Document:

Exhibit 10.1

 

CERTAIN
IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE COMPANY
TREATS AS PRIVATE OR CONFIDENTIAL. THE REDACTED TERMS HAVE BEEN MARKED WITH THREE ASTERISKS [***]

 

LICENSE
AGREEMENT

 

This
License Agreement (“Agreement”)
is entered into and made effective as of May 25th, 2021 (“Effective Date”) by and between Milky Way BioPharma,
LLC, a California limited liability company having a place of business at 1230 Bordeaux Drive, Sunnyvale, CA, 94089 (“Licensor”)
and Corbus Pharmaceuticals, Inc., a Delaware corporation having a place of business at 500 River Ridge Drive, Norwood, MA 02062 (“Company”).
Company and Licensor are sometimes referred to herein individually as a “Party” and collectively as the “Parties.”

 

Recitals

 

Whereas,
Company desires to obtain from Licensor an exclusive license under
certain patents, know-how and other intellectual property owned by or licensed to Licensor in connection with certain integrin targeting
therapeutics; and

 

Whereas,
Licensor is willing to grant such rights and licenses under the terms and conditions set forth in this Agreement.

 

Now,
Therefore, the Parties agree as follows:

 

Article
1

Definitions

 

As
used herein, the following terms shall have the following meanings:

 

1.1
“[***]” means the Licensor proprietary Antibody known as “[***]”, as described specifically
in Exhibit B.

 

1.2
“[***]” means the Licensor proprietary Antibody known as “[***]”, as described specifically
in Exhibit B.

 

1.3
“Affiliate” means, with respect to a particular Party or other entity, a person, corporation, partnership, or other entity
that controls, is controlled by or is under common control with such Party or other entity. For the purposes of this definition, the
word “control” (including, with correlative meaning, the terms “controlled by” or “under common control
with”) means the actual power, either directly or indirectly through one or more intermediaries, to direct or cause the direction
of the management and policies of such entity, whether by the ownership of fifty percent (50%) or more of the voting stock of such entity,
or by contract or otherwise.

 

1.4
“Antibody” means any (a) antibody, or antibody fragment or variant thereof and any (b) fusions and conjugates
thereof (such as those bound to a toxin, label or other compound), and any (c) multimeric versions thereof, and (d) any combination of
(a) through (c), in each case, that binds to, interacts with or modulates a Target.

 

    	- 1 -

     

    

 

1.5
“Applicable Law” means applicable laws, rules, and regulations, including any rules, regulations, guidelines,
or other requirements of the Regulatory Authorities, that may be in effect from time to time.

 

1.6
“Combination Product” means any biopharmaceutical preparation in final form containing a Licensed Antibody in
combination with (a) one or more other active ingredients (whether co-formulated or co-packaged), sold either as a fixed dose or unit
or as separate doses or units as a single stock keeping unit (“SKU”) or at a single price, or (b) one or more device(s),
services or other items of value (including a Companion Diagnostic) as a single SKU or at a single price (such other active ingredients,
Companion Diagnostics, devices, services, or other items of value, “Other Items”).

 

1.7
“Commercially Reasonable Efforts” means, with respect to a Party’s obligations under this Agreement, the
carrying out of such obligations or tasks with a level of effort and resources at least consistent with practices normally devoted by
such Party for conducting such obligations or tasks with respect to a product owned by it or to which it has rights and that is at a
similar stage of development or commercialization and has a similar net sales potential and strategic value, based on conditions then
prevailing and taking into account all relevant scientific, technical and commercial factors.

 

1.8
“Companion Diagnostic” means any product or service that: (a) identifies a person having a disease or condition
or a molecular genotype or phenotype that predisposes a person to such disease or condition, in each case, for which a Licensed Antibody
or Licensed Product could be used to treat or prevent such disease or condition; (b) defines the prognosis or monitors the progress of
a disease or condition in a person for which a Licensed Antibody or Licensed Product could be used to treat or prevent such disease or
condition; (c) is used to select a therapeutic or prophylactic regimen, wherein at least one (1) potential such therapeutic or prophylactic
regimen involves a Licensed Antibody or Licensed Product, and where the selected regimen is determined to likely be effective or to be
safe for a person, based on the use of such product or service; or (d) is used to confirm a biological activity or to optimize dosing
or the scheduled administration of a Licensed Antibody or Licensed Product.

 

1.9
“Confidential Information” of a Party means any and all Information of such Party that is disclosed to the other
Party under this Agreement, whether in oral, written, graphic, or electronic form. All Information disclosed by either Party pursuant
to the Mutual Non-Disclosure Agreement between the Parties dated January 8, 2021 (the “Confidentiality Agreement”)
shall be deemed to be such Party’s Confidential Information disclosed hereunder.

 

1.10
“Control” means, with respect to any Information, patent, patent application, or other intellectual property right, that
the applicable Party owns or has a license to such Information, patent, patent application, or intellectual property right and has the
ability to grant to the other Party access to and a license (or sublicense, as applicable) under same without violating the terms of
any agreement or other legally enforceable arrangement with a Third Party.

 

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1.11
“Cover” means, with respect to Patent and any product, process, method or composition, that, in the absence of a license
granted under such Patent, the manufacture, use, sale, practice or other exploitation of such product, process, method or composition
would infringe such Patent (or, in the case of a pending Patent, would infringe such Patent if its claims were to issue in the same form).
Cognates of “Cover” (including without limitation “Covers,” “Covered” and “Covering”)
have a correlative meaning.

 

1.12
“Derivatives” means (a) any fragments, variants, modifications or derivatives of a Licensed Antibody, including, to the
extent derived from such Licensed Antibody, (i) any humanized or chimeric Antibody, (ii) any less-than-full-length Antibody form such
as Fv, Fab and F(ab’)2 and (iii) any antibody or antibody fragment that is conjugated or fused to any other composition, including
for example, a toxin, radionuclide, small molecule, polypeptide or polypeptide fragment; and (b) any nucleic acid comprising a sequence
of nucleotides encoding (or complementary to a nucleic acid encoding) some or all of any Licensed Antibody or any of the molecules described
in subsection (a).

 

1.13
“Dollar” means a U.S. dollar, and “$” shall be interpreted accordingly.

 

1.14
“EMA” means the European Medicines Agency, or any successor thereof performing substantially the same functions.

 

1.15
“FDA” means the United States Food and Drug Administration, or any successor entity thereof performing substantially
the same functions.

 

1.16
“Field” means all fields of use.

 

1.17
“First Commercial Sale” means, with respect to a Licensed Product in a particular country, the first commercial sale
of such Licensed Product in such country after all needed Regulatory Approvals have been obtained in such country.

 

1.18
“IND” means any investigational new drug application filed with the FDA pursuant to Part 312 of Title 21 of the
U.S. Code of Federal Regulations, including any amendments thereto. References herein to IND shall include, to the extent applicable,
any comparable filing(s) outside of the United States (such as a Clinical Trial Authorization, or CTA, in the European Union).

 

1.19
“Information” means information and data of any type and in any tangible or intangible form, including without limitation
inventions, practices, methods, techniques, specifications, operating procedures, protocols, formulations, software, formulae, knowledge,
know-how (including without limitation any manufacturing, regulatory, or clinical know-how), skill, experience, test data, analytical
and quality control data, stability data, results of studies and patent and other legal information or descriptions.

 

1.20
“Knowledge” means, with respect to a Party, the actual knowledge of (i) such Party’s internal legal department
(including such legal department’s intellectual property group), (ii) any employees of such Party who were directly involved in
the negotiation of this Agreement with the other Party or (iii) any member of such Party’s senior management.

 

    	- 3 -

     

    

 

1.21
“Licensed Antibody” means an Antibody owned or Controlled by Licensor as of the Effective Date and/or until termination
or expiration of this Agreement, including the [***] Antibody and the [***] Antibody, and including any Derivatives of
each such Antibody that are (a) created by or on behalf of Company, its Affiliates, or (sub)licensees and (b) Covered by a Valid Claim
in any Licensor Patent.

 

1.22
“Licensed Know-How” means all Information that is Controlled by Licensor or any of its Affiliates as of the Effective
Date or during the Term that is associated with, or necessary or reasonably useful for, the research, development, manufacture, or commercialization
of a Licensed Antibody or a Licensed Product in the Field.

 

1.23
“Licensed Patents” means all Patents that are Controlled by Licensor or any of its Affiliates as of the Effective
Date or during the Term that Cover the composition of matter, formulation, manufacture or use of a Licensed Antibody or Licensed Product
or that are otherwise or necessary or reasonably useful for the research, development, manufacture, or commercialization of a Licensed
Antibody or a Licensed Product in the Field, including without limitation the Patents listed in Exhibit A.

 

1.24
“Licensed Product” means any product that contains a Licensed Antibody.

 

1.25
“Licensed Technology” means the Licensed Patents and the Licensed Know-How.

 

1.26
“Net Sales” means, with respect to a given period of time, the gross amount invoiced by Company, its Affiliates, or (sub)licensees,
but excluding Qualified Sublicensees and its sublicensees, during such period for sale of Licensed Product to unrelated Third Party purchasers,
less the following deductions and offsets:

 

(a)
normal and customary trade, prompt payment, cash and quantity discounts, allowances and credits actually allowed or paid in the ordinary
course of business in connection with the sale of Licensed Products;

 

(b)
credits or allowances actually granted for damaged Licensed Products, returns or rejections of Licensed Product, price adjustments and
billing errors, in each case not in excess of the selling price of the Licensed Product;

 

(c)
reasonable and customary rebates, chargebacks and discounts (or equivalents thereof), based on the invoiced price or net price to Third
Party purchasers, granted to managed health care organizations, pharmacy benefit managers (or equivalents thereof), federal, state/provincial,
local and other governments, their agencies and purchasers and reimbursors;

 

(d)
transportation costs, including insurance, for outbound freight related to delivery of the Licensed Products to the extent billed separately
on the invoice and paid by the buyer;

 

(e)
sales taxes, custom duties and levies, import fees, and other governmental charges (including value added tax, but solely to the extent
not otherwise creditable or reimbursed) to the extent billed separately on the invoice and actually paid in connection with the sale
(but excluding what is commonly known as income taxes); and

 

    	- 4 -

     

    

 

(f)
that portion of the annual fee on prescription drug manufacturers imposed by the Patient Protection and Affordable Care Act, Pub. L.
No. 111-148 (as amended) and reasonably allocable to sales of the Licensed Products;

 

(g)
other similar or customary deductions taken in the ordinary course of business or in accordance with GAAP.

 

Net
Sales will be determined in accordance with GAAP. Net Sales will not be imputed to transfers of Licensed Products for use in Clinical
Studies, non-clinical Development activities or other Development activities with respect to Licensed Products, for bona fide charitable
purposes, for compassionate use, for indigent patient programs or as free samples.

 

In
the event that a Licensed Product is sold in any country in the form of a Combination Product, Net Sales of such Combination Product
will be adjusted by multiplying actual Net Sales of such Combination Product in such country calculated pursuant to the foregoing definition
of “Net Sales” by the fraction A/(A+B), where A is the average Net Sales Price in such country of any Licensed Product that
contains the same Licensed Antibody as such Combination Product as its sole active ingredient(s), if sold separately in such country,
and B is the average Net Sales Price in such country of, as applicable, each product that contains the Other Items contained in such
Combination Product if sold separately in such country; provided that the invoice price in a country for (A) each Licensed Product that
contains only a Licensed Antibody and (B) in the case of a product that contains solely the Other Items included in the Combination Product
will to the extent feasible be for a quantity comparable to that used in such Combination Product and of substantially the same class,
purity and potency or functionality, as applicable. If either such Licensed Product that contains a Licensed Antibody as its sole active
ingredient or any such product that the relevant Other Items is not sold separately (including in the case of the sale of a combination
therapy that contains a Licensed Antibody but is not sold separately) in a particular country, then the adjustment to Net Sales will
be determined by the Parties in good faith to reasonably reflect the fair market value of the contribution of such Licensed Product or
product in such Combination Product to the total fair market value of such Combination Product.

 

In
the case of pharmacy incentive programs, hospital performance incentive programs, chargebacks, disease management programs, similar programs
or discounts on portfolio product offerings, all rebates, discounts and other forms of reimbursements will be allocated among products
on the basis on which such rebates, discounts and other forms of reimbursements were actually granted or, if such basis cannot be determined,
in accordance with Company’s existing allocation method; provided that any such allocation will be done in accordance with Applicable
Law, including any price reporting laws, rules and regulations.

 

Subject
to the above, Net Sales will be calculated (and, as applicable, converted from foreign currencies into Dollars) in accordance with Company’s
standard internal policies and procedures, which must be in accordance with applicable accounting standards and applied consistently
across its respective businesses.

 

    	- 5 -

     

    

 

1.27
“Other Items” has the meaning set forth in Section 1.7.

 

1.28
“Patents” means (a) pending patent applications, issued patents, utility models and designs; (b) reissues, substitutions,
confirmations, registrations, validations, re-examinations, additions, continuations, continued prosecution applications, continuations-in-part,
or divisions of or to any of the foregoing; and (c) extensions, renewals or restorations of any of the foregoing by existing or future
extension, renewal or restoration mechanisms, including supplementary protection certificates or the equivalent thereof.

 

1.29
“Person” means an individual, sole proprietorship, partnership, limited partnership, limited liability partnership,
corporation, limited liability company, business trust, joint stock company, trust, unincorporated association, joint venture or other
similar entity or organization, including a government or political subdivision, department or agency of a government.

 

1.30
“Phase 1 Clinical Trial” means [***], as amended from time to time, or a comparable clinical study prescribed
by the Relevant Regulatory Authority in a country other than the United States.

 

1.31
“Phase 2 Clinical Trial” means [***], as amended from time to time, or a comparable clinical study prescribed
by the relevant Regulatory Authority in a country other than the United States [***].

 

1.32
“Phase 3 Clinical Trial” means [***] or a comparable clinical study prescribed by the relevant Regulatory
Authority in a country other than the United States, with the aim to obtain Regulatory Approval.

 

1.33
“Qualified Sublicensee” has the meaning set forth in Section 1.35.

 

1.34
“Qualified Sublicensing Income” means revenue received by Corbus in exchange for granting a sublicense to a Third
Party pursuant to Section 2.2 under which Corbus grants to such Third Party full operational control of developing, seeking Regulatory
Approval of, and commercializing Licensed Product in the Field in the Territory (such Third Party a “Qualified Sublicensee”).
Qualified Sublicensing Income specifically excludes any consideration received that is reasonably allocable to an independent negotiated-for
arrangement other than a sublicense under the Licensed Technology, including as (a) reasonable cost-based funding (without markup) for
research, development, manufacturing or commercialization activities undertaken by or on behalf of Company; or (b) a bona-fide loan,
provided that any loan amounts that are forgiven will be included in Qualified Sublicensing Income. For the avoidance of doubt, Qualified
Sublicensing Income excludes any revenue received by Company through any partnerships, collaborations, strategic alliances, joint ventures
and other transactions where Company and a Third Party co-develop, co-commercialize or co-promote any Licensed Product in the Territory.

 

1.35
“Regulatory Approval” means all approvals, including pricing and/or reimbursement approvals if applicable, necessary
for the commercial sale of a Licensed Product in the Field in a given country or regulatory jurisdiction.

 

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1.36
“Regulatory Authority” means, in a particular country or jurisdiction, any applicable governmental authority involved
in granting Regulatory Approval in such country or jurisdiction.

 

1.37
“Regulatory Materials” means regulatory applications, submissions, notifications, communications, correspondence,
registrations, Regulatory Approvals and/or other filings made to, received from or otherwise conducted with a Regulatory Authority in
order to develop, manufacture, market, sell or otherwise commercialize a Licensed Product in a particular country or jurisdiction.

 

1.38
“Royalty Term” has the meaning set forth in Section 4.5(b).

 

1.39
“Senior Executive” means the Chief Executive Officer of a Party or duly appointed representative thereof.

 

1.40
“Target” means [***].

 

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

 

1.42
“Termination Know-How” means all Information Controlled by Company or its Affiliates as of the effective date
of termination of this Agreement that is necessary or reasonably useful for, the development, manufacture, or commercialization of Licensed
Products in the Field.

 

1.43
“Termination Patent” means any Patent Controlled by Company or its Affiliates as of the effective date of termination
of this Agreement that claims the composition of matter, manufacture or use of one or more Licensed Products or that would otherwise
be infringed, absent a license, by the manufacture, use or sale of any Licensed Product.

 

1.44
“Territory” means all countries of the world.

 

1.45
“Third Party” means any entity other than (a) Licensor, (b) Company or (c) an Affiliate of either Party.

 

1.46
“Valid Claim” means a claim of an issued and unexpired Patent included within the Licensed Patents, to the extent
such 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 judgment (or judgment from which no appeal was taken within the allowable time period) and which claim
has not been disclaimed, denied or admitted to be invalid or unenforceable through reissue, re-examination or disclaimer or otherwise.

