Document:

EXHIBIT 10.11

 

THIS WARRANT AND THE SECURITIES ISSUABLE
UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR ANY STATE SECURITIES LAW, AND MAY NOT BE OFFERED FOR SALE, SOLD OR TRANSFERRED UNLESS A REGISTRATION STATEMENT UNDER SUCH ACT
AND APPLICABLE STATE SECURITIES LAWS SHALL BE EFFECTIVE WITH RESPECT THERETO, OR AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES
ACT AND APPLICABLE STATE SECURITIES LAWS IS AVAILABLE IN CONNECTION WITH SUCH OFFER, SALE OR TRANSFER. 

 

WARRANT 

 

TO PURCHASE COMMON STOCK 

 

OF 

 

CHAMPIONS ONCOLOGY, INC. 

 

	Issue Date: [__]	 	Warrant No. [__]

 

THIS CERTIFIES that
[               ] or any subsequent holder hereof (the
“Holder”), has the right to purchase from CHAMPIONS ONCOLOGY, INC., a Delaware corporation (the “Company”),
upon the terms and subject to the limitations on exercise and conditions hereinafter set forth, up to [          ]
fully paid and nonassessable shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”),
subject to adjustment as provided herein, at a price per share equal to the Exercise Price (as defined below), at any time and
from time to time beginning on the date on which this Warrant is originally issued (the “Issue Date”) and ending
at 6:00 p.m., eastern time, on the date that is the fifth (5th) anniversary of the Issue Date (or, if such date is not
a Business Day, on the Business Day immediately following such date) (the “Expiration Date”). This Warrant is
issued pursuant to a Securities Purchase Agreement, dated as of March 24, 2011 (the “Securities Purchase Agreement”).
Capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Securities Purchase
Agreement.

 

1.            Exercise.

 

(a)          Right
to Exercise; Exercise Price. The Holder shall have the right to exercise this Warrant at any time and from time to time during
the period beginning on the Issue Date and ending on the Expiration Date as to all or any part of the shares of Common Stock covered
hereby (the “Warrant Shares”). The “Exercise Price” for each Warrant Share purchased by the
Holder upon the exercise of this Warrant shall be equal to $0.90, subject to adjustment for the events specified in Section 5 below.

 

    	 

    	 

    

 

(b)          Exercise
Notice. In order to exercise this Warrant, the Holder shall send to the Company by facsimile transmission, at any time prior
to 6:00 p.m., eastern time, on the Business Day on which the Holder wishes to effect such exercise (the “Exercise Date”),
(i) a notice of exercise in substantially the form attached hereto as Exhibit A (the “Exercise Notice”), and
(ii) a copy of the original Warrant, and, in the case of a Cash Exercise (as defined below), the Holder shall pay the Exercise
Price to the Company by wire transfer. The Exercise Notice shall state the name or names in which the shares of Common Stock that
are issuable on such exercise shall be issued. In the case of a dispute between the Company and the Holder as to the calculation
of the Exercise Price or the number of Warrant Shares issuable hereunder (including, without limitation, the calculation of any
adjustment pursuant to Section 5 below), the Company shall issue to the Holder the number of Warrant Shares that are not disputed
within the time periods specified in Section 2 below and shall submit the disputed calculations to a certified public accounting
firm of national recognition (other than the Company’s regularly retained accountants) within three (3) Business Days following
the Company’s receipt of the Holder’s Exercise Notice. The Company shall cause such accountant to calculate the Exercise
Price and/or the number of Warrant Shares issuable hereunder and to notify the Company and the Holder of the results in writing
no later than three (3) Business Days following the day on which such accountant received the disputed calculations (the “Dispute
Procedure”). Such accountant’s calculation shall be deemed conclusive absent manifest error. The fees of any such
accountant shall be borne by the party whose calculations were most at variance with those of such accountant.

 

(c)          Holder
of Record. The Holder shall, for all purposes, be deemed to have become the holder of record of the Warrant Shares specified
in an Exercise Notice on the Exercise Date specified therein, irrespective of the date of delivery of such Warrant Shares. Except
as specifically provided herein, nothing in this Warrant shall be construed as conferring upon the Holder hereof any rights as
a stockholder of the Company prior to the Exercise Date.

 

(d)          Cancellation
of Warrant. This Warrant shall be canceled upon its exercise in full and, if this Warrant is exercised in part, the Company
shall, at the time that it delivers Warrant Shares to the Holder pursuant to such exercise as provided herein, issue a new warrant,
and deliver to the Holder a certificate representing such new warrant, with terms identical in all respects to this Warrant (except
that such new warrant shall be exercisable into the number of shares of Common Stock with respect to which this Warrant shall remain
unexercised); provided, however, that the Holder shall be entitled to exercise all or any portion of such new warrant at
any time following the time at which this Warrant is exercised, regardless of whether the Company has actually issued such new
warrant or delivered to the Holder a certificate therefor.

 

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2.            Delivery
of Warrant Shares Upon Exercise. Upon receipt of an Exercise Notice pursuant to Section 1 above, the Company shall, (A) in
the case of a Cash Exercise, no later than the close of business on the later to occur of (i) the third (3rd) Business Day following
the Exercise Date set forth in such Exercise Notice and (ii) such later date on which the Company shall have received payment of
the Exercise Price, (B) in the case of a Cashless Exercise (as defined below), no later than the close of business on the third
(3rd) Business Day following the Exercise Date set forth in such Exercise Notice, and (C) with respect to Warrant Shares that are
the subject of a Dispute Procedure, the close of business on the third (3rd) Business Day following the determination made pursuant
to Section 1(b) (each of the dates specified in (A), (B) or (C) being referred to as a “Delivery Date”), issue
and deliver or caused to be delivered to the Holder the number of Warrant Shares as shall be determined as provided herein. As
long as the Company’s transfer agent (“Transfer Agent”) participates in the Depository Trust Company (“DTC”)
Fast Automated Securities Transfer program (“FAST”) or the Deposit Withdrawal at Agent Commission (“DWAC”)
system, and except as otherwise provided in the next following sentence of this Section 2, the Company shall effect delivery of
Warrant Shares to the Holder by crediting the account of the Holder or its nominee at DTC (as specified in the applicable Exercise
Notice) with the number of Warrant Shares required to be delivered, no later than the close of business on such Delivery Date.
In the event that the Transfer Agent is not a participant in FAST, or if the Warrant Shares are not otherwise eligible for delivery
through FAST, or if the Holder so specifies in an Exercise Notice or otherwise in writing on or before the Exercise Date, the Company
shall effect delivery of Warrant Shares by delivering to the Holder or its nominee physical certificates representing such Warrant
Shares, no later than the close of business on such Delivery Date. Warrant Shares delivered to the Holder shall not contain any
restrictive legend as long as the resale of such Warrant Shares (x) has been or will be made (as certified in writing by the Holder
to the Company) pursuant to an effective Registration Statement (as defined in the Registration Rights Agreement), (y) has been
made pursuant to Rule 144, or (z) may be made pursuant to Rule 144 without the requirement of current public information being
available, or any successor rule or provision.

 

3.            Failure
to Deliver Warrant Shares.

 

(a)          In
the event that the Company fails for any reason to deliver to the Holder the number of Warrant Shares specified in the applicable
Exercise Notice on or before the Delivery Date therefor (an “Exercise Default”), the Company shall pay to the
Holder payments (“Exercise Default Payments”) in the amount of (i) (N/365) multiplied by (ii) the aggregate
Exercise Price of the Warrant Shares which are the subject of such Exercise Default multiplied by (iii) the lower of twelve
percent (12%) per annum and the maximum rate permitted by applicable law (the “Default Interest Rate”), where
“N” equals the number of days elapsed between the original Delivery Date of such Warrant Shares and the date on which
all of such Warrant Shares are issued and delivered to the Holder. Cash amounts payable hereunder shall be paid on or before the
fifth (5th) Business Day of each calendar month following the calendar month in which such amount has accrued.

 

(b)          In
the event of an Exercise Default, the Holder may, upon written notice to the Company, regain on the date of such notice the rights
of the Holder under the exercised portion of this Warrant that is the subject of such Exercise Default. In such event, the Holder
shall retain all of the Holder’s rights and remedies with respect to the Company’s failure to deliver such Warrant
Shares (including without limitation the right to receive the cash payments specified in Section 3(a) above); provided,
however, that such cash payments shall cease to accrue effective as of the date of such notice.

 

(c)          The
Holder’s rights and remedies hereunder are cumulative, and no right or remedy is exclusive of any other. In addition to the
amounts specified herein, the Holder shall have the right to pursue all other remedies available to it at law or in equity (including,
without limitation, a decree of specific performance and/or injunctive relief). Nothing herein shall limit the Holder’s right
to pursue actual damages for the Company’s failure to issue and deliver Warrant Shares on the applicable Delivery Date (including,
without limitation, damages relating to any purchase of Common Stock by the Holder to make delivery on a sale effected in anticipation
of receiving Warrant Shares upon exercise, such damages to be in an amount equal to (A) the aggregate amount paid by the Holder
for the Common Stock so purchased minus (B) the aggregate amount of net proceeds, if any, received by the Holder from the
sale of the Warrant Shares issued by the Company pursuant to such exercise).

 

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4.            Payment
of the Exercise Price; Cashless Exercise. The Holder may pay the Exercise Price in either of the following forms or, at the
election of Holder, a combination thereof:

 

(a)          through
a cash exercise (a “Cash Exercise”) by delivering immediately available funds, or

 

(b)          if
an effective Registration Statement is not available for the resale of all of the Warrant Shares issuable hereunder at the time
an Exercise Notice is delivered to the Company, through a cashless exercise (a “Cashless Exercise”), as hereinafter
provided. The Holder may effect a Cashless Exercise by surrendering this Warrant to the Company and noting on the Exercise Notice
that the Holder wishes to effect a Cashless Exercise, upon which the Company shall issue to the Holder the number of Warrant Shares
determined as follows:

 

	 	 	X = Y x (A-B)/A	 	 
	 	 	 
	where:	 	X = the number of Warrant Shares to be issued to the Holder;	 	 
	 	 	 
	 	 	Y = the number of Warrant Shares with respect to which this Warrant is being exercised;	 	 
	 	 	 
	 	 	A = the Market Price (as defined below) as of the Exercise Date; and	 	 
	 	 	 
	 	 	B = the Exercise Price.	 	 

 

For purposes of Rule
144, it is intended and acknowledged that the Warrant Shares issued in a Cashless Exercise transaction shall be deemed to have
been acquired by the Holder, and the holding period for the Warrant Shares required by Rule 144 shall be deemed to have been commenced,
on the Issue Date. “Market Price” shall mean for any date, the price determined by the first of the following clauses
that applies: (a) if the Common Stock is then listed or quoted on a stock exchange, the daily volume weighted average price of
the Common Stock for such date (or the nearest preceding date) on the stock exchange on which the Common Stock is then listed or
quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)),
(b)  the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the OTC Bulletin
Board, (c) if the Common Stock is not then listed or quoted for trading on the OTC Bulletin Board and if prices for the Common
Stock are then reported in the “Pink Sheets” published by Pink OTC Markets, Inc. (or a similar organization or agency
succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in
all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith
by the Investors of a majority in interest of the Shares then outstanding and reasonably acceptable to the Company, the fees and
expenses of which shall be paid by the Company.

 

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5.            Certain
Adjustments.

 

(a)          Stock
Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise
makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable
in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon
exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines
(including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues
by reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price
shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares,
if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding
immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted
such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 5(a)
shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend
or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

 

(b)          Distributions.
If the Company shall declare or make any distribution of cash or any other assets (or rights to acquire such assets) to holders
of Common Stock, as a partial liquidating dividend or otherwise, including without limitation any dividend or distribution to the
Company’s stockholders in shares (or rights to acquire shares) of capital stock of a subsidiary) (a “Distribution”),
the Company shall deliver written notice of such Distribution (a “Distribution Notice”) to the Holder at least
thirty (30) days prior to the earlier to occur of (i) the record date for determining stockholders entitled to such Distribution
(the “Record Date”) and (ii) the date on which such Distribution is made (the “Distribution Date”).
In the Distribution Notice to a Holder, the Company must indicate whether the Company has elected (A) to deliver to such Holder
the same amount and type of assets being distributed in such Distribution as though the Holder were a holder on the Determination
Date therefor of a number of shares of Common Stock into which the this Warrant is exercisable as of such Determination Date (such
number of shares to be determined at the Exercise Price then in effect and without giving effect to any limitations on such exercise)
or (B) to reduce the Exercise Price as of the Determination Date therefor by an amount equal to the fair market value of the assets
to be distributed divided by the number of shares of Common Stock as to which such Distribution is to be made, such fair
market value to be reasonably determined in good faith by the independent members of the Company’s Board of Directors. If
the Company does not notify the Holders of its election pursuant to the preceding sentence within two (2) Business Days following
the date on which the Company publicly announces a Distribution, the Company shall be deemed to have elected clause (A) of the
preceding sentence.

 

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(c)          Dilutive
Issuances.

