1934, as amended. A complete copy of this document has been filed separately with the Securities and Exchange Commission. 
  

 
employees or agents; (b) the use, handling, storage, or transport of Intrexon Materials or materials that are Actobiotics IP by Oragenics or its Affiliates, licensees, or sublicensees;
(c) breach by Oragenics of any material representation, warranty or covenant in this Agreement; or (d) the design, development, manufacture, regulatory approval, handling, storage, transport, distribution, sale or other disposition of any
Oragenics Product by Oragenics or its Affiliates, licensees, or sublicensees. Notwithstanding the foregoing, Oragenics shall not have any obligation to indemnify the Intrexon Indemnitees to the extent that a Claim arises from (i) the negligence
or willful misconduct of Intrexon or any of its Affiliates, or their respective employees or agents; or (ii) a breach by Intrexon of a representation, warranty, or covenant of this Agreement. 

9.3 Product Liability Claims. Notwithstanding the provisions of Section 9.2, any Losses arising out of any Third Party claim,
suit, action, proceeding, liability or obligation involving any actual or alleged death or bodily injury arising out of or resulting from the development, manufacture or Commercialization of any Oragenics Products for use or sale in the Field, to
the extent that such Losses exceed the amount (if any) covered by the applicable Party’s product liability insurance (“Excess Product Liability Costs”), shall be paid by [*****], except to the extent such Losses arise
out of any Third-Party Claim based on the gross negligence or willful misconduct of a Party, its Affiliates, or its Affiliates’ sublicensees, or any of the respective officers, directors, employees and agents of each of the foregoing entities,
in the performance of obligations or exercise of rights under this Agreement. 
 9.4 Control of Defense. As a condition precedent to
any indemnification obligations hereunder, any entity entitled to indemnification under this Article 9 shall give written notice to the indemnifying Party of any Claims that may be subject to indemnification, promptly after learning of such Claim.
If such Claim falls within the scope of the indemnification obligations of this Article 9, then the indemnifying Party shall assume the defense of such Claim with counsel reasonably satisfactory to the indemnified Party. The indemnified Party shall
cooperate with the indemnifying Party in such defense. The indemnified Party may, at its option and expense, be represented by counsel of its choice in any action or proceeding with respect to such Claim. The indemnifying Party shall not be liable
for any litigation costs or expenses incurred by the indemnified Party without the indemnifying Party’s written consent, such consent not to be unreasonably withheld. The indemnifying Party shall not settle any such Claim if such settlement
(a) does not fully and unconditionally release the indemnified Party from all liability relating thereto or (b) adversely impacts the exercise of the rights granted to the indemnified Party under this Agreement, unless the indemnified
Party otherwise agrees in writing. 
 9.5 Insurance. Immediately prior to, and during marketing of Oragenics Products, Oragenics
shall maintain, and shall cause its permitted sublicensees to maintain, in effect and good standing a product liability insurance policy issued by a reputable insurance company in amounts considered standard for the industry. Immediately prior to,
and during the conduct of any clinical trials, Oragenics shall maintain, and shall cause any relevant permitted sublicensees to maintain, in effect and good standing a clinical trials liability insurance policy issued by a

  
 44 

 CONFIDENTIAL TREATMENT REQUESTED BY ORAGENICS, INC. 

Portions herein identified by [*****] have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities Exchange Act of
1934, as amended. A complete copy of this document has been filed separately with the Securities and Exchange Commission. 
  

 
reputable insurance company in amounts considered standard for the industry. At Intrexon’s reasonable request, Oragenics shall provide Intrexon with all details regarding such policies,
including without limitation copies of the applicable liability insurance contracts. Oragenics shall use reasonable efforts to include Intrexon as an additional insured on any such policies. 

ARTICLE 10 

TERM; TERMINATION 

10.1 Term. The term of this Agreement shall commence upon the Effective Date and shall continue until terminated pursuant to
Section 10.2 or 10.3 (the “Term”). 
 10.2 Termination for Material Breach; Termination Under Section 4.5(b)

