# EDGAR Filing Document

**Accession Number:** 0001753347
**File Stem:** 0001493152-25-025428
**Filing Date:** 2025-11
**Character Count:** 2107065
**Document Hash:** c1f7562e34c17ee21829288590a5d470
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-025428.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0001493152-25-025428

**CONFORMED SUBMISSION TYPE**: S-1

**PUBLIC DOCUMENT COUNT**: 48

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Edison Oncology Holding Corp
- **CENTRAL INDEX KEY:** 0001753347
- **STANDARD INDUSTRIAL CLASSIFICATION:** BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 831614120
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-291852
- **FILM NUMBER:** 251536557

**BUSINESS ADDRESS:**
- **STREET 1:** 3475 EDISON WAY
- **STREET 2:** SUITE R
- **CITY:** MENLO PARK
- **STATE:** CA
- **ZIP:** 94025
- **BUSINESS PHONE:** (650)690-1927

**MAIL ADDRESS:**
- **STREET 1:** 3475 EDISON WAY
- **STREET 2:** SUITE R
- **CITY:** MENLO PARK
- **STATE:** CA
- **ZIP:** 94025

**As filed with the Securities and Exchange Commission on November 28, 2025**

**Registration No. [\*]**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM S-1**

**REGISTRATION STATEMENT**

***UNDER***

***THE SECURITIES ACT OF 1933***

**Edison Oncology Holding Corp.**

**(Exact name of registrant as specified in its charter)**

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| | | |
|:---|:---|:---|
| Nevada | **2836** | 83-1614120 |
| **(State or other jurisdiction of**<br> **incorporation or organization)** | **(Primary Standard Industrial**<br> **Classification Code Number)** | **(I.R.S. Employer**<br> **Identification Number)** |

---

**3475 Edison Way, Suite R**

**Menlo Park, CA 94025**

**(650) 690-1927**

**(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)**

**Paracorp Incorporated**

**318 North** **Carson Street, Suite 208**

**Carson City, NV 89701**

**1-888-972-7273**

**(Name, address, including zip code, and telephone number, including area code, of agent for service)**

***Copies to:***

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| | | |
|:---|:---|:---|
| Raul Silvestre, Esq.<br> Dennis Gluck, Esq.<br> Silvestre Law Group, P.C.<br> 2629 Townsgate Road #215<br> Westlake Village, CA 91361<br> (818) 597-7552 | Steven M. Cohen, Esq.<br> Rahul K. Patel, Esq.<br> Morgan, Lewis & Bockius LLP<br> 101 Park Avenue<br> New York, NY 10178<br> (212) 309-6000 | Joseph M. Lucosky, Esq.<br> Lawrence Metelitsa, Esq.<br> Soyoung Lee, Esq.<br> Lucosky Brookman LLP<br> 101 Wood Avenue South, 5<sup>th</sup> Floor<br> Woodbridge, NJ 08830<br> (732) 395-4400 |

---

**Approximate date of commencement of proposed sale to the public: As soon as practicable after the effective date of this registration statement.**

If any of the securities being registered on this form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. ☐

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act (check one):

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☒ <br> Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with section 8(a) of the Securities Act of 1933, as amended, or until the registration statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said section 8(a), may determine.**

*The information in this preliminary prospectus is not complete and may be changed. These securities may not be sold by either us or the selling stockholder until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities and neither we nor the selling stockholder are soliciting offers to buy these securities in any state where the offer or sale is not permitted.*

**PRELIMINARY PROSPECTUS SUBJECT TO COMPLETION, DATED NOVEMBER 28, 2025**

**Edison Oncology Holding Corp.**

**2,827,777 Shares of Common Stock**

We are offering 2,777,777 shares of our common stock ("Common Stock") and the selling stockholder is offering 50,000 shares of Common Stock. We will not receive the proceeds from the sale of shares by the selling stockholder. The selling stockholder is identified in the section of this prospectus entitled "Principal and Selling Stockholders" beginning on page 108. This is our initial public offering, and no public market currently exists for shares of our Common Stock. We expect the initial public offering price to be between $8.00 and $10.00 per share. We intend to apply to list our Common Stock on the NYSE American under the symbol "EOHC". The offering of our Common Stock is contingent upon the approval of the application for the listing of our Common Stock on the NYSE American. If NYSE American does not approve the application for the listing of our Common Stock, we will not proceed with this offering. No assurance can be given that our application will be approved.

**On September 30, 2025, the Company received stockholder approval to effect a reverse stock split of its Common Stock at a ratio of not less than 1-for-1.2 and not greater than 1-for-5, with the ratio and timing of the reverse stock split to be determined by the Board (the "Reverse Stock Split"). We intend to effect the Reverse Stock Split prior to the consummation of this offering. If and when the Board determines to effect the Reverse Stock Split by the filing of amended and restated articles of incorporation reflecting the Reverse Stock Split, neither the Company's authorized shares of common stock, nor par value will be affected. Unless otherwise noted, the share and per share information in this prospectus has been adjusted to reflect a proposed reverse stock split of our outstanding Common Stock at a ratio of 1-for-2, including all outstanding securities entitling their holders to acquire shares of Common Stock. Any fractional shares of common stock resulting from the implied Reverse Stock Split have been rounded up to the nearest whole post-Reverse Stock Split share.**

We are an "emerging growth company" and a "smaller reporting company" as defined under federal securities laws, and, as such, will be subject to reduced public company reporting requirements for this prospectus and future filings. See the section entitled "Prospectus Summary—Implications of Being an Emerging Growth Company and a Smaller Reporting Company."

**IN REVIEWING THIS PROSPECTUS, YOU SHOULD CAREFULLY CONSIDER THE MATTERS DESCRIBED IN THE SECTION ENTITLED "RISK FACTORS" BEGINNING ON PAGE 7 OF THIS PROSPECTUS. INVESTORS SHOULD ONLY CONSIDER AN INVESTMENT IN THESE SECURITIES IF THEY CAN AFFORD THE LOSS OF THEIR ENTIRE INVESTMENT.**

**NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR DETERMINED IF THIS PROSPECTUS IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.**

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| | | |
|:---|:---|:---|
|  | **Per Share** | **Total** |
| Public offering price | $| $|
| Underwriting discounts (1) | $| $|
| Proceeds to us before offering expenses (2) | $| $|

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(1) In
 addition to the underwriting discounts and commissions, we have agreed to reimburse the underwriter for certain expenses, including
 a non-accountable expense allowance equal to % of the gross proceeds we receive in this offering. We have also agreed to issue warrants to the underwriter exercisable in the aggregate for up to such number of shares equal to 7% of the aggregate number of
 shares of Common Stock sold in this offering, excluding the overallotment option, at an exercise price equal to 100% of the offering
 price per share. See "Underwriting" on page 115 of this prospectus for a description of these arrangements.

(2) We
 estimate the total expenses related to this offering will be approximately $. Upon closing,
 we have also agreed to reimburse $ of the underwriter's
 expenses, including for road show, diligence, and legal expenses. The amount of offering proceeds to us presented in this table
 does not give effect to the sale of the shares by the selling stockholder as we will receive no proceeds from any such sales.

We and the selling stockholder have granted the underwriter a 45-day option to purchase up to additional shares of Common Stock at the initial public offering price less applicable underwriting discounts solely to cover over-allotments, if any. The amount of offering proceeds to us presented in the table above does not give effect to any exercise of this over-allotment option (if any). See "Underwriting" on page 115 of this prospectus for a description of these arrangements.

The underwriter expects to deliver our shares to purchasers in this offering on or about , 2025, subject to satisfaction of customary closing conditions.

**KONIK CAPITAL PARTNERS, LLC**

The date of this prospectus is , 2025

**TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **Page** |
| [PROSPECTUS SUMMARY](#a_001) | 1 |
| [THE OFFERING](#a_003) | 6 |
| [RISK FACTORS](#a_004) | 7 |
| [USE OF PROCEEDS](#a_006) | 41 |
| [DIVIDEND POLICY](#a_007) | 41 |
| [CAPITALIZATION](#a_008) | 42 |
| [DILUTION](#a_009) | 43 |
| [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#a_010) | 45 |
| [BUSINESS](#hk_001) | 56 |
| [DESCRIPTION OF SECURITIES](#f_001) | 92 |
| [MANAGEMENT](#f_002) | 96 |
| [CORPORATE GOVERNANCE](#f_004) | 98 |
| [EXECUTIVE COMPENSATION](#f_005) | 100 |
| [PRINCIPAL AND SELLING STOCKHOLDERS](#f_006) | 108 |
| [CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS](#f_007) | 110 |
| [MATERIAL U.S. FEDERAL INCOME AND ESTATE TAX CONSEQUENCES FOR HOLDERS OF COMMON STOCK](#pri_001) | 112 |
| [UNDERWRITING](#f_009) | 115 |
| [SELLING RESTRICTIONS](#pri_002) | 119 |
| [SHARES ELIGIBLE FOR FUTURE SALE](#pri_003) | 122 |
| [LEGAL MATTERS](#f_010) | 123 |
| [EXPERTS](#f_011) | 123 |
| [WHERE YOU CAN FIND MORE INFORMATION](#f_012) | 123 |
| [INDEX TO FINANCIAL STATEMENTS](#f_013) | F-1 |

---

Neither we, nor the selling stockholder, nor the underwriters have authorized anyone to provide any information or to make any representations other than those contained in this prospectus or in any free writing prospectuses we have prepared. We and the underwriters take no responsibility for and can provide no assurance as to the reliability of, any other information that others may provide you. We and the selling stockholder are offering to sell shares of Common Stock only in jurisdictions where offers and sales are permitted. The information contained in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus or of any sale of the Common Stock.

Persons outside of the United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating to, the offering of the shares of Common Stock and the distribution of this prospectus outside of the United States.

**Market and Industry Data**

We obtained the industry, statistical and market data in this prospectus from our own internal estimates and research as well as from industry and general publications and research, surveys and studies conducted by third parties. All of the market data used in this prospectus involve a number of assumptions and limitations, and the sources of such data cannot guarantee the accuracy or completeness of such information. While we believe that each of these studies and publications is reliable, the industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of important factors, including those described in the section entitled "Risk Factors." These and other factors could cause results to differ materially from those expressed in the estimates made by third parties and by us.

**Trademarks and Service Marks**

This prospectus also includes trademarks, tradenames and service marks that are the property of other organizations. Solely for convenience, our trademarks and tradenames referred to in this prospectus appear without the <sup>®</sup> and <sup>™</sup> symbol, but those references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights, or the right of the applicable licensor to these trademarks and tradenames. We do not intend our use or display of other companies' trademarks, service marks or trade names to imply a relationship with, or endorsement or sponsorship of us by, such other companies.

**Basis of Presentation**

 ****

Any reference to "Common Stock" or "shares" or "common shares" in this prospectus relates to the Company's common stock, $0.0001 par value. Any reference to Common Stock, has been adjusted for an assumed 1-for-2 reverse stock split.

i

**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This prospectus contains forward-looking statements that involve substantial risks and uncertainties. The forward-looking statements are contained principally in the sections entitled "Prospectus Summary," "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Business" and elsewhere in this prospectus. In some cases, you can identify forward-looking statements by terms such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," or "would" or the negative of these terms or other similar expressions intended to identify statements about the future. These statements speak only as of the date of this prospectus and involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. These forward-looking statements include statements about the following:

● the results of preclinical studies and clinical trials for our product candidates, including statements regarding the timing of initiation and completion of studies or trials and related preparatory work, the period during which the results of the trials will become available, and our research and development programs;

● the timing, scope or likelihood of regulatory filings and approvals, including timing of investigational new drug or IND applications and new drug approvals or NDA filings requesting marketing approval for, and final FDA approval of our current and any other future product candidates;

● the timing, scope or likelihood of foreign regulatory filings and approvals;

● our ability to develop and advance our product candidates and programs into, and successfully complete, clinical studies;

● the success of our collaborators and third-party contract researchers and their ability or failure to meet their obligations to us;

● our ability to develop combination therapies, whether on our own or in collaboration with third parties;

● our manufacturing, commercialization and marketing capabilities and strategy;

● the pricing and reimbursement of any product candidates we may develop, if approved;

● the rate and degree of market acceptance and clinical utility of any product candidate we may develop;

● the potential benefits of and our ability to establish or maintain future collaborations or strategic relationships or obtain additional funding;

● our ability to retain the continued service of our key professionals and to identify, hire and retain additional qualified professionals;

● our intellectual property position, including the scope of protection we are able to establish and maintain for intellectual property rights covering our product candidates we may develop, the validity of intellectual property rights held by third parties, and our ability not to infringe, misappropriate or otherwise violate any third-party intellectual property rights;

● our competitive position, and developments and projections relating to our competitors and our industry;

● our expectations related to the use of our existing cash, cash equivalents and marketable securities and the proceeds from this offering;

● our estimates regarding expenses, future revenue, capital requirements and needs for additional financing; and

● the impact of laws and regulations.

The foregoing list of risks is not exhaustive. Other sections of this prospectus may include additional factors that could harm our business and financial performance. Moreover, we operate in an evolving environment. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties. As a result of these factors, we cannot assure you that the forward-looking statements in this prospectus will prove to be accurate. The forward-looking statements made in this prospectus relate only to events or information as of the date of this prospectus, or such other date as specifically stated. You should not rely upon forward-looking statements as predictions of future events. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether resulting from new information, future events, changed circumstances or otherwise. You should review the factors and risks and other information we describe in our filings with the United States Securities and Exchange Commission, or SEC, from time to time after the date of this prospectus.

Although we believe that we have a reasonable basis for each forward-looking statement contained in this prospectus, the events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. You should refer to the "Risk Factors" section of this prospectus for a discussion of important factors that may cause our actual results to differ materially from those expressed or implied by our forward-looking statements.

You should read this prospectus and the documents we have filed as exhibits to the registration statement, of which this prospectus is a part, completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements.

ii

**PROSPECTUS SUMMARY**

*This summary is not complete and does not contain all of the information you should consider before investing in the securities offered by this prospectus. Before making an investment decision, you should read the entire prospectus, and any prospectus supplement and the registration statement of which this prospectus is a part, carefully, including the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our financial statements and the notes to the financial statements included elsewhere. Unless the context of this prospectus indicates otherwise, the terms "Edison," "the Company," "we," "us" or "our" refer to Edison Oncology Holding Corp*.

**Overview**

We are a clinical-stage biopharmaceutical company focused on developing innovative small-molecule therapies for cancer by unlocking the potential of existing drugs and compounds. We seek to make meaningful improvements through strategic reformulation and / or repurposing using a modernized understanding of their mechanisms of action to address significant unmet medical needs.

Our development strategy prioritizes product candidates that may qualify for accelerated marketing approval under the U.S. Food and Drug Administration's (FDA) expedited approval pathway for serious conditions (21 CFR Part 314, Subpart H). This approach enables us to pursue initial marketing approval for pharmaceutical agents based on surrogate or intermediate clinical endpoints and, potentially, earlier than we would otherwise be able to. Although our strategy is to seek out accelerated approval for any applicable product candidate, none of our current clinical trials should be considered registration studies for accelerated approval. If any of our product candidates receive accelerated approval, we will need to conduct post-approval studies to confirm the product's clinical benefit. Notwithstanding, the accelerated approval pathway does not increase the probability of our product candidates achieving regulatory or clinical success. Accelerated approval is not granted to a product candidate until the FDA approves a New Drug Application or NDA, authorizing the product to be commercially marketed in the United States. Even though we are currently pursuing an accelerated approval pathway, there is no guaranty that we will ultimately be able to obtain such approval. Moreover, even if approved in the United States, we may be required to conduct separate clinical trials to obtain regulatory approval in foreign jurisdictions, which may not have equivalent pathways.

Where applicable, we intend to leverage existing preclinical and clinical safety and tolerability data to support regulatory submissions under a 505(b)(2) NDA. This regulatory pathway allows us to reference prior published literature for which we have not obtained a right of reference or FDA's prior findings of safety and effectiveness in prior trials by unaffiliated third parties.

This approach may potentially reduce development risks, costs, and time to market. Notwithstanding, the regulatory pathway provided by a 505(b)(2) NDA may not ultimately be appropriate for our product candidates or increase the likelihood that our product candidates will be approved and may not provide a faster pathway to regulatory approval.

To maximize market exclusivity, we may seek orphan drug designation and pursue new patent filings. The U.S. Orphan Drug Act grants seven years of market exclusivity for designated drugs following FDA approval, independent of patent status. Notwithstanding, seeking orphan drug designation may not shorten the development time or regulatory review time of a product candidate, nor does it provide any guarantee of approval in the regulatory review or approval process. To date, none of our product candidates have received orphan drug designation. Similar legislation exists in other regions, such as the European Union, where orphan drugs receive ten years of market exclusivity.

Since inception we have had a history of operating losses and although we have developed a pipeline of unique product candidates designed, we have never received marketing approval for any of our product candidates, nor have we commercialized a therapeutic product. There can be no assurance that we will ever receive marketing approval for any of our product candidates, and even if we do, we may never be able to successfully commercialize such approved product.

**Product Candidates**

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| | | |
|:---|:---|:---|
| **Product Candidate** | **Target Cancers** | **Stage of Development** |
| **EO3001** <br> *(mitochondrial targeting agent)* | Ovarian Clear Cell Carcinoma (OCCC) and solid tumors harboring ARID1A deficient phenotype | We have completed cGMP manufacturing of API to support initiation of a new Phase 1-2a clinical trial in Australia in the first half of 2026. We intend to use the results of this trial, as well as safety and pharmacokinetic data from prior clinical trials conducted by third parties involving more than 1,000 patients, to support an IND application with the FDA in the United States to advance EO3001 into pivotal trials. |
| **EO4426** <br> *(POL-α/RNR Inhibitor)* | Solid tumors & hematologic malignancies | Anticipated new Phase 1-2a clinical trial to explore the safety and anti-cancer activity of EO4426 in oral dosage form in solid tumors and hematologic malignancies anticipated in 2026. We intend to use the results of this trial, as well as safety and pharmacokinetic data from prior clinical trials conducted by third parties involving more than 300 patients, to support an IND application with the FDA in the United States to advance EO4426 into pivotal trials. |
| **Orotecan**<br> *(oral irinotecan HCl)* | Pediatric sarcomas & adult solid tumors | Ongoing Phase 1-2a multi-center clinical trial in the United States (NCT04337177) seeks to examine the safety and tolerability of this oral formulation and assess pharmacokinetics equivalent to an already established oral regimen. |
| **EO1001**<br> *(oral brain-penetrant panErbB inhibitor)* | Advanced/metastatic ErbB-positive solid tumors, including brain metastases and primary brain tumors | Ongoing Phase 1-2a multi-center clinical trial of EO1001 as a potential treatment for recurrent solid tumors in collaboration with Senz Oncology Pty Ltd. and Apollomics, Inc. currently ongoing in Australia (ACTRN12620000583943). |

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***EO3001***

EO3001 was previously being developed as a treatment for solid tumors as a single agent or in combination with chemotherapy. The drug's developer ceased development efforts when EO3001 missed its primary endpoints in a Phase 3 clinical trial. Based on a new understanding of EO3001's mechanism of action, we believe EO3001 may be an effective treatment for cancers having ARID1A deficiencies.

We are developing EO3001 (elesclomol) as a proprietary targeted small-molecule drug candidate. We have demonstrated in preclinical studies that EO3001 has potent and selective activity against ARID1A mutant cancer cells. These finding are also supported by third party research and published and peer-reviewed articles. Prior third party clinical trials established a baseline understanding of EO3001's tolerability and pharmacokinetic profile. A new understanding of the drug's biological mechanism, along with our preclinical studies, has led us to re-focus the development of EO3001 as a potential new treatment for patients whose cancers harbor ARID1A mutations. Mutations in ARID1A are associated with treatment resistance and poor outcomes in several cancers including gynecologic malignancies, breast cancer, gastric cancer, colorectal cancer and pancreatic cancer. We have completed API manufacturing and initiated preparation of regulatory documentation to initiate new human clinical trials with EO3001 in the first half of 2026. These trials will be conducted in Australia with the primary objective to establish a recommended dose to potentially advance EO3001 to registration-directed trials in the United States and other international jurisdictions.

On October 27, 2025, we presented a poster entitled *"EO3001: A novel agent for ARID1A-mutant cancers"* at the 2025 AACR-NCI-EORTC International Conference on Molecular Targets and Cancer Therapeutics, highlighting preclinical data supporting the development of EO3001 in ARID1A-mutant solid tumors.

***EO4426***

EO4426 was previously being developed as a treatment for esophageal, lung, colorectal, ovarian, kidney and gastric cancer as a single agent or in combination with chemotherapy. EO4426 was previously tested in multiple indications in Phase 2 clinical trials. We believe the developer ceased development efforts as a result of a change in strategic focus. Based on published third-party preclinical data, we believe that EO4426 has the potential to overcome cytidine deaminase ("CDA") deactivation-related resistance and could meet an unmet medical need in treatment resistant cancers. As a result, we are developing EO4426 as a treatment for solid tumors and hematologic malignancies.

We have entered into an exclusive evaluation and option agreement with Valent Technologies, LLC ("Valent") to evaluate EO4426 (tezacitabine). EO4426 is an orally bioavailable, central nervous system (CNS)-penetrant, small molecule inhibitor of Pol α and ribonucleotide reductase (RNR) that was previously studied as both an intravenous and oral formulation in multiple Phase 1 and Phase 2 third party clinical trials both as a single agent and in combination with chemotherapy. We plan to re-initiate clinical studies with EO4426 in a Phase 1-2a trial to further explore the safety and anti-cancer activity of the EO4426 oral dosage form in solid tumors and hematologic malignancies, including in patients with recurrent tumors following treatment with FDA-approved RNR inhibitors. We plan to undertake GMP drug manufacturing in the first half of 2026 to support the initiation of new clinical trials in Australia in 2026. The primary objective of these clinical trials will be to establish a recommended dose to potentially advance to registration-directed trials in the United States and other international jurisdictions.

On October 27, 2025, we presented a poster entitled *"Development of EO4426: A Brain-Penetrant Dual DNA Polymerase α and Ribonucleotide Reductase Inhibitor"* at the 2025 AACR-NCI-EORTC International Conference on Molecular Targets and Cancer Therapeutics, highlighting preclinical data supporting EO4426's potential to overcome cytidine-deaminase-mediated resistance. The EO4426 program was further featured at the 2025 Society for Neuro-Oncology Annual Meeting between November 19 and November 23, 2025, where a distinct poster described data on EO4426's central nervous system penetration and its development as a potential therapy for CNS malignancies.

***Orotecan***

Orotecan (oral irinotecan HCl, VAL-413) is a proprietary-oral formulation of irinotecan hydrochloride. Orotecan (oral irinotecan HCl, VAL-413) is a proprietary oral formulation of irinotecan hydrochloride. Intravenous (IV) irinotecan HCl is approved by the FDA for the treatment of metastatic colorectal cancer, either in combination with 5-fluorouracil and leucovorin or as monotherapy in patients whose disease has progressed following fluorouracil-based therapy. In clinical practice, IV irinotecan is also used off-label, either alone or in combination regimens, to treat a range of other malignancies, including gastric cancer, pancreatic cancer, small cell lung cancer, cervical cancer, ovarian cancer, esophageal cancer, neuroendocrine tumors, adrenal tumors, soft tissue sarcomas, and bone cancers.

Although not formally approved in oral form, IV irinotecan is sometimes administered orally in pediatric oncology for the treatment of recurrent or relapsed cancers such as Ewing sarcoma, rhabdomyosarcoma, medulloblastoma, and neuroblastoma. However, the poor palatability of the IV formulation when taken orally has limited its broader clinical adoption. There are currently no FDA-approved oral formulations of irinotecan, the active ingredient in our Orotecan product candidate. All marketed formulations are available only as injectable dosage forms, including intravenous irinotecan (Camptosar® and generic equivalents) and liposomal irinotecan (ONIVYDE®).

We believe that the development of a well-tolerated oral formulation of irinotecan may improve adherence, patient experience, and overall treatment uptake, particularly in adolescent populations. To that end, we have entered into an Evaluation and Option Agreement with Valent for exclusive rights to VAL-413 (Orotecan).

We are currently conducting a Phase 1–2 clinical trial evaluating Orotecan as a treatment for recurrent pediatric cancers, in collaboration with Valent. Preliminary pharmacokinetic data from the ongoing Phase 1–2a trial suggest that Orotecan achieves systemic exposure (AUC) and concentration-time profiles for irinotecan and its active metabolites—SN-38 and SN-38 glucuronide—that are comparable to those observed with oral administration of the unformulated IV irinotecan product, across all dose levels studied. These findings support the pharmacokinetic equivalence of Orotecan's oral formulation to the current clinical practice of administering unformulated IV irinotecan orally.

If successfully developed and approved, Orotecan would represent the first oral irinotecan hydrochloride product approved in the United States.

***EO1001***

EO1001 is a proprietary patented, oral, brain-penetrating, irreversible pan-ErbB inhibitor targeting EGFR (ErbB1), HER2 (ErbB2) and HER4 (ErbB4) kinases. EO1001 was previously undergoing preclinical development as a potential treatment for glioblastoma. We acquired the rights to EO1001 in 2018. We are currently conducting a Phase 1-2a clinical trial with EO1001 as a potential treatment for recurrent solid tumors in collaboration with Senz Oncology Pty Ltd., and Apollomics, Inc. We have established a maximum tolerated dose and data to date support clinical activity against solid tumors harboring ErbB mutations. We have granted Apollomics, Inc. the exclusive rights to develop and commercialize EO1001 globally, except in the regions of China, Hong Kong and Taiwan. The commercial rights to EO1001 and our E01000 series for China, Hong Kong, and Taiwan are owned by an affiliated party of Jiangsu Kanion Pharmaceutical Co. LTD.

We presented a poster entitled *"Initial Findings from a First-in-Human Study of EO1001 in Patients with Recurrent Primary CNS Tumors"* at the Society for NeuroOncology 2025 Annual Meeting between November 19 and November 23, 2025, providing early clinical safety, pharmacokinetic, and exploratory efficacy data from the EO1001 Phase 1 dose-escalation portion of the ongoing Phase 1-2a study.

**Employees and Human Capital**

As of the date of this prospectus, we do not have any employees, but we retain the services of twelve (12) contractors, five (5) of which serve in executive positions pursuant to consulting agreements. For a further description of these agreements, please refer to the section of this prospectus entitled "Executive Compensation" beginning on page 100. We plan on engaging some or all of these consultants as employees if and when we are adequately funded. Additionally, our ability to execute our business plan will depend in significant part on the continued service of these consultants and our future ability to recruit and retain qualified personnel.

**Implications of Being an Emerging Growth Company and a Smaller Reporting Company**

We qualify as an "emerging growth company" as defined in the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. For so long as we remain an emerging growth company, we may take advantage of relief from certain reporting requirements and other burdens that are otherwise applicable generally to public companies. These provisions include:

● being permitted to provide only two years of audited financial statements, in addition to any required unaudited interim financial statements with correspondingly reduced "Management's Discussion and Analysis of Financial Condition and Results of Operations" disclosure;

● an exemption from compliance with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, as amended, in the assessment of our internal control over financial reporting;

● reduced disclosure about our executive compensation arrangements in our periodic reports, proxy statements and registration statements;

● exemptions from the requirements of holding non-binding advisory votes on executive compensation or golden parachute arrangements; and

● an exemption from compliance with the requirements of the Public Company Accounting Oversight Board regarding the communication of critical audit matters in the auditor's report on financial statements.

We may take advantage of these provisions until the last day of the fiscal year ending after the fifth anniversary of the completion of this offering or such earlier time that we no longer qualify as an emerging growth company. We will cease to qualify as an emerging growth company on the date that is the earliest of: (1) the last day of our fiscal year in which we have more than $1.235 billion in total annual gross revenues, (2) the last day of the fiscal year following the fifth anniversary of the date of the first sale of common equity securities pursuant to an effective registration statement under the Securities Act of 1933, (3) the date on which we have, during the previous three year period, issued more than $1 billion in non-convertible debt; or (4) the date on which we are deemed to be a "large accelerated filer"<sup>1</sup> under the Exchange Act. We have taken advantage of certain reduced reporting requirements in this prospectus. Accordingly, the information contained herein may be different than you might obtain from other public companies in which you hold equity interests.

In addition, under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards until such time as those standards apply to private companies. We have elected to take advantage of the extended transition period to comply with new or revised accounting standards and to adopt certain of the reduced disclosure requirements available to emerging growth companies. As a result of the accounting standards election, we will not be subject to the same implementation timing for new or revised accounting standards as other public companies that are not emerging growth companies, which may make comparison of our financials to those of other public companies more difficult.

We are also a "smaller reporting company" as defined under the Exchange Act. We may continue to be a smaller reporting company for so long as either (i) the market value of our Common Stock held by non-affiliates is less than $250 million as of the last business day of our most recently completed second fiscal quarter or (ii) our annual revenue was less than $100 million during the most recently completed fiscal year and the market value of our Common Stock held by non-affiliates is less than $700 million as of the last business day of our most recently completed second quarter. If we are a smaller reporting company at the time we cease to be an emerging growth company, we may continue to rely on exemptions from certain disclosure requirements that are available to smaller reporting companies. Specifically, as a smaller reporting company, we may choose to present only the two most recent fiscal years of audited financial statements in our Annual Report on Form 10-K and have reduced disclosure obligations regarding executive compensation, and, similar to emerging growth companies, if we are a smaller reporting company with less than $100 million in annual revenue, we would not be required to obtain an attestation report on internal control over financial reporting issued by an independent registered public accounting firm.

<sup>1</sup> Under the Exchange Act, we will be deemed to be a "large accelerated filer" at such time that we (a) have an aggregate worldwide market value of our Common Stock held by non-affiliates of $700 million or more as of the last business day of our most recently completed second fiscal quarter, (b) have been required to file annual and quarterly reports under the Securities Exchange Act of 1934, as amended, or the Exchange Act, for a period of at least 12 months and (c) have filed at least one annual report pursuant to the Exchange Act.

**Risk Factor Summary**

***The Company faces many risks and uncertainties, as more fully described in this prospectus. Some of these risks and uncertainties are summarized below. The summary below does not contain all of the information that may be important to you, and you should read this summary together with the more detailed discussion of these risks and uncertainties contained in the Section entitled "Risk Factors."***

**Risks Related to this Offering, Ownership of our Common Stock, and our Status as a Public Company.**

● We have broad discretion on how we use the proceeds of this offering and may not use these proceeds effectively, which could affect our results of operations and cause our Common Stock to decline.

● If our stock price fluctuates after the offering, you could lose a significant part of your investment.

● Future sales of Common Stock in the public markets, or the perception that such sales could occur, could depress the market price of our Common Stock.

● An active public trading market for our Common Stock may not develop or be sustained.

● Our stock price may be extremely volatile, and your investment in our Common Stock could result in a decline in value.

● Sales of a substantial number of shares of our Common Stock in the public market could occur at any time. This could cause the market price of our Common Stock to drop significantly, even if our business is doing well.

● Our executive officers, directors and their affiliates, if they choose to act together, have the ability to significantly influence all matters submitted to stockholders for approval.

● Concentration of ownership of our Common Stock among our existing executive officers, directors and principal stockholders may prevent new investors from influencing significant corporate decisions.

● We are an "emerging growth company" and a "smaller reporting company" and, as a result of the reduced disclosure and governance requirements applicable to emerging growth companies and smaller reporting companies, our Common Stock may be less attractive to investors.

● Our initial public offering price is substantially higher than the pro forma as adjusted net tangible book value per share of our Common Stock. If you purchase shares of Common Stock in this offering, you will suffer immediate and substantial dilution.

● Our management has broad discretion in the use of the net proceeds from this offering, and our use of the net proceeds may not enhance our operating results or the price of our Common Stock.

● We have identified material weaknesses in our internal control over financial reporting. If we are unable to remediate these material weaknesses, or if we identify additional material weaknesses in the future or otherwise fail to maintain effective internal control over financial reporting, we may not be able to accurately or timely report our financial condition or results of operations, which may adversely affect our business.

● We do not intend to pay dividends in the foreseeable future. As a result, your ability to achieve a return on your investment will depend solely on the appreciation in the price of our Common Stock.

● We will incur significant increased costs as a result of operating as a public company, and our management will be required to devote substantial time to new compliance initiatives.

**Risks Related to our Financial Position and Need for Additional Capital**

● We have incurred significant losses since inception and we expect to incur losses for the foreseeable future and may never achieve or maintain profitability.

● We will need substantial additional funding to execute our business plan. If we are unable to raise capital when needed, we will be forced to delay, reduce, eliminate or prioritize among our research and product development programs or future commercialization efforts.

● We will need to raise additional capital to expand our business, which may cause dilution to our stockholders, including purchasers of Common Stock in this offering, restrict our operations or require us to relinquish rights to our technologies or product candidates.

● Our limited operating history makes it difficult to evaluate the success of our business and to assess our future prospects.

● We have never generated revenue from product sales and may never become profitable.

● There is substantial doubt about our ability to continue as a going concern.

● Our cash and the proceeds of this offering will only fund our operations for a limited time, and we will need to raise additional capital to fund our pre-clinical and clinical trials and to support our development and commercialization efforts for our product candidates.

**Risks Related to Discovery, Development and Commercialization**

● If we are unable to advance our current or future product candidates through clinical trials, obtain marketing approval and commercialize or license any product candidate we develop, or experience significant delays in doing so, our business will be materially harmed.

● We are currently and may in the future conduct clinical trials for product candidates outside the United States, and the FDA and comparable foreign regulatory authorities may not accept data from such trials.

● The results of early-stage clinical trials and preclinical studies may not be predictive of future results. Initial success in our ongoing clinical trials may not be indicative of results obtained when these trials are completed or in later stage trials.

● If we encounter difficulties enrolling patients in clinical trials, our clinical development activities could be delayed or otherwise negatively affected, which could adversely affect our business, financial condition, results of operations and prospects.

● Even if we complete the necessary preclinical studies and clinical trials, the marketing approval process is expensive, time-consuming and uncertain and may prevent us or our potential future collaboration partners from obtaining approvals for the commercialization of any product candidate we develop.

● We face significant competition and if our competitors develop and market products that are more effective, safer or less expensive than the product candidates we develop, our commercial opportunities will be negatively impacted.

**Risks Related to Reliance on Third Parties**

● We will depend on third party collaborators for the development and commercialization of our current and future product candidates. Our current and future collaborators may control aspects of our clinical trials which could result in delays to the commercialization of the product candidates we develop. If our collaborations are not successful, we may not be able to capitalize on the market potential of these product candidates.

● If conflicts arise between us and our collaborators or strategic partners, these parties may act in a manner adverse to us and could limit our ability to implement our strategies.

● We contract with third parties to manufacture our product candidates, which may increase the risk that we will not have sufficient quantities for our development programs, such quantities may not meet the applicable regulatory quality standards, or we may not be able to obtain such quantities at an acceptable cost, which could adversely affect our development efforts.

**Risks Related to Intellectual Property**

● Our intellectual property is critical to our success and in part depends on our ability to maintain, protect, and expand our portfolio of intellectual property rights.

● The intellectual property landscape in the field of oncology therapeutics is crowded, and third parties may initiate legal proceedings alleging that we are infringing, misappropriating, or otherwise violating their intellectual property rights, the outcome of which would be uncertain and could have a material adverse effect on the success of our business.

**Risks Related to Employee Matters, Managing our Growth and Other Risks Related to our Business.**

● We are highly dependent on our key personnel, who are currently retained as consultants. If we are not successful in attracting, motivating and retaining highly qualified personnel, we may not be able to successfully implement our business strategy.

● We face risks related to health epidemics, pandemics and other widespread outbreaks of contagious disease, which could significantly disrupt our operations, impact our financial results or otherwise adversely impact our business.

● Our future ability to utilize our net operating loss carryforwards and certain other tax attributes may be limited.

**Risks Related to Data Privacy, Data Protection, AI, Business and Operational Resilience, and Information Security**

● If our information technology systems, or those used by our third party collaborators, clinical trial sites or other contractors or consultants with whom we work, or our data systems, are or were compromised (or suspected to have been compromised), we could experience adverse consequences, including but not limited to regulatory investigations, enforcement action, or other or action, litigation, fines and penalties, disruptions of our business operations, reputational harm and other adverse consequences.

● Our business is dependent on the integrity of information technology systems and failure of such systems could disrupt our business, result in regulatory investigations or actions; litigation; fines and penalties; reputational harm; loss of revenue or profits; and other adverse consequences.

**Corporate Information**

We are a Nevada corporation, originally incorporated in July 2018. Our principal corporate office in the United States is at 3475 Edison Way, Suite R Menlo Park, California, 94025 telephone: 650-690-1927. Our internet address is <u>www.edisononcology.com</u>. The information contained on, or accessible through, our website is not incorporated by reference into this prospectus. We have included our website in this prospectus solely as an inactive textual reference.

**The Offering**

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| | |
|:---|:---|
| Common Stock offered |  |
| &nbsp;&nbsp;&nbsp;By us | 2777777 |
| &nbsp;&nbsp;&nbsp;By the selling stockholder | 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 2827777 |
| Underwriters' option to purchase additional shares | We have granted the underwriters an option for a period of 45 days to purchase up to the following additional shares, solely to cover over-allotments, if any: |
| &nbsp;&nbsp;&nbsp;By us | 416667 |
| &nbsp;&nbsp;&nbsp;By the selling stockholder | 7500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 424167 |
| Common Stock to be outstanding immediately after this offering | 8,282,037 shares (or 8,698,704 shares if the underwriters exercise in full their option to purchase additional shares), which also includes shares of Common Stock to be issued upon the mandatory conversion of convertible notes outstanding (with interest accrued through October 31, 2025 for purposes of this calculation). |
| Underwriter's Warrants | We have agreed to issue to the Representative (as defined herein) or its designees warrants to purchase up to a total of 7% of the shares of Common Stock sold in this offering (including the shares sold through the selling stockholder and through the exercise of the over-allotment option) (the "Underwriter Warrants"). Such warrants and underlying shares of Common Stock are not being registered in this prospectus. The warrants are exercisable at $9.00 per share (100% of the public offering price per ordinary share) commencing on a date which is six (6) months from the commencement of sales of the offering under this prospectus and expiring on a date which is no more than five (5) years from the commencement of sales of the offering in compliance with FINRA Rule 5110. |
| Use of proceeds | We estimate that the net proceeds from the offering of 2,777,777 shares of Common Stock offered by us will be approximately $22.40 million, (or approximately $25.85 million if the underwriters exercise in full their option to purchase up to additional shares of Common Stock), assuming an initial public offering price of $9.00 per share, which is the midpoint of the price range set forth on the cover page of this prospectus, after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us. |
|  | We intend to use the net proceeds from this offering, together with our existing cash and cash equivalents, (i) to fund research and development activities related to the clinical development of our product candidates, (ii) to fund other research and development activities, (iii) to pay outstanding trade payables and accrued expenses incurred in the ordinary course of business, (iv) to pay anticipated investor relations costs for 12 months post-offering and (v) for working capital and other general corporate purposes. See the section entitled "Use of Proceeds" beginning for additional information.<br>We will not receive any proceeds from the sales of shares of Common Stock sold by the selling stockholder. |
| Risk factors | You should read the section entitled "Risk Factors" for a discussion of factors you should consider carefully, together with all the other information included in this prospectus, before deciding to invest in our Common Stock. |
| Proposed NYSE American symbol | "EOHC" |

---

The Pro Forma number of shares of our Common Stock to be outstanding after this offering is based on 4,077,014 shares of our Common Stock outstanding as of September 30, 2025, after giving effect to the following issuances: (i) the sale of 2,777,777 shares from us in this offering (excluding over-allotments), (ii) the issuance of 3,334 shares of Common Stock issued subsequent to September 30, 2025, and (iii) approximately 1,423,912 shares of Common Stock that will be automatically issued at the closing of this offering upon the conversion of outstanding convertible notes and accrued interest as of October 31, 2025, which assumes a price per share in this Offering of $9.00, consisting of: (i) $565,000 in principal of Series B Convertible Notes ("Series B Notes") plus accrued interest, which will automatically convert into approximately 651,901 shares of Common Stock (assuming conversion price of approximately $1.416, calculated based off of $8,000,000 divided by fully diluted capitalization of Company as described in the Series B Notes) (ii) $2,295,000 in principal of Series C Convertible Notes ("Series C Notes") plus accrued interest, which will automatically convert into approximately 378,279 shares of Common Stock (assuming conversion price of $7.68 as described in the Series C Notes), and (iii) $2,606,600 in principal of Series D Convertible Notes ("Series D Notes") plus accrued interest, which will automatically convert into approximately 393,732 shares of Common Stock (assuming conversion price of $7.20, or 80% of the assumed $9.00 initial public offering price of the Common Stock as described in the Series D Notes), but excludes:

● 605,975 shares of our Common Stock issuable upon the exercise of options outstanding under our Amended and Restated 2021 Omnibus Equity Incentive Plan, at a weighted-average exercise price of $3.04 per share;

● 1,230,957 shares of our Common Stock available for future issuance under the 2025 Omnibus Equity Incentive Plan, which was approved by the shareholders on September 30, 2025;

● 254,493 shares of Common Stock underlying outstanding warrants, at a weighted average exercise price of $3.70 per share (with such average exercise price including 32,227 warrants issued with the Series B Notes, which exercise price is assumed to be $7.65 per share (85% of the price paid per share of Common Stock in this initial public offering)).

● the issuance of shares of Common Stock upon exercise of the Underwriter Warrants being issued in this offering; and

● the issuance of shares upon exercise by the underwriters of their option to purchase up to 416,667 shares of Common Stock from us to cover over-allotments, if any.

**RISK FACTORS**

*Investing in our securities involves a high degree of risk. You should carefully consider the risks described below, as well as the other information in this prospectus before deciding whether to invest in our securities. The risks and uncertainties described below are not the only ones facing us. Additional risks and uncertainties not presently known to us or that we currently believe are immaterial may also impair our business operations. The occurrence of any of the events or developments described below could harm our business, financial condition, results of operations and growth prospects. In such an event you may lose all or part of your investment.*

**Risk Related to this Offering, Ownership of our Common Stock, and our Status as a Public Company.**

***We have broad discretion on how we use the proceeds of this offering and may not use these proceeds effectively, which could affect our results of operations and cause our Common Stock to decline.***

We will have considerable discretion on the use of the net proceeds from this offering. We intend to use the net proceeds from this offering, together with our existing cash and cash equivalents, (i) to fund research and development activities related to the clinical development of our product candidates, (ii) to fund other research and development activities, (iii) for working capital and (iv) for other general corporate purposes. As a result, investors will be relying upon management's judgment with only limited information about our specific intentions for the use of the net proceeds of this offering. We may use the net proceeds for purposes that do not yield a significant return or any return at all for our stockholders.

***If our stock price fluctuates after the offering, you could lose a significant part of your investment.***

The market price of our Common Stock could be subject to wide fluctuations as a result of, among other things, the risk factors described in this prospectus, and other factors beyond our control, such as fluctuations in the valuation of companies perceived by investors to be comparable to us. Furthermore, stock markets have experienced price and volume fluctuations that have affected and continue to affect the market prices of equity securities of many companies. These fluctuations often have been unrelated or disproportionate to the operating performance of those companies. These broad market and industry fluctuations, as well as general economic, political, and market conditions, such as recessions, interest rate changes or international currency fluctuations, may negatively affect the market price of our Common Stock. In the past, many companies that have experienced volatility in the market price of their stock have been subject to securities class action litigation. We may be the target of this type of litigation in the future. Securities litigation against us could result in substantial costs and divert our management's attention from other business concerns, which could seriously harm our business.

***Future sales of Common Stock in the public markets, or the perception that such sales could occur, could depress the market price of our Common Stock.***

Sales of our Common Stock in the public markets, or the perception that such sales could occur, could depress the market price of our Common Stock. A substantial number of shares of Common Stock are being offered by this prospectus. We cannot predict the number of these shares that might be sold nor the effect that future sales of our Common Stock, including shares issuable upon the exercise of outstanding warrants or options, could have on the market price of our Common Stock.

***We may issue shares of preferred stock in the future, which could make it difficult for another company to acquire us or could otherwise adversely affect holders of our Common Stock, which could depress the price of our Common Stock.***

Our Articles of Incorporation authorizes us to issue one or more series of preferred stock. Our board of directors will have the authority to determine the preferences, limitations and relative rights of the shares of preferred stock and to fix the number of shares constituting any series and the designation of such series, without any further vote or action by our shareholders. Our preferred stock could be issued with voting, liquidation, dividend and other rights superior to the rights of our Common Stock. The potential issuance of preferred stock may delay or prevent a change in control of us, discouraging bids for our Common Stock at a premium to the market price, and materially adversely affect the market price and the voting and other rights of the holders of our Common Stock.

***An active public trading market for our Common Stock may not develop or be sustained.***

Prior to this offering, there has been no public market or active private market for trading shares of our Common Stock. We will list our Common Stock on the NYSE American in connection with this offering; however, an active trading market may not develop following the completion of this offering or, if developed, may not be sustained. The lack of an active market may impair your ability to sell your shares at the time you wish to sell them or at a price that you consider reasonable. The lack of an active market may also reduce the price of shares of Common Stock. An inactive market may impair our ability to raise capital by selling shares and our ability to use our capital stock to acquire other companies or technologies. We cannot predict the prices at which our Common Stock will trade. The initial public offering price of our Common Stock may not bear any relationship to the market price at which our Common Stock will trade after this offering.

***Our stock price may be extremely volatile, and your investment in our Common Stock could result in a decline in value.***

You should consider an investment in our Common Stock to be high risk and invest only if you can withstand a significant loss and wide fluctuations in the market value of your investment. Investors who purchase our Common Stock may not be able to sell their shares at or above the purchase price. The market prices for securities of pharmaceutical companies have been highly volatile. In addition, the volatility of pharmaceutical company stocks often does not correlate to the operating performance of the companies represented by such stocks. Some of the factors that may cause the market price of our Common Stock to fluctuate include, but are not limited to:

● adverse results or delays in our pre-clinical research activities and clinical trials;

● the timing or delay of achievement of our clinical, regulatory, partnering and other milestones, such as the commencement of clinical development, the completion of a clinical trial, the receipt of regulatory approval or the establishment or termination of a commercial partnership for one or more of our product candidates;

● the success of our collaborators and third-party contract researchers and their ability or failure to meet their obligations to us;

● announcement of an FDA approval or non-approval of our product candidates or delays in the FDA review process;

● actions taken by regulatory agencies with respect to our product candidates, our clinical trials or our sales and marketing activities;

● the commercial success of any product approved by the FDA or its foreign counterparts;

● regulatory developments in the United States and foreign countries;

● changes in the structure of healthcare payment systems;

● any intellectual property infringement lawsuit involving us;

● announcements of technological innovations or new products by us or our competitors;

● market conditions for the biotechnology or pharmaceutical industries in general;

● changes in financial estimates or recommendations by securities analysts;

● sales of large amounts of our Common Stock;

● sales of our Common Stock by our executive officers, directors and significant stockholders;

● direct sales of our Common Stock related to financing arrangements;

● restatements of our financial results and/or material weaknesses in our internal controls;

● the loss of any of our key scientific or management personnel; and

● announcements regarding the ongoing exploration of the strategic options available to us.

The stock markets in general, and the markets for biotechnology stocks in particular, have experienced extreme volatility and price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of particular companies. These broad market and industry factors may seriously harm the market price of our Common Stock, regardless of our operating performance. In the past, class action litigation has been instituted against companies whose securities have experienced periods of volatility in market price. Any such litigation brought against us could result in substantial costs, which would hurt our financial condition and results of operations, divert management's attention and resources, and possibly delay our clinical trials or commercialization efforts.

***Sales of a substantial number of shares of our Common Stock in the public market could occur at any time. This could cause the market price of our Common Stock to drop significantly, even if our business is doing well.***

Sales of a substantial number of shares of our Common Stock in the public market could occur at any time. These sales, or the perception in the market that the holders of a large number of shares, particularly our directors, officers and principal stockholders, could reduce the market price of our Common Stock. After this offering, assuming full subscription with no over-allotment exercised, and further assuming the automatic conversion of all of our outstanding convertible promissory notes (with interest accrued through October 31, 2025), we will have 8,282,037 shares of Common Stock outstanding based on 4,080,348 shares outstanding as of October 31, 2025. This includes the shares that we are selling in this offering, which may be resold in the public market immediately. Following the consummation of this offering and assuming the full subscription but not any over-allotment, approximately 23.53% of our outstanding shares will be subject to a 180-day lock-up period provided under lock-up agreements executed in connection with this offering described in "Underwriting" and restricted from immediate resale under the federal securities laws as described in "Shares Eligible for Future Sale." All of these shares will, however, be able to be resold after the expiration of the lock-up period, as well as pursuant to customary exceptions thereto or upon the waiver of the lock-up agreement by on behalf of the underwriters. We also intend to register shares of Common Stock that we may issue under our equity compensation plans. Once we register these shares, they can be freely sold in the public market upon issuance, subject to the lock-up agreements. As restrictions on resale end, the market price of our stock could decline if the holders of currently-restricted shares sell them or are perceived by the market as intending to sell them.

We intend to register the offer and sale of an aggregate of approximately shares of Common Stock that have been issued or reserved for future issuance under our equity compensation plans on a Form S-8 registration statement. Once we register the offer and sale of these shares, they can be freely sold in the public market upon issuance, subject to the market standoff or lock-up agreements or unless they are held by "affiliates," as that term is defined in Rule 144 of the Securities Act. If the holders of these shares choose to sell a large number of shares, they could adversely affect the market price for our Common Stock.

We may also issue shares of our Common Stock or securities convertible into shares of our Common Stock from time to time in connection with a financing, acquisition, investment or otherwise. Any such issuance could result in substantial dilution to our existing stockholders and cause the trading price of our Common Stock to decline.

***Our executive officers, directors and their affiliates, if they choose to act together, have the ability to significantly influence all matters submitted to stockholders for approval.***

Upon the closing of this offering, based on the number of Common Stock outstanding as of October 31, 2025, our executive officers, directors and stockholders who owned more than 5% of our outstanding Common Stock before this offering and their respective affiliates will, in the aggregate, hold Common Stock representing approximately 33.77% of our outstanding Common Stock. As a result, if these stockholders choose to act together, they would be able to control or significantly influence all matters submitted to our stockholders for approval, as well as our management and affairs. For example, these persons, if they choose to act together, would control or significantly influence the election of directors, the composition of our management and approval of any merger, consolidation, sale of all or substantially all of our assets or other business combination that other stockholders may desire. Any of these actions could adversely affect the market price of our Common Stock. This concentration of ownership control may:

● delay, defer, or prevent a change in control;

● entrench our management and board of directors; or

● delay or prevent a merger, consolidation, takeover, or other business combination involving us that other stockholders may desire.

***Concentration of ownership of our Common Stock among our existing executive officers, directors and principal stockholders may prevent new investors from influencing significant corporate decisions.***

Our executive officers, directors and current beneficial owners of 5% or more of our Common Stock and their respective affiliates beneficially own over 68.47% of our outstanding Common Stock prior to this offering (excluding the conversion of Series B Notes, Series C Notes and Series D Notes as more fully described in our "Description of Securities" Section of this Registration Statement) and will continue to own a substantial portion of our Common Stock following this offering. As a result, depending on the number of securities sold in this offering, and the price per share, such persons, acting together, may be able to significantly influence all matters requiring stockholder approval, including the election and removal of directors, any merger, consolidation, sale of all or substantially all of our assets, or other significant corporate transactions.

Some of these persons or entities may have interests different than yours. For example, because many of these stockholders purchased their shares at prices substantially below the current market price of our Common Stock and have held their shares for a longer period, they may be more interested in selling our company to an acquirer than other investors, or they may want us to pursue strategies that deviate from the interests of other stockholders.

***We are an "emerging growth company" and a "smaller reporting company" and, as a result of the reduced disclosure and governance requirements applicable to emerging growth companies and smaller reporting companies, our Common Stock may be less attractive to investors.***

We are an "emerging growth company" as defined in the JOBS Act and we intend to take advantage of some of the exemptions from reporting requirements that are applicable to other public companies that are not emerging growth companies, including:

● being permitted to provide only two years of audited financial statements, in addition to any required unaudited interim financial statements with correspondingly reduced "Management's Discussion and Analysis of Financial Condition and Results of Operations" disclosure;

● an exemption from compliance with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, as amended, in the assessment of our internal control over financial reporting;

● reduced disclosure obligations regarding executive compensation in our periodic reports, proxy statements and registration statements;

● exemptions from the requirements of holding non-binding advisory votes on executive compensation or golden parachute arrangements; and

● an exemption from compliance with the requirements of the Public Company Accounting Oversight Board regarding the communication of critical audit matters in the auditor's report on financial statements.

We cannot predict if investors will find our Common Stock less attractive because we will rely on these exemptions. If some investors find our Common Stock less attractive as a result, there may be a less active trading market for our Common Stock and our stock price may be more volatile. We may take advantage of these reporting exemptions until we are no longer an emerging growth company. We will remain an emerging growth company until the earlier of: (1) the last day of our fiscal year in which we have more than $1.235 billion in total annual gross revenues, (2) the last day of the fiscal year following the fifth anniversary of the date of the first sale of common equity securities pursuant to an effective registration statement under the Securities Act of 1933, (3) the date on which we have, during the previous three year period, issued more than $1 billion in non-convertible debt; or (4) the date on which we are deemed to be a "large accelerated filer".

In addition, we have elected to take advantage of the extended transition period to comply with new or revised accounting standards and to adopt certain of the reduced disclosure requirements available to emerging growth companies. As a result of the accounting standards election, we will not be subject to the same implementation timing for new or revised accounting standards as other public companies that are not emerging growth companies, which may make comparison of our financials to those of other public companies more difficult. As a result of these elections, the information that we provide in this prospectus may be different than the information investors may receive from other public companies in which they hold equity interests. In addition, it is possible that some investors will find our Common Stock less attractive as a result of these elections, which may result in a less active trading market for our Common Stock and higher volatility in our share price.

Even after we no longer qualify as an emerging growth company, we may, under certain circumstances, still qualify as a "smaller reporting company," which would allow us to take advantage of many of the same exemptions from disclosure requirements, including reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements.

***Our initial public offering price is substantially higher than the pro forma as adjusted net tangible book value per share of our Common Stock. If you purchase shares of Common Stock in this offering, you will suffer immediate and substantial dilution.***

Our initial public offering price is substantially higher than the pro forma as adjusted net tangible book value per share of our Common Stock based on the expected total value of our total assets, less our goodwill and other intangible assets, less our total liabilities immediately following this offering. Based on the assumed offering price of $9.00 per share of Common Stock (which is the midpoint of the price range set forth on the cover page of this prospectus), if you purchase shares of our Common Stock in this offering, you will experience immediate and substantial dilution of $6.75 per share in the price you pay for our Common Stock as compared to the pro forma as adjusted net tangible book value of $2.25 per share, after giving effect to the issuance of shares of our Common Stock in this offering at the initial public offering price of $9.00 per share, as well as the issuance of shares of our Common Stock contemporaneously with the closing of this offering upon the mandatory conversion of our Series B Notes, Series C Notes, and Series D Notes at an average weighted discount to the initial public offering price of 48.1%. Furthermore, if the underwriters exercise their option to purchase additional shares, if outstanding options are exercised, if we issue awards to our employees under our equity incentive plans, or if we otherwise issue additional shares of our Common Stock, you could experience further dilution. As of October 31, 2025, there were (i) outstanding options to purchase an aggregate of 605,975 shares of our Common Stock, at a weighted-average exercise price of $3.04 per share and (ii) outstanding warrants to purchase an aggregate of 254,493 shares of our Common Stock, at a weighted-average exercise price of $3.70 per share (with such average exercise price including 32,227 warrants issued with the Series B Notes, which exercise price is assumed to be $7.65 per share (85% of the price paid per share of Common Stock in the initial public offering pursuant to this prospectus, which is assumed to be $9.00 herein)). To the extent that these outstanding options and / or warrants are exercised, you will incur further dilution.

For a further description of the dilution that you will experience immediately after this offering, see the section entitled "Dilution."

***The Nevada Revised Statute contains provisions that could discourage, delay, or prevent a change in our control, prevent attempts to replace or remove current management and reduce the market price of our stock.***

We are subject to the anti-takeover provisions of the Nevada Revised Statutes ("NRS"). Depending on the number of residents in the state of Nevada who own our shares, we could be subject to the provisions of Sections 78.378 et seq. of the Nevada Revised Statutes which, unless otherwise provided in our articles of incorporation or by-laws, restricts the ability of an acquiring person to obtain a controlling interest of 20% or more of our voting shares. Our articles of incorporation and by-laws do not contain any provision which would currently keep the change of control restrictions of Section 78.378 from applying to us.

We are subject to the provisions of Sections 78.411 et seq. of the Nevada Revised Statutes. In general, this statute prohibits a publicly held Nevada corporation from engaging in a "combination" with an "interested stockholder" for a period of three years after the date of the transaction in which the person became an interested stockholder, unless the combination or the transaction by which the person became an interested stockholder is approved by the corporation's Board before the person becomes an interested stockholder. After the expiration of the three-year period, the corporation may engage in a combination with an interested stockholder under certain circumstances, including if the combination is approved by the Board and/or stockholders in a prescribed manner, or if specified requirements are met regarding consideration. The term "combination" includes mergers, asset sales and other transactions resulting in a financial benefit to the interested stockholder. Subject to certain exceptions, an "interested stockholder" is a person who, together with affiliates and associates, owns, or within three years did own, 10% or more of the corporation's voting stock. A Nevada corporation may "opt out" from the application of NRS Section 78.411 et seq. through a provision in its articles of incorporation or by-laws. We have not "opted out" from the application of this section.

***Our Organizational Documents limit the liability of our officers and directors.***

Our Articles of Incorporation contain a provision that no director or officer will be personally liable to us or our stockholders for damages regarding breaches of fiduciary duty. Additionally, our bylaws, provide that we will indemnify our officers and directors for any liability, including reasonable costs of defense, arising out of any act or omission of any officer or director on our behalf to the fullest extent allowed by the laws of the State of Nevada, if the officer or director acted in good faith and in a manner the officer or director reasonably believed to be in, or not opposed to, the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe the conduct was unlawful. This limitation on liability may reduce the likelihood of derivative litigation against our officers and directors and may discourage or deter our stockholders from suing our officers and directors based upon breaches of their duties to us. The foregoing indemnification obligations could result in our incurring substantial expenditures to cover the cost of settlement or damage awards against directors and officers, which we may be unable to recoup since we would be prevented from recovering damages for certain alleged errors or omissions for liabilities incurred in connection with our officers' and directors' good faith acts. Additionally, these provisions and resultant costs may also discourage our bringing a lawsuit against directors and officers for breaches of their fiduciary duties and may similarly discourage the filing of derivative litigation by our shareholders against our directors and officers, even though such actions, if successful, might otherwise benefit us and our shareholders.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers or controlling persons pursuant to the foregoing provisions, or otherwise, we have been advised that in the opinion of the Securities and Exchange Commission this indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. Stockholders who have questions respecting the fiduciary obligations of our officers and directors should consult with independent legal counsel.

***Litigation may adversely affect our business, financial condition, and results of operations.***

From time to time in the normal course of its business operations, we may become subject to litigation that may result in liability material to our financial statements as a whole or may negatively affect our s operating results if changes to our business operations are required. The cost to defend such litigation may be significant and may require a diversion of resources. There also may be adverse publicity associated with litigation that could negatively affect customer perception of our business, regardless of whether the allegations are valid or whether we are ultimately found liable. Insurance may be unavailable at all or in sufficient amounts to cover any liabilities with respect to these or other matters. A judgment or other liability in excess of the insurance coverage for any claims could have a material adverse effect on our business, results of operations, and financial condition.

***Our bylaws limit the liability of, and provide indemnification for, our officers and directors.***

Our bylaws, provide that we shall indemnify our officers and directors for any liability including reasonable costs of defense arising out of any act or omission of any officer or director on our behalf to the full extent allowed by the laws of the State of Nevada, if the officer or director acted in good faith and in a manner the officer or director reasonably believed to be in, or not opposed to, the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe the conduct was unlawful. Thus, we may be prevented from recovering damages for certain alleged errors or omissions by the officers and directors for liabilities incurred in connection with their good faith acts. Such an indemnification payment might deplete our assets. Stockholders who have questions respecting the fiduciary obligations of our officers and directors should consult with independent legal counsel. It is the position of the SEC that exculpation from and indemnification for liabilities arising under the Securities Act and the rules and regulations thereunder is against public policy and therefore unenforceable.

***Our management has broad discretion in the use of the net proceeds from this offering, and our use of the net proceeds may not enhance our operating results or the price of our Common Stock.***

We intend to use the net proceeds we receive from this offering to fund ongoing development, including pre-clinical and clinical trials of our product candidate and for general corporate purposes, including working capital, deferred compensation, research and development activities, general and administrative matters and capital expenditures. We may use a portion of the net proceeds to acquire complementary businesses or products. While we do not have agreements or commitments for any specific acquisitions at this time, we may evaluate potential acquisition candidates to enhance our product offerings. Accordingly, our management will have considerable discretion over the specific use of the net proceeds that we receive in this offering and might not be able to obtain a significant return, if any, on investment of these net proceeds. You will not have the opportunity as part of your investment decision to assess whether the net proceeds are being used appropriately. Investors in this offering will need to rely upon the judgment of our management with respect to the use of proceeds. Until the net proceeds are used, they may be placed in investments that do not produce significant income, may be held in demand deposit accounts, or in investments intended to be highly liquid that may nevertheless lose value. If we do not use the net proceeds that we receive in this offering effectively, our business and prospects could be harmed, and the market price of our Common Stock could decline.

***We have identified material weaknesses in our internal control over financial reporting. If we are unable to remediate these material weaknesses, or if we identify additional material weaknesses in the future or otherwise fail to maintain effective internal control over financial reporting, we may not be able to accurately or timely report our financial condition or results of operations, which may adversely affect our business.***

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that it is reasonably possible that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis. Effective internal control over financial reporting is necessary for us to provide reliable financial reports in a timely manner commensurate with the financial reporting requirements of an SEC registrant. Prior to the completion of this offering, we have been a private company and therefore have not designed or maintained internal controls over financial reporting commensurate with the financial reporting requirements of an SEC registrant. Accordingly, we have identified the following material weaknesses:

● We did not design and maintain an effective control environment commensurate with the financial reporting requirements of a public company. Specifically, we lacked a sufficient complement of resources with (i) an appropriate level of accounting knowledge, experience and training to appropriately analyze, record and disclose accounting matters timely and accurately as a public company, and (ii) an appropriate level of knowledge and experience to establish effective processes and controls. Additionally, the lack of a sufficient number of professionals resulted in an inability to consistently design and maintain formal accounting policies, procedures and controls or establish appropriate authorities and responsibilities in pursuit of our financial reporting objectives, as demonstrated by, among other things, insufficient segregation of duties in our finance and accounting functions.

● We did not design and maintain effective controls in response to the risks of material misstatement. Specifically, changes to existing controls or the implementation of new controls were not sufficient to timely respond to changes to the risks of material misstatement to financial reporting due to changes in the complexity in the business.

These material weaknesses contributed to the following additional material weaknesses:

● We did not design and maintain effective controls over the preparation of the financial being audited.

● We did not design and maintain effective controls over a significant account process.

● We had inadequate account reconciliation process and documentation.

● We had inadequate documentation of the components of internal control.

● We had absent or inadequate segregation of duties within a significant account or process.

● We had inadequate design of IT general and application controls to prevent the information system from providing complete and accurate information consistent with financial reporting objectives and current needs.

● We had an absence of an internal process to report deficiencies in internal control to management on a timely basis.

The material weaknesses described above could result in a misstatement of one or more account balances or disclosures that would result in a material misstatement to the annual or interim consolidated financial statements that would not be prevented or detected.

Prior to the completion of this offering, we have been a private company with limited accounting personnel to adequately execute our accounting processes. We are in the process of implementing measures designed to improve our internal control over financial reporting and remediate these material weaknesses. Such measures include, but are not limited to: hiring additional finance and accounting personnel, upgrading our financial systems and implementing information technology general controls, establishing controls to identify, assess, and respond to the risks of material misstatement, and establishing controls to identify and account for certain non-routine, unusual or complex transactions in a timely fashion.

While we are currently in the process of remediating the material weaknesses, we cannot assure you that these efforts will remediate our material weaknesses in a timely manner, or at all. If we are unable to successfully remediate our material weaknesses, or identify any future material weaknesses, the accuracy and timing of our financial reporting may be adversely affected, we may be unable to maintain compliance with securities law requirements regarding timely filing of periodic reports, the market price of our stock may decline as a result, and we could be subject to sanctions or investigations by the SEC, or other regulatory authorities. Failure to remediate any material weakness in our internal control over financial reporting, or to implement or maintain other effective control systems required of public companies, could also restrict our future access to the capital markets.

***We do not intend to pay dividends in the foreseeable future. As a result, your ability to achieve a return on your investment will depend solely on the appreciation in the price of our Common Stock.***

We have never declared or paid any cash dividends on our Common Stock. We currently intend to retain all available funds and any future earnings for use in the operation of our business and do not anticipate paying any dividends on our Common Stock in the foreseeable future. Any determination to pay dividends in the future will be at the discretion of our board of directors. Consequently, your only opportunity to achieve a return on your investment in our company will be if the market price of our Common Stock appreciates and you sell your shares at a profit. There is no guarantee that the price of our Common Stock that will prevail in the market after this offering will ever exceed the price that you pay. For additional information about our dividend policy, see the section entitled "Dividend policy" elsewhere in this prospectus.

***Certain members of our management team have limited experience managing a public company.***

Some of the members of our management team have limited experience managing a publicly traded company, interacting with public company investors, and complying with laws pertaining to public companies. Our management team may not successfully or efficiently manage our transition to being a public company subject to significant regulatory oversight and reporting obligations under the federal securities laws and the continuous scrutiny of securities analysts and investors. These new obligations and constituents will require significant attention from our senior management and could divert their attention away from the day-to-day management of our business, which could adversely affect our business, financial condition, and operating results.

***We will incur significant increased costs as a result of operating as a public company, and our management will be required to devote substantial time to new compliance initiatives.***

As a public company, we will incur legal, accounting and other expenses that we did not incur as a private company. We will be subject to the reporting requirements of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and will be required to comply with the applicable requirements of the Sarbanes-Oxley Act of 2002, or SOX, and the Dodd-Frank Wall Street Reform and Consumer Protection Act, or Dodd-Frank. The listing requirements of the NYSE America Market, and the rules of the Securities and Exchange Commission, or SEC, require that we satisfy certain corporate governance requirements. Our management and other personnel will need to devote a substantial amount of time to ensure that we comply with all of these requirements. Moreover, the reporting requirements, rules and regulations will increase our legal and financial compliance costs and will make some activities more time-consuming and costly. Any changes we make to comply with these obligations may not be sufficient to allow us to satisfy our obligations as a public company on a timely basis, or at all. These reporting requirements, rules and regulations, coupled with the increase in potential litigation exposure associated with being a public company, could also make it more difficult for us to attract and retain qualified persons to serve on our board of directors or board committees or to serve as executive officers, or to obtain certain types of insurance, including directors' and officers' insurance, on acceptable terms.

After this offering, we will be subject to Section 404 of the Sarbanes-Oxley Act, or Section 404, and the related rules of the SEC, which generally require our management and an independent registered public accounting firm to report on the effectiveness of our internal control over financial reporting. In order to maintain effective internal controls, we will need additional financial personnel, systems and resources. Beginning with the second annual report on Form 10-K that we will be required to file with the SEC, Section 404 requires an annual management assessment of the effectiveness of our internal control over financial reporting. The rules governing the standards that must be met for management to assess our internal control over financial reporting are complex and require significant documentation, testing, and possible remediation. To comply with the requirements of being a reporting company under the Exchange Act, we will need to upgrade our systems including information technology; implement additional financial and management controls, reporting systems, and procedures; and hire additional accounting and finance staff.

To date, we have never conducted a review of our internal controls for the purpose of providing the reports required by these rules. During the course of our review and testing, we may identify additional deficiencies and be unable to remediate them before we must provide the required reports. Furthermore, if we have a material weakness in our internal control over financial reporting, we may not detect errors on a timely basis and our financial statements may be materially misstated. We or an independent registered public accounting firm may not be able to conclude on an ongoing basis that we have effective internal control over financial reporting, which could harm our operating results, cause investors to lose confidence in our reported financial information and cause the trading price of our stock to fall. In addition, as a public company we will be required to file accurate and timely quarterly and annual reports with the SEC under the Exchange Act. Any failure to report our financial results on an accurate and timely basis could result in sanctions, lawsuits, delisting of our shares from the NYSE (once we have become listed) or other adverse consequences that would materially harm our business and reputation.

***Our disclosure controls and procedures may not prevent or detect all errors or acts of fraud.***

Upon completion of this offering, we will become subject to certain reporting requirements of the Exchange Act. Our disclosure controls and procedures are designed to reasonably assure that information required to be disclosed by us in reports we file or submit under the Exchange Act is accumulated and communicated to management, recorded, processed, summarized, and reported within the time periods specified in the rules and forms of the SEC. We believe that any disclosure controls and procedures or internal controls and procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met.

These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by an unauthorized override of the controls. Accordingly, because of the inherent limitations in our control system, misstatements or insufficient disclosures due to error or fraud may occur and not be detected.

**Risks Related to our Financial Position and Need for Additional Capital**

***We have incurred significant losses since inception and we expect to incur losses for the foreseeable future and may never achieve or maintain profitability.***

Since inception, we have incurred significant operating losses. For the years ended December 31, 2023 and 2024, we had net losses of $4.1 million and $1.2 million, respectively, and a net loss of $5.2 million for the nine-month period ended September 30, 2025. We have financed our operations primarily through private placements of our securities and through the licensing or sale of certain of our assets. Substantially all of our losses have resulted from expenses incurred in connection with our research and development and from general and administrative costs associated with our operations. We expect to continue to incur significant expenses and increasing operating losses for the foreseeable future. The net losses we incur may fluctuate significantly from quarter to quarter and year to year. We anticipate that our expenses will increase substantially as we:

● continue
 our research programs related to our product candidates, technology and intellectual property;

● seek
 to identify and license or acquire additional research programs and product candidates;

● initiate
 preclinical studies, clinical trials and continue the development of our product candidates;

● maintain,
 expand, enforce, defend and protect our intellectual property portfolio and provide reimbursement of third-party expenses related
 to our patent portfolio;

● seek
 marketing approvals for any product candidates that successfully complete clinical trials;

● develop,
 maintain and enhance a sustainable, scalable, reproducible and transferable manufacturing process for the product candidates we may
 develop;

● hire
 additional employees, including clinical and commercial personnel;

● hire
 clinical and commercial personnel;

● add
 operational, financial and management information systems and personnel, including personnel to support our product development;

● establish
 and maintain third-party collaborations;

● should
 we decide to do so, build and maintain a commercial-scale current Good Manufacturing Practices, or cGMP, manufacturing facility;
 and

● operate
 as a public company.

To generate revenue we must develop and, either directly or through collaborators, commercialize a therapy or therapies with market potential. This will require us to be successful in a range of challenging activities, including identifying product candidates, completing preclinical studies and clinical trials of product candidates, obtaining marketing approval for these product candidates, manufacturing, marketing and selling those therapies for which we may obtain marketing approval and satisfying any post-marketing requirements. We may never succeed in these activities and, even if we do, may never generate revenues that are significant or large enough to achieve profitability.

We have transitioned from research and development to early preclinical and clinical development for our most advanced potential product candidate. Because of the numerous risks and uncertainties associated with developing our product candidates, we are unable to predict the extent of any future losses or when we will become profitable, if at all. If we do achieve profitability, we may not be able to sustain or increase profitability on a quarterly or annual basis. Our failure to become and remain profitable would decrease the value of our company and could impair our ability to raise capital, maintain our research and development efforts, expand our business or continue our operations. A decline in the value of our company could also cause you to lose all or part of your investment.

***We will need substantial additional funding to execute our business plan. If we are unable to raise capital when needed, we will be forced to delay, reduce, eliminate or prioritize among our research and product development programs or future commercialization efforts.***

We expect our expenses to continue to increase in connection with our ongoing activities, particularly as we identify, continue the research and development of, initiate preclinical studies and clinical trials of, and seek marketing approval for product candidates. Because we have limited financial and managerial resources, we have prioritized our research programs and lead optimization efforts in specific indications among many potential options. Specifically, our initial development programs target orphan cancer indications including Ewing sarcoma and ovarian clear cell carcinoma, amongst others. As a result of this prioritization, we may forego or delay pursuit of opportunities with other product candidates or for other indications that later prove to have greater clinical or commercial potential and we may need to reprioritize our focus in the future. Our resource allocation decisions may cause us to fail to capitalize on viable commercial products or profitable market opportunities. Our spending on current and future research and development programs and product candidates for specific indications may not yield any commercially viable therapies.

