Document:

Exhibit
10.13

 

REDACTED

Certain identified
information, indicated by [*****], has been excluded from the exhibit because it is both (i) not material and (ii) would
likely cause competitive harm if publicly disclosed.

 

DEVELOPMENT AND INTELLECTUAL PROPERTY
AGREEMENT

 

THIS DEVELOPMENT AND
INTELLECTUAL PROPERTY AGREEMENT (the “Agreement”) is effective as of November 24, 2015 (the “Effective
Date”), by and between TESLA GROHMANN AUTOMATION GMBH, a company
established under the laws of Germany with offices at Rudolf-Diesel-Straße 14, 54595 Prüm (“TGA”),
and CUREVAC AG, a German stock corporation with its principal place of business
located at Paul-Ehrlich-Straße 15, 72076 Tübingen, Germany (“CureVac”). CureVac and TGA are each
referred to herein as a “Party” and collectively as the “Parties.”

 

PREAMBLE

 

WHEREAS, CureVac is a biotechnology company
that is a pioneer and technology leader in mRNA-based pharmaceutical products and vaccination approaches using its RNActive®
technology. CureVac discovers, designs and develops first-in-class mRNA vaccines and therapies for the treatment of diseases with
unmet medical need. CureVac has substantial knowledge and expertise in the area of the messenger RNA technology;

 

WHEREAS, TGA has intellectual property
and more than thirty years of expertise in the engineering, development and manufacturing of state-of-the-art automation solutions
for processes in the automotive, consumer electronics, and biotechnological industry;

 

WHEREAS, CureVac wishes for TGA to perform
services and deliver products as defined in one or more Approved Work Orders, and TGA is willing to perform such services and deliver
such products;

 

WHEREAS, the Parties have planned [*****]  for development
- including (i) the [*****] further detailed in [*****]  (“Work Order I,”
enclosed herewith as Annex 1) and (ii) the   [*****]   as described in [*****]  (“Work
Order II,” enclosed herewith as Annex 2) - and may agree to additional
phases of development in connection herewith; and

 

WHEREAS, TGA and CureVac wish to allocate
rights in any Intellectual Property developed in connection with the Work under this Agreement as set forth herein;

 

NOW, THEREFORE, for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Parties hereto, intending to be legally bound, agree as follows:

 

	1)	DEFINITIONS AND INTERPRETATION.

 

	1.1	Definitions. Terms used herein with initial capitalization have the meanings specified below or where used in this Agreement:

 

		(a)	“Acceptance” or “Accepted” shall have the meaning set forth in § 640 BGB (German
Civil Code) and shall relate to both the Deliverable(s) and the Engineering Report I in Annex 1.

 

		(b)	“Affiliate(s)” means and includes with respect to any Party, (i) any legal entity of which the securities
or other ownership interests representing fifty percent (50%) or more of the equity or fifty percent (50%) or more of the ordinary
voting power or fifty percent (50%) or more of the general partnership interest are, at the time such determination is being made,
owned, controlled or held, directly or indirectly, by such legal entity, or (ii) any legal entity which, at the time such determination
is being made, is controlling or under common control with, such Party. As used in this definition, the term “control”,
whether used as a noun or verb, refers to the possession, directly or indirectly, of the power to direct, or cause the direction
of, the management or policies of a legal entity, whether through the ownership of voting securities, by contract or otherwise.
Notwithstanding the foregoing, with respect to CureVac, Affiliate shall not include Mr. Dietmar Hopp or dievini Hopp BioTech Holding
GmbH & Co. KG, or any other person controlled by Mr. Dietmar Hopp or dievini Hopp BioTech Holding GmbH & Co. KG (other
than CureVac or its Affiliates other than the foregoing).

 

    	Development and Intellectual Property Agreement	1

     

    

 

		(c)	“Approved Work Order” means a Work Order that describes certain Work that TGA and CureVac will perform in
connection with this Agreement and that is approved in writing by authorized representatives of both Parties.

 

		(d)	“Background IP” means, collectively,
the CureVac Background IP and the TGA Background IP.

 

		(e)	“Claim” means any demand, or any civil, criminal, administrative or investigative claim, action or proceeding
(including arbitration) asserted, commenced or threatened against an entity or person by a Third Party.

 

		(f)	“Commercially Reasonable Efforts” means taking all such steps and performing in such a manner as a well-managed
and diligent company would undertake where it was acting in a determined, prudent and reasonable manner to achieve a particular
desired result for its own benefit.

 

		(g)	“Confidential Information” as defined
in Annex 4.

 

		(h)	“CureVac Background IP” means, collectively, (i) any and all Intellectual Property or Know-How that was
created, conceived, acquired, owned, or controlled by CureVac and/or any Affiliate of CureVac prior to the Effective Date of the
Agreement and (ii) any and all Intellectual Property or Know-How that is created, conceived, acquired, owned, or controlled by
CureVac and/or any Affiliate of CureVac, independently from TGA and TGA’s Confidential Information, after the Effective Date
of the Agreement which is independent of, and not derived from, the Parties’ efforts under this Agreement, excluding Joint
Inventions and Joint IP, both (i) and (ii) being reasonably necessary or useful for the development, manufacturing and commercialization
of the Deliverables and/or Machine in accordance with this Agreement and/or to practice the Joint IP.

 

		(i)	“Development Fee” has the meaning
given in Section 10.3(a) below.

 

		(j)	“Development Fee Period” has the
meaning given in Section 10.3(b) below.

 

		(k)	“Deliverable” means, any (tangible) result of Work which includes collectively, the machinery, controllers,
computers, component parts, materials, drawings, manuals, and other personal property specifically identified as a TGA deliverable
in an Approved Work Order, and may include prototypes and/or final manufacturing versions of the foregoing.

 

		(l)	“Engineering Report” means the final Deliverable under Work Order I (see page 18 of Annex 1), including
the “Feinkonzept”.

 

		(m)	“Intellectual Property” means (i) Patents, trade names, trademarks, copyright, trade dress, industrial and
other designs, rights in Confidential Information, Know-How, and other forms of intellectual property throughout the world, all
whether or not registered or protected, or capable of such registration or protection (ii) all applications (or rights to apply)
for, and renewals or extensions of, any of the rights described in the foregoing clause (i) and (ii) and all rights and applications
that are similar or equivalent to the rights and application described in the foregoing clauses (i) and (ii), which exist now,
or which come to exist in the future, in any part of the world.

 

		(n)	“IP Milestone Fee” has the meaning
given in Section 10.3(a)(ii) below.

 

		(o)	“IP Milestone Fee Period” has the
meaning given in Section 10.3(c).

 

		(p)	“Joint IP” means, collectively,
Intellectual Property in or arising from a Joint Invention.

 

		(q)	“Joint IP Fee Period” means, as applicable the Development Fee Period or IP Milestone Fee Period.

 

		(r)	“Joint Invention” means any of the following conceived or first reduced to practice by TGA, CureVac, or
any person employed by or working under the direction of TGA or CureVac under this Agreement, excluding Background IP: (i) any
invention, process, information (e.g. Know-How), or any experimental, development or research activities, including engineering
related thereto, whether or not patentable; or (ii) any improvement
in the design of the Deliverable(s) or any alternative or improved method of accomplishing the objectives of this Agreement; or
(iii) derivatives of any of the foregoing.

 

    	Development and Intellectual Property Agreement	2

     

    

 

		(s)	“Know-How” means any and all technical information and know-how owned or controlled by a Party, including
without limitation, inventions, trade secrets, systems, programs, specifications, methods, improvements, data, instructions, processes,
formulae, expert opinions and other information (in written or other tangible form) including, without limitation, any biological,
chemical, pharmacological, toxicological, clinical, assay, control and manufacturing data, biological materials, manufacturing
or related technology, analytical methodology, chemical and quality control procedures, protocols, techniques, improvements and
results of experimentation and testing.

 

		(t)	“Machine” means a functional unit comprising one or more Deliverables required for its functionality and/or
incorporates, requires the use of, or derives from any Joint IP, Joint Invention, and/or TGA Background IP. For the avoidance of
doubt, each prototype machine Deliverable which is used for non-evaluative machine production and each TGA Machine shall be deemed
to be a Machine.

 

		(u)	“Medical Product” means, collectively, any and all drug candidate or product that is developed or to be
developed and/or commercialized by CureVac or licensed or sublicensed by CureVac to any Third Party, made by a Machine.

 

		(v)	“Net Sales” means the gross amounts received by CureVac, its Affiliates, distributors and sublicensees (including
their respective affiliates) (each, a “Selling Party”) from Third Party customers for sales or distribution
of one or more Medical Products, less the Net Sales Deductions actually incurred, allowed, paid, accrued, or specifically allocated
in its financial statements in accordance with generally-accepted accounting principles.

 

		(w)	“Net Sales Deductions” means:

 

		(i)	any and all of the following deductions, but shall not include any such deduction(s) to the extent resulting from or related
to a Selling Party’s intention or attempt, in whole or in part, to avoid paying any IP Milestone Fees hereunder:

 

		(a)	discounts (including trade, quantity and cash discounts) actually allowed, cash and non-cash coupons, retroactive price reductions,
and charge-back payments and rebates granted to any Third Party (including to governmental entities or agencies, purchasers, reimbursers,
customers, distributors, wholesalers, and group purchasing and managed care organizations or entities (and other similar entities
and institutions)) which effectively reduced the selling price or gross sales of the Medical Product(s) and when they have not
already been deducted on the invoiced amount;

 

		(b)	credits or allowances, if any, on account of price adjustments, recalls, justified claims of Third Party customers, justified
rejections or returns of items previously sold (including Medical Product returned in connection with recalls or withdrawals) and
amounts written off by reason of uncollectible debt; provided, that, if the debt is thereafter paid, the corresponding amount shall
be added to the Net Sales of the period during which it is paid;

 

		(c)	insurance, customs charges, freight, postage, shipping, handling, and other transportation costs incurred by a Selling Party
in shipping Medical Product to a Third Party when they are not invoiced to the Third Party; and

 

		(d)	import taxes, export taxes, excise taxes (including annual fees due under Section 9008 of the United States Patient Protection
and Affordable Care Act of 2010 (Pub. L. No. 111-48) and other comparable laws), sales tax, value-added taxes, consumption taxes,
duties or other governmental taxes levied on, absorbed, determined and/or imposed with respect to such sales
(excluding income or net profit taxes or franchise taxes of any kind).

 

    	Development and Intellectual Property Agreement	3

     

    

 

		(ii)	The calculations set forth in this Section shall be determined in accordance with applicable accounting principles (such as
GAAP or IFRS). Transfers of the Medical Product(s) among CureVac, its Affiliates, its distributors and Sublicensees for the purpose
of subsequent resale to Third Parties will not generate Net Sales; with respect to such transfers, only the gross amounts invoiced
in connection with the subsequent resale of the Medical Product(s) to Third Parties will be included in the calculation of Net
Sales.

 

		(x)	“Patents” means patents and patent applications, including without limitation utility patents, model patents
and design patents and certificates of invention, provisional applications, divisional applications, continuations, continuations-in-part,
reissues, extensions (including supplemental protection certificates), reexaminations or renewals thereof.

 

		(y)	“Requirements” as defined in Section
2.5.

 

		(z)	“Term” as defined in Section 13.

 

		(aa)	”TGA Background IP”
means, collectively, (i) any and all Intellectual Property or Know-How that was created, conceived, acquired, owned, or controlled
by TGA and/or any Affiliate of TGA prior to the Effective Date of the Agreement, and (ii) any and all Intellectual Property or
Know-How that is created, conceived, acquired, owned, or controlled by TGA and/or any Affiliate of TGA, independently from CureVac
and CureVac’s Confidential Information, after the Effective Date of the Agreement which is independent of, and not derived
from, the Parties’ efforts under this Agreement, excluding Joint Inventions and Joint IP, both (i) and (ii) being reasonably
necessary or useful for the development, manufacturing and commercialization of the Deliverables and/or Machine in accordance with
this Agreement and/or to practice the Joint IP.

 

		(bb)	“TGA Machine” means, a Machine produced by or for TGA
and sold or delivered hereunder to CureVac and/or CureVac’s authorized purchaser(s) or licensee(s), or other authorized parties.
For the avoidance of doubt, the term TGA Machine does not include any Machines produced by or for any Third Party under
a direct or indirect license from CureVac.

 

		(cc)	”Third Party” means any party other than any of the Parties hereto and its Affiliates; employees of any
of the Parties shall be considered Third Parties.

 

		(dd)	“Work” means, collectively, the research, design, and development of Deliverable(s) and any related services
and functions for which TGA is responsible, as each of the foregoing is described in the applicable Approved Work Order.

 

		1.2	Interpretation. The division of this Agreement into Articles and Sections and the insertion of headings are for convenience
of reference only and will not affect the construction or interpretation of this Agreement. Section references are to sections
of the document in which the reference is contained and will be deemed to refer to and include all subsections of the referenced
section. Unless the context requires otherwise, words importing the singular include the plural and vice versa and words importing
gender include all genders. Unless the context requires otherwise, (a) “including” (and any of its derivative forms)
means including but not limited to, (b) “may” means has the right, but not the obligation to do something and “may
not” means does not have the right to do something, and (c) “will” and “shall” apply to a mandatory
obligation, not a permissive statement. In the event of a conflict between the English language version of this Agreement and any
translations hereof, the English language version shall control.

 

	2)	SUBJECT MATTER OF THE AGREEMENT.

 

		2.1	Starting on the Effective Date and continuing through the Term, TGA will perform the Work in accordance with the terms of this
Agreement and of the applicable Approved Work Order. Upon signature or written approval of an Approved Work Order by both Parties,
the terms of the applicable Approved Work Order, together with the terms of this
Agreement, will become a binding contract between the Parties with respect to its subject matter. The Parties intend to memorialize
each Work Order using the form attached hereto as Annex 3 (Form of Work Order).

 

    	Development and Intellectual Property Agreement	4

     

    

 

		2.2	TGA has already completed the Work under Annex 1 (Work Order I) as of the Effective Date, and CureVac has granted Acceptance
for the resulting Engineering Report provided by TGA. Work Order I is an Approved Work Order.

 

		2.3	For purposes of Annex 2 (Work Order II), TGA will perform the
Work for which it is responsible thereunder for  [*****] each Deliverable as described
therein. CureVac will support TGA in performing its obligations hereunder. The Parties acknowledge that the Work is for [*****]. Notwithstanding anything to the contrary in Work Order II, TGA shall render
services laid out in Work Order II, but only be obligated to use Commercially Reasonable Efforts with regard to Deliverables and
to (a) meet the detailed Requirements set forth therein, and (b) provide reasonable post-Acceptance support, sustained engineering
support, upgrades, and training to CureVac with respect to the Deliverables at fees or rates quoted by TGA or, if applicable, at
fees or rates mutually agreed by the Parties.

 

		2.4	The Parties shall meet quarterly to review the Work under each Approved Work Order either in person, by videoconference, or
by telephone. The Parties will at least meet once per year in person. Each Party may propose a meeting date and time, and the other
Party will use Commercially Reasonable Efforts to accommodate such date and time.

 

		2.5	The target requirements for the Deliverables, such as design and development process, verification and validation requirements,
regulatory, functional and technical needs, development and manufacturing cost objectives (collectively, the “Requirements”)
will be set forth in the applicable Approved Work Order.

 

		2.6	If and to the extent that the Parties wish to enter into an additional Work Order and/or if CureVac wishes to order one or
more TGA Machines from TGA, the Parties shall negotiate in good faith the terms and conditions (including pricing and volumes if
applicable) for such an agreement; provided, however, that neither Party shall be obligated to enter into any such agreement. The
Parties will reference the agreed terms and conditions in Annex 6 in connection with any discussion about orders for TGA Machines.

 

	3)	TGA OBLIGATIONS.

 

		3.1	TGA covenants that the Deliverables will comply with the electrical, mechanical and
                                                            engineering certifications, regulations, and standards as defined under the Approved Work Order and as applicable at the
                                                            location of delivery of Deliverables. Unless agreed otherwise in an Approved Work Order, TGA shall deliver each Deliverable
                                                            Ex Works (Incoterms 2010) at its facility located at [*****].

 

		3.2	TGA will: (a) use Commercially Reasonable Efforts to ensure that the Deliverables (i) are free from defects in material and
workmanship and (ii) conform to the Requirements; and (b) perform the Work in a good, professional and workmanlike manner, in accordance
with industry standards.

 

		3.3	TGA shall provide, at CureVac’s cost, CureVac with all the documents as reasonably requested for CureVac to comply with
the applicable laws, rules, and regulations for the location of application of Machines, if and to the extent that such documents
are available to TGA and/or that TGA can reasonably generate such documents.

 

	4)	CHANGES.

 

		4.1	Either Party may propose one or more reasonable change(s) under this Agreement (including changes with respect to the Deliverables
or the Requirements) by delivering a written proposal to the other Party. The other Party shall respond in writing to any such
proposal within a reasonable time, taking into account the level of complexity and priority of the contemplated
changes(s), and shall use Commercially Reasonable Efforts to estimate the following in connection with the proposed change: (a)
any anticipated impact(s) on the Deliverables or Requirements; (b) any estimated impact(s) on the implementation schedule; and
(c) any necessary adjustment to the price.

 

    	Development and Intellectual Property Agreement	5

     

    

 

		4.2	The Parties shall negotiate in good faith each proposed change under this Agreement. No change shall be effective unless approved
and signed by authorized representatives of each Party using a form substantially similar to Annex 6 to memorialize the change.

 

	5)	FINANCIAL
CONDITIONS.

 

	5.1	The consideration and payment terms under Work Order
I are set forth in Annex 1.

 

	5.2	The consideration and payment terms under Work Order
II are set forth in Annex 2.

 

		5.3	Unless expressly stated otherwise
                                         in an Approved Work Order, CureVac will pay undisputed amounts for all Work and Deliverables
                                         within [*****] net upon receipt of a related invoice. The consideration and payment terms
                                         shall be set forth either in an Approved Work Order signed by both Parties or, in the
                                         absence of such Approved Work Order, in the TGA proposal Accepted in writing by CureVac
                                         against which CureVac is supposed to issue an order which TGA is supposed to accept.
                                         Any wrongfully withheld amounts due shall be subject to statutory interest per applicable
                                         law.

 

		5.4	CureVac will pay all Development Fees and IP Milestone
Fees as set forth in Section 10) below.

 

		5.5	The Parties intend that, if CureVac orders TGA Machines, the pricing will take into account volumes and economies of scale
of producing the TGA Machines.

 

		6)	LIABILITY.

 

		6.1	Exclusions of Liability. Subject to Section 6.3 below and except as expressly set forth herein or in an Approved Work
Order, the Parties agree as follows to the maximum extent permitted by applicable laws: [*****].

 

		6.2	Limitations of Liability. Subject
                                         to Section 6.3 below and except as expressly set forth herein or in an Approved Work
                                         Order, the Parties agree as follows: (a) TGA’s total liability under this Agreement
                                         shall not exceed an amount equal to  [*****]; and (b) CureVac’s total liability
                                         under this Agreement shall not exceed an amount equal to the following: (1) for Work
                                         and Deliverables, the  [*****]; and (2) with respect to Intellectual Property,
                                         the  [*****].

 

		6.3	Exceptions. The limitations and exclusions set forth in Sections 6.1 and 6.2 will not apply with respect to: [*****].

 

    	Development and Intellectual Property Agreement	6

     

    

 

		6.4	Force Majeure. “Force
                                         Majeure Event” means an event beyond the reasonable control of a Party that
                                         delays or prevents the Party from performing its obligations under the Agreement potentially
                                         including embargoes, war, acts of war (whether war be declared or not), acts of terrorism,
                                         insurrections, riots, civil commotions, strikes, lockouts or other labor disturbances,
                                         fire, floods, earthquakes or other acts of God, or generally applicable action or inaction
                                         by any governmental authority, but excluding any government action or inaction that is
                                         specific to such Party, provided that (a) the affected Party is without fault in causing
                                         or failing to prevent the event, (b) the event cannot be circumvented through the use
                                         of commercially reasonable alternative sources, workaround plans or other means. In the
                                         event of a Force Majeure Event, the affected Party shall not be liable for any failure
                                         or delay in performing any of its obligations under or pursuant to this Agreement, and
                                         such a failure or delay shall not constitute a breach of this Agreement. The Party seeking
                                         to rely on this clause shall notify the other Party in writing of such force majeure
                                         circumstances as soon as reasonably practical and use reasonable endeavors in any situation
                                         where it has invoked this clause to cure such force majeure circumstances or to perform
                                         its relevant obligations as soon as possible. The time for performance of the affected
                                         obligations or the applicable Work Order shall be extended by a period equivalent to
                                         the period of the delay. Should a Force Majeure Event prevent any of the Parties from
                                         performing part or all of its obligations under any Approved Work Order for a period
                                         of [*****] or more, the unaffected Party shall have the right to terminate the Approved
                                         Work Order upon giving [*****] prior written notice. In the event of such termination,
                                         the other Party shall be paid for all Work or services performed prior to the date of
                                         termination. If the Force Majeure Event leads to a prevention of any Party from performing
                                         under this Agreement as a whole, such Party may terminate all Approved Work Orders and
                                         this Agreement if the Force Majeure Event continues for more than [*****].

 

		7)	REPRESENTATIONS AND WARRANTIES. Each Party represents and warrants
to the other as follows: (a) it is duly incorporated, validly existing, in good standing, and has the power and authority to carry
on its business, to hold property and to enter into this Agreement; (b) the terms of the Agreement are not inconsistent with its
other contractual arrangements; and (c) the person executing this Agreement on its behalf has the full power and authority to enter
into this Agreement on its behalf.

 

		8)	INDEMNIFICATION.

 

		8.1	TGA shall defend and indemnify CureVac, CureVac’s Affiliates, and their respective directors, officers, employees, agents,
successors, and assigns (collectively, the “CureVac Indemnitees”) from and against any and all costs, fees,
penalties, expenses, damages, reasonable attorneys’ fees and all other liabilities whatsoever (“Losses”)
arising out of or relating to the following against any Indemnified Party: (i) any Claim that any Deliverable or Machine infringes
any Intellectual Property of a Third Party, where such Claim is based solely on TGA Background IP; and (ii) any Claim with respect
to the gross negligence or willful misconduct of any of the TGA Indemnitees. The foregoing is subject to Section 8.4 below.

 

		8.2	CureVac shall defend and indemnify TGA, TGA’s Affiliates, and their respective directors, officers, employees, agents,
successors, and assigns (collectively, the “TGA Indemnitees”)
from and against any and all Losses arising out of or relating to any of the following against any Indemnified Party: (a) any Claim
that any Deliverable or Machine infringes any Intellectual Property of a Third Party, where such Claim is based solely on CureVac
Background IP; (b) any Claim for death or bodily injury, or the damage, loss or destruction of real or tangible personal property
of any Third Party or any Affiliate of CureVac (including CureVac’s, Affiliates, and their respective subcontractors) caused
by, or alleged to be caused by or related to, the operation or use of any Machine, Deliverable, or Medical Product; or (c) any
Claim by, on behalf of, or relating to any employees, agents, independent contractors, and/or directors of CureVac, its Affiliates,
or any of their respective subcontractors in connection with this Agreement and/or the use, development, or production of Machine(s),
Deliverable(s), or Medical Product(s). The foregoing is subject to Section 8.4 below.

 

    	Development and Intellectual Property Agreement	7

     

    

 

		8.3	The Party seeking indemnification hereunder (as applicable, the “Indemnified Party”) will give the other
Party (the “Indemnifying Party”) prompt written notice of any Claim for which indemnification is sought hereunder.
Failure to give notice will not diminish the Indemnifying Party’s obligation under this Section if the Indemnifying
Party has or receives knowledge of the existence of such Claim by any other means or if the failure does not materially prejudice
its ability to defend the Claim. The Indemnifying Party may select legal counsel to represent the Indemnified Party (said counsel
to be reasonably satisfactory to the Indemnified Party) and otherwise control the defense of such Claim. If the Indemnifying Party
elects to control the defense of such Claim, the Indemnified Party may participate in the defense at its own expense. If the Claim
is one that cannot by its nature be defended solely by the Indemnifying Party, then the Indemnified Party will make available information
and assistance as the Indemnifying Party may reasonably request. The Indemnifying Party may not, without the prior written consent
of the Indemnified Party, (i) consent to the entry of any judgment or enter into any settlement that provides for injunctive or
other non-monetary relief affecting any indemnitee hereunder, or (ii) consent to the entry of any judgment or enter into any settlement
unless such judgment or settlement provides for an unconditional and full release of the Indemnified Party and the other indemnitees
hereunder and does not diminish any of the Indemnified Party’s rights under this Agreement or result in additional fees or
charges to the Indemnified Party.

 

		8.4	Each Party’s respective obligations to indemnify (exclusive of the obligation to defend) will not apply if and to the
extent that Losses were caused by the willful misconduct, intentional misconduct, or gross negligence of such Party, but only as
expressly agreed in writing by such Party or as determined by a court of competent jurisdiction in a final judgment which is not
subject to appeal.

 

		9)	CONFIDENTIALITY. The confidentiality terms set forth in Annex 4 (Confidentiality)
shall govern the Parties’ respective obligations with respect to confidentiality under this Agreement.

 

		10)	INTELLECTUAL
PROPERTY.

 

		10.1	  Background IP.

 

		(a)	Each Party reserves sole and exclusive ownership of its Background IP. Each Party’s
Background IP shall be deemed to be such Party’s Confidential Information for
purposes of this Agreement. BACKGROUND IP IS PROVIDED HEREUNDER “AS-IS,
WHERE IS”, WITHOUT WARRANTY OF ANY KIND.

 

		(b)	The Parties each acknowledge that (i) neither the Deliverables nor the Machines may be manufactured without rights to the Joint
IP and TGA Background IP,
and (ii) neither the Deliverables nor the Machines may be operated without rights to the Joint IP,
TGA Background IP, and CureVac Background
IP. Accordingly, the Parties agree to the license and other terms herein.

 

		(c)	TGA grants to CureVac, and CureVac hereby accepts, a non-exclusive, royalty-free
except as otherwise specified in this Section, perpetual, irrevocable as to existing Machines, world-wide license to use, sublicense,
and distribute TGA Background IP that
is incorporated into any Deliverable or Joint IP or is reasonably required to use
or maintain any Deliverable or Joint IP in a cost-effective or efficient manner (e.g.,
tools).

 

		(d)	CureVac grants to TGA, and TGA hereby
accepts, a limited, non-exclusive, non-transferable, no-charge license during the Term to CureVac Background IP
as required for TGA to perform its obligations with respect to (i) the Work
under any Approved Work Order and/or (ii) any order for the manufacture and sale of Machines to CureVac or its authorized purchasers.

 

		10.2	  Joint Inventions.

 

		(a)	Ownership of Inventions. All Intellectual Property generated under this Agreement shall be Joint IP.
TGA and CureVac shall each have an equal and undivided one-half (1/2) joint ownership
interest in any and all Joint Inventions and Joint IP. Inventorship of Joint Inventions
will be determined in accordance with the patent laws of the country in which the Invention is created.

 

		(b)	Licenses in Joint IP.

 

    	Development and Intellectual Property Agreement	8

     

    

 

		(i)	TGA grants to CureVac, and CureVac hereby accepts, an exclusive (only with respect to Machines, and for the duration of the
Joint IP Fee Period, after which the license shall be non-exclusive), royalty-free except as otherwise specified in this Section,
perpetual, irrevocable as to existing Machines, world-wide license to TGA’s interest in Joint IP. For the avoidance of doubt,
nothing in this Agreement shall be construed to limit CureVac’s ability and right to use such Joint IP subject to compliance
with the terms of this Section 10.

 

		(ii)	CureVac grants to TGA, and TGA hereby accepts, a non-exclusive, royalty-free, perpetual, irrevocable as to existing Machines,
worldwide license to CureVac’s interest in Joint IP (A) to perform its obligations under this Agreement, and (B) for applications
and use unrelated to Machines. For the avoidance of doubt, nothing in this Agreement shall be construed to limit TGA’s ability
and right to use Joint IP in applications and context unrelated to Machines.

 

		(c)	Rights in Joint IP. The Parties agree as follows
with respect to the Joint Inventions and Joint IP:

 

		(i)	CureVac may sublicense (in multiple tiers) Joint IP to one or more Third Parties that commit in writing to be subject to obligations
substantially similar to the ones under this Agreement, including confidentiality obligations at least as protective as those set
forth in Annex 4 and audit provisions similar to Section 14.2; and

 

		(ii)	Subject to CureVac’s compliance with the terms of this Section 10), TGA shall not, without CureVac’s prior written
consent, (A) license any rights in Joint IP to any Third Party, or (B) manufacture for and deliver to any Third Party one or more
Machines.

 

		(d)	Prosecution. The Parties shall discuss in good faith the filing and protection of Joint IP. Unless otherwise agreed
by the Parties, the Parties agree that neither Party may file an application, registration, extension, renewal, or re-issuance
for Joint IP without first giving notice to, and offering to discuss the filing in good faith with, the other Party. Each Party
agrees to refrain from submitting any such filing until after it has made reasonable efforts to discuss the filing with the other
Party, with the expectation that the Parties will allow at least [*****] to review and discuss the filing. The filing Party shall
bear its own costs and expenses for any such filing.

 

		(e)	Infringement. The Parties shall discuss in good faith the protection of Joint IP against infringement or misappropriation
by Third Parties. TGA may at its expense take steps to protect Joint IP to the extent related to the manufacture of Machines, and
CureVac may at its expense take steps to protect Joint IP to the use of Machines for production of Medical Products.

 

		10.3	  Joint IP Fees.

 

		(a)	In consideration of the Work, TGA’s contributions to Joint IP and Joint Inventions, and the rights, and obligations in
Sections 10.1 (Background IP) and 10.2(b) above, CureVac shall pay TGA the following during the applicable Joint IP Fee Period:

 

		(i)	[*****]  (the “Development
Fee”); and

 

		(ii)	[*****]  (the
 “IP Milestone Fee”).

 

		(b)	Development Fees. During the period of time beginning on the Effective Date and continuing
                                                                 until 10 years after the date that a Machine is first used commercially (i.e., for commercial, as opposed to testing or
                                                                 evaluation of the Machine, purposes) to produce one or more Medical Products intended (or the charitable equivalent of a
                                                                 sale) to generate Net Sales, (“Development Fee Period”), CureVac will pay a Development Fee per Machine
                                                                 [*****]
                                                                 For example:

 

    	Development and Intellectual Property Agreement	9

     

    

 

		(i)	[*****];

 

		(ii)	[*****];

 

		(iii)	[*****] 

 

	TABLE 1: DEVELOPMENT FEES
	Incremental Volumes of Machines

(Aggregate)	

Development Fee
	Machines
    [*****]	[*****]                    per Machine
	Machines
    [*****]	[*****]                    per Machine
	Machines
    [*****]	[*****]                    per Machine
	Machines
    [*****] and more	[*****]                    per Machine

 

		(c)	IP Milestone Fees. During the period of time beginning on the Effective Date and
                                                            continuing until the earlier of (i) 10 years after the date that a Machine is first used commercially (i.e., for commercial,
                                                            as opposed to testing or evaluation of the Machine, purposes) to produce one or more Medical Products intended (or the
                                                            charitable equivalent of a sale) to generate Net Sales, and (ii) [*****] in aggregate Net Sales (the “IP Milestone
                                                            Fee Period”), CureVac will pay [*****]  per Table 2 below based [*****]  by any and all Medical Products, provided that each “Net Sales”
                                                            bracket and each related “IP Milestone Fee” bracket in the table below may only be consummated once. Once the IP
                                                            Milestone fee of [*****] for reaching [*****] in Net Sales is reached and paid, [*****]  For example:

 

		(i)	[*****] 

 

	TABLE 2: IP MILESTONE FEES
	Net Sales (aggregate)	IP Milestone Fee (USD)
	[*****]	[*****]
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

 

	(d)	Reporting and Payment.

 

    	Development and Intellectual Property Agreement	10

     

    

 

		(i)	For each year during the Joint IP Fee Period, CureVac shall report to TGA no later than [*****]  of the subsequent year the
following:

 

		(a)	[*****]  and

 

		(b)	[*****] 

 

		(ii)	CureVac shall pay the Development Fee and the IP Milestone Fee, if applicable, for each year to TGA no later than the end of
April of the subsequent year.

 

		(iii)	If and to the extent that CureVac
                                         knowingly fails to report any [*****]  for any year during the Joint IP
                                         Fee Period or fails to pay any Development Fee(s) when due and fails to promptly cure
                                         (and in any event within [*****] after learning of such failure), the applicable Development
                                         Fee shall be subject to [*****]. 

		(iv)	The provisions of this Section are essential to TGA’s agreement. This Section 10.3 shall survive the expiration or termination
of this Agreement or of any Approved Work Orders for any reason whatsoever. Further, the Parties agree that the provisions of this
Section 10.3, including CureVac’s obligations to pay Development Fees and IP Milestone Fees in accordance with the terms
hereof, shall remain fully enforceable and valid notwithstanding any of the following: the expiration, invalidity of, or challenges
to the validity of any Background IP and/or Joint IP, including Patents; any change(s) in market conditions or business environment;
any change(s) to CureVac’s corporate and/or ownership structure; as far as legally possible the insolvency or status of CureVac
and/or any of its Affiliates as debtor(s) in bankruptcy, insolvency, receivership, or similar proceedings.

 

		10.4  	After expiration of the Joint IP Fee Period, CureVac shall have a non-exclusive, fully paid-up, worldwide, irrevocable, perpetual,
transferable and sublicensable (in multiple tiers) license under Joint IP and Joint Inventions (including TGA’s interest
in such Joint IP and Joint Inventions), and to the TGA Background IP that is incorporated into any Deliverable, Joint IP, or Joint
Invention, and/or that is reasonably required to use or practice any Joint IP or Joint Invention.

 

		10.5  	Personnel. Each Party is responsible for having in place with each of its employees, agents, contractors, subcontractors,
and other personnel (either directly or indirectly through their respective employers) such agreements respecting Intellectual
Property as are necessary to comply with this Agreement. Without limiting the foregoing, in the event that a Party engages a subcontractor
to perform any activities assigned to it under this Agreement, such Party shall use Commercially Reasonable Efforts to ensure that
such subcontractor has agreed to assign to the Party engaging such subcontractor (and if not possible to grant a fully-paid, exclusive,
royalty-free, worldwide license to such Party, with the right to sublicense through multiple tiers, under) all inventions made
by such subcontractor in the course of performing such subcontracted work that relate to any activities covered by this Agreement.

 

		10.6  	General. Except for the rights expressly granted in this Agreement, nothing in this Agreement will operate to transfer
interest in any Intellectual Property by implication, estoppel or otherwise. All licenses and rights of use granted under or pursuant
to this Agreement shall be deemed to be licenses to rights in “intellectual property” for the purposes of Section 365(n)
of the United States Bankruptcy Code.

 

	11)	INSURANCE.
Each Party shall procure and maintain insurance as required by applicable law.

 

    	Development and Intellectual Property Agreement	11

     

    

 

	12)	SUBCONTRACTING.

 

		12.1  	TGA shall not subcontract the performance of any Work under this Agreement or an Approved Work Order to a Third Party without
the prior written consent of CureVac. CureVac shall not unreasonably withhold, condition, or delay its consent to any such proposed
arrangement; provided, however, that CureVac may condition its consent on certification by TGA that the subcontractor is subject
to confidentiality obligations no less protective than those applicable to TGA under this Agreement. If CureVac wishes to verify
the existence of such confidentiality obligation, the Parties shall designate by mutual agreement a Third Party to confirm the
existence of such obligation.

 

		12.2  	TGA may, in the ordinary course of business, procure and use Third Party services and products that are not dedicated to performance
of the Work, and TGA may procure and use Third Party parts, components, material, and equipment in connection with the Work. TGA
may also engage individual independent contractors to supplement its employee workforce. Such arrangements do not constitute subcontracting
for the purposes of this Section.

 

		13)	TERM AND
TERMINATION.

 

		13.1  	This Agreement shall commence as of the Effective Date and shall remain in force until the expiration of the last Joint IP
Fee Period, unless terminated earlier under this Section or by mutual written agreement of the Parties as applicable (such period
is the “Term”). The Parties may agree to extend Term in writing. This Agreement and each Approved Work Order
may only be terminated as provided in this Section 13) and Section 6.4 (Force Majeure). The term of each Approved Word Order (each
a “Work Order Term”) will be set forth therein.

 

		13.2	  The Parties may terminate an Approved Work Order as follows:

 

		(a)	The Parties may terminate an Approved Work Order by mutual written consent, as signed by an authorized representative of each
Party;

 

		(b)	If one Party materially breaches
                                         its obligations under this Agreement or an Approved Work Order and does not cure such
                                         breach within a reasonable period (not to be less than [*****] following written notice
                                         of such breach by the other Party, then the Party that is not in breach may terminate
                                         the affected Approved Work Order(s) and, in the event of any such termination:

 

		(i)	the breaching Party will reimburse the terminating Party for any non-cancellable costs reasonably incurred by the terminating
Party, in reliance on the terminated Approved Work Order(s), subject to Section 6) (Liability) above;

 

		(ii)	for termination by TGA due to
                                         CureVac’s material breach with respect to that Approved Work Order, (A) CureVac
                                         shall pay TGA a termination fee   [*****] (B) CureVac grants and TGA accepts a non-exclusive,
                                         fully paid-up, sublicenseable (in multiple tiers), worldwide, irrevocable and perpetual
                                         license to the CureVac Background IP and to CureVac’s interest in Joint IP to manufacture
                                         Machines relevant to or deriving from that Approved Work Order, and (C) CureVac will
                                         provide the information and existing documentation with respect to such CureVac Background
                                         IP and Joint IP as reasonably required for TGA or a Third Party to enable such manufacturing
                                         of the Machines; and

 

		(iii)	for termination by CureVac due to TGA’s material breach with respect to that Approved Work Order, TGA grants and CureVac
accepts a fully paid-up, sublicenseable (in multiple tiers), worldwide, irrevocable and perpetual license to the TGA Background
IP and to TGA’s interest in Joint IP reasonably required for CureVac to complete the Work under the Approved Work Order either
on its own or with another supplier (to the extent such rights are not already granted hereunder), and (C) TGA will provide the
information and existing documentation (but without any continuation of Work or other services) with respect to such TGA Background IP and Joint IP as
reasonably required for CureVac or a Third Party to enable the completion of such Work.

 

    	Development and Intellectual Property Agreement	12

     

    

 

		(c)	Either Party may terminate an Approved Work Order for convenience (i.e. without cause) by giving written notice to the other
Party and agreeing to the following:

 

		(i)	for termination by TGA, TGA grants CureVac and CureVac accepts a fully paid-up, sublicenseable (in multiple tiers), worldwide,
irrevocable and perpetual license to the TGA Background IP and its interest in Joint IP to the extent reasonably required for CureVac
to complete the Work under the Approved Work Order either on its own or with another supplier (to the extent such rights are not
already granted hereunder) and TGA will provide the information and existing documentation (but without any continuation of Work
or other services) with respect to such TGA Background IP and Joint IP as reasonably required for CureVac or a Third Party to enable
the completion of such Work; and

 

		(ii)	for termination by CureVac, CureVac
                                         shall pay TGA a termination fee [*****].

 

		(d)	If a Party terminates an Approved Work Order for the other Party’s breach according to Section 13.2(b) above, the terminating
Party may in its discretion convert such termination to a termination for convenience hereunder upon written notice to the other
Party.

 

		(e)	Either Party may terminate all
                                         Approved Work Orders hereunder upon written notice if the other Party is declared insolvent,
                                         becomes a debtor in a bankruptcy, insolvency, receivership, or similar proceeding commenced
                                         by a Third Party that is not dismissed within [*****] after commencement, proceedings
                                         in bankruptcy or insolvency are instituted by or against it, undergoes voluntary or involuntary
                                         dissolution, and undergoes serious financial difficulties that may lead to the opening
                                         of insolvency proceedings in the near future or makes an assignment for the benefit of
                                         its creditors. In that case, the effects of termination laid out in Section 13.2(b) above
                                         shall apply. In the event of a Party’s insolvency, the affected Party shall be
                                         treated as a breaching Party under Section 13.2(b) above.

 

		(f)	As set forth in Section 6.4 with respect to a Force
Majeure Event.

 

		13.3  	This Agreement contemplates the long-term allocation of certain rights with respect to Intellectual Property, Indemnification,
and other issues. Accordingly, the Parties agree that any termination of Approved Work Order(s) hereunder shall not affect the
Parties’ other rights and obligations under this Agreement.

 

14) GENERAL.

 

		14.1  	Advertising. Neither Party will use the other Party’s name nor marks, refer to or identify the other Party in
any advertising or publicity releases or promotional or marketing correspondence to others without such other Party’s written
approval.

 

    	Development and Intellectual Property Agreement	13

     

    

 

		14.2	  Audit.

 

		(a)	During business hours and upon
                                         reasonable advance notice not more than once each calendar year, TGA’s appointed
                                         independent auditor may inspect, examine and audit the records and data of CureVac, CureVac’s
                                         Affiliates, and their respective agents and subcontractors that pertain to CureVac’s
                                         obligations under Section 10) (Intellectual Property) of this Agreement to verify (a)
                                         the accuracy of CureVac’s reports and payments per Section 10) (Intellectual Property)
                                         and (b) CureVac’s compliance with this Agreement. In support of the foregoing right,
                                         CureVac will keep and maintain (i) financial records relating to the Agreement in accordance
                                         with generally accepted accounting principles, (ii) records substantiating CureVac’s
                                         invoices, (iii) records pertaining to CureVac’s compliance with the Agreement,
                                         and (iv) such other operational records with respect to Intellectual Property and related
                                         fees and other monetary amounts as CureVac keeps in the ordinary course of its business.
                                         TGA may not audit a time period for a particular issue more than once. CureVac will retain
                                         such records for the longer of [*****] after the end of each year of a Joint IP Fee Period
                                         or as required by applicable Laws. CureVac will make such records available to TGA’s
                                         auditors for examination and copying upon request. TGA shall bear its own costs and expenses
                                         for any audit pursuant to this provision; provided, however, that if an audit reveals
                                         that CureVac has not paid TGA in aggregate amounts due under this Agreement (including
                                         Development Fees and IP Milestone Fees) for any calendar year shown by such inspection
                                         of more than [*****]  CureVac shall promptly reimburse TGA for the actual costs
                                         and expenses of such audit. Any underpayments shall be paid by CureVac within [*****]
                                         of notification of the results of such audit.

  

		(b)	Upon notice by TGA of its intention to conduct an audit of IP Milestone Fees, but no more than once per calendar year, CureVac
shall at its expense provide an annual certification by a reputable Third Party accounting firm as to the accuracy of the reports
submitted by CureVac with respect to Net Sales and IP Milestone Fees.

 

		14.3  	Non-Solicitation.
                                         The Parties recognize that the employees of the other Party, and such employees’
                                         loyalty and service to such Party, constitute a valuable asset of such Party. Accordingly,
                                         during the Term of this Agreement and for a period of [*****] thereafter, CureVac as
                                         well as TGA agrees not to actively solicit employment with any person who was employed
                                         by the related other Party within [*****] of such person’s employment by such Party.

 

		14.4  	Relationship of Parties. The relationship between the Parties is that of independent contractors and neither Party will
have the authority to bind or act on behalf of the other Party without its prior written consent. This Agreement will not constitute,
create, or in any way be interpreted as a joint venture, partnership or business organization of any kind.

 

		14.5  	Entire Agreement. This Agreement, its Annexes, and all documentation attached hereto or expressly incorporated by reference
herein, will constitute the entire understanding of the Parties relating to the subject matter of this Agreement and will not be
changed or modified except in writing and signed by authorized representatives of the Parties. All prior agreements, whether written
or oral between the Parties relating to the subject matter of this Agreement, are superseded by this Agreement and are of no further
force or effect. For clarity, other than the terms and provisions in this Agreement no commercial or legal terms, in particular
no general terms and conditions, of one Party will apply. The preamble and recitals on page 1 of this Agreement and Annexes 3,
4, 5 and 6 hereto form an integral part of this Agreement and are hereby incorporated by reference herein. Work Orders I and II
are attached hereto for reference as, respectively, Annexes 1 and 2, and per Section 2.1 above each Work Order is a separate contract
which incorporates the terms and conditions of this Agreement.

 

		14.6  	Conflict of Terms. In the event of a conflict between the terms of this Agreement and the terms of any Approved Work
Order or Annex (including any agreements incorporated by reference through an Annex), the terms of this Agreement will govern.

 

		14.7  	Severability. If any provision of this Agreement will be deemed void or unenforceable in whole or in part for any reason
whatsoever, the remaining provisions will remain in full force and effect, and the Parties will negotiate in good faith to modify
the Agreement to preserve (to the extent possible) their original intent and the surviving clauses of this Agreement shall be construed
to give maximum effect to the intention of the Parties as of the date last signed below.

 

		14.8  	Non-Waiver. No failure or delay of one of the Parties to insist upon strict performance of any of its rights or powers
under this Agreement will operate as a waiver thereof, nor will any other single or partial exercise of such right or power preclude
any other further exercise of any rights or remedies provided by law.

 

    	Development and Intellectual Property Agreement	14

     

    

 

		14.9	  Governing Law and Dispute Resolution.

 

		(a)	This Agreement will be governed by and construed in accordance with the laws of Germany, excluding its conflict of laws rules.
The United Nations Convention on Contracts for the International Sale of Goods will not apply in any way to this Agreement or to
the transactions contemplated by this Agreement or otherwise to create any rights or to impose any duties or obligations on any
Party to this Agreement.

 

		(b)	In the event of a dispute between the Parties, the Parties will first attempt in good faith
                                                                 to resolve such dispute by negotiation and consultation between themselves or the liaison. In the event that such dispute is
                                                                 not resolved on an informal basis within [*****] any Party may, by written notice to the other, have such dispute referred to
                                                                 each Party’s managing executive or director or his or her designee (who will be a senior executive), who will attempt
                                                                 in good faith to resolve such dispute by negotiation and consultation for an additional [*****] period following receipt of
                                                                 such written notice.

 

		(c)	If the Parties are unable to
resolve such dispute in connection with this Agreement or its validity through good-faith negotiations within [*****], the dispute
shall be finally settled in accordance with the Arbitration Rules of the German Institution of Arbitration (DIS) (“Arbitrator”)
in accordance with the then-current DIS-Arbitration Rules 98, available at http://www.disarb.org/en/16/rules/dis-arbitration-rules-98-id10,
without recourse to the ordinary courts of law. The existence, content and result of the arbitration shall be held in confidence
by the Parties, their representatives, any other participants, and the Arbitrator. The arbitration will be conducted by three
arbitrator(s) selected in accordance with the Arbitrator rules. Any demand for arbitration and any counterclaim will specify in
reasonable detail the facts and legal grounds forming the basis for the claimant’s request for relief and will include a
statement of the total amount of damages claimed, if any, and any other remedy sought by the claimant. The arbitration will be
conducted in the German language in Frankfurt am Main, Germany. Each Party will bear its own expenses in the arbitration and will
share equally the costs of the arbitration; provided, however, that (i) the Arbitrators may, in their discretion, award reasonable
costs and fees to the prevailing Party, and (ii) the Arbitrator shall award reasonable costs and fees to TGA if TGA prevails in
an action for unreported and/or unpaid Development Fees and/or IP Milestone Fees. The Arbitrators will have full power and authority
to determine issues of arbitrability and to interpret or construe the applicable provisions of this Agreement and to fashion appropriate
remedies for breaches hereof (including interim or permanent injunctive relief); provided that the Arbitrators will not have any
right or authority: (i) in excess of the authority of a court having jurisdiction over the Parties and the dispute would have
absent this arbitration agreement; (ii) to award damages in excess of the types and limitation of damages found in this Agreement;
or (iii) to modify the terms of this Agreement. The award of the Arbitrators will be issued within  [*****] of the completion of
the hearing, shall be in writing, and shall state the reasoning on which the award is based. The Parties further consent to the
jurisdiction of any state or federal court with subject matter jurisdiction located within a district that encompasses assets
of a Party against whom a judgment (or award) has been rendered for the enforcement of the judgment (or award) against the assets
of such Party.

 

		14.10	  Assignment.

 

		(a)	Unless otherwise provided for in this Agreement, each Party agrees that it shall not assign or transfer this Agreement, any
Approved Work Order, or any of its rights or obligations thereunder (including legal and beneficial ownership stakes in Joint IP
and Joint Inventions) without the other Party’s prior written consent, and any attempt to do so shall be void.