 

(i)          Adjustment
Upon Dilutive Issuance. If, at any time after the Issue Date, the Company issues or sells, or in accordance with subparagraph
(iii) of this paragraph (c), is deemed to have issued or sold, any shares of Common Stock for no consideration or for a consideration
per share less than the Per Share Price (as such term is defined in the Securities Purchase Agreement) on the date of such issuance
or sale (or deemed issuance or sale) (a “Dilutive Issuance”), then the Exercise Price shall be adjusted as follows:

 

(A)         If
such Dilutive Issuance occurs prior to the Effective Date (as defined in the Registration Rights Agreement), then effective immediately
upon the Dilutive Issuance, the Exercise Price shall be adjusted so as to equal the consideration received or receivable by the
Company (on a per share basis) for the additional shares of Common Stock so issued, sold or deemed issued or sold in such Dilutive
Issuance (which, in the case of a deemed issuance or sale, shall be calculated in accordance with subparagraph (iii) below). Notwithstanding
the foregoing, prior to the Effective Date, the Company shall not engage in any transaction that would result in the issuance or
deemed issuance of shares of Common Stock (other than Excluded Securities (as defined below)) for no consideration.

 

(B)         If
such Dilutive Issuance occurs on or after the Effective Date, then effective immediately upon the Dilutive Issuance, the Exercise
Price shall be adjusted so as to equal an amount determined by multiplying such Exercise Price by the following fraction:

 

	 	 	N0 + N1	 	 
	 	 	N0 + N2	 	 
	 	 	 
	where:	 	 	 	 
	 	 	 
	 	 	N0 =	 	the number of shares of Common Stock outstanding immediately prior to the issuance, sale or deemed issuance or sale of such additional shares of Common Stock in such Dilutive Issuance (without taking into account any shares of Common Stock issuable upon conversion, exchange or exercise of any securities or other instruments which are convertible into or exercisable or exchangeable for Common Stock (“Convertible Securities”) or options, warrants or other rights to purchase or subscribe for Common Stock or Convertible Securities (“Purchase Rights”), other than the shares of Common Stock issuable under the Warrants, which will be taken into account);
	 	 	 
	 	 	N1 =	 	the number of shares of Common Stock which the aggregate consideration, if any, received or receivable by the Company for the total number of such additional shares of Common Stock so issued, sold or deemed issued or sold in such Dilutive Issuance (which, in the case of a deemed issuance or sale, shall be calculated in accordance with subparagraph (iii) below) would purchase at the Exercise Price in effect immediately prior to such Dilutive Issuance; and
	 	 	 
	 	 	N2 =	 	the number of such additional shares of Common Stock so issued, sold or deemed issued or sold in such Dilutive Issuance.

 

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Notwithstanding the foregoing, no adjustment
shall be made pursuant hereto if such adjustment would result in an increase in the Exercise Price. For the avoidance of doubt,
the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted in connection with an adjustment
to the Exercise Price pursuant to this Section 5(c) such that the aggregate Exercise Price of this Warrant shall remain unchanged.

 

(ii)         Effect
On Exercise Price Of Certain Events. For purposes of determining the adjusted Exercise Price under subparagraph (i) of this
paragraph (c), the following will be applicable:

 

(A)         Issuance
Of Purchase Rights. If the Company issues or sells any Purchase Rights, whether or not immediately exercisable, and the price
per share for which Common Stock is issuable upon the exercise of such Purchase Rights (and the price of any conversion of Convertible
Securities, if applicable) is less than the Exercise Price in effect on the date of issuance or sale of such Purchase Rights, then
the maximum total number of shares of Common Stock issuable upon the exercise of all such Purchase Rights (assuming full conversion,
exercise or exchange of Convertible Securities, if applicable) shall, as of the date of the issuance or sale of such Purchase Rights,
be deemed to be outstanding and to have been issued and sold by the Company for such price per share. For purposes of the preceding
sentence, the “price per share for which Common Stock is issuable upon the exercise of such Purchase Rights” shall
be determined by dividing (x) the total amount, if any, received or receivable by the Company as consideration for the issuance
or sale of all such Purchase Rights, plus the minimum aggregate amount of additional consideration, if any, payable to the Company
upon the exercise of all such Purchase Rights, plus, in the case of Convertible Securities issuable upon the exercise of
such Purchase Rights, the minimum aggregate amount of additional consideration payable upon the conversion, exercise or exchange
thereof (determined in accordance with the calculation method set forth in subparagraph (iii)(B) below) at the time such Convertible
Securities first become convertible, exercisable or exchangeable, by (y) the maximum total number of shares of Common Stock issuable
upon the exercise of all such Purchase Rights (assuming full conversion, exercise or exchange of Convertible Securities, if applicable).
No further adjustment to the Exercise Price shall be made upon the actual issuance of such Common Stock upon the exercise of such
Purchase Rights or upon the conversion, exercise or exchange of Convertible Securities issuable upon exercise of such Purchase
Rights.

 

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(B)         Issuance
Of Convertible Securities. If the Company issues or sells any Convertible Securities, whether or not immediately convertible,
exercisable or exchangeable, and the price per share for which Common Stock is issuable upon such conversion, exercise or exchange
is less than the Exercise Price in effect on the date of issuance or sale of such Convertible Securities, then the maximum total
number of shares of Common Stock issuable upon the conversion, exercise or exchange of all such Convertible Securities shall, as
of the date of the issuance or sale of such Convertible Securities, be deemed to be outstanding and to have been issued and sold
by the Company for such price per share. If the Convertible Securities so issued or sold do not have a fluctuating conversion or
exercise price or exchange ratio, then for the purposes of the immediately preceding sentence, the “price per share for which
Common Stock is issuable upon such conversion, exercise or exchange” shall be determined by dividing (x) the total amount,
if any, received or receivable by the Company as consideration for the issuance or sale of all such Convertible Securities, plus
the minimum aggregate amount of additional consideration, if any, payable to the Company upon the conversion, exercise or exchange
thereof (determined in accordance with the calculation method set forth in this subparagraph (iii)(B)), by (y) the maximum total
number of shares of Common Stock issuable upon the exercise, conversion or exchange of all such Convertible Securities. If the
Convertible Securities so issued or sold have a fluctuating conversion or exercise price or exchange ratio (a “Variable
Rate Convertible Security”) (provided, however, that if the conversion or exercise price or exchange ratio of
a Convertible Security may fluctuate solely as a result of provisions designed to protect against dilution, such Convertible Security
shall not be deemed to be a Variable Rate Convertible Security), then for purposes of the first sentence of this subparagraph (B),
the “price per share for which Common Stock is issuable upon such conversion, exercise or exchange” shall be deemed
to be the lowest price per share which would be applicable (assuming all holding period and other conditions to any discounts contained
in such Variable Rate Convertible Security have been satisfied) if the conversion price of such Variable Rate Convertible Security
on the date of issuance or sale thereof were seventy-five percent (75%) of the actual conversion price on such date (the “Assumed
Variable Market Price”), and, further, if the conversion price of such Variable Rate Convertible Security at any time
or times thereafter is less than or equal to the Assumed Variable Market Price last used for making any adjustment under this paragraph
(c) with respect to any Variable Rate Convertible Security, the Exercise Price in effect at such time shall be readjusted to equal
the Exercise Price which would have resulted if the Assumed Variable Market Price at the time of issuance of the Variable Rate
Convertible Security had been seventy-five percent (75%) of the actual conversion price of such Variable Rate Convertible Security
existing at the time of the adjustment required by this sentence. No further adjustment to the Exercise Price shall be made upon
the actual issuance of such Common Stock upon conversion, exercise or exchange of such Convertible Securities.

 

(C)         Change
In Option Price Or Conversion Rate. If, following an adjustment to the Exercise Price upon the issuance of Purchase Rights
or Convertible Securities pursuant to a Dilutive Issuance or a Below Market Issuance, there is a change at any time in (x) the
amount of additional consideration payable to the Company upon the exercise of any Purchase Rights; (y) the amount of additional
consideration, if any, payable to the Company upon the conversion, exercise or exchange of any Convertible Securities; or (z) the
rate at which any Convertible Securities are convertible into or exercisable or exchangeable for Common Stock (in each such case,
other than under or by reason of provisions designed to protect against dilution), then in any such case, the Exercise Price in
effect at the time of such change shall be readjusted to the Exercise Price which would have been in effect at such time had such
Purchase Rights or Convertible Securities still outstanding provided for such changed additional consideration or changed conversion,
exercise or exchange rate, as the case may be, at the time initially issued or sold.

 

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(D)         Calculation
Of Consideration Received. If any Common Stock, Purchase Rights or Convertible Securities are issued or sold for cash, the
consideration received therefor will be the amount received by the Company therefore. In case any Common Stock, Purchase Rights
or Convertible Securities are issued or sold for a consideration part or all of which shall be other than cash, including in the
case of a strategic or similar arrangement in which the other entity will provide services to the Company, purchase services from
the Company or otherwise provide intangible consideration to the Company, the amount of the consideration other than cash received
by the Company (including the net present value of the consideration expected by the Company for the provided or purchased services)
shall be the fair market value of such consideration, except where such consideration consists of publicly traded securities, in
which case the amount of consideration received by the Company will be the Market Price thereof on the date of receipt. In case
any Common Stock, Purchase Rights or Convertible Securities are issued in connection with any merger or consolidation in which
the Company is the surviving corporation, the amount of consideration therefor will be deemed to be the fair market value of such
portion of the net assets and business of the non-surviving corporation as is attributable to such Common Stock, Purchase Rights
or Convertible Securities, as the case may be. Notwithstanding anything else herein to the contrary, if Common Stock Purchase Rights
or Convertible Securities are issued or sold in conjunction with each other as part of a single transaction or in a series of related
transactions, the Holder may elect to determine the amount of consideration deemed to be received by the Company therefor by deducting
the fair value of any type of securities (the “Disregarded Securities”) issued or sold in such transaction or
series of transactions. If the Holder makes an election pursuant to the immediately preceding sentence, no adjustment to the Exercise
Price shall be made pursuant to this paragraph (c) for the issuance of the Disregarded Securities or upon any conversion, exercise
or exchange thereof. The independent members of the Company’s Board of Directors shall calculate reasonably and in good faith,
using standard commercial valuation methods appropriate for valuing such assets, the fair market value of any consideration other
than cash or securities.

 

(E)         Issuances
Without Consideration Pursuant to Existing Securities. If the Company issues (or becomes obligated to issue) shares of Common
Stock pursuant to any anti-dilution or similar adjustments (other than as a result of stock splits, stock dividends and the like)
contained in any Convertible Securities or Purchase Rights outstanding as of the date hereof, then all shares of Common Stock so
issued shall be deemed to have been issued for no consideration.

 

(iii)        Exceptions
To Adjustment Of Exercise Price. Notwithstanding the foregoing, no adjustment to the Exercise Price shall be made pursuant
to this paragraph (c) upon the issuance of any Excluded Securities. For purposes hereof, “Excluded Securities”
means (I) securities purchased under the Securities Purchase Agreement; (II) securities issued upon exercise of the Warrants; (III)
shares of Common Stock issuable or issued to (x) employees or directors from time to time either directly or upon the exercise
of options, in such case granted or to be granted by the Board of Directors, pursuant to one or more stock option plans or restricted
stock plans or stock purchase plans in effect as of the Closing Date or by the Company’s stockholders, including Batter Ventures
IX, L.P. (“Battery”), or (y) consultants, either directly or pursuant to warrants to purchase Common Stock that
are outstanding on the date hereof or issued hereafter, provided such issuances are approved by the independent members of the
Board of Directors, including the Battery representative, or by the Company’s stockholders, including Battery; (IV) shares
of Common Stock issued in connection with any Convertible Securities or Purchase Rights outstanding on the date hereof; (V) shares
of Common Stock issued to a Person in connection with a joint venture, strategic alliance or other commercial relationship with
such Person relating to the operation of the Company’s business and not for the purpose of raising equity capital; and (VI)
securities issued with respect to which the Holders consent that no such adjustment shall be made as a result of such issuance.

 

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(iv)        Notice
Of Adjustments. Upon the occurrence of one or more adjustments or readjustments of the Exercise Price pursuant to this paragraph
(c) or any change in the number or type of stock, securities and/or other property issuable upon exercise of this Warrant, the
Company, at its expense, shall promptly compute such adjustment or readjustment or change and prepare and furnish to the Holder
a notice (an “Adjustment Notice”) setting forth such adjustment or readjustment or change and showing in detail
the facts upon which such adjustment or readjustment or change is based, and, on or before the time that it delivers an Adjustment
Notice, publicly disclose the contents thereof. The failure of the Company to deliver an Adjustment Notice shall not affect the
validity of any such adjustment.

 

(d)          Major
Transactions. In the event of a merger, consolidation, business combination, tender offer, exchange of shares, recapitalization,
reorganization, redemption or other similar event, as a result of which shares of Common Stock shall be changed into the same or
a different number of shares of the same or another class or classes of stock or securities or other assets of the Company or another
entity or the Company shall sell all or substantially all of its assets (each of the foregoing being a “Major Transaction”),
the Company will give the Holder at least ten (10) Trading Days written notice prior to the earlier of (I) the closing or effectiveness
of such Major Transaction and (II) the record date for the receipt of such shares of stock or securities or other assets, and:
(i) the Holder shall be permitted to exercise this Warrant in whole or in part at any time prior to the record date for the receipt
of such consideration and shall be entitled to receive, for each share of Common Stock issuable to Holder upon such exercise, the
same per share consideration payable to the other holders of Common Stock in connection with such Major Transaction, and (ii) if
and to the extent that the Holder retains any portion of this Warrant following such record date, the Company will cause the surviving
or, in the event of a sale of assets, purchasing entity, as a condition precedent to such Major Transaction, to assume the obligations
of the Company under this Warrant, with such adjustments to the Exercise Price and the securities covered hereby as may be reasonably
determined in good faith by the Board of Directors to be necessary in order to preserve the economic benefits of this Warrant to
the Holder.