In addition, if we obtain marketing approval for any of our product candidates, we expect to incur significant commercialization expenses related to product sales, marketing, manufacturing and distribution to the extent that such sales, marketing, manufacturing and distribution are not the responsibility of a collaborator. Furthermore, upon the closing of this offering, we expect to incur additional costs associated with operating as a public company. Accordingly, we will need to obtain substantial additional funding in connection with our continuing operations. If we are unable to raise capital when needed or on attractive terms, we would be forced to delay, reduce or eliminate our research and product development programs or future commercialization efforts.

As of September 30, 2025, our working capital was a deficit of $7.9 million. Assuming the offering is fully subscribed for approximately $25,000,000 (excluding shares sold by the selling stockholder, for which we will not receive any proceeds), without over-allotment, we estimate that the net proceeds of this offering will be approximately $22,398,000, assuming an initial public offering price of $9.00 per share, the midpoint of the price range set forth on the cover of this prospectus, after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us. We expect that the net proceeds from this offering, together with our existing cash and cash equivalents and short-term investments will enable us to fund our operating expenses and capital expenditure requirements for at least the next months. However, our operating plan may change as a result of factors currently unknown to us, and we may need to seek funding sooner than planned. Our future capital requirements will depend on many factors, including those discussed in the risk factor entitled "We have incurred significant losses since inception. We expect to incur losses for the foreseeable future and may never achieve or maintain profitability."

Any additional fundraising efforts may divert our management from their day-to-day activities, which may adversely affect our ability to develop and commercialize any product candidates we may develop. We cannot be certain that additional funding will be available on acceptable terms or at all. We have no committed source of additional capital and, if we are unable to raise additional capital in sufficient amounts or on terms acceptable to us, we may have to significantly delay, scale back or discontinue the development or commercialization of any product candidates or other research and development initiatives. Our license and collaboration agreements and any future collaboration agreements may also be terminated if we are unable to meet the payment or other obligations under the agreements. We could be required to seek collaborators for potential product candidates earlier than we would otherwise plan or on terms that are less favorable than might otherwise be available. We could also be required to relinquish or license our rights to product candidates on unfavorable terms in certain markets where we otherwise would seek to pursue development or commercialization ourselves.

***We will need to raise***  ***additional capital to expand our business, which may cause dilution to our stockholders, including purchasers of Common Stock in this offering, restrict our operations or require us to relinquish rights to our technologies or product candidates.***

We will require additional capital as we continue to execute our business strategy. Our present and future capital requirements will depend on many factors, including:

● the outcome, timing and cost of our pre-clinical and clinical trials to obtain regulatory approval for our proposed current and future products in the United States or other foreign jurisdictions;

● the degree and rate of market adoption of our products, if approved;

● the emergence of new, competing technologies and products;

● the costs of research and development ("R&D") activities we undertake to develop new products and indications;

● the costs of commercialization activities, including sales, marketing and manufacturing;

● the costs of building an internal sales force meeting our requirements for the marketing and sale of our product candidates, if approved;

● our ability to collaborate with third parties on the development and commercialization of our product candidates and products;

● the level of working capital required to support our growth; and

● our need for additional personnel, information technology or other operating infrastructure to support our growth and operations as a public company.

We do not currently have any arrangements or credit facilities in place as a source of funds, and there can be no assurance that we will be able to raise sufficient additional capital on acceptable terms, or at all. If we are not able to secure additional funding, or if funding is not available on satisfactory terms, or is not available at all, we may be required to delay, scale back or eliminate the development of business opportunities and our operations and financial condition may be materially adversely affected. If we choose to pursue additional indications and/or geographies for any of our products or product candidates or otherwise expand more rapidly than we presently anticipate, we may also need to raise additional capital sooner than expected.

Until such time, if ever, as we can generate substantial revenues, we expect to finance our cash needs through a combination of equity offerings, debt financings, collaborations, strategic alliances and licensing arrangements. We do not have any committed external source of funds. To the extent that we raise additional capital through the sale of equity or convertible debt securities, your ownership interest will be diluted and the terms of these securities may include liquidation or other preferences that adversely affect your rights as a common stockholder. Debt financing, if available, may involve agreements that include covenants limiting or restricting our ability to take specific actions, such as incurring additional debt, making capital expenditures, declaring dividends and possibly other restrictions. In addition, if we raise funds through additional license and collaboration agreements, strategic alliances or licensing arrangements with third parties, we may have to relinquish valuable rights related to our intellectual property, technologies, future revenue streams, research programs, product candidates, or we may have to grant licenses on terms that may not be favorable to us.

***Our limited operating history makes it difficult to evaluate the success of our business and to assess our future prospects.***

We are an early-stage company. We were founded and commenced operations in 2018. Our operations to date have been limited to organizing and staffing our company, business planning, raising capital, acquiring and developing our proposed drug candidates. All of our programs are still in the research or preclinical and clinical stage of development and their risk of failure is high. We have not yet demonstrated an ability to successfully complete any clinical trials, including large-scale, pivotal clinical trials, obtain marketing approvals, manufacture a commercial-scale therapy, arrange for a third party to do so on our behalf or conduct sales and marketing activities necessary for successful commercialization. Typically, it takes about 10 to 15 years to develop a new therapy from the time it is discovered to when it is available for treating patients.

Our limited operating history may make it difficult to evaluate our technology and industry and predict our future performance. Our short history as an operating company makes any assessment of our future success or viability subject to significant uncertainty. We will encounter risks and difficulties frequently experienced by early-stage companies in rapidly evolving fields. If we do not address these risks successfully, our business will suffer.

In addition, as a new business, we may encounter other unforeseen expenses, difficulties, complications, delays, and other known and unknown factors. We will need to transition from a company with a research focus to a company capable of supporting commercial activities. We may not be successful in such a transition.

***We have never generated revenue from product sales and may never become profitable.***

Our ability to generate revenue and achieve profitability depends on our ability, alone or with collaborative partners, to successfully complete the development of, and obtain the regulatory approvals necessary to commercialize, product candidates we may identify for development. We do not anticipate generating revenues from product sales for many years, if ever. Our ability to generate future revenues depends heavily on our, or our collaborators', ability to successfully:

● develop
 our product candidates;

● obtain
 regulatory and marketing approvals for our product candidates;

● launch
 and commercialize any product candidates for which we may obtain regulatory and marketing approval by establishing a sales force,
 marketing and distribution infrastructure, or alternatively, collaborating with a commercialization partner;

● qualify
 for adequate coverage and reimbursement by government and third-party payors for any product candidates we decide to commercialize;

● establish
 and maintain supply and manufacturing relationships with third parties that can provide adequate, in both amount and quality, products
 and services to support our pre-clinical and clinical development as well as the market demand for any product candidates we commercialize;

● develop,
 maintain and enhance a sustainable, scalable, reproducible and transferable manufacturing process for the product candidates we may
 develop;

● address
 competing technological and market developments;

● negotiate
 favorable terms in any collaboration, licensing or other arrangements into which we may enter and performing our obligations pursuant
 to such agreements;

● receive
 market acceptance by physicians, patients, healthcare payors, and others in the medical community;

● maintain,
 protect, enforce, defend and expand our portfolio of intellectual property and other proprietary rights, including patents, trade
 secrets and know-how;

● defend
 against third party intellectual property claims of infringement, misappropriation or other violation; and

● attract,
 hire and retain qualified personnel.

Our expenses could increase beyond expectations if we are required by the U.S. Food and Drug Administration, or the FDA, the European Medicines Agency, or the EMA, the Therapeutic Goods Administration of Australia or TGA or other foreign regulatory authorities having jurisdiction over our clinical and other studies in addition to those that we undertake in the future. Even if one or more of our product candidates is approved for commercial sale, we anticipate incurring significant costs associated with commercializing any approved product candidate. Additionally, such products may become subject to unfavorable pricing regulations, third-party reimbursement practices or healthcare reform initiatives. Even if we can generate revenues from the sale of any approved product candidates, we may not become profitable and may need to obtain additional funding to continue operations.

***There is substantial doubt about our ability to continue as a going concern.***

We have concluded that we do not have sufficient cash to fund our operations and drug development and to meet our obligations as they become due within one year from the date that our consolidated financial statements were issued and as a result, there is substantial doubt about our ability to continue as a going concern. Our consolidated financial statements do not include any adjustments that may result from the outcome of this uncertainty. Such adjustments could be material. The perception that we may not be able to continue as a going concern may materially limit our ability to raise additional funds through the issuance of new debt or equity securities or otherwise and no assurance can be given that sufficient funding will be available when needed to allow us to continue as a going concern. This perception may also make it more difficult to operate our business due to concerns about our ability to meet our contractual obligations. If we cannot raise the necessary capital to continue as a viable entity, we could experience a material adverse effect on our business and our stockholders may lose some or all of their investment in us

***Our cash and the proceeds of this offering will only fund our operations for a limited time, and we will need to raise additional capital to fund our pre-clinical and clinical trials and to support our development and commercialization efforts for our product candidates.***

If we do not succeed in raising additional funds on acceptable terms, we will be unable to complete our planned pre-clinical and clinical trials or obtain approval of our product candidates from the FDA, EMA, TGA or other applicable regulatory authorities. In addition, we could be forced to delay, discontinue or curtail product development, forego sales and marketing efforts, and forego licensing in attractive business opportunities. We estimate that we will require substantial additional capital for the completion of our planned pre-clinical and clinical trials and other expenditures that we will need to incur in order to file our initial NDA.

**Risks Related to Discovery, Development and Commercialization**

***If we are unable to advance our current or future product candidates through clinical trials, obtain marketing approval and commercialize or license any product candidate we develop, or experience significant delays in doing so, our business will be materially harmed.***

Our ability to generate product revenues, which we do not expect will occur for several years, if ever, will depend heavily on the successful development and eventual commercialization of the product candidates we develop, which may never occur. Our current product candidates, and any future product candidates we develop, will require additional preclinical and clinical development, management of clinical, preclinical and manufacturing activities, marketing approval in the United States and other markets, demonstrating effectiveness to pricing and reimbursement authorities, obtaining sufficient manufacturing supply for both clinical development and commercial production, building of a commercial organization, and substantial investment and significant marketing efforts before we generate any revenues from product sales. The success of our current and future product candidates will depend on several factors, including the following:

● successful completion of preclinical studies and clinical trials;

● sufficiency of our financial and other resources to complete the necessary preclinical studies and clinical trials and pay the substantial FDA user fees, which may be more than we anticipate;

● acceptance of INDs or foreign equivalents for our planned and future clinical trials;

● successful enrollment and completion of clinical trials;<br>

● data from our clinical programs that supports an acceptable risk-benefit profile of our product candidates in the intended populations;

● receipt of regulatory and marketing approvals from applicable regulatory authorities;

● establishing agreements with third-party manufacturers and their ability to produce sufficient product for clinical supply for our clinical trials and commercial supply, if our product candidate is approved;

● entry into collaborations to further the development of our product candidates;

● obtaining and maintaining patent and trade secret protection or regulatory exclusivity for our product candidates;

● Establishing a commercial infrastructure and successfully launching commercial sales of our product candidates, if and when approved;

● Obtaining and maintaining product pricing, reimbursement, and coverage;

● Successful completion of any required post-marketing studies or other post-market requirements and commitments, including their cost and timing, for any approved products;

● acceptance of the product candidate's benefits and uses, if and when approved, by patients, the medical community and third-party payors;

● maintaining a continued acceptable safety and efficacy profile of the product candidates following approval;

● effectively competing with other therapies;

● obtaining and maintaining relevant periods of regulatory exclusivity;

● enforcing and defending intellectual property rights and claims; and

● national and global policies, including trade policies.

If we are not successful with respect to one or more of these factors in a timely manner or at all, we could experience significant delays or an inability to successfully commercialize the product candidates we develop, which would materially harm our business. If we do not receive marketing approvals any of the product candidates we develop, we may not be able to continue our operations.

***Preclinical and clinical development is uncertain. Our preclinical and clinical programs may experience delays or may never advance to later stage trials, which would adversely affect our ability to obtain regulatory approvals or commercialize these programs on a timely basis or at all, which would have an adverse effect on our business.***

In order to obtain the approval from the FDA, or similar foreign regulatory authorities, to market a new pharmaceutical product we must demonstrate proof of safety, potency and efficacy in humans. To meet these requirements, we will have to conduct adequate and well-controlled clinical trials. Before we can commence clinical trials for a product candidate, we must complete extensive preclinical testing and studies that support our planned INDs in the United States or other jurisdictions. INDs may also, in part, be supported by clinical experience with a product candidate in other jurisdictions. Also, as part of a development program we must undertake chemistry, manufacturing and control development. Product development is expensive, difficult to design and implement, can take many years to complete and is uncertain as to outcome.

We cannot be certain of the timely completion or outcome of our preclinical and clinical testing and studies and cannot predict if the FDA will accept our proposed clinical programs or if the outcome of our preclinical and clinical testing and studies will ultimately support the further development of our programs. As a result, we cannot be sure that we will be able to submit INDs or similar applications for our product candidates on the timelines we expect, if at all, and we cannot be sure that submission of INDs or similar applications will result in the FDA or other regulatory authorities allowing clinical trials to begin and continue.

Conducting preclinical and clinical testing is a lengthy, time-consuming and expensive process. The length of time may vary substantially according to the type, complexity, and novelty of the program, and often can be several years or more per program. Delays associated with programs for which we are conducting preclinical and testing and clinical trials and studies may cause us to incur additional operating expenses. Moreover, we may be affected by delays associated with the preclinical and clinical testing and studies of certain programs that may become the responsibility of our current or potential future partners over which we have no control. The commencement and rate of completion of preclinical studies and clinical trials, as well as the overall development program for a product candidate may be delayed by many factors, including, for example:

● inability to generate sufficient preclinical or other *in vivo* or *in vitro* data to support the initiation of clinical studies;

● delays in reaching a consensus with regulatory agencies on study design;

● the FDA or similar foreign regulatory authorities not allowing us to rely on previous findings of safety and efficacy for other similar but approved products and published scientific literature; and

● Changes in manufacturers, product formulation, manufacturing processes, and other product candidate attributes may require that we conduct additional studies and undertake additional development work.

Moreover, even if clinical trials do commence, our development efforts may not be successful, and clinical trials that we conduct or that third parties conduct on our behalf may not demonstrate sufficient safety or efficacy to obtain the requisite regulatory approvals for any of product candidates we develop. By example, there may be prior results from third party preclinical and clinical trials for our product candidates, of which we are not aware that may impact their future performance. We do not have the rights to the prior regulatory history documents for these products from their prior owners, and we do not have or have the rights to the historical data for these products beyond that which is publicly published. There may be information about these products, including information regarding how regulators regard these products, of which we are not aware and that could have a future adverse impact.

We cannot be sure that our preclinical or clinical trials or manufacturing development will ultimately be successful and support product timely approval. A failure of one or more clinical or preclinical trials, or manufacturing development can occur at any stage. Preclinical and clinical studies may also reveal unfavorable product candidate characteristics, including safety concerns, or may not demonstrate product candidate efficacy. There can be significant variability in results between different clinical trials of the same product candidate due to numerous factors. The outcome of preclinical testing and early clinical trials may not be predictive of the success of later clinical trials, and interim results of a clinical trial do not necessarily predict final results. Moreover, preclinical and clinical data are often susceptible to varying interpretations and analyses, and many companies that have believed their product candidates performed satisfactorily in preclinical studies and clinical trials have nonetheless failed to obtain marketing authorization of their products.

Further, the time required to obtain approval by the FDA, EMA, TGA and comparable foreign authorities is unpredictable but typically takes many years following the commencement of clinical trials and depends upon numerous factors, including the substantial discretion of the regulatory authorities. The approval process is also subject to the substantial discretion of regulatory authorities and the approval procedures vary among countries, can involve additional testing, and the time for approval may materially differ and be subject to administrative delays that we cannot control. Approval by the FDA does not ensure approval by regulatory authorities in other countries or jurisdictions, and approval by one regulatory authority outside the United States does not ensure approval by regulatory authorities in other countries or jurisdictions or by the FDA. However, the failure to obtain approval in one jurisdiction may compromise our ability to obtain approval elsewhere.

There is no guarantee that we will be able to achieve our milestones at all or within our anticipated timeframes. There is also substantial risk that the results of our future or current studies will not ultimately support the approval of a product candidate or continued product development. We may also need to conduct additional studies or generate additional information for which we have not planned. Any delays in obtaining regulatory approval, or if we never obtain regulatory approval, could have a material adverse effect on our business, financial condition and results of operations.

Additionally, we intend to rely on prior third-party clinical trials for certain data and information points related to our current development. We will rely on such third-party clinical trials only to the limited extent that such data may inform the safety and tolerability profile of our product candidates. Although efficacy data from these trials may suggest that a compound demonstrated anti-cancer activity in a general setting, such results are not material to our current development plans and may not be predictive of clinical benefit in our target patient populations. Our decision to pursue new biomarker-driven clinical trials is based on our own scientific rationale, which in certain cases reflects a new understanding of the biological mechanism of our drug candidates. However, this rationale may ultimately prove to be incorrect or insufficient, and the results of our ongoing or planned trials may not confirm our hypotheses. As a result, reliance on prior safety data, coupled with our mechanistic insights, may not increase the likelihood that our product candidates will demonstrate safety or efficacy in clinical trials, achieve regulatory

***We are currently and may in the future conduct clinical trials for product candidates outside the United States, and the FDA and comparable foreign regulatory authorities may not accept data from such trials.***

We are currently, and may in the future choose, to conduct one or more clinical trials outside the United States, including in Australia and Europe. The acceptance of study data from clinical trials conducted outside the United States or another jurisdiction by the FDA or comparable foreign regulatory authority may be subject to certain conditions or may not be accepted at all. In cases where data from foreign clinical trials are intended to serve as the basis for marketing approval in the United States, the FDA will generally not approve the application on the basis of foreign data alone unless (i) the data are applicable to the U.S. population and U.S. medical practice; and (ii) the trials were performed by clinical investigators of recognized competence and pursuant to good clinical practice, or GCP, regulations. Additionally, the FDA's clinical trial requirements, including sufficient size of patient populations and statistical powering, must be met. Many foreign regulatory authorities have similar approval requirements. In addition, such foreign trials would be subject to the applicable local laws of the foreign jurisdictions where the trials are conducted. Foreign clinical trial sites may have less experience conducting clinical studies or conducting clinical studies in accordance with U.S. regulatory requirements. Results for our clinical trials may differ by jurisdiction as a result of varying standards of care or local restrictions on reimbursement from third-party payors for clinical trials, thereby affecting the willingness of the FDA or any comparable foreign regulatory authority to accept such data. There can be no assurance that the FDA or any comparable foreign regulatory authority will accept data from trials conducted outside of the United States or the applicable jurisdiction. If the FDA or any comparable foreign regulatory authority does not accept such data, it would result in the need for additional trials, which could be costly and time-consuming, and which may result in product candidates that we may develop not receiving approval for commercialization in the applicable jurisdiction.

***Clinical product development involves a lengthy and expensive process, with uncertain outcomes. We may experience delays in completing, or ultimately be unable to complete, the development and commercialization of our current and future product candidates.***

To obtain the requisite regulatory approvals to commercialize any of our product candidates, we must demonstrate through extensive preclinical studies and clinical trials that our products are safer, potent and effective in humans. Clinical testing is expensive and can take many years to complete, and its outcome is inherently uncertain. Failure can occur at any time during the clinical trial process and our future clinical trial results may not be successful.

We may experience delays in completing our clinical trials or preclinical studies and initiating or completing additional clinical trials. Regulatory and review authorities may also take longer than we anticipate to make a decision with respect to our product candidates. We may further experience numerous unforeseen events during our clinical trials that could delay or prevent our ability to receive marketing approval or commercialize the product candidates we develop, including:

● regulators or Institutional Review Boards, or IRBs, or ethics committees may not authorize us or our investigators to commence a clinical trial or conduct a clinical trial at a prospective trial site, or may require changes to our studies;

● we may experience delays in reaching, or fail to reach, agreement on acceptable terms with prospective trial sites and prospective contract research organizations, or CROs, or they may withdraw from our studies;

● the FDA may disagree with our planned product pathways, including the use of the 505(b)(2) or accelerated approval pathways;

● the number of patients required for clinical trials may be larger than we anticipate;

● it may be difficult to enroll a sufficient number of patients with a predictive biomarker, we may need to enroll more patients than anticipated, or enrollment in these clinical trials may be slower than we anticipate or participants may drop out of these clinical trials or fail to return for post-treatment follow-up at a higher rate than we anticipate;

● the FDA or comparable regulatory authorities may disagree with our intended indications and study designs- for instance, as further described in this prospectus, we intend to seek FDA approval for our product candidates based on phase 2b studies, including single-arm studies. FDA may disagree with this approach, requiring phase 3 or larger studies, which may be impractical or impossible to conduct;

● it may be more difficult to develop drugs in certain of the indications that we may pursue. For instance, while we believe that FDA has provided a potential pathway for the accelerated approval of Orotecan in combination with temozolomide for Ewing Sarcoma based upon a single Phase 2b trial, FDA has also noted that development for both Ewing Sarcoma and rhabdomyosarcoma may be challenging due to the distinct patient population and because neither product has been approved in the target indications. FDA has also expressed that the development of Orotecan in combination with temozolomide for rhabdomyosarcoma may be particularly challenging due to certain potential study design requirements.

● we, regulators, or IRBs may require the suspension or termination of studies for various reasons, including noncompliance with regulatory requirements or a finding that the participants are being exposed to unacceptable health risks, or we may decide to abandon a development program for business reasons;

● clinical trials may produce negative or inconclusive results or may not meet their primary endpoints, regulators may disagree with our interpretation of results, our studies may fail to reach the necessary level of statistical significance, or we may not be able to demonstrate that our product candidates are safe, effective, or provide an advantage over current standard of care or other therapies. The FDA may also disagree with our statistical analyses and calculations, including the objective response rate that would be needed to demonstrate evidence of a treatment effect. For instance, FDA has stated that Orotecan will need to demonstrate a sizeable and durable overall response rate. We may also need to demonstrate an objective response rate that is at least as good as the current standard of care, which we may not be able to do;

● there may be flaws in our clinical trials' design that may not become apparent until the clinical trials are well advanced or regulators may not agree with the design of our studies or our analysis of the resulting data;

● clinical trial sites or enrolled patients, as well as the resulting data, may be negatively affected by outbreaks of contagious disease, resulting in delays and disruptions in completing clinical trials;

● the supply or quality of our product candidates or other materials necessary to conduct clinical trials of our product candidates may be insufficient, not of a sufficient quality, or inadequate, or regulatory authorities may not approve or find issues with our manufacturers or manufacturing process;

● our third-party contractors may fail to comply with regulatory requirements or meet their contractual obligations to us in a timely manner, or at all, or may deviate from the clinical trial protocol or drop out of the trial, which may require that we add new clinical trial sites or investigators; and

● the supply or quality of materials for product candidates we develop or other materials necessary to conduct clinical trials may be insufficient or inadequate.

We could encounter delays if a clinical trial is suspended or terminated by us, by the IRBs of the institutions in which such trials are being conducted or ethics committees, by the Data Safety Monitoring Board, or DSMB, for such trial or by the FDA or other regulatory authorities. Such authorities may impose such a suspension or termination due to a number of factors, including failure to conduct the clinical trial in accordance with regulatory requirements or our clinical protocols, inspection of the clinical trial operations or trial site by the FDA or other regulatory authorities resulting in the imposition of a clinical hold, unforeseen safety issues or adverse side effects, failure to demonstrate a benefit from using a product, changes in governmental regulations or administrative actions or lack of adequate funding to continue the clinical trial. Many of the factors that cause, or lead to, a delay in the commencement or completion of clinical trials may also ultimately lead to the denial of marketing approval of our product candidates.

If we experience delays in the completion of, or termination of, any clinical trial of our product candidates, the commercial prospects of our product candidates will be harmed, and our ability to generate product revenues from any of these product candidates will be delayed. In addition, any delays in completing our clinical trials will increase our costs, slow down our product candidate development and approval process and jeopardize our ability to commence product sales and generate revenues. Significant clinical trial delays could also allow our competitors to bring products to market before we do or shorten any periods during which we have the exclusive right to commercialize our product candidates and impair our ability to commercialize our product candidates and may harm our business and results of operations.

Any of these occurrences may harm our business, financial condition and prospects significantly. In addition, many of the factors that cause, or lead to, a delay in the commencement or completion of clinical trials may also ultimately lead to the denial of regulatory approval of our product candidates or result in the development of our product candidates being stopped early.

***The results of early-stage clinical trials and preclinical studies may not be predictive of future results. Initial success in our ongoing clinical trials may not be indicative of results obtained when these trials are completed or in later stage trials.***

The results of preclinical studies may not be predictive of the results of clinical trials, and the results of any early-stage clinical trials we commence may not be predictive of the results of the later-stage clinical trials. Results of trials conducted by prior sponsors and trials in different diseases also may not be predictive of the results of future trials. In addition, initial success in clinical trials may not be indicative of results obtained when such trials are completed. Trials conducted with early product formulations and products manufactured under different manufacturing conditions, such as our current phase 1/2a Orotecan study or product candidates that were produced by different sponsors, may also not be indicative of results for trials conducted with the product candidates that we intend to bring forward for further clinical development and eventual marketing approval

There can be no assurance that any of our current or future clinical trials will ultimately be successful or support further clinical development of any of our product candidates. There is a high failure rate for drugs proceeding through clinical trials. A number of companies in the pharmaceutical and biotechnology industries have suffered significant setbacks in clinical development even after achieving promising results in earlier studies, and any such setbacks in our clinical development could have a material adverse effect on our business and operating results.

***Our reliance on imported drug substances and products exposes us to risks from international trade regulations and tariffs, which could materially increase our costs or disrupt our supply chain.***

We depend on the importation of drug substance and certain products from manufacturers and suppliers located outside the United States, including in China. Changes in national security or international trade laws and policies, including the imposition of tariffs, duties, quotas, or other trade barriers by the U.S. or foreign governments, or restrictions imposed on the use of foreign biotechnology service providers (e.g., such as that proposed in the prior BIOSECURE Act) could materially impact our ability to source these critical materials at competitive prices or in a timely manner.

In addition, geopolitical instability, changes in regulatory requirements, customs inspections, import/export licensing issues, or other governmental actions affecting international trade may delay or restrict the movement of goods necessary for our operations. Such increased cost of goods required for our preclinical studies and clinical trials could have a material adverse effect on our business, financial condition, and results of operations. Moreover, our ability to identify and qualify alternative domestic suppliers may be limited, potentially resulting in delays to our development or commercialization timelines.

***We rely in part on data from prior third-party clinical trials, which may not be predictive of our future results, and differences in the formulations we use could adversely impact the outcome of our clinical trials.***

Our development strategy relies, in part, on data generated from third-party clinical trials conducted by academic institutions, cooperative groups, and prior sponsors of our product candidates. While such data may inform our understanding of the safety and tolerability of our drug candidates, we did not control the design, conduct, or analysis of these studies, and the information may not be directly comparable to our planned clinical trials. In addition, the drug formulations, manufacturing processes, dosing regimens, and patient populations used in third-party trials may differ from those we intend to use. These differences could result in clinical outcomes, including safety or efficacy results, that diverge from prior findings. As a result, reliance on such data has inherent limitations, and there can be no assurance that our clinical trials will confirm the results observed in earlier studies. Any failure to replicate or improve upon historical data may delay development, increase costs, and adversely affect our business, financial condition, and results of operations.

***We may face risks related to future competition from generic products and loss of regulatory exclusivity, as well as the use of the 505(b)(2) pathway.<br>***

<br> Even though we are currently pre-revenue, our business strategy depends on developing product candidates that, if approved, will be subject to a finite period of regulatory exclusivity, including patents, orphan drug exclusivity, or other intellectual property protection. Once any such exclusivity expires—or if our patents are successfully challenged—generic manufacturers may enter the market with competing versions. Entry of lower-priced generic or products typically results in rapid loss of market share, increased pricing pressure, and substantially decreased revenues. Even the anticipation of generic competition can negatively affect our ability to secure favorable pricing or reimbursement for our products. Furthermore, the process for obtaining and maintaining exclusivity is subject to regulatory interpretation and challenge. Failure to secure or enforce our intellectual property rights, or changes in applicable laws or regulations governing exclusivity, could permit competitors to launch generic versions earlier than anticipated. This could substantially undermine the commercial potential of any approved products and adversely affect our future financial performance.

Moreover, to the extent we are able to use the 505(b)(2) pathway for the approval of any of our product candidates, we may also be exposed to increased risk of patent litigation. Specifically, upon submission of a 505(b)(2) NDA, we will be required to provide a patent certification to FDA. Generally, a 505(b)(2) NDA approval cannot be made effective until all Orange Book listed patents have expired, unless we challenge a listed patent through a paragraph IV certification. If we make a paragraph IV certification, the reference listed product sponsor and patent holders may initiate a patent infringement lawsuit, in which case the FDA may impose a 30 month stay on approval of our 505(b)(2) application. Thus, approval of a 505(b)(2) NDA could be delayed for a significant period of time depending on the patent certification that we make.

***If we encounter difficulties enrolling patients in clinical trials, our clinical development activities could be delayed or otherwise adversely negatively, which could adversely affect our business, financial condition, results of operations and prospects.***

The successful and timely completion of clinical trials will require that we enroll a sufficient number of patients who remain in a trial until its conclusion. We may not be able to initiate, continue or complete clinical trials that may be required by the FDA or comparable foreign regulatory authorities to obtain regulatory approval for any of our product candidates if we are unable to locate, enroll and retain a sufficient number of eligible patients to participate in these clinical trials. Patient enrollment, a significant factor in the timing to conduct and complete clinical trials, is affected by many factors, including:

● the size and nature of the patient population;

● the severity of the disease under investigation;

● eligibility criteria for the trial;

● perceived benefits and risks of the product candidate under study;

● the proximity of patients to clinical sites;

● the design of the clinical protocol;

● the ability to obtain and maintain patient consents;

● in the case of a combination study with another product, the ability of such product to be used as a combination therapy;

● the ability to recruit clinical trial investigators with the appropriate competencies and experience;

● the risk that patients enrolled in clinical trials will drop out of the trials before the administration of our product candidates or trial completion;

● the availability of competing clinical trials;

● Patient recruitment and enrollment efforts, as well as physician patient referral practices;

● the availability of new drugs approved for the indication the clinical trial is investigating;

● clinicians' and patients' perceptions as to the potential advantages of the drug being studied in relation to other available therapies; and

● the ability to monitor patients adequately during and after treatment to prevent patient drop outs;

● other factors outside of our control, such as health outbreaks, the effects of global economic conditions and volatility in the credit and financial markets, inflationary pressures, the Russian invasion of Ukraine, the Israel-Hamas war and other geopolitical conditions.

We also may encounter difficulties in identifying and enrolling patients with a stage of disease appropriate for ongoing or future clinical trials. In addition, the process of finding and diagnosing patients may prove costly. Other pharmaceutical companies with more resources and greater experience in drug development and commercialization are targeting similar treatments, and this competition reduces the number and types of patients available to us, as some patients who might have opted to enroll in our trials may instead opt to enroll in a trial being conducted by one of our competitors. In addition, some of the diseases our product candidates are designed to address have existing treatments which may make it more difficult to recruit patients. Because the number of qualified clinical investigators and clinical trial sites is also limited, we expect to conduct some of our clinical trials at the same clinical trial sites that some of our competitors use, which will reduce the number of patients who are available for our clinical trials at such clinical trial sites, and may delay or make it more difficult to fully enroll our clinical trials. We also rely on CROs and clinical trial sites to enroll subjects in our clinical trials and, while we have agreements governing their services, we will have limited influence over their actual performance.

These factors may make it difficult for us to enroll and retain enough patients to complete our clinical trials in a timely and cost-effective manner. Delays in the completion of any clinical trial of our product candidates will increase our costs, slow down our product candidate development and approval process and delay or potentially jeopardize our ability to commence product sales and generate revenue. In addition, some of the factors that cause, or lead to, a delay in the commencement or completion of clinical trials may also ultimately lead to the denial of regulatory approval of our product candidates.

***Our current or future product candidates may cause undesirable side effects or have other properties when used alone or in combination with other approved products or investigational new drugs that could halt their clinical development, prevent their marketing approval, limit their commercial potential or result in significant negative consequences.***

Undesirable or clinically unmanageable side effects could occur and cause us, regulatory authorities, institutional review boards, or independent ethics committees to interrupt, delay or halt clinical trials and could result in a more restrictive label or the delay or denial of marketing approval by the FDA or comparable foreign regulatory authorities. Results of our trials could reveal a high and unacceptable severity and prevalence of side effects or unexpected characteristics.

If unacceptable toxicities or other undesirable side effects arise in the development of any of our current or future product candidates, we or our collaborators could suspend or terminate our trials, or the FDA or other comparable foreign regulatory authorities could order us to cease clinical trials, modify our studies, or deny approval of the product candidate for any or all targeted indications. We may also need to abandon their development or limit development to certain uses or subpopulations in which the undesirable side effects or other characteristics are less prevalent, less severe or more acceptable from a benefit-risk perspective. Treatment-related side effects could also affect patient recruitment or the ability of enrolled subjects to complete the trial or result in potential product liability claims.

Adverse events or side effects may also result in study recruitment challenges, marketing authorization denial, limitations on the indicated use of a product, the inclusion of warnings, contraindications, or precautions on the label of any approved products, or significant conditions imposed on any approval, including the requirement of a risk evaluation and mitigation strategies, or REMS, costly post-marketing studies or clinical trials and surveillance to monitor the safety of the product. Adverse effects may also prevent the adoption of a product, if it is approved. Many compounds that initially showed promise in clinical or earlier stage testing have later been found to cause side effects that prevented further development of the compound.

If, following approval, we or others identify previously unknown side effects, if such side-effects are severe, or if known side effects are more frequent or severe than in the past then our marketing authorizations may be restricted or withdrawn, changes may be required to the product's label, sales may be adversely impacted, we may be required to undertake additional studies or trials, and government investigations or litigation, including product liability claims, may be brought against us. Additionally, if the safety warnings in our product labels are not followed, adverse medical situations in patients may arise, resulting in negative publicity and potential lawsuits.

Any of these occurrences may prevent us from achieving or maintaining market acceptance of the affected product candidate and may harm our business, financial condition and prospects significantly.

***Even if we complete the necessary preclinical studies and clinical trials, the marketing approval process is expensive, time-consuming and uncertain and may prevent us or our potential future collaboration partners from obtaining approvals for the commercialization of any product candidate we develop.***

Any current or future product candidate that we may develop and the activities associated with their development and commercialization, including their design, testing, manufacture, safety, efficacy, recordkeeping, labeling, storage, approval, advertising, promotion, sale, and distribution, are subject to comprehensive regulation by the FDA and comparable foreign regulatory authorities. Failure to obtain marketing approval for a product candidate will prevent us from commercializing the product candidate in a given jurisdiction. We have not received approval to market any product candidates from regulatory authorities in any jurisdiction and it is possible that none of the product candidates we may seek to develop in the future will ever obtain regulatory approval. We have no experience in filing and supporting the applications necessary to gain marketing approvals and expect to rely on third-party CROs or regulatory consultants to assist us in this process.

***Even if we receive marketing approval of a product candidate, we will be subject to ongoing regulatory obligations and continued regulatory review, which may result in significant additional expense and we may be subject to penalties if we fail to comply with regulatory requirements or experience unanticipated problems with our products, if approved.***

Our products and product candidates, our operations, our facilities, our suppliers, and contractors are subject to extensive regulation by governmental authorities. In order to receive and maintain product marketing approvals, we and our contractors must comply with a broad array of regulatory and legal requirements. These include requirements related to product manufacturing processes, payment of user fees labeling, packaging, distribution, product storage adverse event reporting, storage, advertising, promotion, import and export and record keeping. These requirements further include submissions of safety and other post-marketing information and reports, registration and product listing, as well as continued compliance with current Good Manufacturing Practice, or cGMP, and Good Clinical Practice, or GCP, for any clinical trials that we conduct post-approval.

Even if marketing authorization of a product candidate is granted, the approval may be subject to limitations on the approved indicated uses for which the product may be marketed, there may be labeling that includes significant restrictions, warnings, including black box warnings, and contraindications, and the regulatory authorities may not approve label claims necessary for successful product marketing. For instance, FDA approved intravenous in rinotecan products include back box warnings, depending on the product, with respect to severe diarrhea, severe neutropenia, and myelosuppression, which may also be required for Orotecan, if approved. Products may also be subject to significant conditions of approval or contain requirements for potentially costly post-market testing and surveillance to monitor the safety, potency and efficacy of the product candidate. The FDA or other applicable foreign regulatory authority, may also require a Risk Evaluation and Mitigation Strategy, or REMS, as a condition of approval of any product candidate, which could include requirements for a medication guide, physician communication plans or additional elements to ensure safe use, such as restricted distribution methods, patient registries and other risk minimization tools. There is no guarantee that we will be able to complete our post-marketing obligations in accordance with the established timetables or meet our post-market requirements. Failure to meet our post-market requirements could result in an enforcement action or withdrawal of regulatory approvals.

In addition, regulatory authorities closely regulate the post-approval marketing and promotion of drugs to ensure drugs are marketed only for the approved indications and in accordance with the provisions of the approved labeling and regulatory requirements. Such regulatory authorities can and do impose stringent restrictions on communications regarding off-label use and if we do not comply with the laws governing promotion of approved drugs, we may be subject to enforcement action for off-label promotion. For example, violations of the FDCA relating to the promotion of prescription drugs may lead to civil and criminal penalties, investigations alleging violations of federal and state healthcare fraud and abuse laws, as well as state consumer protection laws.

Regulatory authorities conduct ongoing reviews and inspections or remote regulatory assessments of marketed products, as well as sponsors and manufacturing facilities. Regulatory authorities also conduct inspections of manufacturing facilities and clinical trial sites before approving a product, which can delay approval. If compliance issues are found, it could also result in refusal to approve marketing applications, disruption of production or distribution of a product or product candidate, disruption, cancellation, or suspension of a study, or require substantial resources to correct. Later discovery of previously unknown problems with any approved product candidate, including adverse events of unanticipated severity or frequency, or with our third-party manufacturers or manufacturing processes, or failure to comply with regulatory requirements both before and after product approval may result in various adverse outcomes, including:

● restrictions on the manufacturing, distribution, or use of a product;

● changes to or restrictions on the labeling or marketing of a product;

● modifications to promotional pieces;

● issuance of corrective information;

● clinical holds or termination of clinical trials;

● changes in the way a product is administered;

● liability for harm caused to patients or subjects;

● adverse publicity, reputational harm, or the product becoming less competitive;

● issuance of safety alerts, Dear Healthcare Provider letters, press releases, or other communications containing warnings or other safety information about the product;

● requirements to implement a REMS or conduct post-marketing studies;

● warning, cyber or untitled letters;

● withdrawal of product approvals, regulatory authority refusal to approve new products or product uses, and withdrawal of products from the market or marketing suspensions;

● recall of products;

● fines, restitution or disgorgement of profits or revenues;

● refusal to permit the import or export of our products;

● product seizure or detention;

● injunctions;

● the imposition of civil or criminal penalties or fines; or

● FDA debarment, suspension and debarment from government contracts, and refusal of orders under existing government contracts, exclusion from federal healthcare programs, consent decrees, or corporate integrity agreements.

Not only will we be responsible for our own conduct, but we will also be responsible for the conduct of various third parties. To the extent that any of these third parties engage in misconduct or do not comply with the applicable regulatory requirements, we may be subject to regulatory enforcement action, legal actions and liability, and serious harm to our reputation. Moreover, it is possible for a whistleblower to pursue a False Claims Act case against us, even if the government considers the claim unmeritorious and declines to intervene, which could require us to incur costs defending against such a claim.

Any of the above events could prevent us from achieving or maintaining market acceptance of the particular product candidate, if approved, or could substantially increase the costs and expenses of developing and commercializing such product, which in turn could delay or prevent us from generating significant revenues from its sale. Any of these events could further have other material and adverse effects on our operations and business and could adversely impact our stock price and could significantly harm our business, financial condition, results of operations, and prospects.

***Even if a current or future product candidate receives marketing approval, it may fail to achieve the degree of market acceptance by physicians, patients, third-party payors and others in the medical community necessary for commercial success.***

If any current or future product candidate we develop receives marketing approval, whether as a single agent or in combination with other therapies, it may nonetheless fail to gain sufficient market acceptance by physicians, patients, third-party payors, and others in the medical community. For example, current approved therapies, including immunotherapies, biologics, targeted therapy, chemotherapy and radiation therapy, are well established in the medical community, and doctors may continue to rely on these therapies. If the product candidates we develop do not achieve an adequate level of acceptance, we may not generate significant product revenues and we may not become profitable.

The market acceptance, including the degree thereof, of our products or product candidates, if approved for commercial sale, will depend on a number of factors, including:

● the efficacy and potential advantages, as well as cost compared to alternative treatments;

● the prevalence and severity of any side effects, as well as perceived safety;

● limitations or warnings contained in, as well as permitted claims based on the product's FDA-approved labeling;

● distribution and use restrictions imposed by the FDA or which we voluntarily implement;

● the ability to offer our products for sale at competitive prices;

● the willingness of the target patient population to try new therapies and of physicians to prescribe these therapies;

● the convenience and ease of administration compared to alternative treatments;

● the strength of marketing and distribution support;

● sufficient third-party coverage or reimbursement and, where applicable, our ability to obtain pricing approvals which is separate from the marketing authorization process; and

● any restrictions on the use of our products.

Obtaining coverage and reimbursement for a product from third-party payers is a time-consuming and costly process. Failure to obtain adequate reimbursement may significantly impact the adoption and sale of products. In the United States, third-party payers, including government payers such as the Medicare and Medicaid programs, play an important role in determining the extent to which new drugs will be covered and reimbursed. Expensive specialty drugs in particular are often subject to restriction. The Medicare and Medicaid programs increasingly are used as models for how private payers and government payers develop their coverage and reimbursement policies. We cannot be assured that Medicare or Medicaid will cover our product candidates that may be approved or provide reimbursement without restriction and at adequate levels to realize a sufficient return on our investment. Our rebate payments may increase or our prices may be adjusted under value-based purchasing arrangements based on evidence-based measures or outcomes-based measures for a patient or beneficiary based on use of our drug. It is difficult to predict what third-party payers will decide with respect to the coverage and reimbursement for our products for which we obtain marketing approval.

Our ability to negotiate, secure and maintain third-party coverage and reimbursement may also be affected by political, economic and regulatory developments. Governments continue to impose cost containment measures, and third-party payors are increasingly challenging prices charged for medicines and examining their cost effectiveness, in addition to their safety and efficacy. For example, on November 27, 2020, CMS issued an interim final rule implementing a Most Favored Nation payment model under which reimbursement for certain Medicare Part B drugs and biologicals will be based on a price that reflects the lowest per capital Gross Domestic Product-adjusted ("GDP-adjusted") price of any non-U.S. member country of the Organization for Economic Co-operation and Development ("OECD") with a GDP per capita that is at least sixty percent of the U.S. GDP per capita. While this rule now has been rescinded, government negotiation of certain Medicare drug pricing continues to be the focus of recent proposed legislation. The proposed Most Favored Nation payment model was renewed on May 12, 2025, in an Executive Order entitled Delivering Most Favored Nations Prescription Drug Pricing to America Patients. The Executive Order aims to reduce U.S. prescription drug costs by linking domestic prices to the lowest prices paid in other developed countries. Similarly, the Fair Prescription Drug Prices for Americans Act was re-introduced in May of 2025 and proposes capping the retail list price of prescription drugs and biological products in the United States at the average retail list price for the drug or biological product among certain nations (i.e., Canada, France, Germany, Italy, Japan, and the United Kingdom). Although it is uncertain if these pricing proposals will take effect, reducing drug prices remains a bipartisan effort and if made effective could significantly impact coverage, pricing, and reimbursement for any approved product. These and other similar developments could significantly limit the degree of market acceptance of our products or any of our other product candidates that receive marketing authorization.

***The market opportunities for any current or future product candidate we develop, if and when approved, may be limited to those patients who are ineligible for established therapies or for whom prior therapies have failed, and may be small.***

Cancer therapies are sometimes characterized as first-line, second-line, or third-line, and the FDA often approves new therapies initially only for third-line use. When cancer is detected early enough, first-line therapy, usually chemotherapy, hormone therapy, surgery, radiation therapy or a combination of these, is sometimes adequate to cure the cancer or prolong life without a cure. Second- and third-line therapies are administered to patients when prior therapy is not effective. We expect to initially seek approval of our product candidates as a therapy for patients who have received one or more prior treatments. Subsequently, for those products that prove to be sufficiently beneficial, if any, we would expect to seek approval potentially as a first-line therapy, but there is no guarantee that product candidates we develop, even if approved, would be approved for first-line therapy, and, prior to any such approvals, we may have to conduct additional clinical trials.

The number of patients who have the cancers we are targeting may turn out to be lower than expected. Additionally, the potentially addressable patient population for our current programs or future product candidates may be limited, if and when approved. Even if we obtain significant market share for any product candidate, if and when approved, if the potential target populations are small, we may never achieve profitability without obtaining marketing approval for additional indications, including to be used as first- or second-line therapy.

***Our current and future product candidates may be developed as combination therapies which may expose us to additional risks.***

We intend to develop our current and future product candidates for use with one or more currently approved cancer therapies. Even if any product candidate we develop were to receive marketing approval or be commercialized for use in combination with other existing therapies, we would continue to be subject to the risks that the FDA or comparable regulatory authorities outside of the United States could revoke approval of the therapy used in combination with our product candidate or that safety, efficacy, manufacturing or supply issues could arise with existing therapies. Combination therapies are commonly used for the treatment of cancer, and we would be subject to similar risks if we develop any of our product candidates for use in combination with other drugs or for indications other than cancer. This could result in our own products being removed from the market or being less successful commercially.

We may also evaluate our product candidates in combination with one or more other cancer therapies that have not yet been approved, or have not been approved for our specific indication, for marketing by the FDA or comparable regulatory authorities outside of the United States. We will not be able to market and sell any product candidate we develop in combination with any such unapproved cancer therapies that do not ultimately obtain marketing approval.

The development of our product candidates for use in combination with other products or product candidates may also make it more difficult to gain marketing approval. For instance, we will need to show the contribution of each product to the combination as a whole, which may involve providing regulatory authorities with nonclinical and other supportive evidence or may require that we conduct larger studies than we currently plan. We also may ultimately not be able to demonstrate the contribution of each product or product candidate, which could prevent us from obtaining marketing approval.

If the FDA or comparable regulatory authorities outside of the United States do not approve these other drugs or revoke their approval of, or if safety, efficacy, manufacturing, or supply issues arise with, the drugs we choose to evaluate in combination with our product candidates, we may be unable to obtain approval of or market any such product candidate we develop.

***We face significant competition and if our competitors develop and market products that are more effective, safer or less expensive than the product candidates we develop, our commercial opportunities will be negatively impacted.***

The life sciences industry is highly competitive. We are currently developing product candidates that will compete, if approved, with other products and therapies that currently exist or are being developed. Products we may develop in the future are also likely to face competition from other products and therapies, including those that we may not currently be aware of. We have competitors both in the United States and internationally, including major multinational pharmaceutical companies, established biotechnology companies, specialty pharmaceutical companies, universities and other research institutions. Many of our competitors have significantly greater financial, manufacturing, marketing, product development, technical and human resources than we do. Large pharmaceutical companies, in particular, have extensive experience in clinical testing, obtaining marketing approvals, recruiting patients and manufacturing pharmaceutical products. These companies also have significantly greater research and marketing capabilities than we do and may also have products that have been approved or are in late stages of development, and collaborative arrangements in our target markets with leading companies and research institutions. Established pharmaceutical companies may also invest heavily to accelerate discovery and development of novel compounds or to in-license novel compounds that could make the product candidates that we develop obsolete. Mergers and acquisitions in the pharmaceutical and biotechnology industries may result in even more resources being concentrated among a smaller number of our competitors. As a result of all of these factors, our competitors may succeed in obtaining patent protection and/or marketing approval or discovering, developing and commercializing products in our field before we do.

There are a large number of companies developing or marketing treatments for cancer, including many major pharmaceutical and biotechnology companies. These treatments consist both of small molecule drug products, such as traditional chemotherapy and targeted therapies, immunotherapies, gene therapies and biologics. We are aware of academic laboratories and companies such as Astra Zeneca, Bristol-Myers Squibb, Pfizer, Abbvie, Celgene, Ascentage, Repair Therapeutics and others that are conducting research and drug development activities that could directly compete with our product candidates.

Our commercial opportunity could be reduced or eliminated if our competitors develop and commercialize products that are safer, more effective, have fewer or less severe effects, are more convenient, have a broader label, are marketed more effectively, are reimbursed or are less expensive than any products that we may develop. Our competitors also may obtain FDA, EMA, TGA or other marketing approval for their products more rapidly than we may obtain approval for our product candidates, which could result in our competitors establishing a strong market position before we are able to enter the market. Even if the product candidate we develop achieves marketing approval, they may be priced at a significant premium over competitive products if any have been approved by then, resulting in reduced competitiveness.

Smaller and other early-stage companies may also prove to be significant competitors. These third parties compete with us in recruiting and retaining qualified scientific and management personnel, establishing clinical trial sites and patient registration for clinical trials, as well as in acquiring technologies complementary to, or necessary for, our programs. In addition, the biopharmaceutical industry is characterized by rapid technological change. If we fail to stay at the forefront of technological change, we may be unable to compete effectively. Technological advances or products developed by our competitors may render our product candidates obsolete, less competitive, or not economical.

***Even if we are able to commercialize any product candidates, such products may become subject to unfavorable pricing regulations or third-party coverage and reimbursement policies, which would harm our business.***

The regulations that govern marketing approvals, pricing and reimbursement for new products vary widely from country to country. Some countries require approval of the sale price of a product before it can be marketed. In many countries, the pricing review period begins after marketing approval is granted. In some foreign markets, prescription pharmaceutical pricing remains subject to continuing governmental control even after initial approval is granted. As a result, we might obtain marketing approval for a product candidate in a particular country, but then be subject to price regulations that delay our commercial launch of the product candidate, possibly for lengthy time periods, and negatively impact the revenues we are able to generate from the sale of the product candidate in that country. Adverse pricing limitations may hinder our ability to recoup our investment in one or more product candidates, even if our product candidates obtain marketing approval.

Our ability to successfully commercialize any product candidates, whether as a single agent or combination therapy also will depend in part on the extent to which coverage and reimbursement for these product candidates and related treatments will be available from government authorities, private health insurers and other organizations. Government authorities and third-party payors, such as private health insurers and health maintenance organizations, decide which medications they will pay for and establish reimbursement levels. It is difficult to predict at this time what government authorities and third-party payors will decide with respect to coverage and reimbursement for our programs.

***We may not be successful in our efforts to identify or discover other product candidates and may fail to capitalize on programs or product candidates that may present a greater commercial opportunity or for which there is a greater likelihood of success.***

The success of our business depends upon our ability to identify, develop and commercialize product candidates. If we do not successfully develop and eventually commercialize products, we will face difficulty in obtaining product revenue in future periods, resulting in significant harm to our financial position and adversely affecting our share price. Research programs to identify new product candidates require substantial technical, financial and human resources, and we may fail to identify potential product candidates for numerous reasons. Additionally, because we have limited resources, we may forego or delay the pursuit of opportunities with certain programs or product candidates or for indications that later prove to have greater commercial potential.

***We may seek Breakthrough Therapy Designation by the FDA for a product candidate that we develop. If we are successful, the designation may not lead to a faster development or regulatory review or approval process, and it does not increase the likelihood that our product candidates will receive marketing approval.***

We may seek Breakthrough Therapy Designation for any product candidate that we develop. A breakthrough therapy is defined as a drug that is intended, alone or in combination with one or more other drugs, to treat a serious or life-threatening disease or condition, and preliminary clinical evidence indicates that the drug may demonstrate substantial improvement over currently approved therapies on one or more clinically significant endpoints, such as substantial treatment effects observed early in clinical development. For drugs that have been designated as breakthrough therapies, interaction and communication between the FDA and the sponsor of the trial can help to identify the most efficient path for clinical development while minimizing the number of patients placed in ineffective control regimens. Drugs designated as breakthrough therapies by the FDA are also eligible for accelerated approval and priority review.

Designation as a breakthrough therapy is within the discretion of the FDA. Accordingly, even if we believe a product candidate we develop meets the criteria for designation as a breakthrough therapy, the FDA may disagree and instead determine not to make such designation. In any event, the receipt of Breakthrough Therapy Designation for a product candidate may not result in a faster development process, review or approval compared to drugs considered for approval under conventional FDA procedures and does not assure ultimate approval by the FDA. In addition, even if the product candidates we develop qualify as breakthrough therapies, the FDA may later decide that the drugs no longer meet the conditions for qualification and rescind the designation.

***We may seek Fast Track Designation by the FDA for a product candidate that we develop. If we are successful, the designation may not actually lead to a faster development or regulatory review or approval process.***

We may seek Fast Track Designation for the product candidates we develop. If a product is intended for the treatment of a serious or life-threatening condition and preclinical or clinical data demonstrate the potential to address an unmet medical need for this condition, the product sponsor may apply for Fast Track Designation. The FDA has broad discretion whether or not to grant this designation, so even if we believe a particular product candidate is eligible for this designation, we cannot assure you that the FDA would decide to grant it. Even if we do receive Fast Track Designation, we may not experience a faster development process, review or approval compared to conventional FDA procedures. The FDA may rescind the Fast Track Designation if it believes that the designation is no longer supported by data from our clinical development program.

***We may seek accelerated approval for a product candidate that we develop, which we may ultimately not qualify for or may result in post-market risks.***

We may pursue the accelerated approval pathway for certain of our product candidates. However, the FDA may find that our product candidates do not qualify for accelerated approval or may find that clinical trials beyond phase 2 clinical trials are required for approval. Moreover, even if we do ultimately receive accelerated approval, we would need to meet certain post approval requirements, such as completing a post-approval study confirming our product candidates' clinical benefit that may require substantial time, effort, and funds. The FDA must specify the conditions for the required post approval studies, including enrollment targets, the study protocol, milestones, and target completion dates, by the time of approval and the FDA may require that the post-approval studies be commenced before the date of approval. If this study does not confirm the product's clinical benefit or if the study is not conducted in accordance with the FDA's requirements, it would be subject to the risk of expedited FDA withdrawal. Additional regulatory requirements also include the pre-submission of promotional materials to the FDA and potential restrictions, such as distribution restrictions, to assure the product's safe use. In recent years, the accelerated approval pathway has come under significant governmental and public scrutiny. Accordingly, depending on the results of our studies, the FDA may be more conservative in granting accelerated approval or, if granted, may be more apt to withdrawal approval if clinical benefit is not confirmed. We may choose to voluntarily withdraw the product from the market, or we may need to conduct further studies to determine whether the product has a clinical benefit.

***We may seek Orphan Drug Designation for product candidates we develop. If we are successful, we may be unable to maintain the benefits associated with Orphan Drug Designation, including the potential for market exclusivity.***

As part of our business strategy, we may seek Orphan Drug Designation for any product candidates we develop, and we may be unsuccessful. Regulatory authorities in some jurisdictions, including the United States and Europe, may designate drugs for relatively small patient populations as orphan drugs. Under the Orphan Drug Act, the FDA may designate a drug as an orphan drug if it is a drug intended to treat a rare disease or condition, which is generally defined as a patient population of fewer than 200,000 individuals annually in the United States, or a patient population greater than 200,000 in the United States where there is no reasonable expectation that the cost of developing the drug will be recovered from sales in the United States. To obtain Orphan Drug Designation, a sponsor must also provide FDA with adequate information to establish a medically plausible basis for expecting that a drug will be effective in the rare disease. In the United States, Orphan Drug Designation may entitle a party to financial incentives such as opportunities for grant funding towards clinical trial costs, tax advantages and user-fee waivers.

Similarly, in Europe, the European Commission grants Orphan Drug Designation after receiving the opinion of the EMA Committee for Orphan Medicinal Products on an Orphan Drug Designation application. Orphan Drug Designation is intended to promote the development of drugs that are intended for the diagnosis, prevention or treatment of life-threatening or chronically debilitating conditions affecting not more than 5 in 10,000 persons in Europe and for which no satisfactory method of diagnosis, prevention, or treatment has been authorized (or the product would be a significant benefit to those affected). Additionally, designation is granted for drugs intended for the diagnosis, prevention, or treatment of a life-threatening, seriously debilitating or serious and chronic condition and when, without incentives, it is unlikely that sales of the drug in Europe would be sufficient to justify the necessary investment in developing the drug. In Europe, Orphan Drug Designation entitles a party to a number of incentives, such as protocol assistance and scientific advice specifically for designated orphan medicines, and potential fee reductions depending on the status of the sponsor.

It is possible that we may never be able to obtain Orphan Drug Designation for our product candidates. For instance, we may not be able to provide a medically plausible basis for expecting that our product candidates, on their own, will be effective in the applicable rare disease. Moreover, when our product candidates are intended to be used with other products or product candidates, we will need to be able to demonstrate the contribution of our product candidate to the therapeutic effect of the combination, which could present a challenge for Orphan Drug Designation.

Generally, if a drug with an Orphan Drug Designation subsequently receives the first marketing approval for the indication for which it has such designation, the drug is entitled to a period of marketing exclusivity, which precludes the EMA or the FDA from approving another marketing application for the same drug and indication for that time period, except in limited circumstances. The applicable period is seven years in the United States and ten years in Europe. The European exclusivity period can be reduced to six years if a drug no longer meets the criteria for Orphan Drug Designation or if the drug is sufficiently profitable such that market exclusivity is no longer justified.

Even if we obtain Orphan Drug Designation, there is no guaranty that we will obtain exclusivity, the FDA may grant orphan drug designation to multiple products that are considered to be the "same drug" for the same indication. If a competitor obtains an orphan drug designation for and approval of a product with orphan drug exclusivity for the same indication as one of our product candidates before we do, we could be excluded from the market for a period of time.

We also may not be able to maintain any orphan drug designations or exclusivities. For instance, orphan drug designations may be revoked if the FDA finds that the request for designation contained an untrue statement of material fact or omitted material information, or if the FDA finds that the product candidate was not eligible for designation at the time of the submission of the request.

Even if we obtain orphan drug exclusivity for a product candidate, that exclusivity may not effectively protect the product candidate from competition because different therapies can be approved for the same condition and the same therapies can be approved for different conditions but used off-label. Even after an orphan drug is approved, the FDA can subsequently approve the same drug for the same condition if the FDA concludes that the later drug is clinically superior in that it is shown to be safer, more effective or makes a major contribution to patient care. In addition, a designated orphan drug may not receive orphan drug exclusivity if it is approved for a use that is broader than the indication for which it received orphan designation.

Moreover, orphan drug exclusive marketing rights in the United States may be lost if the FDA later determines that the request for designation was materially defective or if the manufacturer is unable to assure sufficient quantity of the drug to meet the needs of patients with the rare disease or condition. Orphan Drug Designation neither shortens the development time nor regulatory review time of a drug nor gives the drug any advantage in the regulatory review or approval process. While we may seek Orphan Drug Designation for applicable indications for our current and any future product candidates, we may never receive such designations. Even if we do receive such designations, there is no guarantee that we will enjoy the benefits of those designations.

The respective orphan designation and exclusivity frameworks in the United States and in the EU are subject to change, and any such changes may affect our ability to obtain, or the impact of obtaining, EU or United States orphan designations or exclusivities in the future. For instance, following the Catalyst Pharms., Inc. v. Becerra and FDA's subsequent statement that it intends to continue to apply its regulations tying the scope of orphan-drug exclusivity to the uses or indications for which a drug is approved, as further described in this filing, the exact scope of orphan drug exclusivity may be an evolving space. Accordingly, whether any of our products or product candidates will be deemed to be the same as another product or product candidate is uncertain and the scope of any potential or received orphan drug exclusivity period, as well as any of our competitors that may block approval of one of our product candidates, may be subject to revision.

***If we obtain approval to commercialize any products outside of the United States, a variety of risks associated with international operations could adversely affect our business.***

If any of our product candidates are approved for commercialization, we may seek to enter into agreements with third parties to market them in certain jurisdictions outside the United States. We expect that we would be subject to additional risks related to international pharmaceutical operations, including:

● different regulatory requirements for drug approvals and rules governing drug commercialization in foreign countries;

● reduced protection for intellectual property rights;

● transparency as to publication of information on clinical trials submitted through the EU Clinical Trials Information System;

● foreign reimbursement, pricing and insurance regimes;

● unexpected changes in tariffs, export controls, sanctions, trade barriers and regulatory requirements;

● economic weakness, including inflation, or political instability in particular foreign economies and markets;

● foreign currency fluctuations, which could result in increased operating expenses and reduced revenues, and other obligations incident to doing business in another country;

● business interruptions resulting from geopolitical actions, including war, such as the military conflict involving Russia and Ukraine as well as the Middle-East conflicts, and terrorism, natural disasters including earthquakes, typhoons, floods and fires, or from economic or political instability, or public health emergencies, boycotts, curtailment of trade and other business restrictions;

● greater difficulty with enforcing our contracts;

● production shortages resulting from any events affecting raw material supply or manufacturing capabilities abroad.

As an organization, we have no prior experience in these areas. In addition, there are complex regulatory, tax, labor and other legal requirements imposed by individual countries in Europe with which we may need to comply. If we are unable to successfully manage the challenges of international expansion and operations, our business and operating results could be harmed.

***If we fail to comply with environmental, health and safety laws and regulations, we could become subject to fines or penalties or incur costs that could have a material adverse effect on the success of our business.***

We are subject to numerous environmental, health and safety laws and regulations, including those governing laboratory procedures and the handling, use, storage, treatment and disposal of hazardous materials and wastes. Our operations may involve the use of hazardous and flammable materials, including chemicals and biological and radioactive materials. Our operations may also produce hazardous waste products. We generally plan to contract with third parties for the disposal of such materials and waste. We cannot eliminate the risk of contamination or injury from such materials. In the event of contamination or injury resulting from our use of hazardous materials, we could be held liable for any resulting damages, and any liability could exceed our resources. We also could incur significant costs associated with civil or criminal fines and penalties.

Our current and future insurance policies may not provide adequate coverage against potential liabilities. We do not maintain insurance for environmental liability or toxic tort claims that may be asserted against us in connection with our storage or disposal of biological, hazardous, or radioactive materials.

***There may be future changes in legal and regulatory requirements that may materially impact our results of operation.***

Future changes in legal and regulatory requirements may introduce new risks into our operations and future prospects, which we are not able to currently anticipate. By example, changes taking place in the United States associated with a new federal administration, as well as changes in legal standards, including the reduced level of judicial deference due to administrative agencies following a 2024 Supreme Court decision, may introduce uncertainties with respect to our current and future operations and our future likelihood of success. It is possible that new federal or state laws or regulations may be passed, or laws and regulations may be enforced differently than they were before, which may expose us to additional legal and regulatory risk or uncertainty and require the expenditure of additional resources to ensure that we are able to comply. Such actions could also adversely restrict our business and operations. There could also be changes in the FDA's approval standards that could impact our ability to obtain product approval and market our product candidates within the currently anticipated timeframes or otherwise impact the competitive market for our product candidates. Such changes may necessitate the conduct of additional development work, including preclinical and clinical trials, and manufacturing development. By example, for products intended for rare and serious diseases with unmet medical needs, the FDA is authorized to exercise regulatory flexibility when making a medical risk-benefit judgment. It is possible that whether and how the FDA exercises any regulatory flexibility, including with respect to specialized pathways, such as accelerated approval, may change, which could impact our ability to obtain product approval. Further, legal and regulatory changes may impact how we may market and sell our products in the future, if they are approved, as well as how they are reimbursed. Moreover, there could be and have been changes in the federal workforce and agency policies that may result in regulatory delays, including with respect to the FDA's review of marketing applications and other submissions, and that may impact the ability to communicate with and obtain guidance from the agencies. At this time, it is too early to predict the exact nature of any changes that may take place or whether and how they may impact our business and results of operation.

**Risks Related to Reliance on Third Parties**

***We will depend on third party collaborators for the development and commercialization of our current and future product candidates. Our current and future collaborators may control aspects of our clinical trials, which could result in delays to the commercialization of the product candidates we develop. If our collaborations are not successful, we may not be able to capitalize on the market potential of these product candidates.***

Our collaborators will have substantial ability to control the early clinical development of our product candidates. Our lack of control over the clinical development of our product candidates could result in delays or other difficulties in the development and commercialization of our product candidates.

We are developing Orotecan and EO4426 in collaboration with Valent Technologies, LLC ("Valent"), a limited liability company controlled by our Chairman, Dennis Brown. In December 2018, we entered into a Right of First Refusal Negotiation Agreement with Valent for the development of Orotecan (the "Orotecan ROFN Agreement"). The Orotecan ROFN Agreement was extended in April 2020. Under the terms of the Orotecan ROFN Agreement we are funding certain research and product development activities including a Phase 1-2a clinical trial. At the conclusion of the trial, we will have an exclusive right to license or acquire the commercial rights to Orotecan. In January 2025, we entered into an Evaluation and Option Agreement with Valent for the development of EO4426 (the EO4426 Agreement). Under the terms of the EO4426 Agreement we have agreed to fund certain research and development activities, including a Phase 1-2a clinical trial. At the conclusion of the Phase 1-2a clinical trial, we have the exclusive option to acquire EO4426 a pre-determined amount of our securities.

In February 2020, we entered into an Evaluation Agreement with Senz Oncology Pty Ltd. ("Senz" and the "Senz Agreement"). We are providing funds under a loan agreement (the "Senz Loan Agreement") to support a Phase 1-2a clinical trial currently being conducted at multiple clinical sites in Australia under the Australia New Zealand Clinical Trials Notification Scheme (ANZCTN). Under the terms of the Senz Agreement, Senz Oncology is legally responsible conduct of our Phase 1-2a clinical trial in Australia. We are wholly dependent on Senz Oncology for the success of this program. In the event Senz Oncology terminates or defaults on the terms of the collaboration, we may not be able to recoup funds loaned to Senz Oncology by us. Furthermore, Senz Oncology is responsible for applying for and obtaining refundable tax credits under the Australian Government's R&D tax credit program. There is no guarantee that such application will be successful or that any future change to the Australian Government's R&D tax credit will not adversely affect Senz Oncology's ability to receive such tax credits, which could materially affect the amount of funding we are required to invest in the EO1001 clinical trial. We cannot provide any assurance with respect to the success of our collaboration with Senz Oncology.

In January 2021, we entered into a Development and License Agreement with Apollomics, Inc., ("Apollomics" and the "Apollomics Agreement"). Pursuant to the terms of the Apollomics Agreement, we granted Apollomics exclusive rights to develop and commercialize EO1001 globally, except in China, Hong Kong and Taiwan. Apollomics is responsible for all costs related to development, regulatory approvals, and commercialization activities for EO1001 in the licensed territories.

Under the terms of the Apollomics Agreement, we are responsible for conducting a Phase 1-2a "first-in-man" clinical trial, which is ongoing in collaboration with Senz Oncology as described above. Apollomics is responsible for reimbursing all costs incurred by us, including costs of the Phase 1-2a clinical trial. If Apollomics fails to reimburse our costs in a timely manner, we will experience a significant negative effect on our working capital balance and liquidity that will affect our ability to develop all of our product candidates.

Apollomics will have substantial ability to control the later-stage clinical development and commercialization of EO1001. Our lack of control over the clinical development of EO1001 under the Apollomics Agreement could result in delays or other difficulties in the development and commercialization of EO1001. In particular, Apollomics will be responsible for the development and commercialization of EO1001 in all global territories except China, Hong Kong and Taiwan. We are wholly dependent on Apollomics for the commercial success of our EO1001 program. In the event Apollomics terminates or defaults on the terms of our agreement, we may not have the resources to continue development on our own. We cannot provide any assurance with respect to the success of our collaboration with Apollomics.

Jiangsu Kanion Pharmaceutical Co. Ltd., a publicly traded company located in China (Jiangsu-Kanion) owns, through an affiliated entity, commercial rights to our EO1000 series and EO1001 in China, Hong Kong and Taiwan. In April 2019, we signed a memorandum of understanding (MoU) with Jiangsu Kanion. Pursuant to the terms of the MoU Jiangsu Kanion has provided certain manufacturing services to support our current Phase 1-2a clinical trial and we have agreed to provide certain preclinical and clinical data related to our EO1000 series to Jiangsu Kanion to support its own research activities in its own commercial territories. We are aware that Jiangsu-Kanion plans to conduct its own independent research and clinical trials with EO1001, the results of which could negatively impact or cause us to halt development and commercialization activities with EO1001 by ourselves or our collaborators.

In the future, we may form or seek other strategic alliances, joint ventures, or collaborations, or enter into additional licensing arrangements with third parties that we believe will complement or augment our development and commercialization efforts with respect to product candidates we develop. We will mostly likely have limited control over the timing and the amount of resources and effort that third parties dedicate to our product candidates. To the extent such third parties are critical, the success of our business and ability to generate revenues may be highly dependent on them.

Our current and potential future collaborations involving our product candidates may pose the following risks to us:

● collaborators have significant discretion in determining the efforts and resources that they will apply to these collaborations;

● collaborators could independently develop, or develop with third parties, products that compete directly or indirectly with our products or product candidates;

● collaborators may not pursue development and commercialization of our product candidates or may elect not to continue or renew development or commercialization programs, based on clinical trial results, changes in strategic focus or available funding;

● collaborators may delay studies, provide insufficient funding for a program, stop a study or abandon a product candidate, repeat or conduct new studies or require a new formulation of a product candidate for testing;

● collaborators may fail to comply with the applicable regulatory requirements, subjecting them or us to potential regulatory enforcement action;

● collaborators may not properly enforce, maintain or defend our intellectual property rights or may use our proprietary information in a way that gives rise to actual or threatened litigation that could jeopardize or invalidate our intellectual property or proprietary information or expose us to potential litigation, or other intellectual property proceedings;

● disputes may arise between a collaborator and us that cause the delay or termination of a collaboration agreement that could negatively affect the research, development or commercialization of the product candidates, or result in costly litigation or arbitration that diverts management attention and resources;

● collaborations may be terminated and, if terminated, may result in a need for additional capital to pursue further development or commercialization of the applicable product candidates;

● if a present or future collaborator of ours were to be involved in a business combination, the continued pursuit and emphasis on our product development or commercialization program under such collaboration could be delayed, diminished or terminated; and

● collaboration agreements may restrict our right to independently pursue new product candidates.

As a result, if we enter into additional collaboration agreements and strategic partnerships or license our intellectual property, products or businesses, we may not be able to realize the benefit of such transactions if we are unable to successfully integrate them with our existing operations, which could delay our timelines or otherwise adversely affect our business. We also cannot be certain that, following a strategic transaction or license, we will achieve the revenue or specific net income that justifies such transaction. Any delays in entering into new collaborations or strategic partnership agreements related to any product candidate we develop could delay the development and commercialization of our product candidates, which would harm our business prospects, financial condition, and results of operations.

***We may seek to establish additional collaborations, and, if we are not able to establish them on commercially reasonable terms, we may have to alter our development and commercialization plans.***

The advancement of our product candidates and development programs and the potential commercialization of our current and future product candidates will require substantial additional cash to fund expenses. For some of our programs, we may decide to collaborate with additional pharmaceutical and biotechnology companies with respect to development and potential commercialization. Any of these relationships may require us to incur non-recurring and other charges, increase our near- and long-term expenditures, issue securities that dilute our existing stockholders, or disrupt our management and business.

We may not be able to negotiate collaborations on a timely basis, on acceptable terms, or at all. If we are unable to do so, we may have to curtail the development of the product candidate for which we are seeking to collaborate, reduce or delay its development program or one or more of our other development programs, delay its potential commercialization or reduce the scope of any sales or marketing activities, or increase our expenditures and undertake development or commercialization activities at our own expense. If we elect to increase our expenditures to fund development or commercialization activities on our own, we may need to obtain additional capital, which may not be available to us on acceptable terms or at all. If we do not have sufficient funds, we may not be able to further develop our product candidates or bring them to market and generate product revenue.

***If conflicts arise between us and our collaborators or strategic partners, these parties may act in a manner adverse to us and could limit our ability to implement our strategies.***

If conflicts arise between our corporate or academic collaborators or strategic partners and us, the other party may act in a manner adverse to us and could limit our ability to implement our business strategies. Future collaborators or strategic partners, may develop, either alone or with others, products in related fields that are competitive with the products or potential products that are the subject of these collaborations. Competing products, either developed by the collaborators or strategic partners or to which the collaborators or strategic partners have rights, may result in the withdrawal of partner support for our product candidates. Our current or future collaborators or strategic partners may preclude us from entering into collaborations with their competitors, fail to obtain timely regulatory approvals, terminate their agreements with us prematurely, or fail to devote sufficient resources to the development and commercialization of products. Any of these developments could harm our product development efforts.