 

Article
2

Licenses

 

2.1
Exclusive License. Subject to the terms and conditions of this Agreement, Licensor hereby grants to Company the exclusive (even as
to Licensor), royalty-bearing, sublicensable (subject to Section 2.2) license, under the Licensed Patents and the Licensed Know-How,
to research, have researched, develop, have developed, make, have made, use, have used, offer for sale, sell, have sold, commercialize,
have commercialized import and otherwise exploit Licensed Antibodies, Derivatives, and Licensed Products, in each case in the Field in
the Territory.

 

    	- 7 -

     

    

 

2.2
Sublicensing. Subject to the rest of this Section 2.2, Company shall have the right to grant sublicenses, through multiple tiers,
under any or all of the rights licensed to Company in Section 2.1, without Licensor’s prior consent, provided that:

 

(a)
Any sublicense that Company grants hereunder shall be consistent with the terms and conditions of this Agreement, but in any event, no
less protective of the rights afforded to Licensor hereunder;

 

(b)
Company shall remain primarily responsible for all of its sublicensees’ activities and any and all failures by its sublicensees
to comply with the applicable terms of this Agreement; and

 

(c)
Within sixty (60) days of executing any sublicensing agreement, and any amendments thereto, Company will provide to Licensor a fully
signed copy of such agreements and amendments, which may be reasonably redacted by Company as necessary.

 

2.3
No Other Licenses. Neither Party grants to the other Party any rights or licenses in or to any intellectual property, whether by
implication, estoppel, or otherwise, except to the extent expressly provided for under this Agreement.

 

Article
3

Other Obligations of the Parties

 

3.1
Development and Commercialization of Products. Company shall have sole control over, and responsibility for, the research, development
(including but not limited to, pre-clinical and clinical activities and the preparation and submission of all required regulatory filings),
and commercialization of any Licensed Products, and shall bear all expenses related thereto.

 

3.2
Diligence Obligations.

 

(a)
Company, at its own expense, shall use Commercially Reasonable Efforts to (i) research, develop and seek Regulatory Approval for Licensed
Products in the Territory (in such countries that Company selects in its sole discretion) and (ii) commercialize such Licensed Products
in each country in the Territory in which it receives Regulatory Approval for such Licensed Products.

 

(b)
Notwithstanding Section 3.3(a), Company will be deemed to have fulfilled all its obligations under this Section 3.3, and will have no
further diligence obligations hereunder if: [***].

 

    	- 8 -

     

    

 

3.3
Technology Transfer.

 

(a)
Licensor shall use reasonable efforts to transfer to Company the documents and materials listed on Exhibit B no later than six (6) months
after the Effective Date or as otherwise agreed by the Parties, or as provided in Exhibit B. After the expiration of the six (6) month
period described above, Licensor shall use Commercially Reasonably Efforts to provide additional tangible manifestations of Licensed
Know-How requested by Company, to the extent then in Licensor’s possession. In no event shall Licensor be obligated to transfer
Information to Company under this Section 3.4(a) that it does not Control at such time, or violate any law, statute, ordinance or regulation;
provided, however, that, to the extent any obligation to any Third Party prohibits Licensor from disclosing particular Information, Licensor
shall use Commercially Reasonable Efforts to secure the right to disclose such Information to Company. Company shall reimburse all reasonable
out-of-pocket costs and expenses incurred by Licensor in connection with any transfer pursuant to this Section 3.4(a).

 

(b)
Except as expressly set forth in this Agreement, any information or MATERIALS THAT ARE
TRANSFERRED PURSUANT TO THIS SECTION 3.4 ARE PROVIDED “AS IS” AND WITHOUT ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED,
INCLUDING WITHOUT LIMITATION ANY IMPLIED WARRANTY OF COMPLETENESS, COMPLIANCE WITH REGULATORY STANDARDS OR REGULATIONS, MERCHANTABILITY
OR OF FITNESS FOR ANY PARTICULAR PURPOSE OR ANY WARRANTY THAT THE USE OF SUCH INFORMATION OR MATERIALS WILL NOT INFRINGE OR VIOLATE ANY
PATENT OR OTHER PROPRIETARY RIGHTS OF ANY THIRD PARTY.

 

3.4
Regulatory Matters.

 

(a)
Company shall own all Regulatory Materials and Regulatory Approvals for Licensed Products in Field in the Territory.

 

(b)
Company shall be solely responsible for seeking and maintaining Regulatory Approvals of Licensed Products developed by Company throughout
the Territory (in such countries as it selects), and for preparing and filing all Regulatory Materials in connection therewith, in each
case at its sole expense. Licensor shall assist and cooperate with Company in connection with the preparation of such Regulatory Materials,
as reasonably requested by Company and at Company’s expense.

 

(c)
Licensor shall not submit any Regulatory Materials or seek Regulatory Approvals for Licensed Products in the Territory. Licensor shall
not communicate formally or informally with respect to Licensed Products with any Regulatory Authority, unless so required to comply
with Applicable Law, in which case Licensor shall promptly notify Company of such requirement under Applicable Law and, to the extent
practicable and permitted under Applicable Law, shall submit any proposed communication to Company for prior approval or, if not practicable
or permitted, shall provide Company with a copy or summary thereof as soon as reasonably practicable thereafter.

 

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Article
4

Financial Terms

 

4.1
Upfront Payment. As partial consideration for the rights granted hereunder, within five (5) days after the execution of this Agreement
by both Parties, Company shall pay to Licensor a one-time, non-refundable, non-creditable upfront payment of five hundred thousand Dollars
($500,000.00).

 

4.2
Equity. As partial consideration for the rights granted hereunder, Company and Corbus Pharmaceuticals Holdings, Inc. hereby agree
to issue and deliver to Licensor shares of common stock, par value $0.0001 per share of Corbus Pharmaceuticals Holdings, Inc. (the “Common
Stock”), subject to the terms of a Common Stock Subscription Agreement, in an amount equal to two hundred and fifty-thousand Dollars
($250,000.00), such number of shares of Common Stock to be determined based on the average of the volume-weighted average price per share
of the Common Stock, as reported by Bloomberg L.P., for the thirty (30) trailing trading days ending with the date prior to the date
of the execution of this Agreement, to be issued on the later of (i) ninety (90) days following the date of this Agreement or (ii) five
(5) business days following the date of approval by the stockholders of Corbus Pharmaceuticals Holdings, Inc. of a proposal to the increase
the number of authorized shares of Common Stock in an amount equal to at least 300,000,000 shares of Common Stock. In the event Corbus
Pharmaceuticals Holdings, Inc. is unable or elects not to increase the number of authorized shares of Common Stock to facilitate this
transaction, within one hundred twenty (120) days after the date of this agreement, the Company shall pay to the Licensor two hundred
fifty thousand Dollars ($250,000).

 

4.3
Development Milestone Payments. Company shall make each of the, non-cancelable, non-refundable, non-creditable development milestone
payments (in Dollars) to Licensor set forth in the chart below within thirty (30) days after the achievement of the corresponding development
milestone event by Company, its Affiliates or their respective sublicensees. Each such milestone payment shall be payable only once with
respect to each Licensed Product. Corbus, in its sole discretion, may elect to pay up to [***] of each development milestone payment
set forth in the table below in the form of shares of Common Stock to Licensor, based on the fair market value of such shares of Common
Stock on the date the corresponding development milestone event was achieved by Company. In the event that the Company [***],
the Company agrees that it will pay the Licensor [***] of the milestone payments set forth in the chart below within thirty days
after the achievement of the corresponding development event by the Company, however [***] is excluded from this consideration.

 

	Development
    Milestone Event (for each Licensed Product)	 	Milestone
    Payment
	[***]	 	[***]
	[***]	 	[***]
	[***]	 	[***]
	[***]	 	[***]
	[***]	 	[***]
	[***]	 	[***]
	[***]	 	[***]
	[***]	 	[***]
	[***]	 	[***]

 

    	- 10 -

     

    

 

4.4
Sales Milestones. Company shall make each of the one-time, non-cancelable, non-refundable, non-creditable sales milestone payments
(in Dollars) to Licensor set forth in the table below when the aggregate annual Net Sales is first achieved by Company, its Affiliates
and their respective sublicensees of Licensed Products in the Territory, the corresponding amount specified below. Company shall pay
to Licensor such amount within sixty (60) days after the end of the calendar year in which such event is achieved for the first time.
For clarity, the milestone payments in this Section 4.4 shall be additive such that if more than one milestone below is met in the same
calendar year, Company shall pay all applicable one-time payments to Licensor for that calendar year. Corbus may elect to pay up to [***]
of each sales milestone payment set forth in the table below in the form of common shares of Company issued to Licensor, based on
the fair market value of such common shares on the date the corresponding sales milestone was achieved by Company.

 

	Aggregate
    Annual Net Sales of Licensed Products in the Territory in a calendar year	 	Milestone
    Payment
	[***]	 	[***]
	[***]	 	[***]

 

4.5
Royalties.

 

(a)
Royalty Rates. Subject to Sections 4.5(b) and 4.5(c), Company shall pay to Licensor non-cancelable, non-refundable, non-creditable
royalties equal to [***] of Net Sales of Licensed Product Covered by any Licensed Patent in the Field in the country of sale during
the applicable Royalty Term.

 

(b)
Royalty Term. Royalties shall be paid under this Section 4.5, on a country-by-country and Licensed Product-by-Licensed Product
basis, during the period of time beginning from the First Commercial Sale of such Licensed Product in such country until the expiration
of the last-to-expire Valid Claim in any Licensor Patent in such country that Covers the composition of matter of such Licensed Product,
the manufacture of such Licensed Product in such country, or a method of use of such Licensed Product for an indication for which Regulatory
Approval has been obtained in such country (the “Royalty Term”).

 

(c)
Royalty Reduction – Third Party Licenses. If it is reasonably necessary or advisable for Company, its Affiliates, or its
sublicensees to obtain a license or other agreement under a Third Party Patent in order to develop, manufacture, or commercialize a Licensed
Product in a country in the Territory, where absent such license or other agreement with Third Party, the Third Party Patent may be infringed
by developing, manufacturing, using, selling, importing, or otherwise commercializing a Licensed Product in the Field in the Territory
(“Blocking IP License”), then Company shall be entitled to deduct from the royalty payments otherwise due to Licensor
under Section 4.5(a) for such country an amount equal to [***] of the royalty, license fee, and/or other amount paid to such Third
Party for such Blocking IP License in such country during the applicable reporting period; provided, however, that royalties due hereunder
for any quarter shall not be reduced by more than [***]. Any deductions that cannot be made as a result of the foregoing provision
may be carrying forward to subsequent quarters.

 

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4.6
Annual Minimum Payments.

 

(a)
Before First Commercial Sale: Company shall pay to Licensor an aggregate non-creditable, non-refundable annual minimum fee of [***]
per year starting in the calendar year in which a Phase 1 Study is initiated for an Antibody that [***], which shall be pro-rated
for the first calendar year.

 

(b)
After First Commercial Sale: Company shall pay to Licensor an aggregate annual minimum royalty of [***] per year starting in the
calendar year in which First Commercial Sale occurs, which shall be pro-rated for the first calendar year for the period after the First
Commercial Sale, and continuing for the next five (5) full calendar years. Starting in the sixth full calendar year following the First
Commercial Sale, Company shall pay to Licensor an aggregate annual minimum royalty of [***] for remainder of the Royalty Term.
In each instance, earned royalties during a calendar year shall be credited against the annual minimum royalty and any remaining portion
of the annual minimum royalty shall be paid as a year-end true-up within sixty (60) days after the end of such calendar year, as applicable.

 

Solely
by way of example, if the First Commercial Sale occurred on June 30, -2025, Company will pay to Licensor the following annual minimum
royalties for the Royalty Term: [***], for remainder of the Royalty Term.

 

4.7
Sublicense Revenue. The Licensor shall receive the following portions of any non-royalty Qualified Sublicensing Income on a country-by-country
basis in the Territory:

 

(a)
[***] for Qualified Sublicensing Income from any sublicensing agreement entered into prior to the [***].

 

(b)
[***] for Qualified Sublicensing Income from any sublicensing agreement entered on or after the [***].

 

4.8
Royalty Reports and Payments. All amounts payable to Licensor pursuant to Section 4.5 shall be paid in Dollars within sixty (60)
days after the end of each calendar year with respect to Net Sales in such calendar year. Each payment of royalties due to Licensor shall
be accompanied by a statement, on a country-by-country basis, of the Net Sales during such calendar year, and a calculation of the amount
of royalty payment due on such sales for such calendar year.

 

4.9
Third Party Payments.

 

(a)
Company Obligations. Subject to Section 4.5(c), Company will be solely responsible for all amounts owed to Third Parties after
the Effective Date pursuant to any future license or technology acquisition agreement under which Company obtains rights to Third Party
Patents or Information related to the development and commercialization of the Licensed Product by Company, its Affiliates and their
respective sublicensees.

 

    	- 12 -

     

    

 

4.10
Assignment Fee. If Company assigns its rights and obligations under this Agreement to a Third Party, Company or such Third Party
shall pay to Licensor an assignment fee equal to [***]. Such assignment fee is non-cancellable, non-refundable, and non-credible
against any other fees or royalties.

 

4.11
Foreign Exchange. If Company, its Affiliates or its sublicensees receive payment from a Third Party in a currency other than United
States dollars for which a royalty or fee is owed under this Agreement, then conversion of sales recorded in local currencies to Dollars
shall be performed using a widely accepted source of published exchange rates, in a manner consistent with Company’s normal practices
used to prepare its audited financial statements.

 

4.12
Payment Method; Late Payments. All payments due to Licensor hereunder shall be made in Dollars by wire transfer of immediately available
funds into an account designated by Licensor. If Licensor does not receive payment of any undisputed sum due to it on or before the due
date, simple interest shall thereafter accrue on the sum due to Licensor until the date of payment at the rate of [***] per month
or the maximum annual rate allowable by Applicable Law, whichever is lower.

 

4.13
Records; Audits. Company and its Affiliates and sublicensees will maintain complete and accurate records in sufficient detail to
permit Licensor to confirm the accuracy of the calculation of royalty payments and the achievement of sales milestone events. Upon reasonable
prior notice, such records shall be available during regular business hours for a period of three (3) years from the end of the calendar
year to which they pertain for examination, not more often than once each calendar year, by an independent certified public accountant
selected by Licensor and reasonably acceptable to Company, for the sole purpose of verifying the accuracy of the financial reports furnished
by Company pursuant to this Agreement. Any such auditor shall not disclose Company’s Confidential Information, except to the extent
such disclosure is necessary to verify the accuracy of the financial reports furnished by Company, its Affiliates, or its sublicensees
or the amount of payments due from Company to Licensor under this Agreement. Any amounts shown to be owed but unpaid shall be paid within
thirty (30) days from the accountant’s report, plus interest (as set forth in Section 4.12) from the original due date. Licensor
shall bear the full cost of such audit unless such audit discloses an underpayment by Company of more than ten percent (10%) of the amount
due for the period being audited, in which case Company shall bear the full cost of such audit.

 

4.14
Taxes.

 

(a)
Taxes on Income. Each Party shall be solely responsible for the payment of all taxes imposed on its share of income arising directly
or indirectly from the efforts of the Parties under this Agreement.

 

(b)
Tax Cooperation. To the extent Company is required to withhold taxes on any payment to Licensor, Company shall pay the amounts
of such taxes to the proper governmental authority in a timely manner, deduct such amounts from the applicable payment(s) to Licensor,
and promptly transmit to Licensor an official tax certificate or other evidence of such withholding sufficient to enable Licensor to
claim such payment of taxes. Licensor shall provide Company any tax forms that may be reasonably necessary in order for Company not to
withhold tax or to withhold tax at a reduced rate under an applicable bilateral income tax treaty. Each Party shall provide the other
with reasonable assistance to enable the recovery, as permitted by Applicable Law, of withholding taxes, value added taxes, or similar
obligations resulting from payments made under this Agreement, such recovery to be for the benefit of the Party bearing such withholding
tax or value added tax.

 

    	- 13 -

     

    

 

Article
5

Patents

 

5.1
Patent Prosecution.

 

(a)
Subject to Section 5.1(b), Company shall be responsible for, at its sole expense, the filing, prosecution and maintenance of all Licensed
Patents (including any interference, derivation proceeding, opposition, reexamination requested by a Third Party, inter partes review,
post-grant review or similar post-grant or adversarial administrative proceeding with respect thereto). Company shall deliver to Licensor
copies of all documents materially related to such prosecution or maintenance within a reasonable period of time after such documents
are prepared by or received by Company, and in any event a reasonable amount of time before any such document is filed with or submitted
to the applicable patent office or agency by Company. Company shall consult with Licensor regarding the prosecution of any patent applications
in the Licensed Patents, and shall incorporate any and all reasonable comments or suggestions made by Licensor with respect to such prosecution.

 

(b)
If, at any time during the term of this Agreement, Company no longer wishes to file, prosecute, or maintain a patent or patent application
in the Licensed Patents, it shall notify Licensor in writing of such decision. Company shall provide such notice at least thirty (30)
days prior to abandonment or lapse of such patent or patent application, to the extent practicable in light of the timing of any notice
relating to such patent or patent application. Thereafter, Licensor shall have the right, but not the obligation, to assume the sole
and exclusive responsibility, at its discretion, for the filing, prosecution, and/or maintenance (as the case may be) of such patent
or patent application solely at its own expense.

