Document:

Exhibit 10.25

        

         

          

        

      
        

       

      

      March 24, 2015

       

      

      PDS Biotechnology Corporation

      Attn:  Frank Bedu-Addo

      500 Industrial Drive, Suite A

      Lawrenceburg, IN 47025

      United States

       

          

      	 	
              SUBJECT:

            	 	
              Transmittal of New License Agreement

            
	 	
              OTT License:

            	 	
              
                L-048-2015/0

              

            
	 	
              EFFECTIVE DATE:

            	 	
              
                01/05/2015

              

            
	 	
              TITLE:

            	 	
              
                Human Cytotoxic T-Lymphoctye Epitope And Its Agonist Eptiope

              

            
	 	
              From The Non-Variable...:

            	 	 

      

      

      On behalf of the National Institutes of Health (NIH), I am pleased to forward, one fully executed copy of the above referenced license
          agreement.  You are receiving this information because you have been identified as the individual who will ensure that payments and notices will be forwarded to the NIH on a timely basis.

       

        

      Please be aware that PDS Biotechnology Corporation has certain obligations to the NIH under this agreement.  These obligations may include
          scheduled payments and/or reports to the NIH.  Notices regarding payments due within the upcoming year are included in this package.  To avoid default, please familiarize yourself with these obligations and remit all payments and reports within
          the time frame specified in the License Agreement and as outlined in the “Frequently Asked Questions Sheet” located on the Office of Technology Transfer Web Site <http://ott.nih.gov/faqs/lic_faq.html>.

       

        

      If you have any questions or concerns regarding this agreement, please don’t hesitate to contact Deborah Collins at:

       

        

      	 	
              Phone:

            	
              301-594-2366

            
	 	
              Fax:

            	
              301-402-8678

            
	 	
              E-Mail:

            	
              Collinsde@mail.nih.gov

            

       

        

      We look forward to working with you and wish you success with the development of your licensed technology.

       

        

      	 	
              Sincerely,

            
	 	 
	

            	
              Karen L. Rogers

              Senior Royalties Administrator

            

      

      

      Enclosures

       

        

      
        
          

      

      
         
          

          

          

        

      

      

      

      It is extremely important to include the “OTT License Number” on the payment.  Make all payments payable to:  “NIH/Patent Licensing”.

       

        

      Automated Clearing House (ACH) - We strongly encourage our licensees to submit ACH payments through the U.S. Treasury web site located at: 
          https://www.pay.gov/paygov/.  Locate the “NIH Agency Form” through the “Agency List”.

       

        

      Wire Transfers from U.S. Bank:  Federal Reserve Bank, ABA# 021030004, TREAS NYC, BNF=/AC-75080031

       

        

      Wire Transfers from Foreign Bank:  Federal Reserve Bank of New York/ITS or FRBNY/ITS

       

        

      	 	
              Bank:  Citibank N.A. (New York)

            	
              SWIFT Code:  CITIUS33

            	
              Account Number:  36838868

            
	 	
              Bank Address:  388 Greenwich Street, New York, NY 10013

              Payment Details (Line 70):  NIH 75080031

            

      	 	
              License Number (L-XXX-XXXX)

              Name of Licensee

              Detail of Charges (line 71a):  Charge Our

            

      

      

      Checks drawn on a U.S. bank account should be sent directly to the following address:

       

        

      	 	
              National Institutes of Health (NIH)

              P.O. Box 979071

              St. Louis, MO 63197-9000

            

      

      

      Additional information regarding Royalty payment methods can be found at the OTT web site located at:

      http://www.ott.nih.gov/faqs/royalty reports.aspx

      You may also contact the NIH/OTT Royalties Administration Unit, Deborah CollinsSenior Royalty Coordinator

      Collinsde©mail.nih.gov, 301-594-2366, or Karen Rogers, Senior Royalties Administrator,

      Rogersk@nih.gov, 301-435-4359, for

      assistance.  Thank you for your prompt payment.

       

        

      
        
          

      

      
        

        

        
        

        

        

      

      

      

      It is extremely important to include the “OTT License Number” on the payment.  Make all payments payable to:  “NIH/Patent Licensing”.

       

        

      Automated Clearing House (ACH) - We strongly encourage our licensees to submit ACH payments through the U.S. Treasury web site located at: 
          https://www.pay.gov/paygov/.  Locate the “NIH Agency Form” through the “Agency List”.

       

        

      Wire Transfers from U.S. Bank:  Federal Reserve Bank, ABA# 021030004, TREAS NYC, BNF=/AC-75080031

       

        

      Wire Transfers from Foreign Bank:  Federal Reserve Bank of New York/ITS or FRBNY/ITS

       

        

      	 	
              Bank:  Citibank N.A. (New York)

            	
              SWIFT Code:  CITIUS33

            	
              Account Number:  36838868

            

      	 	
              Bank Address:  388 Greenwich Street, New York, NY 10013

              Payment Details (Line 70):  NIH 75080031

            

      	 	
              License Number (L-XXX-XXXX)

              Name of Licensee

              Detail of Charges (line 71a):  Charge Our

            

      

      

      Checks drawn on a U.S. bank account should be sent directly to the following address:

       

        

      	 	
              National Institutes of Health (NIH)

              P.O. Box 979071

              St. Louis, MO 63197-9000

            

      

      

      Additional information regarding Royalty payment methods can be found at the OTT web site located at:

      http://www.ott.nih.gov/faqs/royalty reports.aspx

      You may also contact the NIH/OTT Royalties Administration Unit, Deborah CollinsSenior Royalty Coordinator

      Collinsde©mail.nih.gov, 301-594-2366, or Karen Rogers, Senior Royalties Administrator,

      Rogersk@nih.gov, 301-435-4359, for

      assistance.  Thank you for your prompt payment.

       

        

      
        
          

      

      
        
          

          

           

        

        

      

      

      

      It is extremely important to include the “OTT License Number” on the payment.  Make all payments payable to:  “NIH/Patent Licensing”.

       

        

      Automated Clearing House (ACH) - We strongly encourage our licensees to submit ACH payments through the U.S. Treasury web site located at: 
          https://www.pay.gov/paygov/.  Locate the “NIH Agency Form” through the “Agency List”.

       

        

      Wire Transfers from U.S. Bank:  Federal Reserve Bank, ABA# 021030004, TREAS NYC, BNF=/AC-75080031

       

        

       
      Wire Transfers from Foreign Bank:  Federal Reserve Bank of New York/ITS or FRBNY/ITS

       

        

      	 	
              Bank:  Citibank N.A. (New York)

            	
              SWIFT Code:  CITIUS33

            	
              Account Number:  36838868

            

      	 	
              Bank Address:  388 Greenwich Street, New York, NY 10013

              Payment Details (Line 70):  NIH 75080031

            

      	 	
              License Number (L-XXX-XXXX)

              Name of Licensee

              Detail of Charges (line 71a):  Charge Our

            

      

      

      Checks drawn on a U.S. bank account should be sent directly to the following address:

       

        

      	 	
              National Institutes of Health (NIH)

              P.O. Box 979071

              St. Louis, MO 63197-9000

            

      

      

      Additional information regarding Royalty payment methods can be found at the OTT web site located at:

      http://www.ott.nih.gov/faqs/royalty reports.aspx

      You may also contact the NIH/OTT Royalties Administration Unit, Deborah CollinsSenior Royalty Coordinator

      Collinsde©mail.nih.gov, 301-594-2366, or Karen Rogers, Senior Royalties Administrator,

      Rogersk@nih.gov, 301-435-4359, for

      assistance.  Thank you for your prompt payment.

       

        

      
        
          

      

      
      NATIONAL INSTITUTES OF HEALTH

       

        

      PATENT LICENSE AGREEMENT – NONEXCLUSIVE

       

          

      COVER PAGE

       

        

      For the NIH internal use only:

       

        

      	 	
              
                License Number:  L-048-2015/0

              

            

      

      

      
        License Application Number:

         

        
        A-066-2013

              

            

         
        Serial Number(s) of
              Licensed Patent(s) or Patent Application(s):

         
         
           

          

          	
                  1.

                   

 	
                  US Patent Application No.
                        60/529,329 filed December 12, 2003, entitled “Human cytotoxic T-lymphoctye epitope and its agonist epitope from the non-variable number of tandem repeat sequence of MUC-1” [HHS Reference No. E-321-2003/0-US-01].

                

 
               

          
           
           

             

           

         
        
          	
                  2.

                	
                  International Patent Application
                        No. PCT/US2004/41921 filed December 10, 2004 entitled ““Human cytotoxic T-lymphoctye epitope and its agonist epitope from the non-variable number of tandem repeat sequence of MUC-1” [HHS Reference No. E-321-2003/0-PCT-02], as well as all foreign issued patents and patent applications
                        claiming priority to this application.

                

           

             

        

         
        
          	
                  3.

                	
                  US Patent No. 7,999,071 issued
                        August 16, 2011, entitled “Human cytotoxic T-lymphoctye epitope and its agonist epitope from the non-variable number of tandem repeat sequence of MUC-1” [HHS Reference No. E-321-2003/0-US-03], as well as all continuation and divisional applications.

                

           

             

        

         
        
          	
                  4.

                	
                  US Patent Application No.
                        61/582,723 filed January 3, 2012 entitled “Native and Agonist CTL Epitopes of The MUC-1 Tumor Antigen” [HHS Reference No. E-001-2012/0-US-01] as well as all continuation and divisional applications and foreign issued patents and patent applications.

                

        

         
        

            Licensee: 
          PDS Biotechnology Corporation

        

      

      675 US Highway 1

       

        

      North Brunswick, NJ 08902

       

        

      Cooperative Research and Development Agreement (CRADA) Number (if a subject invention):

       

        

      N/A

       

        

      Additional Remarks:

       

        

      Public Benefit(s):

       

        

      Development of a cancer vaccine therapeutic will increase choices for cancer patients and significantly benefit public health.

       

        

      This Patent License Agreement, hereinafter referred to as the “Agreement”, consists of this Cover Page, an attached Agreement, a Signature Page, Appendix A (List of Patent(s) or
          Patent Application(s)), Appendix B (Fields of Use and Territory), Appendix C (Royalties), Appendix D ((Benchmarks and Performance), Appendix E (Commercial Development Plan), Appendix F (Example Royalty Report), and Appendix G (Royalty Payment
          Options).  The Parties to this Agreement are:

       

      

    

     
      
        
          A-066-2013

          CONFIDENTIAL

          NIH Patent License Agreement--Nonexclusive

          Model 10-2005 (updated 8-2012) Page 1 of 23 of [Final] [PDS Biotechnology Corporation] [October 30, 2014]

        

        
          

      

      
        
          	

                	1)	
                  The National Institutes of Health (“NIH”) an agency within
                      the Department of Health and Human Services (“HHS”); and

                

           

          

        

      

      
        
          	

                	2)	
                  The person, corporation, or institution identified above and on the Signature Page, having offices at the address indicated on the Signature Page, hereinafter
                      referred to as the “Licensee”.

                

           

          

        

      

      The NIH and the Licensee agree as follows:

       

        

        1.          BACKGROUND

        
           

          

          	
                  1.1

                	
                  In the course of conducting
                        biomedical and behavioral research, the NIH
                        investigators made inventions that may have commercial applicability.

                

           

          

        

        
          	
                  1.2

                	
                  By assignment of rights from the
                      NIH employees and other inventors, HHS, on behalf of the Government, owns intellectual property rights claimed in any United States or foreign patent applications or patents corresponding
                        to the assigned inventions.  HHS also owns any
                        tangible embodiments of these inventions actually reduced to practice by the NIH.

                

           

            

           

         
         
          
 
              

 	
                  1.3

                

 	 
                  The Secretary of HHS has delegated to the NIH the authority to enter into this Agreement for the licensing of rights to these inventions under 35 U.S.C. §§200-212, the Federal Technology Transfer Act of 1986, 15
                          U.S.C. §3710(a), and the regulations governing the licensing of Government-owned inventions, 37 C.F.R. Part 404.

                

           

          

        

        
          	
                  1.4

                	
                  The NIH desires to transfer these inventions to the private sector
                        through commercialization licenses to facilitate the commercial development of products and processes for public use and benefit.

                

           

          

        

        
          	
                  1.5

                	
                  The Licensee desires to acquire commercialization rights to certain of
                        these inventions in order to develop processes, methods, or marketable products for public use and benefit.

                

           

          

        

      

      2.           DEFINITIONS

       

            

      
        
          	

                	2.1	
                  “Affiliate(s)” means a corporation or other business entity,
                      which directly or indirectly is controlled by or controls, or is under common control with the Licensee.  For this purpose, the term
                      “control” shall mean ownership of more than fifty percent (50%) of the voting stock or other ownership interest of the corporation or other business entity, or the power to elect or appoint more than fifty percent (50%) of the members
                      of the governing body of the corporation or other business entity.

                

           

          

        

      

      
        
          	

                	2.2	
                  “Benchmarks” mean the performance milestones that are set
                      forth M Appendix D.

                

           

          

        

      

      
        
          	

                	2.3	
                  “Commercial Development Plan” means the written
                      commercialization plan attached as Appendix E.