 (a) Either Party shall have the right to terminate this Agreement upon written notice to the other Party if the other Party
commits any material breach of this Agreement that such breaching Party fails to cure within sixty (60) days following written notice from the non-breaching Party specifying such breach, provided, however, that solely for purposes of
Section 9.5 the cure period shall be ninety (90) days. 
 (b) Intrexon shall have the right to terminate this Agreement, at
its sole discretion, if the Technology Access Fee has not been paid in accordance with the terms and conditions of this Agreement and the Equity Agreement, including if the full principal on the Note (as defined in the Equity Agreement) has not been
paid within the timeframes set forth in the Note (including the issuance to Intrexon of any shares in payment thereof). 
 (c)
Intrexon shall have the right to terminate this Agreement under the circumstances set forth in Section 4.5(b) upon written notice to Oragenics, such termination to become effective sixty (60) days following such written notice unless
Oragenics remedies the circumstances giving rise to such termination within such sixty (60) day period. 
 (d) Intrexon shall
have the right to terminate this Agreement should Oragenics execute any purported assignment of this Agreement contrary to the prohibitions in Section 12.8, such termination occurring upon Intrexon providing written notice to Oragenics and
becoming effective immediately upon such written notice. 
 (e) Intrexon hereby acknowledges that Oragenics will need to raise
additional capital in order to carry out its obligations under this Agreement and during the sixteen (16) month period commencing on the Effective Date (the “Initial Financing Period”) Intrexon shall not have the right during
the Initial Financing Period (i) to terminate this Agreement under Section 10.2(a) based on the failure of a Party to use Diligent Efforts or to comply with any other diligence obligations hereunder (including Section 4.5), or
(ii) to terminate this Agreement under Section 10.2(c). Notwithstanding the foregoing, (i) the Parties shall pursue the Initial Study in accord with the terms and conditions of this Agreement with Diligent Efforts during the Initial
Financing Period, and (ii) the Parties, for clarity, shall only be absolved of failing to advance the  

  
 45 

 CONFIDENTIAL TREATMENT REQUESTED BY ORAGENICS, INC. 

Portions herein identified by [*****] have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities Exchange Act of
1934, as amended. A complete copy of this document has been filed separately with the Securities and Exchange Commission. 
  

 
Program (other than the Initial Study) with Diligent Efforts during the Initial Financing Period to the extent that any such failure to use Diligent Efforts is due to Oragenics working
capital and financing considerations. Additionally, Intrexon agrees to reasonably cooperate to assist Oragenics in its undertaking to seek financing during the Initial Financing Period, and agrees to participate in any financing to the extent
necessary for Oragenics to obtain financing necessary to support research and development activities for collaborative Intrexon and Oragenics programs during the Initial Financing Period (including for the Initial Study) [*****].
Notwithstanding the foregoing, Intrexon’s agreement to participate in financing under the prior sentence shall not obligate Intrexon to participate in any such financing to the extent that such financing occurs or closes after a Reverse Merger.
 
 10.3 Termination by Oragenics. Following the full payment of the Technology Access Fee to Intrexon in full satisfaction of
the terms of the Equity Agreement, Oragenics shall have the right to voluntarily terminate this Agreement in its entirety upon ninety (90) days written notice to Intrexon. 

10.4 Effect of Termination. In the event of termination of this Agreement pursuant to Section 10.2 or Section 10.3, the
following shall apply: 
 (a) Retained Products. Oragenics shall be permitted to continue the clinical development and
Commercialization in the Field of any product resulting from the Program that, at the time of any termination, satisfies at least one of the following criteria (a “Retained Product”): 

(i) the particular product is an Oragenics Product that is being sold by Oragenics (or, as may be permitted in accord with this Agreement,
its Affiliates or sublicensees) triggering profit sharing payments therefor under Sections 5.4(a) or 5.4(b) of this Agreement, 
 (ii) the
particular product is an Oragenics Product has received regulatory approval, 
 (iii) the particular product is an Oragenics Product that
is the subject of an application for regulatory approval in the Field that is pending before the applicable regulatory authority, 
 (iv)
the particular product is the specific Oragenics Product AG013, and such Oragenics Product has been the subject of at least one completed phase II clinical trial (as such is defined by relevant FDA guidelines) during the Term, or 

(v) the particular product is an Oragenics Product other than AG013, and such Oragenics Product is the subject of at least an ongoing phase
I, phase II or phase III clinical trial in the Field (in the case of a termination by Intrexon due to an Oragenics uncured breach pursuant to Section 10.2(a) or a termination by Oragenics pursuant to Section 10.3). 

  
 46 

 CONFIDENTIAL TREATMENT REQUESTED BY ORAGENICS, INC. 