 

5.2
Infringement by Third Parties.

 

(a)
Notice. If either Party becomes aware of any actual or threatened infringement of a Licensed Patent, such Party shall promptly
notify the other Party in writing (the “Notice”) and the Parties shall confer in good faith regarding the most appropriate
action to take with respect to such infringement. Both Parties shall use their reasonable efforts in cooperating with each other to terminate
such infringement without litigation.

 

(b)
Enforcement. Unless the Parties otherwise agree, Company shall have the first right, but not the obligation, to take appropriate
action against activities allegedly infringing any patent in the Licensed Patents, in its own name and under its sole control. If Company
does not take any action against such activities within one hundred twenty (120) days after delivery of the Notice, then Licensor may,
upon thirty (30) days’ notice to Company, take appropriate action against such activities in its own name and under its sole control.

 

    	- 14 -

     

    

 

(c)
Cooperation; Settlement. Regardless of which Party brings the action (the “Initiating Party”), the other Party
(the “Non-Initiating Party”) hereby agrees to cooperate reasonably in any such effort, all at the Initiating Party’s
expense, and the Parties shall reasonably cooperate to address new facts or circumstances that come to light during the course of any
action relating to the Licensed Patents which may affect the need for one Party or the other to participate in such action. The Non-Initiating
Party agrees to be joined as a party plaintiff, at the Initiating Party’s expense, in any such action if needed for the Initiating
Party to bring or continue an infringement action hereunder. The Non-Initiating Party shall, at its own expense and with its own counsel,
have the right to participate in any action brought by the Initiating Party. Neither Party may settle any action brought under this Section
5.2, or take any other action in the course thereof, that adversely affects the other Party’s interest in the Licensed Patents
or Licensed Know-How, without the written consent of such other Party, such consent not to be unreasonably withheld.

 

(d)
Costs; Allocation of Recovery. The costs and expenses of conducting any infringement suit brought under this Section 5.2 shall
be borne solely by the Initiating Party, unless there is a separate written agreement to share costs between the Parties. Except as otherwise
agreed to in writing by the Parties, any recovery realized by a Party as a result of a litigation or other action taken under this Section
5.2 with respect to any actual or threatened infringement of a Licensed Patent will first be applied to reimburse the Initiating Party
for any actual litigation costs and expenses borne by the Initiating Party and not otherwise reimbursed, and any amounts remaining after
such reimbursement (a “Net Recovery”) will be retained by the enforcing Party; provided that if Company is
the enforcing Party, the Net Recovery shall be included in Net Sales for purposes of calculating royalties owed to Licensor hereunder.

 

5.3
Other Intellectual Property Matters.

 

(a)
Patent Term Extension. With respect to a Licensed Product, Company shall be responsible for making decisions regarding patent
term extensions, including supplementary protection certificates, pediatric extensions, and any other extensions that are now or become
available in the future, wherever applicable. Company shall have the sole responsibility of applying for any patent term extension (including
supplementary protection certificates and pediatric extensions) for any Licensed Patents in the Territory. Company shall keep Licensor
fully informed of its efforts to obtain such extension. Licensor shall provide prompt and reasonable assistance, as requested by Company,
including by taking such action as patent holder as is required under any Applicable Law to obtain such patent extension. Company shall
pay all expenses in regard to obtaining the extension in the Territory, including any reasonable out-of-pocket costs and expense arising
out of Licensor’s assistance in connection therewith.

 

(b)
Patent Listings. Company shall have the sole right to make all filings with patent offices, Regulatory Authorities and other governmental
or non-governmental entities in the Territory with respect to any Patents that Cover Licensed Antibodies or Licensed Products. Licensor
shall cooperate with Company’s reasonable requests in connection therewith, including providing to Company all relevant Information
and meeting any submission deadlines. Company shall pay all reasonable out-of-pocket costs and expense arising out of Licensor’s
assistance in connection therewith.

 

    	- 15 -

     

    

 

(c)
International Nonproprietary Name. As between the Parties, Company shall have the sole right and responsibility to select the
International Nonproprietary Name or other name or identifier for any Licensed Antibody or Licensed Product. Company shall have the sole
right and responsibility to apply for submission to the World Health Organization for the International Nonproprietary Name, and submission
to the United States Adopted Names Council for the United States Adopted Name.

 

(d)
UPC (Unified Patent Court) Opt-Out and Opt-In. Company shall have the first right to make decisions regarding the opt-out or opt-in
under Article 83(4) of the Agreement on a Unified Patent Court between the participating Member States of the European Union (2013/C
175/01), with respect to the Licensed Patents, and pay all fees associated with such decisions. If Company decides not to make a decision
with respect to any such Patent, Licensor shall have the right to make a decision for such Patent and pay all fees associated therewith.

 

Article
6

Confidentiality

 

6.1
Confidentiality Obligations. Each Party agrees that, for the term of this Agreement and for five (5) years thereafter, such Party
shall, and shall ensure that its officers, directors, employees and agents shall, keep completely confidential (using at least the same
standard of care as it uses to protect proprietary or confidential information of its own, but in no event less than reasonable care)
and not publish or otherwise disclose and not use for any purpose except as expressly permitted hereunder any Confidential Information
furnished to it by the other Party pursuant to this Agreement (including, without limitation, know-how of the disclosing Party). The
foregoing obligations shall not apply to any Information disclosed by a Party hereunder to the extent that the receiving Party can demonstrate
with competent evidence that such Information:

 

(a)
was already known to the receiving Party or its Affiliate, other than under an obligation of confidentiality, at the time of disclosure;

 

(b)
was generally available to the public or otherwise part of the public domain at the time of its disclosure to the receiving Party;

 

(c)
became generally available to the public or otherwise part of the public domain after its disclosure and other than through any act or
omission of the receiving Party in breach of this Agreement;

 

(d)
was subsequently lawfully disclosed to the receiving Party or its Affiliate by a Third Party other than in contravention of a confidentiality
obligation of such Third Party to the disclosing Party; or

 

(e)
was independently developed or discovered by employees of the receiving Party or its Affiliates who had no access to the Confidential
Information of the disclosing Party.

 

    	- 16 -

     

    

 

6.2
Authorized Disclosure. Notwithstanding the obligations set forth in Section 6.1 and Section 6.3, a Party may disclose the other Party’s
Confidential Information and the terms of this Agreement to the extent:

 

(a)
such disclosure is reasonably necessary (i) for filing or prosecuting Patents as contemplated by this Agreement; (ii) to comply with
the requirements of Regulatory Authorities with respect to obtaining and maintaining Regulatory Approval of a Licensed Product; or (iii)
for prosecuting or defending litigation as contemplated by this Agreement;

 

(b)
such disclosure is reasonably necessary to its employees, agents, consultants, contractors, financial partners, licensees or sublicensees
on a need-to-know basis for the sole purpose of performing its obligations or exercising its rights under this Agreement; provided that
in each case, the disclosees are bound by written obligations of confidentiality and non-use consistent with those contained in this
Agreement;

 

(c)
such disclosure is reasonably necessary to any bona fide potential or actual investor, acquiror, merger partner, or other financial or
commercial partner for the sole purpose of evaluating an actual or potential investment, acquisition or other business relationship;
provided that in connection with such disclosure, such Party shall use all reasonable efforts to inform each disclosee of the confidential
nature of such Confidential Information and cause each disclosee to treat such Confidential Information as confidential; or

 

(d)
such disclosure is reasonably necessary to comply with Applicable Law, including regulations promulgated by applicable security exchanges,
court order, administrative subpoena or order.

 

In
the event a Party is required to make a disclosure of the other Party’s Confidential Information pursuant to Section 6.2(a) or
6.2(d), such Party shall promptly notify the other Party such required disclosure and shall use reasonable efforts to obtain, or to assist
the other Party in obtaining, a protective order preventing or limiting the required disclosure.

 

6.3
Publicity; Term of Agreement.

 

(a)
The Parties agree that the material terms of this Agreement are the Confidential Information of both Parties, subject to the special
authorized disclosure provisions set forth in this Section 6.3.

 

(b)
If either Party desires to make a public announcement concerning the material terms of this Agreement, such Party shall give reasonable
prior advance notice of the proposed text of such announcement to the other Party for its prior review and approval (except as otherwise
provided herein), such approval not to be unreasonably withheld, conditioned or delayed, except that in the case of a press release or
governmental filing required by law, the disclosing Party shall provide the other Party with such advance notice as it reasonably can
and shall not be required to obtain approval therefor. A Party commenting on such a proposed press release shall provide its comments,
if any, within five (5) business days after receiving the press release for review. Neither Party shall be required to seek the permission
of the other Party to repeat any information regarding the terms of this Agreement that has already been publicly disclosed by such Party,
or by the other Party, in accordance with this Section 6.3, provided such information remains accurate as of such time.

 

    	- 17 -

     

    

 

(c)
The Parties acknowledge that either or both Parties may, at some time during the term of this Agreement, be obligated to file under Applicable
Law a copy of this Agreement with the U.S. Securities and Exchange Commission or other governmental authorities or otherwise to disclose
the terms of this Agreement in securities filings as required by Applicable Law. Each Party shall be entitled to make such a required
filing, provided that it requests confidential treatment of the commercial terms and sensitive technical terms hereof and thereof to
the extent such confidential treatment is reasonably available to such Party. At least five (5) business days prior to such disclosure
or filing (or such shorter period as may be required to permit timely filing or disclosure with the SEC or other governmental authority),
the Party required to make such a filing of a copy of this Agreement will provide the other Party with a copy of this Agreement marked
to show provisions for which such Party intends to seek confidential treatment and shall reasonably consider and incorporate the other
Party’s comments thereon that are received during such five (5) business day period, to the extent consistent with Applicable Law
governing disclosure of material agreements and material information that must be publicly filed.

 

Article
7

Representations and Warranties

 

7.1
Representations and Warranties of Company. Company hereby represents and warrants to Licensor, as of the Effective Date, as follows:

 

(a)
Company is duly organized, validly existing, and in good standing under the laws of State of Delaware and has full corporate power and
authority to enter into this Agreement and to carry out the provisions hereof.

 

(b)
Company is duly authorized to execute and deliver this Agreement and to perform its obligations hereunder. The person executing this
Agreement on Company’s behalf has been duly authorized to do so by all requisite corporate action.

 

(c)
This Agreement is a legal and valid obligation binding upon Company and enforceable in accordance with its terms and conditions, subject
to the effects of bankruptcy, insolvency, or other laws of general application affecting the enforcement of creditor rights, judicial
principles affecting the availability of specific performance, and general principles of equity (whether enforceability is considered
a proceeding at law or equity). The execution, delivery and performance of this Agreement by Company does not conflict with any agreement,
instrument or understanding, oral or written, to which it is a party or by which it may be bound.

 

(d)
Company is aware of no action, suit or inquiry or investigation instituted by any person or entity that questions or threatens the validity
of this Agreement.

 

    	- 18 -

     

    

 

7.2
Representations and Warranties of Licensor. Except as provided in Schedule 7.2, Licensor hereby represents and warrants to Company,
as of the Effective Date, and covenants, as follows:

 

(a)
Licensor is duly organized and validly existing under the Law of State of California and has full corporate power and authority to enter
into this Agreement, to grant the licenses granted hereunder, and to carry out the provisions hereof.

 

(b)
Licensor is duly authorized to execute and deliver this Agreement and to perform its obligations hereunder. The person executing this
Agreement on Licensor’s behalf has been duly authorized to do so by all requisite corporate action.

 

(c)
This Agreement is a legal and valid obligation binding upon Licensor and enforceable in accordance with its terms. The execution, delivery
and performance of this Agreement by Licensor does not conflict with any agreement, instrument or understanding, oral or written, to
which it is a party or by which it may be bound.

 

(d)
Licensor is not aware of any action, suit or inquiry or investigation instituted by any person or entity that questions or threatens
the validity of this Agreement.

 

(e)
Licensor is the sole and exclusive owner of the Licensed Technology free and clear of any liens, charges or encumbrances.

 

(f)
Licensor has sufficient legal or beneficial title and ownership of the Licensed Technology to grant the licenses to such Licensed Technology
that it purports to grant to Company pursuant to this Agreement.

 

(g)
To Licensor’s Knowledge, (x) Exhibit A sets forth a complete and accurate list of the Licensed Patents and (y) Exhibit B sets forth
a complete and accurate list of the Licensed Know-How.

 

(h)
All Licensed Patents are and have been filed and maintained properly and correctly and, to Licensor’s Knowledge, all applicable
fees have been paid on or before any final due date for payment. Licensor has complied with all Applicable Law, including any duties
of candor to applicable patent offices, in connection with the filing, prosecution and maintenance of the Licensed Patents.

 

(i)
To Licensor’s and its Affiliates’ Knowledge, the Licensed Patents are, or, upon issuance, will be, valid and enforceable.

 

(j)
All Licensed Know-How and Information provided by or on behalf of Licensor or any of its Affiliates to Company or its agents or representatives
prior to or on the Effective Date with respect to this Agreement was and is true, accurate and complete in all material respects, and
Licensor has not disclosed, failed to disclose or caused to be disclosed any Know-How or data that could reasonably be expected to be
misleading in any material respect.

 

(k)
Licensor has obtained all necessary authorizations, consents, and approvals, and fulfilled all necessary conditions, if any, in order
to enter into the transaction contemplated by this Agreement or to perform its obligations under this Agreement, including without limitation
the grant of the license set forth in Section 2.1.

 

    	- 19 -

     

    

 

(l)
Neither Licensor nor any of its Affiliates has granted to a Third Party, and neither Licensor nor any of its Affiliates is under any
obligation to grant a Third Party, any rights under the Licensed Patents or Licensed Know-How in the Territory or otherwise assign or
license to any Third Party any rights to Patents or Information that would otherwise constitute Licensed Patents or Licensed Know-How.

 

(m)
The inventors named in each Licensed Patent have each assigned to Licensor their respective entire right, title and interest in and to
the relevant Licensed Patent.

 

(n)
Any research, development, use, manufacture, sale, offer for sale, importation or exportation of the Licensed Technology with respect
to the Licensed Products as contemplated under this Agreement, (a) does not and will not infringe any issued Patent of any Third Party
or misappropriate any Information or other intellectual property of any Third Party and (b) will not infringe the claims of any Third
Party patent application when and if such claims were to issue in their current form.

 

(o)
There is no (a) notice, claim, demand, suit, proceeding, arbitration, inquiry, investigation or other legal action of any nature, civil,
criminal, regulatory or otherwise, pending or, to Licensor’s Knowledge, threatened against Licensor or any of its Affiliates or
(b) judgment or settlement against or owed by Licensor or any of its Affiliates, in each case ((a) and (b)), in connection with the Licensed
Technology, including any notice or claim alleging that (x) the issued patents in the Licensed Patents are invalid or unenforceable,
or the patent applications in the Licensed Patents will, upon issuance, be invalid or unenforceable or (y) the conception, development,
reduction to practice, disclosing, copying, making, assigning or licensing of the Information in the Licensed Technology or the practice
thereof as contemplated in this Agreement infringes or would infringe any Patent rights of any Person or misappropriates or would misappropriate
any Information or other intellectual property right of any Person.

 

(p)
Exhibit C sets forth a complete and accurate list of all agreements between Licensor or its Affiliates and a Third Party in connection
with the Licensed Technology or Information. Licensor has provided true and complete copies of all such Third Party Agreements to Company.
There are no terms or conditions in such Third Party agreements that (a) would prevent Company from exercising its rights under this
Agreement with respect to the prosecution, maintenance, enforcement or defense of any Licensed Patent; (b) would require Licensor or
any of its Affiliates to grant any Third Party rights under the Licensed Know-How or Licensed Patents; (c) grant to any Third Party contractual
exclusivity with respect to the development, manufacture or commercialization of a Licensed Product; or (d) would otherwise conflict
with the licenses and other rights granted to Company under this Agreement. Neither Licensor nor its Affiliates are in material breach
or default under any Third Party agreements, nor, to Licensor’s Knowledge, is any counterparty thereto in material breach of any
Third Party agreements, and neither Licensor nor its Affiliates have received any written notice of breach or default with respect to
any Third Party agreements. The rights granted to Licensor or its Affiliates in the Third Party agreements are in full force and effect.
The execution and performance of this Agreement does not constitute a material breach of any Third Party agreements.

 

    	- 20 -

     

    

 

(q)
As of the Effective Date, Licensor has furnished or made available to Company or its agents or representatives all material information
that is in Licensor’s or any of its Affiliates’ possession concerning the Licensed Products (in each case in the form being
developed by Licensor or any of its Affiliates as of the Effective Date), including relevant to the safety or efficacy of such Licensed
Products, and all material regulatory filings and other material correspondence with Regulatory Authorities relating to any such Licensed
Product, and such information is accurate, complete and true in all material respects.

 

(r)
As of the Effective Date, Licensor and its Affiliates and subcontractors have conducted all research and development of Licensed Products
in accordance with all Applicable Law, and Licensor and its Affiliates and subcontractors have not employed, or otherwise used in any
capacity, the services of any person or entity suspended, proposed for debarment, or debarred under United States law, including under
21 U.S.C. § 335a, or any foreign equivalent thereof, with respect to the Licensed Antibodies and Licensed Products.