 

(e)          Adjustments;
Additional Shares, Securities or Assets. In the event that at any time, as a result of an adjustment made pursuant to this
Section 5, the Holder of this Warrant shall, upon exercise of this Warrant, become entitled to receive securities or assets (other
than Common Stock) then, wherever appropriate, all references herein to shares of Common Stock shall be deemed to refer to and
include such shares and/or other securities or assets; and thereafter the number of such shares and/or other securities or assets
shall be subject to adjustment from time to time in a manner and upon terms as nearly equivalent as practicable to the provisions
of this Section 5. Any adjustment made herein pursuant to Section 5(a) that results in a decrease in the Exercise Price shall also
effect a proportional increase in the number of shares of Common Stock into which this Warrant is exercisable.

 

6.            Fractional
Interests. No fractional shares or scrip representing fractional shares shall be issuable upon the exercise of this Warrant,
but on exercise of this Warrant, the Holder hereof may purchase only a whole number of shares of Common Stock. If, on exercise
of this Warrant, the Holder hereof would be entitled to a fractional share of Common Stock or a right to acquire a fractional share
of Common Stock, the Company shall, in lieu of issuing any such fractional share, pay to the Holder an amount in cash equal to
the product resulting from multiplying such fraction by the Market Price as of the Exercise Date.

 

    	10

    	 

    

 

7.           Transfer
of this Warrant. The Holder may sell, transfer, assign, pledge or otherwise dispose of this Warrant, in whole or in part, as
long as such sale or other disposition is made pursuant to an effective registration statement or an exemption from the registration
requirements of the Securities Act. Upon such transfer or other disposition (other than a pledge), the Holder shall deliver this
Warrant to the Company together with a written notice to the Company, substantially in the form of the Transfer Notice attached
hereto as Exhibit B (the “Transfer Notice”), indicating the person or persons to whom this Warrant shall be
transferred and, if less than all of this Warrant is transferred, the number of Warrant Shares to be covered by the part of this
Warrant to be transferred to each such person. Within three (3) Business Days of receiving a Transfer Notice and the original of
this Warrant, the Company shall deliver to the each transferee designated by the Holder a Warrant or Warrants of like tenor and
terms for the appropriate number of Warrant Shares and, if less than all this Warrant is transferred, shall deliver to the Holder
a Warrant for the remaining number of Warrant Shares.

 

8.            Benefits
of this Warrant. This Warrant shall be for the sole and exclusive benefit of the Holder of this Warrant and nothing in this
Warrant shall be construed to confer upon any person other than the Holder of this Warrant any legal or equitable right, remedy
or claim hereunder.

 

9.            Loss,
theft, destruction or mutilation of Warrant. Upon receipt by the Company of evidence of the loss, theft, destruction or mutilation
of this Warrant, and (in the case of loss, theft or destruction) of indemnity reasonably satisfactory to the Company, and upon
surrender of this Warrant, if mutilated, the Company shall execute and deliver a new Warrant of like tenor and date.

 

10.          Notice
or Demands. Any notice, demand or request required or permitted to be given by the Company or the Holder pursuant to the terms
of this Warrant shall be in writing and shall be deemed delivered (i) when delivered personally or by verifiable facsimile transmission,
unless such delivery is made on a day that is not a Business Day, in which case such delivery will be deemed to be made on the
next succeeding Business Day, (ii) on the next Business Day after timely delivery to an overnight courier and (iii) on the Business
Day actually received if deposited in the U.S. mail (certified or registered mail, return receipt requested, postage prepaid),
addressed as follows:

 

If to the Company:

 

Joel Ackerman, Chief Executive
Officer

Champions Oncology, Inc.

855 North, Wolfe Street, Suite
619

Baltimore, Maryland 21205

Tel (410) 369-0365

Fax (410) 369-0390

jackerman@championsoncology.com

 

    	11

    	 

    

 

with a copy to:

 

Hillel Tendler, Esquire

Neuberger, Quinn, Gielen,
Rubin & Gibber, P.A.

One South Street, 27th
Floor

Baltimore, Maryland 21202

Tel (410) 332-8552

Fax (410) 332-8553

ht@nqgrg.com

 

and if to the Holder, to such address as
shall be designated by the Holder in writing to the Company.

 

11.        Applicable
Law. This Warrant is issued under and shall for all purposes be governed by and construed in accordance with the laws of the
State of New York applicable to contracts made and to be performed entirely within the State of New York.

 

12.         Amendments.
No amendment, modification or other change to, or waiver of any provision of, this Warrant may be made unless such amendment, modification
or change is (A) set forth in writing and is signed by the Company and (B) agreed to in writing by the holders of Warrants exercisable
for a majority of the number of shares into which the all of the then outstanding Warrants issued pursuant to the Securities Purchase
Agreement are exercisable (without regard to any limitation contained herein on such exercise), it being understood that upon the
satisfaction of the conditions described in (A) and (B) above, each Warrant (including any Warrant held by the Holder who did not
execute the agreement specified in (B) above) shall be deemed to incorporate any amendment, modification, change or waiver effected
thereby as of the effective date thereof.

 

13.         Entire
Agreement. This Warrant, the Securities Purchase Agreement, the Registration Rights Agreement, and the other Transaction Documents
constitute the entire agreement among the parties hereto with respect to the subject matter hereof and thereof. There are no restrictions,
promises, warranties or undertakings, other than those set forth or referred to herein and therein. This Warrant, the Securities
Purchase Agreement, the Registration Rights Agreement, and the other Transaction Documents supersede all prior agreements and understandings
among the parties hereto with respect to the subject matter hereof and thereof.

 

14.         Headings.
The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

 

[Signature Page to Follow]

 

    	12

    	 

    

 

EXHIBIT 10.11

 

IN WITNESS WHEREOF,
the Company has duly executed and delivered this Warrant as of the Issue Date.

 

	 	CHAMPIONS ONCOLOGY, INC.

 

	 	By:	 
	 	 	Joel Ackerman
	 	 	Chief Executive Officer

 

    	 

    	 

    

 

EXHIBIT 10.11

 

EXHIBIT A to WARRANT

 

EXERCISE
NOTICE 

 

The undersigned Holder
hereby irrevocably exercises the right to purchase ___________ of the shares of Common Stock (“Warrant Shares”)
of ___________________________ evidenced by the attached Warrant (the “Warrant”). Capitalized terms used herein
and not otherwise defined shall have the respective meanings set forth in the Warrant.

 

1.          Form
of Exercise Price. The Holder intends that payment of the Exercise Price shall be made as:

 

_________ a Cash Exercise
with respect to __________ Warrant Shares; and/or

 

_________ a Cashless Exercise
with respect to __________ Warrant Shares, as permitted by Section 4(b) of the attached Warrant.

 

2.          Payment
of Exercise Price. In the event that the Holder has elected a Cash Exercise with respect to some or all of the Warrant Shares
to be issued pursuant hereto, the Holder shall pay the sum of $___________ to the Company in accordance with the terms of the Warrant.

 

	Date:	 	 

 

	 	 
	Name of Registered Holder	 

 

	By:	 	 
	 	 	 
	Name:	 	 
	 	 	 
	Title:	 	 

 

    	 

    	 

    

 

EXHIBIT B to WARRANT

 

TRANSFER NOTICE 

 

FOR VALUE RECEIVED, the undersigned Holder
of the attached Warrant hereby sells, assigns and transfers unto the person or persons named below the right to purchase __________
shares of the Common Stock of ___________________________ evidenced by the attached Warrant.

 

	Date:	 	 

 

	 	 
	Name of Registered Holder	 

 

	By:	 	 
	 	 	 
	Name:	 	 
	 	 	 
	Title:	 	 

 

	Transferee Name and Address:Exhibit 10.2

 

THE GENERAL HOSPITAL CORPORATION

 

EXCLUSIVE LICENSE AGREEMENT

 

MGH Agreement No: A209968 
 MGH Case Nos: 02595 and 21131

 

This Exclusive License Agreement (“Agreement”) is made as of the 27th day of June, 2011 (“Effective Date”), by and between OvaScience, Inc., a Delaware corporation, having a principal place of business at The Prudential Tower, 800 Boylston Street, Suite 1555, Boston, MA 02199 (“Company”) and The General Hospital Corporation, d/b/a Massachusetts General Hospital, a not-for-profit Massachusetts corporation, with a principal place of business at 55 Fruit Street, Boston, Massachusetts 02114 (“Hospital”), each referred to herein individually as a “Party” and collectively as the “Parties”.

 

RECITALS

 

Hospital, as a center for patient care, research and education, is the owner of certain Patent Rights (defined below) and desires to grant a license of those Patent Rights to Company in order to benefit the public by disseminating the results of its research via the commercial development, manufacture, distribution and use of Products and Processes (defined below).

 

Company has the capability to commercially develop, manufacture, distribute and use Products and Processes for public use and benefit and desires to license such Patent Rights.

 

For good and valuable consideration, the sufficiency of which is hereby acknowledged, the Parties hereby agree as follows:

 

1.  CERTAIN DEFINITIONS

 

As used in this Agreement, the following terms shall have the following meanings, unless the context requires otherwise.

 

1.1                               “Affiliate” with respect to either Party shall mean any corporation or other legal entity other than that Party, in whatever country organized, that controls, is controlled by or is under common control with that Party.  The term “control” shall mean (i) in the case of Company, direct or indirect ownership of fifty percent (50%) or more of the voting securities having the right to elect directors, or the power, direct or indirect, to cause the direction of management and policies, whether by contract or otherwise and (ii) in the case of Hospital, the power, direct or indirect, to elect or appoint fifty percent (50%) or more of the directors or trustees, or to cause direction of management and policies, whether through the ownership of voting securities, by contract or otherwise.

 

1.2                               “Claim” shall mean any pending or issued claim of any Patent Right that has not been abandoned or permanently revoked, nor held unenforceable or invalid by a decision of a court or other governmental agency of competent jurisdiction that is unappealable or unappealed in the time allowed for appeal.

 

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

 

1

 

CONFIDENTIAL TREATMENT REQUESTED

 

1.3                               “Clinical End User” shall mean those fertility clinics and medical practices that purchase and/or use Products and/or Processes for patients (end users) pursuant to agreements with Company or any of its Affiliates or Sublicensees.

 

1.4                               “Clinical Proof of Concept” shall mean the completion of a clinical study conducted by or on behalf of Company or any of its Affiliates or Sublicensees using a Product or Process, consisting of a minimum of [***] women patients, in which the average pregnancy rate (as measured by fetal heart beat) of all women in such study is at least [***] percent ([***]%) above the average pregnancy rate via fresh embryo transfer in the most recent National SART Clinic Summary Report for the age group adjusted average, as a result of the use of such Product or Process.

 

1.5                               “Distributor” shall mean any third party entity to whom Company or any of its Affiliates or Sublicensees has granted, express or implied, the right to distribute any Product or Process pursuant to Section 2.1(b)(ii).

 

1.6                               “First Commercial Sale” shall mean the initial Sale anywhere in the applicable License Territory of a Product or Process that is either (a) to any party that is not part of a clinical study sponsored by Company or any of its Affiliates or Sublicensees, or (b) not used or intended to be used for a patient enrolled in a clinical study sponsored by Company or any of its Affiliates or Sublicensees; and provided Company or any of its Affiliates or Sublicensees has either (i) received all approvals from the FDA or other equivalent regulatory authority necessary for the commercial marketing of such Product or Process or (ii) completed enrollment and treatment of at least [***] women in a Clinical Proof of Concept study.

 

1.7                               “License Field” shall mean human female fertility and shall specifically exclude (a) treatments of menopause associated symptoms or diseases other than treatments of infertility; (b) treatments to delay menopause or menopause associated symptoms or diseases other than treatments of infertility; (c) diagnostics; (d) research tools, or any other field not specifically set forth herein.

 

1.8                               “License Territory” shall mean worldwide.

 

1.9                               “Net Sales” shall be calculated as set forth in this Section 1.9.

 

(a)                                 Subject to the conditions set forth below, “Net Sales” shall mean:

 

(i)                                     the gross amount billed or invoiced, or if no bill or invoice is issued the amount received, whichever is greatest, by Company and its Affiliates and Sublicensees for or on account of Sales of Products and/or Processes; provided that, with respect to the sale and/or use of Products and/or Processes by Clinical End Users (in their capacities as Clinical End Users), the amounts paid by Clinical End Users to Company, its Affiliates and Sublicensees shall be considered gross amounts billed or invoiced for purposes of calculating Net Sales and the amounts billed or invoiced by Clinical End Users to fertility patients (or such patients’ insurers or other third party payers) shall be excluded from the calculation of Net Sales;

 

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

 

2

 

CONFIDENTIAL TREATMENT REQUESTED

 

(ii)                                  less the following amounts:

 

(A)                               to the extent separately stated on the applicable bill or invoice, actually paid by Company and its Affiliates and Sublicensees in effecting such Sale:

 

1.                                      amounts repaid or credited by reason of rejection or return of applicable Products or Processes;

 

2.                                      reasonable and customary trade, quantity or cash rebates or discounts to the extent allowed and taken;

 

3.                                      amounts for outbound transportation, insurance, handling and shipping, but only to the extent separately invoiced in a manner that clearly specifies the charges applicable to the applicable Products; and

 

4.                                      taxes, customs duties and other governmental charges levied on or measured by Sales of Products or Processes, to the extent separately invoiced, whether paid by or on behalf of Company so long as Company’s price is reduced thereby, but not franchise or income taxes of any kind whatsoever.

 

(B)                               the gross amount received by Company and its Affiliates and Sublicensees for or on account of Sales of Products and Processes to Hospital and Hospital’s Affiliates.