Portions herein identified by [*****] have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities Exchange Act of
1934, as amended. A complete copy of this document has been filed separately with the Securities and Exchange Commission. 
  

 Such rights to continue development and Commercialization under this Section 10.4(a) shall be subject to
Oragenics’ full compliance with the payment provisions in Article 5, a continuing obligation for Oragenics to use in accord with Sections 4.5(a) and 4.5(c) Diligent Efforts to develop and Commercialize any Retained Products, and all other
provisions of this Agreement that survive termination. 
 (b) Termination of Licenses. Except as necessary for Oragenics to continue
to obtain regulatory approval for, clinically develop, use, manufacture and Commercialize the Retained Products in the Field as permitted by Section 10.4(a), all rights and licenses granted by Intrexon to Oragenics under this Agreement shall
terminate and shall revert to Intrexon without further action by either Intrexon or Oragenics. Oragenics’ license with respect to Retained Products shall be exclusive or non-exclusive, as the case may be, on the same terms as set forth in
Section 3.1. 
 (c) Reverted Products. All Oragenics Products other than the Retained Products shall be referred to herein as
the “Reverted Products.” Oragenics shall immediately cease, and shall cause its Affiliates and, if applicable, (sub)licensees to immediately cease, all development and Commercialization of the Reverted Products, and Oragenics shall
not use or practice, nor shall it cause or permit any of its Affiliates or, if applicable, (sub)licensees to use or practice, directly or indirectly, any Intrexon IP with respect to the Reverted Products. Oragenics shall immediately discontinue
making any representation regarding its status as a licensee or channel collaborator of Intrexon with respect to the Reverted Products. 

(d) Intrexon Materials. Oragenics shall promptly return, or at Intrexon’s request, destroy, any Intrexon Materials in
Oragenics’ possession or control at the time of termination other than any Intrexon Materials necessary for the continued development, regulatory approval, use, manufacture and Commercialization of the Retained Products in the Field. 

(e) Licenses to Intrexon. Oragenics is automatically deemed to grant to Intrexon a worldwide, fully paid, royalty-free, exclusive (even
as to Oragenics and its Affiliates), irrevocable, license (with full rights to sublicense) under the Oragenics Termination IP, to make, have made, import, use, offer for sale and sell Reverted Products and to use the Intrexon Channel Technology, the
Intrexon Materials, and/or the Intrexon IP in the Field, subject to any exclusive rights held by Oragenics in Reverted Products pursuant to Section 10.4(c). The Parties shall also take such actions and execute such other instruments and
documents as may be reasonably necessary to document such license to Intrexon. 
 (f) Regulatory Filings. Oragenics shall promptly
assign to Intrexon, and will provide full copies of, all regulatory approvals and regulatory filings that relate specifically and solely to Reverted Products. Oragenics shall also take such actions and execute such other instruments, assignments and
documents as may be necessary to effect the transfer of rights thereunder to Intrexon. To the extent that there exist any regulatory approvals and regulatory filings that relate both to Reverted Products and other products, Oragenics shall provide
copies 

  
 47 

 CONFIDENTIAL TREATMENT REQUESTED BY ORAGENICS, INC. 

Portions herein identified by [*****] have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities Exchange Act of
1934, as amended. A complete copy of this document has been filed separately with the Securities and Exchange Commission. 
  

 
of the portions of such regulatory filings that relate to Reverted Products and shall reasonably cooperate to assist Intrexon in obtaining the benefits of such regulatory approvals with respect
to the Reverted Products. 
 (g) Data Disclosure. Oragenics shall provide to Intrexon copies of the relevant portions of all material
reports and data, including clinical and non-clinical data and reports, obtained or generated by or on behalf of Oragenics or its Affiliates to the extent that they relate to Reverted Products, within sixty (60) days of such termination unless
otherwise agreed, and Intrexon shall have the right to use any such Information in developing and Commercializing Reverted Products and to license any Third Parties to do so. 

