Document:

Licence Agreement

 Exhibit 10.12 
 EXECUTION COPY 
 CONFIDENTIAL TREATMENT REQUESTED. 

INFORMATION FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN 
 REQUESTED IS OMITTED AND MARKED WITH “[*******]” OR OTHERWISE 

CLEARLY INDICATED. AN UNREDACTED VERSION OF THIS DOCUMENT HAS 

ALSO BEEN PROVIDED TO THE SECURITIES AND EXCHANGE COMMISSION. 

Licence Agreement 
 between 
 UCL BUSINESS PLC 

and 

CORONADO BIOSCIENCES, INC 
 Dated November 5, 2007 
 

 

  
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 PATENT AND KNOW-HOW LICENCE AGREEMENT 

This Agreement dated November 5, 2007 is between: 
  

	(1)	UCL Business PLC, whose registered office is The Network Building, 97 Tottenham Court Road, London W1T 4TP United Kingdom (“UCLB”); and

  

	(2)	Coronado Biosciences, Inc (the “Licensee”) a Delaware corporation whose principal place of business is at 4365 Executive Dr. Ste 1500, San Diego,
CA, 92121, United States of America. 

 Recitals: 

 

	A.	UCLB has developed certain technology and owns certain intellectual property rights relating to Tumour Activated Natural Killer Cells (“TANKS”) technology
including the Patents and the Know-how. 

  

	B.	The Licensee wishes to acquire rights under the Patents and to use the Know-how for the development and commercialisation of Licensed Products in the Field and in the
Territory, all in accordance with the provisions of this Agreement. 

 It is agreed as follows: 

 

	1.	Definitions 

 In this Agreement, the
following words shall have the following meanings: 
  

			
	Affiliate	  	In relation to a Party, means any entity or person that Controls, is Controlled by, or is under common Control with that Party.
		
	Claims	  	All demands, claims, actions and other proceedings (whether criminal or civil, in contract, tort or otherwise) by any third party (that is not an Affiliate) for
Losses.
		
	Commencement Date	  	5th November 2007.
		
	Competing Product	  	A product that has the same chemical composition as a Licensed Product.
		
	Completion	  	With respect to a specified human clinical trial, the achievement (as determined by the sponsor of such trial) of the primary clinical endpoint identified in the protocol for such
trial.
		
	Confidential Information	  	 (a)    All Know-how; and

 
 (b)    All other
technical or commercial information that:
  
 (i)      in respect of information provided in documentary or by way of a model or in other tangible form, at the time of provision is marked or otherwise designated to show
expressly or by necessary implication that it is imparted in confidence; and
  
 (ii)     in respect of information that is imparted orally or other intangible form, any information that the Disclosing Party or its representatives informed the Receiving Party
at the time of disclosure was imparted in confidence, and reasonable efforts are taken to summarise such information in writing, marked as confidential, within 30 days after the time of disclosure; and

  
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		  	 (iii)   is a copy of any of the foregoing; and

 
 (iv)    is not the
subject of a Confidentiality Exception.

		
	 Confidentiality

Exception
	  	Has the meaning given in Clause 3.4.
		
	Control	  	Direct or indirect beneficial ownership of 50% (or, outside a Party’s home territory, such lesser percentage as is the maximum, permitted level of foreign investment) or more
of the share capital, stock or other participating interest carrying the right to vote or to distribution of profits of that Party, as the case may be.
		
	Diligent and Reasonable Efforts	  	Exerting such efforts and employing such resources as would normally be exerted or employed by a reasonable third party biotechnology company for a product of similar market
potential at a similar stage of its product life, when utilizing sound and reasonable scientific, medical and business practice and judgment in order to attempt to develop and commercialize the product in a timely manner.
		
	Disclosing Party	  	Has the meaning given in Clause 3.3.
		
	EMEA	  	European Agency for the Evaluation of Medicinal Products.
		
	Field	  	The prevention, treatment, diagnosis, detection, monitoring, and predisposition testing of all diseases, states or conditions in humans or other animals.
		
	FDA	  	Food and Drug Administration (USA).
		
	Generic Equivalent	  	In relation to a Licensed Product in a country of the Territory, means a product that (a) has the same chemical composition as that Licensed Product, (b) does not infringe a Valid
Claim in that country, and (c) has obtained all requisite Regulatory Approval to be marketed or sold in that country.
		
	Indemnitees	  	Has the meaning given in Clause 7.5.
		
	Indication	  	A recognized disease, state or condition for a specific tissue or cell type
		
	Investigational New Drug application (IND)	  	An Investigational New Drug application, or similar application to commence human clinical testing of a Licensed Product for use in the Field submitted to the FDA.
		
	Know-how	  	Technical information in the Field developed in the Laboratory on or prior to the date of this Agreement under the supervision of the Principal Investigator, and within the
definition of the Technology set out below and within the description set out in the attached Schedule 1 Part B, in each case that is not the subject of a Confidentiality Exception.

  
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	Laboratory	  	The laboratory of the Principal Investigator within University’s Department of Haematology.
		
	Licensed Products	  	Any and all products for use in the Field that (a) if made, used, sold, offered for sale or imported absent the license granted hereunder would infringe a Valid Claim, or (b)
otherwise uses or incorporates, or their development makes use of, any of the Know-how.
		
	Losses	  	All losses, liabilities, damages, legal costs and other expenses of any nature whatsoever and all costs and expenses (including without limitation legal costs) incurred in
connection therewith.
		
	MHLW	  	Ministry of Health, Labour and Welfare (Japan; formerly Ministry of Health and Welfare, MHW).
		
	Net Receipts	  	With respect to any Licensed Product, the aggregate cash royalties received by Licensee or its Affiliates in consideration for the sublicense under the Patents or Know-how by
Licensee or its Affiliates to a third party sublicensee with respect to such Licensed Product that are calculated solely on the basis of sales of such Licensed Product.
		
	Net Sales Value	  	 The invoiced price of Licensed Products sold by the Licensee or its Affiliates (or, for the purpose of calculating the minimum royalty
payable under Clause 4.4(d) or 4.6 only, the invoiced price of Licensed Products sold by the sub-licensee) to independent third parties in arm’s length transactions, after deduction of all documented:

 
 (a)     cash,
quantity and trade discounts, rebates and other price reductions given under price reduction programs;
  

(b)     credits, allowances, discounts and rebates to, and chargebacks from the account
of, customers for nonconforming, damaged, out-dated and returned Licensed Product;
  
 (c)     packaging, carriage, freight and insurance costs of transporting Licensed Products;
  

(d)     sales, use, value-added and other direct taxes; (e) customs duties, tariffs,
surcharges and other governmental charges for exporting or importing;
  
 (e)     sales commissions; and
  

(f)      an allowance for uncollectible or bad debts determined in accordance with
generally accepted accounting principles;
  
 In each case, provided that such
deductions do not exceed reasonable and customary amounts in the markets in which such sales occurred. Sales between any of the Licensee, its Affiliates and Sub-licensees shall not be considered for the purposes of this definition unless there is no
subsequent sale to a person who is not the Licensee, its Affiliate or Sub-licensee in an arm’s length transaction exclusively for money.

		
	New Drug Application (NDA)	  	A New Drug Application, or similar application for marketing approval of a Licensed Product for use in the Field submitted to the FDA.

  
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	Parties	  	UCLB and the Licensee, and “Party” shall mean either of them.
		
	Patents	  	(a) Any and all of the patents and patent applications referred to in Schedule 1 Part A; (b) all divisions, continuations, continuations-in-part, that are based on, or claim
priority to or common priority with, the patent applications described in clause (a) above; and (c) all patents that have issued or in the future issue from any of the foregoing patent applications, including utility, model and design patents
and certificates of invention, together with any reissues, renewals, extensions or additions thereto.
		
	Phase I Studies	  	A controlled human clinical trial in any country involving the administration of Licensed Product for the first time in human patients, the results of which could be used to
establish the safety of a Licensed Product.
		
	Phase II Studies	  	A controlled human clinical trial in any country involving the administration of Licensed Product in patients with the disease or condition of interest, the results of which could
be used to initially establish the safety and efficacy of a Licensed Product.
		
	Phase III Studies	  	A controlled human clinical trial in any country involving the administration of Licensed Product in patients with the disease or condition of interest, the results of which could
be used to establish the safety and efficacy of a Licensed Product in a manner sufficient to obtain Regulatory Approval to market and sell such Licensed Product.
		
	Principal Investigator	  	Dr Mark Lowdell.
		
	Receiving Party	  	Has the meaning given in Clause 3.3.
		
	Regulatory Approval	  	Means formal approval for commercial marketing, sale or use of the Licensed Product by the relevant government agency responsible for any such product in any such
country.
		
	Royalty Term	  	With respect to each Licensed Product in each country, the period equal to the longer of (a) if, at the time of the first commercial sale of such Licensed Product in such country,
the use, offer for sale, sale or import of such Licensed Product in such country would infringe a Valid Claim (if such Valid Claim were in an issued patent), the term for which such Valid Claim remains in effect and would be infringed (if such Valid
Claim were in an issued patent), and (b) ten (10) years following the date of the first commercial sale of a Licensed Product in the Territory; provided, however that the Royalty Term for a Licensed Product in a country shall terminate immediately
three (3) months after the first commercial sale of a Generic Equivalent of such Licensed Product in such country.
		
	Technology	  	All compositions, methods, data, information and other discoveries, inventions, innovations, improvements and technology regarding or relating to natural killer (“NK”)
cells, methods of activating NK cells and methods of producing or testing, or uses of any of the foregoing.

  
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	Territory	  	Worldwide.
		
	Valid Claim	  	Either (a) a claim of an issued and unexpired patent included within the Patents, which has not been held permanently revoked, unenforceable or invalid by a decision of a court or
other governmental agency of competent jurisdiction, unappealable or unappealed within the time allowed for appeal, and which has not been admitted to be invalid or unenforceable through reissue or disclaimer or otherwise or (b) a claim of a pending
patent application included within the Patents, which claim was filed in good faith, is being actively prosecuted and has not been abandoned or finally disallowed without the possibility of appeal or refiling of such application.

  

	2.	Grant of rights 

  

	2.1	Licences. UCLB hereby grants to the Licensee, subject to the provisions of this Agreement: 

 

	 	(a)	an exclusive licence under the Patents, with the right to sub-license through multiple tiers, subject to clause 2.3 below, to develop, manufacture, have manufactured,
import, use, offer for sale and sell Licensed Products only in the Field in the Territory; and 

  

	 	(b)	An exclusive licence to use the Know-how, with the right to sub-license through multiple tiers, subject to clause 2.3 below, to develop, manufacture, have manufactured,
import, use, offer for sale and sell Licensed Products only in the Field in the Territory. 

  

	2.2	Formal licences. The Parties shall execute such formal licences as may be necessary or appropriate for registration with Patent Offices and other relevant
authorities in particular territories. In the event of any conflict in meaning between any such licence and the provisions of this Agreement, the provisions of this Agreement shall prevail wherever possible. Prior to the execution of the formal
licence(s) (if any) referred to in this Clause 2.2, the Parties shall so far as possible have the same rights and obligations towards one another as if such licence(s) had been granted. The Parties shall use reasonable endeavours to ensure
that, to the extent permitted by relevant authorities, this Agreement shall not form part of any public record. 

  

	2.3	Sub-licensing. 

 The
Licensee shall be entitled to grant sub-licences of its rights under this Agreement to any person, provided that: 
  

	 	(a)	the sub-licence shall include obligations on the sub-licensee which are equivalent to the obligations on the Licensee under this Agreement and limitations of liability
that are equivalent to those set out in this Agreement; 

  

	 	(b)	without the prior written consent of UCLB (such consent not to be unreasonably delayed or withheld), the Licensee shall not enter into any agreement with a sub-licensee
that provides for the payment of any consideration that would be fairly attributable to the grant of the sub-licence other than (i) royalties based on the sale of Licensed Products, and/or (ii) conventional milestones to be paid on the
achievement of stages of product development prior to commercial sale (such as those stages set out in Clause 4.2); 

  

	 	(c)	within 30 days of the grant of any sub-licence the Licensee shall provide to UCLB a true copy of it (with confidential information redacted, other than to the extent
necessary to determine the financial obligations of Licensee hereunder regarding such sub-license); and 

  

  
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	 	(d)	the Licensee shall be responsible for any breach of the sub-licence by the sub-licensee, as if the breach had been that of Licensee under this Agreement; and

  

	 	(e)	Upon any termination of this Agreement, UCLB shall grant a direct license to any sub-license of Licensee hereunder having the same scope as such sub-license and on
terms and conditions no less favorable to such sub-licensee than the terms and conditions of this Agreement, provided that such sub-licensee is not in any uncured default of any applicable obligations under this Agreement and agrees in writing to be
bound by the terms and conditions of such direct license. 

  

	2.4	Reservation of rights. 

  

	 	(a)	UCLB reserves for itself and its Affiliates the non-exclusive, irrevocable, worldwide, royalty-free right to use, and license other academic institutions to use, the
Know-how and the Patents in the Field solely for the purposes of non-commercial academic research, publication and teaching. 

  

	 	(b)	Except for the licences expressly granted by this Clause 2, UCLB reserves all its rights. Without prejudice to the generality of the foregoing UCLB grants no
rights to any intellectual property other than the Patents and Know-how, and reserves all rights under the Patents and Know-how outside the Field. 

  

	2.5	Quality. The Licensee shall ensure that all of the Licensed Products marketed by it and its sublicensees shall comply in all material respects with all
applicable laws and regulations in each part of the Territory in which they are marketed. 

  

	2.6	Right of First Negotiation. For a period of four (4) years after the Commencement Date, if UCLB or its Affiliates desires to enter into an agreement with
any third party regarding the development or commercialization of the Technology in the Field, UCLB shall give to Licensee express written notice thereof, and the right to negotiate with UCLB to enter into an agreement regarding such development or
commercialization. If, within ninety (90) days after receipt of such written notice from UCLB, Licensee gives written notice to UCLB of its exercise of such right of negotiation, then the Parties shall negotiate in good faith, for a period not
to exceed ninety (90) days, and attempt to reach mutual agreement regarding terms and conditions of a mutually acceptable agreement regarding such development or commercialization. If Licensee fails to give UCLB timely written notice of its
exercise of such right of negotiation, or if the Parties fail to reach mutual agreement regarding such development or commercialization prior to the expiration of such ninety (90) day period, thereafter UCLB and its Affiliates shall have the
right to pursue such development or commercialization with any third party with no continuing obligation to Licensee regarding such development or commercialization. 

 

	3.	Know-how and Confidential Information 

  

	3.1	 Provision of Know-how. Upon the Licensee’s reasonable request, UCLB shall instruct the Principal Investigator to supply the Licensee with
all Know-how in his possession that UCLB is at liberty to disclose and has not previously been disclosed to the Licensee and which is reasonably necessary or desirable to enable the Licensee to undertake the further development of the inventions
claimed in (or disclosed in the as-filed specification of) any patent or patent 

  
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application in the Patents. The method of such supply shall be agreed between the Principal investigator and the Licensee but shall not require the Principal Investigator to undertake more than 2
man-days of work, unless otherwise agreed in writing between the Parties. If it is agreed that the Principal Investigator shall travel to the Licensee’s premises in connection with such supply, the Licensee shall reimburse all travel (at
business class rates), accommodation and subsistence costs incurred. 