 

(s)
No funding, facilities, or personnel of any governmental authority or any public or private educational or research institutions were
used to develop or create any Licensed Technology, and neither Licensor nor any of its Affiliates has entered into a government funding
relationship that would result in rights to any Licensed Antibody or Licensed Product residing in the U.S. Government, the National Institutes
of Health, or other government agency, and the licenses granted hereunder are not subject to overriding obligations to the U.S. Government
as set forth in 35 U.S.C. §§ 200 et seq., or any similar obligations under the laws of any other country in the Territory.

 

7.3
Disclaimer. EXCEPT AS EXPRESSLY PROVIDED IN THIS ARTICLE 7, EACH PARTY HEREBY DISCLAIMS ANY AND ALL WARRANTIES, EITHER EXPRESS OR
IMPLIED, INCLUDING WITHOUT LIMITATION ANY WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT.

 

Article
8

Indemnification

 

8.1
Indemnification by Licensor. Unless otherwise provided herein, Licensor agrees to indemnify, hold harmless, and defend Company, its
Affiliates, and their respective directors, officers, employees, and agents (the “Company Indemnitees”) from and against
any and all third party suits, claims, actions, demands, liabilities, expenses and/or losses, including reasonable legal expenses and
attorneys’ fees (collectively, “Claims”), to the extent arising, directly or indirectly, out of any of the following:

 

(a)
a breach by Licensor of a representation, warranty, or covenant of this Agreement; or

 

(b)
the negligence, recklessness or willful misconduct of Licensor.

 

Such
indemnity shall not apply if Company fails to comply with the indemnification procedures set forth in Section 8.3 or to the extent that
the Claim was the result of any breach by Company of this Agreement or the negligence, recklessness or willful misconduct of a Company
Indemnitee.

 

    	- 21 -

     

    

 

8.2
Indemnification by Company. Unless otherwise provided herein, Company agrees to indemnify, hold harmless, and defend Licensor, its
Affiliates, and their respective directors, officers, employees, and agents (the “Licensor Indemnitees”) from and
against any and all Claims, to the extent arising, directly or indirectly, out of any of the following:

 

(a)
a breach by Company of a representation, warranty, or covenant of this Agreement; or

 

(b)
Company’s exercise of the rights granted under Section 2.1 of this Agreement, including without limitation the research, development,
manufacture, possession, storage, transport, importation, use, sale, marketing, or distribution of Licensed Products by Company or its
Affiliates or sublicensees.

 

Such
indemnity shall not apply if Licensor fails to comply with the indemnification procedures set forth in Section 8.3 or to the extent that
the Claim was the result of any breach by Licensor of this Agreement or the negligence, recklessness or willful misconduct of Licensor.

 

8.3
Control of Defense. Any entity entitled to indemnification under this Article 8 shall give written notice to the indemnifying Party
of any Claims that may be subject to indemnification, promptly after learning of such Claim. Within a reasonable time after receiving
such notice, the indemnifying Party shall assume the defense of such Claims with counsel reasonably satisfactory to the indemnified Party.
The indemnified Party shall cooperate with the indemnifying Party in such defense. The indemnified Party may, at its option and expense,
be represented by counsel of its choice in any action or proceeding with respect to such Claim. The indemnifying Party shall not be liable
for any litigation costs or expenses incurred by the indemnified Party without the indemnifying Party’s written consent, such consent
not to be unreasonably withheld. The indemnifying Party shall not settle any such Claim if such settlement (a) does not fully and unconditionally
release the indemnified Party from all liability relating thereto or (b) adversely impacts the rights granted to the indemnified Party
under this Agreement, unless the indemnified Party otherwise agrees in writing.

 

8.4
Insurance. Company, at its own expense, shall maintain general liability insurance in an amount consistent with industry standards
during the term of the Agreement. Company shall provide a certificate of insurance evidencing such coverage to Licensor upon request.

 

Article
9

Term; Termination.

 

9.1
Term. The term of this Agreement shall commence upon the Effective Date and, unless earlier terminated pursuant to this Article 9,
shall remain in effect on a Licensed Product-by-Licensed Product and country-by-country basis, until the expiration of the Royalty Term
of such Licensed Product in such country (the “Term”). Upon the expiration of the Royalty Term for a Licensed Product
in a particular country, the licenses granted by Licensor to Company under Section 2.1 with respect to such Licensed Product and such
country shall become fully-paid, royalty-free, perpetual, and irrevocable.

 

    	- 22 -

     

    

 

9.2
Termination for Breach.

 

(a)
Breach. Subject to Section 9.2(b), each Party shall have the right to terminate this Agreement upon written notice to the other
Party if such other Party materially breaches its obligations under this Agreement and, after receiving written notice from the non-breaching
Party identifying such material breach in reasonable detail, fails to cure such material breach within ninety (90) days from the date
of such notice.

 

(b)
Disputed Breach. If the alleged breaching Party disputes in good faith the existence or materiality of a breach specified in a
notice provided by the other Party in accordance with Section 9.2(a), and such alleged breaching Party provides the other Party notice
of such dispute within such ninety (90) day period, then the non-breaching Party shall not have the right to terminate this Agreement
under Section 9.2(a) unless and until an arbitrator, in accordance with Article 10, has determined that the alleged breaching Party has
materially breached the Agreement and that such Party fails to cure such breach within ninety (90) days following such arbitrator’s
decision. It is understood and agreed that during the pendency of such dispute, all of the terms and conditions of this Agreement shall
remain in effect and the Parties shall continue to perform all of their respective obligations hereunder.

 

9.3
Termination by Company. Company may terminate this Agreement in its entirety for any or no reason upon (i) thirty (30) days’
prior written notice to Licensor within and including one (1) year from the Effective Date; and (ii) one hundred eighty (180) days’
written notice to Licensor after one (1) year from the Effective Date.

 

9.4
Effect of Termination. Upon any termination (but not expiration) of this Agreement:

 

(a)
Regulatory Materials; Data. To the extent permitted by Applicable Law, Company shall transfer and assign to Licensor all Regulatory
Materials, Regulatory Approvals, and related data and Information relating to the Licensed Products and shall treat the foregoing as
“Confidential Information” of Licensor (and not of Company) under Article 6; provided that Company will be allowed to retain
any such materials that a Regulatory Authority requires Company to retain under Applicable Law, and provided further that Company shall
retain the right to use (and to allow others to use) any and all data generated by or on behalf of Company or its Affiliates or sublicensees
related to the Licensed Products for the development and commercialization of products other than Licensed Products.

 

(b)
License to Licensor. Company hereby grants to Licensor, effective upon such termination, an exclusive, royalty-bearing, worldwide
license (with the right to grant sublicenses through multiple tiers) under the Termination Know-How and Termination Patents solely to
research, develop, make, have made, use, sell, offer for sale, import Licensed Products in the Field. Licensor shall pay to Company a
royalty on net sales of Licensed Products by Licensor or its Affiliate or sublicensee as follows: (a) [***]; (b) [***];
or (c) [***]. Such royalties will be determined using the definition of Net Sales applied mutatis mutandis to sales by
Licensor, its Affiliates and sublicensees, and the term of such royalty shall be the longer of, with respect to a Licensed Product and
country, (i) 10 years from First Commercial Sale of such Licensed Product in such country or (ii) the expiration of the last-to-expire
Licensed Patent or Termination Patent in such country that Covers the composition of matter of such Licensed Product, the manufacture
of such Licensed Product in such country, or a method of use of such Licensed Product for an indication for which Regulatory Approval
has been obtained in such country. The terms of such royalties shall be as set forth in Sections 4.5, 4.7, 4.8, 4.9 and 4.10–4.14
as applied mutatis mutandis to Company and its Affiliates and sublicensees.

 

    	- 23 -

     

    

 

(c)
Trademarks. Company shall assign to Licensor all right, title and interest in and to any trademarks then being used by Company,
its Affiliates, or its sublicensees in connection with the commercialization of Licensed Products (excluding any such marks that include,
in whole or part, any corporate name or logo of Company) throughout the Territory, at Company’s expense.

 

(d)
Sublicensee. Any sublicense granted under the Licensed Patents or Licensed Know-How by Company shall automatically terminate and
be of no further force or effect.

 

9.5
Surviving Obligations. Expiration or termination of this Agreement shall not relieve the Parties of any obligation accruing prior
to such expiration or termination. Sections 2.3, 3.5(a), 7.2, 7.3, 9.4, 9.5, 11.1, 11.4, 11.6, 11.8, 11.9, 11.10 and Article 1, Article
6, Article 8 and Article 10 of this Agreement shall survive termination or expiration of this Agreement.

 

Article
10

Governing Law; Dispute Resolution.

 

10.1
Governing Law. This Agreement shall be governed by the Law of the Commonwealth of Massachusetts, without regard to any conflicts
of law principles that would provide for application of the law of a jurisdiction other than Massachusetts.

 

10.2
Legal Compliance. The Parties shall review in good faith and cooperate in taking such actions to ensure compliance of this Agreement
with all Applicable Law.

 

10.3
Disputes. The Parties recognize that disputes as to certain matters may arise from time-to-time during the term of this Agreement.
It is the objective of the Parties to seek to resolve any issues or disputes arising under this Agreement in an expedient manner and,
if at all possible, without resort to litigation, and to that end the Parties agree to abide by the following procedures set forth in
this Article 10 to resolve any such issues or disputes. The Parties initially shall attempt to settle any such issue or dispute through
good faith negotiations in the spirit of mutual cooperation between business executives with authority to resolve the dispute.

 

10.4
Escalation. Prior to taking action as provided in Section 10.5 or 10.6 of this Agreement, the Parties shall first submit such dispute
to the Parties’ respective Senior Executives for resolution. The Senior Executives to whom any dispute is submitted shall attempt
to resolve the dispute through good faith negotiations over a reasonable period, not to exceed forty-five (45) calendar days, unless
the Senior Executives mutually agree in writing to extend such period of negotiation. Such forty-five (45) calendar day period shall
be deemed to commence on the date the dispute was submitted to the Senior Executives. The Senior Executives shall, if mutually agreed
by the Senior Executives, submit the dispute to voluntary mediation at such place and following such procedures as the Parties shall
reasonably agree. All negotiations pursuant to this Section 10.2 shall be confidential, and shall be treated as compromise and settlement
negotiations for purposes of applicable rules of evidence.

 

    	- 24 -

     

    

 

10.5
Arbitration. Any dispute that is not resolved by the Parties by negotiation and/or mediation pursuant to Sections 10.1 and/or 10.2
above shall, upon the submission of a written request of either Party to the other Party, be resolved exclusively by binding arbitration
before a three-person panel of arbitrators (the “Panel”), conducted in accordance with the rules of arbitration of
the American Arbitration Association for commercial disputes (the “Rules”), except to the extent that such Rules are
inconsistent with this Agreement. Each Party shall select one independent, neutral arbitrator (a “Party Arbitrator”),
and shall notify the other Party of its selection of such Party Arbitrator within twenty (20) days after receipt by one Party of the
other Party’s written request for binding arbitration. The two (2) Party Arbitrators shall then mutually select a third arbitrator
(a “Neutral Arbitrator”) in accordance with the Rules. The Panel shall resolve the dispute in accordance with this
Agreement and the substantive rules of law (but not the rules of procedure or conflicts of Law) that would be applied by a federal court
sitting in Massachusetts. The final decision of the Panel shall be the sole and exclusive remedy of the Parties, shall be final and shall
be fully and irrevocably accepted by the Parties. The prevailing Party may enforce such decision against the other Party in any court
having jurisdiction. The arbitration shall take place in Massachusetts and shall be conducted in the English language. The Parties agree
that they shall share equally the cost of the arbitration filing and hearing fees, and the cost of the arbitrators that constitute the
Panel. Each Party shall bear its own attorneys’ and expert fees and all associated costs and expenses.

 

10.6
Court Actions. Notwithstanding the above, to the full extent allowed by law, either Party may bring an action in any court of competent
jurisdiction for injunctive relief (or any other provisional remedy) to protect the Parties’ rights or enforce the Parties’
obligations under this Agreement pending final resolution of any claims related thereto in an arbitration proceeding as provided above.
In addition, either Party may bring an action in any court of competent jurisdiction to resolve disputes pertaining to the validity,
construction, scope, enforceability, infringement or other violations of patents or other proprietary or intellectual property rights.
The Parties shall use their reasonable efforts to conduct all dispute resolution procedures under this Agreement as expeditiously, efficiently
and cost-effectively as possible.

 

Article
11

General Provisions.

 

11.1
Notices. All notices required or permitted to be given under this Agreement shall be in writing and shall be deemed to have been
given (a) upon personal delivery to the Party to be notified at the address set forth below, (b) five (5) days after having been sent
by registered or certified mail, return receipt requested, postage prepaid, to the address set forth below, (c) one (1) day after deposit
with a nationally recognized overnight courier, specifying next day delivery to the address set forth below, with written verification
of receipt, or (d) upon confirmation of receipt if sent by facsimile to the number set forth below.

 

To
Licensor:

 

Milky
Way BioPharma, LLC

1230
Bordeaux Drive

Sunnyvale,
CA, 94089

Attn:
[***]

Email:
[***]

 

    	- 25 -

     

    

 

To
Company:

 

Corbus
Pharmaceuticals, Inc

500
River Ridge Drive, Norwood MA 02062

Attn:
Yuval Cohen, CEO

Email:
[***]

 

Any
Party may, by written notice to the other, designate a new address or email to which notices to the Party giving the notice shall thereafter
be mailed or faxed.

 

11.2
Force Majeure. No Party shall be liable for any delay or failure of performance to the extent such delay or failure is caused by
circumstances beyond its reasonable control and that by the exercise of due diligence it is unable to prevent, provided that the Party
claiming excuse uses its best efforts to overcome the same.

 

11.3
Entirety of Agreement. This Agreement sets forth the entire agreement and understanding of the Parties relating to the subject matter
contained herein and merges all prior discussions and agreements between them, and no Party shall be bound by any representation other
than as expressly stated in this Agreement or a written amendment to this Agreement signed by authorized representatives of each of the
Parties.

 

11.4
Non-Waiver. The failure of a Party in any one or more instances to insist upon strict performance of any of the terms and conditions
of this Agreement shall not be construed as a waiver or relinquishment, to any extent, of the right to assert or rely upon any such terms
or conditions on any future occasion.

 

11.5
Independent Contractors. Each Party shall act solely as an independent contractor, and nothing in this Agreement shall be construed
to give either Party the power or authority to act for, bind or commit the other Party in any way. Nothing herein shall be construed
to create the relationship of partnership, principal and agent, or joint venture between the Parties.

 

11.6
Severance. If any Article or part thereof of this Agreement is declared invalid by any court of competent jurisdiction, or any government
or other agency having jurisdiction over either Company or Licensor deems any Article or part thereof to be contrary to any antitrust
or competition Law, then such declaration shall not affect the remainder of the Article or other Articles. To the extent possible the
Parties shall revise such invalidated Article or part thereof in a manner that will render such provision valid without impairing the
Parties’ original intent.

 

    	- 26 -

     

    

 

11.7
Assignment. Neither Party shall assign or transfer this Agreement or any rights or obligations hereunder without the prior written
consent of the other, except that a Party may make such an assignment or transfer without the other Party’s consent to its Affiliates
or to a Third Party successor to substantially all of the business of such Party to which this Agreement relates, whether in a merger,
sale of stock, sale of assets or other transaction. Any successor or assignee of rights and/or obligations permitted hereunder shall,
in writing to the other Party, expressly assume performance of such rights and/or obligations. Any attempted assignment or transfer that
does not comply with this Section 11.7 shall be of no force or effect.

 

11.8
Bankruptcy. All rights and licenses granted under this Agreement are, and shall otherwise be deemed to be, for purposes of Section
365(n) of Title 11, U.S. Code (the “Bankruptcy Code”), licenses of rights to “intellectual property” as
defined under Section 101 of the Bankruptcy Code. In the event of commencement of a bankruptcy proceeding by or against a Party under
the United States Bankruptcy Code, the other Party shall be entitled to a complete duplicate of (or complete access to, as appropriate)
any intellectual property licensed to such other Party hereunder, and all embodiments of such intellectual property, if not already in
its possession, shall be promptly delivered to such other Party.

 

11.9
Headings. The headings contained in this Agreement have been added for convenience only and shall not be construed as limiting.

 

11.10
Limitation of Liability. NO PARTY SHALL BE LIABLE TO ANOTHER FOR INDIRECT, INCIDENTAL, CONSEQUENTIAL OR SPECIAL DAMAGES, INCLUDING
BUT NOT LIMITED TO LOST PROFITS, ARISING FROM OR RELATING TO ANY BREACH OF THIS AGREEMENT, REGARDLESS OF ANY NOTICE OF THE POSSIBILITY
OF SUCH DAMAGES. NOTHING IN THIS SECTION IS INTENDED TO LIMIT OR RESTRICT THE DAMAGES AVAILABLE TO A PARTY FOR THE OTHER PARTY’S
BREACH OF ITS OBLIGATIONS UNDER ARTICLE 6 OR THE RIGHTS OR OBLIGATIONS OF EITHER PARTY UNDER ARTICLE 8.

