Document:

EX-10.5

 Exhibit 10.5 
  

 
 WORKERS’ COMPENSATION ADVERSE DEVELOPMENT 

AGGREGATE EXCESS OF LOSS REINSURANCE CONTRACT 

issued to 
 TOWER REINSURANCE,
LTD. 
 by 
 SOUTHPORT RE
(CAYMAN), LTD. 
  

  
 Effective: June 1, 2013 

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 WORKERS’ COMPENSATION ADVERSE DEVELOPMENT 

AGGREGATE EXCESS OF LOSS REINSURANCE CONTRACT 

TABLE OF CONTENTS 
  

							
	 Article
	 	 	  	Page	 
		 	Preamble	  			
	 1
	 	Business Covered	  	 	3	  
	 2
	 	Coverage	  	 	3	  
	 3
	 	Term and Termination	  	 	4	  
	 4
	 	Special Provision	  	 	4	  
	 5
	 	Territory	  	 	4	  
	 6
	 	Exclusions	  	 	4	  
	 7
	 	Premium	  	 	6	  
	 8
	 	Funds Held Account	  	 	6	  
	 9
	 	Reports and Remittances	  	 	6	  
	 10
	 	Definitions	  	 	7	  
	 11
	 	Extra Contractual Obligations/Excess of Policy Limits	  	 	9	  
	 12
	 	Net Retained Liability	  	 	10	  
	 13
	 	Original Conditions	  	 	10	  
	 14
	 	No Third Party Rights	  	 	10	  
	 15
	 	Loss Settlements	  	 	10	  
	 16
	 	Currency	  	 	11	  
	 17
	 	Collateral	  	 	11	  
	 18
	 	Taxes	  	 	12	  
	 19
	 	Access to Records	  	 	13	  
	 20
	 	Confidentiality	  	 	13	  
	 21
	 	Indemnification and Errors and Omissions	  	 	14	  
	 22
	 	Insolvency	  	 	14	  
	 23
	 	Arbitration	  	 	15	  
	 24
	 	Service of Suit	  	 	16	  
	 25
	 	Entire Agreement	  	 	17	  
	 26
	 	Non-Waiver	  	 	17	  
	 27
	 	Intermediary	  	 	17	  
	 28
	 	Mode of Execution	  	 	17	  
		 	Signatures	  	 	19	  
			
	Attachments	 		  			
		 	Nuclear Incident Exclusion Clause—Liability—Reinsurance—U.S.A.	  	 	20	  
		 	Nuclear Incident Exclusion Clause—Liability—Reinsurance—Canada	  	 	25	  
		 	Nuclear Energy Risks Exclusion Clause—Reinsurance (Worldwide Excluding U.S.A. and Canada)	  	 	28	  

  
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 WORKERS’ COMPENSATION ADVERSE DEVELOPMENT 

AGGREGATE EXCESS OF LOSS REINSURANCE CONTRACT 

(the “Contract”) 
 issued
to 
 TOWER REINSURANCE, LTD. 

(the “Company”) 
 by 

SOUTHPORT RE (CAYMAN), LTD. 

(the “Reinsurer”) 

ARTICLE 1 
 BUSINESS COVERED 

This Contract is to indemnify the Company in respect of the Ultimate Net Loss paid by the Company on or after June 1, 2013, under Policies classified by the
Company as Workers’ Compensation and Employer’s Liability business (including SRS Public Entities Workers’ Compensation Program) in force between January 1, 2011 and June 30, 2013, both days inclusive, and assumed by the
Company from CastlePoint Reinsurance Company, Ltd., subject to the terms and conditions herein contained. 
 ARTICLE 2 

COVERAGE 
  

	A.	Coverage A. The Reinsurer shall be liable in the aggregate for its Relevant Quota Share Percentage of the first amount of Ultimate Net Loss, subject to a limit of liability to the Reinsurer of an amount equal to
its Relevant Quota Share Percentage of 69.50% of Earned Premium, but not to exceed its Relevant Quota Share Percentage of $383,730,000. 

  

	B.	Coverage B. The Reinsurer shall be liable in the aggregate for its Relevant Quota Share Percentage of the Ultimate Net Loss over and above an initial Ultimate Net Loss equal to 77.50% of the Earned Premium,
subject to a limit of liability to the Reinsurer of its Relevant Quota Share Percentage of an amount equal to 5.00% of Earned Premium, but not to exceed its Relevant Quota Share Percentage of $47,273,750. 

 

	C.	Coverage C. The Reinsurer shall be liable in the aggregate for its Relevant Quota Share Percentage of the Ultimate Net Loss over and above an initial Ultimate Net Loss equal to 84.50% of the Earned Premium,
subject to a limit of liability to the Reinsurer of its Relevant Quota Share Percentage of an amount equal to 3.00% of Earned Premium, but not to exceed its Relevant Quota Share Percentage of $28,364,250. 

  
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 ARTICLE 3 

TERM AND TERMINATION 
  

	A.	This Contract shall take effect as of June 1, 2013, covering Ultimate Net Loss paid by the Company on or after that date for losses occurring prior to that date, and shall remain in effect until the settlement of all
liabilities on the losses subject hereto. 

  

	B.	Notwithstanding the above, the Reinsurer may rescind this Contract in the event the Company is assigned an A.M. Best’s rating of less than “A-” within 120 days after the Closing Date. In such event, the
fee due to the Reinsurer under this Contract is its Relevant Quota Share Percentage of $2,000,000, and the Reinsurer shall return the remainder of the premium paid hereunder (net of any losses by paid the Reinsurer under this Contract prior to
rescission). 

 ARTICLE 4 

SPECIAL PROVISION 
 In the event, with regulatory
approval, of the unwinding of the internal quota share transaction under which the Company assumes the subject business from Tower Insurance Company of New York, the Relevant Quota Share Percentage hereunder shall be effectively reduced to zero, for
losses paid after the effective date of the unwinding. In consideration thereof, the Company may reclaim the Funds Withheld Account balance as of that date, and the Reinsurer may terminate the Trust Agreement and withdraw all assets therefrom. 

ARTICLE 5 
 TERRITORY 

This Contract applies to losses arising out of Policies written in the United States of America, its territories and possessions, Puerto Rico and Canada,
wherever occurring. 

  
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 ARTICLE 6 

EXCLUSIONS 
 This Contract shall not apply to and
specifically excludes: 
  

	 	1.	Losses excluded by the attached Nuclear Incident Exclusion Clause – Liability – Reinsurance – U.S.A. 

  

	 	2.	Losses excluded by the attached Nuclear Incident Exclusion Clause – Liability – Reinsurance – Canada. 

  

	 	3.	Losses excluded by the attached Nuclear Energy Risks Exclusion Clause – Reinsurance (Worldwide excluding U.S.A. and Canada). 

  

	 	4.	Liability of the Company arising by contract, operation of law, or otherwise, from its participation or membership, whether voluntary or involuntary, in any Insolvency Fund. “Insolvency Fund” includes any
guaranty fund, insolvency fund, plan, pool, association, fund or other arrangement, howsoever denominated, established or governed, that provides for any assessment of or payment or assumption by the Company of part or all of any claim, debt,
charge, fee, or other obligation of an insurer, or its successors or assigns, that has been declared by any competent authority to be insolvent, or that is otherwise deemed unable to meet any claim, debt, charge, fee or other obligation in whole or
in part. 

  

	 	5.	Losses from Acts of Terrorism resulting from the use of any biological, chemical, nuclear or radiological weapon. In respect of losses defined as “Insured Losses” by the Terrorism Risk Insurance Act of 2002
and any subsequent amendments or extensions thereof (together called “TRIA”), “Act of Terrorism” shall follow the definition provided in TRIA. In respect of all other losses, “Act of Terrorism” shall be defined as in
the Company’s original Policies or, if not defined therein, shall mean the use of force or violence and/or the threat thereof committed for political, religious, or ideological purposes and with the intention to influence any government and/or
to put the public, or any section of the public, in fear. 

  

	 	6.	Any loss or damage which is occasioned by war, invasion, hostilities, acts of foreign enemies, civil war, rebellion, insurrection, military or usurped power, or martial law or confiscation by order of any government or
public authority, but not excluding loss or damage which would be covered under a standard Policy or bond form containing a standard war exclusion clause. 

  

	 	7.	Loss or liability arising as a result of the Company’s participation in Pools and Associations, except for assigned risks. 

  

	 	8.	Longshore and Harbor Workers’ Compensation Act business, except when exposures are only incidental to the original insured’s major activities or total operations. 

 

	 	9.	Financial Guarantee and Insolvency. 

  

	 	10.	Assumed reinsurance, except for intercompany reinsurance and fronted business which is reinsured by the Company. 

  
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	 	11.	EE Hall and the Nation Builders Insurance Services Programs and business related to the 2011 Renewal Rights transaction. 

  

	 	12.	Any business not reflected in December 31, 2012 Towers Watson actuarial report. 

ARTICLE 7 
 PREMIUM 

The Company shall pay the Reinsurer a reinsurance premium of its Relevant Quota Share Percentage of $383,730,000 for the term of this Contract, to be paid on
the Closing Date of this Contract. The premium represents the unpaid portion of liabilities. 
 ARTICLE 8 

FUNDS HELD ACCOUNT 
  

	A.	Notwithstanding the provisions of the Premium Article, the Company may withhold from the premium from payment to the Reinsurer, provided the Company establishes on its books and maintains a segregated Funds Held Account
comprised of the following: 

  

	 	1.	The Funds Held Account at June 30, 2013 shall be equal to the Reinsurer’s Relevant Quota Share Percentage of $383,730,000. 

 

	 	2.	The Funds Held Account at each subsequent quarter end shall be comprised of the following: 

  

	 	a.	The Funds Held Account at the end of the prior quarter; less 

  

	 	b.	The Reinsurer’s share of Ultimate Net Loss paid for such quarter. 

  

	B.	The Company shall determine and report the balance and activity of the Funds Held Account quarterly within 60 days of the quarter end. 

 

	C.	The Reinsurer shall have the authority to direct the Company as to the investment of assets held in the Funds Withheld Account. 

ARTICLE 9 
 REPORTS AND REMITTANCES

  

	A.	Within 60 days following the end of each quarter, the Company shall furnish the Reinsurer with a report summarizing: 

  

	 	1.	The Reinsurer’s share of any Ultimate Net Loss paid during the quarter; less 

  
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	 	2.	the Reinsurer’s share of any subrogation, salvage, or other recoveries during the quarter. 

The balance thereof shall be withdrawn by the Company from the Funds Withheld Account to the extent the balance of the Funds Withheld Account
is positive, and such withdrawal shall constitute payment by the Reinsurer. In the event the balance of the Funds Withheld Account is zero or less, the Reinsurer shall pay the balance within 75 days after the close of the respective quarter. 

 

	B.	In addition, the Company shall furnish the Reinsurer with a quarterly statement showing the reserves for outstanding Ultimate Net Loss. The Company shall also provide the Reinsurer with such other information as may be
required by the Reinsurer for completion of its financial statements. 

  

	C.	It is acknowledged that for reporting purposes, “quarterly” reporting periods may not, in accordance with the Company’s customary accounting and reporting practices, coincide with the calendar periods, in
which case, subsequent reports may include days omitted from the prior periods. 

 ARTICLE 10 

DEFINITIONS 
  

	A.     1.	“Ultimate Net Loss” means the sum actually paid by the Company in settlement of the individual insured losses, including Loss Adjustment Expense, 90% of Extra Contractual Obligations and 90% of Loss in Excess
of Policy Limits as defined in the Extra Contractual Obligations/Excess of Policy Limits Article. “Ultimate Net Loss” shall also include an allowance for unallocated loss adjustment expense, not to exceed 5.0% of Earned Premium.

  

	 	2.	Salvages and all recoveries (including amounts due from all reinsurances that inure to the benefit of this Contract, whether recovered or not), shall be first deducted from such loss to arrive at the amount of liability
attaching hereunder. 

  

	 	3.	All salvages, recoveries or payments recovered or received subsequent to loss settlement hereunder shall be applied as if recovered or received prior to the aforesaid settlement, and all necessary adjustments shall be
made by the parties hereto. 

  

	 	4.	Nothing in this clause shall be construed to mean that losses are not recoverable hereunder until the Company’s “Ultimate Net Loss” has been ascertained. 

  
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	B.	“Loss Adjustment Expense” means costs and expenses incurred in connection with the investigation, appraisal, adjustment, settlement, litigation, defense or appeal of a specific claim or loss, or alleged loss,
including but not limited to: 

  

	 	1.	court costs; 

  

	 	2.	costs of supersedeas and appeal bonds; 

  

	 	3.	monitoring counsel expenses; 

  

	 	4.	legal expenses and costs incurred in connection with coverage questions and legal actions connected thereto, including but not limited to declaratory judgment actions; 

 

	 	5.	post-judgment interest; 

  

	 	6.	pre-judgment interest, unless included as part of an award or judgment; 

  

	 	7.	Cost Containment and or Medical Management expenses; 

  

	 	8.	subrogation, salvage and recovery expenses; 

  

	 	9.	costs incurred relating to the administration of continuing regular payments or periodical payments; and 

  

	 	10.	expenses of independent third parties including but not limited to attorneys, appraisers, investigators, life care estimators, and or Medicare set aside experts retained, assigned and or employed by the Company on
specific claims. 

 Loss Adjustment Expenses shall also include defense attorneys, medical management staff, nurse case
managers, investigators, adjusters and other claims and legal personnel of Tower Insurance Company of New York/Tower Risk Management, and other affiliates of the Company, whether for defense and cost containment or adjusting and other expenses. 

 

	C.	“Closing Date” means September 25, 2013. 

  

	D.	“Earned Premium” means the total premium earned by the Company on the Policies reinsured hereunder, through May 31, 2013. 

  

	E.	“Relevant Quota Share Percentage” means that percentage of the total Ultimate Net Loss derived by applying the following quota share percentages to Ultimate Net Loss paid on Policies having the applicable
Policy inception dates: 

  

					
	Period	  	Quota Share Percentage	 
	 1/1/2010 to 9/30/2010
	  	 	50	% 
	 10/1/2010 to 12/31/2010
	  	 	15	% 
	 1/1/2011 to 6/30/2013
	  	 	35	% 

  
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 ARTICLE 11 

EXTRA CONTRACTUAL OBLIGATIONS/EXCESS OF POLICY LIMITS 
  

	A.	This Contract shall cover Extra Contractual Obligations, as provided in the definition of Ultimate Net Loss. “Extra Contractual Obligations” shall be defined as those liabilities not covered under any other
provision of this Contract and that arise from the handling of any claim on business covered hereunder, such liabilities arising because of, but not limited to, the following: failure by the Company to settle within the Policy limit, or by reason of
alleged or actual negligence, fraud or bad faith in rejecting an offer of settlement or in the preparation of the defense or in the trial of any action against its insured or reinsured or in the preparation or prosecution of an appeal consequent
upon such action. 

  

	B.	This Contract shall cover Loss in Excess of Policy Limits, as provided in the definition of Ultimate Net Loss. “Loss in Excess of Policy Limits” shall be defined as Loss in excess of the Policy limit, having
been incurred because of, but not limited to, failure by the Company to settle within the Policy limit or by reason of alleged or actual negligence, fraud or bad faith in rejecting an offer of settlement or in the preparation of the defense or in
the trial of any action against its insured or reinsured or in the preparation or prosecution of an appeal consequent upon such action. 

  

	C.	An Extra Contractual Obligation and/or Loss in Excess of Policy Limits shall be deemed to have occurred on the same date as the loss covered under the Company’s Policy, and shall constitute part of the original
loss. 

  

	D.	For the purposes of the Loss in Excess of Policy Limits coverage hereunder, the word “Loss” shall mean any amounts for which the Company would have been contractually liable to pay had it not been for the
limit of the original Policy. 

  

	E.	Loss Adjustment Expense in respect of Extra Contractual Obligations and/or Loss in Excess of Policy Limits shall be covered hereunder in the same manner as other Loss Adjustment Expense. 

 

	F.	However, this Article shall not apply where the loss has been incurred due to final legal adjudication of fraud of a member of the Board of Directors or a corporate officer of the Company acting individually or
collectively or in collusion with any individual or corporation or any other organization or party involved in the presentation, defense or settlement of any claim covered hereunder. 

 

	G.	In no event shall coverage be provided to the extent not permitted under law. 

  
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 ARTICLE 12 

NET RETAINED LIABILITY 
  

	A.	This Contract applies only to that portion of any loss that the Company retains net for its own account. 

  

	B.	The amount of the Reinsurer’s liability hereunder in respect of any loss or losses shall not be increased by reason of the inability of the Company to collect from any other reinsurer(s), whether specific or
general, any amounts that may have become due from such reinsurer(s), whether such inability arises from the insolvency of such other reinsurer(s) or otherwise. 

ARTICLE 13 
 ORIGINAL CONDITIONS

 All reinsurance under this Contract shall be subject to the same rates, terms, conditions, waivers and interpretations, and to the same modifications
and alterations as the respective Policies of the Company, the true intent of this Contract being that the Reinsurer shall, in every case to which this Contract applies, follow the underwriting fortunes of the Company. However, in no event shall
this be construed in any way to provide coverage outside the terms and conditions set forth in this Contract. 
 ARTICLE 14 

NO THIRD PARTY RIGHTS 
 This Contract is solely between
the Company and the Reinsurer, and in no instance shall any insured, claimant or other third party have any rights under this Contract except as may be expressly provided otherwise herein. 

ARTICLE 15 
 LOSS SETTLEMENTS 

 

	A.	The Company alone and at its full discretion shall adjust, settle or compromise all claims and losses. 

  

	B.	As respects losses subject to this Contract, all loss settlements made by the Company, whether under strict Policy terms or by way of compromise, and any Extra Contractual Obligations and/or Loss in Excess of Policy
Limits, shall be binding upon the Reinsurer, and the Reinsurer agrees to pay or allow, as the case may be, its share of each such settlement in accordance with this Contract. 

  
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 ARTICLE 16 

CURRENCY 
  

	A.	Where the word “Dollars” and/or the sign “$” appear in this Contract, they shall mean United States Dollars, and all payments hereunder shall be in United States Dollars. 