                

           

          

          
            
              	 	
                      2.4

                    	
                      “First Commercial Sale” means the initial transfer by or on
                            behalf of the Licensee of Licensed Products or the initial practice of a Licensed Process by or on behalf of the Licensee in exchange for cash or some equivalent to which value can be assigned for the purpose of determining Net Sales.

                    

            

          

           

          

        

      

      
        
          	

                	2.5	
                  “FDA” means the Food and Drug Administration.

                

           

          

        

      

      
        
          	

                	2.6	
                  “Government” means the Government of the United States of
                      America.

                

           

          

        

      

      
        
          A-066-2013

          CONFIDENTIAL

          NIH Patent License Agreement--Nonexclusive

          Model 10-2005 (updated 8-2012) Page 2 of 23 of [Final] [PDS Biotechnology Corporation] [October 30, 2014]

        

        
          

      

      
        
          
            
              
                	

                         	2.7	
                        “Licensed Fields of Use” means
                            the fields of use identified in Appendix B.

                      

                 

                

              

            

            
              
                	

                         	2.8	
                        “Licensed Patent Rights” shall mean:

                      

                 

                

              

            

            
              
                	

                         	(a)	
                        Patent applications (including provisional
                              patent applications and PCT patent applications) or patents listed in Appendix A, all divisions and continuations of these applications, all patents issuing from these applications, divisions, and continuations, and any
                              reissues, reexaminations, and extensions of all these patents;

                      

                 

                

              

            

            
              
                	

                         	(b)	
                        to the extent that the following contain one
                              or more claims directed to the invention or inventions disclosed in 2.7(a):

                      

                 

                

              

            

            
              
                	

                         	(i)	
                        continuations-in-part of 2.7(a);

                      

                 

                

              

            

            
              
                	

                         	(ii)	
                        all divisions and continuations of these
                              continuations-in-part;

                      

                 

                

              

            

            
              
                	

                         	(iii)	
                        all patents issuing from these
                              continuations-in-part, divisions, and continuations;

                      

                 

                

              

            

            
              
                	

                         	(iv)	
                        priority patent application(s) of 2.7(a); and

                      

                 

                

              

            

            
              
                	

                         	(v)	
                        any reissues, reexaminations, and extensions
                              of all these patents;

                      

                 

                

              

            

            
              
                	

                         	(c)	
                        to the extent that the following contain one
                              or more claims directed to the invention or inventions disclosed in 2.7(a):  all counterpart foreign and U.S. patent applications and patents to 2.7(a) and 2.7(b), including those listed in Appendix A; and

                      

                 

                

              

            

            
              
                	

                         	(d)	
                        Licensed Patent Rights shall not include 2.7(b) or 2.7(c) to the extent that they contain one or more claims directed to new matter which is not the subject matter disclosed in 2.7(a).

                      

                 

                

              

            

            
              
                	

                         	2.9	
                        “Licensed Processes” means processes, which in the course of being practiced, would
                              be within the scope of one or more claims of the Licensed Patent Rights that have not been held unpatentable, invalid or unenforceable by an unappealed or unappealable judgment of a court of competent jurisdiction.

                      

                 

                

              

            

            
              
                	

                      	2.10	
                        “Licensed Products” means tangible materials, which in the course of manufacture,
                              use, sale, or importation, would be within the scope of one or more claims of the Licensed Patent Rights that have not been held unpatentable, invalid or unenforceable by an unappealed or unappealable judgment of a court of competent jurisdiction.

                      

                 

                

              

            

            
              
                	

                      	2.11	
                        “Licensed Territory” means the geographical area identified in Appendix B.

                      

                 

                

              

            

            
              
                	

                         	2.12	
                        “Net Sales” means the total gross receipts for sales of Licensed Products or practice of Licensed Processes by or on behalf of the Licensee, and from leasing, renting, or otherwise making Licensed Products available to others without sale or other
                              dispositions, whether invoiced or not, less returns and allowances, packing costs, insurance costs, freight out, taxes or excise duties imposed on the transaction (if separately invoiced), and wholesaler and cash discounts in
                              amounts customary in the trade to the extent actually granted.  No deductions shall be made for commissions paid to individuals, whether they are with independent sales agencies or regularly, employed by the Licensee, and on its payroll, or for the cost of
                              collections.

                      

                 

                

              

            

            
              
                	

                      	2.13	
                        “Practical Application” means
                            to manufacture in the case of a composition or product, to practice in the case of a process or method, or to operate in the case of a machine or system; and in each case, under these conditions as to establish that the
                            invention is being utilized and that its benefits are to the extent permitted by law or Government regulations available to the public on
                            reasonable terms.

                      

                 

                

              

            

          

        

      

      
        
          A-066-2013

          CONFIDENTIAL

          NIH Patent License Agreement--Nonexclusive

          Model 10-2005 (updated 8-2012) Page 3 of 23 of [Final] [PDS Biotechnology Corporation] [October 30, 2014]

        

        
          

      

      3.          GRANT OF RIGHTS 
        
          
             

               

            	

                     	3.1	
                    The NIH hereby grants and the Licensee accepts, subject to the terms and conditions of this Agreement, a nonexclusive license under the Licensed Patent Rights in the Licensed Territory to make and have made, to use and have used, to sell and have sold, to offer to sell, and to import any Licensed Products in the Licensed Fields of Use and to practice and have practiced any Licensed Processes in the Licensed Fields of Use.

                  

             

               

          

        

         
        
          
            	

                     	3.2	
                    This Agreement confers no license or rights by implication, estoppel, or otherwise under any
                          patent applications or patents of the NIH other
                          than the Licensed Patent Rights regardless of
                          whether these patents are dominant or subordinate to the Licensed Patent Rights.

                  

             

               

          

        

         
        4.          SUBLICENSING

         
        
          
             

               

            	

                     	4.1	
                    The Licensee has no right to sublicense, except as provided in Paragraphs 4.2-4.5 of this Agreement.

                  

             

               

          

        

         

       
      
        
          	

                   	4.2	
                  Upon written approval, which shall include prior review of any sublicense agreement by the NIH and which shall not be unreasonably withheld, the Licensee may enter into sublicensing agreements under the Licensed Patent Rights for Licensed Products that specifically combine and/or include Licensee’s
                      proprietary intellectual property.  For avoidance of doubt Paragraph 4.2 does not exclude the NIH from licensing the Licensed Patent Rights to third parties.

                

           

             

        

      

       
      
        
          	

                   	4.3	
                  The Licensee
                      agrees that any sublicenses granted by it shall provide that the obligations to the NIH of Paragraphs 5.1-5.2, 8.1, 10.1, 10.2, 12.5,
                      and 13.8-13.9 of this Agreement shall be binding upon the sublicensee as if it were a party to this Agreement.  The Licensee further agrees to attach copies of
                      these Paragraphs to all sublicense agreements.

                

           

             

        

      

       
      
        
          	

                   	4.4	
                  Any sublicenses granted by the Licensee shall provide for the termination of the sublicense, or the conversion to a license directly between the sublicensees and the NIH, at the option of the sublicensee, upon termination of this Agreement under Article 13. 
                      This conversion is subject to the NIH approval and contingent upon acceptance by the sublicensee of the remaining provisions of this Agreement.

                

           

             

        

      

       
      
        
          	

                   	4.5	
                  The Licensee
                      agrees to forward to the NIH a complete copy of each fully executed sublicense agreement postmarked within thirty (30) days of the
                      execution of the agreement.  To the extent permitted by law, the NIH agrees to maintain each sublicense agreement in confidence.

                

           

             

        

      

       
      5.            STATUTORY AND NIH REQUIREMENTS AND RESERVED GOVERNMENT RIGHTS

       
      

         

       
      
        
          
            	

                     	5.1	
                    Prior to the First Commercial Sale,
                        the Licensee agrees to provide the NIH with reasonable quantities of Licensed Products or materials made through the Licensed Processes for NIH research use.

                  

             

               

          

        

        
          
            	

                     	5.2	
                    The Licensee agrees that products used or sold in the United States embodying Licensed Products or produced through use of Licensed Processes shall be manufactured substantially in the
                          United States, unless a written waiver is obtained in advance from the NIH.

                  

          

        

      

       

      
      6.            ROYALTIES AND REIMBURSEMENT

       
      

        
        
          
            	

                     	6.1	
                    The Licensee agrees to pay the NIH a noncreditable, nonrefundable license issue royalty as set forth in Appendix C.

                  

             

               

          

        

         
         
           
            	

                     	6.2	
                    The Licensee agrees to pay the NIH a minimum annual royalty as set forth in Appendix C.

                  

             
             

               

             
             
               
                
 
                    

 	 

 	
                        6.3

                      

 	 
                        The Licensee agrees to pay the NIH earned royalties as set forth in Appendix C.

                      

                 

                

              

            

          

        

      

    

     
      
        
          A-066-2013

          CONFIDENTIAL

          NIH Patent License Agreement--Nonexclusive

          Model 10-2005 (updated 8-2012) Page 4 of 23 of [Final] [PDS Biotechnology Corporation] [October 30, 2014]

        

        
          

      

      
        
          
            
              
                	

                      	6.4	
                        The Licensee agrees to pay
                            the NIH benchmark royalties as set forth in Appendix C.

                      

                 

                

              

            

            
              
                	

                         	6.5	
                        The Licensee agrees to pay the NIH sublicensing royalties as set forth in Appendix C.

                      

                 

                

              

            

            
              
                	

                         	6.6	
                        A patent or patent application licensed under
                              this Agreement shall cease to fall within the
                            Licensed Patent Rights for the purpose of
                              computing earned royalty payments in any given country on the earliest of the dates that:

                      

                 

                

              

            

            
              
                	

                         	(a)	
                        the application has been abandoned and not
                              continued;

                      

                 

                

              

            

            
              
                	

                      	(b)	
                        the patent expires or irrevocably lapses; or

                      

                 

                

              

            

            
              
                	

                      	(c)	
                        the patent has been held to be invalid or unenforceable by an unappealed or unappealable decision of a court of competent jurisdiction or administrative agency.

                      

                 

                

              

            

            
              
                	

                         	6.7	
                        No multiple royalties shall be payable
                              because any Licensed Products or Licensed Processes are covered by more than one of the Licensed Patent Rights.

                      

                 

                

              

            

            
              
                	

                         	6.8	
                        On sales of Licensed Products by the Licensee made in other than an arms-length transaction, the value of the Net Sales attributed under this Article 6 to this
                              transaction shall be that which would have been received in an arms-length transaction, based on sales of like quantity and quality products on or about the time of this transaction.

                      

                 

                

              

            

            
              
                	

                      	6.9	
                        With regard to unreimbursed expenses
                              associated with the preparation, filing, prosecution, and maintenance of all patent applications and patents included within the Licensed Patent Rights and paid by the NIH prior to the effective date of this Agreement, the Licensee shall pay the NIH, as an additional royalty within sixty (60) days of the NIH’s submission of a statement and request for payment to the Licensee, an amount equivalent to ten (10%) percent of these unreimbursed expenses but not to exceed fifteen thousand ($15,000 USD) US dollars of the unreimbursed patent expenses
                              previously paid by the NIH.

                      

                 

                

              

            

            
              
                	

                         	6.10	
                        With regard to unreimbursed expenses
                              associated with the preparation, tiling, prosecution, and maintenance of all patent applications and patents included within the Licensed Patent Rights and paid by the NIH on or after the effective date of this Agreement, the NIH, at its sole option, may require the Licensee:

                      

                 

                

              

            

            
              
                	

                      	(a)	
                        to pay the NIH on an annual basis, within sixty (60) days of the NIH’s submission of a statement and request for payment, a
                              royalty amount equivalent to ten (10%) percent of these unreimbursed expenses but not to exceed fifteen thousand ($15,000 USD) US dollars per year, paid during the previous calendar year(s);

                      

                 

                

              

            

            
              
                	

                      	(b)	
                        to pay ten (10%) percent these unreimbursed
                              expenses but not to exceed fifteen thousand ($15,000 USD) US dollars per year of these unreimbursed expenses directly to the law firm employed by the NIH to handle these functions.  However, in this event, the NIH and not the Licensee shall be the client of the law firm; or

                      

                 

                

              

            

            
              
                	

                         	(c)	
                        under exceptional circumstances, the Licensee may be given the right to assume responsibility for
                              the preparation, filing, prosecution, or maintenance of any patent application or patent included with the Licensed Patent Rights.  In that event, the Licensee shall directly pay the attorneys or agents engaged to prepare, file, prosecute, or maintain these patent applications or patents and shall provide the NIH with copies of each invoice associated with these services as well as documentation that
                              these invoices have been paid.

                      

                 

                

              

            

            
              
                	

                      	6.11	
                        The NIH agrees, upon written request, to provide the Licensee with summaries of patent prosecution invoices for which the NIH has requested payment from the Licensee under Paragraphs 6.8 and 6.9.  The Licensee agrees that all information provided by the NIH related to patent prosecution costs shall be treated as confidential commercial information and shall not be released to a third party
                            except as required by law or a court of competent jurisdiction.

