Exhibit 10.10


 


Certain portions of this exhibit have been omitted pursuant to
Rule 601(b)(10) of Regulation S-K The omitted information is (i) not material and (ii) would likely cause competitive harm to Blue Water
Vaccines, Inc. if publicly disclosed. Information that has been omitted has been noted in this document with a placeholder identified
by the mark “[***]”.


 


EXCLUSIVE LICENSE AGREEMENT


BETWEEN


ST. JUDE CHILDREN’S RESEARCH
HOSPITAL, INC.


 


&


 


BLUE WATER VACCINES


 


ST. JUDE File No.: SJ-11-0001
and SJ-18-0045


 




    


     


    

 


LICENSE AGREEMENT


 


THIS LICENSE AGREEMENT (the
“Agreement”) is entered into as of January 27, 2020 (the “EFFECTIVE DATE”) by and between ST. JUDE
CHILDREN’S RESEARCH HOSPITAL, INC., a Tennessee not-for-profit corporation having an address at 262 Danny Thomas Place,
Memphis, TN 38105 (“ST. JUDE” or “LICENSOR”), and Blue Water Vaccines, Inc., a Delaware corporation, having
an address at 2014 Courtland Avenue, Cincinnati, OH 06830 (“COMPANY”) (ST. JUDE and COMPANY hereinafter each referred to
as a “PARTY”, or collectively referred to as the “PARTIES”) with respect to the following:


 


RECITALS


 


WHEREAS, as
a center for research and education, ST. JUDE is interested in licensing PATENT RIGHTS (hereinafter defined) in a manner that will benefit
the public by facilitating the development of useful products; and


 


WHEREAS, the
valuable invention(s) titled “Live, Attenuated Streptococcus Pneumoniae Strain and Vaccine for Protection Against Pneumococcal
Disease” (ST. JUDE File No.: SJ-11- 0001) and “Vaccine Compositions and Methods for Reducing Transmission of Streptococcus
Pneumoniae” (ST. JUDE File No.: SJ-18-0045) were developed during the course of research conducted by Dr. Jason Rosch and other
members of ST. JUDE (all hereinafter referred to as “INVENTORS” and each individually referred to as an “INVENTOR”);
and


 


WHEREAS, LICENSOR
has acquired through assignment by each of the INVENTORS all rights, title and interest, with the exception of certain retained rights
by the United States Government, in their interest in said valuable inventions; and


 


WHEREAS, COMPANY
desires to obtain certain rights in such inventions as herein provided, and to provide funding for research related to such inventions
at ST. JUDE, if applicable, subject to the terms of a research collaboration agreement(s) to be negotiated by the PARTIES, and to commercially
develop, manufacture, use and/or distribute products based upon or embodying said valuable inventions throughout the world; and


 






    2


     


    

 


NOW THEREFORE,
in consideration of the premises and the mutual promises and covenants contained in this Agreement, and for other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the PARTIES hereto agree as follows:


 


ARTICLE 1


DEFINITIONS


 


All references to particular
Exhibits, Articles or Paragraphs shall mean the Exhibits to, and Paragraphs and Articles of, this Agreement, unless otherwise specified.
For the purposes of this Agreement and the Exhibits hereto, the following words and phrases shall have the following meanings:


 


1.1 AFFILIATED
COMPANY” as used herein in either singular or plural shall mean any corporation, company, partnership, joint venture or other
entity, which controls, is controlled by or is under common control with COMPANY. For purposes of this Paragraph 1.1, control shall mean
the direct or indirect ownership of at least fifty- percent (50%) of the voting or economic interest in said entity. Any AFFILIATED COMPANY
that is exercising rights under this AGREEMENT shall provide a written acknowledgement to LICENSOR that they are bound by, and agree to
abide by, the terms of this AGREEMENT.


 


1.2 EFFECTIVE
DATE” of this License Agreement shall mean the date set forth above.


 


1.3 EXCLUSIVE
LICENSE” shall mean a grant by LICENSOR to COMPANY of their entire right and interest in the PATENT RIGHTS subject to the exceptions
set forth in Article 2.


1.4 FIRST
COMMERCIAL SALE” shall mean the first sale for use or consumption by the general public of LICENSED PRODUCT in a country after
regulatory approval has been obtained for such LICENSED PRODUCT in such country.


 


1.5 IND”
shall mean an Investigational New Drug application filed with the Food and Drug Administration for authorization to commence human
clinical trials in the United States, and its equivalent in other countries or regulatory jurisdictions.


 


1.6
“LICENSED FIELD” shall mean vaccines for use in humans.


 


1.7 LICENSED
PRODUCT(S)” as used herein in either singular or plural shall mean any material, compositions, drug, or other product, the manufacture,
use or sale of which would constitute, but for the license granted to COMPANY pursuant to this Agreement, an infringement of a VALID CLAIM
of PATENT RIGHTS (infringement shall include, but is not limited to, direct, contributory, or inducement to infringe).


 


1.8 NET
SALES” shall mean gross sales revenues and fees billed by COMPANY, AFFILIATED COMPANY and SUBLICENSEE(S) from the sale of LICENSED
PRODUCT(S) less the following:


 


(a) customary
trade, quantity, or cash discounts to the extent actually allowed and taken;


 


(b) amounts
repaid or credited by reason of rejection or return of LICENSED PRODUCTS;


 


(c) to
the extent separately stated on purchase orders, invoices, or other documents of sale, any taxes or other governmental charges levied
on the production, sale, transportation, delivery, or use of a LICENSED PRODUCT, which is paid by or on behalf of COMPANY or AFFILIATES;
and


 


(d)
outbound transportation costs prepaid or allowed and costs of insurance in transit.


 




    3


     


    

 


For purposes
of determining NET SALES, the LICENSED PRODUCT(S) shall be deemed to be sold when invoiced and a “sale” shall not include
transfers or dispositions for charitable, promotional, pre-clinical, clinical, regulatory or governmental purposes.


 


1.9 PATENT
RIGHTS” shall mean U.S. provisional patent application no. 61/537,290, titled “Live, Attenuated Streptococcus Pneumoniae
Strain and Vaccine for Protection Against Pneumococcal Disease” filed on September 21, 2011, which issued as US patent number 9,265,819
on February 23, 2016 and U.S. provisional patent application no. 62/817,748 filed March 13, 2019 owned by LICENSOR and all invention(s)
disclosed and claimed therein (“INVENTION”), and any issued patents, divisions, continuations, continuations-in-part to the
extent that the claims are directed to subject matter described in the above-referenced patent applications and are entitled to the priority
date of the existing PATENT RIGHTS, reexaminations, substitutions, renewals, restorations, additions or registrations thereof, as well
as non-United States counterparts thereof and extensions and supplementary protection certificates thereon.


 


1.10 PHASE
I CLINICAL TRIAL” shall mean a human clinical trial, the principal purpose of which is a preliminary determination of safety
in healthy individuals or patients as required in 21 C.F.R. §312, or a similar clinical study prescribed by the regulatory authorities
in a country other than the United States.


 


1.11 PHASE
II CLINICAL TRIAL” shall mean (i) a human clinical trial, for which a primary endpoint is a preliminary determination of efficacy
or dose ranges in patients with the disease target being studied as required in 21 C.F.R. §312.21(b), as may be amended from time
to time, or a similar clinical study prescribed by the regulatory authorities in a country other than the United States, or (ii) a combined
Phase II and Phase III Clinical Trial which enrolls at least forty (40) patients, or any Phase III Clinical Trial performed in lieu of
a Phase II study.