 

(C)                               gross amounts billed or invoiced by Company and its Affiliates and Sublicensees in prior periods for or on account of Sales of Products and Processes that are not received within [***] months of billing or invoicing and are charged off or written off as uncollectable, such amounts not to exceed [***] percent ([***]%) of gross amounts billed or invoiced.

 

(b)                                 Specifically excluded from the definition of “Net Sales” are amounts attributable to any Sale of any Product or Process between or among Company and any Company Affiliate and/or Sublicensee, unless the transferee is the end purchaser, user or consumer of such Product or Process.

 

(c)                                  No deductions shall be made for any commissions paid to any individuals or for any costs or expenses of collections.

 

(d)                                 Net Sales shall be deemed to have occurred and the applicable Product or Process “Sold” on the earliest of the date of billing, invoicing, delivery or payment or the due date for payment.

 

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

 

3

 

CONFIDENTIAL TREATMENT REQUESTED

 

(e)                                  If any Product or Process is Sold for non-cash consideration, Net Sales shall be calculated based on the average cash amount charged to independent third parties for the Product or Process during the same Reporting Period or, in the absence of such transactions, on the fair market value of the Product or Process.  Non-cash consideration that could affect any payment due to Hospital hereunder shall not be accepted without the prior written consent of Hospital.  In addition, Company shall not grant discounts on Sales of Products or Processes in exchange for any consideration other than the Sale price of such Products or Processes without the prior written consent of Hospital.

 

(f)                                   Notwithstanding the foregoing, if Company or any of its Affiliates (or Sublicensees for which Net Sales are not established pursuant to clause (a)(i) above, if any) use and/or sell Products and/or Processes as a Clinical End User, such use and/or sale shall be deemed a Sale and Net Sales based on such Sale shall be deemed to be an amount determined as follows:

 

(i)                                     the average Net Sales amount resulting from equivalent uses and/or sales of Products and/or Processes by independent third party Clinical End Users during the same Reporting Period; or

 

(ii)                                  in the absence of transactions referenced in clause (f)(i) above, the Parties shall first discuss an alternative Net Sales amount to use until such time, if ever, there are independent third party Clinical End User transactions that can be used to calculate imputed Net Sales.  Absent agreement on an alternative Net Sales amount, a royalty in the amount of [***] dollars ($[***]) shall be payable (during the royalty term specified in Section 10.1) on each use and/or sale by Company or its Affiliates (or Sublicensees for which Net Sales are not established pursuant to clause (a)(i) above, if any) in lieu of the royalty amount calculated in Section 4.5(a) until such time, if ever, as there are independent third party Clinical End User transactions that can be used to calculate Net Sales in accordance clause (f)(i) above.

 

(iii)                               The Net Sales or royalty determined in accordance with the foregoing clauses (f)(i) and (f)(ii) shall be in lieu of any other calculation of Net Sales or royalties, as applicable, based on such use and/or sale.

 

1.10                        “Patent Rights” shall mean, inclusively, the U.S. Patent Applications listed in Appendix A and/or the equivalent of such application, including any divisional, continuation (including claims of continuations-in-part only to the extent entirely supported by the specification of the application on which such continuations-in-part are based), foreign counterpart patent application, Letters Patent and/or the equivalent thereof issuing thereon, and/or reissue, reexamination or extension thereof, or supplementary protection certificate or patents of addition relating thereto.

 

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

 

4

 

CONFIDENTIAL TREATMENT REQUESTED

 

 

1.11                        “Process” shall mean any process, method or service the use or performance of which, in whole or in part:

 

(a)                                 absent the license granted hereunder would infringe, or is covered by, one or more Claims of Patent Rights; or

 

(b)                                 employs, is based upon or is derived from Technological Information.

 

1.12                        “Product” shall mean any article, device or composition, the manufacture, use, or sale of which, in whole or in part:

 

(a)                                 absent the license granted hereunder would infringe, or is covered by, one or more Claims of Patent Rights; or

 

(b)                                 employs, is based upon or is derived from Technological Information.

 

1.13                        “Reporting Period” shall mean each three month period ending March 31, June 30, September 30 and December 31.

 

1.14                        “Sell” (and “Sale” and “Sold” as the case may be) shall mean to sell or have sold, to lease or have leased, to import or have imported or otherwise to transfer or have transferred a Product or Process for valuable consideration (in the form of cash or otherwise), and further in the case of a Process to use or perform such Process for the benefit of a third party for valuable consideration (in the form of cash or otherwise).

 

1.15                        “Sublicense Income” shall mean consideration in any form received by Company and/or Company’s Affiliate(s) in connection with or otherwise attributable to a grant of a sublicense or any other right, license, privilege or immunity (regardless of whether such grantee is a “Sublicensee” as defined in this Agreement) to make, have made, use, have used, Sell or have Sold Products or Processes, but excluding consideration included within Net Sales.  Sublicense Income shall include without limitation any license signing fee, license maintenance fee, unearned portion of any minimum royalty payment, distribution or joint marketing fee, research and development funding solely to the extent exceeding the reasonable cost (including reasonable allocations of overhead) of performing such research and development, funding for training in the use of Products and Processes solely to the extent exceeding reasonable cost-based funding (including without limitation travel costs and costs of training materials) and any consideration received for an equity interest in, extension of credit to or other investment in Company or Company’s Affiliates to the extent such consideration exceeds the fair market value of the equity or other interest received as determined by agreement of the Parties or by an independent appraiser mutually agreeable to the Parties (but shall exclude such consideration not exceeding fair market value).

 

1.16                        “Sublicensee” shall mean any sublicensee of rights granted in accordance with Section 2.1 (a)(ii).  For purpose of this Agreement, a Distributor of a Product or Process shall not be included in the definition of Sublicensee unless such Distributor (i) is granted any right to make, have made, use or have used Products or Processes in accordance with Section 2.1(a)(ii), or (ii) has agreed to pay to Company or its Affiliate(s) royalties on such Distributor’s sales of Products

 

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

 

5

 

CONFIDENTIAL TREATMENT REQUESTED

 

or Processes, in which case such Distributor shall be a Sublicensee for all purposes of this Agreement.

 

1.17                        “Technological Information” shall mean research data, designs, formulae, process information and other information pertaining to the invention(s) claimed in the Patent Rights which is created by Dr. Tilly and owned by Hospital and is not confidential information of or otherwise obligated to any third party and which Dr. Tilly knows as of the Effective Date and reasonably believes is necessary in order for Company to utilize the licenses granted hereunder, as further described in Appendix D.  Company agrees to treat all Technological Information in accordance with the provisions of Appendix E.

 

2.  LICENSE

 

2.1                               Grant of License.

 

(a)                                 Subject to the terms of this Agreement and Hospital’s rights in Patent Rights, Hospital hereby grants to Company in the License Field in the License Territory:

 

(i)                                     an exclusive, royalty-bearing license under its rights in Patent Rights to make, have made, use, have used, Sell and have Sold Products and Processes; and

 

(ii)                                  the right to grant sublicenses under the rights granted in Section 2.1 (a)(i) to Sublicensees, provided that in each case Company shall be responsible for the performance of any obligations of Sublicensees relevant to this Agreement as if such performance were carried out by Company itself, including, without limitation, the payment of any royalties or other payments provided for hereunder, regardless of whether the terms of any sublicense provide for such amounts to be paid by the Sublicensee directly to Hospital.

 

(iii)                               the nonexclusive right to use Technological Information disclosed by Hospital to Company hereunder in accordance with this Agreement.

 

(b)                                 The license granted in Section 2.1 (a) above includes:

 

(i)                                     the right to grant to Clinical End Users and to final purchasers, users or consumers of Products or Processes the right to use such purchased Products or Processes in a method coming within the scope of Patent Rights within the License Field and License Territory; and

 

(ii)                                  the right to grant a Distributor the right to Sell (but not to make, have made, use or have used) such Products and/or Processes for or on behalf of Company, its Affiliates and Sublicensees in a manner consistent with this Agreement.

 

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

 

6

 

CONFIDENTIAL TREATMENT REQUESTED

 

(c)                                  The foregoing license grant shall include the grant of such license to any Affiliate of Company, provided that such Affiliate shall assume the same obligations as those of Company and be subject to the same terms and conditions hereunder; and further provided that Company shall be responsible for the performance of all of such obligations and for compliance with all of such terms and conditions by Affiliate.  Company shall provide to Hospital a fully signed, non-redacted copy of each agreement with each Affiliate that assumes the aforesaid obligations, including all exhibits, attachments and related documents and any amendments, within [***] days of request by Hospital.

 

2.2                               Sublicenses.  Each sublicense granted hereunder shall be consistent with and comply with all terms of this Agreement and shall incorporate terms and conditions sufficient to enable Company to comply with this Agreement and shall provide that Hospital is a third party beneficiary of the terms thereof directed to enabling Company’s compliance with this Agreement.  Company shall notify Hospital, in confidence, of its (or any of its Sublicensees’) intent to enter into a sublicense agreement, and shall provide Hospital with the name of prospective Sublicensee at least [***] days prior to the execution of a sublicense.  Company shall provide to Hospital a fully signed non-redacted copy of all sublicense agreements (including further sublicenses entered into by Sublicensees) and amendments thereto, including all exhibits, attachments and related documents, within [***] days of executing the same; provided that Hospital shall not disclose any such sublicense agreement to any third party, shall not use such sublicense agreements for any purpose other than monitoring Company’s compliance with this Agreement and shall limit access to such sublicense agreements to Hospital personnel with a need for such access for the foregoing monitoring purpose.  Upon termination of this Agreement or any license granted hereunder for any reason, any sublicenses shall be addressed in accordance with Section 10.7.  Any sublicense which is not in accordance with the forgoing provisions shall be null and void.

 

2.3                               Retained Rights; Requirements.  Any and all licenses granted hereunder are subject to:

 

(a)                                 the right of Hospital and Hospital’s Affiliates as listed in Appendix F to make and to use the subject matter described and/or claimed in the Patent Rights for research and educational purposes; and

 

(b)                                 The right of Hospital and Hospital’s Affiliates as listed in Appendix F to purchase Products and Processes from Company or any of its Affiliates or Sublicensees for use by Hospital and such listed Affiliates as Clinical End Users at a cost reasonably similar to other Clinical End Users in the Northeast region, subject to supply terms and conditions to be reasonably negotiated upon Hospital’s request; and

 

(c)                                  for Patent Rights supported by federal funding, the rights, conditions and limitations imposed by U.S. law (see 35 U.S.C. § 202 et seq. and regulations pertaining thereto), including without limitation:

 

(i)                                     the royalty-free non-exclusive license granted to the U.S. government; and

 

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

 

7

 

CONFIDENTIAL TREATMENT REQUESTED

 

(ii)                                  the requirement that any Products used or sold in the United States shall be manufactured substantially in the United States.

 

2.4                               No Additional Rights.  It is understood that nothing in this Agreement shall be construed to grant Company or any of its Affiliates a license, express or implied, under any patent owned solely or jointly by Hospital other than the Patent Rights expressly licensed hereunder.  Hospital shall have the right to license any Patent Rights to any other party for any purpose outside of the License Field or the License Territory.

 

2.5                               Disclosure of Technological Information.  At Company’s request prior to execution of this Agreement, Hospital (through Dr. Tilly) shall use reasonable efforts to disclose in confidence within [***] days after execution of this Agreement the Technological Information licensed hereunder.

 

3.  DUE DILIGENCE OBLIGATIONS

 

3.1                               Diligence Requirements.  Company shall use, and shall cause its Affiliates and Sublicensees, as applicable, to use, commercially reasonable efforts to develop and make available to the public Products and Processes throughout the License Territory in the License Field.  Such efforts shall include achieving the following objectives within the time periods designated below following the Effective Date:

 

(a)                                 Pre-Sales Requirements.

 

(i)                                     Company shall use commercially reasonable efforts to carry out development of Products and/or Processes in accordance with development plans mutually agreed by the Parties through their Steering Committee representatives.

 

(ii)                                  Company shall secure venture capital or other equity financing of at least $[***] within [***] months following the Effective Date.

 

(iii)                               Company shall identify one or more study site(s) for a Clinical Proof of Concept study with [***] months following the Effective Date.

 

(iv)                              Provide written report to Hospital detailing regulatory strategy for developing a Product or Process within [***] months following the Effective Date.

 

(v)                                 Enroll the first patient in a Clinical Proof of Concept study within [***] months following the Effective Date.

 

(vi)                              Complete a Clinical Proof of Concept study within [***] months following the Effective Date, provided that, this milestone shall be deemed achieved by the completion of a study prospectively intended to demonstrate Clinical Proof of Concept whether or not Clinical Proof of Concept is achieved with such study.

 

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

 

8

 

CONFIDENTIAL TREATMENT REQUESTED

 

(vii)                           Achieve a First Commercial Sale within [***] months following the Effective Date.

 

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

 

9

 

CONFIDENTIAL TREATMENT REQUESTED

 

(b)                                 Post Sales Requirements.

 

(i)                                     Following the First Commercial Sale in any country in the License Territory, Company shall directly or through its Affiliates and/or Sublicensees make continuing Sales in such country without any elapsed time period of [***] or more in which such Sales do not occur.

 

(ii)                                  Company shall directly or through an Affiliate or Sublicensee make such First Commercial Sale within the following countries and regions in the License Territory within [***] years after the Effective Date of this Agreement: (a) Canada, Mexico, Argentina, Brazil, Australia, New Zealand and Japan and (b) at least [***] of the following countries:  the U.K., France, Germany, Italy and Spain.

 

Achievement of the foregoing objectives shall be deemed to satisfy Company’s obligations to use commercially reasonable efforts under this Section 3.1.  Section 3.1(a) above may be updated or modified from time to time by the Steering Committee, and any such update or modification shall be documented in the minutes of the applicable Steering Committee meeting and may be updated hereto through a written amendment.