                      

              

            

          

           

          

        

      

      
        
          A-066-2013

          CONFIDENTIAL

          NIH Patent License Agreement--Nonexclusive

          Model 10-2005 (updated 8-2012) Page 5 of 23 of [Final] [PDS Biotechnology Corporation] [October 30, 2014]

        

        
          

      

      
        
          	

                   	6.12	
                  The Licensee may elect
                    to surrender its rights in any country of the Licensed Territory under any of the Licensed Patent Rights upon sixty (60) days written notice to the NIH and owe no payment obligation under Paragraph 6.9 for patent-related expenses paid
                    in that country after the effective date of the written notice.

                

           

          

        

      

      7.            PATENT FILING, PROSECUTION, AND MAINTENANCE

        
          
             

            

            	

                     	7.1	
                    The NIH agrees to take responsibility
                        for the preparation, filing, prosecution, and maintenance of any and all patent applications or patents included in the Licensed Patent Rights.

                  

             

            

          

        

      

      8.            RECORD KEEPING

      
        
           

          

          	

                	8.1	
                  The Licensee agrees to keep accurate and correct records of
                      Licensed Products made, used, sold, or imported and Licensed Processes practiced under this Agreement appropriate to determine the amount of royalties due
                      the NIH.  These records shall be retained for at least five (5) years following a given reporting period and shall be available during
                      normal business hours for inspection, at the expense of the NIH, by an accountant or other designated auditor selected by the NIH for the sole purpose of verifying reports and royalty payments hereunder.  The accountant or auditor shall only disclose to the NIH information relating to the accuracy of reports and royalty payments made under this Agreement.  If an inspection shows an underreporting or underpayment in excess of five percent (5%) for any twelve (12) month period, then the Licensee shall reimburse the NIH for the cost of the inspection
                      at the time the Licensee pays the unreported royalties, including any additional royalties as required by Paragraph 9.7.  All royalty
                      payments required under this Paragraph shall be due within sixty (60) days of the date the NIH provides the Licensee notice of the payment due.

                

           

          

        

      

      9.            REPORTS ON PROGRESS, BENCHMARKS, SALES.  AND PAYMENTS

       

        
          
            	

                     	9.1	
                    Prior to signing this Agreement, the
                      Licensee has provided the NIH with the Commercial
                        Development Plan in Appendix E, under which the Licensee intends to bring the
                        subject matter of the Licensed Patent Rights to the point of Practical
                        Application.  This Commercial Development Plan is hereby incorporated by reference
                        into this Agreement.  Based on this plan, performance Benchmarks are determined as specified in Appendix D.

                  

             

            

          

        

        
          
            	

                     	9.2	
                    The Licensee shall provide written annual reports on its product development progress or
                          efforts to commercialize under the Commercial Development Plan for each of the Licensed Fields of Use within sixty (60) days after December 31 of each calendar year.  These progress reports shall include, but not be limited to:  progress on research and development, status of applications for regulatory approvals,
                          manufacturing, marketing, importing, and sales during the preceding calendar year, as well as, plans for the present calendar year.  The NIH also encourages these reports to include information on any of the Licensee’s public service activities that relate to the Licensed Patent Rights.  If reported progress differs from that projected in the Commercial Development Plan and Benchmarks, the Licensee shall explain the reasons for such differences.  In any annual report, the Licensee may propose amendments to the Commercial Development Plan, acceptance of which by the NIH may not be denied unreasonably.  The Licensee agrees to provide any additional information reasonably required by the NIH to evaluate the Licensee’s performance under this Agreement.  The Licensee may amend the Benchmarks at any time upon written approval by the NIH. 
                          The NIH shall not unreasonably withhold approval of any request of the Licensee to extend the time periods of this schedule if the
                          request is supported by a reasonable showing by the Licensee of diligence in its performance under the Commercial Development Plan and toward bringing the Licensed Products to the point of Practical Application.

                  

          

        

        
          
             

              

          

        

        
          
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                           	9.3	
                          The Licensee shall report
                              to the NIH the dates for achieving Benchmarks specified in Appendix D and the First Commercial Sale in each country in the Licensed Territory within thirty (30) days of such occurrences.

                        

                   

                  

                

              

              
                
                  	

                        	9.4	
                          The Licensee shall submit to the NIH, within sixty (60) days after each calendar half-year ending June 30 and December 31, a
                                royalty report, as described in the example in Appendix F, setting forth for the preceding half-year period the amount of the Licensed Products sold or Licensed
                                Processes practiced by or on behalf of the Licensee in each country within the Licensed Territory, the Net Sales, and the amount of royalty accordingly due.  With each royalty report, the Licensee shall submit payment of earned royalties due.  If no earned royalties are due to the NIH for any reporting period, the written report shall so state.  The royalty report shall be certified as
                                correct by an authorized officer of the Licensee and shall include a detailed listing of all deductions made under Paragraph 2.12 to determine Net Sales made under Article 6 to determine royalties due.

                        

                   

                  

                

              

              
                
                  	

                           	9.5	
                          Royalties due under Article 6 shall be paid
                                in U.S. dollars and payment options are listed in Appendix G.  For conversion of foreign currency to U.S. dollars, the conversion rate shall be the New York foreign exchange rate quoted in The Wall Street Journal on the day that the payment is due, and any loss of
                                exchange, value, taxes, or other expenses incurred in the transfer or conversion to U.S. dollars shall be paid entirely by the Licensee.  The royalty report required by Paragraph 9.4 shall be mailed to the NIH at its address for Agreement Notices indicated on the Signature Page.

                        

                   

                  

                

              

              
                
                  	

                           	9.6	
                          The Licensee shall be solely responsible for determining if any tax on royalty income
                                is owed outside the United States and shall pay this tax and be responsible for all filings with appropriate agencies of foreign governments.

                        

                   

                  

                

              

              
                
                  	

                           	9.7	
                          Additional royalties may be assessed by the
                              NIH on any payment that is more than ninety
                                (90) days overdue at the rate of one percent (1%) per month.  This one percent (1%) per month rate may be applied retroactively from the original due date until the date of receipt by the NIH of the overdue payment and additional royalties.  The payment of any
                                additional royalties shall not prevent the NIH from exercising any other rights it may have as a consequence of the lateness of any payment.

                        

                   

                  

                

              

              
                
                  	

                        	9.8	
                          All plans and reports required by this Article 9 and marked “confidential” by the Licensee shall, to the extent permitted by law, be treated by the NIH as commercial and financial information obtained
                              from a person and as privileged and confidential, and any proposed disclosure of these records by the NIH under the Freedom of
                              Information Act (FOIA), 5 U.S.C. §552 shall be subject to the predisclosure notification requirements of 45 C.F.R. §5.65(d).

                        

                   

                  

                

              

              10.          PERFORMANCE

              
                
                   

                  

                  	

                           	10.1	
                          The Licensee shall use its reasonable commercial efforts to bring the Licensed Products and Licensed Processes to Practical Application.  “Reasonable commercial efforts” for the purposes of this provision
                                shall include adherence to the Commercial Development Plan in Appendix E and performance of the Benchmarks in Appendix D.

                        

                   

                  

                

              

              
                
                  	

                           	10.2	
                          Upon the First Commercial Sale, until the expiration or termination of this Agreement, the Licensee shall use its reasonable commercial efforts to make Licensed Products and Licensed Processes reasonably accessible to the United States public.

                        

                

              

            

             

            

          

        

        
          
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                           	10.3	
                          The Licensee agrees, after
                              its First Commercial Sale, to make reasonable quantities of Licensed Products or materials produced through the use of Licensed Processes available to patient assistance programs.

                        

                   

                  

                

              

              
                
                  	

                           	10.4	
                          The Licensee agrees, after its First Commercial Sale and as part of its marketing and product promotion, to develop
                                educational materials (e.g., brochures, website, etc.) directed to patients and physicians detailing the Licensed Products or medical aspects of the prophylactic and therapeutic uses of the Licensed Products.

                        

                   

                  

                

              

              
                
                  	

                           	10.5	
                          The Licensee agrees to supply, to the Mailing Address for Agreement Notices indicated on the Signature Page, the
                                Office of Technology Transfer, the NIH with
                                inert samples of the Licensed Products or Licensed Processes or their packaging for educational and
                                display purposes only.

                        

                

              

            

          

        

        
          
             

            

          

        

        11.          INFRINGEMENT AND PATENT ENFORCEMENT

         

              

        
          
            	

                  	11.1	
                    The NIH and the Licensee agree to notify each other promptly of each infringement or possible infringement of the Licensed Patent Rights, as well as, any facts which may affect the validity, scope, or enforceability of the Licensed Patent Rights of which either Party becomes aware.

                  

             

            

          

        

        
          
            	

                  	11.2	
                    In the event that a declaratory judgment action alleging invalidity of any of the Licensed Patent Rights shall be brought against the NIH, The NIH agrees to notify the Licensee that an action alleging
                        invalidity has been brought. The NIH does not represent that it shall commence legal action to defend against a declaratory action
                        alleging invalidity. The Licensee shall take no action to compel the Government either to initiate or to join in any declaratory judgment action. Should the Government
                        be made a party to any suit by motion or any other action of the Licensee, the Licensee shall reimburse the Government for any costs, expenses, or fees,
                        which the Government incurs as a result of the motion or other action. Upon the Licensee’s payment of all costs incurred by the Government as a result of
                        the Licensee’s joinder motion or other action, these actions by the Licensee shall not be considered a default in the performance of any material obligation under this Agreement.

                  

             

            

          

        

        12.          NEGATION OF WARRANTIES AND INDEMNIFICATION

         

              

        
          
            	

                  	12.1	
                    The NIH offers no warranties other than those specified in
                        Article 1.

                  

             

            

          

        

        
          
            	

                  	12.2	
                    The NIH does not warrant the validity of the Licensed Patent Rights and makes no representations whatsoever with regard to the scope of the Licensed Patent Rights, or that the Licensed Patent Rights
                        may be exploited without infringing other patents or other intellectual property rights of third parties.

                  

             

            

          

        

        
          
            	

                  	12.3	
                    THE NIH MAKES NO WARRANTIES, EXPRESSED OR IMPLIED, OF
                        MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OF ANY SUBJECT MATTER DEFINED BY THE CLAIMS OF THE LICENSED PATENT RIGHTS OR
                        TANGIBLE MATERIALS RELATED THERETO.

                  

             

            

          

        

        
          
            	

                  	12.4	
                    The NIH does not represent that it shall commence legal
                        actions against third parties infringing the Licensed Patent Rights.

                  

             

            

          

        

        
          
            	

                  	12.5	
                    The Licensee shall indemnify and hold the NIH, its employees, students, fellows, agents, and consultants harmless from and against all liability, demands, damages, expenses, and
                        losses, including but not limited to death, personal injury, illness, or property damage in connection with or arising out of:

                  

             

            

          

        

        
          
            	

                  	(a)	
                    the use by or on behalf of the Licensee, its directors, employees, or third parties of any Licensed Patent Rights; or

                  

             

            

          

        

        
          
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                  	(b)	
                    the design, manufacture, distribution, or use of any Licensed
                          Products, Licensed Processes or materials by the Licensee, or other products or processes developed in connection with or arising out of the Licensed Patent
                          Rights.

                  

             

            

          

        

        
          
            	

                  	12.6	
                    The Licensee agrees to maintain a liability insurance
                        program consistent with sound business practice.

                  

             

            

          

        

        13.         TERM, TERMINATION, AND MODIFICATION OF RIGHTS

         

              

      

      
        
          
            	

                     	13.1	
                    This Agreement is effective when signed
                        by all parties, unless the provisions of Paragraph 14.15 are not fulfilled, and shall extend to the expiration of the last to expire of the Licensed Patent Rights unless sooner terminated as provided in this Article 13.

                  

             

            

          

        

        
          
            	

                     	13.2	
                    In the event that the Licensee is in default in the performance of any material
                          obligations under this Agreement, including but
                          not limited to the obligations listed in Paragraph 13.5, and if the default has not been remedied within ninety (90) days after the date of notice in writing of the default, the NIH may terminate this Agreement by written notice and pursue outstanding royalties owed through procedures provided by the Federal Debt Collection Act.

                  

             

            

          

        

        
          
            	

                     	13.3	
                    In the event that the Licensee becomes insolvent, files a petition in bankruptcy, has
                          such a petition filed against it, determines to file a petition in bankruptcy, or receives notice of a third party’s intention to file an involuntary petition in bankruptcy, the Licensee shall immediately notify the NIH in writing.

                  

             

            

          

        

        
          
            	

                     	13.4	
                    The Licensee shall have a unilateral right to terminate this Agreement in any country or territory by giving the NIH sixty (60) days written notice to that effect.