 

11.11
Counterparts. This Agreement may be executed in one (1) or more counterparts, including by facsimile or other electronic transmission,
each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

[Signature
Page Follows]

 

    	- 27 -

     

    

 

In
Witness Whereof, the Parties hereto have duly executed
this License Agreement.

 

	 	Corbus
    Pharmaceuticals, Inc.
	 	 	                                       
	 	By:	/s/
    Yuval Cohen
	 	Name:	Yuval
    Cohen, PhD
	 	Title:	CEO
	 	 	 
	 	Milky
    Way BioPharma, LLC
	 	 	 
	 	By:	/s/
    [***]
	 	Name:	[***]
	 	Title:	[***]

 

    	 

     

    

 

Exhibit
A

 

Licensed
Patents

 

[***]

 

None.

 

    	- 1 -

     

    

 

Exhibit
B

 

Know-How
to be Transferred

 

[***]

 

    	- 1 -

     

    

 

Exhibit
C

 

Licensor’s
Third Party Agreements with respect to the Licensed Technology

 

[***]

 

    	- 1 -Exhibit
10.2

 

CERTAIN
IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE COMPANY
TREATS AS PRIVATE OR CONFIDENTIAL. THE REDACTED TERMS HAVE BEEN MARKED WITH THREE ASTERISKS [***]

 

EXCLUSIVE
LICENSE AGREEMENT

 

between

 

THE
REGENTS OF THE UNIVERSITY OF CALIFORNIA

 

and

 

CORBUS
PHARMACEUTICALS, INC.

 

for

 

BLOCKING
HUMANIZED ANTIBODIES TO INTEGRIN AVB8

 

(UC
Case No. SF2020-148)

 

    	 

    	 

    

 

TABLE
OF CONTENTS

 

	Article
    No.	Title	Page

 

	BACKGROUND	1
	1.	DEFINITIONS	2
	2.	GRANT	6
	3.	SUBLICENSES	7
	4.	PAYMENT
    TERMS	9
	5.	LICENSE
    ISSUE FEE	9
	6.	LICENSE
    MAINTENANCE FEE	9
	7.	PAYMENTS
    ON SUBLICENSES	10
	8.	EARNED
    ROYALTIES AND MINIMUM ANNUAL ROYALTIES	10
	9.	MILESTONE
    PAYMENTS	11
	10.	TRANSFER
    FEES	12
	11.	DUE
    DILIGENCE	13
	12.	PROGRESS
    AND ROYALTY REPORTS	14
	13.	BOOKS
    AND RECORDS	15
	14.	LIFE
    OF THE AGREEMENT	15
	15.	TERMINATION	16
	16.	USE
    OF NAMES AND TRADEMARKS	17
	17.	LIMITED
    WARRANTY	18
	18.	LIMITATION
    OF LIABILITY	19
	19.	PATENT
    PROSECUTION AND MAINTENANCE	19
	20.	PATENT
    MARKING	20
	21.	PATENT
    INFRINGEMENT	21
	22.	INDEMNIFICATION	22
	23.	NOTICES	24
	24.	ASSIGNABILITY	25
	25.	FORCE
    MAJEURE	26
	26.	GOVERNING
    LAWS; VENUE	26
	27.	GOVERNMENT
    APPROVAL OR REGISTRATION	26
	28.	COMPLIANCE
    WITH LAWS	26
	29.	CONFIDENTIALITY	27
	30.	MISCELLANEOUS	28
	APPENDIX
    A: CONSENT TO SUBSTITUTION OF PARTY	31

 

    	 

    	 

    

 

EXCLUSIVE
LICENSE AGREEMENT

 

for

 

BLOCKING
HUMANIZED ANTIBODIES TO INTEGRIN AVB8

 

This
exclusive license agreement (“Agreement”) is made effective this 26th day of May, 2021 (“Effective Date”),
by and between The Regents of the University of California, a California public corporation, having its statewide administrative offices
at 1111 Franklin Street, 12th Floor, Oakland, California 94607-5200 (“The Regents”) and acting through its Office
of Technology Management, University of California San Francisco (“UCSF”), 600 16th Street, Suite S-272, San Francisco,
CA 94143 and Corbus Pharmaceuticals, Inc., a Delaware corporation, having a principal place of business 500 River Ridge Drive, Norwood,
Massachusetts 02062 (“Licensee”).

 

BACKGROUND

 

A.
Certain inventions, generally characterized as “Blocking humanized antibodies to integrin avB8” (UC Case No. SF2020-148)
(“Invention”), were made in the course of research at UCSF by Stephen Nishimura, Anthony Cormier, Saburo Ito, Jianlong Lou,
James Marks, Yifan Cheng and Melody Campbell (collectively, the “Inventors”) and are claimed in Patent Rights as defined
below. At the time of the Invention, Yifan Cheng was an employee of the Howard Hughes Medical Institute (“HHMI”), as well
as a member of the UCSF faculty.

 

B.
The development of the Invention was sponsored in part by the National Institutes of Health and, as a consequence, this license is subject
to overriding obligations to the United States Federal Government under 35 U.S.C. §§ 200-212 and applicable regulations including
a non-exclusive, non-transferable, irrevocable, paid-up license to practice or have practiced the Invention for or on behalf of the United
States Government throughout the world.

 

C.
HHMI assigned all of its rights in the Invention to The Regents under the terms of the inter-institutional agreement with HHMI having
UC Control No. 2014-18-0117 (“HHMI Inter-institutional Agreement”), and accordingly, The Regents has the authority to license
the entire interest in the Invention and any patent rights claiming the Invention. Under the terms of the HHMI Inter-institutional Agreement,
HHMI has reserved a nonexclusive, fully paid-up, irrevocable worldwide license to exercise any intellectual property rights with respect
to such Invention for research purposes, with the right to sublicense to non-profit and governmental entities (“HHMI Research Use
License”).

 

    	1 

    	 

    

 

D.
The Licensee and The Regents have executed a Mutual Confidential Disclosure Agreement (UC Control No. 2021-20-0338) with an effective
date of February 12, 2021 (the “CDA”).

 

E.
The scope of rights granted by The Regents is intended to extend to the scope of the patents and patent applications in Patent Rights,
but only to the extent that The Regents has proprietary rights in and to the Valid Claims of such Patent Rights.

 

F.
Both parties recognize and agree that Earned Royalties are due under this Agreement with respect to products, services and methods and
that such royalties will be paid with respect to both pending patent applications and issued patents, in accordance with the terms and
conditions set forth herein.

 

G.
The Licensee is a “small business firm” as defined in 15 U.S.C. §632.

 

H.
The Licensee acknowledges that: (i) consideration for Technology Rights is due to early access; (ii) some of the technology in Technology
Rights may become public without a decrease in consideration due to The Regents under this Agreement; and (iii) while the Licensee is
subject to restriction in dissemination of technology in Technology Rights, The Regents may make such technology available to others
without restriction.

 

-
- oo 0 oo - -

 

The
parties agree as follows:

 

1.
DEFINITIONS

 

As
used in this Agreement, the following terms, whether used in the singular or plural, shall have the following meanings:

 

1.1
“Affiliate” of the Licensee means any entity which, directly or indirectly, Controls the Licensee, is Controlled by the Licensee
or is under common Control with the Licensee. “Control” means (i) having the actual, present capacity to elect a majority
of the directors of such affiliate; (ii) having the power to direct at least fifty percent (50%) of the voting rights entitled to elect
directors; or (iii) in any country where the local law will not permit foreign equity participation of a majority, ownership or control,
directly or indirectly, of the maximum percentage of such outstanding stock or voting rights permitted by local law.

 

    	2 

    	 

    

 

1.2
“Field of Use” means any and all therapeutic uses.

 

1.3
“Licensed Method” means any process, art or method the use or practice of which, but for the license granted in this Agreement,
would infringe, or contribute to, or induce the infringement of, any Patent Rights in any country were they issued at the time of the
infringing activity in that country.

 

1.4
“Licensed Product(s)” means any product, including, without limitation, a product for use or used in practicing a Licensed
Method and any product made by practicing a Licensed Method, the manufacture, use, Sale, offer for Sale or import of which, but for the
license granted in this Agreement, would infringe, or contribute to, or induce the infringement of, any Patent Rights in any country
were they issued at the time of the infringing activity in that country.

 

1.5
“Licensed Service(s)” means any service provided for consideration (whether in cash or any other form), when such service
(i) involves the use of a Licensed Product; (ii) involves the practice of a Licensed Method; or (iii) involves the use of Technology
Rights or Original Materials.

 

1.6
“Net Sales” means the total amount invoiced (including fair market value of any non-cash consideration) by Licensee or by
any Affiliate or Sublicensee on account of Sales of Licensed Product or Licensed Services, after deduction of all the following in accordance
with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) to the extent applicable to such Sales:

 

	 	1.6.1	trade,
    quantity and cash discounts or rebates, actually allowed or taken;
	 	 	 
	 	1.6.2	allowances
    or credits given for rejection or for return of previously sold Licensed Product or outdated or recalled Licensed Product, or for
    billing errors or price adjustments;
	 	 	 
	 	1.6.3	any
    tax or other governmental charge (including without limitation custom surcharges) borne by and not reimbursed to the Licensee other
    than income tax levied on the Sale, transportation or delivery of Licensed Product,

 

    	3 

    	 

    

 

	 	1.6.4	any
    charges for packing, handling, freight, insurance, transportation and duty charges borne by the seller;
	 	 	 
	 	1.6.5	retroactive
    price reductions, charge-back payments and rebates granted to any non-related party (including government entities, purchase organizations,
    distributors, and wholesalers); and
	 	 	 
	 	1.6.6	any
    invoiced amounts from a prior period which have not been collected and have been written off by Licensee or its Affiliates or Sublicensees,
    including bad debts, in accordance with the standard practices of Licensee or its Affiliates or Sublicensees (as applicable) for
    writing off uncollectable amounts consistently applied, to the extent such amounts have not been previously deducted; provided that
    any such amounts that are written off shall be added back in the subsequent collection period to the extent later collected.

 

If
Licensee or its Affiliates or Sublicensee makes any sales to any third party in a transaction in a given country that is not an arms’
length transaction, unless a cash discount within the meaning of this Paragraph 1.6 applies, the Net Sales used to determine the royalties
payable to The Regents shall be computed on the basis of the established average price charged to unrelated third parties in such country.

 

Sales
of a Licensed Product or Licensed Services among Licensee, its Affiliates and its Sublicensees shall be excluded from Net Sales calculations
for all purposes, unless one of the purchasers is an end-user. For clarity, any resale by any of the foregoing to another person or entity
shall constitute the Sale for purposes of determining Net Sales. Compassionate use, “named patient sales,” sales made in
connection with clinical trials, and product donations shall be excluded from Net Sales calculations for all purposes.

 

    	4 

    	 

    

 

If
a Licensed Product is sold in the form of (a) a fixed dose combination, (b) separate co-administered products sold in combination, or
(c) separate products (which may include delivery devices) bundled together for a single price (a “Combination Product”),
in each case ((a), (b), or (c)) where at least one active ingredient (in the case of (a)) or product (in the case of (b) or (c)) would
be a Licensed Product if sold separately (the “Licensed Component”) and at least one other active ingredient and/or product
would not be a Licensed Product if sold separately (the “Other Component”) the Net Sales of such Combination Product, for
the purpose of calculating any royalty and sales-based milestone payments owed under this Agreement based on sales of such Licensed Product,
shall be determined by multiplying the actual Net Sales of such Combination Product (calculated using the above provisions) by the fraction
A/(A+B), where A is the sales volume-weighted average sale price in a particular country of the Licensed Component in the previous calendar
year when sold separately as the sole active ingredient, and B is the sales volume-weighted average sale price in that country in the
previous calendar year of any Other Component(s) in the Combination Product when sold separately as sole active ingredients. If any Other
Components in the Combination Product are not sold separately, or such separate sales were not made in the previous calendar year, the
Net Sales of such Combination Product, for the purpose of calculating any royalty and sales-based milestone payments owed under this
Agreement based on sales of such Licensed Product, shall be determined by multiplying the actual Net Sales of such Combination Product
(calculated using the above provisions) by the fraction A/C, where A is the sales volume-weighted average sale price in a particular
country of the Licensed Component in the previous calendar year when sold separately as the sole active ingredient, and C is the sales
volume-weighted average sale price in that country in the previous calendar year of the Combination Product. If either of the above fractions
cannot be calculated, he adjustment to Net Sales shall be determined by the Parties in good faith to reasonably reflect the fair market
value of the contribution of the Licensed Component to the total fair market value of such Combination Product.

 

1.7
“Original Materials” means the materials listed in Appendix B.

 

1.8
“Patent Rights” means the Valid Claims of, to the extent assigned to or otherwise obtained by The Regents, the following
United States patents and patent applications:

 

	UC
    Case Number	 	United
    States Application Number	 	Filing
    or Issue Date
	SF2020-148-1	 	[***]	 	[***]
	SF2020-148-2	 	[***]	 	[***]
	SF2020-148-3	 	[***]	 	[***]

 

Patent
Rights shall further include the Valid Claims of, to the extent assigned to or otherwise obtained by The Regents, the corresponding foreign
patents and patent applications (including the PCT application ([***]) filed on [***]) and any reissues, extensions, substitutions, continuations,
divisions, and continuation-in-part applications (but only those Valid Claims in the continuation-in-part applications that are entirely
supported in the specification and entitled to the priority date of the parent application).

 

    	5 

    	 

    

 

1.9
“Sale” or “Sold” means the act of selling, leasing or otherwise transferring, providing, or furnishing for use
for any consideration.

 

1.10
“Sublicensee” means any person or entity (including any Affiliate) to which any of the license rights granted to the Licensee
hereunder are granted a sublicense or an option to a sublicense.

 

1.11
“Sublicensing Revenues” means amounts (including, without limitation, any licensing or optioning fees, or license maintenance
fees, or milestone payments, and fair market value of any non-cash consideration), received by or payable to the Licensee from any Sublicensee
under a sublicense of the Licensee’s rights under this Agreement, provided that Sublicensing Revenues will not include royalties
on sales of Licensed Product or amounts received by or payable to the Licensee that are reasonably and fairly attributable to any of
the following to the extent that each is bona fide and if accompanied by competent documentary evidence: [***].

 

1.12
“Technology Rights” means (i) The Regents’ personal property rights in the Original Materials; and (ii) The Regents’
personal proprietary rights in the existing know-how listed in Appendix B that was developed in the laboratory of the Inventors at the
University of California, San Francisco, relating to Patent Rights and in existence at the time of execution of this Agreement.

 

1.13
“Valid Claim” means (a) a claim of an issued and unexpired patent, which claim has not been revoked or held unenforceable,
unpatentable or invalid by a decision of a court or other governmental agency of competent jurisdiction and that has not been abandoned,
disclaimed, denied or admitted to be invalid or unenforceable through reissue, re-examination or disclaimer or otherwise, or (b) a claim
of a patent application that has not been pending more than seven (7) years from the date of receipt of the first office action on a
country by country basis, which claim has not been cancelled, withdrawn or abandoned or finally rejected by an administrative agency
from which no appeal may be taken.

 

2.
GRANT

 

2.1
Exclusive Grant. Subject to the limitations and other terms and conditions set forth in this Agreement including the license granted
to the United States Government and those reserved by The Regents and HHMI set forth in the Background and in Paragraphs 2.3 (obligations
to the United States Government), 2.4 (Reservation of Rights), and 2.6 (Government Requirements), The Regents grants to the Licensee
an exclusive license under its rights in and to Patent Rights to make, have made, use, Sell, offer for Sale and import Licensed Products,
to provide Licensed Services, and to practice Licensed Methods, in the United States and in other countries where The Regents may lawfully
grant such licenses, only in the Field of Use.

 

2.2
Non-Exclusive Grant. Subject to the limitations and other terms and conditions set forth in this Agreement, The Regents grants
to the Licensee a nonexclusive license under its rights in and to Technology Rights to develop, manufacture, use, and commercialize Licensed
Products and Licensed Services, and to practice Licensed Methods, only in the Field of Use. In no event may the Licensee Sell, transfer,
lease, exchange or otherwise dispose or provide Original Materials to any third party, other than bona fide subcontractors performing
the foregoing licensed activities on Licensee’s behalf and for its benefit. This non-exclusive license to the Technology Rights
shall be co-terminus with the license to the Patent Rights granted in Section 2.1.

 

2.3
Obligations to the U.S. Government. The license granted in Paragraph 2.1 is subject to the following:

 

	 	2.3.1	The
    obligations to the United States Government under 35 U.S.C. §§ 200-212 and all applicable governmental implementing regulations,
    as amended from time to time, including the obligation to report on the utilization of the Invention as set forth in 37 CFR. §
    401.14(h), and all applicable provisions of any license to the United States Government executed by The Regents; and
	 	 	 
	 	2.3.2	The
    HHMI Research Use License; and
	 	 	 
	 	2.3.3	The
    National Institutes of Health “Principles and Guidelines for Recipients of NIH Research Grants and Contracts on Obtaining and
    Disseminating Biomedical Research Resources,” 64 F.R. 72090 (Dec. 23, 1999), as amended from time to time.