 

3.2                               Diligence Failures.  If Company fails to fulfill any of its obligations under Section 3.1(b) with respect to any of the countries listed in Section 3.1(b)(ii)(a) or with respect to at least [***] of the countries listed in Section 3.1(b)(ii)(b) in any material respect, then, subject to the notice and cure provisions of Section 10.4, Hospital may treat such failure as a default and, at Hospital’s option, may, solely with respect to the country(ies) to which such failure relates, either convert the License under 2(a)(i) to non-exclusive or terminate this Agreement and/or any license granted hereunder in accordance with Section 10.4.  For the avoidance of doubt, Hospital shall not, based on Company’s failure to fulfill it obligations under Section 3.1(b), have the right to terminate this Agreement or Company’s licenses hereunder, or convert Company’s licenses hereunder to non-exclusive, with respect to countries in which Company satisfies its obligations under Section 3.1 (b).  In addition, if Company, together with its Affiliates, Sublicensees and Clinical End Users, ceases all development and commercialization activities with respect to all Products and Processes for more than [***], Hospital may treat such failure as a default and, at Hospital’s option, may either convert the License under 2(a)(i) to non-exclusive or terminate this Agreement and/or any license granted hereunder in accordance with Section 10.4.

 

3.3                               Diligence Reports.  Company shall provide all reports with respect to its obligations under Section 3.1 as set forth in Section 5.

 

4.  PAYMENTS AND ROYALTIES

 

4.1                               License Issue Fee.  Company shall pay Hospital a non-refundable license issue fee in the amount of [***] dollars ($[***]) upon execution of this Agreement.

 

4.2                               Patent Cost Reimbursement.  Company shall reimburse Hospital for all costs associated with the preparation, filing, prosecution and maintenance of all Patent Rights (“Patent Costs”).

 

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

 

10

 

 

CONFIDENTIAL TREATMENT REQUESTED

 

As of the Effective Date, Hospital has incurred approximately [***] Dollars ($[***]) in Patent Costs, which amount Company shall pay to Hospital based upon the following schedule:

 

 

·                  $[***] within [***] days of the Effective Date

·                  $[***] on the [***] anniversary of the Effective Date

·                  [***] on the [***] anniversary of the Effective Date

 

Company shall pay to Hospital, or at Hospital’s request directly to patent counsel, all other Patent Costs within [***] days of Company’s receipt of an invoice for such Patent Costs either from Hospital or Hospital’s patent counsel.  Hospital shall instruct patent counsel to provide copies to Hospital for Hospital’s administrative files of all invoices detailing Patent Costs which are sent directly to Company.

 

4.3          Annual License Fee; Annual Maintenance Fee.

 

(a)                                 Annual License Fee.  Company shall pay to Hospital the non-refundable amount of [***] Dollars ($[***]) as an annual license fee (the “Annual License Fee”) within [***] days after each of the first (1st) and second (2nd) anniversaries of the Effective Date.

 

The first [***] Dollars ($[***]) of the Annual License Fees shall be creditable against royalties subsequently due on Net Sales amounts made during the [***] and [***] calendar years following the Effective Date, if any, but shall not be credited against royalties due on Net Sales made in any other subsequent year.

 

(b)                                 Annual Maintenance Fee.  Beginning on the third (3rd) anniversary of the Effective Date, Company shall pay the amount of [***] Dollars ($[***]) as an annual maintenance fee (the “Annual Maintenance Fee”) to Hospital within [***] days after each anniversary of the Effective Date.  The Annual Maintenance Fee shall be non-refundable and non-creditable against royalties.

 

4.4          Milestone Payments.  In addition to the payments set forth in Sections 4.1 through 4.3 above, Company shall pay Hospital milestone payments as follows:

 

(a)                                 [***] Dollars ($[***]) within [***] days of [***]; and

 

(b)                                 [***] Dollars ($[***]) within [***] days of [***]; and

 

(c)                                  [***] Dollars ($[***]) for the first calendar year in which Net Sales amounts equal or exceed [***] Dollars ($[***]); and

 

(d)                                 [***] Dollars ($[***]) for the first calendar year in which Net Sales amounts equal or exceed [***] Dollars ($[***]); and

 

(e)                                  [***] Dollars ($[***]) for the first calendar year in which Net Sales amounts equal or exceed [***] Dollars ($[***]); and

 

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

 

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CONFIDENTIAL TREATMENT REQUESTED

 

(f)                                   [***] Dollars ($[***]) for the first calendar year in which Net Sales amounts equal or exceed [***] Dollars ($[***]); and

 

(g)                                  [***] Dollars ($ [***]) for the first calendar year in which Net Sales amounts equal or exceed [***] Dollars ($[***]); and

 

(h)                                 [***] Dollars ($[***]) for the first calendar year in which Net Sales amounts equal or exceed [***] Dollars ($[***]); and

 

(i)                                     [***] Dollars ($[***]) for the first calendar year in which Net Sales amounts equal or exceed [***] Dollars ($[***]).

 

For the avoidance of doubt, should the milestone described in clause (b) above be achieved before the milestone in clause (a) above is achieved, the milestone payments described in clause (a) will be due and payable concurrently with the milestone payment described in clause (b), and should Net Sales amounts be equal to or greater than more than one of the above as yet to be achieved milestones in any given calendar year, all such milestones first achieved in such calendar year shall be due for that calendar year.

 

All payments due to Hospital under this Section 4.4 shall be due and payable by Company within [***] days after the end of each Reporting Period, and shall be accompanied by a report as set forth in Sections 5.2 and 5.3.

 

The milestone payments set forth in this Section 4.4 shall each be payable no more than once.

 

4.5          Royalties and Sublicense Income.

 

(a)                                 Beginning with the First Commercial Sale in any country in the License Territory, Company shall pay Hospital during the term of any license granted under Section 2.1(a)(i), a royalty of [***] percent ([***]%) of the Net Sales amounts of all Products and Processes.  In the event that Company reasonably determines that royalty payments to one or more third parties are required in order to avoid potential infringement of third party patent rights, Company shall notify Hospital via Hospital’s Executive Director, Research Ventures and Licensing promptly following Company’s decision to pursue a license from the applicable third party and, if such payments are in excess of [***] Percent ([***]%) of Net Sales, Company may offset a total of [***] Percent ([***]%) of such third-party payments that are in excess of [***] Percent ([***]%) of Net Sales against any royalty payments that are due under this Section 4.5(a) to Hospital in the same Reporting Period, provided that in no event shall the royalty payments under this Section 4.5(a), when aggregated with any other offsets and credits allowed under this Agreement, be reduced by more than [***] Percent ([***]%) in any Reporting Period.  Without limiting the foregoing, in connection with providing notification to Hospital of Company’s intent to pursue a third party license, Company shall provide an explanation of its rationale for pursuing the license.  In the event that Hospital notifies Company that Hospital has concerns regarding

 

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

 

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CONFIDENTIAL TREATMENT REQUESTED

 

Company’s determination to seek such license, the Steering Committee shall be convened to review the determination.  Failing satisfactory resolution from the Steering Committee the matter shall be discussed between Company CEO or Chairman and the Hospital’s Executive Director, Research Ventures and Licensing; provided that, Company’s CEO shall have final decision-making authority with respect to such matter and Company shall not be required to delay obtaining the proposed third party license for more than [***] days in total as a result of the foregoing Steering Committee and executive consultation process.

 

(b)                                 Company shall pay Hospital [***] percent ([***]%) of any and all Sublicense Income received prior to the third anniversary of the Effective Date, and [***] percent ([***]%) of any and all Sublicense Income received on or after the third anniversary of the Effective Date.

 

(c)                                  All payments due to Hospital under this Section 4.5 shall be due and payable by Company within [***] days after the end of each Reporting Period, and shall be accompanied by a report as set forth in Sections 5.3 and 5.4.

 

4.6          Liquidity Event Milestone Fee.  Company shall pay Hospital One Million Dollars ($1,000,000.00) (the “Liquidity Event Fee”), within [***] days following the first to occur of either:

 

(a)                                 The closing of the first underwritten public offering of Company’s securities (an “IPO”), provided that, if the proceeds to the Company from such IPO are less than [***] Dollars ($[***]), Company shall pay [***] percent ([***]%) of such proceeds to Hospital within [***] days following such closing and thereafter on each anniversary of such closing shall pay to Hospital the lesser of [***] percent ([***]%) of such proceeds or the payment amount that, when combined with prior payments pursuant to this Section 4.6(a), would equal [***] Dollars ($[***]); or

 

(b)                                 The closing of the first to occur of any of the following transactions (each a “Change of Control”):

 

(i)                                     a sale, conveyance or other disposition of all or substantially all of the assets of the Company (other than to an Affiliate of Company as part of a reorganization or restructuring); or

 

(ii)                                  a merger or consolidation of Company with or into any other entity, unless the stockholders of Company immediately before the transaction own fifty percent (50%) or more of the voting or capital stock of the acquiring or surviving corporation following the transaction;

 

provided that, if the proceeds to the Company of such Change of Control are less than [***] Dollars ($[***]), Company shall pay to Hospital [***] Dollars ($[***]) within [***] days following such Change of Control and thereafter shall pay to Hospital [***] Cents ($[***]) on each of the first three anniversaries of such Change of Control.

 

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

 

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CONFIDENTIAL TREATMENT REQUESTED

 

Provided, however, that this Section 4.6 shall terminate upon the full payment of the Liquidity Event Fee.

 

4.7          Form of Payment.  All payments due under this Agreement shall be drawn on a United States bank and shall be payable in United States dollars.  Each payment shall reference this Agreement and its Agreement Number and identify the obligation under this Agreement that the payment satisfies.  Conversion of foreign currency to U.S. dollars shall be made at the conversion rate existing in the United States, as reported in The Wall Street Journal, on the last working day of the applicable Reporting Period.  Such payments shall be without deduction of exchange, collection or other charges, and, specifically, without deduction of withholding or similar taxes or other government imposed fees or taxes, except as legally required or permitted in the definition of Net Sales.

 

Checks for all payments due to the Hospital under this Agreement shall be made payable to the Hospital and addressed as set forth below:

 

Massachusetts General Hospital

BOA-Lockbox Services

PCSR Lockbox #[***] 

MA5-527-02-07

2 Morrissey Blvd

Dorchester, MA 02125 

Reference Agreement #: A209968

 

Payments via wire transfer should be made as follows:

 

ACH Credit: ABA # 011-000-138 

Federal Reserve Wire: ABA#026-009-593 

SWIFT Code: BOFAUS3N 

Account #[***]

Massachusetts General Hospital 

Bank of America

100 Federal Street 

Boston, MA 02110 

Reference Agreement #: A209968

 

4.8          Overdue Payments.  The payments due under this Agreement shall, if overdue, bear interest beginning on the first day following the Reporting Period to which such payment was incurred and until payment thereof at a per annum rate equal to two percent (2%) above the prime rate in effect on the due date as reported by The Wall Street Journal, such interest rate being compounded on the last day of each Reporting Period, not to exceed the maximum permitted by law.  Any such overdue payments when made shall be accompanied by all interest so accrued.  Said interest and the payment and acceptance thereof shall not preclude Hospital from exercising any other rights it may have as a consequence of the lateness of any payment.

 

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

 

14

 

CONFIDENTIAL TREATMENT REQUESTED

 

5.  REPORTS, RECORDS, AND STEERING COMMITTEE

 

5.1          Diligence Reports.  Within [***] days after the end of each calendar year until such time as a First Commercial Sale has been achieved in the United States and the objectives set forth in Section 3.1 (b) have been achieved, Company shall report in writing to Hospital on progress made toward such objectives during such preceding 12 month period, including, without limitation, progress on research and development, status of applications for regulatory approvals, manufacturing, sublicensing and the number of sublicenses entered into and marketing.

 

5.2          Milestone Achievement Notification.  Company shall, along with delivering payment as set forth in Section 4.7, report to Hospital the dates on which it achieves the milestones set forth in Section 4.4 within [***] days after the Reporting Period during which each such milestone was achieved.

 

5.3          Sales Reports.  Company shall report to Hospital the date on which it achieves the First Commercial Sale in each country of the License Territory within [***] days of each such occurrence.  Following the First Commercial Sale, Company shall deliver reports to Hospital within [***] days after the end of each Reporting Period.  Each report under this Section 5.3 shall have substantially the format outlined in Appendix B, shall be certified as correct by an officer of Company and shall contain at least the following information (or as otherwise determined by the Steering Committee) as may be pertinent to a royalty accounting hereunder for the immediately preceding Reporting Period:

 

(a)                                 the number of Products and Processes Sold by Company, its Affiliates and Sublicensees in each of (i) the United States, (ii) the European Union, (iii) Japan and (iv) all other countries in aggregate (each of (i), (ii), (iii) and (iv), a “Reporting Territory”);

 

(b)                                 the amounts billed, invoiced and received by Company, its Affiliates and Sublicensees for each Product and Process, in each Reporting Territory, and total billings or payments due or made for all Products and Processes;

 

(c)                                  calculation of Net Sales for the applicable Reporting Period in each Reporting Territory, including an itemized listing of permitted offsets and deductions;

 

(d)                                 total royalties payable on Net Sales in U.S. dollars, together with the exchange rates used for conversion; and

 

(e)                                  any other payments due to Hospital under this Agreement.

 

If no amounts are due to Hospital for any Reporting Period, the report shall so state.

