Company: MIRA
Filing Date: 2025-08-08
Form Type: DEFM14A
Source: 0001641172-25-022816
Chunk: 225

Company: MIRA PHARMACEUTICALS, INC.
Filing Date: 2025-08-08
Form: DEFM14A
Chunk 225
---
 shall not include veterinary
uses.

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

2.1 Minimum Royalty.
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 Earned Royalty. 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 Sublicensees. 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 Term of Royalty Obligations.
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.

2.5 Payments of Royalties.
Royalties shall be paid no later than sixty (60) days following the end of the calendar quarter during