(h) Third-Party Licenses. At Intrexon’s request, Oragenics shall promptly provide to Intrexon copies of all Third-Party agreements
under which Oragenics or its Affiliates obtained a license under Patents claiming inventions or know-how specific to or used or incorporated into the development, manufacture and/or Commercialization of the Reverted Products. At Intrexon’s
request such that Intrexon may Commercialize the Reverted Products, Oragenics shall promptly work with Intrexon to either, as appropriate, (A) assign to Intrexon the Third Party agreement(s), or (B) grant a sublicense (with an appropriate
scope) to Intrexon under the Third Party agreement(s). Thereafter Intrexon shall be fully responsible for all obligations due for its actions under the sublicensed or assigned Third Party agreements. Notwithstanding the above, if Intrexon does not
wish to assume any financial or other obligations associated with a particular Third Party agreement identified to Intrexon under this Section 10.4(h), then Intrexon shall so notify Oragenics and Oragenics shall not make such assignment or
grant such sublicense (or cause it to be made or granted). 
 (i) Remaining Materials. At the request of Intrexon, Oragenics shall
transfer to Intrexon all quantities of Reverted Product (including final products or work-in-process) in the possession of Oragenics or its Affiliates. Oragenics shall transfer to Intrexon all such quantities of Reverted Products without charge,
except that Intrexon shall pay the reasonable costs of shipping. 
 (j) Third Party Vendors. At Intrexon’s request, Oragenics
shall promptly provide to Intrexon copies of all agreements between Oragenics or its Affiliates and Third Party suppliers, vendors, or distributors that relate to the supply, sale, or distribution of Reverted Products in the Territory. At
Intrexon’s request, Oragenics shall promptly: (A) with respect to such Third Party agreements relating solely to the applicable Reverted Products and permitting assignment, immediately assign (or cause to be assigned), such agreements to
Intrexon, and (B) with respect to all other such Third Party agreements, Oragenics shall reasonably cooperate to assist Intrexon in obtaining the benefits of such agreements. Oragenics shall be liable for any costs associated with assigning a
Third Party agreement to Intrexon or otherwise obtaining the benefits of such agreement for Intrexon, to the extent such costs are directly related to Oragenics’ breach. For the avoidance of doubt, Intrexon shall have no obligation to assume
any of Oragenics’ obligations under any Third Party agreement. 

  
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 CONFIDENTIAL TREATMENT REQUESTED BY ORAGENICS, INC. 

Portions herein identified by [*****] have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities Exchange Act of
1934, as amended. A complete copy of this document has been filed separately with the Securities and Exchange Commission. 
  

 (k) Commercialization. Intrexon shall have the right to develop and Commercialize the
Reverted Products itself or with one or more Third Parties, and shall have the right, without obligation to Oragenics, to take any such actions in connection with such activities as Intrexon (or its designee), at its discretion, deems appropriate.

 (l) Confidential Information. Each Party shall promptly return, or at the other Party’s request destroy, any Confidential
Information of the other Party in such Party’s possession or control at the time of termination; provided, however, that each Party shall be permitted to retain (i) a single copy of each item of Confidential Information of the other Party
in its confidential legal files for the sole purpose of monitoring and enforcing its compliance with Article 7, (ii) Confidential Information of the other Party that is maintained as archive copies on the recipient Party’s disaster
recovery and/or information technology backup systems, or (iii) Confidential Information of the other Party necessary to exercise such Party’s rights in Retained Products (in the case of Oragenics) or Reverted Products (in the case of
Intrexon). The recipient of Confidential Information shall continue to be bound by the terms and conditions of this Agreement with respect to any such Confidential Information retained in accordance with this Section 10.4(l). 

10.5 Surviving Obligations. Termination or expiration of this Agreement shall not affect any rights of either Party arising out of any
event or occurrence prior to termination, including, without limitation, any obligation of Oragenics to pay any amount which became due and payable under the terms and conditions of this Agreement prior to expiration or such termination. The
following portions of this Agreement shall survive termination or expiration of this Agreement: Sections 3.1 (as applicable with respect to 10.4(b), 5.5, 5.7 (only as to any pre-termination period), 6.1, 6.2 (with subsection (c) surviving only
to the extent relating to Intrexon Patents that are relevant to Retained Products that, to Intrexon’s knowledge, are being developed or Commercialized at such time, if any), 4.10, 4.11, 7.1, 7.2, 7.4, 7.5, 10.4, and 10.5; Articles 9 (excluding
9.5), 11, and 12; and any relevant definitions in Article 1. Further, Article 7 and Sections 4.5(a), 4.5(c), 5.2 through 5.9, and 9.5 will survive termination of this Agreement only to the extent there are any applicable Retained Products. 