                  

          

        

        

        

      

      
        
          
            	

                  	13.5	
                    The NIH shall specifically have the right to terminate or
                        modify, at its option, this Agreement, if the NIH determines that the Licensee:

                  

             

            

          

        

        
          
            	

                  	(a)	
                    is not executing the Commercial Development Plan submitted
                        with its request for a license and the Licensee cannot otherwise demonstrate to the NIH’s satisfaction that the Licensee has taken, or can be expected to take
                        within a reasonable time, effective steps to achieve Practical Application of the Licensed Products or Licensed Processes;

                  

             

            

          

        

        
          
            	

                  	(b)	
                    has not achieved the Benchmarks as may be modified under
                        Paragraph 9.2;

                  

             

            

          

        

        
          
            	

                  	(c)	
                    has willfully made a false statement of, or willfully omitted, a material fact in the license application or in any report required by this Agreement;

                  

             

            

          

        

        
          
            	

                  	(d)	
                    has committed a material breach of a covenant or agreement contained in this Agreement;

                  

             

            

          

        

        
          
            	

                  	(e)	
                    is not keeping Licensed Products or Licensed Processes reasonably available to the public after commercial use commences;

                  

             

            

          

        

        
          
            	

                  	(f)	
                    cannot reasonably satisfy unmet health and safety needs; or

                  

             

            

          

        

        
          
            	

                  	(g)	
                    cannot reasonably justify a failure to comply with the domestic production requirement of Paragraph 5.2, unless waived.

                  

             

            

          

        

        
          
            	

                  	13.6	
                    In making the determination referenced in Paragraph 13.5, the NIH
                        shall take into account the normal course of such commercial development programs conducted with sound and reasonable business practices and judgment and the annual reports submitted by the Licensee under Paragraph 9.2. Prior to invoking termination or modification of this Agreement under Paragraph 13.5, the NIH shall give written notice to the Licensee providing the Licensee specific notice of, and a
                        ninety (90) day opportunity to respond to, the NIH’s concerns as to the items referenced in 13.5(a)-13.5(g). If the Licensee fails to alleviate the NIH’s
                        concerns as to the items referenced in 13.5(a)-13.5(g) or fails to initiate corrective action to the NIH’s satisfaction, the NIH may terminate this Agreement.

                  

             

            

          

        

        
          
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                  	13.7	
                    The NIH reserves the right according to 35 U.S.C. §209(d)(3) to terminate or modify this Agreement
                        if it is determined that the action is necessary to meet the requirements for public use specified by federal regulations issued after the date of the license and these requirements are not reasonably satisfied by the Licensee.

                  

             

            

          

        

        
          
            	

                  	13.8	
                    Within thirty (30) days of receipt of written notice of the NIH’s
                        unilateral decision to modify or terminate this Agreement, the Licensee may, consistent with the provisions of 37 C.F.R. §404.11, appeal the decision by written
                        submission to the designated the NIH official.  The decision of the designated the NIH official shall be the final agency decision.  The Licensee may
                        thereafter exercise any and all administrative or judicial remedies that may be available.

                  

             

            

          

        

        
          
            	

                  	13.9	
                    Within ninety (90) days of expiration or termination of this Agreement
                        under this Article 13, a final report shall be submitted by the Licensee.  Any royalty payments, including those incurred but not
                        yet paid (such as the full minimum annual royalty), and those related to patent expense, due to the NIH shall become immediately due
                        and payable upon termination or expiration.  Unless otherwise specifically provided for under this Agreement, upon termination or
                        expiration of this Agreement, the Licensee
                        shall return all Licensed Products
                        or other materials included within the Licensed Patent Rights to the NIH
                        or provide the NIH with written certification of the destruction thereof.  The Licensee may not be granted additional the NIH licenses if the final
                        reporting requirement is not fulfilled.

                  

             

            

          

        

        14.          GENERAL PROVISIONS

         

              

        
          
            	

                  	14.1	
                    Neither party may waive or release any of its rights or interests in this Agreement except in writing.  The failure of the Government to assert a right hereunder or to insist
                        upon compliance with any term or condition of this Agreement shall not constitute a waiver of that right by the Government or excuse a similar subsequent failure to perform any of these terms or conditions by the Licensee.

                  

             

            

          

        

        
          
            	

                  	14.2	
                    This Agreement constitutes the entire agreement between
                        the Parties relating to the subject matter of the Licensed Patent Rights, Licensed Products and Licensed Processes, and all prior negotiations, representations, agreements, and understandings are merged into, extinguished by, and completely
                        expressed by this Agreement.

                  

             

            

          

        

        
          
            	

                  	14.3	
                    The provisions of this Agreement are severable, and in the
                        event that any provision of this Agreement shall be determined to be invalid or unenforceable under any controlling body of law,
                        this determination shall not in any way affect the validity or enforceability of the remaining provisions of this Agreement.

                  

             

            

          

        

        
          
            	

                  	14.4	
                    If either party desires a modification to this Agreement,
                        the parties shall, upon reasonable notice of the proposed modification by the party desiring the change, confer in good faith to determine the desirability of the modification.  No modification shall be effective until a written
                        amendment is signed by the signatories to this Agreement or their designees.

                  

             

            

          

        

        
          
            	

                  	14.5	
                    The construction, validity, performance, and effect of this Agreement
                        shall be governed by Federal law as applied by the Federal courts in the District of Columbia.

                  

             

            

          

        

        
          
            	

                  	14.6	
                    All Agreement notices required or permitted by this Agreement shall be given by prepaid, first class, registered or certified mail or by an express/overnight delivery service provided by a
                        commercial carrier, properly addressed to the other party at the address designated on the Signature Page, or to any other address as may be designated in writing by such other party.  Agreement notices shall be considered timely if such notices are received on or before the established deadline date or sent on or before the deadline date as verifiable by
                        U.S. Postal Service postmark or dated receipt from a commercial carrier.  Parties should request a legibly dated U.S. Postal Service postmark or obtain a dated receipt from a commercial carrier or the U.S. Postal Service.  Private
                        metered postmarks shall not be acceptable as proof of timely mailing.

                  

             

            

          

        

        
          
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                  	14.7	
                    This Agreement shall not be assigned or otherwise
                        transferred (including any transfer by legal process or by operation of law, and any transfer in bankruptcy or insolvency, or in any other compulsory procedure or order of court) except to the Licensee’s Affiliate(s) without the prior written consent of the NIH. 

                        NIH shall provide its decision to such a request by Licensee within fifteen (15) business days from date of receipt of such request.  The parties agree that the identity of the parties is material to the formation of this Agreement and that the obligations under this Agreement are
                        nondelegable.  In the event that the NIH approves a proposed assignment, the Licensee shall pay the NIH, as an additional royalty, one percent (1%) of the fair
                        market value of any consideration received for any assignment of this Agreement within sixty (60) days of the assignment

                  

             

            

          

        

        
          
            	

                  	14.8	
                    The Licensee agrees in its use of any NIH-supplied materials to comply with all applicable statutes, regulations, and guidelines, including NIH and HHS regulations and guidelines.  The Licensee agrees
                        not to use the materials for research involving human subjects or clinical trials in the United States without complying with 21 C.F.R. Part 50
                        and 45 C.F.R. Part 46.  The Licensee agrees
                        not to use the materials for research involving human subjects or clinical trials outside of the United States without notifying the NIH,
                        in writing, of the research or trials and complying with the applicable regulations of the appropriate national control authorities.  Written notification to the NIH of research involving human subjects or clinical trials outside of the United States shall be given no later than sixty (60) days prior to commencement of the research or trials.

                  

             

            

          

        

        
          
            	

                  	14.9	
                    The Licensee acknowledges that it is subject to and agrees
                        to abide by the United States laws and regulations (including the Export Administration Act of 1979 and Arms Export Control Act) controlling the export of technical data, computer software, laboratory prototypes, biological materials, and other commodities.  The transfer of
                        these items may require a license from the appropriate agency of the Government or written assurances by the Licensee that it shall not export these items to certain foreign countries without prior approval of the agency.  The NIH neither represents that a license is or is not required or that, if required, it shall be issued.

                  

             

            

          

        

        
          
            	

                  	14.10	
                    The Licensee agrees to mark the Licensed Products or their packaging sold in the United
                        States with all applicable U.S. patent numbers and similarly to indicate “Patent Pending” status.  All Licensed Products manufactured in, shipped to, or sold in other countries shall be marked in a manner to preserve the NIH patent rights in those countries.

                  

             

            

          

        

        
          
            	

                  	14.11	
                    By entering into this Agreement, the NIH does not directly or indirectly endorse any product or service provided, or to be provided, by the Licensee whether directly or indirectly related to this Agreement. 

                        The Licensee shall not state or imply that this Agreement is an endorsement by the Government, the NIH, any other Government organizational unit, or any Government employee.  Additionally, the Licensee shall not use the names of the NIH, the FDA, HHS, or the Government or their employees in any advertising, promotional, or sales literature without
                        the prior written approval of the NIH.

                  

             

            

          

        

        
          
            	

                  	14.12	
                    The Parties agree to attempt to settle amicably any controversy or claim arising under this Agreement or a breach of this Agreement, except for appeals of modifications or
                        termination decisions provided for in Article 13.  The Licensee agrees first to appeal any unsettled claims or controversies to the
                        designated NIH official, or designee, whose decision shall be considered the final agency decision.  Thereafter, the Licensee may exercise any administrative or judicial remedies that may be available.

                  

             

            

          

        

        
          
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                  	14.13	
                    Nothing relating to the grant of a license, nor the grant itself, shall be construed to confer upon any person any immunity from or defenses under the
                        antitrust laws or from a charge of patent misuse, and the acquisition and use of rights pursuant to 37 C.F.R. Part 404 shall not be immunized
                        from the operation of state or Federal law by reason of the source of the grant.

                  

             

            

          

        

        
          
            	

                  	14.14	
                    Paragraphs 8.1, 9.6-9.8, 12.1-12.5, 13.8, 13.9, 14.12 and 14.14 of this Agreement shall survive termination of this Agreement.

                  

             

            

          

        

        
          
            	

                  	14.15	
                    The terms and conditions of this Agreement shall, at the NIH’s sole option, be considered by the NIH
                        to be withdrawn from the Licensee’s consideration and the terms and conditions of this’ Agreement, and the Agreement itself to be null and void, unless this Agreement is executed by the Licensee
                        and a fully executed original is received by the NIH within sixty (60) days from the date of the NIH signature found at the Signature Page.

                  

             

            

          

        

        SIGNATURES BEGIN ON NEXT PAGE

         

          

        
          
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        NIH PATENT LICENSE AGREEMENT – NONEXCLUSIVE

         

          

        SIGNATURE PAGE

         

          

        For the NIH:

         

          

        	 	/s/ Richard U. Rodriguez 

              	 	11-24-14

              	 
	 	
                Richard U. Rodriguez

              	 	
                Date

              	 

        	 	
                Director, Division of Technology Development and Transfer

                Office of Technology Transfer

                National Institutes of Health

              
	 	 
	 	
                Mailing Address or E-mail Address for Agreement notices and reports:

              
	 	 
	 	
                Chief, Monitoring & Enforcement Branch

                Office of Technology Transfer

                National Institutes of Health

                6011 Executive Boulevard, Suite 325

                Rockville, Maryland 20852-3804 U.S.A.

              

        

        

        E-mail:  LicenseNotices_Reports@mail.nih.gov

         

          

        For the Licensee (Upon, information and belief, the undersigned expressly certifies or affirms that the contents of any statements of the
            Licensee made or referred to in this document are truthful and accurate.):

        

        

        	
                by:

              	

              	 	 	 
	 	/s/ Frank Bedu-Addo

              	 	01-05-15

              	 
	
                

                

              	
                Signature of Authorized Official

              	 	
                Date

              	 
	 	 	 	 	 
	 	Frank Bedu-Addo	 	 	 
	 	
                Printed Name

              	

              	

              	 
	 	 	 	 	 
	 	President	 	 	 
	 	
                Title

              	

              	

              	 

        

        

        I. Official and Mailing Address for Agreement notices:

         

          

        	 	
                Frank Bedu-Addo

              	 
	 	
                Printed Name

              	 
	 	 	 
	 	
                President

              	 
	 	
                Title

              	 

        

        

        Mailing Address

         

          

        PDS Biotechnology Corporation

        675 US Highway 1

        North Brunswick, NJ 08902

        Phone:  203-947-6744

        Fax:  203-942-2629 (fax)

        Email:  fbeduaddo@pdsbiotech.com

         

          

        II. Official and Mailing Address for Financial notices (the Licensee’s contact person for royalty payments)

         

          

        
          
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                Frank Bedu-Addo

              	 
	 	
                Printed Name

              	 
	 	 	 
	 	
                President 

                

              	 
	 	
                Title

              	 

        

        

        Mailing Address

         

          

        PDS Biotechnology Corporation

        675 US Highway 1

        North Brunswick, NJ 08902

        Phone:  203-947-6744

        Fax:  203-942-2629 (fax)

        Email:  fbeduaddo@pdsbiotech.com

         

        
        Any false or misleading statements made, presented, or submitted to the Government, including any relevant omissions, under this Agreement and during the course of
            negotiation of this Agreement are subject to all applicable civil and criminal statutes including Federal statutes 31 U.S.C. §§3801-3812 (civil liability) and 18 U.S.C. §1001 (criminal liability including
            fine(s) and/or imprisonment).

