On December 23, 2021, Novavax, Inc. entered into an amendment to its collaboration and license agreement with SK bioscience Co. Ltd., dated February 12, 2021, under which SK bioscience was granted an exclusive license to develop, manufacture and commercialize NVX-CoV2373, the Company's vaccine candidate for the SARS-CoV-2 virus (the “Vaccine Product”) in the Republic of Korea, including the anticipated sale of 40 million doses to the government of the Republic of Korea, under an advance purchase agreement (the “First Korean APA”). On December 23, 2021, the Company also entered into Statement of Work No.

1 (the “Statement of Work”) to the Collaboration and License Agreement. SK bioscience agreed to reserve and use additional capacity of an SK bioscience manufacturing facility for the manufacture of the protein antigen component (the “Collaboration Antigen Product”) of the Vaccine Product through 2022, with an exclusive option valid for a certain given period for the Company to negotiate the extension of such capacity into 2023. In addition, SK bioscience agreed to purchase sufficient doses of the Company's Matrix-M™ adjuvant to manufacture, in addition to the 40 million doses of finished Vaccine Product under the First Korean APA, the additional doses of finished Vaccine Product that SK bioscience may sell to the governments of the Republic of Korea, Thailand, and Vietnam pursuant to the advance purchase agreements.

The Amendment provides that the Collaboration and License Agreement will expire upon the later of (i) February 12, 2041, (ii) the completion of both parties' duties and obligations under the Collaboration and License Agreement and any advance purchase agreements with the governments of Korea, Thailand, and Vietnam, or (iii) the day that the World Health Organization declares that there is no longer a COVID-19 pandemic; provided, however, that the non-exclusive license to distribute, offer for sale, and sell the Vaccine Product to the governments of Thailand and Vietnam shall expire on February 12, 2026, or earlier on March 31, 2022 with respect to either Thailand or Vietnam, or both countries, if SK bioscience has not executed an advance purchase agreement with such country(ies) by March 31, 2022. However, in the event SK bioscience sells a competing vaccine product for the prevention of COVID-19 in Korea, the exclusive license will convert to a non-exclusive license solely to allow SK bio to sell to the government of the Republic of Korea and will expire on the later of February 12, 2024 or the first anniversary of such sale, and in the event SK bioscience sells a competing vaccine product for the prevention of COVID-19 in Thailand or Vietnam, the non-exclusive license will expire on the earlier of the first anniversary of such sale or February 12, 2026.