Exhibit
10.7


 


Pursuant
to Item 601(b)(10)(iv) of Regulation S-K, certain identified information marked with [*****] has been excluded from the exhibit because
it is both (i) not material and (ii) would be competitively harmful if publicly disclosed. 


 





LICENCE
AGREEMENT


 





This
Agreement is made the 31st. day of October 2020 between


 


ETPL
TECHNOLOGIES PTE LTD (Co. Reg. No. 199503187D), a company incorporated in Singapore and having its place of business at 1 Fusionopolis
Way, #19-10 Connexis North, Singapore 138632 (hereinafter referred to as “ETPL”) of the first part; and


 


LICENSEE,
full details of which are set out in Schedule 1, of the second part.


 


RECITAL


 


	A.	ETPL
                                            has the right to license the Technology and is entitled to grant the rights under this Agreement.



 


	B.	LICENSEE
                                            wishes to acquire rights to license and use the Technology, in the Field subject to the terms
                                            and conditions herein.



 


NOW
THEREFORE, in consideration of the mutual covenants and conditions set forth herein, ETPL and LICENSEE hereby agree as follows:-


 


	1.	DEFINITIONS



 


“Confidential
Information” means all information of ETPL or ETPL’s Affiliates, including prototypes and samples, which may be disclosed
to LICENSEE at any time and from time to time during the Term of this Agreement, which may be identified or designated by ETPL as proprietary,
confidential or secret and includes information which by its nature should be proprietary, confidential or secret. The specific terms
and conditions of this Agreement shall be deemed to be Confidential Information.


 


“Confidential
Information” shall not include any information or material that is: (i) already in the possession of LICENSEE without prior
restriction; (ii) independently developed by LICENSEE; (iii) publicly disclosed by ETPL; (iv) rightfully received by LICENSEE from a
third party; (v) approved for release by written agreement with ETPL or (vi) made available by ETPL to others without restriction.


 


“Documentation”
means any user guides, instruction manuals and other documents whether in written or machine-readable form relating to the Technology.


 


“Effective
Date” means the effective date of this licence as set out in Schedule 1 of this Agreement.


 


“Enhancements”
means all new versions of, modifications, additions, improvements, upgrades and development to the Technology developed by LICENSEE.


 


“ETPL’s
Affiliates” means the Agency for Science, Technology and Research (“A*STAR”) and all the research institutes and
centres managed and funded by A*STAR.


 


“Field”
means the field of use as described in Schedule 1 of this Agreement.


 


“Intellectual
Property” means patent(s), know-how and intellectual property rights (including without limitation patents, copyrights, designs,
trade secrets, and rights in Confidential Information) worldwide arising under statutory or common law, and whether or not perfected,
and any applications of the foregoing.


 


“Licensed
Products” means the products as described in Schedule 1 of this Agreement.


 


“Licensee’s
Affiliates” shall have the same meaning as ascribed to a “related corporation” under the Companies Act CAP.50.


 


“Royalties”
means the amounts payable by LICENSEE to ETPL as set out in Schedule 1.


 


“Sales
Report” means the sales report as set out in Schedule 3 to be submitted by LICENSEE to ETPL pursuant to this Agreement.


 


“Technology”
means the technology as described in Schedule 1 of this Agreement.


 


“Term”
means the period of time as set out in Schedule 1 of this Agreement.


 


“Territory”
means the countries as set out in Schedule 1 of this Agreement.


 




    	 



    	 



    

 





	2.	GRANT


 

















		2.1	ETPL
                                            hereby grants to LICENSEE and its Affiliates a non-exclusive, non-sublicensable, non–transferable,
                                            revocable for cause licence to use the Technology within the Field for the Term and in the
                                            Territory to develop Enhancements and use, make, have made, manufacture, distribute, market,
                                            import, export, sell and have sold Licensed Products.



 


		2.2	Nothing
                                            in this Agreement shall prejudice ETPL’s right to use and to allow ETPL and ETPL’s
                                            Affiliates to use, further develop, license or otherwise commercialise the Technology as
                                            they deem fit.