 

	B.	For purposes of this Contract, where the Company receives premiums or pays losses in currencies other than United States Dollars, such premiums or losses shall be converted into United States Dollars at the actual rates
of exchange at which these premiums or losses are entered in the Company’s books. 

 ARTICLE 17 

COLLATERAL 
  

	A.	The Reinsurer agrees to establish a Trust Fund for its Obligations (as defined herein) hereunder, pursuant to that certain Trust Agreement by and between the Reinsurer, the Company, and US Bank dated as of the Closing
Date (the “Trust Agreement”). The Trust Fund shall be deemed to be an asset of the Reinsurer and shall be funded pursuant to the provisions hereof. Collateral deposited in the Trust Fund may be withdrawn on the terms set forth herein and
in the Trust Agreement. 

  

	B.	The term “Obligations” shall mean 102% of the maximum amount that the Reinsurer is be liable to pay to the Company under this Contract (the sum of the limit of the Reinsurer’s liability under Coverages A,
B and C as described in the Coverage Article), reduced by the balance of the Funds Withheld Account, and by any paid claims. However, 48 months after inception of this Contract, and annually thereafter, “Obligations” shall be adjusted to
mean the lesser of (1) 102% of the maximum amount that the Reinsurer is be liable to pay to the Company under this Contract, reduced by reduced by the balance of the Funds Withheld Account, and by any paid claims, or (2) 110% of the
Reinsurer’s share of any outstanding loss reserves, as most-recently determined by an independent actuary, reduced by the balance of the Funds Withheld Account. 

 

	C.	At the end of each calendar quarter, trust assets may be withdrawn by the Reinsurer to the extent the balance of the trust exceeds the Reinsurer’s Obligations. Within 30 days after the end of each calendar quarter,
additional qualifying assets will be contributed to the extent and until the qualifying assets within the trust equal the Reinsurer’s Obligations. If the 30-day period is exceeded, the asset control of the trust fund shall be ceded by the
Reinsurer to the Company. All investment income generated by the trust fund shall be the property of the Reinsurer. 

  
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	D.	The Reinsurer and the Company agree that any collateral provided by the Reinsurer pursuant to the provisions of this Contract may be drawn upon at any time, notwithstanding any other provision of this Contract, and be
utilized by the Company or any successor, by operation of law, of the Company including, without limitation, any liquidator, rehabilitator, receiver or conservator of the Company, for the following purposes, unless otherwise provided for in a
separate Trust Agreement: 

  

	 	1.	to reimburse the Company for the Reinsurer’s Obligations, the payment of which is due under the terms of this Contract and that has not been otherwise paid; 

 

	 	2.	to make refund of any sum that is in excess of 102% of the Reinsurer’s Obligations; 

  

	 	3.	to fund an account with the Company for the Reinsurer’s Obligations. Such cash deposit shall be held in an interest bearing account separate from the Company’s other assets, and interest thereon not in excess
of the prime rate shall accrue to the benefit of the Reinsurer. Any taxes payable on accrued interest shall be paid out of the assets in the account that are in excess of 102% of the Reinsurer’s Obligations. If the assets are inadequate to pay
taxes, any taxes due shall be paid or reimbursed by the Reinsurer; 

  

	 	4.	to pay the Reinsurer’s share of any other amounts the Company claims are due under this Contract. 

If the amount drawn by the Company is in excess of the actual amount required for (1) or (3), or in the case of (4), the actual amount
determined to be due, the Company shall promptly return to the Reinsurer the excess amount so drawn. All of the foregoing shall be applied without diminution because of insolvency on the part of the Company or the Reinsurer. 

 

	E.	The Reinsurer shall not be required to provide a deposit in accordance with California Insurance Code §§11690-11703. 

ARTICLE 18 
 TAXES 

In consideration of the terms under which this Contract is issued, the Company undertakes not to claim any deduction of the premium hereon when making tax
returns, other than income or profits tax returns, to any state or territory of the United States of America or to the District of Columbia. 

  
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 ARTICLE 19 

ACCESS TO RECORDS 
 The Reinsurer or its duly authorized
representatives shall have the right to visit the offices of the Company to inspect, examine, audit, and verify any of the policy, accounting or claim files (“Records”) relating to business reinsured under this Contract during regular
business hours after giving five working days’ prior notice. This right shall be exercisable during the term of this Contract or after the expiration of this Contract. Notwithstanding the above, the Reinsurer shall not have any right of access
to the Records of the Company if it is not current in all undisputed payments due the Company. 
 ARTICLE 20 

CONFIDENTIALITY 
  

	A.	The Reinsurer hereby acknowledges that the documents, information and data provided to it by the Company, whether directly or through an authorized agent, in connection with the placement and execution of this Contract
(“Confidential Information”) are proprietary and confidential to the Company. Confidential Information shall not include documents, information or data that the Reinsurer can show: 

 

	 	1.	are publicly known or have become publicly known through no unauthorized act of the Reinsurer; 

  

	 	2.	have been rightfully received from a third person without obligation of confidentiality; or 

  

	 	3.	were known by the Reinsurer prior to the placement of this Contract without an obligation of confidentiality. 

  

	B.	Absent the written consent of the Company, the Reinsurer shall not disclose any Confidential Information to any third parties, including any affiliated companies, except: 

 

	 	1.	when required by retrocessionaires subject to the business ceded to this Contract; 

  

	 	2.	when required by regulators performing an audit of the Reinsurer’s records and/or financial condition; or 

  

	 	3.	when required by external auditors performing an audit of the Reinsurer’s records in the normal course of business. 

Further, the Reinsurer agrees not to use any Confidential Information for any purpose not related to the performance of its obligations or
enforcement of its rights under this Contract. 

  
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	C.	Notwithstanding the above, in the event that the Reinsurer is required by court order, other legal process or any regulatory authority to release or disclose any or all of the Confidential Information, the Reinsurer
agrees to provide the Company with written notice of same at least 10 days prior to such release or disclosure and to use its best efforts to assist the Company in maintaining the confidentiality provided for in this Article. 

 

	D.	The provisions of this Article shall extend to the officers, directors and employees of the Reinsurer and its affiliates, and shall be binding upon their successors and assigns. 

ARTICLE 21 
 INDEMNIFICATION AND ERRORS
AND OMISSIONS 
  

	A.	The Reinsurer is reinsuring, subject to the terms and conditions of this Contract, the obligations of the Company under any Policy. The Company shall be the sole judge as to: 

 

	 	1.	what shall constitute a claim or loss covered under any Policy; 

  

	 	2.	the Company’s liability thereunder; 

  

	 	3.	the amount or amounts that it shall be proper for the Company to pay thereunder. 

  

	B.	The Reinsurer shall be bound by the judgment of the Company as to the obligation(s) and liability(ies) of the Company under any Policy. 

 

	C.	Any inadvertent error, omission or delay in complying with the terms and conditions of this Contract shall not be held to relieve either party hereto from any liability that would attach to it hereunder if such error,
omission or delay had not been made, provided such error, omission or delay is rectified immediately upon discovery. 

ARTICLE 22 
 INSOLVENCY 

 

	A.	 In the event of the insolvency of the Company, this reinsurance (or the portion of any risk or obligation assumed by the Reinsurer, if required by
applicable law) shall be payable directly to the Company, or to its liquidator, receiver, conservator or statutory successor, either: (1) on the basis of the liability of the Company, or (2) on the basis of claims filed and allowed in the
liquidation proceeding, whichever may be required by applicable statute, without diminution because of the insolvency of the Company or because the liquidator, receiver, conservator or statutory successor of the Company has failed to pay all or a
portion of any claim. It is agreed, however, that the liquidator, receiver, conservator or statutory successor of the Company shall give written notice to the Reinsurer of the pendency of a claim against the Company indicating the Policy or bond
reinsured, which claim would involve a possible liability on the part of the Reinsurer within a reasonable 

  
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time after such claim is filed in the conservation or liquidation proceeding or in the receivership, and that during the pendency of such claim, the Reinsurer may investigate such claim and
interpose, at its own expense, in the proceeding where such claim is to be adjudicated any defense or defenses that it may deem available to the Company or its liquidator, receiver, conservator or statutory successor. The expense thus incurred by
the Reinsurer shall be chargeable, subject to the approval of the court, against the Company as part of the expense of conservation or liquidation to the extent of a pro rata share of the benefit that may accrue to the Company solely as a result of
the defense undertaken by the Reinsurer. 

  

	B.	Where two or more reinsurers are involved in the same claim and a majority in interest elect to interpose defense to such claim, the expense shall be apportioned in accordance with the terms of this reinsurance Contract
as though such expense had been incurred by the Company. 

  

	C.	In the event of a conflict between any provision of this Article and the laws governing the insolvency of the Company, this Article shall be amended to incorporate the provisions of such laws. 

ARTICLE 23 
 ARBITRATION 

 

	A.	Any dispute arising out of the interpretation, performance or breach of this Contract, including the formation or validity thereof, shall be submitted for decision to a panel of three arbitrators. Notice requesting
arbitration shall be in writing and sent certified or registered mail, return receipt requested. 

  

	B.	One arbitrator shall be chosen by each party and the two arbitrators shall then choose an impartial third arbitrator who shall preside at the hearing. If either party fails to appoint its arbitrator within 30 days
after being requested to do so by the other party, the latter, after 10 days’ prior notice by certified or registered mail of its intention to do so, may appoint the second arbitrator. 

 

	C.	If the two arbitrators do not agree on a third arbitrator within 60 days of their appointment, the third arbitrator shall be selected from a list of six individuals (three named by each arbitrator) by a judge of the
Bermuda Court having jurisdiction over the geographical area in which the arbitration is to take place, or if that court declines to act, the court having general jurisdiction in such area. The arbitrators shall be persons knowledgeable about
insurance and reinsurance who have no personal or financial interest in the result of the arbitration. If a member of the panel dies, becomes disabled or is otherwise unwilling or unable to serve, a substitute shall be selected in the same manner as
the departing member was chosen and the arbitration shall continue. 

  
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	D.	The arbitration hearings shall be held in Hamilton, Bermuda. Each party shall submit its case to the arbitrators within 60 days of the selection of the third arbitrator or within such longer period as may be agreed by
the arbitrators. The arbitrators shall not be obliged to follow judicial formalities or the rules of evidence except to the extent required by governing law, that is, the state law of the site of the arbitration as herein agreed; they shall make
their decisions according to the practice of the reinsurance business. The decision rendered by a majority of the arbitrators shall be final and binding on both parties. Such decision shall be condition precedent to any right of legal action arising
out of the arbitrated dispute which either party may have against the other. Judgment upon the award rendered may be entered in any court having jurisdiction thereof. 

 

	E.	Each party shall bear the expense of its own arbitrator and shall jointly and equally bear with the other party the cost of the third arbitrator. The remaining costs of the arbitration shall be allocated by the panel.
The panel may, at its discretion, award such further costs and expenses as it considers appropriate, including but not limited to attorneys’ fees, to the extent permitted by law. 

ARTICLE 24 
 SERVICE OF SUIT 

 

	A.	This Article shall not be read to conflict with or override the obligations of the parties to arbitrate their disputes as provided for in the Arbitration Article. This Article is intended as an aid to compelling
arbitration or enforcing such arbitration or arbitral award, not as an alternative to the Arbitration Article for resolving disputes arising out of this Contract. 

 

	B.	In the event of the failure of the Reinsurer to perform its obligations hereunder, the Reinsurer, at the request of the Company, shall submit to the jurisdiction of a court of competent jurisdiction of the Island of
Bermuda. Nothing in this Article constitutes or should be understood to constitute a waiver of the Reinsurer’s rights to commence an action in any court of competent jurisdiction of the Island of Bermuda, to remove an action to a Bermuda Court,
or to seek a transfer of a case to another court as permitted by the laws of the Island of Bermuda. 

  

	C.	Service of process in such suit against the Reinsurer may be made upon the party identified on behalf of the Reinsurer on the Reinsurer’s signature page of this Contract, and in any suit instituted, the Reinsurer
shall abide by the final decision of such court or any Appellate Court in the event of an appeal. 

  

	D.	Further, pursuant to any statute of any state, territory or district of the Island of Bermuda that makes provision therefore, the Reinsurer hereby designates the Superintendent, Commissioner or Director of the Bermuda
Monetary Authority, or other officer specified for that purpose in the statute, or his successor or successors in office, as its true and lawful attorney upon whom may be served any lawful process in any action, suit or proceeding instituted by or
on behalf of the Company or any beneficiary hereunder arising out of this Contract, and hereby designates the above-named as the person to whom the said officer is authorized to mail such process or a true copy thereof. 

  
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 ARTICLE 25 

ENTIRE AGREEMENT 
 This Contract sets forth all of the
duties and obligations between the Company and the Reinsurer and supersedes any and all prior or contemporaneous written agreements with respect to matters referred to in this Contract. This Contract may not be modified or changed except by an
amendment to this Contract in writing signed by both parties. However, this Article shall not be construed as limiting the admissibility of evidence regarding the formation, interpretation, purpose or intent of this Contract. 

ARTICLE 26 
 NON-WAIVER 

The failure of the Company or the Reinsurer to insist on compliance with this Contract or to exercise any right or remedy hereunder shall not constitute a
waiver of any rights contained in this Contract nor prevent either party from thereafter demanding full and complete compliance nor prevent either party from exercising such remedy in the future. 

ARTICLE 27 
 INTERMEDIARY 

Guy Carpenter & Company, LLC, is hereby recognized as the Intermediary negotiating this Contract for all business hereunder. All communications
(including notices, statements, premiums, return premiums, commissions, taxes, losses, Loss Adjustment Expenses, salvages, and loss settlements) relating thereto shall be transmitted to the Company or the Reinsurer through the Intermediary. Payments
by the Company to the Intermediary shall be deemed payment to the Reinsurer. Payments by the Reinsurer to the Intermediary shall be deemed payment to the Company only to the extent that such payments are actually received by the Company. 

ARTICLE 28 
 MODE OF EXECUTION 

 

	A.	This Contract may be executed by: 

  

	 	1.	an original written ink signature of paper documents; 

  
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	 	2.	an exchange of facsimile copies showing the original written ink signature of paper documents; 

  

	 	3.	electronic signature technology employing computer software and a digital signature or digitizer pen pad to capture a person’s handwritten signature in such a manner that the signature is unique to the person
signing, is under the sole control of the person signing, is capable of verification to authenticate the signature and is linked to the document signed in such a manner that if the data is changed, such signature is invalidated. 

 

	B.	The use of any one or a combination of these methods of execution shall constitute a legally binding and valid signing of this Contract. This Contract may be executed in one or more counterparts, each of which, when
duly executed, shall be deemed an original. 

  
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 IN WITNESS WHEREOF, the parties have caused this Contract to be executed by their duly authorized
representative(s) this 26th day September, in the year of 2013. 
 TOWER
REINSURANCE, LTD. 
 /s/ Glenn Clinton 
 President and CUO

 and this 25th day of September, in the year of 2013. 

SOUTHPORT RE (CAYMAN), LTD. 
 /s/ Daniel
MacLean 
 WORKERS’ COMPENSATION ADVERSE DEVELOPMENT 

AGGREGATE EXCESS OF LOSS REINSURANCE CONTRACT 

  
 Effective: June 1, 2013 

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 NUCLEAR INCIDENT EXCLUSION CLAUSE—LIABILITY—REINSURANCE—U.S.A. 

 

	(1)	This reinsurance does not cover any loss or liability accruing to the Reassured as a member of, or subscriber to, any association of insurers or reinsurers formed for the purpose of covering nuclear energy risks or as a
direct or indirect reinsurer of any such member, subscriber or association. 

  

	(2)	Without in any way restricting the operation of paragraph (1) of this Clause it is understood and agreed that for all purposes of this reinsurance all the original policies of the Reassured (new, renewal and
replacement) of the classes specified in Clause II of this paragraph (2) from the time specified in Clause III in this paragraph (2) shall be deemed to include the following provision (specified as the Limited Exclusion Provision):

 Limited Exclusion Provision.* 
  

	 	I.	It is agreed that the policy does not apply under any liability coverage, to 

 injury,
sickness, disease, death or destruction 
 bodily injury or property damage 

with respect to which an insured under the policy is also an insured under a nuclear energy liability policy issued by Nuclear Energy Liability
Insurance Association, Mutual Atomic Energy Liability Underwriters or Nuclear Insurance Association of Canada, or would be an insured under any such policy but for its termination upon exhaustion of its limit of liability. 

 

	 	II.	Family Automobile Policies (liability only), Special Automobile Policies (private passenger automobiles, liability only), Farmers Comprehensive Personal Liability Policies (liability only), Comprehensive Personal
Liability Policies (liability only) or policies of a similar nature; and the liability portion of combination forms related to the four classes of policies stated above, such as the Comprehensive Dwelling Policy and the applicable types of
Homeowners Policies. 

  

	 	III.	The inception dates and thereafter of all original policies as described in II above, whether new, renewal or replacement, being policies which either 

 

	 	(a)	become effective on or after 1st May, 1960, or 

  

	 	(b)	become effective before that date and contain the Limited Exclusion Provision set out above; 

provided this paragraph (2) shall not be applicable to Family Automobile Policies, Special Automobile Policies, or policies or combination
policies of a similar nature, issued by the Reassured on New York risks, until 90 days following approval of the Limited Exclusion Provision by the Governmental Authority having jurisdiction thereof. 

  
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	(3)	Except for those classes of policies specified in Clause II of paragraph (2) and without in any way restricting the operation of paragraph (1) of this Clause, it is understood and agreed that for all purposes
of this reinsurance the original liability policies of the Reassured (new, renewal and replacement) affording the following coverages: 

Owners, Landlords and Tenants Liability, Contractual Liability, Elevator Liability, Owners or Contractors (including railroad) Protective
Liability, Manufacturers and Contractors Liability, Product Liability, Professional and Malpractice Liability, Storekeepers Liability, Garage Liability, Automobile Liability (including Massachusetts Motor Vehicle or Garage Liability) 

shall be deemed to include, with respect to such coverages, from the time specified in Clause V of this paragraph (3), the following provision
(specified as the Broad Exclusion Provision): 
 Broad Exclusion Provision.* 

It is agreed that the policy does not apply: 
  

	 	I.	Under any Liability Coverage, to 

 injury, sickness, disease, death or destruction 

bodily injury or property damage 
  

	 	(a)	with respect to which an insured under the policy is also an insured under a nuclear energy liability policy issued by Nuclear Energy Liability Insurance Association, Mutual Atomic Energy Liability Underwriters or
Nuclear Insurance Association of Canada, or would be an insured under any such policy but for its termination upon exhaustion of its limit of liability; or 

  

	 	(b)	resulting from the hazardous properties of nuclear material and with respect to which (1) any person or organization is required to maintain financial protection pursuant to the Atomic Energy Act of 1954, or any
law amendatory thereof, or (2) the insured is, or had this policy not been issued would be, entitled to indemnity from the United States of America, or any agency thereof, under any agreement entered into by the United States of America, or any
agency thereof, with any person or organization. 