  

	3.2	Confidentiality of Know-how. The Licensee undertakes that for a period of 15 years from the Commencement Date, it shall protect the Know-how as Confidential
Information and shall not use the Know-how for any purpose except as expressly licensed hereby and in accordance with the provisions of this Agreement. 

  

	3.3	Confidentiality obligations. Each Party (“Receiving Party”) undertakes: 

 

	 	(a)	to maintain as secret and confidential all Confidential Information obtained directly or indirectly from the other Party (“Disclosing Party”) in the course of
or in anticipation of this Agreement and to respect the Disclosing Party’s rights therein; 

  

	 	(b)	to use such Confidential Information only for the purposes of this Agreement; and 

 

	 	(c)	to disclose such Confidential Information only to those of its employees, contractors, agents and sub-licensees pursuant to this Agreement (if any) to whom and to the
extent that such disclosure is reasonably necessary for the purposes of this Agreement. 

  

	3.4	Confidentiality Exceptions. The confidentiality obligations shall not apply to information which the Receiving Party can demonstrate by reasonable, written
evidence: 

  

	 	(a)	was, prior to its receipt by the Receiving Party from the Disclosing Party, in the possession of the Receiving Party and at its free disposal; or

  

	 	(b)	is subsequently disclosed to the Receiving Party without any obligations of confidence by a third party who has not derived it directly or indirectly from the
Disclosing Party; or 

  

	 	(c)	is or becomes generally available to the public through no act or default of the Receiving Party or its agents, employees, Affiliates or sub-licensees; or

  

	 	(d)	is or was independently developed by the Receiving Party without use of the information disclosed by the other party (each of the foregoing in Clauses 3.4(a) through
(d), a “Confidentiality Exception”). 

  

	3.5	Terms of this Agreement. Except as otherwise provided in this Section 3, neither Party shall disclose any terms or conditions of this Agreement to any other
person or entity without the prior written consent of the other Party, such consent not to be unreasonably withheld or delayed. Notwithstanding the foregoing, within forty-five (45) days of the Commencement Date, the Parties shall agree on the
substance of a press release, which will be attached to this Agreement as Schedule 2. The substance of this release included in Schedule 2 can be used by the Parties to describe the terms of this transaction, and either Party may disclose such
information, as modified by mutual agreement from time to time, without the other Party’s consent. 

  
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	3.6	Permitted Disclosures. Notwithstanding anything to the contrary in this Agreement, the provisions of this Section 3 shall not apply to the extent that:

  

	 	(a)	A Party is required (i) to disclose information by law, regulation or order of a governmental agency or a court of competent jurisdiction, or (ii) to disclose
information to any governmental agency for purposes of obtaining approval to test or market a product, provided in either case provided that such Party shall (i) inform the other Party as soon as is reasonably practicable, and (ii) at the
other Party’s request seek to have the information treated in a confidential manner, where this is possible under the court, agency or authority’s procedures; or 

 

	 	(b)	Licensee may disclose information to any person or entity with whom Licensee has, or is proposing to enter into, a business relationship, as long as such person or
entity has entered into written undertakings of confidentiality at least as restrictive as this Section 3. 

  

	3.7	Disclosure to employees. The Receiving Party shall procure that all of its employees, contractors and sub-licensees pursuant to this Agreement (if any) who have
access to any of the Disclosing Party’s Confidential Information, shall be made aware of and subject to these obligations and shall have entered into written undertakings of confidentiality at least as restrictive as this Section 3 and
which apply to the Disclosing Party’s Confidential Information. 

  

	3.8	Return of information. Upon any termination of this Agreement, the Receiving Party shall return to the Disclosing Party any documents or other materials that
contain the Disclosing Party’s Confidential Information including all copies made and, subject to Clause 8.3, make no further use or disclosure thereof; provided, however, that each Party shall have the right to retain one (1) copy
for its legal files for the sole purpose of determining its obligations hereunder. 

  

	4.	Payments 

  

	4.1	Initial payments: 

  

	 	(a)	Within 90 (ninety) days of the Commencement Date, the Licensee shall pay to UCLB the non-refundable, non-deductible sum of $50,000 (fifty thousand US Dollars); and

  

	 	(b)	Within 9 (nine) months after the Commencement Date, the Licensee shall pay to UCLB the non-refundable, non-deductible sum of $50,000 (fifty thousand US Dollars).

  

	4.2	Milestone payments. Within thirty (30) days after the first achievement (whether by the Licensee, its Affiliate or sub-licensee) of the each of the
milestone events set out in the following table for a Licensed Product, the Licensee shall pay to UCLB the amount(s) set out next to such milestone event in the table: 

 

			
	Milestone event	 	Amount to be paid (US dollars)
		
	Acceptance of IND or (equivalent) by the FDA for a 1st Indication as demonstrated by appropriate official confirmation.	 	$250,000 (two hundred and fifty thousand Dollars)
		
	Completion of the first Phase I study for a 1st Indication.	 	$350,000 (three hundred and fifty thousand Dollars)
		
	Completion of the first Phase II study for a 1st Indication.	 	$500,000 (five hundred thousand Dollars)

  
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	Milestone event	 	Amount to be paid (US dollars)
		
	Completion of the first Phase III study for a 1st Indication.	 	$1,000,000 (one million Dollars)
		
	Completion of the second / pivotal Phase 3 study for a 1st Indication.	 	$1,500,000 (one million five hundred thousand Dollars)
		
	Acceptance of NDA (or equivalent) by FDA for a 1st Indication as demonstrated by appropriate official confirmation.	 	$2,000,000 (two million Dollars)
		
	Approval of NDA (or equivalent) by FDA for a 1st Indication as demonstrated by appropriate official confirmation.	 	$4,000,000 (four million Dollars)
		
	Acceptance of NDA equivalent by EMEA for a 1st Indication as demonstrated by appropriate official confirmation.	 	$1,000,000 (one million Dollars)
		
	Approval of NDA equivalent by EMEA for a 1st Indication as demonstrated by appropriate official confirmation.	 	$2,000,000 (two million Dollars)
		
	Acceptance of NDA equivalent by MHLW for a 1st Indication as demonstrated by appropriate official confirmation.	 	$500,000 (five hundred thousand Dollars)
		
	Approval of NDA equivalent by MHLW for a 1st Indication as demonstrated by appropriate official confirmation.	 	$1,000,000 (one million Dollars)
		
	Acceptance of NDA (or equivalent) by FDA for a 2nd Indication as demonstrated by appropriate official confirmation.	 	$1,000,000 (one million Dollars)
		
	Approval of NDA (or equivalent) by FDA for a 2nd Indication as demonstrated by appropriate official confirmation.	 	$2,000,000 (two million Dollars)
		
	Acceptance of NDA equivalent by EMEA for a 2nd Indication as demonstrated by appropriate official confirmation.	 	$500,000 (five hundred thousand Dollars)
		
	Approval of NDA equivalent by EMEA for a 2nd Indication as demonstrated by appropriate official confirmation.	 	$1,000,000 (one million Dollars)
		
	Acceptance of NDA equivalent by MHLW for a 2nd Indication as demonstrated by appropriate official confirmation.	 	$250,000 (two hundred and fifty thousand Dollars)

  
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	Milestone event	 	Amount to be paid (US dollars)
		
	Approval of NDA equivalent by MHLW for a 2nd Indication	 	$500,000 (five hundred thousand Dollars)
		
	Acceptance of NDA (or equivalent) by FDA for a 3rd Indication as demonstrated by appropriate official confirmation.	 	$500,000 (five hundred thousand Dollars)
		
	Approval of NDA (or equivalent) by FDA for a 3rd Indication as demonstrated by appropriate official confirmation.	 	$1,000,000 (one million Dollars)
		
	Acceptance of NDA equivalent by EMEA for a 3rd Indication as demonstrated by appropriate official confirmation.	 	$250, 000 (two hundred and fifty thousand Dollars)
		
	Approval of NDA equivalent by EMEA for a 3rd Indication as demonstrated by appropriate official confirmation.	 	$500,000 (five hundred thousand Dollars)
		
	Acceptance of NDA equivalent by MHLW for a 3rd Indication	 	$125,000 (one hundred and fifty thousand Dollars)
		
	Approval of NDA equivalent by MHLW for a 3rd Indication as demonstrated by appropriate official confirmation.	 	$250,000 (two hundred and fifty thousand Dollars)

  

	4.3	Royalties on Net Sales. During the applicable Royalty Term, the Licensee shall pay to UCLB a royalty being a percentage of the Net Sales Value of each Licensed
Product sold by Licensee or its Affiliates. The percentage shall be applicable percentage(s) set forth below which applies to the Licensed Product in question: 

 

	 	(a)	Three percent (3%) of Net Sales Value, for Net Sales Value of such Licensed Product in the current calendar year up to $250,000,000 (two hundred and fifty million
Dollars); 

  

	 	(b)	Four percent (4%) of Net Sales Value, for Net Sales Value of such Licensed Product in the current calendar year greater than $250,000,000 (two hundred and fifty
million Dollars) and up to $500,000,000 (five hundred million Dollars); and 

  

	 	(c)	Five percent (5%) of Net Sales Value, for Net Sales Value of such Licensed Product in the current calendar year greater than $500,000,000 (five hundred million
Dollars). 

 Neither the Licensee nor its Affiliates shall sell any Licensed Product other than in an arm’s
length transaction. 

  
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	4.4	Royalties on Net Receipts. During the applicable Royalty Term, the Licensee shall pay to UCLB a royalty on Net Receipts in respect of each Licensed Product as
follows: 

  

	 	(a)	Subject to paragraph (d), a royalty of 30% of Net Receipts where the sub-licence agreement (or related agreement) under which the relevant Net Receipts become due is
first executed prior to Completion of the first Phase I study of such Licensed Product; or 

  

	 	(b)	Subject to paragraph (d), a royalty of 25% of Net Receipts where the sub-licence agreement (or related agreement) under which the relevant Net Receipts become due is
first executed after Completion of the first Phase I study of such Licensed Product, but prior to Completion of the first Phase II study of such Licensed Product; or 

 

	 	(c)	Subject to paragraph (d), a royalty of 20% of Net Receipts where the sub-licence agreement (or related agreement) under which the relevant Net Receipts become due is
first executed after Completion of the first Phase II study of such Licensed Product; but 

  

	 	(d)	Where any royalties to be paid under paragraphs (a) to (c) above are in respect of Net Receipts obtained from the sale of Licensed Product(s) by the
sub-licensee, the amount of royalty that the Licensee shall pay UCLB in respect of each such sale shall in no event be less than 2% of the Net Sales Value of such Licensed Product(s) when sold by the sub-licensee. 

 

	4.5	 Third Party Royalties. If Licensee, its Affiliates or sublicensees is required to pay royalties to any third party in order to develop,
manufacture, have manufactured, import, use, offer for sale and sell Licensed Products, then Licensee shall have the right to credit [*******] of such third party royalty payments against the royalties owing to UCLB; provided, however, that Licensee
shall not reduce the amount of the royalties paid to UCLB by reason of this Clause 4.5 with respect to sales of a Licensed Product to less than [*******] percent ([*******]%) of Net Sales Value of such Licensed Product.

  

	4.6	Combination Products. If any Licensed Product is incorporated as a component in any other product (“Combination Product”), then for purposes of
calculating Net Sales of such Licensed Product, such Net Sales, prior to the royalty calculation set forth in above, first shall be multiplied by the fraction A/(A+B), where A is the value of the Licensed Product component as reasonably determined
by Licensee, and B is the value of the other component(s) as reasonably determined by the Parties for both A and B and such resulting amount shall be the “Net Sales” for purposes of the royalty calculation for such Licensed Product.

  

	4.7	Payment frequency. Royalties due under this Agreement shall be paid within 60 days of the end of each quarter ending on 31 March, 30 June,
30 September and 31 December, in respect of sales of Licensed Products made and Net Receipts generated during such quarter and within 60 days of the termination of this Agreement. 

 

	4.8	Payment terms. All sums due under this Agreement: 

  

	 	(a)	shall be paid in US Dollars in cash by transferring an amount in aggregate to the following account number [*******], and in the case of sales or sub-licence income
received by the Licensee in a currency other than US Dollars, the royalty shall be calculated in the other currency and then converted into equivalent US Dollars using the average of the exchange rate (local currency per US$1) published in The Wall
Street Journal, Western Edition, under the heading “Currency Trading” on the last business day of each month during the applicable quarterly period with respect to which the payment is made; and 

  
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	 	(b)	shall be made by the due date, failing which UCLB may charge interest on any outstanding amount on a daily basis at a rate equivalent to [*******], or the highest rate
permitted by applicable law (whichever is lower). 

  

	4.9	Withholding Taxes. Licensee shall be entitled to deduct the amount of any withholding taxes, value-added taxes or other taxes, levies or charges with respect to
such amounts, other than United States taxes, payable by Licensee, its Affiliates or sublicensees, or any taxes required to be withheld by Licensee, its Affiliates or sublicensees, to the extent Licensee, its Affiliates or sublicensees pay to the
appropriate governmental authority on behalf of UCLB such taxes, levies or charges. Licensee shall use reasonable efforts, in consultation with UCLB, to minimize any such taxes, levies or charges required to be withheld on behalf of UCLB by
Licensee, its Affiliates or sublicensees. Licensee promptly shall deliver to UCLB proof of payment of all such taxes, levies and other charges, together with copies of all communications from or with such governmental authority with respect thereto
and any other documentation that UCLB may reasonably require in connection with applications for relief from such taxes, levies and charges. Licensee shall cooperate with UCLB in relation to any such applications that UCLB may make.

  

	4.10	Exchange controls. If at any time during the continuation of this Agreement the Licensee is prohibited from making any of the payments required hereunder by a
governmental authority in any country then the Licensee shall within the prescribed period for making the said payments in the appropriate manner use its best endeavours to secure from the proper authority in the relevant country permission to make
the said payments and shall make them within [*******] days of receiving such permission. If such permission is not received within [*******] days of the Licensee making a request for such permission then, at the option of UCLB, the Licensee shall
deposit the royalty payments due in the currency of the relevant country either in a bank account designated by UCLB within such country or such royalty payments shall be made to an associated company of UCLB designated by UCLB and having offices in
the relevant country designated by UCLB. 

  

	4.11	Royalty statements. The Licensee shall send to UCLB at the same time as each royalty payment is made in accordance with Clause 4.3 or Clause 4.4 a
statement setting out, in respect of each territory or region in which Licensed Products are sold, the types of Licensed Product sold, the quantity of each type sold, and the total Net Sales Value, and the total Net Receipts in respect of each type
and sub-licensee, expressed both in local currency and pounds sterling and showing the conversion rates used, during the period to which the royalty payment relates. 

 

	4.12	Records. 

  

	 	(a)	The Licensee shall keep at its normal place of business detailed and up to date records and accounts showing the quantity, description and value of Licensed Products
sold by it, and the amount of sublicensing revenues received by it in respect of Licensed Products, on a country by country basis, and being sufficient to ascertain the payments due under this Agreement. 