 

5.4          Sublicense Income Reports.  Company shall, along with delivering payment as set forth in Section 4.7, report to Hospital within [***] days after the end of each Reporting Period the amount of all Sublicense Income received by Company during such Reporting Period, and Company’s calculation of the amount due and paid to Hospital from such income, including an itemized listing of the source of income comprising such consideration, and the name and

 

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

 

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CONFIDENTIAL TREATMENT REQUESTED

 

address of each entity making such payments in substantially the format outlined in Appendix C.

 

5.5          Audit Rights.  Company shall maintain, and shall cause each of its Affiliates and Sublicensees to maintain, complete and accurate records relating to the rights and obligations under this Agreement and any amounts payable to Hospital in relation to this Agreement, which records shall contain sufficient information to permit Hospital and its representatives to confirm the accuracy of any payments and reports delivered to Hospital and compliance in all other respects with this Agreement.  Company shall retain and make available, and shall require each of its Affiliates and Sublicensees to retain and make available, such records for at least [***] years following the end of the calendar year to which they pertain, to Hospital and/or its representatives and upon at least [***] days’ advance written notice, for inspection during normal business hours, to verify any reports and payments made and/or compliance in other respects under this Agreement.  If any examination conducted by Hospital or its representatives pursuant to the provisions of this Section show an underreporting or underpayment of [***] percent ([***]%) or more in any calendar year due to Hospital hereunder, then, subject to Company’s right to discuss or dispute the results of such examination, Company shall bear the full cost of such audit and shall remit any amounts due to Hospital (including interest due in accordance with Section 4.8) within [***] days of receiving notice thereof from Hospital.

 

5.6          Steering Committee.

 

(a)                                 Purpose.  Company and Hospital will establish a steering committee (“Steering Committee”) to facilitate the exchange of information regarding the progress of the Company on research and development, regulatory approvals, manufacturing, sublicensing, marketing and sale of Products and the status of any sponsored research projects thereunder, new uses, Technological Information and or new technology as applicable.  The Steering Committee shall review and discuss Company’s development plans, including Company’s timeline for conducting clinical trials with respect to Products and/or Processes, which Company and Hospital anticipate will commence within approximately [***] months following the Effective Date, and Company shall consider recommendations made by the Steering Committee regarding the commercialization of Products and/or Processes, including potential markets beyond those set forth in Section 3.1(b)(ii) in which Company may pursue commercialization.

 

(b)                                 Membership.  Company will appoint at least [***] but not more than [***]members and Hospital will appoint at least [***] but not more than [***] members each to the Steering Committee.  A Party may replace any of its members at any time.

 

(c)           Meetings.  The Steering Committee will meet quarterly, or as otherwise determined by the committee, in person during the Term of the License until such time as the First Commercial Sale has been achieved or as otherwise determined by the Steering Committee.  The schedule and location for meetings will be agreed upon by the Parties in advance, provided that the first such meeting shall

 

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

 

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CONFIDENTIAL TREATMENT REQUESTED

 

occur within [***] days after the Effective Date and thereafter such meetings shall occur no later than [***] days after the end of each calendar quarter.  The first meeting of the Steering Committee will focus on discussions to facilitate the Company’s formulation of preliminary development plans.  The Steering Committee will use reasonable efforts to generate a written summary describing the details of the information exchanged and topics discussed at each Steering Committee meeting and disseminated to the Parties.

 

6.  PATENT PROSECUTION AND MAINTENANCE

 

6.1          Prosecution.  Hospital shall be responsible for the preparation, filing, prosecution and maintenance of all patent applications and patents included in Patent Rights.  Company shall reimburse Hospital for Patent Costs incurred by Hospital relating thereto in accordance with Section 4.2; provided that.  Hospital and Company shall discuss and agree in advance on the countries in which Hospital will prosecute the Patent Rights, so that Company may elect in advance, pursuant to Section 6.3, not to pay costs for any countries in which Company does not desire to fund such prosecution.

 

6.2          Copies of Documents.  With respect to any Patent Right licensed hereunder, Hospital shall instruct the patent counsel prosecuting such Patent Right to (i) copy Company on patent prosecution documents that are received from or filed with the United States Patent and Trademark Office and foreign equivalent, as applicable; (ii) if requested by Company, provide Company with copies of draft submissions to the USPTO prior to filing; and (iii) give consideration to the comments and requests of Company or its patent counsel.

 

6.3          Company’s Election Not to Proceed.  Company may elect to surrender any patent or patent application in Patent Rights in any country upon [***] days advance written notice to Hospital.  Such notice shall relieve Company from the obligation to pay for future Patent Costs but shall not relieve Company from responsibility to pay Patent Costs incurred prior to the expiration of the [***] day notice period.  Such U.S. or foreign patent application or patent shall thereupon cease to be a Patent Right hereunder, Company shall have no further rights therein and Hospital shall be free to license its rights to that particular U.S. or foreign patent application or patent to any other party on any terms.

 

6.4          Confidentiality of Prosecution and Maintenance Information.  Company agrees to treat all information related to prosecution and maintenance of Patent Rights as Confidential Information in accordance with the provisions of Appendix E.

 

7.  THIRD PARTY INFRINGEMENT AND LEGAL ACTIONS

 

7.1          Hospital Right to Prosecute.  Hospital will protect its Patent Rights from infringement and prosecute infringers when, in its sole judgment, such action may be reasonably necessary, proper and justified.  If Company shall have supplied Hospital with written evidence demonstrating to Hospital’s reasonable satisfaction prima facie infringement of a claim of a Patent Right in the License Field in the License Territory by a third party which poses a material threat to Company’s rights under this Agreement, Company may by notice request Hospital to

 

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

 

17

 

CONFIDENTIAL TREATMENT REQUESTED

 

take steps to protect such Patent Right.  Hospital shall notify Company within [***] days of the receipt of such notice whether Hospital intends to prosecute the alleged infringement.  If Hospital notifies Company that it intends to so prosecute, Hospital shall, within [***] months of its notice to Company either (i) cause such infringement to terminate, or (ii) initiate legal proceedings against the infringer.

 

7.2          Company Right to Prosecute.  In the event Hospital notifies Company that Hospital does not intend to prosecute infringement identified under Section 7.1, Company may, upon notice to Hospital, initiate legal proceedings against the infringer at Company’s expense with respect to a claim of a Patent Right in the License Field in the License Territory.  Before commencing such action, Company and, as applicable, any Affiliate, shall consult with Hospital, concerning, among other things, Company’s standing to bring suit, the advisability of bringing suit, the selection of counsel and the jurisdiction for such action and shall consider the views of Hospital regarding the proposed action, including without limitation with respect to potential effects on the public interest.  Company shall be responsible for all costs, expenses and liabilities in connection with any such action and shall indemnify and hold Hospital harmless therefrom, regardless of whether Hospital is a party-plaintiff, except for the expense of any independent counsel retained by Hospital in accordance with Section 7.5 below.

 

7.3          Hospital Joined as Party-Plaintiff.  If Company elects to commence an action as described in Section 7.2 above, Hospital shall have, in its sole discretion, the option to join such action as a party-plaintiff.  If joinder of Hospital as a party-plaintiff is necessary or desirable in order for Company to bring or maintain such action or to prove damages in such action, and Company requests that Hospital be joined, Hospital may either, in its sole discretion, permit itself to be joined as a party-plaintiff at the sole expense of Company, or assign to Company all of Hospital’s right, title and interest in and to the Patent Right which is the subject of such action (subject to all of Hospital’s obligations to the government under law and any other rights that others may have in such Patent Right).  If Hospital makes such an assignment, such action by Company shall thereafter be brought or continued without Hospital as a party; provided, however, that Hospital shall continue to have all rights of prosecution and maintenance with respect to Patent Rights and Company shall continue to meet all of its obligations under this Agreement as if the assigned Patent Right were still licensed to Company hereunder.

 

7.4          Notice of Actions; Settlement.  Company shall promptly inform Hospital of any action or suit relating to Patent Rights and shall not enter into any settlement, consent judgment or other voluntary final disposition of any action relating to Patent Rights, including but not limited to appeals, without the prior written consent of Hospital.

 

7.5          Cooperation.  Each Party agrees to cooperate reasonably in any action under Section 7 which is controlled by the other Party, provided that the controlling Party reimburses the cooperating Party for any costs and expenses incurred by the cooperating Party in connection with providing such assistance, except for the expense of any independent counsel retained by the cooperating Party in accordance with this Section 7.5.  Such controlling Party shall keep the cooperating Party informed of the progress of such proceedings and shall make its counsel available to the cooperating Party.  The cooperating Party shall also be entitled to independent

 

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

 

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CONFIDENTIAL TREATMENT REQUESTED

 

counsel in such proceedings but at its own expense, said expense to be offset against any damages received by the Party bringing suit in accordance with Section 7.6.

 

7.6          Recovery.  Any award paid by third parties as the result of such proceedings (whether by way of settlement or otherwise) shall first be applied to reimbursement of any legal fees and expenses incurred by either Party and then the remainder shall be divided between the Parties as follows:

 

(i)                                     Company shall receive an amount equal to its lost profits or a reasonable royalty on the infringing sales, or whichever measure of damages the court shall have applied; and

 

(ii)                                  Hospital shall receive an amount equal to the royalties and other amounts that Company would have paid to Hospital if Company had Sold the infringing Products and Services rather than the infringer; and

 

(iii)                               the balance, if any, remaining after Company and Hospital have been compensated under Section 7.6(a) shall be shall be shared [***] percent ([***]%) to the controlling party and [***] percent ([***]%) to the cooperating party.

 

8.  INDEMNIFICATION AND INSURANCE

 

8.1          Indemnification.

 

(a)                                 Company shall indemnify, defend and hold harmless Hospital and its Affiliates and their respective trustees, directors, officers, medical and professional staff, employees, and agents and their respective successors, heirs and assigns (the “Indemnitees”), against any liability, damage, loss or expense (including reasonable attorney’s fees and expenses of litigation) incurred by or imposed upon the Indemnitees or any one of them in connection with any claims, suits, actions, demands or judgments arising out of any theory of product liability (including, but not limited to, actions in the form of contract, tort, warranty, or strict liability) concerning any product, process or service made, used, or sold or performed pursuant to any right or license granted under this Agreement.

 

(b)                                 With respect to Patent Cost Reimbursement under Section 4.2, Company agrees to indemnify, defend and hold Hospital harmless from and against any and all Patent Costs and costs of collection arising from the failure of Company to timely pay such Patent Costs.

 

(c)                                  Company agrees, at its own expense, to provide attorneys reasonably acceptable to the Hospital to defend against any actions brought or filed against any party indemnified hereunder with respect to the subject of indemnity contained herein, whether or not such actions are rightfully brought; provided, however, that any Indemnitee shall have the right to retain its own counsel, at the expense of Company, if representation of such Indemnitee by counsel retained by Company

 

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

 

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CONFIDENTIAL TREATMENT REQUESTED

 

would be inappropriate because of conflict of interests of such Indemnitee and any other party represented by such counsel.  Company agrees to keep Hospital informed of the progress in the defense and disposition of such claim and to consult with Hospital prior to any proposed settlement.

 

(d)                                 This section 8.1 shall survive expiration or termination of this Agreement.

 

8.2          Insurance.

 

(a)                                 Beginning at such time as any such product, process or service is being commercially distributed, sold, leased or otherwise transferred, or performed or used (other than for the purpose of obtaining regulatory approvals), by Company, an Affiliate or Sublicensee, Company shall, at its sole cost and expense, procure and maintain commercial general liability insurance in amounts not less than $[***] per incident and $[***] annual aggregate and naming the Indemnitees as additional insureds.  Such commercial general liability insurance shall provide product liability coverage and shall not have a Contractual Liability Limitation Endorsement.  If Company elects to self-insure all or part of the limits described above (including deductibles or retentions which are in excess of $[***] annual aggregate) such self-insurance program must be acceptable to the Hospital and the Risk Management Foundation.  The minimum amounts of insurance coverage required under this Section 8.2 shall not be construed to create a limit of Company’s liability with respect to its indemnification under Section 8.1 of this Agreement.

 

(b)                                 Company shall provide Hospital with written evidence of such insurance upon request of Hospital.  Company shall provide Hospital with written notice at least [***] days prior to the cancellation, non-renewal or material change in such insurance; if Company does not obtain replacement insurance providing comparable coverage prior to the expiration of such [***] day period, Hospital shall have the right to terminate this Agreement effective at the end of such [***] day period without notice or any additional waiting periods.

 

(c)                                  Company shall maintain such commercial general liability insurance beyond the expiration or termination of this Agreement during (i) the period that any such product, process, or service is being commercially distributed, sold, leased or otherwise transferred, or performed or used (other than for the purpose of obtaining regulatory approvals), by Company or by a licensee, affiliate or agent of Company and (ii) a reasonable period after the period referred to in (c) (i) above which in no event shall be less than [***] years.

 

(d)                                 This section 8.2 shall survive expiration or termination of this Agreement.

 

9.  DISCLAIMER OF WARRANTIES; LIMITATION OF LIABILITY

 

9.1          Title to Patent Rights.  To the best knowledge of Hospital’s Office of Research, Ventures and Licensing, Hospital is the owner by assignment from Dr. Jonathan Tilly and Dr. Joshua

 

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

 

20

 

 

CONFIDENTIAL TREATMENT REQUESTED

 

Johnson of the Patent Rights and has the authority to enter into this Agreement and license the Patent Rights to Company hereunder.