  

	 	II.	Under any Medical Payments Coverage, or under any Supplementary Payments Provision relating to 

immediate medical or surgical relief 

  
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 first aid, 

to expenses incurred with respect to 

bodily injury, sickness, disease or death 

bodily injury 
 resulting from
the hazardous properties of nuclear material and arising out of the operation of a nuclear facility by any person or organization. 
  

	 	III.	Under any Liability Coverage, to 

 injury, sickness, disease, death or destruction 

bodily injury or property damage 

resulting from the hazardous properties of nuclear material, if 
  

	 	(a)	the nuclear material (1) is at any nuclear facility owned by, or operated by or on behalf of, an insured or (2) has been discharged or dispersed therefrom; 

 

	 	(b)	the nuclear material is contained in spent fuel or waste at any time possessed, handled, used, processed, stored, transported or disposed of by or on behalf of an insured; or 

 

	 	(c)	the 

 injury, sickness, disease, death or destruction 

bodily injury or property damage 

arises out of the furnishing by an insured of services, materials, parts or equipment in connection with the planning, construction,
maintenance, operation or use of any nuclear facility, but if such facility is located within the United States of America, its territories or possessions or Canada, this exclusion (c) applies only to 

injury to or destruction of property at such nuclear facility. 

property damage to such nuclear facility and any property thereat. 
  

	 	IV.	As used in this endorsement: 

 “hazardous properties” include radioactive,
toxic or explosive properties; “nuclear material” means source material, special nuclear material or byproduct material; “source material”, “special nuclear material”, and “byproduct
material” have the meanings given them in the Atomic Energy Act of 1954 or in any law amendatory 

  
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thereof; “spent fuel” means any fuel element or fuel component, solid or liquid, which has been used or exposed to radiation in a nuclear reactor; “waste” means
any waste material (1) containing byproduct material other than the tailings or wastes produced by the extraction or concentration of uranium or thorium from any ore processed primarily for its source material content and (2) resulting
from the operation by any person or organization of any nuclear facility included under the first two paragraphs of the definition of nuclear facility; “nuclear facility” means 

 

	 	(a)	any nuclear reactor, 

  

	 	(b)	any equipment or device designed or used for (1) separating the isotopes of uranium or plutonium, (2) processing or utilizing spent fuel, or (3) handling, processing or packaging waste, 

 

	 	(c)	any equipment or device used for the processing, fabricating or alloying of special nuclear material if at any time the total amount of such material in the custody of the insured at the premises where such equipment or
device is located consists of or contains more than 25 grams of plutonium or uranium 233 or any combination thereof, or more than 250 grams of uranium 235, 

  

	 	(d)	any structure, basin, excavation, premises or place prepared or used for the storage or disposal of waste, 

and includes the site on which any of the foregoing is located, all operations conducted on such site and all premises used for such
operations; “nuclear reactor” means any apparatus designed or used to sustain nuclear fission in a self-supporting chain reaction or to contain a critical mass of fissionable material; 

With respect to injury to or destruction of property, the word “injury” or “destruction” includes all forms of
radioactive contamination of property. “property damage” includes all forms of radioactive contamination of property. 
  

	 	V.	The inception dates and thereafter of all original policies affording coverages specified in this paragraph (3), whether new, renewal or replacement, being policies which become effective on or after 1st May, 1960,
provided this paragraph (3) shall not be applicable to 

  

	 	(i)	Garage and Automobile Policies issued by the Reassured on New York risks, or 

  

	 	(ii)	statutory liability insurance required under Chapter 90, General Laws of Massachusetts, 

 until
90 days following approval of the Broad Exclusion Provision by the Governmental Authority having jurisdiction thereof. 

  
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	(4)	Without in any way restricting the operation of paragraph (1) of this Clause, it is understood and agreed that paragraphs (2) and (3) above are not applicable to original liability policies of the
Reassured in Canada and that with respect to such policies this Clause shall be deemed to include the Nuclear Energy Liability Exclusion Provisions adopted by the Canadian Underwriters’ Association or the Independent Insurance Conference of
Canada. 

  

	*	NOTE. The words printed in italics in the Limited Exclusion Provision and in the Broad Exclusion Provision shall apply only in relation to original liability policies which include a Limited Exclusion Provision or a
Broad Exclusion Provision containing those words. 

  

					
	NOTES:	  	Wherever used herein the terms:
			
		  	“Reassured”	  	shall be understood to mean “Company”, “Reinsured”, “Reassured” or whatever other term is used in the attached reinsurance document to designate the reinsured company or companies.
			
		  	“Agreement”	  	shall be understood to mean “Agreement”, “Contract”, “Policy” or whatever other term is used to designate the attached reinsurance document.
			
		  	“Reinsurers”	  	shall be understood to mean “Reinsurers”, “Underwriters” or whatever other term is used in the attached reinsurance document to designate the reinsurer or reinsurers.
		
	 21/9/67
 NMA 1590
(amended).
	  	

  
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 NUCLEAR INCIDENT EXCLUSION CLAUSE—LIABILITY—REINSURANCE—CANADA 

 

	1.	This Agreement does not cover any loss or liability accruing to the Reinsured as a member of, or subscriber to, any association of insurers or reinsurers formed for the purpose of covering nuclear energy risks or as a
direct or indirect reinsurer of any such member, subscriber or association. 

  

	2.	Without in any way restricting the operation of paragraph 1 of this clause it is agreed that for all purposes of this Agreement all the original liability contracts of the Reinsured, whether new, renewal or replacement,
of the following classes, namely, 

 Personal Liability 

Farmers’ Liability 

Storekeepers’ Liability 

which become effective on or after 31st December 1992, shall be deemed to include, from their inception dates and thereafter, the
following provision: 
 Limited Exclusion Provision 

This Policy does not apply to bodily injury or property damage with respect to which the Insured is also insured under a contract of nuclear
energy liability insurance (whether the Insured is unnamed in such contract and whether or not it is legally enforceable by the Insured) issued by the Nuclear Insurance Association of Canada or any other group or pool of insurers or would be an
Insured under any such policy but for its termination upon exhaustion of its limit of liability. 
 With respect to property, loss of use of
such property shall be deemed to be property damage. 
  

	3.	Without in any way restricting the operation of paragraph 1 of this clause it is agreed that for all purposes of this Agreement all the original liability contracts of the Reinsured, whether new, renewal or replacement
of any class whatsoever (other than Personal Liability, Farmers’ Liability, Storekeepers’ Liability or Automobile Liability contracts), which become effective on or after 31st December 1992, shall be deemed to include from their
inception dates and thereafter, the following provision: 

 Broad Exclusion Provision 

It is agreed that this Policy does not apply: 
  

	 	(a)	To any liability imposed by or arising from any nuclear liability act, law or statute or any law amendatory thereof; nor 

  
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	 	(b)	to bodily injury or property damage with respect to which an Insured under this policy is also insured under a contract of nuclear energy liability insurance (whether the Insured is unnamed in such contract and whether
or not it is legally enforceable by the Insured) issued by the Nuclear Insurance Association of Canada or any other insurer or group or pool of insurers or would be an Insured under any such policy but for its termination upon exhaustion of its
limit of liability; nor 

  

	 	(c)	to bodily injury or property damage resulting directly or indirectly from the nuclear energy hazard arising from: 

  

	 	(i)	the ownership, maintenance, operation or use of a nuclear facility by or on behalf of an Insured; 

  

	 	(ii)	the furnishing by an Insured of services, materials, parts or equipment in connection with the planning, construction, maintenance, operation or use of any nuclear facility; and 

 

	 	(iii)	the possession, consumption, use, handling, disposal or transportation of fissionable substances, or of other radioactive material (except radioactive isotopes, away from a nuclear facility, which have reached the final
stage of fabrication so as to be useable for any scientific, medical, agricultural, commercial or industrial purpose) used, distributed, handled or sold by an Insured. 

As used in this Policy: 
  

	1.	The term “nuclear energy hazard” means the radioactive, toxic, explosive, or other hazardous properties of radioactive material; 

 

	2.	The term “radioactive material” means uranium, thorium, plutonium, neptunium, their respective derivatives and compounds, radioactive isotopes of other elements and any other substances which may be designated
by or pursuant to any law, act or statute, or law amendatory thereof as being prescribed substances capable of releasing atomic energy, or as being requisite for the production, use or application of atomic energy; 

 

	3.	The term “nuclear facility” means: 

  

	 	(a)	any apparatus designed or used to sustain nuclear fission in a self-supporting chain reaction or to contain a critical mass of plutonium, thorium and uranium or any one or more of them; 

 

	 	(b)	any equipment or device designed or used for (i) separating the isotopes of plutonium, thorium and uranium or any one or more of them, (ii) processing or utilizing spent fuel, or (iii) handling,
processing or packaging waste; 

  
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	 	(c)	any equipment or device used for the processing, fabricating or alloying of plutonium, thorium or uranium enriched in the isotope uranium 233 or in the isotope uranium 235, or any one or more of them if at any time the
total amount of such material in the custody of the Insured at the premises where such equipment or device is located consists of or contains more than 25 grams of plutonium or uranium 233 or any combination thereof, or more than 250 grams of
uranium 235; 

  

	 	(d)	any structure, basin, excavation, premises or place prepared or used for the storage or disposal of waste radioactive material; 

and includes the site on which any of the foregoing is located, together with all operations conducted thereon and all premises used for such
operations. 
  

	4.	The term “fissionable substance” means any prescribed substance that is, or from which can be obtained, a substance capable of releasing atomic energy by nuclear fission. 

 

	5.	With respect to property, loss of use of such property shall be deemed to be property damage. 

 NMA 1979a 

(01.04.96) Form approved by Lloyd’s Underwriters’ Non-Marine Association Limited. 

 

					
	NOTES:	  	Wherever used herein the terms:
			
		  	“Reassured”	  	shall be understood to mean “Company”, “Reinsured”, “Reassured” or whatever other term is used in the attached reinsurance document to designate the reinsured company or companies.
			
		  	“Agreement”	  	shall be understood to mean “Agreement”, “Contract”, “Policy” or whatever other term is used to designate the attached reinsurance document.
			
		  	“Reinsurers”	  	shall be understood to mean “Reinsurers”, “Underwriters” or whatever other term is used in the attached reinsurance document to designate the reinsurer or reinsurers.

  
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 NUCLEAR ENERGY RISKS EXCLUSION CLAUSE—REINSURANCE (WORLDWIDE 

EXCLUDING U.S.A. AND CANADA) 
 This
Contract shall exclude Nuclear Energy Risks whether such risks are written directly and/or by way of reinsurance and/or via Pools and/or Associations. 

For all purposes of this Contract “Nuclear Energy Risks” shall mean all first party and/or third party insurances or reinsurances (other than
Workers’ Compensation and Employers’ Liability) in respect of: 
  

	 	(I)	All Property on the site of a nuclear power station. 

  

	 	 	Nuclear Reactors, reactor buildings and plant and equipment therein on any site other than a nuclear power station. 

  

	 	(II)	All Property, on any site (including but not limited to the sites referred to in (I) above) used or having been used for: 

 

	 	(a)	The generation of nuclear energy; or 

  

	 	(b)	The Production, Use or Storage of Nuclear Material. 

  

	 	(III)	Any other Property eligible for insurance by the relevant local Nuclear Insurance Pool and/or Association but only to the extent of the requirements of that local Pool and/or Association. 

 

	 	(IV)	The supply of goods and services to any of the sites, described in (I) to (III) above, unless such insurances or reinsurances shall exclude the perils of irradiation and contamination by Nuclear Material.

 Except as undernoted, Nuclear Energy Risks shall not include: 
  

	 	(i)	Any insurance or reinsurance in respect of the construction or erection or installation or replacement or repair or maintenance or decommissioning of Property as described in (I) to (III) above (including
contractors’ plant and equipment); 

  

	 	(ii)	Any Machinery Breakdown or other Engineering insurance or reinsurance not coming within the scope of (i) above; 

Provided always that such insurance or reinsurance shall exclude the perils of irradiation and contamination by Nuclear Material. 

  
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 However, the above exemption shall not extend to: 

 

	 	(1)	The provision of any insurance or reinsurance whatsoever in respect of: 

  

	 	(a)	Nuclear Material; 

  

	 	(b)	Any Property in the High Radioactivity Zone or Area of any Nuclear Installation as from the introduction of Nuclear Material or—for reactor installations—as from fuel loading or
first criticality where so agreed with the relevant local Nuclear Insurance Pool and/or Association. 

  

	 	(2)	The provision of any insurance or reinsurance for the undernoted perils: 

  

	 	•	Fire, lightning, explosion; 

  

	 	•	Earthquake; 

  

	 	•	Aircraft and other aerial devices or articles dropped therefrom; 

  

	 	•	Irradiation and radioactive contamination; 

  

	 	•	Any other peril insured by the relevant local Nuclear Insurance Pool and/or Association; 

 in
respect of any other Property not specified in (1) above which directly involves the Production, Use or Storage of Nuclear Material as from the introduction of Nuclear Material into such Property. 

Definitions: 
 “Nuclear Material” means:

  

	 	(i)	Nuclear fuel, other than natural uranium and depleted uranium, capable of producing energy by a self-sustaining chain process of nuclear fission outside a Nuclear Reactor, either alone or in combination with some
other material; and 

  

	 	(ii)	Radioactive Products or Waste. 

 “Radioactive Products or Waste” means any radioactive
material produced in, or any material made radioactive by exposure to the radiation incidental to the production or utilization of nuclear fuel, but does not include radioisotopes which have reached the final stage of fabrication so as to be usable
for any scientific, medical, agricultural, commercial or industrial purpose. 
 “Nuclear Installation” means: 

 

	 	(i)	Any Nuclear Reactor; 

  
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	 	(ii)	Any factory using nuclear fuel for the production of Nuclear Material, or any factory for the processing of Nuclear Material, including any factory for the reprocessing of irradiated nuclear fuel; and

  

	 	(iii)	Any facility where Nuclear Material is stored, other than storage incidental to the carriage of such material. 

“Nuclear Reactor” means any structure containing nuclear fuel in such an arrangement that a self-sustaining chain process of nuclear fission
can occur therein without an additional source of neutrons. 
 “Production, Use or Storage of Nuclear Material” means the production,
manufacture, enrichment, conditioning, processing, reprocessing, use, storage, handling and disposal of Nuclear Material. 

“Property” shall mean all land, buildings, structures, plant, equipment, vehicles, contents (including but not limited to liquids and gases)
and all materials of whatever description whether fixed or not. 
 “High Radioactivity Zone or Area” means: 

 

	 	(i)	For nuclear power stations and Nuclear Reactors, the vessel or structure which immediately contains the core (including its supports and shrouding) and all the contents thereof, the fuel elements, the control
rods and the irradiated fuel store; and 

  

	 	(ii)	For non-reactor Nuclear Installations, any area where the level of radioactivity requires the provision of a biological shield. 

N.M.A. 1975(a) 
 April 1, 1994 

 

					
	NOTES:	  	Wherever used herein the terms:
			
		  	“Reinsured”	  	shall be understood to mean “Company”, “Reinsurer”, “Reassured” or whatever other term is used in the attached reinsurance document to designate the reinsured company or companies.
			
		  	“Agreement”	  	shall be understood to mean “Agreement”, “contract”, “policy” or whatever other term is used to designate the attached reinsurance document.
			
		  	“Reinsurers”	  	shall be understood to mean “Reinsurers”, “Underwriters” or whatever other term is used in the attached reinsurance document to designate the reinsurer or reinsurers.

  
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 Exhibit 10.1 
  

					
	CONFIDENTIAL TREATMENT REQUESTED BY INTREXON CORPORATION	  	 	EXECUTION COPY	  
		  	 	CONFIDENTIAL	  

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

EXCLUSIVE CHANNEL COLLABORATION AGREEMENT 

THIS EXCLUSIVE CHANNEL COLLABORATION
AGREEMENT (the “Agreement”) is made and entered into effective as of September 30, 2013 (the “Effective Date”) by and between INTREXON
CORPORATION, a Virginia corporation with offices at 20374 Seneca Meadows Parkway, Germantown, MD 20876 (“Intrexon”), and ORAGENICS,
INC., a Florida corporation having its principal place of business at 4209 Eisenhower Boulevard, Suite 125, Tampa, FL 33634 (“Oragenics”). Intrexon and Oragenics may be referred to
herein individually as a “Party”, and collectively as the “Parties.” 
 RECITALS 

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

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

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

DEFINITIONS 

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

1.1 “Affiliate” means, with respect to a particular Party, any other person or entity that directly or indirectly
controls, is controlled by, or is in common control with such Party. As used in this Section 1.1, the term “controls” (with correlative meanings for the terms “controlled by” and “under common control with”) means
the ownership, directly or indirectly, fifty percent (50%) or more of the voting securities or other ownership interest of an entity, or the possession, directly or indirectly, of the power to direct the management or policies of an entity,
whether through the ownership of voting securities, by contract, or otherwise. Notwithstanding the foregoing, Third Security shall be deemed not to be an Affiliate of Intrexon or Oragenics, and neither Party shall be deemed to be an Affiliate of the
other Party. In addition, any other person, corporation, partnership, or other entity that would be an Affiliate of a Intrexon or Oragenics solely because it and Intrexon are under common control by Randal J. Kirk or by investment funds managed by
Third Security or an affiliate of Third Security shall also be deemed not to be an Affiliate of Intrexon or Oragenics. Further notwithstanding the foregoing, none of the KFLP 

			
	CONFIDENTIAL TREATMENT REQUESTED BY INTREXON CORPORATION	 	 EXECUTION COPY

CONFIDENTIAL

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

 
Group shall be deemed to be an Affiliate of Oragenics, and any person, corporation, partnership, or other entity that would otherwise be an Affiliate of Oragenics solely because it and Oragenics
are under common control by a member of the KFLP Group shall not be deemed to be an Affiliate of Oragenics. 
 1.2
“Applicable Laws” has the meaning set forth in Section 8.2(d)(xii). 
 1.3 “Approval Milestone
Event” means the first to occur of (i) the First Commercial Sale of an Oragenics Product anywhere in the Territory, or (ii) the approval of a New Drug Application for an Oragenics Product by the FDA or equivalent regulatory action
in a foreign jurisdiction. 
 1.4 “Authorizations” has the meaning set forth in Section 8.2(d)(xii). 