 

    	Development and Intellectual Property Agreement	15

     

    

 

		(b)	Each Party may propose to assign this Agreement, delegate performance of any obligations under this Agreement, or transfer
any ownership rights in Joint IP and/or Joint Inventions to an Affiliate of such Party or any other Third Party (the “Proposed
Assignee”) upon prior written consent by the other Party, provided that either Party may assign this Agreement without
such consent to an Affiliate or to its successor in connection with sale
of all or substantially all of its assets or business or that portion of its business pertaining to the subject matter of this
Agreement (whether by merger, consolidation or otherwise). Each Party agrees that it shall not unreasonably withhold, condition,
or delay its consent to such proposal (each, a “Proposed Transfer”) by the other Party; provided, however, that
each Party may withhold consent in its sole discretion in the following circumstances: (i) the Proposed Assignee does not agree
in writing to be subject to the terms and conditions of this Agreement; (ii) the Proposed Assignee does not agree in writing to
assume the corresponding obligations hereunder, including without limitation the obligations in Sections 10) (Intellectual Property)
and 14.2 (Audits); (iii) the Proposed Assignee is not financially solvent and capable of complying with such terms and conditions
and of performing such obligations hereunder; or (iv) if the Proposed Transfer entails transfer of CureVac’s interest in
any Joint IP and the Proposed Transfer would, or is reasonably likely to, impair, frustrate, or avoid the timely payment to TGA
of Development Fees and/or IP Milestone Fees. TGA may condition its consent to a Proposed Transfer in any of the foregoing circumstances
on CureVac guaranteeing the payment of the Development Fees and IP Milestone Fees and/or the performance of the obligations under
this Agreement by the Proposed Assignee, using a form of guarantee approved by TGA. The Party seeking to assign and/or delegate
to an Affiliate pursuant to this Subsection shall provide copies of the written commitments by the assignee or delegate (as applicable)
and provide evidence establishing such entity’s financial solvency and capacity for performance under the Agreement. Any
attempted or actual assignment or delegation which is not made in full compliance with this Subsection shall be void.

 

		(c)	Any assignment or delegation of rights, duties, or obligations shall not relieve the applicable Party (i.e. TGA or CureVac)
of any responsibility under this Agreement, and such Party shall be responsible as if the assigned or delegated rights, duties,
or obligations were retained by such Party except in case of all or substantially all of its assets or business or that portion
of its business pertaining to the subject matter of this Agreement (whether by merger, consolidation or otherwise). This Agreement
will be binding upon and inure to the benefit of the Parties and their respective successors and permitted assigns.

 

		14.11  	Survival. Any provision of this Agreement that contemplates or governs performance or observance subsequent to termination
or expiration will survive the expiration or termination thereof for any reason, including without limitation Section 8) (Indemnification),
Section 10, and Section 13.2(d).

 

		14.12  	Expenses. Each Party shall bear its own fees and other expenses (including attorneys’ fees) in connection with
the negotiation, preparation and execution of this Agreement.

 

		14.13  	Counterparts, Execution of Agreement. This Agreement may be executed in several counterparts, all of which shall constitute
one and the same Agreement. In the event that any signature is delivered by facsimile transmission or by an e-mail which contains
a portable document format (.pdf) file of an executed signature page, such executed signature page shall create a valid and binding
obligation of the Party executing it (or on whose behalf such signature page is executed) with the same force and effect as if
such executed signature page were an original thereof. Changes to this Agreement shall be executed in the same way as laid out
in this paragraph.

 

List of Annexes

 

Annex 1: Work Order I

Annex 2: Work Order II

Annex 3: Form of Work Order

Annex 4: Confidentiality

Annex 5: TGA Machine Terms and Conditions

Annex 6: Form of Change Order

 

[Signature Page Follows]

 

    	Development and Intellectual Property Agreement	16

     

    

 

Each undersigned Party executes this Development
and Intellectual Property Agreement by causing its duly authorized representative(s) to sign below.

 

	Tesla Grohmann Automation GmbH
	By:	 
	Printed:	 
	Title:	 
	Date:	 

 

	 	CureVac AG 
	By:	 
	Printed:	 
	Title:	 
	Date:	 
	 	 
	By:	 
	Printed:	 
	Title:	 
	Date:	 

 

    	Development and Intellectual Property Agreement	17

     

    

 

Each undersigned Party executes this Development and Intellectual
Property Agreement by causing its duly authorized representative(s) to sign below.

 

	Tesla Grohmann Automation GmbH
	By:	/s/ Lothar Thommes, /s/ Michael Meens
	Printed:	Lothar Thommes, Michael Meens
	Title:	Managing Director, Managing Director
	Date:	2017-12-22

 

 

 

	CureVac AG
	By:	 
	Printed:	 
	Title:	 
	Date:	 
	By:	 
	Printed:	 
	Title:	 
	Date:	 

 

    	Development and Intellectual Property Agreement	18

     

    

 

Each undersigned Party executes this Development and Intellectual
Property Agreement by causing its duly authorized representative(s) to sign below.

 

	Tesla Grohmann Automation GmbH
	By:	 
	Printed:	 
	Title:	 
	Date:	 

 

	 	CureVac AG
	By: 	/s/ Dr. Franz-Werner Haas
	Printed:	Dr. Franz-Werner Haas
	Title: 	Chief Corporate Officer
	Date:	December 22, 2017
	By:	/s/ Dr. Andreas Kirsch
	Printed:	Dr. Andreas Kirsch
	Title:	VP Legal
	Date:	December 22, 2017

 

    	Development and Intellectual Property Agreement	19

     

    

 

ANNEX 1: Work Order I

 

[Attachment]

 

    	Development and Intellectual Property Agreement	20

     

    

 

ANNEX 2: Work Order II

 

Upon finalization and signature by both Parties, Work Order
II shall be automatically included in this Annex 2 without any further action of the Parties.

 

    	Development and Intellectual Property Agreement	21

     

    

 

ANNEX 3: Form of Work Order

 

APPROVED WORK ORDER NO. __

 

1.       Introduction.
This Work Order (“Work Order”) is issued under and pursuant to the Development and Intellectual Agreement
dated June 16, 2016 (the “Agreement”) by and between Tesla Grohmann Automation GmbH (“TGA”)
and CureVac AG (“CureVac”). Capitalized terms used but not defined in this Work Order will have the meanings
given them in the Agreement. The Term of this Work Order shall be from [date] (the “Work Order Effective Date”)
through [date].

 

2.       Services and
Performance Measurement.

 

(a)        TGA will perform
the following Work pursuant to this Work Order [describe Work, any required resources, any Deliverables, and any deadlines or
milestones]:

 

3.       Acceptance Tests.
The Deliverables must pass the following Acceptance tests (if any). If no Acceptance tests are described in this space, each Deliverable
shall be deemed to be Accepted if and to the extent that it conforms to the applicable Requirements.

 

4.       Charges. CureVac
will pay TGA for performance of the Work under this Work Order as follows [e.g., fixed price, time and materials, and any deadlines
or milestones]:

 

5.       Additional Services.
CureVac may request additional Work after the Work Order Effective Date. Unless otherwise agreed by the Parties in writing,
the fees for such Work will be calculated by multiplying the hours worked by TGA personnel by TGA’s then-current billing
rates or, if applicable, by the rates quoted by TGA.

 

Intending to be legally bound, each of the undersigned parties
has caused its duly authorized representative to execute this Approved Work Order as of the date last entered below.

 

	Tesla Grohmann Automation GmbH	 	 	CureVac AG
	By:	 	 	By:	 
	Printed:	 	 	Printed:	 
	Title:	 	 	Title:	 
	Date:	 	 	Date:	 

 

 

    	Development and Intellectual Property Agreement	22

     

    

 

ANNEX 4: Confidentiality

 

1.       Various Confidentiality
Agreements.

 

		a.	TGA and CureVac previously signed Exchange of Confidential Information and Non Disclosure Agreement by and between TGA and
CureVac dated November 24, 2015 (the “2015 NDA”).

 

		b.	TGA, CureVac, and Vici AG International (“Vici”) signed a Multiparty Non-Disclosure Agreement dated July
31, 2017 (the “Multiparty NDA”) superseding the 2015 NDA.

 

		c.	TGA and CureVac now agree to the confidentiality obligations of this Annex 4 for purposes of this Agreement. Notwithstanding
anything to the contrary in the 2015 NDA and the Multiparty NDA, TGA and CureVac may retain copies of Confidential Information
disclosed pursuant to the 2015 NDA or the Multiparty NDA provided that such Confidential Information shall be henceforth subject
to the terms and conditions of this Annex 4.

 

		d.	Each Party agrees that, as of the date of signature of this Agreement, it shall not disclose to Vici any Confidential Information
received subject to this Annex 4 or the 2015 NDA, except to the extent expressly authorized by the original Disclosing Party (i.e.
upon disclosure or later in writing). If and to the extent that a Party discloses any such Confidential Information to Vici, the
disclosed Confidential Information shall then be subject to the Multiparty NDA.

 

2.       Confidential
Information. “Confidential Information” shall mean information disclosed by one Party (“Disclosing
Party”) to the other Party (“Receiving Party”) including, but not limited to, trade secrets, physical
samples, financial, business, sales or technical information, terms of agreements, negotiations or proposals, all data, and such
other information disclosed (a) in written or other tangible form and marked “Confidential” or with words of similar
import, (b) orally or visually and identified as confidential or proprietary information at the time of disclosure, or (c) under
circumstances by which Receiving Party should reasonably understand such information is to be treated as confidential, whether
or not marked “Confidential” or otherwise. Confidential Information shall be deemed to include any such information
disclosed by TGA or CureVac pursuant to the 2015 NDA or Multiparty NDA (but excluding any information disclosed by a Third Party
under the Multiparty NDA).

 

3.       Purpose.
Disclosing Party may disclose Confidential Information to Receiving Party for purposes of fulfilling and facilitating the rights
and obligations and objectives of the Parties under the Development and Intellectual Property Agreement (“Purpose”).

 

4.       Non-Use and Non-Disclosure
Obligations. Subject to Section 5 of this NDA and subject to the licenses granted under the Development and Intellectual Property
Agreement, Receiving Party shall not: (a) use Disclosing Party’s Confidential Information for any reason, other than as required
for the Purpose; or (b) disclose Disclosing Party’s Confidential Information to any individual or third party except to its
employees, consultants, directors, and such of their Affiliates that (i) have a “need to know” such Confidential Information
for furtherance of the Purpose, and (ii) are bound to confidentiality under terms no less protective than the terms of this NDA
(collectively, “Authorized Recipients”). Receiving Party shall implement and maintain appropriate organizational,
technical, and administrative security measures, exercising the same degree of care in protecting Disclosing Party’s Confidential
Information that it uses for its own confidential information of a similar nature, but in no event less than reasonable care. Promptly
after becoming aware of any unauthorized use or disclosure of, and/or unauthorized attempts to access or modify, any of Disclosing
Party’s Confidential Information in the custody or control of Receiving Party or its Authorized Recipients, Receiving Party
shall notify Disclosing Party in writing and cooperate with Disclosing Party to investigate and mitigate any adverse effects therefrom.
Receiving Party shall be responsible for any unauthorized use or disclosure of Confidential Information by any of its Authorized
Recipients.

 

5.       Exceptions.
The obligations of Section 4 of this NDA shall not apply to information that: (a) is already known to Receiving Party at the
time of disclosure without obligation of confidentiality to Disclosing Party, (b) is or becomes publicly known through no
wrongful act or omission of Receiving Party, (c) is rightfully received by Receiving Party from a third party which is
without obligation of confidentiality, (d) is approved for release by written authorization
of Disclosing Party, or (e) was developed by Receiving Party independently and without the use or benefit of any of the Confidential
Information.

 

    	Development and Intellectual Property Agreement	23

     

    

  

6.       A disclosure of
Confidential Information that is required to be made by Receiving Party pursuant to any request, order or requirement of a court,
administrative agency or any other governmental agency shall not be deemed a breach of this NDA, provided that Receiving Party
has: (x) immediately notified Disclosing Party in writing of such, request, order or requirement, to the extent permitted by law,
(y) given Disclosing Party a reasonable opportunity to contest disclosure or seek an appropriate protective order, and (z) cooperated
reasonably with Disclosing Party to narrow the scope of such disclosure to only that portion of the Confidential Information that
is necessary to fulfill the request, order or requirement. Each Party is hereby given notice of the immunity set forth in 18 USC
 § 1833(b).

 

7.       Ownership.
Subject to the licenses granted under this Development and Intellectual Property Agreement all Confidential Information and derivations
thereof shall remain the sole and exclusive property of Disclosing Party and no license or other right to such Confidential Information
or either Party’s Intellectual Property is granted or implied hereby unless otherwise provided for in the Development and
Intellectual Property Agreement.

 

8.       As-Is Disclosures.
Each Disclosing Party warrants that it has the right to disclose any Confidential Information to Receiving Party. Except for the
foregoing and unless stated otherwise in this Development and Intellectual Property Agreement: (a) no other warranties are made
whether express, implied or statutory, (b) all Confidential Information is provided on an “AS IS” basis, and (c) no
representation, warranty, assurance, or guarantee is made by Disclosing Party with respect to the accuracy, performance, completeness,
or suitability of the Confidential Information or non-infringement of third-party rights based on use of the Confidential Information
by Receiving Party.

 

9.       Return of Confidential
Information. Subject to the licenses granted under this Development and Intellectual Property Agreement Confidential Information,
and all copies thereof, remain the property of Disclosing Party. Upon termination of this NDA, expiration of this NDA, or the written
request of Disclosing Party, Receiving Party shall promptly return to Disclosing Party all documents, presentations, and other
tangible items of Confidential Information furnished by Disclosing Party or, at the request of Disclosing Party, certify in writing
that all such Confidential Information has been destroyed; provided, however, that the Receiving Party may retain and use such
Confidential Information if and to the extent permitted by this Development and Intellectual Property Agreement. Receiving Party
shall also use reasonable efforts to delete all electronic copies of Disclosing Party’s Confidential Information under the
Receiving Party’s control. Notwithstanding anything to the contrary herein: (a) no Party will be required to delete electronic
Confidential Information stored in back-up/archival storage in accordance with its policies, provided that any such retained Confidential
Information will continue to be subject to the terms of this Agreement; and (b) each Party may retain copies of the Confidential
Information to the extent required to comply with applicable legal and regulatory requirements, provided, however, that such Confidential
Information shall remain subject to the terms and conditions herein.

 

10.       Survival.
Notwithstanding any expiration or termination of this Agreement, the clauses in this Annex shall survive for [*****] following
the date of any such expiration or termination of this Development and Intellectual Property Agreement.

 

11.       Injunctive Relief.
The Parties acknowledge and agree that any breach of this NDA by Receiving Party would cause irreparable harm to Disclosing Party
for which monetary damages would not provide an adequate remedy. The Parties agree that in the event of such a breach of this NDA,
in addition to any other available remedies, Disclosing Party will be entitled to temporary and permanent injunctive relief restraining
Receiving Party from disclosing or using, in whole or in part, any Confidential Information.

 

    	Development and Intellectual Property Agreement	24

     

    

 

ANNEX
5: TGA Machine Terms and Conditions

 

With reference to Section 2.6 of the Agreement, the Parties
agree to the following terms and conditions in connection with any orders for non-prototype and non-developmental TGA
Machines.

 

1.       Equipment Warranty.

 

		a.	TGA represents and warrants that TGA Machines
shall, during the Warranty Period: (i) conform to and operate in accordance with the applicable Specifications, and (ii) be free
from defects in material and workmanship (this is the “Equipment Warranty”).

 

b.       Defined
Terms.

 

		i.	The “Warranty Period” for each TGA Machine shall be a period
of [*****] after delivery, unless expressly agreed otherwise in writing by the Parties.

 

		ii.	“Specifications” means the specifications and requirements applicable to a TGA
Machine, as agreed in writing by both Parties.

 

		c.	EXCEPT AS EXPRESSLY SET FORTH HEREIN, TGA MAKES NO REPRESENTATION NOR WARRANTIES, EXPRESS OR IMPLIED, WITH RESPECT TO THE TGA
MACHINES, INCLUDING, BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF MERCHANTABILITY OR OF FITNESS FOR A PARTICULAR PURPOSE, WHETHER
ARISING BY LAW, COURSE OF DEALING, COURSE OF PERFORMANCE, TRADE USAGE, OR OTHERWISE, AND WHETHER ORAL, WRITTEN EXPRESS, IMPLIED,
OR STATUTORY, ALL OF WHICH ARE HEREBY WAIVED BY CUREVAC, ON BEHALF OF ITSELF AND EACH OF ITS AFFILIATES, AUTHORIZED PURCHASERS,
AND LICENSEES.

 

		d.	The EQUIPMENT Warranty shall not apply to any of the following (each, an “Excluded
Issue”):

 

		i.	equipment or any products not furnished by TGA;

 

		ii.	if applicable, operation of a system into which the TGA Machine is incorporated
where TGA has not provided or expressly approved in writing all components of such
system;

 

		iii.	prototype versions of TGA Machines (i.e. Deliverables);

 

		iv.	unless expressly agreed otherwise in writing by the Parties, hardware, equipment, software, and any other items provided to
TGA by or for CureVac;

 

		v.	defects or non-conformities to the extent caused by any of the following:

 

		1.	normal wear and tear;

 

		2.	design, software, equipment, data, or material expressly required by CureVac for which TGA
does not have any design, development, or verification responsibilities;

 

		3.	installation, maintenance, or use by any party other than TGA or its subcontractors
in a manner that does not conform with reasonable and industry-standard written instructions furnished by TGA
upon delivery of the TGA Machine;

 

		4.	abnormal use or use by CureVac for a purpose other than the specified and/or agreed purposes at Final Acceptance; or

 

		5.	uncorrected misuse, negligence, modification by CureVac in a manner not approved or authorized by TGA
(either in writing, in person or by phone), or any accident for which CureVac is responsible.

 

    	Development and Intellectual Property Agreement	25

     

    

 

e.       Procedure
for Equipment Warranty.

 

		i.	CureVac will inspect each TGA Machine within a reasonable time after receipt, using Commercially Reasonable Efforts to evaluate
whether the TGA Machine conforms to the Equipment Warranty within [*****] after receipt.

 

		ii.	CureVac shall give prompt written notice to TGA if and to the extent that a TGA Machine fails to conform to the Equipment Warranty.
If CureVac gives any such notice during the Warranty Period, CureVac shall provide all available information regarding the alleged
non-conformity and cooperate reasonably with TGA’s efforts to confirm the existence and nature of the non-conformity. In
the event of a disagreement or dispute as to the existence of a non-conformity with respect to the Equipment Warranty, the Parties
will designate by mutual agreement a third party that will make the technical determination of the existence of the non-conformity
and whether such non-conformity resulted from a breach of the Equipment Warranty.

 

		iii.	If and to the extent that a TGA Machine fails to conform to the Equipment Warranty, TGA will – at TGA’s sole cost,
as CureVac’s sole remedy, and as determined by TGA in its sole but reasonable discretion – repair or replace the TGA
Machine within a reasonable time after confirming the existence and nature of the non-conformity.

 

		iv.	If TGA repairs or replaces a TGA Machine hereunder which has an Excluded Issue (defined above), TGA may charge its standard
rates and fees for such repair or replacement and the repaired or replaced TGA Machine (as applicable) shall count as an additional
Machine for purposes of the Development Fee.

 

    	Development and Intellectual Property Agreement	26

     

    

 

ANNEX 6: Form of Change Order

 

	Vendor:	Project Name/Description:
	 	 
	Original P.O. #:	Change Order #:
	Budget Code:	C.O. Date of Issue:
	TGA Lead:	C.O. Effective Date:
	Contract Type: Choose an item.	 
	If “Other”, please describe:	 
	TGA VP/Management Approval Required?	Yes  ̈	No  ̈
	Description of Change(s): (e.g., add or remove scope, adjust schedule, adjust pricing, etc.)
	 	 
	Reason for Change(s):	 
	 	 
	Attachments: (list and attach documents supporting change and justifying cost and schedule impact)
	 	 
	Price Adjustment (no change if blank)	Schedule Adjustment (no change if blank)
	Original Contract Price (describe or attach):	Original Schedule (describe or attach):
	$	 
	Price Prior to this C.O., with earlier Changes:	Schedule Prior to this C.O., with earlier Changes:
	$	 
	New Contract Price based on this Change Order:	New Schedule based on this Change Order:
	$	 

 

	TGA will issue a Change Purchase Order based on the fully-signed Change Order Memorandum.

 

	Tesla Grohmann Automation, GmbH	 	CureVac AG
	Signed:	 	 	Signed:	 
	Printed:	 	 	Printed:	 
	Title:	 	 	Title:	 
	Date:	 	 	Date:	 

 

    	Development and Intellectual Property Agreement	27Exhibit 10.14

 

REDACTED

Certain identified
information, indicated by [*****], has been excluded from the exhibit because it is both (i) not material and (ii) would
likely cause competitive harm if publicly disclosed

Execution
Copy

  

Development
and Option Agreement

 

by and between

 

CureVac
AG

 

and

 

Arcturus
Therapeutics Inc.

 

Dated

 

1 January 2018

  

     

     

    

 

Development
and Option Agreement between CureVac AG and Arcturus Therapeutics Inc

 

Table of Contents

 

	ARTICLE 1	DEFINITIONS	 4
	 	 	 
	ARTICLE 2	FEE AND GOVERNANCE	12
	 	 	 
	ARTICLE 3	THE PROGRAM	15
	 	 	 
	ARTICLE 4	RESERVED TARGETS	19
	 	 	 
	ARTICLE 5	CUREVAC LICENSE OPTIONS	22
	 	 	 
	ARTICLE 6	BACKGROUND TECHNOLOGY; OWNERSHIP OF PROGRAM TECHNOLOGY	24
	 	 	 
	ARTICLE 7	CONFIDENTIALITY	32
	 	 	 
	ARTICLE 8	WARRANTIES; LIMITATIONS OF LIABILITY; INDEMNIFICATION	34
	 	 	 
	ARTICLE 9	TERM AND TERMINATION	39
	 	 	 
	ARTICLE 10	MISCELLANEOUS	42

 

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Development
and Option Agreement between CureVac AG and Arcturus Therapeutics Inc

 

List of Exhibits

 

	Exhibit 1.3	Patents and Know-How in the Arcturus Background Technology
	 	 
	Exhibit 1.5	Arcturus LMD Technology
	 	 
	Exhibit 1.34	Exclusive License Agreement
	 	 
	Exhibit 1.61	Non-Exclusive License Agreement
	 	 
	Exhibit 3.1(a)	Work Plan
	 	 
	Exhibit 4.2	Target Reservation Request Form

 

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Development
and Option Agreement between CureVac AG and Arcturus Therapeutics Inc

 

Development and Option Agreement

 

This Development
and Option Agreement (this "Agreement"), dated as of 1 January 2018 (the "Effective Date"),
is made by and between CureVac AG, a German stock corporation with offices at Paul-Ehrlich-Strasse 15, 72076
Tübingen, Germany ("CureVac"), and Arcturus Therapeutics Inc., a Delaware corporation with offices
at 10628 Science Center Drive # 200, San Diego, CA 92121, USA ("Arcturus"). Each of CureVac and Arcturus may
be referred to herein as a "Party" or together as the "Parties".

 

WHEREAS,
Arcturus has expertise and intellectual property relating to the development of LMD Technologies that embody or
incorporate delivery systems (and components thereof) for molecular therapeutics based on or incorporating lipid- enabled
and unlocked nucleomonomer agents for delivery of nucleic acids as specified in Exhibit 1.5, the Arcturus LMD Technology (as
defined below); and

 

WHEREAS, CureVac
has expertise and intellectual property relating to mRNA Constructs (as defined below); and

 

WHEREAS,
the Parties believe that certain proprietary Arcturus LMD Technology (as defined below) could be useful for the formulation
and delivery of CureVac’s proprietary mRNA Constructs; and

 

WHEREAS,
the Parties are interested in evaluating the development of products incorporating Arcturus LMD Technology and CureVac
Technology (as defined below), and Arcturus wishes to grant to CureVac, and CureVac wishes to obtain, an option to obtain
a license under the Arcturus LMD Technology to develop and commercialize one or more specific products of CureVac, all in
accordance with the terms and conditions set forth below.

 

WHEREAS,
the Parties intend to also co-develop an ornithine transcarbamylase ("OTC") deficiency product and possibly
other products under a contemporaneously executed co-development and co-commercialization agreement ("Co- Development
Agreement").

 

NOW,
THEREFORE, in consideration of the mutual covenants contained herein, and for other good and valuable consideration, the
amount and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

 

ARTICLE 1

 

Definitions

 

The following terms and their correlatives
will have the following meanings:

 

1.1       "Affiliate"
of a person or entity means any other entity which (directly or indirectly) is controlled by, controls or is under common
control with such person or entity. For the purposes of this definition, the term "control" (including, with
correlative meanings, the terms "controlled by" and "under common control with") as used with respect to
an entity will mean (i) in the case of a corporate entity, direct or indirect ownership of voting securities entitled to cast
at least fifty percent (50%) of the votes in the election of directors or (ii) in the case of a non-corporate entity, direct
or indirect ownership of at least fifty percent (50%) of the equity interests with the power to direct the management and
policies of such entity, provided that if local Law restricts foreign ownership, control will be established by direct or
indirect ownership of the maximum ownership percentage that may, under such local Law, be owned by foreign interests.
[*****].

 

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Development
and Option Agreement between CureVac AG and Arcturus Therapeutics Inc

 

1.2       "Agreement"
has the meaning set forth in the Preamble.

 

1.3       "Arcturus
Background Technology" means any and all LMD Technology for delivering RNA therapeutics that is Controlled by
Arcturus or any of its Affiliates as of the Effective Date or during the Term, including the LUNARTM platform, but
excluding any Arcturus Program Know-How and Arcturus Program Patents, and necessary or useful for the research, development,
manufacturing and commercialization of Licensed Products. The Patents and Know-How comprised in the Arcturus Background
Technology as of the Effective Date are listed in Exhibit 1.3 attached hereto.

 

1.4       "Arcturus
Indemnitees" has the meaning set forth in Section 8.7(b).

 

1.5       "Arcturus
Lipid-Mediated Delivery Technology" or "Arcturus LMD Technology" means Arcturus Background
Technology and Arcturus Program Technology.

 

1.6       "Arcturus
Program Know-How" means any and all Program Know-How owned by Arcturus in accordance with Section 6.2, including
Arcturus’ right and interest in any Jointly-Owned Program Know-How (as defined in Section 6.2(c)).

 

1.7       "Arcturus
Program Patents" means any and all Patents that claim any of the Arcturus Program Know-How, including
Arcturus’ right and interest in any Jointly-Owned Program Patents (as defined in Section 6.2(c)).

 

1.8       "Arcturus
Program Technology" means the Arcturus Program Know-How and the Arcturus Program Patents.

 

1.9       "Arcturus
Work Plan Leader" has the meaning set forth in Section 2.2.

 

1.10       "Business
Day" means a day other than a Saturday, Sunday, or bank or other public holiday in San Diego, California, USA or
Tübingen, Germany or Boston, Massachusetts, USA.

 

1.11       "Calendar
Quarter" means the respective periods of three (3) consecutive calendar months ending on March 31, June 30,
September 30 and December 31.

 

1.12       "Change
of Control" shall be deemed to have occurred if during the Term (i) any person or entity is or becomes the
 "beneficial owner", directly or indirectly, of shares of capital stock or other interests (including partnership
interests) of Arcturus’ then outstanding and normally entitled (without regard to the occurrence of any contingency) to
vote in the election of the directors, managers or similar supervisory positions of Arcturus representing fifty percent (50%)
or more of the total voting power of all outstanding classes of voting stock of Arcturus or has the power, directly or
indirectly, to elect a majority of the members of Arcturus’ board of directors, or similar governing body; or (ii)
Arcturus enters into a merger, consolidation or similar transaction with another person or entity; or (iii) Arcturus
sells or transfers to any Third Party, in one (1) or more related transactions, properties or assets representing all or
substantially all of Arcturus’ consolidated total assets to which this Agreement relates; or (iv) the holders of
capital stock of Arcturus approve a plan or proposal for the liquidation or dissolution of Arcturus; provided,
however, that

 

    5

     

    

 

Development
and Option Agreement between CureVac AG and Arcturus Therapeutics Inc

 

(a)       subsections
(i) to (iii) shall only apply if the person or entity or Third Party acquiring control is (i) a pharmaceutical company
which has experience in developing and/or commercializing pharmaceutical products (i.e., is a strategic, not
financial investor or partner) or (ii) a competitor, i.e., a company in the business of mRNA development, manufacturing
and/or commercialization and

 

(b)       a
bona fide financing transaction with Third Parties that does not otherwise meet the requirements of subsection (a) shall not
constitute a Change of Control.

 

1.13       "Co-Development
Agreement" has the meaning set forth in the Preamble.

 

1.14       "Concurrent
Reserved List Limits" has the meaning set forth in Section 4.2(d).

 

1.15       "Confidential
Information" of a Party means all proprietary Know-How, unpublished patent applications and other non-public
information and data of a financial, commercial, business, operational, scientific or technical nature of such Party that
is disclosed by or on behalf of such Party or any of its Affiliates or otherwise made available to the other Party or any
of its Affiliates, whether made available orally, in writing or in electronic form in connection with this Agreement,
including information comprising or relating to concepts, discoveries, inventions, data, designs or formulae in
connection with this Agreement. In addition, any non-public information related to this Agreement or the Products
hereunder and disclosed by a Party to the other Party (or their respective Affiliates) under the Confidentiality
Agreement will be deemed such Party’s Confidential Information hereunder. Program Know-How will be considered the
Confidential Information of the Party (or Parties) owning such Program Know-How, and Jointly-Owned Program Know-How will be
considered Confidential Information of both Parties.

 

1.16       "Confidentiality
Agreement" means that certain Confidentiality Agreement between the Parties dated as of [*****].

 

1.17       "Contract
Year" will refer to the twelve (12)-month period beginning with the Effective Date and on each anniversary
thereafter.

 

1.18       "Control"
or "Controlled" means, with respect to Technology, that a Party owns or has a license to use and practice
the respective Patent or Know-How without violating the terms of any agreement with any Third Party.

 

1.19       "CTA"
means a clinical trial application.

 

1.20       "CureVac
Background Technology" means any and all mRNA Technology that is Controlled by CureVac or any of its Affiliates
as of the Effective Date or during the Term, but excluding any CureVac Program Know-How and CureVac Program Patents, and
necessary or useful for the research, development, manufacturing and commercialization of a Licensed Product.

 

1.21       "CureVac
Indemnitees" has the meaning set forth in Section 8.7(a).

 

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Development
and Option Agreement between CureVac AG and Arcturus Therapeutics Inc

 

1.22       "CureVac
Program Know-How" means any and all Program Know-How owned by CureVac in accordance with Section 6.2, including
CureVac’s right and interest in any Jointly-Owned Program Know-How.

 

1.23       "CureVac
Program Patents" means any and all Patents that claim any of the CureVac Program Know-How, including CureVac’s
right and interest in any Jointly-Owned Program Patents (as defined in Section 6.2(c)).

 

1.24       "CureVac
Program Technology" means the CureVac Program Know-How and the CureVac Program Patents.

 

1.25       "CureVac
Technology" means, collectively, CureVac Background Technology and CureVac Program Technology.

 

1.26       "CureVac
Work Plan Leader" has the meaning set forth in Section 2.2.

 

1.27       "Diligent
Efforts" means, with respect to the efforts to be expended by each Party with respect to any activity set forth
in the Work Plan, active and sustained efforts as such Party would normally use to accomplish a similar task or obligation
under similar circumstances to conduct the applicable activity, or to attempt to achieve the applicable requirement or goal,
in a reasonable manner that is consistent with the achievement of the goals set forth in the Work Plan (including the level
of FTE funding and budget for out-of-pocket and Third Party contractors set forth therein) and the terms of this
Agreement.

 

1.28       "Disclosing
Party" has the meaning set forth in Section 7.1.

 

1.29       "DNA
Sequence" means any sequence of DNA intended to be inserted or copied into a DNA Target as set forth on Exhibit
4.2.

 

1.30       "DNA
Target" means a defined coding and/or non-coding sequence (e.g., a gene) within the genome of a human or animal cell
or virus and/or variants thereof.

 

1.31       "DNA
Editing Protein" means a Target encoded by an mRNA that upon delivery to a cell is intended to Gene Edit a human,
animal or virus coding or non-coding sequence within the genome of the human or animal cell or virus.

 

1.32       "Dual
Improvement Technology" is an Improvement to both the Arcturus Background Technology and the CureVac Background
Technology at the time such Improvement is discovered, created, conceived, developed or reduced to practice.

 

1.33       "Effective
Date" has the meaning set forth in the Preamble.

 

1.34       "Escrow
Agent" shall be the agent selected by Arcturus in good faith to maintain in confidence the Restricted Target List
and to respond to CureVac’s Target Notices on behalf of Arcturus.

 

1.35       "Exclusive
License Agreement" means an exclusive license agreement in the form attached hereto as Exhibit 1.34.

 

1.36       "Executive
Officers" has the meaning set forth in Section 2.3(d).

  

    7

     

    

 

Development
and Option Agreement between CureVac AG and Arcturus Therapeutics Inc

 

1.37       "Formulated
Product(s)" means a product (including Licensed Products) manufactured by or on behalf of Arcturus in accordance
with the Work Plan that incorporate CureVac mRNA Constructs formulated with Arcturus Lipid-Mediated Delivery Technology.

 

1.38       "FTE"
means a full-time person, or more than one person working the equivalent of a full-time person, where
 "full-time" is determined by the standard practices in the biopharmaceutical industry in the geographic area in
which such personnel are working, consisting of a total of 1880 hours per year of Work directed to the Work Plan or work
pursuant to this Agreement. Any person who devotes less than 1880 hours per year on the applicable activities shall be
treated as an FTE on a pro-rated basis, based upon the actual number of hours worked by such person on such activities,
divided by 1880. Any person who devotes more than 1880 hours per year on the applicable activities shall be treated as
one (1) FTE, i.e., in no event shall one person be counted as more than one FTE. FTE activities shall include the
performance of the Work and scientific management oversight, as reasonably required, but, for clarity, exclude (i) the
work of general corporate or administrative personnel, overhead (including facilities costs), insurances and similar
costs and (ii) the manufacture of Formulated Product for research and clinical activities as set forth in the Work Plan.

 

1.39       "FTE
Costs" means an initial rate of [*****] Dollars ($[*****]) per FTE per year, which shall
apply through [*****]. Thereafter, the FTE Rate shall be changed bi-annually at the end of each second
calendar year to reflect any percentage increase or decrease (as the case may be) in the Consumer Price Index in the U.S.
(index for all items) ("CPI") (based on the change in the CPI from the most recent index available as of the
Effective Date to the most recent index available as of the date of the calculation of such revised FTE Cost rate).

 

1.40       "Gene
Edit" means to correct, modify, insert, delete, activate, inactivate or repair a coding or non-coding sequence
within the genome of a human or animal cell or virus and "Gene Editing" has the corresponding meaning.

 

1.41       "Guide
RNA" means a modified or unmodified RNA sequence intended to direct a DNA Editing Protein to a specific DNA
Target.

 

1.42       "Improvement"
means, with respect to the Arcturus Background Technology and/or the CureVac Background Technology any change,
modification, variation or revision of such Technology, whether patentable, copyrightable or not.

 

1.43       "Initial
Term" has the meaning set forth in Section 9.1(a).

 

1.44       "IND"
means an investigational new drug.

 

1.45       "Indemnified
Party" has the meaning set forth in Section 8.7(c).

 

1.46       "Indemnification
Claim Notice" has the meaning set forth in Section 8.7(c).

 

1.47       "IP
Subcommittee" has the meaning set forth in Section 6.4.

 

1.48       "JDC"
has the meaning set forth in Section 2.3(a).

 

1.49       "JDC
Deadlock" has the meaning set forth in Section 2.3(d).

 

1.50       "Jointly-Owned
Program Patents" has the meaning set forth in Section 6.2(c).

 

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Development
                                         and Option Agreement between CureVac AG and Arcturus Therapeutics Inc

 

1.51       "Know-How"
means all commercial, technical, scientific and other know-how and information, trade secrets, knowledge, technology,
methods, processes, practices, formulae, instructions, skills, techniques, procedures, experiences, ideas, technical
assistance, designs, drawings, assembly procedures, computer programs, specifications, data and results (including
biological, chemical, pharmacological, toxicological, pharmaceutical, physical and analytical, preclinical, clinical, safety,
manufacturing and quality control data and know-how, including study designs and protocols), in all cases, provided it is
confidential and proprietary, and regardless of whether patentable, in written, electronic or any other form now known or
hereafter developed.

 

1.52       "Law"
or "Laws" means all laws, statutes, rules, regulations, orders, judgments, or ordinances having the effect
of law of any federal, national, multinational, state, provincial, county, city or other political subdivision.

 

1.53       "License
Agreement" means an Exclusive License Agreement or Non-Exclusive License Agreement.

 

1.54       "Licensed
Product" means [*****] product comprised of (i) Lipid-mediated delivery systems, which are covered
by Arcturus Lipid-Mediated Delivery Technology; and containing (ii) one or more mRNA Constructs as the active
pharmaceutical ingredient(s) intended to express a Target which is subject to a License Agreement. In case of two or more
mRNA Constructs these constructs may be contained in the same or separate LMDs. Licensed Product includes mRNA-LMD products
which are administered jointly or separately, and mRNA-LMD products which are administered simultaneously or sequentially as
a combination medicinal product or treatment. For Gene Editing purposes, a Licensed Product may contain other RNA(s) (i.e.,
Guide RNA(s)) and/or DNA Sequence(s) which can be delivered together or separately (combined in one LMD or delivered in
separate LMDs), in addition to the one or more mRNA Constructs intended to express the DNA Editing Protein.

 

1.55       "LMD
Technology" means Technology that claims, embodies or incorporates delivery systems (and components thereof) based
on or incorporating lipid-mediated delivery (LMD) systems.

 

1.56       "Losses"
has the meaning set forth in Section 8.7(a).

 

1.57       "Material
Transfer Agreement" means the Material Transfer Agreement dated [*****], as amended from time to
time.

 

1.58       "Materials"
means any tangible chemical or biological material, including any compounds, LMD, DNA, RNA (including mRNA), clones,
cells, and any expression product, progeny, derivative or other improvement thereto, along with any tangible chemical or
biological material embodying any Know-How, Controlled by a Party.

 

1.59       "Maximum
Target" has the meaning set forth in Section 4.2(d).

 

1.60       "mRNA
Construct" means any mRNA construct for the expression of a protein, including the sequence of such construct
(which potentially comprises one (1) or more of a cap, 5’ UTR, the associated open reading frame, 3’UTR and a
poly A tail), the chemistry of natural and non-natural nucleic acids, and other chemical modifications associated with such
construct.

 

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Development
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1.61       "mRNA
Technology" means Technology that claims, embodies or incorporates expression systems (and components thereof),
based on or incorporating mRNA.

 

1.62       "Non-Exclusive
License Agreement" means a form Non-Exclusive License Agreement to be negotiated by the Parties within
[*****] days following the execution of this Agreement, on the basis of the terms and conditions of the
Exclusive License Agreement and taking into account the specific circumstances of a non-exclusive licensing Option exercise
by CureVac. Such form Non-Exclusive License Agreement shall be incorporated by reference into this Agreement as Exhibit
1.61.

 

1.63       "Non-Rare
Disease Target" means a Target that addresses at a first place an indication related to a Licensed Product with
an incidence of equal to or more than [*****] in [*****] people in the U.S. or EU. The indication
for which the first IND or CTA application will be filed will determine whether a Target is a Non-Rare Disease Target.

 

1.64       "Option"
has the meaning set forth in Section 5.1

 

1.65       "Option
Exercise Fee" has the meaning set forth in Section 5.3.

 

1.66       "Option
Notice" has the meaning set forth in Section 5.1.

 

1.67       "Option
Period" has the meaning set forth in Section 5.1.

 

1.68       "Patent(s)"
means an (i) issued patent, a patent application, and a future patent issued from any such patent application, (ii) a
future patent issued from a patent application filed in any country worldwide which claims priority from a patent or
patent application of (i), and (iii) any additions, divisions, continuations, continuations-in-part, invention certificates,
substitutions, reissues, reexaminations, extensions, registrations, utility models, supplementary protection certificates
and renewals based on any patent or patent application under (i) or (ii), but not including any rights that give rise to
regulatory exclusivity periods (other than supplementary protection certificates, which will be treated as
 "Patents" hereunder).

 

1.69       "Pre-Existing
Restrictions" means, with respect to a Target on the Restricted Target List pursuant to Section 4.2(a), that
Arcturus or its Affiliates have granted to a Third Party with respect to a Target a non-exclusive, co-exclusive or an
exclusive license or option pursuant to a bona fide written agreement that is in effect at the time of a request by
CureVac pursuant to Section 4.2.

 

1.70       "Program"
means each program of activities using Arcturus LMD Technology and CureVac Technology for the development of a Licensed
Product incorporating CureVac’s mRNA Constructs that the Parties engage in under this Agreement pursuant to the Work
Plan. "Programs" shall mean several or all of these programs, as the context admits.

 

1.71       "Program
Improvement Technology" means Program Technology which constitutes an Improvement to either Party’s or both
Parties’ Technology at the time such Improvement is discovered, created, conceived, developed or reduced to practice.
Program Improvement Technology will be either Sole Improvement Technology of a Party or Dual Improvement Technology of the
Parties. For the avoidance of doubt, Program Improvement Technology will not include any Improvement arising out of a
Party’s independent research and development efforts or collaborations with Third Parties, in each case conducted
outside of the Program; provided that such Improvement is not developed based upon, using or with reference to
the Technology, Confidential Information or Material of the other Party.

 

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Development
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1.72       "Program
Know-How" means all Know-How, including Know-How embodied in Materials, created, conceived, developed or reduced
to practice in connection with activities performed pursuant to the Work Plan or using Formulated Product as set forth in
the Work Plan under this Agreement (whether solely by or on behalf of one Party or jointly by or on behalf of the
Parties).

 

1.73       "Program
Technology" means all Program Know-How and all Patents directed to or disclosing such Program Know-How.

 

1.74       "Rare
Disease Target" means a Target that addresses at a first place an indication related to a Licensed Product with an
incidence of less than [*****] in [*****] people in the U.S. or EU. The indication for which the
first IND or CTA application will be filed will determine whether a Target is a Rare Disease Target.

 

1.75       "Receiving
Party" has the meaning set forth in Section 7.1.

 

1.76       "Records"
has the meaning set forth in Section 3.3(a).

 

1.77       "Reserved
Target" means a Target with respect to which CureVac shall have delivered to the Escrow Agent a Target Notice
and in response thereto the Escrow Agent shall have delivered to CureVac a Target Response Notice under Section 4.2(c)(i) for
such Target to become a Reserved Target. A Reserved Target that is replaced pursuant to Section 4.2 will no longer be deemed
a Reserved Target.

 

1.78       "Reserved
Target List" means collectively, the list of all Reserved Targets.

 

1.79       "Restricted
Target List" has the meaning set forth in Section 4.2(a).

 

1.80       "Sole
Improvement Technology" means, without regard to inventorship, an Improvement to one Party’s Technology
that is not also an Improvement to the other Party’s Technology at the time such Improvement is discovered,
created, conceived, developed or reduced to practice. For clarity, Sole Improvement Technology of a Party shall exist
only with respect to activities of the Parties pursuant to this Agreement (i.e., not to any Improvement or Technology
independently developed by one Party without the use of Technology of the respective other Party).

 

1.81       "Solely-Owned
Program Know-How" has the meaning set forth in Section 6.2(c).

 

1.82       "Solely-Owned
Program Patents" has the meaning set forth in Section 6.2(c).

 

1.83       "Solely-Owned
Program Technology" has the meaning set forth in Section 6.2(c).

 

1.84       "Target"
means

 

(a)       up
to N proteins (N = [*****]), including all possible combinations resulting from removing one of the N proteins (N
minus [*****] proteins), together with all variants of such proteins, including the wild type, naturally occurring
variants, engineered variants wherein modifications to the native amino acid sequence have been introduced (for example, mutated
versions, derivatives or fragments), and species homologs, orthologs thereof; provided, however, that any such naturally
occurring variant, engineered variant, or species homolog or ortholog possesses substantially similar biological activity to the
naturally occurring protein; and

 

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Development
                                         and Option Agreement between CureVac AG and Arcturus Therapeutics Inc

 

(b)       [*****]
antigens of a given pathogen, including [*****] antigen and any combination of such antigens, together with
all variants of such antigens, including the wild type, naturally occurring variants, engineered variants wherein
modifications to the native amino acid sequence have been introduced (for example, mutated versions, derivatives or
fragments), and species homologs, orthologs thereof provided, however, that any such naturally occurring variant, engineered
variant, or species homolog or ortholog possesses substantially similar biological activity to the naturally occurring
antigen; and

 

(c)       a
DNA Target, provided, however, that the first DNA Target for each DNA Editing Protein would not count as a Target. Each
subsequent DNA Target for this DNA Editing Protein would count as a Target. For clarity, a DNA Editing Protein would be
defined as a Target under (a) above and count as a single Target.

 

If a given
protein, e.g., an antibody or enzyme, comprises separated amino acid chains which might be delivered by separated mRNA
Constructs, such protein would be defined as one Target.

 

1.85       "Target
Notice" has the meaning set forth in Section 4.2(b).

 

1.86       "Target
Reservation Request Form" has the meaning set forth in Section 4.2 (b).

 

1.87       "Target
Response Notice" has the meaning set forth in Section 4.2(c).

 

1.88       "Technology"
means collectively Patents and Know-How.

 

1.89       "Term"
has the meaning set forth in Section 9.1.

 

1.90       "Third
Party" means any person or entity other than CureVac, Arcturus and their respective Affiliates.

 

1.91       "Third
Party Claims" has the meaning set forth in Section 8.7(a).

 

1.92       "Work
Plan" has the meaning set forth in Section 3.1(a).

 

1.93       "Work
Plan Leaders" has the meaning set forth in Section 2.2.

 

1.94       "Work"
means the activities to be performed by Arcturus pursuant to the Work Plan.

 

ARTICLE 2

 

Fee and Governance

 

2.1       One-Time
Fee. In consideration for the rights granted by Arcturus to CureVac hereunder, including the right to reserve Targets
in accordance with Section 4 below, within thirty (30) days as of the Effective Date, CureVac shall pay to Arcturus a one-time
non-refundable fee of [*****].

 

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Development
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2.2       Management. Management
of the Program activities will be under the responsibility of the individual designated in writing within
[*****] days of the Effective Date for Arcturus (the "Arcturus Work Plan Leader") and of
the individual designated in writing within [*****] days of the Effective Date for CureVac (the
 "CureVac Work Plan Leader", and together with the Arcturus Work Plan Leader, the "Work Plan
Leaders"). Each Work Plan Leader will be the primary point of contact for the other Party on all matters relating to
the Program activities.

 

2.3       Joint
Development Committee.

 

(a)       Development
Committee. As soon as practicable, the Parties will establish a Joint Development Committee, comprised of up to
[*****] representatives of CureVac and up to [*****] representatives of Arcturus (the
 "JDC"). One such representative from each Party will be such Party’s Work Plan Leader. Each Party may
replace its Work Plan Leader and other JDC representatives at any time upon written notice to the other Party,
provided, however, that each Party shall use Diligent Efforts to ensure continuity on the JDC. With the consent of the
other Party (which will not be unreasonably withheld, delayed or conditioned), each Party may invite non-voting employees
and consultants to attend meetings of the JDC, subject to their agreement to be bound to the same extent as a permitted
subcontractor under Section 3.4.

 

(b)       Meetings. While
in existence, the JDC will meet each Calendar Quarter by teleconference, videoconference or in person and, at a minimum,
one of such meetings each calendar year will be in person (which in- person meeting will be held on an alternating basis
in Tubingen, Germany and in San Diego, CA), unless agreed otherwise by the JDC representatives. The JDC will have a
quorum if at least one (1) representative of each Party is present or participating. Each Party will be responsible for
all of its own expenses of participating in the committee meetings. The Parties will endeavor to schedule meetings of the
JDC at least [*****] months in advance. The Parties will alternate in preparing the meeting agenda, and the
Party that was responsible for preparing the meeting agenda will prepare and circulate for review and approval by the
other Party written minutes of such meeting within [*****] days after such meeting. The Parties will agree
on the minutes of each meeting promptly, but in no event later than the next meeting of the JDC.

 

(c)       Responsibilities. The
JDC will oversee and supervise the overall performance of the Work Plan, prepare and maintain minutes of meetings and
provide a forum for discussion of the Programs and Work Plans, and within such scope will:

 

(i)review
the efforts of the Parties and allocate those resources under the Work Plan committed by the Parties hereunder;

 

(ii)revise
and approve any revisions to the Work Plan regularly and in any event at least [*****] days before the start of
each Calendar Quarter during the Term;

 

(iii)coordinate
the activities of the Parties under the Work Plan and oversee the implementation thereof;

 

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(iv)form
such other committees as the JDC may deem appropriate, provided that such committees may make recommendations to the JDC but
may not be delegated JDC decision-making authority;

 

(v)address
such other matters relating to the activities of the Parties under this Agreement as either Party may bring before the
JDC, including any matters that are delegated to the JDC to decide as provided in this Agreement, such as CureVac’s
consent to subcontractors; and

 

(vi)attempt
to resolve any disputes on an informal basis.