ARTICLE 11 

DISPUTE RESOLUTION 

11.1 Disputes. It is the objective of the Parties to establish procedures to facilitate the resolution of disputes arising under this
Agreement in an expedient manner by mutual cooperation and without resort to litigation. In the event of any disputes, controversies or differences which may arise between the Parties out of or in relation to or in connection with this Agreement
(other than disputes arising from a Committee), including, without limitation, any alleged failure to perform, or breach, of this Agreement, or any issue relating to the interpretation or application of this Agreement, then upon the request of
either Party by written notice, the Parties agree to meet and discuss in good faith a possible resolution thereof, which good faith efforts shall include at least one in-person meeting between the Executive Officers of each Party.

  
 49 

 CONFIDENTIAL TREATMENT REQUESTED BY ORAGENICS, INC. 

Portions herein identified by [*****] have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities Exchange Act of
1934, as amended. A complete copy of this document has been filed separately with the Securities and Exchange Commission. 
  

 
If the matter is not resolved within thirty (30) days following the written request for discussions, either Party may then invoke the provisions of Section 11.2. For the avoidance of
doubt, any disputes, controversies or differences arising from a Committee pursuant to Article 2 shall be resolved solely in accordance with Section 2.4. 

11.2 Arbitration. Any dispute, controversy, difference or claim which may arise between the Parties and not from a Committee, out of or
in relation to or in connection with this Agreement (including, without limitation, arising out of or relating to the validity, construction, interpretation, enforceability, breach, performance, application or termination of this Agreement) that is
not resolved pursuant to Section 11.1 shall, subject to Section 11.10, be settled by binding “baseball arbitration” as follows. Either Party, following the end of the thirty (30) day period referenced in Section 11.1,
may refer such issue to arbitration by submitting a written notice of such request to the other Party. Promptly following receipt of such notice, the Parties shall meet and discuss in good faith and seek to agree on an arbitrator to resolve the
issue, which arbitrator shall be neutral and independent of both Parties and all of their respective Affiliates, shall have significant experience and expertise in licensing and partnering agreements in the pharmaceutical and biotechnology
industries, and shall have some experience in mediating or arbitrating issues relating to such agreements. If the Parties cannot agree on a single arbitrator within fifteen (15) days of request by a Party for arbitration, then each Party shall
select an arbitrator meeting the foregoing criteria and the two (2) arbitrators so selected shall select within ten (10) days of their appointment a third arbitrator meeting the foregoing criteria. Within fifteen (15) days after an
arbitrator(s) is selected (in the case of the three-person panel, when the third arbitrator is selected), each Party will deliver to both the arbitrator(s) and the other Party a detailed written proposal setting forth its proposed terms for the
resolution for the matter at issue (the “Proposed Terms” of the Party) and a memorandum (the “Support Memorandum”) in support thereof. The Parties will also provide the arbitrator(s) a copy of this Agreement, as it
may be amended at such time. Within fifteen (15) days after receipt of the other Party’s Proposed Terms and Support Memorandum, each Party may submit to the arbitrator(s) (with a copy to the other Party) a response to the other
Party’s Support Memorandum. Neither Party may have any other communications (either written or oral) with the arbitrator(s) other than for the sole purpose of engaging the arbitrator or as expressly permitted in this Section 11.2; provided
that, the arbitrator(s) may convene a hearing if the arbitrator(s) so chooses to ask questions of the Parties and hear oral argument and discussion regarding each Party’s Proposed Terms. Within sixty (60) days after the arbitrator’s
appointment, the arbitrator(s) will select one of the two Proposed Terms (without modification) provided by the Parties that he or she believes is most consistent with the intention underlying and agreed principles set forth in this Agreement. The
decision of the arbitrator(s) shall be final, binding, and unappealable. For clarity, the arbitrator(s) must select as the only method to resolve the matter at issue one of the two sets of Proposed Terms, and may not combine elements of both
Proposed Terms or award any other relief or take any other action. 
 11.3 Governing Law. This Agreement shall be governed by and
construed under the substantive laws of the State of New York, excluding any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of this Agreement to the substantive law of another jurisdiction.

  
 50 

 CONFIDENTIAL TREATMENT REQUESTED BY ORAGENICS, INC. 

Portions herein identified by [*****] have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities Exchange Act of
1934, as amended. A complete copy of this document has been filed separately with the Securities and Exchange Commission. 
  