 


		2.3	ETPL
                                            shall not be obliged to render any technical assistance, maintenance or support services
                                            to LICENSEE in respect of the Technology or otherwise.



 


		2.4	Except
                                            as expressly provided in this Agreement or with the prior written consent of ETPL, LICENSEE
                                            shall not modify, adapt, translate, alter, copy, reproduce, deal in, reverse engineer, decompile,
                                            disassemble or create any derivative works based on the whole or any part of the Technology.



 





	3.	FINANCIAL
  TERMS




 


		3.1	In
                                            consideration of the rights granted pursuant to Clause 2 above, LICENSEE shall pay to ETPL:-



 


		3.1.1	the
                                            licence fee stated in Schedule 1 (“Licence Fee”); and



 


		3.1.2	Royalties
                                            in accordance with the royalty scheme set out in Schedule 1 together with the Sales Reports,
                                            in the manner set out in Schedule 3.



 


		3.2	Time
                                            of payment shall be of the essence. If LICENSEE fails to make any payment due to ETPL, ETPL
                                            shall have the right to:



 


		3.2.1	forthwith
                                            suspend or terminate the Licence hereby granted to LICENSEE; and



 


		3.2.2	charge
                                            LICENSEE, in respect of any and all overdue payments, interest at the rate of [*****] above
                                            the annual prime lending rate of the Development Bank of Singapore from such date until said
                                            amount is paid in full to ETPL.



 





	4.	ACCOUNTS





 








		4.1	LICENSEE
                                            shall keep true and accurate accounts and records in sufficient detail to enable the amount
                                            of all Royalties or other sums payable under this Agreement to be determined. ETPL has the
                                            right to request for LICENSEE to submit details of its accounts and records to support the
                                            information provided in the Sales Report.



 


		4.2	ETPL
                                            may, annually and at its own cost, appoint an independent auditor to examine LICENSEE’s
                                            books and records to verify LICENSEE’s fulfilment of its obligations under this Agreement.
                                            Notwithstanding the foregoing, the cost of such audit conducted shall be borne in full by
                                            LICENSEE if any discrepancy exceeding [*****] is found in the Royalties stated.



 


		4.3	The
                                            provisions of this Clause 4 shall remain in full force and effect after the termination of
                                            this Agreement for any reasons until the settlement of all subsisting claims of ETPL under
                                            this Agreement.



 





	5.	RIGHTS
IN INTELLECTUAL PROPERTY





 








		5.1	LICENSEE
                                            acknowledges that the Technology may contain Confidential Information of ETPL or ETPL’s
                                            Affiliates and LICENSEE shall treat in confidence any information relating to the Technology,
                                            save for information that is in the public domain through no fault of its obligations herein.



 


		5.2	LICENSEE
                                            shall take all reasonable steps, including, but not limited to, those steps taken to protect
                                            its own information, data or other tangible or intangible property that it regards as proprietary
                                            or confidential, to ensure that the Confidential Information is not disclosed or duplicated
                                            for the use of any third party, and shall take all reasonable steps to prevent its officers
                                            and employees, or any other persons having access to the Confidential Information, from disclosing
                                            or making unauthorised use of any Confidential Information, or from committing any acts of
                                            omissions that may result in a violation of this Agreement.



 


		5.3	LICENSEE
                                            shall not do anything which might bring into question ETPL or ETPL’s Affiliates’
                                            ownership of the Technology licensed by ETPL to LICENSEE under this Agreement or their validity.



 


		5.4	LICENSEE
                                            shall notify ETPL in writing as soon as practicable after it becomes aware of:-



 


		5.4.1	any
                                            actual, threatened or suspected infringement of any Intellectual Property of ETPL in respect
                                            of the Technology or any breach of confidence relating to any of the foregoing; or



 


		5.4.2	any
                                            claim brought against LICENSEE or any other person alleging that its use of the Technology
                                            infringes any Intellectual Property or other rights belonging to or alleged to belong to
                                            the claimant.