 


1.12 PHASE
III CLINICAL TRIAL” shall mean a human clinical trial, the principal purpose of which is to establish safety and efficacy in
patients with the disease target being studied as required in 21 C.F.R. §312, or similar clinical study prescribed by the regulatory
authorities in a country other than the United States. A Phase III Clinical Trial shall also include any other human clinical trial intended
as a pivotal study, whether or not such study is a traditional Phase III study.


 


1.13 SUBLICENSEE(S)”
as used herein in either singular or plural shall mean any person or entity other than an AFFILIATED COMPANY to which COMPANY has
granted a sublicense of PATENT RIGHTS under this Agreement.


 


1.14 VALID CLAIM” as
used herein in either singular or plural shall mean a claim of any (i) issued and unexpired patent included within the PATENT RIGHTS
unless the claim has been held unenforceable or invalid by the final, un-reversed, and un-appealable decision of a court or other
government body of competent jurisdiction, has been irretrievably abandoned or disclaimed, or has otherwise been finally admitted or
determined to be invalid, unpatentable or unenforceable, whether through reissue, reexamination, disclaimer or otherwise, or (ii) a
pending claim of a patent application within the PATENT RIGHTS to the extent the claim continues to be prosecuted in good faith and
has not been cancelled, withdrawn, abandoned or finally disallowed without the possibility of appeal or re-filing of such
application.


 






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ARTICLE
2


LICENSE GRANT


 


2.1 Grant.
Subject to the terms and conditions of this Agreement, LICENSOR hereby grants to COMPANY an EXCLUSIVE LICENSE to develop, make, have made,
use, import, offer for sale and sell the LICENSED PRODUCT(S) worldwide under the PATENT RIGHTS in the LICENSED FIELD. This license grant
shall apply to the COMPANY and any AFFILIATED COMPANY, except that any AFFILIATED COMPANY shall not have the right to sublicense others
as set forth in Paragraph 2.2 below. If any AFFILIATED COMPANY exercises rights under this Agreement, such AFFILIATED COMPANY shall be
bound by all terms and conditions of this Agreement, including, but not limited to, indemnity and insurance provisions and royalty and
other payment provisions, which shall apply to the exercise of the rights, to the same extent as would apply had this Agreement been directly
between LICENSOR and the AFFILIATED COMPANY. In addition, COMPANY shall remain fully liable to LICENSOR for all acts and obligations of
AFFILIATED COMPANY such that acts of the AFFILIATED COMPANY shall be considered acts of the COMPANY.


 


2.2
Sublicense. COMPANY may grant sublicenses under the PATENT RIGHTS to third parties under
this Agreement, subject to the terms and conditions of this Paragraph 2.2. COMPANY shall provide LICENSOR with a redacted
confidential copy of each sublicense agreement between COMPANY and a third party for the grant of rights under the PATENT RIGHTS
within forty-five (45) days of its execution. Each sublicense agreement shall: (a) be consistent with the terms, conditions and
limitations of this Agreement, (b) name LICENSOR as an intended third party beneficiary of the obligations of SUBLICENSEE without
imposition of obligation or liability on the part of LICENSOR or the INVENTORS to the SUBLICENSEE, (c) specifically incorporate
Paragraphs 6.2 “Representations by LICENSOR”, 7.1 “Indemnification”, 10.1 “Use of Name”, and
10.4 “Insurance” into the body of the sublicense agreement, and cause the terms used therein to have the same meaning as
in this Agreement, and (d) permit the SUBLICENSEE to grant further sublicenses, provided that such sub-sublicensees shall be
subject to all of the terms and conditions of this Paragraph 2.2. The redacted copy of each sublicense agreement or sub-sublicense
agreement furnished to LICENSOR by COMPANY shall be the Confidential Information of COMPANY. COMPANY shall (a) be and remain
responsible for the performance by such SUBLICENSEE, and such SUBLICENSEE’s sublicensees, with the terms of this Agreement,
and any action by a SUBLICENSEE, and such SUBLICENSEE’s sublicensees, that would, if conducted by COMPANY, be a breach of this
Agreement, shall be deemed a breach of this Agreement by COMPANY, and (b) ascertain, calculate, audit and collect all royalties that
become payable by such SUBLICENSEE, and such SUBLICENSEE’s sublicensees, hereunder and take appropriate enforcement action
against such SUBLICENSEE, and such SUBLICENSEE’s sublicensees, for any failure to pay or to properly calculate payments.


 


For the avoidance of doubt, an agreement between
any of COMPANY, an AFFILIATED COMPANY or a SUBLICENSEE and a third party granting rights (in the absence of consideration to
COMPANY, AFFILIATED COMPANY, or SUBLICENSEE) to the third party to perform research or development activities solely on behalf of
COMPANY, AFFILIATED COMPANY, or SUBLICENSEE, but not rights to commercialize or otherwise exploit LICENSED PRODUCTS, shall not be
deemed to be a sublicense hereunder and shall not be subject to the terms of this Paragraph 2.2; provided, however, that COMPANY
will remain solely responsible for such agreements and the actions of any party it contracts with thereunder.


 


2.3 Government
Rights. The United States Government may have acquired a nonexclusive, nontransferable, irrevocable, paid-up license to practice or
have practiced for or on behalf of the United States the INVENTIONS described in PATENT RIGHTS throughout the world. The rights granted
herein are additionally subject to: (i) the requirement that any LICENSED PRODUCT(S) produced for use or sale within the United States
shall be substantially manufactured in the United States (unless a waiver under 35 USC § 204 or equivalent is granted by the appropriate
United States government agency), (ii) the right of the United States government to require LICENSORS, or their licensees, including COMPANY,
to grant sublicenses under the PATENT RIGHTS to responsible applicants on reasonable terms when necessary to fulfill health or safety
needs, and, (iii) other rights acquired by the United States government under the laws and regulations applicable to the grant/contract
award under which the inventions were made.


 


2.4 LICENSOR Retained
Rights. LICENSOR retains the right to make, have made, provide and use for LICENSOR’S non-commercial research and clinical
purposes, including the ability to distribute LICENSOR’S biological materials disclosed and/or claimed in PATENT RIGHTS for nonprofit
academic research use to non-commercial entities as is customary in the scientific community and to sell the biological materials as
research reagents for research use only by the scientific community.


 






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ARTICLE 3


FEES, ROYALTIES, & PAYMENTS


 


3.1 License
Fee. COMPANY shall pay to LICENSOR within thirty (30) days of the EFFECTIVE DATE a license fee as set forth in Exhibit A. LICENSOR
will not submit an invoice for the license fee, which is nonrefundable and shall not be credited against royalties or other fees.


 


3.2 Annual
Maintenance Fee. COMPANY shall pay to LICENSOR the annual maintenance fee as set forth in Exhibit A. These annual maintenance
fees shall be due, without invoice from LICENSOR, within thirty (30) days each anniversary of the EFFECTIVE DATE beginning with the first
anniversary. Running royalties and Milestone Payments accrued under, respectively, Paragraph 3.3 and Paragraph 3.5 and paid to LICENSOR
during the preceding calendar year shall be credited against the minimum annual royalties due the following year. For example, running
royalties and milestone payments accrued under and paid to LICENSOR during calendar year 2020 shall be credited against the annual maintenance
fee due and payable no later than January 30, 2021.


 


3.3 Running
Royalties. COMPANY shall pay to LICENSOR a running royalty as set forth in Exhibit A, for each LICENSED PRODUCT(S) sold by
COMPANY, AFFILIATED COMPANIES and/or SUBLICENSEE(S), based on NET SALES for the term of this Agreement. Such payments shall be made quarterly.
All non-US taxes related to LICENSED PRODUCT(S) sold under this Agreement shall be paid by COMPANY and shall not be deducted from royalty
or other payments due to LICENSOR.


