Company: MIRA
Filing Date: 2025-07-29
Form Type: PRER14A
Source: 0001641172-25-021434
Chunk: 231

Company: MIRA PHARMACEUTICALS, INC.
Filing Date: 2025-07-29
Form: PRER14A
Chunk 231
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, to elect by written notice to take over ownership
and prosecution at its cost; thereafter, Licensor shall enter into an assignment of that patent application and all rights thereunder
to Licensee. Licensee shall only pursue claims to the Licensed Product in the Field of Use in any applications assigned under Section
6.4.

<div align='center'>ARTICLE 7—PRODUCT
DEVELOPMENT AND COMMERCIALLY REASONABLE EFFORTS</div>

7.1 Product Development.
Licensee acknowledges that it will be solely responsible for clinical development of the Licensed Product and, if commercially feasible,
commercialization of the Licensed Product, including obtaining all regulatory approvals.

7.2 Commercially Reasonable Efforts. Licensee shall take such steps as are commercially reasonable to further the clinical development of the Licensed Product
and to bring the Licensed Product to practical application within the Field of Use, provided that Licensee reasonably believes that the
Licensed Product is safe and effective as determined by successfully meeting its predetermined endpoints in its clinical trials, and provided
that Licensee receives necessary regulatory approvals to continue development and reach the market for the Licensed Product in the Licensed
Territory. Licensee shall keep Licensor informed in writing during the clinical development period on at least a semiannual basis of Licensee’s
efforts and results with regard to continuing development of the Licensed Product. Licensee agrees that if and/or when it or its subsidiary
sublicenses the Licensed Product to a third party for commercialization, Licensee shall include provisions in the sublicense agreement
to obligate the Sublicensee to continue the clinical development of the Licensed Product in a commercially reasonable manner, provided
that Licensee and/or Sublicensee receives necessary regulatory approvals to continue development and reach the market for the Product
in the Licensed Territory. The sublicense agreement shall also provide that in the event that the Sublicensee no longer uses commercially
reasonable efforts to advance the clinical development of the Licensed Product for reasons other than safety, lack of efficacy or lack
of necessary regulatory approvals, as provided above, Licensee shall have the right to either terminate the license agreement or convert
an exclusive license to a non-exclusive license so that License may seek other sublicensees.

<div align='center'>ARTICLE 8—TERM
AND TERMINATION</div>

8.1 Term. This Agreement
shall commence on the Effective Date and shall remain in effect until the last to expire of the Patent Rights (the “Term”),
unless earlier terminated in accordance with the