 


		5.5	ETPL
                                            or its Affiliates shall have the right but not the obligation, at its option and expense,
                                            to prosecute and defend any and all infringements provided that all damages, costs or other
                                            benefits obtained as a result belongs to ETPL.



 




    	 



    	 



    

 





	6.	NO
WARRANTIES





 





SAVE
THAT ETPL WARRANTS THAT IT HAS FULL RIGHT AND POWER TO ENTER INTO THIS AGREEMENT, ETPL MAKES NO OTHER WARRANTIES CONCERNING THE TECHNOLOGY,
INCLUDING WITHOUT LIMITATION, ANY EXPRESS OR IMPLIED WARRANTY OF MERCHANTABILITY OR SATISFACTORY QUALITY, FITNESS FOR A PARTICULAR PURPOSE
OR AS TO RELIABILITY, ACCURACY, VALIDITY OR OTHERWISE OF THE TECHNOLOGY. THE TECHNOLOGY IS PROVIDED “AS IS” AND ETPL MAKES
NO WARRANTY OR REPRESENTATION AS TO THE VALIDITY OR SCOPE OF THE TECHNOLOGY, OR THAT THE TECHNOLOGY WILL BE FREE FROM INFRINGEMENT OF
PATENTS OR OTHER INTELLECTUAL PROPERTY RIGHTS OF THIRD PARTIES, OR THAT NO THIRD PARTIES ARE IN ANY WAY INFRINGING THE TECHNOLOGY COVERED
BY THIS AGREEMENT.


 


	7.	LICENSEE’S
                                            RESPONSIBILITY 



 


LICENSEE
assumes all responsibility and liability for any loss, damages, costs, expenses or other claim for compensation which arises out of or
in connection with this Agreement, or which in any way relates to the Technology, or its use by LICENSE except to the extent when caused
by the wilful misconduct of ETPL. For avoidance of doubt, in no event shall ETPL be liable for any incidental, consequential or special
damages arising out of or related to this Agreement, including, but not limited to, loss of business opportunity, lost profits or pure
economic loss. Notwithstanding anything to the contrary, ETPL’s total and cumulative liability under this Agreement, however arising,
shall not exceed any amount that LICENSEE has actually paid to ETPL pursuant to this Agreement.





 





	8.	USE OF
  NAME




 


LICENSEE
shall not use the name, trademark or logo of ETPL or ETPL’s Affiliates in any publicity, promotion, news release or disclosure
relating to this Agreement, its subject matter or the sale of the Licensed Products, without the prior written permission of ETPL.


 





	9.	TERMINATION





 








		9.1	LICENSEE
                                            shall be entitled to terminate this Agreement at any time by giving no less than thirty (30)
                                            days written notice to ETPL.



 


		9.2	ETPL
                                            shall be entitled to terminate this Agreement forthwith by giving written notice to LICENSEE
                                            if:-



 


		9.2.1	LICENSEE
                                            commits any breach of this Agreement and if the breach is capable of remedy, fails to remedy
                                            it within thirty (30) days after being given a written notice containing full particulars
                                            of the breach and requiring the remedy of the breach; or



 


		9.2.2	An
                                            encumbrances takes possession, or a receiver is appointed, of any of the property or assets
                                            of LICENSEE; or



 


		9.2.3	LICENSEE
                                            makes any voluntary arrangement with its creditors; or



 


		9.2.4	LICENSEE
                                            goes into liquidation (except for the purpose of amalgamation or reconstruction and so that
                                            the resulting LICENSEE effectively agrees to be bound by or assume the obligations imposed
                                            on the LICENSEE under this Agreement); or



 


		9.2.5	LICENSEE
                                            ceases, or threatens to cease, to carry on business.



 


		9.3	Termination
                                            of this Agreement howsoever caused shall be without prejudice to any other right or remedy
                                            a Party may be entitled to hereunder or at law and shall not affect any accrued rights or
                                            liabilities of either Party.