 


In order to
insure LICENSOR the full royalty payments contemplated hereunder, COMPANY agrees that in the event any LICENSED PRODUCT(S) shall be sold
to a corporation, firm or association (the “PURCHASER”) with which COMPANY shall have any agreement, understanding or arrangement
with respect to consideration (such as, among other things, an option to purchase stock or actual stock ownership, or an arrangement involving
division of profits or special rebates or allowances) received by COMPANY with respect to sale of such LICENSED PRODUCT(S), the royalties
to be paid hereunder to LICENSOR for such LICENSED PRODUCT(S) shall be based upon the greater of: 1) the net selling price (per NET SALES)
at which the PURCHASER resells such LICENSED PRODUCT(S) to the end user, 2) the fair market value of the LICENSED PRODUCT(S) as of the
date that COMPANY receives such consideration from such PURCHASER, or 3) the net selling price (per NET SALES) of LICENSED PRODUCT(S)
paid by the PURCHASER.


 


3.4 Sublicense
Consideration. In addition to the running royalty as set forth under Paragraph 3.3, COMPANY shall pay to LICENSOR, as set forth on
Exhibit A a percentage of consideration received for sublicenses (collectively, “SUBLICENSE CONSIDERATION” as further
defined below in this Paragraph 3.4) under this Agreement, solely to the extent that such consideration relates to the value of a sublicense
to the PATENT RIGHTS but (i) subject to the limitations set forth below and (ii) excluding consideration that relates to the value of
other intellectual property rights licensed by COMPANY to such SUBLICENSEE. This SUBLICENSE CONSIDERATION shall be due, without the need
for invoice from LICENSOR, within forty-five (45) days of the receipt of any SUBLICENSE CONSIDERATION payment made to COMPANY by a SUBLICENSEE
under a sublicense agreement. Such SUBLICENSE CONSIDERATION shall mean consideration of any kind received by the COMPANY from a SUBLICENSEE(S)
for the grant of a sublicense under this Agreement, such as upfront fees or milestone fees and including any premium paid by the SUBLICENSEE(S)
over Fair Market Value (as such term is defined in Paragraph 3.3(c) below) for stock of the COMPANY in consideration for such sublicense.
However, not included in such SUBLICENSE CONSIDERATION are:


 


		(a)	Support for research, development (product development, clinical studies and regulatory), and/or manufacturing
activities corresponding directly to the development of LICENSED PRODUCT(S), which do not exceed the fully- burdened cost for undertaking
such research, development, and/or manufacturing performed by or for the COMPANY or AFFILATED COMPANY (including third parties on their
behalf), each pursuant to a specific agreement including a performance plan and commensurate budget;



 


		(b)	Proceeds derived from debt financing, to the extent that such financing is at market rates, and any loans
to COMPANY or AFFILIATED COMPANY by SUBLICENSEE:



 


		(c)	Consideration received for the purchase of an equity interest in COMPANY to the extent that the price
per share for such equity does not exceed by more than twenty-five percent (25%) the Fair Market Value of COMPANY’s stock. The term
Fair Market Value shall mean the average price that the stock in question is publicly trading at for twenty (20) days prior to the announcement
of its purchase by the SUBLICENSEE(S) or if the stock is not publicly traded, the value of such stock as determined by the most recent
private financing through a financial investor (an entity whose sole interest in the COMPANY or AFFILIATED COMPANY is financial) of the
COMPANY or AFFILIATED COMPANY that issued the shares;



 






    6


     


    

 


		(d)	As reimbursement of COMPANY’s patent costs related to PATENT RIGHTS;



 


		(e)	Amounts paid to the COMPANY or AFFILIATED COMPANY by the SUBLICENSEE(S) for royalties on Licensed Products
which are subject to payments to LICENSOR under Paragraph 3.3.



 


3.5 Milestone
Payments. COMPANY shall pay to LICENSOR the milestone payments as set forth in Exhibit B for the term of this Agreement. All
non-US taxes (excluding any taxes based on LICENSOR’S income) related to milestone payments shall be paid by COMPANY and shall not
be deducted from payments due to LICENSOR.


 


3.6 Patent
Reimbursement. COMPANY will reimburse LICENSOR, within thirty (30) days of the EFFECTIVE DATE the amount of $ [***] for costs
associated with the preparation, filing, maintenance, and prosecution of PATENT RIGHTS in the LICENSED FIELD incurred by LICENSOR on
or before January 27, 2020. In accordance with Paragraph 4.1 below, COMPANY will reimburse LICENSOR, within thirty (30) days of the
receipt of an invoice from LICENSOR, for all reasonable costs associated with the preparation, filing, maintenance, and prosecution
of PATENT RIGHTS in the LICENSED FIELD incurred by LICENSOR subsequent to January 28, 2020. Each invoice submitted to COMPANY by
LICENSOR shall include copies of the actual invoices from LICENSOR’S patent counsel.


 


3.7 Form
of Payment. All payments under this Agreement shall be made in U.S. Dollars. Checks are to be made payable to “St. Jude Children’s
Research Hospital”. Wire transfers may be made using the following information:


 


Acct Name: St. Jude Children’s Research Hospital,
Master Concentration Account


Acct Number: 00-0270040


Bank Name: First Tennessee


Bank Bank Swift: FTNMUS44


Bank ABA #: 084-000026


Bank Address: Post Office Box 84





Memphis, TN 38101


USA


 


COMPANY shall
be responsible for any and all costs associated with wire transfers and shall include a reference to this Agreement in any wire transfer
payment. Payments made by check should be sent to the following address:


 


St. Jude Children’s Research Hospital


P.O. Box 1000, Department # 516


Memphis, TN 38148-0516


 


3.8 Late
Payments. In the event that any payment due hereunder is not made when due, the payment shall accrue interest beginning on the tenth
day following the due date thereof, calculated at the annual rate of the sum of (a) two percent (2%) plus (b) the prime interest rate
quoted by The Wall Street Journal on the date said payment is due, the interest being compounded on the last day of each calendar quarter,
provided however, that in no event shall said annual interest rate exceed the maximum legal interest rate for corporations. Each such
payment when made shall be accompanied by all interest so accrued. Said interest and the payment and acceptance thereof shall not negate
or waive the right of LICENSOR to seek any other remedy, legal or equitable, to which it may be entitled because of the delinquency of
any payment including, but not limited to termination of this Agreement as set forth in Paragraph 9.2.


 






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ARTICLE 4


PATENT PROSECUTION, MAINTENANCE,
& INFRINGEMENT


 


4.1 Prosecution &
Maintenance. COMPANY will bear all expenses relating to the filing, prosecution, and maintenance of all PATENT RIGHTS after the
EFFECTIVE DATE. Upon approval of the law firm by LICENSOR, COMPANY may oversee future patent prosecution using its patent counsel
and pay patent expenses directly, so long as LICENSOR is copied on all correspondence and notified prior to any substantive actions.
Title to all patents and patent applications shall reside in LICENSOR. COMPANY shall (a) cause its patent counsel to timely copy
LICNESOR on all official actions and written correspondence with any patent office, and (b) allow LICENSOR and/or its counsel an
opportunity and reasonably sufficient time to comment and advise COMPANY with respect thereto. COMPANY shall consider in good faith
and reasonably incorporate all comments and advice from LICENSOR. At least thirty (30) days in advance of any filing or response
deadline, or fee due date, COMPANY may elect not to have a patent application filed in any particular country or not to pay expenses
associated with prosecuting or maintaining any patent application or patent within PATENT RIGHTS, provided that COMPANY pays for all
costs incurred up to LICENSOR’S receipt of such notification. Failure to provide such notification will be considered by
LICENSOR to be COMPANY’s willingness to proceed at COMPANY’s expense. Upon such notification, at LICENSOR’S own
expense, LICENSOR may file, prosecute, and/or maintain such patent applications or patent within the PATENT RIGHTS with respect to
which COMPANY has made the foregoing decision(s) (collectively, the “COMPANY-ABANDONED PATENTS”), and any rights or
license granted hereunder held by COMPANY, AFFILIATED COMPANIES or SUBLICENSEE(S) relating to COMPANY-ABANDONED PATENTS shall
terminate.


 


4.2 Notification.
Each PARTY will notify the other promptly in writing when any infringement by a third party is uncovered or suspected.


 


4.3 Infringement.
COMPANY shall have the first right to enforce any patent within PATENT RIGHTS against any infringement or alleged infringement thereof,
and shall at all times keep LICENSOR informed as to the status thereof. Before COMPANY commences an action with respect to any infringement
of such patents, COMPANY shall give careful consideration to the views of LICENSOR and to potential effects on the public interest in
making its decision whether or not to sue. Thereafter, COMPANY may, at its own expense, institute suit against any such infringer or alleged
infringer and control and defend such suit in a manner consistent with the terms and provisions hereof and recover any damages, awards
or settlements resulting therefrom, subject to Paragraph 4.5. However, no settlement, consent judgment or other voluntary final disposition
of the suit may be entered into without the prior written consent of LICENSOR, which consent shall not be unreasonably withheld. This
right to sue for infringement shall not be used in an arbitrary or capricious manner. LICENSOR shall reasonably cooperate in any such
litigation at COMPANY’s expense.


 


If COMPANY elects not to enforce
any patent within the PATENT RIGHTS, then it shall so notify LICENSOR in writing within ninety (90) days of receiving notice that an infringement
exists. LICENSOR may, in its sole judgment and at its own expense, take steps to enforce any patent and control, settle, and defend such
suit in a manner consistent with the terms and provisions hereof, and recover, for its own account, any damages, awards or settlements
resulting therefrom. Before LICENSOR commences an action with respect to any infringement of such patents, LICENSOR shall give careful
consideration to the views of COMPANY and to potential effects on COMPANY’S interests under this Agreement in making its decision
whether or not to sue and thereafter shall at all times keep COMPANY informed as to the status thereof, as long as COMPANY is licensed
under said patents.


 


4.4 Patent
Invalidity Suit. If a declaratory judgment action is brought naming COMPANY as a defendant and alleging invalidity of any of the PATENT
RIGHTS, LICENSOR may elect to take over the sole defense of the action at its own expense. COMPANY shall cooperate fully with LICENSOR
in connection with any such action. LICENSOR shall give careful consideration to the views of COMPANY and to potential effects on COMPANY’S
interests under this Agreement in any such defense and thereafter shall at all times keep COMPANY informed as to the status thereof, as
long as COMPANY is licensed under said patents.


 






    8


     


    

 


4.5 Recovery. In any
action taken pursuant to Section 4.3, COMPANY and LICENSOR shall recover their respective actual out-of-pocket expenses (including
attorneys’ fees), or equitable proportions thereof, associated with the action or settlement thereof from any resulting
recovery made by either PARTY with the PARTY controlling the action having first entitlement to recover its out-of-pocket expenses
if the recovery is insufficient to reimburse both PARTIES for their out-of-pocket expenses. Any excess amount of such a recovery
shall be shared and distributed as follows: the PARTY initiating such action, shall retain seventy-five percent (75%) of such excess
amount and twenty-five percent (25%) paid to the non-initiating PARTY.


 


4.6 Concerns
regarding PATENT RIGHTS In the event COMPANY has concerns regarding the validity, patentability or enforceability of the PATENT RIGHTS,
COMPANY shall provide LICNESOR written notice of such concern. Within fourteen (14) days after receipt of such notice, a senior executive
officer of LICENSOR, and a senior executive officer of COMPANY shall meet in person or by teleconference and exchange written summaries
reflecting the nature and extent of the concern, and at this meeting they shall use their reasonable endeavors to resolve the dispute.
If, within a further period of thirty (30) days, or if in any event within ninety (90) days following initial receipt of the notice from
COMPANY, the concern has not been resolved, then the parties may pursue other dispute resolution mechanisms.


 


ARTICLE
5


OBLIGATIONS OF THE PARTIES


 


5.1 Reports.
COMPANY shall provide to LICENSOR the following written reports, which reports shall be Confidential Information of COMPANY, according
to the following schedules.


 


(a) COMPANY
shall provide calendar quarterly royalty reports, substantially in the format of Exhibit C and due within thirty (30) days of the
end of each calendar quarter following the FIRST COMMERCIAL SALE of a LICENSED PRODUCT. Royalty Reports shall disclose the amount of LICENSED
PRODUCT(S) sold, the total NET SALES of such LICENSED PRODUCT(S), and the running royalties due to LICENSOR as a result of NET SALES by
COMPANY, AFFILIATED COMPANIES and SUBLICENSEE(S) thereof. Payment of any such royalties due shall accompany such Royalty Reports.


 


(b) Until
such time as COMPANY, an AFFILIATED COMPANY or a SUBLICENSEE(S) has achieved a FIRST COMMERCIAL SALE of a LICENSED PRODUCT, or received
FDA market approval, COMPANY shall provide annual diligence reports, due within thirty (30) days of the end of every December following
the EFFECTIVE DATE of this Agreement. These diligence reports shall describe COMPANY’s, AFFILIATED COMPANY’s or any SUBLICENSEE(S)’s
technical efforts towards meeting its obligations under the terms of this Agreement, particularly its progress toward achieving the developmental
milestones set forth in Exhibit B and shall explain any delays experienced in achieving such milestones relative to the projected
dates for achievement set forth in Exhibit B.


 


(c) COMPANY
shall further provide in conjunction with the annual report due in January pursuant to 5.1(b) or the quarterly royalty report due in the
last calendar quarter of each calendar year pursuant to Paragraph 5.1(a), the following information:


 


(i) evidence of
insurance as required under Paragraph 10.4, or, a statement of why such insurance is not currently required; and


 


(ii) identification
of all AFFILIATED COMPANIES which have exercised rights pursuant to Paragraph 2.1, or, a statement that no AFFILIATED COMPANY has exercised
such rights;


 


(iii) identification
of (A) all SUBLICENSEE(S) with which COMPANY has entered into an agreement pursuant to the terms of Paragraph 2.2 and all (B) sublicensee(s)
of such SUBLICENSEE(S) with which such SUBLICENSEE(S) have entered into agreements pursuant to the terms of Paragraph 2.2, in each case
since the previous annual report; and


 


(iv) notice
of all FDA approvals of any LICENSED PRODUCT(S) obtained by COMPANY, AFFILIATED COMPANY or SUBLICENSEE, the patent(s) or patent application(s)
licensed under this Agreement upon which such product or service is based, and the commercial name of such product or service, or, in
the alternative, a statement that no FDA approvals have been obtained.


 






    9


     


    

 


5.2 Records.
COMPANY shall make and retain, for a period of three (3) years following the period of each report required by Paragraph 5.1(a), true
and accurate records, files and books of account containing all the data reasonably required for the full computation and verification
of sales and other information required in Paragraph 5.1(a). Such books and records shall be in accordance with generally accepted accounting
principles consistently applied. COMPANY shall permit the inspection of such records, files and books of account by LICENSOR’S agent
(the “Auditor”), which Auditor shall be a nationally recognized auditor acceptable to COMPANY, such acceptance not to be unreasonably
withheld, and subject to obligations of confidentiality and nonuse reasonably acceptable to COMPANY. Any such inspection shall occur during
regular business hours upon ten (10) business days’ written notice to COMPANY. Such inspection shall not be made more than once each calendar
year. All costs of such inspection shall be paid by LICENSOR, provided that if any such inspection shall reveal that an error has been
made resulting in an underpayment equal to five percent (5%) or more of any payment due to LICENSOR, the costs of such inspection shall
be borne by COMPANY. As a condition to entering into any such agreement, COMPANY shall include in any agreement with its AFFILIATED COMPANIES
or its SUBLICENSEE(S) which permits such party to make, use, sell or import the LICENSED PRODUCT(S), a provision requiring such party
to retain records of sales of LICENSED PRODUCT(S) and other information as required in Paragraphs 5.1(a) and this Paragraph 5.2 and permit
the Auditor to inspect such records as required by this Paragraph 5.2. All information and records made available to the Auditor pursuant
to this Paragraph 5.2 shall be deemed to be and treated as Confidential Information of COMPANY pursuant to Article 8.


 


5.3 Commercially
Reasonable Efforts. COMPANY shall exercise commercially reasonable efforts to develop and to introduce the LICENSED PRODUCT(S)
into the commercial market as soon as practicable, consistent with sound and reasonable business practice and judgment; thereafter,
until the expiration or termination of this Agreement, COMPANY shall endeavor to keep LICENSED PRODUCT(S) reasonably available to
the public. COMPANY shall also exercise commercially reasonable efforts to develop LICENSED PRODUCT(S) suitable for different
indications within the LICENSED FIELD, so that the PATENT RIGHTS can be commercialized as broadly and as speedily as good scientific
and business judgment would deem possible. Developmental milestones for a LICENSED PRODUCT are outlined in Exhibit B. Should
COMPANY fail to achieve the developmental milestones and COMPANY and LICENSOR fail to agree upon a mutually satisfactory revised
time line, LICENSOR shall be allowed to terminate this Agreement pursuant to Paragraph 9.2.


 


5.4 Other
Products. After clinical evidence has been provided in writing by LICENSOR to COMPANY demonstrating the practicality of a particular
market or use of PATENT RIGHTS within the LICENSED FIELD which is not being developed or commercialized by COMPANY, COMPANY shall either
provide LICENSOR with a reasonable development plan and start commercially reasonable efforts to develop in that particular market or
use or make commercially reasonable efforts to sublicense the particular market or use to a third party. If within six (6) months of such
notification by LICENSOR, COMPANY has not initiated such development efforts or initiated efforts to sublicense that particular market
or use, LICENSOR may terminate this license for such particular market or use. This Paragraph 5.4 shall not be applicable if COMPANY reasonably
demonstrates to LICENSOR that commercializing such LICENSED PRODUCT(S) or granting such a sublicense in said market or use would have
a substantial adverse effect upon the ability of COMPANY to market or sell the LICENSED PRODUCT(S) being developed or being sold by COMPANY.


 


5.5 Patent
Acknowledgement. COMPANY agrees that all packaging containing individual LICENSED PRODUCT(S) sold by COMPANY, AFFILIATED COMPANIES
and SUBLICENSEE(S) of COMPANY will be marked with the number of the applicable patent(s) licensed hereunder in accordance with each country’s
patent laws.


 


ARTICLE
6


REPRESENTATIONS


 


6.1 Duties
of the Parties. LICENSOR is an institute of research and education and not a commercial organization. Therefore, LICENSOR has no ability
to evaluate the commercial potential of any PATENT RIGHTS or LICENSED PRODUCT or other license or rights granted in this Agreement. It
is therefore incumbent upon COMPANY to evaluate the rights and products in question, to examine the materials and information provided
by LICENSOR and to determine for itself the validity of any PATENT RIGHTS, its freedom to operate, and the value of any LICENSED PRODUCTS
or other rights granted.


 






    10


     


    

 


6.2 Representations by
LICENSOR. LICENSOR warrants that it has good and marketable title to its interest in the PATENT RIGHTS with the exception of
certain retained rights of the United States Government, which may apply if any part of the research was funded in whole or in part
by the United States Government. LICENSOR does not warrant the validity of any patents or that practice under such patents shall be
free of infringement. EXCEPT AS EXPRESSLY SET FORTH IN THIS PARAGRAPH 6.2, COMPANY, AFFILIATED COMPANIES AND SUBLICENSEE(S) AGREE
THAT THE PATENT RIGHTS, ARE PROVIDED “AS IS”, AND THAT LICENSOR MAKES NO REPRESENTATION OR WARRANTY WITH RESPECT TO THE
PERFORMANCE OF LICENSED PRODUCT(S) INCLUDING THEIR SAFETY, EFFECTIVENESS, OR COMMERCIAL VIABILITY. LICENSOR DISCLAIMS ALL WARRANTIES
WITH REGARD TO PRODUCT(S) LICENSED UNDER THIS AGREEMENT, INCLUDING, BUT NOT LIMITED TO, ALL WARRANTIES, EXPRESSED OR IMPLIED, OF
MERCHANTABILITY AND FITNESS FOR ANY PARTICULAR PURPOSE. NOTWITHSTANDING ANY OTHER PROVISION OF THIS AGREEMENT, LICENSOR ADDITIONALLY
DISCLAIMS ALL OBLIGATIONS AND LIABILITIES ON THE PART OF LICENSOR AND INVENTORS, FOR DAMAGES, INCLUDING, BUT NOT LIMITED TO, DIRECT,
INDIRECT, SPECIAL, AND CONSEQUENTIAL DAMAGES, ATTORNEYS’ AND EXPERTS’ FEES, AND COURT COSTS (EVEN IF LICENSORS HAVE BEEN ADVISED OF
THE POSSIBILITY OF SUCH DAMAGES, FEES OR COSTS), ARISING OUT OF OR IN CONNECTION WITH THE MANUFACTURE, USE, OR SALE OF THE
PRODUCT(S) LICENSED UNDER THIS AGREEMENT. COMPANY, AFFILIATED COMPANIES AND SUBLICENSEE(S) ASSUME ALL RESPONSIBILITY AND LIABILITY
FOR LOSS OR DAMAGE CAUSED BY A PRODUCT MANUFACTURED, USED, OR SOLD BY COMPANY, ITS SUBLICENSEE(S) AND AFFILIATED COMPANIES WHICH IS
A LICENSED PRODUCT(S) AS DEFINED IN THIS AGREEMENT.


 


ARTICLE
7


INDEMNIFICATION


 


7.1Indemnification.COMPANY,
AFFILIATED COMPANY and SUBLICENSEE(S) shall indemnify, defend with counsel reasonably acceptable to LICENSOR, and hold LICENSOR, the American
Lebanese Syrian Associated Charities, Inc. (ALSAC; a non- profit, 501(c)(3) corporation which supports ST. JUDE), their present and former
trustees, directors, governors, officers, INVENTORS of PATENT RIGHTS, agents, faculty, employees and students harmless as against any
claims, demands, damages, judgments, fees (including reasonable attorneys fees), expenses, or other costs arising from or incidental to
a breach of any representation, warranty or covenant made by COMPANY in this Agreement, any product liability or other lawsuit, claim,
demand or other action brought by a third party as a consequence of the practice of the PATENT RIGHTS by COMPANY, AFFILIATED COMPANY and
SUBLICENSEE(S), whether or not LICENSORS or said INVENTORS, either jointly or severally, are named as a party defendant in any such lawsuit
and whether or not LICENSOR or the INVENTORS are alleged to be negligent or otherwise responsible for any injuries to persons or property.
Practice of the PATENT RIGHTS covering the LICENSED PRODUCT(S) by an AFFILIATED COMPANY or an agent or a SUBLICENSEE(S) or a third party
on behalf of or for the account of COMPANY or by a third party who purchases LICENSED PRODUCT(S) from COMPANY, shall be considered COMPANY’s
practice of said PATENT RIGHTS for purposes of this Paragraph. The obligation of COMPANY to defend, indemnify and hold harmless as set
out in this Paragraph shall survive the termination of this Agreement, shall continue even after assignment of rights and responsibilities
to an AFFILIATE COMPANY or SUBLICENSEE, and shall not be limited by any other limitation of liability elsewhere in this Agreement.