***We may rely on third parties to conduct our planned preclinical and clinical trials for our product candidates we develop. If these third parties do not successfully carry out their contractual duties, comply with regulatory requirements or meet expected deadlines, we may not be able to obtain marketing approval for or commercialize any product candidates we develop and our business could be substantially harmed.***

We currently do not have the ability to independently conduct preclinical studies or clinical trials. We will rely on medical institutions, clinical investigators, contract laboratories, and other third parties, such as third-party contract research organizations ("CROs"), to conduct or otherwise support preclinical studies and clinical trials for our product candidates. We will rely heavily on these parties for execution of preclinical studies and clinical trials for our product candidates and control only certain aspects of their activities. While we have agreements governing the activities of such third parties, we have limited influence and control over their actual performance and activities. For instance, our third-party service providers are not our employees, and except for remedies available to us under our agreements with such third parties we cannot control whether or not they devote sufficient time and resources to our ongoing clinical, non-clinical, and preclinical programs. Nevertheless, we are responsible for ensuring that each of our trials is conducted in accordance with the applicable protocol, legal and regulatory requirements and scientific standards, and our reliance on CROs or other third partis will not relieve us of our regulatory responsibilities. If these third parties do not successfully carry out their contractual duties, meet expected deadlines or conduct our preclinical studies or clinical trials in accordance with regulatory requirements or our stated protocols, if they need to be replaced or if the quality or accuracy of the data they obtain is compromised due to the failure to adhere to our protocols, regulatory requirements or for other reasons, our trials may be repeated, extended, delayed, or terminated, we may not be able to obtain, or may be delayed in obtaining, marketing approvals for our product candidates, or we may not be able to, or may be delayed in our efforts to, successfully commercialize our product candidates. For any violations of laws and regulations during the conduct of our clinical trials, we could be subject to untitled and warning letters or enforcement action that may include civil penalties up to and including criminal prosecution. Any such violations by our third party contractors may also result in the need for our trials to be repeated, which may not be feasible.

As a result, our results of operations and the commercial prospects for our product candidates would be harmed, our costs could increase and our ability to generate revenues could be delayed. To the extent we are unable to successfully identify and manage the performance of third-party service providers in the future, our business may be materially and adversely affected. Further, any of these third parties may terminate their engagements with us at any time. If we need to enter into alternative arrangements, it will delay our product development activities.

Our reliance on these third parties for clinical development activities reduces our control over these activities but does not relieve us of our responsibilities. For example, we remain responsible for ensuring that each of our clinical trials is conducted in accordance with the general investigational plan and protocols for the trial. We are required to monitor the activities of these third parties but our monitoring may not be able to detect any existing or emerging issues. We and our third-party contract researchers are required to comply with regulations and requirements, including GCP and GLP guidelines, for conducting, monitoring, recording and reporting the results of preclinical and clinical trials to ensure that the data and results are scientifically credible and accurate, and that the clinical trial patients are adequately informed of the potential risks of participating in clinical trials and their rights are protected. These regulations are enforced by the FDA, the Competent Authorities of the Member States of the EEA and comparable foreign regulatory authorities for any drugs in clinical development. The FDA enforces these requirements through periodic inspections of clinical trial sponsors, principal investigators and trial sites. If we or our third-party contract researchers fail to comply with applicable GCPs and GLPs, the data generated in our clinical trials may be deemed unreliable and the FDA or comparable foreign regulatory authorities may require us to perform additional trials before approving our marketing applications. We cannot assure you that, upon inspection, the FDA will determine that any of our trials will comply with GCPs or GLPs.

Furthermore, third parties that we rely on for our development activities may also have relationships with other entities, some of which may be our competitors. If these third parties do not successfully carry out their contractual duties, meet expected deadlines or conduct our clinical trials in accordance with regulatory requirements or our stated protocols, we will not be able to obtain, or may be delayed in obtaining, marketing authorizations for our product candidates and will not be able to, or may be delayed in our efforts to, successfully commercialize our product candidates. Our product development costs will increase if we experience delays in testing or obtaining marketing authorizations.

In addition, we rely on third parties for the manufacture and distribution of the materials and supplies used in our clinical and preclinical trials. Any performance failure could delay development or approval of our product candidates. Moreover, our clinical trials must be conducted with product candidates produced under cGMP regulations. Our failure or the failure of our third-party contract manufacturers to comply with these regulations may require us to repeat clinical trials, which would delay the marketing approval process and could also subject us to enforcement action.

We also are required to register certain ongoing clinical trials and provide certain information, including information relating to the trial's protocol, on a government-sponsored database, ClinicalTrials.gov, within specific timeframes. Failure to do so can result in fines, adverse publicity and civil and criminal sanctions. We further will be required to report certain financial interests of our third-party investigators if these relationships exceed certain financial thresholds or meet other criteria. The FDA or comparable ex-U.S. regulatory authorities may question the integrity of the data from those clinical trials conducted by investigators who may have conflicts of interest.

If any of our relationships with these third-party contract researchers terminate, we may not be able to enter into arrangements with alternative third-party contract researchers on commercially reasonable terms, or at all. If third-party contract researchers do not successfully carry out their contractual duties or obligations or meet expected deadlines, if they need to be replaced or if the quality or accuracy of the clinical data they obtain are compromised due to the failure to adhere to our clinical protocols, regulatory requirements or for other reasons, any clinical trials such third-party contract researchers are associated with may be extended, delayed or terminated, and we may not be able to obtain marketing approval for or successfully commercialize our product candidates. As a result, we believe that our financial results and the commercial prospects for our product candidates in the subject indication would be harmed, our costs could increase and our ability to generate revenue could be delayed.

***We contract with third parties to manufacture our product candidates, which may increase the risk that we will not have sufficient quantities for our development programs, such quantities may not meet the applicable regulatory quality standards, or we may not be able to obtain such quantities at an acceptable cost, which could adversely affect our development efforts.***

We currently rely on third party Contract Development and Manufacturing Organizations (CDMOs) to manufacture our product candidates for our development programs. We do not directly control such manufacturing and we are dependent on and will continue to be dependent on our contract manufacturers for compliance with cGMP and other applicable regulatory requirements. We have no direct control over the ability of our contract manufacturers to maintain adequate quality control, quality assurance and qualified personnel. This does not, however, relieve us of our responsibility to ensure that our product candidates are manufactured in accordance with applicable regulatory requirements. Should we or our contract manufacturers fail to comply with these requirements, we and they could face significant regulatory and commercial consequences. For example, regulatory authorities routinely inspect manufacturing facilities. Our manufacturers must also be approved by such regulatory authorities pursuant to pre-approval inspections. If we or our contract manufacturers cannot successfully manufacture material in accordance with the applicable regulatory requirements, we and they will not be able to secure and/or maintain regulatory approval. We may also have to repeat studies that used product that did not conform with applicable requirements. Our failure, or the failure of our third-party manufacturers, over whom we have no direct control, to comply with applicable regulatory requirements could result in sanctions being imposed on us or the, including fines, injunctions, civil penalties, delays, suspension or withdrawal of approvals, clinical holds or termination of clinical studies, warning or untitled letters, regulatory communications warning the public about safety issues with a product, import or export refusals, license revocation, seizures, detentions, or recalls of product candidates or products, operating restrictions, criminal prosecutions or debarment, suits under the civil False Claims act, corporate integrity agreements, or consent decrees, any of which could significantly and adversely affect our reputation and supplies of our product candidates and our business, results of operations and financial condition could be materially adversely affected.

We currently rely exclusively on STA Pharmaceutical Hong Kong Limited, a wholly owned subsidiary of WuXi AppTec China-based facilities for the manufacturing of our EO3001 drug substance and product to be used in our upcoming initial clinical trials in Australia. We also contract for their services to conduct stability testing on our EO1001 drug product and will also rely on these services for our EO3001 drug products. Although we will likely continue to rely on foreign CDMOs in the future, we believe that given the composition of our drug substance and product, we would be able to secure domestic manufacturers as well if needed. To the extent that we rely on any foreign CDMOs, they may be subject to trade restrictions and other foreign regulatory requirements, which could increase the cost or reduce the supply of material available to us, delay the procurement or supply of such material, or delay or prevent the shipment of material out of the foreign country to the U.S. There may further be sanctions imposed with respect to foreign manufactured drug products and their components and tariffs are currently being proposed or agreed to. Additionally, the biopharmaceutical industry in particular in China is strictly regulated by the Chinese government. Changes to Chinese regulations affecting biopharmaceutical companies are unpredictable and may have a material adverse effect on our partnerships in China, which could have an adverse effect on our business, financial condition, results of operations and prospects. Foreign CDMOs may also be the subject of U.S. legislation. For example, there previously was proposed legislation in the U.S. that would have restricted the use of the services of certain foreign entities, including the BIOSECURE Act. If enacted the BIOSECURE Act, would have prohibited companies receiving U.S. federal funding from doing business with certain Chinese companies, and including WuXi AppTec and its subsidiaries. If this legislation became law, or if a similar law were passed, it would severely restrict the ability of U.S. biopharmaceutical companies like us to purchase services or products from, or otherwise collaborate with, certain Chinese biotechnology companies "of concern" without losing the ability to contract with, or otherwise receive funding from, the U.S. government. It is possible some of our contractual counterparties, including WuXi AppTec and its subsidiaries, could be impacted by future legislation or government policies. If WuXi AppTec or any of the other third parties that we engage to supply any materials or manufacture products for our preclinical tests and clinical trials should cease to continue to do so or if we are prevented from using their services for any reason, we could experience delays in advancing these tests and trials while we identify and qualify replacement suppliers or manufacturers and we may be unable to obtain replacement supplies on terms that are favorable to us, or at all. In addition, if we are not able to obtain adequate supplies of our products or product candidates or the substances used to manufacture them, it will be more difficult for us to develop our product candidates, commercialize our products and compete effectively.

In addition, if our contract manufactures are not able to maintain compliance, we may need to find alternative manufacturing facilities, which would negatively impact our ability to develop and obtain regulatory approval for our product candidates There is also no guarantee that we would be able to find alternative manufacturing facilities or enter into agreements with alternative manufacturers on favorable terms.

Even if we are able to establish and maintain arrangements with third-party manufacturers, reliance on such third parties entails additional risks, including:

● reliance on the third party for regulatory compliance and quality assurance;

● the possible breach of the agreements by the third party;

● the possible misappropriation of our proprietary information, including our trade secrets and know-how;

● the possibility of the manufactured supplies not being delivered in a timely manner, delaying development programs;

● the possibility of third-party resources not being devoted in the manner necessary to satisfy our requirements within the expected time frame; and

● the possible termination or nonrenewal of a critical agreement by the third party at a time that is costly or inconvenient to us.

Many additional factors could cause production interruptions, including human error, natural disasters, labor disputes, acts of terrorism or war, equipment malfunctions, contamination, supply chain disruption, including disruptions caused by outbreaks of contagious disease, any new tariffs imposed in the jurisdictions in which we operate, or raw material and component shortages. If future supply chain disruptions create prolonged delays, the supplies of our products candidates may be significantly and adversely affected and our business, results of operations and financial condition could be materially adversely affected.

In addition, to the extent that any contract manufactures that we engage develop proprietary manufacturing processes or procedures, should we need to change manufacturers, we may not be able to transfer know-how to a new manufacturer. In such a case, the new manufacturer would need to invest substantial time, money, and effort to develop its own processes and procedures, which would require regulatory authority approval.

***Product liability and other civil lawsuits against us could cause us to incur substantial liabilities and to limit clinical trials. Our insurance program may not be extensive enough to adequately protect us against these risks.***

We face an inherent risk of product liability exposure related to clinical trials. If we cannot successfully defend ourselves against claims that our product candidates caused injuries, we will incur substantial liabilities. Regardless of merit or eventual outcome, liability claims may result in:

● reduced resources of our management to pursue our business strategy;

● injury to our reputation and significant negative media attention;

● the inability to continue current clinical trials or begin planned clinical trials;

● withdrawal or reduced enrollment of clinical trial participants;

● significant costs to defend the related claims/litigation;

● increased insurance costs, or an inability to maintain appropriate insurance coverage;

● substantial monetary awards to trial participants, patients and/or their families;

● loss of revenue;

● the inability to obtain approval of or commercialize our product candidates;

● initiation of investigations and enforcement actions by regulators; and

● the cessation of development or regulatory disapproval of product candidates, as well as labeling, marketing, or promotional restrictions.

Any insurance that we may have may not adequately cover any product liability risks.

In addition, we could be subject to other costly civil litigation, including contractual claims. If third parties believe that we have violated our contractual terms, we may need to defend or settle litigation, which could damage our business and prospects.

**Risks Related to Intellectual Property**

***Our intellectual***  ***property is critical to our success and in part depends on our ability to maintain, protect, and expand our portfolio of intellectual property rights.***

Biotechnology and pharmaceutical companies generally, and we in particular, compete in a crowded competitive space characterized by rapidly evolving technologies and aggressive defense of intellectual property. Our patent portfolio as of October 31, 2025 contains three issued and unexpired U.S. patents, seven pending U.S. patent applications, five issued and unexpired international patents and eighteen pending patent cooperation treaty (PCT) applications that are solely owned by or exclusively optioned to us and certain foreign counterparts of a subset of these patents and patent applications in foreign jurisdictions, including Australia, Brazil, Canada, China, Japan, South Korea, Mexico, and countries within the European Patent Convention and the Eurasian Patent Organization. The patents and patent applications we own and license upon which we rely for our therapeutic platform expire between 2033 and 2045. Our success depends in large part on our ability to obtain and maintain patent and other intellectual property protection in the United States and other countries with respect to our proprietary technology and products. We seek to protect our proprietary position by filing patent applications in the United States and abroad related to our proprietary technologies and drug candidates.

Our patents and patent applications are directed to our product candidates and accompanying technologies. We seek patent protection for our development programs, product candidates and related alternatives by filing and prosecuting patent applications in the U.S. and other countries as appropriate.

***If we are unable to obtain and maintain patent protection for any products we develop and for our technology, or if the scope of the patent protection obtained is not sufficiently broad, our competitors could develop and commercialize products and technology similar or identical to ours, and our ability to commercialize any product candidates we may develop, and our technology may be adversely affected.***

Our success depends in large part on our ability to obtain and maintain patent protection in the United States and other countries with respect to our product candidates and the accompanying technologies we develop that are important to our business. If we are unable to secure or maintain patent protection with respect to our technology and any proprietary products and technology we develop, our business, financial condition, results of operations, and prospects could be materially harmed.

Patent positions of life sciences companies can be uncertain and involve complex factual and legal questions. No consistent policy governing the scope of claims allowable in the field of drug development has emerged in the United States. The scope of patent protection in jurisdictions outside of the United States is also uncertain. Changes in either the patent laws or their interpretation in any jurisdiction that we seek patent protection may diminish our ability to protect our inventions, maintain and enforce our intellectual property rights; and, more generally, may affect the value of our intellectual property, including the narrowing of the scope of our patents and any that we may license.

***The intellectual property landscape in the field of oncology therapeutics is crowded, and third parties may initiate legal proceedings alleging that we are infringing, misappropriating, or otherwise violating their intellectual property rights, the outcome of which would be uncertain and could have a material adverse effect on the success of our business.***

Due to the intense research and development undertaken by academic institutions and multiple companies, including us and our competitors, in this field, the intellectual property landscape is in flux, and it may remain uncertain for the coming years. There may be significant intellectual property-related litigation and proceedings relating to our own and other third-party intellectual property and proprietary rights in the future.

***Our development and commercialization rights to our current and future product candidates and technology may be subject, in part, to the terms and conditions of licenses granted to us by others.***

We expect to be reliant upon licenses to certain patent rights and proprietary technology from third parties that are important or necessary to the engineering and development of our current and future product candidates. These and other licenses may not provide exclusive rights to use such intellectual property and technology in all relevant fields of use and in all territories in which we choose to develop or commercialize our technology and products in the future. As a result, we may not be able to prevent others from developing and commercializing competitive products in territories included in all of our licenses.

We engage in collaborations with scientists at academic and non-profit institutions to access technologies and materials that are not otherwise available to us. The agreements that govern these collaborations may include an option to negotiate an exclusive license to or acquire rights in inventions that are created in the course of these collaborations, but we may not be able to come to a final agreement with an institution holding rights in an invention that is relevant to the development and commercialization of our technology.

In addition, we may not have the right to control the preparation, filing, prosecution, maintenance, enforcement, and defense of patents and patent applications covering the technology that we license or acquire from third parties. Therefore, we cannot be certain that these patents and patent applications will be prepared, filed, prosecuted, maintained, enforced, and defended in a manner consistent with the best interests of our business. If our licensors fail to prosecute, maintain, enforce, and defend such patents, or lose rights to those patents or patent applications, the rights we have licensed may be reduced or eliminated, and our right to develop and commercialize any of our products that are the subject of such licensed rights could be adversely affected. Additionally, we may be required to reimburse our licensors for all of their expenses related to the prosecution, maintenance, enforcement and defense of patents and patent applications that we in-license from them.

Our licensors may have relied on third-party consultants or collaborators or on funds from third parties such that our licensors are not the sole and exclusive owners of the patents we in-licensed. If other third parties have ownership rights to our in-licensed patents, they may be able to license such patents to our competitors, and our competitors could market competing products and technology. This could have a material adverse effect on our competitive position, business, financial conditions, results of operations, and prospects.

Our licensors might conclude that we have materially breached our license agreements and might therefore terminate the license agreements, thereby removing our ability to develop and commercialize products and technology covered by these license agreements. If these in-licenses are terminated, or if the underlying patents fail to provide the intended exclusivity, competitors will have the freedom to seek regulatory approval of, and to market, products identical to ours. In addition, we may seek to obtain additional licenses from our licensors and, in connection with obtaining such licenses, we may agree to amend our existing licenses in a manner that may be more favorable to the licensors, including by agreeing to terms that could enable third parties (potentially including our competitors) to receive licenses to a portion of the intellectual property that is subject to our existing licenses. Any of these events could have a material adverse effect on our competitive position, business, financial conditions, results of operations, and prospects.

**Risks Related to Employee Matters, Managing our Growth and Other Risks Related to our Business.**

***We are highly dependent on our key personnel, who are currently retained as consultants. If we are not successful in attracting, motivating and retaining highly qualified personnel, we may not be able to successfully implement our business strategy.***

We are highly dependent on members of our executive team, who are currently retained as consultants. The loss of the services of any of them may adversely impact the achievement of our objectives. Any of our executive officers could leave our Company at any time, as all of our executives are consultants. We currently do not have "key person" insurance on any of our personnel. The loss of the services of one or more of our current executives might impede the achievement of our research, development and commercialization objectives.

Recruiting and retaining qualified employees, consultants and advisors for our business, including scientific and technical personnel, also will be critical to our success. Competition for skilled personnel is intense and the turnover rate can be high. We may not be able to attract and retain personnel on acceptable terms given the competition among numerous pharmaceutical and biotechnology companies and academic institutions for skilled individuals. In addition, failure to succeed in preclinical studies, clinical trials or applications for marketing approval may make it more challenging to recruit and retain qualified personnel. The inability to recruit, or the loss of services of certain executives, key employees, consultants or advisors, may impede the progress of our research, development and commercialization objectives and have a material adverse effect on our business, financial condition, results of operations and prospects.

***Our employees, independent contractors, vendors, principal investigators, CROs and consultants may engage in misconduct or other improper activities, including non-compliance with regulatory standards and requirements and insider trading.***

We are exposed to the risk that our employees, independent contractors, vendors, commercial partners, principal investigators, CROs and consultants may engage in fraudulent conduct or other illegal activity. Misconduct by these parties could include intentional, reckless and/or negligent conduct or disclosure of unauthorized activities to us that violate the regulations of the FDA and comparable foreign regulatory authorities, including those laws requiring the reporting of true, complete and accurate information to such authorities; healthcare fraud and abuse laws and regulations in the United States and abroad; or laws that require the reporting of financial information or data accurately. In particular, sales, marketing and business arrangements in the healthcare industry are subject to extensive laws and regulations intended to prevent fraud, misconduct, kickbacks, self-dealing and other abusive practices. These laws and regulations may restrict or prohibit a wide range of pricing, discounting, marketing and promotion, patient support and assistance, sales commission, customer incentive programs and other business arrangements. Activities subject to these laws also involve the improper use of information obtained in the course of clinical trials or creating fraudulent data in our preclinical studies or clinical trials, which could result in regulatory sanctions and cause serious harm to our reputation. We intend to adopt, prior to the completion of this offering, a code of conduct applicable to all of our employees, but it is not always possible to identify and deter misconduct by employees and other third parties, and the precautions we take to detect and prevent this activity may not be effective in controlling unknown or unmanaged risks or losses or in protecting us from governmental investigations or other actions or lawsuits stemming from a failure to comply with these laws or regulations. Additionally, we are subject to the risk that a person could allege such fraud or other misconduct, such as a whistleblower pursuing a False Claims Act case against us, even if none occurred. If any such actions are instituted against us, and we are not successful in defending ourselves or asserting our rights, those actions could have a significant impact on our business, including the imposition of civil, criminal and administrative penalties, sanctions, including civil monetary penalties, damages, criminal fines, disgorgement, suspension and debarment from government contracts, refusal of orders under existing government contracts, possible exclusion from participation in Medicare, Medicaid and other federal and state healthcare programs, contractual damages, reputational harm, diminished profits and future earnings, and curtailment or restructuring of our operations, any of which could materially adversely affect our ability to operate our business and our results of operations. Even if we successfully defend against any such action, it could cause us to incur significant legal expenses and divert our management's attention from the operation of our business.

***Our future ability to utilize our net operating loss carryforwards and certain other tax attributes may be limited.***

Since our inception, we have incurred losses and we may never achieve profitability. To the extent that we continue to generate taxable losses, under current law, our unused U.S. federal net operating losses, or NOLs, may be carried forward to offset a portion of future taxable income, if any. Additionally, we continue to generate business tax credits, including research and development tax credits, which generally may be carried forward to offset a portion of future taxable income, if any, subject to expiration of such credit carryforwards. Under Sections 382 and 383 of the Internal Revenue Code of 1986, as amended (the "Code"), if a corporation undergoes an "ownership change," generally defined as one or more shareholders or groups of shareholders who own at least 5 percent of the corporation's equity increasing their equity ownership in the aggregate by more than 50 percentage points (by value) over a three-year period, the corporation's ability to use its pre-change NOLs and other pre-change tax attributes (such as research and development tax credits) to offset its post-change income or taxes may be limited. Similar rules may apply under state tax laws. Our prior equity offerings and other changes in our stock ownership may have resulted in such ownership changes in the past. In addition, we may experience ownership changes in the future as a result of this offering or subsequent shifts in our stock ownership, some of which are outside of our control. As a result, if we earn net taxable income, our ability to use our pre-change NOLs or other pre-change tax attributes to offset U.S. federal taxable income may be subject to limitations, which could potentially result in increased future tax liability to us. Additional limitations on our ability to utilize our NOLs to offset future taxable income may arise as a result of our corporate structure whereby NOLs generated by our subsidiary may not be available to offset taxable income earned by our subsidiary. There is a risk that due to changes under the tax law, regulatory changes or other unforeseen reasons, our existing NOLs or business tax credits could expire or otherwise be unavailable to offset future income tax liabilities. At the state level, there may also be periods during which the use of NOLs or business tax credits is suspended or otherwise limited, which could accelerate or permanently increase state taxes owed. For these reasons, we may not be able to realize a tax benefit from the use of our NOLs or tax credits, even if we attain profitability.

  ****

***Unfavorable global economic conditions, including any adverse macroeconomic conditions or geopolitical events, could adversely affect our business, financial condition, results of operations or prospects.***

Our results of operations could be adversely affected by general conditions in the global economy and in the global financial markets. The global credit and financial markets have experienced extreme volatility and disruptions in the past several years, including severely diminished liquidity and credit availability, rising inflation and monetary supply shifts, rising interest rates, labor shortages, declines in consumer confidence, declines in economic growth, increases in unemployment rates, recession risks and uncertainty about economic and geopolitical stability. A severe or prolonged economic downturn, or global financial or political crises, could result in a variety of risks to our business, including delayed clinical trials or preclinical studies, delayed approval of our product candidates, delayed ability to obtain patents and other intellectual property protection, weakened demand for our product candidates, if approved, or our ability to raise additional capital when needed on acceptable terms, if at all. The extent of the impact of these conditions on our operational and financial performance, including our ability to execute on our business strategies and initiatives in the expected timeframe, as well as that of third parties upon whom we rely, will depend on future developments, which are uncertain and cannot be predicted. A weak or declining economy also could strain our suppliers, possibly resulting in supply disruption. Any of the foregoing could harm our business and we cannot anticipate all of the ways in which the current economic climate and financial market conditions could adversely impact our business. Furthermore, continued market volatility or a general economic downturn could cause our stock price to decline.

Events involving limited liquidity, defaults, non-performance or other adverse developments that affect financial institutions, or concerns or rumors about any events of these kinds or other similar risks, have in the past and may in the future lead to market-wide liquidity problems. If any of the banks that hold our cash deposits were to be placed into receivership, we may be unable to access our cash and cash equivalents and short-term marketable securities, which would adversely affect our business. In addition, if any of the third parties on whom we rely to conduct certain aspects of our preclinical studies or clinical trials are unable to access funds through certain financial institutions, such parties' ability to fulfill their obligations to us could be adversely affected.

**Risks Related to Data Privacy, Data Protection, AI, Business and Operational Resilience, and Information Security**

***If our information technology systems, or those used by our third party collaborators, clinical trial sites or other contractors or consultants with whom we work, or our data systems, are or were compromised (or suspected to have been compromised), we could experience adverse consequences, including but not limited to regulatory investigations, enforcement action, or other action, litigation, fines and penalties, disruptions of our business operations, reputational harm and other adverse consequences.***

In the ordinary course of our business, we, and the third parties with whom we work, collect, receive, store, process, generate, use, transfer, disclose, make accessible, protect, secure, dispose of, transmit and share, which we collectively refer to as "process", personal data, personal information, and other material categories of information, including proprietary and confidential business data, trade secrets, intellectual property, data we collect about trial participants in connection with clinical trials, sensitive third-party data, business plans, transactions and financial information, which we collectively refer to as sensitive data. As a result, we and the third parties with whom we work face a variety of evolving threats which could cause security, and business and operational resilience incidents. Cyberattacks, malicious internet-based activity, online and offline fraud and other similar activities threaten the confidentiality, integrity and availability of data under our control or in our possession and information technology systems, and those of the third parties with whom we work.

Our information technology systems and those of our CROs, CMOs, clinical sites and other contractors and consultants with whom we work are vulnerable to cyberattacks, computer viruses, bugs, worms or other malicious codes, malware (including as a result of advanced persistent threat intrusions) and other attacks by computer hackers, brute force attacks, application security attacks, social engineering (including through deep fakes, which may be increasingly more difficult to identify as fake, and phishing attacks), supply chain attacks and vulnerabilities through our third-party service providers, denial-of-service attacks, credential stuffing, credential harvesting, personnel misconduct or error, supply-chain attacks, software bugs, server malfunctions, software or hardware failures, loss of data or other information technology assets, adware, attacks facilitated or enhanced by Artificial Intelligence or AI, telecommunications failures, earthquakes, fires, floods and other similar threats. The increase in remote work has increased these risks to our information technology systems and sensitive material categories of data, as more of our employees utilize network connections, computers and devices outside our premises or network, including working at home, while in transit, and in public locations.

Such threats are prevalent and continue to rise, are increasingly difficult to detect and come from a variety of sources, including traditional computer "hackers," threat actors, "hacktivists," organized criminal threat actors, personnel (such as through theft or misuse), sophisticated nation-states and nation-state-supported actors. Some actors now engage and are expected to continue to engage in cyber-attacks, including without limitation nation-state actors, for geopolitical reasons and in conjunction with military conflicts and defense activities. In particular, ransomware attacks, including those from organized criminal threat actors, nation-states and nation-state-supported actors, are becoming increasingly prevalent and severe and can lead to significant interruptions, delays or outages in our operations, loss of sensitive data, loss of income, significant extra expenses to restore data or systems (to the extent they can be restored), delays in development programs or the need to repeat studies, reputational loss and the diversion of funds. To alleviate the negative impact of a ransomware attack, it may be preferable to make extortion payments, but we may be unwilling or unable to do so (including, for example, if applicable laws or regulations prohibit such payments).

During times of war and other major conflicts, we and the third parties with whom we work may be vulnerable to a heightened risk of attacks for geopolitical reasons, including retaliatory cyberattacks, that could materially disrupt our systems and operations, supply chain and ability to continue our research and development efforts or produce, sell and distribute our product candidates, if approved. In addition to experiencing a security incident, third parties may gather, collect or infer sensitive data about us from public sources, data brokers or other means that reveals competitively sensitive details about our organization and could be used to undermine our competitive advantage or market position.

Furthermore, future business transactions (such as acquisitions) could expose us to additional cybersecurity risks and vulnerabilities, as our systems could be negatively affected by vulnerabilities present in the systems and technologies of any acquired entities. Additionally, we may discover security issues that were not found during due diligence of such acquired entities, and it may be difficult to integrate companies into our information technology environment and security program.

It may be difficult or costly to detect, investigate, mitigate, contain and remediate a security incident, or a suspected incident. Our efforts to do so may not be successful. Actions taken by us or the third parties with whom we work to detect, investigate, mitigate, contain and remediate a security incident or a suspected incident could result in outages, data losses and disruptions of our business. Threat actors may also gain access to other networks and systems after a compromise of our networks and systems.

In addition, our reliance on third-party partners could introduce new cybersecurity risks and vulnerabilities. We rely on third-party partners and technologies to operate critical business systems and to process sensitive data in a variety of contexts, including cloud-based infrastructure, encryption and authentication technology, employee email and other functions. We also rely on third-party partners to assist with our clinical trials, provide other products or services or otherwise to operate our business. Our ability to monitor these third parties' information security practices is limited, and these third parties may not have adequate information security measures in place. If our third-party partners experience a security incident or other interruption, we could experience adverse consequences. While we may be entitled to damages if our third-party service partners fail to satisfy their privacy or security-related obligations to us, any award may be insufficient to cover our damages, or we may be unable to recover such award. In addition, supply-chain attacks have increased in frequency and severity, and we cannot guarantee that third parties' infrastructure in our supply chain or our third-party partners' supply chains have not been compromised or that they do not contain exploitable defects or bugs that could result in a breach of or disruption to our information technology systems (including our services) or the third-party information technology systems that support us and our services.

The costs related to significant security breaches, incidents, or business or operational disruptions could be material and cause us to incur significant expenses. If the information technology systems of our CROs, CMOs, clinical sites and other contractors and consultants become subject to disruptions or security incidents, we may have insufficient recourse against such third parties and we may have to expend significant resources to mitigate the impact of such an event, and to develop and implement protections to prevent future events of this nature from occurring.

If any such incidents or disruptions were to occur and cause interruptions in our operations, it could result in a disruption of our business, operations and development programs. For example, the loss of clinical trial data from completed or ongoing clinical trials for a product candidate could result in delays in our regulatory approval efforts and significantly increase our costs to recover or reproduce the data. To the extent that any disruption or security incident were to result in the loss of or damage to our sensitive data or applications, or inappropriate disclosure of sensitive data, we could incur liability and the further development of any product candidates could be delayed. Applicable data privacy, operational resilience, and data security obligations (including without limitation under European Data and AI Laws, as well as U.S. laws) may require us, or we may voluntarily choose, to notify relevant stakeholders, including affected individuals, future customers, regulators, and investors, of security incidents, or business or operational disruptions, or to take other actions, such as providing credit monitoring and identity theft protection services. Such disclosures and related actions can be costly, and the disclosure or the failure to comply with such applicable requirements could lead to adverse consequences. Any such event could also result in adverse consequences, such as government enforcement actions (for example, investigations, fines, penalties, audits and inspections), additional reporting requirements or oversight, restrictions on processing sensitive data, litigation, indemnification obligations, negative publicity, reputational harm, monetary fund diversions, diversion of management attention, financial loss and other similar harms. Security incidents and other disruptions, and attendant consequences may negatively impact our ability to grow and operate our business and may result in a loss of confidence in us and our ability to conduct clinical trials, which could delay the clinical development of our product candidates.

Our contracts may not always contain appropriate exclusions and/or limitations of liability, and even where they do, there can be no assurance that such exclusions and/or limitations of liability in our contracts are sufficient to protect us from liabilities, damages, or claims related to our data privacy, operational resilience and security obligations, including without limitation under European Data and AI Laws and U.S. laws. We cannot be sure that our insurance coverage will be adequate or sufficient to protect us from or to mitigate liabilities arising out of our privacy and security practices, that such coverage will continue to be available on commercially reasonable terms or at all or that such coverage will pay future claims. Additionally, material sensitive data in our possession or under our control could be leaked, disclosed or revealed as a result of, or in connection with, our employees', personnel's or vendors' use of AI technologies.

***We and the third parties with whom we work are subject to stringent and evolving U.S ., European, and foreign laws, regulations and rules, contractual obligations, industry standards, policies and other obligations related to data privacy and security, data protection and business and operational resilience. Any actual or perceived failure to comply with such obligations could lead to government enforcement actions (which could include civil or criminal penalties), private litigation (including class claims), negative publicity or other adverse consequences that could negatively affect our operating results and business.***

We may be subject to a variety of different laws related to data privacy and security, including HIPAA, U.S. state laws, and laws of foreign countries. For the purpose of this prospectus, the EU General Data Protection Regulation, UK General Data Protection Regulation, and UK Data Protection Act 2018 are collectively referred to as the "GDPR". The European Economic Area, UK, and Switzerland are collectively referred to as "Europe". The GDPR and the EU Network and Information Systems Directive-related laws, EU AI Act, and other laws, regulations, and governmental guidelines are collectively referred to as "European Data and AI Laws".

In the ordinary course of business, we and our partners process sensitive data (which may include data considered to be "special category" personal data under European Data and AI Laws. As a result, we and our partners may be subject to numerous data privacy and security obligations, such as various U.S. federal, state, European and foreign laws and regulations, guidance, industry standards, external and internal privacy and security policies, contractual requirements and other obligations relating to data privacy and security, including without limitation, European Data and AI Laws and U.S. legal requirements. In the United States, numerous federal, state and local governments have enacted laws and regulations, including state data breach notification laws, state health information privacy laws, federal and state consumer protection laws (e.g., Section 5 of the Federal Trade Commission Act, or the FTCA) and other similar regulations (e.g., wiretapping) that govern the processing of sensitive data, including health-related information. For example, HIPAA, as amended by HITECH, imposes specific requirements relating to the privacy, security and transmission of individually identifiable protected health information.

Even when HIPAA does not apply, according to the FTC failing to take appropriate steps to keep consumers' personal information secure may constitute unfair acts or practices in or affecting commerce in violation of the FTCA. The FTC expects a company's data security measures to be reasonable and appropriate in light of the sensitivity and volume of consumer information it holds, the size and complexity of its business, and the cost of available tools to improve security and reduce vulnerabilities. Individually identifiable health information is considered sensitive data that merits stronger safeguards.

In addition, numerous U.S. states—including California, Virginia, Colorado, Connecticut and Utah—have enacted comprehensive privacy laws that impose certain obligations on covered businesses, including providing specific disclosures in privacy notices and affording residents with certain rights concerning their personal data. As applicable, such rights may include the right to access, correct or delete certain personal data, and to opt-out of certain data processing activities, such as targeted advertising, profiling and automated decision-making. The exercise of these rights may impact our business. Certain states also impose stricter requirements for processing certain personal data, including sensitive information, such as conducting data privacy impact assessments. Failure to comply with these laws, where applicable, can result in significant statutory fines. For example, the California Consumer Privacy Act, as amended by the California Privacy Rights Act of 2020, or CPRA, collectively the CCPA, applies to personal data of consumers, business representatives and employees who are California residents, and requires businesses to provide specific disclosures in privacy notices and honor requests of such individuals to exercise certain privacy rights. The CCPA provides for fines of up to $7,500 per intentional violation and allows private litigants to recover significant statutory damages for certain data breaches, thereby potentially increasing risks associated with a data breach. The CCPA and other comprehensive U.S. state privacy laws exempt some data processed in the context of clinical trials, but these developments may further complicate compliance efforts, and increase legal risk and compliance costs for us and the third parties with whom we work. A number of similar privacy laws are also being considered in several other states as well as at the federal level, which may add additional complexity, variation in requirements, restrictions and potential legal risk, require additional investment of resources in compliance programs, impact strategies and the availability of previously useful data and could result in increased compliance costs or changes in business practices and policies. Other states, like Washington State, have passed healthcare-specific privacy laws. The My Health My Data Act became effective March 31, 2024 and restricts how entities collect, use, and process "consumer health data," defined broadly as personal information that is linked or reasonably linkable to a consumer and that identifies the consumer's health status. While HIPAA-regulated entities may be exempt from the Act, the exemption is based on the data collected and used rather than on the entity's status as a HIPAA covered entity or business associate. As such, some data may be subject to the Act and HIPAA, while other data may only be subject to HIPAA. The existence of comprehensive privacy laws in different states in the country would make our compliance obligations more complex and costly and may increase the likelihood that we may be subject to enforcement actions or otherwise incur liability for noncompliance.

Outside the United States, an increasing number of laws and regulations, including Australia's Privacy Act, and European Data and AI Laws, may also apply to our processing of sensitive data, including health-related and other personal data.

Among other obligations, European Data and AI Laws impose strict obligations and restrictions on the ability to collect, analyze, transfer and otherwise process personal data, including health data relating to clinical trials and adverse event reporting. In particular, these obligations and restrictions concern (non-exhaustively), the information to be provided to the individuals, the legal basis and conditions to be satisfied to process personal data, the transfer of personal data out of Europe, security breach notifications, obligations with respect to security and confidentiality of the personal data, vendor contracting and management, obligations with respect to data subjects, and accountability and documentation obligations.

The GDPR (among other European Data and AI Laws) allows governmental authorities to potentially impose high regulatory fines (among other enforcement tools, which include without limitation, temporary or definitive bans on data processing) in the event of violations, for example, under the GDPR up to 4% of global annual group turnover or EUR 20 million (whichever is the higher amount). Governmental authorities in Europe may potentially levy such fines directly upon on the non-compliant entity and/or on the parent company (so-called "undertaking") of the non-compliant entity. Separate from regulatory enforcement actions, individuals may bring private actions (including without limitation potentially group or representative actions). There is no statutory cap in the GDPR on the amount of compensation or the damages which individuals may recover. Our infringement of other European Data and AI Laws will also create risks for us similar to those risks described above.

Overall, the significant costs of European Data and AI Laws compliance, risk of regulatory enforcement actions and private litigation under, and other burdens imposed by these laws as well as under other regulatory schemes throughout the world related to privacy and security of health information and other personal and private data could have an adverse impact on our business, reputation, financial condition, and results of operations. We may also be subject to additional industry-specific privacy, cybersecurity, data protection, operational and information systems resilience, and artificial intelligence-related laws in Europe and elsewhere which may subject us to additional similar risks and impacts.

In addition, we may be unable to transfer personal data from the Europe and other jurisdictions to the United States or other countries due to data localization requirements or limitations on cross-border data flows. Europe and other jurisdictions have enacted laws requiring data to be localized or limiting the transfer of personal data to other countries. In particular, Europe has significantly restricted the transfer of personal data to the United States and other countries whose privacy laws it generally believes are inadequate. Other jurisdictions may adopt similarly stringent interpretations of their data localization and cross-border data transfer laws. Although there are currently various mechanisms that may be used to transfer personal data from the Europe to the United States in compliance with law, such as the EU's standard contractual clauses, the United Kingdom's International Data Transfer Agreement / Addendum, and the EU-U.S. Data Privacy Framework, or the Framework, and the United Kingdom and Swiss extension thereto (which allows for transfers to relevant U.S.-based organizations who self-certify compliance and participate in the Framework), these mechanisms are subject to legal challenges, and there is no assurance that we can satisfy or rely on these measures to lawfully transfer personal data to the United States. If there is no lawful manner for us to transfer personal data from Europe or other jurisdictions to the United States, or if the requirements for a legally compliant transfer are too onerous, we could face significant adverse consequences, including the interruption or degradation of our operations, the need to relocate part of or all of our business or data processing activities to other jurisdictions (such as Europe) at significant expense, increased exposure to regulatory actions, substantial fines and penalties, the inability to transfer data and work with partners, vendors and other third parties and injunctions against our processing or transferring of personal data necessary to operate our business. Additionally, companies that transfer personal data out of Europe to other jurisdictions, particularly to the United States, are subject to increased scrutiny from regulators, individual litigants and activist groups.

Implementing mechanisms to endeavor to ensure compliance with European Data and AI Laws and relevant local legislation in Europe may be onerous and may interrupt or delay our development activities, and adversely affect our business, financial condition, results of operations and prospects. In addition to the foregoing, a breach of the European Data and AI Laws or other applicable data privacy, data protection, AI, operational and business resilience, and security laws and regulations could result in regulatory investigations, reputational damage and orders to cease or change our use of data, enforcement notices or potential civil claims including class-action-type litigation.

We are bound by other contractual obligations related to data privacy, AI, operational and business resilience, and security, and our efforts to comply with such obligations may not be successful.

Obligations related to AI data privacy and security (and consumers' and data subjects' expectations) are quickly changing, becoming increasingly stringent and creating uncertainty. Additionally, these obligations may be subject to differing applications and interpretations, which may be inconsistent or conflict among jurisdictions. Preparing for and complying with these obligations requires us to devote significant resources and may necessitate changes to our services, information technologies, systems and practices and to those of any third parties that process personal data on our behalf.

Compliance with U.S., European, and foreign data privacy, data protection, security, AI, operational and business resilience laws, rules and regulations could require us to take on more onerous obligations in our contracts, require us to engage in costly compliance exercises, restrict our ability to collect, use and disclose sensitive data, or, in some cases, impact our or our partners' or suppliers' ability to operate in certain jurisdictions. Each of these constantly evolving laws can be subject to varying interpretations. Any actual or perceived failure to comply with U.S., European, and foreign data protection laws and regulations could result in government investigations and enforcement actions (which could include civil or criminal penalties), fines, private litigation or adverse publicity and could negatively affect our operating results and business. In particular, plaintiffs have become increasingly more active in bringing privacy-related claims against companies, including class claims and mass arbitration demands. Some of these claims allow for the recovery of statutory damages on a per violation basis, and, if viable, carry the potential for monumental statutory damages, depending on the volume of data and the number of violations. Moreover, patients about whom we or our partners obtain information, as well as the providers who share this information with us, may contractually limit our ability to use and disclose the information. Claims that we have violated individuals' privacy rights, failed to comply with data privacy, data protection, security, AI, operational and business resilience laws or breached our contractual obligations, even if we are not found liable, could be expensive and time-consuming to defend and could result in adverse publicity that could harm our business.

***Our business is dependent on the integrity of information technology systems and failure of such systems could disrupt our business, result in regulatory investigations or actions; litigation; fines and penalties; reputational harm; loss of revenue or profits; and other adverse consequences.***

Like most companies, we depend on the efficient and uninterrupted operation of our information technology and communications systems and those of our third-party vendors, contractors or consultants. Such systems may fail or suffer security breaches, cyberattacks, loss or leakage of data and other business and operational disruptions, which could cause adverse consequences resulting from such compromise, including but not limited to regulatory investigations or actions; litigation; fines and penalties; disruptions of our business operations; reputational harm; loss of revenue or profits; and other adverse consequences, including without limitation under European Data and AI Laws.

We, and third parties on whom we depend, are increasingly dependent on information technology systems, infrastructure and data to operate our and their businesses. In the ordinary course of business, we process confidential information (including but not limited to intellectual property, proprietary business data and patient data). It is critical that we do so in a secure manner to maintain the confidentiality and integrity of such confidential information. We also have outsourced elements of our information technology systems and operations to third parties, and as a result we rely on and manage a number of third-party vendors and other contractors and consultants who have access to and process our confidential information.

Although we are still in the process of planning our internal security controls, policies and other measures (including without limitation those which may be required under European Data and AI Laws), we take steps designed to detect, mitigate, and remediate vulnerabilities in our information systems (such as our hardware and/or software, including that of third parties upon which we rely). We may not, however, detect and remediate all such vulnerabilities including on a timely basis. Further, we may experience delays in developing and deploying remedial measures and patches designed to address identified vulnerabilities. Despite the implementation of these security measures, our information technology systems and those of our third-party vendors and other contractors and consultants have been in the past and may be in the future potentially vulnerable to breakdown, degradation, or other damage or interruption from service interruptions, system malfunction, accidents by our employees or third-party service providers, natural disasters, terrorism, war, global pandemics, and telecommunication and electrical failures. We may also experience security and business operational incidents from inadvertent or intentional actions by our employees, third-party vendors, contractors, consultants, business partners and/or other third parties, including theft, fraud or unauthorized access to or use of our information technology systems, or attack or damage from hacking, cyberattacks or supply chain attacks by malicious third parties and sophisticated nation-state and nation-state-supported actors (including the deployment of harmful computer viruses and malware, ransomware, denial or degradation-of-service attacks, phishing attacks and other social engineering and other means to affect service reliability and threaten the confidentiality, integrity and availability of information), which may compromise our system infrastructure, or that of our third-party vendors and other contractors and consultants, impede our ability to conduct business, delay our financial reporting or lead to data leakage.

Further, remote work has become more common and has increased risks to our information technology systems and data, as more of our employees utilize network connections, computers and devices outside our premises or network, including working at home, while in transit and in public locations.

Significant disruptions of our information technology systems or those of our third-party vendors and other contractors and consultants, or security breaches could result in the loss, misappropriation and/or unauthorized access, use, or disclosure of, or the prevention of access to, confidential information (including trade secrets or other intellectual property or proprietary business information) and claims by governmental authorities and our counterparties that we have failed to comply with legal or contractual obligations, which could result in financial, legal, business, and reputational harm to us.

There can be no assurance that the limitations of liability in our contracts would be enforceable or adequate to protect us from liabilities and damage and we may not have adequate insurance coverage to cover losses, or all types of costs, expenses and losses, we could incur with respect to security breaches, incidents, business or operational disruptions. The successful assertion of one or more large claims against us that exceeds our available insurance coverage, or results in changes to our insurance policies (including premium increases or the imposition of large deductible or co-insurance requirements), could have an adverse effect on our business. In addition, we cannot be sure that our existing insurance coverage and coverage for errors and omissions will continue to be available on acceptable terms or that our insurers will not deny coverage as to any future claim.

**Risks Associated with our NYSE American Listing**

***In order to have our securities listed on the NYSE American, among other requirements, we will need to add independent qualified persons to our Board.***

One of the requirements for a NYSE American listing is that a majority of the members of our Board be independent, or if we qualify as a Smaller Reporting Company (at least 50% of our Board), and that we have an Audit Committee that has at least three members (or two for a smaller reporting company), all of whom must be independent directors. In addition, at least one member of the Audit Committee must have experience that results in such individual's financial sophistication, pursuant to SEC rules. Notwithstanding, the NYSE American authorizes a "phase-in" period whereby we will be required to have, (i) within 90 days of listing, a majority of "independent" members on our established Committees and (ii) within one (1) year of listing, in addition to a majority of independent Board members, all members of our Committees will be independent. While the Company is currently undertaking a search for qualified Board and Committee members, there can be no assurances that we will be able to find qualified Board members willing to serve on our Board and associated Committees. Currently, we have a four (4) member Board and only one Board member qualifies as independent under NYSE American rules. In the event we are unable to attract a sufficient number of independent qualified persons to serve on our Board, Audit Committee, Compensation Committee and Governance and Nominating Committee, we may be unable maintain our Common Stock listing on the NYSE American even if we are initially listed subject to the foregoing "phase-in" period. In the event that our Common Stock is not initially listed on the NYSE American, we would not proceed with the offering described in this prospectus.

**USE OF PROCEEDS**

We estimate that the net proceeds from our issuance and sale of 2,777,777 shares of our Common Stock in this offering by us, will be approximately $22,398,000 (or approximately $25,848,000 if the underwriters exercise in full their option to purchase up to 416,167 shares from us), assuming an initial public offering price of $9.00 per share, which is the midpoint of the price range set forth on the cover page of this prospectus, and after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us. We will not receive any proceeds from the sale of shares of Common Stock by the selling stockholder.

Each $1.00 increase (decrease) in the assumed initial public offering price of $9.00 per share, which is the midpoint of the price range set forth on the cover page of this prospectus, would increase (decrease) as adjusted cash and cash equivalents, working capital, total assets, and total equity by approximately $2,555,555, assuming that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us. Similarly, each increase (decrease) of 100,000 shares offered by us at the assumed initial public offering price of $9.00 per share, which is the midpoint of the price range set forth on the cover page of this prospectus, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us would increase (decrease) as adjusted cash and cash equivalents, working capital, total assets, and total equity by approximately $828,000. The as adjusted information discussed above is illustrative only and will be adjusted based on the actual initial public offering price and other terms of our initial public offering determined at pricing.

As of September 30, 2025, we had cash and cash equivalents of $96,995. We intend to use the net proceeds from this offering, together with our existing cash and cash equivalents, (i) to fund research and development activities related to the clinical development of our product candidates, (ii) to fund other research and development activities, and (iii) for working capital and other general corporate purposes as described by the estimates in the following table:

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| | | | |
|:---|:---|:---|:---|
| **Estimated Use of Proceeds** | **Estimated Use of Proceeds** | **Estimated Use of Proceeds** | **Estimated Use of Proceeds** |
| (i) to fund research and development activities related to the clinical development of our product candidates | (i) to fund research and development activities related to the clinical development of our product candidates |  | $8650000 |
| &nbsp;&nbsp;&nbsp;EO3001 | Phase 1-2a clinical trial | $2750000 |  |
|  | Supportive non-clinical research | $250.000 |  |
|  |  | $3000000 |  |
| &nbsp;&nbsp;&nbsp;EO4426 | Manufacturing | $950000 |  |
|  | Phase 1-2a clinical trial | $2750000 |  |
|  | Supportive non-clinical research | $250000 |  |
|  |  | $3950000 |  |
| &nbsp;&nbsp;&nbsp;Orotecan | GMP Manufacturing | $250000 |  |
|  | Ongoing Phase 1-2a clinical trial | $1000000 |  |
|  |  | $1250000 |  |
| &nbsp;&nbsp;&nbsp;EO1001 | Working capital for partner-reimbursed costs | $450000 |  |
| (ii) to fund other research and development activities <sup>\*</sup> | (ii) to fund other research and development activities <sup>\*</sup> |  | $1250000 |
| (iii) to pay outstanding trade payables and accrued expenses incurred in the ordinary course of business | (iii) to pay outstanding trade payables and accrued expenses incurred in the ordinary course of business |  | $3520000 |
| (iv) to pay anticipated investor relations costs for 12 months post offering | (iv) to pay anticipated investor relations costs for 12 months post offering |  | $1000000 |
| (v) for working capital and other general corporate purposes | (v) for working capital and other general corporate purposes |  | $7978000 |

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\* Includes activities not related to our current product candidates, such as the evaluation and acquisition of additional product candidates or development of advanced formulations for our drug candidates.

Although we do not anticipate needing additional funds to complete the specific development items for which these proceeds are being obtained, there can be no assurances that additional funds will not be required. In the event such funds are needed, we have not identified the source of these funds, or an estimate on the amounts, if any.

Based on our current operational plans and assumptions, we expect our cash and cash equivalents, together with the net proceeds from this offering, will be sufficient to fund our expected operating expenses and capital expenditure requirements to the end of the calendar year 2027. We believe that the net proceeds from this offering, together with our existing cash and cash equivalents, may be insufficient to fund any of our drug candidates through regulatory approval, and we anticipate needing to raise additional capital to complete the development of and commercialize our drug candidates. It is difficult to predict the cost and timing required to complete development and obtain regulatory approval of, and commercialize, our drug candidates due to, among other factors, our limited experience with initiating, conducting and completing clinical trials, obtaining regulatory approval and commercializing our drug candidates, the rate of subject enrollment in our clinical trials, filing requirements with various regulatory agencies, clinical trial results and the actual costs of manufacturing and supplying our drug candidates. We may seek additional funds from non-dilutive sources such as government grants and licensing activities with pharmaceutical development collaborators

Our expected use of the net proceeds from this offering represents our intentions based upon our current plans and business conditions. As of the date of this prospectus, we cannot predict with certainty all of the particular uses for the net proceeds to be received upon the completion of this offering or the amounts that we will actually spend on the uses set forth above. We believe that opportunities may exist from time to time to expand our current business through licenses with or acquisitions of, or investments in, complementary businesses, products or technologies, and we may use a portion of the net proceeds for these purposes.

Our management will have broad discretion over the use of the net proceeds from this offering. The amounts and timing of our expenditures will depend upon numerous factors, including the results of our research and development efforts, the timing, cost and success of preclinical studies and clinical trials, the timing of regulatory submissions, our ability to obtain additional financing, the amount of cash obtained through our existing collaborations and future collaborations, if any, and any unforeseen cash needs.

Pending any use described above, we intend to invest the net proceeds of this offering in short- and intermediate-term interest-bearing obligations, investment-grade instruments, certificates of deposit or direct or guaranteed obligations of the U.S. government.

**DIVIDEND POLICY**

We have never declared or paid, and do not anticipate declaring or paying, in the foreseeable future, any cash dividends on our capital stock. We currently intend to retain all available funds and any future earnings to support our operations and finance the growth and development of our business. Any future determination related to our dividend policy will be made at the discretion of our board of directors and will depend upon, among other factors, our results of operations, financial condition, capital requirements, contractual restrictions, business prospects and other factors our board of directors may deem relevant.

**CAPITALIZATION**

The following table sets forth our cash and cash equivalents, and our capitalization as of September 30, 2025:

● on an actual basis;

● on a pro forma basis after adjusting for the following issuances subsequent to September 30, 2025: (1) 3,334 shares of Common Stock to service providers, and (2) the assumed conversion of all outstanding shares of our convertible securities (including Series B Notes, Series C Notes, and Series D Notes with interest accrued through October 31, 2025) into an aggregate of 1,423,912 shares of our Common Stock upon the closing of this offering (based on the assumed initial public offering price of $9.00 per share, which is the midpoint of the price range set forth on the cover page of this prospectus); and

● on a pro forma as adjusted basis to give effect to: the pro forma adjustments described above; and our issuance and sale of shares of Common Stock in this offering at an assumed initial public offering price of $9.00 per share, which is the midpoint of the price range set forth on the cover page of this prospectus, after deducting the estimated underwriting discounts and estimated offering expenses payable by us.

The pro forma and pro forma as adjusted information below is illustrative only, and our capitalization following the closing of this offering will depend on the actual initial public offering price and other terms of this offering determined at pricing. You should read this information in conjunction with our financial statements and the related notes appearing at the end of this prospectus, the sections of this prospectus entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations" and other financial information contained in this prospectus.

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| | | | |
|:---|:---|:---|:---|
|  | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
|  | **Actual** | **Pro Forma** | **Pro Forma As Adjusted** |
|  | **(in thousands, except share and per share data)** | **(in thousands, except share and per share data)** | **(in thousands, except share and per share data)** |
| Cash and cash equivalents | $97 | $97 | $22495 |
| Convertible Securities, including accrued interest | 5838 |  |  |
| Stockholders' (deficit) equity: |  |  |  |
| Preferred stock, $0.0001 par value per share; 50,000,000 shares authorized, no shares issued or outstanding, actual; 50,000,000 shares authorized and no shares issued or outstanding, pro forma and pro forma as adjusted |  |  |  |
| Common Stock, $0.0001 par value per share; 200,000,000 shares authorized, 4,077,014 shares issued and outstanding, actual; 5,504,260 shares issued and outstanding, pro forma; 8,282,037 issued and outstanding, pro forma as adjusted | 1 | 1 | 1 |
| Additional paid-in capital | 4842 | 10684 | 33082 |
| Accumulated deficit | (12004) | (12004) | (12004) |
| Total stockholders' (deficit) equity | (7161) | (1319) | 21079 |
| Total capitalization | $(1323) | $(1319) | $21079 |

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The Pro Forma number of shares of our Common Stock to be outstanding after this offering is based on 4,077,014 shares of our Common Stock outstanding as of September 30, 2025, after giving effect to the following issuances: (i) the sale of 2,777,777 shares from us in this offering (excluding over-allotments), (ii) the issuance of 3,334 shares of Common Stock issued subsequent to September 30, 2025, and (iii) approximately 1,423,912 shares of Common Stock that will be automatically issued at the closing of this offering upon the conversion of outstanding convertible notes and accrued interest as of October 31, 2025, which assumes a price per share in this Offering of $9.00, consisting of: (i) $565,000 in principal of Series B Convertible Notes ("Series B Notes") plus accrued interest, which will automatically convert into approximately 651,901 shares of Common Stock (assuming conversion price of approximately $1.416, calculated based off of $8,000,000 divided by fully diluted capitalization of Company as described in the Series B Notes) (ii) $2,295,000 in principal of Series C Convertible Notes ("Series C Notes") plus accrued interest, which will automatically convert into approximately 378,279 shares of Common Stock (assuming conversion price of $7.68 as described in the Series C Notes), and (iii) $2,606,600 in principal of Series D Convertible Notes ("Series D Notes") plus accrued interest, which will automatically convert into approximately 393,732 shares of Common Stock (assuming conversion price of $7.20, or 80% of the assumed $9.00 initial public offering price of the Common Stock as described in the Series D Notes), but excludes:

● 605,975 shares of our Common Stock issuable upon the exercise of options outstanding under our Amended and Restated 2021 Omnibus Equity Incentive Plan, at a weighted-average exercise price of $3.04 per share;

● 1,230,957 shares of our Common Stock available for future issuance under the 2025 Omnibus Equity Incentive Plan, which was approved by the shareholders on September 30, 2025;

● 254,493 shares of Common Stock underlying outstanding warrants, at a weighted average exercise price of $3.70 per share (with such average exercise price including 32,227 warrants issued with the Series B Notes, which exercise price is assumed to be $7.65 per share (85% of the price paid per share of Common Stock in this initial public offering)).

● the issuance of shares of Common Stock upon exercise of the Underwriter Warrants being issued in this offering; and

● the issuance of shares upon exercise by the underwriters of their option to purchase up to 416,667 shares of Common Stock from us to cover over-allotments, if any.

**DILUTION**

If you invest in our Common Stock in this offering, your ownership interest will be immediately diluted to the extent of the difference between the initial public offering price per share and the pro forma as adjusted net tangible book value per share of our Common Stock after this offering. The sale of the shares of Common Stock by the selling stockholder has no effect on the dilution calculations herein, except for the number of shares held by new investors versus existing stockholders post-offering below.

As of September 30, 2025, we had a historical net tangible book deficit of $9.6 million, or ($2.35) per share of our Common Stock. Our historical net tangible book deficit per share represents total tangible assets less total liabilities and the carrying values of our Series B Notes, Series C Notes, and Series D Notes, which is not included within stockholders' deficit divided by the 4,077,014 shares of our Common Stock outstanding as of September 30, 2025.

Our pro forma net tangible book value as of September 30, 2025 was a deficit of $3.8 million, or ($0.68) per share of our Common Stock. Pro forma net tangible book value represents the amount of our total tangible assets less our total liabilities after adjusting for (1) 3,334 shares of Common Stock to service providers, and (2) the assumed conversion of all outstanding shares of our convertible securities (including Series B Notes, Series C Notes, and Series D Notes with interest accrued through October 31, 2025) into an aggregate of 1,423,912 shares of our Common Stock upon the closing of this offering (based on the assumed initial public offering price of $9.00 per share, which is the midpoint of the price range set forth on the cover page of this prospectus). Pro forma net tangible book value per share represents pro forma net tangible book value divided by the pro forma total number of shares outstanding as of September 30, 2025, after giving effect to the pro forma adjustment described above.

After giving further effect to the sale of shares of Common Stock in this offering at an assumed initial public offering price of $9.00 per share, which is the midpoint of the price range set forth on the cover page of this prospectus, and after the additional issuances of Common Stock and assumed conversions discussed in the preceding paragraph, and deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us, our pro forma as adjusted net tangible book value as of September 30, 2025 would have been $18.6 million, or $2.25 per share. This amount represents an immediate increase in pro forma net tangible book value of $2.93 per share to our existing stockholders and immediate dilution of 6.75 per share to new investors in this offering. We determine dilution by subtracting the pro forma as adjusted net tangible book value per share after this offering from the amount of cash that a new investor paid for a share of Common Stock in this offering.

The following table illustrates this dilution on a per share basis:

---

| | | |
|:---|:---|:---|
| Assumed initial public offering price per share |  | $9.00 |
| Historical net tangible book deficit per share as of September 30, 2025 | $(2.35) |  |
| Pro forma increase in historical net tangible book value per share attributable to the pro forma transactions described in the preceding paragraphs | 1.67 |  |
| Pro forma adjusted net tangible book value per share as of September 30, 2025 | (0.68) |  |
| Increase in pro forma net tangible book value per share attributable to this offering | 2.93 |  |
| Pro forma as adjusted net tangible book value per share after this offering |  | 2.25 |
| Dilution per share to new investors in this offering |  | $6.75 |

---

The dilution information discussed above is illustrative only and will change based on the actual initial public offering price and other terms of this offering determined at pricing. Each $1.00 increase (decrease) in the assumed initial public offering price of $9.00 per share, which is the midpoint of the price range set forth on the cover page of this prospectus, would increase (decrease) the pro forma as adjusted net tangible book value per share after this offering by approximately $0.08, and dilution in pro forma net tangible book value per share to new investors by approximately $0.92, assuming that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us. An increase of 100,000 shares in the number of shares we are offering would increase the pro forma as adjusted net tangible book value per share after this offering by $0.07 and decrease the dilution per share to new investors participating in this offering by $0.07, assuming no change in the assumed initial public offering price per share and after deducting the estimated underwriting discounts and commissions. A decrease of 100,000 shares in the number of shares we are offering would decrease the pro forma as adjusted net tangible book value per share after this offering by $0.07 and increase the dilution per share to new investors participating in this offering by $0.07, assuming no change in the assumed initial public offering price per share and after deducting the estimated underwriting discounts and commissions.

If the underwriters exercise their option to purchase additional shares of our Common Stock in full from us and the selling stockholder, as applicable, the pro forma as adjusted net tangible book value after this offering would be $2.54 per share, the increase in pro forma net tangible book value per share would be $3.22 and the dilution per share to new investors would be $6.46 per share, in each case assuming an initial public offering price of $9.00 per share, which is the midpoint of the price range set forth on the cover page of this prospectus.

The following table summarizes, as of September 30, 2025, on the pro forma as adjusted basis described above, the differences between the number of shares purchased from us, the total consideration paid to us in cash and the average price per share that existing stockholders and new investors paid for such shares. The calculation below is based on an assumed initial public offering price of $9.00 per share, which is the midpoint of the price range set forth on the cover page of this prospectus, before deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares Purchased** | **Shares Purchased** | **Total Consideration** | **Total Consideration** | **Weighted- Average Price** |
|  | **Number** | **Percent** | **Amount** | **Percent** | **per Share** |
| Existing stockholders | 5454260 | 66% | $10583355 | 30% | 1.94 |
| New investors | 2827777 | 34% | 25000000 | 70% | 8.84 |
| Total | 8282037 | 100% | $35583355 | 100% | 4.30 |

---

The Pro Forma number of shares of our Common Stock to be outstanding after this offering is based on 4,077,014 shares of our Common Stock outstanding as of September 30, 2025, after giving effect to the following issuances: (i) the sale of 2,777,777 shares from us in this offering (excluding over-allotments), (ii) the issuance of 3,334 shares of Common Stock issued subsequent to September 30, 2025, and (iii) approximately 1,423,912 shares of Common Stock that will be automatically issued at the closing of this offering upon the conversion of outstanding convertible notes and accrued interest as of October 31, 2025, which assumes a price per share in this Offering of $9.00, consisting of: (i) $565,000 in principal of Series B Convertible Notes ("Series B Notes") plus accrued interest, which will automatically convert into approximately 651,901 shares of Common Stock (assuming conversion price of approximately $1.416, calculated based off of $8,000,000 divided by fully diluted capitalization of Company as described in the Series B Notes) (ii) $2,295,000 in principal of Series C Convertible Notes ("Series C Notes") plus accrued interest, which will automatically convert into approximately 378,279 shares of Common Stock (assuming conversion price of $7.68 as described in the Series C Notes), and (iii) $2,606,600 in principal of Series D Convertible Notes ("Series D Notes") plus accrued interest, which will automatically convert into approximately 393,732 shares of Common Stock (assuming conversion price of $7.20, or 80% of the assumed $9.00 initial public offering price of the Common Stock as described in the Series D Notes), but excludes:

● 605,975 shares of our Common Stock issuable upon the exercise of options outstanding under our Amended and Restated 2021 Omnibus Equity Incentive Plan, at a weighted-average exercise price of $3.04 per share;

● 1,230,957 shares of our Common Stock available for future issuance under the 2025 Omnibus Equity Incentive Plan, which was approved by the shareholders on September 30, 2025;

● 254,493 shares of Common Stock underlying outstanding warrants, at a weighted average exercise price of $3.70 per share (with such average exercise price including 32,227 warrants issued with the Series B Notes, which exercise price is assumed to be $7.65 per share (85% of the price paid per share of Common Stock in this initial public offering)).

● the issuance of shares of Common Stock upon exercise of the Underwriter Warrants being issued in this offering; and

● the issuance of shares upon exercise by the underwriters of their option to purchase up to 416,667 shares of Common Stock from us to cover over-allotments, if any.

**MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

The following Management's Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements regarding our business development plans, pre-clinical and clinical studies, regulatory reviews, timing, strategies, expectations, anticipated expenses levels, business prospects and positioning with respect to market, demographic and pricing trends, business outlook, technology spending and various other matters (including contingent liabilities and obligations and changes in accounting policies, standards and interpretations) and expresses our current intentions, beliefs, expectations, strategies or predictions. These forward-looking statements are based on a number of assumptions and currently available information and are subject to a number of risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under "Special Note Regarding Forward-Looking Statements" and under "Risk Factors" and elsewhere in this prospectus. The following discussion should be read in conjunction with our financial statements and related notes thereto included elsewhere in this prospectus.

Our Management's Discussion and Analysis of Financial Condition and Results of Operations, ("MD&A"), is provided in addition to the financial statements and notes thereto to assist readers in understanding our results of operations, financial condition and cash flows. Our MD&A is organized as follows:

● *Overview* — Overview discussion of our business in order to provide context for the remainder of MD&A.

● *Results of Operations* — Analysis of our financial results comparing the year ended December 31, 2024 to the year ended December 31, 2023 and for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024.

● *Liquidity and Capital Resources* —Analysis of cash flows and discussion of our financial condition and future liquidity needs.

● *Critical Accounting Estimates* — Accounting policies that we believe are important to understanding the assumptions and judgments incorporated in our reported financial results and forecasts.

**Overview**

We are a clinical-stage biopharmaceutical company focused on developing innovative small-molecule therapies for cancer by unlocking the potential of existing drugs and compounds. We seek to make meaningful improvements through strategic reformulation and / or repurposing using a modernized understanding of their mechanisms of action to address significant unmet medical needs.

The consolidated financial condition and results of operations include the accounts of the Company and its wholly owned subsidiaries, NewGen Therapeutics, Inc. and Edison Oncology Acquisition Corp.

<u>R&D Revenue</u>

We recognize revenue from research and development services provided under the Company's collaboration agreement with Apollomics in which they are to bear all costs associated with the development of the licensed product, EO1001. These services are presented on a gross basis because the Company is the principal for such efforts.

<u>Research and Development Expenses</u>

Research and development expenses consist primarily of costs incurred for the clinical development of the Company's product candidates Orotecan, EO1001, EO3001 and EO4426, which include:

● salaries and employee/consultant-related costs, including stock-based compensation;

● laboratory and vendor expenses related to the execution of research, preclinical development, and clinical trials;

● expenses under agreements with third-party contract research organizations, investigative clinical trial sites that conduct research and development activities on the Company's behalf, and consultants;

● costs related to develop and manufacture preclinical study and clinical trial drug material; and

● regulatory expenses.

The Company's direct research and development expenses consist primarily of external costs, such as expenses incurred for contract research organizations ("CROs"), consultants, clinical trial sites, contract manufacturing organizations ("CMOs"), and research laboratories in connection with our preclinical development, process development, manufacturing, clinical development, and regulatory activities.

<u>General and Administrative Expenses</u>

General and administrative expenses consist primarily of salary and employee/consultant-related costs and benefits, professional fees for legal, accounting, and audit services consulting, investor and public relations, insurance costs, director's fees, and general corporate expenses.

**Results of Operations**

***For the year ended December 31, 2024 compared to the year ended December 31, 2023***

The following table summarizes our results of operations for the years ended December 31, 2024 and 2023:

---

| | | | |
|:---|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** | **Change** |
|  | **2024** | **2023** | **%** |
| R&D revenue | $377186 | $481926) | (22)% |
| Total revenue | 377186 | 481926) | (22)% |
| Operating expenses |  |  |  |
| &nbsp;&nbsp;&nbsp;Research and development | 971104 | 842704 | 15% |
| &nbsp;&nbsp;&nbsp;Research and development – related party | 126000 | 152000) | (17)% |
| &nbsp;&nbsp;&nbsp;General and administrative | 1273955 | 1459773) | (13)% |
| Total operating expenses | 2371059 | 2454477 | (3)% |
| &nbsp;&nbsp;&nbsp;Loss from operations | (1993873) | (1972551) | 1% |
| Other (expense) income |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest (expense) and income | (302018) | (234931) | 29% |
| &nbsp;&nbsp;&nbsp;Amortization of debt discount | (222700) | (336461) | (34)% |
| &nbsp;&nbsp;&nbsp;Change in fair value of derivative liability | (10992) | 46064) | (124)% |
| &nbsp;&nbsp;&nbsp;Change in fair value of equity method investment | 1656420 | (1671913) | (199)% |
| Total other (expense) income | 1120710 | (2197241) | (151)% |
| Loss before provision for income taxes | (873163) | (4169792) | (79)% |
| Provision for income taxes | (301044) | 66931 | (550)% |
| Net loss | $(1174207) | $(4102861) | (71)% |

---

<u>R&D Revenue</u>

No revenues were generated from the sale of any of our proposed product candidates for any of the periods presented.

The research and development revenue recognized in the year ended December 31, 2024, was $377,186 compared to $481,926 in the year ended December 31, 2023. The decrease in R&D revenue of $104,740, or 22%, for the year ended December 31, 2024 compared to the year ended December 31, 2023 was primarily attributable to a decrease in development expenses related to EO1001 in accordance with the Apollomics Agreement.

<u>Research and Development Expenses</u>

The Company incurred the following research and development costs by project for the years ended December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
| **Project name** | **December 31, 2024** | **December 31, 2023** |
| EO1001 | $270056 | $339171 |
| EO3001 | 400652 | 125362 |
| Orotecan | 218806 | 289000 |
| EO4426 |  |  |
| Unallocated expenses (1) | 207590 | 241171 |
|  | $1097104 | $994704 |

---

(1) Unallocated
 research and development expenses include costs for management oversight, R&D travel,
 R&D conferences, and project partnering efforts.

The Company's collaboration with Apollomics provides for the reimbursement of all direct costs related to E01001. In addition, the agreement allows for the partial allocation of project management oversight of approximately $105,000 per year. There are no other indirect or overhead costs allocated to projects. The R&D costs for EO1001 are accumulated and reimbursed by Apollomics.

The Company's research and development expenses were $971,104 and $842,704 for the years ended December 31, 2024 and 2023, respectively. Research and development expenses for the year ended December 31, 2024 increased by $128,400, or 15%, over the year ended December 31, 2023 primarily due to an approximately $152,000 increase in the total of CRO and market research costs partially offset by an approximately $30,000 decrease in consultant advisory services. The Company's research and development expenses related party were $126,000 and $152,000 for the years ended December 31, 2024 and 2023, respectively.

The Company expects research and development expenses to increase in the year ended December 31, 2025. In particular, the Company expects the costs associated with investigative clinical trial sites that conduct research and development activities on the Company's behalf to increase as the Company prepares to initiate clinical trials with EO3001, and accepts new sites and new patients into ongoing clinical trials of Orotecan and EO1001. In addition, expenses related to the development and manufacture of our product candidates, costs of prosecution and maintenance of our patents and patent applications, and laboratory and vendor expenses related to the execution of preclinical and clinical trials are expected to increase in the year ended December 31, 2025.

<u>General and Administrative Expenses</u>

The Company's general and administrative expenses were $1,273,955 and $1,459,773 for the years ended December 31, 2024 and 2023, respectively. General and administrative expenses for the year ended December 31, 2024 decreased by $185,818, or 13%, compared to the year ended December 31, 2023. This decrease includes approximate changes of a (i) $40,000 reduction in accounting, consultants, and legal costs, (ii) $57,000 decrease in stock-based compensation expense as all previously granted stock options fully vested as of June 30, 2024, and (iii) $70,000 related to software, travel, and office expenses. The decreases for the year ended December 31, 2024 compared to the year ended December 31, 2023 were partially offset by a $25,000 increase in clinical trial and directors' liability insurance costs in the current year compared to the prior year.

We expect our general and administrative expenses will increase in the year ended December 31, 2025 as we incur additional audit, legal, and regulatory services associated with applying for, and maintaining compliance with, an exchange listing, SEC requirements, director and officer insurance premiums, investor relations costs, and the hiring of additional personnel to support the growth and operational strategy of the Company.

<u>Other (Expense) Income</u>

Net other (expense) income was an income of $1,120,710 for the year ended December 31, 2024 and an expense of $2,197,241 for the year ended December 31, 2023. The net change of $3,317,952, or 151%, is primarily based on a gain in fair value attributable to our equity method investment in Rakovina of $1,656,420 in the year ended December 31, 2024 compared to a loss attributable to the equity method investment during the year ended December 31, 2023 of $1,671,913, representing a change of $3,328,333, or 199%. The fair value of the derivative liability for the year ended December 31, 2024 was an expense of $10,992 compared to an income of $46,064 for the year ended December 31, 2023, representing a decrease of $57,056, or 124%. Additionally, a portion of the change in other (expense) income for the years ended December 31, 2024 compared to 2023 was related to a $67,086, or 29%, increase in interest expense, including the non-cash accrual of interest related to our convertible notes, of $302,018 and $234,931, for the years ended December 31, 2024 and 2023, respectively. The amortization of the debt discount was $222,700 and $336,461, for the years ended December 31, 2024 and 2023, respectively.

***For the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024***

The following table summarizes our results of operations for the nine months ended September 30, 2025 and 2024:

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| | | | |
|:---|:---|:---|:---|
|  | **Nine Months ended September 30,** | **Nine Months ended September 30,** | **Change** |
|  | **2025** | **2024** | **%** |
| R&D revenue | $373114 | $304209 | 23% |
| Total revenue | 373114 | 304209 | 23% |
| Operating expenses |  |  |  |
| &nbsp;&nbsp;&nbsp;Research and development | 575814 | 746669) | (23)% |
| &nbsp;&nbsp;&nbsp;Research and development – related party | 476998 | 72570 | 557% |
| &nbsp;&nbsp;&nbsp;General and administrative | 1366777 | 863719 | 58% |
| Total operating expenses | 2419589 | 1682958 | 44% |
| &nbsp;&nbsp;&nbsp;Loss from operations | (2046475) | (1378749) | 48% |
| Other (expense) income |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest (expense) and income | (321958) | (225390) | 43% |
| &nbsp;&nbsp;&nbsp;Amortization of debt discount | (226577) | (164547) | 38% |
| &nbsp;&nbsp;&nbsp;Change in fair value of derivative liability | 1245 | (83985) | (101)% |
| &nbsp;&nbsp;&nbsp;Change in fair value of equity method investment | (2566927) | 154636 | (1760)% |
| Total other (expense) income | (3114217) | (319286) | (875)% |
| Loss before provision for income taxes | (5160692) | (1698035) | 204% |
| Provision for income taxes | - | - | - |
| Net loss | $(5160692) | $(1698035) | 204% |

---

<u>R&D Revenue</u>

No revenues were generated from the sale of any of our proposed product candidates for any of the periods presented.

The research and development revenue recognized in the nine months ended September 30, 2025, was $373,114 compared to $304,209 in the nine months ended September 30, 2024. The increase in R&D revenue of $68,905, or 23%, for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 was primarily attributable to an increase in development expenses related to EO1001 in accordance with the Apollomics DLA.

<u>Research and Development Expenses</u>

The Company incurred the following research and development costs by project for the nine months ended September 30, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| **Project name** | **September 30, 2025** | **September 30, 2024** |
| EO1001 | $289602 | $200622 |
| EO3001 | 30973 | 310348 |
| Orotecan | 496200 | 153088 |
| EO4426 | 625 |  |
| Unallocated expenses (1) | 235412 | 155181 |
|  | $1052812 | $819239 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Unallocated
 research and development expenses include costs for management oversight, R&D travel, R&D conferences, project partnering
 efforts, and R&D-related stock-based compensation.

The Company's collaboration with Apollomics provides for the reimbursement of all direct costs related to E01001. In addition, the agreement allows for the partial allocation of project management oversight of approximately $105,000 per year. There are no other indirect or overhead costs allocated to projects. The R&D costs for EO1001 are accumulated and reimbursed by Apollomics.

The Company's non-related party research and development expenses were $575,814 and $746,669, respectively, for the nine months ended September 30, 2025 and 2024 while research and development expenses – related party were $476,998 and $72,570, for the nine months ended September 30, 2025 and 2024, respectively. Research and development expenses non-related party for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 decreased by $170,855, or 23%. The decrease was primarily due to an approximately $221,000 decrease in CRO expenses partially offset by an approximately $50,000 increase in the total of consultant advisory services and market research costs. Research and development expenses - related party for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 increased by $404,000, or 557%. The increase was primarily due to an increase in Orotecan study costs invoiced to the Company by Valent related to site initiations, patient enrolment, and other clinical costs.

The Company expects research and development expenses to increase in future periods. In particular, the Company expects the costs associated with investigative clinical trial sites that conduct research and development activities on the Company's behalf to increase as the Company plans to initiate clinical trials with EO3001 in 2026, and continues to enroll and treat patients for the ongoing clinical trials of Orotecan and EO1001. In addition, expenses related to the development and manufacture of our product candidates, costs of prosecution and maintenance of our patents and patent applications, and laboratory and vendor expenses related to the execution of preclinical and clinical trials are also expected to increase in future periods.

<u>General and Administrative Expenses</u>

The Company's general and administrative expenses were $1,366,777 and $863,719 for the nine months ended September 30, 2025 and 2024, respectively. General and administrative expenses for the nine months ended September 30, 2025 increased by $503,058, or 58%, compared to the nine months ended September 30, 2024. This increase includes approximate changes of a (i) $499,000 increase in accounting, consultants, and legal costs, and (ii) a $176,000 increase arising from stock based compensation of vesting of options, as well as increases for travel and insurance expenses. The increase for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 was partially offset by an approximately $50,000 decrease in marketing, advertising and office expenses in the current nine months compared to the prior period.

We expect our general and administrative expenses will increase in future periods as we incur additional audit, legal, and regulatory services associated with applying for, and maintaining compliance with, an exchange listing, SEC requirements, director and officer insurance premiums, investor relations costs, and the hiring of additional personnel to support the growth and operational strategy of the Company.

<u>Other (Expense) Income</u>

Net other (expense) income was an expense of $3,114,217 for the nine months ended September 30, 2025 and $319,286 for the nine months ended September 30, 2024. The net change of $2,794,931, or 875%, is primarily based on a loss in fair value attributable to our equity method investment in Rakovina of $2,566,927 in the nine months ended September 30, 2025 compared to a gain attributable to the equity method investment during the nine months ended September 30, 2024 of $154,636, representing a change of $2,721,563, or 1,760%. The fair value of the derivative liability for the nine months ended September 30, 2025 was an income of $1,245, compared to an expense of $83,985 for the nine months ended September 30, 2024, representing a decrease of $85,230, or 101%, to the change in fair value. Additionally, a portion of the change in other (expense) income for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 was related to a $96,568, or 43%, increase in interest expense, including the non-cash accrual of interest related to our convertible notes. The amortization of the debt discount was $226,577 and $164,547, for the nine months ended September 30, 2025 and 2024, respectively.

**Liquidity and Capital Resources**

<u>Cash Flows</u>

As of September 30, 2025, the Company had $96,995 in cash. The following table shows a summary of the Company's cash flows for the nine months ended September 30, 2025 and 2024:

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| | | |
|:---|:---|:---|
|  | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
|  | **2025** | **2024** |
| Net cash used in operating activities | $(656085) | $(821548) |
| Net cash provided by investing activities | $- | $- |
| Net cash provided by financing activities | $(208910) | $1500000 |

---

<u>Net Cash Used in Operating Activities</u>

Cash used in operating activities was $656,085 for the nine months ended September 30, 2025. In addition to the net loss of $5,160,692, cash used in operating activities for the nine months ended September 30, 2025 reflects a (i) $1,336,703 net change in cash related to changes in operating assets and liabilities (ii) $2,566,927 non-cash loss attributable to our equity method investment in Rakovina, (iii) $226,577 non-cash expense related to amortization of the debt discount, (iv) $184,456 non-cash expense recognized for stock-based compensation, (v) $1,245 non-cash change in fair value of the derivative liability, and (vi) $191,189 non-cash common shares issued for services and placement agents.

Cash used in operating activities was $821,548 for the nine months ended September 30, 2024. In addition to the loss of $1,698,035, cash used in operating activities for the nine months ended September 30, 2024 includes a (i) $725,376 net change in cash related to changes in operating assets and liabilities, (ii) $154,636 non-cash gain attributable to our equity method investment in Rakovina, (iii) $164,547 non-cash expense related to amortization of the debt discount, (iv) $57,214 non-cash expense recognized for stock-based compensation, and (v) $83,985 non-cash change in fair value of the derivative liability.

<u>Net Cash Provided by Financing Activities</u>

For the nine months ended September 30, 2025, there was $408,910 in cash provided by financing activities, which was attributable to net proceeds from the issuance of Series D Notes. Additionally, we made a payment of $200,000 to close a Series C Note.

For the nine months ended September 30, 2024, cash provided by financing activities was $1,500,000, which was attributable to net proceeds from the issuance of Series C Notes.

<u>Financial Condition – Going Concern</u>

Our consolidated financial statements have been prepared in conformity with generally accepted accounting principles of the United States of America ("GAAP") and assume that the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business.

For the nine months ended September 30, 2025, the Company had a net loss of approximately $5,161,000. As of September 30, 2025, the Company had an accumulated deficit of approximately $12,004,000 and a working capital deficit of approximately $7,903,000. Even with the proceeds from the issuance of the convertible notes during, and subsequent to, the nine months ended September 30, 2025, the Company will require additional funding to maintain its clinical trials, research and development projects, and for general operations.

Accordingly, the Company has concluded that substantial doubt exists about the Company's ability to continue as a going concern for a period of at least twelve months from the issuance date of these consolidated financial statements.

Management expects to incur substantial additional expenses over the next several years as the Company's research, development and commercial activities increase. Our ability to continue our operations depends on our ability to complete equity or debt financings or generate cash through development and licensing agreements or generate profitable operations in the future. Such financings or development or licensing agreements may not be available or may not be available on reasonable terms. Our ability to generate profitable operations requires the advancement of our current and future product candidates through clinical trials, marketing approval and commercialization, the lengthy and expensive nature and uncertain outcomes of the clinical development process and the lengthy, time consuming and unpredictable nature of the regulatory approval process. Therefore, it is uncertain when, if ever, the Company will realize significant revenue from product sales.

If we are unable to raise sufficient capital when needed, our business, financial condition and results of operations will be materially and adversely affected, and we will need to significantly modify our operational plans to continue as a going concern. Management plans to address this uncertainty through an offering of the Company's securities. The Company cannot provide any assurance that its plans to raise capital will be successful. If adequate funds are not available or are not available on acceptable terms, we may not be able to take advantage of prospective business endeavors or opportunities which could significantly and materially restrict our operations.

Our consolidated financial statements do not give effect to any adjustments to the amounts and classification of assets and liabilities that may be necessary should the Company be unable to continue as a going concern. Such adjustments could be material.

<u>Funding Requirements</u>

We do not expect to generate any meaningful future revenue unless and until we obtain regulatory approval and commercialize any of our current or future therapeutic candidates, or receive additional potential revenue from our development and license agreement with Apollomics, the amounts of which are uncertain. We will continue to require additional capital to develop our therapeutic candidates and fund operations for the foreseeable future. On a go forward basis, our primary uses of cash are expected to be funding of our operations, which consist primarily of research and development expenses related to our product candidate development programs, and for general and administrative expenses. We expect our expenses to increase in connection with our ongoing activities as we continue to develop our product candidates and our other discovery and preclinical programs, and potentially seek to broaden the pipeline of our product candidates. In addition, upon the completion of this offering, we expect to incur additional costs associated with operating as a public company. We estimate that we will require approximately $6.9 million to fund our planned operations for the next twelve (12) months.

We may seek to raise capital through private or public equity or debt financings, license and collaboration agreements or other arrangements, or through other sources of financing. Adequate additional funding may not be available to us on acceptable terms or at all. Our failure to raise capital as and when needed could have a negative impact on our financial condition and our ability to pursue our business strategies. We anticipate that we will need to raise substantial additional capital, the requirements of which will depend on many factors, including:

● the extent to which we develop, in-license or acquire other pipeline therapeutic candidates or technologies;

● the number and development requirements of other therapeutic candidates that we may pursue, and other indications for our current therapeutic candidates that we may pursue;

● the costs related to entering into partnerships or other arrangements with third parties;

● the costs, timing and outcome of obtaining regulatory approvals of our current or future therapeutic candidates we may pursue;

● the costs and fees associated with the discovery, acquisition or in-license of our products or technologies;

● the scope and costs of making arrangements with third-party manufacturers for preclinical, clinical and commercial supplies of our current or future therapeutic candidates;

● the scope and costs involved in growing our organization to the size needed to allow for the research, development and potential commercialization of our current or future therapeutic candidates;

● the cost associated with commercializing any approved therapeutic candidates, including establishing sales, marketing and distribution capabilities;

● the cost associated with completing any post-marketing studies or trials required by the FDA or other regulatory authorities;

● the revenue, if any, received from commercial sales of our current or future therapeutic candidates, if any are approved;

● the costs associated with addressing any potential interruptions or delays resulting from factors related to overall global affairs, such as conflicts overseas or health crisis;

● the costs and timing of preparing, filing and prosecuting patent applications, maintaining, defending and enforcing our intellectual property and proprietary rights and defending intellectual property-related claims that we may become subject to, including any litigation costs and the outcome of such litigation;

● the costs associated with potential product liability claims, including the costs associated with obtaining insurance against such claims and with defending against such claims; and

● our ability to establish and maintain collaboration arrangements on favorable terms, if at all and the timing and amount of any milestone, royalty or other payments we are required to make or are eligible to receive under such collaborations, if any.

If we raise additional funds by issuing equity securities, our stockholders will experience dilution. If we raise additional capital through debt financing, we may be subject to covenants that restrict our operations including limitations on our ability to incur liens or additional debt, pay dividends, repurchase our Common Stock, make certain investments, and engage in certain merger, consolidation or asset sale transactions. Any debt financing or additional equity that we raise may contain terms that are not favorable to us or our stockholders.

If we raise additional funds through collaborations, strategic alliances or licensing arrangements with third parties, we may have to relinquish valuable rights to our proprietary technology, future revenue streams, research programs or therapeutic candidates, including granting licenses to our proprietary technologies, on terms that may not be favorable to us. If we are unable to raise additional funds through equity or debt financings or collaborations, strategic alliances or licensing arrangements with third parties when needed, we may be required to delay, limit, reduce and/or terminate our product development programs or any future commercialization efforts or grant rights to develop and market therapeutic candidates that we would otherwise prefer to develop and market ourselves.

**Critical Accounting Estimates**

The Company's consolidated financial statements have been prepared in accordance with GAAP. The preparation of financial statements in conformity with U.S. GAAP requires the Company to make estimates, judgments, and assumptions that impact the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the balance sheet and the reported amounts of expenses during the reporting period. The Company's estimates are based on historical experience, known trends, events and various other factors that it believes are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. In making estimates and judgments, management employs critical accounting policies.

The Company's significant accounting policies used in the preparation of the consolidated financial statement are described in more detail in Note 2 of the notes to our consolidated financial statements included elsewhere in this prospectus. However, the Company believes that the following accounting policies are the most critical for fully understanding and evaluating our financial condition and results of operations:

*License and Collaboration Arrangements and Revenue Recognition*

The Company's revenues are generated primarily through license and collaboration agreements with pharmaceutical and biotechnology companies. The terms of these arrangements may include (i) the grant of intellectual property rights (IP licenses) to therapeutic drug candidates against specified targets, developed using the Company's proprietary platform, (ii) performing research and development services to optimize drug candidates, and (iii) the grant of options to obtain additional research and development services or licenses for additional targets, or to optimize product candidates, upon the payment of option fees.

The terms of these arrangements typically include payment to the Company of one or more of the following: non-refundable, upfront license fees; payments for research and development services; fees upon the exercise of options to obtain additional services or licenses; payments based upon the achievement of defined collaboration objectives; future regulatory and sales-based milestone payments; and royalties on net sales of future products.

The Company accounts for revenue in accordance with ASC 606, *Revenue from Contracts with Customers* ("ASC 606"). The Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. In determining the appropriate amount of revenue to be recognized under ASC 606, the Company performs the following steps:

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| | |
|:---|:---|
| Step 1: | Identify the promised goods or services in the contract; |
| Step 2: | Determine whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract; |
| Step 3: | Measurement of the transaction price, including the constraint on variable consideration; |
| Step 4: | Allocation the transaction price to the performance obligations; and |
| Step 5: | Recognition of revenue when (or as) the Company satisfies each performance obligation. |

---

As part of the accounting for these arrangements, the Company must make significant judgments, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each performance obligation.

Once a contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within the contract and determines those that are performance obligations. Arrangements that include rights to additional goods or services that are exercisable at a customer's discretion are generally considered options. The Company assesses if these options provide a material right to the customer and if so, they are considered performance obligations.

Performance obligations are promised goods or services in a contract to transfer a distinct good or service to the customer. The promised goods or services in the Company's contracts with customers primarily consist of license rights to the Company's intellectual property for research and development, research and development services, options to acquire additional research and development services, and options to obtain additional licenses, such as a commercialization license for a potential product candidate. Promised goods or services are considered distinct when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 customer can benefit from the good or service on its own or together with other readily available resources; and

(ii) the
 promised good or service is separately identifiable from other promises in the contract.

In assessing whether promised goods or services are distinct, the Company considers factors such as the stage of development of the underlying intellectual property, the capabilities of the customer to develop the intellectual property on their own and whether the required expertise is readily available. In addition, the Company considers whether the collaboration partner can benefit from a promise for its intended purpose without the receipt of the remaining promises, whether the value of the promise is dependent on the unsatisfied promises, whether there are other vendors that could provide the remaining promises, and whether it is separately identifiable from the remaining promises. The Company estimates the transaction price based on the amount of consideration the Company expects to receive for transferring the promised goods or services in the contract. The consideration may include both fixed consideration and variable consideration. At the inception of each arrangement that includes variable consideration, the Company evaluates whether to estimate the amount of potential payments and the likelihood that the payments will be received or use the right to invoice practical expedient. Under ASC 606, applicable to distinct licenses of IP, the Company evaluates and recognizes the royalties and sales milestones as revenue when (or as) the customer's sales or usage occurs, unless doing so accelerates revenue recognition ahead of the entity's satisfaction of the performance obligation to which the royalty relates. Therefore, the variable consideration connected to the Royalties and Sales Milestones is not estimated at inception of the contract and is recognized when the sales occur, and the royalties and sales milestones are met. For the research and development services, the right to invoice practical expedient is used whereby the contract research service activities to date are invoiced which correspond directly to the value of the related performance.

*Licensing Revenue*

The Company's collaboration revenue arrangements include the following:

<u>Upfront License and Sublicensing Fees</u>

If a license is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenues from non-refundable, up-front fees allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license. For licenses that are bundled with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, up-front fees. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. We did not recognize any upfront licensing or sublicensing revenue in the nine months ended September 30, 2025 and 2024 or the years ended December 31, 2024 and 2023.

<u>Milestone Payments</u>

Milestone payments, in the form of additional license fees, typically represent nonrefundable payments to be received in conjunction with the achievement of a specific event identified in the license or sublicense agreement, such as completion of specified development activities and/or regulatory submissions and/or approvals. We believe that a milestone represents the culmination of a distinct earnings process when it is not associated with ongoing research, development or other performance on our part. We recognize such milestones as revenue when they become due, and collection is reasonably assured. When a milestone does not represent the culmination of a distinct earnings process, we recognize revenue in a manner similar to that of an upfront license fee.

The Company's license and collaboration agreements may include development and regulatory milestones. The Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method.

The Company evaluates factors such as scientific, clinical, regulatory, commercial, and other risks that must be overcome to achieve the particular milestone in making this assessment. If it is probable that a significant revenue reversal will not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the Company's control or the licensee's control, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. At the end of each reporting period, the Company re-evaluates the probability of achievement of such milestones and any related constraint, and if necessary, adjusts the estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect collaboration revenue and net loss in the period of adjustment. We did not recognize any milestone revenue in the nine months ended September 30, 2025 and 2024 or the years ended December 31, 2024 and 2023.

<u>Royalties</u>

For arrangements that include sales-based royalties, including milestone payments based on a level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company will recognize revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). To date, the Company has not recognized any revenue related to sales-based royalties or milestone payments based on the level of sales.

The timing and amount of revenue that we recognize from licenses of technology, either from upfront fees or milestones where we are providing continuing services related to product development, are primarily dependent upon our estimates of the development period. We define the development period as the point from which research activities commence up to regulatory approval of either our or our partners' submission, assuming no further research is necessary. As product candidates move through the development process, it is necessary to revise these estimates to consider changes to the product development cycle, such as changes in the clinical development plan, regulatory requirements, or various other factors, many of which may be outside of our control. Should the FDA or other regulatory agencies require additional data or information, we would adjust our development period estimates accordingly. We did not recognize any sales-based royalties revenue in the nine months ended September 30, 2025 and 2024 or the years ended December 31, 2024 and 2023.

<u>R&D Services</u>

The promises under the Company's collaboration agreements may include research and development services to be performed by the Company on behalf of the partner. Payments or reimbursements resulting from the Company's research and development efforts are recognized as the services are performed and presented on a gross basis because the Company is the principal for such efforts. We recognized $373,114 and $304,209 for research and development services in the nine months ended September 30, 2025 and 2024, respectively.

*Intangible Assets*

The Company records its intangible assets at estimated fair value in accordance with ASC 350, *Intangibles – Goodwill and Other*. In-process research and development ("IPR&D") assets acquired must have an alternative future use to be capitalized and are determined to have either indefinite or finite lives. Finite lived intangible assets are amortized on a straight-line basis over their estimated useful lives, which is determined by identifying the period over which the cash flows from the asset are expected to be generated. IPR&D assets determined to have indefinite lives are tested for impairment annually and between annual tests if the Company becomes aware of an event or a change in circumstances that would indicate the carrying value may be impaired.

With respect to the impairment testing of acquired IPR&D, ASU 2011-08, *Intangibles – Goodwill and Other (Topic 350): Testing Goodwill for Impairment*, and ASU 2012-02, *Intangibles – Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment*, provides for a two-step impairment process with the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to the determination that it is more-likely-than not (that is, a likelihood of more than 50%) that acquired IPR&D is impaired. If the Company chooses to first assess qualitative factors and it determines that it is more-likely-than not acquired IPR&D is not impaired, the Company is not required to take further action to test for impairment.

Since the acquired intellectual property was deemed to have alternative future use, the Company recorded an IPR&D asset within Intangible asset on the consolidated balance sheet. The Company's acquired IPR&D has been determined to have an indefinite life and, therefore, is not initially amortized. Instead, it is tested for impairment annually and between annual tests whether the Company becomes aware of an event or a change in circumstances that would indicate the carrying value may be impaired.

During the nine months ended September 30, 2025 and 2024, we did not record a loss on impairment.

*Equity Method Investment*

The Company accounts for investments in entities in which the Company has significant influence over the entity's financial and operating policies, but does not control, using the equity method of accounting. As it pertains to our investment in Rakovina, the Company elected under ASC 825, *Fair Value Option*, for the investment to be treated as a fair value option. It will be remeasured at the end of each period at its fair value, with the change in fair value to be recognized in the consolidated statement of operations

*Fair Value Measurements*

The Company's financial instruments consist of cash, equity method investment, accounts payable, accrued liabilities, derivative liability, liability classified warrants. The carrying amounts of cash, accounts payable and accrued liabilities approximate their fair value due to the short-term nature of those financial instruments. The fair value of the equity method investment, derivative liability, liability classified warrants are remeasured to fair value each reporting period.

Accounting Standards Codification ("ASC") Topic 820, Fair Value Measurement ("ASC 820"), establishes a fair value hierarchy for instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company's own assumptions (unobservable inputs). Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company's assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances.

Fair value is the exchange price that would be received for an asset, or paid to transfer a liability (an exit price), in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets and liabilities (Level 1) and lowest priority to unobservable inputs (Level 3).

Assets and liabilities recorded in the balance sheets at fair value are categorized based on a hierarchy of inputs as follows:

---

| | |
|:---|:---|
| Level 1: | Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. |
| Level 2: | Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reported date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. |
| Level 3: | Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management's best estimate of fair value. The significant unobservable inputs used in the fair value measurement for nonrecurring fair value measurements of long-lived assets include pricing models, discounted cash flow methodologies and similar techniques. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. |

---

*Research and Development*

Research and development costs are expensed as incurred. The Company records the costs associated with research, nonclinical and clinical trials, and manufacturing development, expenses and external costs of outside vendors engaged to conduct preclinical development activities and clinical trials, including salaries, share-based compensation and benefits, as incurred. These costs are a significant component of the Company's research and development expenses, with a substantial portion of the Company's on-going research and development activities conducted by third party service providers.

Nonrefundable advance payments for goods or services to be received in the future for use in research and development activities are recorded as prepaid expenses. The prepaid amounts are expensed as the related goods are delivered or the services are performed.

The Company accrues for expenses resulting from obligations under agreements with CROs, CMOs, and other outside service providers for which payment flows do not match the periods over which materials or services are provided to the Company. Accruals are recorded based on estimates of services received and efforts expended pursuant to agreements established with CROs, CMOs, and other outside service providers. These estimates are typically based on contracted amounts applied to the proportion of work performed and determined through analysis with internal personnel and external service providers as to the progress or stage of completion of the services. The Company makes significant judgments and estimates in determining the accrual balance in each reporting period. In the event advance payments are made to a CRO, CMO, or outside service provider, the payments will be recorded as a prepaid asset which will be amortized or expensed as the contracted services are performed. As actual costs become known, the Company adjusts its prepaids and accruals. Inputs, such as the services performed, the number of patients enrolled, or the trial duration, may vary from the Company's estimates, resulting in adjustments to research and development expense in future periods. Changes in these estimates that result in material changes to the Company's accruals could materially affect the Company's results of operations. To date, the Company has not experienced any material deviations between accrued and actual research and development expenses.

*Warrants*

The Company accounts for freestanding warrants within stockholders' equity or as liabilities based on the characteristics and provisions of each instrument. The Company evaluates outstanding warrants in accordance with Accounting Standards Codification ("ASC") 480, Distinguishing Liabilities from Equity, and ASC 815, Derivatives and Hedging. If none of the criteria in the evaluation in these standards are met, the warrants are classified as a component of stockholders' equity and initially recorded at their grant date fair value without subsequent remeasurement. Warrants that meet the criteria are classified as liabilities and remeasured to their fair value at the end of each reporting period. As of the nine months ended September 30, 2025 and the year ended December 31, 2024, the Company did not have any warrants required to be classified as liabilities.

*Basic and Diluted Earnings/Loss per Common Share*

Basic and diluted earnings or loss per share ("EPS") amounts in the consolidated financial statements are computed in accordance with ASC 260 – 10, *Earnings per Share*, which establishes the requirements for presenting EPS. Basic EPS is based on the weighted average number of shares of Common Stock outstanding. Diluted EPS is based on the weighted average number of shares of Common Stock outstanding and dilutive Common Stock equivalents. Basic EPS is computed by dividing net income or loss available to common stockholders (numerator) by the weighted average number of shares of Common Stock outstanding (denominator) during the period. Potentially dilutive securities are excluded from the calculation of diluted loss per share, if their effect would be anti-dilutive. For periods in which the Company reports net losses, diluted net loss per share is the same as basic net loss per share because potentially dilutive common shares are not assumed to have been issued if their effect is anti-dilutive.

*Stock-based Compensation*

Stock-based compensation expense includes the estimated fair value of equity awards vested during the reporting period. The Company applies the provisions of ASC 718, *Compensation - Stock Compensation* ("ASC 718"), which requires the measurement and recognition of compensation expense for all stock-based awards made to employees, including grants of stock options, restricted stock units, modifications to existing stock options and equity classified warrants, in the consolidated statement of operations. Pursuant to ASC 718, the Company accounts for warrants issued to non-employees for their services in accordance with ASC 718.

The grant date fair value of stock options and equity-classified warrants are calculated using the Black-Scholes-Merton option pricing model. The use of the Black-Scholes-Merton option pricing model requires management to make assumptions with respect to the fair value of the underlying shares, the expected term of the option, the expected volatility of the Common Stock consistent with the expected life of the option, risk-free interest rates and expected dividend yields of the Common Stock. For awards subject to service-based vesting conditions, including those with a graded vesting schedule, the Company recognizes stock-based compensation expense equal to the grant date fair value of stock options on a straight-line basis over the requisite service period, which is generally the vesting term. Forfeitures are recorded as they are incurred as opposed to being estimated at the time of grant and revised.

*<u>Segment Information</u>*

The Company determines its operating segment based on how its chief operating decision maker ("CODM") manages the business, makes operating decisions, including the allocation of resources, and assesses operating performance. The Company's CODM is the Chief Executive Officer, who reviews the Company's operating results on a consolidated basis. The Company has determined that it has only one operating segment. The Company manages its business activities and allocates resources on a consolidated basis, operates as a single operating segment and has one reportable segment.

*Recently Adopted Accounting Pronouncements*

See Note 2 of the notes to our consolidated financial statements included elsewhere in this prospectus.

**Emerging Growth Company Status**

We qualify as an "emerging growth company" as defined in the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. For so long as we remain an emerging growth company, we may take advantage of relief from certain reporting requirements and other burdens that are otherwise applicable generally to public companies. These provisions include:

● being permitted to provide only two years of audited financial statements, in addition to any required unaudited interim financial statements with correspondingly reduced "Management's Discussion and Analysis of Financial Condition and Results of Operations" disclosure;

● an exemption from compliance with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, as amended, in the assessment of our internal control over financial reporting;

● reduced disclosure about our executive compensation arrangements in our periodic reports, proxy statements and registration statements;

● exemptions from the requirements of holding non-binding advisory votes on executive compensation or golden parachute arrangements; and

● an exemption from compliance with the requirements of the Public Company Accounting Oversight Board regarding the communication of critical audit matters in the auditor's report on financial statements.

We may take advantage of these provisions until the last day of the fiscal year ending after the fifth anniversary of the completion of this offering or such earlier time that we no longer qualify as an emerging growth company. We will cease to qualify as an emerging growth company on the date that is the earliest of: (1) the last day of our fiscal year in which we have more than $1.235 billion in total annual gross revenues, (2) the last day of the fiscal year following the fifth anniversary of the date of the first sale of common equity securities pursuant to an effective registration statement under the Securities Act of 1933, (3) the date on which we have, during the previous three year period, issued more than $1 billion in non-convertible debt; or (4) the date on which we are deemed to be a "large accelerated filer" under the Exchange Act. We have taken advantage of certain reduced reporting requirements in this prospectus. Accordingly, the information contained herein may be different than you might obtain from other public companies in which you hold equity interests.

In addition, under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards until such time as those standards apply to private companies. We have elected to take advantage of the extended transition period to comply with new or revised accounting standards and to adopt certain of the reduced disclosure requirements available to emerging growth companies. As a result of the accounting standards election, we will not be subject to the same implementation timing for new or revised accounting standards as other public companies that are not emerging growth companies, which may make comparison of our financials to those of other public companies more difficult.

**BUSINESS**

**Overview**

We are a clinical-stage biopharmaceutical company focused on developing innovative small-molecule therapies for cancer by unlocking the potential of existing drugs and compounds. We seek to make meaningful improvements through strategic reformulation and / or repurposing using a modernized understanding of their mechanisms of action to address significant unmet medical needs.

**Strategy**

*Accelerated Approval*

Our development strategy is designed to maximize the efficiency and probability of success for each of our product candidates by pursuing indications and regulatory pathways that may enable accelerated approval. Where appropriate, we plan to qualify our programs for the FDA's expedited development and review pathways for serious conditions, including Fast Track, Breakthrough Therapy, and Accelerated Approval under 21 CFR Part 314, Subpart H. This approach may allow us to obtain initial marketing authorization faster or more efficiently than we may otherwise be able to.

By way of example, our ongoing Phase 1-2a clinical trials for Orotecan and EO1001, as well as our planned Phase 1-2a trials for EO3001 and EO4426, are primarily designed to determine the recommended dose for potential advancement into registration-directed Phase 2b clinical trials. These Phase 2b trials are intended to be single-arm studies utilizing the Response Evaluation Criteria in Solid Tumors (RECIST) to objectively assess tumor response as the primary endpoint. While subject to FDA agreement, we intend for these Phase 2b clinical trials to support applications for Accelerated Approval under 21 CFR Part 314, Subpart H. The FDA may, however, disagree that a single Phase 2b trial or the design of any particular trial is sufficient for accelerated approval. Although our strategy is to seek out accelerated approval for any applicable product candidate, none of our current clinical trials should be considered registration studies for accelerated approval.

While we may pursue approval through accelerated regulatory pathways, such pathways do not increase the probability of regulatory success. In addition, we may be required to conduct separate clinical trials to obtain regulatory approval in jurisdictions outside the United States, which may or may not have similar pathways.

*505(b)(2) Regulatory Pathway*

In cases where applicable, we intend to leverage the FDA Section 505(b)(2) regulatory pathway under the Federal Food, Drug, and Cosmetic Act. If available to us, the 505(b)(2) regulatory pathway allows applicants to reference prior published literature for which the applicant does not have a right of reference or FDA's prior findings of safety and effectiveness for an approved drug, along with other data, to demonstrate that a product is safe and efficacious. Through the 505(b)(2) pathway, we aim to reduce the time, cost, and risk associated with the drug development process. Notwithstanding, the regulatory pathway provided by a 505(b)(2) NDA may not be appropriate for our product candidates or increase the likelihood that our product candidates will be approved and may not provide a faster pathway to regulatory approval.

In this context, we intend to rely on prior third-party clinical trials under 505(b)(2) only to the extent that they inform the safety and tolerability profile of our product candidates. Any efficacy data from such trials may provide evidence of anti-cancer activity in a general sense; however, these results are not material to understanding the basis for our current development programs. Rather, our decision to advance new biomarker-driven clinical trials is grounded in a combination of the specific scientific rationale underlying our product candidates, including in some cases a new understanding of their biological mechanism of action, and the targeted patient populations we aim to serve, rather than in historical efficacy findings generated in unrelated clinical settings.

*Strategic Collaborations/Partnerships*

For product candidates that represent new chemical entities or NCEs and for which there is no prior clinical data, we intend to pursue strategic collaborations with biopharmaceutical partners. These partnerships are intended to share the costs and mitigate the risks associated with early-stage development, while enabling us to advance our therapeutic assets toward clinical proof-of-concept and commercialization.

**Summary of Prior Third Party Clinical Development**

---

| | |
|:---|:---|
| **Product Candidate** | **Prior Development Stage** |
| EO3001 | Prior developer ceased development as a result of missing the primary endpoint at the conclusion of Phase 3. |
| EO4426 *(tezacitabine)* | We believe that developer ceased development in Phase 2 as a result of a change in strategic focus. |
| *Orotecan (oral irinotecan HCl)* | Currently approved by the FDA in a different formulation and for different indications for intravenous administration. |
| EO1001 *(partnered program)* | Development ceased during preclinical development. |

---

**Our Product Candidate Pipeline and Stage of Development**

*Summary Pipeline*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Product Candidate** | **Indication** | **Formulation and Manufacturing** | **Clinical Development** | **Clinical Development** |
|  |  |  | *Phase 1-2a* | *Registration Directed Phase 2b Trials* *Phase 3 Trials <sup>(1)</sup>* |
| EO3001 | Ovarian Clear Cell Carcinoma (OCCC) and solid tumors harboring ARID1A deficient phenotype | ![](formdrsa_001.jpg) |  |  |
| EO4426 | Solid tumors & hematologic malignancies | ![](formdrsa_002.jpg) |  |  |
| Orotecan | Pediatric sarcomas & adult solid tumors | ![](formdrsa_003.jpg) | ![](formdrsa_003.jpg) |  |
| EO1001 | Advanced/metastatic ErbB-positive solid tumors, including brain metastases and primary brain tumors | ![](formdrsa_003.jpg) | ![](formdrsa_003.jpg) |  |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) It
 is the Company's intention to seek accelerated approval based upon the results of a
 single-arm Phase 2b trial for each of our product candidates. This however, will be subject
 to FDA agreement. Even if we receive accelerated approval based on a
 single-arm Phase 2b trial, we will be required to complete a Phase 3 trial in a post-market
 setting. The FDA may also require that this study be underway
 before it will grant approval based on a Phase 2b trial. Additionally, if we cannot obtain
 accelerated approval based on a Phase 2b trial, then we will be required to do Phase 3 studies
 prior to receiving any market approval.

**EO3001: A Targeted Therapy for ARID1A-Deficient Cancers**

EO3001 (elesclomol) is a proprietary small-molecule drug candidate with potent and selective activity against ARID1A-deficient cancer cells. EO3001 was previously covered by a composition of matter and other patent claims that have since expired. Building on a new understanding of the drug's biological mechanism of action, the Company has filed a new suite of patent applications. These filings include claims covering the newly identified mechanism of action, proprietary chemical compositions, and methods of use in defined patient populations and disease settings. If granted, these patents have the potential to provide meaningful new intellectual property protection and extend the commercial exclusivity of the drug candidate well beyond the expiration of the original composition of matter patent. See the section of this prospectus entitled "Intellectual Property" below for a list of patents related to EO3001. No obligations or royalties are owed with respect to EO3001.

***Prior Third Party Development of EO3001***

*EO3001 Prior Human Clinical Trial Experience:* 

EO3001 was evaluated in multiple third-party clinical trials across tumor types—including metastatic melanoma, non-small-cell lung cancer (NSCLC), soft tissue sarcoma, gynecologic malignancies, prostate cancer, and acute myeloid leukemia—conducted by Synta Pharmaceuticals Corp. and the U.S. National Cancer Institute between 2003 and 2015. These trials did not include evaluations of predictive biomarkers such as ARID1A, as such targeted biomarker incorporation was not standard practice at that time.<sup>1</sup>

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| | | | |
|:---|:---|:---|:---|
| **CT.gov Ref.** | **Indication** | **Phase** | **Sponsor** |
| NCT00088114 | Neoplasms | Phase 1 | Synta Corp. |
| NCT00084214 | Melanoma | Phase 1-2 | Synta Corp. |
| NCT00088088 | Stage IIIB - IV NSCLC | Phase 1-2 | Synta Corp. |
| NCT00087997 | Soft Tissue Sarcoma | Phase 2 | Synta Corp. |
| NCT00522834 | Melanoma | Phase 3 | Synta Corp. |
| NCT00808418 | Prostate Cancer | Phase 1 | Synta Corp. |
| NCT00827203 | Metastatic Solid Tumors | Phase 1 | Synta Corp. |
| NCT00888615 | Gyn malignancies | Phase 2 | NCI |
| NCT01280786 | AML | Phase 1 | Synta Corp. |

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We intend to rely on prior third-party clinical trials of EO3001 only to the extent that they inform the tolerability profile of the compound. The efficacy data from such studies may provide evidence of anti-cancer activity in a general sense; however, those results are not material to the rationale for our current development efforts. Our decision to advance EO3001 into new biomarker-driven clinical trials is based on a specific scientific rationale that reflects a new understanding of the compound's biological mechanism of action and its activity against ARID1A-mutant cancers. This mechanistic insight, together with the identification of targeted patient populations that we believe are most likely to benefit, forms the basis of our development strategy, rather than historical efficacy observations generated in broader or unrelated clinical contexts.

<sup>1</sup> Hu etal JCO Precision Oncol 2019 23(3): 1-12

Safety Results

In prior third party clinical trials, EO3001 was well tolerated as a single agent or in combination with chemotherapy. Serious adverse events observed in trials align with expected chemotherapy-related toxicities, rather than drug-specific risks attributed to EO3001. Across >1,000 patients in multiple third party trials, no serious adverse events were uniquely attributed to EO3001.<sup>2</sup> In clinical trials combining EO3001 with chemotherapy, reported serious adverse events were consistent with the effects of chemotherapy or the underlying malignancy with no novel or excess toxicity attributable to EO3001. In monotherapy trials, no significant safety signals or organ toxicities were directly attributed to EO3001.

*Anti-Cancer Activity and Pharmacokinetic Results*

A Phase 1, open-label, dose-escalation clinical trial (ClinicalTrials.gov Identifier NCT00088114) sponsored by Synta Corp. was conducted between 2003 and 2005 in the United States to evaluate EO3001 in combination with paclitaxel in adult patients with refractory solid tumors.<sup>3</sup> The primary objective of this study was to determine the maximum tolerated dose ("MTD"), safety profile, and pharmacokinetics of the combination; secondary objectives included assessments of antitumor activity. This trial was not designed or powered to demonstrate statistical significance with respect to efficacy.

Thirty-five patients with advanced malignancies were enrolled and treated across eight escalating dose levels. Paclitaxel was administered at 175 mg/m² while EO3001 was escalated from 44 mg/m² up to 525 mg/m² every three weeks. The MTD of EO3001 in combination with paclitaxel was determined to be 438 mg/m². Toxicities observed were consistent with known effects of paclitaxel, including neutropenia, mucositis, and musculoskeletal symptoms, with frequency and severity increasing at higher EO3001 dose levels. Two partial responses were observed, one in a patient with Kaposi's sarcoma and one in a patient with ovarian cancer, both of whom had previously received paclitaxel. Overall, the combination was generally well tolerated at or below the MTD, but while evidence of activity was noted in individual patients, the trial did not meet predefined efficacy endpoints and was not powered for statistical demonstration of efficacy.

A randomized, double-blind, controlled Phase 2 clinical trial sponsored by Synta Corp. (ClinicalTrials.gov Identifier NCT00084214) of EO3001 in the United States in combination with paclitaxel in patients with stage IV metastatic melanoma was conducted between December 2004 and August 2005.<sup>4</sup> Eighty-one patients were enrolled across 21 U.S. centers and randomized in a 2:1 ratio to receive weekly EO3001 213 mg/m² plus paclitaxel 80 mg/m² or paclitaxel 80 mg/m² alone. The primary endpoint was progression-free survival ("PFS"), with secondary endpoints including objective response rate, overall survival, and safety. The study was prospectively powered (80% at a two-sided 0.05 significance level) to detect a difference in PFS between arms. The secondary endpoints were exploratory and not statistically powered.

The study achieved its primary endpoint: median PFS was 3.7 months for the EO3001 plus paclitaxel group compared with 1.8 months for paclitaxel alone (hazard ratio 0.58; P = 0.035). Objective response rates were 15% for the combination versus 3.6% for paclitaxel, though this difference did not reach statistical significance (P = 0.153). Median overall survival was 11.9 months in the combination arm versus 7.8 months in the control arm, but interpretation was confounded by 68% of paclitaxel-only patients crossing over to combination therapy at progression. The regimen was generally well tolerated, with most adverse events being mild to moderate; the only notable difference in grade 3–4 toxicity was a higher incidence of neutropenia in the combination group (7.7% vs. 0%), which was reversible and not associated with infection or death.

A combined Phase 1/2, open-label, single-arm clinical trial sponsored by Synta Corp. (ClinicalTrials.gov Identifier NCT00088088) to evaluate the safety, tolerability, dose-finding, and preliminary efficacy of EO3001 in the United States in combination with paclitaxel and carboplatin in patients with Stage IIIB/IV non-small-cell lung cancer was conducted between July 2004 and May 2007.<sup>5</sup> The primary endpoint in the Phase 1 portion of the study was to identify the maximum tolerated dose ("MTD") of EO3001 in combination with paclitaxel and carboplatin. The primary endpoints in the Phase 2 trial assessed preliminary anti-tumor activity by objective response rate ("ORR") and secondary endpoints assessed progression-free survival ("PFS") and additional safety and tolerability observations. The trial was not designed or powered to demonstrate statistically significant efficacy outcomes. Approximately 86 patients were enrolled and treated across the study period. Detailed efficacy and statistical outcomes have not been publicly disclosed. No unexpected safety signals attributable to EO3001 were reported.

<sup>2</sup> Monk etal. GynOncol 2018 Dec;151(3):422-427

<sup>3</sup> Berkenblit etal Clin Cancer Res 2007 13(2): 584-590

<sup>4</sup> O'Day etal JCO 2009 27(22): 5452-5458

<sup>5</sup> Wang etal Can Rep 2025 8(4): 1-22

A Phase 2, open-label, single-arm clinical trial sponsored by Synta Corp. (ClinicalTrials.gov Identifier NCT00087997) to evaluate the safety, tolerability, and preliminary efficacy of EO3001 in the United States combination with weekly paclitaxel in patients with unresectable or metastatic soft tissue sarcoma was conducted between July 2004 and June 2006.<sup>6</sup> The primary endpoints were safety, tolerability, and preliminary efficacy of EO3001 in combination with weekly paclitaxel, secondary endpoints included objective response rate (ORR), progression-free survival (PFS). The study was not designed or powered to assess statistically significant efficacy outcomes such as objective response rate or progression-free survival and did not include a control arm for comparative analysis. Approximately 30 patients were enrolled. Detailed efficacy and statistical outcomes have not been publicly disclosed. No unexpected safety signals attributable to EO3001 were reported.

A randomized, double-blind, controlled Phase 3 clinical trial sponsored by Synta Corp. (ClinicalTrials.gov Identifier NCT00522834) to evaluate EO3001 in combination with paclitaxel versus paclitaxel alone in chemotherapy-naïve patients with stage IV metastatic melanoma was conducted between September 2007 and February 2009.<sup>7</sup> A total of 651 patients were enrolled and randomized 1:1 to receive weekly paclitaxel (80 mg/m²) either alone or in combination with EO3001 (213 mg/m²) for three consecutive weeks of a four-week cycle. Patients were stratified by disease stage, prior treatment, and baseline lactate dehydrogenase ("LDH") levels. The designated primary endpoint was progression-free survival (PFS); however, the study was statistically powered at 80% (two-sided α = 0.05) to detect a three-month improvement in overall survival (OS). Other secondary endpoints, including objective response rate, clinical benefit rate, and safety, were exploratory in nature and were not prospectively powered for statistical significance.

The trial did not meet its primary endpoint based on pre-specified planned analyses. In the intent-to-treat population, median PFS was 3.4 months for the EO3001 plus paclitaxel group compared to 1.9 months for paclitaxel alone (hazard ratio [HR] 0.89; P = 0.23), a difference that was not statistically significant. Median OS was 10.6 months versus 11.4 months, respectively (HR 1.10; P = 0.18). Exploratory post-hoc subgroup analyses indicated that patients with normal baseline LDH experienced a statistically significant improvement in PFS (3.7 vs. 2.1 months; HR 0.77; P = 0.04), whereas no benefit was observed in patients with elevated LDH. Objective response rates were 7% versus 4% (P = 0.12). Clinical benefit rate was not reported in the publication. Safety profiles were generally comparable, with common adverse events including alopecia, fatigue, nausea, diarrhea, and neuropathy. Grade ≥3 adverse events were somewhat more frequent with the combination (41% vs. 34%), most commonly neutropenia and fatigue. There were more on-treatment deaths in the combination arm (5% vs. 2%), but most were attributed to disease progression, and no specific safety signal was identified to account for the imbalance.

A Phase 1, open-label, single-arm clinical trial sponsored by Synta Corp. (ClinicalTrials.gov Identifier NCT00808418) of EO3001 was conducted beginning November 2008 in the United States. The primary endpoint was to determine the maximum tolerated dose ("MTD") and assess the safety, tolerability, and pharmacokinetics of EO3001 in combination with a fixed dose of docetaxel and concomitant prednisone in patients with metastatic, castration-refractory prostate cancer.<sup>8</sup> Approximately 34 patients were enrolled. Efficacy assessments including objective response rate (ORR) and progression free survival (PFS) were exploratory. The trial was not designed or powered to evaluate efficacy outcomes. Detailed efficacy and statistical outcomes have not been publicly disclosed. No unexpected safety signals attributable to EO3001 were reported.

A Phase I, open-label, single-arm clinical trial sponsored by Synta Corp. (ClinicalTrials.gov Identifier NCT00827203) was conducted in patients with advanced solid tumors in the United States between January 2009 and April 2010.<sup>9</sup> The primary endpoint was to determine the maximum tolerated dose ("MTD") and evaluate the safety and tolerability of EO3001. Efficacy assessments including objective response rate (ORR) and progression free survival (PFS) were exploratory. The trial was not designed or powered to assess efficacy outcomes. Approximately 30 patients were enrolled. Detailed efficacy and statistical outcomes have not been publicly disclosed. No unexpected safety signals attributable to EO3001 were reported.

A multicenter, single-arm, open-label Phase 2 clinical trial sponsored by NCI (ClinicalTrials.gov Identifier NCT00888615) of EO3001 in combination with weekly paclitaxel in patients with recurrent or persistent, platinum-resistant ovarian, fallopian tube, or primary peritoneal cancer was conducted in the United States between December 2010 and March 2015.<sup>10</sup> The primary endpoint was objective response rate ("ORR") as assessed by RECIST 1.1, with secondary endpoints of progression-free survival ("PFS"), overall survival ("OS"), and safety. The study employed a two-stage design and was powered with 90% probability to detect whether the regimen achieved an ORR of at least 40%, compared to an historical benchmark of approximately 20% for single-agent taxanes in this population. The secondary endpoints were not statistically powered.

Fifty-eight patients were enrolled, of whom 56 were eligible and evaluable. The combination demonstrated an ORR of 19.6% (90% CI, 11.4% to 30.4%), including one complete response. The results did not meet the predefined threshold of 40% ORR required to consider the regimen for further development and therefore was not statistically significant. Median PFS and OS were 3.6 months and 13.3 months, respectively, with a median response duration of 9.2 months. The regimen was generally well tolerated. Reported grade 3 adverse events included neutropenia (9%), anemia (5%), metabolic toxicities (5%), nausea (4%), infection (4%), neurologic events, primarily neuropathy (4%), and vascular events, primarily thromboembolism (4%). No grade 4 toxicities were reported.

<sup>6</sup> Drugbank.com ref. DBCOND0029966

<sup>7</sup> O'Day etal JCO 2013 31(9): 1211-1218

<sup>8</sup> Wang etal Can Rep 2025 8(4): 1-22

<sup>9</sup> Wang etal Can Rep 2025 8(4): 1-22

<sup>10</sup> Monk etal Gynecol Oncol 2018 151(3): 422-427

A Phase 1, open-label, single-arm, dose-escalation clinical trial sponsored by Synta Corp. (ClinicalTrials.gov Identifier NCT01280786) of EO3001 was conducted in the United States in patients with relapsed or refractory acute myeloid leukemia ("AML").<sup>11</sup> The primary objective of the study was to evaluate the safety and tolerability of EO3001, with secondary objectives including identification of an appropriate Phase 2 dose and exploratory assessments of pharmacodynamic activity and clinical response. The trial was not designed or powered to demonstrate statistical significance with respect to efficacy.

Nine patients were enrolled between 2011 and 2013. EO3001 was administered as a weekly intravenous infusion beginning at a dose of 200 mg/m², with escalation to 400 mg/m². Of the nine patients, six received one full treatment cycle. The study was terminated early after the second dose level due to challenges in patient accrual resulting from stringent eligibility criteria. No dose-limiting toxicities or grade 3 or higher adverse events attributable to EO3001 were observed, and the compound was generally well tolerated. However, no objective clinical responses were observed, and exploratory pharmacodynamic analyses did not demonstrate the expected increase in reactive oxygen species in leukemic blasts. Based on these results, the study concluded that EO3001 was well tolerated but lacked evidence of significant clinical activity in the studied AML population.

Pharmacokinetic evaluations of EO3001 were conducted across multiple Phase I and Phase II clinical trials in the United States. <sup>12</sup> EO3001 administered intravenously demonstrated a rapid elimination profile, with a terminal half-life of approximately one hour and dose-proportional systemic exposure. The compound exhibited a relatively small volume of distribution, suggesting limited tissue accumulation and low likelihood of drug build-up with weekly dosing. Systemic clearance was consistent across studies, averaging approximately 30–40 L/hour/m², supporting predictable pharmacokinetics across a range of doses.

We intend to rely on prior third-party clinical trials under 505(b)(2) only to the extent that they inform the safety and tolerability profile of our product candidates. Any efficacy data from such trials may provide evidence of anti-cancer activity in a general sense; however, these results are not material to understanding the basis for our current development programs. Rather, our decision to advance new biomarker-driven clinical trials is grounded in a combination of the specific scientific rationale underlying our product candidates, including in some cases a new understanding of their biological mechanism of action, and the targeted patient populations we aim to serve, rather than in historical efficacy findings generated in unrelated clinical settings.

Discontinued Development

Development of EO3001 was suspended following the failure of the above discussed Phase 3 trial in chemotherapy-naïve patients with metastatic melanoma. The study did not achieve its primary endpoint of improved progression-free survival or its secondary endpoint of overall survival. Although EO3001 was generally well tolerated, the absence of statistically significant clinical benefit in the overall trial population led to termination of further development of EO3001 in melanoma and other cancers

***Our Pre-Clinical Development of EO3001***

*Anti-Cancer Mechanism In ARID1A Mutant Cancers*

EO3001 is a small-molecule drug candidate shown in preclinical studies conducted by us and third parties to exploit synthetic lethality in cancers harboring ARID1A mutations by targeting their metabolic vulnerabilities. ARID1A mutations are associated with treatment resistance and poor outcomes and are commonly found in cancers such as ovarian clear cell carcinoma or OCCC, breast, gastric, colorectal, liver, and pancreatic cancers.<sup>4</sup> While these mutations are more prevalent in certain subtypes, they also occur in smaller proportions across a variety of other cancers. Overall, ARID1A-mutant tumors are estimated to be prevalent in approximately 6-10% of all solid tumors,<sup>13</sup> positioning them as a key target in oncology.

*In vitro* screening identified EO3001 as having the highest differentiation in activity between ARID1A-deficient (mutant) and ARID1A-proficient (wild-type) cells. In a panel of 14 gynecologic cancers, ARID1-A mutant cell lines exhibited higher sensitivity and enhanced cancer cell death rates compared to wild-type when treated with EO3001.<sup>14</sup>

<sup>11</sup> Hedley etal Leukemia & Lymphoma 2016 57(10): 2437-2440

<sup>12</sup> Berkinblit etal Clin Can Res 2007 15(13) 584-590

<sup>13</sup> Onoprienko et al. Int J Gynecol Cancer 2024 34(6):840-846

<sup>14</sup> Kwan etal. Oncotarget 2016 7(35):56933-56943

*Figure [x]:*<br>*EO3001 treatment of ARID1A-mutant OCCC in a PUMA model demonstrates statistically significant (p<0.05) tumor response vs. untreated wild-type control (NCT-Ct); treated wild-type (NCT-EO3001) or untreated ARID1A-mutant control (ARID1A-Mut-Ct)*<br>*Presented at AACR Special Conference in Cancer Research: Ovarian Cancer (2023)*<br>

ARID1A encodes a critical component of the SWI/SNF (Switch/Sucrose Non-Fermentable) chromatin remodeling complex, which regulates DNA accessibility, transcription, and replication.<sup>15</sup> In normal cells, the SWI/SNF complex is involved in maintaining proper cellular function, including DNA damage repair and energy metabolism. Mutations in ARID1A disrupt this complex, leading to genomic instability, loss of cell cycle checkpoint control, and widespread epigenetic changes that promote tumorigenesis.<sup>16</sup>

One consequence of ARID1A mutations is the inability of cancer cells to effectively utilize certain metabolic pathways, such as glycolysis, to meet their energy demands. Instead, ARID1A-deficient cancer cells become heavily dependent on OXPHOS within the mitochondria for Adenosine Triphosphate or ATP production.<sup>17</sup> This reliance on OXPHOS creates a metabolic vulnerability, as the cells are unable to adapt effectively to disruptions in mitochondrial function.

In our preclinical studies, EO3001 appears to capitalize on this vulnerability by specifically targeting a key protein within the mitochondrial electron transport chain ("ETC"), a critical component of OXPHOS. Upon binding to its protein target, EO3001 induces a conformational change that inhibits the function of the ETC, thereby halting OXPHOS and depleting cellular energy reserves. Without sufficient ATP, ARID1A-mutant cells are unable to survive, triggering apoptotic cell death.<sup>18</sup> This mechanism of action demonstrates the principle of synthetic lethality, where the combination of an ARID1A mutation and EO3001's inhibition of OXPHOS results in cancer cell death, while sparing normal cells and ARID1A wild-type cells. We believe the unique biology of ARID1A-deficient cancers, including their dependence on OXPHOS, makes EO3001 a highly selective and promising therapeutic candidate for tumors with this mutation.

*Initial Target Market for EO3001: Ovarian Clear Cell Carcinoma (OCCC)*

ARID1A mutations are a significant driver of cancer progression and treatment resistance, presenting a substantial unmet medical need across multiple tumor types. These mutations are associated with poor patient outcomes and are prevalent in a range of cancers, including OCCC, breast, gastric, colorectal, liver, and pancreatic cancers.<sup>19</sup> Genome-wide studies and Surveillance, Epidemiology and End Results ("SEER") data suggest that over 120,000 cancer patients annually in the United States may harbor ARID1A mutations.<sup>20</sup> Additionally, the prevalence of gastric and other ARID1A-mutant cancers in East Asian populations underscores a significant global market opportunity.<sup>21</sup>

<sup>15</sup> Helming et al. Nat Rev Cancer, 14(7), 467–472

<sup>16</sup> Shain et al. PLOS ONE 8(1): e55119

<sup>17</sup> Tsai etal. (2021) PLOS Gen 17(4): 1-19

<sup>18</sup> El-Naggar et al. Cancer Res 2023 83 (7_Supplement): 4967

<sup>19</sup> Bitler et al. Nat Med 2015 21(3):231-8

<sup>20</sup> Seigel et al Can J for Clin 2025 (75)1 : 10-45

<sup>21</sup> The Cancer Genome Atlas Research Network Nature 2011 (474) 609–615

ARID1A mutations have been observed in up to 57% of OCCC cases, a subtype with limited treatment options and a median survival of less than 18 months for patients with advanced-stage disease.<sup>22</sup>

In addition to OCCC, ARID1A mutations are observed in several other cancers, including gastric cancer (29%), uterine endometrioid carcinoma (47–60%), ovarian endometrioid carcinoma (29–45%), colorectal cancer (5–10%), and pancreatic cancer (3–5%).<sup>23</sup> These cancers often exhibit resistance to standard therapies, such as radiation, platinum-based chemotherapy or PARP inhibitors underscoring the need for innovative treatment strategies.

The prevalence of ARID1A mutations in treatment-resistant cancers and their association with poor patient outcomes highlight a significant opportunity for targeted therapies. We believe the unique biological mechanism of EO3001 offers an opportunity to exploit synthetic lethality as a novel treatment strategy for cancers harboring ARID1A mutations, with the potential to deliver meaningful clinical benefits for patients and significantly impact treatment outcomes and market demand.

 *Competitive Landscape*

Currently, there are no FDA-approved therapies specifically targeting ARID1A-mutant cancers, despite growing evidence of the critical role ARID1A mutations play in cancer biology. Research efforts across the field, including by multinational corporations such as Schering AG, underscore the commercial and therapeutic potential of targeting ARID1A mutations.

Emerging therapeutic strategies being studied in ARID1A-mutant cancers include a range of therapeutic mechanisms being studied as single-agents and combination regimens in clinical studies.

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| | |
|:---|:---|
| **Therapeutic Class** | **Clinical trial stage reported by clinicaltrials.gov at December 31, 2024** |
| Epigenetic Regulators | ● tazemetostat (EZH2 inhibitor - Phase 2<br> ● PLX2853 (BET inhibitor – Phase 1b/2a) |
| Synthetic lethality | ● tuvuserib (ATR inhibitor - Phase 1b)<br> ● niraparib (PARP inhibitor – Phase 2)<br> ● olaparib (PARP inhibitor – Phase 2)<br> ● senaparib (PARP inhibitor – Phase 2a) |
| immunotherapy | ● nivolumab (PDL1 inhibitor – Phase 2)<br> ● pembrolizumab (PDL1 inhibitor – Phase 2) |
| HDAC inhibitors | ● belinostat (HDAC inhibitor – Phase 1)<br> ● parthenolide (HDAC inhibitor – Phase 1) |
| Cytotoxic agents | ● temozlomoide (alkylating agent – Phase 2) |

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We believe EO3001, a mitochondrial-targeted small molecule, with a unique synthetic lethality mechanism that has been shown to be highly potent against ARID1A mutant phenotypes in preclinical studies represents a promising candidate. We believe the established tolerability data from prior clinical studies provides a strong foundation to support further development and potentially to seek marketing approval for ARID1A-mutant cancers.

<sup>22</sup> Jones et al. Science. 2010 330(6001):228–231

<sup>23</sup> BitlerExpert Opin Ther Targets. 2015 19(11):1419–1422

***Advancement of EO3001 Clinical Development***

We are currently preparing to initiate our first company sponsored clinical trial of EO3001 in Australia. The trial will be a bridging study and we intend to use the data to support an IND filing with FDA to conduct a pivotal Phase 2b study to position ourselves for accelerated approval in the United States. We will also seek regulatory approval in international jurisdictions, as we deem appropriate. We have completed cGMP manufacturing of EO3001 drug substance and drug product in quantities sufficient to support our clinical development program through a Phase 1-2A clinical trial and a pivotal single-arm Phase 2b clinical trial. We plan to progress the clinical development of EO3001 by initiating a new biomarker-driven clinical study, leveraging established safety and pharmacokinetic data from prior investigations, potentially under the FDA's 505(b)(2) regulatory pathway and based further upon recent new understanding of the anti-cancer mechanism of EO3001. The 505(b)(2) pathway, however, may not be appropriate for our product candidates or increase the likelihood that our product candidate will be approved and may not provide a faster pathway to regulatory approval.

EO3001 is a clinical stage asset. To progress the clinical development of EO3001, once sufficiently funded, we will initiate a bridging Phase 1-2a trial consisting of approximately 20 patients with recurrent solid tumors, stratified based on ARID1A mutational status. We plan to file documentation to conduct this trial at multiple clinical trial sites in Australia under the TGA Clinical Trial Notification or CTN process in the first half of 2026. The CTN scheme offers the opportunity to streamline timelines for early-stage clinical trials and financial incentives, including a refund of up to 43.5% of qualified R&D expenditures. The trial's objectives include evaluating the safety, tolerability, pharmacokinetics, and preliminary anti-tumor activity of EO3001. The study is also designed to demonstrate the consistency of our current cGMP product with that used in prior clinical results.

We plan to use the results of the Phase 1-2a clinical trial to support an IND application in the United States to advance EO3001 into pivotal trials targeting ARID1A-mutant cancers, designed to support regulatory approval under the FDA's accelerated approval pathway (21 CFR Part 314, Subpart H). Our planned pivotal Phase 2b clinical trial will evaluate tumor response (ORR) and duration of ORR in a single-arm Phase 2b clinical trial. The exact studies required for approval, however, will be subject to discussions with FDA. FDA may disagree that a single Phase 2b trial or the design of the trial is sufficient for accelerated approval.

To the extent available, we plan to pursue regulatory approval of EO3001 under the FDA's 505(b)(2) pathway, which allows applicants to reference prior published literature for which the applicant does not have a right of reference or FDA's prior findings of safety and effectiveness for an approved drug, along with other data, to demonstrate that a product is safe and efficacious. This pathway may potentially reduce development time and costs by avoiding duplication of certain studies, while still requiring bridging data to address product differences, as well as other data to support product safety and efficacy. Notwithstanding, the regulatory pathway provided by a 505(b)(2) NDA may not be appropriate, may not be more efficient or faster, and may not increase the likelihood that our product candidate will be approved.

By leveraging the existing clinical data under the 505(b)(2) pathway, to the extent possible, we will attempt to streamline EO3001's development, reducing the time and resources required for regulatory approval. If available, this approach uses the prior clinical experience with EO3001 while incorporating new biological data regarding the drug's anti-cancer mechanism to support clinical advancement. Cancers having ARID1A-mutations represent a rare and life-threatening subset of malignancies, also creating opportunities for orphan drug designation and separately, expedited regulatory pathways in the United States and other jurisdictions. Notwithstanding, orphan drug designation neither shortens the development time nor regulatory review time of a product candidate, nor does it provide any guarantee of approval in the regulatory review or approval process.

The Company intends to conduct a pivotal single-arm Phase 2b clinical trial of EO3001 designed to meet the requirements for Accelerated Approval under 21 CFR Part 314, Subpart H. This approach would enable us to pursue initial marketing approval based on surrogate or intermediate clinical endpoints and, potentially, earlier than we would otherwise be able to. Although our strategy is to seek out accelerated approval for any applicable product candidate, none of our current clinical trials should be considered registration studies for accelerated approval. Notwithstanding, pursuing an accelerated approval pathway does not increase the probability of our product candidate achieving regulatory or clinical success, and does not alter the FDA's rigorous standards for safety and efficacy nor guarantee approval. Accelerated approval is not granted to a product candidate until FDA approves an NDA, authorizing the product to be commercially marketed in the United States. Thus, even though we are currently pursuing this pathway, there is no guaranty that we will ultimate be able to obtain accelerated approval or use the pathway. For instance, FDA may disagree that a single Phase 2b trial or the design of any particular trial is sufficient for accelerated approval.

*Proposed Pivotal Trial Design for EO3001 in Ovarian Clear Cell Carcinoma*

Subject to successful completion of the bridging study of EO3001, we will seek to open a U.S. IND and initiate a potentially pivotal clinical trial targeting OCCC as the initial indication. OCCC is a rare and aggressive subtype of ovarian cancer, frequently characterized by ARID1A mutations, which represent a significant unmet medical need due to limited treatment options and poor outcomes with existing therapies.

The proposed trial will be a single-arm, open-label study designed to evaluate the efficacy, tolerability, and safety of EO3001 in patients with ARID1A-mutant OCCC. Key features of the study will include:

● Primary Endpoint: Objective response rate (ORR) as assessed by independent central review, with responses defined according to RECIST criteria.

● Secondary Endpoints: Duration of response (DOR), progression-free survival (PFS), overall survival (OS), and safety/tolerability assessments.

● Patient Population: The trial will enroll approximately 80 patients with recurrent or refractory OCCC confirmed to harbor ARID1A mutations, as identified by validated molecular testing.

We estimate that the pivotal trial will enroll approximately 100 patients. We intend to seek formal guidance from the FDA on the pivotal trial design. The pivotal trial will be conducted at clinical sites located both in the United States and in international jurisdictions.

*Parallel Pediatric Development*

In addition to the above trial in OCCC, we are exploring the feasibility of conducting a parallel pivotal trial in pediatric cancers that harbor ARID1A mutations. Pediatric cancers represent another high-unmet-need population where EO3001's mechanism of action may be particularly effective.

*Broader Market Implications*

While the planned registration directed trial will focus on OCCC as the lead indication, ARID1A mutations are observed in approximately 1-in-10 solid tumor patients across various cancer types, including endometrial, gastric, bladder, and hepatobiliary cancers. We believe that an initial approval in the OCCC could provide opportunities in additional ARID1A-mutant malignancies, significantly expanding its potential market.

We believe our overall approach may offer a number of strategic advantages, including:

● Leveraging the FDA's 505(b)(2) pathway, to the extent available, may enable the incorporation of prior tolerability and pharmacokinetic data from earlier EO3001 studies, reducing the need for redundant investigations.

● Capitalizing on regulatory designations such as orphan drug status, fast track, breakthrough therapy, and accelerated approval, to the extent available. Notwithstanding, orphan drug designation does not, and other designations may not shorten the development time or regulatory review time of a product candidate, or otherwise provide any guarantee of approval in the regulatory review or approval process.

● The inclusion of international sites alongside U.S. sites is intended to facilitate trial enrollment.

**EO4426: a dual-function Polα-RNR inhibitor**

EO4426 (tezacitabine) is an orally bioavailable, brain penetrating, small molecule inhibitor of polymerase alpha or Polα and ribonucleotide reductase or RNR that was previously studied as a treatment for solid tumors as a single agent or in combination with chemotherapy in multiple indications in multiple clinical trials.

EO4426 was first discovered at Hoechst Marion Roussel (HMR) in the mid-1990s<sup>24</sup> as a novel deoxycytidine analogue and was subsequently licensed to Matrix Pharmaceuticals (ex-Japan), a company founded by Edison Oncology chairman Dr. Dennis Brown, and Kyowa Hakko (Japan) for clinical development. We believe the developers ceased development efforts as a result of a change in strategic focusing resulting in a greater emphasis on biologics instead of small molecule drugs.

We believe that new scientific understanding of mechanisms of resistance to FDA-approved therapies provides an opportunity to design and conduct new clinical trials of EO4426 in underserved patient populations whose cancers are not adequately treated by current standards of care. We plan to conduct new clinical trials in solid tumors. If these trials are successful, we plan to exercise our exclusive option to acquire worldwide rights to EO4426 pursuant to our evaluation and option agreement with Valent. For a further description of the evaluation and option agreement, see the section of this prospectus entitled "License, Collaboration, and other Material Agreements".

Polα is a novel target of interest in the cancer field. Polα is part of the primase complex, responsible for initiating DNA synthesis during replication. Cancer cells, characterized by rapid and uncontrolled proliferation, rely heavily on efficient DNA replication, making Pol α an essential and broadly applicable target across various cancer types. Currently, there are no specific inhibitors targeting DNA Polα or dual RNR+Polα targeting drug candidates in clinical trials.

Multiple RNR inhibitors have received FDA approval for use in the treatment of cancer, including hydroxyurea, gemcitabine and clofarabine. FDA-approved RNR inhibitors—such as hydroxyurea and gemcitabine—reduce the intracellular pool of deoxyribonucleotide triphosphates (dNTPs), thereby limiting the building blocks required for DNA replication.<sup>25</sup> Because these agents act downstream of replication initiation, cancer cells may employ compensatory mechanisms such as nucleotide salvage pathways or replication checkpoint activation to become resistant to RNR-inhibitor therapy.<sup>26</sup>

We believe the combination of inhibiting DNA polymerase α and ribonucleotide reductase (RNR) may provide a therapeutic advantage over traditional RNR inhibitors alone. Whereas RNR inhibition limits the supply of dNTPs required for DNA replication,<sup>27</sup> Pol α inhibition directly prevents initiation of new DNA synthesis.<sup>28</sup> Together, these mechanisms may act synergistically to increase replicative stress—targeting both the initiation and elongation phases of DNA synthesis—thus overwhelming tumor cells that are highly dependent on continuous replication, reducing the likelihood of resistance through compensatory pathways, and potentially improving selectivity for cancer cells with heightened replication demands.<sup>29</sup>

For example, third-party preclinical studies have shown that impairing both nucleotide supply and replication initiation can lead to replication fork collapse, accumulation of DNA damage, and selective death of rapidly proliferating tumor cells, while sparing normal cells with lower replication demands.<sup>30</sup> By targeting both DNA polymerase α and RNR, this dual mechanism may also help overcome resistance observed with traditional RNR inhibitors, which can arise through reliance on nucleotide salvage pathways or activation of cell cycle checkpoints.<sup>31</sup>

Separately, third-party preclinical studies have demonstrated that elevated cytidine deaminase (CDA) expression drives resistance to FDA-approved RNR inhibitors by accelerating their metabolic inactivation and reducing intracellular dNTP depletion thereby significantly limiting their anti-tumor activity. For example, gemcitabine-resistant pancreatic and lung cancer xenograft models with high CDA activity exhibit markedly reduced sensitivity to treatment and rapid tumor regrowth compared to low-CDA models.<sup>32</sup> We believe that combining DNA Pol α inhibition with RNR blockade has the potential to overcome CDA-mediated resistance by simultaneously preventing the initiation of DNA replication and depleting the nucleotide pools required for elongation, thereby enabling EO4426 to maintain antitumor activity in settings where traditional RNR inhibitors alone have proven insufficient.

<sup>24</sup> Seley Curr Opin Investig Drugs 2000 Sep;1(1):135-40

<sup>25</sup> Kapor et al Ox Med and Cell 2021 Article ID 7753857

<sup>26</sup> Chen-Chun etal Genes 2017 8(2):1-14

<sup>27</sup> D'Urso etal. J.Cell Sci 1995 108(9):3109-3118

<sup>28</sup> Perera et al. eLife 2013 (2):e00482

<sup>29</sup> Gu etal. Genes 2023 14(7):1346-1355

<sup>30</sup> Peterman et al. Mol Cell. 2010 Feb 26;37(4):492–502

<sup>31</sup> Gu etal. Genes 2023 14(7):1346-1355

<sup>32</sup> Buhagiar-Labarchède etal Sci Rep 2022 (12): 14062

EO4426 was previously covered by composition of matter and other patent claims that have since expired. Building on a new understanding of the drug's biological mechanism of action, Valent has filed a U.S. provisional patent application that includes claims covering the newly identified mechanism of action, novel chemical compositions, and methods of use in defined patient populations and disease settings. If granted, these patents have the potential to provide meaningful new intellectual property protection and extend the commercial exclusivity of the drug candidate well beyond the expiration of the original composition of matter patent. See the section entitled "Intellectual Property" below for additional information regarding this patent filing.