 

	 	(b)	 Upon the written request of UCLB and not more than once in each calendar year, Licensee shall permit an independent chartered, certified or similarly
qualified accountant as selected by UCLB to whom Licensee has no reasonable objection, at UCLB’s expense, to have access during normal business hours to such of the financial records of Licensee as may be reasonably necessary to verify the
accuracy of the payment reports hereunder for the [*******] calendar quarters immediately prior to the date of such request (other than records for which UCLB has already conducted an audit under this Section.

  
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If such accounting firm concludes that additional amounts were owed during the audited period, Licensee shall pay such additional amounts within [*******] days after the date UCLB delivers to
Licensee such accounting firm’s written report so concluding. The fees charged by such accounting firm shall be paid by UCLB; provided, however, if the audit discloses that the royalties payable by Licensee for such period are more than
[*******] percent ([*******]%) of the royalties actually paid for such period, then Licensee shall pay the reasonable fees and expenses charged by such accounting firm. UCLB shall cause its accounting firm to retain all financial information subject
to review under this Clause in strict confidence; provided, however, that Licensee shall have the right to require that such accounting firm, prior to conducting such audit, enter into an appropriate non-disclosure agreement with Licensee
regarding such financial information. The accounting firm shall disclose to UCLB only whether the reports are correct or not and the amount of any discrepancy. No other information shall be shared. UCLB shall treat all such financial information as
Licensee’s Confidential Information. 

  

	 	(c)	The Licensee shall ensure that UCLB has the same rights as those set out in this Clause 4.12 in respect of any person that is sub-licensed under the Patents or
Know-how pursuant to this Agreement. 

  

	5.	Commercialisation 

  

	5.1	General diligence. The Licensee shall use Diligent and Reasonable Efforts to develop and commercially exploit Licensed Products worldwide.

 Development Report. Without prejudice to the generality of the Licensee’s obligations under
Clause 5.1, the Licensee shall provide at least annually to UCLB an updated, written Development Report that shall report on all activities conducted under this Agreement since the Commencement Date or the date of the previous Development
Report provided under this Clause. Licensee shall also set out in the Development Report the past, current and projected activities taken or planned to be taken by the Licensee and its sub-licensees (if any) to bring Licensed Products to market and
maximise the sale of Licensed Products in the Territory, provided that Licensee shall not be legally bound to take or achieve any actions set out in any such projections. UCLB’s receipt or approval of any Development Report shall not be taken
to waive or qualify the Licensee’s obligations under Clause 5.1. 
  

	5.2	Consequences of expert’s decision. If an arbitrator under Clause 9.10 determines that the Licensee has failed to comply with its obligations under
Clause 5.1, and if the Licensee fails to cure such failure within [*******] months after such determination, UCLB shall be entitled, by giving, at any time within [*******] months after the end of that [*******] month period, not less than
[*******] months notice to terminate this Agreement. 

  

	6.	Intellectual property 

  

	6.1	Obtain and maintain the Patents. 

 UCLB shall have the right to control, at Licensee’s cost and expense, the preparation, filing, prosecution and maintenance of all patents and patent applications within the Patents. Within [*******]
months of the Commencement Date, UCLB and Licensee shall reasonably agree upon a budget for expenses incurred in connection with such preparation, filing, prosecution and maintenance of the Patents. UCLB and Licensee shall update said budget every
[*******] year thereafter and shall use reasonable efforts to ensure that the actual costs incurred in connection 

  
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with such activities related to the Patents are within [*******] percent ([*******]%) of such budget for any given one (1) year period, unless the prior written agreement of the Licensee is
obtained. UCLB shall provide Licensee with ample opportunity to review and comment on the text of each correspondence for which submission to any patent office is intended (including, without limitation, patent applications and responses to official
actions) and shall supply Licensee with a copy of each such correspondence as filed and, in the case of a patent application, its filing date and serial number. UCLB shall consider and incorporate in good faith all of Licensee’s reasonable
comments and suggestions with respect to any such correspondence for which submission to any patent authority is intended. The Licensee shall, at its own cost and expense, co-operate with UCLB and its licensee(s) outside the Field and endeavour to
obtain valid patents in the name of UCLB pursuant to each of the patent applications of the Patents so as to secure the broadest monopoly reasonably available consistent with prudent patent practices. In the event that UCLB wishes to abandon any
such application or not to maintain any such Patent (or to cease funding such application or Patent) it shall give [*******] months prior written notice to Licensee so that Licensee may have the opportunity to assume control over such Patent at its
own expense. In the event that either: (a) such Patent is ultimately abandoned by UCLB; or (b) Licensee assumes control over such Patent before the expiry of such notice period, then such Patent shall be deemed to be removed from the
definition of Patents as provided for in this Agreement and Licensee shall have no continuing obligations to UCLB regarding Licensed Products based solely on such Patent 

 

	6.2	Infringement of the Patents. 

  

	 	(a)	Each Party shall inform the other Party promptly if it becomes aware of any infringement or potential infringement of any of the Patents in the Field, and the Parties
shall consult with each other to decide the best way to respond to such infringement. 

  

	 	(b)	If the Parties fail to agree on a joint programme of action, including how the costs of any such action are to be borne and how any damages or other sums received from
such action are to be distributed, then the Licensee shall be entitled to take action against the third party at its sole expense, subject to the following provisions of this Clause 6.2. 

 

	 	(c)	Before starting any legal action under Clause 6.2(a), the Licensee shall consult with UCLB as to the advisability of the action or settlement, its effect on the
good name of UCLB, the public interest, and how the action should be conducted. 

  

	 	(d)	If the alleged infringement is both within and outside the Field, the Parties shall also cooperate with UCLB’s other licensees (if any) in relation to any such
action. 

  

	 	(e)	The Licensee shall reimburse UCLB for any reasonable out-of-pocket expenses incurred in assisting the Licensee, at the request of the Licensee, in such action. The
Licensee shall pay UCLB a portion of any damages received from such action, after deduction of both Parties reasonable expenses in relation to the action in accordance with the following: 

 

	 	(i)	where the damages awarded are directly attributable to lost sales of Licensed Products, the amount of such damages will be treated as Net Sales Value and Licensee shall
pay UCLB royalties on such damages in accordance with Clause 4.3; or 

  
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	 	(ii)	where the damages awarded are not directly attributable to lost sales of Licensed Products, the amount of such damages will be treated as Net Receipts and Licensee
shall pay UCLB a portion of such damages in accordance with Clause 4.4. 

  

	 	(f)	UCLB shall agree to be joined in any suit to enforce such rights subject to being indemnified and secured in a reasonable manner as to any costs, damages, expenses or
other liability and shall have the right to be separately represented by its own counsel at its own expense. 

  

	 	(g)	If, within [*******] months after the Licensee receives written notice from UCLB of any actual, continuing and commercially significant infringement of the Patents, the
Licensee is unsuccessful in persuading the alleged infringer to desist or fails to initiate an infringement action, UCLB shall have the right, at its sole discretion, to prosecute such infringement under its sole control and at its sole expense, and
UCLB shall pay to Licensee a portion of any damages or other payments recovered from such action, after deduction of both Parties reasonable expenses in relation to the action, in accordance with the following: 

 

	 	(i)	where the damages awarded are directly attributable to lost sales of Licensed Products, the amount of such damages will be treated as Net Sales Value, and UCLB shall
pay the Licensee royalties on such damages in accordance with Clause 4.3; or 

  

	 	(ii)	where the damages awarded are not directly attributable to lost sales of Licensed Product, the amount of such damages will treated as Net Receipts and UCLB shall pay
the Licensee a portion of such damages in accordance with Clause 4.4 (in such instances, and for purposes of this Section 6.2(g)(ii) only, Licensee shall be deemed to be UCLB in determining the amounts owed to Licensee in accordance with
Clause 4.4). 

  

	6.3	Infringement of third party rights. 

  

	 	(a)	If any warning letter or other notice of infringement is received by a Party, or legal suit or other action is brought against a Party, alleging infringement of third
party rights in the manufacture, use or sale of any Licensed Product or use of any Patents, that Party shall promptly provide full details to the other Party, and the Parties shall discuss the best way to respond. 

 

	 	(b)	The Licensee shall have the right but not the obligation to defend such suit to the extent it relates to activities in the Field and shall have the right to settle with
such third party, provided that if any action or proposed settlement involves the making of any statement, express or implied, adversely affecting the validity of any Patent, the consent of UCLB (which shall not be unreasonably withheld or delayed)
must be obtained before taking such action or making such settlement. 

  
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	7.	Warranties and liability 

  

	7.1	Warranties by UCLB. UCLB warrants that: 

  

	 	(a)	It is the registered proprietor of, or applicant for, the Patents and has caused all of its employees who are named as inventors on such Patents to execute such
assignments of the Patents as may be necessary to pass all of their right, title and interest in and to the Patents to UCLB; and 

  

	 	(b)	UCLB is the sole owner of the Patents, and except as UCLB has expressly informed Licensee in writing prior to the date of this Agreement, has not granted to any third
party any license or other interest in the Patents; and UCLB has not received written notice of any third party interest in the Know-how. UCLB has not received written notice of any third party patent, patent application or other intellectual
property rights that would be infringed (i) by practicing any process or method or by making, using or selling any composition which is claimed or disclosed in the Patents or which constitutes Know-how, or (ii) by making, using or selling
Licensed Products; and does not have actual knowledge of any infringement or misappropriation by a third party of the Patents and Know-how. 

  

	7.2	Acknowledgements. The Licensee acknowledges that: 

  

	 	(a)	The inventions claimed in the Patents, and the Know-how, are at an early stage of development. Accordingly, specific results cannot be guaranteed and any results,
materials, information or other items (together “Delivered Items”) provided under this Agreement, except as otherwise set forth in Clause 7.1, are provided ‘as is” and without any express or implied warranties,
representations or undertakings. As examples, but without limiting the foregoing, UCLB does not give any warranty that Delivered Items are of merchantable or satisfactory quality, are fit for any particular purpose, comply with any sample or
description, or are viable, uncontaminated, safe or non-toxic. 

  

	 	(b)	UCLB has not performed any searches or investigations into the existence of any third party rights that may affect any of the Patents or Know-how.

  

	7.3	No other warranties. 

  

	 	(a)	Each of the Licensee and UCLB acknowledges that, in entering into this Agreement, it does not do so in reliance on any representation, warranty or other provision
except as expressly provided in this Agreement, and any conditions, warranties or other terms implied by statute or common law are excluded from this Agreement to the fullest extent permitted by law. 

 

	 	(b)	Without limiting the scope of paragraph (a) above, UCLB does not make any representation nor give any warranty or undertaking: 

 

	 	(i)	as to the efficacy or usefulness of the Patents or Know-how; or 

  

	 	(ii)	as to the scope of any of the Patents or that any of the Patents is or will be valid or subsisting or (in the case of an application) will proceed to grant; or

  

	 	(iii)	except as set forth in Clause 7.1(b), that the use of any of the Patents or Know how, the manufacture, sale or use of the Licensed Products or the exercise of any
of the rights granted under this Agreement will not infringe any other intellectual property or other rights of any other person; or 

  
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	 	(iv)	that the Know-how or any other information communicated by UCLB to the Licensee under or in connection with this Agreement will produce Licensed Products of
satisfactory quality or fit for the purpose for which the Licensee intended or that any product will not have any latent or other defects, whether or not discoverable; or 

 

	 	(v)	as imposing any obligation on UCLB to bring or prosecute actions or proceedings against third parties for infringement or to defend any action or proceedings for
revocation of any of the Patents; or 

  

	 	(vi)	as imposing any liability on UCLB in the event that any third party supplies Licensed Products to customers located in the Territory. 

 

	7.4	Responsibility for development of Licensed Products. The Licensee shall be exclusively responsible for the technical and commercial development and manufacture
of Licensed Products and for incorporating any modifications or developments thereto that may be necessary or desirable and for all Licensed Products sold or supplied, notwithstanding any consultancy services or other contributions that UCLB may
provide in connection with such activities. 

  

	7.5	Indemnity. The Licensee shall indemnify UCLB and its Affiliates, and their respective officers, directors, Council members, employees and representatives,
including the Principal Investigator (together, the “Indemnitees”) against all Losses incurred as a result of any Claims that may be asserted against or suffered by any of the Indemnitees to the extent arising from:

  

	 	(a)	the use by the Licensee or any of its sub-licensees of any of the Patents or Know-how; or 

 

	 	(b)	the development, manufacture, use, marketing or sale of, or any other dealing in, any of the Licensed Products, by Licensee or any of its sub-licensees, or subsequently
by any customer or any other person, including claims based on product liability laws. 

 except in each case to
the extent arising from the gross negligence or willful misconduct of any of the Indemnitees or the material breach of this Agreement by UCLB of any representation, or warranty given in clause 7.1. 

 

	7.6	Limitation of Liability. 

  

	 	(a)	To the extent that any Indemnitee has any liability in contract, tort, or otherwise under or in connection with this Agreement, including any liability for breach of
warranty, their liability shall be limited in accordance with the following provisions of this Clause 7.6. 

  

	 	(b)	In no circumstances shall any of the Indemnitees or Licensee be liable for any loss, damage, costs or expenses of any nature whatsoever incurred or suffered that is
(i) of an indirect, special or consequential nature, (ii) any loss of profits, revenue, business opportunity or goodwill, or (iii) for punitive damages. 

 

	 	(c)	Nothing in this Agreement excludes any person’s liability to the extent that it may not be so excluded under applicable law, including any such liability for death
or personal injury caused by that person’s negligence, or liability for fraud. 

  
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	7.7	Warranties by Licensee. Licensee warrants and undertakes that: 

  

	 	(a)	it shall not enter into an agreement with any other person with respect to the marketing or sale of any Competing Product without the prior written consent of UCLB; and

  

	 	(b)	it shall not market or sell any Competing Product without the prior written consent of UCLB. 

Nothing in this Agreement or this Section 7.7 shall be construed as limiting Licensee’s ability to research or develop a
Competing Product so long as such research or development: (i) does not occur within five (5) years following the Commencement Date; and (ii) does not utilize UCLB’s Know-how. 

 

	8.	Duration and Termination 

  

	8.1	Commencement and Termination by Expiry. This Agreement, and the licences granted hereunder, shall come into effect on the Commencement Date and, unless
terminated earlier in accordance with this Clause 8, shall continue in force on a country by country basis until the expiration of Licensee’s obligation to pay royalties hereunder. The license grant under Clause 2.1 shall be effective
at all times prior to such expiration and following such expiration of this Agreement Licensee shall have a fully paid-up, non-exclusive license (a) under the Patents, with the right to sub-license through multiple tiers, to develop,
manufacture, have manufactured, import, use, offer for sale and sell Licensed Products only in the Field in the Territory; and (b) to use the Know-how, with the right to sub-license through multiple tiers, to develop, manufacture, have
manufactured, import, use, offer for sale and sell Licensed Products only in the Field in the Territory. 

  

	8.2	Early termination. 

  

	 	(a)	The Licensee may terminate this Agreement at any time on 30 days’ notice in writing to UCLB. 