 


		9.4	Upon
                                            the termination of this Agreement:



 


		9.4.1	LICENSEE
                                            shall forthwith cease to market or use, either directly or indirectly, the Licensed Products
                                            or the Technology or to use any of the Intellectual Property;



 


		9.4.2	LICENSEE
                                            shall destroy or return to ETPL all copies of the Documentation in its possession or control;
                                            and



 


		9.4.3	LICENSEE
                                            shall promptly pay all amounts due under this Agreement to ETPL immediately upon its receipt
                                            of the same and shall submit to ETPL written confirmation signed by a duly authorised officer
                                            that it has complied with such payment obligations, along with a copy of all materials reasonably
                                            necessary to support such statement.



 


		9.5	Clause
                                            4, 5, 6, 8, 9.5 and 10 shall survive the termination of this Agreement.



 





	10.	ARBITRATION
AND GOVERNING LAW





 





		10.1	Any
                                            dispute among the parties arising out of or in connection with this Agreement or in the performance
                                            thereof shall in the first instance be referred to the authorised representatives of the
                                            parties for resolution. If such efforts fail, then the dispute shall be referred to binding
                                            arbitration in Singapore in accordance with the Arbitration Rules of the Singapore International
                                            Arbitration Center in force at such time which rules shall be deemed to be incorporated by
                                            reference into this Agreement. The Tribunal shall consist of one (1) arbitrator chosen by
                                            the Singapore International Arbitration Center under its rules if the parties cannot otherwise
                                            agree upon an arbitrator.



 


		10.2	This
                                            Agreement shall be governed by the laws of the Republic of Singapore and each Party agrees
                                            to submit to the non-exclusive jurisdiction of the Singapore courts.



 




    	 



    	 



    

 





	11.	MISCELLANEOUS





 





		11.1	Assignment.
                                            This Agreement may not be assigned by the LICENSEE to any person without the prior written
                                            consent of ETPL.



 


		11.2	Entire
                                            Agreement. This Agreement sets forth the entire agreement and understanding between the
                                            parties as to the subject matter herein. There shall be no amendments or modifications to
                                            this Agreement, except by a written document signed by both parties.



 


		11.3	Waiver.
                                            Any delay in enforcing a party’s rights under this Agreement or any waiver as to a
                                            particular default or other matter shall not constitute a waiver of that party’s rights
                                            to the future enforcement of its rights under this Agreement, unless there is an express
                                            written and signed waiver for a particular matter for a particular period of time.



 


		11.4	Severance.
                                            If any provision of this Agreement is held by any court or other competent authority to be
                                            invalid or unenforceable, in whole or in part, the other provisions of this Agreement and
                                            the remainder of the affected provision shall continue to be valid.



 


		11.5	Injunctive
                                            relief. LICENSEE acknowledges that any breach of this Agreement may cause irreparable
                                            damage to ETPL or ETPL’s Affiliates and LICENSEE agrees that ETPL or its Affiliates
                                            shall be entitled to injunctive relief in addition to any award by the court in favour of
                                            ETPL or ETPL’s Affiliates.



 


		11.6	Notices.
                                            Any notices required by this Agreement shall be in writing, shall specifically refer to this
                                            Agreement and shall be sent by registered or certified mail and shall be forwarded to the
                                            respective addresses set forth below unless subsequently changed by written notice to the
                                            other party.



 


To
ETPL: 1 Fusionopolis Way, #19-10 Connexis North, Singapore 138632


Attn:
Commercialisation Head


 


Fax:
64632675


To
LICENSEE:Refer to Schedule 1


 


		11.7	Contracts
                                            (Rights of Third Parties) Act. Save to give effect to the rights accruing to ETPL’s
                                            Affiliates under this Agreement, a person who is not a party to this Agreement has no right
                                            under the Contracts (Rights of Third Parties) Act Cap. 53B or otherwise to enforce any terms
                                            and conditions of this Agreement.