We have entered into an exclusive evaluation and option agreement with Valent pursuant to which we hold an exclusive option to acquire worldwide rights to EO4426. We plan to conduct new clinical trials in solid tumors, and if these trials are successful, we intend to exercise our option under the agreement. For a further description of the evaluation and option agreement, see the section of this prospectus entitled "License, Collaboration, and other Material Agreements."

***Prior Third Party Development of EO4426***

EO4426 was evaluated in multiple third-party Phase 1 and Phase 2 clinical trials involving more than 400 patients across tumor types—including metastatic colorectal cancer, advanced gastrointestinal cancers and hematologic malignancies—conducted by Matrix Pharmaceuticals, MD Anderson Cancer Center and Kyowa Hakko Kogyo between 1995 and 2005. These trials were early-generation Phase I/II studies and did not include evaluations of predictive biomarkers, as such targeted biomarker incorporation was not standard practice at that time.<sup>33</sup>

---

| | | | |
|:---|:---|:---|:---|
| **CT.gov Ref.** | **Indication** | **Phase** | **Sponsor** |
|  | Advanced solid tumors | Phase 1 | Matrix Pharmaceuticals |
|  | Advanced Solid Tumors | Phase 1 | Kyowa Hakko Kogyo |
| NCT00051688 | Metastatic colorectal cancer | Phase 2 | Matrix Pharmaceuticals |
| NCT00054873 | Advanced esophageal or gastric adenocarcinoma | Phase 2 | Matrix Pharmaceuticals |
| NCT00061620 | Hematologic malignancies | Phase 1 | MD Anderson |

---

We intend to rely on prior third-party clinical trials of EO4426 only to the extent that they inform the tolerability profile of the compound. Any efficacy data from such studies may provide evidence of anti-cancer activity in a general sense; however, those results are not material to the rationale for our current development efforts. Our decision to advance EO4426 into new biomarker-driven clinical trials is based on a specific scientific rationale that reflects a new understanding of the compound's biological mechanism of action and its potential activity cancers that have become resistant to treatment due to CDA deactivation-related resistance. This mechanistic insight, together with the identification of targeted patient populations most likely to benefit, forms the basis of our development strategy, rather than historical efficacy observations generated in broader or unrelated clinical contexts.

*EO4426 prior human clinical trial experience: Safety Results*

EO4426 was evaluated in a Phase 1, open-label, dose-escalation study conducted by Matrix Pharmaceutical in the United States in patients with advanced refractory solid tumors between approximately 1997 and 1999.<sup>34</sup> A total of approximately 70 patients were enrolled across multiple dose cohorts. EO4426 was administered by intravenous infusion on a twice-weekly schedule for three consecutive weeks followed by a two-week rest period. The primary endpoints of the study were to evaluate safety, tolerability, pharmacokinetics, and to determine a recommended Phase 2 dose for further study, while the secondary endpoints included a preliminary assessment of antitumor activity.

<sup>33</sup> Hu etal JCO Precision Oncol 2019 23(3): 1-12

<sup>34</sup> Rodriguez etal Clin Can Res 2002 8(9): 2828-2834

Dose-limiting toxicities were predominantly hematologic, with neutropenia identified as the principal adverse event leading to dose modifications. Grede 3-4 neutropenia occurred in approximately 53% of patients, which was transient and resolved upon dose interruption. Other adverse events included anemia, thrombocytopenia, and fatigue, which were generally manageable and reversible upon treatment interruption. The maximum tolerated dose was determined to be 16 mg/m² administered twice weekly, although subsequent experience suggested that a lower dose of 12 mg/m² was required in some patients due to myelosuppression. Pharmacokinetics were linear; based on neutrophil recovery, the recommended Phase 2 regimen was 270 mg/m² IV every 2 weeks. While the study was not designed to assess efficacy, one heavily pretreated patient with rectal carcinoma achieved a partial response lasting approximately seven months, and additional patients demonstrated evidence of stable disease.

EO4426 was also evaluated in an open-label, single-arm Phase I trial, sponsored by The University of Texas M.D. Anderson Cancer Center in the United States between 2001 and 2004 to evaluate a bolus dosing regimen of tezacitabine in patients with advanced hematologic malignancies (NCT00061620). The primary endpoints were to evaluate safety, tolerability, dose-limiting toxicities, maximum tolerated dose, and pharmacokinetics of tezacitabine, while the secondary endpoints included preliminary assessment of antitumor activity. Initial dosing of 7.5 mg/m² administered once daily over five consecutive days identified dose-limiting toxicities, including grade 3 central nervous system-related events and mucositis in 3 of 6 enrolled patients. These findings informed the exploration of continuous infusion schedules aimed at optimizing therapeutic exposure while mitigating hematologic toxicity. The study was not designed or powered for efficacy assessment, and efficacy outcomes were not disclosed. No unexpected safety signals beyond those noted were reported.

In addition to studies conducted in the United States, EO4426 was evaluated as an oral therapy in a Phase 1, open-label, dose-escalation trial sponsored by Kyowa Hakko Kogyo (now Kyowa Kirin) in Japan between approximately 1995 and 1997.<sup>35</sup> The primary endpoints were to evaluate safety, tolerability, dose-limiting toxicities, maximum tolerated dose, and pharmacokinetics of tezacitabine given orally, while the secondary endpoints included preliminary assessment of antitumor activity. This study enrolled patients with advanced solid tumors approximately 20 patients including 14 patients in escalating dose cohorts, An oral formulation of EO4426 was administered once daily in tablet form. The objectives of the study were to assess safety, tolerability, and pharmacokinetics.

Published results from the Japanese Phase 1 clinical trial indicate that orally administered EO4426 achieved systemic exposure; however, the dose-limiting toxicity was myelosuppression, most notably neutropenia, consistent with the findings observed in intravenous studies conducted in the United States. Other adverse events included gastrointestinal effects such as nausea and diarrhea, as well as fatigue, which were generally reversible following treatment interruption. The study was not designed or powered for efficacy assessment, and efficacy outcomes were not disclosed. No unexpected safety signals beyond those noted were reported.

*EO4426 prior human clinical trial experience: anti-cancer Activity and pharmacokinetics*

In early-phase clinical trials conducted by Matrix Pharmaceutical—a company founded by our Chairman, Dr. Dennis Brown—tezacitabine demonstrated evidence of biologic activity, including one partial response and seven instances of stable disease among heavily pretreated patients with advanced solid tumors.<sup>36</sup>

A Phase 2, open-label, single-arm clinical trial (Cinicaltrials.gov identifier NCT00051688) was conducted by Matrix Pharmaceuticals in the United States to evaluate EO4426 in combination with oxaliplatin in patients with metastatic colorectal adenocarcinoma who had received at least one prior line of therapy beginning in 2003. The study was designed to enroll approximately 40 patients. The primary objective was to identify an optimal dose for the combination regimen, with secondary objectives including assessment of tumor response and overall tolerability. The trial was not designed or powered to demonstrate statistically significant efficacy outcomes. Detailed efficacy and statistical outcomes have not been publicly disclosed. No unexpected safety signals attributable to EO4426 were reported.

A Phase 2, open-label, single-arm clinical trial (Cinicaltrials.gov identifier NCT00054873) was conducted by Matrix Pharmaceuticals in the United States to evaluate EO4426 administered alone or in combination with 5-fluorouracil in patients with advanced or metastatic adenocarcinoma of the esophagus, gastroesophageal junction, or stomach beginning in 2003. The study was designed to enroll approximately 40 to 50 patients. The primary objective was to assess safety, tolerability, and preliminary efficacy, with secondary objectives including tumor response rate and duration of response. The trial was not designed or powered to demonstrate statistically significant efficacy outcomes. Detailed efficacy and statistical outcomes have not been publicly disclosed. No unexpected safety signals attributable to EO4426 were reported.

***Our Pre-Clinical Development of EO4426***

In non-clinical tumor models conducted by third parties, EO4426 exhibited broad anti-tumor activity against a range of solid and hematologic malignancies, including colorectal, gastric, lung, and hematologic cancer cell lines. The agent was also shown to enhance the anti-tumor activity of fluoropyrimidines in preclinical colon cancer models, suggesting potential utility in combination regimens.

<sup>35</sup> Masuda etal. Invest New Drugs 1998 16(3): 245-254

<sup>36</sup> Rodriguez etal Clin Can Res 2002 8(9): 2828-2834

*In vitro*, EO4426 exhibited cytotoxicity across both solid tumor and hematologic cancer cell lines, including colorectal cancer models, and in vivo studies confirmed dose-dependent antitumor activity. Additional experiments demonstrated that EO4426 potentiated the effects of fluoropyrimidines such as 5-fluorodeoxyuridine and capecitabine in colon cancer xenografts, producing additive or synergistic activity and enhanced apoptotic effects.<sup>37</sup>

In preclinical studies, EO4426 demonstrated broad in-vivo antitumor activity across multiple xenograft models.

---

| | | |
|:---|:---|:---|
| **Preclinical Tumor Models** | **Regimen** | **Outcome** |
| Solid Tumors |  |  |
| &nbsp;&nbsp;&nbsp;Colon Cancer | 2-20 mg/kg/d x10-12d | Dose-dependent tumor growth inhibition |
| &nbsp;&nbsp;&nbsp;MDA-MB-231 breast cancer | 2-20 mg/kg/d x5d | 90-100% cure (CR) |
| &nbsp;&nbsp;&nbsp;Lewis lung carcinoma | 15mg/kg ip d x2weeks | 80% cure (CR) |
| &nbsp;&nbsp;&nbsp;Cervical Carcinoma | 10-20mg/kg q.d. x 5 | >OS vs control (p<0.05) |
| Primary Brain Tumors |  |  |
| &nbsp;&nbsp;&nbsp;D45 glioblastoma | 100mg/kg ip 2x week | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Median Survival:<br> EO4426: 46.5d<br> control: 20d |
| &nbsp;&nbsp;&nbsp;SK-N-C neuroblastoma | 200mg/kg 2x week | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90d Survival:<br> EO4426: 90%<br> Controls: carmustine: 26%; untreated: 23% |
| &nbsp;&nbsp;&nbsp;U87 MG glioblastoma | 10-20mg/kg q.d. x 5 | >OS vs control ((p<0.01) |
| &nbsp;&nbsp;&nbsp;L1210 leukemia | 0.3mg/kg ip d x9d | 80% cure (CR) |

---

● In nude mice bearing human colon cancer xenografts, once-daily oral or intraperitoneal dosing for 10–12 consecutive days produced dose-dependent tumor growth inhibition, whereas less frequent dosing was less effective.<sup>38</sup> In a separate study of HCT-116 colon cancer xenografts, EO4426 potentiated the antitumor effects of fluoropyrimidines (FUdR, capecitabine), with combination regimens producing additive or synergistic tumor regression compared to single agents.<sup>39</sup> Collectively, these data provided the rationale for evaluating EO4426 both as monotherapy and in combination with DNA-directed agents in clinical development.<sup>40</sup>

● In breast cancer xenografts (MDA-MB-231), daily treatment at 2–20 mg/kg achieved high rates of complete tumor regression,<sup>41</sup> while in PC-3 prostate cancer xenografts EO4426 induced significant apoptosis and regression, accompanied by upregulation of apoptotic markers such as TRPM-2.<sup>42</sup>

● In nude mice bearing subcutaneous Lewis Lung Carcinoma (NSCLC) tumors, daily administration for 10–12 consecutive days at doses of 2–20 mg/kg resulted in marked suppression of tumor growth, with some animals showing tumor regression at the higher dose levels.<sup>43</sup>

● In glioblastoma (U-87MG) and cervical carcinoma (C33-A) xenografts, EO4426 inhibited tumor growth and functioned as a radiosensitizer, enhancing radiation-induced tumor regression.<sup>44</sup>

● In preclinical studies, EO4426 demonstrated significant tumor growth inhibition in SK-N-C neuroblastoma brain tumor xenografts when administered on consecutive daily dosing schedules, with myelosuppression identified as the principal dose-limiting toxicity.<sup>45</sup>

● In murine L1210 leukemia models, EO4426 produced dose-dependent survival benefits, including long-term survivors when administered on consecutive-day schedules, with myelosuppression as the primary observed toxicity.<sup>46</sup>

Rapidly proliferating cancer cells, especially those driven by oncogenic mutations or impaired DNA repair, depend on both efficient replication initiation and a continuous supply of deoxyribonucleotides.<sup>47</sup> EO4426's simultaneous inhibition of DNA polymerase α and ribonucleotide reductase disrupts these two essential processes.<sup>48</sup> We believe this may offer a promising therapeutic strategy to target tumors characterized by high replication stress and resistance to agents such as gemcitabine.

Overexpression of Cytidine Deaminase or CDA contributes to resistance to gemcitabine and other RNR inhibitors through the enhanced metabolic inactivation of the drugs.<sup>49,50</sup> Published preclinical evidence suggests that EO4426 retains activity in tumor models with high CDA expression, owing to its increased resistance to deamination compared to gemcitabine.<sup>51</sup> EO4426 is approximately 30-fold more resistant to CDA-mediated deamination than gemcitabine, offering a potential mechanistic advantage in CDA-overexpressing tumors.<sup>52</sup> We believe such evidence makes EO4426 a potential candidate for overcoming resistance to gemcitabine and other RNR inhibitors mediated by CDA overexpression.

Aggressive, rapidly proliferating cancers such as acute myeloid leukemia or AML, high-grade gliomas and triple-negative breast cancer or (TNBC and cancers with high genomic instability such as ovarian or colorectal cancer may be ideal targets for therapy with EO4426.

<sup>37</sup> Taverna etal. Biochem Pharmacol 2007 73(1): 44-55

<sup>38</sup> Sun etal Cancer Res 1997 57(18): 4023-4028

<sup>39</sup> Taverna etal. Biochem Pharmacol 2007 73(1): 44-55

<sup>40</sup> Taverna etal. Biochem Pharmacol 2007 73(1): 44-55

<sup>41</sup> Greib et al. Acta Biochim Pol 2000 47(1):165-71

<sup>42</sup> Wright etal Exp Cell Res 1996 222(1): 54-60

<sup>43</sup> Seley. Curr Opin Investig Drugs 2000 (1):135-40

<sup>44</sup> Piepmeier etal Canc Res 1996 56(2): 359-361

<sup>45</sup> Piepmeier et al. Cancer Res 1996 56(2): 359-361

<sup>46</sup> Skierski et al. Cytometry 1999 37:302-307

<sup>47</sup> Peterman et al. Mol Cell. 2010 Feb 26;37(4):492–502

<sup>48</sup> Taverna etal BiochemPharmacol 2007 (1):44-55

<sup>49</sup> Mini, E., Annals of Oncology (2006)(17/5)

<sup>50</sup> Neff et al. Exp Hematol 1996 24(11):1340-6

<sup>51</sup> Takahashi et al. Can Chemother Pharm. 1998;41:268–274

<sup>52</sup> Shao etal Current Cancer Drug Targets 2006 6: 409-431

We are currently working to initiate our first company sponsored clinical trial for EO4426 in Australia. The trial will be a bridging study and we intend to use the data to open an IND with FDA to conduct a pivotal Phase 2b study to position ourselves for accelerated approval in the United States. We will also seek regulatory approval in international jurisdictions, as we deem appropriate. Prior to initiating this trial, we plan to initiate cGMP manufacturing of EO4426 in the first half of 2026 and initiate a Phase 1-2a trial to further explore the safety and anti-cancer activity of the EO4426 oral dosage form in solid tumors and hematologic malignancies in 2026. We plan to conduct this Phase 1-2a trial under the CTN scheme in Australia as administered by the Therapeutic Goods Administration (TGA). Under this process, we will prepare necessary documentation and must obtain approval of the study protocol from a Human Research Ethics Committee (HREC) and the relevant clinical institution. Once approval is granted, we will be required to submit a notification to the TGA, which acknowledges but does not independently review or authorize the trial If we are unable to obtain timely HREC approval, our planned clinical trials under the CTN scheme may be delayed or may not proceed. This planned trial will consist of approximately 20 patients with recurrent solid tumors, including in patients whose tumors have recurred following treatment with FDA-approved RNR inhibitors. The CTN scheme offers the opportunity to streamline timelines for early-stage clinical trials and financial incentives, including a refund of up to 43.5% of qualified R&D expenditures. The trial's objectives will include evaluating the safety, tolerability, pharmacokinetics, and preliminary anti-tumor activity of EO4426. The study is also designed to demonstrate the consistency of our current cGMP product with that used in prior clinical results.

To the extent available, the Company plans to pursue regulatory approval of EO4426 under the FDA's 505(b)(2) pathway, which allows applicants to reference prior published literature for which the applicant does not have a right of reference or FDA's prior findings of safety and effectiveness for an approved drug, along with other data, to demonstrate that a product is safe and efficacious. This pathway may potentially reduce development time and costs by avoiding duplication of certain studies, while still requiring bridging data to address product differences, as well as other data to support product safety and efficacy. Notwithstanding, the regulatory pathway provided by a 505(b)(2) NDA may not be appropriate, may not be more efficient or faster, and may not increase the likelihood that our product candidate will be approved.

The Company intends to conduct a pivotal single-arm Phase 2b clinical trial of EO4426 designed to meet the requirements for Accelerated Approval under 21 CFR Part 314, Subpart H. This approach would enable us to pursue initial marketing approval based on surrogate or intermediate clinical endpoints and, potentially, earlier than we would otherwise be able to. Although our strategy is to seek out accelerated approval for any applicable product candidate, none of our current clinical trials should be considered registration studies for accelerated approval. Notwithstanding, pursuing an accelerated approval pathway does not increase the probability of our product candidate achieving regulatory or clinical success, and does not alter the FDA's rigorous standards for safety and efficacy nor guarantee approval. Accelerated approval is not granted to a product candidate until FDA approves an NDA, authorizing the product to be commercially marketed in the United States. Thus, even though we are currently pursuing this pathway, there is no guaranty that we will ultimately be able to obtain accelerated approval or use the pathway. For instance, FDA may disagree that a single Phase 2b trial or the design of any particular trial is sufficient for accelerated approval.

Our planned and potentially pivotal Phase 2b clinical trial will evaluate tumor response (ORR) and duration of ORR in a single-arm clinical trial. The FDA may, however, disagree that a single Phase2b trial or the design of the trial is sufficient for accelerated approval.

We plan to assess patients for CDA overexpression as a biomarker for resistance to RNR inhibitors. We also plan to assess patients for microsatellite instability (MSI) and ribonucleotide reductase regulatory subunit M2 or RRM2 over-expression as potential biomarkers for EO4426 activity. CDA and MSI testing are well-established in clinical practice. RRM2 is emerging as a promising biomarker in oncology, with growing evidence supporting its role in cancer prognosis and therapy response.<sup>53</sup> Immunohistochemistry (IHC) is used to detect the presence of proteins associated with RRM2 over-expression.

MSI-high tumors are characterized by defects in DNA mismatch repair leading to genomic instability. This instability may increase tumor reliance on Polα and RNR for survival, making MSI status a potential predictive biomarker for responsiveness to dual inhibition strategies.<sup>54</sup>

Elevated expression of the RRM2 subunit of RNR has been associated with increased tumor aggressiveness and resistance to certain chemotherapies. Overexpression of RRM2 may indicate heightened dependence on RNR activity, suggesting that tumors with this characteristic could be responsive to EO4426.

We believe EO4426 has the potential to deliver beneficial outcomes for patients across a broad spectrum of cancers, particularly those that have become resistant to standard of care FDA-approved therapies. Prior third party clinical data demonstrating activity in multiple cancers provides a strong rationale for further development. We further believe the integration of biomarkers such as MSI and RRM2 overexpression will guide patient selection, optimizing the therapeutic potential of EO4426 as a potential precision oncology product.

We anticipate initiating GMP manufacturing of EO4426 in the first half of 2026 and filing documentation to support new clinical studies with EO4426, which clinical studies are anticipated to begin in 2026 in Australia. We plan to conduct this trial at multiple clinical trial sites in Australia under the TGA Clinical Trial Notification or CTN process. The CTN scheme offers the opportunity to streamline timelines for early-stage clinical trials and financial incentives, including a refund of up to 43.5% of qualified R&D expenditures. The trial's objectives include evaluating the safety, tolerability, pharmacokinetics, and preliminary anti-tumor activity of EO4426. The study is also designed to demonstrate the consistency of our current cGMP product with that used in prior clinical results.

***Orotecan***

Intravenous irinotecan is FDA approved for the treatment of colorectal cancer. The FDA approved formulation of irinotecan given orally, was previously studied in prior third party clinical trials in our target pediatric indications: Ewing sarcoma, neuroblastoma, rhabdomyosarcoma, medulloblastoma, and hepatoblastoma. According to published study results, poor palatability has limited widespread use of the FDA approved formulation given orally<sup>55</sup>. The Orotecan formulation, which we hold exclusive rights to, was developed by Valent to address the limitations of clinical adoption related to the poor palatability and tolerability associated with orally administered unformulated irinotecan, which is discussed further below.

Orotecan (oral irinotecan HCl, VAL-413) is a proprietary oral formulation of intravenous (i.v.) irinotecan hydrochloride, a topoisomerase inhibitor. Intravenous irinotecan was first granted accelerated FDA approval in 1996 for the second line treatment of recurrent or progressive metastatic carcinoma of the colon or rectum. In April 2000, its label was expanded to include first-line therapy for metastatic colorectal cancer when combined with 5-fluorouracil (5-FU) and leucovorin. In October 2015, the FDA approved a liposomal formulation of irinotecan (Onivyde™) in combination with fluorouracil and leucovorin for the treatment of metastatic adenocarcinoma of the pancreas after disease progression following gemcitabine-based therapy. In February 2024, FDA also approved this formulation in combination with oxaliplatin, fluorouracil, and leucovorin for the first-line treatment of metastatic pancreatic adenocarcinoma.

In addition to its FDA approved indications, i.v. irinotecan is widely used off-label in accordance with National Comprehensive Cancer Network or NCCN guidelines for the treatment of neuroendocrine, pancreatic, small-cell lung, cervical, ovarian, esophageal, soft tissue sarcomas, bone cancers and pediatric cancers.<sup>56</sup> NCCN guidelines recommend the use of irinotecan, particularly in combination with temozolomide, for relapsed or refractory Ewing sarcoma and other pediatric sarcoma subtypes. Annually, approximately 1.8 million i.v. irinotecan doses are prescribed in the United States.<sup>57</sup>

Standard i.v. irinotecan regimens for childhood cancers require daily infusions on a schedule of 5-10 consecutive days every two weeks. This regimen is inconvenient, costly, and burdensome for patients and the healthcare systems. To address this, academic pediatric oncologists developed an oral administration method for i.v. irinotecan, treating over 200 patients and demonstrating promising results.<sup>58</sup> However, extremely poor palatability limits widespread clinical adoption and this formulation is not FDA approved.<sup>59</sup>

There are currently no FDA-approved oral formulations of irinotecan, the active ingredient in our Orotecan product candidate. All marketed formulations are available only as injectable dosage forms, including intravenous irinotecan (Camptosar® and generic equivalents) and liposomal irinotecan (ONIVYDE®). While the concept of oral delivery has been studied in academic settings, such efforts have been limited by the unacceptable taste profile of irinotecan.<sup>50</sup> In these studies, injectable formulations were often mixed with cranberry or grape juice in an attempt to improve palatability; however, such improvised approaches introduce variability in drug delivery, lack reproducibility, and may alter pharmacokinetics due to uncontrolled differences between juice preparations. Our proprietary pharmaceutical taste-masking technology incorporated into the Orotecan formulation is designed to overcome these limitations by providing a palatable oral dosage form with consistent drug release and a reproducible pharmacokinetic profile, thereby differentiating Orotecan from prior academic approaches and enabling development of a clinically and commercially viable oral irinotecan therapy.

We believe Orotecan's oral formulation will result in improved tolerability and patient compliance, initially in the treatment of pediatric cancers tumors, with potential for broader applications in adult cancers. Irinotecan, a prodrug, is converted in the body to its active form, SN-38, which is 1,000 times more cytotoxic against cancer cells than irinotecan itself.<sup>60</sup> Evidence suggests oral irinotecan delivery enhances the conversion to its active metabolites SN-38.<sup>61</sup>

Pursuant to an agreement entered into with Valent, we were granted certain exclusive rights to patent applications owned by Valent related to Val-413 (Orotecan, *oral irinotecan HCl*), a proprietary oral formulation of irinotecan and a cancer therapy approved by the FDA. Valent has filed these patents claiming compositions, formulation and use of Orotecan, with claims anticipated to provide patent protection through 2042 in the United States and international jurisdictions. In addition, we plan to seek an orphan drug designation for Orotecan in the treatment of pediatric cancers in jurisdictions where it is available. If granted, an orphan drug designation will provide seven years of market exclusivity in the United States and ten years in Europe.

<sup>53</sup> Wang etal PLOS-One PLOS ONE. 2024 19(4):e0299949

<sup>54</sup> Pavloff etal. DNA seq (1992)

<sup>55</sup> Wagner, L. Clin. Sarcoma Res (2015) 5(20)

<sup>56</sup> NCCN Guidelines

<sup>57</sup> Part B National Summary Data File (CMS.gov)

<sup>58</sup> Wagner, L. Clin. Sarcoma Res (2015) 5(20)

<sup>59</sup> Kumler etal Can Chemo Pharmacol 2019 83(3):169-178

<sup>60</sup> NCI Drug Dictonary - Irinotecan

<sup>61</sup> Soepenberg et al. Clin Cancer Res (2005) 11(4):1504-1511

We are conducting a Phase 1-2 clinical trial (NCT04337177) in the United States in collaboration with Valent to assess the safety and tolerability of Orotecan in treating recurrent pediatric cancers.

Valent is the sponsor of the Phase 1-2a clinical trial. We are providing funding for the trial and, subject to positive results of this trial, we intend to acquire exclusive rights to Orotecan and pursue further clinical development and commercialization of Orotecan under the terms of our Evaluation Agreement with Valent. See the section of this prospectus entitled "License, Collaboration, and other Material Agreements" below for a further description of the Evaluation Agreement with Valent.

*Clinical Development Progress*

In October 2019, the FDA granted Valent an IND for Orotecan. This trial is a Phase 1-2a multi-center clinical trial of up to 20 patients to examine the safety and tolerability of this proprietary formulation and assess pharmacokinetics compared to the already established oral regimen. The Orotecan used in the study is comprised of commercially available intravenous irinotecan, which the clinical trial sites combine with our proprietary flavoring agent. Subjects received Orotecan as an oral liquid formulation (20 mL to 60 mL, dose-adjusted based on body surface area or BSA) administered once daily for 5 consecutive days in 21-day treatment cycles.

During the first cycle of treatment, each patient will receive four daily doses of VAL-413 and one daily dose of the intravenous preparation of irinotecan taken orally (IRN IV/PO) to allow comparative intra-patient pharmacokinetics of irinotecan and its metabolites. During all subsequent cycles, only VAL-413 will be given with temozolomide in 5-day courses administered every 21 days, as tolerated. Toxicity is assessed by NCI CCTCAEv5. A taste survey instrument is used to assess palatability of VAL-413 vs. IRN IV/PO

The trial is ongoing and is continuing enrollment. To date, nine patients with recurrent pediatric cancers have been enrolled at two dose levels. Initial pharmacokinetic observations presented at the 2025 annual meetings of the American Association of Cancer Research (AACR) demonstrate similarity for the Orotecan formulation and i.v. irinotecan given orally for both the parent compound and its active metabolites with no dose-limiting toxicities reported.<sup>62</sup>

To the extent available, the Company plans to pursue regulatory approval of Orotecan under the FDA's 505(b)(2) pathway, which allows applicants to reference prior published literature for which the applicant does not have a right of reference or FDA's prior findings of safety and effectiveness for an approved drug, along with other data, to demonstrate that a product is safe and efficacious. This pathway would potentially reduce development time and costs by avoiding duplication of certain studies, while still requiring bridging data to address product differences, as well as other data to support product safety and efficacy. Notwithstanding, the regulatory pathway provided by a 505(b)(2) NDA may not be appropriate, may not be more efficient or faster, and may not increase the likelihood that our product candidate will be approved.

The Company intends to conduct a pivotal single-arm Phase 2b clinical trial of Orotecan designed to meet the requirements for Accelerated Approval under 21 CFR Part 314, Subpart H. This approach would enable us to pursue initial marketing approval based on surrogate or intermediate clinical endpoints and, potentially, earlier than we would otherwise be able to. Although our strategy is to seek out accelerated approval for any applicable product candidate, none of our current clinical trials should be considered registration studies for accelerated approval. Notwithstanding, pursuing an accelerated approval pathway does not increase the probability of our product candidate achieving regulatory or clinical success, and does not alter the FDA's rigorous standards for safety and efficacy nor guarantee approval. Accelerated approval is not granted to a product candidate until FDA approves an NDA, authorizing the product to be commercially marketed in the United States. Thus, even though we are currently pursuing this pathway, there is no guaranty that we will ultimate be able to obtain accelerated approval or use the pathway. For instance, FDA may disagree that a single Phase 2b trial or the design of any particular trial is sufficient for accelerated approval.

Safety & Tolerability Results (to date):

● *Palatability was assessed using a 7-point hedonic scale. The median score was 4 (range: 3–5), indicating acceptable tolerability. This was notably higher compared to the oral administration of the intravenous formulation of irinotecan, which consistently received a score of 1.* 

● *A majority of participants (66%) completed multiple treatment cycles in a home-based setting. The longest duration of therapy was 13 cycles (approximately 9 months).* 

● *To date, no serious adverse events related to the treatment with Orotecan have been observed in the Orotecan Phase 1-2a clinical trial.* *Treatment-emergent adverse events assessed as possibly or probably related to Orotecan were primarily Grade 1 (mild) or Grade 2(moderate), occurring in 55% of subjects. The most frequently reported adverse events included nausea and vomiting (55%), fatigue (22%), and dermatologic reactions (rash, 11%), consistent with the known safety profile of orally administered intravenous irinotecan.* 

Pharmacokinetic Observations:

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| | |
|:---|:---|
| ⮚ | *In each subject, the single-dose pharmacokinetic profile of Orotecan was evaluated in comparison to oral administration of the intravenous formulation of irinotecan (IRN IV/PO).* |
| ⮚ | *Preliminary pharmacokinetic analyses indicate that systemic exposure (AUC) and time-dependent concentration profiles for irinotecan and its active metabolites, including SN-38, are not statistically different between Orotecan and IRN IV/PO formulations, nor between the 90 mg/m² (n=4) and 110 mg/m² (n=5) dose cohorts.* |

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As irinotecan delivered orally has previously demonstrated promising results in pediatric cancers across several third party clinical trials<sup>63</sup>, we believe these observations from the trial support Orotecan's advancement into separate registration-directed clinical trials. Assuming favorable topline data from the ongoing trial, we anticipate exercising our option and conducting a potentially pivotal FDA approval clinical trial under the accelerated approval program (§21 CFR, part 314, subpart H) with the goal of seeking marketing approval for Orotecan under a 505(b)(2) NDA. Notwithstanding, the regulatory pathway provided by Sec. 505(b)(2) may not increase the likelihood that our product candidate will be approved and may not provide a faster pathway to regulatory approval. Additionally, the FDA may disagree that the planned trial or the design of the trial is sufficient for accelerated approval.

*Proposed Registration Trial Design*

We have received feedback from the FDA in the form of a Type C guidance meeting indicating that a single-arm study using tumor response (objective response rate) as the primary endpoint could be sufficient to support the accelerated approval of Orotecan when combined with adequate characterization of durability of response.

The planned registration-directed clinical trial will employ a master protocol design to evaluate the efficacy and safety of Orotecan across multiple pediatric cancers where irinotecan is employed in standard-of-care treatment regimens. The trial will consist of single-arm cohorts targeting distinct tumor types, with each cohort enrolling a patient population of 25-40 participants. The primary objective of the trial is to support accelerated FDA approval under 21 CFR, Part 314, Subpart H, based on objective response rates or ORR as determined by RECIST criteria. Secondary objectives include assessments of duration of response or DoR, progression-free survival (PFS), and safety.

<sup>62</sup> Bacha etal. *Cancer Res (2025) 85 (8_Supplement_2): LB266*

<sup>63</sup> Wagner, L. Clin. Sarcoma Res (2015) 5(20)

Key features of the trial design:

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| | |
|:---|:---|
| Master Protocol*:* | A unified framework enabling simultaneous evaluation across several indications, optimizing efficiency and consistency in data collection. |
| Single-Arm Cohorts*:* | Each cohort will independently evaluate the Orotecan's activity in a specific pediatric cancer indication, such as, but not limited to Ewing sarcoma, neuroblastoma, rhabdomyosarcoma and medulloblastoma. |
| Cohort-Level Endpoints*:* | Each cohort will be powered to detect clinically meaningful response rates sufficient to support accelerated approval if the primary endpoint is achieved. |
| Anticipated Patient Enrollment*:* | Based on a review of prior FDA approvals for small molecule therapies, the company anticipates that enrolling 80-100 patients across all cohorts will provide sufficient safety data to support accelerated approval. |

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Patients will be treated with Orotecan using a standardized dosing regimen optimized for each cancer type. Response assessments will be conducted using RECIST which is a standard method used in clinical trials to assess the effectiveness of cancer treatments.

The master protocol design allows for adaptive modifications, such as cohort expansion or closure, based on interim analyses. We plan to submit interim data for FDA review to ensure alignment with regulatory requirements.

Prior to initiation of this trial, we will be required to have our product candidate produced at a GMP facility in sufficient quantities with such formulation in finished dosage form and we may be required to conduct additional preclinical studies.

*Initial Target Markets: Recurrent Pediatric Cancers*

Treatment of pediatric cancers with i.v. irinotecan has demonstrated promising response rates. However, the burdensome standard regimen of i.v. irinotecan for the treatment of childhood tumors involves daily infusions for five consecutive days every two to three weeks leading to significant patient inconvenience, diminished quality of life and high cost to the healthcare system.<sup>64</sup> The recurrence of disease is associated with poor survival outcomes and represents a significant unmet medical need. The off-label use of irinotecan in these settings underscores its clinical relevance, but the lack of an approved oral formulation limits its potential to improve patient quality of life and compliance.

We believe that Orotecan, as a novel oral formulation of irinotecan, is uniquely positioned to address these gaps while potentially improving outcomes for patients with recurrent or refractory pediatric cancers.

*<u>Ewing Sarcoma</u>*

● *Annual Incidence (USA):* Approximately 200-300 cases per year.<sup>65</sup>

● *Recurrence Rate:* Approximately 30% of patients experience recurrence within five years of initial treatment.<sup>66</sup>

● *Current Standard of Care with Irinotecan:* Intravenous irinotecan is used off-label in combination with temozolomide for recurrent or metastatic disease.<sup>67</sup>

● *Outcomes for Recurrent Disease:* Survival following recurrence is poor, with average survival of 14 months and 1- and 5-year survival rates of 40% and 15-30%, respectively.<sup>68</sup>

<sup>64</sup> Wagner, L. Clin.Sarcoma Res (2015)5(20)

<sup>65</sup> Esiashvili et al., *J Pediatr Hematol Oncol* (2008) 30(6):425-30

<sup>66</sup> Valdes et al., *Case Rep Oncol* (2017) 10(2):462-472

<sup>67</sup> Casey et al., *Pediatr Blood Cancer* (2009) 53:1029-34

<sup>68</sup> Valdes et al., Case Rep Oncol (2017) 10(2):462-472

*<u>Neuroblastoma</u>*

● *Annual Incidence (USA):* Approximately 700 cases per year, predominantly affecting children under five years old.<sup>69</sup>

● *Recurrence Rate:* Up to 50% of patients with high-risk neuroblastoma relapse after initial treatment.<sup>70</sup>

● *Current Standard of Care with Irinotecan:* Irinotecan is used off-label in combination with temozolomide or vincristine for recurrent or refractory neuroblastoma.<sup>71</sup>

● *Outcomes for Recurrent Disease:* Prognosis is poor, with long-term survival rates of less than 10% for high-risk relapsed disease.<sup>72</sup>

*<u>Rhabdomyosarcoma</u>*

● *Annual Incidence (USA):* Approximately 350 cases per year, primarily affecting children and adolescents.<sup>73</sup>

● *Recurrence Rate:* Recurrence occurs in 30-40% of patients, depending on the risk stratification at diagnosis.<sup>74</sup>

● *Current Standard of Care with Irinotecan:* Irinotecan, often combined with vincristine temozolomide and radiation, is used off-label for recurrent or refractory rhabdomyosarcoma.<sup>75</sup>

● *Outcomes for Recurrent Disease:* For recurrent disease, 5-year survival rates are less than 20%, particularly for metastatic recurrences.<sup>76</sup>

*<u>Medulloblastoma</u>*

● *Annual Incidence (USA):* Approximately 250-500 cases per year, with the majority in children under 10 years old.<sup>77</sup>

● *Recurrence Rate:* Around 30% of patients experience relapse, typically within two years of initial treatment.<sup>78</sup>

● *Current Standard of Care with Irinotecan:* Irinotecan, in combination with temozolomide, is used off-label for recurrent medulloblastoma, particularly in the context of salvage chemotherapy.<sup>79</sup>

● *Outcomes for Recurrent Disease:* Prognosis for recurrent medulloblastoma is poor, with survival ranging from 6-12 months on average following relapse.<sup>80</sup>

<sup>69</sup> Park et al., Lancet Oncol (2010) 11(5):449-61

<sup>70</sup> London WB et al., J Clin Oncol (2005) 23(27):6459-65

<sup>71</sup> Wagner LM et al., C Clin Oncol 2009 Mar 10;27(8):1290-6

<sup>72</sup> Kushner etal J Clin Oncol 2006 Nov 20;24(33):5271-6

<sup>73</sup> Masi et al., Ann Surg 2009 249(3):420-5

<sup>74</sup> Malempati S et al., Cancer (2011) 117(3):604-11

<sup>75</sup> Wagner LM et al., J Pediatr Hematol Oncol (2004) 26(8):517-23

<sup>76</sup> Breneman JC et al., *J Clin Oncol* (2003) 21(13):2457-64

<sup>77</sup> Ostrom QT et al., *Neuro Oncol* (2015) 17(Suppl 4):iv1-iv62

<sup>78</sup> Rutkowski S et al., J Clin Oncol. 2010;28(33):4961-68

<sup>79</sup> Levy et al. Pediatr Blood Cancer 2021 68(8):e29031

<sup>80</sup> Huybrecths etal. Cancers 2020 13(1):53

*Market Expansion Opportunities*

We believe that Orotecan, as a novel oral irinotecan formulation initially approved for pediatric cancers, would serve as a robust proof-of-concept for its broader utility in oncology and thus has substantial potential for expansion into adult oncology markets. This opportunity is driven by several key factors:

&nbsp;&nbsp;&nbsp;&nbsp;1. *Unmet Needs in Current Treatment Paradigms* — Intravenous (i.v.) irinotecan is widely
 used in adult cancers, including colorectal, pancreatic, gastric, and small cell lung cancers,
 either as part of FDA-approved regimens or off-label treatments. However, i.v. administration
 is associated with significant patient burden, including frequent clinic visits, infusion-related
 toxicities, and high healthcare costs. Orotecan would address these issues by offering improved
 convenience and reduced treatment costs, potentially enhancing patient compliance and quality
 of life.

2. *Established Market Potential* — Irinotecan is a cornerstone therapy for metastatic colorectal
 cancer and other malignancies, with approximately 1.8 million doses prescribed annually in
 the United States according to published Medicare data. Based on Medicare data and National
 Comprehensive Cancer Network (NCCN) guidelines, we believe Orotecan could penetrate
 existing treatment paradigms as a direct substitute for i.v. formulations taken orally.
 Additionally, oral regimens are more easily combined with other oral agents, streamlining
 therapy and making it more appealing for both patients and oncologists.

3. *Efficacy and Safety Results* — In a prior third party Phase 1-2 trial of oral irinotecan
 in 46 children with relapsed solid tumors, an oral 90 mg/m²/day for 5 days produced
 mean SN-38 AUC values (~63 ng·h/mL) similar to those observed with protracted
 IV irinotecan, confirming bioequivalent systemic exposure.<sup>81</sup> The regimen
 was well-tolerated, with diarrhea and neutropenia as primary toxicities, but no unexpected
 tolerability concerns; dose-limiting toxicities were uncommon at therapeutic exposures, and
 clinical activity, including partial responses and prolonged stable disease, was observed
 in multiple pediatric tumor types.<sup>82</sup> In a Phase 1 pharmacokinetic study,
 the metabolic ratio (SN-38 AUC / irinotecan AUC) was approximately six- to seven fold higher
 following oral dosing than with intravenous dosing.<sup>83</sup> These data support
 the rationale for oral dosing in pediatric patients and the broader application in adult
 cancers where irinotecan already has an established role.

4. *Potential for Combination Therapies* — In adult cancers, irinotecan is often combined with
 other chemotherapeutic agents (e.g., 5-fluorouracil, leucovorin) or newer targeted therapies.
 An oral formulation could integrate seamlessly into existing combination regimens, providing
 flexibility in dosing and improved tolerability.

Further study of Orotecan for these additional opportunities would be necessary.

Based on these factors, we believe Orotecan has the potential to transform cancer care for both pediatric and adult patients. With approximately 1.8 million doses of irinotecan prescribed annually in the United States, even a conservative market penetration of 5-10% in adult indications such as colorectal, pancreatic, gastric, and small cell lung cancers could result in 90,000-180,000 doses annually. Coupled with its initial adoption in pediatric oncology, we believe Orotecan will be well-positioned for significant commercial success addressing critical unmet needs in cancer treatment.

An estimated price of $2,000 per dose for Orotecan reflects established pricing benchmarks within the oncology market. Intravenous irinotecan costs approximately $19 per milligram, with typical doses ranging from $1,500 to $3,000 per treatment. Liposomal irinotecan (Onivyde) is priced at over $10,000 per month, illustrating the premium for innovative formulations. Similarly, oral oncology drugs often exceed $10,000 monthly due to the value associated with improved convenience, compliance, and quality of life. A $2,000 per dose projected pricing Orotecan represents a competitive option, offering significant advantages such as reducing infusion-related costs, minimizing clinic visits, and improving outpatient management. Such pricing supports a potential annual revenue opportunity of $360 million to $720 million, reflecting both the substantial market potential and the broader impact Orotecan could have in improving cancer care. Notwithstanding, clinical trial results may not support further developing Orotecan and we may never receive marketing approval or may never successfully commercialize Orotecan.

*Competitive Landscape*

We believe that Orotecan's potential differentiation lies in its unique formulation and therapeutic profile, which may offer advantages in efficacy, safety, or patient convenience over existing options.

Orotecan will compete with both approved and investigational intravenous therapies for solid tumors, including colorectal, pancreatic, and lung cancers. Currently marketed topoisomerase I inhibitors, such as irinotecan (Camptosar®) and topotecan (Hycamtin®), serve as established standards of care in certain settings. Additionally, antibody-drug conjugates (ADCs) utilizing topoisomerase I payloads, including Enhertu® (trastuzumab deruxtecan) and Trodelvy® (sacituzumab govitecan), have gained regulatory approvals in various indications.

Several biotechnology and pharmaceutical companies are also advancing novel camptothecin derivatives and next-generation topoisomerase inhibitors through clinical development. These include improved formulations designed to enhance efficacy, reduce toxicity, or offer differentiated mechanisms of action.

*Recent Patent Filings*

Orotecan was previously covered by a composition of matter and other patent claims that have since expired. Valent and the Company have filed a new suite of patent applications claiming its novel oral formulation, chemical compositions and uses. If granted, these patents have the potential to provide meaningful new intellectual property protection and extend the commercial exclusivity of the drug candidate well beyond the expiration of the original composition of matter patent. Valent has patented the Orotecan formulation. Edison Oncology holds an exclusive option to acquire global rights following the ongoing Phase 1-2a clinical trial. See the Section entitled "Intellectual Property" below for a list of patents related to Orotecan.

<sup>81</sup> Wagner etal Pediatr Blood Cancer. 2010 54(4):538–545

<sup>82</sup> Wagner etal Pediatr Blood Cancer. 2010 54(4):538–545

<sup>83</sup> Kümler etal CancerChemo Pharm. 2018 83(1):169–17

***EO1001***

EO1001 is a novel, patented, oral, brain-penetrating, irreversible pan-ErbB tyrosine kinase inhibitor or TKI targeting EGFR (ErbB1), HER2 (ErbB2), and HER4 (ErbB4). Preclinical studies indicate EO1001's potent anti-tumor activity against ErbB-driven cancers, including brain tumors. We believe EO1001 has the potential to address treatment resistance, improve patient outcomes, and be an effective treatment for ErbB-driven cancers. We have filed patents covering composition of matter, formulations and methods of use – see the section of this prospectus entitled "Intellectual Property" below for a further description of the patents related to EO1001.

In preclinical studies, EO1001 demonstrated potent, balanced inhibition of EGFR (ErbB1), HER2 (ErbB2), and HER4 (ErbB4) with low nanomolar activity, including efficacy against clinically relevant EGFR mutations such as T790M, L858R, and d746-750 that are associated with resistance to first- and second-generation EGFR tyrosine kinase inhibitors. EO1001 exhibited significant anti-tumor activity in both systemic and intracranial tumor models, including glioblastoma and NSCLC xenografts, with superior activity compared to erlotinib, lapatinib, and afatinib. Notably, EO1001 achieved high and sustained concentrations in brain and brain tumor tissue, reaching levels four- to eight-fold higher than in plasma, supporting its potential as a treatment for patients with CNS metastases or primary brain tumors.

The compound was well tolerated in animal models at doses shown to be efficacious, with gastrointestinal toxicity identified as the primary dose-limiting effect at higher exposures—consistent with the safety profile of other FDA-approved drugs in this class. Repeated-dose toxicity studies established a no-observed-adverse-effect level (NOAEL) of 5 mg/kg/day in rats and 1 mg/kg/day in dogs, with observed toxicities being reversible following treatment cessation. These data support a favorable therapeutic index and informed the proposed starting dose of 2.5 mg/day in ongoing clinical trials. Based on its differentiated pharmacology, potent brain penetration, and activity in treatment-resistant tumor models, we believe EO1001 has the potential to provide therapeutic benefit in a range of ErbB-driven malignancies, including those with CNS involvement.

EO1001 has demonstrated antitumor activity in preclinical *in vivo* models of EGFR-and HER-2 driven cancers, including glioblastoma, gastric cancer, and non-small cell lung cancer. In EGFR-altered glioblastoma xenografts, EO1001 produced statistically significant tumor growth inhibition and survival benefits, including in EGFRvIII+ tumors. In HER2+ gastric cancer and EGFR-mutant NSCLC models, EO1001 achieved tumor growth inhibition comparable to or exceeding that observed with FDA-approved EGFR and HER2 tyrosine kinase inhibitors, with treatment generally well tolerated across dosing regimens.

Summary of *in vivo* mouse studies

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| | | | | |
|:---|:---|:---|:---|:---|
| | ErbB Mutation Status | EO1001 Dose (mg/kg) | Controls<br>| Results |
| GBM39 intracranial | EGFRvIII | 20 | Untreated | p>.001 survival vs control |
| GBM12 intracranial | EGFR+ amplified | 10 | Untreated; lapatinib | p>.001 survival EO1001 vs lapatinib |
| GBM12 intracranial | EGFR+amplified | 10 | Untreated; erlotinib | p>.05 survival E01001 vs. erlotinib |
| U87 intracranial | EGFRvIII transfected | 10 | Untreated erlotinib | P<0.01 survival EO1001 vs erlotinib (p<0.01) |
| N87 Gastric flank | HER2+ | 15 & 30 | Untreated lapatinib | Equivalent to lapatinib |
| H1975 NCSLC flank<br>| EGFR (T790M)+ | 10 & 20 | Untreated erlotinib lapatinib | Equivalent to afatinib and lapatinib |

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● <u>GBM39 intracranial mouse xenograft EGFRvIII: Animals</u> were implanted with GBM39 human tumor (EGFRvIII), which was allowed to establish for 14 days prior to randomization. Implanted animals were randomized to untreated control (n=8) or treatment with oral EO1001 (20mg/kg) for 14 days. Treated animals exhibited relatively stable body weight with no observed GI or CNS-related side effects. During the treatment period, control animals were observed to have a median tumor growth of 1400% vs. tumor shrinkage of approximately 78% for animals treated with EO1001. EO1001 treated animals exhibited a statistically significant overall survival compared to untreated control (p<0.001).

● <u>GBM12 intracranial mouse xenograft EGFR+ Primary Brain Tumor:</u> Animals were implanted with GBM12 human tumor (EGFR+) and allowed to establish for 7 days prior to randomization to three groups: untreated control, lapatinib (150mg/kg) or EO1001 (10 mg/kg). A statistically significant difference in tumor growth delay was observed in the EO1001 treated group vs. both control and lapatinib treated animals. Overall survival in the lapatinib group (mOS=34.5d) and the EO1001 groups (mOS=63.0d) were statistically different compared to untreated control (p<0.001, both) and EO1001 was statistically significant vs. lapatinib (p<0.001).

● <u>GBM12 intracranial mouse xenograft EGFR+ Primary Brain Tumor:</u> Animals were implanted with GBM12 human tumor (EGFR+), which was allowed to establish for 7 days prior to randomization. Animals were randomized into three groups: untreated control, erlotinib (100mg/kg) or EO1001 (10 mg/kg). A statistically significant difference in tumor growth delay was observed in the EO1001 treated group vs. both control and erlotinib treated animals. Overall survival in the lapatinib group (mOS=48d) and the EO-1001 group (mOS=62.5d) were statistically different than control (mOS=34d; p<0.01, p=0.004) and for EO1001 vs. erlotinib (p=0.05).

● <u>U87</u> <u>i ntracranial mouse xenograft EGFRvIII Primary Brain Tumor:</u> This was a comparison of E01001 response for intracranial tumors established from parental U87 cells and the derivative cell line U87vIII. Intracranial U87vIII tumors showed reduced growth after 11 days EO1001 treatment, with EO1001-treated mice surviving signiﬁcantly longer than untreated control mice (p < 0.001).

● <u>N87 HER2+ gastric cancer xenograft model:</u> mice were randomized into groups of 7–8 animals per arm and treated orally with vehicle, EO1001 (15 mg/kg once daily), EO1001 (30 mg/kg once daily), or lapatinib (130 mg/kg twice daily) for up to 14 days. Treatment with EO1001 was generally well tolerated and not associated with gastrointestinal adverse effects at the 15 mg/kg dose. At 30 mg/kg, treatment was stopped after 11 days due to weight loss; however, body weight recovered after treatment cessation without evidence of tumor regrowth. Across both EO1001 dose groups, antitumor activity was observed that was equal to or greater than that achieved with lapatinib throughout the treatment and follow-up period (not statistically significant).

● <u>H1975 NSCLC (T790M+) xenograft model:</u> Six- to 8-week-old female mice were inoculated subcutaneously at the right flank with H1975 (T790M+) tumors and allowed to establish . Once tumors had reached a volume of ~200 mm<sup>3</sup>, the mice were randomized into 7–8 mice per oral treatment group to receive vehicle alone (untreated control); erlotinib (100mg/kg/po,qd) EO1001 (10mg/kg/qd), EO1001 (20mg/kg/qd) or afatinib (20mg/kg/bid). All mice were treated orally for 28 consecutive days. Treatment with EO1001 was generally well-tolerated with no GI side effects observed. EO1001 in both treatment groups was equal or superior to afatinib or lapatinib throughout the treatment and observation period (not statistically significant).

*Clinical Development*

We are conducting a Phase 1-2a ascending single and multiple dose study designed to assess EO1001 in patients with advanced solid tumors in collaboration with Senz Oncology Pty Ltd. (See section of this prospectus entitled "License, Collaboration, and other Material Agreements" below). The trial is sponsored by Senz Oncology and registered in the Australian New Zealand Clinical Trials Registry or ANZCTR (ACTRN12620000583943). Key trial details include:

● Objectives: Assess safety, tolerability, pharmacokinetics, and anti-tumor activity.

● Design: Single and multiple ascending dose study with biomarker and central nervous system or CNS penetration evaluations (via CSF sampling in select patients).

● Dose Escalation: Employs accelerated dose escalation to minimize exposure to subtherapeutic doses, transitioning to a 3+3 design when dose-limiting toxicity is observed.

● Endpoints: Determine the recommended Phase 2 dose (RP2D) based on the maximum tolerated dose (MTD), tumor response (RECIST and RANO criteria), and CNS exposure.

In 2021, Senz Oncology received regulatory approval to initiate a Phase 1-2a clinical trial of EO1001 in Australia pursuant to the CTN scheme. Currently, the trial is being conducted at three centers in the greater Melbourne area. To date, 42 patients have been screened, and 27 patients have been enrolled across 8 escalating dose cohorts ranging from 2.5mg once per day to 90mg once per day. The study remains ongoing.

We utilize the Common Terminology Criteria for Adverse Events or CTCAE version 5.0 to classify and evaluate adverse events or AEs observed during the trial. Safety data collected to date are consistent with the profiles of FDA-approved EGFR and HER2-targeted therapies. Pharmacokinetics or PK data for both single and multiple doses are assessed in each patient, with observed PK parameters aligning with preclinical predictions.

Tumor responses to EO1001 are evaluated using RECIST, which categorizes responses as complete response or CR, partial response or PR, stable disease or SD, and progressive disease or PD. Based on preclinical orthotopic models and pharmacokinetic data, we have estimated therapeutic dose levels. At or above these projected therapeutic dose levels, partial response and stable diseases has been observed in 10 of 14 (71%) patients receiving a minimum of two cycles of treatment, including sustained stable disease and partial tumor responses as per RECIST criteria.

Treatment-related adverse events are consistent with the pre-clinical safety results of EO1001. The primary DLT considered a treatment-related serious adverse event was gastrointestinal, including diarrhea, which is consistent with FDA-approved therapies in the class. Other treatment-related adverse events observed to date have been generally mild to moderate (grade 1-2).

In 23 patients treated at a dose of 50mg per day or above, common treatment-related adverse events included rash / peritus [G1 n=11 (47%); G2 n=8 (34%)], Nausea [(G1 n=7 (30%); G2 n=2 (8%)), diarrhea [(G1 n=12 (52%); G2 n=7 (30%); G3 n=3 (13%)), fatigue [(G1 n=3 (13%), G2 n=1 (4%)) and mucositis [(G1 n=5 (21%); G2 n=3 (13%); G3 n=1 (4%)]. Serious adverse event of G3 diarrhea was observed in one of 18 patients treated at a dose of 70mg/day and two of three patients treated at a doses of 90 mg/day and was determined to be dose limiting at the 90mg/day cohort.

We are now expanding enrollment at the 50mg/day and 70 mg/day dose levels to further assess the safety, tolerability, and anti-tumor activity of EO1001 in patients with ErbB-driven cancers. To accelerate enrollment, we may open additional clinical trial sites in Australia. We presented a summary of the Phase 1 dose-escalation results at the Society for NeuroOncology annual meeting in November 2025 and expect to complete the Phase 1/2a clinical trial in 2026.

We anticipate that Apollomics will pursue an NDA under the FDA's 505(b)(1) regulatory pathway for EO1001. This pathway requires the sponsor to submit a complete data package with full reports of safety, efficacy, pharmacology, toxicology, and manufacturing, among other, data. All data must be derived from studies conducted by or for the sponsor, including original preclinical and clinical investigations. The pathway and necessary data will be subject to FDA agreement.

*Strategic Collaborations for EO1001*

We have engaged Senz Oncology to conduct the Phase 1-2a clinical trial of EO1001 in Australia. We are providing funding to Senz Oncology in the form of loans to support trial operations, and Senz Oncology is eligible to claim refundable tax credits under Australia's R&D Tax Incentive program, which is reinvested in the trial to partially offset the costs of conducting the trial. Senz Oncology is the sponsor of the clinical trial and will own the data developed during the trial. We have been granted a license to use the data for any purpose, including but not limited to global regulatory filings, publications and licensing activities. We will provide the data from this trial to Apollomics (as described below) under the terms of our exclusive license agreement and Apollomics will conduct additional trials and seek regulatory approval at its discretion in the United States and / or other jurisdictions.

On January 31 2021, we entered into an exclusive development and license with Apollomics ("Apollomics Agreement"), granting them worldwide rights—excluding China, Hong Kong, and Taiwan—to develop and commercialize EO1001. Under the terms of the Apollomics Agreement, we received an upfront cash payment and are eligible for potential development and sales milestone payments, as well as tiered royalties on net sales. Apollomics is responsible for all costs related to development, regulatory approvals, and commercialization activities for EO1001 in the licensed territories.

Pursuant to a License, Transfer, and Development Agreement Jiangsu Kanion Pharmaceutical Co. Ltd., a publicly traded company located in China (Jiangsu-Kanion), through an affiliated entity, owns commercial rights to our EO1000 series and EO1001 in China, Hong Kong and Taiwan. In April 2019, we signed a memorandum of understanding (MoU) with Jiangsu Kanion. Pursuant to the terms of the MoU Jiangsu Kanion has provided certain manufacturing services to support our current Phase 1-2a clinical trial and we have agreed to provide certain preclinical and clinical data related to our EO1000 series to Jiangsu Kanion to support its own research activities in its own commercial territories.

See the section of this prospectus entitled "License, Collaboration, and other Material Agreements" below for a further description of the agreements related to EO1001.

*Target Markets and Opportunities*

ErbB receptor tyrosine kinases ErbB receptor tyrosine kinases play a critical role in cancer progression, with mutations driving up to 12% of all cancers. Several major cancers including lung, breast, colorectal, and head and neck cancers frequently involve ErbB mutations. Mutations or overexpression of ErbB receptors drive tumor growth, progression, and resistance to therapy. Up to 12% of all cancers are driven by ErbB mutations.<sup>84</sup>, Brain metastases, which are common in advanced ErbB-driven cancers, remain a significant challenge due to limited CNS penetration by most therapies.<sup>85</sup> Currently, no pan-ErbB inhibitors with significant CNS availability are FDA-approved. We believe that EO1001's unique mechanism of pan-ErbB inhibition and brain-penetrating properties may offer a competitive advantage in the treatment of ErbB-driven cancers, particularly in ErbB driven cancers with a high prevalence of CNS-metastases.

<sup>84</sup> Mishra etal Oncotarget 2017 (8):114371-92

<sup>85</sup> American Cancer Society. "Cancer Facts & Figures 2024."

An estimated 150,000 patients annually in the United Stated are diagnosed with ErbB mutant cancers including lung, breast, and other ErbB-altered cancers.<sup>86</sup> Patients with EGFR-mutant non-small cell lung cancer or NSCLC have a notably high incidence of CNS metastases. Studies indicate that up to 60% of these patients develop brain metastases during their disease course.

Breast cancer subtypes characterized by ErbB receptor mutations or overexpression, such as HER2-positive and certain triple-negative cancers or TNBC, exhibit a higher prevalence of CNS metastases, with reported rates reaching up to 40%.<sup>87</sup> In HER2-positive breast cancer patients and TNBC, which often exhibits alterations in the EGFR pathway, studies have reported that the incidence of brain metastases can be as high as 30–40%.<sup>88</sup>

The market for ErbB-targeted therapies has demonstrated significant growth, driven by the clinical success of EGFR and HER2 inhibitors in oncology. The commercial performance of these agents underscores the demand for effective treatments in ErbB-driven cancers, particularly those with CNS involvement.

*Competitive Landscape*

*<u>EGFR Inhibitors</u> —* Osimertinib (Tagrisso) is currently the leading EGFR-targeted therapy, approved for the treatment of EGFR-mutated NSCLC, including patients with CNS metastases. Osimertinib has become standard of care for EGFR-mutated NSCLC with CNS involvement; however, its selectivity for EGFR limits its ability to target broader ErbB-driven malignancies. In 2023, global sales of osimertinib exceeded $5.4 billion, reflecting its widespread adoption in both first-line and adjuvant treatment settings.<sup>89</sup> Despite its success, resistance mechanisms such as the C797S mutation and its limited activity beyond EGFR mutations present ongoing challenges in clinical management.<sup>90</sup> Earlier-generation EGFR inhibitors, such as gefitinib and erlotinib, have been largely supplanted by osimertinib due to its superior CNS penetration and broader resistance coverage.<sup>91</sup> These historical trends highlight the evolving treatment landscape and the need for next-generation therapies with enhanced efficacy and durability.

*<u>HER2 Inhibitors</u> —* Trastuzumab deruxtecan (Enhertu) has emerged as a leading HER2-targeted therapy, particularly in metastatic breast cancer, including cases with CNS metastases. Sales of trastuzumab deruxtecan reached approximately $2 billion in 2024, underscoring the strong demand for HER2-directed treatments.<sup>92</sup> However, its efficacy is primarily limited to HER2-positive cancers, with reduced activity in HER2-low and HER4-driven malignancies, creating an opportunity for broader-spectrum ErbB inhibitors.<sup>93</sup> Lapatinib, an older-generation HER2 inhibitor, demonstrated some CNS penetration but has been largely replaced by newer agents with improved efficacy and tolerability profiles.<sup>94</sup> The continued evolution of HER2-targeted therapies highlights the need for next-generation solutions capable of addressing resistance and expanding patient eligibility.

*<u>Pan-ErbB Inhibitors and EO1001</u> —* The market for pan-ErbB inhibitors remains relatively undeveloped, with existing therapies primarily targeting individual ErbB family receptors. We believe the potential for broad-spectrum inhibition, particularly with CNS penetration, represents a significant opportunity for novel therapeutic candidates such as EO1001. Current FDA-approved ErbB-targeted therapies have limited CNS efficacy and face resistance over time. We believe that EO1001's unique pan-ErbB inhibition and brain-penetrating properties position it as a promising therapy for recurrent or treatment-resistant ErbB-driven cancers. Its potential to address unmet needs in CNS-involved malignancies could transform treatment paradigms. We also believe that, in select patient populations, EO1001 may complement or replace current standards such as osimertinib.

<sup>86</sup> National Cancer Institute: Surveillance, Epidemiology and End Results (SEER) Program

<sup>87</sup> Nguyen et al. Cancers. 2023 15(6):1728

<sup>88</sup> Witzel et al. Breast Cancer Res. 2016 18(8)

<sup>89</sup> AstraZeneca Annual Report, 2023.

<sup>90</sup> Zalaquet et al. Cancer Tret Rev. 2023 116:102557

<sup>91</sup> Ballard et al. Clin Cancer Res (2016) 22(20): 5130-5140

<sup>92</sup> Pavloff et al. DNA Sequence. 1992 (4):227–234

<sup>93</sup> Shirman et al. Breast Cancer 2023(15):605-616

<sup>94</sup> Lin et al. J Clin Oncol 2008 26(12): 1993-1999

**License,** **Collaboration and other Material Agreements**

*Evaluation and Option Agreement with Valent Technologies LLC*

In December 2018, we entered into an agreement with Valent, a company substantially controlled by our Chairman and Chief Scientific Officer. Under the terms of the agreement, we were granted an exclusive option to acquire patents and intellectual property related Orotecan. On April 1, 2020, we amended the agreement with Valent. Under the terms of the amended agreement, Edison Oncology is funding and conducting certain research activities, including clinical trials in order that we may evaluate the clinical and commercial potential of Orotecan.

Pursuant to our agreement with Valent, we incurred expenses of approximately $101,000 in the year ended December 31, 2024 and $122,000 in the year ended December 31, 2023.

*Agreement with Senz Oncology Pty. Ltd.*

In February 2020, we entered into a contractual arrangement with Senz Oncology Pty. Ltd. ("Senz"), an Australia-based oncology pharmaceutical development company (the "Senz Agreement"). Pursuant to the terms of the Senz Agreement, Senz is responsible for certain activities related to our EO1001 Phase 1-2 clinical trial.

In accordance with the terms of the Senz Agreement, Edison Oncology provides funding to support clinical trial activities under the terms of an interest-bearing loan agreement. During the years ended December 31, 2024 and December 31, 2023 we loaned approximately $96,000 and $140,000 to Senz, respectively. We reduce the loan principal for Senz by the R&D revenue services payments received from Apollomics. During the years ended December 31, 2024 and December 31, 2023 we recorded an expense of approximately $246,000 and $337,000, respectively. Senz Oncology is obligated to repay any outstanding principal and accrued interest to us at the completion of the clinical trial and such payment may be made to us in cash or securities of Senz Oncology.

Certain Senz research and development expenditures are eligible for the Australian Government's R&D tax incentive scheme, which provides a refundable tax credit on eligible expenditures. Under the terms of the Senz Agreement, Senz is obligated to spend any such tax refunds to benefit of the development of EO1001. In the year ended December 31, 2023, Senz reported to us that they had received cash refunds of approximately $140,000.

 *Development and License Agreement with Apollomics, Inc.*

In January 2021, we entered into a the Apollomics Agreement with Apollomics, an international pharmaceutical development company. Pursuant to the terms of the Apollomics Agreement, we granted Apollomics exclusive rights to develop and commercialize EO1001 globally, except in China, Hong Kong and Taiwan.

Edison Oncology received an upfront cash payment of $1,500,000 upon the signing of the Apollomics Agreement. Under the Apollomics Agreement, upon the achievement of certain delineated regulatory milestones, we are eligible to receive milestone payments of up to $27,500,000 in the aggregate and upon the achievement of certain delineated commercial milestones, we may receive certain milestone payments totaling up to $85,000,000 in the aggregate. Additionally, we may receive fixed royalty percentages on a sliding scale with such fixed amounts ranging from 4 to 12.5%, depending on net sales. Royalties shall be payable from the first commercial sale until the latest of (i) the expiration of the first marketing exclusivity period, and (ii) the last to expire valid patent claim included in the licensed patents which cover the sale of the relevant licensed product. Apollomics is responsible for all costs related to development, regulatory approvals, and commercialization activities for EO1001 in the licensed territories.

Under the terms of the Apollomics Agreement, certain costs incurred by Senz under the Senz Agreement are recognized in R&D expense and invoiced to Apollomics for reimbursement. Reimbursement payments from Apollomics are recognized as gross R&D revenue. During the years ended December 31, 2024 and December 31, 2023 we recorded total R&D expense of approximately $1.1 million and $1.0 million, respectively. During the years ended December 31, 2024 and December 31, 2023, we recorded R&D revenue of approximately $0.4 million and $0.5 million, respectively, for services provided to, and costs reimbursed by, Apollomics. As of September 30, 2025, we have received a total of $1,128,398 in payments from Apollomics relating to R&D revenue from Apollomics. To-date, the only milestone payment we have received is the $1,500,000 received upon signing the Apollomics Agreement. We have not received any royalty payments.

The term of the Apollomics Agreement commenced upon execution of the agreement and shall continue in effect until the expiration of all payment obligations under the agreement. Apollomics may terminate the agreement by providing Edison with 60 days written notice. Termination may also occur due to an incurable material breach of the agreement, or if either party becomes bankrupt.

*License, Transfer, and Development Agreement with Kanion USA Inc.*

On October 19, 2011, Newgen (who we acquired as our wholly owned subsidiary) entered into a License, Transfer, and Development Agreement with Kanion USA Inc., an affiliated entity of Jiangsu Kanion Pharmaceutical Co. Ltd, a China based public company. Pursuant to the agreement, Kanion assigned to Newgen, all of its full right, title and interest to and under certain patents, patent applications, and related technology for EO1001 in every country in the world except for China, Hong Kong, and Taiwan, which Kanion retains commercial rights to. Newgen additionally received an exclusive, royalty-free license to any additional know-how thereunder. In consideration, Newgen issued certain equity interests of Newgen (which were exchanged for capital stock of Edison upon the acquisition of Newgen).

Additionally, in April of 2019, we entered into a memorandum of understanding with Jiangsu Kanion. Pursuant to the terms of the memorandum, Jiangsu Kanion has provided certain manufacturing services to support our current Phase 1-2a clinical trial and we have agreed to provide certain preclinical and clinical data related to our EO1000 series to Jiangsu Kanion to support its own research activities in China, Hong Kong, and Taiwan.

*Research & Services Agreement with ORP Oncology Research Partners (Canada) Ltd.*

In December 2019, we entered into a Research & Services Agreement with ORP Oncology Research Partners (Canada) Ltd. ("ORP"), a company substantially controlled by our Chief Executive Officer. During the year ended December 31, 2021, ORP provided services related to the sale of our PARP-inhibitor program to Rakovina Therapeutics Inc. During the year ended December 31, 2022, ORP provided services related to the certain EO3001 research activities conducted in Canada. Pursuant to the Research & Services Agreement, the Company incurred research and development expenses of $25,000 in the year ended December 31, 2024, and $30,000 in the year ended December 31, 2023, of which the Company had paid $5,000 as of the date hereof for such years.

Certain ORP research and development expenditures are eligible for the Canadian Government's Scientific Research & Experimental Development (SR&ED) tax incentive program, which provides a refundable tax credit on eligible expenditures. Under the terms of the Research & Services Agreement, ORP is obligated to spend any SR&ED tax refunds to benefit of the development of projects conducted under the Research & Services Agreement.

*Evaluation Agreement with Valent Technologies, LLC*

On January 31, 2025, we entered into an evaluation agreement with Valent, a company substantially controlled by our Chairman and Chief Scientific Officer, Dennis Brown. Pursuant to the agreement, we and Valent will jointly develop an evaluation program to review certain intellectual property of Valent related to EO4426, in order to determine commercial feasibility. The term of the agreement will end upon the completion of the evaluation program. We have the unilateral right to terminate the agreement at any time upon 30 days' notice to Valent (subject to Valent fulfilling its contractual obligations to third parties contracted to undertake activities under the evaluation program). Pursuant to the agreement, we would be responsible for funding the activities related to such evaluation in an amount not to exceed $2,500,000. Within sixty (60) days after the completion of the evaluation program, we will have the exclusive right to acquire all of the applicable technology for an aggregate of (i) $3,000,000 USD, payable in our securities (if we are publicly traded at such time, it will be payable in Common Stock based on the 5-day volume weighted average pricing preceding such payment date, but not to less than 80% of the price that our Common Stock first sells in its initial public offering), and (ii) a royalty payment between 1% and 10% on all net sales of products derived from such technologies. Upon such exercise of the option to acquire the applicable technology, we and Valent are required to enter into a definitive agreement within a commercially reasonable timeframe to formalize the acquisition of such technology pursuant to the foregoing terms.

*Agreements with STA Pharmaceutical Hong Kong Limited*

On May 25, 2022, we entered into a standard manufacturing agreement and stability testing agreement, with STA Pharmaceutical Hong Kong Limited (the wholly owned subsidiary of WuXi AppTec China) for the manufacturing of our EO3001 drug substance and product to be used in our upcoming initial clinical trials in Australia. The agreement terminates upon the completion of all services. In addition, either party may terminate the agreement (i) at any time with three (3) months advance notice or (ii) immediately upon notice to the other party if (a) a material breach by the other party remains uncured after 30 days' notice and (b) the material breach was not caused by the party terminating the agreement.

On December 26, 2022, we entered into a standard services agreement with STA Pharmaceutical Hong Kong Limited to conduct stability testing on our EO1001 drug product.

**Competition**

The biotechnology and pharmaceutical industries are characterized by the rapid evolution of technologies and understanding of disease etiology, intense competition, and a strong emphasis on intellectual property. We believe that our approach, strategy, scientific capabilities, know-how and experience provide us with competitive advantages. However, we expect substantial competition from multiple sources, including major pharmaceutical, specialty pharmaceutical, and existing or emerging biotechnology companies, academic research institutions and governmental agencies and public and private research institutions worldwide. Many of our competitors, either alone or with their collaborations, have significantly greater financial resources and expertise in research and development, manufacturing, preclinical testing, conducting clinical trials, obtaining regulatory approvals, and marketing approved products than we do. Smaller or early-stage companies may also prove to be significant competitors, particularly through collaborative arrangements with large and established companies. These competitors also compete with us in recruiting and retaining qualified scientific and management personnel and establishing clinical trial sites and patient enrollment in clinical trials, as well as in acquiring technologies complementary to, or necessary for, our programs. As a result, our competitors may discover, develop, license, or commercialize products before or more successfully than we do.

We face competition from segments of the pharmaceutical, biotechnology and other related markets that pursue the development of precision oncology therapies for patients with genetically-defined cancers. Several biopharmaceutical companies, including Loxo Oncology, Inc. (part of Eli Lilly and Company), Blueprint Medicines Corporation, SpringWorks Therapeutics, Inc., Black Diamond Therapeutics, Inc., Deciphera Pharmaceuticals, Inc., Tango Therapeutics, Inc., Zentalis Pharmaceuticals, Inc., Turning Point Therapeutics, Inc. (acquired by Bristol-Myers Squibb), and Exelixis, Inc. are developing oncology treatments.

Furthermore, we also face competition more broadly across the oncology market for cost-effective and reimbursable cancer treatments. The most common methods of treating patients with cancer are surgery, radiation, and drug therapy, including chemotherapy, hormone therapy, biologic therapy, such as monoclonal and bispecific antibodies, immunotherapy, cell-based therapy and targeted therapy, or a combination of any such methods. There are a variety of available drug therapies marketed for cancer. In many cases, these drugs are administered in combination to enhance efficacy. While our product candidates, if any are approved, may compete with these existing drugs and other therapies, to the extent they are ultimately used in combination with or as an adjunct to these therapies, our product candidates may not be competitive with them. Some of these drugs are branded and subject to patent protection, and others are available on a generic basis. Insurers and other third-party payors may also encourage the use of generic products or specific branded products. As a result, obtaining market acceptance of, and gaining significant share of the market for, any of our product candidates that we successfully introduce to the market may pose challenges. In addition, many companies are developing new oncology therapeutics, and we cannot predict what the standard of care will be as our product candidates progress through clinical development.