         

          
            
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          APPENDIX A — PATENT(S) OR PATENT APPLICATION(S)

           
           

            

           
          Patent(s) or Patent
                Application(s):

             
          
            
               

                 

              	I	
                      US Patent Application No. 60/529,329 filed
                            December 12, 2003, entitled “Human cytotoxic T-lymphoctye epitope and its agonist epitope from the non-variable number of tandem repeat sequence of MUC-1” [HHS Reference No. E-321-2003/0-US-01].

                    

               

                 

            

          

           
          
            
              	II	
                      International Patent Application No.
                            PCT/US2004/41921 filed December 10, 2004 entitled ‘Human cytotoxic T-lymphoctye epitope and its agonist epitope from the non-variable number of tandem repeat sequence of MUC-1” [HHS Reference No. E-321-2003/0-PCT-02], as well as all foreign issued patents and patent applications claiming priority to this application.

                    

               

                 

            

          

           
          
            
              	III	
                      US Patent No. 7,999,071 issued August 16, 2011,
                            entitled “Human cytotoxic T-lymphoctye epitope and its agonist epitope from the non-variable number of tandem repeat sequence of MUC-1” [HHS Reference No. E-321-2003/0-US-03], as well as all continuation and divisional applications.

                    

               

                 

            

          

           
           
             
              	IV	
                      US Patent Application No. 61/582,723 filed
                            January 3, 2012 entitled “Native and Agonist CTL Epitopes of The MUC-1 Tumor Antigen” [HHS Reference No. E-001-2012/0-US-01] as well as all continuation and divisional applications and foreign issued patents and patent applications.

                    

               
               

                
                  
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                APPENDIX B— LICENSED FIELDS OF USE AND TERRITORY

                 
                 

                  

                 
                
                  
                    	I	
                            Licensed Fields of
                                  Use:

                          

                     

                       

                  

                

                 
                
                  
                    	

                             	(a)	
                            Development of a therapeutic cancer
                                  vaccine using the Licensed Patent Rights
                                  specifically in combination with Licensee’s
                                  proprietary VersamuneTM technology for ovarian and pancreatic
                                  cancers.  The Field of Use may be amended upon renegotiation and pursuant to 37 CFR 404.

                          

                     

                       

                  

                

                 
                
                  
                    	II	
                            Licensed Territory:

                          

                     

                       

                  

                

                 
                 
                   
                    	

                             	(a)	
                            Worldwide

                          

                     
                     

                    

                  

                

              

            

          

        

        
          
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        APPENDIX
                C — ROYALTIES

         
         

              

         
        
          
            	I	
                    The Licensee agrees to pay to the NIH a noncreditable, nonrefundable license issue royalty in the amount of Thirty Thousand US Dollars
                          ($30,000) upon execution of this Agreement to be
                          paid in two (2) installments as follows:

                  

             

               

          

        

         
        
          
            	

                     	(a)	
                    Fifteen Thousand US Dollars ($15,000)
                          within sixty (60) days from the effective date of this Agreement.

                  

             

               

          

        

         
        
          
            	

                     	(b)	
                    Fifteen Thousand US Dollars ($15,000)
                          due on the one (1) year anniversary of the execution of this Agreement.

                  

             

               

          

        

         
        In the event
              this Agreement is terminated for any reason before the first
              year anniversary of the execution of this Agreement, then Licensee shall pay the balance of the license issue royalty upon
              termination.

         
        
          
             

               

            	II	
                    The Licensee agrees to pay to the NIH a nonrefundable minimum annual royalty in the amount of Five Thousand US Dollars ($5,000 USD) as
                          follows:

                  

             

               

          

        

         
        
          
            	

                     	(a)	
                    The first minimum annual royalty is due
                          within sixty (60) days of the effective date of this Agreement and may be prorated according to the fraction of the calendar year remaining between the effective date of this Agreement and the next subsequent January 1; and

                  

             

               

          

        

         
        
          
            	

                     	(b)	
                    Subsequent minimum annual royalty
                          payments are due and payable on January 1 of each calendar year and may be credited against any earned royalties due for sales made in that year.

                  

             

               

          

        

         
        
          
            	III	
                    The Licensee agrees to pay the NIH earned royalties of two percent (2%) on Net Sales by or on behalf of the Licensee.  Licensee shall be
                          entitled to reduce the earned royalty rate by half percent (0.5%) for any earned royalties Licensee must pay to
                          one or more third party (ies), separately or cumulatively, in respect of the manufacture, sale or importation of the Licensed Products or use of Licensed Processes in the Licensed Territory.  Reduction shall however not reduce the earned royalty rate due to NIH under this Agreement below one and a half percent (1.5%).

                  

             

               

          

        

         
        
          
            	IV	
                    The Licensee agrees to pay the NIH Benchmark royalties within sixty (60) days of achieving each Benchmark:

                  

             

               

          

        

         
        
          
            	

                     	(a)	
                    Twenty Five Thousand Dollars ($25,000)
                          upon successful completion of Phase II Clinical Trials of a Licensed Product for ovarian cancer
                          within each Licensed Territory;

                  

             

               

          

        

         
        
          
            	

                     	(b)	
                    Fifty Thousand Dollars ($50,000) upon
                          initiation (first patient dosed) of the first Phase 111 clinical Trial of a Licensed Product
                          for ovarian cancer within each Licensed Territory;

                  

             

               

          

        

         
        
          
            	

                     	(c)	
                    Seven Hundred Fifty Thousand Dollars
                          ($750,000) upon First Commercial Sale in the Licensed Territory utilizing and/or directed to Licensed Product(s) and/or Licensed Process(es) within the Licensed Patent Rights for ovarian cancer;

                  

             

               

          

        

         
        
          
            	

                     	(d)	
                    Twenty Five Thousand Dollars ($25,000)
                          upon successful completion of Phase II Clinical Trials of a Licensed Product for pancreatic cancer within each Licensed Territory;

                  

             

               

          

        

         
        
          
            	

                     	(e)	
                    Fifty Thousand Dollars ($50,000) upon
                          initiation (first patient dosed) of the first Phase III clinical Trial of a Licensed Product for pancreatic cancer within each Licensed Territory;

                  

             

               

          

        

         
         
           
            	

                     	(f)	
                    Seven Hundred Fifty Thousand Dollars
                          ($750,000) upon First Commercial Sale in the Licensed Territory utilizing and/or directed to Licensed Product(s) and/or Licensed Process(es) within the Licensed Patent Rights for pancreatic cancer.

                  

             
             

            

          

        

        
          
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            	V	
                    Licensee agrees to pay NIH additional sublicensing royalties for each sublicense required to be approved by NIH pursuant to Paragraph 4.1 of four percent (4%) on the fair
                          market value of any consideration received for granting such sublicense within sixty (60) days of the execution of such sublicense grant.

                  

             

            

          

        

        
          
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        APPENDIX
                D — BENCHMARKS AND PERFORMANCE

         
         

              

         
        The Licensee agrees to the following Benchmarks for its performance under this Agreement and, within thirty (30) days of achieving a Benchmark, shall notify the NIH that the Benchmark has been achieved.

           
         

           

         
        	
                I

              	
                Preclinical development:

              	
                2015-2016:

              	 
	 	 	 	 
	
                II

              	
                Animal efficacy studies
                      to optimize the

                formulations with the
                      MUC-1 antigens

                to maximize efficacy and
                      manufacturing.

                Toxicology studies will
                      also be performed.

              	 	 
	 	 	 	 
	
                III

              	
                IND filing

              	
                2015

              	 
	 	 	 	 
	
                IV

              	
                Phase I/IIa human
                      clinical studies:

                Studies will be performed
                      in a small patient

                population to demonstrate
                      safety and

                obtain indicators of
                      effect of dosing on efficacy

              	
                2016-2017

              	 
	 	 	 	 
	
                V

              	
                Phase IIb human clinical
                      studies:  Studies

                will be performed in a
                      moderately sized patient

                population to evaluate
                      efficacy -

              	
                2017-2019

              	 
	 	 	 	 
	
                VI

              	
                Phase III clinical
                      studies:

                Studies will be performed
                      in a large patient population to

                confirm product efficacy
                      -

              	
                2020 -2022

              	 
	 	 	 	 
	
                VII

              	
                BLA to be filed if
                      development

                proceeds according to the
                      projected schedule.

              	
                2022

              	 
	 	 	 	 
	
                VI

              	
                First Commercial Sale

              	
                2023

              	 

         
        

        

        
          
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        APPENDIX E — COMMERCIAL DEVELOPMENT PLAN

         

              

        The Licensee will develop manufacture and
            market the immunotherapy product using the Licensed Patent Rights (certain MUC-1 antigens) in combination with its proprietary VersamuneTM liposomal nanoparticles.  VersamuneTM is the only cancer vaccine technology to
            date which has been demonstrated to reduce the population of myeloid derived suppressor cells in the tumor microenvironment while simultaneously acting as a potent activator of cytokines, chemokines and antigen-specific CD4+ and CD8+ T-cells. 
            The nanoparticles have also been shown to facilitate antigen uptake and processing leading to superior anti-tumor immune responses.

         

          

        Steps followed by Licensee to develop and
            commercialize the Vaccine candidate such as MUC-1 containing vaccine are summarized below:

         

          

        Pre-clinical and Early Clinical Development

         

          

        Pre-clinical and early clinical development for ovarian and pancreatic cancer indications will be undertaken by the Licensee and expected to
            be completed by 2016.  Licensee has expressed interest in collaborating with NCI.

         

          

        Regulatory

         

          

        
          
            	

                  	·	
                    IND filing by 2016 to initiate clinical studies.

                  

          

        

        
          
            	

                  	·	
                    Design regulatory strategy for path to BLA and product registration.

                  

          

        

         

          

        Clinical

         

          

        Clinical study design to ensure safety, efficacy and dosing will be initiated in 2017.  If successful, Phase IIb shidies will be initiated in
            2017 and Phase III studies will be initiated in 2020.

         

          

        Manufacturing and Quality

         

          

        VersamuneTM is Licensee’s proprietary platform and Licensee has the expertise in manufacturing and
            quality control.  The VersamuneTM technology has already been out-licensed to major pharmaceutical companies for the development of therapeutic products.

         

          

        Marketing

         

          

        Licensee intends to market the product at
            least for the first indication by 2023.

         

          

        
          
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        APPENDIX F - EXAMPLE ROYALTY REPORT

         

          

        Required royalty report information includes:

         

          

        
          
            	·	
                    OTT license reference number (L-XXX-200X10)

                  

          

        

        
          
            	·	
                    Reporting period

                  

          

        

        
          
            	·	
                    Catalog number and units sold of each Licensed Product (domestic and foreign)

                  

          

        

        
          
            	·	
                    Gross Sales per catalog number per country

                  

          

        

        
          
            	·	
                    Total Gross Sales

                  

          

        

        
          
            	·	
                    Itemized deductions from Gross Sales

                  

          

        

        
          
            	·	
                    Total Net Sales

                  

          

        

        
          
            	·	
                    Earned Royalty Rate and associated calculations

                  

          

        

        
          
            	·	
                    Gross Earned Royalty

                  

          

        

        
          
            	·	
                    Adjustments for Minimum Annual Royalty (MAR) and other creditable payments made

                  

          

        

        
          
            	·	
                    Net Earned Royalty due

                  

          

        

         

          

        Example

         

          

        	
                Catalog Number

              	
                Product Name

              	
                Country

              	
                Units Sold

              	
                Gross Sales

                (US$)

              
	
                1

              	
                A

              	
                US

              	
                250

              	
                62,500

              
	
                1

              	
                A

              	
                UK

              	
                32

              	
                16,500

              
	
                1

              	
                A

              	
                France

              	
                25

              	
                15,625

              
	
                2

              	
                B

              	
                US

              	
                0

              	
                0

              
	
                3

              	
                C

              	
                US

              	
                57

              	
                57,125

              
	
                4

              	
                D

              	
                US

              	
                12

              	
                1,500

              
	 	 	
                Total Gross Sales

              	 	
                153,250

              
	 	 	
                Less Deductions:

              	 	 
	 	 	 	
                Freight

              	
                3,000

              
	 	 	 	
                Returns

              	
                7,000

              
	 	 	
                Total Net Sales

              	 	
                143,250

              
	 	 	 	 
	 	 	 	
                Royalty Rate

              	
                8%

              
	 	 	 	
                Royalty Due

              	
                11,460

              
	 	 	
                Less Creditable Payments

              	 	
                10,000

              
	 	 	
                Net Royalty Due

              	 	
                1,460

              

        

        

        
          
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        APPENDIX G — ROYALTY PAYMENT OPTIONS

         

          

        The OTT License Number MUST appear on payments, reports and correspondence.

         

          

        Automated Clearing House (ACH) for payments
                through U.S. banks only

         

              

        The NIH encourages its licensees to submit electronic funds transfer payments through the Automated Clearing House (ACH).  Submit your ACH
            payment through the U.S. Treasury web site located at:  https://www.pay.gov.  Locate the “NIH Agency Form” through the Pay.gov “Agency List”.