 

9.2                               No Warranties.  HOSPITAL MAKES NO REPRESENTATIONS OR WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, CONCERNING THE PATENT RIGHTS AND THE RIGHTS GRANTED HEREUNDER, INCLUDING, WITHOUT LIMITATION, WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NONINFRINGEMENT, VALIDITY OF PATENT RIGHTS CLAIMS, WHETHER ISSUED OR PENDING, AND THE ABSENCE OF LATENT OR OTHER DEFECTS, WHETHER OR NOT DISCOVERABLE, AND HEREBY DISCLAIMS THE SAME.  SPECIFICALLY, AND NOT TO LIMIT THE FOREGOING, HOSPITAL MAKES NO WARRANTY OR REPRESENTATION (i) REGARDING THE VALIDITY OR SCOPE OF ANY OF THE CLAIM(S), WHETHER ISSUED OR PENDING, OF ANY OF THE PATENT RIGHTS, AND (ii) THAT THE EXPLOITATION OF THE PATENT RIGHTS OR ANY PRODUCT WILL NOT INFRINGE ANY PATENTS OR OTHER INTELLECTUAL PROPERTY RIGHTS OF HOSPITAL OR OF ANY THIRD PARTY.

 

9.3                               Limitation of Liability.  IN NO EVENT SHALL EITHER PARTY OR ANY OF ITS AFFILIATES OR ANY OF THEIR RESPECTIVE TRUSTEES, DIRECTORS, OFFICERS, MEDICAL AND PROFESSIONAL STAFF, EMPLOYEES AND AGENTS BE LIABLE TO THE OTHER PARTY OR ANY OF ITS AFFILIATES FOR INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES OF ANY KIND ARISING IN ANY WAY OUT OF THIS AGREEMENT OR THE LICENSE RIGHTS GRANTED HEREUNDER, HOWEVER CAUSED AND ON ANY THEORY OF LIABILITY, INCLUDING WITHOUT LIMITATION SUCH DAMAGES THAT ARE ECONOMIC DAMAGES OR INJURY TO PROPERTY OR LOST PROFITS, REGARDLESS OF WHETHER SUCH PARTY SHALL BE ADVISED, SHALL HAVE OTHER REASON TO KNOW, OR IN FACT SHALL KNOW OF THE POSSIBILITY OF THE FOREGOING; PROVIDED, HOWEVER, NOTHING IN THIS SECTION 9.3 SHALL BE CONSTRUED TO LIMIT COMPANY’S OBLIGATION TO INDEMNIFY HOSPITAL UNDER SECTION 8 OF THIS AGREEMENT.

 

10.  TERM AND TERMINATION

 

10.1                        Term.  The term of this Agreement shall commence on the Effective Date and shall remain in effect on a Product-by-Product, Process-by-Process and country-by-country basis until the date on which all Claims that cover the applicable Product or Process in the applicable country have expired or been abandoned, unless this Agreement is terminated earlier in accordance with any of the other provisions of Section 10.  Following expiration of this Agreement with respect to a Product or Process in a particular country, as described in the prior sentence, the licenses and rights granted to Company pursuant to Section 2.1 shall remain in effect on a perpetual, royalty-free and non-exclusive basis.

 

10.2                        Termination for Failure to Pay.  If Company fails to make any payment due hereunder, Hospital shall have the right to terminate this Agreement upon [***] days written notice, unless Company makes such payments plus any interest due, as set forth in Section 4.7, within said [***] day notice period.  If payments are not made, Hospital may immediately terminate this

 

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

 

21

 

Agreement at the end of said [***] day period.  Company shall be entitled to only one such cure period in a calendar year; for a second failure to make payment on time, Hospital shall have the right to terminate this Agreement immediately upon written notice.  Notwithstanding the foregoing, if Company in good faith disputes a payment obligation asserted by Hospital, then, providing Company shall make said disputed payment and Hospital shall place said payment in escrow, such termination right shall be tolled until after such dispute is resolved, and this Agreement shall not terminate based on such dispute if Company pays all amounts ultimately determined to be due within [***] days following the resolution of such dispute in accordance with Section 12.8.

 

10.3                        Termination for Insurance and Insolvency.

 

(a)                                 Insurance.  Hospital shall have the right to terminate this Agreement in accordance with Section 8.2(b) if Company fails to maintain the insurance required by Section 8.2.

 

(b)                                 Insolvency and other Bankruptcy Related Events.  Hospital shall have the right to terminate this Agreement immediately upon written notice to Company with no further notice obligation or opportunity to cure if Company: (i) shall make an assignment for the benefit of creditors; or (ii) or shall have a petition in bankruptcy filed for or against it (provided that in the case of a petition in bankruptcy filed against it, Hospital shall not have the right to terminate this Agreement if such petition is dismissed within sixty (60) days following the filing of such petition).

 

10.4                        Termination for Non-Financial Default.  If Company, any of its Affiliates or any Sublicensee shall materially default in the performance of any of its other obligations under this Agreement not otherwise covered by the provisions of Section 10.2 and 10.3, and if such material default has not been cured within [***] days after notice by Hospital in writing of such default, Hospital may immediately terminate this Agreement, and/or any license granted hereunder with respect to the country or countries in which such default has occurred, at the end of said [***] day cure period.  Hospital shall also have the right to terminate this Agreement and/or any such license immediately, upon written notice, in the event of [***] or more material defaults in any [***] year period even if cured within such [***] day period

 

10.5                        Challenging Validity.  During the term of this Agreement, Company shall not challenge, and shall restrict Affiliates and Sublicensees from challenging the validity of the Patent Rights and in the event of any breach of this provision by Company Hospital shall have the right to terminate this Agreement and any license granted hereunder immediately.  In addition, if the Patent Rights are upheld Company shall reimburse Hospital for its legal costs and expenses incurred in defending any such challenge by Company or its Affiliates in any country in which Company and its Affiliates retain a license to such Patent Rights under this Agreement.

 

10.6                        Termination by Company.  Company shall have the right to terminate this Agreement by giving ninety (90) days advance written notice to Hospital and upon such termination shall immediately cease all use and Sales of Products and Processes, subject to Section 10.9.

 

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

 

22

 

CONFIDENTIAL TREATMENT REQUESTED

 

10.7                        Effect of Termination on Sublicenses.  Any sublicenses granted by Company under this Agreement shall provide for assignment to Hospital of Company’s interest therein, upon termination (but not expiration) of this Agreement or upon termination of any license hereunder under which such sublicense has been granted.  Upon assignment of any such sublicense to Hospital upon termination, the rights granted to the Sublicensee in such sublicense shall survive; provided that, (a) Hospital shall not be obligated to accept the assignment of any such sublicense if the Sublicensee is then in material default of any of the obligations required to be imposed on Sublicensees pursuant to this Agreement and (b) Hospital shall not have any liability for Company’s obligations pursuant to the sublicense beyond Hospital’s obligations with respect to the sublicensed rights under this Agreement.

 

10.8                        Effects of Termination of Agreement.  Upon termination of this Agreement or any of the licenses hereunder for any reason, final reports in accordance with Section 5 shall be submitted to Hospital and all royalties and other payments, including without limitation any unreimbursed Patent Costs, accrued or due to Hospital as of the termination date shall become immediately payable.  Company shall cease, and shall cause its Affiliates and require its Sublicensees to cease under any sublicense granted by Company under this Agreement, all Sales and uses of Products and Processes upon such termination (but not expiration), subject to Sections 10.7 and 10.9.  The termination or expiration of this Agreement or any license granted hereunder shall not relieve Company, its Affiliates or Sublicensees of obligations arising before such termination or expiration.

 

10.9                        Inventory.  Upon early termination of this Agreement other than for Company default, Company, Company Affiliates and Sublicensees may complete and sell any work-in-progress and inventory of Products that exist as of the effective date of termination, provided that (i) Company pays Hospital the applicable running royalty or other amounts due on such Net Sales amounts in accordance with the terms and conditions of this Agreement, and (ii) Company, Company Affiliates and Sublicensees shall be permitted, but are not required to complete and sell all work-in-progress and inventory of Products within [***] months after the effective date of termination.  Upon expiration of this Agreement, Company shall pay to Hospital the royalties set forth in Section 4.5(a) for post-termination Sales pursuant to this Section 10.9 of any Product that was in inventory or was a work-in-progress on the date of termination of this Agreement.

 

11.  COMPLIANCE WITH LAW

 

11.1                        Compliance.  Company shall have the sole obligation for compliance with, and shall ensure that any Affiliates and Sublicensees comply with, all government statutes and regulations that relate to Products and Processes, including, but not limited to, those of the Food and Drug Administration and the Export Administration, as amended, and any applicable laws and regulations of any other country in the License Territory.  Company agrees that it shall be solely responsible for obtaining any necessary licenses to export, re-export, or import Products or Processes covered by Patent Rights and/or Confidential Information.  Company shall indemnify and hold harmless Hospital for any breach of Company’s obligations under this Section 11.1.

 

11.2                        Patent Numbers.  Company shall cause all Products sold in the United States to be marked with all applicable U.S. Patent Numbers, to the extent required by United States law.

 

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

 

23

 

CONFIDENTIAL TREATMENT REQUESTED

 

Company shall similarly cause all Products shipped to or sold in any other country to be marked in such a manner as to conform with the patent laws and practices of such country.

 

12.  MISCELLANEOUS

 

12.1                        Entire Agreement.  This Agreement and the Exclusive Option Agreement between the Parties of even date herewith constitute the entire understanding between the Parties with respect to the subject matter hereof.

 

12.2                        Notices.  Any notices, reports, waivers, correspondences or other communications required under or pertaining to this Agreement shall be in writing and shall be delivered by hand, or sent by a reputable overnight mail service (e.g., Federal Express), or by first class mail (certified or registered), or by facsimile confirmed by one of the foregoing methods, to the other Party.  Notices will be deemed effective (a) three (3) working days after deposit, postage prepaid, if mailed, (b) the next day if sent by overnight mail, or (c) the same day if sent by facsimile and confirmed as set forth above or delivered by hand.  Unless changed in writing in accordance with this Section, the notice address for Hospital shall be as follows:

 

Executive Director, Research Ventures and Licensing 
  Massachusetts General Hospital
  101 Huntington Avenue, 4th Floor 
 Boston, MA 02199

 

Fax No. (617) 954-9361

 

12.3                        Amendment; Waiver.  This Agreement may be amended and any of its terms or conditions may be waived only by a written instrument executed by an authorized signatory of the Parties or, in the case of a waiver, by the Party waiving compliance.  The failure of either Party at any time or times to require performance of any provision hereof shall in no manner affect its rights at a later time to enforce the same.  No waiver by either Party of any condition or term shall be deemed as a further or continuing waiver of such condition or term or of any other condition or term.

 

12.4                        Binding Effect.  This Agreement shall be binding upon and inure to the benefit of and be enforceable by the Parties hereto and their respective permitted successors and assigns.

 

12.5                        Assignment.  Company shall not assign this Agreement or any of its rights or obligations under this Agreement without the prior written consent of Hospital; provided, however, that no such consent will be required to assign this Agreement to an Affiliate of Company, to a successor to all or substantially all of the Company’s business to which this Agreement pertains or to a purchaser of all or substantially all of the Company’s assets related to this Agreement, so long as such Affiliate, successor or purchaser shall agree in writing to be bound by all of the terms and conditions hereof prior to such assignment.  Company shall notify Hospital in writing of any such assignment and provide a copy of all assignment documents and related agreements to Hospital within [***] days of such assignment.  Failure of an assignee to agree to be bound by the terms hereof or failure of Company to notify Hospital and provide copies of assignment

 

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

 

24

 

CONFIDENTIAL TREATMENT REQUESTED

 

documentation shall, if not cured as permitted by Section 10.4, be grounds for termination of this Agreement for default.

 

12.6                        Force Majeure.  Neither Party shall be responsible for delays resulting from causes beyond the reasonable control of such Party, including without limitation fire, explosion, flood, war, sabotage, strike or riot, provided that the nonperforming Party uses commercially reasonable efforts to avoid or remove such causes of nonperformance and continues performance under this Agreement with reasonable dispatch whenever such causes are removed.

 

12.7                        Use of Name.  Neither Party shall use the name of the other Party or of any trustee, director, officer, staff member, employee, student or agent of the other Party or any adaptation thereof in any advertising, promotional or sales literature, publicity or in any document employed to obtain funds or financing without the prior written approval of the Party or individual whose name is to be used.  For Hospital, such approval shall be obtained from Hospital’s VP of Public Affairs.  Notwithstanding the forgoing, this shall not prohibit Company from stating the factual existence of this Agreement and its Terms.

 

12.8                        Governing Law.  This Agreement shall be governed by and construed and interpreted in accordance with the laws of the Commonwealth of Massachusetts, excluding with respect to conflict of laws, except that questions affecting the construction and effect of any patent shall be determined by the law of the country in which the patent shall have been granted.  Each Party agrees to submit to the exclusive jurisdiction of the Superior Court for Suffolk County, Massachusetts, and the United States District Court for the District of Massachusetts with respect to any claim, suit or action in law or equity arising in any way out of this Agreement or the subject matter hereof.