 

    	6 

    	 

    

 

2.4
Reservation of Rights. The Regents reserves on behalf of itself and any other educational or nonprofit institutions the right
to make, use, and practice the Invention and the Patent Rights for educational and research purposes, including publication and other
communication of any research results. Nothing contained in this Agreement shall be construed as conferring, by implication, estoppel
or otherwise, upon either party, any party in privity with a party, or any customer of any of the foregoing, any right, title or interest
under any Patent Rights or other intellectual or tangible property right at any time, except for those rights expressly granted in Sections
2.1 and 2.2, including any rights outside the Licensed Field.

 

2.5
Government Requirements. The Regents obtained funding for the Invention from an agency of the United States Government. Rights
granted hereunder are limited by and subject to the rights and requirements of the government which may attach as a result of such funding,
including as set forth in 35 U.S.C. §200, 37 C.F.R. Part 401 (“Bayh-Dole Act”). Licensee agrees to comply and permit
The Regents to comply with the provisions of the Bayh-Dole Act, including promptly providing The Regents information requested to comply
with reporting requirements, substantially manufacturing Licensed Products and products produced through the use of Licensed Products
in the United States (unless waived by the U.S. government), and making practical application of the Patent Rights. The Regents will
offer reasonable assistance in seeking a waiver of these requirements upon Licensee’s request.

 

3.
SUBLICENSES

 

3.1
Permitted Sublicensing. The Regents also grants to the Licensee the right to sublicense to third parties (including to Affiliates)
the rights granted to the Licensee hereunder. Each Sublicensee must be subject to a written sublicense agreement. All sublicenses will
include all of the rights of, and will require the performance of all the obligations due to, The Regents and HHMI (and, if applicable,
the United States Government and other sponsors), other than those rights and obligations specified in Article 5 (License Issue Fee),
Article 6 (License Maintenance Fee) and Paragraph 8.2 (Minimum Annual Royalty) and Paragraphs 19.3 and 19.4 (reimbursement of Patent
Prosecution Costs). For the purposes of this Agreement, the operations of all Sublicensees shall be deemed to be the operations of the
Licensee, for which the Licensee shall be responsible.

 

3.2
Joint Interest. The Parties acknowledge and agree that the Licensee has no ownership interest in the Patent Rights licensed hereunder.
However, if in the future, The Regents and the Licensee each own an undivided interest in any inventions arising from future sponsored
or collaborative research relating to the subject matter of the Patent Rights licensed herein, the Licensee will not separately grant
a license to any third party under its rights without concurrently granting a license under The Regents’ rights on the terms and
conditions described in this Article 3 (Sublicenses).

 

    	7 

    	 

    

 

3.3
Sublicense Requirements. The Licensee shall provide The Regents with a copy of each sublicense issued within thirty (30) days
of execution of such sublicense or sublicense amendment (provided that Licensee may redact from such copies any confidential or sensitive
information that is not needed for The Regents to confirm compliance with this Agreement); collect and guarantee payment of all payments
due The Regents from Sublicensees; and summarize and deliver all reports due The Regents from Sublicensees.

 

3.4
Mandatory Sublicensing. If Licensee is unable or unwilling to serve or develop a potential market or market territory for which
there is a company willing to be a Sublicensee, Licensee will, at The Regents’ request, negotiate in good faith a Sublicense with
any such Sublicensee. The Regents would like licensees to address unmet needs, such as those of neglected patient populations or geographic
areas, giving particular attention to improved therapeutics, diagnostics and agricultural technologies for the developing world.

 

3.5
License Termination. Upon termination of this Agreement for any reason, all sublicenses shall automatically terminate, unless
The Regents, at its sole discretion, agrees in writing to an assignment to The Regents of any sublicense. In the event of termination
of this Agreement and if The Regents accepts assignment of any sublicense, The Regents will not be bound by any grant of rights broader
than or will not be required to perform any obligation other than those rights and obligations contained in this Agreement. The Regents
will have the sole right to modify each such assigned sublicense to include all of the rights of The Regents (and, if applicable, HHMI,
the United States Government and other sponsors) that are contained in this Agreement.

 

4.
PAYMENT TERMS

 

4.1
Payment Obligations. Licensed Products, Licensed Services, and Licensed Methods and Patent Rights are defined so that Earned Royalties
are payable on products, services and methods covered by both pending patent applications and issued patents falling within the definition
of Valid Claim. Earned Royalties will accrue in each country for the duration of Patent Rights in that country covering the applicable
Licensed Product or Licensed Services Sold in such country (the “Royalty Term”) and will be payable to The Regents when Licensed
Products or Licensed Services are invoiced, or if not invoiced, when delivered or otherwise exploited by the Licensee or Sublicensee
in a manner generating Net Sales as defined in Paragraph 1.6. Sublicense Fees with respect to any Sublicensing Revenue shall accrue to
The Regents within thirty (30) days of the date that such Sublicensing Revenue is due to the Licensee.

 

In
the event that a Licensed Product or Licensed Method is covered only by a Valid Claim pending without issuance for seven (7) years after
the issuance of the first office action on a country-by-country basis and provided that Licensee will pay for expedited review of such
Valid Claim, if expedited review is available, then, at Licensee’s election, any Earned Royalties due will be reduced by [***]
until such Valid Claim issues, at which time Licensee will reimburse The Regents for all Earned Royalties that would have been paid as
if such [***] reduction had not occurred. The Licensee shall also pay interest at a rate of [***] simple interest per annum for such
Earned Royalty. In addition, any Earned Royalties will be restored to its original percentage when such Valid Claim issues for the remaining
duration of such Valid Claim.

 

4.2
Schedule. The Licensee will pay to The Regents all Earned Royalties, Sublicense Fees and other consideration payable to The Regents
quarterly on or before February 28 (for the calendar quarter ending December 31), May 31 (for the calendar quarter ending March 31),
August 31 (for the calendar quarter ending June 30) and November 30 (for the calendar quarter ending September 30) of each calendar year.
Each payment will be for Earned Royalties, Sublicense Fees and other consideration which has accrued within the Licensee’s most
recently completed calendar quarter.

 

4.3
Currency. All consideration due The Regents will be payable and will be made in United States dollars by check payable to “The
Regents of the University of California” or by wire transfer to an account designated by The Regents. The Licensee is responsible
for all bank or other transfer charges. When Licensed Products or Licensed Services are Sold for monies other than United States dollars,
the Earned Royalties and other consideration will first be determined in the foreign currency of the country in which such Licensed Products
or Licensed Services were Sold and then converted into equivalent United States dollars. The exchange rate will be the average exchange
rate quoted in The Wall Street Journal during the last thirty (30) days of the reporting period.

 

    	8 

    	 

    

 

4.4
Taxes. Sublicense Fees and Earned Royalties on Net Sales of Licensed Products or Licensed Services and other consideration accrued
in, any country outside the United States may not be reduced by any taxes, fees or other charges imposed by the government of such country,
except those taxes, fees and charges allowed under the provisions of Paragraph 1.6 (Net Sales).

 

4.5
Accrual. In the event that any patent or claim thereof included within the Patent Rights is held invalid in a final decision by
a court of competent jurisdiction and last resort and from which no appeal has or can be taken, then all obligation to pay royalties
based on that patent or claim or any claim patentably indistinct therefrom will cease as of the date of final decision. The Licensee
will not, however, be relieved from paying any royalties that accrued before such final decision and the Licensee shall have no right
to pay into escrow or other account any such amounts. For clarity, no payments to The Regents under this Agreement prior to or during
any challenge proceeding are refundable or may be offset.

 

4.6
Late Payments. In the event that royalties, fees, reimbursements for Patent Prosecution Costs or other monies owed to The Regents
are not received by The Regents when due, the Licensee will pay to The Regents interest at a rate of [***] simple interest per annum.
Such interest will be calculated from the date payment was due until actually received by The Regents. Such accrual of interest will
be in addition to and not in lieu of, enforcement of any other rights of The Regents due to such late payment.

 

5.
LICENSE ISSUE FEE

 

5.1
The Licensee will pay to The Regents a license issue fee of one million five hundred thousand dollars ($1,500,000.00) within seven
(7) days of the Effective Date. This fee is non-refundable, non-cancelable and is not an advance or otherwise creditable against any
royalties or other payments required to be paid under the terms of this Agreement.

 

6.
LICENSE MAINTENANCE FEE

 

6.1
The Licensee will pay to The Regents a license maintenance fee of [***] beginning on the one-year anniversary of the Effective
Date and continuing annually through the fourth anniversary of the Effective Date, and [***] on each anniversary of the Effective Date
thereafter. The license maintenance fee shall cease to be due upon first Sale of a Licensed Product or Licensed Service anywhere in the
world. The license maintenance fee is non-refundable and is not an advance or otherwise creditable against any royalties or other payments
required to be paid under the terms of this Agreement.

 

    	9 

    	 

    

 

7.
PAYMENTS ON SUBLICENSES

 

7.1
The Licensee will pay to The Regents the following non-refundable and non-creditable sublicense fees (“Sublicense Fees”)
as a percentage of all Sublicensing Revenues based on the execution date of the applicable sublicense, in accordance with the following
schedule, and subject to the cap in Paragraph 7.2.

 

	 	7.1.1	[***];
	 	7.1.2	[***];
    and
	 	7.1.3	[***].

 

7.2
[***]

 

8.
EARNED ROYALTIES AND MINIMUM ANNUAL ROYALTIES

 

8.1
Earned Royalty. The Licensee will pay to The Regents a royalty on Net Sales of Licensed Products by the Licensee, Sublicensee,
or any Affiliate for all aggregate Net Sales (“Earned Royalty”), on a country-by-country basis, at the rate of [***] of Net
Sales, solely during the applicable Royalty Term. Any payments received for Earned Royalty will be non-refundable and non-creditable
towards any other payment due to The Regents (except as provided in Section 8.2). In case of documented overpayment, if Licensee gives
notice to The Regents within sixty (60) days of The Regents’ receipt of such payment, Licensee may credit such overpayment against
future royalty payments.

 

8.2
Minimum Annual Royalty. The Licensee will pay to The Regents a minimum annual royalty of [***] for the life of Patent Rights,
beginning with the year of the first Sale of Licensed Product or Licensed Service. The minimum annual royalty will be paid to The Regents
by February 28 of each year and will be credited against the Earned Royalty due for the calendar year in which the minimum payment was
made. Licensee’s obligation to pay the minimum annual royalty will be pro-rated for the number of months remaining in the calendar
year when Sales commence and will be due the following February 28 (along with the minimum annual royalty payment for that year), to
allow for crediting of the pro-rated year’s Earned Royalties against such minimum annual royalty payment. In the event that the
Royalty Term ends in a material number of major market countries (but the Agreement does not expire pursuant to Section 14.1), the Parties
will discuss in good faith a downward adjustment to the minimum annual royalty to account for the reduced territorial coverage of the
Licensed Patent Rights.

 

    	10 

    	 

    

 

9.
MILESTONE PAYMENTS

 

9.1
The Licensee will pay to The Regents the following milestone payments when the applicable milestone is achieved with respect to a Licensed
Product or Licensed Service, which amounts are non-cancelable, non-refundable, and non-creditable against any other fees or royalties
due under this Agreement. Each milestone will be paid only once and the maximum of milestone payments, if all milestones are achieved,
will be $153,000,000.

 

Development
Milestones

 

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

 

Sales
Milestones (annual Net Sales across all Licensed Products)

 

[***]

[***]

[***]

 

9.2
For the avoidance of doubt, each of the milestone payments will be payable regardless of whether the applicable milestone event has been
achieved by the Licensee, Sublicensee, and/or any Affiliate.

 

9.3
Licensee shall promptly notify The Regents upon the occurrence of each of the milestone events and the actual date of such achievement
and submit the milestone payment to The Regents within forty-five (45) days after receipt of an invoice from The Regents for the applicable
milestone payment.

 

    	11 

    	 

    

 

10.
TRANSFER FEES

 

10.1
The Licensee will pay to The Regents the following fees upon an assignment or transfer of this Agreement to a third party (collectively,
“Transfer Fees”) permitted in accordance with Article 24, and submit the payment to The Regents within forty-five (45) days
of the event. Transfer Fees are non-cancellable, non-refundable, and non-credible against royalties or any other fees.

 

	 	10.1.1	Upon
    any assignment or transfer that is not a Licensed Program Sale or Change of Control Transaction, [***]
    (“Assignment Fee”); or
	 	 	 
	 	10.1.2	In
    the case of a Licensed Program Sale, a cash payment equal to [***] of the Aggregate Consideration; or
	 	 	 
	 	10.1.3	In
    the case of a Change of Control Transaction, a cash payment equal to [***] of any consideration attributable to Licensed Products
    or Licensed Services, to be discussed and mutually agreed upon between Licensee and the Regents.

 

10.2
Licensee’s maximum payment obligation for Transfer Fees shall be [***].

 

10.3
Definitions. The following terms shall have the meaning assigned below.

 

	 	10.3.1	“Aggregate
    Consideration” means the amount equal to:
	 	 	the
    sum of (a) all cash, and the fair market value of all securities or other property transferred to the Licensee at the time of the
    transaction, less all current and long-term liabilities (but not contingent liabilities) of the Licensee that are not discharged
    or assumed by the buyer (or its affiliates) in connection with the Licensed Program Sale, and (b) all cash, and the fair market value
    of all securities and other property for Trailing Consideration payable to the Licensee, when and if, actually paid.
	 	 	 
	 	10.3.2	“Trailing
    Consideration” means any payments due for any deferred or contingent consideration payable to Licensee including, without
    limitation, any post-closing milestone payment, escrow or holdback of consideration.
	 	 	 
	 	10.3.3	“Licensed
    Program Sale” means a sale of all or substantially all of the assets of the Licensee related to Licensed Products, but
    excluding a Change of Control Transaction (ignoring, solely for purposes of this exclusion, the final sentence of Section 10.3.4).

 

    	12 

    	 

    

 

	 	10.3.4	“Change
    of Control Transaction” means any acquisition, consolidation, merger, asset sale, reorganization or other transaction or
    series of transactions in which (i) Licensee is a constituent party or (ii) a subsidiary of Licensee is a constituent party, and
    the Licensee issues shares of its capital stock pursuant to such transaction, and pursuant to which greater than fifty percent (50%)
    of the voting power of Licensee or subsidiary of Licensee is transferred to a third party. However, a transaction involving a third
    party will not be considered as a Change of Control Transaction if such transaction or series of transactions does not provide liquidity
    to at least a majority of Licensee’s stockholders, existing prior such transaction, either in the form of cash or stock that
    is freely tradable and listed on a national or international securities exchange or market.

 

11.
DUE DILIGENCE

 

11.1
The Licensee, upon execution of this Agreement, will diligently proceed with the development, manufacture and Sale of Licensed Products
and Licensed Services and will earnestly and diligently market the same after execution of this Agreement and in quantities sufficient
to meet the market demands therefor.

 

11.2
The Licensee or a Sublicensee will obtain all necessary governmental approvals in each country where Licensed Products or Licensed Services
are manufactured, used, Sold, offered for Sale or imported.

 

11.3
The Licensee will achieve the following milestones by the completion dates set forth below:

 

	 	11.3.1	[***]
	 	11.3.2	[***]
	 	11.3.3	[***]
	 	11.3.4	[***]
	 	11.3.5	[***]
	 	11.3.6	[***];
    and
	 	11.3.7	[***].

 

11.4
If the Licensee fails to perform any of the above provisions, then The Regents has the right and option to either terminate this Agreement
or reduce the Licensee’s exclusive license to a nonexclusive license, under the terms set forth in Article 16 (Termination). This
right, if exercised by The Regents, supersedes the rights granted in Article 2 (Grant).

 

    	13 

    	 

    

 

12.
PROGRESS AND ROYALTY REPORTS

 

12.1
Progress Reports. Beginning on December 31, 2021 and semiannually thereafter, Licensee will submit a written report to The Regents
covering the Licensee’s (and any Affiliates’ or Sublicensees’) activities related to this Agreement. The report will
include information sufficient to enable The Regents to satisfy reporting requirements of the U.S. Government and to ascertain progress
by Licensee toward meeting this Agreement’s diligence requirements set forth in Article 11 (Due Diligence). Each report will describe,
the amount of funding raised to date, the names and titles of Licensee’s executive leadership team, and where relevant: progress
toward commercialization of Licensed Products and Licensed Services, including work completed, key scientific discoveries, summary of
work in progress, current schedule of anticipated events or milestones, market plans for introduction of Licensed Products and Licensed
Services, and significant corporate transactions involving Licensed Products and Licensed Services.

 

12.2
First Sale. The Licensee will report to The Regents the date of first Sale of a Licensed Product or Licensed Service in each country
in its first progress and royalty reports following such first Sale of a Licensed Product or Licensed Service.