 


ARTICLE
8


CONFIDENTIALITY


 


8.1 Confidentiality.
If necessary, the Parties will exchange information they consider to be confidential. The recipient of such information agrees to accept
the disclosure of said information, including but not limited to the terms of this Agreement and any reports or information provided by
COMPANY pursuant to Article 5 (“Confidential Information”). The recipient of Confidential Information agrees to employ all
reasonable efforts to maintain the Confidential Information secret and confidential, such efforts to be no less than the degree of care
employed by the recipient to preserve and safeguard its own confidential information. The Confidential Information shall not be disclosed
or revealed to anyone except employees of the recipient which employees (i) have a need to know the Confidential Information, (ii) are
subject to obligations of confidentiality and non-use substantially similar to those set forth in this Article 8, and (iii) have been
advised by the recipient of the confidential nature of the Confidential Information and that the Confidential Information shall be treated
accordingly.


 






    11


     


    

 


COMPANY may disclose Confidential Information to the extent
that such disclosure is:


 


		(A)	Required by Governmental Order. Made in response to a valid order of a court of competent jurisdiction
or other supra-national, federal, national, regional, state, provincial or local governmental or regulatory body of competent jurisdiction;
provided, however, that COMPANY shall first have given notice to LICENSOR and given LICENSOR a reasonable opportunity to quash such order
and to obtain a protective order requiring that the Confidential Information and documents that are the subject of such order be held
in confidence by such court or agency or, if disclosed, be used only for the purposes for which the order was issued; and provided further
that if a disclosure order is not quashed or a protective order is not obtained, the Confidential Information disclosed in response to
such court or governmental order shall be limited to that information which is legally required to be disclosed in response to such court
or governmental order;



 


		(B)	Required by Law. Otherwise required by law; provided, however, that COMPANY shall (a) provide LICENSOR
with reasonable advance notice of and an opportunity to comment on any such required disclosure, (b) if requested by LICENSOR, seek confidential
treatment with respect to any such disclosure to the extent available, and (c) use good faith efforts to
incorporate the comments of LICENSOR in any such disclosure or request for confidential treatment;



 


		(C)	Required by Regulatory Authority. Made by COMPANY to the regulatory authorities as required in
connection with any filing, application or request for regulatory approval; provided, however, that reasonable measures shall be taken
to assure confidential treatment of such information;



 


		(D)	Required by Agreement. Made by COMPANY, in connection with the performance of this Agreement, to
AFFILIATED COMPANIES, SUBLICENSEES, research parties, employees, consultants, representatives or agents, each of whom prior to disclosure
must be bound by obligations of confidentiality and non-use at least equivalent in scope to those set forth in this Paragraph 8.1; or



 


		(E)	Required by Certain Third Parties. Made by COMPANY to existing or potential acquirers or merger
candidates; existing or potential SUBLICENSEES; investment bankers; existing or potential investors, venture capital firms or other financial
institutions or investors for purposes of obtaining financing; or AFFILIATED COMPANIES, each of whom prior to disclosure must be bound
by obligations of confidentiality and non-use at least equivalent in scope to those set forth in this Paragraph 8.1.



 


The obligations of this
Paragraph shall also apply to AFFILIATED COMPANIES and/or SUBLICENSEE(S) that are provided such Confidential Information by COMPANY.
LICENSOR’S, COMPANY’s, AFFILIATED COMPANIES’, and SUBLICENSEES’ obligations under this Paragraph shall extend until
three (3) years after the termination of this Agreement.


 






    12


     


    

 


8.2 Exceptions.
The recipient’s obligations under Paragraph 8.1 shall not extend to any part of the Confidential Information:


 


		a.	that can be demonstrated to have been in the public domain or publicly known and readily available to
the trade or the public prior to the date of the disclosure; or



 


		b.	that can be demonstrated, from written records to have been in the recipient PARTY’s possession
or readily available to the recipient PARTY from another source not under obligation of secrecy to the disclosing PARTY prior to the disclosure;
or



 


		c.	that becomes part of the public domain or publicly known by publication or otherwise, not due to any unauthorized
act by the recipient PARTY; or



 


		d.	that is demonstrated from written records to have been developed by or for the receiving PARTY without
reference to Confidential Information disclosed by the disclosing PARTY.



 


		e.	that is required to be disclosed by law, government regulation or court order.



 


8.3 Right to Publish.
LICENSOR may publish manuscripts, abstracts or the like describing the PATENT RIGHTS and inventions contained therein provided
Confidential Information of COMPANY, as defined in Paragraph 8.1, is not included or without first obtaining written approval from
COMPANY to include such Confidential Information. Otherwise, LICENSOR and the INVENTORS shall be free to publish manuscripts and
abstracts or the like without prior approval. The text of the proposed manuscripts, abstracts or the like containing any COMPANY
Confidential Information must be provided to COMPANY at least sixty (60) days prior to the date of submission for consideration for
manuscripts, abstracts or the like in order to provide COMPANY an opportunity to comment on such proposed manuscripts, abstracts or
the like and determine if COMPANY Confidential Information is disclosed therein. In the event that COMPANY so comments prior to such
intended submission date, LICENSOR shall (x) delay submission of such manuscripts, abstracts or the like thirty (30) days beyond
such intended submission date and, during such thirty (30) day period, engage in good faith discussion of such comments with
COMPANY, and (y) consider in good faith the modification of such proposed manuscripts, abstracts or the like pursuant to such
comments. Upon the request of COMPANY, LICENSOR shall remove COMPANY Confidential Information from any proposed manuscripts,
abstracts or the like.


 


ARTICLE
9


TERM & TERMINATION


 


9.1 Term.
The term of this Agreement shall commence on the EFFECTIVE DATE and shall continue, in each country, until the date of expiration of the
last to expire VALID CLAIM included within PATENT RIGHTS in that country.


 


9.2 Termination
by Either PARTY. This Agreement may be terminated by either COMPANY or LICENSOR, in the event that the other PARTY (a) files or has
filed against it a petition under the Bankruptcy Act, makes an assignment for the benefit of creditors, has a receiver appointed for it
or a substantial part of its assets, or otherwise takes advantage of any statute or law designed for relief of debtors or (b) fails to
perform or otherwise breaches any of its obligations hereunder, if, following the giving of notice by the terminating PARTY of its intent
to terminate and stating the grounds therefor, the PARTY receiving such notice shall not have cured such failure or breach within sixty
(60) days. In no event, however, shall such notice or intention to terminate be deemed to waive any rights to damages or any other remedy
which the PARTY giving notice of breach may have as a consequence of such failure or breach.


 






    13


     


    

 


9.3 Termination
by COMPANY. COMPANY may terminate this Agreement and the license granted herein, for any reason, upon giving LICENSOR thirty (30)
days written notice.


 


9.4 Obligations
and Duties upon Termination. If this Agreement is terminated, the PARTIES shall be released from all obligations and duties imposed
or assumed hereunder to the extent so terminated, except as expressly provided to the contrary in this Agreement. Upon termination, each
PARTY shall cease any further use of the Confidential Information received from the other PARTY. Termination of this Agreement, for whatever
reason, shall not affect the obligation of any PARTY to make any payments for which it is liable prior to or upon such termination. Termination
shall not affect LICENSOR’S right to recover unpaid royalties, fees, reimbursement for patent expenses, or other forms of financial
compensation incurred prior to termination. Upon termination, COMPANY shall submit a final royalty report to LICENSOR and any royalty
payments (if after first commercial sale of LICENSED PRODUCTS), fees, unreimbursed patent expenses and other financial compensation due
to LICENSOR shall become immediately payable. Furthermore, upon termination of this Agreement, all rights in and to the PATENT RIGHTS
shall revert immediately to LICENSOR at no cost to LICENSOR. Upon termination of this Agreement, any SUBLICENSEE(S) shall become with
such SUBLICENSEE(S)’ agreement a direct licensee of LICENSOR, provided that LICENSOR’S obligations to SUBLICENSEE(S) are no
greater than LICENSOR’S obligations to COMPANY under this Agreement. COMPANY shall provide written notice of such to each SUBLICENSEE(S)
with a copy of such notice provided to LICENSOR.


 


ARTICLE 10


MISCELLANEOUS


 


10.1 Use
of Name or Logo. COMPANY, AFFILIATED COMPANIES and SUBLICENSEE(S) shall not use the name or logo
of LICENSOR or American Lebanese Syrian Associated Charities, or any of their constituent parts, such as St. Jude Children’s Research
Hospital or ALSAC any contraction thereof or the name of INVENTORS in any advertising, promotional, sales literature or fundraising documents
without prior written consent from an authorized representative of ST. JUDE, as applicable. LICENSOR will not use publicly for publicity,
promotion, or otherwise, any logo, name, trade name, service mark, or trademark of COMPANY, its AFFILIATED COMPANIES, and SUBLICENSEE(S)
or any simulation, abbreviation, or adaptation of the same, or the name of any COMPANY employee or agent, without COMPANY’s prior, written,
express consent. COMPANY, AFFILIATED COMPANIES and SUBLICENSEE(S) shall allow at least seven (7) business days notice of any proposed
public disclosure for LICENSOR’S review and comment or to provide written consent. LICENSOR
shall allow at least seven (7) business days notice of any proposed public disclosure for COMPANY, AFFILIATED
COMPANIES or SUBLICENSEE(S) review and comment or to provide written consent.


 


10.2 No
Partnership. Nothing in this Agreement shall be construed to create any agency, employment, partnership, joint venture or similar
relationship between LICENSOR and COMPANY other than that of a licensor/licensee. Neither LICENSOR nor COMPANY shall have any right or
authority whatsoever to incur any liability or obligation (express or implied) or otherwise act in any manner in the name or on the behalf
of the other, or to make any promise, warranty or representation binding on the other.


 


10.3 Notice
of Claim. Each, LICENSOR and COMPANY, shall give the other or its representative immediate notice of any suit or action filed, or
prompt notice of any claim made, against them arising out of the performance of this Agreement or arising out of the practice of the INVENTIONS
licensed hereunder.


 


10.4 Insurance.  Prior
to initial human testing or FIRST COMMERCIAL SALE of any LICENSED PRODUCT(S) as the case may be and thereafter so long as LICENSED
PRODUCTS are being sold in any particular country COMPANY and SUBLICENSEES shall establish and maintain appropriate insurance
coverage in the minimum amount of five million dollars ($5,000,000) per claim, with an aggregate of ten million dollars
($10,000,000), to cover any liability arising from COMPANY’S indemnification obligations under Article 7 above with respect to
such human testing or commercial sale of LICENSED PRODUCT. Prior to initial human testing or FIRST COMMERCIAL SALE of any LICENSED
PRODUCT(S) as the case may be and thereafter so long as LICENSED PRODUCTS are being sold in any particular country, COMPANY and
SUBLICENSEES shall establish and maintain, in each country in which COMPANY, an AFFILIATED COMPANY or SUBLICENSEE(S) shall test or
sell LICENSED PRODUCT(S), product liability or other appropriate insurance coverage in the minimum amount of five million dollars
($5,000,000) per claim. COMPANY will annually present evidence, in the form of a statement in the annual report to LICENSOR that
such coverage is being maintained. Upon LICENSOR’S request, COMPANY will furnish LICENSOR with a Certificate of Insurance of each
insurance policy obtained. LICENSOR and ALSAC shall be listed as additional insureds in COMPANY’s said insurance policies. If such
insurance is underwritten on a ‘claims made’ basis, COMPANY agrees that any change in underwriters during the term of
this Agreement and thereafter so long as LICENSED PRODUCTS are being sold will require the purchase of ‘prior acts’
coverage to ensure that coverage will be continuous throughout the term of this Agreement and thereafter so long as LICENSED
PRODUCTS are being sold.


 






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10.5 Governing
Law and Venue.  In the event that legal action is brought arising from this Agreement, it shall be brought in Memphis, Tennessee and
shall be governed by the laws of the State of Tennessee, without regard to conflicts of law provisions thereof.


 


10.6 Notice.
All notices or communication required or permitted to be given by either PARTY hereunder shall be deemed sufficiently given if mailed
by registered mail or certified mail, return receipt requested, or sent by overnight courier, such as Federal Express, to the other PARTY
at its respective address set forth below or to such other address as one PARTY shall give notice of to the others from time to time hereunder
or if sent by email to the other PARTY as provided below. Mailed notices shall be deemed to be received on the third business day following
the date of mailing. Notices sent by overnight courier shall be deemed received the following business day.


 


	If to COMPANY:	 	 
	 	 	 
	 	 	Blue Water Vaccines
	 	 	2014 Courtland Avenue
	 	 	Cincinnati, OH 06830
	 	 	Attn.: Joseph Hernandez
	 	 	Phone:
	 	 	Email:jhernandez@bluewatervaccines.com
	 	 	 
	 	 	With a copy to:
	 	 	Erin Henderson
	 	 	6308 SW 35th Way
	 	 	Gainesville, FL 32608
	 	 	404-405-6315
	 	 	ehenderson@bluewatervaccines.com
	 	 	 
	If to ST. JUDE:	 	 
	 	 	 
	 	 	Office of Technology Licensing
	 	 	Attn. Associate Director
	 	 	St. Jude Children’s Research Hospital
	 	 	262 Danny Thomas Place
	 	 	Memphis, Tennessee
	 	 	Phone: (901) 595-2751
	 	 	Shawn.hawkins@stjude.org



 




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10.7 Compliance
with All Laws. In all activities undertaken pursuant to this Agreement, LICENSOR and COMPANY covenant and agree that each will in
all material respects comply with such Federal, state and local laws and statutes, as may be in effect at the time of performance and
all valid rules, regulations and orders thereof regulating such activities.


 


10.8 Successors
and Assigns. Neither this Agreement nor any of the rights or obligations created herein, except for the right to receive any remuneration
hereunder, may be assigned by either PARTY, in whole or in part, without the prior written consent of the other PARTIES, except that either
PARTY shall be free to assign this Agreement in connection with any sale of substantially all of its assets without the consent of the
other, but shall provide written notice of such assignment within thirty (30) days of its occurrence. This Agreement shall bind and inure
to the benefit of the successors and permitted assigns of the PARTIES hereto.


 


10.9 No
Waivers; Severability. No waiver of any breach of this Agreement shall constitute a waiver of any other breach of the same or other
provision of this Agreement, and no waiver shall be effective unless made in writing. Any provision hereof prohibited by or unenforceable
under any applicable law of any jurisdiction shall as to such jurisdiction be deemed ineffective and deleted herefrom without affecting
any other provision of this Agreement. It is the desire of the PARTIES hereto that this Agreement be enforced to the maximum extent permitted
by law, and should any provision contained herein be held by any governmental agency or court of competent jurisdiction to be void, illegal
and unenforceable, the PARTIES shall negotiate in good faith for a substitute term or provision which carries out the original intent
of the PARTIES.


 


10.10 Entire
Agreement; Amendment. COMPANY and LICENSOR acknowledge that they have read this entire Agreement and that this Agreement, including
the attached Exhibits constitutes the entire understanding and contract between the PARTIES hereto and supersedes any and all prior or
contemporaneous oral or written communications with respect to the subject matter hereof. It is expressly understood and agreed that (i)
there being no expectations to the contrary between the PARTIES hereto, no usage of trade, verbal agreement or another regular practice
or method dealing within any industry or between the PARTIES hereto shall be used to modify, interpret, supplement or alter in any manner
the express terms of this Agreement; and (ii) this Agreement shall not be modified, amended or in any way altered except by an instrument
in writing signed by both of the PARTIES hereto.


 


10.11 Delays
or Omissions. Except as expressly provided herein, no delay or omission to exercise any right, power or remedy accruing to any PARTY
hereto, shall impair any such right, power or remedy to such PARTY nor shall it be construed to be a waiver of any such breach or default,
or an acquiescence therein, or in any similar breach or default be deemed a waiver of any other breach or default theretofore or thereafter
occurring. Any waiver, permit, consent or approval of any kind or character on the part of any PARTY of any breach or default under this
Agreement, or any waiver on the part of any PARTY of any provisions or conditions of this Agreement, must be in writing and shall be effective
only to the extent specifically set forth in such writing. All remedies either under this Agreement or by law or otherwise afforded to
any PARTY, shall be cumulative and not alternative.


 




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10.12 Force
Majeure. If a PARTY fails to fulfill its obligations hereunder (other than an obligation for the payment of money), when such failure
is due to an act of God, or other circumstances beyond its reasonable control, including but not limited to fire, flood, civil commotion,
riot, war (declared and undeclared), revolution, epidemics, terrorism, earthquake or embargoes, then said failure shall be excused for
the duration of such event and for such a time thereafter as is reasonable to enable the parties to resume performance under this Agreement,
provided however, that in no event shall such time extend for a period of more than one hundred eighty (180) days.


 


10.13 Further
Assurances. Each PARTY shall, at any time, and from time to time, prior to or after the EFFECTIVE DATE of this Agreement, at reasonable
request of the other PARTY, execute and deliver to the other such instruments and documents and shall take such actions as may be required
to more effectively carry out the terms of this Agreement.


 


10.14 Survival.
All representations, warranties, covenants and agreements made herein and which by their express terms or by implication are to be performed
after the execution and/or termination hereof, or are prospective in nature, shall survive such execution and/or termination, as the case
may be. This shall include Paragraphs 3.8 (Late Payments), 5.2 (Records), and Articles 6, 7, 8, 9, and 10.


 


10.15 No
Third Party Beneficiaries. Nothing in this Agreement shall be construed as giving any person, firm, corporation or other entity, other
than the PARTIES hereto and their successors and permitted assigns, any right, remedy or claim under or in respect of this Agreement or
any provision hereof.


 


10.16 Headings.
Article headings are for convenient reference and not a part of this Agreement. All Exhibits are incorporated herein by this reference.


 


10.17 Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed an original and all of which when taken together shall be
deemed but one instrument.


 


IN WITNESS WHEREOF, this Agreement
shall take effect as of the EFFECTIVE DATE when it has been executed below by the duly authorized representatives of the parties.


 


	BLUE WATER VACCINE, INC.	 	ST. JUDE CHILDREN’S RESEARCH HOSPITAL, INC.
	 	 	 
	/s/ Joseph Hernandez	 	/s/ J. Scott Elmer
	Name: 	 Joseph Hernandez	 	Name: 	 J. Scott Elmer
	Title:	Chief Executive Officer 	 	Title:	Director, Office of Technology Licensing
	 	 	 
	January 27, 2020	 	 
	(Date)	 	(Date)



 


EXHIBIT A. LICENSE FEE & ROYALITIES.


EXHIBIT B. DEVELOPMENTAL MILESTONES & MILESTONE
PAYMENTS


EXHIBIT C. SALES & ROYALTY REPORT FORM.



 






    17


     


    

 


EXHIBIT
A


 


LICENSE FEE & ROYALTIES


 


1.
License Fee: The initial license fee due under Paragraph 3.1 within thirty (30) days of the EFFECTIVE DATE is fifteen thousand US
dollars [***].


 


2.
Annual Maintenance Fee: The annual maintenance fee pursuant to Paragraph 3.2 is ten thousand US dollars ($10,000) per year, beginning
on the first anniversary of the effective date of the license, provided the annual maintenance fee shall be waived if all developmental
milestones scheduled for completion before the annual fee is due according to Exhibit B have been achieved.


 


3.
Royalties: The running royalty rate payable under Paragraph 3.3 is four percent (4%).


 


In the event COMPANY is required to enter into one
or more third party license agreements to practice Patent Rights, the royalty payments due LICENSOR may be reduced by a percentage equal
to half of that paid to such third party. However, in no event shall the milestone payments due to LICENSOR be reduced by more than one
half of the original royalty percentage.


 


SUBLICENSE CONSIDERATION: COMPANY shall pay
LICENSOR Fifteen percent (15%) of any SUBLICENSE CONSIDERATION.


 




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EXHIBIT B


 


DEVELOPMENTAL MILESTONES &
MILESTONE PAYMENTS


 


1.
Developmental Milestones: Developmental Milestones by COMPANY for a LICENSED PRODUCT in accord with Paragraph 5.3 are as follows:


 


	 	Complete IND enabling study	 	2020
	 	Initiate animal toxicology study	 	last half 2020
	 	File IND	 	first half 2021
	 	Complete PHASE I CLINICAL TRIAL	 	first half of 2022
	 	Commence PHASE II CLINICAL TRIAL	 	2024
	 	Commence PHASE III CLINICAL TRIAL	 	2026
	 	Regulatory approval, US or foreign equivalent	 	2026



 


2.
Milestone Payments: The Milestone Payments payable under Paragraph 3.5 are as follows:


 


	 	Upon Commencement of PHASE III CLINICAL TRIAL	 	[***]
	 	Upon regulatory approval, US or foreign equivalent	 	[***]
	 	Upon FIRST COMMERCIAL SALE	 	[***]



 


“Commence” or “Commencement”
of either a PHASE I, PHASE II or PHASE III CLINCIAL TRIAL shall mean the dosing of the first patient in such PHASE I, PHASE II, or PHASE
III CLINICAL TRIAL.


 




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EXHIBIT C


 


SALES & ROYALTY REPORT


 


FOR LICENSE AGREEMENT BETWEEN
BLUE WATER VACCINES AND


ST. JUDE CHILDREN’S RESEARCH HOSPITAL DATED


 





 



 


FOR PERIOD OF _________ TO __________


 


TOTAL ROYALTIES DUE FOR THIS PERIOD $
______


 


	
     

    PRODUCT ID
	
     

    PRODUCT OR SERVICE

    NAME
	
     

    *ST. JUDE REFERENCE
	1st COMMERCIAL SALE DATE	TOTAL GROS S SALES	
     

    TOTAL REDUCTIONS
	
     

    TOTAL NET SALES
	
     

    ROYALTY RATE
	
     

    AMOUNT DUE

	 	 	
    SJ-11-0001

    SJ-18-0045
	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 


 


* Please provide the ST. JUDE Reference Number or Patent
Reference


 


This report format is to be used
to report quarterly royalty statements to ST. JUDE. It should be placed on COMPANY letterhead and accompany any royalty payments due for
the reporting period. This report shall be submitted even if no sales are reported.


 


 






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