 

12.9                        Board Observer.  Hospital shall be entitled to have one representative of Hospital (the “Hospital Observer”) attend all regularly held and special meetings of the Board of Directors of Company (the “Board”) in a nonvoting observer capacity and to receive notice of all meetings of the Board, and Company shall give such Hospital Observer copies of all notices, minutes, consents and other material that it provides to its directors at or about the same time as delivered to such directors; provided, however, that: (a) Company reserves the right to exclude the Hospital Observer from any meeting or portion thereof of the Board or from access to any material or portion thereof if Company reasonably believes that such exclusion or withholding of information with respect thereto is reasonably necessary (i) to preserve attorney-client privilege, (ii) in the event the Board intends to discuss or vote upon any circumstances or matters where there is a material actual or material potential conflict of interest between Company and Hospital, including without limitation any discussion of the Parties’ rights and obligations under this Agreement, or (iii) to comply with the terms and conditions of confidentiality agreements with third parties; (b) the Hospital Observer shall be an Executive Director, Director, or Sr. Business Strategy & Licensing Manager from Hospital’s Office of Research Ventures & Licensing; the identity of the Hospital Observer shall be subject to the approval of Company’s Board, which approval shall not to be unreasonably withheld or delayed; and (c) the Hospital, on behalf of Hospital Observer, shall enter into a confidentiality agreement with Company in form and substance reasonably satisfactory to Company requiring the Hospital and Hospital Observer to maintain the confidentiality of Company information disclosed to the Hospital Observer.

 

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

 

25

 

CONFIDENTIAL TREATMENT REQUESTED

 

Hospital’s right under this Section 12.9 shall expire upon the earlier of (A) the closing of the initial public offering of Company’s capital stock, (B) a Change of Control or (C) if the investors in a Series B preferred stock sale (or a subsequent round ) by the Company object to the continuation of the Hospital Observer, the initial closing of such Series B preferred stock sale, provided the Parties shall agree on alternative arrangements to keep Hospital informed of the activities of the Company above the current reporting requirements.

 

12.10                 Hospital Policies.  Company acknowledges that Hospital’s employees and medical and professional staff members and the employees and staff members of Hospital’s Affiliates are subject to the applicable policies of Hospital and such Affiliates, including, without limitation, policies regarding conflicts of interest, intellectual property and other matters.  Company shall provide Hospital with any agreement it proposes to enter into with any employee or staff member of Hospital or any of Hospital’s Affiliates relating to the subject matter of this Agreement for Hospital’s prior review and shall not enter into any oral or written agreement with such employee or staff member which conflicts with any such policy.  Hospital shall provide Company, at Company’s request, with copies of any such policies applicable to any such employee or staff member.

 

12.11                 Severability.  If any provision(s) of this Agreement are or become invalid, are ruled illegal by any court of competent jurisdiction or are deemed unenforceable under then current applicable law from time to time in effect during the term hereof, it is the intention of the Parties that the remainder of this Agreement shall not be affected thereby.  It is further the intention of the Parties that in lieu of each such provision which is invalid, illegal or unenforceable, there be substituted or added as part of this Agreement a provision which shall be as similar as possible in economic and business objectives as intended by the Parties to such invalid, illegal or enforceable provision, but shall be valid, legal and enforceable.

 

12.12                 Survival.  In addition to any specific survival references in this Agreement, Sections 1, 2.4, 4.2, 4.7, 4.8, 5.3, 5.4, 5.5, 6.4, 8.1, 8.2, 9.2, 9.3, 10.7, 10.8, 10.9, 12.1, 12.2, 12.3, 12.4, 12.7, 12.8, 12.10, 12.11, 12.12, 12.13, and 12.14 shall survive termination or expiration of this Agreement.  Any other rights, responsibilities, obligations, covenants and warranties which by their nature should survive this Agreement shall similarly survive and remain in effect.

 

12.13                 Interpretation.  The Parties hereto are sophisticated, have had the opportunity to consult legal counsel with respect to this transaction and hereby waive any presumptions of any statutory or common law rule relating to the interpretation of contracts against the drafter.

 

12.14                 Headings.  All headings are for convenience only and shall not affect the meaning of any provision of this Agreement.

 

[Remainder of page intentionally left blank]

 

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

 

26

 

CONFIDENTIAL TREATMENT REQUESTED

 

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

 

	
OVASCIENCE, INC.
    	
 
    	
THE   GENERAL HOSPITAL CORPORATION, D/B/A MASSACHUSETTS GENERAL HOSPITAL
    
	
 
    	
 
    	
 
    
	
BY:   
    	
/s/   Michelle Dipp
    	
 
    	
BY:   
    	
/s/   Rebecca Menapace
    
	
 
    	
Name:   Michelle Dipp
    	
 
    	
 
    	
Name:   Rebecca Menapace
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
TITLE:   
    	
CEO   OvaScience
    	
 
    	
TITLE:   
    	
Director,   Research & Licensing 
    
	
 
    	
 
    	
 
    	
Research   Ventures & Licensing
    
	
 
    	
 
    	
 
    
	
DATE:   
    	
June 27,   2011
    	
 
    	
 
    
	
 
    	
 
    	
DATE:   
    	
6/27/11
    
						

 

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

 

27

 

 

CONFIDENTIAL TREATMENT REQUESTED

 

Appendix A

 

DESCRIPTION OF PATENT RIGHTS

 

	
ID
    	
 
    	
Title
    	
 
    	
Assignee
    	
 
    	
Status
    	
 
    	
Type
    	
 
    	
CTRY
    	
 
    	
Serial #
    	
 
    	
Filing Date
    
	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    
	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    
	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    
	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    
	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    
	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    
	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    
	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    
	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    
	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    
	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    
	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    
	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    
	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    
	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    
	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    	
 
    	
[***]
    

 

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

 

28

 

Appendix B 
 SALES REPORTS

 

	
AGREEMENT INCOME REPORT
    	
Royalty Income
    
	
 
    	
 
    
	
[MGH][BWH]   Agreement #-
    	
 
    
	
Licensee   -
    	
 
    
	
Sub-Licensee   -
    	
 
    
			

 

Separate reports must be filed for:

 

1.                                      Each Product sold.

2.                                      Each country of sale, if different deductions or royalty rates apply.

 

	
Product Name:
    	
 
    
	
Report Time Period:
    
	
 
    	
 
    
	
From
    	
mm/dd/yyyy
    	
 
    
	
To
    	
mm/dd/yyyy
    	
 
    
				

 

	
Country of Sale
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Quantity Sold
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Gross Sales (USD)
    	
$
    	
 
    	
$
    	
 
    	
$
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Exchange Rate
    	
 
    	
 
    	
 
    	
 
    	
 
    

 

Deductions (Itemize)

 

Please list each deduction separately.  Use same definition as appears in Agreement and include the contract paragraph as a reference (Std Section 1.17(a)(ii) line item deductions listed below).

 

	
A1.
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
A2.
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
A3.
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
A4.
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
B.
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Total Deductions
    	
(                                  )
    	
 
    	
(                                  )
    	
 
    	
(                                       )
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Net Sales
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Royalty Percentage
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Credits (itemize)
    	
(                                  )
    	
 
    	
(                                  )
    	
 
    	
(                                       )
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Royalties Due
    	
$
    	
 
    	
$
    	
 
    	
$
    

 

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

 

29

 

CONFIDENTIAL TREATMENT REQUESTED

 

PLEASE ATTACH DETAIL SALES REPORTS AS REQUIRED

 

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

 

30

 

CONFIDENTIAL TREATMENT REQUESTED

 

Appendix D

 

	
AGREEMENT   INCOME REPORT
    	
Sublicense Income
    
	
 
    
	
[MGH][BWH]   Agreement #-
    	
 
    
	
Licensee   -
    	
 
    
	
Sub-Licensee   -
    	
 
    
			

 

Separate reports must be filed for Payments associated with each Product:

 

	
Product   Name:
    	
 
    
	
 
    
	
Report Time Period:
    
	
 
    
	
From
    	
mm/dd/yyyy
    	
 
    
	
 
    	
 
    	
 
    
	
To
    	
mm/dd/yyyy
    	
 
    
				

 

Detailed Explanation of Payment

Required for “Other Payment”

 

	
Annual Fees/Minimum Royalties
    	
$
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Milestone Payments
    	
$
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Sublicense Fees and Royalties
    	
$
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Other Payment
    	
$
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Other Payment
    	
$
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Other Payment
    	
$
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
TOTAL
    	
$
    	
 
    	
 
    

 

PLEASE ATTACH DETAIL AS REQUIRED

 

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

 

31

 

Appendix D

 

DESCRIPTION OF TECHNOLOGICAL INFORMATION

 

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

 

32

 

CONFIDENTIAL TREATMENT REQUESTED

 

Appendix E

 

CONFIDENTIALITY TERMS AND CONDITIONS

 

1.                                      Definition of Confidential Information.  “Confidential Information” shall mean any information, including but not limited to data, techniques, protocols or results, or business, financial, commercial or technical information, disclosed by one Party (each a “Discloser” as applicable) to the other Party (each a “Recipient” as applicable) in connection with the terms of that certain Exclusive License Agreement dated                                            (the “License Agreement”) and identified as confidential at the time of disclosure (the “Purpose”).  Hospital’s Confidential Information shall also include all information disclosed by Hospital to Company in connection with the Patent Rights.  Capitalized terms used in this Appendix that are not otherwise defined herein have the meanings ascribed in the License Agreement to which this Appendix is attached and made a part thereof.

 

2.                                      Exclusions.  “Confidential Information” under this Agreement shall not include any information that (i) is or becomes publicly available through no wrongful act of Recipient; was known by Recipient prior to disclosure by Discloser, as evidenced by tangible records; (iii) becomes known to Recipient after disclosure from a third party having an apparent bona fide right to disclose it; (iv) is independently developed or discovered by Recipient without use of Discloser’s Confidential Information, as evidenced by tangible records; or (v) is disclosed to another party by Discloser without restriction on further disclosure.  The obligations of confidentiality and non-use set forth in this Agreement shall not apply with respect to any information that Recipient is required to disclose or produce pursuant to applicable law, court order or other valid legal process provided that Recipient promptly notifies Discloser prior to such required disclosure, discloses such information only to the extent so required and cooperates reasonably with Discloser’s efforts to contest or limit the scope of such disclosure.

 

3.                                      Permitted Purpose.  Recipient shall have the right to, and agrees that it will, use Discloser’s Confidential Information solely for the Purpose (as defined above), except as may be otherwise specified in a separate definitive written agreement negotiated and executed between the Parties.

 

4.                                      Restrictions.  For the term of the License Agreement and a period of [***] years thereafter (and indefinitely with respect to any individually identifiable health information disclosed by Hospital to Company, if any), each Recipient agrees that: (i) it will not use such Confidential Information for any purpose other than as specified herein, including without limitation for its own benefit or the benefit of any other person or entity; and (ii) it will use reasonable efforts (but no less than the efforts used to protect its own confidential and/or proprietary information of a similar nature) not to disclose such Confidential Information to any other person or entity except as expressly permitted hereunder.  Recipient may, however, disclose Discloser’s Confidential Information only on a need-to-know basis to its and its Affiliates employees, staff members and agents (“Receiving Individuals”) who are directly participating in the Purpose and who are informed of the confidential nature of such information, provided Recipient shall be responsible for compliance by Receiving Individuals with the terms of this Agreement and any breach thereof.  In addition, (a) Company may use and disclose

 

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

 

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CONFIDENTIAL TREATMENT REQUESTED

 

Confidential Information of Hospital in accordance with the License Agreement as reasonably required for development, regulatory, manufacturing and commercialization activities with respect to Products and Processes, (b) Company may further make such disclosures as Company reasonably determines are required under applicable law or regulation, including without limitation applicable securities laws and regulations and the rules or regulations of any applicable securities exchange or Nasdaq, and (c) Company may make such disclosures of Confidential Information to Company’s and its Affiliates’ actual or potential directors, investors, funding sources, acquirers and licensees, provided that such recipient is bound to keep such information confidential substantially as provided herein.  Each Party further agrees not to use the name of the other Party or any of its Affiliates or any of their respective trustees, directors, officers, staff members, employees, students or agents in any advertising, promotional or sales literature, publicity or in any document employed to obtain funds or financing without the prior written approval of the Party or individual whose name is to be used, in the case of Hospital such approval to be given by the Public Affairs Department.  This Section 4 shall survive termination or expiration of this Agreement.

 

5.                                      Right to Disclose.  Discloser represents that to the best of its knowledge it has the right to disclose to each Recipient all of Discloser’s Confidential Information that will be disclosed hereunder.

 

6.                                      Ownership.  All Confidential Information disclosed pursuant to this Agreement, including without limitation all written and tangible forms thereof, shall be and remain the property of the Discloser.  Upon termination of this Agreement, if requested by Discloser, Recipient shall return or destroy at Discloser’s discretion all of Discloser’s Confidential Information, provided that Recipient shall be entitled to keep one copy of such Confidential Information in a secure location solely for the purpose of determining Recipient’s legal obligations hereunder or of excercising any rights of Recipient which survive such termination.

 

7.                                      No License.  Nothing in this Agreement shall be construed as granting or conferring, expressly or impliedly, any rights by license or otherwise, under any patent, copyright, or other intellectual property rights owned or controlled by Discloser relating to Confidential Information, except as specifically set forth in the License Agreement.

 

8.                                      Remedies.  Each Party acknowledges that any breach of this Agreement by it may cause irreparable harm to the other party and that each party is entitled to seek injunctive relief and any other remedy available at law or in equity.

 

9.                                      General.  These Confidentiality Terms and Conditions, along with the License Agreement, contain the entire understanding of the parties with respect to the subject matter hereof, and supersede any prior oral or written understandings between the parties relating to confidential treatment of information.  Sections 1, 2, 4, 6, 8 and 9 of these Confidentiality Terms and Conditions shall survive any expiration or termination of the License Agreement.

 

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

 

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CONFIDENTIAL TREATMENT REQUESTED

 

Appendix F 
 HOSPITAL AND AFFILIATES

 

MASSACHUSETTS GENERAL HOSPITAL 
 BRIGHAM AND WOMEN’S HOSPITAL 
 NEWTON-WELLESLEY HOSPITAL

 

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

 

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