 

	 	(b)	Either Party may terminate this Agreement at any time by notice in writing to the other Party (“Other Party”), such notice to take effect as specified in the
notice: 

  

	 	(i)	if the Other Party is in material breach of this Agreement and, in the case of a breach capable of remedy within 90 days, the breach is not remedied within 90 days of
the Other Party receiving notice specifying the breach and requiring its remedy; or 

  

	 	(ii)	if: (A) the Other Party is declared by a court of competent jurisdiction to be insolvent or unable to pay its debts as and when they become due, (B) an order
is made or a resolution is passed for the winding up of the Other Party (other than voluntarily for the purpose of solvent amalgamation or reconstruction), (C) a liquidator, administrator, administrative receiver, receiver or trustee is
appointed in respect of the whole or any part of the Other Party’s assets or business, (D) the Other Party makes any composition with its creditors, (E) the Other Party ceases to continue its business or (F) as a result of debt
and/or maladministration the other Party takes or suffers any similar or analogous action. 

  

	 	(c)	 UCLB may terminate this Agreement by giving written notice to the Licensee, such termination to take effect forthwith or as otherwise stated in the
notice, if the Licensee or its Affiliate or sub-licensee commences legal proceedings, or assists any third party to 

  
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commence legal proceedings, to challenge the validity or ownership of any of the Patents, or markets or sells a Competing Product, either on its own, or with another person, without the prior
written consent of UCLB. 

  

	 	(d)	A Party’s right of termination under this Agreement, and the exercise of any such right, shall be without prejudice to any other right or remedy (including any
right to claim damages) that such Party may have in the event of a breach of contract or other default by the other Party. 

  

	8.3	Consequences of termination 

  

	 	(a)	Upon termination of this Agreement for any reason otherwise than in accordance with Clause 8.1: 

 

	 	(i)	the Licensee and its sub-licensees shall be entitled to sell, use or otherwise dispose of (subject to payment of royalties under clause 4) any unsold or unused stocks
of the Licensed Products for a period of 6 months following the date of termination; 

  

	 	(ii)	subject to paragraph (i) above, the Licensee shall no longer be licensed to use or otherwise exploit in any way, either directly or indirectly, the Patents, in so
far and for as long as any of the Patents remains in force, or the Know-how; 

  

	 	(iii)	subject to paragraph (i) above, the Licensee shall consent to the cancellation of any formal licence granted to it, or of any registration of it in any register,
in relation to any of the Patents; 

  

	 	(iv)	each Party shall return to the other or, at the other Party’s request, destroy any documents or other materials that are in its or its sub-licensees’
possession or under its or its sub-licensees’ control and that contain the other Party’s Confidential Information in accordance with Clause 3.8; and 

 

	 	(v)	subject as provided in this Clause 8.3, and except in respect of any accrued rights, neither Party shall be under any further obligation to the other.

  

	 	(b)	Upon termination of this Agreement for any reason otherwise than in accordance with Clause 8.1 and at UCLB’ request, the Parties shall negotiate in good faith
the terms of an agreement between them on reasonable commercial terms under which the Licensee would: 

  

	 	(i)	transfer to UCLB exclusively all clinical and other data relating to the development of Licensed Products; and 

 

	 	(ii)	to the extent possible, seek to have any product licences, pricing approvals and other permits and applications transferred into the name of UCLB or its nominee.

  

	 	(iii)	grant UCLB an exclusive, worldwide licence, within the Field, with the rights to grant sub-licences, under any improvements and other intellectual property owned or
controlled by the Licensee at the time of such termination and relating to the Licensed Products; and 

  
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	 	(iv)	grant UCLB or its nominee the right to continue to use any product name that had been applied to the Licensed Products prior to termination of this Agreement.

  

	 	(c)	If the Parties are unable to agree terms in accordance with paragraph (b) above, either Party may refer the disagreement to arbitration in accordance with
Clause 9.10. At the request of UCLB the Parties shall enter into an agreement on the terms specified by the arbitrator(s). 

  

	 	(d)	Upon termination of this Agreement for any reason the provisions of Clauses 2.3(e), 3.2 to 3.8, 4 (in respect of sales made prior to termination or under
Clause 8.3(a)(i)), 7.5, 7.6, 8.3 and 9 shall remain in force. 

  

	9.	General 

  

	9.1	Force majeure. Neither Party shall have any liability or be deemed to be in breach of this Agreement for any delays or failures in performance of this Agreement
that result from circumstances beyond the reasonable control of that Party, including without limitation labour disputes involving that Party. The Party affected by such circumstances shall promptly notify the other Party in writing when such
circumstances cause a delay or failure in performance and when they cease to do so. 

  

	9.2	Amendment. This Agreement may only be amended in writing signed by duly authorised representatives of UCLB and the Licensee. 

 

	9.3	Assignment and third party rights. 

  

	 	(a)	Subject to paragraph (b) below, neither Party shall assign, mortgage, charge or otherwise transfer any rights or obligations under this Agreement, nor any of the
Patents or rights under the Patents, without the prior written consent of the other Party. 

  

	 	(b)	Either Party may assign all its rights and obligations under this Agreement together with its rights in the Patents (i) to any Affiliate, or (ii) in
connection with the transfer or sale of all or substantially all of its business to which this Agreement relates, or in the event of its merger, consolidation, change in control or similar transaction; PROVIDED that the assignee undertakes to the
other Party to be bound by and perform the obligations of the assignor under this Agreement. However a Party shall not have such a right to assign this Agreement if it is insolvent or any other circumstance described in Clause 8.2(b)(ii)
applies to it. 

  

	9.4	Waiver. No failure or delay on the part of either Party to exercise any right or remedy under this Agreement shall be construed or operate as a waiver thereof,
nor shall any single or partial exercise of any right or remedy preclude the further exercise of such right or remedy. 

  

	9.5	Invalid clauses. If any provision or part of this Agreement is held to be invalid, amendments to this Agreement may be made by the addition or deletion of
wording as appropriate to remove the invalid part or provision but other wise retain the provision and the other provisions of this Agreement to the maximum extent permissible under applicable law 

 

	9.6	No Agency. Neither Party shall act or describe itself as the agent of the other, nor shall it make or represent that it has authority to make any commitments on
the other’s behalf. 

  
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	9.7	Interpretation. In this Agreement: 

  

	 	(a)	the headings are used for convenience only and shall not affect its interpretation; 

 

	 	(b)	references to persons shall include incorporated and unincorporated persons; references to the singular include the plural and vice versa; and references to the
masculine include the feminine; 

  

	 	(c)	references to Clauses and Schedules mean clauses of, and schedules to, this Agreement; 

 

	 	(d)	references in this Agreement to termination shall include termination by expiry; 

 

	 	(e)	where the word “including” is used it shall be understood as meaning “including without limitation”. 

 

	9.8	Notices. 

  

	 	(a)	Any notice to be given under this Agreement shall be in writing and shall be sent by first class mail or air mail, or by fax (confirmed by first class mail or air mail)
to the address of the relevant Party set out at the head of this Agreement, or to the relevant fax number set out below, or such other address or fax number as that Party may from time to time notify to the other Party in accordance with this
Clause 9.8. The fax numbers of the Parties are as follows: [*******] 

  

	 	(b)	Notices sent as above shall be deemed to have been received three working days after the day of posting (in the case of inland first class mail), or seven working days
after the date of posting (in the case of air mail), or on the next working day after transmission (in the case of fax messages, but only if a transmission report is generated by the sender’s fax machine recording a message from the
recipient’s fax machine, confirming that the fax was sent to the number indicated above and confirming that all pages were successfully transmitted). 

  

	9.9	Law and Jurisdiction. The validity, construction and performance of this Agreement shall be governed by English law and shall be subject to the exclusive
jurisdiction of the English courts to which the parties hereby submit, except that a Party may seek an interim injunction in any court of competent jurisdiction. 

 

	9.10	Arbitration. 

  

	 	(a)	Any dispute, controversy or claim initiated by either Party arising out of, resulting from or relating to this Agreement, or the performance by either Party of its
obligations under this Agreement (other than (a) disputes, controversies or claims regarding the validity, enforceability, claim construction or infringement of any patent rights, or defenses to any of the foregoing, and (b) bona fide
third party actions or proceedings filed or instituted in an action or proceeding by a third party against a Party), whether before or after termination of this Agreement, shall be finally resolved by binding arbitration. Whenever a Party shall
decide to institute arbitration proceedings, it shall give written notice to that effect to the other Party. Any such arbitration shall be conducted under the Rules of London Court of International Arbitration, in the English language, by a panel of
three arbitrators appointed in accordance with such rules. 

  

  
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	 	(b)	Subject to paragraph (c) below, any such arbitration shall be held in London, England. The arbitrators shall have the authority to grant specific performance and
to allocate between the Parties the costs of arbitration in such equitable manner as they determine. Judgment upon the award so rendered may be entered in any court having jurisdiction or application may be made to such court for judicial acceptance
of any award and an order of enforcement, as the case may be. In no event shall a demand for arbitration be made after the date when institution of a legal or equitable proceeding based upon such claim, dispute or other matter in question would be
barred by the applicable statute of limitations. Notwithstanding the foregoing, either Party shall have the right, without waiving any right or remedy available to such Party under this Agreement or otherwise, to seek and obtain from any court of
competent jurisdiction any interim or provisional relief that is necessary or desirable to protect the rights or property of such Party, pending the selection of the arbitrators hereunder or pending the arbitrators’ determination of any
dispute, controversy or claim hereunder. 

  

	 	(c)	Upon the consent of each of the Parties (said consent not to be unreasonably delayed), a dispute under Clause 5.2 or 8.3 (c) shall be referred to arbitration
in accordance with the Commercial Arbitration Rules of the American Arbitration Association (the “AAA”) by a panel of one arbitrator (unless the Parties agree otherwise) appointed by the AAA and who is knowledgeable as to the subject
matter of the dispute. The Parties agree that the MA Expedited Procedures shall apply to all arbitration proceedings under this Clause 9.10 (c). The arbitrator shall have the right to order discovery as he or she deems appropriate, and to order
injunctive relief and the payment of legal fees, costs and other damages, excluding punitive damages. Judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction. Any arbitration conducted under this Agreement
shall be conducted in London, England. 

  

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

  

	9.12	Announcements. Except as otherwise set forth in this Agreement, neither Party shall make any press or other public announcement concerning any aspect of this
Agreement, or make any use of the name of the other Party in connection with or in consequence of this Agreement, without the prior written consent of the other Party. 

 

	9.13	Entire Agreement. This Agreement, including its Schedules, sets out the entire agreement between the Parties relating to its subject matter and supersedes all
prior oral or written agreements, arrangements or understandings between them relating to such subject matter. Subject to Clause 7.6(c), the Parties acknowledge that they are not relying on any representation, agreement, term or condition which
is not set out in this Agreement. 

  

	9.14	Third parties. Except for the rights of the Indemnitees as provided in clause 7.5, who may in their own right enforce the provisions of that Clause, this
Agreement does not create any right enforceable by any person who is not a party to it (‘Third Party’) under the Contracts (Rights of Third Parties) Act 1999, but this clause does not affect any right or remedy of a Third Party which
exists or is available apart from that Act. The Parties may amend, renew, terminate or otherwise vary all or any of the provisions of this Agreement, including Clause 7.5, without the consent of the Indemnitees. 

 

  
 Page 23 of 27

 EXECUTION COPY 

 

	9.15	Export Control Regulations. 

  

	 	(a)	“Export Control Regulations” mean any United Nations trade sanctions or EU or UK legislation or regulation, from time to time in force, which impose arms
embargoes or control the export of goods, technology or software, including weapons of mass destruction and arms, military, paramilitary and security equipment and dual-use items (items designed for civil use but which can be used for military
purposes) and certain drugs and chemicals. 

  

	 	(b)	The Licensee shall ensure that, in using the Patents or Know-how and in selling Licensed Products, it shall not and nor shall its or its Affiliates employees or
sub-contractors breach or compromise, directly or indirectly, compliance with any Export Control Regulations. 

  

	9.16	Non-use of names and marking of Licensed Products 

  

	 	(a)	The Licensee shall not use, and shall ensure that its Affiliates and sub-licensees do not use, the name, any adaptation of the name, any logo, trademark or other device
of University College London, UCLB, nor of the inventors of the Patents nor the Principal Investigator in any advertising, promotional or sales materials without prior written consent obtained from UCLB in each case, except that Licensee may state
that it is licensed by UCLB under the Patents. 

  

	 	(b)	To the extent commercially feasible the Licensee shall mark and cause its Affiliates and Sub-Licensees to mark each Licensed Product with the number of each issued
Patent which applies to the Licensed Product. 

  

	9.17	Insurance. Without limiting its liabilities under clause 7, the Licensee shall take out with a reputable insurance company and maintain at all times during the
term of this Agreement public and product liability insurance including against all loss of and damage to property (whether real, personal or intellectual) and injury to persons including death arising out of or in connection with this Agreement and
the Licensee’s and its Affiliates’ and sub-licensees’ use of the Patents or Know-how and use, sale of or any other dealing in any of the Licensed Products. Such insurances may be limited in respect of one claim provided that such
limit must be at least $[*******]. Product liability insurance shall continue to be maintained for a further [*******] years from the end of the term of this Agreement. 

Agreed by the Parties through their authorised signatories: 
  

					
	 For and on behalf of
 UCL
Business PLC
	  		 	 For and on behalf of

Coronado Biosciences, Inc.

			
	 /s/ Anne Lane
	  		 	 /s/ Raymond J. Tesi

	signed	  		 	signed
			
	 Anne Lane, M.D.
	  		 	 Raymond J. Tesi, M.D.

	print name	  		 	print name
			
	 Executive Director
	  		 	 President and CEO

	title	  		 	title
			
	 2/11/07
	  		 	 11/11/07

	date	  		 	date

  
 Page 24 of 27

 EXECUTION COPY 

 

 Schedule 1 
 Part A: The Patents 
 Patent Application [*******] filing date [*******] and the refilled
patent application [*******] filing date [*******] both entitled “[*******]” and any derivatives thereof. Said patent application entered national phase in at least the following regions: [*******]. 

Part B: The Know-how 

Tumour-activated human NK cells — potential for “off-the-shelf” immunotherapy. 

Mark W. Lowdell, Dept of Haematology, Royal Free & UCL Medical School, London, UK. 

[*******] 
 [*******] 

[*******] 
 [*******] 

[*******] 

  
 Page 25 of 27

 EXECUTION COPY 

 

 [*******] 
 [*******] 
 [*******] 
 References: 
  

	Bryceson Y T, 	ME March, H-G Ljunggren, EO Long. 2006. Synergy among receptors on resting NK cells for the activation of natural cytotoxicity and cytokine release. Blood.107:159-166.

  

	Gehrmann M, 	H Schmetzer, G Eissner, T Haferlach, W Hiddemann, G Multhoff. 2003. Membrane-bound heat shock protein 70 (HSP70) in acute myeloid leukemia: a tumour specific
recognition structure for the cytolytic activity of autologous NK cells. Haematologica. 88:474-6. 

  

	Lowdell M W, 	R Craston, D Samuel, M E Wood, E O’Neill, V Saha, HG Prentice. 2002. Evidence that continued remission in patients treated for acute leukemia is dependent upon
autologous natural killer cells. Br. J. Haematol. 117:821-7. 