 11.4 Award. Any award to be paid by one Party to the other Party as determined by the
arbitrator(s) as set forth above under Section 11.2 shall be promptly paid in United States dollars free of any tax, deduction or offset; and any costs, fees or taxes incident to enforcing the award shall, to the maximum extent permitted by
law, be charged against the losing Party. Each Party agrees to abide by the award rendered in any arbitration conducted pursuant to this Article 11, and agrees that, subject to the United States Federal Arbitration Act, 9 U.S.C. §§ 1-16,
judgment may be entered upon the final award in any United States District Court located in New York and that other courts may award full faith and credit to such judgment in order to enforce such award. The award shall include interest from the
date of any damages incurred for breach of the Agreement, and from the date of the award until paid in full, at a rate fixed by the arbitrator(s). With respect to money damages, nothing contained herein shall be construed to permit the arbitrator(s)
or any court or any other forum to award consequential, incidental, special, punitive or exemplary damages. By entering into this agreement to arbitrate, the Parties expressly waive any claim for consequential, incidental, special, punitive or
exemplary damages. The only damages recoverable under this Agreement are direct compensatory damages. 
 11.5 Costs. Each Party shall
bear its own legal fees. The arbitrator(s) shall assess his or her costs, fees and expenses against the Party losing the arbitration. 

11.6 Injunctive Relief. Nothing in this Article 11 will preclude either Party from seeking equitable relief or interim or provisional
relief from a court of competent jurisdiction, including a temporary restraining order, preliminary injunction or other interim equitable relief, concerning a dispute either prior to or during any arbitration if necessary to protect the interests of
such Party or to preserve the status quo pending the arbitration proceeding. Specifically, the Parties agree that a material breach by either Party of its obligations in Section 3.4 or Article 7 of this Agreement may cause irreparable harm to
the other Party, for which damages may not be an adequate remedy. Therefore, in addition to its rights and remedies otherwise available at law, including, without limitation, the recovery of damages for breach of this Agreement, upon an adequate
showing of material breach of such Section 3.4 or Article 7, and without further proof of irreparable harm other than this acknowledgement, such non-breaching Party shall be entitled to seek (a) immediate equitable relief, specifically
including, but not limited to, both interim and permanent restraining orders and injunctions, without bond, and (b) such other and further equitable relief as the court may deem proper under the circumstances. For the avoidance of doubt,
nothing in this Section 11.6 shall otherwise limit a breaching Party’s opportunity to cure a material breach as permitted in accordance with Section 10.2. 

11.7 Confidentiality. The arbitration proceeding shall be confidential and the arbitrator(s) shall issue appropriate protective orders
to safeguard each Party’s Confidential Information. Except as required by law, no Party shall make (or instruct the arbitrator(s) to make) any public announcement with respect to the proceedings or decision of the arbitrator(s) without prior
written consent of the other Party. The existence of any dispute submitted to 

  
 51 

 CONFIDENTIAL TREATMENT REQUESTED BY ORAGENICS, INC. 

Portions herein identified by [*****] have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities Exchange Act of
1934, as amended. A complete copy of this document has been filed separately with the Securities and Exchange Commission. 
  

 
arbitration, and the award, shall be kept in confidence by the Parties and the arbitrator(s), except as required in connection with the enforcement of such award or as otherwise required by
applicable law. 
 11.8 Survivability. Any duty to arbitrate under this Agreement shall remain in effect and be enforceable after
termination of this Agreement for any reason. 
 11.9 Jurisdiction. For the purposes of this Article 11, the Parties acknowledge
their diversity and agree to accept the jurisdiction of any United States District Court located in New York for the purposes of enforcing or appealing any awards entered pursuant to this Article 11 and for enforcing the agreements reflected in this
Article 11 and agree not to commence any action, suit or proceeding related thereto except in such courts. 
 11.10 Patent Disputes.
Notwithstanding any other provisions of this Article 11, and subject to the provisions of Section 6.2, any dispute, controversy or claim relating to the scope, validity, enforceability or infringement of any Intrexon Patents shall be submitted
to a court of competent jurisdiction in the country in which such Patent was filed or granted. 
 ARTICLE 12 

GENERAL PROVISIONS 

12.1 Use of Name. No right, express or implied, is granted by this Agreement to either Party to use in any manner the name of the other
or any other trade name or trademark of the other in connection with the performance of this Agreement, except that (a) either Party may use the name of the other Party as required by law or regulation and in press releases accompanying
quarterly and annual earnings reports approved by the Audit Committee of the issuer’s Board of Directors, and (b) Oragenics may use the Intrexon Trademarks in accord with the licenses and restrictions set forth herein. 