We could see a reduction or elimination in our commercial opportunity if our competitors develop and commercialize drugs that are safer, more effective, have fewer or less severe side effects, are more convenient to administer, are less expensive or with a more favorable label than our product candidates. Our competitors also may compete for available patient pool, slowing our accrual in trials, obtain FDA or other regulatory approval for their drugs more rapidly than we may obtain approval for ours, which could result in our competitors establishing a strong market position before we are able to enter the market. The key competitive factors affecting the success of all of our product candidates, if approved, are likely to be their efficacy, safety, convenience, price, the level of generic competition and the availability of reimbursement from government and other third-party payors.

**Sales and Marketing**

Given our stage of development, we have not yet established a commercial organization or distribution capabilities. We intend to evaluate whether to build a commercial infrastructure to support sales of any approved product candidates or opportunities to work with partners that enhance our capabilities with respect to the development and commercialization of product candidates, if approved. In addition, we intend to commercialize our product candidates, if approved, in key global markets, either alone or with partners in order to maximize the worldwide commercial potential of our programs.

**Manufacturing**

We do not own nor operate, and currently have no plans to establish any manufacturing facilities. We currently rely, and expect to continue to rely, on third parties for the manufacture of our product candidates for clinical testing, as well as for the manufacture of any products that we may commercialize, if approved. For all our product candidates, we intend to identify and qualify redundant manufacturers, including entering into long-term agreements, to provide the active pharmaceutical ingredients and drug product and prior to submission of a new drug application, or NDA, or biologics license application, to the FDA, and/or other comparable foreign regulatory authorities.

**Intellectual Property**

Our success depends in part on our ability to protect our proprietary technologies and to operate without infringing the intellectual property rights of others. While we actively pursue patent protection where appropriate, we may also rely on proprietary know-how and trade secrets that are not patentable or that we elect to maintain as confidential. To safeguard this information, we use confidentiality and invention assignment agreements with employees, consultants, scientific collaborators, and sponsored researchers. These agreements typically require that all inventions and intellectual property developed in the course of providing services to us are assigned to the company.

We solely own all patents and patent applications related to EO3001 and EO1001. In addition, we own or hold exclusive rights to patents and patent applications covering EO4426 and Orotecan. These intellectual property assets are critical components of our development strategy and support the competitive positioning of our pipeline.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **PRODUCT CANDIDATE** | **COUNTRY** | **STATUS** | **APPLICATION #** | **SUBJECT OF CLAIM PROTECTION** | **DATE FILED** | **PATENT #** | **DATE GRANTED** |
| EO1001 | United States of America | Issued | 14/002,983 | composition of matter, pharmaceutical compositions, methods of use | 02-Mar-22 | 9090588 | 28-Jul-15 |
| EO1001 | United States of America | Pending | 14/745,308 | Methods of use |  |  |  |
| EO1001 | Taiwan | Pending | 101107247 | composition of matter, pharmaceutical compositions, methods of use |  |  |  |
| EO1001 | Brazil | Pending | BR112013022552-1 | composition of matter, pharmaceutical compositions, methods of use | 02-Mar-12 |  |  |
| EO1001 | Canada | Pending | 2828713 | composition of matter, pharmaceutical compositions, methods of use |  |  |  |
| EO1001 | European Patent Office | Issued | 12754325.4A | composition of matter, pharmaceutical compositions, methods of use | 02-Mar-12 | 2680850 | 23-May-18 |
| EO1001 | Isreal | Issued | 228072A | composition of matter, pharmaceutical compositions, methods of use | 22-Aug-13 | 228072 | 31-Aug-16 |
| EO1001 | Japan | Issued | 2013556664A | composition of matter, pharmaceutical compositions, methods of use | 02-Mar-12 | 6006242 | 12-Oct-16 |
| EO1001 | Republic of Korea | Issued | 1020227006071A | composition of matter, pharmaceutical compositions, methods of use | 02-Mar-12 | 10-2061743 | 03-Jan-23 |
| EO1001 | Mexico | Issued | MX2013010016A | composition of matter, pharmaceutical compositions, methods of use | 02-Mar-12 | 344302 | 13-Dec-16 |
| EO1001 | Singapore | Pending | 10201601711S | composition of matter, pharmaceutical compositions, methods of use | 02-Mar-12 |  |  |
| EO1001 | France | Issued | 12754325.4A | composition of matter, pharmaceutical compositions, methods of use | 02-Mar-12 | 2680850 | 23-May-18 |
| EO1001 | Germany | Issued | 12754325.4A | composition of matter, pharmaceutical compositions, methods of use | 02-Mar-12 | 60 2012 046 624.3 | 23-May-18 |
| EO1001 | United Kingdom | Issued | 12754325.4A | composition of matter, pharmaceutical compositions, methods of use | 02-Mar-12 | 2680850 | 23-May-18 |
| EO1001 | Switzerland | Issued | 12754325.4A | composition of matter, pharmaceutical compositions, methods of use | 02-Mar-12 | 2680850 | 23-May-18 |
| EO1001 | Australia | Issued |  | composition of matter, pharmaceutical compositions, methods of use |  | 2018267622 | 14-May-20 |
| EO1001 | Singapore | Pending | 10201913982W | composition of matter, pharmaceutical compositions, methods of use |  |  |  |
| EO1001 | United States of America | Issued | 16/833,020 | Methods of use` | 27-Mar-20 | 11524956 | 13-Dec-22 |
| EO4426 | United States of America | Provisional US Patent Filing | US63/746,992 | Chemical compositions, methods of use | 18-Jan-25 |  |  |
| EO3001 | PCT | Pending | PCT/US2022/047447 | Chemical compositions, method of manufacture, methods of use | 10-Oct-21 |  |  |
| EO3001 | Canada | Pending | 3235940 | Chemical compositions, method of manufacture, methods of use | 10-Oct-22 |  |  |
| EO3001 | Isreal | Pending | 312343 | Chemical compositions, method of manufacture, methods of use | 21-Apr-24 |  |  |
| EO3001 | United States of America | Pending | 18/703,651 | Chemical compositions, method of manufacture, methods of use | 21-Oct-22 |  |  |
| EO3001 | European Patent Office | Pending | 22884534.3 | Chemical compositions, method of manufacture, methods of use | 21-Oct-22 |  |  |
| EO3001 | Australia | Pending | 2022370861 | Chemical compositions, method of manufacture, methods of use | 21-Oct-22 |  |  |
| EO3001 | PCT | Pending | PCT/US2024/049622 | Method of manufacture | 02-Oct-24 |  |  |
| Orotecan | PCT | Pending | PCT/US2022/017308 | Chemical compositions, formulations methods of use | 22-Feb-22 |  |  |
| Orotecan | United States of America | Pending | 18/278,474 | Chemical compositions, formulations methods of use | 22-Feb-22 |  |  |
| Orotecan | Canada | Pending | 3209512 | Chemical compositions, formulations methods of use | 22-Feb-22 |  |  |
| Orotecan | Isreal | Pending | 305417 | Chemical compositions, formulations methods of use | 23-Apr-23 |  |  |
| Orotecan | Australia | Pending | 2022226605 | Chemical compositions, methods of use | 22-Feb-22 |  |  |
| Orotecan | European Patent Office | Pending | 22760277.8 | Chemical compositions, methods of use | 22-Feb-22 |  |  |

---

We intend to continue building and strengthening our intellectual property portfolio by seeking patent protection for innovations that arise from our core technologies, as well as for complementary technologies that may enhance or support our strategic objectives. To achieve this, we plan to file and maintain patent applications in the United States and select international markets, either independently or in collaboration with scientific and strategic partners. In addition to pursuing our own filings, we also expect to obtain licenses or options to license intellectual property from third parties when such rights are aligned with our research, development, and commercialization goals or are otherwise important to advancing our long-term competitive position.

**Government Regulation**

Government authorities in the United States, at the federal, state and local level, and other countries extensively regulate, among other things, the research, development, testing, manufacture, quality control, approval, labeling, packaging, storage, record-keeping, promotion, advertising, sale, pricing, reimbursement, distribution, post-approval monitoring and reporting, marketing, and export and import of drug products. We, along with any third-party contractors on whom we rely, will be required to navigate the various preclinical, clinical and commercial approval and marketing requirements of the governing regulatory agencies of the countries in which we wish to conduct studies, clinical trials or seek approval of and market our, product candidates. The process of obtaining regulatory approvals and the subsequent compliance with applicable federal, state, local, and foreign statutes and regulations require the expenditure of substantial time and financial resources. These requirements are continually evolving.

***U.S. drug product development***

In the United States, the FDA regulates drugs under the Federal Food, Drug, and Cosmetic Act, or FDCA, and its implementing regulations and guidance. Drug products are also subject to other federal, state, local and foreign statutes and regulations.

Regulatory requirements governing our business are also evolving. The FDA continually issues guidance documents that provide the FDA's interpretation of its laws and regulations, as well as the FDA's approach to scientific issues and questions. While the FDA's guidance is not binding, it does provide the FDA's current interpretation and approach.

Our investigational medicines and any future investigational medicines must be approved by the FDA through a process before they may be legally marketed in the United States. The process generally involves the following:

● completion of extensive preclinical studies in accordance with applicable regulations, including studies conducted in accordance with the FDA's current Good Laboratory Practice, or GLP, regulations;

● submission to the FDA of an IND application, which must become effective before human clinical trials may begin;

● approval by an institutional review board (IRB) or independent ethics committee at each clinical trial site before each trial may be initiated;

● performance of adequate and well-controlled human clinical trials in accordance with applicable IND regulations, good clinical practice, or GCP, requirements and other clinical trial-related regulations to establish the safety and efficacy of the investigational product for each proposed indication;

● development of manufacturing processes to ensure the product candidate's identity, strength, quality, purity, and potency;

● submission to the FDA of an NDA and payment of the applicable user fees;

● a determination by the FDA within 60 days of its receipt of an NDA to accept the filing for review;

● satisfactory completion of one or more FDA pre-approval inspections of the manufacturing facility or facilities where the drug will be produced to assess compliance with current Good Manufacturing Process, or cGMP requirements to assure that the facilities, methods and controls are adequate to preserve the drug's identity, strength, quality and purity;

● potential FDA audit of the clinical trial sites that generated the data in support of the NDA;

● FDA review and approval of the NDA, including consideration of the views of any FDA advisory committee, prior to any commercial marketing or sale of the drug in the United States.

The preclinical and clinical testing and approval process requires substantial time, effort and financial resources, and we cannot be certain that any approvals for our investigational medicines and any future investigational medicines will be granted on a timely basis, or at all.

*Preclinical studies*

Before testing any drug candidate, including our product candidates, in humans, the product candidate must undergo rigorous preclinical testing. Preclinical studies include laboratory evaluation of product chemistry and formulation, as well as in vitro, animal, and other nonclinical studies to assess potential safety and efficacy. Recently, FDA announced plans to phase out animal testing, which will be implemented over a number of years. The conduct of preclinical studies is subject to federal regulations and requirements, including GLP regulations for safety/toxicology studies. An IND sponsor must submit the results of the preclinical tests, together with manufacturing information, analytical data, any available clinical data or literature and plans for clinical studies, among other things, to the FDA as part of an IND. Some preclinical testing may continue after the IND is submitted. An IND automatically becomes effective 30 days after receipt by the FDA, unless before that time the FDA raises concerns or questions related to one or more proposed clinical trials and places the trial on clinical hold. In such a case, the IND sponsor and the FDA must resolve any outstanding concerns before the clinical trial can begin. Clinical holds also may be imposed by the FDA at any time before or during trials due to safety concerns or non-compliance. As a result, submission of an IND may not result in the FDA allowing clinical trials to commence.

*Clinical trials*

The clinical stage of development involves the administration of the investigational product to healthy volunteers or patients under the supervision of qualified investigators, generally physicians not employed by or under the trial sponsor's control, in accordance with GCP requirements, which include the requirement that all patients provide their informed consent for their participation in any clinical trial. Clinical trials are conducted under protocols detailing, among other things, the objectives of the clinical trial, dosing procedures, subject selection and exclusion criteria and the parameters to be used to monitor subject safety and assess efficacy. Each protocol, and any subsequent amendments to the protocol, must be submitted to the FDA as part of the IND. If the product candidate is being investigated for multiple intended indications, separate INDs may also be required. Sponsors will also be required to provide FDA with diversity action plans. Furthermore, each clinical trial must be reviewed and approved by an IRB for each institution at which the clinical trial will be conducted to ensure that the risks to individuals participating in the clinical trials are minimized and are reasonable in relation to anticipated benefits. The IRB must continue to oversee the clinical trial while it is being conducted. Special clinical trial ethical considerations also must be taken into account if a study involves children. The IRB also approves the informed consent form that must be provided to each clinical trial subject or his or her legal representative and must monitor the clinical trial until completed. There also are requirements governing the reporting of ongoing clinical trials and completed clinical trial results to public registries.

Information about certain clinical trials, including clinical trial results, must be submitted within specific timeframes for publication on the www.clinicaltrials.gov website. Sponsors or distributors of investigational products for the diagnosis, monitoring, or treatment of one or more serious disease or conditions must also have a publicly available policy on evaluating and responding to requests for expanded access. Investigators must also provide certain information to clinical trial sponsors to allow the sponsors to make certain financial disclosures to the FDA.

The manufacture of investigational drugs for the conduct of human clinical trials is subject to cGMP requirements. Investigational drugs and active ingredients imported into the United States are also subject to regulation by the FDA. Further, the export of investigational products outside the United States is subject to regulatory requirements of the receiving country as well as U.S. export requirements under the FDCA.

A sponsor who wishes to conduct a clinical trial entirely outside of the United States may, but need not, obtain FDA authorization to conduct the clinical trial under an IND. If a foreign clinical trial is not conducted under an IND, the sponsor may submit data from the clinical trial to the FDA in support of an NDA. The FDA will accept a well-designed and well-conducted foreign clinical study not conducted under an IND if the study was conducted in accordance with GCP requirements, and the FDA is able to validate the data through an onsite inspection if deemed necessary.

Clinical trials generally are conducted in three sequential phases, known as Phase 1, Phase 2 and Phase 3, and may overlap.

● Phase 1 clinical trials generally involve a small number of healthy volunteers or disease-affected patients who are initially exposed to a single dose and then multiple doses of the product candidate. The primary purpose of these clinical trials is to evaluate the product's safety, dosage tolerance, structure-activity relationships, mechanism of action, absorption, metabolism distribution, excretion, and pharmacokinetics and, if possible, seek to gain an early indication of its effectiveness.

● Phase 2 clinical trials generally are controlled trials in a larger but still relatively small number of disease-affected patients to evaluate proof of concept and/or determine the dosing regimen(s) for subsequent investigations. At the same time, safety and further pharmacokinetic and pharmacodynamic information is collected, possible adverse effects and safety risks are identified, and a preliminary evaluation of efficacy is conducted.

● Phase 3 clinical trials generally involve a large number of patients at multiple geographically dispersed clinical trial sites and are designed to provide the data necessary to demonstrate the effectiveness of the product for its intended use, its safety in use and to establish the overall benefit/risk relationship of the product and provide an adequate basis for product labeling.

The FDA typically requires that an NDA include data from two adequate and well-controlled clinical trials, but, in certain circumstances, approval may be based upon a single adequate and well-controlled clinical trial plus confirmatory evidence or a single large multi-center trial without confirmatory evidence. In some cases, the FDA may condition approval of an NDA on the applicant's agreement to conduct additional clinical trials to further assess the product's safety and effectiveness after NDA approval. Such post-approval trials are typically referred to as Phase 4 studies. The results of Phase 4 studies can confirm or refute the effectiveness of a product candidate, and can provide important safety information.

Progress reports detailing the results of the clinical trials, among other information, must be submitted at least annually to the FDA and IND safety reports must be submitted to the FDA and the investigators 15 calendar days after the trial sponsor determines the information qualifies for reporting for serious and unexpected suspected adverse events, findings from other studies or animal or in vitro testing that suggest a significant risk for human subjects and any clinically important increase in the rate of a serious suspected adverse reaction over that listed in the protocol or investigator brochure. The sponsor also must notify the FDA of any unexpected fatal or life-threatening suspected adverse reaction as soon as possible but in no case later than seven calendar days after the sponsor's initial receipt of the information. Safety and other reports must also be submitted to the IRBs.

Phase 1, Phase 2, Phase 3, and other types of clinical trials may not be completed successfully within any specified period, if at all. The FDA or the sponsor may suspend or terminate a clinical trial at any time on various grounds, including a finding that the patients are being exposed to an unacceptable health risk. Similarly, an IRB can suspend or terminate approval of a clinical trial at its institution if the clinical trial is not being conducted in accordance with the IRB's requirements or if the drug has been associated with unexpected serious harm to patients. Additionally, some clinical trials are overseen by an independent group of qualified experts organized by the clinical trial sponsor, known as a data safety monitoring board or committee. This group provides recommendations to the sponsor on whether a trial should move forward or be modified at designated check points based on access to certain data from the trial and may also review accumulated data regarding continuing study safety, validity, and merit. Concurrent with clinical trials, companies usually complete additional animal studies and also must develop additional information about the chemistry and physical characteristics of the drug as well as finalize a process for manufacturing the product in commercial quantities in accordance with cGMP requirements. The manufacturing process must be capable of consistently producing quality batches of the product and, among other things, companies must develop methods for testing the identity, strength, quality, and purity of the final product. Additionally, appropriate packaging must be selected and tested, and stability studies must be conducted to demonstrate that the investigational medicines do not undergo unacceptable deterioration over their shelf life.

*Additional FDA Expedited Review and Approval Programs*

The FDA has various programs that are intended to expedite or simplify the process for the development and FDA review of certain products that are intended for the treatment of serious or life-threatening diseases or conditions, and demonstrate the potential to address unmet medical needs or present a significant improvement over existing therapy. The purpose of these programs is to provide important new therapeutics to patients earlier than under standard FDA review procedures.

To be eligible for a Fast Track designation, the FDA must determine, based on the request of a sponsor, that a product candidate is intended to treat a serious or life-threatening disease or condition and demonstrates the potential to address an unmet medical need. If Fast Track designation is obtained, sponsors may be eligible for more frequent development meetings and correspondence with the FDA. In addition, the FDA may potentially initiate a rolling review of sections of an application before the application is complete. This ''rolling review'' is available if the applicant provides and the FDA approves a schedule for the remaining information. Applicable user fees must also be paid before the FDA will commence its review. In some cases, a Fast Track product may be eligible for accelerated approval or priority review.

The FDA may give a priority review designation to product candidates that are intended to treat serious conditions and, if approved, would provide significant improvements in the safety or effectiveness of the treatment, diagnosis, or prevention of the serious condition. A priority review means that the goal for the FDA is to review an application within six months, rather than the standard review of ten months under current PDUFA guidelines.

The FDA's accelerated approval process allows for potentially faster development and approval of certain drug products intended to treat serious or life-threatening illnesses that provide meaningful therapeutic benefit to patients over existing treatments. Under the accelerated approval process, the adequate and well-controlled clinical trials conducted with the drug product establish that the drug product has an effect on a "surrogate" endpoint that is reasonably likely to predict clinical benefit or on the basis of an effect on a clinical endpoint other than survival or irreversible morbidity, that is reasonably likely to predict an effect on irreversible morbidity or mortality, taking into account the severity, rarity, or prevalence of the condition and availability or lack of alternative treatments. Drug products approved through the accelerated approval process are subject to certain post-approval requirements, including completion of Phase 4 clinical trials to demonstrate clinical benefit. By the date of approval of an accelerated approval product, FDA must specify the conditions for the required post approval studies, including enrollment targets, the study protocol, milestones, and target completion dates. The FDA may also, and frequently does, require that the confirmatory Phase 4 studies be commenced prior to the FDA granting a product accelerated approval. Reports on the progress of the required Phase 4 confirmatory studies must be submitted to the FDA every 180 days after approval. If the trials fail to verify the clinical benefit of the drug product, the FDA may withdraw approval of the application through a statutorily defined streamlined process. Failure to conduct the required Phase 4 confirmatory studies or to conduct such studies with due diligence, as well as failure to submit the required update reports can subject a sponsor to penalties. Promotional materials for a drug approved under the accelerated approval pathway are subject to the FDA prior review.

Sponsors can also request designation of a product candidate as a "breakthrough therapy." A breakthrough therapy is defined as a product that is intended, alone or in combination with one or more other products, to treat a serious or life-threatening disease or condition, and preliminary clinical evidence indicates that the product may demonstrate substantial improvement over existing therapies on one or more clinically significant endpoints, such as substantial treatment effects observed early in clinical development. Products designated as breakthrough therapies are eligible for intensive guidance on an efficient development program beginning as early as Phase 1 trials, a commitment from the FDA to involve senior managers and experienced review staff in a proactive collaborative and cross-disciplinary review, rolling review, and the facilitation of cross-disciplinary review.

*FDA Approval Process*

Assuming successful completion of the required clinical testing, the results of the preclinical studies and of the clinical trials, together with other detailed information, including proposed labeling and information on the chemistry, manufacture and composition of the product, are submitted to the FDA in the form of an NDA requesting approval to market the product for one or more indications. In most cases, the NDA must be accompanied by a substantial user fee, though a waiver of such fees may be obtained under certain limited circumstances. Product candidates that are designated as orphan products are not subject to application user fees unless the application includes an indication other than the orphan indication. The user fees must be paid at the time of the first submission of the application, even if the application is being submitted on a rolling basis. The FDA has 60 days from its receipt of an NDA to determine whether the application will be accepted for filing based on the FDA's threshold determination that it is sufficiently complete to permit a substantive review.

If the FDA determines that the NDA is incomplete, the FDA may refuse to file the application. If the FDA refuses to file an NDA, the applicant may refile the application with information addressing the FDA identified deficiencies, which refiling would be subject to FDA review before it is accepted for filing. After the NDA submission is accepted for filing, the FDA reviews the NDA to determine, among other things, whether a product meets FDA's approval standard and whether the product is being manufactured in accordance with cGMP to assure and preserve the product's identity, strength, quality and purity. Under the goals and policies agreed to by the FDA under the PDUFA, the FDA has set the review goal of completing its review of 90% of all standard applications for new molecular entities within ten months of the 60 day filing date. For non-new molecular entity products, FDA has set the goal of completing its review of 90% of standard applications within ten months of receipt of the NDA. Under the FDA's priority review program, however, the FDA set a review goal of completing its review of 90% of all applications within 6 months of the 60 day filing date for new molecular entities and within 6 months of receipt of the NDA for non-new molecular entities. The FDA does not always meet its PDUFA goal dates. The review process and the PDUFA goal date may be extended if the FDA requests or the NDA sponsor otherwise provides additional information or clarification regarding information already provided in the submission at any time during the review cycle.

NDAs or supplements to NDAs for a new active ingredient, dosage form, dosage regimen, or route of administration must generally contain data to assess the safety and effectiveness of the product for the claimed indications in all relevant pediatric subpopulations and to support dosing and administration for each pediatric subpopulation for which the product is safe and effective. The FDA may, on its own initiative or at the request of the applicant, grant deferrals for submission of data or full or partial waivers. This requirement does not generally apply to products for an indication for which orphan designation has been granted. However, compliance may be required if approval is sought for other indications for which the product has not received orphan designation.

Product candidates intended for the treatment of adult cancer which are directed at molecular targets that the FDA determines to be substantially relevant to the growth or progression of pediatric cancer, must submit, with the marketing application, reports from molecularly targeted pediatric cancer investigations designed to yield clinically meaningful pediatric study data, gathered using appropriate formulations for each applicable age group, to inform potential pediatric labeling. The FDA may, on its own initiative or at the request of the applicant, grant deferrals or waivers of some or all of this data, as above. Orphan products are not exempt from this requirement.

The FDA will typically inspect or conduct an inspection or remote regulatory assessment of one or more clinical sites to assure compliance with GCP before approving an NDA. The FDA also will inspect or conduct a remote regulatory assessment of the facility or the facilities at which the product is manufactured before the NDA is approved. The FDA will not approve the product unless cGMP compliance is satisfactory.

The FDA may refer applications for novel drug products to an advisory committee for recommendation as to whether the application should be approved and under what conditions. Specifically, for a product candidate for which no active ingredient (including any ester or salt of active ingredients) has previously been approved by the FDA, the FDA must either refer that product candidate to an advisory committee or provide in an action letter, a summary of the reasons why the FDA did not refer the product candidate to an advisory committee. The FDA may also refer other product candidates to an advisory committee if FDA believes that the advisory committee's expertise would be beneficial. The FDA is not bound by the recommendation of an advisory committee, but it considers such recommendations carefully, particularly any negative recommendations or limitations, when making drug product approval decisions.

After evaluating the marketing application and all related information, including the advisory committee recommendation, if any, and inspection or remote regulatory assessment reports regarding the manufacturing facilities and clinical trial sites, the FDA may issue an approval letter, or, in some cases, a CRL. An approval letter authorizes commercial marketing of the product with specific prescribing information for specific indications. A CRL indicates that the review cycle of the application is complete and the application is not ready for approval and describes all of the specific deficiencies that the FDA identified. A CRL generally contains a statement of specific conditions that must be met in order to secure final approval of the marketing application, and may require additional clinical or preclinical testing or manufacturing development in order for the FDA to reconsider the application. The deficiencies identified may be minor, for example, requiring labeling changes; or major, for example, requiring additional clinical trials. If a CRL is issued, the applicant may either: resubmit the marketing application, addressing all of the deficiencies identified in the letter; withdraw the application; or request an opportunity for a hearing. The FDA has the goal of reviewing 90% of application resubmissions in either two or six months of the resubmission date, depending on the kind of resubmission. Even with submission of additional information, the FDA ultimately may decide that the application does not satisfy the regulatory criteria for approval.

*U.S. Post-Approval Requirements*

Products manufactured or distributed pursuant to FDA approvals are subject to pervasive and continuing regulation by the FDA, including, among other things, requirements relating to establishment registration and product listing, record-keeping, reporting of adverse experiences, periodic reporting, product sampling and distribution, and advertising and promotion of the product, which include restrictions on promoting products for unapproved uses or patient populations (known as "off-label use") and limitations on industry-sponsored scientific and educational activities. After approval, changes to the approved product, manufacturing locations or processes, or labeling, including the addition of new indications, require submissions of application supplements to FDA, many of which require prior FDA review and approval. This may require the development and submission of additional data. As a condition of approval of an NDA, the FDA may also require the applicant to conduct additional clinical trials or other post market testing and surveillance to further monitor and assess the product's safety and efficacy. There also are continuing, annual user fees due to FDA for any marketed products.

The FDA also has the authority to require a specific REMS to ensure that a product's benefits outweigh its risks. A REMS may be required to include various elements, such as a medication guide or patient package insert, a communication plan to educate healthcare providers of the product's risks, limitations on who may prescribe or dispense the product, or other measures that the FDA deems necessary to assure the safe use of the drug. The FDA may also impose a REMS requirement on an approved product if the FDA determines, based on new safety information, that a REMS is necessary to ensure that the product's benefits outweigh its risks.

Drug manufacturers and their subcontractors involved in the manufacture and distribution of approved drugs and are required to register their establishments with the FDA and certain state agencies, and provide information regarding the products that they manufacture. The information that must be submitted to the FDA regarding manufactured products was expanded through the Coronavirus Aid, Relief, and Economic Security, or CARES, Act to include the volume of drugs produced during the prior year.

Establishments are subject to periodic unannounced inspections or remote regulatory assessments by the FDA and certain state agencies for compliance with cGMPs, which impose certain procedural and documentation requirements upon us and our third-party manufacturers. Accordingly, manufacturers must continue to expend time, money and effort in the area of production and quality control to maintain compliance with cGMP and other aspects of regulatory compliance. Changes to the manufacturing process are also strictly regulated, and, depending on the significance of the change, may require prior FDA approval before being implemented. FDA regulations also require investigation and correction of any deviations from cGMPs and impose reporting requirements in the event of a deviation affecting a marketed product.

The distribution of prescription pharmaceutical product samples is subject to the Prescription Drug Marketing Act, or PDMA, in addition to state requirements. Reports must also be submitted to the FDA on sample distribution. The Drug Supply Chain Security Act, or DSCSA, added sections in the FDCA that require manufacturers, repackagers, wholesale distributors, dispensers, and third-party logistics providers to take steps to identify and trace certain prescription drugs to protect against the threats of counterfeit, diverted, stolen, contaminated, or otherwise harmful products in the supply chain. The DSCSA regulates the distribution of prescription pharmaceutical drugs, requiring passage of documentation to track and trace each prescription product at the saleable unit level through the distribution system. This documentation must be transferred electronically. The FDA is also phasing in requirements with respect to the interoperable exchange of electronic product tracing at the package level. Products subject to the DSCSA must only be transferred to appropriately licensed purchasers. The DSCSA also requires manufacturers and repackagers to affix or imprint a unique product identifier on product packages in both a human-readable and on a machine-readable data carrier. The DSCSA also establishes several requirements relating to the verification of product identifiers. Further, under this legislation, sponsors have product investigation, quarantine, disposition, and notification responsibilities related to counterfeit, diverted, stolen, and intentionally adulterated products that would result in serious adverse health consequences or death to humans, as well as products that are the subject of fraudulent transactions or which are otherwise unfit for distribution such that they would be reasonably likely to result in serious health consequences or death.

Sponsors are further subject to various requirements related to FDA drug shortage and manufacturing volume reporting, supply chain security, such as risk management plan requirements, and the promotion of supply chain redundancy. Legislation and executive actions have also been issued to encourage domestic manufacturing.

The FDA may withdraw approval of an NDA for various reasons, including based on new concerns related to safety or effectiveness or if compliance with regulatory requirements and standards is not maintained. Later discovery of previously unknown problems with a product, including AEs of unanticipated severity or frequency, or with manufacturing processes, or failure to comply with regulatory requirements, may also result in revisions to the approved labeling to add new safety information; imposition of post-market trials or clinical trials to assess new safety risks; or imposition of distribution restrictions or other restrictions under a REMS program. Other potential consequences for the failure to meet applicable requirements include, among other things:

● restrictions on the marketing or manufacturing of the product, complete withdrawal of the product from the market or product recalls;

● fines, warning letters or untitled letters;

● clinical holds on clinical trials;

● refusal of the FDA to approve pending applications or supplements to approved applications or suspension or revocation of product approvals;

● product seizure or detention or refusal to permit the import or export of products;

● consent decrees, corporate integrity agreements, debarment or exclusion from federal healthcare programs;

● mandated modification of promotional materials and labeling and the issuance of corrective information;

● the issuance of safety alerts, Dear Healthcare Provider letters, press releases, and other communications containing warnings or other safety information about the product; or

● injunctions or the imposition of civil or criminal penalties.

The FDA closely regulates the marketing, labeling, advertising, and promotion of drugs. A company may make only those claims relating to safety, efficacy, purity and potency that are consistent with the provisions of the approved labeling. The FDA and other agencies actively enforce the laws and regulations prohibiting the promotion of off-label uses and misleading promotion. Failure to comply with these requirements may result in, among other things, adverse publicity, warning or other enforcement letters, corrective advertising, and potential civil and criminal penalties. Physicians may prescribe, in their independent professional medical judgment, legally available products for uses that are not described in the product's labeling and that differ from those tested by us and approved by the FDA. Physicians may believe that such off-label uses are the best treatment for many patients in varied circumstances. The FDA does not regulate the behavior of physicians in their choice of treatments. The FDA does, however, restrict manufacturer's communications on the subject of off-label use of their products. However, companies may share truthful and not misleading information that is otherwise consistent with a product's FDA-approved labeling.

*Orphan Drug Designation*

The FDA may grant orphan drug designation to drugs intended to treat a disease or condition that affects fewer than 200,000 individuals in the United States, or more than 200,000 individuals in the United States and for which there is no reasonable expectation that the cost of developing and making the drug available in the United States for the orphan indication will be recovered from United States sales. Additionally, sponsors must present a plausible hypothesis for clinical superiority to obtain orphan designation if there is a product already approved by the FDA that that is considered by the FDA to be the same as the already approved product and is intended for the same indication. This hypothesis must be demonstrated to obtain orphan exclusivity. Orphan drug designation must be requested before submitting an application for marketing approval. Orphan drug designation does not convey any advantage in, or shorten the duration of, the regulatory review and approval process. Orphan drug designation can provide opportunities for grant funding towards clinical trial costs, tax advantages and FDA user-fee benefits.

If a product which has an orphan drug designation subsequently receives the first FDA approval for the indication for which it has such designation, the product is entitled to orphan drug exclusivity, which means the FDA may not approve any other application to market the same drug for the same indication for a period of seven years, except in limited circumstances, such as when there is a showing of clinical superiority to the product with orphan exclusivity . Competitors may receive approval of different drugs for the indications for which the orphan product has exclusivity or drugs that are considered the same as the orphan drug for different indications.

The exact scope of orphan drug exclusivity may be an evolving space. A 2021 judicial decision, Catalyst Pharms., Inc. v. Becerra, challenged and reversed an FDA decision on the scope of orphan product exclusivity for the drug, Firdapse. Under this decision, orphan drug exclusivity for Firdapse blocked approval of another company's application for the same drug for the entire disease or condition for which orphan drug designation was granted, not just the disease or condition for which approval was received. In a January 2023 Federal Register notice, however, the FDA stated that it intends to continue to apply its regulations tying the scope of orphan-drug exclusivity to the uses or indications for which a drug is approved. The exact scope of orphan drug exclusivity will likely be an evolving area.

*Hatch-Waxman Act for Drugs.*

Section 505 of the FDCA describes three types of drug marketing applications that may be submitted to the FDA to request marketing authorization for a new drug. A Section 505(b)(1) NDA is an application that contains full reports of investigations of safety and efficacy. A 505(b)(2) NDA is an application that contains full reports of investigations of safety and efficacy but where at least some of the information required for approval comes from investigations that were not conducted by or for the applicant and for which the applicant has not obtained the right of reference or use from the person by or for whom the investigations were conducted. This regulatory pathway enables the applicant to rely, in part, on the FDA's prior findings of safety and efficacy for an existing product, or published literature, in support of its application. Section 505(j) establishes an abbreviated approval process for a generic version of approved drug products through the submission of an Abbreviated New Drug Application, or ANDA. An ANDA provides for marketing of a generic drug product that generally has the same active ingredients, dosage form, strength, route of administration, labeling, performance characteristics and intended use to a previously approved product, called the reference listed drug. Certain differences, however, between the reference listed drug and ANDA product may be permitted pursuant to a suitability petition. Certain labeling differences may also be permitted if information in the reference listed drug's label is protected by patent or exclusivities. ANDAs are termed "abbreviated" because they are generally not required to include nonclinical and clinical data to establish safety and efficacy. Instead, generic applications must scientifically demonstrate that their product is bioequivalent to, or performs in the same manner as, the innovator drug through in vitro, in vivo, or other testing. The generic version must deliver the same amount of active ingredients to the site of action in the same amount of time as the innovator drug and can often be substituted by pharmacists under prescriptions written for the reference listed drug.

In seeking approval for a drug through an NDA, applicants are required to list with the FDA each patent with claims that cover the applicant's drug or a method of using the drug. Upon approval of a drug, each of the patents listed in the application for the drug is then published in the FDA's list of Approved Drug Products with Therapeutic Equivalence Evaluations, commonly known as the Orange Book. Drugs listed in the Orange Book can, in turn, be cited by potential competitors in support of approval of an ANDA or 505(b)(2) NDA. In an effort to clarify which patents must be listed in the Orange Book, in January 2021, Congress passed the Orange Book Transparency Act of 2020, which largely codifies FDA's existing practices into the FDCA. Listing patents in the Orange Book that do not qualify for listing can be considered to be anticompetitive conduct and, the Federal Trade Commission has sent letters to a number of companies with respect to certain patents that the agency asserted were improperly listed or inaccurate and improper listings have been the subject of recent court cases.

Upon submission of an ANDA or 505(b)(2) NDA, an applicant must certify to the FDA that (1) no patent information has been submitted to the FDA; (2) such patent has expired; (3) the date on which such patent expires; or (4) such patent is invalid or will not be infringed by the manufacturer, use or sale of the drug product for which the application is submitted. The applicant may also elect to submit a "section viii" statement certifying that its proposed label does not contain (or carves out) any language regarding the patented method-of-use rather than certify to a listed method-of-use patent. Generally, the ANDA or 505(b)(2) NDA approval cannot be made effective until all listed patents have expired, except where the ANDA or 505(b)(2) NDA applicant challenges a listed patent through the last type of certification, also known as a paragraph IV certification.

If the ANDA or 505(b)(2) NDA applicant has provided a paragraph IV certification to the FDA, the applicant must send notice of the certification to the NDA and patent holders. The NDA and patent holders may then initiate a patent infringement lawsuit in response to the notice of the paragraph IV certification, in which case the FDA may not make an approval effective until the earlier of 30 months from the patent or application owner's receipt of the notice of the paragraph IV certification, the expiration of the patent, when the infringement case concerning each such patent is favorably decided in the applicant's favor or settled, or such shorter or longer period as may be ordered by a court. This prohibition is generally referred to as the 30 month stay. In instances where an ANDA or 505(b)(2) NDA applicant files a paragraph IV certification, the NDA holder or patent owner(s) regularly take action to trigger the 30 month stay. Thus, approval of an ANDA or 505(b)(2) NDA could be delayed for a significant period of time depending on the patent certification the applicant makes and the reference drug sponsor's decision to initiate patent litigation.

Exclusivity provisions under the FDCA can delay the submission or the approval of certain applications for competing products. The FDCA provides a five-year period of non-patent exclusivity within the United States to the first applicant to gain approval of an NDA for a new chemical entity. A drug is a new chemical entity if the FDA has not previously approved any other new drug containing the same active moiety, which is the molecule or ion responsible for the therapeutic activity of the drug substance. During the exclusivity period, the FDA generally may not accept for review an ANDA or a 505(b)(2) NDA submitted by another company that contains the new chemical entity. However, an ANDA or 505(b)(2) NDA may be submitted after four years if it contains a certification of patent invalidity or non-infringement.

The FDCA also provides a shorter three-year period of exclusivity for an NDA, 505(b)(2) NDA, or supplement to an existing NDA or 505(b)(2) NDA if new clinical investigations, other than bioavailability studies, that were conducted or sponsored by the applicant are deemed by the FDA to be essential to the approval of the application. Three-year exclusivity may be granted for example, for new indications, dosages, strengths or dosage forms of an existing drug. This three-year exclusivity covers only the conditions of use associated with the new clinical investigations and, as a general matter, does not prohibit the FDA from approving ANDAs or 505(b)(2) NDAs for generic versions of the original, unmodified drug product. Five-year and three-year exclusivity will not delay the submission or approval of a full NDA; however, an applicant submitting a full NDA would be required to conduct or obtain a right of reference to all of the preclinical studies and adequate and well-controlled clinical trials necessary to demonstrate safety and effectiveness.

***Other Regulatory Matters***

Manufacturing, sales, promotion and other activities following product approval are also subject to regulation by numerous regulatory authorities in addition to the FDA, including, in the United States, the Centers for Medicare & Medicaid Services, or CMS, other divisions of the Department of Health and Human Services, or HHS, (e.g., the Office of Inspector General and Office for Civil Rights), the Drug Enforcement Administration, the Consumer Product Safety Commission, the Federal Trade Commission, the Occupational Safety & Health Administration, the Environmental Protection Agency and state and local governments. In the United States, sales, marketing and scientific/educational programs must also comply with federal and state fraud and abuse laws, data privacy and security laws, transparency laws and pricing and reimbursement requirements in connection with governmental payor programs, among others. The handling of any controlled substances must comply with the U.S. Controlled Substances Act and Controlled Substances Import and Export Act, as well as applicable state laws. Products must meet applicable child-resistant packaging requirements under the U.S. Poison Prevention Packaging Act. Manufacturing, sales, promotion and other activities are also potentially subject to federal and state consumer protection and unfair competition laws.

The distribution of pharmaceutical products is subject to additional requirements and regulations, including extensive record keeping, licensing, storage and security requirements intended to prevent the unauthorized sale of pharmaceutical products.

The failure to comply with regulatory requirements subjects companies to possible legal or regulatory action. Depending on the circumstances, failure to meet applicable regulatory requirements can result in criminal prosecution, fines or other penalties, injunctions, recall or seizure of products, total or partial suspension of production, denial or withdrawal of product approvals or refusal to allow a company to enter into supply contracts, including government contracts. In addition, even if a company complies with FDA and other requirements, new information regarding the safety or efficacy of a product could lead the FDA to modify or withdraw product approval. Prohibitions or restrictions on sales or withdrawal of future products marketed by us could materially affect our business in an adverse way.

Changes in regulations, statutes or the interpretation of existing regulations could impact our business in the future by requiring, for example: (i) changes to our manufacturing arrangements; (ii) additions or modifications to product labeling; (iii) the recall or discontinuation of our products; or (iv) additional record-keeping requirements. If any such changes were to be imposed, they could adversely affect the operation of our business.

***U.S. Patent Term Restoration and Marketing Exclusivity***

Depending upon the timing, duration and specifics of the FDA approval of our product candidates, some of our future U.S. patents may be eligible for limited patent term extension under the Hatch-Waxman Act. The Hatch-Waxman Act permits a patent restoration term of up to five years as compensation for patent term lost during product development and the FDA regulatory review process. Only those claims reading on the approved drug may be extended. However, patent term restoration cannot extend the remaining term of a patent beyond a total of 14 years from the product's approval date. The patent term restoration period is generally one-half the time between the effective date of an IND and the submission date of an NDA plus the time between the submission date of an NDA and the approval of that application, except that the review period is reduced by any time during which the applicant failed to exercise due diligence. Only one patent applicable to an approved product is eligible for the extension and, among other requirements, the application for the extension must be submitted prior to the expiration of the patent. The USPTO, in consultation with the FDA, reviews and approves the application for any patent term extension or restoration. In the future, we may apply for restoration of patent term for our then owned or licensed patents to add patent life beyond its current expiration date, depending on the expected length of the clinical trials and other factors involved in the filing of the relevant NDA.

***Pricing and Reimbursement***

Sales of any pharmaceutical product depend, in part, on the extent to which such product will be covered by third-party payors, such as federal, state and foreign government healthcare programs, commercial insurance and managed healthcare organizations, and the level of reimbursement for such product by third-party payors. In the United States, no uniform policy exists for coverage and reimbursement for pharmaceutical products among third-party payors. Therefore, decisions regarding the extent of coverage and amount of reimbursement to be provided are made on a plan-by-plan basis and can be a time-consuming process, with no assurance that coverage and adequate reimbursement will be applied consistently or obtained in the first instance or at all. These third-party payors are increasingly reducing reimbursements for medical products and services. The process for determining whether a third-party payor will provide coverage for a product typically is separate from the process for setting the price of such product or for establishing the reimbursement rate that the payor will pay for the product once coverage is approved.

Third-party payors may limit coverage to specific products on an approved list, also known as a formulary, which might not include all of the FDA-approved products for a particular indication, or place products at certain formulary levels that result in lower reimbursement levels and higher cost-sharing obligation imposed on patients. One third-party payor's decision to cover a particular medical product or service does not ensure that other payors will also provide coverage for the medical product or service. In order to secure coverage and reimbursement for any product candidate that might be approved for sale, we may need to conduct expensive pharmacoeconomic studies to demonstrate the medical necessity and cost-effectiveness of the product candidate, in addition to the costs required to obtain FDA or other comparable regulatory approvals. Whether or not we conduct such studies, our product candidates may not be considered medically necessary or cost-effective. A third-party payor's decision to provide coverage for a product does not imply that an adequate reimbursement rate will be approved. Third-party reimbursement may not be sufficient to enable us to maintain price levels high enough to realize an appropriate return on our investment in product development. In the United States, the principal decisions about reimbursement for new products are typically made by CMS, an agency within HHS. CMS decides whether and to what extent a new product will be covered and reimbursed under Medicare, and private payors tend to follow CMS to a substantial degree. However, no uniform policy of coverage and reimbursement for products exists among third-party payors and coverage and reimbursement levels for products can differ significantly from payor to payor. Moreover, as a condition of participating in, and having products covered under, certain federal healthcare programs, such as Medicare and Medicaid, we will be subject to federal laws and regulations that require pharmaceutical manufacturers to calculate and report certain price reporting metrics to the government, such as Medicaid Average Manufacturer Price, or AMP, and Best Price, Medicare Average Sales Price, the 340B Ceiling Price and Non-Federal AMP reported to the Department of Veteran Affairs, and with respect to Medicaid, pay statutory rebates on utilization of manufacturers' products by Medicaid beneficiaries. Compliance with such laws and regulations require significant resources and any findings of non-compliance may have a material adverse effect on our revenues if any of our product candidates are approved.

The Inflation Reduction Act of 2022, or the IRA, includes several provisions that may impact our business to varying degrees, including provisions that reduce the out-of-pocket spending cap for Medicare Part D beneficiaries from $7,050 to $2,000 starting in 2025, thereby effectively eliminating the coverage gap; impose new manufacturer financial liability on certain drugs under Medicare Part D; allow the U.S. government to negotiate Medicare Part B and Part D price caps for certain high-cost drugs and biologics without generic or biosimilar competition; require companies to pay rebates to Medicare for certain drug prices that increase faster than inflation; and delay until January 1, 2032 the implementation of the HHS rebate rule that would have limited the fees that pharmacy benefit managers can charge. Specifically, with respect to price negotiations, CMS has negotiated prices for the first ten high-cost drugs paid for by Medicare Part D starting in 2026, which will be followed by 15 Part D drugs in 2027, 15 Part B or Part D drugs in 2028, and 20 Part B or Part D drugs in 2029 and beyond. This provision applies to drug products that have been approved for at least nine years and biologics that have been licensed for 13 years, but it does not apply to drugs and biologics that have been approved for a single rare disease or condition. Nonetheless, since CMS has established and will continue to establish maximum prices for these products in price negotiations, we would be fully at risk of government action if our products become the subject of Medicare price negotiations. Moreover, given the risk that could be the case, these provisions of the IRA may further heighten the risk that we would not be able to achieve the expected return on our drug products or full value of our patents protecting our products if prices are set after such products have been on the market for nine years. Various industry stakeholders, including certain pharmaceutical companies and industry groups have initiated lawsuits against the federal government asserting that the price negotiation provisions of the IRA are unconstitutional. The effects of the IRA on our business and the healthcare industry in general is not yet known. In addition, regional healthcare authorities and individual hospitals are increasingly using bidding procedures to determine what pharmaceutical products and which suppliers will be included in their prescription drug and other healthcare programs.

The containment of healthcare costs has become a priority of federal and state governments, and the prices of drugs and biologics, have been a focus in this effort. The U.S. government, state legislatures and foreign governments have shown significant interest in implementing cost-containment programs, including by passing legislation and regulations designed to control pharmaceutical and biological product pricing, including government price controls, price or patient reimbursement constraints, discounts, restrictions on certain drug access, marketing cost disclosure, transparency measures, requirements for substitution of generic products and other measures designed to encourage importation from other countries and bulk purchasing. In January 2024, the FDA authorized Florida's Agency for Health Care Administration's drug importation program, which is the first step toward Florida facilitating importation of certain prescription drugs from Canada. Authorization of other state programs may follow. In many countries, the prices of products are subject to varying price control mechanisms as part of national health systems. For example, in the European Union, or the EU, pricing and reimbursement schemes vary widely from country to country. Some countries provide that products may be marketed only after a reimbursement price has been approved. Some countries may require the completion of additional studies that compare the cost effectiveness of a particular therapy to currently available therapies, or so-called health technology assessments, in order to obtain reimbursement or pricing approval. Other countries may allow companies to fix their own prices for products, but monitor and control product volumes and issue guidance to physicians to limit prescriptions. Efforts to control prices and utilization of pharmaceutical products will likely continue as countries attempt to manage healthcare expenditures. Historically, products launched in the EU do not follow price structures of the United States and generally prices tend to be significantly lower. In general, the prices of products under such systems are substantially lower than in the United States. Accordingly, in markets outside the United States, the reimbursement for products may be reduced compared with the United States. Adoption of price controls and cost-containment measures, and adoption of more restrictive policies in jurisdictions with existing controls and measures, could further limit our future net revenue and results if our product candidates are approved in these jurisdictions. Decreases in third-party reimbursement for any of our product candidates or a decision by a third-party payor to not cover our product candidates could reduce physician usage of the product candidates, if approved, and have a material adverse effect on our sales, financial condition and results of operations.

***Other Healthcare Laws and Compliance Requirements***

In the United States, drug manufacturers and sponsors are subject to a number of federal and state healthcare regulatory laws that restrict business practices in the healthcare industry. These laws include, but are not limited to, federal and state anti-kickback, false claims and other healthcare fraud and abuse laws, as described below.

The U.S. federal Anti-Kickback Statute, which regulates, among other things, marketing practices, educational programs, pricing policies, and relationships with healthcare providers or other entities, prohibits, among other things, any person or entity from knowingly and willfully offering, paying, soliciting, receiving or providing any remuneration, directly or indirectly, overtly or covertly, to induce or in return for purchasing, leasing, ordering, or arranging for, or recommending the purchase, lease, or order of any good, facility, item or service reimbursable, in whole or in part, under Medicare, Medicaid or other federal healthcare programs. The term "remuneration" has been interpreted broadly to include anything of value. The Anti-Kickback Statute has been interpreted to apply to arrangements between pharmaceutical manufacturers on the one hand and prescribers, purchasers and formulary managers, on the other, as well as to free trial and starter prescriptions provided through pharmacies. There are certain statutory exceptions and regulatory safe harbors protecting some common activities from prosecution. HHS recently promulgated a regulation that is effective in two phases. First, the regulation excludes from the definition of "remuneration" limited categories of (a) PBM rebates or other reductions in price to a plan sponsor under Medicare Part D or a Medicaid Managed Care Organization plan reflected in point-of sale reductions in price and (b) PBM service fees. Second, the regulation expressly provides that rebates to plan sponsors under Medicare Part D either directly to the plan sponsor under Medicare Part D, or indirectly through a pharmacy benefit manager will not be protected under the anti-kickback discount safe harbor. Recent legislation has delayed implementation of the aforementioned regulation until January 1, 2032. The exceptions and safe harbors are drawn narrowly, and practices that involve remuneration that may be alleged to be intended to induce prescribing, purchases or recommendations may be subject to scrutiny if they do not qualify for an exception or safe harbor. Failure to meet all of the requirements of a particular applicable statutory exception or regulatory safe harbor does not make the conduct per se illegal under the Anti-Kickback Statute. Instead, the legality of the arrangement will be evaluated on a case-by-case basis based on a cumulative review of all of the facts and circumstances. Several courts have interpreted the statute's intent requirement to mean that if any one purpose of an arrangement involving remuneration is to induce referrals of federal healthcare program business, including purchases of products paid by federal healthcare programs, the statute has been violated. The ACA modified the intent requirement under the Anti-Kickback Statute to a stricter standard, such that a person or entity no longer needs to have actual knowledge of the statute or specific intent to violate it in order to have committed a violation. In addition, the ACA also provided that a violation of the federal Anti-Kickback Statute is grounds for the government or a whistleblower to assert that a claim for payment of items or services resulting from such violation constitutes a false or fraudulent claim for purposes of the federal civil False Claims Act.

The federal false claims laws, including the federal civil False Claims Act, or the FCA, prohibit, among other things, any person or entity from knowingly presenting, or causing to be presented, a false or fraudulent claim for payment to, or approval by, the federal government, knowingly making, using or causing to be made or used a false record or statement material to a false or fraudulent claim to the federal government or knowingly avoiding, decreasing, or concealing an obligation to pay money to the U.S. federal government. A claim includes "any request or demand" for money or property presented to the U.S. government. The civil False Claims Act has been used to assert liability on the basis of kickbacks and other improper referrals, improperly reported government pricing metrics such as Best Price or Average Manufacturer Price, improper use of Medicare provider or supplier numbers when detailing a provider of services, improper promotion of off-label uses not expressly approved by the FDA in a product's label and allegations as to misrepresentations with respect to products, contract requirements and services rendered. In addition, private payers have filed follow-on lawsuits alleging fraudulent misrepresentation. Intent to deceive is not required to establish liability under the civil False Claims Act. Civil False Claims Act actions may be brought by the government or may be brought by private individuals on behalf of the government, called "qui tam" actions. If the government decides to intervene in a qui tam action and prevails in the lawsuit, the individual will share in the proceeds from any fines or settlement funds. If the government declines to intervene, the individual may pursue the case alone. The civil False Claims Act provides for treble damages and a civil penalty for each false claim, such as an invoice or pharmacy claim for reimbursement, which can aggregate into hundreds of millions of dollars. For these reasons, since 2004, civil False Claims Act lawsuits against pharmaceutical companies have increased significantly in volume and breadth, leading to several substantial civil and criminal settlements, as much as $3.0 billion, regarding certain sales practices and promoting off label uses. Civil False Claims Act liability may further be imposed for known Medicare or Medicaid overpayments that are not refunded within 60 days of discovering the overpayment, even if the overpayment was not caused by a false or fraudulent act. In addition, judgment for violating the civil False Claims Act may result in exclusion from participation in federal health care programs, suspension and debarment from government contracts and refusal of orders under existing government contracts.

The government may further prosecute conduct constituting a false claim under the criminal False Claims Act. The criminal False Claims Act prohibits the making or presenting of a claim to the government knowing such claim to be false, fictitious or fraudulent. Unlike the civil False Claims Act, the criminal False Claims Act requires proof of intent to submit a false claim.

The civil monetary penalties statute is another potential statute under which pharmaceutical companies may be subject to enforcement. Among other things, the civil monetary penalties statute imposes fines against any person who is determined to have knowingly presented, or caused to be presented, claims to a federal healthcare program that the person knows, or should know, is for an item or service that was not provided as claimed or is false or fraudulent.

In addition, the civil monetary penalties statute, subject to certain exceptions, prohibits, among other things, the offer or transfer of remuneration, including waivers of copayments and deductible amounts (or any part thereof), to a Medicare or state healthcare program beneficiary if the person knows or should know it is likely to influence the beneficiary's selection of a particular provider, practitioner or supplier of services reimbursable by Medicare or a state healthcare program.

The federal Health Insurance Portability and Accountability Act of 1996, as amended, or HIPAA, created additional federal criminal statutes that prohibit, among other actions, knowingly and willfully executing, or attempting to execute, a scheme to defraud or to obtain, by means of false or fraudulent pretenses, representations or promises, any of the money or property owned by, or under the custody or control of, a healthcare benefit program, regardless of whether the payor is public or private, in connection with the delivery of or payment for healthcare benefits, knowingly and willfully embezzling or stealing from a healthcare benefit program, willfully obstructing a criminal investigation of a healthcare offense, and knowingly and willfully falsifying, concealing or covering up by any trick or device a material fact, or making any materially false statements in connection with the delivery of or payment for healthcare benefits, items or services relating to healthcare matters. Additionally, the ACA amended the intent requirement of certain of these criminal statutes under HIPAA so that a person or entity no longer needs to have actual knowledge of the statute, or the specific intent to violate it, to have committed a violation.

HIPAA, as amended by the Health Information Technology for Economic and Clinical Health Act, or HITECH, and their respective implementing regulations, imposes obligations on "covered entities," including certain healthcare providers, health plans, and healthcare clearinghouses, as well as their respective "business associates" and their respective subcontractors that create, receive, maintain or transmit individually identifiable health information for or on behalf of a covered entity, with respect to safeguarding the privacy, security and transmission of individually identifiable health information.

The federal Physician Payments Sunshine Act and its implementing regulations require certain manufacturers of drugs, devices, biologics and medical supplies for which payment is available under Medicare, Medicaid or the Children's Health Insurance Program, with specific exceptions, to report annually to CMS, information related to payments or other transfers of value made to or at the request of physicians (defined to include doctors, dentists, optometrists, podiatrists and chiropractors), certain other healthcare professionals including physician assistants and nurse practitioners and teaching hospitals, and applicable manufacturers and applicable group purchasing organizations to report annually to CMS ownership and investment interests held by physicians and their immediate family members. Certain payments for clinical trials are included within the scope of this law. CMS makes the reported information publicly available.

There are federal price reporting laws, which require manufacturers to calculate and report complex pricing metrics to government programs, and such reported prices may be used in the calculation of reimbursement and/or discounts on approved products.

There are also federal consumer protection and unfair competition laws, which broadly regulate marketplace activities and activities that potentially harm consumers.

Similar state and local laws and regulations may also restrict business practices in the pharmaceutical industry, such as state anti-kickback and false claims laws, which may apply to business practices, including but not limited to, research, distribution, sales and marketing arrangements and claims involving healthcare items or services reimbursed by non-governmental third-party payors, including private insurers, or by patients themselves; state laws that require pharmaceutical companies to comply with the pharmaceutical industry's voluntary compliance guidelines and the relevant compliance guidance promulgated by the federal government, or otherwise restrict payments that may be made to healthcare professionals and other potential referral sources; state laws and regulations that require drug manufacturers to file reports relating to pricing information and marketing expenditures, impose restrictions on marketing practices, or require tracking gifts and other remuneration and items of value provided to physicians, other healthcare professionals and entities; state laws and regulations that restrict a manufacturers' use of prescriber-identifiable data; and state and local laws that require the registration of pharmaceutical sales representatives. Recently, states have enacted or are considering legislation intended to make drug prices more transparent and deter significant price increases. These laws may affect our future sales, marketing and other promotional activities by imposing administrative and compliance burdens.

Violations of any of these laws and other applicable healthcare fraud and abuse laws may be punishable by criminal and civil sanctions, including criminal fines, civil monetary penalties and damages, exclusion from federal healthcare programs (including Medicare and Medicaid), suspension and debarment from government contracts, and refusal of orders under existing government contracts, disgorgement, corporate integrity agreements, which impose, among other things, rigorous operational and monitoring requirements on companies, reputational harm, diminished profits and future earnings, and the curtailment or restructuring of our operations, any of which could adversely affect our ability to operate our business and our results of operations. Similar sanctions and penalties, as well as imprisonment, also can be imposed upon directors, officers, managers and employees of such companies.

To the extent that any of our products are at some point sold in a foreign country, we may be subject to similar foreign laws and regulations, which may include, for instance, applicable post-marketing requirements, including safety surveillance, anti-fraud and abuse laws, and implementation of corporate compliance programs and reporting of payments or transfers of value to healthcare professionals. In the European Union, the data privacy laws are generally perceived to be stricter than those that apply in the United States and include specific requirements for the transfer of personal data outside the European Union to the United States to ensure that European Union standards of data privacy will be applied to such data.

***Healthcare Reform***

In the United States and certain foreign jurisdictions, there have been, and we expect there will continue to be, a number of legislative and regulatory changes to the healthcare system. For example, implementation of the ACA substantially changed the way healthcare is financed by both governmental and private insurers in the United States and significantly affected the pharmaceutical industry. The ACA, among other things, increased the minimum level of Medicaid rebates payable by manufacturers of brand name drugs; required collection of rebates for drugs paid by Medicaid managed care organizations; required manufacturers to participate in a coverage gap discount program, under which they must agree to offer point-of-sale discounts (increased to 70 percent, effective as of January 1, 2019) off negotiated prices of applicable brand drugs to eligible beneficiaries during their coverage gap period, as a condition for the manufacturer's outpatient drugs to be covered under Medicare Part D; imposed a non-deductible annual fee on pharmaceutical manufacturers or importers who sell certain "branded prescription drugs" to specified federal government programs, implemented a new methodology by which rebates owed by manufacturers under the Medicaid Drug Rebate Program are calculated for drugs that are inhaled, infused, instilled, implanted, or injected expanded the types of entities eligible for the 340B drug discount program; and established a Center for Medicare Innovation at CMS to test innovative payment and service delivery models to lower Medicare and Medicaid spending, potentially including prescription drug spending, among other actions.

Since its enactment, there have been executive, judicial and Congressional challenges to certain aspects of the ACA. For example, in June 2021 the U.S. Supreme Court held that Texas and other challengers had no legal standing to challenge the ACA, dismissing the case on procedural grounds without specifically ruling on the constitutionality of the ACA. Thus, the ACA will remain in effect in its current form. It is possible that the ACA will be subject to judicial or Congressional challenges in the future.

Other legislative changes have been proposed and adopted in the United States since the ACA was enacted. For example, the Budget Control Act of 2011 and subsequent legislation, among other things, created measures for spending reductions by Congress. Failure of the Joint Select Committee on Deficit Reduction to reach required deficit reduction goals triggered the legislation's automatic reduction to several government programs. This includes aggregate reductions of Medicare payments to providers up to 2% per fiscal year. While President Biden previously signed legislation to eliminate this reduction through the end of 2021, a 1% payment adjustment was implemented from April 1 – June 30, 2022, and a 2% payment adjustment took effect beginning July 1, 2022. Aggregate reductions of Medicare payments to providers of 2% per fiscal year remain in effect through the first half of 2032. Due to the Statutory Pay-As-You-Go Act of 2010, estimated budget deficit increases resulting from the American Rescue Plan Act of 2021 and subsequent legislation, Medicare payments to providers are subject to further reductions in 2025.

In addition, there has been increasing legislative and enforcement interest in the United States with respect to specialty drug pricing practices. Specifically, there have been several recent U.S. Congressional inquiries and proposed and enacted federal and state legislation designed to, among other things, bring more transparency to drug pricing, review the relationship between pricing and manufacturer patient assistance programs and reform government program reimbursement methodologies for drugs. Although a number of these and other proposed measures may require authorization through additional legislation to become effective, and the current or future presidential administrations may reverse or otherwise change these measures, both the executive branch and Congress have at times indicated that they will continue to seek new legislative measures to control drug costs.

We cannot predict what healthcare reform initiatives may be adopted in the future. Further federal, state and foreign legislative and regulatory developments are likely, and we expect ongoing initiatives to increase pressure on drug pricing.

***Additional Regulation***

In addition to the foregoing, state and federal laws regarding environmental protection and hazardous substances, including the Occupational Safety and Health Act, the Resource Conservancy and Recovery Act and the Toxic Substances Control Act, affect our business. These and other laws govern our use, handling and disposal of various biological, chemical and radioactive substances used in, and wastes generated by, our operations. If our operations result in contamination of the environment or expose individuals to hazardous substances, we could be liable for damages and governmental fines. We believe that we are in material compliance with applicable environmental laws and that continued compliance therewith will not have a material adverse effect on our business. We cannot predict, however, how changes in these laws may affect our future operations.

***Europe and Rest of World Government Regulation***

A portion of our regulatory strategy involves filing CTAs for our early-stage clinical trials in jurisdictions outside of the United States to support enrollment in our clinical trials, which may include Australia and other countries. As a result, in addition to regulations in the United States, we expect to be subject to a variety of regulations in other jurisdictions that we may in the future select to test or commercialize our product candidates, which may govern, among other things, clinical trials and any commercial sales and distribution of our products. Whether or not we obtain FDA approval of a product, we would need to obtain the requisite approvals from regulatory authorities in foreign countries prior to the commencement of clinical trials or marketing of the product in those countries. Certain countries outside of the United States have a similar process that requires the submission of a clinical trial application much like the IND prior to the commencement of human clinical trials. In the EU, for example, a CTA must be submitted to each country's national health authority and an independent ethics committee, much like the FDA and IRB, respectively. Once the CTA is approved in accordance with a country's requirements, clinical trial development may proceed.

The requirements and process governing the conduct of clinical trials, product licensing, pricing and reimbursement vary from country to country. In all cases, the clinical trials must be conducted in accordance with GCPs and the applicable regulatory requirements and the ethical principles that have their origin in the Declaration of Helsinki.

To obtain regulatory approval of an investigational drug or biological product under EU regulatory systems, we must submit a MAA, either under a centralized procedure administered by the EMA or one of the procedures administered by competent authorities in the EU member states. The application used to file the NDA in the United States is similar to that required in the EU, with the exception of, among other things, country-specific document requirements.

For other countries outside of the EU, such as Australia, countries in Eastern Europe, Latin America or Asia, the requirements governing the conduct of clinical trials, product licensing, pricing and reimbursement vary from country to country. In all cases, again, the clinical trials must be conducted in accordance with GCPs and the applicable regulatory requirements and the ethical principles that have their origin in the Declaration of Helsinki.

If we or our potential collaborators fail to comply with applicable foreign regulatory requirements, we may be subject to, among other things, fines, suspension or withdrawal of regulatory approvals, product recalls, seizure of products, operating restrictions and criminal prosecution.

***Data Privacy and Information Security Laws***

In the ordinary course of business, we process personal data, and other sensitive information, including proprietary and confidential business data, trade secrets, intellectual property, sensitive third-party data, business plans, transactions, financial information and data we collect about trial participants in connection with clinical trials, or collectively, sensitive data. Accordingly, we may be subject to numerous data privacy and security obligations, including federal, state, and local laws, regulations, guidance, industry standards, external and internal privacy and security policies, contractual requirements and other obligations related to data privacy and security.

These data privacy and security laws are evolving and may impose potentially conflicting obligations. Such obligations may include, without limitation, the Federal Trade Commission Act, the European Union's General Data Protection Regulation 2016/679, or EU GDPR, the EU GDPR as it forms part of United Kingdom, or UK, law by virtue of section 3 of the European Union (Withdrawal) Act 2018, or UK GDPR, and HIPAA, as amended by HITECH. In addition, in the past few years, numerous U.S. states—including California, Virginia, Colorado, Connecticut and Utah—have enacted comprehensive privacy laws that impose certain obligations on covered businesses, and similar laws are being considered in several other states, as well as at the federal and state levels. These new laws are examples of the increasingly stringent and evolving regulatory frameworks related to personal data processing that may increase our compliance obligations and exposure for any noncompliance.

Additionally, because we collect personal data from individuals outside of the United States, through clinical trials or otherwise, we are, or may become, subject to foreign data privacy and security laws, such as the EU GDPR. Foreign data privacy and security laws impose significant and complex compliance obligations on entities that are subject to those laws. For example, the EU GDPR applies to any company established in the European Economic Area, or EEA, and to companies established outside the EEA that process personal data in connection with the offering of goods or services to data subjects in the EEA or the monitoring of the behavior of data subjects in the EEA. These obligations may include limiting personal data processing to only what is necessary for specified, explicit, and legitimate purposes; requiring a legal basis for personal data processing; requiring the appointment of a data protection officer in certain circumstances; increasing transparency obligations to data subjects; requiring data protection impact assessments in certain circumstances; limiting the collection and retention of personal data; increasing rights for data subjects; formalizing a heightened and codified standard of data subject consents; requiring the implementation and maintenance of technical and organizational safeguards for personal data; mandating notice of certain personal data breaches to the relevant supervisory authority(ies) and affected individuals; and mandating the appointment of representatives in the EU in certain circumstances.

**Facilities**

Our principal executive office is located in Menlo Park, California under a no-cost arrangement with Valent, a company controlled by our chairman and chief scientific officer. Valent leases approximately 2,400 square feet of office and laboratory space that we use for our administrative, research and development and other activities. We believe that our facilities are sufficient to meet our current needs and that suitable additional space will be available as and when needed. In the future, we intend to lease our own office and laboratory space at then-market rental rates.

**Employees and Human Capital Resources**

As of September 30, 2025, we do not have any employees, but we retain the services of 12 contractors, 5 of which serve in executive positions, including our CEO, CFO, COO, CMO and CSO. We plan on engaging some or all of these consultants as employees if and when we are adequately funded. Additionally, our ability to execute our business plan will depend in significant part on the continued service of these consultants and our future ability to recruit and retain qualified personnel. As a virtually distributed company, we maintain a small number of contract employees that oversee the outside contractors and consultants responsible for specific projects and services. We currently have outside CRO's, CMO's, KOL's, accountants, and legal personnel performing services under the supervision of our employees. While the Company intends to hire and retain additional employees as needed if and when we are able to grow as an organization, it anticipates continuing to use the services of outside consultants and contractors and to maintain its near virtual structure.

Our human capital resources objectives include, as applicable, identifying, recruiting, retaining, incentivizing and integrating our employees. We believe our success depends on our ability to attract, retain, develop and motivate diverse highly skilled personnel. In particular, we depend upon the personal efforts and abilities of the principal members of our senior management to partner effectively as a team, and to provide strategic direction, develop our business, manage our operations and maintain a cohesive and stable work environment. We also rely on qualified managers and skilled employees, such as scientists, engineers and laboratory technicians, with technical expertise in operations, scientific knowledge, engineering skills and quality management experience in order to operate our business successfully.

Our compensation program is designed to retain, motivate and, as needed, attract highly qualified employees. Accordingly, we use a mix of competitive base salary, cash-based annual incentive compensation, performance-based equity compensation awards and other employee benefits.

**Legal Proceedings**

From time to time, we may become involved in legal proceedings arising in the ordinary course of our business. We are currently not subject to any material legal proceedings.

**Corporate Information**

The Company's principal executive offices are located at 3475 Edison Way, Suite R, Menlo Park, CA. 94025; our telephone number is (650) 690-1927; our corporate website is located at <u>www.edisononcology.com</u>. No information found on our company's website is part of this prospectus.

Edison Oncology Holding Corp. was formed on August 16, 2018 as a Nevada corporation. On October 5, 2018, we entered into an agreement with NewGen to acquire its assets, consisting substantially of four pharmaceutical patents. To facilitate the transaction, a wholly-owned subsidiary of the Company, Edison Oncology Acquisition Corp., was formed and subsequently acquired NewGen. NewGen was the surviving company subsequent to the completion of the merger, pursuant to which NewGen became a wholly owned subsidiary of the Company.

**DESCRIPTION OF SECURITIES**

**General**

Our authorized capital stock consists of 200,000,000 shares of Common Stock, $0.0001 par value per share, and 50,000,000 shares of preferred stock, $0.0001 par value per share. As of October 31, 2025, there were (i) 4,080,348 shares of our Common Stock issued and outstanding, (ii) options to purchase 605,975 shares of Common Stock issued and outstanding, and (iii) warrants to purchase 254,493 shares of Common Stock issued and outstanding.

In addition, we have the following convertible securities outstanding: (i) $565,000 in principal of Series B Notes, (ii) $2,295,000 in principal of Series C Notes, and (iii) $2,606,600 in principal of Series D Notes. The Series B Notes are convertible into an aggregate of 651,901 shares of Common Stock as of October 31, 2025 (assuming conversion price of approximately $1.416, calculated based off of $8,000,000 divided by fully diluted capitalization of Company as described in the Series B Notes). The Series C Notes are convertible into an aggregate of 378,279 shares of Common Stock as of October 31, 2025 (assuming conversion price of $7.68 as described in the Series C Notes). The Series D Notes are convertible into an aggregate of 393,732 shares of Common Stock as of October 31, 2025 (assuming conversion price of $7.20, or 80% of the assumed $9.00 initial public offering price of the Common Stock as described in the Series D Notes). Upon the closing of the offering contemplated by this Registration Statement, the Series B Notes, Series C Notes, and Series D Notes will automatically convert into Common Stock. See Sections below entitled "Series B Convertible Notes", "Series C Convertible Notes", and "Series D Convertible Notes" for a further description.

Set forth below is a summary description of all of the material terms of our securities, including those being registered hereunder. These descriptions are qualified their entirety by reference to our amended and restated articles of incorporation, bylaws, forms of warrants, option grants, Series B Notes, Series C Notes, and Series D Notes, each of which is filed as an exhibit to this Registration Statement, of which this prospectus forms a part.

**Classification of Board**

Pursuant to our Articles of Incorporation, as amended, and our amended and restated bylaws, we have a classified Board which is divided into three classes with staggered three-year terms. Only one class may be elected each year, while the directors in the other classes continue to hold office for the remainder of their three-year terms. The Board may, on its own, determine the size of the exact number of directors on the Board and may fill vacancies on the Board. The procedure for electing and removing directors on a classified board of directors generally makes it more difficult for stockholders to change management control by replacing a majority of the board at any one time, and the classified board structure may discourage a third-party tender offer or other attempt to gain control of the Company and may maintain the incumbency of directors. In addition, under our bylaws, directors may only be removed from office by a vote of the majority of the shares then outstanding and eligible to vote. The current classes of our Board are as follows:

● Class I director (term expiring at the 2026 annual meeting of shareholders) – John Bell;

● Class II director (term expiring at the 2027 annual meeting of shareholders) – Dennis Brown; and

● Class III director (term expiring at the 2028 annual meeting of shareholders) – Jeffrey Bacha.

**Shares in this Offering**

**Common Stock**

*Voting —* Each holder of record of Common Stock shall have the right to one vote for each share of Common Stock registered in their name on the books of the Company on all matters submitted to a vote of shareholders except as the right to exercise such vote may be limited by the provisions of the Company's Articles of Incorporation.

*Dividends —* The holders of Common Stock shall be entitled to such dividends as may be declared by the Board of Directors from time to time, provided that required dividends, if any, on the Preferred Stock have been paid or provided for.