  

	Miller JS, 	Soignier Y, Panoskaltsis-Mortari et al. Successful adoptive transfer and in vivo expansion of human haploidentical NK 

cells in patients with cancer. Blood 2005;105(8):3051-7. 

  
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	North J, Bakhsh	I, Marden C et al. Tumour-primed human natural killer cells lyse NK-resistant tumour targets: evidence for a 

two-stage process in resting NK cell activation. - Journal of Immunology; 178:85-94. 

 

	Testi R, D	D’Ambrosio, R De Maria, A Santoni. 1994. The CD69 receptor: a multipurpose cell surface trigger for hematopoietic cells. Immunol. Today. 15:479-83.

 Schedule 2 
 The
Press Release 

  
 Page 27 of 27Master Contract Services Agreement

 Exhibit 10.15 
 CONFIDENTIAL TREATMENT REQUESTED. 
 INFORMATION FOR WHICH CONFIDENTIAL
TREATMENT HAS BEEN 
 REQUESTED IS OMITTED AND MARKED WITH “[*******]” OR OTHERWISE 

CLEARLY INDICATED. AN UNREDACTED VERSION OF THIS DOCUMENT HAS 

ALSO BEEN PROVIDED TO THE SECURITIES AND EXCHANGE COMMISSION. 

 

					
	SERVICE PROVIDER:	  		  	 •      PROGENITOR CELL THERAPY, LLC

	SERVICE PROVIDER CONTACT:	  		  	 •      Robert A. Preti, Ph. D.

	CORONADO CONTACT:	  		  	 •      Elizabeth Moore, SVP Regulatory Affairs

	EFFECTIVE DATE:	  		  	 •      As of April 1, 2010

  
  

MASTER CONTRACT SERVICES AGREEMENT 
 THIS MASTER CONTRACT SERVICES AGREEMENT (the “Master Contract Services Agreement”) is made as of the Effective Date set forth above by and between Coronado Biosciences, Inc , a Delaware
company with an office at 1700 Seventh Avenue, Seattle, WA 98101 (“CORONADO”) and Progenitor Cell Therapy, LLC, a Delaware limited liability company, with a principal office at 4 Pearl Court, Suite C, Allendale, NJ 07401 (the “Service
Provider”) (the Master Contract Services Agreement, together with any Statement(s) of Work (as defined below), all Appendixes attached hereto, is collectively referred to as the “Agreement”). Terms not otherwise defined will have the
meaning set forth for such term in Appendix B attached hereto, made a part hereof and incorporated herein by reference. 
 1. Agreement
Structure. From time to time, CORONADO may want the Service Provider to provide certain consulting, preclinical, laboratory and/or clinical research-related services, product/process development services, manufacturing services and other
services as mutually agreed by the parties, in writing (collectively, the “Services”). This Agreement contains general terms and conditions under which CORONADO would engage the Service Provider and under which the Service Provider would
provide Services. CORONADO and the Service Provider must complete and execute a work order, project order or statement of work (“Statement of Work”) before any Services are provided. Each Statement of Work will include, at a minimum, the
information relating to the specific Services outlined in the sample Statement of Work attached as Appendix A. However, neither CORONADO nor the Service Provider is obligated to execute any Statement of Work. Once executed, a Statement of
Work becomes part of this Agreement, although the terms in a Statement of Work will govern only Services described in that Statement of Work. 
  

	2.	About the Services. 

  

	 	2.1	Provision of Services. The Service Provider agrees to provide all Services identified in any Statement of Work: (a) in the manner and time provided in such
Statement of Work and (b) in accordance with the current state of the FDA’s current GMPs when applicable to do so. Subject to the next succeeding sentences; Service Provider will also comply, in all material respects, with Applicable Laws
concerning current GMPs in effect as of the Effective Date appropriate to the Services. Should such Applicable Laws be changed, Service Provider will make all commercially reasonable efforts to satisfy the new requirements. However, in the event
that compliance with such new Applicable Laws necessitates a change in the Services, Service Provider will submit a proposed Statement of Work to CORONADO reflecting revised technical and cost proposals for CORONADO’s acceptance prior to making
any changes in the Services. In the event of a conflict in Applicable Laws, CORONADO will designate, in writing, which regulations shall be followed by Service Provider in its performance of the Services. For each Statement of Work, Service Provider
will designate a “Project Leader” who will be available for frequent communications with CORONADO regarding the Services provided under that Statement of Work. CORONADO will designate a “Representative” who will be the point of
contact for the Project Leader. In the event either party fails to designate a Project Leader or Representative in the applicable Statement of Work, the Service Provider Contact shall be the Project Leader and the CORONADO Contact shall be the
Representative. 

	 	2.2	Intentionally Omitted. 

  

	 	2.3	Audits. Upon [*******] day written notice by CORONADO to Service Provider, Service Provider will allow CORONADO employees and representatives, and
representatives of regulatory agencies, during normal business hours, to conduct a GMP compliance audit at Service Provider’s facilities used to render the Services under the applicable Statement of Work [*******] during each [*******] month
period (with the initial [*******] month period commencing with the Effective Date), which audit will be at [*******] cost and expense. In addition, at [*******] cost and expense, as reasonably requested by either party, the Project Leader and
Representative and their designees shall participate in meetings at Service Provider’s facilities as reasonably determined by Service Provider or elsewhere as the parties mutually agree to review performance of the Services and to coordinate
such Services as necessary. 

  

	 	2.4	Data Verification and Reports. As provided in the applicable Statement of Work, a copy of all raw data, databases and analytical reports of the data will be
provided to CORONADO in Service Provider’s standard format. Service Provider will verify the accuracy of the data contained in all databases and/or reports provided by it against the raw data and will attach a signed statement attesting to such
verification to each database and/or report provided to CORONADO. 

  

	 	2.5	Standard Operating Procedures. As required by any Statement of Work, Service Provider will supply copies to CORONADO of all standard operating procedures of
Service Provider relevant to the Services under a Statement of Work, all at CORONADO’s sole cost and expense. 

  

	 	2.6	Regulatory Contacts. CORONADO will be solely responsible for all contacts and communications with any regulatory authorities with respect to matters relating to
any of the Services. Unless required by applicable law, Service Provider will have no contact or communication with any regulatory authority regarding any Services without the prior written consent of CORONADO, which consent will not be unreasonably
withheld. Each party will notify the other promptly after such party receives any contact or communication from any regulatory authority relating in to the Services and will provide the notified party with copies of any such communication. Each
party will consult with the other party regarding the response to any inquiry or observation from any regulatory authority relating to the Services. 

  

	3.	Representations by Service Provider. The Service Provider makes the following representations, warranties and covenants: 

 

	 	3.1	Organization of Service Provider. Service Provider is and will remain a limited liability company duly organized, validly existing and in good standing under the
laws of its jurisdiction of organization. 

  

	 	3.2	Enforceability of this Agreement. The execution and delivery of this Agreement has been authorized by all requisite company action. This Agreement is and will
remain a valid and binding obligation of Service Provider, enforceable in accordance with its terms, subject to laws of general application relating to bankruptcy, insolvency and the relief of debtors. 

 

	 	3.3	Absence of Other Contractual Restrictions. Service Provider is under no contractual or other obligation or restriction that is inconsistent with Service
Provider’s execution or performance of this Agreement. 

  
 - 2 -

	 	3.4	Qualifications of Service Provider Personnel. Service Provider has, and will engage, employees, subcontractors and/or consultants (“Service Provider
Personnel”) with the proper skill, training and experience to provide the Services. Service Provider will be solely responsible for paying Service Provider Personnel and providing any employee or other benefits that they are owed.

  

	 	3.5	Legal Compliance. Service Provider will comply, in all material respects, with all federal and state laws, regulations and orders applicable to its operations.
If specified in a Statement of Work, Services will be rendered in accordance with applicable Good Laboratory Practices (GLP) and/or Good Clinical Practices (GCP). 

 

	 	3.6	Conflicts with Rights of Third Parties. Without conducting any due diligence, to Service Provider’s knowledge, the conduct and provision of the Services
will not violate any patent, trade secret or other proprietary or intellectual property right of any third party. 

  

	 	3.7	Absence of Debarment. Neither Service Provider nor any Service Provider Personnel performing Services under this Agreement (i) has been debarred, and
(ii) to the best of Service Provider’s knowledge, is under consideration to be debarred, by the FDA from working in or providing services to any pharmaceutical or biotechnology company under the Generic Drug Enforcement Act of 1992.

  

	4.	Compensation. See Appendix C. Appendix C is attached hereto, made a part hereof and incorporated herein by reference. 

 

	5.	Proprietary Rights. 

  

	 	5.1	Materials. All Confidential Information (as defined in Section 6.1 as set forth in Appendix C) and biological, chemical or other materials controlled by
CORONADO and furnished to Service Provider (collectively, the “Materials”) and all associated intellectual property rights will remain the exclusive property of CORONADO. Service Provider will use the Materials as reasonably necessary, as
determined by Service Provider, to perform the Services. Service Provider agrees that it shall not use or evaluate such Materials or any portions thereof for any purpose other than in accordance with this Agreement and any Statement of Work or as
advised or directed by CORONADO. 

  

	 	5.2	 Intellectual Property. Any product resulting from the Services performed or product improvement, inventions or discoveries, including new uses
for product resulting from the Services performed and related patent rights which arise as a result of the Services performed by Service Provider (the “Intellectual Property”) will be owned solely and exclusively by and assigned to
CORONADO. Service Provider will, at CORONADO’s cost and expense, make reasonable commercial business efforts to cooperate with and assist CORONADO or its nominees in all reasonable ways and at all reasonable times, including, but not limited
to, testifying in all legal proceedings, signing all lawful papers and in general performing all lawful acts reasonably necessary or proper, to aid CORONA DO in obtaining, maintaining, defending and enforcing all lawful patent, copyright, trade
secret, know-how and the like in the United States and elsewhere for Intellectual Property. Notwithstanding the preceding, any process or process improvement, inventions or discoveries, including related patent rights, made by Service Provider which
Service Provider utilizes in connection with services provided to its clients, in general, including in connection with the Services provided to CORONADO (“Service Provider Intellectual Property”) will be owned solely and exclusively by
Service Provider and not be assigned to CORONADO. However, Service Provider hereby grants to 

  
 - 3 -

	 	
CORONADO a fully paid-up, irrevocable, worldwide license to use any Service Provider Intellectual Property for purposes of developing and commercializing products relating to the Services being
provided hereunder. Any such process or process improvement, inventions or discoveries and related patent rights which are made jointly by the parties shall be owned jointly by the parties. Service Provider shall maintain such information and
communications in confidence as Confidential Information. Nothing contained herein shall be construed to grant to Service Provider any rights to technology or any license to product resulting from the Services performed by Service Provider under the
Agreement and each Statement of Work under any patent, copyright or trademark now or hereinafter in existence except for the limited purposes set forth herein. CORONADO will be free to use all Intellectual Property for any and all purposes. Service
Provider will retain ownership of any pre-existing products, materials, tools, methodologies, technologies and Service Provider Intellectual Property (collectively, “Service Provider Technology”). Service Provider agrees not to incorporate
any Service Provider Technology into Intellectual Property that would prevent CORONADO from using its Intellectual Property for any and all purposes. 

  

	 	5.3	Intentionally Omitted. 

  

	 	5.4	Records; Records Storage. Service Provider will maintain all written materials and all other data and documentation obtained or generated by Service Provider in
the course of preparing for and providing Services hereunder, including all computerized records and files (the “Records”). 

  

	 	5.5	Record Retention. Upon written instruction of CORONADO and at CORONADO’s cost and expense (which will include reimbursing Service Provider for Service
Provider’s time using an hourly fee for its employees or representatives equal to the then internal fully burdened costs to Service Provider for such employee or representative) all Records will, at CORONADO’s option either be
(a) delivered to CORONADO or to its designee in such form as is then currently in the possession of Service Provider, (b) retained by Service Provider for a period of [*******] years, or as otherwise required under Applicable Law or
regulation, or (c) disposed of, at the direction and written request of CORONADO, unless such Records are otherwise required to be stored or maintained by Service Provider as a matter of Applicable Law. In no event will Service Provider dispose
of any such Records without first giving CORONADO [*******] days prior written notice of its intent to do so. Service Provider may, however, retain copies of any Records as Service Provider reasonably determines is necessary for regulatory or
insurance purposes, subject to Service Provider’s obligation of confidentiality. 

  

	6.	Confidential Information. See Appendix C. 

  

	7.	Indemnification and Insurance. See Appendix C. 

  

	8.	Expiration and Termination. 

  

	 	8.1	Expiration. This Agreement will expire on the completion of all Services provided in the Statement(s) of Work executed by the parties. The Agreement may be
extended by mutual agreement of the parties pursuant to a Statement of Work or earlier terminated in accordance with Section 8.2 or 8.3 below. 

  
 - 4 -

	 	8.2	Termination by CORONADO. 

  

	 	(a)	If Service Provider is in default of its material obligations under the Master Contract Services Agreement or any Statement of Work (the Master Contract Services
Agreement as it incorporates any one Statement of Work, is referred to herein as the “Applicable Services Agreement”), CORONADO shall promptly notify Service Provider, in writing, either by certified mail, return receipt requested or by a
national overnight courier service (“Written Notice”) of such material default under the Applicable Services Agreement. Service Provider shall have a period of forty-five (45) days from the date of its receipt of the Written Notice
relating to a particular Applicable Services Agreement within which to cure such default. If Service Provider shall fail to cure the default of such Applicable Services Agreement within the specified cure period, then the Applicable Services
Agreement shall, at CORONADO’s option, terminate upon delivery to Service Provider of a Written Notice of termination. Upon Service Provider’s receipt of the termination notice of the Applicable Services Agreement, Service Provider shall
comply with such notice to terminate all Services under the Applicable Services Agreement and use commercially reasonable efforts to reduce costs to the CORONADO. 

 

	 	(b)	CORONADO, at its option, may terminate any one or more Applicable Services Agreement without cause upon providing no less than sixty (60) days Written Notice to Service
Provider of Service Provider’s intent to terminate one or more Applicable Services Agreement(s) with the termination date of the Applicable Services Agreement to occur on the last day of the month following the expiration of the sixty (60) day
notice period set forth in the Written Notice terminating such Applicable Services Agreement. 

  

	 	8.3	Termination by Service Provider. If CORONADO is in default of any of its material obligations under any Applicable Services Agreement, Service Provider shall
promptly notify CORONADO, in writing, by Written Notice of such default under the Applicable Services Agreement. CORONADO shall have a period of thirty (30) days from the date of receipt of such Written Notice of the default under the Applicable
Services Agreement within which to cure such default. If CORONADO shall fail to cure the default of such Applicable Services Agreement within the specified cure period, then, at Service Provider’s option, Service Provider may terminate the
Agreement or any or all of the Applicable Service Agreements upon delivery to CORONADO of a Written Notice of termination of the Agreement or, if applicable, the Applicable Services Agreement Service Provider is terminating.

  

	 	8.4	Effect of Termination or Expiration. 

  

	 	(a)	In the event of termination of the Agreement or, if applicable, any Applicable Services Agreement, CORONADO shall pay for the Services performed and any costs and
expenses incurred by Service Provider prior to the date of termination of the Agreement or, if applicable, the Applicable Services Agreement. 