         

          

        Electronic Funds Wire Transfers

         

              

        The following account information is provided for wire payments.  In order to process payment via Electronic Funds Wire Transfer sender MUST
            supply the following information within the transmission:

         

          

        Drawn on a U.S. bank account via FEDWIRE should be sent directly to the following account:

         

          

        	
                Beneficiary Account:

              	
                Federal Reserve Bank of New York or TREAS NYC

              
	
                Bank:

              	
                Federal Reserve Bank of New York

              
	
                ABA#

              	
                021030004

              
	
                Account Number:

              	
                75080031

              
	
                Bank Address:

              	
                33 Liberty Street, New York, NY 10045

              
	
                Payment Details:

              	
                License Number (L-XXX-XXXX)

                Name of the Licensee

              

        

        

        Drawn on a foreign bank account
            should be sent directly to the following account.  Payment must be sent in U.S. Dollars (USD) using the following instructions:

         

          

        	
                Beneficiary Account:

              	
                Federal Reserve Bank of New York/1TS or FRBNY/ITS

              
	
                Bank:

              	
                Citibank N.A. (New York)

              
	
                SWIFT Code:

              	
                CITIUS33

              
	
                Account Number:

              	
                36838868

              
	
                Bank Address:

              	
                388 Greenwich Street, New York, NY 10013

              
	
                Payment Details (Line 70):

              	
                NIH 75080031

                License Number (L-XXX-XXXX)

                Name of the Licensee

              
	
                Detail of Charges (line 71a):

              	
                Charge Our

              

        

        

        
          
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        Checks

         

              

        All checks should be made payable to “NIH
            Patent Licensing”

         

          

        Checks drawn on a U.S. bank
                account and sent by US Postal Service should be sent directly to the following address:

        

        

        National Institutes of Health (NIH)

        P.O. Box 979071

        St. Louis, MO 63197-9000

        

        

        Checks drawn on a U.S. bank account and sent by overnight or courier should be sent to the following address:

        

        

        US Bank

        Government Lockbox SL-MO-C2GL

        1005 Convention Plaza

        St. Louis, MO 63101

        Phone:  314-418-4087

        

        

        Checks drawn on a foreign
                bank account should be sent directly to the following address:

        

        

        National Institutes of Health (NIH)

        Office of Technology Transfer

        Royalties Administration Unit

        6011 Executive Boulevard

        Suite 325, MSC 7660

        Rockville, Maryland 20852

        

        

        
          
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        NATIONAL INSTITUTES OF HEALTH

        FIRST AMENDMENT TO L-048-2015/0

        This is the first amendment (“First Amendment”)

            of the agreement by and between the National Institutes of Health (“NIH”) within the Department of Health and Human Services (“HHS”), and PDS
            Biotechnology Corporation having an effective date of January 5, 2015 and having NIH Reference Number L-048-2015/0 (“Agreement”).  This First Amendment, having NIH Reference Number L-048-2015/1, is made between the NIH through
            the Office of Technology Transfer, NIH, having an address at 6011 Executive Boulevard, Suite 325, Rockville, Maryland 20852-3804, U.S.A., and
            PDS Biotechnology Corporation, having an office at 675 US Highway 1 North Brunswick, New Jersey 08902, U.S.A.(the ”Licensee”).  This First Amendment includes, in addition to the amendments made below, 1) a Signature Page, 2) Attachment 1 (Royalty Payment Information) and 2)
            Attachment 2 (Amended Appendix C of the Agreement.

         

          

        WHEREAS, the NIH and the Licensee desire that the Agreement be amended a
            first time as set forth below in order to 1) modify the Field of Use and 2) modify the following section:  Appendix C-Royalties

         

          

        NOW, THEREFORE, in consideration of the mutual covenants and promises contained herein, the NIH and the Licensee, intending to be bound, hereby mutually agree to the following:

         

          

        
          
            	5.	
                    The Field of Use in Appendix B will be deleted in its
                        entirety and replaced with the following:

                  

          

        

         

          

        Development and commercialization of a therapeutic cancer vaccine using the Licensed Patent Rights specifically in combination with Licensee’s proprietary
            VersamuneTM technology specifically for the following indications, 1) ovarian cancer, 2) colorectal cancer,3) breast cancer and 4) lung cancer.  The Field of Use may be amended upon renegotiation and pursuant to 37 CFR 404.

         

          

        
          
            	6.	
                    Appendix C will be deleted in its entirety and replaced with Appendix C as outline in Attachment 2 of this First Amendment

                  

             

            

          

        

        
          
            	7.	
                    Within sixty (60) days of the execution of this First Amendment,
                        the Licensee shall pay the NIH
                        an amendment issue royalty in the sum of five hundred US Dollars ($500), and payment options may be found in Attachment 1.

                  

             

            

          

        

        
          
            	8.	
                    In the event any provision(s) of the Agreement is/are
                        inconsistent with Attachment 1 and/or 2, such provision(s) is/are hereby amended to the extent required to avoid such inconsistency and to give effect to the shipping and payment information in such Attachment 1 and/or 2.

                  

             

            

          

        

        
          
            	9.	
                    All terms and conditions of the Agreement not herein
                        amended remain binding and in effect.

                  

             

            

          

        

        
          
            	10.	
                    The terms and conditions of this First Amendment shall, at
                        the NIH’s sole option, be considered by the NIH to be withdrawn from the Licensee’s consideration and the terms and conditions of this First Amendment, and the First Amendment itself, to be null and void, unless this First
                        Amendment is executed by the Licensee
                        and a fully executed original is received by the NIH within sixty (60) days from the date of the NIH’s signature found at the Signature Page.

                  

             

            

          

        

        
          
            	11.	
                    This First Amendment is effective upon execution by all parties.

                  

             

            

          

        

        SIGNATURES BEGIN ON NEXT PAGE

         

          

         

        
          
            	
                    
                      A-126-2015

                    

                  	

                  	

                  
	 	 	 
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                  	L-048-2015-1 

                  

          

          
            

        

        FIRST AMENDMENT TO L-048-2015/0

        

        

        SIGNATURE PAGE

         

          

        In Witness Whereof, the parties have executed this First Amendment on the dates set forth below.  Any communication or notice to be given shall be forwarded to the respective addresses listed below.

         

          

        	
                For the NIH:

              	 	 	 
	 	 	 	 
	/s/ Richard U. Rodriguez

              	 	
                Date: 6-18-15

                  

              	 
	
                Richard U. Rodriguez

                Director, Division of Technology Development and Transfer

                Office of Technology Transfer

                National Institutes of Health

              	 	 	 
	 	 	 	 
	
                Mailing Address or E-mail Address for Agreement
                    notices and reports:

              	 	 	 
	 	 	 	 
	
                Chief, Monitoring & Enforcement Branch, DTDT

                Office of Technology Transfer

                National Institutes of Health

                6011 Executive Boulevard, Suite 325

                Rockville, Maryland 20852-3804 U.S.A.

              	 	 	 
	 	 	 	 
	
                E-mail:  LicenseNotices_Reports@mail.nih.gov

              	 	 	 

        

        

        For the Licensee (Upon information and
            belief, the undersigned expressly certifies or affirms that the contents of any statements of the Licensee made or referred to in this document
            are truthful and accurate.):

         

          

        	/s/ Frank Bedu-Addo

              	 	08-05-15

              	 
	
                Signature of Authorized Official

              	 	Date	

              

        

        

        	
                Name:

              	Frank Bedu-Addo

              	 
	
                Title:President

              

        

        

        	 	
                I.

              	
                Official and Mailing Address for Agreement notices:

              	 
	 	 	Frank Bedu-Addo

              	 
	 	 	
                Name

              	 
	 	 	President

              	 
	 	 	
                Title

              	 
	 	 	 	 
	 	 	
                Mailing Address:

                PDS Biotechnology Corporation

                675 US Highway 1

                North Brunswick, NJ 08902

                Phone:  203-947-6744

                Fax:  203-942-2629 (fax)

                Email:  fbeduaddo@pdsbiotech.com

              	 

        

        

        
          
            	
                    
                      A-126-2015

                    

                  	

                  	

                  
	 	 	 
	CONFIDENTIAL-NIH 

                  	

                  	 
	
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                    Model 09-2006 (updated 8-2012)

                  	
                    [FINAL] [PDS Biotechnology Corporation] [May 21, 2015]

                    

                    Page 30
                        of 7

                  	L-048-2015-1 

                  

          

          
            

        

        	 	II.	Official and Mailing Address for Financial notices (the Licensee’s contact person for royalty payments):	 
	 	 	Michael King

              	 
	 	 	
                Name

              	 
	 	 	CFO

              	 
	 	 	
                Title

              	 
	 	 	 	 
	 	 	
                Mailing Address

                 

                  

                PDS Biotechnology Corporation

                675 US Highway 1

                North Brunswick, NJ 08902

                Phone:  609-610-4604

                Fax:

                Email:  fbeduaddo@pdsbiotech.com

              	 

        

        

        Any false or misleading statements made, presented, or submitted to the Government, including any relevant omissions, under this Agreement and during the course of
            negotiation of this Agreement are subject to all applicable civil and criminal statutes including Federal statutes 31 U.S.C. §§3801-3812 (civil liability) and 18 U.S.C. §1001 (criminal liability including
            fine(s) or imprisonment).

        

        

        
          
            	
                    
                      A-126-2015

                    

                  	

                  	

                  
	 	 	 
	CONFIDENTIAL-NIH 

                  	

                  	 
	
                    First Amendment of L-048-2015/0 

                      

                    Model 09-2006 (updated 8-2012)

                  	
                    [FINAL] [PDS Biotechnology Corporation] [May 21, 2015]

                    

                    Page 31
                        of 7

                  	L-048-2015-1 

                  

          

          
            

        

        ATTACHMENT 1— ROYALTY PAYMENT OPTIONS

         

              

         The OTT License Number MUST appear on payments, reports and correspondence.

         

          

        Automated Clearing House (ACH) for payments
                through U.S. banks only

         

              

        The NIH encourages its licensees to
            submit electronic funds transfer payments through the Automated Clearing House (ACH).  Submit your ACH payment through the U.S. Treasury web site located at:  https://www.pay.gov.  Locate the “NIH Agency Form” through the Pay.gov” Agency List”.

         

          

        Electronic Funds Wire Transfers

         

              

        The following account information is provided for wire payments.  In order to process payment via Electronic Funds Wire Transfer sender MUST
            supply the following information within the transmission:

         

          

        Drawn on a U.S. bank account via FEDWIRE
            should be sent directly to the following account:

         

          

        	 	
                Beneficiary Account:

              	
                Federal Reserve Bank of New York or TREAS NYC

              
	 	
                Bank:

              	
                Federal Reserve Bank of New York

              
	 	
                ABA#

              	
                021030004

              
	 	
                Account Number:

              	
                75080031

              
	 	
                Bank Address:

              	
                33 Liberty Street, New York, NY 10045

              
	 	
                Payment Details:

              	
                License Number (L-XXX-XXXX)

                Name of the Licensee

              

        

        

        Drawn on a foreign bank account should be
            sent directly to the following account.payment must be sent in U.S. Dollars (USD) using the following instructions:

         

          

        	 	
                Beneficiary Account:

              	
                Federal Reserve Bank of New York/ITS or FRBNY/ITS

              
	 	
                Bank:

              	
                Citibank N.A. (New York)

              
	 	
                SWIFT Code:

              	CITIUS33
	 	
                Account Number:

              	
                36838868

              
	 	
                Bank Address:

              	
                388 Greenwich Street, New York, NY 10013

              
	 	
                Payment Details (Line 70):

              	
                NIH 75080031

                License Number (L-XXX-XXXX)

                Name of the Licensee

              
	 	
                Detail of Charges (line 7l a):

              	Charge Our

        

        

        
          
            	
                    
                      A-126-2015

                    

                  	

                  	

                  
	 	 	 
	CONFIDENTIAL-NIH 

                  	

                  	 
	
                    First Amendment of L-048-2015/0 

                      

                    Model 09-2006 (updated 8-2012)

                  	
                    [FINAL] [PDS Biotechnology Corporation] [May 21, 2015]

                    

                    Page 32
                        of 7

                  	L-048-2015-1 

                  

          

          
            

        

        Checks

         

              

        All checks should be made payable to “NIH
            Patent Licensing”

         

        

        	 	
                Checks drawn on a U.S. bank account and sent by US Postal Service should be sent directly to the following address:

              
	 	 
	 	
                National Institutes of Health (NIH)

                P.O.Box 979071

                St. Louis, MO 63197-9000

              
	 	 
	 	
                Checks drawn on a U.S. bank account and sent by overnight or courier should be sent to the following address:

              
	 	 
	 	
                US Bank

                Government Lockbox SL-MO-C2GL

                1005 Convention Plaza

                St. Louis, MO 63101

                Phone:  314-418-4087

              
	 	 
	 	
                Checks drawn on a foreign bank account should be sent directly to the following address:

              
	 	 
	 	
                National Institutes of Health (NIH)

                Office of Technology Transfer

                Royalties Administration Unit

                6011 Executive Boulevard

                Suite 325, MSC 7660

                Rockville, Maryland 20852

              

        

        

        
          
            	
                    
                      A-126-2015

                    

                  	

                  	

                  
	 	 	 
	CONFIDENTIAL-NIH 

                  	

                  	 
	
                    First Amendment of L-048-2015/0 

                      

                    Model 09-2006 (updated 8-2012)

                  	
                    [FINAL] [PDS Biotechnology Corporation] [May 21, 2015]

                    

                    Page 33
                        of 7

                  	L-048-2015-1 

                  

          

          
            

        

        ATTACHMENT 2 APPENDIX C — ROYALTIES

         

              

        I.          The License agrees to pay to the NIH a noncreditable, nonrefundable license issue royalty in the amount of Thirty Thousand US Dollars ($60,000) upon execution of this Agreement to be paid in three (3) installments as follows:

         

          

        
          
            	

                  	(a)	
                    Fifteen Thousand US Dollars ($15,000) within sixty (60) days from the effective date of the Agreement.

                  

             

            

          

        

        
          
            	

                  	(b)	
                    Fifteen Thousand US Dollars ($15,000) due on the one (I) year anniversary of the execution of the Agreement; and

                  

             

            

          

        

        
          
            	

                  	(c)	
                    Thirty Thousand US Dollars ($30,000) due on the two year (2) year anniversary of the execution of the Agreement

                  

          

        

         

          

        In the event this :Agreement
            is terminated for any reason before the first year anniversary of the execution of this Agreement, then Licensee shall pay the balance of the license issue royalty upon termination.

         

          

        II.          The Licensee agrees to pay to the NIH a nonrefundable minimum annual royalty in the amount
            of Five Thousand US Dollars ($5,000 USD) as follows:

         

          

        
          
            	

                  	(a)	
                    The first minimum annual royalty is due within sixty (60) days of the effective date of this Agreement and may be prorated according to the fraction of the calendar year remaining between the effective date of this Agreement and the next subsequent January 1; and

                  

             

            

          

        

        
          
            	

                  	(b)	
                    Subsequent minimum annual royalty payments are due and payable on January 1 of each calendar year and may be credited against any earned royalties due for
                        sales made in that year.

                  

             

            

          

        

        III.         The Licensee agrees to pay the NIH earned royalties of two percent (2%) on Net Sales by or on behalf of the Licensee.  Licensee shall be entitled to reduce the earned royalty rate by half percent (0.5%) for any Licensee must pay to one or more third party (ies), separately or cumulatively, in respect of the manufacture, sale or importation of the Licensed Products or use of Licensed Processes in the Licensed Territory.  Reduction shall however not reduce the earned royalty rate due to NIH under this Agreement below one and a half percent (1.5%).

         

          

        IV.         The Licensee agrees to pay the NIH Benchmark royalties within sixty (60) days of achieving
            each Benchmark:

         

          

        
          
            	

                  	(a)	
                    Twenty Five Thousand Dollars ($25,000) upon successful completion of Phase 11 Clinical Trials of a Licensed Product for ovarian cancer within each Licensed Territory;

                  

             

            

          

        

        
          
            	

                  	(b)	
                    Fifty Thousand Dollars ($50,000) upon initiation (first patient dosed) of the first Phase Ill clinical Trial of a Licensed Product for ovarian cancer within each Licensed Territory;

                  

             

            

          

        

        
          
            	

                  	(c)	
                    Seven Hundred Fifty Thousand Dollars ($750,000) upon First
                          Commercial Sale in the Licensed Territory
                        utilizing and/or directed to Licensed Product(s)
                        and/or Licensed Process(es)
                        within the Licensed Patent Rights for ovarian cancer;

                  

             

            

          

        

        
          
            	

                  	(d)	
                    Twenty Five Thousand Dollars ($25,000) upon successful completion of Phase II Clinical Trials of a Licensed Product for colorectal cancer within each Licensed Territory;

                  

             

            

          

        

        
          
            	

                  	(e)	
                    Fifty Thousand Dollars ($50,000) upon initiation (first patient dosed) of the first Phase 111 clinical Trial of a Licensed Product for colorectal cancer within each Licensed Territory;

                  

             

            

          

        

        
          
            	

                  	(f)	
                    Seven Hundred Fifty Thousand Dollars ($750,000) upon First
                          Commercial Sale in the Licensed Territory
                        utilizing and/or directed to Licensed Product(s) and/or Licensed Process(es) within the Licensed Patent Rights for colorectal cancer.

                  

             

            

          

        

        
          
            	
                    
                      A-126-2015

                    

                  	

                  	

                  
	 	 	 
	CONFIDENTIAL-NIH 

                  	

                  	 
	
                    First Amendment of L-048-2015/0 

                      

                    Model 09-2006 (updated 8-2012)

                  	
                    [FINAL] [PDS Biotechnology Corporation] [May 21, 2015]

                    

                    Page 34
                        of 7

                  	L-048-2015-1 

                  

          

          
            

        

        
          
            	

                  	(g)	
                    Twenty Five Thousand Dollars ($25,000) upon successful completion of Phase II Clinical Trials of a Licensed Product for Lung cancer within each Licensed Territory;

                  

             

            

          

        

        
          
            	

                  	(h)	
                    Fifty Thousand Dollars ($50,000) upon initiation (first patient dosed) of the first Phase III clinical Trial of a Licensed Product for Lung cancer within each Licensed Territory;

                  

             

            

          

        

        
          
            	

                  	(i)	
                    Seven Hundred Fifty Thousand Dollars ($750,000) upon First
                          Commercial Sale in the Licensed Territory
                        utilizing and/or directed to Licensed Product(s) and/or Licensed Process(es) within the Licensed Patent Rights for Lung cancer.

                  

             

            

          

        

        
          
            	

                  	(j)	
                    Twenty Five Thousand Dollars ($25,000) upon successful completion of Phase II Clinical Trials of a Licensed Product for breast cancer within each Licensed Territory;

                  

             

            

          

        

        
          
            	

                  	(k)	
                    Fifty Thousand Dollars ($50,000) upon initiation (first patient dosed) of the first Phase III clinical Trial of a Licensed Product for breast cancer within each Licensed Territory;

                  

             

            

          

        

        
          
            	

                  	(l)	
                    Seven Hundred Fifty Thousand Dollars ($750,000) upon First
                          Commercial Sale in the Licensed Territory
                        utilizing and/or directed to Licensed Product(s) and/or Licensed Process(es) within the Licensed Patent Rights for breast cancer.

                  

             

            

          

        

        V.          Licensee agrees to pay NIH additional sublicensing royalties for each sublicense
            required to be approved by NIH pursuant to Paragraph 4.1 of four percent (4%) on the fair market value of any consideration received for
            granting such sublicense within sixty (60) days of the execution of such sublicense grant.

         

          

        

        
          	
                  
                    A-126-2015

                  

                	

                	

                
	 	 	 
	CONFIDENTIAL-NIH 

                	

                	 
	
                  First Amendment of L-048-2015/0 

                    

                  Model 09-2006 (updated 8-2012)

                	
                  [FINAL] [PDS Biotechnology Corporation] [May 21, 2015]

                  

                  Page 35
                      of 7

                	L-048-2015-1Exhibit 10.26

    

    

    

    
      Note: Only UKRF is authorized to negotiate modifications to this document

      

      

      COST REIMBURSEMENT AGREEMENT

      

      

      Between

      

      

      PDS Biotechnology

      

      

      and

      

      

      THE UNIVERSITY OF KENTUCKY RESEARCH FOUNDATION

      

      

      THIS AGREEMENT, having an Effective Date of I November 2015, is made by and between PDS Biotechnology, a corporation having its principal place of business
          at 675 US Hwy I, North Brunswick, NJ 08902 (hereinafter referred to as "COMPANY"), and the UNIVERSITY OF KENTUCKY RESEARCH FOUNDATION, with offices and place of business at 109 Kinkead Hall, Lexington, KY 40506-0057 (hereinafter referenced to as
          "FOUNDATION") and

      

      

      WITN ESSETH:

      

      

      WHEREAS, COMPANY has identified and related specific tasks described under ARTICLE I; and

      

      

      WHEREAS, FOUNDATION is available and qualified to perform such tasks.

      

      

      NOW THEREFORE, in consideration of the promises and the mutual covenant's contained herein, the parties agree as follows:

      

      

      ARTICLE I - Scope of Work

      

      

      FOUNDATION agrees to USE ITS BEST EFFORTS TO perform the work outlined in NITACHMENT I Statement of Work.

      

      

      ARTICLE II - Period of Performance

      

      

      The period of performance shall commence on Effective Date and shall terminate on 30 June 2016 unless extended by written mutual agreement of parties or is terminated in accordance with the provisions of Article XIV. FOUNDATION shall notify COMPANY, as soon as possible, of any reason that might
          contribute to the failure to perform within the specified performance period even if such reason is beyond the control and without fault or negligence of the FOUNDATION.

      

      

      ARTICLE III - Consideration, Records, and Billing Instructions

      

      

      
        
          	

                	1.	
                  FOUNDATION shall be paid an amount not to exceed U.S. $19,849_ by COMPANY under this agreement unless a modification for additional funds is issued by the COMPANY.

                

        

      

      

      

      
        
          	

                	2.	
                  Payments shall be made to FOUNDATION by COMPANY on a cost reimbursement basis based on the
                      budget outlined in Attachment 2. This agreement may be subject to all applicable laws and regulations of the United States that apply to assistance instruments without regard of whether they are specifically referenced herein. The
                      following OMB circulars have been consolidated into 2 CFR 200 which is incorporated into the AGREEMENT by reference:

                

        

      

      

      

      Institutions of Higher Education (OMB Circular A-21)

      State and Local Governments (OMB Circular 87)

      Nonprofit Organizations other than Institutions of Higher

      Education and Hospitals (OMB Circular A-I22)

      For-profit Hospitals (45 CFR 74, Appendix E)

      For-profit (Commercial) Organizations (48 CFR 31.2)

      

      

      
        
          	

                	3.	
                  A final statement of cumulative costs incurred, including cost sharing if any, clearly marked "FINAL" will be submitted to COMPANY, n than sixty (60) days after Agreement
                      end date. The FOUNDATION's final statement of costs to COMPANY shall constitute the final financ

                

        

      

      

      

      Whenever a payment becomes forty-five (45) clays past due, FOUNDATION reserves the right to stop work until payment is received.

      

      

      Checks shall be made payable to University of Kentucky Research Foundation and mailed (not over night) to:

      

      

      University of Kentucky Research Foundation

      do PNC Bank P.O. Box 931113

      Cleveland, OH 44193

       

        

      
        
          

      

      
      ARTICLE IV - Designated Representatives

      

      

      
        
          	

                	1.	
                  Technical Representative

                

        

      

      

      

      	
              For COMPANY:

            	 	
              For FOUNDATION

            
	  	 	

            

      	
              Name:

            	Greg Conn

            	 	
              Name:

            	
              Jerold Woodward

            

      	
              Address:

            	 	
              

              

            	
              Address:

            	
              Microbiology & Immunology, UK Medical Center,

            

      	

            	

            	
              

              

            	
              800 Rose St., MN426, Lexington, KY 40536

            

      	
              Telephone:

            	 	 	
              Telephone: 859-323-5538

            	 
	
              

              

            	 	 	
              Email: jwoodl@uky.edu

            	 

      

      

      
        
          
            	

                  	2.

                  	
                    Administrative Representative

                  

          

        

      

      
        

        

        	
                For COMPANY:

              	 	
                For FOUNDATION

              
	  	 	

              

        	
                Name:

              	Frank Bedu-Addo

              	 	
                Name:

              	
                
                  Kim Carter

                

              

        	
                Address:

              	 	
                

                

              	
                Address:

              	
                
                  University of Kentucky Research Foundation

                

              

        	

              	

              	
                

                

              	
                
                  109 Kinkead Hall, Lexington, KY 40506-0057

                

              

        	
                Telephone:

              	 	 	
                
                  Telephone/Email: 

                    

                

              	859-323-5538	 
	
                

                

              	 	 	
                

                

              	
                kccarter.1@uky.edu

              

      

      

      

      ARTICLE V - Reports

      

      

      FOUNDATION will I submit in a timely manner those reports described in the Scope of Work. Such reports shall be in the format agreed to
          by the Designated Technical Representative.

      

      

      ARTICLE VI - Patents and Inventions

      

      

      
        
          	

                	1.	
                  a) All rights and title to all inventions, improvements and/or discoveries, including software, know-how, patent and other intellectual or industrial property conceived
                      and/or made solely by one or more employees or students of FOUNDATION in the performance of the agreement and that grow directly from, are derived from, could not have been accomplished or realized without the use of, or directly rely
                      upon COMPANY's proprietary material or confidential information (i.e. a derivative, improvement, application or modification to COMPANY's existing IP or proprietary product/material), shall be owned by COMPANY. FOUNDATION shall and
                      hereby does assign such rights to COMPANY.

                

        

      

      

        
          
            b) All rights and
                title to all inventions, improvements and/or discoveries, including software, know-how, patent and other intellectual or industrial property conceived and/or made solely by one or more employees or students of FOUNDATION in the performance
                of the agreement that do not meet the description contained in I.a) above shall be owned by FOUNDATION and licensable to COMPANY in accordance with section 4 below.

             

              

          

        

        
          
            c) All rights and title to all inventions, improvements and/or discoveries, including software, know-how, patent and other intellectual or industrial property conceived and/or made solely by one or more employees of COMPANY in
                the performance of the agreement, shall belong to the COMPANY.

             

              

          

        

        
          
            d) All rights and title to all inventions, improvements and/or discoveries, including software, know-how, patent and other intellectual or industrial property conceived and/or made jointly by one or more employees or students of
                FOUNDATION and one or more employees of COMPANY in the performance of the agreement, shall belong jointly to the FOUNDATION and COMPANY. However, if the jointly created invention, improvement or discovery meets the description contained in
                a) above, then the company shall retain full and exclusive ownership.

          

        

      

       

        

      
        
          	

                	2.	
                  FOUNDATION shall promptly notify COMPANY of any inventions, improvements, discoveries, software and the like conceived and/or made during the performance of this
                      agreement (hereafter "Inventions"). Disclosures submitted by FOUNDATION to COMPANY shall be identified as confidential.

                

        

      

      

      

      
        
          	

                	3.	
                  The filing, prosecution, and maintenance of patent applications and patents covering Inventions shall be carried out by the owner thereof, at the said owner's sole
                      discretion and expense. In the event the owner elects not to apply for any such patents, the other party shall have the option, at its sole expense, to apply for the patents. FOUNDATION and COMPANY will cooperate in the filing,
                      prosecution and maintenance of joint inventions.

                

        

      

      

      

      
        
          	

                	4.	
                  COMPANY shall have the right to be the first to negotiate terms for a royalty-bearing, exclusive worldwide license to make, sell and use, any discovery, know-low, or
                      patented invention developed by FOUNDATION in the performance of this agreement that fits the description in I. b) and d) above. COMPANY and FOUNDATION shall negotiate in good faith the terms of a license at the time of disclosure. In
                      the event that COMPANY and FOUNDATION are unable to agree to terms for such license within 90 days after entering into negotiations, then FOUNDATION shall be free to negotiate with any third party; provided, however, that FOUNDATION
                      shall not enter into any agreement 1.4ith any such third party that is less favorable to FOUNDATION than COMPANY'S last offer until COMPANY has been give it a thirty day right-of-first-refusal to agree to the same terms and
                      conditions.

                

           

          

        

      

      
        2

        
          

      

      
        
          	

                	5.	
                  COMPANY and FOUNDATION shall retain sole ownership of their respective Background Intellectual Property Rights. Except for any license option expressly granted herein,
                      nothing in this Agreement, or any course of dealing between the parties will be deemed to grant to a party any license whatsoever (whether express, implied, by estoppels or otherwise) in or to any of the other party's Background
                      Intellectual Property Right

                

        

      

      

      

      
        
          	

                	6.	
                  The Material Transfer 4. Collaboration Agreement effective 2 February 2015 and signed by PDS Biotechnology Corporation and the University of Kentucky Intellectual
                      Property Development Group is hereby is included in this agreement section by reference and incorporated in full.

                

        

      

      

      

      ARTICLE VII - Proprietar or Confidential information

      

      

      Should proprietary of confidential information be exchanged under this agreement, each party agrees, absent any special provisions to the
          contrary, to:

      

      

      
        
          	

                	1.	
                  use its best efforts to receive and maintain in confidence any and all confidential or proprietary information delivered by one party her to the other party;

                

        

      

      

      

      
        
          	

                	2.	
                  use confident al information solely for the purpose or purposes tbr which it was disclosed and for no other purpose whatsoever;

                

        

      

      

      

      
        
          	

                	3.	
                  as a receiving party, to disclose confidential information to its employees, officers, agents, and representatives only on a need to knowibasis;

                

        

      

      

      

      
        
          	

                	4.	
                  identify in writing all confidential or proprietary information as such at the time of
                      disclosure;

                

        

      

      

      

      
        
          	

                	5.	
                  not release confidential or proprietary information to any third parties; and

                

        

      

      

      

      
        
          	

                	6.	
                  to dispose of Or return proprietary or confidential information to the disclosing party when requested or upon expiration or termination of this contract. The period of
                      protection of confidential information shall be 5 years from the effective date of this contract.1

                

        

      

      

      

      Confidential information does not include any information which:

      

      

      
        
          	

                	1.	
                  is already in the public domain or which becomes available to the public through no breach of confidentiality by the recipient;

                

        

      

      

      

      
        
          	

                	2.	
                  was lawfully in recipient's possession on a non-confidential basis prior to receipt from the discloser;

                

        

      

      

      

      
        
          	

                	3.	
                  is received by recipient independently on a non-confidential basis from a third party free to lawfully disclose such information tfii the recipient; or

                

        

      

      

      

      
        
          	

                	4.	
                  is independently developed by recipient without use of the discloser's confidential information;

                

        

      

      

      

      The release of confidential information by the receiving party to satisfy the requirements of federal, state or local laws shall not be a breach of this
          agreement.

      

      

      The Material Transfer & Collaboration agreement effective 2 February 2015 and signed by PDS Biotechnology Corporation and the University of Kentucky
          Intellectual Property Development Group is hereby is included in this agreement section by reference and incorporated in full.

      

      

      ARTICLE VIII - Publication

      

      

      Subject to limitations of ARTICLE VIII, FOUNDATION shall have the right to publish any information or material resulting from the conduct
          of the Scope oftork. FOUNDATION shall furnish the COMPANY with a copy of any proposed publication 30 days in advance of the proposed publication date for review and comment. COMPANY may require deletion of any COMPANY Proprietary or Confidential
          Information included in such proposed publication. COMPANY may also request FOUNDATION to delay publication for a maximum of an additiont4 60 days in order to pursue patent protection on any Invention described in the manuscript. No delay,
          however, will be imposed on the filing of any student thesis or dissertation.

      

      

      ARTICLE IX - Changes and Modifications

      

      

      Any changes to this contract must be made in writing and must be executed by both parties to indicate acceptance of the modification. Any
          change that might impact cost, price, or delivery must be agreed to in writing prior to initiation of any work associated with the proposed change.

      

      

      ARTICLE X - Assignment and Subcontracts

      

      

      Neither performance nor payment involving the whole or any part of research effort described under Article I may be assigned,
          subcontracted, transferred, lpr otherwise given or imposed on any other party by FOUNDATION without the prior written consent of the COMPANY.

      

      

      ARTICLE XI - Mutual Responsibilities

       

            

      
        3

        
          

      

      
        
          	

                	1.	
                  Each party will comply with all applicable governmental laws, ordinances, rules and regulations in the performance of this contract.

                

        

      

      

      

      
        
          	

                	2.	
                  Without affecting or limiting any other provisions of this contract, it is agreed each party's obligation under Article VIII may survive the expiration of this contract.

                

        

      

      

      

      
        
          	

                	3.	
                  Each party to this contract is an independent COMPANY with each party solely responsible for its own business expenses and employels including but not limited to
                      salaries, benefits, insurances, withholding, worker compensation and taxes. Employees oiteither party shall not be deemed agents, employees or representatives of the other party.

                

        

      

      

      

      
        
          	

                	4.	
                  In the executibn to this contract, the person whose signatures are set forth are duly authorized to execute the contract and bind the parties.

                

        

      

      

      

      ARTICLE XII - Use of Names

       

            

      COMPANY shall not use the name of FOUNDATION or the University of Kentucky in any news release, advertising or other publication without
          express written permission.

      

      

      ARTICLE XIII - Termination

      

      

      Either party may terminate this contract at any time if:

      

      

      
        
          	

                	1.	
                  The other party materially breaches the terms of this contract; provided that the non-breaching party shall have given the breaching party written notice of such breach
                      and the breaching party shall have failed to cure the same within (30) days after receipt of such notice.

                

        

      

      

      

      
        
          	

                	2.	
                  There is the less or departure of key personnel that would jeopardize both the quality and time of performance or would make performance impractical with respect to
                      budget contemplated for this contract, and a mutually acceptable replacement cannot be found.

                

        

      

      

      

      
        
          	

                	3.	
                  Performance of any part of this contract by a party is prevented or delayed by reason of Force Majeure and cannot be overcome by reasonable diligence to satisfaction of
                      either party; or

                

        

      

      

      

      
        
          	

                	4.	
                  The other party ceases, discontinues or indefinitely suspends its business activities related to the services to be provided under this contract, or the other party volt
                      or involuntarily files for bankruptcy.

                

        

      

      

      

      In the event of termination, immediate written notice by email, fax.
              or hard copy shall be given by the party requesting termination to both the technical and administrative contacts of the other party, which should
          specify both reason and the effective date of termination.

      

      

      In addition, either party may terminate this contract for any reason with 30 days written notice by email, fax, or hard cony to both the technical
              and administrative contacts of the other party.

      

      

      Upon any termination except for breach of contract, FOUNDATION shall deliver to COMPANY in the state they exist as of the date of
          termination all work product, materials, including confidential information and property belonging to COMPANY. COMPANY shall within (30) days after termination, pay FOUNDATION all payments due as of the effective date of termination.

      

      

      ARTICLE XIV - Applicable Law

      

      

      This contract shall be governed by the laws of the State of Kentucky.

      

      

      ARTICLE XV - Export Controls

      

      

      It is understood that FOUNDATION is subject to United States Laws and regulations controlling the export of technical data, computer
          software, laboratory prototypes and other commodities, and that its obligations hereunder are contingent on compliance with applicable U.S. export laws and regulations (including the Arms Export Control Act, as amended, and the Export
          Administration Act of 1979). The transfer of certain technical data and commodities in require a license from the cognizant agency of the United States Government and/or written assurances by the COMPANY that the COMPANY will not re-export data
          or commodities to certain foreign countries without prior approval of the cognizant government agency. While FOUNDATION agrees to cooperate in securing any license which the cognizant agency deems necessary in connection with this Agreement,
          FOUNDATION cannot guarantee that such licenses will be granted.

      

      

      It is the normal operational policy of the FOUNDATION that its work and the results of its research undertakings are exempt from
          compliance with US governmental export regulations under the Fundamental Research Exemption. Should the COMPANY provide or transmit under this agreement any technology or data that is subject to governmental export regulatory compliance and does
          not qualify as exempt under the Fundamental Research Exemption, FOUNDATION reserves the right to refuse acceptance of such material or data and/or to terminate this agreement. Such refusal or termination shall not be considered a breach of
          contract obligations.

      

      

      ARTICLE XVI - Entire Agreement

       

            

      
        4

        
          

      

      This contract is intended by the parties as a final written expression of their agreement and supersedes and replaces any prior oral or
          written agreement. Any terms or conditions inconsistent with or in addition to terms and conditions herein contained shall be void and of no effect unless specifically agreed to in writing and signed by both parties.

      

      

      IN WITNESS WHEREOF, the parties hereto have caused their authorized officials to execute this Agreement as of the date(s) set forth
          below:

      

      

      	
              COMPANY

            	 	
              FOUNDATION

            
	 	 	 
	/s/ Frank Bedu-Addo

            	 	/s/ Kim C. Carter

            
	 	 	 
	 	 	 
	
              Typed Name and Title: Frank Bedu-Addo, President

                

            	 	
              *Kim C. Carter, Associate Director

            
	 	 	 
	
              Date 03-03-2016

                

            	 	
              Date 3/3/16

                

            

      

      

      
        5

        
          

      

      Attachment 1

      

      

      Statement of Work

      

      

      Title: Mechanism of action of Versamune ®

      

      

      Performance site and location;

      Jerold Woodward, PhD

      Department of Microbiology, Immunology and Molecular Genetics

      University of Kentucky Medical Center, MN 426

      Lexington, KY 40536

      

      

      IACUC Protocol no.: 2010-0686

      

      

      The Woodward lab will perform the following studies as requested by PDS:

      

      

      PDS Biotechnology is developing and commercializing vaccines based on the company's proprietary cationic lipid (CL) platform, Versamune ® (US patent It 8877206). PDS anticipates under this agreement to study the mechanism of action of cationic lipids to better understand how they improve the activity of
          vaccines. These studies will include

      

      

      
        
          	

                	·	
                  How CL enhances the uptake of proteins or peptides into dendritic cells

                

        

      

      
        
          	

                	·	
                  How CL enhances the "cross presentation" of proteins or peptides

                

        

      

      
        
          	

                	·	
                  The immunostimulatory activity of CL

                

        

      

      
        
          	

                	·	
                  The role of CL is overcoming negative regulatory elements in the immune system.

                

        

      

      

      

      All studies will be performed using established procedures, developed under previous OSPA contracts.

      

      

      
        
          

      

      Attachment 2

      

      

      Estimated budget for the 8 month period, Nov 1, 2015 to June 30, 2016

      

      

      	 	
              Personnel:

            	
              $9,856

            	 
	 	
              Supplies including animals

            	
              $3,333

            	 
	 	
              Direct cost total:

            	
              $13,189

            	 
	 	 	 	 
	 	
              F&A costs (50.5%)

            	
              $6,660

            	 
	 	
              Total Costs:

            	
              $19,849

            	 

      

      

      Invoices will be submitted to PDS Biotechnology on a monthly basis for all allowable and allocaple costs incurred. The first invoice will include costs
          incurred from November 1, 2015 to the d Ite of the first invoice.

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