*Liquidation Preference —* In the event of the liquidation, dissolution, or winding up, whether voluntary or involuntary of the Corporation, the assets and funds of the Corporation available for distribution to shareholders and remaining after the payment to holders of Preferred Stock of the amounts (if any) to which they are entitled, shall be divided and paid to the holders of the Common Stock according to their respective shares.

**Underwriter Warrants**

At the closing of the offerings contemplated by this Registration Statement, we agree to issue Underwriter Warrants to purchase such number of shares of Common Stock equal to seven percent (7%) of the shares of Common Stock sold in this offering, including any over-allotment. The Underwriter Warrants will have a term of five (5) years from issuance, an exercise price equal to the price per share paid in the offering by investors, contain cashless exercise provisions in the event that the shares underlying the Underwriter Warrants are not registered. The Underwriter Warrants will also have piggyback registration rights. The Underwriter Warrants will be subject to a 180 day lock-up period following the closing of the offering.

**Common Stock Purchase Warrants**

As of September 30, 2025, the Company had an aggregate of 254,493 Common Stock purchase warrants ("Common Stock Purchase Warrants") issued and outstanding with a range of exercise prices from $1.00 to $7.68 per share and an average weighted exercise price of $3.70 per share, consisting of:

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| **Description of Securities** | **Exercise Price** | **Expiration Date** | **Price Adjustment** | **Additional Features of Warrant** |
| **Consultant / Service Provider / Employee Warrants** |  |  |  |  |
| 137,500 Warrants | $1.00 | 12/31/2026 | Stock Splits / Dividends / Reclassifications | Contains Cashless Exercise Provision at any time; Piggy Back Registration Rights; Right to Receive Same Consideration in Fundamental Transactions |
| 20,000 Warrants | $3.04 | 12/31/2027 | Stock Splits / Dividends / Reclassifications | Contains Cashless Exercise Provision at any time |
| 20,000 Warrants | $7.68 | 9/30/2027 | Stock Splits / Dividends / Reclassifications | Contains Cashless Exercise Provision at any time |
| **Offering Warrants** |  |  |  |  |
| 44,766 Warrants (Series A Notes) | $7.68 | 12/31/2025 | &nbsp;&nbsp;&nbsp;&nbsp;Stock Splits / Dividends / Reclassifications | Company may redeem for $0.001 per Warrant share on Liquidation Event (IPO, merger or sale of assets, or dissolution) |
| 32,227 Warrants (Series B Notes) | $7.65 (85% of initial public offering price) of $9.00) | 12/31/2025 | Stock Splits / Dividends / Reclassifications | Company may redeem for $0.001 per Warrant share on Liquidation Event (IPO, merger or sale of assets, or dissolution) |

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**Common Stock Purchase Options**

On June 29, 2023, the Company's Board approved our amended and restated 2021 Omnibus Equity Incentive Plan ("2021 Plan"). The 2021 Plan, as amended, has not been approved by our shareholders. The 2021 Plan is described below under the heading "Securities authorized for issuance under equity compensation plans".

As of October 31, 2025, the Company has issued options to purchase 605,975 shares of Common Stock under our 2021 Plan. All outstanding options have an exercise price of $3.04. Of the outstanding options, (i) 320,975 are fully vested as of October 31, 2025, and have terms expiring in 2031 and (ii) 285,000 were issued on April 1, 2025 and vest 50% on the one year anniversary of the grant date and 50% over monthly installments over the subsequent two year period. Effective as of September 30, 2025, pursuant to the adoption of the 2025 Plan (as defined below), the Company will no longer issue any awards or grants under the 2021 Plan.

The Company's Board and stockholders approved the 2025 Edison Oncology Holding Corp. 2025 Omnibus Incentive Compensation Plan on September 26, 2025 and September 30, 2025, respectively. Pursuant to the 2025 Plan, the Company has initially reserved up to 1,230,506 shares of Common Stock for issuance pursuant to the 2025 Plan.

**Series A Convertible Notes**

Between October 2018 and March 2020, the Company issued $917,500 in principal of Series A Convertible Notes ("Series A Notes"). The Series A Notes had an annual interest rate of 10.00% per annum and were convertible into shares of Common Stock at a price per share of $1.00. The Series A notes were subject to a Mandatory Conversion upon the Company receiving gross proceeds of at least $2,000,000 from a private placement of the Company's securities. The Series A Notes had an initial maturity date of October 5, 2020. In October 2020, the Company extended the maturity date of the Series A Notes until December 31, 2020, in exchange for two percent (2%) added on the principal of each Series A Note. In exchange for the further extension of the Series A Notes until December 31, 2022, the Company issued an aggregate of 44,766 warrants to purchase Common Stock ratably amongst the Series A Note holders. On February 28, 2022, in accordance with the terms of the Series A notes the outstanding principal and accrued interest of the Series A Notes were converted into 1,219,434 shares of Common Stock and the Series A Notes were extinguished and of no further force or consequence.

**Series B Convertible Notes**

Between December 2020 and March 2021, the Company issued $565,000 in principal of Series B Notes. The Series B Notes have an annual interest rate of 10.00% per annum. The Series B Notes had an initial maturity date of December 31, 2021. In December 2021, the Company extended the terms of the Series B Notes until December 31, 2022, in exchange for the issuance of an aggregate of 32,227 warrants to purchase Common Stock ratably amongst the Series B Note holders. In December 2022, the Company extended the terms of the Series B Notes until June 30, 2023 (or such later time as this Registration Statement becomes effective), in exchange for an increase of the principal to 110% of the initial principal. Upon any financing of the Company, the Series B Note holders will be able to convert the Series B Note into shares of Common Stock at a price per share equal to the lesser of (a) 80% of the price paid in such offering, and (b) the price per share (applying such 80% calculation per the beginning of this sentence) that results when $8,000,000 is divided by the fully diluted capitalization of the Company. Further, upon a Liquidity Event (as defined in the Series B Notes, including an initial public offering as described in this Registration Statement), all outstanding principal and all accrued interest automatically converts into Common Stock at the lesser of (a) 85% of the price paid in such public offering, and (b) the price per share that results when $8,000,000 is divided by the fully diluted capitalization of the Company. Assuming, the closing of the initial public offering at a price per share of Common Stock of $9.00, which is the midpoint of the price range set forth on the cover page of this prospectus, the Series B Notes are convertible into an aggregate of 651,901 shares of Common Stock as of October 31, 2025 (assuming conversion price of approximately $1.416, calculated based off of $8,000,000 divided by fully diluted capitalization of Company as described in the Series B Notes).

The Series B Notes additionally have a most favored nation provision and can be exchanged for securities issued in future offerings of the Company.

**Series C Convertible Notes**

Between February 2022 and March 2024, the Company issued $2,495,000 in principal of Series C Notes, of which $2,295,000 in principal remain outstanding as of October 31, 2025. The Series C Notes have an annual interest rate of 7.50% per annum. The Series C Notes have maturity dates from 2024 through 2026, except that if the Company has filed a registration statement covering the offer and sale of the Company's Common Stock on or before the maturity date, then the maturity date shall be extended to the earlier of (i) the date on which the registration statement has been declared effective and (ii) 180 days from the initial filing of the registration statement, whichever occurs first. Upon (i) any financing of the Company, the Series C Note holders will be able to convert the Series C Note into shares of Common Stock at a price per share equal to the lesser of (a) 90% of the price paid in such offering or (b) the conversion price then in effect. Additionally, upon a Liquidity Event (as defined in the Series C Notes, including an initial public offering as described in this prospectus), all outstanding principal and all accrued interest automatically converts into Common Stock at the lesser of (a) 90% of the price paid in such public offering, (b) 90% of the implied per sha revalued received by holders of Common Stock with respect to such a Liquidity Event, or (c) the conversion price then in effect. Assuming, the closing of the initial public offering at a price per share of Common Stock of $9.00, which is the midpoint of the price range set forth on the cover page of this prospectus, the Series C Notes are convertible into an aggregate of 378,279 shares of Common Stock as of October 31, 2025 (assuming conversion price of $7.68 as described in the Series C Notes).

The Series C Notes additionally contain protective provisions whereby the Company will not, without the written consent of a majority in interest (in principal amount): (i) amend or alter any of its charter documents in an adverse manner to the Series C Notes, (ii) redeem or purchase any capital stock prior to the Series C Notes, or (iii) except as allowed by the charter documents, increase or decrease the authorized number of directors or change the number of votes entitled to be cast by the directors.

**Series D Convertible Notes**

Between August 30, 2024 and October 31, 2025, the Company issued $2,606,600 in principal of Series D Notes. The Series D Notes have an annual interest rate of 10.00% per annum.

The Series D Note holders may voluntarily convert their Series D Notes into Common Stock at a $50 million pre-money valuation on a fully diluted basis. Additionally, upon an Exit Event (as defined in the Series D Notes, including certain fundamental transactions and an initial public offering as described in this Registration Statement), all outstanding principal and accrued interest automatically converts into Common Stock at the lesser of (i) a $50 million pre-money valuation on a fully diluted basis, (ii) 80% of the price per share paid by investors in the initial public offering, and (iii) 80% of the proposed price or implied equity value (if not cash) per share in any takeover bid. In addition, at maturity, 105% of the principal and all accrued interest of the Series D Notes will convert into shares based on a $50 million pre-money valuation on a fully diluted basis.

The Series D Notes may be redeemed at any time by the Company on 10 business days' notice by paying to the applicable Series D Note holders ratably: (i) 110% of the principal amount of each Series D Note, (ii) all accrued but unpaid interest under such Series D Notes, and (iii) any other unpaid amounts due and payable to the Series D Note holders.

The Series D Notes additionally have a most favored nation provision and can be exchanged for securities issued in future offerings of the Company.

Assuming, the closing of the initial public offering at a price per share of Common Stock of $9.00, which is the midpoint of the price range set forth on the cover page of this prospectus, the Series D Notes are convertible into an aggregate of 393,732 shares of Common Stock as of October 31, 2025 (assuming conversion price of $7.20 as described in the Series D Notes).

**Registration Rights**

The holders of the Series C Notes and 137,500 of the Common Stock Purchase Warrants (the tranche expiring on December 31, 2026) have limited piggyback registration rights with respect to the shares of Common Stock underlying the Series C notes and such warrant for registration statements filed by the Company (excluding Forms S-4 and S-8). If a Piggyback Registration is initiated as a primary underwritten offering on behalf of the Company, and the managing underwriters advise the Company and the Holder that in their reasonable opinion the number of shares of Common Stock proposed to be included exceeds the number of shares of Common Stock that can be sold in such underwritten offering without materially delaying or jeopardizing the success of the offering (including the offering price per share), the Company shall include in such registration: (i) first, the number of shares of Common Stock that the Company proposes to sell; and (ii) second, on a pro rata basis, the number of shares of Common Stock and other Registrable Securities requested to be included therein by the holder and the holders of other securities eligible to be included in such registration.

The Underwriters have piggy-back registration rights with respect to the Underwriter Warrants to be issued pursuant to this offering. See "Underwriting—Underwriter Warrants" for additional information on the Underwriter's piggy-back registration rights.

**Choice of Forum**

Our Bylaws, as amended, provide that, unless we consent in writing to the selection of an alternative forum, the State of Nevada is the exclusive forum for:

● any derivative action or proceeding brought on our behalf;

● any action asserting a claim of breach of a fiduciary duty;

● any action asserting a claim against us arising pursuant to any provision of the Nevada Revised Statutes, our amended and restated articles of incorporation or our bylaws; or

● any action asserting a claim against us that is governed by the internal affairs doctrine.

The provisions of the Nevada Revised Statutes and our Bylaws could have the effect of discouraging others from attempting hostile takeovers and may also have the effect of preventing changes in our management. It is possible that these provisions could make it more difficult to accomplish transactions that stockholders may otherwise deem to be in their best interests.

**Transfer Agent**

The Company has retained Odyssey Transfer and Trust Company located at 2155 Woodlane Drive, Suite 100, Woodbury, MN 5512.

 **MANAGEMENT**

**Directors, Executive Officers and Significant Employees**

The names of our directors and executive officers and their ages, positions, and biographies as of the date of this prospectus are set forth below. Our executive officers are appointed by and serve at the discretion of the Board. There are no family relationships among any of our directors or executive officers. For a description of any employment arrangements and other ancillary agreements entered into between our officers and directors and the Company, *please refer to the section entitled Executive Compensation below*.

**<u>Executive Officers and Directors</u>**

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Age** | **Positions** | **Officer / <br> Director Since** |
| Dennis M. Brown, PhD | 76 | Chairman, Chief Scientific Officer and Director | 2018 |
| Jeffrey Bacha BSc, MBA | 57 | Chief Executive Officer (Principal Executive Officer) and Director | 2018 |
| John Bell | 78 | Director | 2021 |
| Neil Sankar, MD | 57 | Chief Medical Officer | 2018 |
| Anthony Scott Praill | 59 | Chief Financial Officer (Principal Accounting Officer) | 2025 |
| Richard Daniels | 57 | Chief Operating Officer | 2025 |

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**Jeffrey Bacha**. Mr. Bacha has been involved in pharmaceutical research and corporate development for more than 25 years as a member of the executive leadership team for multiple companies. Mr. Bacha has served as our Chief Executive Officer, Chief Financial Officer, and as a Director since founding Edison Oncology in August 2018. Mr. Bacha ceased serving as our Chief Financial Officer upon Mr. Praill's appointment in February 2025. Mr. Bacha co-founded Kintara Pharmaceuticals, Inc. (which changed its name to TuHura Biosciences, Inc. following a merger in 2024 (Nasdaq: HURA, formerly DelMar Pharmaceuticals, Inc.) with Dr. Dennis Brown and served as Chairman and CEO from 2010 through October 2018, during the company's growth including the advancement of its lead product candidate to pivotal Phase III clinical trials and Nasdaq listing. Prior to founding DelMar, Mr. Bacha was served as president and founding CFO of xBiotech, Inc. (Nasdaq: XBIT), founding CEO of Inimex Pharmaceuticals and as of Vice President, Corporate Development at Inflazyme Corp. (TSX: IZP) Programs advanced by Inimex and Inflazyme have become foundational in Soligenix, Inc. (Nasdaq: SNGX) and Aquinox Pharmaceuticals (Nasdaq: AQXP), respectively. He is a member of the National Brain Tumor Society Research Roundtable and the Board of the Leukemia Lymphoma Society of Canada. Mr. Bacha currently serves as a consultant to Valent Technologies LLC, and served as a member of the Board of Directors, and a member of the Audit Committee and Compensation Committee of Sernova Corp. (TSX-V: SVA) from October 2008 to April 2023. Since April 2021, Mr. Bacha has also served as a director and member of the Audit Committee of Rakovina Therapeutics, Inc. (TXS-V: RKV). Since June 2021, Mr. Bacha also has served as a director and member of the Audit Committee of AD4 Capital Corp. (TSX-V: ADJ-P). Since September 2022, Mr. Bacha has served as a member of the Board of Directors and acting chief executive of Sera Biopharma, Inc. Prior to taking on his operating roles, Mr. Bacha served Senior Manager and Director of KPMG Health Ventures, acting as an advisor to numerous public and private life sciences companies. Mr. Bacha holds an MBA (Hons) from the Goizueta Business School at Emory University (1995) and a degree in BioPhysics from the UC San Diego (1991). Mr. Bacha is the inventor or co-inventor on multiple issued U.S. patents and applications, many with foreign counterparts). We believe that Mr. Bacha's broad pharmaceutical and drug development experience qualifies him to serve as a member of our board of directors.

**Dennis Brown**. Dr. Brown has been involved in cancer drug discovery and development for more than 40 years. Dr. Brown has served as our chairman and Chief Scientific Officer since October 2018. Dr. Brown has served as Chief Scientific Officer of Kintara Therapeutics, Inc. since 2012 (which changed its name to TuHura Biosciences, Inc. following a merger in 2024 (Nasdaq: HURA, formerly DelMar Pharmaceuticals, Inc.). Between 1979 and 1985 Dr. Brown worked at Stanford University in collaboration with SRI International, where he was involved in drug-screening activities sponsored by the US National Cancer Institute. Dr. Brown has founded or co-founded multiple companies including Matrix Pharmaceutical, Inc. (NASDAQ: MTRX, acquired by Chiron Corp. in 2002), ChemGenex Pharmaceuticals, Inc. (NASDAQ: CXSP, acquired by Cephalon/Teva in 2011) and Kintara Therapeutics, Inc. (Nasdaq: KTRA, formerly DelMar Pharmaceuticals, Inc.). Mr. Brown also serves as the chairman of the Board of Directors of Cell Source (OTC: CLCS), a position he has held for the last ten years. During his career, Dr. Brown has been involved in the discovery and development of multiple FDA-approved cancer therapies. He currently serves as a member of the National Brain Tumor Society Research Roundtable, as a consultant to DelMar Pharmaceuticals, as Chairman of Mountain View Pharmaceutical's Board of Directors and is the President of Valent Technologies LLC, which supported the discovery and development of Edison Oncology's drug candidates. Dr. Brown served as an Assistant Professor of Radiology at Harvard University Medical School and as a Research Associate in Radiology at Stanford University Medical School. He received his B.A. in Biology and Chemistry (1971), M.S. in Cell Biology (1975) and Ph.D. in Radiation and Cancer Biology (1979), all from New York University. Dr. Brown is an inventor of more than 40 issued U.S. patents and applications, many with foreign counterparts. We believe that Dr. Brown's broad pharmaceutical and drug development experience qualifies him to serve as a member of our board of directors.

**Neil Sankar**. Dr. Sankar has served as a consultant and acting Chief Medical Officer since November 2018. Dr. Sankar received his training in clinical research and tumor biology from NCI Bethesda Maryland and since has held Clinical development positions within leading Biotech/Pharma including Genentech, Medimmune, Pharmacyclis, Fiveprime, Otsuka, Portola, CBT Pharmaceuticals, LSK biopharma and Rhizen Pharmaceuticals. Dr Sankar has acted as clinical lead in numerous phase I, II and III clinical trials. He is and was instrumental in filing the New Drug Applications for the antibody-drug conjugate Kadcyla and the B cell receptor signaling kinase inhibitor Ibrutinib. He has extensive experience in the application of US Food and Drug Administration regulations and the Good Clinical Practice guidelines set forth by the International Council on Harmonization of Technical Requirements for Registration of Pharmaceuticals for Human Use. Between 2009 and 2013, Dr. Sankar held the position of Clinical Scientist at Genentech and between 2013 and 2014 he was Clinical Medical Director at Pharmacyclics, an AbbVie, Inc. company. In 2014, Dr. Sankar founded SwanBio LLC a consulting firm providing strategic and medical support focused on the development of innovative therapies in oncology. Dr. Sankar currently serves as a consultant to Teon Therapeutics (since March 2022), Escend Pharmaceuticals (since February 2022, Jasper Therapeutics (since November 2021) and Seneca Therapeutics (since January 2021), Rakovina Therapeutics (since October 2020) and Temple Therapeutics BV (since January 2017). Dr. Sankar is an active member of the American Society of Clinical Oncology (ASCO), the American Society of Hematology (ASH), the European Hematology Association (EHA), Drug information association (DIA), European society of clinical oncology (ESMO), American association for cancer research (AACR), Enterprising Pharmaceutical Professionals from the Indian Sub-Continent (EPPIC GLOBAL), Connective Tissue Oncology Society (CTOS), and TiE Silicon Valley. Neil Sankar received his MD degree from Bangalore university and internal medicine residency from University of West indies, Kingston, Jamaica and trained in the United Kingdom and the Caribbean. He also holds a postgraduate degree in public health from Queensland University in Australia. We believe that Dr. Sankar's clinical research and drug development experience qualifies him to serve as a member of our board of directors.

**John Bell**. Mr. Bell has served as member of our board of directors since October 2021. Since 1995, Mr. Bell has served as president, managing director, and as a member of the board of Onbelay Capital Inc., a Canada based private equity group. Since June 2021, Mr. Bell has served as the chairman of Stack Capital Group, a Canada based investment management firm (TSX: STCK). Mr. Bell also currently serves as Chairman of the Board of Directors of Nevis Brands Inc., a beverage company (CSE: NEVI). Mr. Bell also previously served as (i) a board member and audit committee chair of Cure Pharmaceutical, a publicly traded pharmaceutical company (OTC: CURR) from November 2019 through July 2022, (ii) a board member of Canopy Growth Corporation, a public Canadian Cannabis company from October 2014 through March 2020 (Nasdaq: CGC), (iii) a board member and chair of the audit and compensation committees of Canopy Rivers (now known as RIV Capital, Inc.), a Canadian venture capital firm (OTC: CNPOF), (iv) a board member and audit committee chair of Delmar Pharmaceuticals, a Canada public pharmaceutical company from February 2013 through June 2020 (Nasdaq: DMPI). Mr. Bell also served on various boards of private equity and investment management groups in the last 20 years. Mr. Bell received a B.B.A. from Western University Ivey School of Business, is a Fellow of the Institute of Chartered Professional Accountants of Ontario, and a graduate of the Institute of Directors Program of Canada. We believe that Mr. Bell's financial experience, accounting experience, investment knowledge, and experience in capital markets qualifies him to serve as a member of our board of directors.

**Anthony Scott** **Praill**. Mr. Praill has served as our chief financial officer since February 2025. Mr. Praill has over 15 years of experience in the biotech and pharmaceutical industry, serving in various financial roles from Director of Finance to Chief Financial Officer. From January 2013 through May 2023, Mr. Praill served as chief financial officer of Kintara Therapeutics, Inc. (which changed its name to TuHura Biosciences, Inc. following a merger in 2024 (Nasdaq: HURA, formerly DelMar Pharmaceuticals, Inc.). Beginning in June 2023 through December 2024, Mr. Praill served as a consultant to Kintara. Mr. Praill completed his articling at Price Waterhouse (now PricewaterhouseCoopers LLP) and obtained his Chartered Professional Accountant designation in 1996. Mr. Praill obtained his Certified Public Accountant (Illinois) designation in 2001. Mr. Praill received a Financial Management Diploma (Honors), from British Columbia Institute of Technology in 1993, and a Bachelor of Science from Simon Fraser University in 1989.

**Richard Daniels**. Richard Daniels has served as our chief operating officer since April 2025. Mr. Daniels brings more than 25 years of experience in the pharmaceutical and biotech industry covering all stages of product development and commercialization in multiple therapeutic areas. From 2020 through 2024, Mr. Daniels was Chief Operating Officer of Primmune Therapeutics, Inc., a private biotech company focused on oncology and viral diseases. From 2018 through 2020 he was Senior Vice President of Clinical Operations and R&D Planning at Intercept Pharmaceuticals, a public biotech company (acquired by Alfasigma S.p.A) where he was responsible for managing a ~$180M annual R&D budget across multiple development and in-market programs supporting the company's liver-disease focus. Prior to Intercept Pharmaceuticals, Mr. Daniels spent 15 years at Amgen [Nasdaq: AMGN] in increasing roles of responsibility, including the last 5 years as Executive Director and Oncology Therapeutic Area Lead where he was responsible for managing development and life-cycle activities for a portfolio of 20+ pipeline and marketed assets. Earlier in Mr. Daniels' career, he held various scientific positions at Genicon Sciences (acquired by Life Technologies) and Agouron Pharmaceuticals (acquired by Pfizer). Mr. Daniels earned a B.S. in microbiology from the University of California, San Diego.

**Scientific Advisory Board**

We have recruited and will continue to recruit leading researchers and physicians in our fields of interest to serve as members of our Scientific Advisory Board for each of our products under development. The scientific advisory board advises our management on strategic issues related to our scientific development program. In return for their services, these advisors may receive compensation in the form of cash and/or option grants for the purchase of Common Stock.

The Company's Scientific Advisory Board currently consists of Priscilla Brastianos, MD PhD, Howard Burris III, MD, and Wang Shen, PhD.

**CORPORATE GOVERNANCE**

**Independent Directors**

For purposes of determining independence, the Company has adopted the definition of independence as contained in the NYSE American Market Section 803(A). Pursuant to the definition, the Company has determined that as of the date hereof, that Mr. Bell qualifies as independent. Under the NYSE American Market rules, we are required to have a majority of our directors be independent, or in the event that we qualify as a Smaller Reporting Company, at least 50% of our directors must be independent. Notwithstanding the foregoing, pursuant to NYSE American Market Rule 809, we will have a one (1) year grace period to comply with the foregoing independent director requirements.

**Committees**

Upon consummation of the offering contemplated by this prospectus, the Board of Directors plans to establish three standing committees: (1) an Audit Committee, (2) a Governance and Nominating Committee, and (3) a Compensation Committee. Each of the committees will operate under a written charter to be adopted by the Board of Directors. A copy of each respective committee's charter will be added as exhibits to this Registration Statement prior to the effectiveness of this Registration Statement.

(1) Denotes
 Chairperson of the applicable committee.

Only John Bell is considered independent under the NYSE American Market rules pursuant to the Board's determination.

The Board has determined that subject to NYSE American Market rule 809, for each applicable committee that the company establishes, it will have (i) a majority of independent members within 90 days of listing and (ii) all members of the committees will be independent within one (1) year of listing. Additionally, the Company will meet the required majority independent Board requirement (or 50% independent in the case of a Smaller Reporting Company) within one year of listing.

**Audit Committee**

We intend, prior to the effectiveness of this Registration Statement, to have a designated an audit committee in accordance with section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended.

Pursuant to NYSE American Market rules, the Audit Committee is required to have three (3) members (two (2) for a smaller reporting company), all of whom are independent and financially sophisticated. Pursuant to NYSE American Market rule 809 there is a phase-in period whereby the Audit Committee will have (i) a majority of independent members within 90 days of listing and (ii) all independent members within one (1) year of listing.

**Compensation Committee**

Pursuant to NYSE American Market rule 809, the Compensation Committee will have (i) a majority of independent members within 90 days of listing and (ii) all independent members within one (1) year of listing.

**Corporate Governance and Nominating Committee**

Pursuant to NYSE American Market rule 809, the Compensation Committee will have (i) a majority of independent members within 90 days of listing and (ii) all independent members within one (1) year of listing.

**Section 16(a) Beneficial Ownership Reporting Compliance**

N/A

**Stockholder Recommendation of Board Nominees**

We currently do not have a formal policy on the submission of recommendations for candidates to the Board from stockholders. While the Board has not adopted a formal diversity policy or specific standards with regard to the selection of director nominees, due to the nature of our business, the Board believes it is important to consider diversity of race, ethnicity, gender, age, education, cultural background, and professional experiences in evaluating board candidates. Additionally, although the Board has not formally established any specific, minimum qualifications that must be met by each candidate for the Board or specific qualities or skills that are necessary for one or more of the members of the Board to possess, when considering a potential non-incumbent candidate, the Board will factor into its determination the following qualities of a candidate: educational background, diversity of professional experience, including whether the person is a current or former chief executive officer or chief financial officer of a public company or the head of a division of a large international organization, knowledge of our business, integrity, professional reputation, independence, and ability to represent the best interests of our stockholders.

**Code of Ethics**

We are committed to maintaining the highest standards of honest and ethical conduct in running our business efficiently, serving our stockholders interests and maintaining our integrity in the marketplace. To further this commitment, we have adopted our Code of Ethics and Business Conduct, which applies to all our directors, officers and employees. A copy of our Code of Ethics and Business Conduct is attached to this Registration Statement as Exhibit 14.01. If you would like to receive a copy of our Code of Ethics and Business Conduct, we will provide you a copy free of charge. Please see the section of the Registration Statement entitled "Where to Find More Information" for directions on how to request such information.

***Limitation on Liability and Indemnification of Directors and Officers***

We are a Nevada corporation and generally governed by the Nevada Revised Statutes, or NRS.

Section 78.138 of the NRS provides that, unless the corporation's articles of incorporation provide otherwise, a director or officer will not be individually liable unless it is proven that (i) the director's or officer's acts or omissions constituted a breach of his or her fiduciary duties, and (ii) such breach involved intentional misconduct, fraud, or a knowing violation of the law. Our articles of incorporation provide the personal liability of our directors is eliminated to the fullest extent permitted under the NRS.

Section 78.7502 of the NRS permits a Nevada corporation to indemnify its directors and officers against expenses, judgments, fines, and amounts paid in settlement actually and reasonably incurred in connection with a threatened, pending, or completed action, suit, or proceeding, if the officer or director (i) is not liable pursuant to NRS 78.138, or (ii) acted in good faith and in a manner the officer or director reasonably believed to be in or not opposed to the best interests of the corporation and, if a criminal action or proceeding, had no reasonable cause to believe the conduct of the officer or director was unlawful.

Section 78.7502 of the NRS precludes indemnification by the corporation if the officer or director has been adjudged by a court of competent jurisdiction, after exhaustion of all appeals, to be liable to the corporation or for amounts paid in settlement to the corporation, unless and only to the extent that the court determines that in view of all the circumstances, the person is fairly and reasonably entitled to indemnity for such expenses.

Discretionary indemnification pursuant to Section 78.7502 may be made as authorized upon determination that the indemnification is proper under the circumstances. Such determination may be made by (i) the stockholders; (ii) the board of directors by majority vote of a quorum consisting of directors who were not parties to the action, suit, or proceeding; or (iii) independent legal counsel if ordered by a majority of the quorum consisting of directors who were not parties to the action, suit, or proceeding or if a quorum of directors who were not parties to the action, suit, or proceeding cannot be obtained.

Section 78.751 of the NRS requires a Nevada corporation to indemnify its officers and directors to the extent such person is successful on the merits or otherwise in defense of any actual or threatened civil, criminal, administrative, or investigative action, suit, or proceeding or any claim, issue, or matter therein, including an action by or in the right of the corporation, if such person is or was serving as an officer or director of the corporation or, at the request of the corporation, as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust or other enterprise. Such indemnification shall be for expenses actually and reasonably incurred by the person, including attorney's fees, in connection with defending any such action, suit, or proceeding.

Unless otherwise restricted by the articles of incorporation, bylaws, or an agreement made by the corporation, Section 78.751 of the NRS provides that a corporation may pay expenses as incurred and in advance of the final disposition of the action, suit, or proceeding, upon receipt of an undertaking by or on behalf of the officer or director to repay the amount if it is ultimately determined by a court of competent jurisdiction that such officer or director is not entitled to be indemnified by the company. Section 78.751 of the NRS further permits the corporation to grant its directors and officers additional rights of indemnification under its articles of incorporation, bylaws, or other agreement, including the requirement of mandatory advance payment of expenses.

Section 78.752 of the NRS provides that a Nevada company may purchase and maintain insurance or make other financial arrangements on behalf of any person who is or was a director, officer, employee, or agent of the company, or is or was serving at the request of the company as a director, officer, employee, or agent of another company, partnership, joint venture, trust, or other enterprise, for any liability asserted against him and liability and expenses incurred by him in his capacity as a director, officer, employee, or agent, or arising out of his status as such, whether or not the company has the authority to indemnify him against such liability and expenses.

Our bylaws implement the indemnification provisions permitted by Chapter 78 of the NRS by providing that we shall indemnify our directors and officers to the fullest extent permitted by the NRS against expense, liability, and loss reasonably incurred or suffered by them in connection with their service as an officer or director. Our bylaws require the payment of costs and expenses incurred with respect to any proceeding to which a person is made a party as a result of being a director or officer in advance of final disposition of such proceeding upon receipt of an undertaking by or on behalf of the director or officer to repay such amount if it is ultimately determined that such person is not entitled to indemnification. We may purchase and maintain liability insurance, or make other arrangements for such obligations or otherwise, to the extent permitted by the NRS.

At the present time, there is no pending litigation or proceeding involving a director, officer, employee, or other agent of ours in which indemnification would be required or permitted. We are not aware of any threatened litigation or proceeding that may result in a claim for such indemnification.

**EXECUTIVE COMPENSATION**

**Summary Compensation Table**

The following table provides disclosure concerning all compensation paid for services to us in all capacities for our fiscal years ended December 31, 2024 and 2023 provided by (i) each person serving as our principal executive officer, or PEO, or acting in a similar capacity during our fiscal year ended December 31, 2024 (ii) our most highly compensated executive officers other than our PEO who were serving as executive officers on December 31, 2024 and whose total compensation exceeded $100,000 (collectively with the PEO referred to as the "named executive officers" in this Executive Compensation section); and (iii) our Principal Financial Officer.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name and principal position** | **Year** | **Salary ($)** | **Bonus ($)** | **Stock**<br> **Awards<br> ($)** | **Option Awards ($)** | **Non-equity**<br> **incentive** <br> **plan** <br> **compensation ($)** | **Non-qualified** <br> **deferred** <br> **compensation** <br> **earnings** <br> **($)**  | **All other compensation ($)** | **Total ($)** |
| Jeffrey Bacha | 2024 | 120000 | – |  | – |  | – |  | 120000 |
| CEO <sup>(1)</sup> | 2023 | 120000 | – |  | – |  | – |  | 120000 |
| Dennis Brown | 2024 | 10000 | – |  | – |  | – |  | 10000 |
| CSO <sup>(2)</sup> | 2023 | 10000 | – |  | – |  | – |  | 10000 |
| Neil Sankar | 2024 | 18625 | – |  | – |  | – |  | 18625 |
| Executive Medical Director <sup>(3)</sup> | 2023 | 16170 | – |  | – |  | – |  | 16170 |
| Anthony Scott Praill | 2024 |  | – |  | – |  | – |  |  |
| CFO <sup>(4)</sup> | 2023 |  | – |  | – |  | – |  |  |
| Richard Daniels | 2024 |  | – |  | – |  | – |  |  |
| COO <sup>(5)</sup> | 2023 |  | – |  | – |  | – |  |  |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Mr.
 Bacha is paid pursuant to a consulting agreement with the Company and not as a W-2 employee. Amounts paid do not include any compensation
 paid pursuant to a Consulting Research and Services agreement with ORP Oncology Research Partners (Canada) Ltd., a company substantially
 controlled by Mr. Bacha, which provides us with contract research and development consulting services. We are required to pay
 ORP Oncology Research $30,000 for the years ended December 31, 2024 and 2023, respectively, of which
 we have currently only paid $5,000 for 2023 and none for 2024.

(2) Mr.
 Brown is paid pursuant to a consulting agreement with CoValence, Inc. a company wholly owned by Dr. Brown. Amounts contained herein
 do not include amounts paid to Valent pursuant to (i) the first negotiation / refusal agreement the Company entered
 into with Valent and (ii) the evaluation agreement entered into with Valent. Valent is controlled by Mr. Brown.

(3) Dr.
 Sankar is paid pursuant to a consulting agreement with SwanBIO LLC, a company wholly owned by Dr. Sankar.

(4) Mr.
 Praill is paid pursuant to a consulting agreement with the Company and not as a W-2 employee. Mr. Praill began serving as CFO effective
 February 1, 2025.

(5) Mr. Daniels is paid pursuant to
 a consulting agreement with the Company and not as a W-2 employee. Mr. Daniels began serving
 as COO effective April 10, 2025.

**Executive Compensation Restrictions**

We have agreed that for a period of two (2) years beginning from the date of the initial closing of our initial public offering (the "Compensation Period"), no named executive officer of the Company will be entitled to an annual base salary in excess of $175,000 ("Base Salary Restriction"). During the Compensation Period, total compensation for any named executive of the Company will not, inclusive of their base salary, exceed the total compensation equal to the fiftieth (50<sup>th</sup>) percentile of the Company's peer group (the "Aggregate Compensation Restriction"), which peer group will be selected by the Company, in consultation with the Company's independent third party compensation consultant that is appointed by the independent members of the Board of Directors, or the compensation committee thereof. The Base Salary Restriction and Aggregate Compensation Restriction will terminate upon the earlier of (i) the end of the Compensation Period or (ii) subsequent to the initial public offering, the Company completing sales of its equity or debt securities resulting in aggregate gross proceeds of at least $20 million.

*Consulting Agreement with Jeffrey Bacha*

On September 1, 2018, the Company entered into a consulting agreement with Jeffrey Bacha (the "Bacha Agreement") to provide consulting services for the Company for a term ending on December 31, 2019, which has been mutually extended by the parties on a month-to-month basis. Pursuant to the Bacha Agreement, Mr. Bacha began receiving monthly compensation of $10,000 per month.

The Company may terminate the Bacha Agreement at any time without notice at any time. Additionally, Mr. Bacha may terminate the Bacha Agreement on thirty (30) days' notice to the Company.

The Bacha Agreement further stipulates that during the term and for six (6) months thereafter, Mr. Bacha will not directly or indirectly, solicit, divert or appropriate to any competitive business, any information learned by Mr. Bacha through his consulting relationship with the Company.

There are no family relationships between Mr. Bacha and any of the directors or officers of the Company.

There is no severance or required payments upon the cessation of Mr. Bacha's consulting relationship with the Company for any reason.

*Consulting Agreement with CoValence, inc. (Dennis Brown)*

On January 1, 2020, the Company entered into a consulting agreement with CoValence, Inc. (the "Brown Agreement") for Dr. Brown to provide consulting services for the Company for a term that continues until terminated by one of the parties. Pursuant to the Brown Agreement, CoValence, an entity owned by Dr. Brown, receives compensation of $2,500 per calendar quarter.

The Company may terminate the Brown Agreement at any time without notice at any time. Additionally, CoValence / Dr. Brown may terminate the Brown Agreement on thirty (30) days' notice to the Company.

The Brown Agreement further stipulates that during the term and for six (6) months thereafter, CoValence / Dr. Brown will not directly or indirectly, solicit, divert or appropriate to any competitive business, any information learned by CoValence / Dr. Brown through the consulting relationship with the Company

There are no family relationships between Dr. Brown and any of the directors or officers of the Company.

There is no severance or required payments upon the cessation of CoValence / Dr. Brown's consulting relationship with the Company for any reason.

*Consulting Agreement with SwanBIO LLC (Neil Sankar)*

On November 1, 2018, the Company entered into a consulting agreement with SwanBIO LLC (the "Sankar Agreement") for Dr. Sankar to provide consulting services for the Company for a term ending on December 31, 2019, which has been mutually extended by the parties. Pursuant to the Sankar Agreement, SwanBIO, an entity owned by Dr. Sankar, receives compensation of $220.00 per hour of service on a monthly basis, provided that any more than 32 hours of monthly services will require preapproval from the Company.

The Company may terminate the Sankar Agreement at any time without notice at any time. Additionally, SwanBIO / Dr. Sankar may terminate the Sankar Agreement on thirty (30) days' notice to the Company.

The Sankar Agreement further stipulates that during the term and for six (6) months thereafter, SwanBIO / Dr. Sankar will not directly or indirectly, solicit, divert or appropriate to any competitive business, any information learned by SwanBIO / Dr. Sankar through the consulting relationship with the Company.

There are no family relationships between Dr. Sankar and any of the directors or officers of the Company.

There is no severance or required payments upon the cessation of SwanBIO / Dr. Sankar's consulting relationship with the Company for any reason.

*Consulting Agreement with Anthony Scott Praill*

On February 1, 2025, the Company entered into a consulting agreement with Anthony Scott Praill (the "Praill Agreement") for Mr. Praill to provide consulting services as Chief Financial Officer for the Company until the Praill Agreement is terminated by the Company or Mr. Praill. Pursuant to the Praill Agreement, Mr. Praill receives compensation of $7,500 per month. All amounts due under the Praill Agreement shall accrue until such time as the Company secures a minimum of $1 million in new financing following the effective date of the Praill Agreement.

The Company may terminate the Praill Agreement at any time without notice at any time. Additionally, Mr. Praill may terminate the Praill Agreement on thirty (30) days' notice to the Company.

The Praill Agreement further stipulates that during the term and for six (6) months thereafter, Mr. Praill will not directly or indirectly, solicit, divert or appropriate to any competitive business, any information learned by Mr. Praill through the consulting relationship with the Company.

There are no family relationships between Mr. Praill and any of the directors or officers of the Company.

There is no severance or required payments upon the cessation of Mr. Praill's consulting relationship with the Company for any reason.

*Consulting Agreement with Prime 8 Group, LLC (Richard Daniels)*

On April 10, 2025, the Company entered into a consulting agreement with Prime 8 Group, LLC (the "Daniels Agreement") for Mr. Daniels to provide consulting services as Chief Operating Officer for the Company until the Daniels Agreement is terminated by the Company or Mr. Daniels. Pursuant to the Daniels Agreement, Mr. Daniels receives compensation of $7,500 per month. All amounts due under the Daniels Agreement shall accrue until such time as the Company secures a minimum of $1 million in new financing following the effective date of the Daniels Agreement.

The Company may terminate the Daniels Agreement at any time without notice at any time. Additionally, Mr. Daniels may terminate the Daniels Agreement on thirty (30) days' notice to the Company.

The Daniels Agreement further stipulates that during the term and for six (6) months thereafter, Mr. Daniels will not directly or indirectly, solicit, divert or appropriate to any competitive business, any information learned by Mr. Daniels through the consulting relationship with the Company.

There are no family relationships between Mr. Daniels and any of the directors or officers of the Company.

There is no severance or required payments upon the cessation of Mr. Daniel's consulting relationship with the Company for any reason.

**Outstanding Equity Awards Value at Fiscal Year-End**

The following table sets forth information concerning stock options held on December 31, 2024, the last day of our 2024 fiscal year, for each named executive officer.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of Securities Underlying** | **Number of Securities Underlying** | | |
| | **Unexercised Options (#)** | **Unexercised Options (#)** | | |
| <br>**Name and Principal Position** | **Exercisable** | **Unexercisable** | **Option**<br>**Exercise**<br>**Price ($)** | **Option**<br>**Expiration**<br>**Date** |
| Jeffrey Bacha, | 118125 |  | 3.04 | 6/30/31 |
| &nbsp;&nbsp;&nbsp;Chief Executive Officer |  |  |  |  |
| Dennis Brown. | 30000 |  | 3.04 | 6/30/31 |
| &nbsp;&nbsp;&nbsp;Chairman and Chief Scientific Officer |  |  |  |  |
| Neil Sankar | 35175 |  | 3.04 | 6/30/31 |
| &nbsp;&nbsp;&nbsp;Executive Medical Director |  |  |  |  |
| Anthony Scott Praill |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Chief Financial Officer |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*Richard Daniels* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*Chief Operating Officer* |  |  |  |  |

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**Our Equity Compensation Plans**

The principal features of our equity plans are summarized below.

*<u>2025 Omnibus Incentive Compensation Plan</u>*

The 2025 Omnibus Incentive Compensation Plan (the "2025 Plan") was adopted by the Board on September 26, 2025 and was approved by our stockholders on September 30, 2025 (the "Plan Effective Date").

The 2025 Plan is the successor to the Company's 2021 Plan, and no further awards may be made under the 2021 Plan on or after the Plan Effective Date.

The following description of the 2025 Plan is qualified by reference to the full text of the 2025 Plan, which is attached to this Prospectus as Exhibit 4.14 hereto.

*Purpose and Types of Awards* 

The purpose of the 2025 Plan is to provide participants with the opportunity to acquire a proprietary interest in the Company, or receive cash payments based on the value of our common stock, as an incentive for them to continue in service and to align their interests with those of our stockholders.

The 2025 Plan provides for the issuance of incentive stock options, non-statutory stock options, stock awards, restricted stock units, dividend equivalent rights, stock appreciation rights, cash awards, and other stock-based awards.

*Administration* 

The Compensation Committee, when established, will have the exclusive authority to administer the 2025 Plan with respect to awards made to our executive officers and non-employee directors and has the authority to make awards under the 2025 Plan to all other eligible individuals. However, the Board may at any time appoint a secondary committee of one (1) or more members of the Board to have separate but concurrent authority with the Compensation Committee to make awards under the 2025 Plan to individuals other than executive officers and non-employee directors. Subject to compliance with applicable law and stock exchange requirements, the Board or the Compensation Committee may also delegate authority to administer the 2025 Plan with respect to such individuals to one or more of our officers.

The term "plan administrator," as used in this summary, will mean our Compensation Committee, the Board, any secondary committee, and any delegates thereof, to the extent each such entity or person is acting within the scope of its administrative authority under the 2025 Plan.

The plan administrator has complete discretion to determine (a) which eligible individuals are to receive awards, (b) the type, size, terms and conditions of the awards to be made, (c) the time or times when those awards are to be granted, (d) the number of shares or amount of payment subject to each such award, (e) the time when the award is to become exercisable, (f) the status of any granted option as either an incentive stock option or a non-statutory option under the U.S. Internal Revenue Code (the "Code"), (g) the maximum term for which the award is to remain outstanding, (h) the vesting and issuance schedules applicable to the shares that are the subject of the award, (i) the cash consideration (if any) payable per share subject to the award and the form (cash or shares) in which the award is to be settled and (j) with respect to performance-based awards, the performance objectives, the amounts payable at one or more levels of attained performance, any applicable service vesting requirements, and the payout schedule.

*Eligibility*

Employees, non-employee directors, as well as consultants and other independent advisors, in our employ or service or in the employ or service of any parent or subsidiary are eligible to participate in the 2025 Plan.

*Shares Subject to the Plan*

Subject to adjustment, the number of shares reserved for issuance over the term of the 2025 Plan is limited to 1,230,506 shares. In addition, subject to adjustment, the share reserve will automatically increase on the first trading day in January of each calendar year, beginning on January 1, 2026 and ending on (and including) January 1, 2035, by an amount equal to 5% of the total number of outstanding shares of Common Stock on December 31 of the immediately prior calendar year, or such lesser amount as determined by the Board. Shares issuable under the 2025 Plan may be made available from our authorized but unissued shares or from shares that we reacquire, including shares purchased on the open market.

If any awards granted under the Plan expire, are forfeited, or are canceled or terminated for any reason prior to the issuance or vesting of the shares subject to the award, the shares of our Common Stock subject to such awards will again be available for issuance under the 2025 Plan. In addition, if any shares of our Common Stock are surrendered in payment of the exercise price of an option, the number of shares available for issuance under the 2025 Plan will be reduced only by the net number of shares actually issued upon exercise and not by the total number of shares under which such option is exercised. Upon the exercise of any stock appreciation right granted under the 2025 Plan, the share reserve will be reduced by the net number of shares actually issued upon such exercise. If shares of our Common Stock are withheld in satisfaction of the withholding taxes incurred in connection with the issuance, vesting, or exercise of any award, or the issuance of our common stock thereunder, then the number of shares of our common stock available for issuance under the 2025 Plan shall be reduced by the net number of shares issued under such award. If any awards are paid in cash, and not in shares of our Common Stock, any shares of our Common Stock subject to such awards will also be available for future awards under the 2025 Plan.

To the extent any shares subject to outstanding awards under the 2021 Plan as of the Plan Effective Date ("Predecessor Plan Awards") expire, are forfeited, or cancelled or terminate for any reason prior to the issuance of the shares of common stock subject to those Predecessor Plan Awards or are settled in cash, or are surrendered in payment of the exercise price of an option, or are withheld by the Company in satisfaction of the withholding taxes incurred in connection with the issuance, vesting or exercise of any Predecessor Plan Award or the issuance of common stock thereunder, such shares shall be added to the share reserve under this 2025 Plan and shall accordingly be available for issuance hereunder.

In addition, shares of our Common Stock issued under awards made pursuant to assumption or substitution of previously granted awards of a company that we acquire or with which we combine will not reduce the number of shares of our Common Stock available under the 2025 Plan, but will reduce the number of shares available for issuance under the 2025 Plan as incentive stock options. Available shares under a stockholder approved plan of an acquired company may be used for awards under the 2025 Plan and will not reduce (or be added back to) the share reserve, subject to compliance with the applicable stock exchange rules.

*Non-Employee Director Award Limits*

The maximum aggregate grant date fair value (computed as of the date of grant in accordance with applicable financial reporting rules) of all awards made to a non-employee director under the 2025 Plan in a single calendar year, taken together with any cash retainer paid to such non-employee director in respect of such calendar year, shall not exceed $700,000 in total value. However, this limit shall be equal to $1,000,000 for the calendar year in which a non-employee director is first appointed to the Board.

*Adjustments* 

In connection with stock dividends, spin-offs, recapitalizations, stock splits and certain other events affecting our Common Stock, the plan administrator will make adjustments as it deems appropriate, including (without limitation) in: the maximum number and kind of shares of Common Stock reserved for issuance as awards; the number and kind of shares covered by outstanding awards; the exercise, purchase or base price per share of any outstanding awards; and such other terms and conditions for outstanding awards as the plan administrator deems appropriate.

*Options* 

The plan administrator may grant options that are intended to qualify as incentive stock options under Section 422 of the Code, or non-statutory stock options that are not intended to so qualify. Incentive stock options may only be granted to our employees. Non-statutory stock options may be granted to anyone eligible to participate in the 2025 Plan.

The exercise price of a stock option granted under the 2025 Plan generally cannot be less than the fair market value of a share of our common stock on the date the option is granted. If an incentive stock option is granted to a 10% stockholder, the exercise price cannot be less than 110% of the fair market value of a share of our common stock on the date the option is granted.

The aggregate number of shares of Common Stock that may be issued or transferred under the 2025 Plan pursuant to incentive stock options under Section 422 of the Code may not exceed 6,500,000 shares.

Payment of the exercise price may be paid in one or more of the following forms as determined by the plan administrator: cash, check, shares of Common Stock, through a cashless exercise procedure pursuant to which the optionee effects a same-day exercise of the option and sale of the purchased shares through a broker in order to cover the exercise price for the purchased shares and the applicable withholding taxes, and/or through a net exercise procedure pursuant to which we withhold a number of shares of Common Stock otherwise issuable upon exercise of the option having a value equal to the exercise price.

The term of an option cannot exceed ten (10) years from the date of grant, except that if an incentive stock option is granted to a 10% stockholder, the term cannot exceed five (5) years from the date of grant.

Upon cessation of service, the optionee will have a limited period in which to exercise the optionee's outstanding options to the extent exercisable for vested shares. The plan administrator will have complete discretion to extend the period following the optionee's cessation of service during which the optionee's outstanding options may be exercised and/or provide for vesting during the applicable post-service exercise period. Such discretion may be exercised at any time while the options remain outstanding.

*Stock Awards* 

Under the 2025 Plan, the plan administrator may grant stock awards to anyone eligible to participate in the 2025 Plan. A stock award is an award of our Common Stock that may be subject to restrictions as the plan administrator determines. The restrictions, if any, may lapse over a specified period of employment or based on the satisfaction of pre-established performance objectives, in installments or otherwise, as the plan administrator may determine. Except to the extent restricted under the award agreement relating to the stock award, a participant will have all of the rights of a stockholder as to those shares, including the right to vote and the right to receive dividends or distributions on the shares. All unvested stock awards are forfeited if the participant's employment or service is terminated for any reason, or if other specified conditions are not met, unless the plan administrator determines otherwise.

*Restricted Stock Units* 

Under the 2025 Plan, the plan administrator may grant restricted stock units to anyone eligible to participate in the 2025 Plan. Restricted stock units are phantom units that represent shares of our Common Stock. Stock units become payable on terms and conditions determined by the plan administrator and will be payable in cash, shares of common stock, or a combination thereof, as determined by the plan administrator. All unvested restricted stock units are forfeited if the participant's employment or service is terminated for any reason, or if other specified conditions are not met, unless the plan administrator determines otherwise.

*Dividend Equivalent Rights* 

Under the 2025 Plan, the plan administrator may grant dividend equivalent rights as stand-alone awards or in connection with other awards made under the 2025 Plan other than options and stock appreciation rights. Dividend equivalent rights entitle the participant to receive the economic equivalent of each dividend (whether cash or securities) that is made on the shares underlying an award while the award is outstanding. No dividend equivalents shall vest or become payable until the underlying award vests and becomes payable. Dividend equivalents may be paid in cash, shares of our Common Stock or a combination thereof. The plan administrator will determine the terms and conditions of the dividend equivalent rights, including whether the awards are payable upon the achievement of specific performance goals.

*Stock Appreciation Rights*

Under the 2025 Plan, the plan administrator may grant stock appreciation rights, which may be granted separately or in tandem with any option. The plan administrator will establish the base amount of the stock appreciation right at the time the stock appreciation right is granted, which will be equal to or greater than the fair market value of a share of our Common Stock as of the date of grant.

If a stock appreciation right is granted in tandem with an option, the number of stock appreciation rights that are exercisable during a specified period will not exceed the number of shares of our Common Stock that the participant may purchase upon exercising the related option during such period. Upon exercising the related option, the related stock appreciation rights will terminate, and upon the exercise of a stock appreciation right, the related option will terminate to the extent of an equal number of shares of our common stock.

When a participant exercises a stock appreciation right, the participant will receive the excess of the fair market value of the underlying Common Stock over the base amount of the stock appreciation right. The appreciation of a stock appreciation right will be paid in shares of our Common Stock, cash or both. Generally, stock appreciation rights may only be exercised while the participant is employed by, or providing services to, us. The plan administrator will determine in the award agreement under what circumstances and during what time periods a participant may exercise a stock appreciation right after termination of employment or service.

The term of a stock appreciation right cannot exceed ten (10) years from the date of grant. In the event that on the last day of the term of a stock appreciation right, the exercise is prohibited by applicable law, including a prohibition on purchases or sales of our Common Stock under our insider trading policy, the term of the stock appreciation right will be extended for a period of 30 days following the end of the legal prohibition, unless the plan administrator determines otherwise.

*Cash Awards*

Under the 2025 Plan, the plan administrator may grant cash awards to anyone eligible to participate in the 2025 Plan. The plan administrator will determine which eligible individuals will receive cash awards and the terms and conditions applicable to each cash award, including the criteria for vesting and payment. Cash awards may be payable in cash, shares of our Common Stock, or a combination of the two.

*Other Stock-Based Awards*

Under the 2025 Plan, the plan administrator may grant other types of awards that are based on, or measured by, our Common Stock, or that are cash payments based on criteria determined by the plan administrator that are unrelated to the value of our Common Stock. The plan administrator may grant such awards to anyone eligible to participate in the 2025 Plan and will determine the terms and conditions of such awards. Other stock-based awards may be payable in cash, shares of our Common Stock, or a combination of the two.

*Change in Control*

In the event we should experience a Change in Control (as defined in the 2025 Plan), the following provisions are in effect (as set forth in more detail in the 2025 Plan) for all outstanding awards under the 2025 Plan, unless provided otherwise in an award agreement entered into with the participant:

● Each outstanding award, as determined by the plan administrator, may, in whole or in part, be assumed, cancelled, substituted, vested in full or in part, cancelled in exchange for a cash payment, replaced with a cash retention program that preserves the intrinsic value of the award and provides for subsequent payout in accordance with the same vesting schedule applicable to the award, or otherwise continued in effect by the successor corporation.

● To the extent an award is not so assumed, substituted, cancelled, or replaced, the award will automatically accelerate in full, unless the acceleration of such award is precluded by other limitations imposed in the applicable award agreement.

● Each outstanding award may be cancelled and terminated, without a cash payment, to the extent the per share fair market value as of the change in control is less than the per share exercise price or purchase price in effect for such award.

● The plan administrator shall have the authority to provide that any escrow, holdback, earn-out, or similar provisions in the agreement effecting the change in control shall apply to any cash payment made for an award to the same extent as such provisions apply to the stockholders.

● The plan administrator has complete discretion to grant one or more awards which will on a change in control or which will vest in the event the individual's service with us or the successor entity is terminated within a designated period following a change in control in which those awards are assumed or otherwise continued in effect.

Unless the plan administrator establishes a different definition for one or more awards, a Change in Control will be deemed to occur for purposes of the 2025 Plan in the event of:

● a merger, consolidation, or other reorganization unless the holders of our voting shares immediately prior to the merger have 50% or more of the combined voting power of the securities in the surviving corporation;

● a sale, transfer, or other disposition of all or substantially all of our assets;

● a liquidation or dissolution;

● a person or affiliated group, with certain exceptions, acquires 50% or more of our then outstanding voting securities; or

● a majority of the members of our Board is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the incumbent directors.

*Deferrals* 

The plan administrator may permit or require participants to defer receipt of the payment of cash or the delivery of shares of Common Stock that would otherwise be due to the participant in connection with an award under the 2025 Plan. The plan administrator will establish the rules and procedures applicable to any such deferrals, consistent with the requirements of Section 409A of the Code.

*Withholding* 

All awards under the 2025 Plan are subject to applicable U.S. and foreign income, employment, and other tax withholding requirements. We may require participants or other persons receiving awards or exercising awards to pay an amount sufficient to satisfy such tax withholding requirements with respect to such awards, or we may withhold from any cash, shares of common stock, other securities, or other compensation paid by us the amount of any withholding taxes due with respect to such award. The plan administrator may also take such other action as may be necessary to satisfy all obligations with respect to withholding taxes.

The plan administrator may permit or require that our tax withholding obligation with respect to awards paid in our common stock be paid by having shares withheld up to an amount that does not exceed the participant's maximum applicable statutory rate, or as otherwise determined by the plan administrator.

*Transferability* 

Only a participant may exercise rights under an award during the participant's lifetime. A participant cannot transfer those rights except by will or by the laws of inheritance following the participants death. Upon death, the personal representative or other person entitled to succeed to the rights of the participant may exercise such rights.

The plan administrator may provide in an award agreement that a participant may transfer awards (other than incentive stock options) to family members, or one or more trusts for the benefit of or owned by family members, in connection with the participant's estate plan or pursuant to a domestic relations order, consistent with applicable securities laws and such terms as the plan administrator determines.

*Amendment; Termination* 

The Board may amend or terminate the 2025 Plan at any time, except that our stockholders must approve an amendment if such approval is required in order to comply with applicable laws or applicable stock exchange requirements. Unless terminated sooner by the Board or extended with stockholder approval, the 2025 Plan will terminate on the day immediately preceding the tenth (10<sup>th</sup>) year anniversary of the Plan Effective Date.

*Repricing*

The plan administrator has the authority to (i) reduce the exercise price or base price of outstanding stock options or stock appreciation rights, (ii) cancel outstanding stock options or stock appreciation rights in exchange for the same type of award with a lower exercise price or base price, and (iii) cancel outstanding stock options or stock appreciation rights that have an exercise price or base price above the current price of a share of common stock, in exchange for cash or other securities.

Establishment of Sub-Plans

The plan administrator may establish one or more sub-plans under the 2025 Plan to satisfy the requirements of local law or to obtain more favorable tax treatment with respect to awards to participants who reside or work outside of the United States.

*Clawback*

All awards shall be subject to any clawback, recoupment, or other similar policy adopted by the Board, and any cash, shares of common stock, or other property or amounts due, paid, or issued to a participant shall be subject to the terms of such policy, as may be modified from time to time.

*Amended and Restated 2021 Omnibus Equity Incentive Plan*

The amended and restated 2021 Omnibus Equity Incentive Plan was initially adopted on June 25, 2021 by the Board. On June 29, 2023, the Board amended and restated the 2021 Omnibus Equity Incentive Plan ("2021 Plan"). The shareholders have not approved the 2021 Plan, as amended by the board on June 29, 2023. Pursuant to the amended and restated 2021 Plan, we initially reserved 596,153 shares, or 15% of our then outstanding shares of Common Stock on the date the Board approved the amended and restated 2021 Plan. Additionally, on January 1 of each calendar year, the number of shares of Common Stock authorized under the 2021 Plan increases by an amount equal to (i) 5% of the total number of shares of Common Stock outstanding on December 31 of the preceding year, or (ii) a lesser number of shares of Common Stock determined by the Board prior to the date of the increase. As of December 31, 2024, we have issued awards or grants under the plan in the aggregate of 320,975 awards underlying shares.

Notwithstanding, pursuant to the adoption of our 2025 Plan as described above, we will no longer grant awards under the 2021 Plan or reserve further shares of Common Stock for awards not previously granted. Any grants previously outstanding under the 2021 Plan will remain outstanding, including any exercise rights thereunder, pursuant to the terms of such grants.

Our 2021 Plan provides for the grant of incentive stock options ("ISOs"), within the meaning of Section 422 of the Code to employees, including employees of any parent or subsidiary, and for the grant of nonstatutory stock options ("NSOs"), stock appreciation rights, restricted stock awards, restricted stock unit awards, performance awards and other forms of awards to employees, directors and consultants, including employees and consultants of our affiliates. Our compensation committee has the authority, concurrent with our Board, to administer our 2021 Plan. The Board may also delegate to one or more of our officers certain authority under the terms of the 2021 Plan.

Stock options under the 2021 Plan are generally granted with an exercise price equal to the fair market value of our Common Stock on the date of grant. Options granted under the 2021 Plan vest at the rate specified in the stock option agreement as determined by the plan administrator. Options may have a term up to a maximum of 10 years. Unless the terms of an optionee's stock option agreement provides otherwise, if an optionee's service relationship with us, or any of our affiliates, ceases for any reason other than disability, death or cause, the optionee may generally exercise any vested options for a period of three months following the cessation of service. If an optionee's service relationship with us, or any of our affiliates, ceases due to disability or death, or an optionee dies within a certain period following cessation of service, the optionee or a beneficiary may generally exercise any vested options for a period of 12 months in the event of disability and 18 months in the event of death. In the event of a termination for cause, options generally terminate immediately upon the termination of the individual. In no event may an option be exercised beyond the expiration of its term.

Our 2021 Plan provides that in the event of certain specified significant corporate transactions (or a change in control, as defined below), unless otherwise provided in an award agreement or other written agreement between us and the award holder, the administrator may take one or more of the following actions with respect to such stock awards:

● arrange for the assumption, continuation, or substitution of a stock award by a successor corporation;

● arrange for the assignment of any reacquisition or repurchase rights held by us to a successor corporation;

● accelerate the vesting, in whole or in part, of the stock award and provide for its termination if not exercised (if applicable) at or before the effective time of the transaction;

● arrange for the lapse, in whole or in part, of any reacquisition or repurchase rights held by us;

● cancel or arrange for the cancellation of the stock award, without the approval of stockholders but with the consent of any materially adversely affected participant, in exchange for other awards, cash, or other consideration, if any, as determined by the board; or

● make a payment, in the form determined by our Board, equal to the excess, if any, of (i) the per share amount payable to holders of Common Stock in connection with the corporate transaction, over (ii) any per share exercise price payable by such holder, if applicable.

Under the 2021 Plan, a corporate transaction is generally the consummation of: (1) a sale of all or substantially all of our assets, (2) the sale or disposition of more than 50% of our outstanding securities, (3) a merger or consolidation where we do not survive the transaction, or (4) a merger or consolidation where we do survive the transaction but the shares of our Common Stock outstanding immediately before such transaction are converted or exchanged into other property by virtue of the transaction.

If the surviving or acquiring corporation (or its parent company) does not assume, continue or substitute for such stock awards, then (i) with respect to any such stock awards that are held by participants whose continuous service has not terminated prior to the effective time of the corporate transaction, or current participants, the vesting (and exercisability, if applicable) of such stock awards will be accelerated in full (or, in the case of performance awards with multiple vesting levels depending on the level of performance, vesting will accelerate at 100% of the target level) to a date prior to the effective time of the corporate transaction (contingent upon the effectiveness of the corporate transaction), and such stock awards will terminate if not exercised (if applicable) at or prior to the effective time of the corporate transaction, and any reacquisition or repurchase rights held by us with respect to such stock awards will lapse (contingent upon the effectiveness of the corporate transaction), and (ii) any such stock awards that are held by persons other than current participants will terminate if not exercised (if applicable) prior to the effective time of the corporate transaction, except that any reacquisition or repurchase rights held by us with respect to such stock awards will not terminate and may continue to be exercised notwithstanding the corporate transaction. In the event a stock award will terminate if not exercised prior to the effective time of a corporate transaction, our Board may provide, in its sole discretion, that the holder of such stock award may not exercise such stock award but instead will receive a payment equal in value to the excess (if any) of (i) the per share amount payable to holders of Common Stock in connection with the corporate transaction, over (ii) any per share exercise price payable by such holder, if applicable.

**Director Compensation**

*Current Board Compensation Policy*

The Board does not have a formal compensation policy regarding its non-employee directors. The Board has previously awarded its non-employee directors with ad hoc cash and / or equity based awards upon joining the Board and for continued service. The Board anticipates continuing this policy until such time that it implements a formal compensation policy for its non-employee Board members.

The following table provides information concerning the compensation paid to our non-executive directors for their services as members of our board of directors for the year ended December 31, 2024.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Fees earned or paid in cash ($)** | **Stock awards ($)** | **Option awards ($)** | **Non-equity incentive plan compensation ($)** | **Nonqualified deferred compensation earnings <br> ($)** | **All other compensation ($)** | **Total ($)** |
| John Bell <sup>(1)</sup> | 35000<sup>(2)</sup> | – |  | – |  | – | 35000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Mr.
 Bell joined the Board on October 1, 2021. On such date, Mr. Bell entered into an agreement to receive $35,000 per annum for Board
 services.

(2) The
 Company currently has not paid Mr. Bell's $35,000 for both the years ended December 31, 2023 and 2024 and such amounts remain
 outstanding as of October 31, 2025.

**PRINCIPAL AND SELLING STOCKHOLDERS**

**Security ownership of certain beneficial owners.**

Beneficial ownership for the purposes of the following table is determined in accordance with the rules and regulations of the SEC. These rules generally provide that a person is the beneficial owner of securities if they have or share the power to vote or direct the voting thereof, or to dispose or direct the disposition thereof or have the right to acquire such powers within 60 days. Accordingly, the following tables do not include options or warrants to purchase our Common Stock that are not exercisable within the next 60 days. We have included the following separate tables below: (i) the beneficial ownership of our Common Stock as of October 31, 2025 as adjusted to reflect the sale of Common Stock offered by us and the selling stockholder in our initial public offering without over-allotments and (ii) the beneficial ownership of our Common Stock as of October 31, 2025 as adjusted to reflect the sale of Common Stock offered by us and the selling stockholder in our initial public offering, including the maximum over-allotments.

**<u>Beneficial Ownership Prior and Subsequent to Initial Public Offering (Assuming no over-allotment)</u>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Shares Owned Before Sale <sup>(2)</sup>** | **Common Shares Owned Before Sale <sup>(2)</sup>** | **Common Shares Owned Before Sale <sup>(2)</sup>** | **Common Shares Owned Before Sale <sup>(2)</sup>** | | **Common Shares Owned After Sale <sup>(3)</sup>** | **Common Shares Owned After Sale <sup>(3)</sup>** |
|  | **Shares** | **Shares Underlying Convertible Securities** | **Total** | **% of class** |<br>**Shares being Offered** | **Total Shares Beneficially Owned** | **% of Class** |
| *Directors and named executive officers <sup>(1)</sup>* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Jeffrey Bacha <sup>(4)</sup> | 377799 | 150072 | 527871 | 12.48% |  | 527871 | 6.28% |
| &nbsp;&nbsp;&nbsp;Dennis Brown <sup>(5)</sup> | 1002362 | 63128 | 1065490 | 25.71% |  | 1065490 | 12.81% |
| &nbsp;&nbsp;&nbsp;Neil Sankar <sup>(6)</sup> |  | 35175 | 35175 | \* |  | 35175 | \* |
| &nbsp;&nbsp;&nbsp;John Bell <sup>(7)</sup> | 46222 | 32072 | 78294 | 1.90% |  | 78294 | \* |
| &nbsp;&nbsp;&nbsp;Anthony Scott Praill <sup>(8)</sup> |  |  |  | \* |  |  | \* |
| &nbsp;&nbsp;&nbsp;Richard Daniels <sup>(9)</sup> |  |  |  | \* |  |  | \* |
| All directors and named executive officers as a group (6 individuals) | 1426383 | 280447 | 1706830 | 39.14% |  | 1706830 | 20.06% |
| *Five percent (5%) owners* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CoValence, Inc. <sup>(10)</sup> |  |  |  | \* |  |  | \* |
| &nbsp;&nbsp;&nbsp;The Joan Jacobus and Harry Pederson Living Trust <sup>(11)</sup> | 326449 |  |  | 8.00% |  | 326449 | 3.94% |
| &nbsp;&nbsp;&nbsp;Wang Shen <sup>(12)</sup> | 262465 |  |  | 6.43% |  | 262465 | 3.17% |
| &nbsp;&nbsp;&nbsp;Jiangsu Kanion Pharmaceutical Co., Ltd. <sup>(13)</sup> | 259854 |  |  | 6.37% |  | 259854 | 3.14% |
| *Selling Stockholders* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Brett Nesland <sup>(14)</sup> | 518545 | 8538 | 527083 | 12.89% | 50000 | 477083 | 5.75% |

---

(1) Except
 as otherwise indicated, the persons named in this table have sole voting and investment power with respect to all shares of Common
 Stock shown as beneficially owned by them, subject to community property laws where applicable and to the information contained in
 the footnotes to this table. Unless otherwise indicated, the address of the beneficial owner is c/o Edison Oncology Holding Corp.,
 3475 Edison Way, Suite R, Menlo Park, CA 94025.

(2) Pursuant
 to Rules 13d-3 and 13d-5 of the Exchange Act, beneficial ownership includes any shares as to which a shareholder has sole or shared
 voting power or investment power, and also any shares which the shareholder has the right to acquire within 60 days, including upon
 exercise of common share purchase options or warrants. There are 4,080,348 shares of Common Stock issued and outstanding as
 of October 31, 2025. For all calculations described in the footnotes with respect to convertible notes, it is assumed that
 shares in the initial public offering are sold at $9.00 per share, which is the midpoint of the range set forth on the cover page
 of this prospectus and further: (i) for shares underlying Series B Notes for an applicable holder, a conversion price of approximately
 $1.416 is used (based off of $8,000,000 divided by the fully diluted capitalization of the Company as of October 31, 2025,
 as described in the Series B Notes), (ii) for shares underlying Series C Notes for an applicable holder, a conversion price
 of $7.68 is used (as described in the Series C Notes), and (iii) for shares underlying Series D Notes for an applicable holder,
 a conversion price of $7.20 is used (as described in the Series D Notes. All share amounts and percentages contained in this
 table do not include any sales anticipated to be made in the initial public offering pursuant to this prospectus. Unless otherwise
 indicated in the footnotes below, based on the information provided to us by or on behalf of the selling stockholder listed below
 is not a broker-dealer or an affiliate of a broker-dealer.

(3) "Common
 Shares Owned After Sale" includes the sale of 2,777,777 shares of Common Stock by us, but assumes no exercise of the over-allotment
 option of the underwriter.

(4) Includes
 377,799 shares of Common Stock held by Mr. Bacha. Convertible Securities are comprised of (i) 17,190 shares of Common Stock underlying
 a Series B Note, (ii) 4,013 shares of Common Stock underlying a Series C Note, (iii) 118,125 shares of Common Stock underlying Common
 Stock purchase options, (iv) 9,757 shares of Common Stock underlying warrants issued with a Series A Note, and (v) 987 shares of
 Common Stock underlying warrants issued with a Series B Note.

(5) Includes
 (i) 644,845 shares of Common Stock held by CoValence, Inc. (see footnote 9 below), (ii) 319,752 Shares held by Dr. Brown as an individual,
 and (iii) 37,765 shares held by Valent. Convertible Securities are comprised of (i) 22,920 shares of Common Stock underlying a Series
 B Note, (ii) 4,013 shares of Common Stock underlying a Series C Note, (iii) 30,000 shares of Common Stock underlying Common Stock
 purchase options, (iv) 4,879 shares of Common Stock underlying warrants issued with a Series A Note, and (v) 1,316 shares of Common
 Stock underlying warrants issued with a Series B Note. The address of CoValence Inc and Valent is 3475 Edison Way, Suite R, Menlo
 Park, CA 94025. Dennis Brown has is an affiliated person with both CoValence Inc. and Valent. Such securities are included in his
 personal ownership and excluded from CoValence, Inc., which would otherwise be a greater than 5% owner below (see footnote 9 below).

(6) Convertible
 securities are comprised of 35,175 shares of Common Stock underlying Common Stock purchase options.

(7) Includes
 46,222 shares of Common Stock held by Onbelay Capital Inc. Convertible securities are comprised of (i) 25,000 shares of Common Stock
 underlying Common Stock purchase options, (ii) 1,708 shares of Common Stock underlying warrants issued with a Series A Note, and
 (iii) 5,364 shares of Common Stock underlying a Series D Note. Address of beneficial owner is 150 Water Street S. Cambridge,
 Ontario N1R 3E2 Canada. John Bell is an affiliated person of Onbelay Capital Inc.

(8) Mr.
 Praill became the Company's Chief Financial Officer effective February 1, 2025.

(9) Mr.
 Daniels became the Company's Chief Operating Officer effective April 10, 2025.

(10) Shares
 of Common Stock owned by CoValence, Inc. are described in Footnote 4 and relate to the securities owned by director Dennis Brown,
 who is an affiliated person and has voting and dispositive control with respect to securities owned by CoValence, Inc.

(11) Address
 of beneficial owner is 3833 La Donna Ave., Palo Alto, CA 94036.

(12) Shares
 of Common Stock include 262,465 shares held by Wang Shen. Address of beneficial owner is 715 Tulane Court, San Mateo, CA 94402.

(13) Address
 of beneficial owner is Jianging Industrial Park 58, Kangyyuan Road, Lianyugang Economic development Zone, Jiangsu Province, PRC.