 





		11.8	Novation.
                                            If at any time after the Effective Date the functions and operations of ETPL are assigned,
                                            merged, transferred into or otherwise forms part of another organisation (“the New
                                            Entity”) such that the New Entity takes over the whole or substantially the whole of
                                            ETPL’s operations, then it is agreed that this Agreement may, at the option of ETPL,
                                            be novated to the New Entity which will then assume all of ETPL’s rights and obligations
                                            hereunder.



 


	12.	Use
                                            Of Technology. The Technology shall be used for commercial and/or civilian purposes only.
                                            LICENSEE shall ensure that it complies with all applicable laws, rules and regulations governing
                                            the use, export and disposal of the Technology and the Licensed Products.



 





************************************************


 




    	 



    	 



    

 





IN
WITNESS HEREOF, the parties have executed this Agreement by their duly authorised representatives as of the date set forth above.


 


ACCELERATE
TECHNOLOGIES PTE LTD


 


	By:	/s/
    Authorized Signatory	 


 


CytoMed
Therapeutics Pte Ltd


 


	By:

    
	/s/
                                            CHOO Chee Kong

    
	 
	Name:

    
	CHOO
                                            Chee Kong

    
	 
	Title:	Director	 


 




    	 



    	 



    

 


SCHEDULE
1


 


	1.	LICENSEE



 


Name:
PURICELL LAB PTE. LTD.


Address:
21 BUKIT BATOK CRESECNT #17-80 WCEGA TOWER SINGAPORE 658065


Company
Registration No.: 202031625G


Addressee
for communications: [*****]


Email
Address: [*****]


Telephone
No.: [*****]


Fax
No.: NA


 


	2.	Field
                                            of use



 


Research,
development and manufacturing of GMP-grade human induced pluripotent stem cells (iPSCS) derived from this Technology.


 


	3.	Technology



 


[*****]


 


LICENSEE
hereby confirms that ETPL has effected full delivery of the Technology and Documentation and all information relating thereto in sufficient
detail to enable LICENSEE to use the Technology as contemplated under Clause 2.1. Nothing in this Agreement shall be construed as requiring
ETPL to prepare or deliver to LICENSEE any further information, documents or data relating thereto or engage in any technical studies
or research or development or other obligation with regards to the use and operation of any part of the Technology.


 


	4.	Licensed
                                            Products 



 


GMP-grade
human induced pluripotent stem cells (iPSCs) which
incorporates the Technology (or part thereof) or which cannot be developed, manufactured, used, sold, performed or provided without infringing
ETPL’s rights in the Technology. For the avoidance of doubt, a Licensed Product includes a complete system, which may include hardware,
software, accessories, implementation manuals and the like, or a sub-system of a complete system, incorporating the Technology (or part
thereof), for use within the Field of Use only which incorporates the
Technology (or part thereof) or which cannot be developed, manufactured, used, sold, performed or provided without infringing ETPL’s
rights in the Technology. For the avoidance of doubt, a Licensed Product includes a complete system, which may include hardware, software,
accessories, implementation manuals and the like, or a sub-system of a complete system, incorporating the Technology (or part thereof).


 


	5.	Effective
                                            Date



 


11/16/2020
12:00:00 AM


 


	6.	Term



 


10
Year(s), 0 Month(s)


 





	7.	Territory





 








 WORLDWIDE




 





	8.	Licence
                                            Fee



 


(a)
Licence Fee (payable)


 


 [*****]




 




    	 



    	 



    

 


(b)
Royalty Payment: 


 


LICENSEE
will have to pay royalty as indicated in the table below:


 


	Royalty
    Period	 	Payment
    and Sales Report Due Date	 	Royalty
    Payable
	[*****]	 	[*****]	 	[*****]
	[*****]	 	[*****]	 	 
	[*****]	 	[*****]	 	 
	[*****]	 	[*****]	 	 
	[*****]	 	[*****]	 	 
	[*****]	 	[*****]	 	 
	[*****]	 	[*****]	 	 
	[*****]	 	[*****]	 	 
	[*****]	 	[*****]	 	 
	[*****]	 	[*****]	 	 