12.2 LIMITATION OF LIABILITY. NEITHER PARTY SHALL BE LIABLE TO THE OTHER FOR ANY SPECIAL, CONSEQUENTIAL, INCIDENTAL, PUNITIVE, OR
INDIRECT DAMAGES ARISING FROM OR RELATING TO ANY BREACH OF THIS AGREEMENT, REGARDLESS OF ANY NOTICE OF THE POSSIBILITY OF SUCH DAMAGES. NOTWITHSTANDING THE FOREGOING, NOTHING IN THIS PARAGRAPH IS INTENDED TO LIMIT OR RESTRICT THE INDEMNIFICATION
RIGHTS OR OBLIGATIONS OF ANY PARTY UNDER ARTICLE 9, OR DAMAGES AVAILABLE FOR BREACHES OF THE OBLIGATIONS SET FORTH IN ARTICLE 7. 
 12.3
Independent Parties. Neither Party is the employee or legal representative of the other Party for any purpose. Neither Party shall have the authority to enter into any contracts in the name of or on behalf of the other Party. This Agreement
shall not constitute, create, or in any way be interpreted as a joint venture, partnership, or business organization of any kind. 

  
 52 

 CONFIDENTIAL TREATMENT REQUESTED BY ORAGENICS, INC. 

Portions herein identified by [*****] have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities Exchange Act of
1934, as amended. A complete copy of this document has been filed separately with the Securities and Exchange Commission. 
  

 12.4 Notice. All notices, including notices of address change, required or permitted
to be given under this Agreement shall be in writing and deemed to have been given when delivered if personally delivered or sent by facsimile (provided that the party providing such notice promptly confirms receipt of such transmission with the
other party by telephone), on the business day after dispatch if sent by a nationally-recognized overnight courier and on the third business day following the date of mailing if sent by certified mail, postage prepaid, return receipt requested. All
such communications shall be sent to the address or facsimile number set forth below (or any updated addresses or facsimile number communicated to the other Party in writing): 

 

			
	If to Intrexon and/or Actobiotics:		 Intrexon Corporation
 20374 Seneca Meadows
Parkway
 Germantown, MD 20876
 Attention: Senior Vice
President, Health Sector
 Fax: (301) 556-9901

		
	with a copy to:		 Intrexon Corporation
 20374 Seneca Meadows
Parkway
 Germantown, MD 20876
 Attention: Legal Department

Fax: (301) 556-9902

		
	If to Oragenics:		 Oragenics, Inc.
 4902 Eisenhower Boulevard,

Suite 125,
 Tampa, FL 33634

Attention: Chief Executive Officer
 Fax: (813)
286-7904

		
	with a copy to:		 Shumaker, Loop & Kendrick, LLP
 101 E.
Kennedy Blvd., Suite 2800
 Tampa, FL 33602
 Attention: Mark
Catchur, Esq.
 Fax: (813) 229-1660

 12.5 Severability. In the event any provision of this Agreement is held to be invalid or unenforceable,
the valid or enforceable portion thereof and the remaining provisions of this Agreement will remain in full force and effect. 
 12.6
Waiver. Any waiver (express or implied) by either Party of any breach of this Agreement shall not constitute a waiver of any other or subsequent breach. 

12.7 Entire Agreement; Amendment. This Agreement, including any exhibits attached hereto, constitute the entire, final, complete and
exclusive agreement between the Parties and supersede all previous agreements or representations, written or oral, with respect to 

  
 53 

 CONFIDENTIAL TREATMENT REQUESTED BY ORAGENICS, INC. 

Portions herein identified by [*****] have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities Exchange Act of
1934, as amended. A complete copy of this document has been filed separately with the Securities and Exchange Commission. 
  

 
the subject matter of this Agreement (including any prior confidentiality agreement between the Parties). All information of Intrexon or Oragenics to be kept confidential by the other Party under
any prior confidentiality agreement, as of the Effective Date, shall be maintained as Confidential Information by such other Party under the obligations set forth in Article 7 of this Agreement. This Agreement may not be modified or amended except
in a writing signed by a duly authorized representative of each Party. 
 12.8 Non-assignability; Binding on Successors. Any
attempted assignment of the rights or delegation of the obligations under this Agreement shall be void without the prior written consent of the non-assigning or non-delegating Party; provided, however, that either Party may assign its rights or
delegate its obligations under this Agreement without such consent (a) to an Affiliate of such Party or (b) to its successor in interest in connection with any merger, acquisition, consolidation, corporate reorganization, or similar
transaction, or sale of all or substantially all of its assets, provided that such assignee agrees in writing to assume and be bound by the assignor’s obligations under this Agreement. This Agreement shall be binding upon, and inure to the
benefit of, the successors, executors, heirs, representatives, administrators and permitted assigns of the Parties. Notwithstanding the foregoing, in the event that either Party assigns this Agreement to its successor in interest by way of merger,
acquisition, consolidation, corporate reorganization, or similar transaction, or sale of all or substantially all of its assets (whether this Agreement is actually assigned or is assumed by such successor in interest or its affiliate by operation of
law (e.g., in the context of a reverse triangular merger)), the intellectual property rights of such successor in interest or any of its Affiliates other than those licensed in this Agreement shall be automatically excluded from the rights licensed
to the other Party under this Agreement. 
 12.9 Force Majeure. Neither Party shall be liable to the other for its failure to perform
any of its obligations under this Agreement, except for payment obligations, during any period in which such performance is delayed because rendered impracticable or impossible due to circumstances beyond its reasonable control, including without
limitation earthquakes, governmental regulation, fire, flood, labor difficulties, civil disorder, acts of terrorism and acts of God, provided that the Party experiencing the delay promptly notifies the other Party of the delay. 

12.10 No Other Licenses. Neither Party grants to the other Party any rights or licenses in or to any intellectual property, whether by
implication, estoppel, or otherwise, except to the extent expressly provided for under this Agreement. 
 12.11 Non-Solicitation.
During the Term and for a period of one (1) year following the end of the Term, neither Oragenics nor Intrexon may directly or indirectly solicit in order to offer to employ, engage in any discussion regarding employment with, or hire any
employee of the other Party or an individual who was employed by the other party within one (1) year prior to such solicitation, discussion, or hire, without the prior approval of such other Party. General employment solicitations or
advertisements shall not be considered direct or indirect solicitations, and are not prohibited under this Agreement. 

  
 54 

 CONFIDENTIAL TREATMENT REQUESTED BY ORAGENICS, INC. 

Portions herein identified by [*****] have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities Exchange Act of
1934, as amended. A complete copy of this document has been filed separately with the Securities and Exchange Commission. 
  

 12.12 Legal Compliance. The Parties shall review in good faith and cooperate in taking
such actions to ensure compliance of this Agreement with all applicable laws. 
 12.13 Further Assurances. Intrexon shall cause
Actobiotics to take such actions and do such things as may be reasonably necessary to carry out the provisions of this Agreement applicable to Actobiotics and Intrexon shall refrain from taking any action that would reasonably be expected to cause
Actobiotics to be unable to take such actions and do such things as may be reasonably necessary to carry out the provisions of this Agreement applicable to Actobiotics. 

12.14 Counterparts. This Agreement may be executed in any number of counterparts (including by facsimile, PDF, or other means of
electronic communication), each of which taken together will constitute one and the same instrument, and any of the Parties hereto may execute this Agreement by signing any such counterpart. 

[Remainder of page intentionally left blank.] 

  
 55 

 CONFIDENTIAL TREATMENT REQUESTED BY ORAGENICS, INC. 

Portions herein identified by [*****] have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities Exchange Act of
1934, as amended. A complete copy of this document has been filed separately with the Securities and Exchange Commission. 
  

 IN WITNESS WHEREOF, the Parties hereto
have duly executed this Exclusive Channel Collaboration Agreement. 
  

									
	INTREXON CORPORATION				ORAGENICS, INC.
					
	By:		 /s/ Gregory Frost, PhD
				BY:		 /s/ Michael Sullivan

					
	Name:		 Gregory Frost, PhD
				Name:		 Michael Sullivan

					
	Title:		 Senior Vice President, Health Sector
				Title:		 Chief Financial Officer

				
	INTREXON ACTOBIOTICS NV						
					
	By:		 /s/ Pieter Rottiers
						
					
	Name:		 Pieter Rottiers
						
					
	Title:		 Chief Executive Officer
						

 [SIGNATURE PAGE FOR EXCLUSIVE CHANNEL COLLABORATION AGREEMENT] 

  
 56

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