1.5 “CC” has the meaning set forth in Section 2.2(b). 

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

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

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

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

1.10 “Commercialize” or “Commercialization” means any activities directed to marketing, promoting,
distributing, importing for sale, offering to sell and/or selling Oragenics Products. 
 1.11 “Commercialization Milestone
Events” means the Phase II Milestone Event, the Phase III Milestone Event, and the Approval Milestone Event. 
 1.12
“Commercial Sale” means for a given product and country the sale for value of that product by a Party (or, as the case may be, by an Affiliate or permitted sublicensee of a Party), to a Third Party after regulatory approval (if
necessary) has been obtained for such product in such country. 
 1.13 “Company Sale” means the sale of Oragenics,
whether in a single transaction or in a series of related transactions that are consummated contemporaneously (or consummated pursuant to contemporaneous agreements), to one or more Third Parties on an arm’s length basis, pursuant to which such
Third Party or Third Parties acquires (i) (whether by merger, consolidation, sale or transfer of capital stock, recapitalization, or otherwise) more than fifty percent (50%) of Oragenics’ common stock or (ii) all or substantially
all of the assets of Oragenics determined on a consolidated basis. 
 1.14 “Complementary In-Licensed Third Party
IP” has the meaning set forth in Section 3.8(a). 

  
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 1.15 “Confidential Information” means each Party’s confidential
Information, inventions, non-public know-how or non-public data disclosed pursuant to this Agreement or any other confidentiality agreement between the Parties and shall include, without limitation, manufacturing, technical, marketing, financial,
personnel and other business information and plans, whether in oral, written, graphic or electronic form. 
 1.16
“Control” means, with respect to Information, a Patent or other intellectual property right, that a Party owns or has a license from a Third Party to such right and has the ability to grant a license or sublicense as provided for in
this Agreement under such right without violating the terms of any agreement or other arrangement with any Third Party. 
 1.17
“Costs of Goods Sold” or “COGS” means, with respect to a particular Oragenics Product, all Manufacturing Costs that are directly and reasonably attributable to manufacturing of such Oragenics Product in accordance
with US GAAP for commercial sale in the countries where such Oragenics Product has been launched. 
 1.18 “CRC”
has the meaning set forth in Section 2.2(b). 
 1.19 “Diligent Efforts” means, with respect to a Party’s
obligation under this Agreement, the level of efforts and resources reasonably required to diligently develop, manufacture, and/or Commercialize (as applicable) each Oragenics Product in a sustained manner, consistent with the efforts and resources
a similarly situated company working in the Field would typically devote to a product of similar market potential, profit potential, strategic value and/or proprietary protection, based on market conditions then prevailing. With respect to a
particular task or obligation, Diligent Efforts requires that the applicable Party promptly assign responsibility for such task and consistently make and implement decisions and allocate resources designed to advance progress with respect to such
task or obligation. 
 1.20 “Equity Agreement” has the meaning set forth in Section 5.1. 

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

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

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

1.24 “Field” means, irrespective of whether such requires regulatory approval, the direct administration to humans of
genetically modified probiotics for the treatment of diseases of the oral cavity, throat, sinus and esophagus, including, but not limited to, aphthous stomatitis and Behcet’s disease. For purposes of this Agreement, “probiotics” means
microbally-derived live organisms that beneficially affect humans by augmenting the indigenous microbial population above the amount already present. 

  
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 1.25 “Field Infringement” has the meaning set forth in
Section 6.3(b). 
 1.26 “First Commercial Sale” means, with respect to an Oragenics Product and country, the
first sale to a Third Party of such Oragenics Product in such country after any necessary regulatory approvals and any necessary pricing or reimbursement approvals have been obtained in such country. 

1.27 “Fully Loaded Cost” means the direct cost of the applicable good, product or service plus indirect charges and
overheads reasonably allocable to the provision of such good, product or service in accordance with US GAAP. Subject to the approval of a project and its associated budget by the JSC, Intrexon will bill for its internal direct costs incurred through
the use of annualized standard full-time equivalents; such rate shall be based upon the actual fully loaded costs of those personnel directly involved in the provision of such good, product or service. Intrexon may, from time to time, adjust such
full-time equivalent rate based on changes to its actual fully loaded costs and will review the accuracy of its full-time equivalent rate at least quarterly. Intrexon shall provide Oragenics with reasonable documentation indicating the basis for any
indirect charges, any allocable overhead, and any such adjustment in full-time equivalent rate. 
 1.28 “In-Licensed Program
IP” has the meaning set forth in Section 3.8(a). 
 1.29 “Information” means information, results and
data of any type whatsoever, in any tangible or intangible form whatsoever, including without limitation, databases, inventions, practices, methods, techniques, specifications, formulations, formulae, knowledge, know-how, skill, experience, test
data including pharmacological, biological, chemical, biochemical, toxicological and clinical test data, analytical and quality control data, stability data, studies and procedures, and patent and other legal information or descriptions. 

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

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

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

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

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

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

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

1.41 “Losses” has the meaning set forth in Section 9.1. 

1.42 “Manufacturing Costs” means, with respect to a given Oragenics Product, the full-time equivalent costs (under a
reasonable accounting mechanism to be agreed upon by the Parties) and out-of-pocket costs that Oragenics or any of its Affiliates or Product Sublicensees incurred in manufacturing such Oragenics Products, including costs and expenses incurred in
connection with (1) the development or validation of any manufacturing process, formulations or delivery systems, or improvements to the foregoing; (2) manufacturing scale-up; (3) in-process testing, stability testing and release
testing; (4) quality assurance/quality control development; (5) internal and Third Party costs and expenses incurred in connection with qualification and validation of Third Party contract manufacturers, including scale up, process and
equipment validation, and initial manufacturing licenses, approvals and inspections; (6) packaging development and final packaging and labeling; (7) shipping configurations and shipping studies; and (8) overseeing the conduct of any
of the foregoing. “Manufacturing Costs” shall further include: (a) to the extent that any such Oragenics Product is manufactured by a Third Party manufacturer, the out-of-pocket costs incurred by Oragenics or any of its Affiliates to
the Third Party for the manufacture and supply (including packaging and labeling) thereof, and any reasonable out-of-pocket costs and direct labor costs incurred by Oragenics or any of its 

  
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Affiliates in managing or overseeing the Third Party relationship determined in accordance with the books and records of such Party or its Affiliates maintained in accordance with US GAAP; and
(b) to the extent that any such Oragenics Product is manufactured by Oragenics or any of its Affiliates, direct material and direct labor costs attributable to such Oragenics Product, as well as reasonably allocable overhead expenses,
determined in accordance with the books and records of Oragenics or its Affiliates maintained in accordance with US GAAP. 
 1.43
“Net Sales” means, with respect to any Oragenics Product, the net sales of such Oragenics Product by Oragenics, any Affiliates of Oragenics (including without limitation net sales of Oragenics Product to a non-Affiliate sublicensee
but not including net sales by such non-Affiliate sublicensee), and any Product Sublicensees as determined in accordance with US GAAP as the gross amount invoiced on account of sales of Oragenics Product less the usual and customary discounts
as determined in accordance with US GAAP. In the case of any sale for value, such as barter or counter-trade other than in an arm’s length transaction exclusively for cash, Net Sales shall be deemed to be the net sales at which substantially
similar quantities of the product are sold for cash in an arm’s length transaction in the relevant country. If Oragenics Product is sold to any Third Party together with other products or services, the price of such product, solely for purposes
of the calculation of Net Sales, shall be deemed to be no less than the price at which such product would be sold in a similar transaction to a third party not also purchasing the other products or services. 

1.44 “Oragenics Indemnitees” has the meaning set forth in Section 9.1. 

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

1.46 “Oragenics Product” means any product in the Field that is created, produced, developed, or identified in whole
or in part, directly or indirectly, by or on behalf of Oragenics during the Term through use or practice of Intrexon Channel Technology, Intrexon IP, or the Intrexon Materials. 

1.47 “Oragenics Program Patent” has the meaning set forth in Section 6.2(b). 

1.48 “Oragenics Termination IP” means all Patents or other intellectual property that Oragenics or any of its
Affiliates Controls as of the Effective Date or during the Term that cover, or is otherwise necessary or useful for, the development, manufacture or Commercialization of a Reverted Product or necessary or useful for Intrexon to operate in the Field.
Notwithstanding the foregoing, Oragenics Termination IP shall not include Oragenics Independent IP. 
 1.49
“Patents” means (a) all patents and patent applications (including provisional applications), (b) any substitutions, divisions, continuations, continuations-in-part, reissues, renewals, registrations, requests for
continued examination, confirmations, re-examinations, extensions, supplementary protection certificates and the like of the foregoing, and (c) any foreign or international equivalents of any of the foregoing. 

  
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 1.50 “Phase II Milestone Event” means the first dosing of a patient
by or on behalf of Oragenics, or an Affiliate or permitted sublicensee of Oragenics, in a phase II clinical trial, whether such occurs in the United States of America under the jurisdiction of the FDA or elsewhere under the jurisdiction of a foreign
regulatory agency, for an Oragenics Product. 
 1.51 “Phase III Milestone Event” means the meeting of the primary
endpoint by or on behalf of Oragenics, or an Affiliate or permitted sublicensee of Oragenics, in a phase III clinical trial, whether such occurs in the United States of America under the jurisdiction of the FDA or elsewhere under the jurisdiction of
a foreign regulatory agency, for an Oragenics Product. 
 1.52 “Probiotics Program” has the meaning set forth in
Section 2.1. 
 1.53 “Product-Specific Program Patent” means any issued Intrexon Patent where all the claims are
directed to Inventions that relate solely and specifically to Oragenics Products. In the event of a disagreement between the Parties as to whether a particular Intrexon Patent is or is not a Product-Specific Program Patent, the Parties shall seek to
resolve the issue through discussions at the IPC, provided that if the Parties are unable to resolve the disagreement, the issue shall be submitted to arbitration pursuant to Section 11.2. Any Intrexon Patent that is subject to such a dispute
shall be deemed not to be a Product-Specific Program Patent unless and until (a) Intrexon agrees in writing that such Patent is a Product-Specific Program Patent or (b) an arbitrator or arbitration panel determines, pursuant to Article 11,
that such Intrexon Patent is a Product-Specific Program Patent. 
 1.54 “Product Sublicense” has the meaning set
forth in Section 3.2(c). 
 1.55 “Product Sublicensee” has the meaning set forth in Section 3.2(c). 

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

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

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

1.59 “Retained Product” has the meaning set forth in Section 10.4(a). 

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

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

1.62 “Sublicensing Revenue” means any cash consideration, or the cash equivalent value of non-cash consideration,
regardless of whether in the form of upfront payments, milestones, or royalties, actually received by Oragenics or its Affiliate from a Third Party in consideration for a grant of a sublicense under the Intrexon IP or any rights to develop or
Commercialize Oragenics Products, but excluding: (a) any amounts paid as bona fide reimbursement for research and development costs to the extent incurred following such grant; 

  
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(b) bona fide loans or any payments in consideration for a grant of equity of Oragenics to the extent that such consideration is equal to or less than fair market value (i.e. any amounts in
excess of fair market value shall be Sublicensing Revenue); (c) any amounts paid by Oragenics to a Third Party for the right to operate under or utilize Third Party owned intellectual property that is used to make or use an Oragenics Product
underlying the Sublicensing Revenue, (d) subject to the waiver provisions of Section 5.2(c), any payments received by Oragenics from permitted sublicensees for the achievement of a Commercialization Milestone Event that is the same as (or
substantially similar to) a Commercialization Milestone Event for which Intrexon is entitled to receive an equity-based milestone payment under Section 5.2(a), and (e) amounts received from sublicensees in respect of any Oragenics Product
sales that are included in Net Sales and for which Intrexon receives revenue sharing payments under Section 5.4(a). For clarity, Sublicensing Revenue includes milestone payments for Oragenics Products received by Oragenics from a sublicensee of
Oragenics (including a Product Sublicensee) for (i) the achievement by the Oragenics sublicensee of any milestone event that is not the same as, or substantially similar to, a Commercialization Milestone Event, (ii) the achievement by the
Oragenics sublicensee of the second or subsequent occurrence of the same (or substantially similar) Commercialization Milestone Event, irrespective of whether the first occurrence of the Commercialization Milestone Event in question was achieved by
Oragenics, or its Affiliate or a sublicensee, and (iii) the achievement by a permitted sublicensee of Oragenics of the first occurrence of the same (or substantially similar) Commercialization Milestone Event where Intrexon elects to share such
milestone payment as Sublicensing Revenue in accord with Section 5.2(c). 
 1.63 “Sublicensing Revenue Rate”
means the percentage of Sublicensing Revenue agreed to by the parties to be applicable to a proposed sublicense by Oragenics under this Agreement.  

1.64 “Superior Therapy” means a therapy in the Field that, based on the data then available, (a) demonstrably
appears to offer either superior efficacy or safety or significantly lower cost of therapy, as compared with both (i) those therapies that are marketed (either by Oragenics or others) at such time for the indication and (ii) those
therapies that are being actively developed by Oragenics for such indication; (b) demonstrably appears to represent a substantial improvement over such existing therapies; and (c) has intellectual property protection and a regulatory
approval pathway that, in each case, would not present a significant barrier to commercial development. 
 1.65 “Supplemental
In-Licensed Third Party IP” has the meaning set forth in Section 3.8(a). 
 1.66 “Support Memorandum” has
the meaning set forth in Section 11.2. 
 1.67 “Term” has the meaning set forth in Section 10.1. 

1.68 “Territory” means the entire world. 

  
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 1.69 “Third Party” means any individual or entity other than the
Parties or their respective Affiliates. 
 1.70 “Third Security” means Third Security, LLC. 

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

ARTICLE 2 

SCOPE OF CHANNEL COLLABORATION; MANAGEMENT 

2.1 General. The general purpose of the channel collaboration described in this Agreement will be to use the Intrexon Channel
Technology to research, develop and commercialize products for use in the Field (collectively, the “Probiotics Program”). As provided below, the JSC shall establish, monitor, and govern projects for the Probiotics Program. Either
Party may propose other potential projects in the Field for review and consideration by the JSC. 
 2.2 Committees. 

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

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

			
	 Committee
	  	 Purpose

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

  
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	 Committee
	  	 Purpose

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

 2.3 General Committee Membership and Procedure. 

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

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

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

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

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

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

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

2.5 Authorization of Committee Representatives. Each representative serving on a Committee shall be responsible for ensuring
that he or she acts only as duly authorized by its respective Party and obtains any advance approvals, delegations, or other authorizations from his 

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

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

LICENSE GRANTS 

3.1 Licenses to Oragenics. 

(a) Subject to the terms and conditions of this Agreement, Intrexon hereby grants to Oragenics a license under the Intrexon IP to
research, develop, use, import, export, make, have made, sell, and offer for sale Oragenics Products in the Field in the Territory. Such license shall be exclusive (even as to Intrexon) with respect to any clinical development, selling, offering for
sale or other Commercialization of Oragenics Products in the Field, and shall be otherwise non-exclusive. 
 (b) Subject to the terms
and conditions of this Agreement, Intrexon hereby grants to Oragenics a non-exclusive, royalty-free license to use and display the Intrexon Trademarks, solely in connection with the Commercialization of Oragenics Products, in the promotional
materials, packaging, and labeling for Oragenics Products, as provided under and in accordance with Section 4.9. 
 3.2 Sublicensing.
Except as provided in this Section 3.2, Oragenics shall not sublicense the rights granted under Section 3.1 to any Third Party, or transfer the Intrexon Materials to any Third Party, or otherwise grant any Third Party the right to
research, develop, use, or Commercialize Oragenics Products or use or display the Intrexon Trademarks, in each case except with Intrexon’s written consent, which written consent may be withheld in Intrexon’s sole discretion.
Notwithstanding the foregoing, Oragenics (and its Product Sublicensees only to the extent set forth in Section 3.2(a) below) shall have a limited right to sublicense under the circumstances described in Sections 3.2(a) through 3.2(c) below.