 





[*****]


 


(c)
Annual Minimum Payment:


 





	Royalty
    Period	 	Royalty
    Payable
	[*****]	 	[*****]
	[*****]	 	[*****]
	[*****]	 	[*****]
	[*****]	 	[*****]
	[*****]	 	[*****]
	[*****]	 	[*****]
	[*****]	 	[*****]
	[*****]	 	[*****]
	[*****]	 	[*****]
	[*****]	 	[*****]


 


 


“Gross
Revenue” means any and all consideration received and receivable by LICENSEE, including but not limited to all revenue received
by LICENSEE in respect of any sale, distribution, use or other disposition of Licensed Product. If any Licensed Product is distributed
in a transaction that is not at arms-length for a discounted price that is substantially lower than the customary price charged by LICENSEE,
or distributed for a non-cash consideration (whether or not for a discount), Gross Revenue shall be calculated based on the non-discounted
price amount of the Licensed Product charged to an independent party during the same reporting period or in the absence of such sales,
on the fair market value of the Licensed Product. For the purposes of this definition, Gross Revenue shall be computed before deducting
income tax or any other taxes, refund discount, credit or other offset.


 




    	 



    	 



    

 


SCHEDULE
2


 


PAYMENT
TERMS


 


		1.	From
                                            and after the date falling twelve (12) months from the date of this Agreement, in order to
                                            maintain the licence granted hereunder in force, LICENSEE shall pay to ETPL the minimum annual
                                            royalty as set out in Schedule 1. Any percentage royalties earned and paid to ETPL
                                            pursuant to Clause 3.1.2 of this Agreement for any twelve (12) month period shall be credited
                                            against the minimum royalty payable for such period, and the payment of any shortfall between
                                            actual royalties paid and the minimum annual royalty applicable to such twelve (12) month
                                            period shall be payable to ETPL in accordance with Schedule 1.



 





		2.	All
Royalties or other sums payable under this Agreement shall be paid in Singapore Dollars.





 








		3.	All
                                            payments made to ETPL hereunder shall exclude any goods and services tax, sale and use tax
                                            or any similar tariff, impost, duty, fees or assessments (including the amount of interest
                                            and penalties in connection therewith) or governmental charge. Payment shall be made in cleared
                                            funds to such bank account or in such other manner as ETPL may specify from time to time
                                            to LICENSEE, without any set-off, deduction or withholding.



 


		4.	The
                                            Parties hereby agree that ETPL’s acceptance of any purported payment of Royalties from
                                            LICENSEE shall not be deemed to be ETPL’s acceptance of the validity and accuracy of
                                            any record, statement and document in support thereof. For the avoidance of doubt, ETPL reserves
                                            the right to reject any such record, statement or document as valid or accurate subsequent
                                            to its acceptance of any purported payment of Royalties and in such event, ETPL shall have
                                            the right to recover the balance of any sums thereby found due and unpaid.






 





 ******************************************************************




 






    	 



    	 



    

 


SCHEDULE
3


SALES
REPORT


 


	Name
    of Licensee:	PURICELL
    LAB PTE. LTD.
	Reporting
    period:	 	 	 	 
	Licence
    Agreement reference no: N/A	 	 	 
	Technology:	[*****]


 


	S/No
 
 
	 	Invoice Date
 
 
	 	 	Invoice Number
 
	 	 	Customer name
 
 
	 	 	Description 
 
 
	 	 	Invoice amount (S$) *
 without GST
 (a)
	 
	1	 	 		 	 	 		 	 	 		 	 	 		 	 	 	 	 
	2	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	7	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	8	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	9	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	10	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0	 



 





Note:
Please insert more rows if necessary


 



*
For sales invoice in foreign currency, please indicate the exchange rate used to convert to S$


 






We
hereby certify that the above information is correct.




 


	 	 	 
	 	Name:	 
	 	Designation:	Chief
    Financial Officer/ Director 
	 	Date: