Company: MIRA
Filing Date: 2025-06-17
Form Type: PREM14A
Source: 0001641172-25-015340
Chunk: 205

Company: MIRA PHARMACEUTICALS, INC.
Filing Date: 2025-06-17
Form: PREM14A
Chunk 205
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 studies and activities of any kind conducted
in furtherance of obtaining regulatory approval for and commercialization of human therapeutic treatments and uses. Except as required
for obtaining regulatory approval for and commercialization of human therapeutic treatments and uses, Field of Use shall not include veterinary
uses.

<div align='center'>ARTICLE 2—ROYALTY
PAYMENTS AND REPORTS</div>

2.1 .
Beginning in the calendar year during which Revenue is first received for a Licensed Product, Licensee shall pay to Licensor a minimum
annual royalty of two hundred fifty thousand dollars ($250,000). In the event the earned royalty in any calendar year exceeds the minimum
royalty payment due for that calendar year, the excess amount shall be credited to any deficiency in the minimum annual royalty payment
due in subsequent years. Payment of unearned royalty in any given year shall be credited to earned royalty in any subsequent year. In
any event, all earned royalty shall be paid.

2.2 . Licensee
agrees to pay to Licensor eight percent (8.0%) of the following consideration actually received in the aggregate by Licensee:

(i) Net Sales Price;
and

(ii) Revenue, excluding
any commercial sales accounted for in the Net Sales Price

(collectively, (i) and (ii) being
the “Royalties”), where the term “milestone revenue” as used in Section 1.5 (Revenue) refers to consideration
paid to Licensee, by any third party, upon the first achievement of any developmental or regulatory approval event as to all Licensed
Product(s).

2.3 . To
the extent Licensee grants a sublicense to any third party, and receives Revenue therefrom, then Licensee agrees to pay to Licensor eight
percent (8.0%) of Revenue received in the aggregate by Licensee from all such sublicensees, to the extent such Revenue has not been accounted
for in Section 2.1(ii). For clarity, Licensee will owe at most eight percent (8.0%) of all consideration collectively received from all
commercial sales and all third parties under all sections of this Article 2.

2.4 .
The Royalties specified in Section 2.2 shall commence on the Effective Date, and shall continue, on a product-by-product basis until the
later of i) the date of expiration of the last to expire patent covering Licensed Products, or ii) the date of expiration of the last
strategic partnership/sublicensing agreement covering Licensed Products