 (a) Oragenics may transfer, to the extent reasonably necessary and after providing Intrexon with reasonable advance notice
thereof, Intrexon Materials that are or that produce Oragenics Products to a Third Party contractor performing contract manufacturing responsibilities for Oragenics Products, and may in connection therewith grant limited sublicenses necessary to
enable such Third Party to perform such activities. If Oragenics transfers any Intrexon Materials under this Section 3.2(a), Oragenics will remain obligated to ensure that the rights of Intrexon in and to the Intrexon Materials and Intrexon IP
and under the provisions of Articles 6 and 7 of this Agreement are not violated by any such Third Party 

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

(b) Oragenics may, with Intrexon’s written consent, which written consent shall not be unreasonably withheld, conditioned, or
delayed, sublicense the rights granted under Section 3.1 to an Affiliate, or transfer the Intrexon Materials to an Affiliate, or grant an Affiliate the right to use or display the Intrexon Trademarks. In the event that Intrexon consents to any
such grant or transfer to an Affiliate, Oragenics shall remain responsible for, and be guarantor of, the performance by any such Affiliate and shall cause such Affiliate to comply with the provisions of this Agreement in connection with such
performance (as though such Affiliate were Oragenics), including any payment obligations owed to Intrexon hereunder. 
 (c) Oragenics
may grant a sublicense of the rights granted under Section 3.1 (and not including a right to sublicense under this Section 3.2(c)) to a Third Party licensee of any Oragenics Product that is the subject of an effective Investigational New
Drug Application or equivalent application or investigational exemption with a foreign regulatory body (a “Product Sublicensee”) to the extent necessary to permit such Third Party to research, develop, use, import, export, make,
have made, sell, and offer for sale that Oragenics Product (a “Product Sublicense”), provided, that (i) such Product Sublicense is expressly limited to the appropriate Oragenics Product, (ii) such Product Sublicensee does
not grant the Product Sublicensee any rights to Intrexon IP other than that incorporated into the Oragenics Product at the time of the Product Sublicense, (iii) does not purport to relieve Oragenics of any of its obligations under this
Agreement, (iv) the Product Sublicensee agrees in writing, in a document in form reasonably acceptable to Intrexon and to which Intrexon is an express third party beneficiary, to abide by the following provisions of this Agreement: Sections
3.1., 3.3-3.6, 3.8, 3.10, and 3.11 and Articles 6, 7, and 10, (v) the Product Sublicense is presented in full to the JSC by Oragenics before execution by Oragenics and the prospective Product Sublicensee and as soon as is reasonably practical
for the purpose of allowing the JSC to review and comment upon the terms and scope of the Product Sublicense agreement before execution, and (vi) the Product Sublicensee is not controlled by or otherwise affiliated with a member of the KFLP
Group. 
 3.3 Limitation on Sublicensees. None of the enforcement rights under the Intrexon Patents that are granted to Oragenics
pursuant to Section 6.3 shall be transferred to, or exercised by, a sublicensee except with Intrexon’s prior written consent, which may be withheld in Intrexon’s sole discretion. 

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

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

3.6 Off Label Use. For purpose of clarity, (a) following the First Commercial Sale of an Oragenics Product, the use by direct or
indirect purchasers or other users of Oragenics Products outside the Field (i.e. “off label use”) shall not constitute a breach by Oragenics of the terms of Section 3.3 or 3.4, provided that neither Oragenics nor its Affiliate (nor
any Third Party under contract with either of them) marketed or promoted Oragenics Products for such off-label use; and (b) following the First Commercial Sale of a product by Intrexon, an Intrexon Affiliate, or a Third Party sublicensee,
collaborator, or partner of Intrexon, the use by direct or indirect purchasers or other users of such products in the Field (i.e. “off label use”) shall not constitute a breach by Intrexon of the terms of Section 3.4, provided that
neither Intrexon nor its Affiliate (nor any Third Party under contract with either of them) marketed or promoted such products for such off-label use. 

3.7 No Prohibition on Intrexon. Except as explicitly set forth in Sections 3.1 and 3.4, nothing in this Agreement shall prevent
Intrexon from practicing or using the Intrexon Materials, Intrexon Channel Technology, and Intrexon IP for any purpose, and to grant to Third Parties the right to do the same. Without limiting the generality of the foregoing, Oragenics acknowledges
that Intrexon has all rights, in Intrexon’s sole discretion, to make the Intrexon Materials, Intrexon Channel Technology (including any biological materials used in an Oragenics Product), and Intrexon IP available to Third Party channel
partners or collaborators for use in fields outside the Field. 
 3.8 Rights to Clinical and Regulatory Data. Oragenics shall
own and control all clinical data and regulatory filings relating to Commercialization of Oragenics Products (except to the extent such become Reverted Products). Oragenics shall provide (or shall cause any applicable Product Sublicensee to provide)
full copies of all clinical and non-clinical data and reports, regulatory filings, and communications from regulatory authorities that relate specifically and solely to Oragenics Products. To the extent that there exist any clinical and

  
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non-clinical data and reports, regulatory filings, and communications from regulatory authorities owned by Oragenics (or a Product Sublicensee) that relate both to Oragenics Products and other
products produced by Oragenics (or a Product Sublicensee) outside the Field, Oragenics shall provide (or shall cause any applicable Product Sublicensee to provide) to Intrexon upon Intrexon’s request copies of the portions of such data,
reports, filings, and communications that relate to Oragenics Products. Subject to its ongoing obligations of exclusivity under Section 3.5, Intrexon shall be permitted, directly or in conjunction with or through partners or other channel
collaborators, to reference this data, reports, filings, and communications relating to Oragenics Products in regulatory filings made to obtain regulatory approval for products indicated for use in fields outside the Field. Intrexon shall have the
right to use any such information in developing and Commercializing products outside the Field and to license any Third Parties to do so. 

3.9 Third Party Licenses. 

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

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

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

(e) The licenses granted to Oragenics under Section 3.1 may include sublicenses under Intrexon IP that has been licensed to
Intrexon by one or more Third Parties. Any such sublicenses are subject to the terms and conditions set forth in the applicable upstream license agreement, subject to the cost allocation set forth in Section 3.9(c), provided
that Intrexon shall either provide unredacted copies of such upstream license agreements to Oragenics or shall disclose in writing to Oragenics all of such terms and conditions that are applicable to Oragenics. Oragenics shall
not be responsible for complying with any provisions of such upstream license agreements unless, and to the extent that, such provisions have been disclosed to Oragenics as provided in the preceding sentence. 

(f) If either Party receives notice from a Third Party concerning activities of a Party taken in conjunction with performance of
obligations under this Agreement, which notice alleges infringement by a Party of, or offers license under, Patents or other intellectual property rights owned or controlled by that Third Party, the receiving Party shall inform the other party
thereof within five (5) business days. 

  
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 3.10 Licenses to Intrexon. Subject to the terms and conditions of this Agreement,
Oragenics hereby grants to Intrexon a non-exclusive, worldwide, fully-paid, royalty-free license, under any applicable Patents or other intellectual property Controlled by Oragenics or its Affiliates, solely to the extent necessary for Intrexon to
conduct those responsibilities assigned to it under this Agreement, which license shall be sublicensable solely to Intrexon’s Affiliates or to any Intrexon subcontractors as permitted in accord with Section 4.6 or as otherwise permitted to
be used by Intrexon in conjunction with support services under Section 4.7 (subject to JSC research plan approval) 
 3.11
Restrictions Relating to Intrexon Materials. Oragenics and its permitted sublicensees shall use the Intrexon Materials solely for purposes of the Probiotics Program and not for any other purpose without the prior written consent of Intrexon.
With respect to the Intrexon Materials comprising Intrexon’s vector assembly technology, Oragenics shall not, and shall ensure that Oragenics personnel and permitted sublicensees do not, except as otherwise expressly permitted under this
Agreement, (a) distribute, sell, lend or otherwise transfer such Intrexon Materials to any Third Party; (b) co-mingle such Intrexon Materials with any other proprietary biological or chemical materials without Intrexon’s written
consent; or (c) analyze such Intrexon Materials or in any way attempt to reverse engineer or sequence such Intrexon Materials.  

3.12 Ancillary Application. In the event Oragenics desires to utilize an Oragenics Product that has reached an Approval Milestone Event
for an indicated use that would not constitute the use of such Oragenics Product within the Field, Oragenics may request a modification of the Field of this Agreement to permit the inclusion of such indication. Any such modification shall constitute
an amendment of this Agreement and shall require the consent of Intrexon. [*****] The parties acknowledge that in no event shall such a modification of the Field provide rights in any target or indication that in within another existing
collaboration or contractual obligation of Intrexon.  
 ARTICLE 4 

OTHER RIGHTS AND OBLIGATIONS 

4.1 Development and Commercialization. Subject to Sections 4.6 and 4.7, Oragenics shall be solely responsible for the development and
commercialization of Oragenics Products in the Field. Oragenics shall be responsible for all costs incurred in connection with the Probiotics Program except that Intrexon shall be responsible for the following: (a) costs of establishing
manufacturing capabilities and facilities in connection with Intrexon’s manufacturing obligation under Section 4.6 (provided, however, that Intrexon may include an allocable portion of such costs, through depreciation and amortization,
when calculating the Fully Loaded Cost of manufacturing an Oragenics Product, to the extent such allocation, depreciation, and amortization is permitted by US GAAP, it being recognized that the majority of non-facilities scale-up costs cannot
be capitalized and amortized under US GAAP); (b) costs of basic research with respect to the Intrexon Channel Technology and Intrexon Materials (i.e., platform improvements) but, for clarity, excluding research described in Section 4.7 or
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requested by the JSC for the development of an Oragenics Product (which research costs shall be reimbursed by Oragenics); (c) [*****]; and (d) costs of filing, prosecution and
maintenance of Intrexon Patents. The costs encompassed within clause (a) of the previous sentence shall include the scale-up of Intrexon Materials for generating data for regulatory approval submissions and Commercialization of Oragenics
Products undertaken pursuant to Section 4.6, which shall be at Intrexon’s cost whether it elects to conduct such efforts internally or through Third Party contractors retained by either Intrexon or Oragenics (with Intrexon’s consent).

 4.2 Transfer of Technology and Information. The JSC shall develop a plan and protocol for each project and timing for the transfer
of relevant data and Intrexon Materials. 
 4.3 Information and Reporting. Oragenics will keep Intrexon informed about
Oragenics’ efforts to develop and Commercialize Oragenics Products, including reasonable and accurate summaries of Oragenics’ (and its Affiliates’ and, if applicable, (sub)licensees’) global development plans (as updated),
including preclinical, clinical and regulatory plans, global marketing plans (as updated), progress towards meeting the goals and milestones in such plans and explanations of any material deviations, and significant developments in the development
and/or Commercialization of the Oragenics Products, including initiation or completion of a clinical trial, submission of a United States or international regulatory filing, receipt of a response to such United States or international regulatory
filing, clinical or product safety event, receipt of regulatory approval or commercial launch, and manufacturing costs and pricing information. As set forth in Section 3.8 above, Oragenics shall also provide to Intrexon copies of all final
preclinical protocols and reports, final clinical protocols and reports, and regulatory correspondence and filings generated by Oragenics as soon as practical after they become available. Intrexon will keep Oragenics informed about Intrexon’s
efforts (a) to establish manufacturing capabilities and facilities for Oragenics Products (and Intrexon Materials relevant thereto) and otherwise perform its manufacturing responsibilities under Section 4.6 and (b) to undertake
discovery-stage research for the Probiotics Program with respect to the Intrexon Channel Technology and Intrexon Materials. Unless otherwise provided herein or directed by the JSC in accord with Section 4.2 above, such disclosures by Oragenics
and Intrexon will be coordinated by the JSC and made in connection with JSC meetings at least once every six (6) months while Oragenics Products are being developed or Commercialized anywhere in the world, and shall be reflected in the minutes
of such meetings. 
 4.4 Regulatory Matters. At all times after the Effective Date, Oragenics shall own and maintain, at its
own cost, all regulatory filings and regulatory approvals for Oragenics Products that Oragenics is developing or Commercializing pursuant to this Agreement. As such, Oragenics shall be responsible for reporting all adverse events related to such
Oragenics Products to the appropriate regulatory authorities in the relevant countries, in accordance with the applicable laws and regulations of such countries. To the extent that Intrexon will itself develop, or in collaboration with other third
parties develop, Intrexon Materials outside of the Field, Intrexon may request that Oragenics and Intrexon establish and execute a separate safety data exchange agreement, which agreement will address and govern the timely exchange of safety
information generated by Oragenics, Intrexon, and relevant third parties with respect to specific Intrexon Materials. The decision to list or not list Patents in any regulatory filing for an 

  
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Oragenics Product (for example, as required by 21 C.F.R. § 314.53(b)), add or delete a Patent from a regulatory filing, or to otherwise identify a Patent to a third party in compliance with
laws or regulations relating to regulatory approvals (for example, in compliance with 42 U.S.C. § 262(a)(1)(A)(k) et seq.) shall be determined by Intrexon, after consultation with Oragenics, except with respect to Product Specific Program
Patents, which will be mutually determined by the Parties. 
 4.5 Diligence.  

(a) Oragenics shall use, and shall require its Product Sublicensees to use, Diligent Efforts to develop and Commercialize Oragenics
Products. 
 (b) Without limiting the generality of the foregoing, Intrexon may, from time to time, notify Oragenics that it believes
it has identified a Superior Therapy, and in such case Intrexon shall provide to Oragenics its then-available information about such therapy and reasonable written support for its conclusion that the therapy constitutes a Superior Therapy. Oragenics
shall have the following obligations with respect to such proposed Superior Therapy: (i) within sixty (60) days after such notification, Oragenics shall prepare and deliver to the JSC for review and approval a development plan detailing
how Oragenics will pursue the Superior Therapy (including a proposed budget); (ii) Oragenics shall revise the development plan as directed by the JSC; and (iii) following approval of the development plan by the JSC, Oragenics shall use
Diligent Efforts to pursue the development of the Superior Therapy under the Probiotics Program in accordance with such development plan. If Oragenics fails to comply with the foregoing obligations, or if Oragenics unreasonably exercises its casting
vote at the JSC to either (x) prevent the approval of a development plan for a Superior Therapy; (y) delay such approval more than sixty (60) days after delivery of the development plan to the JSC; or (z) approve a development
plan that is insufficient in view of the nature and magnitude of the opportunity presented by the Superior Therapy, then Intrexon shall have the termination right set forth in Section 10.2(c) (subject to the limitation set forth therein). For
clarity, any dispute arising under this 4.5, including any dispute as to whether a proposed project constitutes a Superior Therapy (as with any other dispute under this Agreement) shall be subject to dispute resolution in accordance with
Article 11. 
 (c) The activities of Oragenics’ Affiliates and any permitted sublicensees shall be attributed to Oragenics
for the purposes of evaluating Oragenics’ fulfillment of the obligations set forth in this Section 4.5. 
 4.6 Manufacturing.
Intrexon shall have the option and, in the event it so elects, shall use Diligent Efforts, to perform any manufacturing activities in connection with the Probiotics Program that relate to the Intrexon Materials, including through the use of a
suitable Third Party contract manufacturer. To the extent that Intrexon so elects, Intrexon may request that Oragenics and Intrexon establish and execute a separate manufacturing and supply agreement, which agreement will establish and govern the
production, quality assurance, and regulatory activities associated with manufacture of Intrexon Materials. Except as provided in Section 4.1, any manufacturing undertaken by Intrexon pursuant to the preceding sentence shall

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

4.7 Support Services. The JSC will meet promptly following the Effective Date and establish a plan under which Intrexon will provide
support services to Oragenics for the research and development of Oragenics Products under the Probiotics Program, which initial plan may be amended from time to time by the JSC. Oragenics will compensate Intrexon for such support services with cash
payments equal to Intrexon’s Fully Loaded Cost in connection with such services. Additionally, from time to time, on an ongoing basis, Oragenics shall request, or Intrexon may propose, that Intrexon perform certain additional support services
with respect to the Probiotics Program. To the extent that the Parties mutually agree that Intrexon should perform such additional services, the Parties shall negotiate in good faith the terms under which services would be performed, it being
understood that Intrexon would be compensated for such services by cash payments equal to Intrexon’s Fully Loaded Cost in connection with such services. 

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

4.9 Trademarks and Patent Marking. To the extent permitted by applicable law and regulations, Oragenics shall, and shall ensure
that the packaging, promotional materials, and labeling for Oragenics Products, as appropriate, shall carry, in a conspicuous location, the applicable Intrexon Trademark(s), subject to Oragenics’ reasonable approval of the size, position, and
location thereof. Consistent with the U.S. patent laws, Oragenics shall ensure that Oragenics Products, or their respective packaging or accompanying literature as appropriate, bear applicable and appropriate patent markings for Intrexon Patent
numbers. Oragenics shall provide Intrexon with copies of any materials containing the Intrexon Trademarks or patent markings prior to using or disseminating such materials, in order to obtain Intrexon’s approval thereof. Oragenics’ use of
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review and approval of the IPC. Oragenics acknowledges Intrexon’s sole ownership of the Intrexon Trademarks and agrees not to take any action inconsistent with such ownership. Oragenics
covenants that it shall not use any trademark confusingly similar to any Intrexon Trademarks in connection with any products (including any Oragenics Product). From time to time during the Term, Intrexon shall have the right to obtain from Oragenics
samples of Oragenics Product sold by Oragenics or its Affiliates or sublicensees, or other items which reflect public uses of the Intrexon Trademarks or patent markings, for the purpose of inspecting the quality of such Oragenics Products, the use
of the Intrexon Trademarks, or the accuracy of the patent markings. In the event that Intrexon inspects under this Section 4,9, Intrexon shall notify the result of such inspection to Oragenics in writing thereafter. Oragenics shall comply with
reasonable policies provided by Intrexon from time-to-time to maintain the goodwill and value of the Intrexon Trademarks. 
 4.10
Reporting Compliance. During the Term, in the event that Intrexon notifies Oragenics that Intrexon has reasonably concluded, after consultation with its outside advisors, that Intrexon will be required to consolidate Oragenics’ financial
statements with its own or otherwise incorporate summary financial information of Oragenics in one of or more of Intrexon’s financial reports and filings as required by US GAAP or SEC requirements, Oragenics shall comply with the
additional obligations set forth below in this Section 4.10.  
 (a) Oragenics shall keep its books and records
consistent with US GAAP. 
 (b) Oragenics shall provide to Intrexon a complete set of draft basic financial statements and a draft of
Oragenics’ Form 10-Q within twenty-eight (28) days after the end of the calendar quarter. Such financial statements may be unaudited and should be prepared in accordance with SEC and
US GAAP requirements. Additionally, if not otherwise disclosed in any such draft Form 10-Q of Oragenics, Oragenics shall provide Intrexon with its anticipated cash dry date concurrent with providing
the draft Form 10-Q. 
 (c) Oragenics shall provide to Intrexon a complete set of draft
audited financial statements, including accompanying footnotes, as of and for the end of each fiscal year and a draft of Oragenics’ Form 10-K within sixty (60) days after the end of such fiscal year. Such financial statements must be
prepared in accordance with SEC and US GAAP requirements. Additionally, if not otherwise disclosed in any such Form 10-K of Oragenics, Oragenics shall provide Intrexon with its anticipated cash dry date concurrent with providing the draft Form
10-K. 
 (d) Oragenics shall communicate in writing as soon as practical to Intrexon any material weaknesses or significant
deficiencies in internal accounting controls as well as context regarding the cause and planned disposition of such material weakness or significant deficiencies. 