 

12.3
Royalty Reports. Beginning with the earlier of (i) the first Sale of a Licensed Product or Licensed Service or (ii) the first
transaction that results in Sublicense Fees accruing to The Regents, the Licensee shall make quarterly royalty reports to The Regents
on or before each February 28, May 31, August 31 and November 30 of each year. Each royalty report will cover the Licensee’s most
recently completed calendar quarter and will show (a) the gross Sales and Net Sales of Licensed Products and/or Licensed Services Sold
during the most recently completed calendar quarter; (b) the number of each type of Licensed Product and/or Licensed Services Sold; (c)
the royalties, in U.S. dollars, payable with respect to Sales of Licensed Products and/or Licensed Services; (d) the method used to calculate
the royalty; (e) any Sublicense Fees due to The Regents; (f) the exchange rates used; and (g) any other information reasonably necessary
to confirm Licensee’s calculation of its financial obligations hereunder.

 

    	14 

    	 

    

 

12.4
Entity Status. The Licensee has a continuing responsibility to keep The Regents informed of the large/small business entity status
(as defined by the United States Patent and Trademark Office) of itself and its Sublicensees and Affiliates.

 

13.
BOOKS AND RECORDS

 

13.1
Accounting. The Licensee shall keep, and shall cause its Affiliates and use commercially reasonable effort to cause its Sublicensees
to keep, accurate books and records showing all Licensed Products and Licensed Services manufactured, used, and/or Sold under the terms
of this Agreement. Books and records must be preserved for at least five (5) years from the date of the royalty payment to which they
pertain.

 

13.2
Auditing. Books and records must be open to inspection by representatives or agents of The Regents at reasonable times and on
reasonable advance notice (but in any event at least thirty (30) days in advance) no more than one (1) time per twelve (12) month period.
The Regents shall bear the fees and expenses of examination but if an error in royalties of more than [***] of the total royalties due
for any year is discovered in any examination then the Licensee shall bear the fees and expenses of that examination and shall remit
such underpayment to The Regents within thirty (30) days of the examination results.

 

14.
LIFE OF THE AGREEMENT

 

14.1
Term. Unless otherwise terminated by operation of law, Paragraph 14.2 (Bankruptcy), or by acts of the parties in accordance with
the terms of this Agreement, this Agreement will remain in effect from the Effective Date until the expiration or abandonment of the
last of the Patent Rights licensed hereunder.

 

14.2
Bankruptcy. This Agreement will automatically terminate without the obligation to provide sixty (60) days’ notice as set
forth in Paragraph 15.1 (Termination By The Regents) upon the filing of a petition for relief under the United States Bankruptcy Code
by or against the Licensee as a debtor or alleged debtor.

 

    	15 

    	 

    

 

14.3
Surviving Provisions. Any termination or expiration of this Agreement will not affect the rights and obligations set forth in
the following Articles:

 

	 	Article
    1	Definitions
	 	Paragraph
    4.6	Late
    Payments
	 	Article
    5	License
    Issue Fee
	 	Article
    7	Payments
    on Sublicenses
	 	Paragraphs
    8.1 and 8.2	Earned
    Royalties and Minimum Annual Royalties
	 	Article
    10	Transfer
    Fees
	 	Article
    13	Books
    and Records
	 	Article
    14	Life
    of the Agreement
	 	Article
    16	Use
    of Names and Trademarks
	 	Article
    17	Limited
    Warranty
	 	Article
    18	Limitation
    of Liability
	 	Paragraphs
    19.3 & 19.4	Patent
    Prosecution Costs and Effects of Termination
	 	Article
    22	Indemnification
	 	Article
    23	Notices
	 	Article
    26	Governing
    Laws; Venue
	 	Article
    29	Confidentiality
	 	Paragraph
    30.8	HHMI
    Third Party Beneficiary Status

 

14.4
Effects of Termination. The termination or expiration of this Agreement will not relieve the Licensee of its obligation to pay
any fees, royalties or other payments owed to The Regents at the time of such termination or expiration and will not impair any accrued
right of The Regents, including the right to receive Earned Royalties in accordance with Article 8 (Earned Royalties and Minimum Annual
Royalties).

 

15.
TERMINATION

 

15.1
By The Regents. If the Licensee commits a material breach of this Agreement (including any failure to make a payment when due),
then The Regents may give written notice of such material breach (Notice of Default) to the Licensee. If the Licensee fails to repair
the default within sixty (60) days of the effective date of Notice of Default, The Regents may terminate this Agreement and its licenses
by a second written notice (Notice of Termination). If a Notice of Termination is sent to the Licensee, this Agreement will automatically
terminate on the effective date of that notice.

 

15.2
By Licensee. The Licensee has the right at any time to terminate this Agreement by providing a Notice of Termination to The Regents,
which termination will be effective sixty (60) days from the date such termination notice is sent by Licensee. Moreover, the Licensee
will be entitled to terminate the rights under Patent Rights on a country-by-country basis by giving notice in writing to The Regents,
which termination is subject to and effective in accordance with Paragraph 19.4 (Effects of Termination).

 

    	16 

    	 

    

 

15.3
Immediate Termination. The Agreement will terminate immediately if the Licensee files a claim that includes in any way the assertion
that any portion of The Regents’ Patent Rights is invalid or unenforceable where the filing is by Licensee, a third party on behalf
of Licensee, or a third party at the written urging of, or with the assistance of, the Licensee.

 

16.
USE OF NAMES AND TRADEMARKS

 

16.1
Subject to Section 16.3, nothing contained in this Agreement will be construed as conferring any right to either party to use in advertising,
publicity or other promotional activities any name, trade name, trademark or other designation of the other party (including a contraction,
abbreviation or simulation of any of the foregoing). Unless required by law or unless consented to in writing by the Director of the
Office of Technology Management, UCSF Innovation Ventures, the use by the Licensee of the name “The Regents of the University of
California” or the name of any campus of the University of California in advertising, publicity or other promotional activities
is expressly prohibited. Unless required by law or unless consented to in writing by the Licensee, the use by The Regents of Corbus’
corporate name or logo in advertising, publicity or other promotional activities is expressly prohibited. However, (a) without the Licensee’s
consent case-by-case, The Regents may list Licensee’s name as a licensee of technology from The Regents without further identifying
the technology. and (b) without The Regents’ consent case-by-case, Licensee may indicate that it has received a license from The
Regents without implying any endorsement of The Regents.

 

16.2
Licensee may also not use the name of HHMI or of any HHMI employee (including Yifan Cheng) in a manner that reasonably could constitute
an endorsement of a commercial product or service; but that use for other purposes, even if commercially motivated, is permitted provided
that (1) the use is limited to accurately reporting factual events or occurrences, and (2) any reference to the name of HHMI or any HHMI
employees in press releases or similar materials intended for public release is approved by HHMI in advance.

 

16.3
The Regents and Licensee agree to issue the press release attached hereto as Appendix C upon execution of this Agreement.

 

    	17 

    	 

    

 

17.
LIMITED WARRANTY

 

17.1
To the extent of the knowledge of the licensing professional administering this Agreement and as of the Effective Date, The Regents warrants
to the Licensee that it has the lawful right to grant this license.

 

17.2
Except as expressly set forth in this Agreement, this license and the associated Invention, Patent Rights, Licensed Products, Licensed
Services, Licensed Methods and any Original Materials are provided by The Regents WITHOUT WARRANTY OF MERCHANTABILITY OR FITNESS FOR
A PARTICULAR PURPOSE OR ANY OTHER WARRANTY OF ANY KIND, EXPRESS OR IMPLIED. THE REGENTS MAKES NO EXPRESS OR IMPLIED REPRESENTATION OR
WARRANTY THAT THE INVENTION, PATENT RIGHTS, TECHOLOGY RIGHTS, LICENSED PRODUCTS, LICENSED SERVICES, LICENSED METHODS OR ORIGINAL MATERIALS
WILL NOT INFRINGE ANY PATENT, COPYRIGHT, TRADEMARK OR OTHER RIGHTS.

 

17.3
This Agreement does not:

 

	 	17.3.1	express
    or imply a warranty or representation as to the validity, enforceability, or scope of any Patent Rights or Technology Rights; or
	 	17.3.2	express
    or imply a warranty or representation that anything made, used, Sold, offered for Sale or imported or otherwise exploited under any
    license granted in this Agreement is or will be free from infringement of patents, copyrights, or other rights of third parties;
    or
	 	17.3.3	obligate
    The Regents to bring or prosecute actions or suits against third parties for patent infringement except as provided in Article 21
    (Patent Infringement); or
	 	17.3.4	confer
    by implication, estoppel or otherwise any license or rights under any patents or other rights of The Regents other than Patent Rights,
    regardless of whether such patents are dominant or subordinate to Patent Rights; or
	 	17.3.5	obligate
    The Regents to furnish any advancements, developments, or other improvements to Patent Rights which are not entitled to the priority
    dates of Patent Rights, or know-how, technology or information not provided in Patent Rights or Technology Rights; or
	 	17.3.6	obligate
    The Regents to update the technology in Technology Rights.

 

    	18 

    	 

    

 

18.
LIMITATION OF LIABILITY

 

18.1
THE REGENTS WILL NOT BE LIABLE FOR ANY LOST PROFITS, COSTS OF PROCURING SUBSTITUTE GOODS OR SERVICES, LOST BUSINESS, ENHANCED DAMAGES
FOR INTELLECTUAL PROPERTY INFRINGEMENT OR ANY INDIRECT, INCIDENTAL, CONSEQUENTIAL, PUNITIVE OR OTHER SPECIAL DAMAGES SUFFERED BY LICENSEE,
SUBLICENSEES, OR AFFILIATES ARISING OUT OF OR RELATED TO THIS AGREEMENT FOR ALL CAUSES OF ACTION OF ANY KIND (INCLUDING TORT, CONTRACT,
NEGLIGENCE, STRICT LIABILITY AND BREACH OF WARRANTY) EVEN IF THE REGENTS HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

 

19.
PATENT PROSECUTION AND MAINTENANCE

 

19.1
Patent Prosecution. As long as the Licensee has paid patent costs as provided for in this Article, The Regents shall diligently
endeavor to prosecute and maintain the United States and foreign patents comprising Regents’ Patent Rights using counsel of its
choice. The Regents will provide the Licensee with copies of all relevant documentation so that the Licensee will be informed of the
continuing prosecution and may comment upon such documentation sufficiently in advance of any initial deadline for filing a response,
provided, however, that if the Licensee has not commented upon such documentation in a reasonable time for The Regents to sufficiently
consider the Licensee’s comments prior to a deadline with the relevant government patent office, or The Regents must act to preserve
the Patent Rights, The Regents will be free to respond without consideration of the Licensee’s comments, if any. This documentation
shall be Proprietary Information of The Regents. The Regents’ counsel will take instructions only from The Regents, and all patents
and patent applications under this Agreement will be assigned solely to The Regents. The Regents shall use all reasonable efforts to
amend any patent application to include claims reasonably requested by the Licensee to protect the products contemplated to be sold under
this Agreement and to file and prosecute patents in foreign countries indicated by and paid for by Licensee.

 

19.2
Patent Term. The Licensee shall apply for an extension of the term of any patent included within The Regents’ Patent Rights
if appropriate under the Drug Price Competition and Patent Term Restoration Act of 1984 and/or European, Japanese and other foreign counterparts
of this Law. The Licensee shall prepare all documents, and The Regents agrees to execute the documents and to take additional action
as the Licensee reasonably requests in connection therewith.

 

    	19 

    	 

    

 

19.3
Costs. The Licensee will bear all costs of preparing, filing, prosecuting, including costs of accelerated prosecution, and maintaining
all United States and foreign patent applications contemplated by this Agreement, including any patent prosecution costs that may be
incurred for patentability opinions, re-examination, re-issue, interferences, oppositions or inventorship determinations (“Patent
Prosecution Costs”), whether incurred prior to or after the Effective Date. Patent Prosecution Costs billed by The Regents’
counsel will be rebilled to the Licensee and are due within thirty (30) days of rebilling by The Regents. Patent Prosecution Costs incurred
prior to the Effective Date, which are approximately $[***], will be due upon execution of this Agreement upon invoice from The Regents.

 

19.4
Effects of Termination. The Licensee will be obligated to pay any Patent Prosecution Costs incurred during the three (3)-month
period after receipt by either party of a Notice of Termination, even if the invoices for such Patent Prosecution Costs are received
by the Licensee after the end of the three (3)-month period following receipt of a Notice of Termination. The Licensee may terminate
its obligation to pay Patent Prosecution Costs with respect to any given patent application or patent under Patent Rights in any or all
designated countries upon three (3)-months’ written notice to The Regents. The Regents may continue prosecution and/or maintenance
of such application(s) or patent(s), and applications in foreign countries where Licensee has elected not to file, at its sole discretion
and expense, provided, however, that the Licensee will have no further right or licenses thereunder. Non-payment of Patent Prosecution
Costs may be deemed by The Regents as an election by the Licensee not to maintain such application(s) or patent(s), and such rights may
thereafter at The Regents discretion be excluded from the Patent Rights licensed hereunder.

 

20.
PATENT MARKING

 

20.1
The Licensee will mark all Licensed Products or their containers in accordance with the applicable patent marking laws.

 

    	20 

    	 

    

 

21.
PATENT INFRINGEMENT

 

21.1
Infringement Notice. If either party learns of infringement of potential commercial significance of any of The Regents’
Patent Rights, it will provide the other with (i) written notice of such infringement and (ii) any evidence of such infringement available
to it (the “Infringement Notice”). Neither party will put an alleged infringer on notice of the existence of any of The Regents’
Patent Rights without first obtaining consent of the other. Both The Regents and the Licensee will use their diligent efforts to terminate
such infringement without litigation.

 

21.2
Company Suit and Joining. If the matter described in the Infringement Notice is not resolved within ninety (90) days of receipt
of the Infringement Notice, then the Licensee may institute suit for patent infringement. The Licensee may not join The Regents as a
party in such suit without The Regents’ prior written consent. If The Regents joins such suit at the Licensee’s request or
is involuntarily joined, the Licensee will pay all out-of-pocket costs incurred by The Regents arising out of such suit.

 

21.3
Regents’ Suit. If, within a hundred and twenty (120) days of receipt of the Infringement Notice, the matter described in
the Infringement Notice has not been resolved and the Licensee has not filed suit against the infringer, then The Regents may institute
suit for patent infringement against the infringer. If The Regents institutes such suit, then the Licensee may not join such suit without
The Regents’ consent and may not thereafter commence suit against the infringer for the acts of infringement that are the subject
of The Regents’ suit or any judgment rendered in that suit.

 

21.4
Infringement Notice. Notwithstanding anything to the contrary in this Agreement, in the event that either party receives written
notice of infringement under the Drug Price Competition and Patent Term Restoration Act of 1984 (and/or foreign counterparts of this
Law) (“The Act”), then the party in receipt of such notice under the Act shall promptly provide the Infringement Notice to
the other party. If under the Act the Licensee will lose the right to pursue legal remedies for infringement by not filing suit, the
notification period and the time period to file suit under Paragraph 21.2 will be accelerated to within forty-five (45) days from receipt
of the Infringement Notice to either party.

 

    	21 

    	 

    

 

21.5
Recovery. Any recovery or settlement received in connection with any suit will first be shared by The Regents and the Licensee
equally to cover any litigation costs each incurred and next shall be paid to The Regents or the Licensee to cover any litigation costs
it incurred in excess of the litigation costs of the other. In any suit initiated by the Licensee, any recovery in excess of litigation
costs will be shared between Licensee and The Regents as follows: [***]. In any suit initiated by The Regents, any recovery in excess
of litigation costs will belong to The Regents. The Regents and the Licensee agree to be bound by all determinations of patent infringement,
validity and enforceability (but no other issue) resolved by any adjudicated judgment in a suit brought in compliance with this Article
22 (Patent Infringement).

 

21.6
Sublicenses. Any agreement made by the Licensee for purposes of settling litigation or other dispute shall comply with the requirements
of Article 3 (Sublicenses) of this Agreement.

 

22.
INDEMNIFICATION

 

22.1
Indemnification. The Licensee will, and will require its Sublicensees to, indemnify, hold harmless and defend The Regents, the
sponsors of the research that led to the Invention and the development of the Technology Rights, and the inventors of the Technology
Rights and any invention claimed in patents or patent applications under Patent Rights (including the Licensed Products, Licensed Services
and Licensed Methods contemplated thereunder) and their employers, and the officers, employees and agents of any of the foregoing (except
for HHMI and HHMI employees), against any and all losses, damage, costs, fees and expenses (including, without limitations,
reasonable attorney’s fees and other costs and expenses of defense) (“Losses”) in connection with a third party claim,
suit, or action against any of the indemnitees, to the extent resulting from, or arising out of, the exercise of this license or any
sublicense. The previous sentence will not apply to any claim, suit, action, or Loss that is determined with finality by a court of competent
jurisdiction to result solely from gross negligence or willful misconduct of any of the indemnitees listed above. This indemnification
will include, but not be limited to, any product liability. If The Regents believes that there will be a conflict of interest or it will
not otherwise be adequately represented by counsel chosen by the Licensee to defend The Regents in accordance with this Paragraph 22.1,
then The Regents may retain counsel of its choice to represent it and the Licensee will pay all expenses for such representation.

 

22.1.2
HHMI and its trustees, officers, employees, and agents (collectively, “HHMI Indemnitees”) will be indemnified, defended by
counsel acceptable to HHMI, and held harmless by the Licensee from and against any claim, liability, cost, expense, damage, deficiency,
loss, or obligation of any kind or nature (including, without limitation, reasonable attorney’s fees and other costs and expenses
of defense) (collectively, “Claims”), based on, resulting from, arising out of, or otherwise relating to this Agreement or
the use, handling, storage, or disposition of the Original Material by Licensee or others who possess the Original Material through a
chain of possession leading back, directly or indirectly, to Licensee including without limitation any cause of action relating to product
liability. The previous sentence will not apply to any Claim that is determined with finality by a court of competent jurisdiction to
result solely from the gross negligence or willful misconduct of an HHMI Indemnitee. Notwithstanding any other provision of this Agreement,
Licensee’s obligation to defend, indemnify and hold harmless the HHMI Indemnitees under this Paragraph will not be subject to any
limitation or exclusion of liability or damages or otherwise limited in any way.

 

    	22 

    	 

    

 

22.1.3
For clarity, acts conducted under the retained rights and licenses set forth in Paragraphs 2.3.2 and 2.4 are not subject to the indemnification
obligations of the Licensee or any Sublicensee pursuant to Paragraphs 22.1 or 22.1.2.

 

22.2
Insurance. The Licensee, at its sole cost and expense, will insure its activities in connection with any work performed hereunder
and will obtain, keep in force, and maintain the following insurance.

 

22.2.1
Comprehensive or commercial form general liability insurance (contractual liability included) with limits as follows:

 

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

 

    	23 

    	 

    

 

22.3
Notwithstanding the above, no later than the earlier of: i) sixty (60) days before the anticipated date of market introduction of any
Licensed Product or Licensed Service; or ii) sixty (60) days before the first use of any Licensed Product or Licensed Service in a human
under this Agreement, Licensee, at its sole cost and expense, shall insure its activities in connection with the work under this Agreement
and obtain, keep in force and maintain the following insurance:

 

22.3.1
Commercial Form General Liability Insurance (contractual liability included) with limits as follows:

 

	Each
    Occurrence	 	$	5,000,000	 
	Products/Completed
    Operations Aggregate	 	$	10,000,000	 
	Personal
    and Advertising Injury	 	$	5,000,000	 
	General
    Aggregate (commercial form only)	 	$	10,000,000	 

 

If
the above insurance is written on a claims-made form, it shall continue for three (3) years following termination or expiration of this
Agreement. The insurance shall have a retroactive date of placement prior to or coinciding with the Effective Date of this Agreement;
andWorker’s Compensation as legally required in the jurisdiction in which the Licensee is doing business.

 

22.4
The coverage and limits above will not in any way limit the Licensee’s liability under this Article 22 (Indemnification).

 

22.5
Certificates. Upon the execution of this Agreement, the Licensee will furnish The Regents with certificates of insurance evidencing
compliance with all requirements. Such certificates will: indicate The Regents and HHMI as an additional insured(s) under the coverage
described in Paragraph 22.2 (Insurance); and include a provision that the coverage will be primary and will not participate with, nor
will be excess over, any valid and collectable insurance or program of self-insurance maintained by The Regents and/or HHMI.

 

22.6
Notification. The Regents will promptly notify the Licensee in writing of any claim or suit brought against The Regents for which
The Regents intends to invoke the provisions of this Article 22 (Indemnification). The Licensee will keep The Regents informed of its
defense of any claims pursuant to this Article 22 (Indemnification).

 

23.
NOTICES

 

23.1
Any notice or payment hereunder shall be deemed to have been properly given when sent in writing in English to the respective address
below and shall be deemed effective:

 

	 	23.1.1	on
    the date of delivery if delivered in person,
	 	23.1.2	on
    the date of mailing if mailed by first-class certified mail, postage paid, or
	 	23.1.3	on
    the date of mailing if mailed by any global express carrier service that requires the recipient to sign the documents demonstrating
    the delivery of such notice or payment, or

 

    	24 

    	 

    

 

	 	23.1.4	in
    the case of notices, if sent by email, on the date the recipient acknowledges having received that email by either an email sent
    to the sender or by a notice delivered by another method in accordance with this Paragraph 23.1, provided that, automated replies
    and “read receipts” shall not be considered acknowledgement of receipt.

 

	In
    the case of Licensee:	Corbus
    Pharmaceuticals, Inc.
	 	500
    River Ridge Drive
	 	Norwood,
    MA 02062
	 	Attention:
    Yuval Cohen, CEO
	 	Email:
    [***]

 

In
the case of The Regents:

 

	 	For
    notices:
	 	 
	 	University
    of California, San Francisco
	 	[***]
	 	For
    remittance of payments:
	 	 
	 	[***]

 

24.
ASSIGNABILITY

 

24.1
The Licensee may assign or transfer this Agreement, without The Regents’ prior written consent, only in the case of assignment
or transfer to a party that succeeds to all or substantially all of Licensee’s business or assets relating to this Agreement, whether
by Sale, merger, operation of law or otherwise, provided that: (i) such assignee or transferee agrees in writing to be bound by the terms
and conditions of this Agreement and The Regents’ standard substitution of party letter (attached here as Appendix A) is promptly
executed and provided to The Regents; (ii) Licensee gives The Regents a thirty (30) day notice of assignment; and (ii) Licensee pays
The Regents the applicable Transfer Fees. Any attempted assignment by Licensee other than in accordance with this Paragraph 24.1 will
be null and void. This Agreement shall be binding on the parties and their respective successors and assigns and inure to the benefit
of the parties and their respective permitted successors and assigns.

 

    	25 

    	 

    

 

25.
FORCE MAJEURE

 

25.1
Except for the Licensee’s obligation to make any payments to The Regents hereunder, the parties shall not be responsible for failure
to perform due to the occurrence of any events beyond their reasonable control which render their performance impossible or onerous,
including, but not limited to: accidents (environmental, toxic spill, etc.); acts of God; biological or nuclear incidents; epidemics,
pandemics (including as a result of COVID-19 or variants thereof); casualties; earthquakes; fires; floods; governmental acts; orders
or restrictions; inability to obtain suitable and sufficient labor, transportation, fuel and materials; local, national or state emergency;
power failure and power outages; acts of terrorism; strike; and war.

 

26.
GOVERNING LAWS; VENUE

 

26.1
Choice of Law. THIS AGREEMENT WILL BE INTERPRETED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA, excluding
any choice of law rules that would direct the application of the laws of another jurisdiction and without regard to which party drafted
particular provisions of this Agreement, but the scope and validity of any patent or patent application will be governed by the applicable
laws of the country of such patent or patent application.

 

26.2
Venue. Any legal action brought by the parties hereto relating to this Agreement will be conducted in San Francisco, California.

 

27.
GOVERNMENT APPROVAL OR REGISTRATION

 

27.1
If this Agreement or any associated transaction is required by the law of any nation to be either approved or registered with any governmental
agency, the Licensee will assume all legal obligations to do so. The Licensee will notify The Regents if it becomes aware that this Agreement
is subject to a United States or foreign government reporting or approval requirement. The Licensee will make all necessary filings and
pay all costs including fees, penalties and all other out-of-pocket costs associated with such reporting or approval process.

 

28.
COMPLIANCE WITH LAWS

 

28.1
The Licensee shall comply with all applicable international, national, state, regional and local laws and regulations in performing its
obligations hereunder and in its use, manufacture, Sale or import of the Licensed Products, Licensed Services or practice of the Licensed
Method. The Licensee will observe all applicable United States and foreign laws with respect to the transfer of Licensed Products and
related technical data and the provision of Licensed Services to foreign countries, including, without limitation, the International
Traffic in Arms Regulations (ITAR) and the Export Administration Regulations. The Licensee shall manufacture Licensed Products and practice
the Licensed Method in compliance with applicable government importation laws and regulations of a particular country for Licensed Products
made outside the particular country in which such Licensed Products are used, Sold or otherwise exploited.

 

    	26 

    	 

    

 

29.
CONFIDENTIALITY

 

29.1
The Licensee and The Regents (each a “disclosing party” in relation to its own information and a “receiving party”
in relation to the other party’s information) will hold the disclosing party’s proprietary business and technical information,
including the negotiated terms of this Agreement, any progress reports and royalty reports and any sublicense agreement issued pursuant
to this Agreement (“Proprietary Information”) in confidence, using at least the same degree of care as the receiving
party uses to protect its own proprietary information of a similar nature. Proprietary Information will be protected from the date of
disclosure until five (5) years after the termination or expiration of this Agreement. This confidentiality obligation will apply to
the information defined as “Confidential Information” under the CDA and such Confidential Information will be treated as
Proprietary Information hereunder.

 

29.2
The receiving party shall not use any Proprietary Information except as permitted by this Agreement and may disclose Proprietary Information
only to their employees, agents, and in the case of the Licensee, its actual and potential sublicensees, investors, debtholders, financial
partners, acquirers, collaborators, vendors, and contractors, provided that such parties are bound by a duty of confidentiality at least
as stringent as that set forth in this Article 30 (Confidentiality) (it being understood that the duration of confidentiality may be
shorter than provided in Section 29.1 above, so long as such duration is commercially reasonable). In addition, if a third party inquires
whether a license to Patent Rights is available, The Regents may disclose to the third party the existence of this Agreement and the
extent of the grant in Articles 2 (Grant) and 3 (Sublicenses) and related definitions, but will not disclose the name of the Licensee
unless that information is already public.

 

    	27 

    	 

    

 

29.3
Nothing contained herein will in any way restrict the right of the Licensee or The Regents to use or disclose any Proprietary Information
that the receiving party can demonstrate by written records:

 

	 	29.3.1	was
    previously known to it prior to its disclosure by the disclosing party;
	 	29.3.2	is
    public knowledge other than through acts or omissions of receiving party;
	 	29.3.3	was
    lawfully obtained without restrictions on the receiving party from sources independent of the disclosing party; and
	 	29.3.4	was
    independently developed by receiving party.

 

29.4
Nothing in this Agreement will restrict either party from producing Proprietary Information that is required to be disclosed (i) in litigation
or by a governmental entity or agency, or (ii) by law (including the California Public Records Act or similar applicable law), provided
that the receiving party uses reasonable efforts to give the party that disclosed the Proprietary Information sufficient notice to allow
it a reasonable opportunity to object or (iii) to HHMI consistent with the Regents obligations to HHMI. To the extent feasible, the party
with the obligation to disclose under subsection (i) in the previous sentence will make reasonable efforts to make such disclosure subject
to confidentiality obligations at least as protective as the terms set forth in this section.

 

29.5
Nothing in this Agreement will be construed to prevent The Regents from reporting de-identified raw terms of the Agreement as part of
a larger database.

 

29.6
Upon termination of this Agreement and written request of the disclosing party within fifteen (15) days following the termination of
this Agreement, the receiving party will destroy or return the disclosing party’s Proprietary Information in its possession within
fifteen (15) days following receipt of the request. Each receiving party may, however, retain one copy of such Proprietary Information
for archival purposes in non-working files and notwithstanding the foregoing, The Regents shall be entitled to retain reports provided
by the Licensee hereunder.

 

30.
MISCELLANEOUS

 

30.1
Appendices. This Agreement includes the attached Appendices A, B and C..

 

30.2
Headings. The headings of the several sections are inserted for convenience of reference only and are not intended to be a part
of or to affect the meaning or interpretation of this Agreement.

 

30.3
Binding Agreement. This Agreement is not binding on the parties until it has been signed below on behalf of each party. It is
then effective as of the Effective Date.

 

    	28 

    	 

    

 

30.4
Amendments. No amendment or modification of this Agreement is valid or binding on the parties unless made in writing and signed
on behalf of each party.

 

30.5
Waiver. The delay or failure to assert a right or to insist upon compliance with any term or condition of this Agreement shall
not constitute a waiver, or excuse a similar or subsequent failure to perform any such term or condition. A valid waiver must be executed
in writing and signed by the party granting the waiver.

 

30.6
Entire Agreement. This Agreement embodies the entire understanding of the parties and supersedes all previous communications,
representations or understandings, either oral or written, between the parties relating to the subject matter hereof.

 

30.7
Invalidity. In case any of the provisions contained in this Agreement is held to be invalid, illegal or unenforceable in any respect,
such invalidity, illegality or unenforceability will not affect any other provisions of this Agreement, the particular provision, to
the extent permitted by law, shall be reasonably construed and equitably reformed to be valid and enforceable and if the provision at
issue is a commercial term, it shall be equitably reformed so as to maintain the overall economic benefits of the Agreement as originally
agreed upon by the parties, and this Agreement will be construed as if such invalid, illegal or unenforceable provisions had never been
contained in it.

 

30.8
HHMI Beneficiary Status. HHMI is not a party to this Agreement and has no liability to Licensee, its Affiliates, any Sublicensee,
or user of anything covered by this Agreement, but HHMI is an intended third-party beneficiary of this Agreement and certain of its provisions
are for the benefit of HHMI and are enforceable by HHMI in its own name.

 

30.9
Independent Contractors. In performing their respective duties under this Agreement, each of the parties will be operating as
an independent contractor. Nothing contained herein will in any way constitute any association, partnership, or joint venture between
the parties hereto, or be construed to evidence the intention of the parties to establish any such relationship. Neither party will have
the power to bind the other party or incur obligations on the other party’s behalf without the other party’s prior written
consent.

 

30.10
Counterparts. This Agreement may be executed in one or more counterparts, each of which together shall constitute one and the
same Agreement. For purposes of executing this Agreement, a facsimile (including a PDF image delivered via email) copy of this Agreement,
including the signature pages, will be deemed an original. The parties agree that neither party will have any rights to challenge the
use or authenticity of a counterpart of this Agreement based solely on that its signature, or the signature of the other party, on such
counterpart is not an original signature.

 

    	29 

    	 

    

 

IN
WITNESS WHEREOF, both The Regents and the Licensee have executed this Agreement by their respective and duly authorized officers on the
day and year written.

 

 

	CORBUS
    PHARMACEUTICALS:	 	THE
    REGENTS OF THE UNIVERSITY OF CALIFORNIA:
	 	 	 
	By:	/s/
    Yuval Cohen	 	By:	/s/
    [***]
	 	(Signature)	 	 	(Signature)
	Name:	Yuval Cohen	 	Name:	[***]
	 	(Please print)	 	 	(Please print)
	Title:	Chief Executive
    Officer	 	Title:	[***]

 

    	30 

    	 

    

 

APPENDIX
A: CONSENT TO SUBSTITUTION OF PARTY

UC
Case Nos. SF2020-148

 

This
substitution of parties (“Agreement”) is effective this day of , 20__, among The Regents of the University of California
(“The Regents”), a California corporation, having its statewide administrative offices at 1111 Franklin Street, 12th
Floor, Oakland, California 94607-5200 and acting through its Office of Technology Management, University of California San Francisco
(“UCSF”), 600 16th Street, Suite S-272, San Francisco, CA 94143; [licensee name] (“XXX”), a _____
corporation, having a principal place of business ________; and [new licensee name] [(“YYY”)] a ______________ corporation,
having a principal place of business at ____________________.

 

BACKGROUND

 

A.
The Regents and [XXX] entered into a License Agreement effective ________________ (UC Control No. __-__-____), entitled _________________
(“License Agreement”), wherein XXX was granted certain rights.

 

B.
[XXX] desires that [YYY] be substituted as Licensee (defined in the License Agreement) in place of [XXX], and The Regents is agreeable
to such substitution.

 

C.
[YYY] has read the License Agreement and agrees to abide by its terms and conditions.

 

The
parties agree as follows:

 

1.
[YYY] assumes all liability and obligations under the License Agreement and is bound by all its terms in all respects as if it were the
original Licensee of the License Agreement in place of XXX.

 

2.
[YYY] is substituted for [XXX], provided that [YYY] assumes all liability and obligations under the License Agreement as if [YYY] were
the original party named as Licensee as of the effective date of the License Agreement.

 

3.
The Regents releases [XXX] from all liability and obligations under the License Agreement arising before or after the effective date
of this Agreement.

 

The
parties have executed this Agreement in triplicate originals by their respective authorized officers on the following day and year.

 

	[XXX]
    LICENSEE	 	 	THE
    REGENTS OF THE
	 	 	 	 	UNIVERSITY
    OF CALIFORNIA
	 	 	 	 	 
	By:
    	 	 	By:	 
	 	(Signature)	 	 	(Signature)
	Name:
    	 	 	Name:	 
	 	(Please
    print)	 	 	(Please
    print)
	Title:
    	 	 	Title:	 
	 	 	 	 	 
	Date:
    	 	 	Date:	 

 

	[YYY]
    COMPANY	 
	 	 	 
	By:
    	 	 
	 	(Signature)	 
	Name:
    	 	 
	 	(Please
    print)	 
	Title:
    	 	 
	Date:
    	 	 

 

    	31 

    	 

    

 

APPENDIX
B: TECHNOLOGY RIGHTS

 

[***]

 

    	32 

    	 

    

  

APPENDIX
C: PRESS RELEASE

 

    	33

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