  

	 	(b)	CORONADO shall pay for any costs, expenses and pass through costs and expenses which Service Provider is irrevocably obligated to pay after the termination of the
Agreement or, if applicable, the Applicable Services Agreement, (provided such irrevocable obligations were incurred prior to its receipt of Written Notice of termination of the Agreement or, if applicable, the Applicable Services Agreement).

  

	 	(c)	 It is understood that the parties intend to discuss, pursuant to the provisions of this Section, any alleged default and its remediation as soon as it
is known, and that such discussion shall not be a waiver of the right to terminate pursuant to this Agreement. For purposes of this Section 8: (i) a “default of its material obligations” shall be defined as a breach by a party

  
 - 5 -

	 	
that directly caused a significant delay or obstacle that prevented the non-breaching party from achieving a material goal or objective as contemplated under the Agreement or, if applicable, the
Applicable Services Agreement, and shall also include a failure by CORONADO to pay Service Provider any amounts set forth in Section 4 and the related Statements of Work when due and (ii) no default that is caused or contributed to by the
non-breaching party or Force Majeure shall constitute a “default of its material obligations”. 

  

	 	(d)	The Agreement may be automatically and immediately terminated by either party, upon providing Written Notice to the other party of the termination of the Agreement, if
the other party has a liquidator, receiver, manager, receiver or administrator appointed, or ceases to continue trading or is unable to pay debts. 

  

	 	(e)	The termination of the Agreement or, if applicable, any Applicable Services Agreement, for any reason shall not relieve either party of its obligation to the other that
expressly survive the termination of the Agreement or, if applicable, the Applicable Services Agreement. 

  

	 	(f)	Notwithstanding anything herein to the contrary, UNDER NO CIRCUMSTANCES SHALL EITHER PARTY BE ENTITLED TO INCIDENTAL, INDIRECT, CONSEQUENTIAL OR SPECIAL DAMAGES ARISING
IN CONNECTION WITH THE DEFAULT OR BREACH OF ANY OBLIGATION OF THE OTHER PARTY UNDER THE AGREEMENT OR ANY APPLICABLE SERVICES AGREEMENT, THE SCOPE OR ANY DOCUMENTS OR APPENDIXES RELATED THERETO. 

 

	9.	Miscellaneous. 

  

	 	9.1	Independent Contractor. All Services will be rendered by Service Provider as an independent contractor and this Agreement does not create an employer-employee
relationship between CORONADO and Service Provider. Service Provider shall not in any way represent itself to be a partner or joint venturer of or with CORONADO. 

 

	 	9.2	Publicity. Neither party may use the other party’s name in any form of advertising, promotion or publicity, including press releases, without the prior
written consent of the other party. This term does not restrict a party’s ability to use the other party’s name in filings with the Securities and Exchange Commission, FDA, any patent office, or other governmental or regulatory agencies,
when required to do so. 

  

	 	9.3	Notices. Except where Written Notice is expressly required in the Agreement and Appendix C, all notices required or permitted under this Agreement must be
written and sent to the address or facsimile number identified in this Agreement or a subsequent notice. All notices must be given (a) by personal delivery, with receipt acknowledged, (b) by facsimile followed by hard copy delivered by the
methods under (c) or (d), (c) by prepaid certified or registered mail, return receipt requested, or (d) by prepaid recognized next business day delivery service. Notices will be effective upon receipt or as stated in the notice.
Notices to CORONADO must be marked “Attention: Elizabeth Moore, SVP, Regulatory Affairs”. Notices to Service Provider must be marked “Attention: George S Goldberger, Chief Business Officer”. 

 

	 	9.4	 Assignment. Neither this Agreement nor any Applicable Services Agreement may be assigned in whole or in part by either party without the prior
written consent of the other party, which consent shall not be unreasonably withheld or delayed, except CORONADO may assign this Agreement without Service Provider’s consent in the event of a merger, acquisition, or transfer of all of its
assets related to this Agreement to a third party that is not an Affiliate of 

  
 - 6 -

	 	
CORONADO, provided further that such assignee, in the reasonable opinion of Service Provider has financial resources and financial strength comparable to CORONADO’s as of the Effective Date.
Any attempt to assign this Agreement or any Applicable Services Agreement without such consent, where required, shall be void and of no effect subject to the limitations on assignment herein. This Agreement shall be binding upon and inure to the
benefit of the successors and assigns of the parties hereto. No assignment will relieve either party of the performance of any accrued obligation that such party may then have under this Agreement. 

 

	 	9.5	Entire Agreement. This Agreement constitutes the entire agreement of the parties with regard to its subject matter, and supersedes all previous written or oral
representations, agreements and understandings between CORONADO and Service Provider. In the event of any conflict, discrepancy, or inconsistency between this Agreement and any Statement of Work, the terms of the Statement of Work will control. The
execution of a Statement of Work by one party which is not executed by the other party shall not be deemed an agreement or evidence against the party executing the Statement of Work as to the intent of the parties at the time of the first
party’s execution of the Statement of Work. 

  

	 	9.6	No Modification. This Agreement and/or any Statement of Work may be changed only by a Statement of Work signed by authorized representatives of both parties.

  

	 	9.7	Severability; Reformation. Each and every provision set forth in this Agreement is independent and severable from the others, and no restriction will be rendered
unenforceable by virtue of the fact that, for any reason, any other or others of them may be invalid or unenforceable in whole or in part. If any provision of this Agreement or any Statement of Work is invalid or unenforceable for any reason
whatsoever, that provision will be appropriately limited and reformed to the maximum extent provided by applicable law. If the scope of any restriction contained herein is too broad to permit enforcement to its full extent, then such restriction
will be enforced to the maximum extent permitted by law so as to be judged reasonable and enforceable. 

  

	 	9.8	Governing Law; Jurisdiction; Service of Process. The Agreement, the Quality Agreement and all Statement(s) of Work shall be governed by the laws of the State of
New York, without reference to choice or conflict of law principles, otherwise applicable. The parties consent and agree that any legal action or proceeding against either party or any of their property with respect to any matter arising under or
relating to this Agreement, the Quality Agreement and all Statements of Work may be brought in any court of the City and State of New York or any Federal Court of the United States of America located in the City and State of New York as Service
Provider may elect. By execution and delivery of the Agreement, both CORONADO and Service Provider each hereby submits to and accepts with regard to any such action or proceeding, for itself and in respect of its property, generally and
unconditionally, the jurisdiction of the aforesaid courts. By execution and delivery of the Agreement, both CORONADO and Service Provider further irrevocably consents to the service of process in any such action or proceeding by the mailing of
copies thereof by registered or certified mail, postage prepaid, in the case of the Service Provider, to the attention of the Service Provider Contact at its address set forth at the beginning of the Agreement and, in the case of CORONADO, to the
attention of the CORONADO Contact at its address set forth at the beginning of the Agreement. CORONADO and Service Provider each hereby irrevocably waives any objection which it may now or hereafter have to the laying of the venue of any suit,
action or proceeding arising out of or relating to this Agreement, the Quality Agreement and each Statement of Work, and each hereby further irrevocably waives any claim that the State of New York is not a convenient forum for any such suit, action
or proceeding. 

  
 - 7 -

	 	9.9	Waiver. No waiver of any term, provision or condition of this Agreement (whether by conduct or otherwise) in any one or more instances will be deemed to be or
construed as a further or continuing waiver of any such term, provision or condition of this Agreement. 

  

	 	9.10	Counterparts. This Agreement and each Statement of Work may be executed in any number of counterparts, each of which will be deemed to be an original and all of
which together will constitute one and the same instrument. 

  

	 	9.11	Headings. This Agreement contains headings only for convenience and the headings do not constitute or form a part of this Agreement, and should not be used in
the construction of this Agreement. 

  

	 	9.12	WAIVER OF JURY TRIAL. SERVICE PROVIDER AND CORONADO WAIVE ANY RIGHTS THEY MAY HAVE TO A TRIAL BY JURY OF ANY DISPUTE ARISING UNDER OR RELATING TO THIS
AGREEMENT, THE QUALITY AGREEMENT AND EACH STATEMENT OF WORK. SERVICE PROVIDER AND CORONADO AGREE THAT ANY SUCH DISPUTE SHALL BE TRIED BEFORE A JUDGE SITTING WITHOUT A JURY. 

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

									
	CORONADO BIOSCIENCES, INC	  		  	PROGENITOR CELL THERAPY, LLC
					
	By	  	 /s/ Raymond J. Tesi
	  		  	By	  	 /s/ Robert A. Preti

					
	Name	  	Raymond J. Tesi, M.D.	  		  	Name	  	Robert A. Preti, Ph.D.
					
	Title:	  	President and CEO	  		  	Title	  	President and CSO

  
 - 8 -

 APPENDIX A 
 STATEMENT OF WORK NO.:             -PAO-            

 Project Title and Number: (CORONADO BIOSCIENCES)
             
 THIS STATEMENT OF WORK (the “Statement of
Work”) dated             , 20     (the “Statement of Work Effective Date”) is by and between Coronado BioSciences, INC
(“CORONADO”) and Progenitor Cell Therapy, LLC (the “Service Provider”). Upon execution of this Statement of Work, the Statement of Work will incorporate by reference the Master Contract Services Agreement (the “Master
Contract Services Agreement”) between CORONADO and Service Provider having an Effective Date of March     , 2010 (this Statement of Work as it incorporates by reference the Master Contract Services Agreement, the
“Agreement”). Capitalized terms in this Statement of Work and not otherwise defined herein will have the same meaning as set forth in the Master Contract Services Agreement. 
 CORONADO hereby engages Service Provider to provide Services, as follows: 
  

	1.	Services. Service Provider will render to CORONADO the following Services: 

 Describe specific Service to be provided including all Deliverables. 
  

	2.	Materials. CORONADO will provide to Service Provider the following Materials for the Services: 

Describe specific materials being provided by CORONADO. 

 

	3.	Completion. The Services will be completed as provided in this Statement of Work. 

 

	4.	Service Provider Project Leader.             Name and Title 

 

	5.	CORONADO Contact.
                             Name and Title 

 

	6.	Compensation. The Price due Service Provider for Services under for the Services described in this Statement of Work is set forth below.

  

	7.	Other: 

 Except as modified by this
Statement of Work, all other terms and conditions of the Agreement will apply to this Statement of Work. 
 This Statement of Work shall
become effective when each of the parties have duly executed the same copy or counterpart copies of this Statement of Work and be deemed effective as of the Statement of Work Effective Date set forth above. Except as specifically amended and
modified by this Statement of Work, the Agreement is and shall continue to be in full force and effect and is hereby in all respects ratified and confirmed. 
  

									
	CORONADO BIOSCIENCES, INC	  		  	PROGENITOR CELL THERAPY, LLC
					
	By	  	  
	  		  	By	  	  

									
					
	Name	  	  
	  		  	Name	  	  

									
					
	Title:	  	  
	  		  	Title:	  	  

  
 - 9 -

 APPENDIX B 
 DEFINITIONS 
 The following terms shall have the following meanings: 

 

			
	Affiliate	  	With respect to any person or entity, another person or entity that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common
Control with the person or entity specified.
		
	Agreement	  	Has the meaning set forth in the opening paragraph of the Master Contract Services Agreement.
		
	Applicable Laws	  	All laws, ordinances, rules, orders and regulations of any state, federal or local governmental or regulatory authority of the United States that governs the
Services.
		
	 Applicable Services

Agreement
	  	Has the meaning set forth in Section 8.2(a) of the Master Contract Services Agreement.
		
	Control	  	The possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a person or entity, whether through the ability to exercise
voting power, by contract or otherwise. “Controlled” has the meaning correlative thereto.
		
	Coronado	  	Has the meaning set forth in the opening paragraph of the Master Contract Services Agreement.
		
	FDA	  	The United States Food and Drug Administration, or any successor agency thereto.
		
	Force Majeure	  	Any cause beyond the reasonable control of the party in question which for the avoidance of doubt and without prejudice to the generality of the foregoing includes governmental
actions, war, riots, terrorism, civil commotion, fire, flood, epidemic, labor disputes (excluding labor disputes involving the work force or any part thereof of the party in question), restraints or delays affecting shipping or carriers, and act of
God.
		
	GMP	  	Current Good Manufacturing Practice regulations, as set forth in the United States Code of Federal Regulations Title 21 (21 C.F.R. §§ 210 and 211), in effect as of the
Effective Date.
		
	Intellectual Property	  	Has the meaning set forth in Section 5.2 of the Master Contract Services Agreement.
		
	Materials	  	Has the meaning set forth in Section 5.1 of the Master Contract Services Agreement.
		
	Records	  	Has the meaning set forth in Section 5.4 of the Master Contract Services Agreement.

  
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	Service Provider	  	Has the meaning set forth in the opening paragraph of the Master Contract Services Agreement.
		
	Service Provider Intellectual Property	  	Has the meaning set forth in Section 5.2 of the Master Contract Services Agreement.
		
	Service Provider Personnel	  	Has the meaning set forth in Section 3.4 of the Master Contract Services Agreement.
		
	Service Provider Technology	  	Has the meaning set forth in Section 5.2 of the Master Contract Services Agreement.
		
	Services	  	Has the meaning set forth in the opening paragraph of the Master Contract Services Agreement.
		
	Statement of Work	  	Has the meaning set forth in the opening paragraph of the Master Contract Services Agreement.
		
	Written Notice	  	Has the meaning set forth in Section 8.2(a) of the Master Contract Services Agreement.

  
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 APPENDIX C 
 ADDITIONAL TERMS AND PROVISIONS 
 Reference is made to the Master Contract
Services Agreement having an Effective Date as of April 1, 2010 (the “Master Contract Services Agreement”) between Progenitor Cell Therapy, LLC (“Service Provider”) and Coronado Biosciences, Inc. (“CORONADO”).

 The parties agree that the terms and provisions set forth in this Appendix C supersede any contrary provisions contained in
the Master Contract Services Agreement and in the event of a conflict between the terms and provisions of the Master Contract Services Agreement and the terms and provisions of this Appendix C (and except as may be set forth in any Statement of Work
between the parties), the terms and provisions contained in this Appendix C shall control. 
 The parties agree that the terms
and provisions of this Appendix C are incorporated by reference into the Master Contract Services Agreement as if such terms and provisions were set forth therein and that such terms and provisions of this Appendix C are an integral part of the
Agreement (as defined in the Master Contract Services Agreement). Terms not defined in this Appendix C shall have the meaning provided for such term in Appendix B attached to the Master Contract Services Agreement which Appendix B is incorporated by
reference into the Master Contract Services Agreement and is an integral part thereof. 
  

	1.	Quality Agreement. 

 (a)
The parties agree that based upon the Services to be provided (as set forth in each particular Statement of Work), within [*******] days after Service Provider’s request for a Quality Agreement, the parties, using their best respective efforts,
agree to negotiate and execute a Quality Agreement which shall be in form and substance reasonably satisfactory to each party. The Quality Agreement will define the responsibilities of the respective party for compliance with applicable GMP for the
manufacture, storage and shipping services for the production of product resulting from the Services set forth in the applicable Statement of Work for clinical and/or commercial purposes. Service Provider is to be responsible for compliance with all
applicable requirements while the product resulting from the Services described in the particular Statement of Work is under the direct control of the Service Provider and CORONADO is to be responsible for compliance with all applicable requirements
while the product resulting from the Services described in such Statement of Work is under the direct control of CORONADO. The parties agree that the failure of the parties to execute a Quality Agreement will not be deemed a default under the
Applicable Services Agreement nor will the failure to execute a Quality Agreement be the basis of a termination of this Agreement or any Applicable Services Agreement. 
 (b) Either Service Provider or CORONADO, as provided in the Quality Agreement, will bear the upfront costs of any investigation into the cause(s) for any Product Failure (as defined in the Quality
Agreement) as required by the provisions of the Quality Agreement. If a Quality Agreement is not entered into between the parties, CORONADO shall be responsible for such costs. Following the investigation’s completion, the parties agree to
retrospectively share the costs of such investigation in a manner equal to the share of responsibility the parties agree should be assigned to each party based on the investigation’s conclusions and to the extent either party, as applicable,
can and does provide evidence of the costs of such investigation. If the parties cannot agree as to apportionment of the costs of the investigation, the parties, within [*******] days of the determination by either party that a resolution cannot be
reached, shall 

  
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appoint a third party that is not an Affiliate of either party, to whom they both agree, to review the results of the investigation and apportion liability for the costs of the investigation
between the parties based on a root cause analysis. If the parties cannot agree upon a single third party, then each party shall appoint a third party that is not an Affiliate of either party and such third party shall appoint a third party that is
not an Affiliate of either party. The three third parties shall review the results of the investigation and apportion liability for the costs of the investigation between the parties based on a root cause analysis. The parties agree to be bound by
the third party(ies)’s ruling and to apportion the cost of the third party(ies) between the parties based on the same root cause analysis outlined above. 
 2. The parties agree that Section 4 (Compensation) contained in the Master Contract Services Agreement is deleted in its entirety and the below sections relating to Pricing and Payments are inserted
in lieu thereof: 
  

	 	“4.	Pricing and Payments 

4.1 Pricing. The amount to be charged by Service Provider for the Services described in a particular Statement of Work shall be set
forth in such applicable Statement of Work (the “Price”). The Price shall become due after CORONADO’s receipt of the applicable invoice, all as specified in Section 4.2 below. 

4.2 Invoices and Payment. Service Provider shall provide monthly invoices to CORONADO, in paper form, sent to the address set forth
at the beginning of the Master Contract Services Agreement or to such other address as instructed by CORONADO in writing to the Service Provider. CORONADO agrees that all payments owed to Service Provider pursuant to the Agreement and in any
Statement of Work are due no later than [*******] days after the due date (as the Price may be expressly set forth in any Statement of Work) or no later than [*******] days after the date of invoice (for all other costs and expenses). All payments
due under the Agreement and any Statement of Work shall be made in United States Dollars. CORONADO acknowledges and agrees that CORONADO shall pay the Price expressly set forth in any Statement of Work at the times set forth in such Statement of
Work. 
 4.3 Late Payments. In the event any payment due to Service Provider is not received by Service Provider when due
under Section 4.2 above, the overdue amount shall incur a charge at the rate of [*******] percent ([*******]%) per month, or the maximum allowed by law, whichever is less; commencing from the date such payment was originally due until such
payment is paid in full. 
 4.4 Reimbursable Expenses. Unless expressly set forth to the contrary in any Statement of
Work, CORONADO will also reimburse Service Provider, and Service Provider will separately invoice CORONADO, for Service Provider’s reasonable out of pocket and pass through costs and expenses including, but not limited to, those relating to the
following: 
  

	 	(i)	Costs of reagents and materials. 

  

	 	(ii)	Service related travel, accommodation and meal costs incurred by Service Provider and other person(s) or entity(ies) retained by Service Provider to perform Service
Provider’s obligations pursuant the Agreement and each Statement of Work as reasonably determined by Service Provider, with such costs and expenses to be at the business class level. 

 

	 	(iii)	All applicable and actual foreign, federal, state and local taxes, including, without limitation, sales taxes, assessed on any aspect of the Services; excluding income
taxes, franchise taxes or any other tax imposed on Service Provider’s net income by the United States or any political subdivision thereof. 

  
 - 13 -

	 	(iv)	Costs associated with outside services, including, but not limited to [*******]. 

 

	 	(v)	Costs associated with installing the technology and other software and items relating to the Services. 

 

	 	(vi)	Packaging & shipping costs for test samples to CORONADO or to a third party as instructed by the CORONADO. 

 

	 	(vii)	Costs associated with packing and shipping of product resulting from the Services to CORONADO designated clinical and/or storage sites. 

 

	 	(viii)	Costs associated with development and/or validation/qualification of assay methods and/or shipping methods. 

 

	 	(ix)	Costs associated with the development of the production record. 

  

	 	(x)	Costs associated with any stability trials for raw materials, starting material, intermediate products, final products and/or the costs of reagents used in the
manufacture of product resulting from the Services. 

  

	 	(xi)	Costs associated with environmental monitoring or Service Provider facility cleaning beyond that currently executed by Service Provider. 

 

	 	(xii)	Except as expressly provided in any Statement of Work, costs associated with the preparation and submission of any Investigation New Drug application
(“IND”) or sections of an IND to the FDA relating in any manner to the Services. 

  

	 	(xiii)	Costs of regulatory services beyond supplying information (if expressly provided in a Statement of Work) for the compilation of Phase II/Phase III IND CMC submissions.

  

	 	(xiv)	Costs related to regulatory and quality services and interactions, including, but not limited to, costs of any additional qualification and or validation activities to
address specific requests received from any regulatory authority, including the FDA following submission of regulatory documentation. 

  

	 	(xv)	Except as expressly provided in any Statement of Work, costs associated with assisting CORONADO with a regulatory submissions (including, but not limited to assisting
with the completion of any BLA with the FDA) or providing validation reports (including any shipping validation which may be required in connection with any BLA submission. 

 

	 	(xvi)	Extension of the manufacturing campaign for the clinical trial beyond the estimated durations set forth in any Statement of Work, additional patients or dose cohorts.
Should an extension of any duration of any Stage set forth in a Statement of Work occur, then the costs, if any, associated such extension, including, without limitation, any additional manufacturing facility suite operations and other costs shall
be addressed in an appropriate Statement of Work. 

  

	 	(xvii)	Costs that may be associated with the technology transfer of the developed processes and procedures resulting from the Services to any GMP manufacturing
facility/organization as requested by CORONADO. 

  

	 	(xviii)	Costs of process and assay test method validation to the level required for further submission of the product and/or processes results to the FDA.

 The parties agree that in connection with the costs set forth in Sections 4.4(i), (v) and
(vi) above, a [*******] percent ([*******]%) handling fee will be added by the Service Provider to any invoice relating to such costs. Further, in connection with the costs and expenses covered by Section 4.4(ii) above, prior to such trips
and related costs and expenses being incurred, Service Provider will contact CORONADO (either verbally or in writing) and obtain CORONADO’s consent, in writing, to the proposed trip(s) to be made. 

  
 - 14 -

 4.5 Costs of Disposal. Either Service Provider or CORONADO will be responsible for
the costs of disposal of any product resulting from the Services as may be required by the provisions of the applicable Quality Agreement. If a Quality Agreement is not entered into between the parties, CORONADO shall be responsible for such costs.

 4.6 COLA. CORONADO expressly understands and agrees that all payments and fees (whether pursuant to the Agreement, any
Statement of Work, the Quality Agreement or in any other document executed between the parties) payable by CORONADO to Service Provider after January 1, 2011 are subject to a cost of living adjustment (“COLA”) effective [*******] and
each successive [*******] (each, a “Determination Date”). The COLA calculation will be equal to the [*******] for a base [*******] which shall be deemed the [*******] period immediately preceding the Determination Date and each anniversary
thereafter. Upon the occurrence of a price adjustment as a result of COLA as of a Determination Date, Service Provider will notify CORONADO, in writing of the COLA adjustments (including the calculation thereof) and the resultant changes, if any, in
the various payments and fees payable by CORONADO to Service Provider. Such written notification by Service Provider to CORONADO will be binding and enforceable against CORONADO absent manifest error and such written notice of the COLA adjustments
will be deemed a Statement of Work without any additional action on the part of either party.” 
 3. The parties agree that Section 6
(Confidential Information) contained in the Master Contract Services Agreement is deleted in its entirety and the below sections relating to Confidential Information (as defined below) are inserted in lieu thereof: 

 

	 	“6.	Confidential Information. 

6.1 Definition. The term “Confidential Information” shall mean any information received by one party (the “Receiving
Party”) from the other party (the “Disclosing Party”) that is identified as being proprietary or confidential to the Disclosing Party or which might permit the Disclosing Party or its customers to obtain a competitive advantage over
those who do not have access to the information, including without limitation each party’s technology and documentation, technical information and customer lists. Confidential Information shall not include information which (a) is or
becomes a part of the public domain through no act or omission of the Receiving Party, (b) is or was in the Receiving Party’s lawful possession prior to the disclosure by the Disclosing Party, (c) is disclosed to the Receiving Party
by a Third Party entitled to disclose such Confidential Information, or (d) was independently developed by the Receiving Party without use of or access or reference to the Confidential Information of the Disclosing Party. 

6.2 Confidentiality Obligations. It is anticipated that each of the parties will disclose to the other party Confidential
Information in the course of performing such parties’ obligations under the Agreement, including each Statement of Work. Notwithstanding anything to the contrary herein, Receiving Party may disclose the Confidential Information of the
Disclosing Party to an Affiliate who is under similar obligations to keep such Confidential Information confidential and to the extent required by law. If such disclosure is requested by legal process, the Receiving Party will make commercially
reasonable efforts to notify the Disclosing Party of this request to disclose Confidential Information prior to any disclosure in order to permit the Disclosing Party to oppose such disclosure, at the sole cost and expense of the Disclosing Party,
by appropriate 

  
 - 15 -

 
legal action. If as a result of the application of the preceding sentence, Service Provider becomes obligated to provide testimony or records regarding any aspects of the Services in any legal or
administrative proceeding, then CORONADO shall reimburse Service Provider all of Service Provider’s costs and expenses related thereto plus an hourly fee for Service Provider’s employees or representatives equal to the then internal fully
burdened costs to Service Provider of such employee or representative. 
 6.3 Non-Disclosure and Limitation of Use. Except
as provided in Section 6.1, Receiving Party shall not disclose the Disclosing Party’s Confidential Information, except to its employees or agents in accordance with Section 6 and shall take at least the same precautions to protect the
confidentiality of the Disclosing Party’s Confidential Information as it takes to protect its own Confidential Information, but in no event less than commercially reasonable precautions. Receiving Party shall not remove any trademark,
copyright, restricted rights, limited rights, proprietary rights or confidentiality notices included in or affixed to the Disclosing Party’s Confidential Information and shall reproduce all such notices on any copies of the Disclosing
Party’s Confidential Information made in accordance with this Agreement. Receiving Party may use the Disclosing Party’s Confidential Information only to the extent reasonably necessary to carry out its obligations under this Agreement.

 6.4 No Rights Granted. The disclosure of Confidential Information by the Disclosing Party hereunder shall not be
construed as a grant to the Receiving Party of any ownership or other proprietary right or interest in such Confidential Information, except as set forth in the Agreement. The Receiving Party shall not acquire any title, ownership, or other
intellectual property rights or license from the Disclosing Party to any Confidential Information of the Disclosing Party by virtue of such disclosure. 
 6.5 Return of Confidential Information. Upon expiration or termination of the Agreement for any reason, the Receiving Party shall (a) immediately cease using any of the Confidential
Information of the Disclosing Party, and (b) at the written request of Disclosing Party, which notice shall specify the subject Confidential Information, promptly, at Receiving Party’s cost and expense, return to the Disclosing Party all
tangible embodiments of Disclosing Party’s Confidential Information. Notwithstanding anything to the contrary herein, Receiving Party may retain secure copy(ies) of Confidential Information of the Disclosing Party solely for the purpose of
determining its obligations hereunder. The confidentiality and non-use obligations of each Receiving Party under this Agreement shall continue in effect for a period of [*******] year after the expiration or termination of this Agreement.
Notwithstanding the preceding, nothing shall prohibit the Receiving Party from summarizing the terms of this Agreement, or from filing this Agreement as an exhibit, in documents the Receiving Party is required to file with any Governmental Agency,
including, but not limited to, the Securities and Exchange Commission; provided that such disclosure shall be only to the extent required to comply with applicable Laws, and provided further: (i) that the Receiving Party shall provide a copy of
the proposed disclosure to the Disclosing Party at least [*******] days in advance of such disclosure; and (ii) the parties shall mutually agree to the content of such disclosure. 

6.6 Irreparable Injury. The Receiving Party agrees that money damages would not be a sufficient remedy for any breach of the
confidentiality obligations set forth in Section 6 and that, in addition to all other remedies, Disclosing Party will be entitled to seek injunctive or other equitable relief as a remedy for any such breach by the Receiving Party without having
to post a bond.” 

  
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 4. Representations by CORONADO. CORONADO makes the following representations, warranties and
covenants to Service Provider: 
 (a) CORONADO is and will remain a corporation duly organized, validly existing and in good
standing under the laws of its jurisdiction of organization. 
 (b) The execution and delivery of the Agreement (and all
appendixes thereto) and each Statement of Work has been and will be authorized by all requisite corporate action. The Agreement (and all appendixes thereto) and each Statement of Work is and will remain a valid and binding obligation of CORONADO,
enforceable in accordance with its terms, subject to laws of general application relating to bankruptcy, insolvency and the relief of debtors. 
 (c) CORONADO is and will be under no contractual or other obligation or restriction that is inconsistent with CORONADO’s execution or performance of the Agreement (together with all appendixes
attached thereto) and any Statement of Work. 
 (d) CORONADO shall perform its obligations under the Agreement and each
Statement of Work and each Quality Agreement in a professional and workmanlike manner with due care and will fully cooperate with reasonable requests of Service Provider, at Service Provider’s cost and expense, in connection with Service
Provider’s performance of the Services. 
 (e) CORONADO shall obtain and maintain all necessary permits, licenses and
authorizations as required under the Agreement, any Statement of Work and all Applicable Laws with respect to the manufacture of product pursuant to the Services described in a particular Statement of Work and human clinical use of such product.

 (f) Neither CORONADO nor any employees of CORONADO shall be, at the time of performance of any activity hereunder:
(a) disqualified or debarred by the FDA or any other regulatory agency for any purpose; or (b) charged with or convicted under United States Federal law or foreign counterpart thereof, for conduct relating to the development or approval,
or otherwise relating to the regulation, manufacture, research or development of biological products. 
 (g) In performing any
of its work or carrying out its obligations under the Agreement and any Statement of Work, CORONADO: (a) shall not knowingly infringe upon any United States or foreign copyright, patent, trademark, trade secret or other proprietary right, or
misappropriate any trade secret of any third party in any manner that would cause any liability, loss or damage to Service Provider; and (b) has neither assigned nor otherwise entered into any agreement by which it purports to assign or
transfer any right, title or interest to any technology or intellectual property right that would conflict with its obligations under this Agreement and any Statement of Work. 
 (h) To the best of Coronado’s knowledge, all materials, reagents and other product required for the processes relating to the Services can be sourced and are of a grade/nature/origin acceptable for
GMP use and for human administration according to all Applicable Laws (including current FDA regulations) and Service Provider’s standards that are disclosed, in writing, to CORONADO. 

  
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 5. The parties agree that Section 7 (Indemnification and Insurance ) contained in the Master Contract
Services Agreement is deleted in its entirety and the below sections relating to Pricing and Payments are inserted in lieu thereof: 
  

	 	“7.	Indemnification and Insurance. 

 7.1 Indemnification by Service Provider. Service Provider shall indemnify, defend and hold harmless CORONADO and CORONADO’s agents, servants, directors, officers and employees (collectively,
“CORONADO’s Agents”) from and against any and all claims, damages, losses, expenses, and liabilities of any nature whatsoever, including reasonable attorney’s fees and disbursements (collectively,
“Claims”), incurred, caused, based upon, arising out of or resulting from or failure to perform, or misrepresentation with respect to, any of the terms, covenants or conditions of the Agreement and each Statement of Work,
except to the extent incurred, caused or occasioned by, in connection with or arising out of the acts or omissions of CORONADO and/or CORONADO’s Agents including, but not limited to, CORONADO’s violation or failure to perform, or
misrepresentation with respect to, any of the terms, covenants or conditions of the Agreement and each Statement of Work. In the event that a Claim arises in whole or in part from CORONADO’s and/or CORONADO’s Agents negligence, gross
negligence or intentional misconduct or inaction, then the amount of the Claim that Service Provider shall indemnify CORONADO or, if applicable, CORONADO’s Agents pursuant to this Section 7.1 shall be reduced by an amount in proportion to
the percentage of CORONADO’s and/or CORONADO’s Agents’ responsibilities for such Claim as determined by a court of competent jurisdiction in a final and non-appealable decision or in a binding settlement between the parties. Nothing
in this Agreement or in any Statement of Work shall be deemed to require Service Provider to indemnify CORONADO or CORONADO’s Agents for or with respect to any bodily injury caused by any product resulting from the Services. CORONADO hereby
acknowledges that it has exclusive control and decision making authority with respect to: (i) the specifications that govern the manufacture and use of the any product resulting from the Services; and (ii) specifications that govern the
manufacture, packaging and distribution of product resulting from the Services. CORONADO further acknowledges that Service Provider has no control over the “use” of any product resulting from the Services after being shipped by Service
Provider in accordance with the Agreement and any Statement of Work. 
 7.2 Indemnification by CORONADO. CORONADO shall
indemnity, defend, and hold harmless Service Provider and Service Provider’s agents, servants, directors, officers, managers, members and employees (collectively, “Service Provider’s Agents”) from and against any and all Claims
incurred, caused, based upon, arising out of or resulting from: (i) the use of any products resulting from the Services, including the product’s use in the treatment of human subjects; (ii) personal injury to a participant in any
clinical trial using any product resulting from the Services or personal injury to any Service Provider Agent directly or indirectly caused by materials, reagents and/or blood related product required for the Services (collectively, “Raw
Materials”); (iii) Service Provider’s performance of or involvement with Raw Materials or Service Provider’s obligations under the Agreement and each Statement of Work; (iv) Service Provider’s performance of the
Services violating or infringing on the patents, trademarks, trade names, service marks or copyrights of any third party with respect to the Services and/or the process to manufacture product resulting from the Services, product intermediates or the
Raw Materials; (v) the harmful or otherwise unsafe effect of the Raw Materials or the product resulting from the Services, including without limitation, a Claim based upon CORONADO or any other person’s use, consumption, sale, distribution
or marketing of any substance, including the Raw Materials or the product resulting from the Services; (vi) any acts or omissions of CORONADO and/or CORONADO’s Agents, including, but not limited to, CORONADO’s or CORONADO’s
Agents’ violation or failure to perform, or misrepresentation with respect to, any of the terms, covenants or conditions of the Agreement and any Statement of Work, except to the extent incurred, caused or occasioned by, in connection with or
arising out of the acts or omissions of Service Provider and/or Service Provider’s Agents including, but not limited to, Service 

  
 - 18 -

 
Provider’s violation or failure to perform, or misrepresentation with respect to, any of the terms, covenants or conditions of the Agreement and any Statement of Work. In the event that a
Claim arises in whole or in part from Service Provider’s and/or Service Provider’s Agents’ negligence, gross negligence or intentional misconduct or inaction, then the amount of the Claim that CORONADO shall indemnify Service Provider
or, if applicable, Service Provider’s Agents pursuant to this Section 7.2 shall be reduced by an amount in proportion to the percentage of Service Provider’s and/or Service Provider’s Agents’ responsibilities for such Claim
as determined by a court of competent jurisdiction in a final and non-appealable decision or in a binding settlement between the parties. 
 7.3 Notification of Claim. Upon receipt of notice of any Claim which may give rise to a right of indemnity from the other party hereto, the party seeking indemnification (the “Indemnified
Party”) shall give written notice thereof to the other party, (the “Indemnifying Party”) with a Claim for indemnity. Such Claim for indemnity shall indicate the nature of the Claim and the basis therefore. Promptly after a claim is
made for which the Indemnified Party seeks indemnity, the Indemnified Party shall permit the Indemnifying Party, at its option and expense, to assume the complete defense of such Claim, provided that; (i) the Indemnified Party will have the
right to participate in the defense of any such Claim at its own cost and expense; (ii) the Indemnifying Party will conduct the defense of any such Claim with due regard for the business interests and potential related liabilities of the
Indemnified Party; and (iii) the Indemnifying Party will, prior to making any settlement, notify the Indemnified Party, in writing, of such settlement offer and subsequently consult with the Indemnified Party as to the terms of such settlement.
The Indemnified Party shall have the right, at its election, to release and hold harmless the Indemnifying Party from its obligations hereunder with respect to such Claim and assume the complete defense of the same in return for payment by the
Indemnifying Party to the Indemnified Party of the amount of the Indemnifying Party’s settlement offer. The Indemnifying Party will not, in defense of any such Claim, except with the consent of the Indemnified Party, consent to the entry of any
judgment or enter into any settlement which does not include, as an unconditional term thereof, the giving by the claimant or plaintiff to the Indemnified Party of a release from all liability in respect thereof. After notice to the Indemnified
Party of the Indemnifying Party’s election to assume the defense of such Claim, the Indemnifying Party shall be liable to the Indemnified Party for such legal or other reasonable expenses subsequently incurred by the Indemnified Party in
connection with the defense thereof at the request of the Indemnifying Party. As to those Claims with respect to which the Indemnifying Party does not elect to assume control of the defense, the Indemnified Party will have the sole and exclusive
right to settle or otherwise dispose of any of the same without the consent of the Indemnifying Party. 
 7.3 Survival;
Limitation of Liability. Each party’s indemnification obligations to the other party shall survive the expiration or earlier termination of the Applicable Services Agreement. Notwithstanding anything in this Section 7.3 or the
Applicable Services Agreement to the contrary, Service Provider’s liability to CORONADO pursuant to Section 7 shall not, under any circumstance, exceed an amount equal to the total of all payments actually paid by CORONADO to Service
Provider for Services provided by Service Provider pursuant to any Statement of Work (the maximum amount shall exclude all reimbursable amounts described in Section 4.4 as set forth in Appendix C to the Agreement). Further, in no event shall
either party be liable to the other for any special damages of any nature whatsoever, including, but not limited to, liability for special, indirect, punitive, exemplary or consequential damages (including damages relating to lost profits, lost
business or lost savings), even if a party has been advised of the possibility of and/or incurred such damages. 

  
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	 	7.4	Insurance. 

 A.
Each party shall, at all times during the period of the Agreement, obtain and maintain fully paid insurance coverage with limits no less than: 
  

	 	i)	Comprehensive General Liability (including coverage for bodily injury and property damage) with limits no less than [*******] Dollars ($[*******]) aggregate, per
occurrence; and 

  

	 	ii)	In the case of the Service Provider, Workers Compensation with limits no less than the minimum statutory amounts under Applicable Laws. 

B. Service Provider shall, at all times during the period of the Agreement, obtain and maintain Professional Liability insurance coverage
with limits no less than [*******] Dollars ($[*******]) per occurrence. 
 C. CORONADO shall, immediately prior to the initiation
of any human clinical trials using product resulting from the Services, and at all times afterward for the duration of the Agreement, and for a period of [*******] years following the termination or earlier expiration of the Agreement, obtain and
maintain Product Liability insurance coverage (“clinical trial insurance”) with limits no less than the greater of (i) [*******] ($[*******]) dollars per occurrence and (ii) or an amount, as reasonably determined by CORONADO
which is appropriate for the size and scope of the human clinical trials CORONADO intends to engage in, taking into account the number of patients and nature of the human trial. 

D. Each party shall furnish to the other a certificate of such insurance evidencing the required policies of insurance set forth above,
which certificate shall provide that no such policy shall be materially altered, amended or cancelled without providing the other party with at least [*******] days prior written notice of such change and be in form and substance (including
deductible amounts) reasonably satisfactory to such other party. 
 6. The parties agree that Service Provider shall provide the required
personnel and support necessary to perform the Services at one or more of Service Provider’s facilities located in the United States, as determined solely by Service Provider. Service Provider shall perform the Services as provided in the
Agreement and each Statement of Work and each Quality Agreement. Notwithstanding the previous sentence, CORONADO recognizes and agrees that the completion of Services, the timelines and cost figures set forth in the Agreement and each Statement of
Work are estimates made by Service Provider in its commercially reasonable determination and that the same may be affected by third parties not directly controlled by Service Provider. 
 7. Service Provider and CORONADO each acknowledges and agrees to the other that because the Services to be performed is by its nature developmental, Service Provider can only assure compliance with
CORONADO’s specifications as outlined in the Agreement, each Statement of Work and the applicable Quality Agreement and Service Provider EXPRESSLY MAKES NO WARRANTY OR GUARANTY WHATSOEVER REGARDING THE ACHIEVEMENT OF A SUCCESSFUL OUTCOME FOR
THE PROGRAM RESULTING FROM THE SERVICES. 

  
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	8.	DISCLAIMERS: 

  

	 	(a)	DISCLAIMER BY SERVICE PROVIDER. SERVICE PROVIDER DOES NOT WARRANT THAT ANY PRODUCT RESULTING FROM THE SERVICES PERFORMED WILL BE SAFE OR EFFICACIOUS OR THAT
ANY FDA SUBMISSION PREPARED AS A RESULT OF PERFORMING THE SERVICES WILL SATISFY ALL THE REQUIREMENTS OF ANY REGULATORY AGENCY AT THE TIME OF SUBMISSION. 

 

	 	(b)	DISCLAIMER OF WARRANTIES. EXCEPT AS EXPRESSLY PROVIDED IN THE AGREEMENT, NEITHER PARTY MAKES ANY WARRANTY WITH RESPECT TO THE SERVICES OR OBLIGATIONS TO BE SUPPLIED
BY SUCH PARTY HEREUNDER AND BOTH PARTIES SPECIFICALLY DISCLAIM ALL EXPRESS OR IMPLIED REPRESENTATIONS OR WARRANTIES WITH RESPECT TO THE SERVICES, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR ANY PARTICULAR PURPOSE OR NONINFRINGEMENT, OR
ANY IMPLIED WARRANTY ARISING FROM COURSE OF PERFORMANCE, COURSE OF DEALING OR USAGE OF TRADE. 

 9. Prospective
Events. For purposes of this Section, the following terms shall have the meanings given to them as set forth below: 
  

	 	(a)	“Prospective Illegality” means any foreign, state or federal statute or common law, or foreign, state or federal administrative agency rule, guidance
or directive now existing or enacted or promulgated or re-interpreted after the Effective Date of this Agreement that is interpreted by judicial decision, a regulatory agency or legal counsel (in the case of legal counsel pursuant to a legal opinion
reasonably acceptable to the receiving party from legal counsel reasonably acceptable to the receiving party and addressed to such receiving party) in such manner as to result in the conclusion that any act or service required of Service Provider or
CORONADO under the Agreement or any Statement of Work is in violation of such law, rule, guidance or directive. 

  

	 	(b)	“Prospective Cost Increase” means either the (a) occurrence of an event outside the control of Service Provider, including, without limitation,
any Force Majeure event or (b) the enactment of a foreign, state or federal statute, common law, foreign, state or federal administrative agency rule, guidance or directive or amendment thereof, in any case, after the Effective Date of the
Agreement as to which compliance by Service Provider with the terms and provisions of the Agreement or any Statement of Work imposes an extraordinary and unanticipated financial burden that is generally applicable to all providers of cell processing
services. 

  

	 	(c)	Effect of a Prospective Illegality. In the event of a Prospective Illegality, CORONADO and Service Provider shall promptly negotiate in good faith a Statement of
Work to the Agreement and any applicable, Statement of Work as necessary to address such Prospective Illegality. Pending agreement on the appropriate amendment, either CORONADO or Service Provider, on [*******] days Written Notice to the other, may
cease to perform a questioned act; provided, however, that the Agreement will nevertheless be performed by both CORONADO and Service Provider to the extent possible. 

 

	 	(d)	 Effect of a Prospective Cost Increase. In the event of a Prospective Cost Increase, CORONADO and Service Provider shall negotiate in good faith
a Statement of Work to the payment terms of the applicable Statement of Work to address such cost increase. To the maximum extent possible, any such Statement of Work agreed to pursuant to this Section 9 of Appendix C shall preserve the primary
benefits sought to be achieved by this Agreement and the underlying economic and financial arrangements between the parties. If Client and PCT agree that the primary benefits sought to be achieved by this Agreement cannot be achieved

  
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through an appropriate Statement of Work, then this Agreement, unless an earlier date is agreed to by both parties, will be automatically terminated on the last day of the month which first
occurs on or after [*******] days after Written Notice by either party to the Point of Contract of the other party referring to this Section 9 of Appendix C as the basis of the Termination of this Agreement. A termination of this Agreement
pursuant to this Section 9(d) of Appendix C shall be deemed a termination by the CORONADO without cause pursuant to Section 8.2(b) of the Agreement and the balance of the terms and provisions of Section 8 of the Agreement shall be
applicable. 

 10. Force Majeure. Either party shall be excused from performing its respective obligations under the
Agreement and any Statement of Work if its performance is delayed or prevented by Force Majeure, provided that such performance shall be excused only to the extent of and during such disability. Any time specified for completion of performance in
the Services falling due during or subsequent to the occurrence of any Force Majeure event shall be automatically extended for a period of time to recover from such disability. Service Provider will promptly notify CORONADO if, by reason of any
Force Majeure event Service Provider is unable to meet any such time for performance specified in the Services. If any portion of the Services is invalid as a result of such disability, Service Provider will, upon written request from CORONADO, but
at CORONADO’s sole cost and expense, repeat that portion of the Services affected by the disability. If Service Provider is likely to be unable to perform for a period in excess of [*******] days, then the parties agree to negotiate in good
faith a mutually satisfactory approach to resolve the delay resulting from this Force Majeure. If the parties cannot reach a mutually satisfactory approach within such [*******] day period, then CORONADO shall be entitled to terminate the Agreement
without payment of any damages pursuant to Section 8 of this Agreement. 

  
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