(e) Oragenics shall communicate in writing as soon as practical to Intrexon any adverse event which may result in a material adjustment
to the carrying value of Intrexon’s holdings in Oragenics securities. 

  
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 (f) Oragenics shall provide to Intrexon, within a reasonable time frame, any other
items related to Oragenics operations that may be reasonably requested by Intrexon to meet its compliance requirements under applicable laws and regulations, including filing requirements with the SEC and any other regulators. 

(g) Oragenics shall work with its external auditors to cause any necessary auditor consents or other items needed from such external
auditors to be provided timely to Intrexon in order for Intrexon to meet any SEC filing requirements or other compliance requirements under applicable laws and regulations. 

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

ARTICLE 5 

COMPENSATION 

5.1 Technology Access Fee. In partial consideration for Oragenics’ appointment as an exclusive channel collaborator in the Field
and the other rights granted to Oragenics hereunder, within thirty (30) days of execution of this Agreement Oragenics shall issue the number of shares of Oragenics’ common stock having a fair market value of six million United States
dollars ($6,000,000), in accordance with the terms and conditions of that certain Stock Issuance Agreement of even date herewith (the “Equity Agreement”), which shares are termed the Technology Access Fee Shares in the Equity
Agreement. Provided that all closing conditions for the Technology Access Fee Shares (as set forth in the Equity Agreement) that are within the reasonable control of Intrexon have been satisfied or waived, the issuance of the Technology Access Fee
Shares (as set forth in the Equity Agreement) is a condition subsequent to the effectiveness of this Agreement.  
 5.2
Milestones.  
 (a) Oragenics Commercialization Milestones. Upon the first instance of attainment of certain
Commercialization Milestone Events by an Oragenics Product (whether such attainment is achieved by Oragenics or by a permitted sublicensee), Oragenics has agreed to pay Intrexon milestone payments as set forth in this Section 5.2. The milestone
payments are each payable, at Oragenics’ election subject to Section 5.2(c), either in cash or in shares of Oragenics’ common stock (using Fair Market Value, as defined in the Equity Agreement, to calculate the number of shares to be
issued to Intrexon in lieu of cash). For clarity, each of the three (3) separate Commercialization Milestone Events will trigger payment by Oragenics only once (i.e., only the first time each such Commercialization Milestone Event in question
is 

  
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achieved), and Oragenics will not be obligated to make any milestone payment for any given Oragenics Product if that same milestone payment had been previously paid to Intrexon for any previous
Oragenics Product having achieved previously the same Commercialization Milestone Event. The specific milestone payments due to Intrexon upon achievement of each of the Commercialization Milestone Events are set forth in Sections 5.2(a)(i) through
5.3(a)(iii) below. 
 (i) Oragenics shall pay Intrexon a milestone payment of two (2) million United States dollars ($2,000,000)
within thirty (30) days of the first instance of the achievement of the Phase II Milestone Event, said payment being made, at Oragenics’ option subject to Section 5.2(b), either in cash or in shares of Oragenics’ common stock.

 (ii) Oragenics shall pay Intrexon a milestone payment of five (5) million United States dollars ($5,000,000) within thirty
(30) days of the first instance of the achievement of the Phase III Milestone Event, said payment being made, at Oragenics’ option subject to Section 5.2(b), either in cash or in shares of Oragenics’ common stock. 

(iii) Oragenics shall pay Intrexon a milestone payment of ten (10) million United States dollars ($10,000,000) within thirty
(30) days of the first instance of the achievement of the Approval Milestone Event, said payment being made, at Oragenics’ option subject to Section 5.2(b), either in cash or in shares of Oragenics’ common stock. 

(b) Milestones After Company Sale. In the event that Oragenics consummates a Company Sale prior to paying to Intrexon any one or more
of the respective milestone payments set forth in Sections 5.2(a)(i) through 5.2(a)(iii) and this Agreement is transferred or assigned to the buyer in connection with such Company Sale, then all subsequent payments for Commercialization Milestone
Events shall thereafter each be payable only in cash to Intrexon. 
 (c) Product Sublicense Milestones. If (A) a
Commercialization Milestone Event occurs that gives rise to a right for Intrexon to receive a payment from Oragenics under Section 5.2(a), (B) that Commercialization Milestone Event is achieved by an Oragenics Product licensed to a Product
Sublicensee under a respective Product Sublicense, and (C) Oragenics is due to receive a milestone payment from the Product Sublicensee for achievement of that same (or substantially similar) Commercialization Milestone Event by the sublicensed
Oragenics Product under the respective Product Sublicense, then Intrexon may elect at its own discretion to waive that particular milestone payment from Oragenics for that particular Commercialization Milestone Event and instead designate the amount
of the payment due to Oragenics from the Product Sublicensee for achievement of that same (or substantially similar) Commercialization Milestone Event as Sublicensing Revenue for which Intrexon will be entitled to receive revenue sharing under
Section 5.4(b). If it so elects under this Section 5.2(c), Intrexon must notify Oragenics in writing of its waiver of the equity-based milestone and election to share the milestone payment due from the Product Sublicensee as Sublicensing
Revenue at least five (5) business days prior to the deadline for Oragenics to make a payment for the waived milestone payment. The actual receipt by Intrexon of its full share of the Product Sublicensee milestone payment as Sublicensing
Revenue will be a condition subsequent to making final any waiver of 

  
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Intrexon’s rights to receive the particular milestone payment otherwise due from Oragenics under Section 5.2(a). Oragenics will pay Intrexon any amount due under this
Section 5.2(c) within the later of (i) thirty (30) days from underlying Commercialization Milestone Event, or (ii) ten (10) days following the date stipulated in the underlying Product Sublicense for Oragenics to receive the
milestone payment. 
 5.3 Equity Agreement Controls. All issuances of stock to Intrexon shall be in accordance with the terms and
conditions of the Equity Agreement, which Equity Agreement shall control to the extent it may conflict with Sections 5.1 through 5.2 of this Agreement.  

5.4 Revenue Sharing. 

(a) No later than thirty (30) days after each calendar quarter in which there is Net Sales arising from the sale of any Oragenics
Product in the Field in the Territory, Oragenics shall pay to Intrexon ten percent (10%) of such Net Sales, on an Oragenics Product-by-Oragenics Product basis. Commencing with the Effective Date, in the event that no Net Sales occur for a
particular Oragenics Product in any calendar quarter, neither Oragenics nor Intrexon shall owe any payments hereunder with respect to such Oragenics Product. 

(b) No later than thirty (30) days after each calendar quarter in which Oragenics or any Oragenics Affiliate receives Sublicensing
Revenue, Oragenics shall pay to Intrexon a percentage of such Sublicensing Revenue equal to the applicable Sublicensing Revenue Rate. For purposes of clarity, sales of Oragenics Products by permitted sublicensees shall not constitute Net Sales. 

5.5 Method of Payment. Except for payments payable as and made in the form of common stock, payments due to Intrexon under this
Agreement shall be paid in United States dollars by wire transfer to a bank in the United States designated in writing by Intrexon. All references to “dollars” or “$” herein shall refer to United States dollars. 

5.6 Payment Reports and Records Retention. Within thirty (30) days after the end of each calendar quarter during which Net Sales
have been generated, during which Sublicensing Revenue has been received, during which a Commercialization Milestone Even has been achieved or a payment for such is made or due, Oragenics shall deliver to Intrexon a written report that shall contain
at a minimum for the applicable calendar quarter: 
 (a) gross sales of each Oragenics Product (on a country-by-country
basis); 
 (b) itemized calculation of Net Sales, showing all applicable deductions; 

(c) itemized calculation of Cost of Goods Sold; 

(d) itemized calculation of Sublicensing Revenue, including any offsets claimed for Third Party license costs; 

  
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 (e) the amount of the payment (if any) due pursuant to Section 5.4(a) and/or
5.4(b); 
 (f) the amount of the payment (if any) made or made due by the achievement of an applicable Commercialization Milestone
Event during the present calendar quarter; 
 (g) the amount of taxes, if any, withheld to comply with any applicable law; and 

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

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

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

(b) If such accounting firm concludes that additional amounts were owed during such period, Oragenics shall pay additional amounts,
with interest from the date originally due as set forth in Section 5.9, within thirty (30) days of receipt of the accounting firm’s written report. If the amount of the underpayment is greater than five percent (5%) of the total
amount actually owed for the period audited, then Oragenics shall in addition reimburse Intrexon for all costs related to such audit; otherwise, Intrexon shall pay all costs of the audit. In the event of overpayment, any amount of such overpayment
shall be fully creditable against amounts payable for the immediately succeeding calendar quarter(s); provided, however, that if such overpayment is reasonably expected to exceed the amount projected to be payable to Intrexon by Oragenics over next
[*****], Intrexon will promptly repay to Oragenics any amount exceeding that projected amount. 
 (c) Intrexon shall (i) treat
all information that it receives under this Section 5.7 in accordance with the confidentiality provisions of Article 7 and (ii) cause its accounting 

  
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firm to enter into an acceptable confidentiality agreement with Oragenics obligating such firm to retain all such financial information in confidence pursuant to such confidentiality agreement,
in each case except to the extent necessary for Intrexon to enforce its rights under this Agreement. 
 5.8 Taxes. The Parties will
cooperate in good faith to obtain the benefit of any relevant tax treaties to minimize as far as reasonably possible any taxes which may be levied on any amounts payable hereunder. Oragenics shall deduct or withhold from any payments any taxes that
it is required by applicable law to deduct or withhold. Notwithstanding the foregoing, if Intrexon is entitled under any applicable tax treaty to a reduction of the rate of, or the elimination of, applicable withholding tax, it may deliver to
Oragenics or the appropriate governmental authority (with the assistance of Oragenics to the extent that this is reasonably required and is expressly requested in writing) the prescribed forms necessary to reduce the applicable rate of withholding
or to relieve Oragenics of its obligation to withhold tax, and Oragenics shall apply the reduced rate of withholding tax, or dispense with withholding tax, as the case may be, provided that Oragenics has received evidence of Intrexon’s delivery
of all applicable forms (and, if necessary, its receipt of appropriate governmental authorization) at least fifteen (15) days prior to the time that the payment is due. If, in accordance with the foregoing, Oragenics withholds any amount, it
shall make timely payment to the proper taxing authority of the withheld amount, and send to Intrexon proof of such payment within forty-five (45) days following that latter payment. 

5.9 Late Payments. Any amount owed by Oragenics to Intrexon under this Agreement that is not paid within the applicable time period set
forth herein shall accrue interest at the lower of (a) two percent (2%) per month, compounded, or (b) the highest rate permitted under applicable law. 

ARTICLE 6 

INTELLECTUAL PROPERTY 

6.1 Ownership. 

(a) Subject to the license granted under Section 3.1, all rights in the Intrexon IP shall remain with Intrexon. 

(b) Oragenics and/or Intrexon may solely or jointly conceive, reduce to practice or develop discoveries, inventions, processes,
techniques, and other technology, whether or not patentable, in the course of performing the Probiotics Program (collectively “Inventions”). Each Party shall promptly provide the other Party with a detailed written description of
any such Inventions that relate to the Field. Inventorship shall be determined in accordance with United States patent laws. 
 (c)
Intrexon shall solely own all right, title and interest in all Inventions related to Intrexon Channel Technology, together with all Patent rights and other intellectual property rights therein (the “Channel-Related Program IP”).
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its right, title and interest in and to the Channel-Related Program IP to Intrexon. Oragenics agrees to execute such documents and perform such other acts as Intrexon may reasonably request to
obtain, perfect and enforce its rights to the Channel-Related Program IP and the assignment thereof. 
 (d) Notwithstanding anything
to the contrary in this Agreement, any discovery, invention, process, technique, or other technology, whether or not patentable, that is conceived, reduced to practice or developed by Oragenics solely or jointly through the use of the Intrexon
Channel Technology, Intrexon IP, or Intrexon Materials in breach of the terms and conditions of this Agreement, together with all patent rights and other intellectual property rights therein, shall be solely owned by Intrexon and shall be included
in the Channel-Related Program IP. 
 (e) All Information regarding Channel-Related Program IP shall be Confidential Information of
Intrexon. Oragenics shall be under appropriate written agreements with each of its employees, contractors, or agents working on the Probiotics Program, pursuant to which such person shall grant all rights in the Inventions to Oragenics (so that
Oragenics may convey certain of such rights to Intrexon, as provided herein) and agree to protect all Confidential Information relating to the Probiotics Program. 

(f) All rights, technology, and intellectual property (A) owned by Oragenics or licensed from a Third Party by Oragenics as of the
Effective Date, or (B) thereafter developed by Oragenics independent of the Probiotics Program, Intrexon Channel Technology, Intrexon IP or Intrexon Materials, shall be owned by and remain the property of Oragenics (the “Oragenics
Independent IP”). 
 6.2 Patent Prosecution. 

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

  
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 (b) Oragenics shall have the sole right, but not the obligation, to conduct and
control the filing, prosecution and maintenance of any Patents claiming Inventions that are owned by Oragenics or its Affiliates and not assigned to Intrexon under Section 6.1(c) (“Oragenics Program Patents”). At the reasonable
request of Oragenics, Intrexon shall cooperate with Oragenics in connection with such filing, prosecution, and maintenance, at Oragenics’ expense. 

(c) As used above “Prosecuting Party” means Intrexon in the case of Intrexon Patents and Oragenics in the case of
Oragenics Program Patents. The Prosecuting Party shall be entitled to use patent counsel selected by it and reasonably acceptable to the non-Prosecuting Party (including in-house patent counsel as well as outside patent counsel) for the prosecution
of the Intrexon Patents and Oragenics Program Patents, as applicable. The Prosecuting Party shall: 
 (i) regularly provide the other Party
in advance with reasonable information relating to the Prosecuting Party’s prosecution of Patents hereunder, including by providing copies of substantive communications, notices and actions submitted to or received from the relevant patent
authorities and copies of drafts of filings and correspondence that the Prosecuting Party proposes to submit to such patent authorities (it being understood that, to the extent that any such information is readily accessible to the public, the
Prosecuting Party may, in lieu of directly providing copies of such information to such other Party, provide such other Party with sufficient information that will permit such other Party to access such information itself directly); 

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

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

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

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

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

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

  
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 ARTICLE 7 

CONFIDENTIALITY 

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

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

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

7.2 Authorized Disclosure. Notwithstanding the limitations in this Article 7, either Party may disclose the Confidential Information
belonging to the other Party to the extent such disclosure is reasonably necessary in the following instances: 
 (a) complying with
applicable laws or regulations or valid court orders, provided that the Party making such disclosure provides the other Party with reasonable prior written notice of such request or demand for disclosure and makes a reasonable effort to
obtain, or to assist the other Party in obtaining, a protective order preventing or limiting the disclosure and/or requiring that the terms and conditions of this Agreement be used only for the purposes for which the law or regulation required, or
for which the order was issued; 

  
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 (b) to regulatory authorities in order to seek or obtain approval to conduct clinical
trials, or to gain regulatory approval, of Oragenics Products or any products being developed by Intrexon or its other licensees and/or channel partners or collaborators, provided that the Party making such disclosure (i) provides the other
Party with reasonable opportunity to review any such disclosure in advance and to suggest redactions or other means of limiting the disclosure of such other Party’s Confidential Information and (ii) does not unreasonably reject any such
suggestions; 
 (c) disclosure to investors and potential investors, acquirers, or merger candidates who agree to maintain the
confidentiality of such information, provided that such disclosure is used solely for the purpose of evaluating such investment, acquisition, or merger (as the case may be); 

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

(e) disclosure of the terms of this Agreement by Intrexon to collaborators and other channel partners or collaborators who agree to be
bound by obligations of confidentiality and non-use at least equivalent in scope to those set forth in this Article 7. 
 7.3 Publicity;
Publications. The Parties agree that the public announcement of the execution of this Agreement shall be substantially in the form of a press release (the form of which shall be mutually agreed to by the Parties) and/or the filing of a Form 8-K
by one or both of the Parties (to the extent required by relevant laws or regulations relating to required disclosure of material information to public markets and/or the SEC). Each Party will provide the other Party with the opportunity to review
and comment, prior to submission or presentation, on external reports, securities filings, publications and presentations (e.g., press releases, reports to government agencies, abstracts, posters, manuscripts and oral presentations) that refer to
the Probiotics Program, Oragenics Products, or programs that are approved by the JSC. For such reports, publications, and presentations, the disclosing Party will provide the other Party at least fifteen (15) calendar days for review of the
proposed submission or presentation. In the case of a Form 8-K filing, such shall be provided to the non-filing Party by the filing party as soon as practicable prior to filing for review and comment. For reports and manuscripts, the disclosing
Party will provide the other Party at least thirty (30) days for review of the report or manuscript. The presenting Party will act in good faith to incorporate the comments of the other Party and shall, in any event, redact any Confidential
Information of the other Party and cooperate with the other Party to postpone such submissions or presentations if necessary to provide the other Party with sufficient time to prepare and file any related Patent applications before the submission or
presentation occurs, as appropriate. 

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

(a) For the purpose of confirming compliance with the Field-limited licenses granted in Article 3, the diligence obligations of Article
4, and the confidentiality obligations under Article 7, Oragenics acknowledges that Intrexon’s authorized representative(s), during regular business hours may (i) examine and inspect Oragenics’ facilities and (ii) inspect all
data and work products relating to this Agreement, subject to restrictions imposed by applicable laws. Any examination or inspection hereunder shall require five (5) business days written notice from Intrexon to Oragenics. Oragenics will make
itself and the pertinent employees and/or agents available, on a reasonable basis, to Intrexon for the aforementioned compliance review. 

(b) For the purpose of confirming compliance with the diligence obligations of Section 4.6, and the confidentiality obligations
under Article 7, Intrexon acknowledges that Oragenics authorized representative(s), during regular business hours may (i) examine and inspect Intrexon’s facilities and (ii) inspect all data and work products relating to this
Agreement. Any examination or inspection hereunder shall require five (5) business days written notice from Oragenics to Intrexon. Intrexon will make itself and the pertinent employees and/or agents available, on a reasonable basis, to
Oragenics for the aforementioned compliance review. 
 (c) In view of the Intrexon Confidential Information, Intrexon Know-How, and
Intrexon Materials transferred to Oragenics hereunder, Intrexon from time-to-time, but no more than quarterly, may request that Oragenics confirm the status of the Intrexon Materials at Company (i.e. how much used, how much shipped, to whom and any
unused amounts destroyed (by whom, when) as well as any amounts returned to Intrexon or destroyed). Within ten (10) business days of Oragenics’ receipt of any such written request, Oragenics shall provide the written report to Intrexon.

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

  
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 ARTICLE 8 

REPRESENTATIONS AND WARRANTIES 

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

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

8.2 Representations and Warranties of Intrexon. Intrexon hereby represents and warrants to Oragenics that, as of the Effective Date:

 (a) Corporate Power. Intrexon is duly organized and validly existing under the laws of Virginia and has full corporate power
and authority to enter into this Agreement and to carry out the provisions hereof. 
 (b) Due Authorization. Intrexon is duly
authorized to execute and deliver this Agreement and to perform its obligations hereunder, and the person executing this Agreement on Intrexon’s behalf has been duly authorized to do so by all requisite corporate action. 

(c) Binding Agreement. This Agreement is a legal and valid obligation binding upon Intrexon and enforceable in accordance with its
terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization, arrangement, moratorium or other similar laws affecting creditors’ rights, and subject to general equity principles and to limitations on
availability of equitable relief, including specific performance. The execution, 

  
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delivery and performance of this Agreement by Intrexon does not conflict with any agreement, instrument or understanding, oral or written, to which it is a party or by which it may be bound.
Intrexon is aware of no action, suit or inquiry or investigation instituted by any governmental agency which questions or threatens the validity of this Agreement. 

(d) Additional Intellectual Property Representations. 

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

(iii) Intrexon has not granted, and during the Term Intrexon will not grant, any right or license, to any Third Party under the Intrexon IP
that conflicts with the rights or licenses granted or to be granted to Oragenics hereunder; 
 (iv) There is no pending litigation, and
Intrexon has not received any written notice of any claims or litigation, seeking to invalidate or otherwise challenge the Intrexon IP or Intrexon’s rights therein; 

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

(vi) All of the Intrexon Patents have been filed and prosecuted in accordance with all applicable laws and have been maintained, with all
applicable fees with respect thereto (to the extent such fees have come due) having been paid; 
 (vii) Intrexon has entered into
agreements with each of its current and former officers, employees and consultants involved in research and development work, including development of the Intrexon’s products and technology providing Intrexon, to the extent permitted by law,
with title and ownership to patents, patent applications, trade secrets and inventions conceived, developed, reduced to practice by such person, solely or jointly with other of such persons, during the period of employment by or contract with
Intrexon (except where the failure to have entered into such an agreement would not have a material adverse effect on the rights granted to Oragenics herein), and Intrexon is not aware that any of its employees or consultants is in material
violation thereof; 
 (viii) To Intrexon’s knowledge, there is no infringement, misappropriation or violation by Third Parties of any
Intrexon Channel Technology or Intrexon IP in the Field; 
 (ix) There is no pending or, to Intrexon’s knowledge, threatened action,
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otherwise violates any intellectual property or other proprietary rights of others in connection with the use of the Intrexon Channel Technology or Intrexon IP, and Intrexon has not received any
written notice of such claim; 
 (x) To Intrexon’s knowledge, no employee of Intrexon is the subject of any claim or proceeding
involving a violation of any term of any employment contract, patent disclosure agreement, invention assignment agreement, non-competition agreement, non-solicitation agreement, non-disclosure agreement or any restrictive covenant to or with a
former employer (A) where the basis of such violation relates to such employee’s employment with Intrexon or actions undertaken by the employee while employed with Intrexon and (B) where such violation is relevant to the use of the
Intrexon Channel Technology in the Field; 
 (xi) None of the Intrexon Patents owned by Intrexon or its Affiliates, and, to Intrexon’s
knowledge, the Intrexon Patents licensed to Intrexon or its Affiliates, have been adjudged invalid or unenforceable by a court of competent jurisdiction or applicable government agency, in whole or in part, and there is no pending or, to
Intrexon’s knowledge, threatened action, suit, proceeding or claim by others challenging the validity or scope of any such Intrexon Patents; and 

(xii) Except as otherwise disclosed in writing to Oragenics, Intrexon: (A) is in material compliance with all statutes, rules or
regulations applicable to the ownership, testing, development, manufacture, packaging, processing, use, distribution, marketing, labeling, promotion, sale, offer for sale, storage, import, export or disposal of any product that is under development,
manufactured or distributed by Intrexon in the Field (“Applicable Laws”); (B) has not received any FDA Form 483, notice of adverse finding, warning letter, untitled letter or other correspondence or notice from the United
States Food and Drug Administration (the “FDA”) or any other federal, state, local or foreign governmental or regulatory authority alleging or asserting material noncompliance with any Applicable Laws or any licenses, certificates,
approvals, clearances, authorizations, permits and supplements or amendments thereto required by any such Applicable Laws (“Authorizations”), which would, individually or in the aggregate, result in a material adverse effect;
(C) possesses all material Authorizations necessary for the operation of its business as described in the Field and such Authorizations are valid and in full force and effect and Intrexon is not in material violation of any term of any such
Authorizations; and (D) since January 1, 2011, (1) has not received notice of any claim, action, suit, proceeding, hearing, enforcement, investigation, arbitration or other action from the FDA or any other federal, state, local or
foreign governmental or regulatory authority or third party alleging that any product operation or activity is in material violation of any Applicable Laws or Authorizations and has no knowledge that the FDA or any other federal, state, local or
foreign governmental or regulatory authority or third party is considering any such claim, litigation, arbitration, action, suit investigation or proceeding; (2) has not received notice that the FDA or any other federal, state, local or foreign
governmental or regulatory authority has taken, is taking or intends to take action to limit, suspend, modify or revoke any material Authorizations and has no knowledge that the FDA or any other federal, state, local or foreign governmental or
regulatory authority is considering such action; (3) has filed, obtained, maintained or submitted all material reports, documents, forms, notices, applications, records, claims, submissions and 

  
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supplements or amendments as required by any Applicable Laws or Authorizations and that all such reports, documents, forms, notices, applications, records, claims, submissions and supplements or
amendments were materially complete and correct on the date filed (or were corrected or supplemented by a subsequent submission); and (4) has not, either voluntarily or involuntarily, initiated, conducted, or issued or caused to be initiated,
conducted or issued, any recall, market withdrawal or replacement, safety alert, post sale warning, “dear doctor” letter, or other notice or action relating to the alleged lack of safety or efficacy of any product or any alleged product
defect or violation and, to Intrexon’s knowledge, no third party has initiated, conducted or intends to initiate any such notice or action. 
 except,
in each of (ix) through (xii), for any instances which would not, individually or in the aggregate, result in a material adverse effect on the rights granted to Oragenics hereunder or Intrexon’s ability to perform its obligations
hereunder. 
 8.3 Warranty Disclaimer. EXCEPT FOR THE EXPRESS WARRANTIES PROVIDED IN THIS ARTICLE 8 OR IN THE EQUITY AGREEMENT, EACH
PARTY HEREBY DISCLAIMS ANY AND ALL OTHER WARRANTIES, EITHER EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION ANY WARRANTIES OF TITLE, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR NONINFRINGEMENT OF THE INTELLECTUAL PROPERTY RIGHTS OF THIRD
PARTIES. 
 ARTICLE 9 

INDEMNIFICATION 

9.1 Indemnification by Intrexon. Intrexon agrees to indemnify, hold harmless, and defend Oragenics and its Affiliates and their
respective directors, officers, employees, and agents (collectively, the “Oragenics Indemnitees”) from and against any and all liabilities, damages, costs, expenses, or losses (including reasonable legal expenses and attorneys’
fees) (collectively, “Losses”) resulting from any claims, suits, actions, demands, or other proceedings brought by a Third Party (collectively, “Claims”) to the extent arising from (a) the negligence or willful
misconduct of Intrexon or any of its Affiliates, or their respective employees or agents, (b) the use, handling, storage or transport of Intrexon Materials by or on behalf of Intrexon or its Affiliates, licensees (other than Oragenics) or
sublicensees; or (c) breach by Intrexon of any representation, warranty or covenant in this Agreement. Notwithstanding the foregoing, Intrexon shall not have any obligation to indemnify the Oragenics Indemnitees to the extent that a Claim
arises from (i) the negligence or willful misconduct of Oragenics or any of its Affiliates, licensees, or sublicensees, or their respective employees or agents; or (ii) a breach by Oragenics of a representation, warranty, or covenant of
this Agreement. 
 9.2 Indemnification by Oragenics. Oragenics agrees to indemnify, hold harmless, and defend Intrexon, its
Affiliates and Third Security, and their respective directors, officers, employees, and agents (and any Third Parties which have licensed to Intrexon intellectual property rights within Intrexon IP on or prior to the Effective Date, to the extent
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relevant upstream license agreement) (collectively, the “Intrexon Indemnitees”) from and against any Losses resulting from Claims, to the extent arising from any of the
following: (a) the negligence or willful misconduct of Oragenics or any of its Affiliates or their respective employees or agents; (b) the use, handling, storage, or transport of Intrexon Materials by or on behalf of Oragenics or its
Affiliates, licensees, or sublicensees; (c) breach by Oragenics of any material representation, warranty or covenant in this Agreement; or (d) the design, development, manufacture, regulatory approval, handling, storage, transport,
distribution, sale or other disposition of any Oragenics Product by or on behalf of Oragenics or its Affiliates, licensees, or sublicensees. Notwithstanding the foregoing, Oragenics shall not have any obligation to indemnify the Intrexon Indemnitees
to the extent that a Claim arises from (i) the negligence or willful misconduct of Intrexon or any of its Affiliates, or their respective employees or agents; or (ii) a breach by Intrexon of a representation, warranty, or covenant of this
Agreement. 
 9.3 Product Liability Claims. Notwithstanding the provisions of Section 9.2, any Losses arising out of any
Third Party claim, suit, action, proceeding, liability or obligation involving any actual or alleged death or bodily injury arising out of or resulting from the development, manufacture or Commercialization of any Oragenics Products for use or sale
in the Field, to the extent that such Losses exceed the amount (if any) covered by the applicable Party’s product liability insurance (“Excess Product Liability Costs”), shall be paid by [*****], except to the extent such
Losses arise out of any Third-Party Claim based on the gross negligence or willful misconduct of a Party, its Affiliates, or its Affiliates’ sublicensees, or any of the respective officers, directors, employees and agents of each of the
foregoing entities, in the performance of obligations or exercise of rights under this Agreement. 
 9.4 Control of Defense.
As a condition precedent to any indemnification obligations hereunder, any entity entitled to indemnification under this Article 9 shall give written notice to the indemnifying Party of any Claims that may be subject to indemnification, promptly
after learning of such Claim. If such Claim falls within the scope of the indemnification obligations of this Article 9, then the indemnifying Party shall assume the defense of such Claim with counsel reasonably satisfactory to the indemnified
Party. The indemnified Party shall cooperate with the indemnifying Party in such defense. The indemnified Party may, at its option and expense, be represented by counsel of its choice in any action or proceeding with respect to such Claim. The
indemnifying Party shall not be liable for any litigation costs or expenses incurred by the indemnified Party without the indemnifying Party’s written consent, such consent not to be unreasonably withheld. The indemnifying Party shall not
settle any such Claim if such settlement (a) does not fully and unconditionally release the indemnified Party from all liability relating thereto or (b) adversely impacts the exercise of the rights granted to the indemnified Party under
this Agreement, unless the indemnified Party otherwise agrees in writing. 
 9.5 Insurance. Immediately prior to, and during
marketing of Oragenics Products, Oragenics shall maintain, and shall cause its permitted sublicensees to maintain, in effect and good standing a product liability insurance policy issued by a reputable insurance company in amounts considered
standard for the industry. Immediately prior to, and during the conduct of any clinical trials, Oragenics shall maintain, and shall cause any relevant permitted sublicensees 

  
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to maintain, in effect and good standing a clinical trials liability insurance policy issued by a reputable insurance company in amounts considered standard for the industry. At Intrexon’s
reasonable request, Oragenics shall provide Intrexon with all details regarding such policies, including without limitation copies of the applicable liability insurance contracts. Oragenics shall use reasonable efforts to include Intrexon as an
additional insured on any such policies. 
 ARTICLE 10 

TERM; TERMINATION 

10.1 Term. The term of this Agreement shall commence upon the Effective Date and shall continue until terminated pursuant to
Section 10.2 or 10.3 (the “Term”). 
 10.2 Termination for Material Breach; Termination Under
Section 4.5(b) 
 (a) Either Party shall have the right to terminate this Agreement upon written notice to the other Party
if the other Party commits any material breach of this Agreement that such breaching Party fails to cure within sixty (60) days following written notice from the nonbreaching Party specifying such breach, provided, however, that solely for
purposes of Section 9.5 the cure period shall be ninety (90) days. 
 (b) Intrexon shall have the right to terminate this
Agreement, at its sole discretion, if any necessary shareholder, exchange, and/or board of director approvals have not been obtained, and the Technology Access Fee Shares (as defined in the Equity Agreement) have not been issued, within sixty
(60) days following the Effective Date. 
 (c) Intrexon shall have the right to terminate this Agreement under the circumstances
set forth in Section 4.5(b) upon written notice to Oragenics, such termination to become effective sixty (60) days following such written notice unless Oragenics remedies the circumstances giving rise to such termination within such sixty
(60) day period. 
 (d) Intrexon shall have the right to terminate this Agreement should Oragenics execute any purported
assignment of this Agreement contrary to the prohibitions in Section 12.8, such termination occurring upon Intrexon providing written notice to Oragenics and becoming effective immediately upon such written notice. 

10.3 Termination by Oragenics. Following the full payment of the Technology Access Fee to Intrexon, Oragenics shall have the right to
voluntarily terminate this Agreement in its entirety upon ninety (90) days written notice to Intrexon. 
 10.4 Effect of
Termination. In the event of termination of this Agreement pursuant to Section 10.2 or Section 10.3, the following shall apply: 

(a) Retained Products. Oragenics shall be permitted to continue the clinical development and Commercialization in the Field of any
product resulting from the Probiotics Program that, at the time of any termination, satisfies at least one of the following criteria (a “Retained Product”): 

(i) the particular product is an Oragenics Product that is being sold by Oragenics (or, as may be permitted in accord with this Agreement,
its Affiliates or sublicensees) triggering profit sharing payments therefor under Sections 5.4(a) or 5.4(b) of this Agreement, 

  
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 (ii) the particular product is an Oragenics Product has received regulatory approval, 

(iii) the particular product is an Oragenics Product that is the subject of an application for regulatory approval in the Field that is
pending before the applicable regulatory authority, or 
 (iv) the particular product is an Oragenics Product that is the subject of at
least an ongoing Phase 1, Phase 2 or Phase 3 clinical trial in the Field (in the case of a termination by Intrexon due to an Oragenics uncured breach pursuant to Section 10.2(a) or a termination by Oragenics pursuant to
Section 10.3). 
 Such right to continue development and Commercialization shall be subject to Oragenics’ full compliance with the payment
provisions in Article 5, a continuing obligation for Oragenics to use in accord with Sections 4.5(a) and 4.5(c) Diligent Efforts to develop and Commercialize any Retained Products, and all other provisions of this Agreement that survive termination.

 (b) Termination of Licenses. Except as necessary for Oragenics to continue to obtain regulatory approval for, clinically develop,
use, manufacture and Commercialize the Retained Products in the Field as permitted by Section 10.4(a), all rights and licenses granted by Intrexon to Oragenics under this Agreement shall terminate and shall revert to Intrexon without further
action by either Intrexon or Oragenics. Oragenics’ license with respect to Retained Products shall be exclusive or non-exclusive, as the case may be, on the same terms as set forth in Section 3.1. 

(c) Reverted Products. All Oragenics Products other than the Retained Products shall be referred to herein as the “Reverted
Products.” Oragenics shall immediately cease, and shall cause its Affiliates and, if applicable, (sub)licensees to immediately cease, all development and Commercialization of the Reverted Products, and Oragenics shall not use or practice,
nor shall it cause or permit any of its Affiliates or, if applicable, (sub)licensees to use or practice, directly or indirectly, any Intrexon IP with respect to the Reverted Products. Oragenics shall immediately discontinue making any representation
regarding its status as a licensee or channel collaborator of Intrexon with respect to the Reverted Products. 
 (d) Intrexon
Materials. Oragenics shall promptly return, or at Intrexon’s request, destroy, any Intrexon Materials in Oragenics’ possession or control at the time of termination other than any Intrexon Materials necessary for the continued
development, regulatory approval, use, manufacture and Commercialization of the Retained Products in the Field. 

  
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 (e) Licenses to Intrexon. Oragenics is automatically deemed to grant to Intrexon a
worldwide, fully paid, royalty-free, exclusive (even as to Oragenics and its Affiliates), irrevocable, license (with full rights to sublicense) under the Oragenics Termination IP, to make, have made, import, use, offer for sale and sell Reverted
Products and to use the Intrexon Channel Technology, the Intrexon Materials, and/or the Intrexon IP in the Field, subject to any exclusive rights held by Oragenics in Reverted Products pursuant to Section 10.4(c). The Parties shall also take
such actions and execute such other instruments and documents as may be reasonably necessary to document such license to Intrexon. 
 (f)
Regulatory Filings. Oragenics shall promptly assign to Intrexon, and will provide full copies of, all regulatory approvals and regulatory filings that relate specifically and solely to Reverted Products. Oragenics shall also take such actions
and execute such other instruments, assignments and documents as may be necessary to effect the transfer of rights thereunder to Intrexon. To the extent that there exist any regulatory approvals and regulatory filings that relate both to Reverted
Products and other products, Oragenics shall provide copies of the portions of such regulatory filings that relate to Reverted Products and shall reasonably cooperate to assist Intrexon in obtaining the benefits of such regulatory approvals with
respect to the Reverted Products. 
 (g) Data Disclosure. Oragenics shall provide to Intrexon copies of the relevant portions of all
material reports and data, including clinical and non-clinical data and reports, obtained or generated by or on behalf of Oragenics or its Affiliates to the extent that they relate to Reverted Products, within sixty (60) days of such
termination unless otherwise agreed, and Intrexon shall have the right to use any such Information in developing and Commercializing Reverted Products and to license any Third Parties to do so. 