 

(d)       Decision-making.
The JDC will make decisions only by unanimous consent, with each Party having only one vote by its representatives
(regardless of the number of each such representatives present from a Party). In the event the JDC is unable to reach
agreement as to a matter within the JDC’s jurisdiction (such event, a "JDC Deadlock"), upon the
written request of a Party, such matter will be referred to a senior executive of each Party (the "Executive
Officers") (or their designees, which designee is required to have decision-making authority on behalf of such
Party), who will attempt in good faith to resolve such JDC Deadlock by negotiation and consultation for a
[*****]- day period following receipt of such written notice. If, despite such efforts, agreement on a
particular matter cannot be reached by the Executive Officers within such [*****]- day period, then CureVac
shall have the final decision-making authority with respect to such JDC Deadlock, provided, however, that

 

(i)CureVac’s
final decision-making authority shall not apply if CureVac proposes (a) to amend the Work Plan to materially accelerate,
decelerate, increase, add or remove planned activities to be performed by Arcturus thereunder, including significantly
reducing or eliminating Arcturus’ responsibilities for an activity thereunder; (b) to materially change the
Arcturus resources required to perform the Work Plan activities, including the timing of such resources; or (c) to
require allocation by Arcturus of FTEs materially greater than or less than those provided for in the Work Plan. For
purposes of this Section 2.3(d), the term "materially" shall mean, in relation to resources and FTE amounts set
forth in the Work Plan, [*****] percent ([*****]%) or more of the relevant resource or FTE,
and

 

(ii)In
the event that CureVac desires Work with respect to which it does not have final decision- making authority pursuant to
Section 2.3(d)(i) or is otherwise materially outside of the Work Plan with respect to a Program, Arcturus shall consider any
proposal from CureVac in writing in good faith.

 

(e)       Limits
on JDC Authority. Each Party will retain the rights, powers and discretion granted to it under this Agreement and no
such rights, powers, or discretion will be delegated to or vested in the JDC unless such delegation or vesting of rights is
expressly provided for in this Agreement or the Parties expressly so agree in writing. The JDC will not have the power to
amend, modify or waive compliance with this Agreement (other than as expressly permitted hereunder). Notwithstanding anything
herein to the contrary, the JDC will not have the power to require any Party to perform any activities that are materially
greater in scope or more costly than those provided for in the Work Plan then in effect
 or otherwise under this
Agreement.

 

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ARTICLE 3

 

The Program

 

3.1       Programs
Generally. The Parties will jointly conduct each Program. It is intended that Arcturus will be responsible for
the lipid chemistry and LMD formulation using the Arcturus LMD Technology, and for characterization work, CureVac will be
responsible for mRNA Construct development, and Arcturus and CureVac will each undertake preclinical studies as allocated in
each Work Plan.

 

(a)       Work
Plan Preparation. The development activities to be undertaken by the Parties with respect to a Program will be
described in a detailed written development plan (the "Work Plan"). The initial Work Plan includes a
description of activities undertaken by the Parties under the Material Transfer Agreements and prior to the execution of this
Agreement. The initial Work Plan, which will cover the initial twelve (12) months of the Program, is attached hereto as Exhibit
3.1(a).

 

(b)       Work
Plan Contents. Each Work Plan will include (i) all activities to be undertaken by each Party with respect to a
Program, including Arcturus’ manufacture and supply of Formulated Product, (ii) a detailed budget of the FTE
activities, FTE Costs and out-of-pocket costs to be incurred by Arcturus for which CureVac will reimburse Arcturus in
connection with the performance of the Work, (iii) the Materials to be provided by one Party to the other, (iv) forecasting
and ordering procedures for the Formulated Product, and (v) the projected timelines for completion of all activities set
forth therein. The goal of each Work Plan and related Program will be to evaluate and produce tailored Arcturus LMD
Technology formulations that are safe and efficacious for delivery of CureVac’s mRNA Constructs and to advance the
development of such mRNA-LMD formulations against a Target. Each Program will include activities with respect to Reserved
Targets but may also include activities with respect to Targets that are not on the CureVac Reserved Target List. As defined
in the Work Plan, CureVac will perform up to [*****] pivotal animal studies to make a go/ no go decision for a particular LMD
composition for a given Target.

 

(c)       Amendments
to the Work Plan. Each Work Plan will be reviewed as necessary at each meeting of the JDC, and at any other time
upon the request of either Party, and will be modified in accordance with the objectives defined in Section 3.1(b) and as
appropriate at the direction of the JDC to reflect material scientific (and other) developments. Each Calendar Quarter,
the JDC will update the Work Plans to cover the subsequent six (6) months of the Program in detail. In all events, the
Work Plan will be consistent and not conflict with the terms of this Agreement, and in the event of any conflict between
the Work Plan and this Agreement, the terms of this Agreement will control.

 

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(d)       Obligations
Under the Work Plans. During the Term, each Party will use Diligent Efforts and perform the Work in a professional
manner and in accordance with the Work Plan, and each Party will use Diligent Efforts to meet the objectives and timelines
set forth therein. It is understood that the activities and goals of the Work Plan are experimental and that successful
results cannot be guaranteed. The Parties will otherwise conduct the Program on the terms and conditions set forth in this
Agreement and in accordance with the Work Plan. Each Party will cooperate with and provide reasonably requested non-financial
support to the other Party in such other Party’s performance of its responsibilities under the Work Plan. The Parties
will use Diligent Efforts to develop LMD formulations which do not infringe Third Party Technology. In addition to the
reporting obligations set forth in Section 3.3(b), each Party will keep the other Party reasonably informed of such
Party’s activities under the Program and will reasonably consult with such other Party and consider such other
Party’s comments and advice with respect to all material decisions relating to such activities in good faith.

 

(e)       Supply
of Formulated Products. Arcturus will use Diligent Efforts to manufacture and supply CureVac with Formulated Product
as set forth in the Work Plan.

 

(f)       Technology
Transfer to Contract Manufacturing Organization. Following CureVac’s exercise of an Option and entry into a
License Agreement, Arcturus will use Diligent Efforts to transfer the formulation process for the Licensed Products that
are intended to express the intended Target to a reputable and competent GMP manufacturer selected by CureVac and
reasonably acceptable to Arcturus. Arcturus and CureVac will agree on a technology transfer or other means to support
availability of Licensed Products as part of the License Agreement. Specifically, the License Agreement will provide that
upon written request by CureVac, Arcturus will conduct a technology transfer to CureVac and/or its designee(s). Such
designee(s) may be an Affiliate, sublicensee or Third Party manufacturers, and which Third Party manufacturers may also
be a backup manufacturer or a second manufacturer of Licensed Products as required for the applicable transferee of the
then-current process.

 

3.2       FTEs.

 

(a)       Generally. Arcturus
will perform the Work under the Work Plan, and as part of the Program CureVac will fund up to [*****]
scientists per year at Arcturus to perform the Work as defined and in accordance with the Work Plan for a period of up to
[*****] months at the FTE Costs. The Parties may agree to extend the performance of Work by Arcturus for an
additional year.

 

(b)       FTEs. Arcturus
shall ensure that those individuals selected by Arcturus to perform the Work and Services and otherwise support the
activities to be undertaken by Arcturus pursuant to the Work Plan will have sufficient scientific expertise, skill,
training and competency to perform the proposed work and have similar skills, training and competency as those FTEs
employed by Arcturus to perform work on Arcturus’ internal programs and for Third Parties. In the event that
CureVac has concerns regarding the selection of an individual to perform the Work or other activities under this Agreement,
the Parties will discuss such concerns in good faith.

 

(c)       Reimbursement. CureVac
will reimburse Arcturus on a Calendar Quarter-by-Calendar Quarter basis for FTE Costs incurred to conduct the Work Plan in
accordance with the Work Plan or pre-agreed by the JDC. Arcturus will send a reasonably detailed invoice to CureVac no later
than [*****] days after the end of each Calendar Quarter, which invoice shall include a summary of all
activities by the name of each FTE, number of hours devoted by each such FTE, and activity performed by each such FTE
during such Calendar Quarter. CureVac agrees to pay undisputed amounts in each such invoice within [*****] days
of CureVac’s receipt thereof. Any amounts subject to dispute shall be reviewed by the JSC and if not resolved within
[*****] days, shall be subject to Section 10.1.

 

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3.3       Program
Records, Reports; Materials and Formulated Product.

 

(a)       Records. Each
Party will maintain, or cause to be maintained, records of its activities under a Program in sufficient detail and in
good scientific manner appropriate for scientific, Patent and regulatory purposes, which will properly reflect all work
included in a Program ("Records") for a period of at least [*****] years after the creation of
such Records. CureVac will have the right to receive a copy of any such Records maintained by Arcturus which shall be used
subject to the terms of this Agreement. Arcturus will have the right to receive a copy of any such Records maintained by
CureVac to the extent such Records are required by Arcturus to exercise its rights or perform its obligations under this
Agreement.

 

(b)       Program
Reports. During the Term, each Party will furnish to the JDC a summary written report within
[*****] days after the end of each Calendar Quarter describing its progress under the Work Plan as part of
a Program. Within [*****] days following expiration or earlier termination of this Agreement, each Party
will furnish to the JDC a final summary written report. Arcturus shall promptly provide all additional information with
respect to the Arcturus LMD Technology that is reasonably requested by CureVac and necessary or useful for CureVac to
determine whether to exercise an Option with respect to any Target.

 

(c)       Materials
and Formulated Product.

 

(i)The
Parties will, during the Term, furnish to each other Materials which comprise, embody or incorporate CureVac Technology or
Arcturus LMD Technology only as expressly set forth in the Work Plan.

 

(ii)Arcturus
will furnish to CureVac the quantities of Formulated Product as set forth in the Work Plan. In the event requested in
writing by CureVac, to furnish additional Formulated Product of up to [*****]% in excess of the total
quantities set forth in the Work Plan for a Program, Arcturus shall use Diligent Efforts to supply such quantities.
Arcturus shall consider in good faith furnishing additional quantities which may be required in the performance of the
Program pursuant to any separate request by CureVac.

 

(iii)In
addition, each Party will, upon the other Party’s reasonable written request, furnish to such other Party other samples
of Materials which comprise, embody or incorporate CureVac Technology or Arcturus LMD Technology that are in such
Party’s Control and are reasonable (both in quantity and identity) and useful for the other Party to carry out its
responsibilities under the Work Plan, provided (A) such Materials are reasonably and readily available in excess of the
providing Party’s own requirements, and (B) supply of such Materials will not, in the providing Party’s
reasonable judgment, (1) conflict with the providing Party’s internal or Third Party research programs, (2) conflict
with the providing Party’s internal policies regarding such Materials or (3) violate any agreement to which the
providing Party is a party.

 

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(iv)Each
Party will use such Materials only in accordance with the Work Plan and otherwise in accordance with the terms and
conditions of this Agreement, and the provision of Materials hereunder by either Party will not constitute any grant,
option or license under any Patents or Know-How, except as expressly set forth herein. In any event, all Materials
delivered to the receiving Party will remain the sole property of the providing Party and will be used in compliance
with all applicable Laws. The Materials supplied under this Agreement will be used with prudence and appropriate caution
in any experimental work, because not all of their characteristics may be known. In the event that the Parties enter into
a License Agreement with respect to a Program, the Materials may be retained subject to such License Agreement.

 

(v)Except
with the prior written consent of the supplying Party, the Party receiving any Materials will not distribute or otherwise
allow the release of Materials to any Third Party, except, with respect to either Party, to any permitted subcontractors
under Section 3.4 and, with respect to CureVac, to any Third Party licensee or assignee or potential licensee or assignee
of CureVac Technology in accordance with this Agreement.

 

3.4       Permitted
Subcontracting. Either Party may subcontract its activities to be performed under the Work Plan to a Third Party,
provided that (i) Arcturus shall obtain, through the JSC, consent by CureVac for such subcontracting, such consent not to
be unreasonably withheld, delayed or conditioned, and (ii) CureVac shall inform Arcturus about any subcontracting (including
the identity of the subcontracting party and work to be performed) without undue delay, and in any event within [*****] Business Days of entry into the subcontracting agreement. Any such subcontracting Party will have entered into a
written agreement with the subcontractor that

 

(a)       includes
terms and conditions protecting and limiting use and disclosure of Confidential Information and Materials and Know-How at
least to the same extent as under this Agreement, and the subcontracting Party shall use Diligent Efforts to ensure
compliance with the obligations of Confidentiality (including return or destruction on termination) as set forth in Article
7,

 

(b)       provides
for reasonable auditing rights, with regard to the work provided by the Third Party subcontractor, of the subcontracting
Party and third parties authorized by the subcontracting Party, and

 

(c)       requires
such Third Party subcontractor and its personnel to assign to the subcontracting Party all right, title and interest in and
to any Patents and Know-How and Materials created, conceived, developed or reduced to practice in connection with the
performance of subcontracted activities pursuant to this Agreement, consistent with the requirements of Section 6, provided,
however, that in the event of a subcontracting or sublicensing to a collaboration partner of CureVac, CureVac shall obtain at
least a customary non-blocking, back-license of Improvements to Arcturus Background IP generated by or jointly with such
collaborators of CureVac, i.e., a non-exclusive, royalty-free, and sublicensable license under the applicable Know-How and
Patents generated (if any).

 

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Development
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3.5       Program
Licenses.

 

(a)       By
Arcturus. Subject to the terms and conditions of this Agreement, Arcturus hereby grants to CureVac a worldwide,
non-exclusive license under the Arcturus LMD Technology, including the right to grant sublicenses, limited in accordance
with this Section 3.5, to research and pre-clinically develop (including the right to manufacture for such purposes), but
expressly without the right to clinically develop or commercialize (including the right to manufacture for such purpose)
except with the prior written consent of Arcturus) and in any event solely to the extent necessary:

 

(i)to
enable CureVac, Affiliates of CureVac and subcontractors selected in accordance with Section 3.4 to perform CureVac’s
activities set forth in the Work Plan,

 

(ii)to
conduct research projects with academic partners (any such agreements of which (i) shall include back-licenses or grants
of rights by the academic partner to Patents and Know-How (other than data) to meet the requirements of Section 6 and
(ii) will not require Arcturus to enter into a license agreement with or make payments to such academic partner in order
for Arcturus to use and exploit the Arcturus Background Technology), and

 

(iii)to
permit, under confidentiality and non-use restrictions in accordance with this Agreement, to Third Party collaborators of
CureVac who license or intend to license CureVac Technology to explore the Arcturus LMD Technology (any such agreements
of which shall include back- licenses by the Third Party collaborator to Patents and Know-How (other than data)
consistent with the requirements of Section 6).

 

(b)       By
CureVac. Subject to the terms and conditions of this Agreement, CureVac hereby grants to Arcturus a worldwide,
non-exclusive license under CureVac Technology, solely to the extent necessary to enable Arcturus to perform its
activities set forth in the Work Plan and for no other purpose. The foregoing license shall not include the right to grant
sublicenses, except to permitted subcontractors in accordance with Section 3.4.

 

(c)       No
Other Licenses. No license or right is or will be created or granted hereunder by implication, estoppel or otherwise.
All licenses and rights are or will be granted only as expressly provided in this Agreement.

 

ARTICLE 4

 

Reserved Targets

   

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Development
and Option Agreement between CureVac AG and Arcturus Therapeutics Inc

 

4.1       Generally. CureVac
will select the Targets that will be the subject of the Works to be performed as part of a Program from the Reserved
Target List. CureVac shall have the right, but not the obligation, to reserve Targets (or replace a Reserved Target with a
new Target) in accordance with this Article 4.

 

4.2       Restricted
Target List.

 

(a)       Pre-existing
Restrictions. Arcturus shall maintain at the Escrow Agent an updated monthly (as of the final day of each month)
list of Targets that are subject to Pre-Existing Restrictions (the "Restricted Target List"). The
Restricted Target List will identify whether the Pre-Existing Restrictions are exclusive, non-exclusive or co- exclusive.
Arcturus represents, warrants and covenants to CureVac that (i) the Restricted Target List is and will at all times be
accurate in accordance with this Section 4.2(a); and (ii) Arcturus or the Escrow Agent will not add any Reserved
Targets to the Restricted Target List or grant to any Third Party any licenses or options under the Arcturus LMD
Technology with respect to the then current Reserved Target List that would preclude Arcturus from entering into a License
Agreement with respect to such Reserved Target as set forth herein.

 

(b)       Target
Notices.

 

(i)If
CureVac desires to include a Target as a Reserved Target hereunder, CureVac will notify the Escrow Agent in writing (with
contemporaneous information in writing to Arcturus about the notification to the Escrow Agent) of the Targets for
potential inclusion on the Reserved Target List, which notice will provide (i) the information on the Target Reservation
Request Form attached hereto as Exhibit 4.2; and (ii) the identity of each Reserved Target (if any) that
CureVac desires to remove as a Reserved Target (each such notice, a "Target Notice"). For clarity,
the Target Notices shall not include more Targets than the Maximum Targets then available (taking into consideration
any removed Targets previously reserved) and shall be deemed to be a request for an exclusive license at the outset
unless there is a Pre-Existing Restriction. For clarity, CureVac’s rights to enter into a Non-Exclusive License
Agreement shall apply only if the Pre- Existing Restriction permits a non-exclusive license right to such proposed Reserved
Target.

 

(ii)Notwithstanding
the formal Target reservation mechanism described herein, Arcturus and the Escrow Agent will in good faith respond to any
interim requests (not to exceed [*****] per month) on whether certain Targets can be reserved as Reserved
Targets prior to the monthly consideration date, in order to assist CureVac in planning of development projects. For
clarity, the interim requests shall not include more Targets than the Maximum Targets then available (taking into
consideration any removed Targets previously reserved). In case of an interim request, the Escrow Agent (i) will request
from Arcturus an update of the Reserved Target List, such update to be provided by Arcturus to the Escrow Agent within
[*****] Business Days of the request, and (ii) provide CureVac with a Target Response Notice in accordance with
subsection (c).

 

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Development
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(c)       Target
Response Notices.

 

(i)The
Escrow Agent, on behalf of Arcturus, will review each Target Notice provided by CureVac hereunder to determine whether or
not any such proposed Target is on the Restricted Target List and if listed, the applicable Pre-Existing Restriction as
of the date of such Target Notice. Within [*****] days of the Escrow Agent’s receipt of a Target
Notice, the Escrow Agent will provide CureVac with written notice that includes the information set forth in subsection
(c)(ii) and (iii) (each such notice, a "Target Response Notice").

 

(ii)If,
as of the date of CureVac’s Target Notice for a Target, such Target is on the Restricted Target List and is listed
as being subject to Pre-Existing Restrictions that restrict Arcturus from granting the applicable license (i.e., an
exclusive or non-exclusive license in accordance with a License Agreement) to CureVac under the Arcturus LMD Technology
with respect to such Target, then such Target shall not be available to become a Reserved Target. The Target Response
Notice issued for such Target will certify to CureVac that such Target is on the Restricted Target List and is listed as
being subject to Pre-Existing Restrictions that restrict Arcturus from granting the applicable license.

 

If, as of the date of
CureVac’s Target Notice for a Target, such Target is not listed on the Restricted Target List, then such Target
will become a Reserved Target and will be added to the Reserved Target List subject to the Concurrent Reserved List
Limits set forth in subsection (d) below. To the extent that the Pre-Existing Restriction is non-exclusive, then such
Target may be added by CureVac to Reserved Target List, but CureVac shall only have the option to enter into a Non-
Exclusive License Agreement.

 

(d)       Concurrent
Reserved List Limits and Removal of Targets. The following concurrent reserved list limits will apply to all Reserved
Targets ("Concurrent Reserved List Limits").

 

(i)Reserved
Targets and Removal thereof. CureVac may select Reserved Targets up to the totals allowed for in subparagraph (ii)
below, in accordance with the process specified in Sections 4.2(b) and (c). CureVac shall have the right to remove a
Target or replace a Target on the Reserved Target List with another Target, in accordance with the process specified in
Section 4.2(b), provided (A) the total number of Targets on the Reserved Target List does not exceed the Maximum
Targets at any one time; and (B) a newly nominated Target is not on the Restricted Target List. Any abandoned Target(s)
revert(s) back to Arcturus.

 

(ii)Maximum
Number Reserved Targets. CureVac will have the right to select up to [*****] Targets at any one time to be
placed on the Reserved Target List as exclusive Reserved Targets; provided that the [*****] total shall be
reduced by each exercise of an Option (the "Maximum Targets") (e.g., [*****], with such
reduction in the total Targets applying from and after the date of exercise of an Option.

 

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Development
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(iii)For
clarification, the selection of any program under the Co-Development Agreement shall not constitute the selection of a
Target in accordance with this Section 4.2. If one of the Reserved Targets is selected for co-development under the
Co-Development Agreement, such Reserved Target shall be removed from the Reserved Target List with the effect that
CureVac shall be entitled to nominate a new Target in accordance with this Section 4.2.

 

4.3       Expiration
of Pre-Existing Restrictions. If any Pre-Existing Restrictions identified in a Target Response Notice that
precluded Arcturus from granting CureVac a license (whether or not CureVac has elected to designate such Target on the
Reserved Target List on a non-exclusive basis subject to the Pre-Existing Restriction) under the Arcturus LMD Technology
later expire or otherwise are modified or terminate such that Arcturus is no longer precluded under the terms of the
applicable Third Party agreement from granting a license to CureVac with respect to such Target, the Escrow Agent will notify
CureVac of such event and CureVac will have an exclusive option, for a period of [*****] days following
delivery of notice to CureVac, to add (or extend its rights as identified by the Escrow Agent with respect to) such Target to
the Reserved Target List as a Reserved Target in accordance with Section 4.2(c), subject to the Concurrent Reserved List
Limits. For clarity, CureVac will at all times thereafter have the right to provide a Target Notice for such Target to the
Escrow Agent pursuant to Section 4.2(b) but such Target Notice will be subject to any intervening Pre-Existing
Restrictions.

 

4.4       Escrow
Agent. Arcturus shall ensure that the Escrow Agent meets the requirements set forth herein. All costs and expenses
incurred through the Escrow Agent will be borne by Arcturus.

 

ARTICLE 5

 

CureVac License Options

 

5.1       Option.

 

(a)       From
the period commencing on the Effective Date and ending on the expiration of the Term (the "Option
Period"), CureVac will have a total of [*****] options (each, an "Option"), on a
Reserved Target-by- Reserved Target basis, to enter into a maximum of [*****] licenses under the Arcturus
LMD Technology with respect to the development, manufacture and commercialization of Licensed Products containing mRNA
Constructs intended to express such Reserved Target in the form of the License Agreement, provided, however, that

 

(i)to
the extent the Reserved Target is only available on a non-exclusive basis, the Parties shall enter into a Non-Exclusive
License Agreement, and

 

(ii)the
appendices to the License Agreement are to be prepared or updated for each specific Target, in accordance with the terms of this
Agreement. 

 

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Development
and Option Agreement between CureVac AG and Arcturus Therapeutics Inc

 

(b)       CureVac
may exercise each such Option by providing to Arcturus, prior to the expiration of the Term, irrevocable written notice
of Option exercise, setting forth the particular Reserved Target which is intended to be expressed by the Licensed
Products (each such notice, an "Option Notice"). A separate Option Notice and Option Exercise Fee will
be required for each License Agreement with respect to which CureVac exercises an Option pursuant to this Section 5.1,
and CureVac will pay to Arcturus the Option Exercise Fee for each such License Agreement as set forth in Section 5.3. If
not exercised prior to the expiration of the Term, the Options granted to CureVac under this Article 5 will terminate in
full and will no longer be exercisable. In the event that CureVac terminates a license(s) during the Term, the Target(s)
subject to the license(s) will be removed from the Reserved Target List and the number of remaining Options and/or
License Agreements shall be reduced by one (1) (i.e., the exercise of an Option reduces the total number of Options
remaining by one regardless of whether CureVac elects to continue such License Agreement in effect).

 

(c)       In
the event that CureVac terminates a License Agreement during the Term, no additional or replacement Options shall be
granted or reinstated and the Target(s) subject to such license(s) will no longer be available as a Target pursuant to this
Agreement.

 

5.2       CureVac’s
Exercise of Option. As soon as practicable following CureVac’s delivery of an Option Notice to Arcturus but
in any event within [*****] Business Days, CureVac and Arcturus will enter into a License Agreement with
respect to the Reserved Target for which such Option Notice is provided, provided, however, that if the Parties fail to
prepare the appendices to the License Agreement in accordance with Section 5.1(a)(ii) within [*****] Business
Days following CureVac’s delivery of an Option Notice to Arcturus, the License Agreement with respect to the Reserved
Target shall nevertheless enter into force (including payment obligations of CureVac in accordance with the terms of the
License Agreement) and the Parties shall complete the appendices as soon as practicable thereafter.

 

5.3       Option
Exercise Fee. If CureVac exercises its Option for a Rare Disease Target pursuant to Section 5.1, CureVac shall pay an
Option Exercise Fee of [*****]; and if CureVac exercises its Option for a Non-Rare
Disease Target pursuant to Section 5.1, CureVac shall pay an Option Exercise Fee of [*****],
hereinafter both the "Option Exercise Fee". Within [*****] Business Days after exercise of the Option for Licensed
Product(s), Arcturus will issue an invoice to CureVac for the Option Exercise Fee. Each such payment will be subject to entry
into the License Agreement and due within [*****] days after CureVac’s receipt of such invoice from Arcturus.

 

5.4       Co-Development
Agreement. For clarification, the selection of any program under the Co-Development Agreement shall not
constitute the exercise of an Option in accordance with this Section 5, and, accordingly, no Option Exercise Fee will be
payable and any paid Option Exercise Fee shall credited against any other payments by CureVac applied first to any
outstanding payment obligations to Arcturus, and to the extent any remaining amounts remain creditable, then to the next due
future payment obligations.

 

5.5       Enablement. Arcturus
will (a) with respect to any Reserved Targets, during the Term remain entitled to grant to CureVac the licenses to the
Patents and the Know-How within the Arcturus Background Technology under a License Agreement, and (b) subject to the
unrestricted rights of Arcturus and its Affiliates to grant to a Third Party a non-exclusive, co- exclusive or an exclusive
license or option with respect to a Target, use reasonable efforts to allow the potential for License Agreements to be
available for Targets identified by CureVac to Arcturus for research and for election to become a Reserved Target pursuant to
this Agreement during the Term.

 

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Development
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ARTICLE 6

 

Background Technology; Ownership
of Program Technology

 

6.1       Disclosure
of Program Know-How. Each Party will promptly (and at least on a Calendar Quarterly basis) disclose to the other
Party any Program Know-How that is created, conceived or reduced to practice by or on behalf of such Party and owned by
the other Party pursuant to Section 6.2(c), and will provide such documentation regarding the Program Know-How as such other
Party may reasonably request.

 

6.2       Ownership.

 

(a)       CureVac
Background Technology. As between the Parties, CureVac will continue to own all right, title and interest in and to
the CureVac Background Technology.

 

(b)       Arcturus
Background Technology. As between the Parties, Arcturus will continue to own all right, title and interest in and to
the Arcturus Background Technology.

 

(c)       Program
Technology.

 

(i)Except
as set forth in subsections (iii) and (iv) below, each Party will solely own all right, title and interest in and to all
Program Technology that is discovered, created, conceived, developed or reduced to practice solely by or on behalf of
such Party ("Solely-Owned Program Know-How"), and all Patents arising therefrom that claim such
Solely-Owned Program Know-How ("Solely-Owned Program Patents" and together with the Solely-Owned
Program Know-How, the "Solely-Owned Program Technology") and all right, title and interest in and to all
Solely-Owned Technology will automatically vest solely in such Party. For clarity, Solely-Owned Program Technology
shall not exist with respect to any Dual Improvement Technology and in the event of any conflict, such Know-How and Patents
shall be deemed Dual Improvement Technology.

 

(ii)Except
as set forth in subsections (i) above and (iii) below, the Parties will jointly own in equal share any and all Program
Technology that is not Sole Improvement Technology or that is Dual Improvement Technology ("Jointly-Owned Program
Technology"). All Know-How in Jointly- Owned Program Technology shall be referred to as "Jointly-Owned
Program Know-How" and all Patents in Jointly-Owned Program Technology shall be referred to as
 "Jointly-Owned Program Patents". Each Party will have an undivided one-half interest in and to such
Jointly- Owned Program Technology.

 

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Development
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Arcturus will have a right
to grant licenses (with the right to grant sublicenses through multiple tiers) to CureVac’s share in such
Jointly-Owned Program Technology to exercise and exploit the Arcturus LMD Technology, provided, however, that

 

(A)       Arcturus
shall not have the right to grant licenses to Jointly-Owned Program Know-How and Jointly-Owned Program Patents with respect
to mRNA Constructs or DNA Targets to a Third Party

 

(x) prior to and within the
first [*****] immediately following the filing of the respective Jointly-Owned Program Patent without
CureVac’s prior written consent and

 

(y) during
[*****] after the period specified in (a), without offering to CureVac the first right to obtain such
license(s) on substantially similar financial and other terms and conditions agreed with the Third Party, such right to
be exercised by CureVac within [*****] days following CureVac’s receipt of a written notification
from Arcturus about its intention to grant such license(s) to a Third Party, such notification to include the material
financial and other terms and conditions of such license and other material information relevant for such license(s);
and

 

(B)       CureVac
will have a right to grant licenses (with the right to grant sublicenses through multiple tiers) to Arcturus’ share
in such Jointly-Owned Program Technology to exercise or exploit the CureVac Technology and the Program Technology, which
license grant may be exclusive with respect to a Licensed Product only pursuant to a License Agreement,

 

i.e., subject to (A) and
(B) above, neither Party is to be blocked or limited in the use of or rights to license and sublicense its own Technology
by Jointly-Owned Program Technology; the Parties agree that the licenses (as between the Parties) to the respective
other Party’s share in such Jointly- Owned Program Technology shall be perpetual, irrevocable, non-exclusive,
cost-free license, subject to the licenses hereunder or under any License Agreement.

 

The Jointly-Owned Program
Technology shall be assignable only (A) with the applicable, rights, restrictions and obligations in this Agreement and (B)
subject to notification from the assigning Party to the other Party about the assignment and a written confirmation from the
assignee to be bound by the applicable, rights, restrictions and obligations in this Agreement with respect to the assigned
Jointly-Owned Program Technology. In any event, the ownership rights in Jointly-Owned Program Technology remain subject to
the licenses hereunder or under any License Agreement, other intellectual
property rights of the other Party and the other terms and conditions of this Agreement.

 

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Development
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To the extent any
Jointly-Owned Program Technology is discovered, created, conceived, developed or reduced to practice solely or
predominantly by or on behalf of one Party, then such Party, for itself and on behalf of its and its Affiliates’
employees, subcontractors (subject to Section 3.4), consultants and agents, hereby assigns, a share of its interest in
and to such Jointly-Owned Program Technology to the other Party, so that each Party owns an undivided one-half interest.

 

(iii)       Notwithstanding
subsections (i) and (ii) above,

 

(A)       Arcturus
will solely own any Program Improvement Technology that is Sole Improvement Technology to any Arcturus Background
Technology, regardless of the Party or Parties such Sole Improvement Technology was discovered, created, conceived,
developed or reduced to practice by or on behalf of, and CureVac, for itself and on behalf of its and its
Affiliates’ employees, subcontractors (subject to Section 3.4), consultants and agents, hereby assigns all of its
rights, title and interest in such Sole Improvement Technology to Arcturus.

 

(B)       CureVac
will solely own any Program Improvement Technology that is Sole Improvement Technology to any CureVac Background
Technology, regardless of the Party or Parties such Sole Improvement Technology was discovered, created, conceived,
developed or reduced to practice by or on behalf of, and Arcturus, for itself and on behalf of its and its
Affiliates’ employees, subcontractors (subject to Section 3.4), consultants and agents, hereby assigns, all of its
rights, title and interest in such Sole Improvement Technology to CureVac.

 

(C)       For
clarity, nothing herein shall prevent (1) Arcturus from independently developing, owning and using outside of a Program
any Know-How that is similar or related to any CureVac Technology, and (2) CureVac from independently developing, owning
and using outside of a Program any Know-How that is similar or related to any Arcturus LMD Technology, provided that in each
case such Know-How is not developed based upon, using or with reference to CureVac Technology or Arcturus LMD Technology,
respectively. All of the respective independently developed intellectual property pursuant to this Section (iii)(C) shall be
deemed Arcturus Background Technology and CureVac Background Technology, respectively.

 

(iv)Dual
Improvements. To the extent that a particular item of Program Technology constitutes Dual Improvement Technology, the
Parties shall discuss in good faith whether any such Dual Improvement Technology can be divided, assigned and owned in
accordance with subsection (iii) (A) and (B) above, or made subject to separate Patent filings to be assigned
accordingly; and to the extent no such division is possible, the Dual Improvement Technology shall be treated as
Jointly-Owned Program Technology in accordance with Section 6.2(c)(ii).

 

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Development
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(v)Each
Party hereby agrees to take, upon the request of the other Party, any reasonable action to implement and give effect to
the assignments and grants that the Parties intended, or a Party agreed to make, in this Section 6.2(c), including,
without limitation, executing any assignment document and other documentation, provide any testimony, and provide any other
assistance.

 

6.3       Inventorship.

 

(a)       Inventorship
determination for all Program Technology, including Patents worldwide arising from any Program Know-How, will be made in
accordance with applicable patent laws. Notwithstanding the previous sentence, ownership determinations for all Program
Technology, as between the Parties, will be made in accordance with Section 6.2(c).

 

(b)       Each
Party will ensure that each employee, consultant and each subcontractor conducting any activities under this Agreement on
behalf of such Party will be subject to written agreements to assign to such Party all of its right, title and interest
in and to the Program Technology so that such Party can comply with its obligations with respect to the ownership
allocation of the Program Technology as set forth above. In addition, each Party shall be solely responsible for payments
that may be required to any of such Party’s employees or consultants and subcontractors in connection with or with
respect to such agreements, including moral rights payments.

 

6.4       Prosecution
and Maintenance.

 

(a)       IP
Subcommittee. The JDC shall establish a subcommittee regarding the Arcturus Background Technology and the Program
Technology ("IP Subcommittee"). Sections 2.3(a) and (b) shall apply accordingly to the IP
Subcommittee. In particular, in the IP Subcommittee, each Party shall

 

(i)promptly
notify the other Party with respect to all developments regarding the Arcturus Background Technology and the Program
Technology significant for the development under any Work Plan and/or all developments that would reasonably be
considered to negatively impact the rights of CureVac pursuant to this Agreement or any License Agreement,

 

(ii)provide
to the other Party information about the status of and the general strategy in relation to Patents with respect to Programs
included in the Arcturus Background Technology, CureVac Background Technology and Program Technology as may be applied to any
Program or potential Licensed Product in order to enable the other Party to provide input regarding the strategy for the
prosecution of such Patents with a view to enabling potential Licensed Products and/or enhancing the potential strength of
the Arcturus Background Technology and Program Technology generally, and

 

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Development
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(iii)to
directly or through appropriately qualified designees, consult with the prosecuting Party and its counsel regarding
prosecution and maintenance of any such Patents as may be applied to any Program or potential Licensed Products without
the requirement of a meeting of the IP Subcommittee, it being understood that in such consultation the prosecuting Party
shall take the other Party’s comments reasonably into account, provided, however, that the prosecuting
Party will have the right to make the final determination in the event of any disagreement between the Parties related to
any decision in connection with the filing, prosecution and maintenance of such Patents.

 

For clarity, the
discussions regarding the general strategy and any particular Patents shall not require either Party to disclose the
confidential information of any Third Party whose rights, information or data may be implicated in any such Patents or
Know-How.

 

(b)       CureVac
Patents. As between the Parties, CureVac shall have the sole right, but not the obligation, to file, prosecute,
and maintain (at its sole expense) Patents within CureVac Background Technology and Sole Improvement Technology to any
CureVac Background Technology (collectively "CureVac Sole Patents") at its sole expense.

 

(c)       Arcturus
Patents.

 

(i)Subject
to the remainder of this Section 6.4 and to any License Agreement, as between the Parties, Arcturus shall have the sole
right, but not the obligation, to file, prosecute, and maintain (at its sole expense) Patents within Arcturus Background
Technology and Sole Improvement Technology to any Arcturus Background Technology (collectively "Arcturus Sole
Patents") at its sole expense.

 

(ii)In
relation to Patents within Sole Improvement Technology with respect to which CureVac has delivered an Option Notice, if
Arcturus intends to abandon such Patent, it shall notify CureVac sufficiently in advance, and subject to any License
Agreement, CureVac shall have the right to take over ownership of and prosecute, maintain such Patent at its sole
expense, which Patent shall then be considered a CureVac Program Patent.

 

(iii)Arcturus
shall, during the Term, based on information with respect to Targets and Reserved Targets disclosed by CureVac to
Arcturus and existing Programs, use Diligent Efforts to enable the rights to the Options (and License Agreements)
available to CureVac pursuant to this Agreement; provided that nothing herein shall limit the rights of Arcturus and
Affiliates to grant to a Third Party a non-exclusive, co-exclusive or an exclusive license or other option with respect
to any Target that is not a Reserved Target or otherwise subject to a License Agreement.

 

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Development
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(d)       Jointly-Owned
Program Patents. Subject to the remainder of this Section 6.4 and to any License Agreement, CureVac will have the
first right, but not the obligation to file, prosecute, and maintain Jointly- Owned Program Patents, and the Parties
shall share equally all costs incurred by CureVac in connection with such efforts. CureVac shall, regarding the Jointly-Owned
Program Patents,

 

(i)promptly
notify Arcturus in writing with respect to all significant developments,

 

(ii)provide
Arcturus with drafts of each material filing (including without limitation draft patent applications and responses to office
actions and similar filings) for all such Patents,

 

(iii)provide
to Arcturus all other material submissions and correspondence with any patent authorities regarding such Patents, in
sufficient time in advance of the anticipated filing date (not to be less than [*****] days) to allow for
review and comment by Arcturus

 

(iv)provide
Arcturus and its counsel with an opportunity to consult with CureVac and its counsel regarding prosecution and
maintenance of any such Jointly-Owned Program Patents, and shall, prior to filing, revise such documents to reflect
Arcturus’s reasonable comments, provided that CureVac will have the right to make the final determination in the event
of any disagreement between the Parties

 

related to any decision in connection
with the filing, prosecution and maintenance of such Jointly- Owned Program Patents.

 

(v)If
CureVac intends to abandon such Jointly-Owned Program Patent, it shall notify Arcturus sufficiently in advance, and
subject to any License Agreement, Arcturus shall have the right to take over ownership of and prosecute, maintain such
Patent at its sole expense, which Patent shall then be considered an Arcturus Sole Patent.

 

(e)       Information
Regarding Arcturus Patents. Arcturus will provide semi-annual updates on the status of the Arcturus Sole Patents with
respect to any Programs and Reserved Targets during the Term.

 

(f)       Cooperation. Each
Party will reasonably cooperate with the other Party in the prosecution and maintenance of the Patents within the Program
Technology. Such cooperation includes promptly executing all documents, or requiring inventors, subcontractors, employees
and consultants to execute all documents, as reasonable and appropriate so as to enable the prosecution and maintenance of
any such Patents in any country.

 

6.5       Patent
Enforcement and Defense.

 

(a)       Notice.
To the extent not in breach of an obligation of confidentiality,

 

(i)Arcturus
will promptly notify, in writing, CureVac upon learning of any actual or suspected infringement of any CureVac Sole Patents
and Jointly-Owned Program Patents by a Third Party, or of any claim of invalidity, unenforceability, or non-infringement of
any such Patents, and will, along with such notice, supply CureVac with any evidence in its possession pertaining thereto,
and

 

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(ii)CureVac
will promptly notify Arcturus, in writing, upon learning of any actual or suspected infringement of any Arcturus Sole
Patents by a Third Party, or of any claim of invalidity, unenforceability, or non-infringement of any such Patents, and
will, along with such notice, supply Arcturus with any evidence in its possession pertaining thereto.

 

(b)       Enforcement.
As between the Parties and subject to any License Agreement,

 

(i)Arcturus
will have the sole right, but not the obligation, to seek to abate any infringement of the Arcturus Sole Patents by a
Third Party, or to file suit against any such Third Party for such infringement, provided that Arcturus shall bear all
the expense of such suit or abatement of infringement, and

 

(ii)CureVac
will have the sole right, but not the obligation, to seek to abate any infringement of the CureVac Sole Patents and
Jointly-Owned Program Patents by a Third Party, or to file suit against any such Third Party for such infringement; provided that
CureVac shall bear all the expense of such suit or abatement of infringement.

 

(c)       Defense. As
between the Parties and subject to any License Agreement, Arcturus will have the sole right, but not the obligation, to
defend against a declaratory judgment action or other action challenging any Arcturus Sole Patents and Jointly-Owned
Program Patents; provided that Arcturus shall bear all the expense of such defense. As between the Parties
and subject to any License Agreement, CureVac will have the sole right, but not the obligation, to defend against a
declaratory judgment action or other action challenging the CureVac Patents; provided that CureVac shall bear all
the expense of such defense.

 

(d)       Withdrawal,
Cooperation and Participation. With respect to any infringement or defensive action identified above in this
Section 6.5 which may be controlled by either CureVac or Arcturus, and subject to any License Agreement:

 

(i)If
the controlling Party ceases to pursue or withdraws from such action, it will promptly notify the other Party (in good
time to enable the other Party to meet any deadlines by which any action must be taken to preserve any rights in such
infringement or defensive action) and such other Party may substitute itself for the withdrawing Party, shall be granted
the right and standing to sue in the other Party’s name, and proceed under the terms and conditions of this Section
6.5.

 

(ii)The
non-controlling Party will cooperate with the Party controlling any such action (as may be reasonably requested by the
controlling Party), including (A) providing access to relevant documents and other evidence, (B) making its and its
Affiliates and licensees and sublicensees and all of their respective employees, subcontractors, consultants and agents
available at reasonable business hours and for reasonable periods of time, but only to the extent relevant to such action,
and (C) if necessary, by being joined as a party, subject for this clause (C) to the controlling Party agreeing to indemnify
such non-controlling Party for its involvement as a named party in such action and paying those reasonable, documented, out-
of-pocket costs and expenses paid to outside legal counsel, and filing and maintenance expenses, actually and reasonably
incurred by a Party in prosecuting and maintaining Patents and enforcing and defending them, incurred by such Party in
connection with such joinder. The Party controlling any such action will keep the other Party updated with respect to any
such action, including providing copies of all documents received or filed in connection with any such action.

 

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(iii)Each
Party will have the right to participate or otherwise be involved in any such action controlled by the other Party, in
each case at the participating (i.e., non-controlling) Party’s sole cost and expense. If a Party elects to so
participate or be involved, the controlling Party will provide the participating Party and its counsel with an
opportunity to consult with the controlling Party and its counsel regarding the prosecution of such action (including
reviewing the contents of any correspondence, legal papers or other documents related thereto), and the controlling Party
will take into account reasonable requests of the participating Party regarding such enforcement or defense.

 

(e)       Settlement. Neither
Party will settle or consent to an adverse judgment in any action described in this Section 6.5 and controlled by such
Party, including any judgment which affects the scope, validity or enforcement of any Patents owned by the other Party,
without the prior written consent of the other Party (such consent not to be unreasonably withheld, delayed or
conditioned).

 

(f)       Damages. Unless
otherwise agreed by the Parties, all monies recovered upon the final judgment or settlement of any action which may be
controlled by either CureVac or Arcturus and described in Section 6.5 in each case will be used first to reimburse the
controlling Party, then the non-controlling Party, for each of their out-of-pocket costs and expenses relating to the action,
with the balance of any such recovery to be retained by the controlling Party.

 

6.6       Updates.
Arcturus shall inform CureVac within [*****] Business Days in writing of any significant developments with respect the Arcturus
Program Technology that would reasonably be considered to negatively impact the rights of CureVac pursuant to this Agreement or
any License Agreement.

 

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ARTICLE 7

 

Confidentiality

 

7.1       Confidential
Information. Each Party ("Disclosing Party") may disclose to the other Party ("Receiving
Party"), and Receiving Party may acquire during the course and conduct of activities under the Agreement, certain
Confidential Information of Disclosing Party in connection with this Agreement. Notwithstanding the foregoing, either Party
may use and disclose Jointly-Owned Program Technology in connection with such Party’s permitted exploitation of
such Technology, provided that the recipient is bound by confidentiality obligations corresponding to the obligations
under this Agreement with respect to the subject matter of this Agreement.

 

7.2       Restrictions. During
the Term and for [*****] years thereafter, Receiving Party will keep all Disclosing Party’s
Confidential Information in confidence with the same degree of care with which Receiving Party holds its own confidential
information, but in no event less than reasonable care. Receiving Party will not use Disclosing Party’s Confidential
Information except for in connection with the performance of its obligations and exercise of its rights under this Agreement
or any License Agreement. Receiving Party has the right to disclose Disclosing Party’s Confidential Information without
Disclosing Party’s prior written consent to Receiving Party’s Affiliates, and each of their employees,
subcontractors (subject to Section 3.4) and consultants or agents who have a need to know such Confidential Information in
order to perform its obligations and exercise its rights under this Agreement or any License Agreement and who are under
written obligation to comply with the restrictions on use and disclosure that are no less restrictive than those set forth in
this Article 7. Receiving Party assumes responsibility for such entities and persons maintaining Disclosing Party’s
Confidential Information in confidence and using same only for the purposes described herein.

 

7.3       Exceptions. Receiving
Party’s obligation of nondisclosure and the limitations upon the right to use the Disclosing Party’s
Confidential Information will not apply to a specific portion of the Disclosing Party’s Confidential Information to the
extent that Receiving Party can demonstrate that such portion: (i) was known to Receiving Party or any of its Affiliates
prior to the time of disclosure by the Disclosing Party without obligation of confidentiality; (ii) is or becomes public
knowledge through no fault or omission of Receiving Party or any of its Affiliates; (iii) is obtained on a
non-confidential basis by Receiving Party or any of its Affiliates from a Third Party who to Receiving Party’s
knowledge is lawfully in possession thereof and under no obligation of confidentiality to Disclosing Party; or (iv) has
been independently developed by or on behalf of Receiving Party or any of its Affiliates without the aid, application or use
of Disclosing Party’s Confidential Information as documented by the internal records of the Receiving Party.

 

7.4       Permitted
Disclosures. The Receiving Party may only use any such Confidential Information for the purposes of performing
its obligations or exercising its rights under this Agreement. Notwithstanding the obligations set forth in Sections 7.1
and 7.2, a Party may disclose the other Party’s Confidential Information (including this Agreement and the terms
herein) in the following instances to the extent reasonably required:

 

(a)       in
order to comply with applicable Law (including any securities Law or regulation or the rules of a securities exchange) or
with a legal or administrative proceeding;

 

(b)       in
connection with prosecuting or defending litigation, and filing, prosecuting and enforcing Patents in connection with
Receiving Party’s rights and obligations pursuant to this Agreement or a License Agreement;

 

(c)       to
attorneys, accountants, auditors, acquirers, licensees, partners, permitted assignees, financial advisors, investors and
lenders, including potential acquirers, licensees, partners, assignees, financial advisors, investors and lenders;

 

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provided that (1) where
reasonably possible, Receiving Party will notify Disclosing Party of Receiving Party’s intent to make any
disclosure pursuant to subsections (a) and (b) sufficiently prior to making such disclosure so as to allow Disclosing
Party reasonably adequate time to take whatever action it may deem appropriate to protect the confidentiality of the
information to be disclosed, and (2) with respect to subsection (c), each of those persons or entities are required to
comply with the restrictions on use and disclosure in Section 7.2 (other than financial advisors, investors and lenders,
which must be bound prior to disclosure by commercially reasonable obligations of confidentiality).

 

7.5       Return
of Confidential Information. Upon expiry or earlier termination of the Agreement, upon written request of a Party
(such request, if made, to be made within [*****] months of such expiry or termination) the other Party
will destroy or return (as shall be specified in such request) to the requesting Party all copies of the Confidential
Information of the requesting Party; provided that the Party may retain: (i) one copy of such Confidential
Information for record-keeping purposes, for the sole purpose of ensuring compliance with this Agreement; (ii) any
copies of such Confidential Information as is required to be retained under applicable Law; (iii) any copies of such
Confidential Information as is necessary or useful for such Party to exercise a right or fulfill an obligation under a
License Agreement, if any, or as set forth in this Agreement; and (iv) any copies of any computer records and files
containing Confidential Information that have been created by such Party’s routine archiving/backup procedures.
Upon request of the requesting Party, the Receiving Party shall confirm in writing to the requesting Party the destruction or
return of all copies of the Confidential Information of the requesting Party.

 

7.6       Publications. Notwithstanding
anything in this Agreement to the contrary, Arcturus shall be permitted to publish the results of a Program only with the
prior written consent of CureVac. Arcturus shall submit any proposed publication of the results of a Program to CureVac.
Following receipt of the proposed publication by CureVac, CureVac will use Diligent Efforts to provide written approval
or disapproval, at CureVac’s discretion, within [*****] days. Expedited reviews for abstracts or poster
presentations, or for other publications that may relate to potential patent applications, may be arranged if mutually
agreeable to the Parties. CureVac is permitted to publish the results of a Program provided, however, that it will not
disclose Arcturus Confidential Information in any publication by CureVac of the results of a Program or any Licensed Product
development by CureVac without Arcturus’ prior written consent, which will not be unreasonably withheld, conditioned or
delayed in the event such Arcturus Confidential Information is reasonably required to support the results of a Program so
published.

 

7.7       Terms
of this Agreement; Press Release. The Parties agree that the existence and terms of the Parties’
relationship and this Agreement will be treated as Confidential Information of both Parties, and thus may be disclosed only
as permitted by Section 7.4. Except as mutually agreed or otherwise required by Law or securities exchange regulation, each
Party agrees not to issue any press release or public statement disclosing information relating to the existence of this
Agreement or the transactions contemplated hereby or the terms hereof without the prior written consent of the other
Party.

 

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ARTICLE 8

 

Warranties; Limitations of
Liability; Indemnification

 

8.1       Representations
and Warranties. Each Party represents and warrants to the other as of the Effective Date that (a) it is a
corporation duly organized, validly existing, and in good standing under the Laws of the jurisdiction in which it is
incorporated, (b) it has the legal right and power to enter into this Agreement, to extend the rights and licenses granted or
to be granted to the other in this Agreement, and to fully perform its obligations hereunder, (c) it has taken all necessary
corporate action on its part required to authorize the execution and delivery of this Agreement and the performance of its
obligations hereunder (d) this Agreement has been duly executed and delivered on behalf of such Party, and constitutes a
legal, valid, and binding obligation of such Party that is enforceable against it in accordance with its terms, and (e) the
execution, delivery and performance by a Party of this Agreement and the consummation of the transactions contemplated hereby
will not result in any violation of, conflict with, result in a breach of or constitute a default under any understanding,
contract or agreement to which such Party is a party or by which it is bound.

 

8.2       Additional
Representations and Covenants of Arcturus. Arcturus hereby represents and warrants to CureVac as of the Effective
Date as follows:

 

(a)       Impairment.
Neither Arcturus nor any of its Affiliates has entered into any agreement or otherwise licensed, granted, assigned,
transferred, conveyed or

 

otherwise encumbered or
disposed of any right, title or interest in or to any of its assets, including any intellectual property rights including
Know-How, that (i) conflicts with or impairs the scope of any rights or licenses granted to CureVac hereunder or (ii) to
the knowledge of Arcturus, would otherwise conflict with or limit rights that would be granted to CureVac under any License
Agreement.

 

(b)       Patents. Exhibit
1.3 sets forth a complete and accurate list of all Patents included in the Arcturus Background Technology, indicating
any licensor and/or co-owner(s), if applicable. Arcturus is entitled to grant to CureVac the licenses to the Patents and
the Know-How within the Arcturus Background Technology for the purposes of this Agreement, including to enter into a
License Agreement, subject to the rights of Arcturus and its Affiliates to grant to a Third Party a non-exclusive,
co-exclusive or an exclusive license or option with respect to a Target. To Arcturus’ knowledge, the Patents listed
on Exhibit 1.3 have been procured or are being procured from the respective patent offices in accordance with
applicable Law. None of the Patents included in the Arcturus Background Technology listed on Exhibit 1.3 is or has
been involved in any opposition, cancellation, interference, reissue or reexamination proceeding, and to Arcturus’
knowledge as of the Effective Date, no Arcturus Background Technology is the subject of any judicial, administrative or
arbitral order, award, decree, injunction, lawsuit, proceeding or stipulation. As of the Effective Date, neither Arcturus
nor any of its Affiliates has received any notice alleging that the Patents in the Arcturus Background Technology listed on Exhibit
1.3 are invalid or unenforceable, or challenging Arcturus’ ownership of or right to use any such rights.

 

(c)       Arcturus
LMD Technology. The Arcturus LMD Technology licensed to CureVac under this Agreement comprises all Arcturus LMD
Technology Controlled by Arcturus (i) which is necessary or useful for purposes of this Agreement and (ii) to the
knowledge of Arcturus, which would be necessary or useful for purposes of a License Agreement.

 

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(d)       Encumbrances. It
has the right to grant the license and rights herein to CureVac and it has not granted any liens, security interest,
encumbrance, license, right or interest in, to or under the Arcturus Background Technology to any Third Party that is
inconsistent with the license granted to CureVac under Section 3.1.

 

(e)       Litigation. There
is no action, suit, proceeding or investigation pending or, to the knowledge of Arcturus, currently threatened against or
affecting Arcturus that questions the validity of this Agreement or the right of Arcturus to enter into this Agreement or
consummate the transactions contemplated hereby or that relates to the Arcturus LMD Technology.

 

(f)       Infringement.
Neither Arcturus nor any of its Affiliates has received any written notice of any claim that, nor does Arcturus or its
Affiliates have any knowledge of any claim, any Patent, Know-How or other intellectual property owned or controlled by a
Third Party would be infringed or misappropriated by the practice of any Arcturus LMD Technology (i) in connection with
the performance of this Agreement and (ii) to the knowledge of Arcturus, with respect to any product under a License
Agreement.

 

(g)       Third
Party Infringement. To Arcturus’ knowledge, no Third Party is infringing or has infringed any Patent within
the Arcturus LMD Technology or is misappropriating or has misappropriated any Know-how within the Arcturus LMD
Technology.

 

8.3       Mutual
Covenants.

 

(a)       No
Debarment. In the course of the performance by the Parties, neither Party nor its Affiliates shall use any employee
or consultant who has been debarred by any regulatory authority or, to such Party’s or its Affiliates’ knowledge,
is the subject of debarment proceedings by a regulatory authority. Each Party shall notify the other Party promptly upon
becoming aware that any of its or its Affiliates’ employees or consultants has been debarred or is the subject of
debarment proceedings by any regulatory authority.

 

(b)       Compliance.
Each Party and its Affiliates shall comply in all material respects with all applicable Laws (including all anti-bribery
laws) in the performance of its obligations under this Agreement.

 

8.4       No
Other Warranties. EXCEPT AS EXPRESSLY STATED IN THIS ARTICLE 8, (A) NO REPRESENTATION, CONDITION OR WARRANTY
WHATSOEVER IS MADE OR GIVEN BY OR ON BEHALF OF ARCTURUS OR CUREVAC; AND (B) ALL OTHER CONDITIONS AND WARRANTIES
WHETHER ARISING BY OPERATION OF LAW OR OTHERWISE ARE HEREBY EXPRESSLY EXCLUDED, INCLUDING ANY CONDITIONS AND
WARRANTIES OF MERCHANTABILITY, POTENTIAL FOR SUCCESS OF A PROGRAM, FITNESS FOR A PARTICULAR PURPOSE OR NON-INFRINGEMENT.

 

8.5       No
Consequential Damages. Notwithstanding anything in this Agreement or otherwise, neither Party will be liable to
the other or any Third Party with respect to any subject matter of this Agreement for any indirect or consequential damages,
provided that this Section 8.5 will not apply to breaches of Article 6 or 7 or the Parties’ indemnification rights or
obligations under Section 8.7, or in the event of willful misconduct.

 

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8.6       Performance
by Others. The Parties recognize that each Party may perform some or all of its obligations under this Agreement
through Affiliates, permitted subcontractors or other permitted Third Parties, provided, however, that each Party will
remain fully responsible and liable for the performance by its Affiliates and/or permitted subcontractors and Third Parties
and will cause its Affiliates, permitted subcontractors or other permitted Third Parties to comply with the provisions of
this Agreement in connection therewith.

 

8.7       Indemnification.

 

(a)       Indemnification
by Arcturus. Arcturus will indemnify CureVac, its Affiliates and their respective directors, officers, employees,
Third Party licensors and agents, and their respective successors, heirs and assigns (collectively, "CureVac
Indemnitees"), and defend and hold each of them harmless, from and against any and all losses, damages,
liabilities, costs and expenses (including reasonable attorneys’ fees and expenses) (collectively,
 "Losses") in connection with any and all suits, investigations, claims or demands of Third Parties
(collectively, "Third Party Claims") against the CureVac Indemnitees to the extent arising from or occurring
as a result of:

 

(i) the breach of any
representation or warranty by Arcturus under this Agreement; or (ii) any gross negligence or willful misconduct on
the part of any Arcturus Indemnitee; or (iii) any alleged infringement or misappropriation of Patents or other
intellectual property rights by CureVac in the conduct of the Work Plan based solely on CureVac’s use of Arcturus
LMD Technology as permitted hereunder (excluding, for clarity, infringement of Patents, Know- How or Materials covering
CureVac Technology used by CureVac in the performance of the Work Plan), except in each of cases (i)-(iii) to the extent
arising from or occurring as a result of the gross negligence or willful misconduct on the part of a CureVac Indemnitee or
CureVac’s breach of this Agreement.

 

(b)       Indemnification
by CureVac. CureVac will indemnify Arcturus, its Affiliates and their respective directors, officers, employees
and agents, and their respective successors, heirs and assigns (collectively, "Arcturus Indemnitees"),
and defend and hold each of them harmless, from and against any and all Losses in connection with any and all Third Party
Claims against Arcturus Indemnitees to the extent arising from or occurring as a result of: (i) the breach by CureVac of
any representation or warranty under this Agreement; or (ii) any gross negligence or willful misconduct on the part
of any CureVac Indemnitee; or (iii) any alleged infringement or misappropriation of Patents or other intellectual
property rights by Arcturus in the conduct of the Work Plan based solely on Arcturus’ use of CureVac Technology as
permitted hereunder (excluding, for clarity, infringement of Arcturus LMD Technology used by Arcturus in the performance of
the Work Plan), except in each of cases (i)-(iii) to the extent arising from or occurring as a result of the gross negligence
or willful misconduct on the part of an Arcturus Indemnitee or Arcturus’ breach of this Agreement.

 

(c)       Notice
of Claim. All indemnification claims provided for in subsections (a) and (b) above will be made solely by such Party
to this Agreement (the "Indemnified Party"). The Indemnified Party will promptly notify the indemnifying
Party (an "Indemnification Claim Notice") of any Losses or the discovery of any fact upon which the
Indemnified Party intends to base a request for indemnification under subsections (a) or (b) above but in no event will the
indemnifying Party be liable for any Losses that result from any delay in providing such notice. Each Indemnification Claim
Notice must contain a description of the claim and the nature and amount of such Loss (to the extent that the nature and
amount of such Loss is known at such time). The Indemnified Party will furnish promptly to the indemnifying Party copies of
all papers and official documents received in respect of any Losses and Third Party Claims.

 

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(d)       Defense,
Settlement, Cooperation and Expenses.

 

(i)Control
of Defense. At its option, the indemnifying Party may assume the defense of any Third Party Claim by giving written
notice to the Indemnified Party within [*****] days after the indemnifying Party’s receipt of an
Indemnification Claim Notice. The assumption of the defense of a Third Party Claim by the indemnifying Party will not be
construed as an acknowledgment that the indemnifying Party is liable to

 

indemnify the Indemnified
Party in respect of the Third Party Claim, nor will it constitute a waiver by the indemnifying Party of any defenses it
may assert against the Indemnified Party’s claim for indemnification. Upon assuming the defense of a Third Party
Claim, the indemnifying Party may appoint as lead counsel in the defense of the Third Party Claim any legal counsel
selected by the indemnifying Party (the indemnifying Party will consult with the Indemnified Party with respect to such
legal counsel and a possible conflict of interest of such counsel retained by the indemnifying Party). In the event the
indemnifying Party assumes the defense of a Third Party Claim, the Indemnified Party will as soon as practicable deliver to
the indemnifying Party all original notices and documents (including court papers) received by the Indemnified Party in
connection with the Third Party Claim. In the event that it is ultimately determined that the indemnifying Party is not
obligated to indemnify, defend or hold harmless the Indemnified Party from and against the Third Party Claim, the Indemnified
Party will reimburse the indemnifying Party for any and all costs and expenses (including reasonable attorneys’ fees
and costs of suit) and any Third Party Claims incurred by the indemnifying Party in its defense of the Third Party Claim.

 

(ii)Right
to Participate in Defense. Without limiting subsection (i) above, any Indemnified Party will be entitled to
participate in, but not control, the defense of such Third Party Claim and to engage counsel of its choice for such
purpose; provided, however, that such engagement will be at the Indemnified Party’s own cost and expense
unless (A) the indemnifying Party has failed to promptly assume the defense and engage counsel in accordance with
subsection (i) above (in which case the Indemnified Party will control the defense) or (B) the interests of the
Indemnified Party and the indemnifying Party with respect to such Third Party Claim are sufficiently adverse to
prohibit the representation by the same counsel of both Parties under applicable Law, ethical rules or equitable
principles, in which case the indemnifying Party will assume one hundred percent (100%) of any reasonable costs and expenses
of counsel for the Indemnified Party.

 

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(iii)Settlement.
With respect to any Third Party Claims that relate solely to the payment of money damages in connection with a Third
Party Claim and that will not result in the Indemnified Party’s becoming subject to injunctive or other relief or
otherwise adversely affecting the business, Patents or Technology of the Indemnified Party in any manner, and as to which the
indemnifying Party will have acknowledged in writing the obligation to indemnify the Indemnified Party hereunder, the
indemnifying Party will have the sole right to consent to the entry of any judgment, enter into any settlement or otherwise
dispose of such Loss, on such terms as the indemnifying Party, in its sole discretion, will deem appropriate. With respect to
all other Losses in connection with Third Party Claims, where the indemnifying Party has assumed the defense of the Third
Party Claim in accordance with subsection (i) above, the indemnifying Party will have authority to consent to the entry of
any judgment, enter into any settlement or otherwise dispose of such Loss provided it obtains the prior written consent of
the Indemnified Party (which consent will not be unreasonably withheld, conditioned or delayed). The indemnifying Party will
not be liable for any settlement or other disposition of a Loss by an Indemnified Party that is reached without the written
consent of the indemnifying Party. Regardless of whether the indemnifying Party chooses to defend or prosecute any Third
Party Claim, no Indemnified Party will admit any liability with respect to or settle, compromise or discharge, any Third
Party Claim without the prior written consent of the indemnifying Party.

 

(iv)Cooperation.
Regardless of whether the indemnifying Party chooses to defend any Third Party Claim, the Indemnified Party will, and
will use Diligent Efforts to cause each other indemnified party to, cooperate in the defense or prosecution thereof and
will furnish such records, information and testimony, provide such witnesses and attend such conferences, discovery
proceedings, hearings, trials and appeals as may be reasonably requested in connection therewith at the indemnifying
Party’s expense. Such cooperation will include access during normal business hours afforded to the indemnifying Party
to, and reasonable retention by the Indemnified Party of, records and information that are reasonably relevant to such Third
Party Claim, and making indemnified parties and other employees and agents available on a mutually convenient basis to
provide additional information and explanation of any material provided hereunder, and the indemnifying Party will reimburse
the Indemnified Party for all its reasonable out-of-pocket costs and expenses in connection therewith.

 

(v)Costs
and Expenses. Except as provided above in this Section 8.7, the costs and expenses, including reasonable
attorneys’ fees and expenses, incurred by the Indemnified Party in connection with any claim will be reimbursed on
a Calendar Quarter basis by the indemnifying Party, without prejudice to the indemnifying Party’s right to contest
the Indemnified Party’s right to indemnification and subject to refund in the event the indemnifying Party is
ultimately held not to be obligated to indemnify the Indemnified Party.

 

8.8       Insurance. Each
Party will maintain at its sole cost and expense, an adequate liability insurance or self- insurance program to protect
against potential liabilities and risk arising out of activities to be performed under this Agreement and any agreement
related hereto and upon such terms (including coverages, deductible limits and self-insured retentions) as are customary in
the respective industry of such Party for the activities to be conducted by such Party under this Agreement. The coverage
limits set forth in any such programs or policies will not create any limitation on a Party’s liability to the other
under this Agreement.

 

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ARTICLE 9

 

Term and Termination

 

9.1       Term.

 

(a)       This
Agreement will commence as of the Effective Date and, unless sooner terminated or extended in accordance with the terms
hereof or by mutual written consent, will continue for a period of eight (8) years (the "Initial Term", as
may be extended pursuant to Section 9.1(b), the "Term").

 

(b)       Not
later than sixty (60) days prior to the expiration of the Initial Term, CureVac shall have the option to extend the Term on an
annual basis for up to three (3) years, by providing written notice to Arcturus, subject to payment by CureVac to Arcturus of
a non-refundable annual extension fee of one million US dollars (U.S. $1,000,000), payable within [*****] Business Days after
exercise of such option.

 

(c)       The
Parties agree that this Agreement and the Co-Development Agreement relate to different projects and, therefore, the
validity, term and termination of this Agreement shall be independent from the validity, term and termination of the
Co-Development Agreement.

 

9.2       Termination
by CureVac.

 

(a)       Breach,
Change of Control. CureVac will have the right to terminate this Agreement in full or on a Program-by-Program basis
upon delivery of written notice to Arcturus in the event of

 

		(i)	any material breach by Arcturus

 

(A)       of
any terms and conditions of this Agreement, provided that such breach has not been cured within sixty (60) days after
written notice thereof is given by CureVac to Arcturus specifying in reasonable detail the nature of the alleged breach;
or

 

(B)       in
particular the failure of the Escrow Agent to send the Target response notice within the period provided for in Section
4.2(c)(i), provided that such failure has not been cured neither within a first cure period of five (5) Business Days
after written notice thereof is given by CureVac to Arcturus nor within a second cure period of five (5) Business Days
after written notice of the lapse of the first cure period is given by CureVac to Arcturus, or

 

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Development
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		(ii)	a Change of Control of Arcturus.

 

In the event of a
termination of this Agreement or a Program under this subsection, (i) the JDC will be disbanded or, if applicable, cease to
be responsible for the terminated Programs, (ii) Arcturus will receive no further Arcturus FTE funding (if applicable, for
the terminated Programs), and (iii) Arcturus will conduct a technology transfer of Arcturus Technology existing at the time
of such transfer and provide necessary licenses to CureVac or its Third Party designee each as reasonably necessary for
CureVac or such Third Party designee to complete the conduct of a Program, and (iv) the Option Exercise Fee and the payments
under the License Agreement(s) (if applicable, in relation to the terminated Programs) will be reduced by [*****]%. For
avoidance of doubt, termination of the Agreement or a Program will not terminate CureVac’s reservation of Reserved
Targets or the Options subject to the payments associated therewith. For clarity, except in cases of willful misconduct, the
remedy set forth in this Section 9.2(a) shall be the sole and exclusive remedy of CureVac under this Agreement (i.e., without
limitation of any remedies that may be separately available under any License Agreement) in the event that CureVac elects to
terminate a Program but otherwise continue the Agreement in effect.

 

In the event of a Change of
Control of Arcturus, CureVac shall decide, no later than the later of: (i) ten (10) Business Days’ written notice
following the receipt of a written notification that the closing date of such Change of Control has occurred or (ii)
[*****] months written notice following the receipt of a written notification that the signing date of such
Change of Control has occurred, to (a) terminate this Agreement, (b) to continue this Agreement and elect (as set forth
in such written notice) to have the JDC disbanded and Arcturus to undertake a technology transfer and provide necessary
licenses to CureVac or its Third Party designee each as reasonably necessary for CureVac or such Third Party designee to
complete the conduct of any then ongoing Programs in accordance with the Work Plan; or (c) continue the Agreement
and receive reasonable assurance in writing from the acquirer that the CureVac Confidential Information is not shared
with any other entities within the acquirer’s group that are not required to manage, perform and exercise
Arcturus’ rights and obligations under this Agreement.

 

(b)       Discretionary
Termination. CureVac will have the right to terminate this Agreement in full at any time without cause by giving
sixty (60) days’ prior written notice to Arcturus. Upon termination by CureVac pursuant to this subsection, CureVac
will pay to Arcturus any amounts payable to Arcturus for any Work performed pursuant to the Work Plan up through the date
of such termination, subject to Arcturus’ transfer of all deliverables under the Work Plan to CureVac.

 

9.3       Termination
by Arcturus. Arcturus will have the right to terminate this Agreement in full upon delivery of written notice to
CureVac in the event of (i) any material breach by CureVac of any terms and conditions of this Agreement, provided that
such breach has not been cured within sixty (60) days after written notice thereof is given by Arcturus to CureVac specifying
in reasonable detail the nature of the alleged breach. CureVac hereby agrees that Arcturus is entitled to receive payment of
any amounts payable to Arcturus pursuant to this Agreement, including amounts for any Work performed pursuant to the Work
Plan, up through the date of such termination. For clarity, a breach by CureVac under this Agreement shall not constitute a
breach under a License Agreement unless such breach is also separately a breach pursuant to such License Agreement.

 

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Development
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9.4       Termination
Upon Bankruptcy. All rights and licenses granted under or pursuant to this Agreement by Arcturus or CureVac or
their Affiliates are, and will otherwise be deemed to be, for purposes of Section 365(n) of the U.S. Bankruptcy Code,
licenses of right to "intellectual property" as defined under Section 101 of the U.S. Bankruptcy Code. The Parties
agree that the Parties and their respective Affiliates and permitted Third Party sublicensees, as licensees of such rights
under this Agreement, will retain and may fully exercise all of their rights and elections under the U.S. Bankruptcy Code and
any foreign counterparts thereto. Without limiting the Parties’ rights under Section 365(n) of the U.S Bankruptcy Code,
if a case under U.S. Bankruptcy Code is commenced by or against a Party, the other Party shall be entitled to a copy of any
and all such intellectual property and all embodiments of such intellectual property, and the same, if not in the possession
of such other Party, shall be promptly delivered to it (i) before this Agreement is rejected by or on behalf of the bankrupt
Party, within thirty (30) days after the other Party’s written request, unless the bankrupt Party, or its trustee or
receiver, elects within thirty (30) days to continue to perform all of its obligations under this Agreement, or (ii) after
any rejection of this Agreement by or on behalf of the bankrupt Party, if not previously delivered as provided under clause
(i) above. All rights of the Parties under this Section 9.4 and under Section 365(n) of the U.S. Bankruptcy Code are in
addition to and not in substitution of any and all other rights, powers, and remedies that each Party may have under this
Agreement, under the U.S. Bankruptcy Code, and any other applicable Laws. The non-bankrupt Party shall have the right to
perform the obligations of the bankrupt Party hereunder with respect to such intellectual property, but neither such
provision nor such performance by the non-bankrupt Party shall release the bankrupt Party from any such obligation or
liability for failing to perform it.

 

9.5       Effects
of Termination. Upon termination by:

 

(a)       CureVac
under Sections 9.2 or 9.4, (i) Arcturus will terminate all Work in progress in an orderly manner as soon as practicable
and transfer all deliverables under the Work Plan to CureVac in its Control in the state of such deliverable as of the
effective date of termination; (ii) each of the Parties will return or destroy any Materials of the other Party in
its Control, based upon written instructions from the other Party within [*****] days of the effective date
of termination, unless such Material is necessary or useful for the exercise of a Party’s rights or obligations under
a License Agreement in which event the Party retaining the Material will notify the other Party of retention pursuant to
the requirements of and subject to such License Agreement; and (iii) all rights and licenses pursuant to this
Agreement except with respect to any then existing Programs (for which licenses to CureVac or its Third Party designee
shall be granted to complete the Program and enter into a License Agreement under the terms of Section 9.2(a)(ii)) shall
terminate and be of no further force and effect, it being understood that termination hereunder shall not affect any then
existing License Agreement;

 

(b)       Arcturus
under Section 9.3, (i) CureVac will promptly pay Arcturus any monies due and owing Arcturus, as of the date of termination,
for Work and Services actually performed and all expenses actually incurred as specified in the Work Plan as well as any
amounts incurred for orderly wind down any then existing Third Party commitments entered into as of the date of notice of
termination to perform the Work Plan; (ii) each of the Parties will return or destroy any Materials of the other Party
in its Control, based upon written instructions from the other Party within [*****] days of the effective date
of termination, unless such Material is necessary or useful for the exercise of a Party’s rights or obligations under a
License Agreement in which event the Party retaining the Material will notify the other Party of retention pursuant to the
requirements of and subject to such License Agreement; and (iii) all rights and licenses pursuant to this Agreement
shall terminate and be of no further force and effect, it being understood that termination hereunder shall not affect any
then existing License Agreement.

 

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Development
and Option Agreement between CureVac AG and Arcturus Therapeutics Inc

 

9.6       Survival.
In addition to the termination consequences set forth in Section 9.5, the following provisions will survive termination or
expiration of this Agreement, as well as any other provision which by its terms or by the context thereof, is intended to survive
such termination: Sections 1, 3.1(f) (to the extent a License Agreement is executed prior to the effective date of termination),
3.3(a), 6.2, 6.3, 7, 8.5, 8.7, 9.2, 9.5 , 9.6 and 10. Termination or expiration of this Agreement will not relieve the Parties
of any liability or obligation which accrued hereunder prior to the effective date of such termination or expiration nor preclude
either Party from pursuing all rights and remedies it may have hereunder or at Law or in equity with respect to any breach of
this Agreement nor prejudice either Party’s right to obtain performance of any obligation. All other rights and obligations
will terminate upon expiration of this Agreement.

 

ARTICLE 10

 

Miscellaneous

 

10.1       Dispute
Resolution.

 

(a)       Dispute
Escalation. In the event of a dispute between the Parties, the Parties will first attempt in good faith to
resolve such dispute by negotiation and consultation between themselves or the Program directors. In the event that such
dispute is not resolved on an informal basis within [*****] days, either Party may, by written notice to the
other, have such dispute referred to each Party’s Chief Executive Officer or his or her designee (who will be a senior
executive with the appropriate authority to determine the matter for such Party), who will attempt in good faith to resolve
such dispute by negotiation and consultation for a [*****] day period following receipt of such written
notice

 

(b)       Dispute
Resolution.

 

(i)In
the event the Chief Executive Officers of the Parties are not able to resolve such dispute as set forth above, the
Parties agree to try to solve such dispute amicably by mediation. The Parties shall conduct a mediation procedure
according to the Mediation Rules of the World Intellectual Property Organization (WIPO) in effect on the date of the
commencement of the mediation proceedings. The location of the mediation proceedings will be New York City, New York,
USA. The number of mediators will be [*****]. The language of the mediation proceedings will be English. If the
dispute has not been settled pursuant to the said rules within [*****] days following the filing of a request
for mediation or within such other period as the Parties may agree in writing, either Party may submit the dispute to final
and binding arbitration.

 

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Development
and Option Agreement between CureVac AG and Arcturus Therapeutics Inc

 

(ii)Any
dispute relating to the validity performance, construction or interpretation of this Agreement, which cannot be resolved
amicably between the Parties after following the procedure set forth in this Section 10.1, shall be submitted to
arbitration in accordance with the Arbitration Rules of WIPO in effect on the date of the commencement of the arbitration
proceedings. The location of the arbitration proceedings will be New York City, New York, USA. The number of
arbitrators will be [*****]. The language of the arbitration proceeding will be English. The decision of
the arbitrators shall be final and binding upon the Parties (absent manifest error on the part of the arbitrator(s)) and
enforceable in any court of competent jurisdiction.

 

10.2       Relationship
of Parties. Nothing in this Agreement is intended or will be deemed to constitute a partnership, agency,
employer-employee or joint venture relationship between the Parties. No Party will incur any debts or make any commitments
for the other, except to the extent, if at all, specifically provided therein. There are no express or implied Third Party
beneficiaries hereunder.

 

10.3       Compliance
with Law. Each Party will perform or cause to be performed any and all of its obligations or the exercise of any and
all of its rights hereunder in good scientific manner and in compliance with all applicable Law.

 

10.4       Governing
Law. This Agreement will be governed by and construed in accordance with the Laws of State of New York, USA, without
respect to its conflict of Laws rules.

 

10.5       Counterparts;
Facsimiles. This Agreement may be executed in one or more counterparts, each of which will be deemed an original,
and all of which together will be deemed to be one and the same instrument. Facsimile or PDF execution and delivery of
this Agreement by either Party will constitute a legal, valid and binding execution and delivery of this Agreement by such
Party

 

10.6       Headings.
All headings in this Agreement are for convenience only and will not affect the meaning of any provision hereof.

 

(a)       Waiver
of Rule of Construction. Each Party has had the opportunity to consult with counsel in connection with the
review, drafting and negotiation of this Agreement. Accordingly, the rule of construction that any ambiguity in this
Agreement will be construed against the drafting party will not apply.

 

(b)       Interpretation. Whenever
any provision of this Agreement uses the term "including" (or "includes"), such term will be deemed
to mean "including without limitation" (or "includes without limitations"). "Herein,"
 "hereby," "hereunder," "hereof" and other equivalent words refer to this Agreement as an
entirety and not solely to the particular portion of this Agreement in which any such word is used. All definitions set forth
herein will be deemed applicable whether the words defined are used herein in the singular or the plural. Unless otherwise
provided, all references to Sections and Exhibits in this Agreement are to Sections and Exhibits of this Agreement.
References to any Sections include Sections and subsections that are part of the related Section.

 

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Development
and Option Agreement between CureVac AG and Arcturus Therapeutics Inc

 

10.7       Further
Assurances. Each Party shall take all customary and reasonable actions and do all things reasonably necessary or
proper, including under applicable Law, to make effective and further the intents and purposes of the transactions
contemplated by this

 

Agreement, including executing any further
instruments reasonably requested by the other Party.

 

10.8       Binding
Effect. This Agreement will inure to the benefit of and be binding upon the Parties, their Affiliates, and their
respective lawful successors and assigns.

 

10.9       Assignment. This
Agreement may not be assigned by either Party, nor may either Party delegate its obligations or otherwise transfer
licenses or other rights created by this Agreement, except as expressly permitted hereunder, without the prior written
consent of the other Party, which consent will not be unreasonably withheld, delayed or conditioned; provided that
either Party may assign this Agreement without such consent to an Affiliate or to its successor in connection with sale of
all or substantially all of its assets or business or that portion of its business pertaining to the subject matter of this
Agreement (whether by merger, consolidation or otherwise).

 

10.10       Notices. All
notices, requests, demands and other communications required or permitted to be given pursuant to this Agreement will be
in writing and will be deemed to have been duly given upon the date of receipt if delivered by hand, recognized
international overnight courier, or registered or certified mail, return receipt requested, postage prepaid or facsimile
(and promptly confirmed by personal delivery, registered or certified mail or overnight courier) to the addresses set forth
below (or to such address as a Party may subsequently provide by written notice in accordance with this Section 10.10).

 

If to CureVac:

 

CureVac AG

Paul-Ehrlich-Str. 15

72076 Tübingen

Germany

Attention: CEO and General Counsel

Fax: +49 7071 9883 - 1101

 

If to Arcturus:

 

Arcturus Therapeutics, Inc.

10628 Science Center Drive

Suite 200

San Diego, California 92121

USA

Attn:           CEO

Fax: (858) 300-5028

 

with a copy to (which copy shall not constitute notice):

 

Cooley LLP

3175 Hanover St.

Palo Alto, CA 94303

Attn: Glen Y. Sato

Fax: (650) 849-7400

 

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Development
and Option Agreement between CureVac AG and Arcturus Therapeutics Inc

 

10.11       Amendment
and Waiver. This Agreement may be amended, supplemented, or otherwise modified only by means of a written
instrument signed by both Parties; provided that any unilateral undertaking or waiver made by one Party in favor of
the other will be enforceable if undertaken in a writing signed by the Party to be charged with the undertaking or waiver.
Any waiver of any rights or failure to act in a specific instance will relate only to such instance and will not be construed
as an agreement to waive any rights or fail to act in any other instance, whether or not similar.

 

10.12       Severability. In
the event that any provision of this Agreement will, for any reason, be held to be invalid or unenforceable in any respect,
such invalidity or unenforceability will not affect any other provision hereof, and the Parties will negotiate in good faith
to modify the Agreement to preserve (to the extent possible) their original intent.

 

10.13       Entire
Agreement. This Agreement together with any License Agreements (including all appendices and exhibits hereto and
thereto) entered into during the Term and the Material Transfer Agreements and the Confidentiality Agreement are the sole
agreements with respect to the subject matter and supersede all other agreements and understandings between the Parties
with respect to same, provided, however, that the terms and conditions under this Agreement apply with respect to the
activities which have been performed by the Parties under the Material Transfer Agreement but which are also set forth under
the Work Plan, and to such extent this Agreement replaces the Material Transfer Agreements. In case of conflict between this
Agreement and the Confidentiality Agreement, this Agreement shall prevail.

 

10.14       Force
Majeure. Neither Arcturus nor CureVac will be liable for failure of or delay in performing obligations set forth
in this Agreement (other than any obligation to pay monies when due), and neither will be deemed in breach of such
obligations, if such failure or delay is due to natural disasters or any causes reasonably beyond the control of Arcturus
or CureVac; provided that the Party affected will promptly notify the other of the force majeure condition and will
exert reasonable efforts to eliminate, cure or overcome any such causes and to resume performance of its obligations as soon
as possible.

 

[Signature page to follow]

 

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Development
and Option Agreement between CureVac AG and Arcturus Therapeutics Inc

 

IN WITNESS
WHEREOF, the Parties have caused this Development and Option Agreement to be executed by their respective duly authorized
officers as of the Effective Date.

 

CureVac
AG

 

	By:	/s/ Franz-Werner Haas	 
	 	(Signature)	 
	Name:	Franz-Werner Haas	 
	Title:	CCO	 
	 	 	 
	By:	/s/ Dan Menichella	 
	 	(Signature)	 
	Name:	Dan Menichella	 
	Title:	CBO	 
	 	 	 
	Arcturus Therapeutics Inc.	 
	 	 
	By:	/s/ Joseph E. Payne	 
	 	(Signature)	 
	Name:	Joseph E. Payne	 
	Title:	President & CEO	 

  

Signature Page to Development and Option
Agreement

 

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Development
and Option Agreement between CureVac AG and Arcturus Therapeutics Inc

 

Exhibit 1.3

 

Patents and Know-How in the Arcturus
Background Technology

 

[*****]

 

     

     

    

 

Development
and Option Agreement between CureVac AG and Arcturus Therapeutics Inc

 

Exhibit 1.5

 

ARCTURUS LMD
TECHNOLOGY

 

[*****]

 

     

     

    

 

Development
and Option Agreement between CureVac AG and Arcturus Therapeutics Inc

 

Exhibit 1.34

 

Exclusive License Agreement

 

see separate document

  

     

     

    

 

Development
and Option Agreement between CureVac AG and Arcturus Therapeutics Inc

 

Exhibit 1.61

 

Non-Exclusive License Agreement

 

[The payments under the
Non-Exclusive License Agreement will be reduced by 50% for such non-exclusive license and the other terms under the Exclusive
License Agreement will be adjusted to reflect the non-exclusivity of the license]

  

     

     

    

 

Development
and Option Agreement between CureVac AG and Arcturus Therapeutics Inc

 

Exhibit 3.1 (a)

 

Work Plan

 

[*****]

 

     

     

    

 

Development
and Option Agreement between CureVac AG and Arcturus Therapeutics Inc

 

Exhibit 4.2

 

Target Reservation Request Form

 

[*****]

 

     

     

    

 

AMENDMENT TO DEVELOPMENT AND OPTION
AGREEMENT

 

THIS AMENDMENT TO
DEVELOPMENT AND OPTION AGREEMENT (this “Amendment”), dated as of May 3, 2018, is made by and between
CureVac AG, a German stock corporation with offices at Paul-Ehrlich-Strasse 15, 72076 Tubingen, Germany
(“CureVac”), and Arcturus Therapeutics Inc., a Delaware corporation with offices at 10628 Science Center
Drive #200, San Diego, CA 92121, USA (“Arcturus”). Each of CureVac and Arcturus may be referred to herein
as a “Party” or together as the “Parties”.

 

WHEREAS, the Parties
are parties to that certain Development and Option Agreement, dated as of January 1, 2018 (the “Development and
Option Agreement”);

 

WHEREAS, pursuant to
Section 3.2 of the Development and Option Agreement, CureVac is responsible for funding up to [*****]
scientists per year at Arcturus to perform the Work as defined and in accordance with the Work Plan for a period of up to
[*****] months at the FTE costs;

 

WHEREAS, CureVac is
now prepared to invest and commit to the full number of [*****] FTEs for the full period of
[*****] months, provided Arcturus can provide security as to CureVac’s access to the Technology generated
in performance of the Work pursuant to the Development and Option Agreement; and

 

WHEREAS, CureVac and
Arcturus desire to amend the Development and Option Agreement as provided in this Amendment in accordance with Section 10.11
of the Development and Option Agreement.

 

NOW, THEREFORE, in
consideration of the foregoing and the promises and mutual agreements contained in this Amendment, and for other good and
valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound, the
Parties agree as follows:

 

SECTION 1. Irrevocable
Offer.

 

		(a)	The heading of Article 5 of the Development and Option Agreement is hereby amended and restated
                                                               in its entirety as follows: “Irrevocable Offer to Licenses” and the Table of Contents is updated accordingly.
                                                               The heading of Section 5.1 of the Development and Option Agreement is amended and restated in its entirety as follows:
                                                               “Irrevocable Offer.”

 

		(b)	Section 5.1(a) of the Development and Option Agreement is hereby amended and restated in its entirety
as follows:

 

“
(a) Arcturus hereby makes a final, binding irrevocable offer (the “Irrevocable Offer”) to CureVac to
enter into, on the terms of, and subject to the conditions set forth in, the Exclusive License Agreement or, if the Reserved
Target is only available on a non-exclusive basis, the Non-Exclusive License Agreement, on a Reserved Target-by-Target basis,
a maximum of [*****] licenses under the Arcturus LMD Technology with respect to the development, manufacture
and commercialization of Licensed Products containing mRNA Constructs intended to express such Reserved Target in the form of
the License Agreement. Upon the execution of this Amendment, the Irrevocable Offer shall remain valid and legally binding on
Arcturus and in effect, and the Irrevocable Offer from Arcturus shall be irrevocable and open for acceptance from CureVac for
the period commencing on the Effective Date and ending on the expiration of the Term (the “Offer
Period”).”

 

     

     

    

 

(c)       Section
5.1(b) of the Development and Option Agreement is hereby amended and restated in its entirety as follows:

 

“ (b) If, prior to the
expiration of the Offer Period, CureVac delivers written notice to Arcturus of its intention to enter into a license for
a Reserved Target, which such notice shall set forth the particular Reserved Target which is intended to be expressed by
the Licensed Products (each such notice, an “Acceptance Notice”), then upon delivery thereof, for the
Reserved Target set forth in such Acceptance Notice, the licenses and all other rights under the applicable License
Agreement shall immediately be in effect without the requirement of either Party to execute any further documentation and
there shall exist a legal, valid and binding obligation of Arcturus, enforceable against Arcturus in accordance with the
terms of the Exclusive License Agreement or, if the Reserved Target set forth in such Acceptance Notice is only available
on a non-exclusive basis, the Non- Exclusive License Agreement. A separate Acceptance Notice and Acceptance Fee will be
required for each License Agreement with respect to which CureVac accepts the Irrevocable Offer pursuant to this Section
5.1, and CureVac will pay to Arcturus the Acceptance Fee for each such License Agreement as set forth in Section 5.3. In
the event that CureVac terminations a license(s) during the Term, the Target(s) subject to the license(s) will be removed
from the Reserved Target List and the number of License Agreements for which the Irrevocable Offer exists shall be
reduced by one (1) (i.e. the delivery of an Acceptance Notice reduces the total number of License Agreements for which
CureVac may accept the Irrevocable Offer by one regardless of whether CureVac elects to continue such License Agreement in
effect).”

 

(d)       Section
5.1(c) of the Development and Option Agreement is hereby amended and restated in its entirety as follows:

 

“ (c)   In the event that
CureVac terminates a License Agreement during the Term, the Targets subject to such license(s) will no longer be available as
a Target pursuant to this Agreement.”

 

(e)       Section
5.2 of the Development and Option Agreement is hereby amended and restated in its entirety as follows:

 

“5.2 CureVac’s
Acceptance of Irrevocable Offer. As soon as practicable following CureVac’s delivery of each Acceptance Notice to
Arcturus, CureVac and Arcturus will prepare the appendices to the corresponding License Agreement. The License Agreement
shall nevertheless enter into force (including payment obligations of CureVac in accordance with the terms of the License
Agreement) upon delivery of the Acceptance Notice by CureVac.”

 

(f)       Section
5.3 of the Development and Option Agreement is hereby amended and restated in its entirety as follows:

 

“5.3 Acceptance Fee. If
CureVac delivers an Acceptance Notice for a Rare Disease Target pursuant to Section 5.1, CureVac shall pay an Acceptance Fee of
[*****] and if CureVac delivers an Acceptance Notice for a Non-Rare Disease Target pursuant to Section 5.1, CureVac
shall pay an Acceptance Fee of [*****], hereinafter both the “Acceptance Fee”. On the [*****]
it delivers an Acceptance Notice, CureVac shall pay the applicable Acceptance Fee by wire transfer in immediately available funds
to the bank account of Arcturus set forth on Schedule 3 (or such other bank account notified in writing to CureVac prior
to such date).”

 

    2

     

    

 

(g)       Section
5.4 of the Development and Option Agreement is hereby amended and restated in its entirety as follows:

 

“5.4 Co-Development
Agreement. For clarification, the selection of any program under the Co-Development Agreement shall not constitute the
delivery of an Acceptance Notice in accordance with this Section 5, and, accordingly, no Acceptance Fee will be payable and
any paid Acceptance Fee shall be credited against any other payments by CureVac applied first to any outstanding payment
obligations to Arcturus, and to the extent any remaining amounts remain creditable, then to the next due future payment
obligations.”

 

(g)       Definitions.
Each of the following Sections of the Development and Option Agreement are hereby amended and restated in their entirety as
 “Intentionally Omitted.” : Section 1.35, Section 1.62, Section 1.64, Section 1.65, Section 1.66 and Section
1.67 The following Sections are inserted immediately following Section 1.94 of the Development and Option Agreement:

 

“1.95 “Irrevocable
Offer” has the meaning set forth in Section 5.1(a).

 

1.96       “Acceptance
Notice” has the meaning set forth in Section 5.1(b).

 

1.97       “Acceptance
Fee” has the meaning set forth in Section 5.3.”

 

(h)       Additional
Modifications.

 

(i) In Section 3.1(f) of the
Development and Option Agreement, the occurrence of “exercise of an Option and entry into a License Agreement” in
the first sentence is hereby replaced with “delivery of an Acceptance Notice and the entering into force of a License
Agreement”.

 

(ii) In Section 3.3(c) of
the Development and Option Agreement, the occurrence of “whether to exercise an Option” in the third sentence is
hereby replaced with “whether to delivery an Acceptance Notice”.

 

(iii) In Section 4.2(c)(iii)
of the Development and Option Agreement, the occurrence of “option” in the second sentence is hereby replaced
with “right”.

 

(iv) In Section 4.2(d)(ii)
of the Development and Option Agreement, the occurrence of “shall be reduced by each exercise of an Option”
in the first sentence is hereby replaced with “shall be reduced by each delivery of an Acceptance Notice” and the
occurrence of “applying from and after the date of exercise of an Option.” in the first sentence is hereby
replaced with “applying from and after the date of an Acceptance Notice.”.

 

(v) In Section 6.4(c)(ii) of
the Development and Option Agreement, the occurrence of “an Option Notice” in the first sentence is hereby
replaced with “an Acceptance Notice”.

 

(vi) In Section 6.4(c)(iii)
of the Development and Option Agreement, the occurrence of “to the Options” in the first sentence is hereby
replaced with “pursuant to the Irrevocable Offer”.

 

    3

     

    

  

(vii) In Section 9.2(a)(iv)
of the Development and Option Agreement, the occurrence of “the Option Exercise Fee” is hereby replaced with
 “the Acceptance Fee”.

 

(viii) In Section 9.2(a) of
the Development and Option Agreement, in the sentence immediately following subsection (iv), the occurrence of “or the
Options” is hereby replaced with “or the Irrevocable Offers”.

 

SECTION 2. License Agreements.

 

(a)       “Non-Exclusive
License Agreement” means the terms of the Non-Exclusive License Agreement agreed by the Parties, incorporated
by reference into the Development and Option Agreement and set forth on Schedule 1-A to this Amendment.

 

(b)       “Exclusive
License Agreement” means the terms of the License Agreement agreed by the Parties, incorporated by reference into
the Development and Option Agreement and set forth on Schedule 1-B to this Amendment.

 

SECTION 3. Grant of Security Interest.

 

(a)       As
collateral security for the prompt and complete payment and performance when due (whether at stated maturity, by acceleration
or otherwise) of all of its obligations under the Development and Option Agreement, and whether direct or indirect
(including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising
and including interest and fees that accrue after the commencement by or against Arcturus of any proceeding under any
bankruptcy or insolvency Law naming Arcturus as the debtor in such proceeding, regardless of whether such interest and fees
are allowed claims in such proceeding, Arcturus hereby mortgages, pledges, assigns and hypothecates to CureVac, and grants to
CureVac a Lien on and continuing security interest in, all the right, title and interest of Arcturus, in, to, and under the
following property, wherever located, whether now owned or in the future acquired by Arcturus and whether now existing or in
the future coming into existence owned by Arcturus (collectively, the “Collateral”):

 

(i)       the
Patents and Know-How set forth on Exhibit 1.3 of the Development and Option Agreement;

 

(ii)       the
LUNARTM platform;

 

(iii)       all
other Arcturus Background Technology;

 

(iv)       all
other Arcturus Program Technology; and

 

(v)       to
the extent not otherwise included, all books, records, writings, data bases, information and other property relating to, used
or useful in connection with, or evidencing, embodying, incorporating or referring to any of the foregoing, all claims and insurance
proceeds arising out of the loss, nonconformity or any interference with the use of, or any defect or infringement of rights in,
or damage to, any of the foregoing, and all proceeds, products, offspring, rents, issues, profits and returns of and from, and
all distributions on and rights arising out of, any of the foregoing;

 

    4

     

    

 

provided
that the Collateral shall not exceed the property to which CureVac has or may have rights to pursuant to the terms of the
Development and Option Agreement.

 

For purposes of this Amendment, “Lien”
means a pledge, lien, charge or security interest of any kind or nature.

 

(b)       Notwithstanding
anything herein to the contrary, in no event shall the Collateral include or the security interest granted under Section
3(a) attach to (i) any Collateral if and to the extent that a security interest therein is prohibited by or in violation
of any Law applicable to Arcturus or (ii) any “intent-to-use” application for registration of a trademark or
service mark filed pursuant to Section 1(b) of the Lanham Act, 15 U.S.C. § 1051, prior to the filing of a
 “Statement of Use” pursuant to Section 1(d) of the Lanham Act or an “Amendment to Allege Use”
pursuant to Section 1(c) of the Lanham Act with respect thereto, solely to the extent, if any, that, and solely during
the period, if any, in which, the grant of a security interest therein would impair the validity or enforceability of any
registration that issues from such intent-to-use application under applicable Law and (ii) any Collateral if and to the
extent that a grant of a security interest therein would violate or invalidate any lease, license or other agreement
applicable thereto to which Arcturus is party as of the date of this Amendment or create a right of termination in favor of
any other party thereto (after giving effect to the applicable anti-assignment provisions of the UCC or other applicable
Law).

 

(c)       Arcturus
makes to CureVac each of the representations and warranties set forth on Part I of Schedule 2.

 

(d)       Arcturus
agrees that it will comply with each of the covenants set forth on Part II of Schedule 2.

 

		(e)	For the avoidance of doubt, Arcturus shall be permitted, subject to the security interest
                                                               granted under Section 3(a), to license the Collateral and in connection therewith, CureVac shall acknowledge and respect
                                                               such licenses in writing the rights of such licensees as reasonably requested by any licensee of the Collateral.

 

		(f)	CureVac may exercise from time to time any rights and remedies available to it under the UCC and under
any other applicable Law.

 

SECTION
4. Additional Expenses. In consideration for the rights granted pursuant to Section 1 and Section 3 of
this Amendment, CureVac agrees to perform the Work under the Work Plan as part of which CureVac will fund
[*****] scientists per year at Arcturus for a period of [*****] months at the FTE Costs.

 

SECTION
5. Ratification of Agreement. Except as expressly provided in this Amendment, all of the terms, covenants, and
other provisions of the Development and Option Agreement are hereby ratified and confirmed and shall continue to be in
full force and effect in accordance with their respective terms. From and after the date hereof, all references to the
Development and Option Agreement shall refer to the Development and Option Agreement as amended by this Amendment.
Capitalized terms used but not defined in this Amendment shall have the meanings assigned to them in the Development and
Option Agreement.

 

    5

     

    

 

SECTION 6. Governing
Law. This Amendment shall be governed by and construed in accordance with the Laws of the State of New York, USA, without
respect to its conflict of Laws rules. In the event of a dispute arising out of or relating to this Amendment, the provisions
of Section 10.1 of the Development and Option Agreement shall govern the resolution of such dispute.

 

SECTION 7. Counterparts.
This Amendment may be executed and in one or more counterparts, each of which will be deemed an original, and all of
which together will be deemed to be one and the same instrument. Facsimile or PDF execution and delivery of this Amendment by
either Party will constitute a legal, valid and binding execution and delivery of this Amendment by such Party.

 

[signature page follows]

  

    6

     

    

 

IN WITNESS
WHEREOF, the Parties have caused this Amendment to be executed by their respective duly authorized officers as of the
date hereof.

 

	 	CUREVAC AG
	 	 
	 	By:	/s/ Dr. Florian von der Mülbe
	 	 	Name:	Dr. Florian von der Mülbe
	 	 	Title:	Chief Operating Officer
	 	 	 
	 	By:	/s/ Dr. Mariola Fotin-Mleczek
	 	 	Name:	Dr. Mariola Fotin-Mleczek
	 	 	Title:	Chief Scientific Officer

 

	 	ARCTURUS THERAPEUTICS INC.
	 	 
	 	By:	/s/ Mark Herbert
	 	 	Name:	Mark Herbert
	 	 	Title:	Interim President

  

     

     

    

 

 

Schedule 1-A

 

Non-Exclusive License Agreement

 

See attached

 

    8

     

    

 

Schedule 1-B

Exclusive License Agreement

 

 

    9

     

    

 

Schedule 2

[*****]

 

    10

     

    

 

Schedule 3

 

[*****]

 

      

     

    

 

Schedule 1-A

 

Non-Exclusive
License Agreement

 

by and between

 

CureVac
AG

 

and

 

Arcturus
Therapeutics Inc.

 

Dated

 

May 3, 2018

 

      

     

    

 

Table of Contents

 

		1.	DEFINITIONS.	4
		2.	LICENSE GRANTS; TECHNOLOGY TRANSFER.	12
		3.	LICENSE LIMITATIONS.	15
		4.	PAYMENTS AND ROYALTIES.	15
		5.	OWNERSHIP AND INVENTORSHIP OF IP.	20
		6.	PATENT PROSECUTION AND MAINTENANCE.	21
		7.	PATENT ENFORCEMENT AND DEFENSE.	22
		8.	CONFIDENTIALITY.	26
		9.	WARRANTIES; LIMITATIONS OF LIABILITY; INDEMNIFICATION.	28
		10.	TERM AND TERMINATION.	33
		11.	GENERAL PROVISIONS.	35

 

      

     

    

 

List of Appendices

 

	Appendix 1.3	Description of the Arcturus LMD Technology
	Appendix 1.4	Patents and Know-How within the Arcturus Technology as of the License Agreement Effective Date
	Appendix 1.28	Joint Interest Patents
	Appendix 1.51	Pre-Existing Prosecution, Enforcement and Defense Restrictions
	Appendix 1.60	Description of the Target

 

      

     

    

 

License Agreement

 

This License
Agreement (“License Agreement”), effective as of delivery of an Acceptance Notice in accordance with
Section 5.1(b) of the Development and Option Agreement (as defined below) (the “License Agreement Effective
Date”), is made by and between Arcturus Therapeutics Inc., a Delaware corporation (“Arcturus”),
and CureVac AG, a German stock corporation with offices at Paul-Ehrlich-Strasse 15, 72076 Tuebingen, Germany
(“CureVac”). Each of Arcturus and CureVac may be referred to herein as a “Party” or
together as the “Parties.”

 

WHEREAS,
Arcturus has expertise and intellectual property relating to the development of LMD Technologies (as defined below) that
embody or incorporate delivery systems (and components thereof) for molecular therapeutics based on or incorporating
lipid-enabled and unlocked nucleomonomer platform for delivery of nucleic acids as specified in Appendix 1.3, the
Arcturus LMD Technology; and

 

WHEREAS, CureVac
has expertise and intellectual property relating to mRNA Constructs (as defined below); and

 

WHEREAS,
Arcturus and CureVac are parties to that certain Development and Option Agreement (dated January 1, 2018, and amended as
of May 3, 2018) (the “Development and Option Agreement”) pursuant to which CureVac has options to take
licenses under the Arcturus LMD Technology (as defined below) with respect to CureVac’s mRNA Constructs; and

 

WHEREAS,
pursuant to the terms of the Development and Option Agreement, CureVac has exercised an option to obtain a license
pursuant to this Agreement with respect to the Target (as defined below) and the Parties are now entering into a licensing
arrangement whereby CureVac will have a license under the Arcturus LMD Technology to develop and commercialize Licensed
Products (as defined below) with respect to such Target.

 

WHEREAS, the
Parties intend to also co-develop an ornithine transcarbamylase (“OTC”) deficiency product and possibly other
products under a separate co-development and co-commercialization agreement (“Co-Development
Agreement”).

 

NOW,
THEREFORE, in consideration of the mutual covenants contained herein, and for other good and valuable consideration, the
amount and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

 

1.       Definitions.

 

The following terms and their correlatives
will have the following meanings:

 

1.1       “Affiliate”
of a person or entity means any other entity which (directly or indirectly) is controlled by, controls or is under common
control with such person or entity. For the purposes of this definition, the term “control” (including, with
correlative meanings, the terms “controlled by” and “under common control with”) as used with respect
to an entity will mean (i) in the case of a corporate entity, direct or indirect ownership of voting securities entitled to
cast at least fifty percent (50%) of the votes in the election of directors or (ii) in the case of a non-corporate entity,
direct or indirect ownership of at least fifty percent (50%) of the equity interests with the power to direct the management
and policies of such entity, provided that if local Law restricts foreign ownership, control will be established by direct or
indirect ownership of the maximum ownership percentage that may, under such local Law, be owned by foreign interests.
[*****].

 

      

     

    

 

1.2       “Arcturus
Indemnitees” has the meaning set forth in Section 9.6(a).

 

1.3       “Arcturus
LMD Technology” means any and all LMD Technology for delivering RNA therapeutics that is Controlled by Arcturus
or any of its Affiliates as of the Effective Date or during the Term, including the LUNARTM platform, a description of
which technology, as in existence as of the License Agreement Effective Date, is set forth on Appendix 1.3.

 

1.4       “Arcturus
Technology” means any Patents and Know-How that are Controlled by Arcturus or any of its Affiliates as of the
License Agreement Effective Date or during the Term and that are necessary or useful for the research, development,
manufacturing and commercialization of Licensed Products. The Patents and Know-How comprised in the Arcturus Technology as of
the License Agreement Effective Date are listed in Appendix 1.4 hereto. Arcturus Technology shall include the Arcturus
LMD Technology. Notwithstanding the foregoing, Arcturus Technology shall exclude

 

(a)       any
Patents and Know-How acquired by Arcturus after License Agreement Effective Date if Arcturus is required to make any
payment to a Third Party in connection with the grant, maintenance or exercise of a sublicense to CureVac, unless CureVac
agrees in writing to reimburse Arcturus for all such payments; provided, however, that such payments shall reduce
CureVac’s royalty obligations in accordance with Section 4.3(b),

 

(b)       any
Patents and Know-How of a Third Party (including its Affiliates) that becomes Arcturus’ Affiliate after the License
Agreement Effective Date as a results of a Change of Control, but only if and to the extent that it is not LMD Technology,
and

 

(c)       any
Patents that CureVac elects to exclude pursuant to Section 2.3.

 

1.5       “Arcturus
Technology Patent(s)” means any and all Patents comprised in the Arcturus Technology during the Term, unless
otherwise set forth herein. For clarity, Arcturus Technology Patents include Arcturus’ interest in the Joint Interest
Patents.

 

1.6       “Business
Day” means a day other than a Saturday, Sunday, or bank or other public holiday in San Diego, California, USA or
Tübingen, Germany or Boston, Massachusetts, USA.

 

1.7       “cGMP”
means current Good Manufacturing Practices as specified in the U.S. C.F.R., ICH Guideline Q7A, or equivalent Laws of an
applicable Regulatory Authority at the time of manufacture.

 

1.8       “Calendar
Quarter” means the respective periods of three (3) consecutive calendar months ending on March 31, June 30,
September 30 and December 31.

 

      

     

    

 

1.9       “Change
of Control” with respect to Arcturus, shall be deemed to have occurred if during the Term (i) any person or
entity is or becomes the “beneficial owner”, directly or indirectly, of shares of capital stock or other
interests (including partnership interests) of Arcturus then outstanding and normally entitled (without regard to the
occurrence of any contingency) to vote in the election of the directors, managers or similar supervisory positions of
Arcturus representing fifty percent (50%) or more of the total voting power of all outstanding classes of voting stock of
Arcturus or has the power, directly or indirectly, to elect a majority of the members of Arcturus’ board of
directors, or similar governing body; or (ii) Arcturus enters into a merger, consolidation or similar transaction
with another person or entity; or (iii) Arcturus sells or transfers to any Third Party, in one (1) or more related
transactions, properties or assets representing all or substantially all of Arcturus’ consolidated total assets to
which this License Agreement relates, provided however, that:

 

(a)       subsections
(i) to (iii) shall only apply if the person or entity or Third Party acquiring control is (i) a pharmaceutical company
which has experience in developing and commercializing pharmaceutical products (i.e., is a strategic, not financial
investor or partner) or (ii) a competitor, i.e., a company whose business consists principally of mRNA development,
manufacturing and/or commercialization, and

 

(b)       a
bona fide financing transaction with Third Parties that does not otherwise meet the requirements of subsection (a) shall not
constitute a Change of Control.

 

1.10       “Combination
Product” means a Licensed Product that includes at least one additional active pharmaceutical ingredient other
than LMDs, mRNA Constructs, and other RNAs (i.e., Guide RNA(s)) or DNA Sequence(s). Drug delivery vehicles, adjuvants,
and excipients shall not be deemed to be “active ingredients”, except in the case where such delivery
vehicle, adjuvant, or excipient is recognized as an active ingredient in accordance with 21 C.F.R. 210.3(b)(7) or equivalent
Laws in other jurisdictions, provided however, should LMDs comprised in a Licensed Product be characterized as
 “active ingredients” at any time during the Term, such LMDs will not be considered an “active
ingredient” for the purposes of this definition.

 

1.11       “Confidential
Information” of a Party means all proprietary Know-How, unpublished patent applications and other non-public
information and data of a financial, commercial, business, operational, scientific or technical nature of such Party that
is disclosed by or on behalf of such Party or any of its Affiliates or otherwise made available to the other Party or any of
its Affiliates, whether made available orally, in writing or in electronic form in connection with this License
Agreement, including information comprising or relating to concepts, discoveries, inventions, data, designs or formulae
in connection with this License Agreement. In addition, any non-public information related to this License Agreement or
the Licensed Products hereunder and disclosed by a Party to the other Party (or their respective Affiliates) under the
Development and Option Agreement will be deemed such Party’s Confidential Information hereunder. Technology will be
considered the Confidential Information of the Party (or Parties) owning such Technology, and jointly-owned Technology will
be considered Confidential Information of both Parties.

 

1.12       “Control”
or “Controlled” means with respect to Technology, a Party owns or has a license to use and practice the
respective Patent or Know-How without violating the terms of any agreement with any Third Party.

 

1.13       “CTA”
means a clinical trial application.

 

      

     

    

 

1.14       “CureVac
Indemnitees” has the meaning set forth in Section 9.6(b).

 

1.15       “Development
and Option Agreement” has the meaning set forth in the Preamble.

 

1.16       “Diligent
Efforts” means, with respect to the efforts to be expended by each Party with respect to the activities of a
Party pursuant to this Agreement, active and sustained efforts to conduct the applicable activity, or to attempt to achieve
the applicable requirement or goal, in a prompt and expeditious manner, as is reasonably practicable under the circumstances
(including the level of FTE funding and budget for out-of-pocket and Third Party contractors set forth therein) and the terms
of this Agreement.

 

1.17       “Disclosing
Party” has the meaning set forth in Section 8.1

 

1.18       “Field
of Use” means the treatment and diagnosis of all diseases and conditions.

 

1.19       “First
Commercial Sale” means the first sale for use or consumption of any Licensed Product in a country after all
required Regulatory Approvals for commercial sale of such Licensed Product have been obtained in such country.

 

1.20       “FTE”
means a full-time person, or more than one person working the equivalent of a full-time person, where
 “full-time” is determined by the standard practices in the biopharmaceutical industry in the geographic area in
which such personnel are working, consisting of a total of 1880 hours per year of work on the applicable activities. Any
person who devotes less than 1880 hours per year on the applicable activities shall be treated as an FTE on a pro-rated
basis, based upon the actual number of hours worked by such person on such activities, divided by 1880. Any person who
devotes more than 1880 hours per year on the applicable activities shall be treated as one (1) FTE, i.e., in no event
shall one person be counted as more than one FTE. FTE activities shall include the performance of the applicable
activities and scientific management oversight, as reasonably required, but, for clarity, exclude (i) the work of general
corporate or administrative personnel, overhead (including facilities costs), insurances and similar costs.

 

1.21       “FTE
Costs” means an initial rate of [*****] Dollars ($[*****]) per FTE per year, which
shall apply through December 31, 2019. Thereafter, the FTE Rate shall be changed bi-annually at the end of each second
calendar year to reflect any percentage increase or decrease (as the case may be) in the Consumer Price Index in the U.S.
(index for all items) (“CPI”) (based on the change in the CPI from the most recent index available as of
the Effective Date to the most recent index available as of the date of the calculation of such revised FTE Cost rate).

 

1.22       “IND”
means an investigational new drug application, or equivalent application or submission for approval to conduct human clinical
trials.

 

1.23       “Indemnification
Claim Notice” has the meaning set forth in Section 9.6(c).

 

1.24       “Indemnified
Party” has the meaning set forth in Section 9.6(c).

 

1.25       “Indication”
means an individual disease or clinical condition with respect to which at least one adequate and well controlled study is
required to support inclusion of such disease or condition in the indication statement of an FDA approved package insert for
a Licensed Product.

 

      

     

    

 

1.26       “Initiation”
means in connection with a clinical trial in any of its phases 1 through 3 the first dosing of the fifth patient or fifth
healthy subject.

 

1.27       “Inventions”
has the meaning set forth in Section 5.1.

 

1.28       “Joint
Interest Patents” means the Patents generated under the Development and Option Agreement and jointly owned by the
Parties. Such Joint Interest Patents are listed in Appendix 1.28 hereto, as amended from time to time.

 

1.29       “Know-How”
means all commercial, technical, scientific and other know-how and information, trade secrets, knowledge, technology,
methods, processes, practices, formulae, instructions, skills, techniques, procedures, experiences, ideas, technical
assistance, designs, drawings, assembly procedures, computer programs, specifications, data and results (including
biological, chemical, pharmacological, toxicological, pharmaceutical, physical and analytical, preclinical, clinical, safety,
manufacturing and quality control data and know-how, including study designs and protocols), in all cases, provided it is
confidential and proprietary, and regardless of whether patentable, in written, electronic or any other form now known or
hereafter developed.

 

1.30       “Late
Stage Development” means Development after the Initiation of a Phase 3 Study.

 

1.31       “Law”
or “Laws” means all laws, statutes, rules, regulations, orders, judgments, or ordinances having the effect
of law of any federal, national, multinational, state, provincial, county, city or other political subdivision.

 

1.32       “License
Agreement” has the meaning set forth in the Preamble.

 

1.33       “License
Agreement Effective Date” has the meaning set forth in the Preamble.

 

1.34       “Licensed
Product” means [*****] product comprised of (i) LMD systems, which are covered by Arcturus LMD
Technology; and containing (ii) one or more mRNA Constructs as the active pharmaceutical ingredient(s) intended to
express the Target. In case of two or more mRNA Constructs these constructs may be contained in the same or separate LMDs.
Licensed Product includes mRNA-LMD products which are administered jointly or separately, and mRNA-LMD products which are
administered simultaneously or sequentially as a combination medicinal product or treatment. For Gene Editing purposes a
Licensed Product may contain other RNA(s) (i.e., Guide RNA(s)) and/or DNA Sequence(s) which can be delivered together or
separately (combined in one LMD or delivered in separate LMDs), in addition to the one or more mRNA Constructs intended to
express the DNA Editing Protein.

 

1.35       “LMD
Technology” means Technology Controlled by Arcturus that claims, embodies or incorporates delivery systems (and
components thereof) based on or incorporating lipid-mediated delivery (LMD) systems.

 

1.36       “Losses”
has the meaning set forth in Section 9.6(a).

 

      

     

    

 

1.37       “Materials”
means any tangible chemical or biological material, including any compounds, LMD, DNA, RNA (including mRNA), clones,
cells, and any expression product, progeny, derivative or other improvement thereto, along with any tangible chemical or
biological material embodying any Know-How, Controlled by Arcturus.

 

1.38       “mRNA
Construct” means any mRNA construct for the expression of a protein, including the sequence of such construct
(which potentially comprises one (1) or more of a cap, 5’ UTR, the associated open reading frame, 3’UTR and a
poly A tail), the chemistry of natural and non-natural nucleic acids, and other chemical modifications associated with such
construct, such mRNA Construct being covered by mRNA Technology.

 

1.39       “mRNA
Technology” means Technology Controlled by CureVac that claims, embodies or incorporates expression systems (and
components thereof), based on or incorporating mRNA.

 

1.40       “Milestones”
means the milestones payable pursuant to Section 4.1.

 

1.41       “Milestone
Event” has the meaning set forth in Section 4.1.

 

1.42       “Milestone
Payment” has the meaning set forth in Section 4.1.

 

1.43       “Net
Sales” means, with respect to any Licensed Product, the gross amount received by CureVac and its Affiliates and
Sublicensees for bona fide sales of such Licensed Product to a Third Party (other than Affiliates and Sublicensees but
including distributors for resale), less deductions, in each case to the extent reasonable, customary, actually allowed and
taken in connection with the sale of such Licensed Product and not otherwise recovered or reimbursed:

 

(a)       discounts
(including cash, quantity and patient program discounts), retroactive price reductions, commissions, charge-back payments
and rebates granted to managed health care organizations or to federal, state and local governments, their agencies, and
purchasers and reimbursers or to trade customers;

 

(b)       credits
or allowances actually granted upon claims, damaged goods, rejections or returns of, such Licensed Product and not in
excess of the selling price of such Product, including such Licensed Product returned in connection with recalls or
withdrawals;

 

(c)       freight
out, postage, shipping and insurance charges for delivery of such Licensed Product;

 

(d)       taxes
or duties levied on, absorbed or otherwise imposed on the sale of such Licensed Product, including value-added taxes, or
other governmental charges otherwise imposed upon the billed amount, as adjusted for rebates and refunds; and

 

(e)       wholesaler
and distributor administration fees

 

(f)       other
customary deductions taken in the ordinary course of business in accordance with IFRS (International Financial Reporting
Standards) principles.

 

If a single item falls into more
than one of the above categories above, such items will not be deducted more than once.

 

      

     

    

 

Net Sales shall not include
any payments among CureVac, its Affiliates and Sublicensees. Net Sales shall be determined in accordance with generally
accepted accounting principles, consistently applied across all products. Net Sales for any Combination Product shall be
calculated on a country-by-country basis by multiplying actual Net Sales of such Combination Product by the fraction
A/(A+B), where A is the weighted average price paid for the Licensed Product contained in such Combination Product sold
separately in finished form in such country, and B is the weighted average invoice price paid for the other active
ingredients contained in such Combination Product sold separately in finished form in such country, if such Licensed Product
and such other active ingredients are each sold separately in such country.

 

If such other active ingredients are not sold
separately in such country, then Net Sales for such Combination Product shall be calculated on a country-by-country basis
by multiplying actual Net Sales of such Combination Product by the fraction A/C, where C is the weighted average invoice
price paid for such Combination Product in such country. If such Licensed Product is not sold separately in finished form
in such country, Net Sales for such Licensed Product will be determined by CureVac’s good faith estimate of the
relative contribution of such Licensed Product and each such other active ingredients in such Combination Product, and
shall take into account in good faith any applicable allocations and calculations that may have been made for the same period
in other countries.

 

1.44       “Non-Rare
Disease Target” means a Target that addresses at a first place an indication related to a Licensed Product with
an incidence of equal to or more than [*****] in [*****] people in the U.S. or EU. The indication
for which the first IND or CTA application will be filed will determine whether a Target is a Non-Rare Disease Target.

 

1.45       “Patent(s)”
means (a) an issued patent, a patent application, and a future patent issued from any such patent application, (b) a
future patent issued from a patent application filed in any country worldwide which claims priority from a patent or
patent application of (a), and (c) any additions, divisions, continuations, continuations-in-part, invention
certificates, substitutions, reissues, reexaminations, extensions, registrations, utility models, supplementary
protection certificates and renewals based on any patent or patent application under (a) or (b), but not including any
rights that give rise to regulatory exclusivity periods (other than supplementary protection certificates, which will be
treated as “Patents” hereunder)

 

1.46       “Patent
Costs” means the reasonable, documented, out-of-pocket costs and expenses paid to outside legal counsel, and
filing and maintenance expenses, actually and reasonably incurred by a Party in prosecuting and maintaining Patents with
respect to Licensed Products and enforcing and defending them.

 

1.47       “Phase
1 Study” means a human clinical trial of a Licensed Product in any country that would satisfy the requirements of
21 CFR 312.21(a) or corresponding foreign regulations.

 

1.48       “Phase
2 Study” means a human clinical trial of a Licensed Product in any country that would satisfy the requirements of
21 CFR 312.21(b) or corresponding foreign regulations.

 

      

     

    

 

1.49       “Phase
3 Study” means a human clinical trial of a Licensed Product in any country that would satisfy the requirements of
21 CFR 312.21(c) or corresponding foreign regulations.

 

1.50       “Pre-Existing
Licensing Restrictions” means, with respect to the Target, that Arcturus or its Affiliates have granted to a
Third Party with respect to the Target a non-exclusive, co-exclusive or an exclusive license or option pursuant to a bona
fide written agreement that is in effect at the time of the submission of the Acceptance Notice by CureVac pursuant to
Section 5.1(b) of the (amended) Development and Option Agreement.

 

1.51       “Pre-Existing
Prosecution, Enforcement and Defense Restrictions” means, with respect to the Target, those certain
prosecution, enforcement and defense rights granted by Arcturus or its Affiliates to a Third Party(ies) with respect to
the Patents pursuant to the bona fide written agreement(s) set forth on Exhibit 1.51 hereto as such bona
fide written agreement(s) were in effect as of the Effective Date of the Development and Option Agreement. For
clarity, the exercise of such foregoing rights by a Third Party with respect to Patents that are not specific to the
Target or Licensed Products shall be deemed a Pre-Existing Prosecution, Enforcement and Defense Restriction.

 

1.52       “Rare
Disease Target” means a Target that addresses at a first place an indication related to a Licensed Product with an
incidence of less than [*****] in [*****] people in the U.S. or EU. The indication for which the
first IND or CTA application will be filed will determine whether a Target is a Rare Disease Target.

 

1.53       “Receiving
Party” has the meaning set forth in Section 8.1.

 

1.54       “Regulatory
Approval” means, with respect to a country or extra-national territory, any and all approvals (including BLAs
and MAAs), licenses, registrations or authorizations of any Regulatory Authority necessary in order to commercially
distribute, sell or market a product in such country or some or all of such extra-national territory, including solely to the
extent required as a condition to commercial sale to end users, any pricing or reimbursement approvals.

 

1.55       “Regulatory
Authority” means any national (e.g., the FDA), supra-national (e.g., the EMA), regional, state or local
regulatory agency, department, bureau, commission, council or other governmental authority, in any jurisdiction in the world,
involved in the granting of Regulatory Approval.

 

1.56       “Royalty
Reduction” has the meaning set forth in Section 4.3(b).

 

1.57       “Royalty
Term” has the meaning set forth in Section 4.3(d).

 

1.58       “Sublicensee”
means any Third Party that is granted a sublicense as permitted by Section 2.2, either directly by CureVac or its Affiliates
or indirectly by any other Sublicensee hereunder.

 

1.59       “Sublicense
Income” means the fees and other payments, including upfront payments as well as development, regulatory milestone
payments received by CureVac or its Affiliates from a Sublicensee, excluding: (a) royalty payments and net sales
milestones; (b) reimbursement of costs and expenses, including for patent prosecution and enforcement and (c) equity or
premium on equity and (d) loans or loans forgiven either (i) as a result of financial distress of the borrower or (ii)
that are not specific to the Licensed Product.

 

      

     

    

 

1.60       “Target”
means the Target identified in Appendix 1.60 hereto. The Target includes

 

(a)       up
to N (N= [*****]) proteins, including all possible combinations resulting from removing one of the N proteins
(N minus [*****] proteins), together with all variants of such proteins, including the wild type, naturally
occurring variants, engineered variants wherein modifications to the native amino acid sequence have been introduced (for
example, mutated versions, derivatives or fragments), and species homologs, orthologs thereof; provided, however,
that any such naturally occurring variant, engineered variant, or species homolog or ortholog possesses substantially similar
biological activity to the naturally occurring protein; and

 

(b)       [*****]
antigens of a given pathogen, including [*****] antigen and any combination of such antigens, together with
all variants of such antigens, including the wild type, naturally occurring variants, engineered variants wherein
modifications to the native amino acid sequence have been introduced (for example, mutated versions, derivatives or
fragments), and species homologs, orthologs thereof, provided, however, that any such naturally occurring variant,
engineered variant, or species homolog or ortholog possesses substantially similar biological activity to the naturally
occurring antigen; and

 

(c)       a
DNA Target, provided, however, that the first DNA Target for each DNA Editing Protein would not count as a Target.
Each subsequent DNA Target for this DNA Editing Protein would count as a Target. For clarity, a DNA Editing Protein would be
defined as a Target under (a) above and count as a single Target.

 

If a given
protein, e.g., an antibody or enzyme, comprises separated amino acid chains which might be delivered by separated mRNA
Constructs, such proteins would be defined as one Target.

 

1.61       “Technology”
means collectively Patents and Know-How.

 

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

 

1.63       “Territory”
means worldwide.

 

1.64       “Third
Party” means any person or entity other than CureVac, Arcturus and their respective Affiliates.

 

1.65       “Third
Party Claims” has the meaning set forth in Section 9.6(a).

 

1.66       “Valid
Claim” means a claim of

 

(a)       an
issued and unexpired patent (as may be extended through supplementary protection certificate or patent term extension) or

 

(b)       a
pending patent application, provided, however, that once the priority date or earliest filing date to which the
pending patent application refers is more than seven years old, such claim shall not constitute a Valid Claim for purposes of
this License Agreement anymore, unless and until a patent issues with such claim included in the Arcturus Technology Patents,
which claim has not been revoked, held invalid or unenforceable by a patent office, court or other governmental agency of
competent jurisdiction in a final and non-appealable decision (or decision from which no appeal was taken within the
allowable time period) and has not been disclaimed, denied, abandoned or admitted to be invalid or unenforceable through
reissue, re-examination or disclaimer or otherwise.

 

      

     

    

 

2.       License
Grants; Technology Transfer.

 

2.1       Licenses
by Arcturus. Subject to the terms and conditions of this License Agreement, Arcturus hereby grants to CureVac a
non-exclusive license, with the right to sublicense in multiple tiers under the Arcturus Technology Patents and the Arcturus
Know-How, in each case solely to develop, have developed, make, have made, use and have used, sell, offer for sale, have sold
and import and have imported Licensed Products in the Field of Use in the Territory. Arcturus covenants that, except as
required by the Pre-Existing Licensing Restriction, Arcturus will not grant to any Third Party any additional licenses under
the Arcturus Technology to develop, have developed, make, have made, use and have used, sell, offer for sale, have sold and
import and have imported Licensed Products (or any LMD Product directed to the Target) in the Field of Use in the
Territory.

 

2.2       Sublicensing
Rights.

 

(a)       CureVac
Sublicenses. The licenses granted in Section 2.1 may be sublicensed (with the right to sublicense through multiple
tiers), in full or in part, by CureVac, its Affiliates or Sublicensees to CureVac’s Affiliates and Third Parties
provided, that for any sublicense:

 

(i)       Each
sublicense will be in writing (provided, however, that not each sublicense to Affiliates must be in writing) and
on terms consistent with and subject to the terms of this License Agreement, including but not limited to the limitations
on patent prosecution, enforcement and defense rights of such Sublicensee as set forth in Sections 6.1(d) and
7.2(a);

 

(ii)       CureVac
will be responsible for any and all obligations of such Sublicensee (including Affiliates and Sublicensees) as if such
Sublicensee were CureVac hereunder;

 

(iii)       CureVac
provide to Arcturus a copy of such sublicense agreement within thirty (30) days of execution (which copy may be redacted
for terms that are not otherwise required to confirm conformance with the terms of this License Agreement); and

 

(iv)       Any
sublicense granted by CureVac (and any further sublicenses) to any rights licensed to it hereunder shall terminate
immediately upon the termination of this License Agreement, provided that for sublicense to a Third Party, such sublicensed
rights shall not terminate if, as of the effective date of such termination pursuant to Sections 10.2, 10.3(a) or 10.4, such
Sublicensee is not in material default of its obligations under its sublicense agreement, and within [*****]
days of such termination and the disclosure of this License Agreement to the Sublicensee, the Sublicensee agrees in
writing to be bound directly to Arcturus under a license agreement substantially similar to this License Agreement with
respect to the rights sublicensed hereunder, substituting such Sublicensee for CureVac.

 

      

     

    

 

(b)       Subcontractors. For
clarity purposes, CureVac is entitled to engage contract research organizations and contract manufacturing organizations
for the development and manufacture of Licensed Products on behalf of CureVac. To the extent such contract organizations
require a license to perform such subcontracted activities under applicable Laws, CureVac is entitled to grant a limited
license solely to perform the work for which the subcontractor is engaged, without an obligation to meet the conditions of
Section 2.2 (a)(iii).

 

(c)       Technology
Transfer. Following the License Agreement Effective Date, Arcturus will use Diligent Efforts to transfer the
formulation process for the Licensed Products that are intended to express the Target to CureVac or a reputable and
competent GMP manufacturer selected by CureVac and reasonably acceptable to Arcturus. Upon written request by CureVac,
Arcturus will conduct a technology transfer to CureVac and/or its designee(s). Arcturus will make its personnel available
without charge for a total of [*****] hours during normal working hours for such transfer, and for
additional hours in excess of [*****] up to a total of [*****] hours to be invoiced monthly at
the then current FTE Cost. Such designee(s) may be an Affiliate, sublicensee or Third Party manufacturers selected by
CureVac and reasonably acceptable to Arcturus, and which Third Party manufacturers may also be a backup manufacturer or a
second manufacturer of Licensed Products as required for the applicable transferee of the then- current process. CureVac
shall reimburse Arcturus for the reasonable cost (including internal FTE Cost) incurred to conduct such technology transfer
as specified above.

 

2.3       Updates
to Appendix 1.4; Exclusion of Certain Patents. Arcturus shall notify CureVac at least once every
[*****] months of Patents that are added to the Arcturus Technology following the License Agreement Effective
Date or any Patents that have been abandoned or discontinued in accordance with the terms of this License Agreement.
Appendix 1.4 shall be deemed automatically updated to include any such added Patents, provided that with written notice
to Arcturus, CureVac may elect upon [*****] days’ irrevocable written notice to Arcturus to exclude any
particular Arcturus Technology Patents. Following any such written notice by CureVac, upon the expiration of the notice
period the identified Arcturus Technology Patents that CureVac specifies for exclusion from this License Agreement will no
longer be licensed to CureVac hereunder, and CureVac shall not have any rights (including rights pursuant to this Agreement)
under such Arcturus Technology Patents nor obligations hereunder with respect to such Arcturus Technology Patents. For
clarity, in the event that the Licensed Product is subsequently determined to be covered or otherwise infringe a Valid Claim
of any excluded patent hereunder, then such infringement shall be deemed to be a material breach of this License Agreement by
CureVac.

 

2.4       Documents
and Declarations. At CureVac’s reasonable request and cost and expense, Arcturus shall execute all documents,
deliver declarations regarding the licenses granted hereunder, and Arcturus shall reasonably cooperate with CureVac to the
extent such documents, declarations and/or cooperation are required to give effect to this License Agreement and/or for the
recording or registration of the licenses granted hereunder at the various patent offices in the Territory for the benefit of
CureVac, its Affiliates or their Sublicensees.

 

      

     

    

 

2.5       Diligence;
Reporting. CureVac shall use Diligent Efforts to develop, manufacture and commercialize Licensed Products in the
Field of Use in the Territory, and shall keep Arcturus reasonably informed as to the progress and results of its and its
Affiliates’ and Sublicensees’ development, manufacture and commercialization of the Licensed Product. Without
limiting the foregoing, CureVac shall provide Arcturus with a written report of the development, manufacture and
commercialization of the Licensed Product within [*****] days after the end of each calendar year, and shall
promptly respond to Arcturus reasonable questions or requests for additional information relating to such activities.

 

2.6       Compliance.
CureVac shall at all times comply with all applicable Laws (including anti-bribery laws) in the development, manufacture
and commercialization of the Licensed Product and the performance of its other obligations under this License Agreement,
and shall not use any employee or consultant who has been debarred by any Regulatory Authority or, to CureVac’s
knowledge, is the subject of debarment proceedings by a regulatory authority.

 

2.7       Updates.
Arcturus shall inform CureVac within [*****] Business Days of intellectual property matters affecting the
Arcturus Technology Patents and the Arcturus Know-How of which it becomes aware that would reasonably be considered to
negatively impact the rights of CureVac pursuant to this Agreement.

 

2.8       Material.
CureVac shall have the right to retain Material provided by Arcturus under the Development and Option Agreement, to the
extent such Material is necessary or useful for the exercise of a CureVac’s rights or obligations under this License
Agreement. Following the License Agreement Effective Date, only the provisions of this License Agreement, but not of the
Development and Option Agreement, shall apply in relation to such Material.

 

3.       License
Limitations.

 

3.1       Reserved
Rights. No licenses or other rights are granted by Arcturus hereunder to use any trademark, trade name, trade dress
or service mark owned or otherwise Controlled by Arcturus or any of its Affiliates. All licenses and other rights are or
shall be granted only as expressly provided in this License Agreement, and no other licenses or other rights is or shall
be created or granted by either Party hereunder by implication, estoppel or otherwise. CureVac shall not, and shall not
permit any of its Affiliates or Sublicensees to, practice or use any Arcturus Technology outside of the scope of the
license granted to it under Section 2.1 or in contravention of Section 3.1. Arcturus retains the exclusive right to
practice, license and otherwise exploit the Arcturus Technology outside the scope of the licenses granted to CureVac
under Section 2.1 and in an event to practice any rights that are not exclusive pursuant to Section 2.1.

 

      

     

    

 

3.2       Other
Licenses. Arcturus acknowledges the rights granted to CureVac pursuant to this Agreement and shall not grant licenses
under Arcturus Technology to Third Parties that are in conflict with this License Agreement it being understood that a
license to enable or implement any Pre- Existing Licensing Restriction with respect to the Target shall not be deemed a
conflict hereunder. In addition, Arcturus shall use Diligent Efforts to undertake that any licenses obtained from Third
Parties will be sublicensable to CureVac, to the extent required or useful for the Licensed Product, provided that CureVac
shall be responsible for an allocable portion of the payment and obligations that may be required in order to obtain rights
with respect to the Licensed Product pursuant to such Third Party agreement.

 

4.       Payments
and Royalties.

 

4.1       Milestone
Payments. CureVac will make milestone payments (each, a “Milestone Payment”) to Arcturus upon the
first occurrence of each of the milestone events (each, a “Milestone Event”) by Licensed Product as set
forth below in this Section 4.1. CureVac will notify Arcturus of the achievement of each Milestone Event (whether
achieved by CureVac, its Affiliates or Sublicensees) within (i) [*****] Business Days of such achievement,
if the Milestone Event is achieved by CureVac or its Affiliates, or (ii) [*****] Business Days of the receipt
by CureVac of a notification about the achievement, if the Milestone Event is achieved by a Sublicensee.

 

Each Milestone Payment will be
non-refundable, non-creditable and payable to Arcturus by CureVac within [*****] days of delivery of an
invoice from Arcturus following notification from CureVac pursuant to the preceding paragraph, provided that if no such
notification is timely provided by CureVac, the Milestone Payment shall be deemed payable [*****] days after
(A) the achievement of such Milestone Event, if the Milestone Event is achieved by CureVac or its Affiliates, or (B)
after the receipt by CureVac of the notification from CureVac pursuant to Section 4.1(ii). For clarity, the term
 “non-refundable” is not intended to limit either Party’s rights to pursue damages arising from a breach of
this Agreement.

 

If one or more of the Milestone
Events set forth below are not achieved or not required for any reason, the payment for such skipped Milestone Event will
be due at the same time as the payment for the next achieved Milestone Event. For clarity: [*****].

 

For clarity, to the extent that a
Licensed Product is initiated against a Rare Disease Target and later expanded to a non-Rare Disease Target, then any and
all Milestone Payments not previously made shall be due and payable upon the achievement of the next non-Rare Disease
Milestone (e.g., [*****]).

 

      

     

    

 

	Milestone Event	Milestone Payment
	Rare Disease Targets	 
	[*****]	[*****]
	[*****]	[*****]
	[*****]	[*****]
	[*****]	[*****]
	[*****]	[*****]
	[*****]	[*****]
	Non-rare Disease Targets	 
	[*****]	[*****]
	[*****]	[*****]
	[*****]	[*****]
	[*****]	[*****]
	[*****]	[*****]
	[*****]	[*****]

 

4.2       Sublicensing
Revenues.If within twenty-four (24) months after the License Agreement Effective Date CureVac grants a sublicense
to a Third Party under this License Agreement for the development and commercialization of Licensed Products, then
CureVac will pay to Arcturus [*****] of all Sublicense Income actually received by CureVac, to the extent
the Sublicense Income exceeds the Option Exercise Fee paid by CureVac under the Development and Option Agreement to
exercise the Option for this License Agreement and the Milestone Payments paid by CureVac under this License Agreement. The
payments will be made within [*****] days after receipt by CureVac from the Third Party. For purposes of
clarity, if CureVac grants a sublicense to Third Parties later than [*****] months after the License Agreement
Effective Date, CureVac will not owe any Sublicensing Income to Arcturus.

 

4.3       Royalties.

 

(a)       Royalty.
Subject to the remainder of this Section 4.3, on a country-by-country basis and a Licensed Product-by-Licensed Product
basis, CureVac will pay to Arcturus (i) a royalty of [*****] of Net Sales of the Licensed Product
(ii)  as well as of any net sales milestones (without offset for any reductions pursuant to Section 4.3(b)) for such
Licensed Product received from the Sublicensee.

 

      

     

    

 

(b)       Third
Party Payments and Royalty Reductions. If CureVac or its Affiliate or Sublicensee, in its reasonable judgment,
considers it necessary or useful to obtain a license from any Third Party under any LMD Technology that Covers a Licensed
Product in order to develop, manufacture or commercialize such Licensed Product, the amount of CureVac’s royalty
obligations under Sections 4.3(a) will be reduced by [*****] of the amount of the upfront, milestone and
royalty payments made to such Third Party on account of the development, manufacture or commercialization of such Licensed
Product (“Royalty Reductions”), provided, however, that any Royalty Reduction shall not result in
less than the minimum royalty due to Arcturus under Section (c) below.

 

(c)       Minimum
Royalty. In no event will the Royalty payable by CureVac to Arcturus for any Licensed Product be less than (i)
[*****] if the reduction in subsection (e) does not apply; or (ii) [*****] if the reduction
in subsection (e) also applies.

 

(d)       Term.
The royalty term (“Royalty Term”) shall expire on a country-by-country and Licensed Product-by-Licensed
Product basis, on the last to occur of (i) expiration of the last to expire Valid Claim in the Arcturus Technology that, but
for the license described herein from Arcturus to CureVac for the applicable Licensed Product, is infringed by the making,
using or sale of such Licensed Product, (ii) expiration of any period of data exclusivity, market exclusivity or supplemental
protection certificates covering the Licensed Product in such country; and (iii) ten (10) years after First Commercial
Sale of Licensed Product in such country. For the avoidance of doubt, upon exhaustion of the obligation to pay Royalties to
Arcturus as set forth above the continued use of Arcturus Know-How comprised in the Arcturus Technology for the development,
manufacture and/or sale of the Licensed Product shall not, in and of itself, obligate CureVac to pay further royalties
to Arcturus. Thereafter, CureVac’s license under Section 2.1 will become irrevocable, perpetual, fully paid-up and
royalty-free on a country-by-country and Licensed Product-by-Licensed Product basis.

 

(e)       Know-How
Royalty. On a country-by-country, and a Licensed -Product-by-Licensed Product basis, in the event that during the
Royalty Term a Licensed Product is not covered by a Valid Claim, the royalty otherwise payable for such Licensed Product,
after the Royalty Reductions above, will be reduced by [*****].

 

4.4       Payment
Terms.

 

(a)       Manner
of Payment. All payments to be made by CureVac hereunder will be made in U.S. dollars by wire transfer to such bank
account as Arcturus may designate.

 

      

     

    

 

(b)       Records
and Audits. CureVac shall keep, and shall cause each of its Affiliates and Sublicensees, as applicable, to keep
adequate books and records of accounting for the purpose of calculating all royalties and other amounts payable to
Arcturus hereunder. For the [*****] years next following the end of the calendar year to which each shall
pertain, such books and records of accounting (including those of CureVac’s Affiliates and Sublicensees) shall be kept
at each of their principal places of business and shall be open for inspection at reasonable times and upon reasonable notice
by an independent certified accountant selected by Arcturus, and which is reasonably acceptable to CureVac, for the sole
purpose of inspecting the Net Sales calculations and supporting details to the extent reasonably necessary and resulting
royalties and other amounts due to Arcturus under this License Agreement. In no event shall such inspections be conducted
hereunder more frequently than once every [*****] months. Such accountant must have executed and delivered to
CureVac and its Affiliates, a confidentiality agreement as reasonably requested by CureVac, which shall include provisions
limiting such accountant’s disclosure to Arcturus to only the results and basis for such results of such inspection.
The results of such inspection, if any, shall be binding on both Parties. Any underpayments plus interest from the original
due date shall be paid by CureVac within [*****] days of notification of the results of such inspection. Any
overpayments shall be fully creditable against amounts payable in subsequent payment periods. Arcturus shall pay for such
inspections, except that in the event there is any upward adjustment in aggregate royalties and other amounts payable for any
calendar year shown by such inspection of more than [*****] of the amount paid, CureVac shall reimburse
Arcturus for any reasonable out-of-pocket costs of such accountant.

 

(c)       Reports
and Royalty Payments. For as long as royalties are due under Section 4.3, CureVac shall furnish to Arcturus written
reports.

 

(i)       Reports
shall be provided within [*****] days of (1) the end of the Calendar Quarter if Net Sales are generated by
CureVac and its Affiliates, and (2) the receipt of corresponding information (which may be estimated) from Sublicensees
but in any event within [*****] days of the end of the Calendar Quarter with respect to Net Sales generated by
such Sublicensees.

 

(ii)       Royalty
payments for each Calendar Quarter shall be due within [*****] Business Days of delivery of an invoice from
Arcturus following submission of a royalty report from CureVac, but only subject to the prior receipt by CureVac of the
corresponding royalty payment from the Sublicensee, if applicable; however such royalty payments due to Arcturus
shall not be reduced by deductions which exceed those covered by the Net Sales definition according to Section 1.43.

 

(iii)       The
report shall include, at a minimum, the following information for the applicable Calendar Quarter for each Licensed
Product if Net Sales are generated by CureVac and its Affiliates: (i) the gross sales by country reasonably required for
the calculation of royalty payments due according to this Agreement, (ii) the calculation in reasonable detail of the Net
Sales from such gross sales amounts, including the deductions pursuant to the definition of Net Sales and the amounts of
any credits or reductions permitted by Section 4.2; and (iii) the computations for any Arcturus currency conversions
pursuant to subsection (d) below.

 

      

     

    

 

(iv)       CureVac
will require each Sublicensee to share with Arcturus the information listed in the foregoing clauses as it relates to Net
Sales made by such Sublicensee, and to the extent practicable, will include such Sublicensee information in such report;
provided that the level of detail with respect to the items subject to report pursuant to Section 4.4(c)(iii) shall be
limited to the information that CureVac actually receives from any such Sublicensee. All such reports shall be considered the
Confidential Information of CureVac, subject to Section 4.4(b).

 

(d)       Currency
Exchange. With respect to Net Sales invoiced in U.S. dollars, the Net Sales and the amounts due to Arcturus hereunder
will be expressed in U.S. dollars. With respect to Net Sales invoiced in a currency other than U.S. dollars, payments
will be calculated based on the average of the closing exchange rates reported by the Wall Street Journal
(http://quotes.wsj.com/fx/EURUSD), or such other source as the Parties may agree
in writing, of the applicable reporting period for the payment due.

 

(e)       Taxes.
CureVac may withhold from payments due to Arcturus amounts for payment of any withholding tax that is required by Law to
be paid to any taxing authority with respect to such payments. CureVac will provide Arcturus all relevant documents and
correspondence, and will also provide to Arcturus any other cooperation or assistance on a reasonable basis as may be
necessary to enable Arcturus to claim exemption from such withholding taxes and to receive a refund of such withholding
tax or claim a foreign tax credit. CureVac will give proper evidence from time to time as to the payment of any such tax.
The Parties will cooperate with each other in seeking deductions under any double taxation or other similar treaty or
agreement from time to time in force. CureVac shall use Diligent Efforts to minimize withholding taxes. In the event that
any tax deduction or withholding obligation arises or increases as a direct result of any reincorporation,
redomiciliation, change in source of payments under this Agreement or other similar corporate structuring actions
undertaken by CureVac from and after the License Agreement Effective Date, then CureVac shall increase the payment (in
respect of which such deduction or withholding of tax is required to be made) to ensure that Arcturus receives an amount
equal to the amount that it would have received had no such action occurred. Apart from any such permitted withholding
and those deductions expressly included in the definition of Net Sales, the amounts payable by CureVac to Arcturus
hereunder will not be reduced on account of any taxes, charges, duties or other levies. Each Party shall be solely
responsible for the payment of all taxes imposed on its share of income arising directly or indirectly from the activities of
the Parties under this License Agreement.

 

(f)       Blocked
Payments. In the event that, by reason of applicable law in any country, it becomes impossible or illegal for CureVac
or its Affiliates or Sublicensees to transfer, or have transferred on its behalf, payments owed to Arcturus hereunder,
CureVac will promptly notify Arcturus of the conditions preventing such transfer and such payments will be deposited in
local currency in the relevant country to the credit of Arcturus in a recognized banking institution proposed by Arcturus
and reasonably acceptable to CureVac or, if none is proposed by Arcturus within a period of [*****] days, in a
recognized banking institution selected by CureVac or its Affiliate or Sublicensee, as the case may be, and identified in a
written notice given to Arcturus.

 

      

     

    

 

(g)       Interest
Due. If any payment due to Arcturus under this License Agreement is overdue (and is not subject to a good faith
dispute), then CureVac will pay interest thereon (before and after any judgment) at an annual rate of the lesser of
[*****] above the prime rate as reported in The Wall Street Journal, Eastern Edition, and the maximum rate
permitted by applicable Law, such interest to run from the date upon which payment of such sum became due until payment
thereof in full together with such interest.

 

(h)       Mutual
Convenience of the Parties. The royalty and other payment obligations set forth hereunder have been agreed to by the
Parties for the purpose of reflecting and advancing their mutual convenience, including the ease of calculating and paying
royalties and other amounts to Arcturus.

 

5.       Ownership
and Inventorship of IP.

 

5.1       Solely-Owned
IP. As between the Parties and subject to Section 5.3, each Party will own and retain all right, title and interest
in and to any and all Know-How and Patents arising therefrom that are discovered, created, conceived, developed or
reduced to practice under or in connection with this License Agreement (the “Inventions”) solely by or on
behalf of such Party. Subject to the licenses hereunder and the other terms and conditions of this License Agreement or
any other agreement between the Parties, each Party will be solely responsible for the prosecution and maintenance, and
the enforcement and defense, of its solely-owned Patents.

 

5.2       Inventorship.
Inventorship of all Inventions shall be determined in accordance with applicable laws. Each Party will ensure that each
employee, consultant and subcontractor conducting any activities under this License Agreement on behalf of such Party
will be subject to written agreements to assign to such Party all of its right, title and interest in and to the Inventions
so that such Party can comply with its obligations with respect to the ownership allocation of the Inventions as set forth
below. In addition, each Party shall be solely responsible for payments that may be required to any of such Party’s
employees or consultants and subcontractors in connection with or with respect to such agreements, including moral rights
payments.

 

5.3       Ownership.
Notwithstanding inventorship in the first instance pursuant to Section 5.2, ownership of all Inventions, as between the
Parties, will be assigned by the Parties as follows: (a) Arcturus will solely own all Inventions that are improvements
solely to the LMD Technology (“LMD Inventions”), and (b) CureVac will solely own all Inventions that
are improvements solely to the mRNA Technology (“mRNA Inventions”). Specifically, CureVac hereby
assigns to Arcturus all of its right, title and interest in and to any and all LMD Inventions, and agrees to take such
actions reasonably requested by Arcturus to evidence such assignment. Arcturus hereby assigns to CureVac all of its
right, title and interest in and to any and all mRNA Inventions, and agrees to take such actions reasonably requested by
CureVac to evidence such assignment. For clarity, the assignment provisions with respect to mRNA Inventions are restricted
solely to improvements to the mRNA Technology.

 

      

     

    

 

6.       Patent Prosecution
and Maintenance.

 

6.1       Generally.

 

(a)       As
between the Parties and subject to Section 6.2 below, Arcturus (or its Third Party licensor, if any) will have the sole
right, at its sole costs, to prosecute and maintain Arcturus Technology Patents, other than the Joint Interest
Patents.

 

(b)       In
relation to any Arcturus Technology Patents that specifically claim the Licensed Product, prior to filing, Arcturus will
provide CureVac with copies of all specific claims relevant to the Licensed Product in such applications for all such
Arcturus Technology Patents, and all other material submissions and correspondence relating to such claims with any patent
authorities regarding such Arcturus Technology Patents, in sufficient time (not to be less than [*****] days)
to allow for review and comment by CureVac. In addition, Arcturus will provide CureVac and its counsel with an opportunity to
consult with Arcturus and its counsel regarding prosecution and maintenance of any such Arcturus Technology Patents, and
Arcturus will not unreasonably refuse to address all reasonable comments timely made by or on behalf of CureVac.

 

(c)       As
between the Parties, CureVac will have the first right to prosecute and maintain any and all Joint Interest Patents and
the Parties will share equally all costs incurred by CureVac in connection with such efforts. Prior to filing, CureVac
will provide Arcturus with copies of all applications for such Joint Interest Patents, and all other material submissions and
correspondence with any patent authorities regarding such Joint Interest Patents, in sufficient time (not to be less than
[*****] days) to allow for review and comment by Arcturus. In addition, CureVac will provide Arcturus and its
counsel with an opportunity to consult with CureVac and its counsel regarding prosecution and maintenance of any such Joint
Interest Patents, and CureVac will consider in good faith all reasonable comments timely made by or on behalf of
Arcturus.

 

(d)       In
the event that CureVac or its Affiliates grants a sublicense pursuant to Section 2.2, as between CureVac and any such
Sublicensee,

 

(i)to
the extent any such Arcturus Technology Patent or Joint Interest Patent does not specifically claim the Licensed Product,
CureVac shall retain its rights to prosecute any such sublicensed Arcturus Technology Patents and Joint Interest Patents
as set forth in Sections 6.1(b) and 6.1(c); provided, however, that such Sublicense may provide for instruction by
the Sublicensee of CureVac’s exercise of its rights to prosecute any sublicensed Arcturus Technology Patent or Joint
Interest Patent;

 

(ii)to
the extent any such Arcturus Technology Patent or Joint Interest Patent specifically claims the Licensed Product (i.e.,
with respect to the claims limited to the Licensed Product, but not the broader claims that cover other products or
potential products in such Arcturus Technology Patents or Joint Interest Patents), CureVac shall have the right to
sublicense its rights to prosecute any such sublicensed Arcturus Technology Patents and Joint Interest Patents as set forth
in Sections 6.1(b) and 6.1(c) to the Sublicensee.

 

6.2       Election
Not to Prosecute or Maintain or Pay Patent Costs.

 

(a)       If
Arcturus elects not to pay its share of the Patent Costs associated with prosecution or maintenance of any Joint Interest
Patents, then it shall assign its co-ownership share in such Patents to CureVac and the respective Patent shall no longer be
considered a Joint Interest Patent.

 

      

     

    

 

(b)       By
CureVac. If CureVac elects not (i) to file, prosecute or maintain any Joint Interest Patents for which it is
responsible under Section 6.1 in any particular country before the applicable filing deadline or continue such activities
once filed in a particular country, or (ii) to pay its share of the Patent Costs associated with prosecution or maintenance
of any Joint Interest Patents then in each such case CureVac will so notify Arcturus, promptly in writing and in good time to
enable Arcturus to meet any deadlines by which an action must be taken to preserve such Joint Interest Patent in such country
at Arcturus’ expense, if Arcturus so requests. Upon receipt of each such notice by CureVac, Arcturus will have the
right, but not the obligation, to notify CureVac in writing on a timely basis that CureVac should transfer the prosecution or
maintenance of such Joint Interest Patent to Arcturus and at Arcturus’ sole expense. Arcturus is entitled to
discontinue the payment of Patent Costs for any Joint Interest Patents at any time, provided that it will so notify CureVac
in writing in time for such discontinuance. In the event that Arcturus assumes the prosecution and maintenance of any such
Joint Interest Patent, then CureVac would make available to Arcturus all documentation and correspondence with respect to
such Joint Interest Patent, such Joint Interest Patent shall no longer be licensed under this Agreement with respect to the
Licensed Product.

 

6.3       Cooperation.
Each Party will reasonably cooperate with the other Party in those activities involving the Arcturus Technology Patents
and Joint Interest Patents set forth in Sections 6.1 and 6.2. Such cooperation includes promptly executing all documents,
or requiring inventors, subcontractors, employees and consultants and agents of CureVac and Arcturus and their respective
Affiliates and Sublicensees to execute all documents, as reasonable and appropriate so as to enable such activities in
respect of any such Arcturus Technology Patents in any country.

 

7.       Patent Enforcement
and Defense.

 

7.1       Notice.
To the extent not in breach of an obligation of confidentiality, each Party will promptly notify, in writing, the other
Party upon learning of any actual or suspected infringement of any Arcturus Technology Patents by a Third Party, or of
any claim of invalidity, unenforceability, or non-infringement of any Arcturus Technology Patents, and will, along with such
notice, supply the other Party with any evidence in its possession pertaining thereto.

 

7.2       Enforcement
and Defense.

 

(a)       Enforcement.

 

		(i)	As between the Parties,

 

(1)       Arcturus
and its Third Party licensor or licensee (solely to the extent of any existing back-up enforcement rights), at its cost,
will have the first right, but not the obligation, to seek to abate any infringement of the Arcturus Technology Patents
(other than those in subsection (2)) by a Third Party, or to file suit against any such Third Party for such infringement,
and

 

(2)       CureVac
(or its sublicensee, if any) shall have the first right, but not the obligation, to take action or bring suit and bear all
expenses against such Third Party infringer with respect to: (A) Joint Interest Patents; and/or (B) any other Arcturus
Technology Patents that, on the date of first notice of such infringement, specifically claim the Licensed Product but are
not necessary or useful for the research, development, manufacturing and commercialization of any product comprising Arcturus
Technology that is exclusively licensed or optioned to a Third Party or is in Late Stage Development or being commercialized
by Arcturus or its Affiliates.

 

      

     

    

 

(b)       If
the Party first responsible for such enforcement elects not to take action or to bring suit to prosecute such
infringement or to continue such action or suit, it shall notify the other Party of such election within [*****] days after become aware of or receipt of the notice of the infringement or after the election to stop any
such action or suit. If after the expiration of the [*****] days period (or, if earlier, the date upon
which the responsible Party provides written notice that it does not plan to bring such action) the responsible Party has
neither obtained a discontinuance of infringement nor filed suit against any such Third Party infringer of such Patent,
then

 

(i)in
the case of an election by Arcturus and its Third Party licensor or licensee (solely to the extent of any existing
back-up enforcement rights) not to prosecute an infringement of an Arcturus Technology Patent specifically claiming the
Licensed Product, CureVac shall have the right, but not the obligation, to take action or bring suit against such Third
Party infringer of such Patents, provided that the infringement is with respect to a product related to the Target(s)
under this License Agreement, and further provided that CureVac shall bear all the expenses of such suit and

 

(ii)in
the case of a CureVac election not to prosecute an infringement of a Joint Interest Patents or Arcturus Technology Patent
with respect to which CureVac has rights to take first action, (i) Arcturus shall have the right, but not the obligation,
to take action or bring suit against such Third Party infringer of such Patents, provided that Arcturus shall bear all
the expenses of such suit,and CureVac shall join Arcturus in such suit to the extent legally required, unless (ii)
CureVac decides to assign its interest in such Joint Interest Patent - on a country-by-country basis - to Arcturus and
such Joint Interest Patent shall become an Arcturus Technology Patent and no longer subject to license pursuant to this
License Agreement.

 

(c)       Defense.

 

		(i)	As between the Parties,

 

(1)       Arcturus
and its Third Party licensor or licensee (solely to the extent of any existing back-up defense rights) will have the
first right, but not the obligation, at its sole costs, to defend against a declaratory judgment action or other action
challenging any Arcturus Technology Patents, other than: (i) Joint Interest Patents; and (ii) any other Arcturus
Technology Patents that, on the date of first notice of such action, specifically claim the Licensed Product but are not
necessary or useful for the research, development, manufacturing and commercialization of any product comprising
Arcturus Technology that is exclusively licensed or optioned to a Third Party or is in Late Stage Development or being
commercialized by Arcturus or its Affiliates, and

 

      

     

    

 

(2)       CureVac
shall have the first right, but not the obligation, at its sole costs, to defend against a declaratory judgment
action or other action challenging Joint Interest Patents as well as such other Arcturus Technology Patents that specifically
claim the Licensed Product.

 

(ii)If
the Party first responsible for such defense does not take steps to defend within a commercially reasonably time, or
elects not to continue any such defense (in which case it will promptly provide notice thereof to the other Party), then
(i) in the case of an election by Arcturus and its Third Party licensor or licensee (solely to the extent of any existing
back-up defense rights) not to defend an Arcturus Technology Patent specifically claiming the Licensed Product, CureVac
shall have the right, but not the obligation, to defend any Arcturus Technology Patents that cover Licensed Product and
no other product licensed or optioned by Arcturus to a Third Party or commercialized by Arcturus, provided that CureVac
shall bear all the expenses of such suit and (ii) in the case of a CureVac election not to defend the Joint Interest
Patents, Arcturus shall have the right, but not the obligation, to take action or bring suit to defend such Patents,
provided that Arcturus shall bear all the expenses of such suit. Notwithstanding the foregoing, in the event that CureVac
elects not to prosecute an infringement of a Joint Interest Patent, then CureVac shall, at its discretion, either (i) assign
such Joint Interest Patent to Arcturus - on a country-by-country basis -, which shall become an Arcturus Technology Patent
and no longer subject to license pursuant to this License Agreement or (ii) join Arcturus in such suit to the extent legally
required.

 

(d)       Notwithstanding
the foregoing, any response to a Third Party infringer’s counterclaim of invalidity or unenforceability of any
Arcturus Technology Patents shall be controlled by the Party who controls the relevant enforcement proceeding pursuant to
Section 7.2(a) unless otherwise mutually agreed by the Parties.

 

(e)       In
the event that CureVac or its Affiliates grants a sublicense pursuant to Section 2.2, as between CureVac and any such
Sublicensee,

 

(i)to
the extent any such Arcturus Technology Patent or Joint Interest Patent does not specifically claim the Licensed Product,
CureVac shall retain its rights to enforce and defend Arcturus Technology Patents and Joint Interest Patents as set forth
in Sections 7.2(a), 7.2(b), 7.2(c) and 7.2(d); provided, however, that CureVac’s exercise of its rights to
enforce or defend such Arcturus Technology Patent or Joint Interest Patent may be instructed by a Sublicensee;

 

(ii)to
the extent any such Arcturus Technology Patent or Joint Interest Patent specifically claims the Licensed Product, CureVac
shall have the right to sublicense its rights to enforce and defend Arcturus Technology Patents and Joint Interest Patents as
set forth in Sections 7.2(a), 7.2(b), 7.2(c) and 7.2(d) to the Sublicensee.

 

(f)       Withdrawal,
Cooperation and Participation. With respect to any infringement or defensive action identified above in this Section 7.2
which may be controlled by either CureVac or Arcturus:

 

      

     

    

 

  

(i)If
the controlling Party ceases to pursue or withdraws from such action, it will promptly notify the other Party (in good
time to enable the other Party to meet any deadlines by which any action must be taken to preserve any rights in such
infringement or defensive action) and such other Party may substitute itself for the withdrawing Party, shall be granted
the right and standing to sue in the other Party’s name, and proceed under the terms and conditions of this Section
7.2.

 

(ii)The
non-controlling Party will cooperate with the Party controlling any such action (as may be reasonably requested by the
controlling Party), including (A) providing access to relevant documents and other evidence, (B) making its and its
Affiliates and licensees and Sublicensees and all of their respective employees, subcontractors, consultants and agents
available at reasonable business hours and for reasonable periods of time, but only to the extent relevant to such
action, and (C) if necessary, by being joined as a party, subject for this clause (C) to the controlling Party agreeing
to indemnify such non-controlling Party for its involvement as a named party in such action and paying those Patent Costs
incurred by such Party in connection with such joinder. The Party controlling any such action will keep the other Party
updated with respect to any such action, including providing copies of all documents received or filed in connection with any
such action.

 

(iii)Each
Party will have the right to participate or otherwise be involved in any such action controlled by the other Party, in
each case at the participating (i.e., non-controlling) Party’s sole cost and expense. If a Party elects to so
participate or be involved, the controlling Party will provide the participating Party and its counsel with an
opportunity to consult with the controlling Party and its counsel regarding the prosecution of such action (including
reviewing the contents of any correspondence, legal papers or other documents related thereto), and the controlling Party
will take into account reasonable requests of the participating Party regarding such enforcement or defense.

 

(g)       Settlement.
Neither Party will settle or consent to an adverse judgment in any action described in this Section 7.2 and controlled by
such Party, including any judgment which affects the scope, validity or enforcement of any Arcturus Technology Patents
involved therewith, without the prior written consent of the other Party (such consent not to be unreasonably withheld,
delayed or conditioned).

 

(h)       Damages.
Unless otherwise agreed by the Parties, all monies recovered upon the final judgment or settlement of any action which
may be controlled by either CureVac or Arcturus and described in Section 7.2(a) or 7.2(c) in each case will be used first
to reimburse the controlling Party, and thereafter the non-controlling Party, for each of their out-of-pocket costs and
expenses relating to the action, with the balance of any such recovery to be divided as follows:

 

(i)To
the extent the action involves a Third Party’s research, development, manufacture or commercialization of any product
other than the Licensed Product (or a LMD product directed to the same Target as the Licensed Product), Arcturus shall retain
all such recovery; and

 

     

     

    

 

(ii)To
the extent the action involves a Third Party’s research, development, manufacture or commercialization of the
Licensed Product (or a LMD product directed to the same Target as the Licensed Product), CureVac will retain such
recovery, less the amount of royalties payable to Arcturus by treating such recovery as “Net Sales”
hereunder.

 

(i)       Patent
Marking. CureVac shall mark all Licensed Product if and to the extent required by the applicable patent marking laws, and
shall require all of its Affiliates and sublicensees to do the same.

 

8.       Confidentiality.

 

8.1       Confidential
Information. Each Party (“Disclosing Party”) may disclose to the other Party (“Receiving
Party”), and Receiving Party may acquire during the course and conduct of activities under this License
Agreement, certain proprietary or confidential information of Disclosing Party in connection with this License Agreement.

 

8.2       Restrictions.
During the Term and for [*****] years thereafter, Receiving Party will keep all Disclosing Party’s
Confidential Information in confidence with the same degree of care with which Receiving Party holds its own confidential
information, but in no event less than reasonable care. Receiving Party will not use Disclosing Party’s Confidential
Information except for in connection with the performance of its obligations and exercise of its rights under this License
Agreement. Receiving Party has the right to disclose Disclosing Party’s Confidential Information without Disclosing
Party’s prior written consent to Receiving Party’s Affiliates, and each of their employees, subcontractors,
consultants and agents who have a need to know such Confidential Information in order to perform their obligations and
exercise their rights under this License Agreement and who are under written obligation to comply with the restrictions on
use and disclosure that are no less restrictive than those set forth in this Section 8.2. Receiving Party assumes
responsibility for such entities and persons maintaining Disclosing Party’s Confidential Information in confidence and
using same only for the purposes described herein.

 

8.3       Exceptions.
Receiving Party’s obligation of nondisclosure and the limitations upon the right to use the Disclosing
Party’s Confidential Information will not apply to a specific portion of the Disclosing Party’s Confidential
Information to the extent that Receiving Party can demonstrate that such portion: (i) was known to Receiving Party or any
of its Affiliates prior to the time of disclosure by the Disclosing Party without obligation of confidentiality;
(ii) is or becomes public knowledge through no action or omission of Receiving Party or any of its Affiliates; (iii)
is obtained on a non-confidential basis by Receiving Party or any of its Affiliates from a Third Party who to Receiving
Party’s knowledge is lawfully in possession thereof (or if possession is obviously unlawful) and under no
obligation of confidentiality to Disclosing Party; or (iv) has been independently developed by or on behalf of Receiving
Party or any of its Affiliates without the aid, application or use of Disclosing Party’s Confidential Information as
documented by the internal records of the Receiving Party.

 

     

     

    

 

8.4       Permitted
Disclosures. Notwithstanding the obligations set forth in Section 8.2, Receiving Party may disclose Disclosing
Party’s Confidential Information (including this License Agreement and the terms herein) to the extent (and only to the
extent) such disclosure is reasonably necessary in the following instances:

 

(a)       in
order to comply with applicable Law (including any securities Law or regulation or the rules of a securities exchange) or
with a legal or administrative proceeding;

 

(b)       in
connection with prosecuting or defending litigation, and filing, prosecuting and enforcing Arcturus Technology Patents in
connection with Receiving Party’s rights and obligations pursuant to this License Agreement;

 

(c)       to
attorneys, accountants, auditors, acquirers, licensees, partners or permitted assignees; financial advisors,
investors and lenders, including potential acquirers, licensees, partners, assignees, financial advisors, investors and
lenders; and

 

(d)       in
the case of CureVac, to (i) subcontractors; or (ii) potential licensees or collaboration partners, but only such
information that is reasonably necessary or useful for the subcontractor to perform the subcontracted work or for the
potential licensee or partner to evaluate the applicable Licensed Product, and LMD or Licensed Product manufacturing
processes;

 

provided that (1) where
reasonably possible, Receiving Party will notify Disclosing Party of Receiving Party’s intent to make any
disclosure pursuant to subsections (a) and (b) sufficiently prior to making such disclosure so as to allow Disclosing
Party reasonably adequate time to take whatever action it may deem appropriate to protect the confidentiality of the
information to be disclosed, and (2) with respect to subsections (c), each of those persons or entities are required to
comply with the restrictions on use and disclosure in Section 8.2 (other than financial advisors, investors and lenders,
which must be bound prior to disclosure by commercially reasonable obligations of confidentiality).

 

8.5       Return
of Confidential Information. Upon expiry or earlier termination of this License Agreement, upon written request of a
Party (such request, if made, to be made within three (3) months of such expiry or termination) the other Party will
destroy or return (as shall be specified in such request) to the requesting Party all copies of the Confidential Information
of the requesting Party; provided that the Party may retain: (i) one copy of such Confidential Information for
record-keeping purposes, for the sole purpose of ensuring compliance with this License Agreement; (ii) any copies of
such Confidential Information as is required to be retained under applicable Law; (iii) any copies of such
Confidential Information as is necessary or useful for such Party to exercise a right or fulfill an obligation under
another License Agreement, if any, or as set forth in this License Agreement; and (iv) any copies of any computer
records and files containing Confidential Information that have been created by such Party’s routine
archiving/backup procedures. Upon request of the requesting Party, the Receiving Party shall confirm in writing to the
requesting Party the destruction or return of all copies of the Confidential Information of the requesting Party.

 

8.6       Publications. Notwithstanding
anything in this License Agreement to the contrary, CureVac is permitted to publish the results of its development under this
License Agreement, provided, however, that it will not disclose Arcturus Confidential Information in any publication
by CureVac of the results of any Licensed Product development by CureVac without Arcturus’ prior written consent, which
will not be unreasonably withheld, conditioned or delayed.

 

     

     

    

 

8.7       Terms
of this License Agreement; Press Release. The Parties agree that the existence and terms of the Parties’
relationship and this License Agreement will be treated as Confidential Information of both Parties, and thus may be
disclosed only as permitted by Section 8.4. Except as mutually agreed or otherwise required by Law or securities exchange
regulation, each Party agrees not to issue any press release or public statement disclosing information relating to the
existence of this License Agreement or the transactions contemplated hereby or the terms hereof without the prior written
consent of the other Party.

 

9.       Warranties;
Limitations of Liability; Indemnification.

 

9.1       Representations
and Warranties. Each Party represents and warrants to the other as of the License Agreement Effective Date that:

 

(a)       it
is a corporation duly organized, validly existing, and in good standing under the Laws of the jurisdiction in which it is
incorporated,

 

(b)       it
has the legal right and power to enter into this License Agreement, to extend the rights and licenses granted or to be
granted to the other in this License Agreement, and to fully perform its obligations hereunder,

 

(c)       it
has taken all necessary corporate action on its part required to authorize the execution and delivery of this License
Agreement and the performance of its obligations hereunder,

 

(d)       this
License Agreement has been duly executed and delivered on behalf of such Party, and constitutes a legal, valid, and binding
obligation of such Party that is enforceable against it in accordance with its terms and

 

(e)       except
with respect to any Pre-Existing Prosecution, Enforcement and Defense Restrictions, the execution, delivery and
performance by such Party of this License Agreement and the consummation of the transactions contemplated hereby will not
result in any violation of, conflict with, result in a breach of or constitute a default under any understanding,
contract or agreement to which such Party is a party or by which it is bound, including, in the case of Arcturus, each of
the agreements which Arcturus has identified to CureVac prior to the License Agreement Effective Date, in each case as
would reasonably be expected to have a material adverse effect on the rights of the other Party hereunder.

 

9.2       Additional
Representations of Arcturus. Arcturus hereby represents and warrants to CureVac as of the License Agreement Effective
Date as follows:

 

(a)       Impairment.
Except with respect to any Pre-Existing Prosecution, Enforcement and Defense Restrictions, neither Arcturus nor any of
its Affiliates has entered into any agreement or otherwise licensed, granted, assigned, transferred, conveyed or
otherwise encumbered or disposed of any right, title or interest in or to any of its assets, including any intellectual
property rights including Know-How, that would in any way conflict with or impair the scope of any rights or licenses granted
to CureVac with respect to the Licensed Product hereunder.

 

     

     

    

 

(b)       Patents. Appendix
1.4 sets forth a complete and accurate list of all Arcturus Technology Patents. Arcturus Controls the Arcturus
Technology, and is entitled to grant the licenses specified herein. To Arcturus’ knowledge, the Arcturus Technology
Patents have been procured or are being procured from the respective patent offices in accordance with applicable Law.
None of the Arcturus Technology Patents is or has been involved in any opposition, cancellation, interference, reissue or
reexamination proceeding, and to Arcturus’ knowledge as of the License Agreement Effective Date, no Arcturus
Technology is the subject of any judicial, administrative or arbitral order, award, decree, injunction, lawsuit,
proceeding or stipulation. As of the License Agreement Effective Date, neither Arcturus nor any of its Affiliates has
received any notice alleging that the Arcturus Technology Patents are invalid or unenforceable, or challenging
Arcturus’ ownership of or right to use any such rights.

 

(c)       Entire
LMD Technology. The Arcturus LMD Technology licensed to CureVac under this License Agreement comprises all LMD
Technology Controlled by Arcturus which is necessary or useful to develop, manufacture and commercialize the Licensed
Products for purposes of this License Agreement.

 

(d)       Encumbrances. As
of the License Agreement Effective Date, Arcturus has the right to grant the license herein to CureVac and neither
Arcturus nor any of its Affiliates has granted any liens or security interests on the Arcturus Technology to any Third Party
that is inconsistent with the license granted to CureVac under Section 2.1.

 

(e)       Litigation. There
is no action, suit, proceeding or investigation pending or, to the knowledge of Arcturus, currently threatened against or
affecting Arcturus that questions the validity of this License Agreement or the right of Arcturus to enter into this
License Agreement or consummate the transactions contemplated hereby or that relates to the Arcturus Technology.

 

(f)       Infringement.
Neither Arcturus nor any of its Affiliates has received any written notice of any claim, nor does Arcturus or its
Affiliates have any knowledge of any claim, that any Patent, Know-How or other intellectual property owned or controlled
by a Third Party would be infringed or misappropriated by the practice of any Arcturus LMD Technology in connection with
the production, use, research, development, manufacture or commercialization of any Licensed Product.

 

(g)       Third
Party Infringement. To Arcturus’ knowledge, no Third Party is infringing or has infringed any Patent within the
Arcturus LMD Technology or is misappropriating or has misappropriated any Know-how within the Arcturus LMD Technology, in
each case relating to the Target.

 

9.3       Disclaimers.
Without limiting the respective rights and obligations of the Parties expressly set forth herein, each Party specifically
disclaims any guarantee that any Licensed Product will be successful, in whole or in part. Except as otherwise expressly
provided in this License Agreement, the Parties make no representations and extend no warranty of any kind under this License
Agreement, neither express nor implied.

 

9.4       No
Consequential Damages. Notwithstanding anything in this License Agreement or otherwise, neither Party will be liable to
the other or any Third Party with respect to any subject matter of this License Agreement for any indirect or consequential
damages, provided that this Section 9.4 will not apply to breaches of Article 8 or the Parties’ indemnification rights
or obligations under Section 9.6, or in the event of willful misconduct.

 

     

     

    

 

9.5       Performance
by Others. The Parties recognize that each Party may perform some or all of its obligations under this License
Agreement through Affiliates, subcontractors or - in the event of CureVac - Sublicensees, provided, however, that
each Party will remain fully responsible and liable for the performance by its Affiliates, subcontractors and Sublicensees,
and will cause its Affiliates, subcontractors and Sublicensees to comply with the provisions of this License Agreement in
connection therewith.

 

9.6       Indemnification.

 

(a)       Indemnification
by CureVac. CureVac will indemnify Arcturus, its Affiliates and their respective directors, officers, employees,
Third Party licensors and agents, and their respective successors, heirs and assigns (collectively, “Arcturus
Indemnitees”), and defend and hold each of them harmless, from and against any and all losses, damages,
liabilities, costs and expenses (including reasonable attorneys’ fees and expenses) (collectively,
 “Losses”) in connection with any and all suits, investigations, claims or demands of Third Parties
(collectively, “Third Party Claims”) against the Arcturus Indemnitees to the extent arising from or
occurring as a result of: (i) the breach by CureVac of any representation or warranty of this License Agreement;
(ii) any gross negligence or willful misconduct on the part of any CureVac Indemnitee; or (iii) the development,
manufacture or commercialization by or on behalf of CureVac or any of its Affiliates or Sublicensees of Licensed Product
other than if related to an LMD component thereof specifically provided by Arcturus, except in each case (i)-(iii) to the
extent arising from or occurring as a result of the gross negligence or willful misconduct on the part of an Arcturus
Indemnitee or Arcturus’ breach of this License Agreement.

 

(b)       Indemnification
by Arcturus. Arcturus will indemnify CureVac, its Affiliates and their respective directors, officers, employees and
agents, and their respective successors, heirs and assigns (collectively, “CureVac Indemnitees”), and
defend and hold each of them harmless, from and against any and all Losses in connection with any and all Third Party
Claims against CureVac Indemnitees to the extent arising from or occurring as a result of: (i) the breach by Arcturus of
any representation or warranty of this License Agreement; or (ii) any gross negligence or willful misconduct on the
part of any Arcturus Indemnitee, except in each case (i) and (ii) to the extent arising from or occurring as a result of
the gross negligence or willful misconduct on the part of a CureVac Indemnitee or CureVac’s breach of this License
Agreement.

 

(c)       Notice
of Claim. All indemnification claims provided for in Sections 9.6(a) and 9.6(b) will be made solely by such Party to this
License Agreement (the “Indemnified Party”). The Indemnified Party will promptly notify the indemnifying
Party (an “Indemnification Claim Notice”) of any Losses or the discovery of any fact upon which the
Indemnified Party intends to base a request for indemnification under Section 9.6(a) and 9.6(b), but in no event will the
indemnifying Party be liable for any Losses that result from any delay in providing such notice. Each Indemnification Claim
Notice must contain a description of the claim and the nature and estimated amount of such Loss (to the extent that the
nature and amount of such Loss is known at such time). The Indemnified Party will furnish promptly to the indemnifying Party
copies of all papers and official documents received in respect of any Losses and Third Party Claims.

 

     

     

    

 

(d)       Defense,
Settlement, Cooperation and Expenses.

 

(i)       Control
of Defense. At its option, the indemnifying Party may assume the defense of any Third Party Claim by giving written
notice to the Indemnified Party within thirty (30) days after the indemnifying Party’s receipt of an
Indemnification Claim Notice. The assumption of the defense of a Third Party Claim by the indemnifying Party will not be
construed as an acknowledgment that the indemnifying Party is liable to indemnify the Indemnified Party in respect of the
Third Party Claim, nor will it constitute a waiver by the indemnifying Party of any defenses it may assert against the
Indemnified Party’s claim for indemnification. Upon assuming the defense of a Third Party Claim, the indemnifying Party
may appoint as lead counsel in the defense of the Third Party Claim any legal counsel selected by the indemnifying Party (the
indemnifying Party will consult with the Indemnified Party with respect to such counsel and a possible conflict of interest
of such counsel retained by the indemnifying Party). In the event the indemnifying Party assumes the defense of a Third Party
Claim, the Indemnified Party will as soon as possible deliver to the indemnifying Party all original notices and documents
(including court papers) received by the Indemnified Party in connection with the Third Party Claim. In the event that it is
ultimately determined that the indemnifying Party is not obligated to indemnify, defend or hold harmless the Indemnified
Party from and against the Third Party Claim, the Indemnified Party will reimburse the indemnifying Party for any and all
costs and expenses (including reasonable attorneys’ fees and costs of suit) and any Third Party Claims incurred by the
indemnifying Party in its defense of the Third Party Claim.

 

(ii)       Right
to Participate in Defense. Without limiting Section 9.6(d)(i), any Indemnified Party will be entitled to participate
in, but not control, the defense of such Third Party Claim and to engage counsel of its choice for such purpose;
provided, however, that such engagement will be at the Indemnified Party’s own cost and expense unless (i) the
indemnifying Party has failed to promptly assume the defense and engage counsel in accordance with Section 9.6(d)(i) (in
which case the Indemnified Party will control the defense) or (ii) the interests of the Indemnified Party and the
indemnifying Party with respect to such Third Party Claim are sufficiently adverse to prohibit the representation by the same
counsel of both Parties under applicable Law, ethical rules or equitable principles, in which case the indemnifying Party
will assume one hundred percent (100%) of any such costs and expenses of counsel for the Indemnified Party.

 

     

     

    

 

(iii)       Settlement.
With respect to any Third Party Claims that relate solely to the payment of money damages in connection with a Third Party
Claim and that will not result in the Indemnified Party’s becoming subject to injunctive or other relief or otherwise
adversely affecting the business of the Indemnified Party in any manner, and as to which the indemnifying Party will have
acknowledged in writing the obligation to indemnify the Indemnified Party hereunder, the indemnifying Party will have the
sole right to agree to the entry of any judgment, enter into any settlement or otherwise dispose of such Loss, on such
terms as the indemnifying Party, in its sole discretion, will deem appropriate. With respect to all other Losses in
connection with Third Party Claims, where the indemnifying Party has assumed the defense of the Third Party Claim in
accordance with Section 9.6(d)(i), the indemnifying Party will have authority to agree to the entry of any judgment,
enter into any settlement or otherwise dispose of such Loss provided it obtains the prior written consent of the Indemnified
Party (such consent not to be unreasonably withheld, delayed or conditioned). The indemnifying Party will not be liable for
any settlement or other disposition of a Loss by an Indemnified Party that is reached without the prior written consent of
the indemnifying Party. Regardless of whether the indemnifying Party chooses to defend or prosecute any Third Party Claim, no
Indemnified Party will admit any liability with respect to or settle, compromise or discharge, any Third Party Claim without
the prior written consent of the indemnifying Party, such consent not to be unreasonably withheld, delayed or
conditioned.

 

(iv)       Cooperation.
Regardless of whether the indemnifying Party choose so defend or prosecute any Third Party Claim, the Indemnified Party
will, and will use Diligent Efforts to cause each other indemnified party to, cooperate in the defense or prosecution
thereof and will furnish such records, information and testimony, provide such witnesses and attend such conferences,
discovery proceedings, hearings, trials and appeals as may be reasonably requested in connection therewith, at the
indemnifying Party’s expense. Such cooperation will include access during normal business hours afforded to the
indemnifying Party to, and reasonable retention by the Indemnified Party of, records and information that are reasonably
relevant to such Third Party Claim, and making indemnified parties and other employees and agents available on a mutually
convenient basis to provide additional information and explanation of any material provided hereunder, and the indemnifying
Party will reimburse the Indemnified Party for all its reasonable out-of-pocket costs and expenses in connection
therewith.

 

(v)       Costs
and Expenses. Except as provided above in this Section 9.6(d), the costs and expenses, including attorneys’
fees and expenses, incurred by the Indemnified Party in connection with any claim will be reimbursed on a Calendar
Quarter basis by the indemnifying Party, without prejudice to the indemnifying Party’s right to contest the
Indemnified Party’s right to indemnification and subject to refund in the event the indemnifying Party is
ultimately held not to be obligated to indemnify the Indemnified Party.

 

     

     

    

 

9.7       Insurance.
Each Party will maintain at its sole cost and expense, an adequate liability insurance or self- insurance program
(including product liability insurance) to protect against potential liabilities and risk arising out of activities to be
performed under this License Agreement, and any agreement related hereto and upon such terms (including coverages,
deductible limits and self-insured retentions) as are customary in the respective industry of such Party for the
activities to be conducted by such Party under this License Agreement. Subject to the preceding sentence, such liability
insurance or self-insurance program will insure against all types of liability, including personal injury, physical
injury or property damage arising out of the manufacture, sale, use, distribution or marketing of Licensed Product. The
coverage limits set forth herein will not create any limitation on a Party’s liability to the other under this License
Agreement.

 

10.       Term and
Termination.

 

10.1       Term.

 

(a)       This
License Agreement will commence as of the License Agreement Effective Date and, unless sooner terminated in accordance
with the terms hereof or by mutual written consent, will continue on a Licensed Product-by- Licensed Product and a
country-by-country basis, until there are no more payments owed to Arcturus in such country (the longest such period of
time hereunder, the “Term”). Upon there being no more such payments hereunder in such country, the
license contained in Section 2.1 will become irrevocable, perpetual and fully paid up and will remain in effect with
respect to such Licensed Product in such country.

 

(b)       If
the Target to which this License Agreement relates is chosen by the Parties for co-development under the Co-Development Agreement,
this License Agreement will automatically terminate upon the written agreement of the Parties to include such programs under the
Co-Development Agreement, in accordance with Section 4.2(a) of the Co-Development Agreement.

 

(c)       The
Parties agree that this Agreement and the Co-Development Agreement relate to different projects and, therefore, the
validity, term and termination of this Agreement shall be independent from the validity, term and termination of the
Co-Development Agreement.

 

10.2       Termination
by Arcturus.

 

(a)       Breach.
Arcturus will have the right to terminate this License Agreement in full upon delivery of written notice to CureVac in
the event of any material breach by CureVac of any terms and conditions of this License Agreement, provided that such breach
has not been cured [*****] after written notice thereof is given by Arcturus to CureVac specifying the nature
of the alleged breach.

 

(b)       Disputed
Breach. If CureVac disputes in good faith the existence or materiality of a breach specified in a notice provided in
accordance with Section 10.2(a), and CureVac provides Arcturus notice of such dispute within such
[*****] period, then Arcturus shall not have the right to terminate this License Agreement under Section 10.2(a)
unless and until it is finally determined, in accordance with Section 11.1, that CureVac has materially breached this License
Agreement and that CureVac fails to cure such breach within [*****] following such decision. It is understood
and agreed that during the pendency of such dispute, all of the terms and conditions of this License Agreement shall remain
in effect and the Parties shall continue to perform all of their respective obligations hereunder. During the pendency of
any such dispute, CureVac shall pay to Arcturus all Milestone Payments and royalty payments set forth herein.

 

    34

     

    

 

(c)       Patent
Challenge. Except to the extent the following is unenforceable under the Laws of a particular jurisdiction, Arcturus
may terminate this License Agreement on a Patent-by-Patent basis upon delivery of [*****] prior written notice
to CureVac

 

(i)       if
CureVac or its Affiliates, individually or in association with any other person or entity, commences a legal action
challenging the validity, enforceability or scope of any Arcturus Technology Patents anywhere in the world and does not
withdraw or settle such challenge within the [*****] cure period; or

 

(ii)       if
a sublicensee of CureVac, individually or in association with any other person or entity, commences a legal action
challenging the validity, enforceability or scope of any Arcturus Technology Patents anywhere in the world and CureVac
does not terminate the corresponding sublicense agreement or such challenge is not withdrawn or settled (by such
sublicensee or CureVac) within the [*****] cure period.

 

10.3       Termination
by CureVac; Certain Remedy for Breach.

 

(a)       Breach.
CureVac will have the right to terminate this License Agreement in full upon delivery of written notice to Arcturus in
the event of any material breach by Arcturus of any terms and conditions of this License Agreement, provided that such
breach has not been cured within [*****] after written notice thereof is given by CureVac to Arcturus
specifying the nature of the alleged breach.

 

(b)       Discretionary
Termination. CureVac will have the right to terminate this License Agreement in full at its discretion for any reason
by delivering written notice to Arcturus, such termination to be effective [*****] following the date of such
notice.

 

(c)       Maintenance
of License. In the event of a material breach by Arcturus of Sections 2.2(c) or 3.2, if such breach has not been
cured within [*****] after written notice thereof, CureVac may notify Arcturus in writing that the License
Agreement shall remain in full force and effect, provided that any remaining payments to Arcturus pursuant to Sections 4.1,
4.2 and 4.3 following such notification shall be reduced by [*****].

 

    35

     

    

 

10.4       Rights
Upon Bankruptcy. All rights and licenses granted under or pursuant to this License Agreement by Arcturus or its
Affiliates are, and will otherwise be deemed to be, for purposes of Section 365(n) of the U.S. Bankruptcy Code, licenses
of right to “intellectual property” as defined under Section 101 of the U.S. Bankruptcy Code. The Parties agree
that CureVac and its Affiliates and Sublicensees, as licensees of such rights under this License Agreement, will retain
and may fully exercise all of their rights and elections under the U.S. Bankruptcy Code and any foreign counterparts
thereto. Without limiting the Parties’ rights under Section 365(n) of the U.S. Bankruptcy Code, if a case under
U.S. Bankruptcy Code is commenced by or against a Party, the other Party shall be entitled to a copy of any and all such
intellectual property and all embodiments of such intellectual property, and the same, if not in the possession of such
other Party, shall be promptly delivered to it (i) before this License Agreement is rejected by or on behalf of the bankrupt
Party, within thirty (30) days after the other Party’s written request, unless the bankrupt Party, or its trustee or
receiver, elects within thirty (30) days to continue to perform all of its obligations under this License Agreement, or (ii)
after any rejection of this License Agreement by or on behalf of the bankrupt Party, if not previously delivered as provided
under clause (i) above. All rights of the Parties under this Section 10.4 and under Section 365(n) of the U.S. Bankruptcy
Code are in addition to and not in substitution of any and all other rights, powers, and remedies that each Party may have
under this License Agreement, under the U.S. Bankruptcy Code, and any other applicable Laws. The non-bankrupt Party shall
have the right to perform the obligations of the bankrupt Party hereunder with respect to such intellectual property, but
neither such provision nor such performance by the non-bankrupt Party shall release the bankrupt Party from any such
obligation or liability for failing to perform it.

 

10.5       Effects
of Termination.

 

(a)       Upon
termination (but not expiration pursuant to Section 10.1) of this License Agreement for any reason:

 

(i)       Cessation
of Rights. Except as expressly provided herein, including Sections 8.5, 10.5(a) and as necessary for CureVac to sell
off existing inventory as permitted under Section 10.5(iii) below, all rights and licenses granted by Arcturus to CureVac
under this License Agreement will terminate. CureVac shall wind down the development (including any clinical trials),
manufacture and commercialization of the Licensed Product in compliance with all applicable Laws and at its own cost and
expense.

 

(ii)       Sell
Off. Notwithstanding the termination of CureVac’s licenses and other rights under this License Agreement,
CureVac shall retain the right to distribute, sell or otherwise dispose of its existing inventory of the Licensed
Products, in each case that is intended for distribution, sale or disposition in the Territory, for a period of not more
than six (6) months following the date of the effective termination, as though this License Agreement had not been
terminated, and such distribution, sale or other disposition shall not constitute infringement of the Patents or other
intellectual property or proprietary rights of Arcturus or its Affiliates. CureVac’s right to distribute, sell or
otherwise dispose of its existing inventory of the Licensed Products pursuant to this Section 10.5(a)(ii) shall be
subject to CureVac’s continuing obligation to pay royalties with respect to the Net Sales.

 

(b)       Upon
termination pursuant to Section 10.1(b), Arcturus shall refund to CureVac the Option Exercise Fee (as defined in the
Development and Option Agreement), the Milestone Payments already paid by CureVac and all other payments made by CureVac in
relation to this License Agreement.

 

     

     

    

 

10.6       Survival.
In addition to the termination consequences set forth in Section 10.5, the following provisions will survive termination or
expiration of this License Agreement: Sections 1, 4 (to the extent of any outstanding payments accrued as of the effective
date of termination), 5, 8, 9.4, 9.6, 10.5, 10.6 and 11. Termination or expiration of this License Agreement will not
relieve the Parties of any liability or obligation which accrued hereunder prior to the effective date of such
termination or expiration nor preclude either Party from pursuing all rights and remedies it may have hereunder or at law
or in equity with respect to any breach of this License Agreement nor prejudice either Party’s right to obtain
performance of any obligation. All other rights and obligations will terminate upon expiration of this License Agreement.

 

11.       General
Provisions.

 

11.1       Dispute
Resolution.

 

(a)       Disputes.
Disputes arising under or in connection with this License Agreement will be resolved pursuant to this Section 11.1; provided,
however, that in the event a dispute cannot be resolved without an adjudication of the rights or obligations of a Third
Party (other than any CureVac Indemnitees or Arcturus Indemnitees identified in Section 9.6), the dispute procedures set
forth Sections 11.1(c) and 11.1(c) will be inapplicable as to such dispute.

 

(b)       Dispute
Escalation. In the event of a dispute between the Parties, the Parties will first attempt in good faith to resolve
such dispute by negotiation and consultation between themselves. In the event that such dispute is not resolved on an
informal basis within thirty (30) days, either Party may, by written notice to the other, have such dispute referred to
each Party’s Chief Executive Officer or his or her designee (who will be a senior executive with the appropriate
authority to determine the matter for such party), who will attempt in good faith to resolve such dispute by negotiation and
consultation for a thirty (30) day period following receipt of such written notice

 

(c)       Dispute
Resolution. In the event the Chief Executive Officers of the Parties are not able to resolve such dispute as set
forth above, the Parties agree to try to solve such dispute amicably by mediation. The Parties shall conduct a mediation
procedure according to the Mediation Rules of the World Intellectual Property Organization (WIPO) in effect on the date
of the commencement of the mediation proceedings. The location of the mediation proceedings will be New York City, New
York, U.S.. The number of mediators will be one (1). The language of the mediation proceedings will be English. If the
dispute has not been settled pursuant to the said rules within sixty (60) days following the filing of a request for
mediation or within such other period as the Parties may agree in writing, either Party may submit the dispute to final
and binding arbitration. Any dispute relating to the validity performance, construction or interpretation of this License
Agreement, which cannot be resolved amicably between the Parties after following the procedure set forth in this Section
11.1, shall be submitted to arbitration in accordance with the Arbitration Rules of WIPO in effect on the date of the
commencement of the arbitration proceedings. The location of the arbitration proceedings will be New York City, New York,
U.S.. The number of arbitrators will be three (3). The language of the arbitration proceeding will be English. The
decision of the arbitrators shall be final and binding upon the Parties (absent manifest error on the part of the
arbitrator(s)) and enforceable in any court of competent jurisdiction.

 

     

     

    

 

11.2       Relationship
of Parties. Nothing in this License Agreement is intended or will be deemed to constitute a partnership, agency,
employer-employee or joint venture relationship between the Parties. No Party will incur any debts or make any
commitments for the other, except to the extent, if at all, specifically provided therein. There are no express or implied
third party beneficiaries hereunder (except for CureVac Indemnitees and Arcturus Indemnitees for purposes of Section
9.6). For clarity, CureVac does not grant to Arcturus any rights or licenses under this License Agreement to any CureVac
technology or intellectual property rights.

 

11.3       Compliance
with Law. Each Party will perform or cause to be performed any and all of its obligations or the exercise of any and all
of its rights hereunder in good scientific manner and in compliance with all applicable Law.

 

11.4       Governing
Law. This License Agreement will be governed by and construed in accordance with the Laws of the State of New York, U.S.,
without respect to its conflict of Laws rules.

 

11.5       Counterparts;
Facsimiles. This License Agreement may be executed in one or more counterparts, each of which will be deemed an
original, and all of which together will be deemed to be one and the same instrument. Facsimile or PDF execution and delivery
of this License Agreement by either Party will constitute a legal, valid and binding execution and delivery of this License
Agreement by such Party.

 

11.6       Headings.
All headings in this License Agreement are for convenience only and will not affect the meaning of any provision hereof.

 

11.7       Waiver
of Rule of Construction. Each Party has had the opportunity to consult with counsel in connection with the review,
drafting and negotiation of this License Agreement. Accordingly, the rule of construction that any ambiguity in this License
Agreement will be construed against the drafting party will not apply.

 

11.8       Interpretation.
Whenever any provision of this License Agreement uses the term “including” (or “includes”), such
term will be deemed to mean “including without limitation” (or “includes without limitations”).
 “Herein,” “hereby,” “hereunder,” “hereof” and other equivalent words
refer to this License Agreement as an entirety and not solely to the particular portion of this License Agreement in
which any such word is used. All definitions set forth herein will be deemed applicable whether the words defined are
used herein in the singular or the plural. Unless otherwise provided, all references to Sections and Appendices in this
License Agreement are to Sections and Appendices of this License Agreement. References to any Sections include Sections and
subsections that are part of the related Section.

 

11.9       Binding
Effect. This License Agreement will inure to the benefit of and be binding upon the Parties, their Affiliates, and their
respective lawful successors and assigns.

 

11.10       Assignment.
This License Agreement may not be assigned by either Party, nor may either Party delegate its obligations or otherwise
transfer licenses or other rights created by this License Agreement, except as expressly permitted hereunder or otherwise
without the prior written consent of the other Party, which consent will not be unreasonably withheld, delayed or
conditioned; provided that either Party may assign this License Agreement without such consent to an Affiliate or to
its successor in connection with sale of all or substantially all of its assets or business or that portion of its
business pertaining to the subject matter of this License Agreement (whether by merger, consolidation or otherwise).

 

    38

     

    

 

11.11       Notices.
All notices, requests, demands and other communications required or permitted to be given pursuant to this License
Agreement will be in writing and will be deemed to have been duly given upon the date of receipt if delivered by hand,
recognized international overnight courier, or registered or certified mail, return receipt requested, postage prepaid or
facsimile (and promptly confirmed by personal delivery, registered or certified mail or overnight courier) to the following
addresses (or to such address as a Party may subsequently provide by written notice in accordance with this Section
11.11):

 

If to CureVac:        CureVac AG

 

Paul-Ehrlich-Str. 15

72076 Tübingen

Germany

Attention: CEO and General Counsel

Fax: +49 7071 9883 – 1101

 

If to Arcturus:       Arcturus Therapeutics Inc.

 

10628 Science Center Drive

Suite 200

San Diego, California 92121 USA

Attn:   Chief Executive Officer

Copy to: General Counsel

Fax: (858) 300-5028

 

with a copy to (which copy shall not constitute notice):

 

Cooley LLP

3175 Hanover St.

Palo Alto, CA 94303

Attn: Glen Y. Sato

Fax: (650) 849-7400

 

11.12       Amendment
and Waiver. This License Agreement may be amended, supplemented, or otherwise modified only by means of a written
instrument signed by both Parties; provided that any unilateral undertaking or waiver made by one Party in favor of
the other will be enforceable if undertaken in a writing signed by the Party to be charged with the undertaking or waiver.
Any waiver of any rights or failure to act in a specific instance will relate only to such instance and will not be construed
as an agreement to waive any rights or fail to act in any other instance, whether or not similar.

 

11.13       Severability.
In the event that any provision of this License Agreement will, for any reason, be held to be invalid or unenforceable in
any respect, such invalidity or unenforceability will not affect any other provision hereof, and the Parties will negotiate
in good faith to modify the License Agreement to preserve (to the extent possible) their original intent.

 

    39

     

    

 

11.14       Entire
Agreement. This License Agreement together with the Development and Option Agreement and any other license agreements
entered into during the Term pursuant to the Development and Option Agreement are the sole agreement with respect to the
subject matter hereof and supersedes all other agreements and understandings between the Parties with respect to same.

 

11.15       Force
Majeure. Neither Arcturus nor CureVac will be liable for failure of or delay in performing obligations set forth in
this License Agreement (other than any obligation to pay monies when due), and neither will be deemed in breach of such
obligations, if such failure or delay is due to natural disasters or any causes reasonably beyond the control of Arcturus
or CureVac; provided that the Party affected will promptly notify the other of the force majeure condition and will
exert reasonable efforts to eliminate, cure or overcome any such causes and to resume performance of its obligations as
soon as possible.

 

    40

     

    

 

Appendix 1.3

 

Description of the Arcturus LMD Technology

 

[To
be completed in accordance with Section 5.2 of the Development and Option Agreement.]

  

     

     

    

 

Appendix 1.4

 

Patents and Know-How within the Arcturus
Technology

as of the License Agreement Effective Date

 

[To
be updated in accordance with Section 5.2 of the Development and Option Agreement.]]

 

		(A)	Patents

 

ARCTURUS LMD TECHNOLOGY

 

[*****]

 

     

     

    

 

[*****]

 

		(B)	Know-How

 

[*****]

 

     

     

    

 

Appendix 1.28

 

Joint Interest Patents

 

[To be completed in accordance with
Section 5.2 of the Development and Option Agreement and updated during the Term] 

 

     

     

    

 

Appendix 1.51

 

Pre-Existing Restrictions

 

		•	[*****]

 

     

     

    

 

Appendix 1.60

 

Description of the Target

 

The description for
a Target described in sub-clause (a) of the definition of Target shall include the following information:

 

		a.	[*****];

 

		b.	[*****]; and

 

		c.	[*****]; and

 

		d.	[*****]

 

The description for a Target described
in sub-clause (b) of the definition of Target shall include the following information:

 

		a.	[*****]

 

     

     

    

  

The description for a Target described
in sub-clause (c) of the definition of Target shall include the following information:

 

a.       [*****];
and

 

b.       [*****]

 

     

     

    

 

  

Schedule 1-B

 

Exclusive
License Agreement

 

by and between

 

CureVac
AG

 

and

 

Arcturus
Therapeutics Inc.

 

Dated

 

May 3, 2018

  

     

     

    

 

Table of Contents

 

	1.	DEFINITIONS.	4
	 	 
	2.	LICENSE GRANTS; TECHNOLOGY TRANSFER.	13
	 	 
	3.	LICENSE LIMITATIONS.	15
	 	 
	4.	PAYMENTS AND ROYALTIES.	15
	 	 
	5.	OWNERSHIP AND INVENTORSHIP OF IP.	21
	 	 
	6.	PATENT PROSECUTION AND MAINTENANCE.	21
	 	 
	7.	PATENT ENFORCEMENT AND DEFENSE.	23
	 	 
	8.	CONFIDENTIALITY.	27
	 	 
	9.	WARRANTIES; LIMITATIONS OF LIABILITY; INDEMNIFICATION.	29
	 	 
	10.	TERM AND TERMINATION.	34
	 	 
	11.	GENERAL PROVISIONS.	37

  

    2

     

    

 

List of Appendices

 

	Appendix 1.3	Description of the Arcturus LMD Technology
	 	 
	Appendix 1.4	Patents and Know-How within the Arcturus Technology as of the License
    Agreement Effective Date
	 	 
	Appendix 1.28	Joint Interest Patents
	 	 
	Appendix 1.50	Pre-Existing Restrictions
	 	 
	Appendix 1.59	Description of the Target

 

    3

     

    

 

License Agreement

 

This License
Agreement (“License Agreement”), effective as of delivery of an Acceptance Notice in accordance with
Section 5.1(b) of the Development and Option Agreement (as defined below) (the “License Agreement Effective
Date”), is made by and between Arcturus Therapeutics Inc., a Delaware corporation (“Arcturus”),
and CureVac AG, a German stock corporation with offices at Paul-Ehrlich-Strasse 15, 72076 Tuebingen, Germany
(“CureVac”). Each of Arcturus and CureVac may be referred to herein as a “Party” or
together as the “Parties.”

 

WHEREAS,
Arcturus has expertise and intellectual property relating to the development of LMD Technologies (as defined below) that
embody or incorporate delivery systems (and components thereof) for molecular therapeutics based on or incorporating
lipid-enabled and unlocked nucleomonomer platform for delivery of nucleic acids as specified in Appendix 1.3, the
Arcturus LMD Technology; and

 

WHEREAS, CureVac
has expertise and intellectual property relating to mRNA Constructs (as defined below); and

 

WHEREAS,
Arcturus and CureVac are parties to that certain Development and Option Agreement (dated January 1, 2018, and amended as
of May 3, 2018) (the “Development and Option Agreement”) pursuant to which CureVac has options to take
licenses under the Arcturus LMD Technology (as defined below) with respect to CureVac’s mRNA Constructs; and

 

WHEREAS,
pursuant to the terms of the Development and Option Agreement, CureVac has exercised an option to obtain a license
pursuant to this Agreement with respect to the Target (as defined below) and the Parties are now entering into a licensing
arrangement whereby CureVac will have a license under the Arcturus LMD Technology to develop and commercialize Licensed
Products (as defined below) with respect to such Target.

 

WHEREAS, the
Parties intend to also co-develop an ornithine transcarbamylase (“OTC”) deficiency product and possibly other
products under a separate co-development and co-commercialization agreement (“Co-Development
Agreement”).

 

NOW,
THEREFORE, in consideration of the mutual covenants contained herein, and for other good and valuable consideration, the
amount and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

 

1.       Definitions.

 

The following terms and their correlatives
will have the following meanings:

 

1.1       “Affiliate”
of a person or entity means any other entity which (directly or indirectly) is controlled by, controls or is under common
control with such person or entity. For the purposes of this definition, the term “control” (including, with
correlative meanings, the terms “controlled by” and “under common control with”) as used with respect
to an entity will mean (i) in the case of a corporate entity, direct or indirect ownership of voting securities entitled to
cast at least fifty percent (50%) of the votes in the election of directors or (ii) in the case of a non-corporate entity,
direct or indirect ownership of at least fifty percent (50%) of the equity interests with the power to direct the management
and policies of such entity provided that if local Law restricts foreign ownership, control will be established by direct or
indirect ownership of the maximum ownership percentage that may, under such local Law, be owned by foreign interests.
[*****].

 

    4

     

    

  

1.2       “Arcturus
Indemnitees” has the meaning set forth in Section 9.6(a).

 

1.3       “Arcturus
LMD Technology” means any and all LMD Technology for delivering RNA therapeutics that is Controlled by Arcturus
or any of its Affiliates as of the Effective Date or during the Term, including the LUNARTM platform, a description of
which technology, as in existence as of the License Agreement Effective Date, is set forth on Appendix 1.3.

 

1.4       “Arcturus
Technology” means any Patents and Know-How that are Controlled by Arcturus or any of its Affiliates as of the
License Agreement Effective Date or during the Term and that are necessary or useful for the research, development,
manufacturing and commercialization of Licensed Products. The Patents and Know-How comprised in the Arcturus Technology as of
the License Agreement Effective Date are listed in Appendix 1.4. Arcturus Technology shall include the Arcturus LMD
Technology. Notwithstanding the foregoing, Arcturus Technology shall exclude

 

(a)       any
Patents and Know-How acquired by Arcturus after License Agreement Effective Date if Arcturus is required to make any
payment to a Third Party in connection with the grant, maintenance or exercise of a sublicense to CureVac, unless CureVac
agrees in writing to reimburse Arcturus for all such payments; provided, however, that such payments shall reduce
CureVac’s royalty obligations in accordance with Section 4.3(b),

 

(b)       any
Patents and Know-How of a Third Party (including its Affiliates) that becomes Arcturus’ Affiliate after the License
Agreement Effective Date as a results of a Change of Control, but only if and to the extent that it is not LMD Technology,
and

 

(c)       any
Patents that CureVac elects to exclude pursuant to Section 2.3.

 

1.5       “Arcturus
Technology Patent(s)” means any and all Patents comprised in the Arcturus Technology during the Term, unless
otherwise set forth herein. For clarity, Arcturus Technology Patents include Arcturus’ interest in the Joint Interest
Patents.

 

1.6       “Business
Day” means a day other than a Saturday, Sunday, or bank or other public holiday in San Diego, California, USA or
Tübingen, Germany or Boston, Massachusetts, USA.

 

1.7       “cGMP”
means current Good Manufacturing Practices as specified in the U.S. C.F.R., ICH Guideline Q7A, or equivalent Laws of an
applicable Regulatory Authority at the time of manufacture.

 

1.8       “Calendar
Quarter” means the respective periods of three (3) consecutive calendar months ending on March 31, June 30,
September 30 and December 31.

 

    5

     

    

 

1.9       “Change
of Control” with respect to Arcturus, shall be deemed to have occurred if during the Term (i) any person or
entity is or becomes the “beneficial owner”, directly or indirectly, of shares of capital stock or other
interests (including partnership interests) of Arcturus then outstanding and normally entitled (without regard to the
occurrence of any contingency) to vote in the election of the directors, managers or similar supervisory positions of
Arcturus representing fifty percent (50%) or more of the total voting power of all outstanding classes of voting stock of
Arcturus or has the power, directly or indirectly, to elect a majority of the members of Arcturus’ board of
directors, or similar governing body; or (ii) Arcturus enters into a merger, consolidation or similar transaction
with another person or entity; or (iii) Arcturus sells or transfers to any Third Party, in one (1) or more related
transactions, properties or assets representing all or substantially all of Arcturus’ consolidated total assets to
which this License Agreement relates, provided however, that:

 

(a)       subsections
(i) to (iii) shall only apply if the person or entity or Third Party acquiring control is (i) a pharmaceutical company
which has experience in developing and commercializing pharmaceutical products (i.e., is a strategic, not financial
investor or partner) or (ii) a competitor, i.e., a company whose business consists principally of mRNA development,
manufacturing and/or commercialization, and

 

(b)       a
bona fide financing transaction with Third Parties that does not otherwise meet the requirements of subsection (a) shall not
constitute a Change of Control.

 

1.10       “Combination
Product” means a Licensed Product that includes at least one additional active pharmaceutical ingredient other
than LMDs, mRNA Constructs, and other RNAs (i.e., Guide RNA(s)) or DNA Sequence(s). Drug delivery vehicles, adjuvants,
and excipients shall not be deemed to be “active ingredients”, except in the case where such delivery
vehicle, adjuvant, or excipient is recognized as an active ingredient in accordance with 21 C.F.R. 210.3(b)(7) or equivalent
Laws in other jurisdictions, provided however, should LMDs comprised in a Licensed Product be characterized as
 “active ingredients” at any time during the Term, such LMDs will not be considered an “active
ingredient” for the purposes of this definition.

 

1.11       “Confidential
Information” of a Party means all proprietary Know-How, unpublished patent applications and other non-public
information and data of a financial, commercial, business, operational, scientific or technical nature of such Party that
is disclosed by or on behalf of such Party or any of its Affiliates or otherwise made available to the other Party or any of
its Affiliates, whether made available orally, in writing or in electronic form in connection with this License
Agreement, including information comprising or relating to concepts, discoveries, inventions, data, designs or formulae
in connection with this License Agreement. In addition, any non-public information related to this License Agreement or
the Licensed Products hereunder and disclosed by a Party to the other Party (or their respective Affiliates) under the
Development and Option Agreement will be deemed such Party’s Confidential Information hereunder. Technology will be
considered the Confidential Information of the Party (or Parties) owning such Technology, and jointly-owned Technology will
be considered Confidential Information of both Parties.

 

1.12       “Control”
or “Controlled” means with respect to Technology, a Party owns or has a license to use and practice the
respective Patent or Know-How without violating the terms of any agreement with any Third Party.

 

1.13       “CTA”
means a clinical trial application.

 

    6

     

    

 

1.14       “CureVac
Indemnitees” has the meaning set forth in Section 9.6(b).

 

1.15       “Development
and Option Agreement” has the meaning set forth in the Preamble.

 

1.16       “Diligent
Efforts” means, with respect to the efforts to be expended by each Party with respect to the activities of a
Party pursuant to this Agreement, active and sustained efforts to conduct the applicable activity, or to attempt to achieve
the applicable requirement or goal, in a prompt and expeditious manner, as is reasonably practicable under the circumstances
(including the level of FTE funding and budget for out-of-pocket and Third Party contractors set forth therein) and the terms
of this Agreement.

 

1.17       “Disclosing
Party” has the meaning set forth in Section 8.1

 

1.18       “Field
of Use” means the treatment and diagnosis of all diseases and conditions.

 

1.19       “First
Commercial Sale” means the first sale for use or consumption of any Licensed Product in a country after all
required Regulatory Approvals for commercial sale of such Licensed Product have been obtained in such country.

 

1.20       “FTE”
means a full-time person, or more than one person working the equivalent of a full-time person, where
 “full-time” is determined by the standard practices in the biopharmaceutical industry in the geographic area in
which such personnel are working, consisting of a total of 1880 hours per year of work on the applicable activities. Any
person who devotes less than 1880 hours per year on the applicable activities shall be treated as an FTE on a pro-rated
basis, based upon the actual number of hours worked by such person on such activities, divided by 1880. Any person who
devotes more than 1880 hours per year on the applicable activities shall be treated as one (1) FTE, i.e., in no event
shall one person be counted as more than one FTE. FTE activities shall include the performance of the applicable
activities and scientific management oversight, as reasonably required, but, for clarity, exclude (i) the work of general
corporate or administrative personnel, overhead (including facilities costs), insurances and similar costs.

 

1.21       “FTE
Costs” means an initial rate of [*****] Dollars ($[*****]) per FTE per year, which
shall apply through December 31, 2019. Thereafter, the FTE Rate shall be changed bi-annually at the end of each second
calendar year to reflect any percentage increase or decrease (as the case may be) in the Consumer Price Index in the U.S.
(index for all items) (“CPI”) (based on the change in the CPI from the most recent index available as of
the Effective Date to the most recent index available as of the date of the calculation of such revised FTE Cost rate).

 

1.22       “IND”
means an investigational new drug application, or equivalent application or submission for approval to conduct human clinical
trials.

 

1.23       “Indemnification
Claim Notice” has the meaning set forth in Section 9.6(c).

 

1.24       “Indemnified
Party” has the meaning set forth in Section 9.6(c).

 

1.25       “Indication”
means an individual disease or clinical condition with respect to which at least one adequate
 and well controlled study
is required to support inclusion of such disease or condition in the indication statement of an FDA approved package insert
for a Licensed Product.

 

    7

     

    

 

1.26       “Initiation”
means in connection with a clinical trial in any of its phases 1 through 3 the first dosing of the fifth patient or fifth
healthy subject.

 

1.27       “Inventions”
has the meaning set forth in Section 5.1.

 

1.28       “Joint
Interest Patents” means the Patents generated under the Development and Option Agreement and jointly owned by the
Parties. Such Joint Interest Patents are listed in Appendix 1.28 hereto, as amended from time to time.

 

1.29       “Know-How”
means all commercial, technical, scientific and other know-how and information, trade secrets, knowledge, technology,
methods, processes, practices, formulae, instructions, skills, techniques, procedures, experiences, ideas, technical
assistance, designs, drawings, assembly procedures, computer programs, specifications, data and results (including
biological, chemical, pharmacological, toxicological, pharmaceutical, physical and analytical, preclinical, clinical, safety,
manufacturing and quality control data and know-how, including study designs and protocols), in all cases, provided it is
confidential and proprietary, and regardless of whether patentable, in written, electronic or any other form now known or
hereafter developed.

 

1.30       “Late
Stage Development” means Development after the Initiation of a Phase 3 Study.

 

1.31       “Law”
or “Laws” means all laws, statutes, rules, regulations, orders, judgments, or ordinances having the effect
of law of any federal, national, multinational, state, provincial, county, city or other political subdivision.

 

1.32       “License
Agreement” has the meaning set forth in the Preamble.

 

1.33       “License
Agreement Effective Date” has the meaning set forth in the Preamble.

 

1.34       “Licensed
Product” means [*****] product comprised of (i) LMD systems, which are covered by Arcturus LMD
Technology; and containing (ii) one or more mRNA Constructs as the active pharmaceutical ingredient(s) intended to
express the Target. In case of two or more mRNA Constructs these constructs may be contained in the same or separate LMDs.
Licensed Product includes mRNA-LMD products which are administered jointly or separately, and mRNA-LMD products which are
administered simultaneously or sequentially as a combination medicinal product or treatment. For Gene Editing purposes a
Licensed Product may contain other RNA(s) (i.e., Guide RNA(s)) and/or DNA Sequence(s) which can be delivered together or
separately (combined in one LMD or delivered in separate LMDs), in addition to the one or more mRNA Constructs intended to
express the DNA Editing Protein.

 

1.35       “LMD
Technology” means Technology Controlled by Arcturus that claims, embodies or incorporates delivery systems (and
components thereof) based on or incorporating lipid-mediated delivery (LMD) systems.

 

1.36       “Losses”
has the meaning set forth in Section 9.6(a).

 

    8

     

    

 

1.37       “Materials”
means any tangible chemical or biological material, including any compounds, LMD, DNA, RNA (including mRNA), clones,
cells, and any expression product, progeny, derivative or other improvement thereto, along with any tangible chemical or
biological material embodying any Know-How, Controlled by Arcturus.

 

1.38       “mRNA
Construct” means any mRNA construct for the expression of a protein, including the sequence of such construct
(which potentially comprises one (1) or more of a cap, 5’ UTR, the associated open reading frame, 3’UTR and a
poly A tail), the chemistry of natural and non-natural nucleic acids, and other chemical modifications associated with such
construct, such mRNA Construct being covered by mRNA Technology.

 

1.39       “mRNA
Technology” means Technology Controlled by CureVac that claims, embodies or incorporates expression systems (and
components thereof), based on or incorporating mRNA.

 

1.40       “Milestones”
means the milestones payable pursuant to Section 4.1.

 

1.41       “Milestone
Event” has the meaning set forth in Section 4.1.

 

1.42       “Milestone
Payment” has the meaning set forth in Section 4.1.

 

1.43       “Net
Sales” means, with respect to any Licensed Product, the gross amount received by CureVac and its Affiliates and
Sublicensees for bona fide sales of such Licensed Product to a Third Party (other than Affiliates and Sublicensees but
including distributors for resale), less deductions, in each case to the extent reasonable, customary, actually allowed and
taken in connection with the sale of such Licensed Product and not otherwise recovered or reimbursed:

 

(a)       discounts
(including cash, quantity and patient program discounts), retroactive price reductions, commissions, charge-back payments
and rebates granted to managed health care organizations or to federal, state and local governments, their agencies, and
purchasers and reimbursers or to trade customers;

 

(b)       credits
or allowances actually granted upon claims, damaged goods, rejections or returns of, such Licensed Product and not in
excess of the selling price of such Product, including such Licensed Product returned in connection with recalls or
withdrawals;

 

(c)       freight
out, postage, shipping and insurance charges for delivery of such Licensed Product;

 

(d)       taxes
or duties levied on, absorbed or otherwise imposed on the sale of such Licensed Product, including value-added taxes, or
other governmental charges otherwise imposed upon the billed amount, as adjusted for rebates and refunds; and

 

(e)       wholesaler
and distributor administration fees

 

(f)       other
customary deductions taken in the ordinary course of business in accordance with IFRS (International Financial Reporting
Standards) principles.

 

If a single item falls into more than one
of the above categories above, such items will not be deducted more than once.

 

    9

     

    

 

Net Sales shall not include any
payments among CureVac, its Affiliates and Sublicensees. Net Sales shall be determined in accordance with generally
accepted accounting principles, consistently applied across all products. Net Sales for any Combination Product shall be
calculated on a country-by-country basis by multiplying actual Net Sales of such Combination Product by the fraction
A/(A+B), where A is the weighted average price paid for the Licensed Product contained in such Combination Product sold
separately in finished form in such country, and B is the weighted average invoice price paid for the other active
ingredients contained in such Combination Product sold separately in finished form in such country, if such Licensed Product
and such other active ingredients are each sold separately in such country.

 

If such other active ingredients are not
sold separately in such country, then Net Sales for such Combination Product shall be calculated on a country-by-country
basis by multiplying actual Net Sales of such Combination Product by the fraction A/C, where C is the weighted average
invoice price paid for such Combination Product in such country. If such Licensed Product is not sold separately in
finished form in such country, Net Sales for such Licensed Product will be determined by CureVac’s good faith
estimate of the relative contribution of such Licensed Product and each such other active ingredients in such Combination
Product, and shall take into account in good faith any applicable allocations and calculations that may have been made for
the same period in other countries.

 

1.44       “Non-Rare
Disease Target” means a Target that addresses at a first place an indication related to a Licensed Product with
an incidence of equal to or more than [*****] in [*****] people in the U.S. or EU. The indication
for which the first IND or CTA application will be filed will determine whether a Target is a Non-Rare Disease Target.

 

1.45       “Patent(s)”
means (a) an issued patent, a patent application, and a future patent issued from any such patent application, (b) a
future patent issued from a patent application filed in any country worldwide which claims priority from a patent or
patent application of (a), and (c) any additions, divisions, continuations, continuations-in-part, invention
certificates, substitutions, reissues, reexaminations, extensions, registrations, utility models, supplementary
protection certificates and renewals based on any patent or patent application under (a) or (b), but not including any
rights that give rise to regulatory exclusivity periods (other than supplementary protection certificates, which will be
treated as “Patents” hereunder)

 

1.46       “Patent
Costs” means the reasonable, documented, out-of-pocket costs and expenses paid to outside legal counsel, and
filing and maintenance expenses, actually and reasonably incurred by a Party in prosecuting and maintaining Patents with
respect to Licensed Products and enforcing and defending them.

 

1.47       “Phase
1 Study” means a human clinical trial of a Licensed Product in any country that would satisfy the requirements of
21 CFR 312.21(a) or corresponding foreign regulations.

 

1.48       “Phase
2 Study” means a human clinical trial of a Licensed Product in any country that would satisfy the requirements of
21 CFR 312.21(b) or corresponding foreign regulations.

 

    10

     

    

 

1.49       “Phase
3 Study” means a human clinical trial of a Licensed Product in any country that would satisfy the requirements of
21 CFR 312.21(c) or corresponding foreign regulations.

 

1.50       “Pre-Existing
Restrictions” means, with respect to the Target, those certain prosecution, enforcement and defense rights
granted by Arcturus or its Affiliates to a Third Party(ies) with respect to the Patents pursuant to the bona fide written
agreement(s) set forth on Exhibit 1.50 hereto as such bona fide written agreement(s) were in effect as of the
Effective Date of the Development and Option Agreement. For clarity, the exercise of such foregoing rights by a Third Party
with respect to Patents that are not specific to the Target or Licensed Products shall be deemed a Pre-Existing
Restriction.

 

1.51       “Rare
Disease Target” means a Target that addresses at a first place an indication related to a Licensed Product with an
incidence of less than [*****] in [*****] people in the U.S. or EU. The indication for which the
first IND or CTA application will be filed will determine whether a Target is a Rare Disease Target.

 

1.52       “Receiving
Party” has the meaning set forth in Section 8.1.

 

1.53       “Regulatory
Approval” means, with respect to a country or extra-national territory, any and all approvals (including BLAs
and MAAs), licenses, registrations or authorizations of any Regulatory Authority necessary in order to commercially
distribute, sell or market a product in such country or some or all of such extra-national territory, including solely to the
extent required as a condition to commercial sale to end users, any pricing or reimbursement approvals.

 

1.54       “Regulatory
Authority” means any national (e.g., the FDA), supra-national (e.g., the EMA), regional, state or local
regulatory agency, department, bureau, commission, council or other governmental authority, in any jurisdiction in the world,
involved in the granting of Regulatory Approval.

 

1.55       “Royalty
Reduction” has the meaning set forth in Section 4.3(b).

 

1.56       “Royalty
Term” has the meaning set forth in Section 4.3(d).

 

1.57       “Sublicensee”
means any Third Party that is granted a sublicense as permitted by Section 2.2, either directly by CureVac or its Affiliates
or indirectly by any other Sublicensee hereunder.

 

1.58       “Sublicense
Income” means the fees and other payments, including upfront payments as well as development, regulatory
milestone payments received by CureVac or its Affiliates from a Sublicensee, excluding: (a) royalty payments and net
sales milestones; (b) reimbursement of costs and expenses, including for patent prosecution and enforcement and (c)
equity or premium on equity and (d) loans or loans forgiven either (i) as a result of financial distress of the borrower or
(ii) that are not specific to the Licensed Product.

 

1.59       “Target”
means the Target identified in Appendix 1.59 hereto. The Target includes

 

    11

     

    

 

(a)       up
to N (N= [*****]) proteins, including all possible combinations resulting from removing one of the N proteins
(N minus [*****] proteins), together with all variants of such proteins, including the wild type, naturally
occurring variants, engineered variants wherein modifications to the native amino acid sequence have been introduced (for
example, mutated versions, derivatives or fragments), and species homologs, orthologs thereof; provided,
however, that any such naturally occurring variant, engineered variant, or species homolog or ortholog possesses
substantially similar biological activity to the naturally occurring protein; and

 

(b)
[*****] antigens of a given pathogen, including [*****] antigen and any combination of such
antigens, together with all variants of such antigens, including the wild type, naturally occurring variants, engineered
variants wherein modifications to the native amino acid sequence have been introduced (for example, mutated versions,
derivatives or fragments), and species homologs, orthologs thereof, provided, however, that any such naturally
occurring variant, engineered variant, or species homolog or ortholog possesses substantially similar biological activity to
the naturally occurring antigen; and

 

(c) a DNA
Target, provided, however, that the first DNA Target for each DNA Editing Protein would not count as a Target.
Each subsequent DNA Target for this DNA Editing Protein would count as a Target. For clarity, a DNA Editing Protein would be
defined as a Target under (a) above and count as a single Target.

 

If a given
protein, e.g., an antibody or enzyme, comprises separated amino acid chains which might be delivered by separated mRNA
Constructs, such proteins would be defined as one Target.

 

1.60       “Technology”
means collectively Patents and Know-How.

 

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

 

1.62       “Territory”
means worldwide.

 

1.63       “Third
Party” means any person or entity other than CureVac, Arcturus and their respective Affiliates.

 

1.64       “Third
Party Claims” has the meaning set forth in Section 9.6(a).

 

1.65       “Valid
Claim” means a claim of

 

(a)       an
issued and unexpired patent (as may be extended through supplementary protection certificate or patent term extension) or

 

(b)       a
pending patent application, provided, however, that once the priority date or earliest filing date to which the
pending patent application refers is more than seven years old, such claim shall not constitute a Valid Claim for purposes of
this License Agreement anymore, unless and until a patent issues with such claim included in the Arcturus Technology Patents,
which claim has not been revoked, held invalid or unenforceable by a patent office, court or other governmental agency of
competent jurisdiction in a final and non-appealable decision (or decision from which no appeal was taken within the
allowable time period) and has not been disclaimed, denied, abandoned or admitted to be invalid or unenforceable through
reissue, re-examination or disclaimer or otherwise.

 

    12

     

    

 

2.       License
Grants; Technology Transfer.

 

2.1       Licenses
by Arcturus. Subject to the terms and conditions of this License Agreement, Arcturus hereby grants to CureVac an
exclusive license, with the right to sublicense in multiple tiers under the Arcturus Technology Patents and the Arcturus
Know-How, in each case solely to develop, have developed, make, have made, use and have used, sell, offer for sale, have sold
and import and have imported Licensed Products in the Field of Use in the Territory.

 

2.2       Sublicensing
Rights.

 

(a)       CureVac
Sublicenses. The licenses granted in Section 2.1 may be sublicensed (with the right to sublicense through multiple
tiers), in full or in part, by CureVac, its Affiliates or Sublicensees to CureVac’s Affiliates and Third Parties
provided, that for any sublicense:

 

(i)Each
sublicense will be in writing (provided, however, that not each sublicense to Affiliates must be in writing) and
on terms consistent with and subject to the terms of this License Agreement, including but not limited to the limitations
on patent prosecution, enforcement and defense rights of such Sublicensee as set forth in Sections 6.1(d) and
7.2(e);

 

(ii)CureVac
will be responsible for any and all obligations of such Sublicensee (including Affiliates and Sublicensees) as if such
Sublicensee were CureVac hereunder;

 

(iii)CureVac
provide to Arcturus a copy of such sublicense agreement within thirty (30) days of execution (which copy may be redacted
for terms that are not otherwise required to confirm conformance with the terms of this License Agreement); and

 

(iv)Any
sublicense granted by CureVac (and any further sublicenses) to any rights licensed to it hereunder shall terminate
immediately upon the termination of this License Agreement, provided that for sublicense to a Third Party, such
sublicensed rights shall not terminate if, as of the effective date of such termination pursuant to Sections 10.2,
10.3(a) or 10.4, such Sublicensee is not in material default of its obligations under its sublicense agreement, and
within [*****] days of such termination and the disclosure of this License Agreement to the
Sublicensee, the Sublicensee agrees in writing to be bound directly to Arcturus under a license agreement substantially
similar to this License Agreement with respect to the rights sublicensed hereunder, substituting such Sublicensee for
CureVac.

 

(b)       Subcontractors. For
clarity purposes, CureVac is entitled to engage contract research organizations and contract manufacturing organizations for
the development and manufacture of Licensed Products on behalf of CureVac. To the extent such contract organizations require
a license to perform such subcontracted activities under applicable Laws, CureVac is entitled to grant a limited license
solely to perform the work for which the subcontractor is engaged, without an obligation to meet the conditions of Section
2.2
 (a)(iii).

 

    13

     

    

 

(c)       Technology
Transfer. Following the License Agreement Effective Date, Arcturus will use Diligent Efforts to transfer the
formulation process for the Licensed Products that are intended to express the Target to CureVac or a reputable and
competent GMP manufacturer selected by CureVac and reasonably acceptable to Arcturus. Upon written request by CureVac,
Arcturus will conduct a technology transfer to CureVac and/or its designee(s). Arcturus will make its personnel available
without charge for a total of [*****] hours during normal working hours for such transfer, and for
additional hours in excess of [*****] up to a total of [*****] hours to be invoiced monthly at
the then current FTE Cost. Such designee(s) may be an Affiliate, sublicensee or Third Party manufacturers selected by
CureVac and reasonably acceptable to Arcturus, and which Third Party manufacturers may also be a backup manufacturer or a
second manufacturer of Licensed Products as required for the applicable transferee of the then- current process. CureVac
shall reimburse Arcturus for the reasonable cost (including internal FTE Cost) incurred to conduct such technology transfer
as specified above.

 

2.3       Updates
to Appendix 1.4; Exclusion of Certain Patents. Arcturus shall notify CureVac at least once every
[*****] months of Patents that are added to the Arcturus Technology following the License Agreement Effective
Date or any Patents that have been abandoned or discontinued in accordance with the terms of this License Agreement.
Appendix 1.4 shall be deemed automatically updated to include any such added Patents, provided that with written notice
to Arcturus, CureVac may elect upon [*****] days’ irrevocable written notice to Arcturus to exclude any
particular Arcturus Technology Patents. Following any such written notice by CureVac, upon the expiration of the notice
period the identified Arcturus Technology Patents that CureVac specifies for exclusion from this License Agreement will no
longer be licensed to CureVac hereunder, and CureVac shall not have any rights (including rights pursuant to this Agreement)
under such Arcturus Technology Patents nor obligations hereunder with respect to such Arcturus Technology Patents. For
clarity, in the event that the Licensed Product is subsequently determined to be covered or otherwise infringe a Valid Claim
of any excluded patent hereunder, then such infringement shall be deemed to be a material breach of this License Agreement by
CureVac.

 

2.4       Documents
and Declarations. At CureVac’s reasonable request and cost and expense, Arcturus shall execute all documents,
deliver declarations regarding the licenses granted hereunder, and Arcturus shall reasonably cooperate with CureVac to
the extent such documents, declarations and/or cooperation are required to give effect to this License Agreement and/or for
the recording or registration of the licenses granted hereunder at the various patent offices in the Territory for the
benefit of CureVac, its Affiliates or their Sublicensees.

 

2.5       Diligence;
Reporting. CureVac shall use Diligent Efforts to develop, manufacture and commercialize Licensed Products in the
Field of Use in the Territory, and shall keep Arcturus reasonably informed as to the progress and results of its and its
Affiliates’ and Sublicensees’ development, manufacture and commercialization of the Licensed Product. Without
limiting the foregoing, CureVac shall provide Arcturus with a written report of the development, manufacture and
commercialization of the Licensed Product within [*****] days after the end of each calendar year, and shall
promptly respond to Arcturus reasonable questions or requests for additional information relating to such activities.

 

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2.6       Compliance.
CureVac shall at all times comply with all applicable Laws (including anti-bribery laws) in the development, manufacture
and commercialization of the Licensed Product and the performance of its other obligations under this License Agreement,
and shall not use any employee or consultant who has been debarred by any Regulatory Authority or, to CureVac’s
knowledge, is the subject of debarment proceedings by a regulatory authority.

 

2.7       Updates.
Arcturus shall inform CureVac within [*****] Business Days of intellectual property matters affecting the
Arcturus Technology Patents and the Arcturus Know-How of which it becomes aware that would reasonably be considered to
negatively impact the rights of CureVac pursuant to this Agreement.

 

2.8       Material.
CureVac shall have the right to retain Material provided by Arcturus under the Development and Option Agreement, to the
extent such Material is necessary or useful for the exercise of a CureVac’s rights or obligations under this License
Agreement. Following the License Agreement Effective Date, only the provisions of this License Agreement, but not of the
Development and Option Agreement, shall apply in relation to such Material.

 

3.       License
Limitations.

 

3.1       Reserved
Rights. No licenses or other rights are granted by Arcturus hereunder to use any trademark, trade name, trade dress
or service mark owned or otherwise Controlled by Arcturus or any of its Affiliates. All licenses and other rights are or
shall be granted only as expressly provided in this License Agreement, and no other licenses or other rights is or shall
be created or granted by either Party hereunder by implication, estoppel or otherwise. CureVac shall not, and shall not
permit any of its Affiliates or Sublicensees to, practice or use any Arcturus Technology outside of the scope of the
license granted to it under Section 2.1 or in contravention of Section 3.1. Arcturus retains the exclusive right to
practice, license and otherwise exploit the Arcturus Technology outside the scope of the licenses granted to CureVac
under Section 2.1 Notwithstanding the exclusive license granted to CureVac under Section 2.1, Arcturus retains the right
under the Arcturus Technology to perform, or have performed, Arcturus’ obligations under this License Agreement

 

3.2       Other
Licenses. Arcturus acknowledges the rights granted to CureVac pursuant to this Agreement and shall not grant licenses
under Arcturus Technology to Third Parties that are in conflict with this License Agreement it being understood that a
license to enable or implement any Pre-Existing Restriction with respect to the Target shall not be deemed a conflict
hereunder. In addition, Arcturus shall use Diligent Efforts to undertake that any licenses obtained from Third Parties will
be sublicensable to CureVac, to the extent required or useful for the Licensed Product, provided that CureVac shall be
responsible for an allocable portion of the payment and obligations that may be required in order to obtain rights with
respect to the Licensed Product pursuant to such Third Party agreement.

 

4.       Payments
and Royalties.

 

4.1       Milestone
Payments. CureVac will make milestone payments (each, a “Milestone Payment”) to Arcturus upon the
first occurrence of each of the milestone events (each, a “Milestone Event”) by Licensed Product as set
forth below in this Section 4.1. CureVac will notify Arcturus of the achievement of each Milestone Event (whether
achieved by CureVac, its Affiliates or Sublicensees) within (i) [*****] Business Days of such achievement,
if the Milestone Event is achieved by CureVac or its Affiliates, or (ii) [*****] Business Days of the receipt
by CureVac of a notification about the achievement, if the Milestone Event is achieved by a Sublicensee.

 

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Each Milestone Payment will be
non-refundable, non-creditable and payable to Arcturus by CureVac within [*****] days of delivery of an
invoice from Arcturus following notification from CureVac pursuant to the preceding paragraph, provided that if no such
notification is timely provided by CureVac, the Milestone Payment shall be deemed payable [*****] days after
(A) the achievement of such Milestone Event, if the Milestone Event is achieved by CureVac or its Affiliates, or (B)
after the receipt by CureVac of the notification from CureVac pursuant to Section 4.1(ii). For clarity, the term
 “non-refundable” is not intended to limit either Party’s rights to pursue damages arising from a breach of
this Agreement.

 

If one or more of the Milestone
Events set forth below are not achieved or not required for any reason, the payment for such skipped Milestone Event will be
due at the same time as the payment for the next achieved Milestone Event. For clarity: [*****].

 

For clarity, to the extent that a
Licensed Product is initiated against a Rare Disease Target and later expanded to a non-Rare Disease Target, then any and
all Milestone Payments not previously made shall be due and payable upon the achievement of the next non-Rare Disease
Milestone (e.g., [*****]).

 

	Milestone Event	Milestone Payment
	Rare Disease Targets	 
	[*****]	[*****]
	[*****]	[*****]
	[*****]	[*****]
	[*****]	[*****]
	[*****]	[*****]

 

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	Milestone Event	Milestone Payment
	[*****]	[*****]
	Non-rare Disease Targets	 
	[*****]	[*****]
	[*****]	[*****]
	[*****]	[*****]
	[*****]	[*****]
	[*****]	[*****]
	[*****]	[*****]

 

4.2        Sublicensing
Revenues.If within twenty-four (24) months after the License Agreement Effective Date CureVac grants a sublicense
to a Third Party under this License Agreement for the development and commercialization of Licensed Products, then
CureVac will pay to Arcturus [*****] of all Sublicense Income actually received by CureVac, to the extent
the Sublicense Income exceeds the Option Exercise Fee paid by CureVac under the Development and Option Agreement to
exercise the Option for this License Agreement and the Milestone Payments paid by CureVac under this License Agreement. The
payments will be made within [*****] days after receipt by CureVac from the Third Party. For purposes of
clarity, if CureVac grants a sublicense to Third Parties later than [*****] months after the License Agreement
Effective Date, CureVac will not owe any Sublicensing Income to Arcturus.

 

4.3       Royalties.

 

(a)       Royalty.
Subject to the remainder of this Section 4.3, on a country-by-country basis and a Licensed Product-by-Licensed Product
basis, CureVac will pay to Arcturus (i) a royalty of [*****] of Net Sales of the Licensed Product (ii) as
well as of any net sales milestones (without offset for any reductions pursuant to Section 4.3(b)) for such Licensed Product
received from the Sublicensee.

 

(b)       Third
Party Payments and Royalty Reductions. If CureVac or its Affiliate or Sublicensee, in its reasonable judgment, considers it
necessary or useful to obtain a license from any Third Party under any LMD Technology that Covers a Licensed Product in order
to develop, manufacture or commercialize such Licensed Product, the amount of CureVac’s royalty obligations under Sections
4.3(a) will be reduced by [*****] of the amount of the upfront, milestone and royalty payments made to such Third Party
on account of the development, manufacture or commercialization of such Licensed Product (“Royalty Reductions”),
provided, however, that any Royalty Reduction shall not result in less than the minimum royalty due to Arcturus under Section
(c) below.

 

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(c)       Minimum
Royalty. In no event will the Royalty payable by CureVac to Arcturus for any Licensed Product be less than (i)
[*****] if the reduction in subsection (e) does not apply; or (ii) [*****] if the reduction
in subsection (e) also applies.

 

(d)       Term.
The royalty term (“Royalty Term”) shall expire on a country-by-country and Licensed Product-by-Licensed
Product basis, on the last to occur of (i) expiration of the last to expire Valid Claim in the Arcturus Technology that, but
for the license described herein from Arcturus to CureVac for the applicable Licensed Product, is infringed by the making,
using or sale of such Licensed Product, (ii) expiration of any period of data exclusivity, market exclusivity or supplemental
protection certificates covering the Licensed Product in such country; and (iii) ten (10) years after First Commercial
Sale of Licensed Product in such country. For the avoidance of doubt, upon exhaustion of the obligation to pay Royalties to
Arcturus as set forth above the continued use of Arcturus Know-How comprised in the Arcturus Technology for the development,
manufacture and/or sale of the Licensed Product shall not, in and of itself, obligate CureVac to pay further royalties
to Arcturus. Thereafter, CureVac’s license under Section 2.1 will become irrevocable, perpetual, fully paid-up and
royalty-free on a country-by-country and Licensed Product-by-Licensed Product basis.

 

(e)       Know-How
Royalty. On a country-by-country, and a Licensed -Product-by-Licensed Product basis, in the event that during the
Royalty Term a Licensed Product is not covered by a Valid Claim, the royalty otherwise payable for such Licensed Product,
after the Royalty Reductions above, will be reduced by [*****].

 

4.4       Payment
Terms.

 

(a)       Manner
of Payment. All payments to be made by CureVac hereunder will be made in U.S. dollars by wire transfer to such bank
account as Arcturus may designate.

 

(b)       Records
and Audits. CureVac shall keep, and shall cause each of its Affiliates and Sublicensees, as applicable, to keep
adequate books and records of accounting for the purpose of calculating all royalties and other amounts payable to
Arcturus hereunder. For the [*****] years next following the end of the calendar year to which each shall
pertain, such books and records of accounting (including those of CureVac’s Affiliates and Sublicensees) shall be
kept at each of their principal places of business and shall be open for inspection at reasonable times and upon reasonable
notice by an independent certified accountant selected by Arcturus, and which is reasonably acceptable to CureVac, for the
sole purpose of inspecting the Net Sales calculations and supporting details to the extent reasonably necessary and resulting
royalties and other amounts due to Arcturus under this License Agreement. In no event shall such inspections be conducted
hereunder more frequently than once every [*****] months. Such accountant must have executed and delivered to
CureVac and its Affiliates, a confidentiality agreement as reasonably requested by CureVac, which shall include provisions
limiting such accountant’s disclosure to Arcturus to only the results and basis for such results of such inspection.
The results of such inspection, if any, shall be binding on both Parties. Any underpayments plus interest from the original
due date shall be paid by CureVac within [*****] days of notification of the results of such inspection. Any
overpayments shall be fully creditable against amounts payable in subsequent payment periods. Arcturus shall pay for such
inspections, except that in the event there is any upward adjustment in aggregate royalties and other amounts payable for any
calendar year shown by such inspection of more than [*****] of the amount paid, CureVac shall reimburse
Arcturus for any reasonable out-of-pocket costs of such accountant.

 

    18

     

    

 

(c)       Reports
and Royalty Payments. For as long as royalties are due under Section 4.3, CureVac shall furnish to Arcturus written
reports.

 

(i)Reports
shall be provided within [*****] days of (1) the end of the Calendar Quarter if Net Sales are generated by
CureVac and its Affiliates, and (2) the receipt of corresponding information (which may be estimated) from Sublicensees
but in any event within [*****] days of the end of the Calendar Quarter with respect to Net Sales generated by
such Sublicensees.

 

(ii)Royalty
payments for each Calendar Quarter shall be due within [*****] Business Days of delivery of an invoice from
Arcturus following submission of a royalty report from CureVac, but only subject to the prior receipt by CureVac of the
corresponding royalty payment from the Sublicensee, if applicable; however such royalty payments due to Arcturus
shall not be reduced by deductions which exceed those covered by the Net Sales definition according to Section 1.43.

 

(iii)The
report shall include, at a minimum, the following information for the applicable Calendar Quarter for each Licensed
Product if Net Sales are generated by CureVac and its Affiliates: (i) the gross sales by country reasonably required for
the calculation of royalty payments due according to this Agreement, (ii) the calculation in reasonable detail of the Net
Sales from such gross sales amounts, including the deductions pursuant to the definition of Net Sales and the amounts of
any credits or reductions permitted by Section 4.2; and (iii) the computations for any Arcturus currency conversions
pursuant to subsection (d) below.

 

(iv)CureVac
will require each Sublicensee to share with Arcturus the information listed in the foregoing clauses as it relates to Net
Sales made by such Sublicensee, and to the extent practicable, will include such Sublicensee information in such
report; provided that the level of detail with respect to the items subject to report pursuant to Section
4.4(c)(iii) shall be limited to the information that CureVac actually receives from any such Sublicensee. All such
reports shall be considered the Confidential Information of CureVac, subject to Section 4.4(b).

 

(d)       Currency
Exchange. With respect to Net Sales invoiced in U.S. dollars, the Net Sales and the amounts due to Arcturus hereunder
will be expressed in U.S. dollars. With respect to Net Sales invoiced in a currency other than U.S. dollars, payments
will be calculated based on the average of the closing exchange rates reported by the Wall Street Journal
(http://quotes.wsj.com/fx/EURUSD), or such other source as the Parties may agree
in writing, of the applicable reporting period for the payment due.

 

    19

     

    

 

(e)       Taxes.
CureVac may withhold from payments due to Arcturus amounts for payment of any withholding tax that is required by Law to
be paid to any taxing authority with respect to such payments. CureVac will provide Arcturus all relevant documents and
correspondence, and will also provide to Arcturus any other cooperation or assistance on a reasonable basis as may be
necessary to enable Arcturus to claim exemption from such withholding taxes and to receive a refund of such withholding
tax or claim a foreign tax credit. CureVac will give proper evidence from time to time as to the payment of any such tax.
The Parties will cooperate with each other in seeking deductions under any double taxation or other similar treaty or
agreement from time to time in force. CureVac shall use Diligent Efforts to minimize withholding taxes. In the event that
any tax deduction or withholding obligation arises or increases as a direct result of any reincorporation,
redomiciliation, change in source of payments under this Agreement or other similar corporate structuring actions
undertaken by CureVac from and after the License Agreement Effective Date, then CureVac shall increase the payment (in
respect of which such deduction or withholding of tax is required to be made) to ensure that Arcturus receives an amount
equal to the amount that it would have received had no such action occurred. Apart from any such permitted withholding
and those deductions expressly included in the definition of Net Sales, the amounts payable by CureVac to Arcturus
hereunder will not be reduced on account of any taxes, charges, duties or other levies. Each Party shall be solely
responsible for the payment of all taxes imposed on its share of income arising directly or indirectly from the activities of
the Parties under this License Agreement.

 

(f)       Blocked
Payments. In the event that, by reason of applicable law in any country, it becomes impossible or illegal for CureVac
or its Affiliates or Sublicensees to transfer, or have transferred on its behalf, payments owed to Arcturus hereunder,
CureVac will promptly notify Arcturus of the conditions preventing such transfer and such payments will be deposited in
local currency in the relevant country to the credit of Arcturus in a recognized banking institution proposed by Arcturus
and reasonably acceptable to CureVac or, if none is proposed by Arcturus within a period of [*****] days, in a
recognized banking institution selected by CureVac or its Affiliate or Sublicensee, as the case may be, and identified in a
written notice given to Arcturus.

 

(g)       Interest
Due. If any payment due to Arcturus under this License Agreement is overdue (and is not subject to a good faith
dispute), then CureVac will pay interest thereon (before and after any judgment) at an annual rate of the lesser of
[*****] above the prime rate as reported in The Wall Street Journal, Eastern Edition, and the maximum rate
permitted by applicable Law, such interest to run from the date upon which payment of such sum became due until payment
thereof in full together with such interest.

 

(h)       Mutual
Convenience of the Parties. The royalty and other payment obligations set forth hereunder have been agreed to by the
Parties for the purpose of reflecting and advancing their mutual convenience, including the ease of calculating and paying
royalties and other amounts to Arcturus.

 

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5.       Ownership
and Inventorship of IP.

 

5.1       Solely-Owned
IP. As between the Parties and subject to Section 5.3, each Party will own and retain all right, title and interest
in and to any and all Know-How and Patents arising therefrom that are discovered, created, conceived, developed or reduced to
practice under or in connection with this License Agreement (the “Inventions”) solely by or on behalf
of such Party. Subject to the licenses hereunder and the other terms and conditions of this License Agreement or any
other agreement between the Parties, each Party will be solely responsible for the prosecution and maintenance, and the
enforcement and defense, of its solely-owned Patents.

 

5.2       Inventorship.
Inventorship of all Inventions shall be determined in accordance with applicable laws. Each Party will ensure that each
employee, consultant and subcontractor conducting any activities under this License Agreement on behalf of such Party
will be subject to written agreements to assign to such Party all of its right, title and interest in and to the Inventions
so that such Party can comply with its obligations with respect to the ownership allocation of the Inventions as set forth
below. In addition, each Party shall be solely responsible for payments that may be required to any of such Party’s
employees or consultants and subcontractors in connection with or with respect to such agreements, including moral rights
payments.

 

5.3       Ownership.
Notwithstanding inventorship in the first instance pursuant to Section 5.2, ownership of all Inventions, as between the
Parties, will be assigned by the Parties as follows: (a) Arcturus will solely own all Inventions that are improvements
solely to the LMD Technology (“LMD Inventions”), and (b) CureVac will solely own all Inventions that
are improvements solely to the mRNA Technology (“mRNA Inventions”). Specifically, CureVac hereby
assigns to Arcturus all of its right, title and interest in and to any and all LMD Inventions, and agrees to take such
actions reasonably requested by Arcturus to evidence such assignment. Arcturus hereby assigns to CureVac all of its
right, title and interest in and to any and all mRNA Inventions, and agrees to take such actions reasonably requested by
CureVac to evidence such assignment. For clarity, the assignment provisions with respect to mRNA Inventions are restricted
solely to improvements to the mRNA Technology.

 

6.       Patent Prosecution
and Maintenance.

 

6.1       Generally.

 

(a)       As
between the Parties and subject to Section 6.2 below, Arcturus (or its Third Party licensor, if any) will have the sole
right, at its sole costs, to prosecute and maintain Arcturus Technology Patents, other than the Joint Interest
Patents.

 

(b)       In
relation to any Arcturus Technology Patents that specifically claim the Licensed Product, prior to filing, Arcturus will
provide CureVac with copies of all specific claims relevant to the Licensed Product in such applications for all such
Arcturus Technology Patents, and all other material submissions and correspondence relating to such claims with any patent
authorities regarding such Arcturus Technology Patents, in sufficient time (not to be less than [*****] to
allow for review and comment by CureVac. In addition, Arcturus will provide CureVac and its counsel with an opportunity to
consult with Arcturus and its counsel regarding prosecution and maintenance of any such Arcturus Technology Patents, and
Arcturus will not unreasonably refuse to address all reasonable comments timely made by or on behalf of CureVac.

 

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(c)       As
between the Parties, CureVac will have the first right to prosecute and maintain any and all Joint Interest Patents and
the Parties will share equally all costs incurred by CureVac in connection with such efforts. Prior to filing, CureVac
will provide Arcturus with copies of all applications for such Joint Interest Patents, and all other material submissions
and correspondence with any patent authorities regarding such Joint Interest Patents, in sufficient time (not to be less
than [*****] days) to allow for review and comment by Arcturus. In addition, CureVac will provide Arcturus
and its counsel with an opportunity to consult with CureVac and its counsel regarding prosecution and maintenance of any
such Joint Interest Patents, and CureVac will consider in good faith all reasonable comments timely made by or on behalf
of Arcturus.

 

(d)       In
the event that CureVac or its Affiliates grants a sublicense pursuant to Section 2.2, as between CureVac and any such
Sublicensee,

 

(i)to
the extent any such Arcturus Technology Patent or Joint Interest Patent does not specifically claim the Licensed Product,
CureVac shall retain its rights to prosecute any such sublicensed Arcturus Technology Patents and Joint Interest Patents
as set forth in Sections 6.1(b) and 6.1(c); provided, however, that such Sublicense may provide for instruction by
the Sublicensee of CureVac’s exercise of its rights to prosecute any sublicensed Arcturus Technology Patent or Joint
Interest Patent;

 

(ii)to
the extent any such Arcturus Technology Patent or Joint Interest Patent specifically claims the Licensed Product (i.e.,
with respect to the claims limited to the Licensed Product, but not the broader claims that cover other products or
potential products in such Arcturus Technology Patents or Joint Interest Patents), CureVac shall have the right to
sublicense its rights to prosecute any such sublicensed Arcturus Technology Patents and Joint Interest Patents as set forth
in Sections 6.1(b) and 6.1(c) to the Sublicensee.

 

6.2       Election
Not to Prosecute or Maintain or Pay Patent Costs.

 

(a)       If
Arcturus elects not to file, prosecute or maintain any Arcturus Technology Patents that specifically claim the Licensed
Product for which it is responsible under Section 6.1 in any particular country before the applicable filing deadline or
continue such activities once filed in a particular country, then Arcturus will so notify CureVac, promptly in writing
with reasonable notice to enable CureVac to meet any deadlines by which an action must be taken to preserve such Arcturus
Technology Patent that specifically claim the Licensed Product in such country, if CureVac so requests. Upon receipt of
each such notice by Arcturus, CureVac will have the right, but not the obligation, to notify Arcturus in writing on a
timely basis that Arcturus should transfer the prosecution or maintenance of such Arcturus Technology Patents that
specifically claim the Licensed Product to CureVac and at CureVac’s sole expense or continue the prosecution and/or
maintenance of such Arcturus Technology Patent that specifically claim the Licensed Product in the respective country,
and thereafter, Arcturus would prosecute and maintain such Arcturus Technology Patent that specifically claim the
Licensed Product in such country at the sole direction and expense of CureVac, Arcturus would make available to CureVac
all documentation and correspondence with respect to such Arcturus Technology Patent. CureVac’s license to such
Arcturus Technology Patent under Section 2.1 will be irrevocable and royalty-free, and such Arcturus Technology Patent
will thereafter no longer be part of the Arcturus Technology for purposes of this License Agreement. CureVac is entitled
to discontinue the payment of Patent Cost for any Arcturus Technology Patents that specifically claim the Licensed Product at
any time, provided that it will so notify Arcturus in writing in time for such discontinuance.

 

    22

     

    

 

(b)       If
Arcturus elects not to pay its share of the Patent Costs associated with prosecution or maintenance of any Joint Interest
Patents, then it shall assign its co-ownership share in such Patents to CureVac and the respective Patent shall no longer be
considered a Joint Interest Patent.

 

(c)       By
CureVac. If CureVac elects not (i) to file, prosecute or maintain any Joint Interest Patents for which it is
responsible under Section 6.1 in any particular country before the applicable filing deadline or continue such activities
once filed in a particular country, or (ii) to pay its share of the Patent Costs associated with prosecution or maintenance
of any Joint Interest Patents then in each such case CureVac will so notify Arcturus, promptly in writing and in good time to
enable Arcturus to meet any deadlines by which an action must be taken to preserve such Joint Interest Patent in such country
at Arcturus’ expense, if Arcturus so requests. Upon receipt of each such notice by CureVac, Arcturus will have the
right, but not the obligation, to notify CureVac in writing on a timely basis that CureVac should transfer the prosecution or
maintenance of such Joint Interest Patent to Arcturus and at Arcturus’ sole expense. Arcturus is entitled to
discontinue the payment of Patent Costs for any Joint Interest Patents at any time, provided that it will so notify CureVac
in writing in time for such discontinuance. In the event that Arcturus assumes the prosecution and maintenance of any such
Joint Interest Patent, then CureVac would make available to Arcturus all documentation and correspondence with respect to
such Joint Interest Patent, such Joint Interest Patent shall no longer be licensed under this Agreement with respect to the
Licensed Product.

 

6.3       Cooperation.
Each Party will reasonably cooperate with the other Party in those activities involving the Arcturus Technology Patents
and Joint Interest Patents set forth in Sections 6.1 and 6.2. Such cooperation includes promptly executing all documents,
or requiring inventors, subcontractors, employees and consultants and agents of CureVac and Arcturus and their respective
Affiliates and Sublicensees to execute all documents, as reasonable and appropriate so as to enable such activities in
respect of any such Arcturus Technology Patents in any country.

 

7.       Patent Enforcement
and Defense.

 

7.1       Notice.
To the extent not in breach of an obligation of confidentiality, each Party will promptly notify, in writing, the other
Party upon learning of any actual or suspected infringement of any Arcturus Technology Patents by a Third Party, or of
any claim of invalidity, unenforceability, or non-infringement of any Arcturus Technology Patents, and will, along with such
notice, supply the other Party with any evidence in its possession pertaining thereto.

 

7.2       Enforcement
and Defense.

 

(a)       Enforcement.

 

(i)       As
between the Parties,

 

    23

     

    

 

(1)       Arcturus
and its Third Party licensor or licensee (solely to the extent of any existing back-up enforcement rights), at its
cost, will have the first right, but not the obligation,to seek to abate any infringement of the Arcturus Technology
Patents (other than those in subsection (2)) by a Third Party, or to file suit against any such Third Party for such
infringement, and

 

(2)       CureVac
(or its sublicensee, if any) shall have the first right, but not the obligation, to take action or bring suit and
bear all expenses against such Third Party infringer with respect to: (A) Joint Interest Patents; and/or (B) any
other Arcturus Technology Patents that, on the date of first notice of such infringement, specifically claim the
Licensed Product but are not necessary or useful for the research, development, manufacturing and commercialization of
any product comprising Arcturus Technology that is exclusively licensed or optioned to a Third Party or is in Late Stage
Development or being commercialized by Arcturus or its Affiliates.

 

(b)       If
the Party first responsible for such enforcement elects not to take action or to bring suit to prosecute such
infringement or to continue such action or suit, it shall notify the other Party of such election within [*****] days after become aware of or receipt of the notice of the infringement or after the election to stop any
such action or suit. If after the expiration of the [*****] days period (or, if earlier, the date upon
which the responsible Party provides written notice that it does not plan to bring such action) the responsible Party has
neither obtained a discontinuance of infringement nor filed suit against any such Third Party infringer of such Patent,
then

 

(i)in
the case of an election by Arcturus and its Third Party licensor or licensee (solely to the extent of any existing
back-up enforcement rights) not to prosecute an infringement of an Arcturus Technology Patent specifically claiming the
Licensed Product, CureVac shall have the right, but not the obligation, to take action or bring suit against such Third
Party infringer of such Patents, provided that the infringement is with respect to a product related to the Target(s)
under this License Agreement, and further provided that CureVac shall bear all the expenses of such suit and

 

(ii)in
the case of a CureVac election not to prosecute an infringement of a Joint Interest Patents or Arcturus Technology Patent
with respect to which CureVac has rights to take first action, (i) Arcturus shall have the right, but not the obligation,
to take action or bring suit against such Third Party infringer of such Patents, provided that Arcturus shall bear all
the expenses of such suit,and CureVac shall join Arcturus in such suit to the extent legally required, unless (ii)
CureVac decides to assign its interest in such Joint Interest Patent - on a country-by-country basis - to Arcturus and
such Joint Interest Patent shall become an Arcturus Technology Patent and no longer subject to license pursuant to this
License Agreement.

 

(c)       Defense.

 

(i)       As
between the Parties,

 

    24

     

    

 

(1)       Arcturus
and its Third Party licensor or licensee (solely to the extent of any existing back-up defense rights) will have the
first right, but not the obligation, at its sole costs, to defend against a declaratory judgment action or other action
challenging any Arcturus Technology Patents, other than: (i) Joint Interest Patents; and (ii) any other Arcturus
Technology Patents that, on the date of first notice of such action, specifically claim the Licensed Product but are
not necessary or useful for the research, development, manufacturing and commercialization of any product comprising
Arcturus Technology that is exclusively licensed or optioned to a Third Party or is in Late Stage Development or
being commercialized by Arcturus or its Affiliates, and

 

(2)       CureVac
shall have the first right, but not the obligation, at its sole costs, to defend against a declaratory judgment
action or other action challenging Joint Interest Patents as well as such other Arcturus Technology Patents that specifically
claim the Licensed Product.

 

(ii)If
the Party first responsible for such defense does not take steps to defend within a commercially reasonably time, or
elects not to continue any such defense (in which case it will promptly provide notice thereof to the other Party), then
(i) in the case of an election by Arcturus and its Third Party licensor or licensee (solely to the extent of any existing
back-up defense rights) not to defend an Arcturus Technology Patent specifically claiming the Licensed Product, CureVac
shall have the right, but not the obligation, to defend any Arcturus Technology Patents that cover Licensed Product and
no other product licensed or optioned by Arcturus to a Third Party or commercialized by Arcturus, provided that CureVac
shall bear all the expenses of such suit and (ii) in the case of a CureVac election not to defend the Joint Interest
Patents, Arcturus shall have the right, but not the obligation, to take action or bring suit to defend such Patents,
provided that Arcturus shall bear all the expenses of such suit. Notwithstanding the foregoing, in the event that CureVac
elects not to prosecute an infringement of a Joint Interest Patent, then CureVac shall, at its discretion, either (i) assign
such Joint Interest Patent to Arcturus - on a country-by-country basis -, which shall become an Arcturus Technology Patent
and no longer subject to license pursuant to this License Agreement or (ii) join Arcturus in such suit to the extent legally
required.

 

(d)       Notwithstanding
the foregoing, any response to a Third Party infringer’s counterclaim of invalidity or unenforceability of any
Arcturus Technology Patents shall be controlled by the Party who controls the relevant enforcement proceeding pursuant to
Section 7.2(a) unless otherwise mutually agreed by the Parties.

 

(e)       In
the event that CureVac or its Affiliates grants a sublicense pursuant to Section 2.2, as between CureVac and any such
Sublicensee,

 

(i)to
the extent any such Arcturus Technology Patent or Joint Interest Patent does not specifically claim the Licensed Product,
CureVac shall retain its rights to enforce and defend Arcturus Technology Patents and Joint Interest Patents as set forth
in Sections 7.2(a), 7.2(b), 7.2(c) and 7.2(d); provided, however, that CureVac’s exercise of its rights to
enforce or defend such Arcturus Technology Patent or Joint Interest Patent may be instructed by a Sublicensee;

 

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(ii)to
the extent any such Arcturus Technology Patent or Joint Interest Patent specifically claims the Licensed Product, CureVac
shall have the right to sublicense its rights to enforce and defend Arcturus Technology Patents and Joint Interest Patents as
set forth in Sections 7.2(a), 7.2(b), 7.2(c) and 7.2(d) to the Sublicensee.

 

(f)       Withdrawal,
Cooperation and Participation. With respect to any infringement or defensive action identified above in this Section 7.2
which may be controlled by either CureVac or Arcturus:

 

(i)If
the controlling Party ceases to pursue or withdraws from such action, it will promptly notify the other Party (in good
time to enable the other Party to meet any deadlines by which any action must be taken to preserve any rights in such
infringement or defensive action) and such other Party may substitute itself for the withdrawing Party, shall be granted
the right and standing to sue in the other Party’s name, and proceed under the terms and conditions of this Section
7.2.

 

(ii)The
non-controlling Party will cooperate with the Party controlling any such action (as may be reasonably requested by the
controlling Party), including (A) providing access to relevant documents and other evidence, (B) making its and its
Affiliates and licensees and Sublicensees and all of their respective employees, subcontractors, consultants and agents
available at reasonable business hours and for reasonable periods of time, but only to the extent relevant to such
action, and (C) if necessary, by being joined as a party, subject for this clause (C) to the controlling Party agreeing
to indemnify such non-controlling Party for its involvement as a named party in such action and paying those Patent Costs
incurred by such Party in connection with such joinder. The Party controlling any such action will keep the other Party
updated with respect to any such action, including providing copies of all documents received or filed in connection with any
such action.

 

(iii)Each
Party will have the right to participate or otherwise be involved in any such action controlled by the other Party, in
each case at the participating (i.e., non-controlling) Party’s sole cost and expense. If a Party elects to so
participate or be involved, the controlling Party will provide the participating Party and its counsel with an
opportunity to consult with the controlling Party and its counsel regarding the prosecution of such action (including
reviewing the contents of any correspondence, legal papers or other documents related thereto), and the controlling Party
will take into account reasonable requests of the participating Party regarding such enforcement or defense.

 

(g)       Settlement.
Neither Party will settle or consent to an adverse judgment in any action described in this Section 7.2 and controlled by
such Party, including any judgment which affects the scope, validity or enforcement of any Arcturus Technology Patents
involved therewith, without the prior written consent of the other Party (such consent not to be unreasonably withheld,
delayed or conditioned).

 

(h)       Damages.
Unless otherwise agreed by the Parties, all monies recovered upon the final judgment or settlement of any action which
may be controlled by either CureVac or Arcturus and described in Section 7.2(a) or 7.2(c) in each case will be used first
to reimburse the controlling Party, and thereafter the non-controlling Party, for each of their out-of-pocket costs and
expenses relating to the action, with the balance of any such recovery to be divided as follows:

 

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(i)To
the extent the action involves a Third Party’s research, development, manufacture or commercialization of any
product other than the Licensed Product (or a LMD product directed to the same Target as the Licensed Product), Arcturus
shall retain all such recovery; and

 

(ii)To
the extent the action involves a Third Party’s research, development, manufacture or commercialization of the
Licensed Product (or a LMD product directed to the same Target as the Licensed Product), CureVac will retain such
recovery, less the amount of royalties payable to Arcturus by treating such recovery as “Net Sales”
hereunder.

 

(i)       Patent
Marking. CureVac shall mark all Licensed Product if and to the extent required by the applicable patent marking laws, and
shall require all of its Affiliates and sublicensees to do the same.

 

8.       Confidentiality.

 

8.1       Confidential
Information. Each Party (“Disclosing Party”) may disclose to the other Party (“Receiving
Party”), and Receiving Party may acquire during the course and conduct of activities under this License
Agreement, certain proprietary or confidential information of Disclosing Party in connection with this License Agreement.

 

8.2       Restrictions.
During the Term and for [*****] years thereafter, Receiving Party will keep all Disclosing Party’s
Confidential Information in confidence with the same degree of care with which Receiving Party holds its own confidential
information, but in no event less than reasonable care. Receiving Party will not use Disclosing Party’s Confidential
Information except for in connection with the performance of its obligations and exercise of its rights under this License
Agreement. Receiving Party has the right to disclose Disclosing Party’s Confidential Information without Disclosing
Party’s prior written consent to Receiving Party’s Affiliates, and each of their employees, subcontractors,
consultants and agents who have a need to know such Confidential Information in order to perform their obligations and
exercise their rights under this License Agreement and who are under written obligation to comply with the restrictions on
use and disclosure that are no less restrictive than those set forth in this Section 8.2. Receiving Party assumes
responsibility for such entities and persons maintaining Disclosing Party’s Confidential Information in confidence and
using same only for the purposes described herein.

 

8.3       Exceptions.
Receiving Party’s obligation of nondisclosure and the limitations upon the right to use the Disclosing
Party’s Confidential Information will not apply to a specific portion of the Disclosing Party’s Confidential
Information to the extent that Receiving Party can demonstrate that such portion: (i) was known to Receiving Party or any
of its Affiliates prior to the time of disclosure by the Disclosing Party without obligation of confidentiality;
(ii) is or becomes public knowledge through no action or omission of Receiving Party or any of its Affiliates; (iii)
is obtained on a non-confidential basis by Receiving Party or any of its Affiliates from a Third Party who to Receiving
Party’s knowledge is lawfully in possession thereof (or if possession is obviously unlawful) and under no
obligation of confidentiality to Disclosing Party; or (iv) has been independently developed by or on behalf of
Receiving Party or any of its Affiliates without the aid, application or use of Disclosing Party’s Confidential
Information as documented by the internal records of the Receiving Party.

 

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8.4       Permitted
Disclosures. Notwithstanding the obligations set forth in Section 8.2, Receiving Party may disclose Disclosing
Party’s Confidential Information (including this License Agreement and the terms herein) to the extent (and only to the
extent) such disclosure is reasonably necessary in the following instances:

 

(e)       in
order to comply with applicable Law (including any securities Law or regulation or the rules of a securities exchange) or
with a legal or administrative proceeding;

 

(f)       in
connection with prosecuting or defending litigation, and filing, prosecuting and enforcing Arcturus Technology Patents in
connection with Receiving Party’s rights and obligations pursuant to this License Agreement;

 

(g)       to
attorneys, accountants, auditors, acquirers, licensees, partners or permitted assignees; financial advisors,
investors and lenders, including potential acquirers, licensees, partners, assignees, financial advisors, investors and
lenders; and

 

(h)       in
the case of CureVac, to (i) subcontractors; or (ii) potential licensees or collaboration partners, but only such
information that is reasonably necessary or useful for the subcontractor to perform the subcontracted work or for the
potential licensee or partner to evaluate the applicable Licensed Product, and LMD or Licensed Product manufacturing
processes;

 

provided that (1) where
reasonably possible, Receiving Party will notify Disclosing Party of Receiving Party’s intent to make any
disclosure pursuant to subsections (a) and (b) sufficiently prior to making such disclosure so as to allow Disclosing
Party reasonably adequate time to take whatever action it may deem appropriate to protect the confidentiality of the
information to be disclosed, and (2) with respect to subsections (c), each of those persons or entities are required to
comply with the restrictions on use and disclosure in Section 8.2 (other than financial advisors, investors and lenders,
which must be bound prior to disclosure by commercially reasonable obligations of confidentiality).

 

8.5       Return
of Confidential Information. Upon expiry or earlier termination of this License Agreement, upon written request of a
Party (such request, if made, to be made within three (3) months of such expiry or termination) the other Party will
destroy or return (as shall be specified in such request) to the requesting Party all copies of the Confidential Information
of the requesting Party; provided that the Party may retain: (i) one copy of such Confidential Information for
record-keeping purposes, for the sole purpose of ensuring compliance with this License Agreement; (ii) any copies of
such Confidential Information as is required to be retained under applicable Law; (iii) any copies of such
Confidential Information as is necessary or useful for such Party to exercise a right or fulfill an obligation under
another License Agreement, if any, or as set forth in this License Agreement; and (iv) any copies of any computer
records and files containing Confidential Information that have been created by such Party’s routine
archiving/backup procedures. Upon request of the requesting Party, the Receiving Party shall confirm in writing to the
requesting Party the destruction or return of all copies of the Confidential Information of the requesting Party.

 

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8.6       Publications. Notwithstanding
anything in this License Agreement to the contrary, CureVac is permitted to publish the results of its development under
this License Agreement, provided, however, that it will not disclose Arcturus Confidential Information in any
publication by CureVac of the results of any Licensed Product development by CureVac without Arcturus’ prior written
consent, which will not be unreasonably withheld, conditioned or delayed.

 

8.7       Terms
of this License Agreement; Press Release. The Parties agree that the existence and terms of the Parties’
relationship and this License Agreement will be treated as Confidential Information of both Parties, and thus may be
disclosed only as permitted by Section 8.4. Except as mutually agreed or otherwise required by Law or securities exchange
regulation, each Party agrees not to issue any press release or public statement disclosing information relating to the
existence of this License Agreement or the transactions contemplated hereby or the terms hereof without the prior written
consent of the other Party.

 

9.       Warranties;
Limitations of Liability; Indemnification.

 

9.1       Representations
and Warranties. Each Party represents and warrants to the other as of the License Agreement Effective Date that:

 

(a)       it
is a corporation duly organized, validly existing, and in good standing under the Laws of the jurisdiction in which it is
incorporated,

 

(b)       it
has the legal right and power to enter into this License Agreement, to extend the rights and licenses granted or to be
granted to the other in this License Agreement, and to fully perform its obligations hereunder,

 

(c)       it
has taken all necessary corporate action on its part required to authorize the execution and delivery of this License
Agreement and the performance of its obligations hereunder,

 

(d)       this
License Agreement has been duly executed and delivered on behalf of such Party, and constitutes a legal, valid, and binding
obligation of such Party that is enforceable against it in accordance with its terms and

 

(e)       except
with respect to any Pre-existing Restrictions, the execution, delivery and performance by such Party of this License
Agreement and the consummation of the transactions contemplated hereby will not result in any violation of, conflict
with, result in a breach of or constitute a default under any understanding, contract or agreement to which such Party is
a party or by which it is bound, including, in the case of Arcturus, each of the agreements which Arcturus has identified
to CureVac prior to the License Agreement Effective Date, in each case as would reasonably be expected to have a material
adverse effect on the rights of the other Party hereunder.

 

9.2       Additional
Representations of Arcturus. Arcturus hereby represents and warrants to CureVac as of the License Agreement Effective
Date as follows:

 

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(a)       Impairment.
Except with respect to any Pre-existing Restrictions, neither Arcturus nor any of its Affiliates has entered into any
agreement or otherwise licensed, granted, assigned, transferred, conveyed or otherwise encumbered or disposed of any
right, title or interest in or to any of its assets, including any intellectual property rights including Know-How, that
would in any way conflict with or impair the scope of any rights or licenses granted to CureVac with respect to the Licensed
Product hereunder.

 

(b)       Patents. Appendix
1.4 sets forth a complete and accurate list of all Arcturus Technology Patents. Arcturus Controls the Arcturus
Technology, and is entitled to grant the licenses specified herein. To Arcturus’ knowledge, the Arcturus Technology
Patents have been procured or are being procured from the respective patent offices in accordance with applicable Law.
None of the Arcturus Technology Patents is or has been involved in any opposition, cancellation, interference, reissue or
reexamination proceeding, and to Arcturus’ knowledge as of the License Agreement Effective Date, no Arcturus
Technology is the subject of any judicial, administrative or arbitral order, award, decree, injunction, lawsuit,
proceeding or stipulation. As of the License Agreement Effective Date, neither Arcturus nor any of its Affiliates has
received any notice alleging that the Arcturus Technology Patents are invalid or unenforceable, or challenging
Arcturus’ ownership of or right to use any such rights.

 

(c)       Entire
LMD Technology. The Arcturus LMD Technology licensed to CureVac under this License Agreement comprises all LMD
Technology Controlled by Arcturus which is necessary or useful to develop, manufacture and commercialize the Licensed
Products for purposes of this License Agreement.

 

(d)       Encumbrances. As
of the License Agreement Effective Date, Arcturus has the right to grant the license herein to CureVac and neither
Arcturus nor any of its Affiliates has granted any liens or security interests on the Arcturus Technology to any Third Party
that is inconsistent with the license granted to CureVac under Section 2.1.

 

(e)       Litigation. There
is no action, suit, proceeding or investigation pending or, to the knowledge of Arcturus, currently threatened against or
affecting Arcturus that questions the validity of this License Agreement or the right of Arcturus to enter into this
License Agreement or consummate the transactions contemplated hereby or that relates to the Arcturus Technology.

 

(f)       Infringement.
Neither Arcturus nor any of its Affiliates has received any written notice of any claim, nor does Arcturus or its
Affiliates have any knowledge of any claim, that any Patent, Know-How or other intellectual property owned or controlled
by a Third Party would be infringed or misappropriated by the practice of any Arcturus LMD Technology in connection with
the production, use, research, development, manufacture or commercialization of any Licensed Product.

 

(g)       Third
Party Infringement. To Arcturus’ knowledge, no Third Party is infringing or has infringed any Patent within the
Arcturus LMD Technology or is misappropriating or has misappropriated any Know-how within the Arcturus LMD Technology, in
each case relating to the Target.

 

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9.3       Disclaimers.
Without limiting the respective rights and obligations of the Parties expressly set forth herein, each Party specifically
disclaims any guarantee that any Licensed Product will be successful, in whole or in part. Except as otherwise expressly
provided in this License Agreement, the Parties make no representations and extend no warranty of any kind under this License
Agreement, neither express nor implied.

 

9.4       No
Consequential Damages. Notwithstanding anything in this License Agreement or otherwise, neither Party will be liable
to the other or any Third Party with respect to any subject matter of this License Agreement for any indirect or
consequential damages, provided that this Section 9.4 will not apply to breaches of Article 8 or the Parties’
indemnification rights or obligations under Section 9.6, or in the event of willful misconduct.

 

9.5       Performance
by Others. The Parties recognize that each Party may perform some or all of its obligations under this License
Agreement through Affiliates, subcontractors or - in the event of CureVac - Sublicensees, provided, however, that
each Party will remain fully responsible and liable for the performance by its Affiliates, subcontractors and Sublicensees,
and will cause its Affiliates, subcontractors and Sublicensees to comply with the provisions of this License Agreement in
connection therewith.

 

9.6       Indemnification.

 

(a)       Indemnification
by CureVac. CureVac will indemnify Arcturus, its Affiliates and their respective directors, officers, employees,
Third Party licensors and agents, and their respective successors, heirs and assigns (collectively, “Arcturus
Indemnitees”), and defend and hold each of them harmless, from and against any and all losses, damages,
liabilities, costs and expenses (including reasonable attorneys’ fees and expenses) (collectively,
 “Losses”) in connection with any and all suits, investigations, claims or demands of Third Parties
(collectively, “Third Party Claims”) against the Arcturus Indemnitees to the extent arising from or
occurring as a result of: (i) the breach by CureVac of any representation or warranty of this License Agreement;
(ii) any gross negligence or willful misconduct on the part of any CureVac Indemnitee; or (iii) the development,
manufacture or commercialization by or on behalf of CureVac or any of its Affiliates or Sublicensees of Licensed Product
other than if related to an LMD component thereof specifically provided by Arcturus, except in each case (i)-(iii) to the
extent arising from or occurring as a result of the gross negligence or willful misconduct on the part of an Arcturus
Indemnitee or Arcturus’ breach of this License Agreement.

 

(b)       Indemnification
by Arcturus. Arcturus will indemnify CureVac, its Affiliates and their respective directors, officers, employees and
agents, and their respective successors, heirs and assigns (collectively, “CureVac Indemnitees”), and
defend and hold each of them harmless, from and against any and all Losses in connection with any and all Third Party
Claims against CureVac Indemnitees to the extent arising from or occurring as a result of: (i) the breach by Arcturus of
any representation or warranty of this License Agreement; or (ii) any gross negligence or willful misconduct on the
part of any Arcturus Indemnitee, except in each case (i) and (ii) to the extent arising from or occurring as a result of
the gross negligence or willful misconduct on the part of a CureVac Indemnitee or CureVac’s breach of this License
Agreement.

 

(c)       Notice
of Claim. All indemnification claims provided for in Sections 9.6(a) and 9.6(b) will be made solely by such Party to
this License Agreement (the “Indemnified Party”). The Indemnified Party will promptly notify the
indemnifying Party (an “Indemnification Claim Notice”) of any Losses or the discovery of any fact upon
which the Indemnified Party intends to base a request for indemnification under Section 9.6(a) and 9.6(b), but in no event
will the indemnifying Party be liable for any Losses that result from any delay in providing such notice. Each
Indemnification Claim Notice must contain a description of the claim and the nature and estimated amount of such Loss (to the
extent that the nature and amount of such Loss is known at such time). The Indemnified Party will furnish promptly to the
indemnifying Party copies of all papers and official documents received in respect of any Losses and Third Party Claims.

 

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(d)       Defense,
Settlement, Cooperation and Expenses.

 

(i)     Control
of Defense. At its option, the indemnifying Party may assume the defense of any Third Party Claim by giving written notice
to the Indemnified Party within thirty (30) days after the indemnifying Party’s receipt of an Indemnification Claim Notice.
The assumption of the defense of a Third Party Claim by the indemnifying Party will not be construed as an acknowledgment that
the indemnifying Party is liable to indemnify the Indemnified Party in respect of the Third Party Claim, nor will it constitute
a waiver by the indemnifying Party of any defenses it may assert against the Indemnified Party’s claim for indemnification.
Upon assuming the defense of a Third Party Claim, the indemnifying Party may appoint as lead counsel in the defense of the Third
Party Claim any legal counsel selected by the indemnifying Party (the indemnifying Party will consult with the Indemnified Party
with respect to such counsel and a possible conflict of interest of such counsel retained by the indemnifying Party). In the event
the indemnifying Party assumes the defense of a Third Party Claim, the Indemnified Party will as soon as possible deliver to the
indemnifying Party all original notices and documents (including court papers) received by the Indemnified Party in connection
with the Third Party Claim. In the event that it is ultimately determined that the indemnifying Party is not obligated to indemnify,
defend or hold harmless the Indemnified Party from and against the Third Party Claim, the Indemnified Party will reimburse the
indemnifying Party for any and all costs and expenses (including reasonable attorneys’ fees and costs of suit) and any Third
Party Claims incurred by the indemnifying Party in its defense of the Third Party Claim.  

(ii)     Right
to Participate in Defense. Without limiting Section 9.6(d)(i), any Indemnified Party will be entitled to participate in, but
not control, the defense of such Third Party Claim and to engage counsel of its choice for such purpose; provided, however,
that such engagement will be at the Indemnified Party’s own cost and expense unless (i) the indemnifying Party has failed
to promptly assume the defense and engage counsel in accordance with Section 9.6(d)(i) (in which case the Indemnified Party will
control the defense) or (ii) the interests of the Indemnified Party and the indemnifying Party with respect to such Third Party
Claim are sufficiently adverse to prohibit the representation by the same counsel of both Parties under applicable Law, ethical
rules or equitable principles, in which case the indemnifying Party will assume one hundred percent (100%) of any such costs and
expenses of counsel for the Indemnified Party. 

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(iii)     Settlement.
With respect to any Third Party Claims that relate solely to the payment of money damages in connection with a Third Party Claim
and that will not result in the Indemnified Party’s becoming subject to injunctive or other relief or otherwise adversely
affecting the business of the Indemnified Party in any manner, and as to which the indemnifying Party will have acknowledged in
writing the obligation to indemnify the Indemnified Party hereunder, the indemnifying Party will have the sole right to agree
to the entry of any judgment, enter into any settlement or otherwise dispose of such Loss, on such terms as the indemnifying Party,
in its sole discretion, will deem appropriate. With respect to all other Losses in connection with Third Party Claims, where the
indemnifying Party has assumed the defense of the Third Party Claim in accordance with Section 9.6(d)(i), the indemnifying Party
will have authority to agree to the entry of any judgment, enter into any settlement or otherwise dispose of such Loss provided
it obtains the prior written consent of the Indemnified Party (such consent not to be unreasonably withheld, delayed or conditioned).
The indemnifying Party will not be liable for any settlement or other disposition of a Loss by an Indemnified Party that is reached
without the prior written consent of the indemnifying Party. Regardless of whether the indemnifying Party chooses to defend or
prosecute any Third Party Claim, no Indemnified Party will admit any liability with respect to or settle, compromise or discharge,
any Third Party Claim without the prior written consent of the indemnifying Party, such consent not to be unreasonably withheld,
delayed or conditioned. 

(iv)     Cooperation.
Regardless of whether the indemnifying Party chooses to defend or prosecute any Third Party Claim, the Indemnified Party
will, and will use Diligent Efforts to cause each other indemnified party to, cooperate in the defense or prosecution
thereof and will furnish such records, information and testimony, provide such witnesses and attend such conferences,
discovery proceedings, hearings, trials and appeals as may be reasonably requested in connection therewith, at the
indemnifying Party’s expense. Such cooperation will include access during normal business hours afforded to the
indemnifying Party to, and reasonable retention by the Indemnified Party of, records and information that are reasonably
relevant to such Third Party Claim, and making indemnified parties and other employees and agents available on a mutually
convenient basis to provide additional information and explanation of any material provided hereunder, and the
indemnifying Party will reimburse the Indemnified Party for all its reasonable out-of-pocket costs and expenses in connection
therewith.

 

(v)     Costs
and Expenses. Except as provided above in this Section 9.6(d), the costs and expenses, including attorneys’
fees and expenses, incurred by the Indemnified Party in connection with any claim will be reimbursed on a Calendar
Quarter basis by the indemnifying Party, without prejudice to the indemnifying Party’s right to contest the
Indemnified Party’s right to indemnification and subject to refund in the event the indemnifying Party is
ultimately held not to be obligated to indemnify the Indemnified Party.

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9.7       Insurance.
Each Party will maintain at its sole cost and expense, an adequate liability insurance or self- insurance program
(including product liability insurance) to protect against potential liabilities and risk arising out of activities to be
performed under this License Agreement, and any agreement related hereto and upon such terms (including coverages, deductible
limits and self-insured retentions) as are customary in the respective industry of such Party for the activities to be
conducted by such Party under this License Agreement. Subject to the preceding sentence, such liability insurance or
self-insurance program will insure against all types of liability, including personal injury, physical injury or property
damage arising out of the manufacture, sale, use, distribution or marketing of Licensed Product. The coverage limits set
forth herein will not create any limitation on a Party’s liability to the other under this License Agreement.

 

10.       Term and
Termination.

 

10.1       Term.

 

(a)       This
License Agreement will commence as of the License Agreement Effective Date and, unless sooner terminated in accordance
with the terms hereof or by mutual written consent, will continue on a Licensed Product-by- Licensed Product and a
country-by-country basis, until there are no more payments owed to Arcturus in such country (the longest such period of
time hereunder, the “Term”). Upon there being no more such payments hereunder in such country, the
license contained in Section 2.1 will become irrevocable, perpetual and fully paid up and will remain in effect with
respect to such Licensed Product in such country.

 

(b)       If
the Target to which this License Agreement relates is chosen by the Parties for co-development under the Co-Development
Agreement, this License Agreement will automatically terminate upon the written agreement of the Parties to include such
programs under the Co-Development Agreement, in accordance with Section 4.2(a) of the Co- Development Agreement.

 

(c)       The
Parties agree that this Agreement and the Co-Development Agreement relate to different projects and, therefore, the
validity, term and termination of this Agreement shall be independent from the validity, term and termination of the
Co-Development Agreement.

 

10.2       Termination
by Arcturus.

 

(a)       Breach.
Arcturus will have the right to terminate this License Agreement in full upon delivery of written notice to CureVac in
the event of any material breach by CureVac of any terms and conditions of this License Agreement, provided that such
breach has not been cured within [*****] after written notice thereof is given by Arcturus to CureVac
specifying the nature of the alleged breach.

 

(b)       Disputed
Breach. If CureVac disputes in good faith the existence or materiality of a breach specified in a notice provided in
accordance with Section 10.2(a), and CureVac provides Arcturus notice of such dispute within such [*****]
period, then Arcturus shall not have the right to terminate this License Agreement under Section 10.2(a) unless and until
it is finally determined, in accordance with Section 11.1, that CureVac has materially breached this License Agreement
and that CureVac fails to cure such breach within [*****] following such decision. It is understood and
agreed that during the pendency of such dispute, all of the terms and conditions of this License Agreement shall remain
in effect and the Parties shall continue to perform all of their respective obligations hereunder. During the pendency of
any such dispute, CureVac shall pay to Arcturus all Milestone Payments and royalty payments set forth herein.

 

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(c)       Patent
Challenge. Except to the extent the following is unenforceable under the Laws of a particular jurisdiction, Arcturus
may terminate this License Agreement on a Patent-by-Patent basis upon delivery of [*****] prior written notice
to CureVac

 

(i)       if
CureVac or its Affiliates, individually or in association with any other person or entity, commences a legal action
challenging the validity, enforceability or scope of any Arcturus Technology Patents anywhere in the world and does not
withdraw or settle such challenge within the [*****] cure period; or

 

(ii)      if
a sublicensee of CureVac, individually or in association with any other person or entity, commences a legal action
challenging the validity, enforceability or scope of any Arcturus Technology Patents anywhere in the world and CureVac
does not terminate the corresponding sublicense agreement or such challenge is not withdrawn or settled (by such sublicensee
or CureVac) within the [*****] cure period.

 

10.3       Termination
by CureVac; Certain Remedy for Breach.

 

(a)       Breach.
CureVac will have the right to terminate this License Agreement in full upon delivery of written notice to Arcturus in
the event of any material breach by Arcturus of any terms and conditions of this License Agreement, provided that such
breach has not been cured within [*****] after written notice thereof is given by CureVac to Arcturus
specifying the nature of the alleged breach.

 

(b)       Discretionary
Termination. CureVac will have the right to terminate this License Agreement in full at its discretion for any reason
by delivering written notice to Arcturus, such termination to be effective [*****] following the date of such
notice.

 

(c)       Maintenance
of License. In the event of a material breach by Arcturus of Sections 2.2(c) or 3.2, if such breach has not been cured
within [*****] after written notice thereof, CureVac may notify Arcturus in writing that the License Agreement
shall remain in full force and effect, provided that any remaining payments to Arcturus pursuant to Sections 4.1, 4.2 and 4.3
following such notification shall be reduced by [*****].

 

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10.4       Rights
Upon Bankruptcy. All rights and licenses granted under or pursuant to this License Agreement by Arcturus or its
Affiliates are, and will otherwise be deemed to be, for purposes of Section 365(n) of the U.S. Bankruptcy Code, licenses
of right to “intellectual property” as defined under Section 101 of the U.S. Bankruptcy Code. The Parties agree
that CureVac and its Affiliates and Sublicensees, as licensees of such rights under this License Agreement, will retain
and may fully exercise all of their rights and elections under the U.S. Bankruptcy Code and any foreign counterparts
thereto. Without limiting the Parties’ rights under Section 365(n) of the U.S. Bankruptcy Code, if a case under
U.S. Bankruptcy Code is commenced by or against a Party, the other Party shall be entitled to a copy of any and all such
intellectual property and all embodiments of such intellectual property, and the same, if not in the possession of such
other Party, shall be promptly delivered to it (i) before this License Agreement is rejected by or on behalf of the
bankrupt Party, within thirty (30) days after the other Party’s written request, unless the bankrupt Party, or its
trustee or receiver, elects within thirty (30) days to continue to perform all of its obligations under this License
Agreement, or (ii) after any rejection of this License Agreement by or on behalf of the bankrupt Party, if not previously
delivered as provided under clause (i) above. All rights of the Parties under this Section 10.4 and under Section 365(n) of
the U.S. Bankruptcy Code are in addition to and not in substitution of any and all other rights, powers, and remedies that
each Party may have under this License Agreement, under the U.S. Bankruptcy Code, and any other applicable Laws. The
non-bankrupt Party shall have the right to perform the obligations of the bankrupt Party hereunder with respect to such
intellectual property, but neither such provision nor such performance by the non-bankrupt Party shall release the bankrupt
Party from any such obligation or liability for failing to perform it.

 

10.5       Effects
of Termination.

 

(a)       Upon
termination (but not expiration pursuant to Section 10.1) of this License Agreement for any reason:

 

(i)         Cessation
of Rights. Except as expressly provided herein, including Sections 8.5, 10.5(a) and as necessary for CureVac to sell
off existing inventory as permitted under Section 10.5(iii) below, all rights and licenses granted by Arcturus to CureVac
under this License Agreement will terminate. CureVac shall wind down the development (including any clinical trials),
manufacture and commercialization of the Licensed Product in compliance with all applicable Laws and at its own cost and
expense.

 

(ii)         Sell
Off. Notwithstanding the termination of CureVac’s licenses and other rights under this License Agreement, CureVac
shall retain the right to distribute, sell or otherwise dispose of its existing inventory of the Licensed Products, in each
case that is intended for distribution, sale or disposition in the Territory, for a period of not more than six (6) months
following the date of the effective termination, as though this License Agreement had not been terminated, and such
distribution, sale or other disposition shall not constitute infringement of the Patents or other intellectual property or
proprietary rights of Arcturus or its Affiliates. CureVac’s right to distribute, sell or otherwise dispose of its
existing inventory of the Licensed Products pursuant to this Section 10.5(a)(ii) shall be subject to CureVac’s
continuing obligation to pay royalties with respect to the Net Sales.

 

(b)       Upon
termination pursuant to Section 10.1(b), Arcturus shall refund to CureVac the Option Exercise Fee (as defined in the
Development and Option Agreement), the Milestone Payments already paid by CureVac and all other payments made by CureVac in
relation to this License Agreement.

 

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10.6       Survival.
In addition to the termination consequences set forth in Section 10.5, the following provisions will survive termination
or expiration of this License Agreement: Sections 1, 4 (to the extent of any outstanding payments accrued as of the
effective date of termination), 5, 8, 9.4, 9.6, 10.5, 10.6 and 11. Termination or expiration of this License Agreement will
not relieve the Parties of any liability or obligation which accrued hereunder prior to the effective date of such
termination or expiration nor preclude either Party from pursuing all rights and remedies it may have hereunder or at law
or in equity with respect to any breach of this License Agreement nor prejudice either Party’s right to obtain
performance of any obligation. All other rights and obligations will terminate upon expiration of this License Agreement.

 

11.       General
Provisions.

 

11.1       Dispute
Resolution.

 

(a)       Disputes.
Disputes arising under or in connection with this License Agreement will be resolved pursuant to this Section 11.1; provided,
however, that in the event a dispute cannot be resolved without an adjudication of the rights or obligations of a Third
Party (other than any CureVac Indemnitees or Arcturus Indemnitees identified in Section 9.6), the dispute procedures set
forth Sections 11.1(c) and 11.1(c) will be inapplicable as to such dispute.

 

(b)       Dispute
Escalation. In the event of a dispute between the Parties, the Parties will first attempt in good faith to resolve
such dispute by negotiation and consultation between themselves. In the event that such dispute is not resolved on an
informal basis within thirty (30) days, either Party may, by written notice to the other, have such dispute referred to
each Party’s Chief Executive Officer or his or her designee (who will be a senior executive with the appropriate
authority to determine the matter for such party), who will attempt in good faith to resolve such dispute by negotiation and
consultation for a thirty (30) day period following receipt of such written notice

 

(c)       Dispute
Resolution. In the event the Chief Executive Officers of the Parties are not able to resolve such dispute as set
forth above, the Parties agree to try to solve such dispute amicably by mediation. The Parties shall conduct a mediation
procedure according to the Mediation Rules of the World Intellectual Property Organization (WIPO) in effect on the date
of the commencement of the mediation proceedings. The location of the mediation proceedings will be New York City, New
York, U.S.. The number of mediators will be one (1). The language of the mediation proceedings will be English. If the
dispute has not been settled pursuant to the said rules within sixty (60) days following the filing of a request for
mediation or within such other period as the Parties may agree in writing, either Party may submit the dispute to final
and binding arbitration. Any dispute relating to the validity  performance, construction or interpretation of this
License Agreement, which cannot be resolved amicably between the Parties after following the procedure set forth in this
Section 11.1, shall be submitted to arbitration in accordance with the Arbitration Rules of WIPO in effect on the date of the
commencement of the arbitration proceedings. The location of the arbitration proceedings will be New York City, New York,
U.S.. The number of arbitrators will be three (3). The language of the arbitration proceeding will be English. The decision
of the arbitrators shall be final and binding upon the Parties (absent manifest error on the part of the arbitrator(s)) and
enforceable in any court of competent jurisdiction.

 

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11.2       Relationship
of Parties. Nothing in this License Agreement is intended or will be deemed to constitute a partnership, agency,
employer-employee or joint venture relationship between the Parties. No Party will incur any debts or make any
commitments for the other, except to the extent, if at all, specifically provided therein. There are no express or implied
third party beneficiaries hereunder (except for CureVac Indemnitees and Arcturus Indemnitees for purposes of Section
9.6). For clarity, CureVac does not grant to Arcturus any rights or licenses under this License Agreement to any CureVac
technology or intellectual property rights.

 

11.3       Compliance
with Law. Each Party will perform or cause to be performed any and all of its obligations or the exercise of any and all
of its rights hereunder in good scientific manner and in compliance with all applicable Law.

 

11.4       Governing
Law. This License Agreement will be governed by and construed in accordance with the Laws of the State of New York, U.S.,
without respect to its conflict of Laws rules.

 

11.5       Counterparts;
Facsimiles. This License Agreement may be executed in one or more counterparts, each of which will be deemed an
original, and all of which together will be deemed to be one and the same instrument. Facsimile or PDF execution and delivery
of this License Agreement by either Party will constitute a legal, valid and binding execution and delivery of this License
Agreement by such Party.

 

11.6       Headings.
All headings in this License Agreement are for convenience only and will not affect the meaning of any provision hereof.

 

11.7       Waiver
of Rule of Construction. Each Party has had the opportunity to consult with counsel in connection with the review,
drafting and negotiation of this License Agreement. Accordingly, the rule of construction that any ambiguity in this License
Agreement will be construed against the drafting party will not apply.

 

11.8       Interpretation.
Whenever any provision of this License Agreement uses the term “including” (or “includes”), such
term will be deemed to mean “including without limitation” (or “includes without limitations”).
 “Herein,” “hereby,” “hereunder,” “hereof” and other equivalent words
refer to this License Agreement as an entirety and not solely to the particular portion of this License Agreement in
which any such word is used. All definitions set forth herein will be deemed applicable whether the words defined are
used herein in the singular or the plural. Unless otherwise provided, all references to Sections and Appendices in this
License Agreement are to Sections and Appendices of this License Agreement. References to any Sections include Sections and
subsections that are part of the related Section.

 

11.9       Binding
Effect. This License Agreement will inure to the benefit of and be binding upon the Parties, their Affiliates, and their
respective lawful successors and assigns.

 

11.10       Assignment.
This License Agreement may not be assigned by either Party, nor may either Party delegate its obligations or otherwise
transfer licenses or other rights created by this License Agreement, except as expressly permitted hereunder or otherwise
without the prior written consent of the other Party, which consent will not be unreasonably withheld, delayed or
conditioned; provided that either Party may assign this License Agreement without such consent to an Affiliate or to its
successor in connection with sale of all or substantially all of its assets or business or that portion of its business
pertaining to the subject matter of this License Agreement (whether by merger, consolidation or otherwise).

 

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11.11       Notices.
All notices, requests, demands and other communications required or permitted to be given pursuant to this License
Agreement will be in writing and will be deemed to have been duly given upon the date of receipt if delivered by hand,
recognized international overnight courier, or registered or certified mail, return receipt requested, postage prepaid or
facsimile (and promptly confirmed by personal delivery, registered or certified mail or overnight courier) to the following
addresses (or to such address as a Party may subsequently provide by written notice in accordance with this Section
11.11):

 

If to CureVac:       CureVac AG

Paul-Ehrlich-Str. 15

72076 Tübingen

Germany

Attention: CEO and General Counsel

Fax: +49 7071 9883 - 1101

 

If to Arcturus:       Arcturus Therapeutics Inc.

10628 Science Center Drive

Suite 200

San Diego, California 92121

USA

Attn:Chief Executive Officer

Copy to: General Counsel

Fax: (858) 300-5028

with a copy to (which copy shall not constitute notice):

Cooley LLP 3175

Hanover St.

Palo Alto, CA 94303

Attn: Glen Y. Sato

Fax: (650) 849-7400

 

11.12       Amendment
and Waiver. This License Agreement may be amended, supplemented, or otherwise modified only by means of a written
instrument signed by both Parties; provided that any unilateral undertaking or waiver made by one Party in favor of
the other will be enforceable if undertaken in a writing signed by the Party to be charged with the undertaking or waiver.
Any waiver of any rights or failure to act in a specific instance will relate only to such instance and will not be construed
as an agreement to waive any rights or fail to act in any other instance, whether or not similar.

 

11.13       Severability.
In the event that any provision of this License Agreement will, for any reason, be held to be invalid or unenforceable in
any respect, such invalidity or unenforceability will not affect any other provision hereof, and the Parties will negotiate
in good faith to modify the License Agreement to preserve (to the extent possible) their original intent.

 

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11.14       Entire
Agreement. This License Agreement together with the Development and Option Agreement and any other license agreements
entered into during the Term pursuant to the Development and Option Agreement are the sole agreement with respect to the
subject matter hereof and supersedes all other agreements and understandings between the Parties with respect to same.

 

11.15       Force
Majeure. Neither Arcturus nor CureVac will be liable for failure of or delay in performing obligations set forth in
this License Agreement (other than any obligation to pay monies when due), and neither will be deemed in breach of such
obligations, if such failure or delay is due to natural disasters or any causes reasonably beyond the control of Arcturus
or CureVac; provided that the Party affected will promptly notify the other of the force majeure condition and will
exert reasonable efforts to eliminate, cure or overcome any such causes and to resume performance of its obligations as
soon as possible.

 

    40

     

    

 

Appendix 1.3

 

Description of the Arcturus LMD Technology

 

[To
be completed in accordance with Section 5.2 of the Development and Option Agreement.]

 

     

     

    

 

Appendix 1.4

 

Patents and Know-How within the Arcturus
Technology

as of the License Agreement Effective Date

[To
be updated in accordance with Section 5.2 of the Development and Option Agreement.]

 

(C)       Patents

 

ARCTURUS LMD TECHNOLOGY

 

[*****]

 

     

     

    

 

[*****]

 

(D)       Know-How

 

[*****]

 

     

     

    

 

Appendix 1.28

 

Joint Interest Patents

 

[To be completed in accordance with Section
5.2 of the Development and Option Agreement and updated during the Term]

 

     

     

    

 

Appendix 1.50

 

Pre-Existing Restrictions

 

		•	[*****]

 

     

     

    

 

Appendix 1.59

 

Description of the Target

 

The description for
a Target described in sub-clause (a) of the definition of Target shall include the following information:

 

a.       [*****];

 

b.       [*****];
and

 

c.       [*****];
and

 

d.       [*****]

 

The description for a Target described
in sub-clause (b) of the definition of Target shall include the following information:

 

b.       [*****]

 

     

     

    

 

The description for a Target described
in sub-clause (c) of the definition of Target shall include the following information:

 

a.       [*****];
and

 

b.       [*****]

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