(h) Third-Party Licenses. At Intrexon’s request, Oragenics shall promptly provide to Intrexon copies of all Third-Party agreements
under which Oragenics or its Affiliates obtained a license under Patents claiming inventions or know-how specific to or used or incorporated into the development, manufacture and/or Commercialization of the Reverted Products. At Intrexon’s
request such that Intrexon may Commercialize the Reverted Products, Oragenics shall promptly work with Intrexon to either, as appropriate, (A) assign to Intrexon the Third Party agreement(s), or (B) grant a sublicense (with an appropriate
scope) to Intrexon under the Third Party agreement(s). Thereafter Intrexon shall be fully responsible for all obligations due for its actions under the sublicensed or assigned Third Party agreements. Notwithstanding the above, if Intrexon does not
wish to assume any financial or other obligations associated with a particular Third Party agreement identified to Intrexon under this Section 10.4(h), then Intrexon shall so notify Oragenics and Oragenics shall not make such assignment or
grant such sublicense (or cause it to be made or granted). 
 (i) Remaining Materials. At the request of Intrexon, Oragenics shall
transfer to Intrexon all quantities of Reverted Product (including final products or work-in-process) in the possession of Oragenics or its Affiliates. Oragenics shall transfer to Intrexon all such quantities of Reverted Products without charge,
except that Intrexon shall pay the reasonable costs of shipping. 

  
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Exchange Commission. 
  

 (j) Third Party Vendors. At Intrexon’s request, Oragenics shall promptly provide
to Intrexon copies of all agreements between Oragenics or its Affiliates and Third Party suppliers, vendors, or distributors that relate to the supply, sale, or distribution of Reverted Products in the Territory. At Intrexon’s request,
Oragenics shall promptly: (A) with respect to such Third Party agreements relating solely to the applicable Reverted Products and permitting assignment, immediately assign (or cause to be assigned), such agreements to Intrexon, and
(B) with respect to all other such Third Party agreements, Oragenics shall reasonably cooperate to assist Intrexon in obtaining the benefits of such agreements. Oragenics shall be liable for any costs associated with assigning a Third Party
agreement to Intrexon or otherwise obtaining the benefits of such agreement for Intrexon, to the extent such costs are directly related to Oragenics’ breach. For the avoidance of doubt, Intrexon shall have no obligation to assume any of
Oragenics’ obligations under any Third Party agreement. 
 (k) Commercialization. Intrexon shall have the right to develop and
Commercialize the Reverted Products itself or with one or more Third Parties, and shall have the right, without obligation to Oragenics, to take any such actions in connection with such activities as Intrexon (or its designee), at its discretion,
deems appropriate. 
 (l) Confidential Information. Each Party shall promptly return, or at the other Party’s request destroy,
any Confidential Information of the other Party in such Party’s possession or control at the time of termination; provided, however, that each Party shall be permitted to retain (i) a single copy of each item of Confidential Information of
the other Party in its confidential legal files for the sole purpose of monitoring and enforcing its compliance with Article 7, (ii) Confidential Information of the other Party that is maintained as archive copies on the recipient Party’s
disaster recovery and/or information technology backup systems, or (iii) Confidential Information of the other Party necessary to exercise such Party’s rights in Retained Products (in the case of Oragenics) or Reverted Products (in the
case of Intrexon). The recipient of Confidential Information shall continue to be bound by the terms and conditions of this Agreement with respect to any such Confidential Information retained in accordance with this Section 10.4(l). 

10.5 Surviving Obligations. Termination or expiration of this Agreement shall not affect any rights of either Party arising out of any
event or occurrence prior to termination, including, without limitation, any obligation of Oragenics to pay any amount which became due and payable under the terms and conditions of this Agreement prior to expiration or such termination. The
following portions of this Agreement shall survive termination or expiration of this Agreement: Sections 3.1 (as applicable with respect to 10.4(b), 5.5, 5.7, 6.1, 6.2 (with subsection (c) surviving only to the extent relating to Intrexon
Patents that are relevant to Retained Products that, to Intrexon’s knowledge, are being developed or Commercialized at such time, if any), 7.1, 7.2, 7.4, 7.5, 10.4, and 10.5; Articles 9, 11, and 12; and any relevant definitions in Article 1.
Further, Article 7 and Sections 4.5(a), 4.5(c), 5.2 through 5.8, and 9.5 will survive termination of this Agreement to the extent there are applicable Retained Products. 

  
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Exchange Commission. 
  

 ARTICLE 11 

DISPUTE RESOLUTION 

11.1 Disputes. It is the objective of the Parties to establish procedures to facilitate the resolution of disputes arising under this
Agreement in an expedient manner by mutual cooperation and without resort to litigation. In the event of any disputes, controversies or differences which may arise between the Parties out of or in relation to or in connection with this Agreement
(other than disputes arising from a Committee), including, without limitation, any alleged failure to perform, or breach, of this Agreement, or any issue relating to the interpretation or application of this Agreement, then upon the request of
either Party by written notice, the Parties agree to meet and discuss in good faith a possible resolution thereof, which good faith efforts shall include at least one in-person meeting between the Executive Officers of each Party. If the matter is
not resolved within thirty (30) days following the written request for discussions, either Party may then invoke the provisions of Section 11.2. For the avoidance of doubt, any disputes, controversies or differences arising from a
Committee pursuant to Article 2 shall be resolved solely in accordance with Section 2.4. 
 11.2 Arbitration. Any dispute,
controversy, difference or claim which may arise between the Parties and not from a Committee, out of or in relation to or in connection with this Agreement (including, without limitation, arising out of or relating to the validity, construction,
interpretation, enforceability, breach, performance, application or termination of this Agreement) that is not resolved pursuant to Section 11.1 shall, subject to Section 11.10, be settled by binding “baseball arbitration” as
follows. Either Party, following the end of the thirty (30) day period referenced in Section 11.1, may refer such issue to arbitration by submitting a written notice of such request to the other Party. Promptly following receipt of such
notice, the Parties shall meet and discuss in good faith and seek to agree on an arbitrator to resolve the issue, which arbitrator shall be neutral and independent of both Parties and all of their respective Affiliates, shall have significant
experience and expertise in licensing and partnering agreements in the pharmaceutical and biotechnology industries, and shall have some experience in mediating or arbitrating issues relating to such agreements. If the Parties cannot agree on a
single arbitrator within fifteen (15) days of request by a Party for arbitration, then each Party shall select an arbitrator meeting the foregoing criteria and the two (2) arbitrators so selected shall select within ten (10) days of
their appointment a third arbitrator meeting the foregoing criteria. Within fifteen (15) days after an arbitrator(s) is selected (in the case of the three-person panel, when the third arbitrator is selected), each Party will deliver to both the
arbitrator(s) and the other Party a detailed written proposal setting forth its proposed terms for the resolution for the matter at issue (the “Proposed Terms” of the Party) and a memorandum (the “Support
Memorandum”) in support thereof. The Parties will also provide the arbitrator(s) a copy of this Agreement, as it may be amended at such time. Within fifteen (15) days after receipt of the other Party’s Proposed Terms and Support
Memorandum, each Party may submit to the arbitrator(s) (with a copy to the other Party) a response to the other Party’s Support Memorandum. Neither Party may have any other communications (either written or oral) with the arbitrator(s) other
than for the sole purpose of engaging the arbitrator or as expressly permitted in this Section 11.2; provided that, the arbitrator(s) may convene a hearing if the arbitrator(s) so chooses to ask questions of the Parties

  
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and hear oral argument and discussion regarding each Party’s Proposed Terms. Within sixty (60) days after the arbitrator’s appointment, the arbitrator(s) will select one of the two
Proposed Terms (without modification) provided by the Parties that he or she believes is most consistent with the intention underlying and agreed principles set forth in this Agreement. The decision of the arbitrator(s) shall be final, binding, and
unappealable. For clarity, the arbitrator(s) must select as the only method to resolve the matter at issue one of the two sets of Proposed Terms, and may not combine elements of both Proposed Terms or award any other relief or take any other action.

 11.3 Governing Law. This Agreement shall be governed by and construed under the substantive laws of the State of New York,
excluding any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of this Agreement to the substantive law of another jurisdiction. 

11.4 Award. Any award to be paid by one Party to the other Party as determined by the arbitrator(s) as set forth above under
Section 11.2 shall be promptly paid in United States dollars free of any tax, deduction or offset; and any costs, fees or taxes incident to enforcing the award shall, to the maximum extent permitted by law, be charged against the losing Party.
Each Party agrees to abide by the award rendered in any arbitration conducted pursuant to this Article 11, and agrees that, subject to the United States Federal Arbitration Act, 9 U.S.C. §§ 1-16, judgment may be entered upon the final
award in any United States District Court located in New York and that other courts may award full faith and credit to such judgment in order to enforce such award. The award shall include interest from the date of any damages incurred for breach of
the Agreement, and from the date of the award until paid in full, at a rate fixed by the arbitrator(s). With respect to money damages, nothing contained herein shall be construed to permit the arbitrator(s) or any court or any other forum to award
consequential, incidental, special, punitive or exemplary damages. By entering into this agreement to arbitrate, the Parties expressly waive any claim for consequential, incidental, special, punitive or exemplary damages. The only damages
recoverable under this Agreement are direct compensatory damages. 
 11.5 Costs. Each Party shall bear its own legal fees. The
arbitrator(s) shall assess his or her costs, fees and expenses against the Party losing the arbitration. 
 11.6 Injunctive Relief.
Nothing in this Article 11 will preclude either Party from seeking equitable relief or interim or provisional relief from a court of competent jurisdiction, including a temporary restraining order, preliminary injunction or other interim equitable
relief, concerning a dispute either prior to or during any arbitration if necessary to protect the interests of such Party or to preserve the status quo pending the arbitration proceeding. Specifically, the Parties agree that a material breach by
either Party of its obligations in Section 3.4 or Article 7 of this Agreement may cause irreparable harm to the other Party, for which damages may not be an adequate remedy. Therefore, in addition to its rights and remedies otherwise available
at law, including, without limitation, the recovery of damages for breach of this Agreement, upon an adequate showing of material breach of such Section 3.4 or Article 7, and without further proof of irreparable harm other than this
acknowledgement, such non-breaching Party shall be entitled to seek (a) immediate equitable relief, specifically including, but not limited to, both interim and 

  
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permanent restraining orders and injunctions, without bond, and (b) such other and further equitable relief as the court may deem proper under the circumstances. For the avoidance of doubt,
nothing in this Section 11.6 shall otherwise limit a breaching Party’s opportunity to cure a material breach as permitted in accordance with Section 10.2. 

11.7 Confidentiality. The arbitration proceeding shall be confidential and the arbitrator(s) shall issue appropriate protective orders
to safeguard each Party’s Confidential Information. Except as required by law, no Party shall make (or instruct the arbitrator(s) to make) any public announcement with respect to the proceedings or decision of the arbitrator(s) without prior
written consent of the other Party. The existence of any dispute submitted to arbitration, and the award, shall be kept in confidence by the Parties and the arbitrator(s), except as required in connection with the enforcement of such award or as
otherwise required by applicable law. 
 11.8 Survivability. Any duty to arbitrate under this Agreement shall remain in effect
and be enforceable after termination of this Agreement for any reason. 
 11.9 Jurisdiction. For the purposes of this Article
11, the Parties acknowledge their diversity and agree to accept the jurisdiction of any United States District Court located in New York for the purposes of enforcing or appealing any awards entered pursuant to this Article 11 and for enforcing the
agreements reflected in this Article 11 and agree not to commence any action, suit or proceeding related thereto except in such courts. 

11.10 Patent Disputes. Notwithstanding any other provisions of this Article 11, and subject to the provisions of Section 6.2, any
dispute, controversy or claim relating to the scope, validity, enforceability or infringement of any Intrexon Patents shall be submitted to a court of competent jurisdiction in the country in which such Patent was filed or granted. 

ARTICLE 12 

GENERAL PROVISIONS 

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

12.2 LIMITATION OF LIABILITY. NEITHER PARTY SHALL BE LIABLE TO THE OTHER FOR ANY SPECIAL, CONSEQUENTIAL, INCIDENTAL, PUNITIVE, OR
INDIRECT DAMAGES ARISING FROM OR RELATING TO ANY BREACH OF THIS AGREEMENT, REGARDLESS OF ANY NOTICE OF THE POSSIBILITY OF SUCH DAMAGES. NOTWITHSTANDING THE FOREGOING, NOTHING IN THIS PARAGRAPH 

  
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IS INTENDED TO LIMIT OR RESTRICT THE INDEMNIFICATION RIGHTS OR OBLIGATIONS OF ANY PARTY UNDER ARTICLE 9, OR DAMAGES AVAILABLE FOR BREACHES OF THE OBLIGATIONS SET FORTH IN ARTICLE 7. 

12.3 Independent Parties. Neither Party is the employee or legal representative of the other Party for any purpose. Neither Party shall
have the authority to enter into any contracts in the name of or on behalf of the other Party. This Agreement shall not constitute, create, or in any way be interpreted as a joint venture, partnership, or business organization of any kind. 

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

			
	If to Intrexon:	  	Intrexon Corporation
		  	20374 Seneca Meadows Parkway
		  	Germantown, MD 20876
		  	Attention: Senior Vice President, Health Division
		  	Fax: (301) 556-9901
		
	with a copy to:	  	Intrexon Corporation
		  	20374 Seneca Meadows Parkway
		  	Germantown, MD 20876
		  	Attention: Legal Department
		  	Fax: (301) 556-9902
		
	If to Oragenics:	  	Oragenics, Inc.
		  	4902 Eisenhower Boulevard
		  	Suite 125
		  	Tampa, FL 33634
		  	Attention: Chief Executive Officer
		  	Fax: (813) 286-7904
		
	with a copy to:	  	Shumaker, Loop & Kendrick, LLP
		  	101 E. Kennedy Blvd., Suite 2800
		  	Tampa, FL 33602
		  	Attention: Mark Catchur, Esq.
		  	Fax: (813) 229-1660

  
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 12.5 Severability. In the event any provision of this Agreement is held to be invalid
or unenforceable, the valid or enforceable portion thereof and the remaining provisions of this Agreement will remain in full force and effect. 

12.6 Waiver. Any waiver (express or implied) by either Party of any breach of this Agreement shall not constitute a waiver of any other
or subsequent breach. 
 12.7 Entire Agreement; Amendment. This Agreement, including any exhibits attached hereto, constitute
the entire, final, complete and exclusive agreement between the Parties and supersede all previous agreements or representations, written or oral, with respect to the subject matter of this Agreement (including any prior confidentiality agreement
between the Parties). All information of Intrexon or Oragenics to be kept confidential by the other Party under any prior confidentiality agreement, as of the Effective Date, shall be maintained as Confidential Information by such other Party under
the obligations set forth in Article 7 of this Agreement. This Agreement may not be modified or amended except in a writing signed by a duly authorized representative of each Party. 

12.8 Non-assignability; Binding on Successors. Any attempted assignment of the rights or delegation of the obligations under this
Agreement shall be void without the prior written consent of the non-assigning or non-delegating Party; provided, however, that either Party may assign its rights or delegate its obligations under this Agreement without such consent (a) to an
Affiliate of such Party or (b) to its successor in interest in connection with any merger, acquisition, consolidation, corporate reorganization, or similar transaction, or sale of all or substantially all of its assets, provided that such
assignee agrees in writing to assume and be bound by the assignor’s obligations under this Agreement. This Agreement shall be binding upon, and inure to the benefit of, the successors, executors, heirs, representatives, administrators and
permitted assigns of the Parties. Notwithstanding the foregoing, in the event that either Party assigns this Agreement to its successor in interest by way of merger, acquisition, consolidation, corporate reorganization, or similar transaction, or
sale of all or substantially all of its assets (whether this Agreement is actually assigned or is assumed by such successor in interest or its affiliate by operation of law (e.g., in the context of a reverse triangular merger)), the intellectual
property rights of such successor in interest or any of its Affiliates other than those licensed in this Agreement shall be automatically excluded from the rights licensed to the other Party under this Agreement. 

12.9 Force Majeure. Neither Party shall be liable to the other for its failure to perform any of its obligations under this Agreement,
except for payment obligations, during any period in which such performance is delayed because rendered impracticable or impossible due to circumstances beyond its reasonable control, including without limitation earthquakes, governmental
regulation, fire, flood, labor difficulties, civil disorder, acts of terrorism and acts of God, provided that the Party experiencing the delay promptly notifies the other Party of the delay. 

  
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 12.10 No Other Licenses. Neither Party grants to the other Party any rights or
licenses in or to any intellectual property, whether by implication, estoppel, or otherwise, except to the extent expressly provided for under this Agreement. 

12.11 Non-Solicitation. During the Term and for a period of one (1) year following the end of the Term, neither Oragenics nor
Intrexon may directly or indirectly solicit in order to offer to employ, engage in any discussion regarding employment with, or hire any employee of the other Party or an individual who was employed by the other party within one (1) year prior
to such solicitation, discussion, or hire, without the prior approval of such other Party. General employment solicitations or advertisements shall not be considered direct or indirect solicitations, and are not prohibited under this Agreement.

 12.12 Legal Compliance. The Parties shall review in good faith and cooperate in taking such actions to ensure compliance of
this Agreement with all applicable laws. 
 12.13 Counterparts. This Agreement may be executed in any number of counterparts
(including by facsimile, PDF, or other means of electronic communication), each of which taken together will constitute one and the same instrument, and any of the Parties hereto may execute this Agreement by signing any such counterpart.

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

									
	INTREXON CORPORATION	 		 	ORAGENICS, INC.
					
	By:	 	 /s/ Krish S. Krishnan
	 		 	BY:	 	 /s/ John N. Bonfiglio

					
	Name:	 	Krish S. Krishnan	 		 	Name:	 	John N. Bonfiglio
					
	Title:	 	Chief Operating Officer	 		 	Title:	 	President and Chief Executive Officer

 SIGNATURE PAGE FOR EXCLUSIVE CHANNEL COLLABORATION AGREEMENT 

  
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