(14) Includes
 (i) 396,312 shares of Common Stock held by Mr. Nesland, (ii) 122,233 shares of Common Stock held by the Donavon W Stangle Living
 Trust, which Mr. Nesland serves as trustee and has voting and dispositive control with respect to such shares, and (iii) 4,879 shares
 of Common Stock underlying warrants held by Mr. Nesland and 3,659 shares of stock underlying warrants held by the Donovan W Stangle
 Living Trust issued with a Series A Note. The "Shares Being Offered" includes 50,000 shares of Common Stock held personally
 by the selling stockholder and being offered pursuant to the initial public offering, excluding the over-allotment option.

**<u>Beneficial Ownership Prior and Subsequent to Initial Public Offering (Assuming full subscription of the over-allotment)</u>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Shares Owned Before Sale <sup>(2)</sup>** | **Common Shares Owned Before Sale <sup>(2)</sup>** | **Common Shares Owned Before Sale <sup>(2)</sup>** | **Common Shares Owned Before Sale <sup>(2)</sup>** | | **Common Shares Owned After Sale <sup>(3)</sup>** | **Common Shares Owned After Sale <sup>(3)</sup>** |
|  | **Shares** | **Shares Underlying Convertible Securities** | **Total** | **% of class** |<br>**Shares being Offered** | **Total Shares Beneficially Owned** | **% of Class** |
| *Directors and named executive officers <sup>(1)</sup>* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Jeffrey Bacha <sup>(4)</sup> | 377799 | 150072 | 527871 | 12.48% |  | 527871 | 5.98% |
| &nbsp;&nbsp;&nbsp;Dennis Brown <sup>(5)</sup> | 1002362 | 63128 | 1065490 | 25.71% |  | 1065490 | 12.20% |
| &nbsp;&nbsp;&nbsp;Neil Sankar <sup>(6)</sup> |  | 35175 | 35175 | \* |  | 35175 | \* |
| &nbsp;&nbsp;&nbsp;John Bell <sup>(7)</sup> | 46222 | 32072 | 78294 | 1.90% |  | 78294 | \* |
| &nbsp;&nbsp;&nbsp;Anthony Scott Praill <sup>(8)</sup> |  |  |  | \* |  |  | \* |
| &nbsp;&nbsp;&nbsp;Richard Daniels <sup>(9)</sup> |  |  |  | \* |  |  | \* |
| All directors and named executive officers as a group (6 individuals) | 1426383 | 280447 | 1706830 | 39.14% |  | 1706830 | 19.12% |
| *Five percent (5%) owners* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CoValence, Inc. <sup>(10)</sup> |  |  |  | \* |  |  | \* |
| &nbsp;&nbsp;&nbsp;The Joan Jacobus and Harry Pederson Living Trust <sup>(11)</sup> | 326449 |  |  | 8.00% |  | 326449 | 3.75% |
| &nbsp;&nbsp;&nbsp;Wang Shen <sup>(12)</sup> | 262465 |  |  | 6.43% |  | 262465 | 3.02% |
| &nbsp;&nbsp;&nbsp;Jiangsu Kanion Pharmaceutical Co., Ltd. <sup>(13)</sup> | 259854 |  |  | 6.37% |  | 259854 | 2.99% |
| *Selling Stockholders* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Brett Nesland <sup>(14)</sup> | 518545 | 8538 | 527083 | 12.89% | 57500 | 469583 | 5.39% |

---

(1) Except
 as otherwise indicated, the persons named in this table have sole voting and investment power with respect to all shares of Common
 Stock shown as beneficially owned by them, subject to community property laws where applicable and to the information contained in
 the footnotes to this table. Unless otherwise indicated, the address of the beneficial owner is c/o Edison Oncology Holding Corp.,
 3475 Edison Way, Suite R, Menlo Park, CA 94025.

(2) Pursuant
 to Rules 13d-3 and 13d-5 of the Exchange Act, beneficial ownership includes any shares as to which a shareholder has sole or shared
 voting power or investment power, and also any shares which the shareholder has the right to acquire within 60 days, including upon
 exercise of common share purchase options or warrants. There are 4,080,348 shares of Common Stock issued and outstanding as of October
 31, 2025. For all calculations described in the footnotes with respect to convertible notes, it is assumed that shares in the initial
 public offering are sold at $9.00 per share, which is the midpoint of the range set forth on the cover page of this prospectus and
 further: (i) for shares underlying Series B Notes for an applicable holder, a conversion price of approximately $1.416 is used (based
 off of $8,000,000 divided by the fully diluted capitalization of the Company as of October 31, 2025, as described in the Series B
 Notes), (ii) for shares underlying Series C Notes for an applicable holder, a conversion price of $7.68 is used (as described in
 the Series C Notes), and (iii) for shares underlying Series D Notes for an applicable holder, a conversion price of $7.20 is used
 (as described in the Series D Notes. All share amounts and percentages contained in this table do not include any sales anticipated
 to be made in the initial public offering pursuant to this prospectus. Unless otherwise indicated in the footnotes below, based on
 the information provided to us by or on behalf of the selling stockholder listed below is not a broker-dealer or an affiliate of
 a broker-dealer.

(3) "Common
 Shares Owned After Sale" includes the sale of (i) 3,194,444 shares of Common Stock by us (which includes 416,667 shares pursuant
 the assumed full exercise of the over-allotment option.

(4) Includes
 377,799 shares of Common Stock held by Mr. Bacha. Convertible Securities are comprised of (i) 17,190 shares of Common Stock underlying
 a Series B Note, (ii) 4,013 shares of Common Stock underlying a Series C Note, (iii) 118,125 shares of Common Stock underlying Common
 Stock purchase options, (iv) 9,757 shares of Common Stock underlying warrants issued with a Series A Note, and (v) 987 shares of
 Common Stock underlying warrants issued with a Series B Note.

(5) Includes
 (i) 644,845 shares of Common Stock held by CoValence, Inc. (see footnote 9 below), (ii) 319,752 Shares held by Dr. Brown as an individual,
 and (iii) 37,765 shares held by Valent. Convertible Securities are comprised of (i) 22,920 shares of Common Stock underlying a Series
 B Note, (ii) 4,013 shares of Common Stock underlying a Series C Note, (iii) 30,000 shares of Common Stock underlying Common Stock
 purchase options, (iv) 4,879 shares of Common Stock underlying warrants issued with a Series A Note, and (v) 1,316 shares of Common
 Stock underlying warrants issued with a Series B Note. The address of CoValence Inc and Valent is 3475 Edison Way, Suite R, Menlo
 Park, CA 94025. Dennis Brown has is an affiliated person with both CoValence Inc. and Valent. Such securities are included in his
 personal ownership and excluded from CoValence, Inc., which would otherwise be a greater than 5% owner below (see footnote 9 below).

(6) Convertible
 securities are comprised of 35,175 shares of Common Stock underlying Common Stock purchase options.

(7) Includes
 46,222 shares of Common Stock held by Onbelay Capital Inc. Convertible securities are comprised of (i) 25,000 shares of Common Stock
 underlying Common Stock purchase options, (ii) 1,708 shares of Common Stock underlying warrants issued with a Series A Note, and
 (iii) 5,364 shares of Common Stock underlying a Series D Note. Address of beneficial owner is 150 Water Street S. Cambridge, Ontario
 N1R 3E2 Canada. John Bell is an affiliated person of Onbelay Capital Inc.

(8) Mr.
 Praill became the Company's Chief Financial Officer effective February 1, 2025.

(9) Mr.
 Daniels became the Company's Chief Operating Officer effective April 10, 2025.

(10) Shares
 of Common Stock owned by CoValence, Inc. are described in Footnote 4 and relate to the securities owned by director Dennis Brown,
 who is an affiliated person and has voting and dispositive control with respect to securities owned by CoValence, Inc.

(11) Address
 of beneficial owner is 3833 La Donna Ave., Palo Alto, CA 94036.

(12) Shares
 of Common Stock include 262,465 shares held by Wang Shen. Address of beneficial owner is 715 Tulane Court, San Mateo, CA 94402.

(13) Address
 of beneficial owner is Jianging Industrial Park 58, Kangyyuan Road, Lianyugang Economic development Zone, Jiangsu Province, PRC.

(14) Includes
 (i) 396,312 shares of Common Stock held by Mr. Nesland, (ii) 122,233 shares of Common Stock held by the Donavon W Stangle Living
 Trust, which Mr. Nesland serves as trustee and has voting and dispositive control with respect to such shares, and (iii) 4,879 shares
 of Common Stock underlying warrants held by Mr. Nesland and 3,659 shares of stock underlying warrants held by the Donovan W Stangle
 Living Trust issued with Series A Notes. The "Shares Being Offered" includes 57,500 shares of Common Stock held personally
 by the selling stockholder and being offered pursuant to the initial public offering, which such amount includes 7,500 shares pursuant
 to the full exercise of the over-allotment option.

**CERTAIN RELATIONSHIPS AND RELATED-PARTY TRANSACTIONS**

Information regarding disclosure of an employment relationship or transaction involving an executive officer and any related compensation solely resulting from that employment relationship or transaction is incorporated by reference from the section of this prospectus entitled "*Executive Compensation*."

Information regarding disclosure of compensation to a director is incorporated by reference from the section of this prospectus entitled "*Director Compensation*."

Summarized below are certain transactions and business relationships between the Company and persons who are or were an executive officer, director or holder of more than five percent of any class of our securities (at the time of the transaction) since January 1, 2022:

**Related Party Transactions** 

Summarized below are certain transactions and business relationships between Edison and persons who are or were an executive officer, director or holder of more than five percent of any class of our securities since January 1, 2022.

Information regarding disclosure of an employment relationship or transaction involving an executive officer and any related compensation solely resulting from that employment relationship or transaction is included in the Section of this Registration Statement entitled "*Executive Compensation*."

Information regarding disclosure of compensation to a director for the year ended December 31, 2024 is included in the Section of this Registration Statement entitled "*Director Compensation.*"

● For the years ended December 31, 2022, 2023, and 2024, we agreed to pay John Bell, our sole independent director, a fee of $35,000 per annum. As of October 31, 2025, we have accrued $70,000 for the most recent two fiscal years, which are due and owed to Mr. Bell, but remain unpaid.

● In October 2018 and March 30, 2020, we issued $917,500 in principal of Series A Notes. The Series A Notes had an annual interest rate of 10.00% per annum and were convertible into shares of Common Stock at a price per share of $0.50. The Series A notes were subject to a mandatory conversion upon the us receiving gross proceeds of at least $2,000,000 from a private placement of our securities. The Series A Notes had an initial maturity date of October 5, 2020. In October 2020, the Company extended the maturity date of the Series A notes until December 31, 2020, in exchange for two percent (2%) added on the principal of each Series A Note. In exchange for the further extension of the Series A Notes until December 31, 2022, the Company issued an aggregate of 44,766 warrants to purchase Common Stock ratably amongst the Series A Note holders. On February 28, 2022, in accordance with the terms of the Series A notes the outstanding principal and accrued interest of the Series A Notes were converted into 1,219,434 shares of Common Stock and the Series A Notes were extinguished and of no further force or consequence. Of these amounts, (i) a Series A Note held by Jeffrey Bacha, our CEO, in principal of $204,000 plus accrued interest, was converted into 252,799 shares of Common Stock, (ii) a Series A Note held by Dennis Brown, our Chief Scientific Officer, in principal of $102,000 plus accrued interest, was converted into 130,119 shares of Common Stock, and (iii) a Series A Note held by Onbelay Capital, Inc., an entity controlled by John Bell, a member of our Board, in principal of $35,700 plus accrued interest, was converted into 46,222 shares of Common Stock.

● On December 28, 2018 we entered a Right of First Negotiation/Refusal Agreement with Valent, a company substantially controlled by our Chairman and Chief Scientific Officer, Dr. Brown. On April 4, 2020, we extended and amended the agreement. In accordance with the terms of the amended agreement, we are funding certain research and clinical trials activities and costs associate with Orotecan patent filings, up to $1,000,000, in return for an exclusive rights to negotiate a license to Orotecan-related intellectual property and know-how owned by Valent. Pursuant to these agreements, the Company incurred expenses of approximately $193,000 in the year ended December 31, 2022, $122,000 in the year ended December 31, 2023, and $101,000 in the year ended December 31, 2024.

● On December 17, 2019, we entered into a Consulting and Research Services Agreement with ORP Oncology Research Partners (Canada) Ltd., a company substantially controlled by our Chief Executive Officer, Mr. Bacha. The agreement was extended on December 10, 2020 and again on December 15, 2022 and currently expires on December 31, 2023. In accordance with the agreement, ORP Canada conducts certain contract research and development activities on our behalf in Canada and, in return, seeks grant funding and refundable tax credits that the Company believes are of benefit to its research. Pursuant to this agreement, the Company incurred expenses of approximately $63,000 in the year ended December 31, 2022, $30,000 in the year ended December 31, 2023, and $25,000 in the year ended December 31, 2024.

● Both Mr. Bacha, our Chief executive officer and Mr. Brown, our Chief Scientific Officer hold Series B Notes issued by the Company on March 31, 2021, in the amounts of $15,000 and $20,000 in principal, respectively. In December 2021, the Company extended the terms of the Series B Notes until December 31, 2022, in exchange for the issuance of an aggregate of warrants to purchase Common Stock. Of such warrants, Mr. Bacha received 987 and Mr. Brown received 1,316. The Series B Notes will convert into Common Stock contemporaneous with the completion of the offering contemplated by this prospectus.

● Both Mr. Bacha, our Chief executive officer and Mr. Brown, our Chief Scientific Officer hold Series C Notes issued by the Company on September 25, 2022, each in the amount of $25,000 in principal. Each of their Series C Notes are convertible into 4,013 shares of Common Stock as of October 31, 2025, based on the conversion price of $7.68, which is calculated based off the assumption of the initial public offering being sold at $9.00 per share, which is the midpoint of the price range set forth on the cover page of this prospectus.

● On January 31, 2025, we entered into an evaluation agreement with Valent, a company substantially controlled by our Chairman and Chief Scientific Officer, Dr. Brown. Pursuant to the agreement, we and Valent will jointly develop an evaluation program to review certain intellectual property of Valent related to EO4426, in order to determine commercial feasibility. Pursuant to the agreement, we would be responsible for funding the activities related to such evaluation in an amount not to exceed $2,500,000. Within sixty (60) days after the completion of the evaluation program, we will have the exclusive right to acquire all of the applicable technology for an aggregate of (i) $3,000,000 USD, payable in our securities and (ii) a royalty payment on all net sales of products derived from such technologies. As of the date of this Registration Statement, no amounts have been paid under this agreement.

● Pursuant to a consulting agreement entered into on February 1, 2025 by and between the Company and Scott Praill, our chief financial officer, we have agreed to pay Mr. Praill $7,500 per month, which such amount accrues but is only due and payable upon the completion of a financing by the Company in excess of $1,000,000 in gross proceeds. As of October 31, 2025, we have accrued $67,500 in outstanding amounts owed that will be repaid upon completion of the offering contemplated by this Registration Statement.

● Pursuant to a consulting agreement entered into on April 10, 2025 by and between the Company and Prime 8 Group, LLC, an entity owned Richard Daniels, our chief operating officer, we have agreed to pay Mr. Daniels $7,500 per month, which such amount accrues but is only due and payable upon the completion of a financing by the Company in excess of $1,000,000 in gross proceeds. As of October 31, 2025, we have accrued $57,500 in outstanding amounts owed that will be repaid upon completion of the offering contemplated by this Registration Statement.

● On April 1, 2025, we issued the following options to purchase Common Stock to related parties: (i) 75,000 options to Jeffrey Bacha, our CEO, valued at $145,624, (ii) 42,500 options to Dennis Brown, our CSO, valued at $82,520, (iii) 50,000 options to Scott Praill, our CFO, valued at $97,082, (iv) 50,000 options to Jeffrey Daniels, our COO, valued at $97,082, (v) 5,000 options to Neil Sankar, our CMO, valued at $9,708, and (vi) 12,500 options to John Bell, our board member, valued at $24,271. The options all vest (i) 50% on the one year anniversary of the grant date and (ii) 50% on a monthly basis over the subsequent two year period. The options have an exercise price of $3.04 per share and expire on the 10 year anniversary of the grant date.

● On July 14, 2025, Onbelay Capital, Inc., an entity controlled by John Bell, a member of our Board, purchased $37,500 in principal of a Series D Note. As of October 31, 2025, principal and interest accrued under the Series D Note is convertible into 5,364 shares of Common Stock.

**MATERIAL U.S. FEDERAL INCOME AND ESTATE TAX CONSEQUENCES FOR HOLDERS OF COMMON STOCK<br>** 

<br> The following are the material U.S. federal income and estate tax consequences of the ownership and disposition of our Common Stock acquired in this offering. This summary is based upon the provisions of the Internal Revenue Code of 1986, as amended, or the Code, Treasury Regulations promulgated thereunder, administrative rulings and judicial decisions, all as of the date hereof. These authorities may be changed or subject to differing interpretations, possibly with retroactive effect, in a manner that may result in U.S. federal income tax consequences different from those set forth below. We have not sought and will not seek any ruling from the Internal Revenue Service, or the IRS, with respect to the statements made and the conclusions reached in the following summary, and there can be no assurance that the IRS or a court will agree with such statements and conclusions.

This summary also does not address the tax considerations arising under the laws of any U.S. state or local or any non-U.S. jurisdiction, gift tax, the 3.8% Medicare tax on net investment income or any alternative minimum tax consequences. In addition, this discussion does not address tax considerations applicable to a holder's particular circumstances or to a holder that may be subject to special tax rules, including, without limitation:

● banks, insurance companies or other financial institutions;

● tax-exempt or government organizations;

● brokers or dealers in securities or currencies;

● persons whose functional currency is not the U.S. dollar;

● persons required for U.S. federal income tax purposes to conform the timing of income accruals to their financial statements under Section 451(b) of the Code;

● traders in securities that elect to use a mark-to-market method of accounting for their securities holdings;

● persons that own, or are deemed to own, more than five percent of our capital stock;

● certain U.S. expatriates, citizens or former long-term residents of the United States;

● persons who hold our Common Stock as a position in a hedging transaction, "straddle," "conversion transaction," synthetic security, other integrated investment, or other risk reduction transaction;

● persons who do not hold our Common Stock as a capital asset within the meaning of Section 1221 of the Code (generally, for investment purposes);

● persons deemed to sell our Common Stock under the constructive sale provisions of the Code;

● pension plans;

● pass-through entities such as partnerships, S corporations, disregarded entities for federal income tax purposes and limited liability companies that are treated as a pass-through entity for U.S. federal income tax purposes (and investors therein);

● integral parts or controlled entities of foreign sovereigns;

● controlled foreign corporations (including "specified foreign corporations");

● tax-qualified retirement plans;

● passive foreign investment companies and corporations that accumulate earnings to avoid U.S. federal income tax; or

● persons that acquire our Common Stock as compensation for services.

For purposes of the discussion below, you are a "U.S. Holder" if for U.S. federal income tax purposes you are a beneficial owner of our Common Stock and are neither an entity or arrangement treated as a partnership for U.S. federal income tax purposes, nor any of:

● an individual who is a citizen or resident of the United States;

● a corporation created or organized under the laws of the United States, any state thereof, or the District of Columbia;

● an estate, the income of which is subject to U.S. federal income tax regardless of its source; or

● a trust that (1) is subject to the primary supervision of a U.S. court and the control of one or more U.S. persons (within the meaning of Section 7701(a)(30) of the Code), or (2) has a valid election in effect to be treated as a U.S. person for U.S. federal income tax purposes.

You are a "Non-U.S. Holder" of our Common Stock if you are neither a U.S. Holder nor an entity or arrangement treated as a partnership for U.S. federal income tax purposes. If you are an entity or arrangement treated as a partnership for U.S. federal income tax purposes, the U.S. federal income tax treatment of a partner will generally depend on the status of the partner and your activities.

You should consult your tax adviser with regard to the application of the U.S. federal tax laws to your particular situation, as well as any tax consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction.

**Tax Consequences to U.S. Holders**

***Distributions on Common Stock***

As discussed above under "*Dividend Policy*," we have never declared or paid, and do not anticipate declaring or paying, in the foreseeable future, any cash dividends on our capital stock. In the event that we do make distributions of cash or other property on our Common Stock, those distributions will constitute dividends for U.S. federal income tax purposes to the extent paid from our current or accumulated earnings and profits, as determined under U.S. federal income tax principles and will be includible in income by the U.S. Holder and taxable as ordinary income when received. If a distribution exceeds our current and accumulated earnings and profits, the excess will be first treated as a tax-free return of the U.S. Holder's investment, up to the U.S. Holder's tax basis in the Common Stock. Any remaining excess will be treated as a capital gain. Subject to applicable limitations, dividends paid to certain non-corporate U.S. Holders may be eligible for taxation as "qualified dividend income" and therefore may be taxable at rates applicable to long-term capital gains. U.S. Holders should consult their tax advisers regarding the availability of the reduced tax rate on dividends in their particular circumstances. Dividends received by a corporate U.S. Holder will be eligible for the dividends-received deduction if the U.S. Holder meets certain holding period and other applicable requirements.

***Sale or Other Disposition of Common Stock***

Subject to the discussion under "—Section 1202 Considerations," below, for U.S. federal income tax purposes, gain or loss realized on the sale or other disposition of Common Stock will be capital gain or loss, and will be long-term capital gain or loss if the U.S. Holder held the Common Stock for more than one year. The amount of the gain or loss will equal the difference between the U.S. Holder's tax basis in the Common Stock disposed of and the amount realized on the disposition. Long-term capital gains recognized by non-corporate U.S. Holders will be subject to reduced tax rates. The deductibility of capital losses is subject to limitations.

***Section 1202 Considerations***

We believe that upon the close of this offering (i) we will be an "eligible corporation" as defined in Section 1202(e)(4) of the Internal Revenue Code of 1986, as amended, or Code, (ii) we will not have made any purchases of our own stock during the one-year period preceding the closing having an aggregate value exceeding 5% of the aggregate value of all our stock as of the beginning of such period and (iii) our aggregate gross assets, as defined by Code Section 1202(d)(2), at no time and through the closing will have exceeded or will exceed $75 million, taking into account the assets of any corporations required to be aggregated with us in accordance with Code Section 1202(d)(3). As such, it is possible that the Common Stock offered hereby would be "qualified small business stock" pursuant to Code Section 1202(c). Certain prospective purchasers may be eligible for an exemption from U.S. federal income tax on capital gains with respect to "qualified small business stock" equal to 50% of gain if the shares are held for more than three years, 75% of gain if the shares are held for more than four years, and 100% of gain if the shares are held for more than five years, up to a maximum gain of the greater of (i) 10x a taxpayer's cost basis in the shares or (ii) $15 million. For such exemption to apply to such purchaser, we will have to meet certain active business tests during substantially all of the prospective purchaser's holding period, which tests may be impacted by our past, current or future operations and our utilization of the proceeds of this offering. We cannot assure that we will meet all or any of such tests during substantially all of a prospective purchaser's holding period. Prospective purchasers should consult their own tax advisors with regard to the applicability or interpretation of Section 1202 of the Code.

**Tax Consequences to Non-U.S. Holders**

***Dividends***

As discussed under the heading "*Dividend Policy*" elsewhere in this prospectus, we have never declared or paid, and do not anticipate declaring or paying, in the foreseeable future, any cash dividends on our capital stock. In the event that we do make distributions of cash or other property on our Common Stock, those distributions will constitute dividends for U.S. federal income tax purposes to the extent paid from our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. To the extent those distributions exceed our current and accumulated earnings and profits, they will constitute a return of capital, which will first reduce your basis in our Common Stock, but not below zero, and then will be treated as gain from the sale of our Common Stock, as described below under "—*Gain on Disposition of Our Common Stock*."

Dividends paid to you generally will be subject to withholding tax at a 30% rate or a reduced rate specified by an applicable income tax treaty. In order to obtain a reduced rate of withholding, you will be required to provide a properly executed applicable Internal Revenue Service ("IRS") Form W-8 certifying your entitlement to benefits under a treaty.

If dividends paid to you are effectively connected with your conduct of a trade or business in the United States (and, if required by an applicable income tax treaty, are attributable to a permanent establishment or fixed base maintained by you in the United States), you will generally be taxed on the dividends in the same manner as a U.S. person. In this case, you will be exempt from the withholding tax discussed in the preceding paragraph, although you will be required to provide a properly executed IRS Form W-8ECI in order to claim an exemption from withholding. You should consult your tax adviser with respect to other U.S. federal income tax consequences of the ownership and disposition of our Common Stock, including the possible imposition of a branch profits tax at a rate of 30% (or a lower treaty rate) if you are a corporation.

***Gain on Disposition of Our Common Stock***

Subject to the discussions below under "—*Information Reporting and Backup Withholding*" and "—*FATCA*," you generally will not be subject to U.S. federal income or withholding tax on gain realized on a sale or other taxable disposition of our Common Stock unless:

● the gain is effectively connected with your conduct of a trade or business in the United States (and, if required by an applicable income tax treaty, is attributable to a permanent establishment or fixed base maintained by you in the United States), or

● we are or have been a "United States real property holding corporation," as defined in the Code, at any time within the five-year period preceding the disposition or your holding period, whichever period is shorter, and our Common Stock has ceased to be regularly traded on an established securities market prior to the beginning of the calendar year in which the sale or disposition occurs

We believe that we are not, and do not anticipate becoming, a United States real property holding corporation.

If you recognize gain on a sale or other disposition of our Common Stock that is effectively connected with your conduct of a trade or business in the United States (and if required by an applicable income tax treaty, is attributable to a permanent establishment or fixed base maintained by you in the United States), you will generally be taxed on such gain in the same manner as a U.S. person. You should consult your tax adviser with respect to other U.S. tax consequences of the ownership and disposition of our Common Stock, including the possible imposition of a branch profits tax at a rate of 30% (or a lower treaty rate) if you are a corporation.

**Information Reporting and Backup Withholding**

Information returns are required to be filed with the IRS in connection with payments of dividends on our Common Stock. Unless you comply with certification procedures to establish that you are not a U.S. person, information returns may also be filed with the IRS in connection with the proceeds from a sale or other disposition of our Common Stock. You may be subject to backup withholding on payments on our Common Stock or on the proceeds from a sale or other disposition of our Common Stock unless you comply with certification procedures to establish that you are not a U.S. person or otherwise establish an exemption. Your provision of a properly executed applicable IRS Form W-8 certifying your non-U.S. status will permit you to avoid backup withholding. Amounts withheld under the backup withholding rules are not additional taxes and may be refunded or credited against your U.S. federal income tax liability, provided the required information is timely furnished to the IRS.

**FATCA**

Provisions of the Code commonly referred to as "FATCA" require withholding of 30% on payments of dividends on our Common Stock, as well as of gross proceeds of dispositions of our Common Stock, to "foreign financial institutions" (which is broadly defined for this purpose and in general includes investment vehicles) and certain other non-U.S. entities unless various U.S. information reporting and due diligence requirements (generally relating to ownership by U.S. persons of interests in or accounts with those entities) have been satisfied, or an exemption applies. An intergovernmental agreement between the United States and an applicable foreign country may modify these requirements. Under proposed regulations, the preamble to which states that taxpayers may rely on the proposed regulations until final regulations are issued, this withholding tax will not apply to the gross proceeds from the sale, exchange, redemption or other taxable disposition of our Common Stock. If FATCA withholding is imposed, a beneficial owner that is not a foreign financial institution generally may obtain a refund of any amounts withheld by filing a U.S. federal income tax return (which may entail significant administrative burden). You should consult your tax adviser regarding the effects of FATCA on your investment in our Common Stock.

**Federal Estate Tax**

Individual Non-U.S. Holders and entities the property of which is potentially includible in such an individual's gross estate for U.S. federal estate tax purposes (for example, a trust funded by such an individual and with respect to which the individual has retained certain interests or powers), should note that, absent an applicable treaty exemption, our Common Stock will be treated as U.S.-situs property subject to U.S. federal estate tax.

**UNDERWRITING**

Konik Capital Partners, LLC, a division of T.R. Winston and Company ("Representative" or "Konik") is acting as the representative of the underwriters of the offering. We have entered into an underwriting agreement with the Representative, dated , 2025, with Konik. Subject to the terms and conditions of the underwriting agreement, we and the selling stockholder, as applicable, have agreed to sell to the underwriter named below and the underwriter named below have agreed to purchase, at the public offering price less the underwriting discounts and commissions set forth on the cover page of this prospectus, the following number of shares of our Common Stock:

---

| | |
|:---|:---|
| **Underwriter** | **Number of Shares** |
| Konik Capital Partners, LLC |  |
| **Total** |  |

---

The underwriters are committed to purchase all the shares of Common Stock offered by us other than those covered by the option to purchase additional shares described below, if they purchase any shares. The obligations of the underwriter may be terminated upon the occurrence of certain events specified in the underwriting agreement. Furthermore, pursuant to the underwriting agreement, the underwriter's obligations are subject to customary conditions, representations and warranties contained in the underwriting agreement, such as receipt by the underwriter of officers' certificates and legal opinions.

We and the selling stockholder have agreed to indemnify the underwriters against specified liabilities, including liabilities under the Securities Act of 1933, as amended, and to contribute to payments the underwriter may be required to make in respect thereof.

The underwriters are offering the Common Stock, subject to prior sale, when, as and if issued to and accepted by them, subject to approval of legal matters by their counsel and other conditions specified in the underwriting agreement. The underwriter reserves the right to withdraw, cancel or modify offers to the public and to reject orders in whole or in part.

The underwriter proposes to offer the Common Stock offered by us to the public at the public offering price set forth on the cover of this prospectus. In addition, the underwriters may offer some of the Common Stock to other securities dealers at such price less a concession of $ per share. After the initial offering, the public offering price and concession to dealers may be changed.

*Discounts and Commissions*. The following table shows the public offering price, underwriting discount, non-accountable underwriter's expense allowance and proceeds, before expenses, to us and the selling stockholder. The information assumes either no exercise or full exercise by the underwriter of its over-allotment option.

---

| | | | |
|:---|:---|:---|:---|
|  | | **Total** | **Total** |
|  |<br>**Per Share** | **Without Over-**<br> **Allotment** | **With Over-**<br> **Allotment** |
| Public offering price | $| $| $|
| Underwriting discount (7%) to be paid by: |  |  |  |
| &nbsp;&nbsp;&nbsp;Us | $| $| $|
| &nbsp;&nbsp;&nbsp;The selling stockholder | $| $| $|
| Proceeds, before expenses, to us | $| $| $|
| Proceeds, before expenses, to the selling stockholder | $| $| $|

---

We have agreed to pay a non-accountable expense allowance to the Representative equal to 1% of the gross proceeds we [and the selling stockholder] received in this offering payable at the closing of the offering. In addition, we have also agreed to pay all expenses relating to the offering, including (1) all filing fees and communication expenses relating to the registration of the shares of Common Stock to be sold in the Offering (including the Over-allotment Shares) with the Commission; (2) all FINRA Public Offering filing fees; (3) all fees and expenses relating to the listing of the securities on an Exchange, (4) all fees, expenses and disbursements relating to the registration, qualification or exemption of the Securities under the securities laws of such foreign jurisdictions as the Company and Representative together determine; (5) the costs of all mailing and printing of the placement documents (including, without limitation, the Underwriting Agreement, and, if appropriate, any agreement among underwriters, selected dealers' agreement, underwriter's questionnaire and power of attorney), registration Statements, prospectuses and all amendments, supplements and exhibits thereto and as many preliminary and final prospectuses as Representative may reasonably deem necessary; (6) the costs of preparing, printing and delivering certificates representing the securities; (7) fees and expenses of the transfer agent for the securities ; (8) stock transfer and/or stamp taxes, if any, payable upon the transfer of Securities from the Company to Representative.

Additionally, we will reimburse Representative for a certain amount of its accountable expenses including actual accountable road show expenses for the offering; the cost associated with the Representative's use of book-building and compliance software for the offering, and reasonable fees of the Representative's counsel up to an amount of $150,000.

We have paid a $10,000 expense advance to the Representative to be credited against the accountable expenses actually incurred by the Representative, which will be returned to us to the extent such out-of-pocket accountable expenses are not actually incurred in accordance with FINRA Rule 5110(g)(4)(A).

We estimate that the total expenses of the offering, excluding underwriting discount and non-accountable expense allowance, will be approximately $. Upon closing, we have also agreed to reimburse $ of the underwriter's expenses relating to the offering, including for road show, diligence, and legal expenses.

**Over-Allotment Option**

We and the selling stockholder have granted the underwriter an over-allotment option. This option, which is exercisable for up to 45 days after the date of this prospectus, permits the underwriter to purchase additional shares of Common Stock, representing 15% of the Common Stock sold in the offering, solely to cover over-allotments, if any. If the underwriter exercises all or part of this option, they will purchase shares of Common Stock covered by the option at the public offering price that appears on the cover page of this prospectus, less the underwriting discount.

**Lock-Up Agreements**

We and all of our directors and executive officers and holders of five percent (5%) (except for the shares being specifically sold on behalf of the selling stockholder in this offering) or more of the issued and outstanding Common Stock post-offering, have agreed that, for a period of one hundred eighty (180) days, respectively, after the date of the offering, subject to certain limited exceptions, not to directly or indirectly, without the prior written consent of the Representative, (a) offer, sell, or otherwise transfer or dispose of, directly or indirectly, any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company; or (b) file or caused to be filed any registration statement with the Commission relating to the offering of any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company.

The prior sentence will not apply to (i) the shares to be sold pursuant to the Underwriting Agreement, (ii) any shares of Common Stock issued upon the exercise of an option or other security outstanding on the date of the Offering, (iii) such issuances of options or grants of restricted stock or other equity-based awards under the Company's amended and restated 2021 Omnibus Equity Incentive Plan and the issuance of shares issuable upon exercise of any such equity-based awards, (iv) the filing of registration statements on Form S-8, (v) the issuance of securities to affiliates and subsidiaries of the Company, and, (vi) the issuance of securities in connection with mergers, acquisitions, joint ventures, licensing arrangements or any other similar non-capital raising transactions.

The Representative, in its sole discretion, may release the Common Stock and other securities subject to the lock-up agreements described above in whole or in part at any time. When determining whether or not to release Common Stock and other securities from lock-up agreements, the Representative will consider, among other factors, the holder's reasons for requesting the release, the number of shares of Common Stock and other securities for which the release is being requested and market conditions at the time.

**Underwriter Warrants**

We have agreed to issue to the Representative or its designees warrants to purchase up to a total of 7% of the shares of Common Stock sold in this offering (including the shares sold through the exercise of the over-allotment option). Such warrants and underlying shares of Common Stock are included in this prospectus. The warrants are exercisable at $ per share (100% of the public offering price per ordinary share) commencing on a date which is six (6) months from the commencement of sales of the offering under this prospectus and expiring on a date which is no more than five (5) years from the commencement of sales of the offering in compliance with FINRA Rule 5110. The warrants have been deemed compensation by FINRA and are therefore subject to a 6-month lock-up pursuant to Rule 5110 of FINRA. The underwriter (or its permitted assignees under the Rule) will not sell, transfer, assign, pledge, or hypothecate these warrants or the shares of Common Stock underlying these warrants, nor will it engage in any hedging, short sale, derivative, put, or call transaction that would result in the effective economic disposition of the warrants or the underlying securities for a period of 180 days from the commencement of sales of the offering. The warrants may be exercised as to all, or a lesser number of shares of Common Stock and will provide for cashless exercise for the underlying shares. Such warrants will provide for registration rights upon request, in certain cases. The sole demand registration right provided will not be greater than five years from the commencement of sales of the public offering in compliance with FINRA Rule 5110(g)(8)(C). The piggyback registration rights provided will not be greater than seven years from the commencement of sales of the public offering in compliance with FINRA Rule 5110(g)(8)(D). The warrants will have anti-dilution terms that are consistent with FINRA Rule 5110(g)(8)(E) and (F). We will bear all fees and expenses attendant to registering the securities issuable on exercise of the warrants other than underwriting commissions incurred and payable by the holders. The exercise price and number of shares issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a stock dividend, extraordinary cash dividend or our recapitalization, reorganization, merger or consolidation. However, the warrant exercise price or underlying shares will not be adjusted for issuances of shares of Common Stock at a price below the warrant exercise price.

**Tail Financing**

We have agreed to pay the above cash compensation with respect to any public or private offering or other financing or capital raising transaction of kind to the extent that such financing or capital is provided to the Company by investors whom the Representative introduced to us during the term of our engagement agreement with the underwriter during the 12-month period following expiration or termination of our engagement letter with the Representative.

**Right of First Refusal** 

We have granted the Representative the right to act as sole book-running manager, sole underwriter or sole placement agent, for any of our future public and private equity and debt offerings, including all equity linked financings and debt securities using an underwriter or placement agent, during the twelve (12) month period following the completion of this initial public offering, if and when completed.

**Securities Issuance Standstill**

We have agreed, subject to certain exceptions, for a period of months after the closing date of this offering, that we will not, without the prior written consent of the underwriter, offer, sell, issue, enter into any agreement to issue or announce the issuance or proposed issuance of any Common Stock, shares or share equivalents.

**Stabilization**

● Short positions involve sales by the underwriter of shares in excess of the number of shares the underwriters are obligated to purchase, which creates a syndicate short position. The short position may be either a covered short position or a naked short position. In a covered short position, the number of shares involved in the sales made by the underwriters in excess of the number of shares they are obligated to purchase is not greater than the number of shares that they may purchase by exercising their option to purchase additional shares. In a naked short position, the number of shares involved is greater than the number of shares in their option to purchase additional shares. The underwriter may close out any short position by either exercising its option to purchase additional shares or purchasing shares in the open market.

● Stabilizing transactions permit bids to purchase the underlying security as long as the stabilizing bids do not exceed a specific maximum price.

● Syndicate covering transactions involve purchases of our Common Stock in the open market after the distribution has been completed to cover syndicate short positions. In determining the source of shares to close out the short position, the underwriter will consider, among other things, the price of shares available for purchase in the open market as compared to the price at which they may purchase shares through the underwriter's option to purchase additional shares. If the underwriter sells more shares than could be covered by the underwriter's option to purchase additional shares, thereby creating a naked short position, the position can only be closed out by buying shares in the open market. A naked short position is more likely to be created if the underwriters are concerned that there could be downward pressure on the price of the shares in the open market after pricing that could adversely affect investors who purchase in the offering.

● Penalty bids permit the underwriter to reclaim a selling concession from a syndicate member when the Common Stock originally sold by the syndicate member is purchased in a stabilizing or syndicate covering transaction to cover syndicate short positions.

● In passive market making, market makers in our Common Stock who are underwriters or prospective underwriters may, subject to limitations, make bids for or purchase shares of our Common Stock until the time, if any, at which a stabilizing bid is made.

These activities may have the effect of raising or maintaining the market price of our Common Stock or preventing or retarding a decline in the market price of our Common Stock. As a result of these activities, the price of our Common Stock may be higher than the price that might otherwise exist in the open market. These transactions may be effected on the or otherwise and, if commenced, may be discontinued at any time.

Neither we nor the underwriter make any representation or prediction as to the direction or magnitude of any effect that the transactions described above may have on the price of our Common Stock. In addition, neither we nor the underwriter make any representation that the underwriter will engage in these stabilizing transactions or that any transaction, once commenced, will not be discontinued without notice.

**Offering Price Determination**

The public offering price was negotiated between the underwriter, selling stockholder, and us. In determining the public offering price of our Common Stock, the underwriter considered:

● the
 history and prospects for the industry in which we compete;

● our
 financial information;

● the
 ability of our management and our business potential and earning prospects;

● the
 prevailing securities markets at the time of this offering; and

● the
 recent market prices of, and the demand for, publicly traded shares of generally comparable companies, as well as the recent market
 price of our Common Stock.

**Indemnification**

We have agreed to indemnify the Representative, its affiliates and each person controlling the Representative against any losses, claims, damages, judgments, assessments, costs, and other liabilities, as the same are incurred (including the reasonable fees and expenses of counsel), relating to or arising out of the offering, undertaken in good faith.

**Discretionary Accounts**

The underwriter has informed us that they do not expect to make sales to accounts over which they exercise discretionary authority in excess of 5% of the shares of our Common Stock being offered in this offering.

**Passive Market Making**

In connection with this offering, underwriter, and selling group members may engage in passive market making transactions in our securities on the Nasdaq Stock Market in accordance with Rule 103 of Regulation M under the Exchange Act, during a period before the commencement of offers or sales of the shares and extending through the completion of the distribution. A passive market maker must display its bid at a price not in excess of the highest independent bid of that security. However, if all independent bids are lowered below the passive market maker's bid, then that bid must then be lowered when specified purchase limits are exceeded.

**Other Relationships**

Konik may in the future provide us and our affiliates with investment banking and financial advisory services for which Konik may in the future receive customary fees. Konik may release, or authorize us to release, as the case may be, the Common Stock and other securities subject to the lock-up agreements described above in whole or in part at any time with or without notice.

**Offer restrictions outside the United States**

Other than in the United States, no action has been taken by us or the underwriter that would permit a public offering of the securities offered by this prospectus in any jurisdiction where action for that purpose is required. The securities offered by this prospectus may not be offered or sold, directly or indirectly, nor may this prospectus or any other offering material or advertisements in connection with the offer and sale of any such securities be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons who come into possession of this prospectus are advised to inform themselves about and to observe any restrictions relating to the offering and the distribution of this prospectus. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.

**Electronic Distribution**

A prospectus in electronic format may be made available on the websites maintained by the underwriter or selling group members, if any, participating in the offering. The underwriter may allocate a number of shares to the underwriter and selling group members, if any, for sale to their online brokerage account holders. Any such allocations for online distributions will be made by the underwriter on the same basis as other allocations.

**Listing**

We intend to apply to list our Common Stock on the NYSE American under the symbol "EOHC". No assurance can be given that our application will be approved. The offering of our Common Stock pursuant to this Registration Statement is contingent upon the approval of the application for the listing of our Common Stock on the NYSE American. If NYSE American does not approve the application for the listing of our Common Stock, we will not proceed with this offering.

**Transfer Agent and Registrar**

We will retain a transfer agent and registrar for our Common Stock prior to the effectiveness of this Registration Statement.

**SELLING RESTRICTIONS**

Other than in the United States, no action has been taken by us or the underwriters that would permit a public offering of the securities offered by this prospectus in any jurisdiction where action for that purpose is required. The securities offered by this prospectus may not be offered or sold, directly or indirectly, nor may this prospectus or any other offering material or advertisements in connection with the offer and sale of any such securities be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus comes are advised to inform themselves about and to observe any restrictions relating to the offering and the distribution of this prospectus. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.

***European Economic Area***

In relation to each member state of the European Economic Area that has implemented the Prospectus Directive (each, a relevant member state), with effect from and including the date on which the Prospectus Directive is implemented in that relevant member state (the relevant implementation date), an offer of securities described in this prospectus may not be made to the public in that relevant member state other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● to any legal entity which is a qualified investor as defined in the Prospectus Directive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● to fewer than 100 or, if the relevant member state has implemented the relevant provision of the 2010 PD Amending Directive, 150 natural or legal persons (other than qualified investors as defined in the Prospectus Directive), as permitted under the Prospectus Directive, subject to obtaining the prior consent of the relevant Dealer or Dealers nominated by us for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● in any other circumstances falling within Article 3(2) of the Prospectus Directive, provided that no such offer of securities shall require us or any underwriter to publish a prospectus pursuant to Article 3 of the Prospectus Directive.

For purposes of this provision, the expression an "offer of securities to the public" in any relevant member state means the communication in any form and by any means of sufficient information on the terms of the offer and the securities to be offered so as to enable an investor to decide to purchase or subscribe for the securities, as the expression may be varied in that member state by any measure implementing the Prospectus Directive in that member state, and the expression "Prospectus Directive" means Directive 2003/71/EC (and amendments thereto, including the 2010 PD Amending Directive, to the extent implemented in the relevant member state) and includes any relevant implementing measure in the relevant member state. The expression 2010 PD Amending Directive means Directive 2010/73/EU.

The sellers of the securities have not authorized and do not authorize the making of any offer of securities through any financial intermediary on their behalf, other than offers made by the underwriters with a view to the final placement of the securities as contemplated in this prospectus. Accordingly, no purchaser of the securities, other than the underwriters, is authorized to make any further offer of the securities on behalf of the sellers or the underwriters.

***United Kingdom***

This prospectus is only being distributed to, and is only directed at, persons in the United Kingdom that are qualified investors within the meaning of Article 2(1)(e) of the Prospectus Directive that are also (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (ii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (each such person being referred to as a "relevant person"). This prospectus and its contents are confidential and should not be distributed, published or reproduced (in whole or in part) or disclosed by recipients to any other persons in the United Kingdom. Any person in the United Kingdom that is not a relevant person should not act or rely on this document or any of its contents.

***Switzerland***

The securities may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange (the "SIX") or on any other stock exchange or regulated trading facility in Switzerland. This document does not constitute a prospectus within the meaning of and has been prepared without regard to the disclosure standards for issuance prospectuses under art. 652a or art. 1156 of the Swiss Code of Obligations or the disclosure standards for listing prospectuses under art. 27 ff. of the SIX Listing Rules or the listing rules of any other stock exchange or regulated trading facility in Switzerland. Neither this document nor any other offering or marketing material relating to the securities or the offering may be publicly distributed or otherwise made publicly available in Switzerland.

Neither this document nor any other offering or marketing material relating to the offering, the Company, the securities have been or will be filed with or approved by any Swiss regulatory authority. In particular, this document will not be filed with, and the offer of securities will not be supervised by, the Swiss Financial Market Supervisory Authority FINMA (the "FINMA"), and the offer of securities has not been and will not be authorized under the Swiss Federal Act on Collective Investment Schemes (the "CISA"). The investor protection afforded to acquirers of interests in collective investment schemes under the CISA does not extend to acquirers of securities.

***Canada***

The securities may be sold only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106 Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. Any resale of the securities must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws.

Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory for particulars of these rights or consult with a legal advisor.

***Israel***

The securities offered by this prospectus have not been approved or disapproved by the Israeli Securities Authority (the "ISA"), nor have such securities been registered for sale in Israel. The securities may not be offered or sold, directly or indirectly, to the public in Israel, absent the publication of a prospectus. The ISA has not issued permits, approvals or licenses in connection with the offering or publishing the prospectus; nor has it authenticated the details included herein, confirmed their reliability or completeness, or rendered an opinion as to the quality of the securities being offered. Any resale in Israel, directly or indirectly, to the public of the securities offered by this prospectus is subject to restrictions on transferability and must be effected only in compliance with the Israeli securities laws and regulations.

***United Arab Emirates***

Neither this document nor the securities have been approved, disapproved or passed on in any way by the Central Bank of the United Arab Emirates or any other governmental authority in the United Arab Emirates, nor has the Company received authorization or licensing from the Central Bank of the United Arab Emirates or any other governmental authority in the United Arab Emirates to market or sell the securities within the United Arab Emirates. This document does not constitute and may not be used for the purpose of an offer or invitation. No services relating to the securities, including the receipt of applications and/or the allotment or redemption of such securities, may be rendered within the United Arab Emirates by the Company.

No offer or invitation to subscribe for securities is valid or permitted in the Dubai International Financial Centre.

***Singapore***

This prospectus has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of our securities may not be circulated or distributed, nor may the securities be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor (as defined under Section 4A of the Securities and Futures Act, Chapter 289 of Singapore (the "SFA")) pursuant to Section 274 of the SFA, (ii) to a relevant person (as defined in Section 275(2) of the SFA) pursuant to Section 275(1) of the SFA, or any person pursuant to Section 275(1A), and in accordance with the conditions specified in Section 275 of the SFA or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA, in each case subject to conditions set forth in the SFA.

Where our securities are subscribed or purchased under Section 275 by a relevant person which is a corporation (which is not an accredited investor as defined in Section 4A of the SFA) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor, the securities or securities-based derivatives contracts (each as defined in Section 2(1) of the SFA) of that corporation shall not be transferable for six months after that corporation has acquired our securities under Section 275 except: (a) to an institutional investor under Section 274 of the SFA or to a relevant person, (b) where such transfer arises from an offer in that corporation's securities pursuant to Section 275(1A) of the SFA, and in accordance with the conditions, specified in Section 275 of the SFA; (c) where no consideration is or will be given for the transfer; (d) where such transfer is by operation of law; or (e) as specified in Section 276(7) of the SFA.

Where the securities are subscribed or purchased under Section 275 of the SFA by a relevant person which is a trust (where the trustee is not an accredited investor (as defined in Section 4A of the SFA)) whose sole purpose is to hold investments and each beneficiary of the trust is an accredited investor, the beneficiaries' rights and interest (howsoever described) in that trust shall not be transferable for six months after that trust has acquired the securities under Section 275 of the SFA except: (1) to an institutional investor under Section 274 of the SFA or to a relevant person, (2) where such transfer arises from an offer that is made on terms that such rights or interest are acquired at a consideration of not less than S$200,000 (or its equivalent in a foreign currency) for each transaction (whether such amount is to be paid for in cash or by exchange of securities or other assets), (3) where no consideration is or will be given for the transfer, (4) where the transfer is by operation of law, or (5) as specified in Section 276(7) of the SFA.

***Hong Kong***

Our securities may not be offered or sold by means of any document other than (i) in circumstances which do not constitute an offer to the public within the meaning of the Companies Ordinance (Cap.32, Laws of Hong Kong), (ii) to "professional investors" within the meaning of the Securities and Futures Ordinance (Cap.571, Laws of Hong Kong) and any rules made thereunder or (iii) in other circumstances which do not result in the document being a "prospectus" within the meaning of the Companies Ordinance (Cap.32, Laws of Hong Kong), and no advertisement, invitation or document relating to the securities may be issued or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere), which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the laws of Hong Kong) other than with respect to the securities which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" within the meaning of the Securities and Futures Ordinance (Cap.571, Laws of Hong Kong) and any rules made thereunder.

***Australia***

This prospectus is not a disclosure document under Chapter 6D of the Australian Corporations Act, has not been lodged with the Australian Securities and Investments Commission and does not purport to include the information required of a disclosure document under Chapter 6D of the Australian Corporations Act. Accordingly, (i) the offer of the securities under this prospectus is only made to persons to whom it is lawful to offer the securities without disclosure under Chapter 6D of the Australian Corporations Act under one or more exemptions set out in section 708 of the Australian Corporations Act, (ii) this prospectus is made available in Australia only to those persons as set forth in clause (i) above, and (iii) the offeree must be sent a notice stating in substance that by accepting this offer, the offeree represents that the offeree is such a person as set forth in clause (i) above, and, unless permitted under the Australian Corporations Act, agrees not to sell or offer for sale within Australia any of the securities sold to the offeree within 12 months after its transfer to the offeree under this prospectus.

***Japan***

The securities have not been and will not be registered under Article 4, paragraph 1 of the Financial Instruments and Exchange Law of Japan (Law No. 25 of 1948), as amended (the "FIEL"), pursuant to an exemption from the registration requirements applicable to a private placement of securities to Qualified Institutional Investors (as defined in and in accordance with Article 2, paragraph 3 of the FIEL and the regulations promulgated thereunder). Accordingly, the securities may not be offered or sold, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan other than Qualified Institutional Investors. Any Qualified Institutional Investor who acquires securities may not resell them to any person in Japan that is not a Qualified Institutional Investor, and acquisition by any such person of securities is conditional upon the execution of an agreement to that effect.

***People's Republic of China***

The information in this document does not constitute a public offer of the securities, whether by way of sale or subscription, in the People's Republic of China (excluding, for purposes of this paragraph, Hong Kong Special Administrative Region, Macau Special Administrative Region and Taiwan). The securities may not be offered or sold directly or indirectly in the PRC to legal or natural persons other than directly to "qualified domestic institutional investors."

**SHARES ELIGIBLE FOR FUTURE SALE**

Prior to this offering, there has been no public market for our Common Stock. Future sales of substantial amounts of our Common Stock in the public market could adversely affect market prices prevailing from time to time. Furthermore, because only a limited number of shares of Common Stock will be available for sale shortly after this offering due to existing contractual and legal restrictions on resale as described below, there may be sales of substantial amounts of our Common Stock in the public market after the restrictions lapse. This may adversely affect the prevailing market price and our ability to raise equity capital in the future.

Upon completion of this offering by us and the selling stockholder, we will have 8,282,037 shares of Common Stock outstanding (or 8,698,704 shares of Common Stock if the underwriters exercise their option to purchase additional shares in full). All shares sold in this offering will be freely transferable without restriction or registration under the Securities Act, except for any shares purchased by one of our "affiliates," as that term is defined in Rule 144 under the Securities Act. Except for the shares being sold by the selling stockholder hereunder, the remaining outstanding shares will be "restricted securities" as defined in Rule 144. Restricted securities may be sold in the public market only if registered or if they qualify for an exemption from registration under Rule 144 or 701 of the Securities Act. After the expiration of the contractual lock-up period described below, to the extent applicable, these shares may be sold in the public market only if registered or pursuant to an exemption under Rule 144 or 701, each of which is summarized below.

**Rule 144**

In general, a person who has beneficially owned shares of Common Stock that are restricted securities for at least six (6) months would be entitled to sell such shares, *provided* that (i) such person is not deemed to have been one of our affiliates at the time of, or at any time during the ninety (90) days preceding, the sale and (ii) we are subject to, and in compliance with certain of, the Exchange Act periodic reporting requirements for at least ninety (90) days before the sale, but this clause (ii) will not apply to the sale if such person has beneficially owned such shares for at least one year. Persons who have beneficially owned shares of Common Stock that are restricted securities for at least six (6) months but who are our affiliates at the time of, or any time during the ninety (90) days preceding, a sale, would be subject to additional restrictions, by which such person would be entitled to sell within any three-month period only a number of shares of Common Stock that does not exceed the greater of either of the following:

● 1% of the number of
 shares of Common Stock then outstanding; or

● the
 average weekly trading volume of shares of Common Stock on the NYSE American during the four calendar weeks preceding the
 filing of a notice on Form 144 with respect to the sale;

*provided*, in each case, that we are subject to, and in compliance with certain of, the Exchange Act periodic reporting requirements for at least ninety (90) days before the sale. Such sales must also comply with the manner of sale and notice provisions of Rule 144 to the extent applicable.

**Rule 701**

In general, under Rule 701, any of our employees, directors, officers, consultants, or advisors who purchases shares from us in connection with a compensatory stock or option plan or other written agreement before the effective date of this offering is entitled to resell such shares ninety (90) days after the effective date of this offering in reliance on Rule 144, without having to comply with the holding period requirements or other restrictions contained in Rule 701.

The SEC has indicated that Rule 701 will apply to typical stock options granted by an issuer before it becomes subject to the reporting requirements of the Exchange Act, along with the shares acquired upon exercise of such options, including exercises after the date of this prospectus. Securities issued in reliance on Rule 701 are restricted securities and, subject to the contractual restrictions described below, beginning 90 days after the date of this prospectus, may be sold by persons other than "affiliates," as defined in Rule 144, subject only to the manner of sale provisions of Rule 144 and by "affiliates" under Rule 144 without compliance with the minimum holding period requirement.

**Equity incentive plan**

We intend to file one or more registration statements on Form S-8 under the Securities Act to register all shares of Common Stock issued or issuable pursuant to the exercise of outstanding options or vesting of outstanding restricted stock units and reserved for issuance under our stock-based compensation plans, of which only our 2025 Omnibus Incentive Compensation Plan is currently in existence. We expect to file the registration statement or statements, which will become effective immediately upon filing, upon or shortly after the date of this prospectus. Shares covered by these registration statements will then be eligible for sale in the public markets, subject to vesting restrictions and any applicable holding periods, any applicable lock-up agreements described below, and Rule 144 limitations applicable to affiliates.

**Lock-up agreements**

Except for shares being offered by the selling stockholder pursuant to this Prospectus, we and all of our directors and executive officers and greater than five percent (5%) holders of our outstanding Common Stock post-offering have agreed that, for a period of one hundred eighty (180) days, respectively, after the date of the offering, subject to certain limited exceptions, not to directly or indirectly, without the prior written consent of the Representative, (a) offer, sell, or otherwise transfer or dispose of, directly or indirectly, any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company; or (b) file or caused to be filed any registration statement with the Commission relating to the offering of any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company.

The prior sentence will not apply to (i) the shares to be sold pursuant to the Underwriting Agreement, (ii) any shares of Common Stock issued upon the exercise of an option or other security outstanding on the date of the Offering, (iii) such issuances of options or grants of restricted stock or other equity-based awards under the Company's amended and restated 2021 Omnibus Equity Incentive Plan and the issuance of shares issuable upon exercise of any such equity-based awards, (iv) the filing of registration statements on Form S-8, (v) the issuance of securities to affiliates and subsidiaries of the Company, and, (vi) the issuance of securities in connection with mergers, acquisitions, joint ventures, licensing arrangements or any other similar non-capital raising transactions.

The Representative, in its sole discretion, may release the Common Stock and other securities subject to the lock-up agreements described above in whole or in part at any time. When determining whether or not to release Common Stock and other securities from lock-up agreements, the Representative will consider, among other factors, the holder's reasons for requesting the release, the number of shares of Common Stock and other securities for which the release is being requested and market conditions at the time.

**Registration rights**

Upon completion of the offering, (i) the holder of 137,500 of our Common Stock Purchase Warrants (the tranche expiring on December 31, 2026) has limited piggyback registration rights with respect to such warrant. Further, underwriters will have piggy back registration rights with respect to the Underwriter Warrants to be issued pursuant to this offering. Registration of these shares under the Securities Act would enable the holders to sell these shares without restriction under the Securities Act upon the effectiveness of the registration statement.

**Regulation S**

Regulation S under the Securities Act provides that securities owned by any person may be sold without registration in the United States, provided that the sale is effected in an "offshore transaction" and no "directed selling efforts" are made in the United States (as these terms are defined in Regulation S) and subject to certain other conditions. In general, this means that our Common Stock may be sold in some manner outside the United States without requiring registration in the United States.

**LEGAL MATTERS**

Certain legal matters concerning this offering will be passed upon for us by Silvestre Law Group, P.C. Certain legal matters related to the offering will be passed upon for the underwriter by Lucosky Brookman LLP, Woodbridge, New Jersey.

**Interests of named experts and counsel**

Silvestre Law Group, P.C. or its various principals and/or affiliates own a Series D Note in principal of $50,000, issued on January 1, 2025. Except for such Series D Note, Silvestre Law Group, P.C., nor its various principals and affiliates do not own any other securities of the Company.

**EXPERTS**

The consolidated financial statements of Edison Oncology Holding Corp. at December 31, 2024 and 2023, and for the years then ended, included in this registration statement, which is referred to and made a part this Registration Statement on Form S-1, have been audited by BCRG Group, independent registered public accounting firm, as set forth in their report appearing elsewhere herein, and are included in reliance upon such report given on the authority of such firm as experts in accounting and auditing.

**WHERE YOU CAN FIND MORE INFORMATION**

We have filed with the SEC a registration statement on Form S-1 under the Securities Act with respect to the Common Stock offered hereby. This prospectus does not contain all of the information set forth in the registration statement and the exhibits and schedules thereto. For further information with respect to the Company and its Common Stock, reference is made to the registration statement and the exhibits and any schedules filed therewith. Statements contained in this prospectus as to the contents of any contract or other document referred to are not necessarily complete and in each instance, if such contract or document is filed as an exhibit, reference is made to the copy of such contract or other document filed as an exhibit to the registration statement, each statement being qualified in all respects by such reference. The SEC maintains an Internet site at www.sec.gov that contains reports, proxy and information statements we file electronically with the SEC.

We will file annual, quarterly and other reports, proxy statements and other information with the SEC. You may read and copy any document we file at the public reference facilities of the SEC at 100 F Street, NE, Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information on the operation of the public reference rooms. Our SEC filings are also available to the public at the SEC's web site at http://www.sec.gov and at our website at http://www.edisononcology.com. We will furnish our stockholders with annual reports containing audited financial statements.

**INDEX TO FINANCIAL STATEMENTS**

**EDISON ONCOLOGY HOLDING CORP.**

**CONSOLIDATED FINANCIAL STATEMENTS**

**DECEMBER 31, 2024 and 2023** 

<u>**TABLE OF CONTENTS**</u>

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| | |
|:---|:---|
|  | **Page** |
| [Report of Independent Registered Public Accounting Firm](#fin01_01) (Firm ID: 7158) | F-2 |
| [Consolidated Balance Sheets](#fin01_02) | F-3 |
| [Consolidated Statements of Operations](#fin01_03) | F-4 |
| [Consolidated Statements of Stockholders' Equity](#fin01_04) | F-5 |
| [Consolidated Statements of Cash Flows](#fin01_05) | F-6 |
| [Notes to Consolidated Financial Statements](#fin01_06) | F-7 |

---

**EDISON ONCOLOGY HOLDING CORP.**

**CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**SEPTEMBER 30, 2025 and 2024**

---

| | |
|:---|:---|
|  | **Page** |
| [Condensed Consolidated Balance Sheets](#fin02_001) | F-29 |
| [Condensed Consolidated Statements of Operations](#fin02_002) | F-30 |
| [Condensed Consolidated Statements of Stockholders' Equity](#fin02_003) | F-31 |
| [Condensed Consolidated Statements of Cash Flows](#fin02_004) | F-32 |
| [Notes to Condensed Consolidated Financial Statements](#fin02_005) | F-33 |

---

![](audit_001.jpg)

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Directors and Stockholders of Edison Oncology Holding Corp.

***Opinion on the Financial Statements***

We have audited the accompanying balance sheet of Edison Oncology Holding Corp. (the "Company") as of December 31, 2024 and 2023 the related statement of operations, stockholders' equity (deficit), and cash flows for the years ended December 31, 2024 and 2023 the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for the years ended December 31, 2024 and 2023, in conformity with accounting principles generally accepted in the United States.

***Substantial Doubt about the Company's Ability to Continue as a Going Concern***

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the consolidated financial statements, the Company's significant operating losses raise substantial doubt about its ability to continue as a going concern. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

***Basis for Opinion***

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

***Emphasis of Matter — Reverse Stock Split***

As discussed in Note 13 to the financial statements, the Company has received stockholder approval for the Board to effect a reverse stock split of the Company's common stock at a ratio of not less than 1-for-1.2 and not greater than 1-for-5, at the discretion of the Board of Directors. Accordingly, all share and per-share amounts contained in the financial statements have been retroactively adjusted to reflect a ratio of 1-for-2 for the reverse stock split. Our opinion is not modified with respect to this matter.

***Critical Audit Matters***

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing separate opinions on the critical audit matter or on the accounts or disclosures to which it relates. The Company did not have any critical audit matters.

**/s/ BCRG Group**

BCRG Group (PCAOB ID 7158)

We have served as the Company's auditor since 2024.

Irvine, CA

June 18, 2025, except for the reverse stock split discussed in Note 13, as to which the date is September 30, 2025

**EDISON ONCOLOGY HOLDING CORP.**

**CONSOLIDATED BALANCE SHEETS**

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2023** |
| **ASSETS** |  |  |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $544170 | $96440 |
| &nbsp;&nbsp;&nbsp;Accounts receivable | 526374 | 448587 |
| &nbsp;&nbsp;&nbsp;Loan agreement with Senz | 20489 | 19801 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 78778 | 33408 |
| Total current assets | 1169811 | 598236 |
| Intangible assets | 1981032 | 1981032 |
| Equity method investment | 3203354 | 1546934 |
| Total assets | $6354197 | $4126202 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $1341096 | $1283376 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 710924 | 146030 |
| &nbsp;&nbsp;&nbsp;Accounts payable - related party | 73852 | 26404 |
| &nbsp;&nbsp;&nbsp;Accrued interest | 713734 | 435185 |
| &nbsp;&nbsp;&nbsp;Accrued interest - related party | 21883 | 10243 |
| &nbsp;&nbsp;&nbsp;Loans payable - related party | 10000 | 10000 |
| &nbsp;&nbsp;&nbsp;Convertible notes payable - current, net | 3012785 | 2698407 |
| &nbsp;&nbsp;&nbsp;Convertible notes payable - related party | 87000 | 87000 |
| &nbsp;&nbsp;&nbsp;Derivative liability | 1127590 | 653628 |
| &nbsp;&nbsp;&nbsp;Deferred tax liability | 386219 | 85175 |
| Total current liabilities | 7485083 | 5435448 |
| Convertible notes payable - non-current, net | 1295353 |  |
| Total liabilities | 8780436 | 5435448 |
| Commitments and Contingencies (Note 9) |  |  |
| Stockholders' deficit |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Stock, par value $0.0001, 50,000,000 shares authorized; zero shares issued and outstanding |  |  |
| &nbsp;&nbsp;&nbsp;Common stock, par value $0.0001, 200,000,000 shares authorized; 3,984,357 shares issued and outstanding as of December 31, 2024 and 2023 | 398 | 398 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 4416898 | 4359684 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (6843535) | (5669328) |
| Total stockholders' deficit | (2426239) | (1309246) |
| Total liabilities and stockholders' deficit | $6354197 | $4126202 |

---

The accompanying notes are an integral part of these consolidated financial statements.

**EDISON ONCOLOGY HOLDING CORP.**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | **2024** | **2023** |
| R&D revenue | $377186 | $481926 |
| &nbsp;&nbsp;&nbsp;Total revenue | 377186 | 481926 |
| General and administrative expenses | 1273955 | 1459773 |
| Research and development | 971104 | 842704 |
| Research and development – related party | 126000 | 152000 |
| &nbsp;&nbsp;&nbsp;Loss from operations | $(1993873) | $(1972551) |
| Other (expense) income |  |  |
| &nbsp;&nbsp;&nbsp;Interest (expense) income | (302018) | (234931) |
| &nbsp;&nbsp;&nbsp;Amortization of debt discount | (222700) | (336461) |
| &nbsp;&nbsp;&nbsp;Change in fair value of derivative liability | (10992) | 46064 |
| &nbsp;&nbsp;&nbsp;Change in fair value of equity method investment | 1656420 | (1671913) |
|  | 1120710 | (2197241) |
| Loss income before provision for income taxes | (873163) | (4169792) |
| Provision for income taxes | (301044) | 66931 |
| Net loss | $(1174207) | $(4102861) |
| Basic and diluted loss per share | $(0.30) | $(1.03) |
| Basic and diluted weighted average number of shares | 3984357 | 3984357 |

---

The accompanying notes are an integral part of these consolidated financial statements.

**EDISON ONCOLOGY HOLDING CORP.**

**STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | | | |
|  | **Shares** | **Amount** | **Additional**<br>**Paid-in**<br>**Capital** | **Accumulated**<br>**Equity**<br>**(Deficit)** | **Total Stockholders'**<br>**Equity**<br>**(Deficit)** |
| **Balance at December 31, 2022** | 3974357 | $397 | $4222273 | $(1566467) | $2656203 |
| &nbsp;&nbsp;&nbsp;Shares of common stock issued for services | 10000 | $1 | 22979 |  | 22980 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation expense |  |  | 114432 |  | 114432 |
| &nbsp;&nbsp;&nbsp;Net loss | - | - | - | (4102861) | (4102861) |
| **Balance at December 31, 2023** | 3984357 | $398 | $4359684 | $(5669328) | $(1309246) |
| &nbsp;&nbsp;&nbsp;Stock- based compensation expense |  |  | 57214 |  | 57214 |
| &nbsp;&nbsp;&nbsp;Net loss | - | - | - | (1174207) | (1174207) |
| **Balance at December 31, 2024** | 3984357 | $398 | $4416898 | $(6843535) | $(2426239) |

---

The accompanying notes are an integral part of these consolidated financial statements.

**EDISON ONCOLOGY HOLDING CORP.**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | **2024** | **2023** |
| **CASH FLOWS FROM OPERATING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Net loss for the year | $(1174207) | $(4102861) |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt discount | 222700 | 336461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 57214 | 114432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of derivative liability | 10992 | (46064) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of equity method investment | (1656420) | 1671913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued for services and placement agents |  | 22980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | (45370) | 35738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (77787) | 95074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 405169 | 671183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 564894 | (44592) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued interest | 290189 | 228615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan agreement with Senz | (688) | 139529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liability | 301044 | (70131) |
| &nbsp;&nbsp;&nbsp;Net cash used in operating activities | (1102270) | (947723) |
| **CASH FLOWS FROM FINANCING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from convertible notes payable | 1550000 | 200000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 1550000 | 200000 |
| **INCREASE (DECREASE) IN CASH** | 447730 | (747723) |
| &nbsp;&nbsp;&nbsp;Cash - Beginning of year | 96440 | 844163 |
| &nbsp;&nbsp;&nbsp;Cash - End of year | $544170 | $96440 |
| **SUPPLEMENTAL CASH FLOW INFORMATION:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash paid for interest | $12516 | $10787 |
| **Non-cash investing and financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible notes payable issued to reduce accounts payable | $300000 | $- |

---

The accompanying notes are an integral part of these consolidated financial statements.

**EDISON ONCOLOGY HOLDING CORP.**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENT**

**FOR THE YEARS ENDED DECEMBER 31, 2024 and 2023** 

**NOTE 1 – NATURE OF THE ORGANIZATION AND BUSINESS**

***Corporate History***

Edison Oncology Holding Corp. ("Edison", the "Company", "we", "our" or "us") was formed on August 16, 2018 as a Nevada corporation. The Company's principal offices are located at 3475 Edison Way, Suite R, Menlo Park, CA. Edison is a clinical-stage, oncology-focused pharmaceutical company. Our product development portfolio consists of multiple assets which are owned by us or to which we have obtained exclusive rights.

We plan to advance our product candidates through pre-clinical and clinical development as both standalone therapies and in combination with our other therapies, as long as their continued development is supported by clinical and nonclinical data. In addition, we may seek to establish development and marketing partnerships in order to partially offset development costs with development/commercialization strategic partners who we believe are well suited for the development, marketing, sales and distribution of our products, if approved.

On October 5, 2018, we entered into an agreement with NewGen Therapeutics, Inc. ("NewGen") to acquire its assets, consisting substantially of four pharmaceutical patents. To facilitate the transaction, a wholly-owned subsidiary of the Company, Edison Oncology Acquisition Corp., was formed and subsequently acquired NewGen. NewGen was the surviving company subsequent to the completion of the merger, pursuant to which NewGen became a wholly owned subsidiary of the Company.

On December 27, 2018, we entered into an agreement with Valent Technologies LLC ("Valent") under which we were granted certain exclusive rights to patent applications owned by Valent related to VAL-413 (Orotecan, *oral irinotecan HCl*), a proprietary oral formulation of irinotecan and a cancer therapy approved by the U.S. Food and Drug Administration ("FDA"). On April 1, 2020 we amended the agreement with Valent. We are collaborating with Valent to conduct a clinical trial with VAL-413, and we have been granted an exclusive right to acquire or license Valent's intellectual property for the further development and commercialization of VAL-413 (See Note 8).

On January 31, 2021, we entered into a Development and License Agreement with Apollomics, Inc., a Cayman Islands corporation ("Apollomics"), pursuant to which we granted to Apollomics an exclusive, royalty-bearing, non-transferable, sublicensable right and license to develop, manufacture, use, sell, import, export, and commercialize the Company's EO1001, our proprietary pan-ErbB inhibitor globally, except for China and Taiwan (See Note 3).

***Risks and Uncertainties***

Management continues to evaluate the impact of the Russia-Ukraine war on the economy and the capital markets and has concluded that, while it is reasonably possible that such events could have negative effects on the Company's financial position and results of its operations, the specific impacts are not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments that might result from the outcome of these uncertainties.

The current challenging economic climate may lead to adverse changes in cash flows, working capital levels and/or debt balances, which may also have a direct impact on the Company's operating results and financial position in the future. The ultimate duration and magnitude of the impact and the efficacy of government interventions on the economy and the financial effect on the Company is not known at this time. The extent of such impact will depend on future developments, which are highly uncertain and not in the Company's control.

***Going Concern and Management Liquidity Plans***

The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP") and assume that the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business.

For the year ended December 31, 2024, the Company had a net loss of approximately $1,174,000. As of December 31, 2024, the Company had an accumulated deficit of approximately $6,844,000 and a working capital deficit of approximately $6,315,000. In the year ended December 31, 2024, the Company received gross proceeds of $1,550,000 from the sale of convertible notes to accredited investors with a maturity date twenty-four months from the date of the agreements. Even with the proceeds from the issuance of the convertible notes, the Company will require additional funding to maintain its clinical trials, research and development projects, and for general operations.

Accordingly, the Company has concluded that substantial doubt exists about the Company's ability to continue as a going concern for a period of at least twelve months from the issuance date of these consolidated financial statements.

Management expects to incur substantial additional expenses over the next several years as the Company's research, development and commercial activities increase. Our ability to continue our operations depends on our ability to complete equity or debt financings or generate cash through development and licensing agreements or generate profitable operations in the future. Such financings or development or licensing agreements may not be available or may not be available on reasonable terms. Our ability to generate profitable operations requires the advancement of our current and future product candidates through clinical trials, marketing approval and commercialization, the lengthy and expensive nature and uncertain outcomes of the clinical development process and the lengthy, time consuming and unpredictable nature of the regulatory approval process. Therefore, it is uncertain when, if ever, the Company will realize significant revenue from product sales.

If we are unable to raise sufficient capital when needed, our business, financial condition and results of operations will be materially and adversely affected, and we will need to significantly modify our operational plans to continue as a going concern. Management plans to address this uncertainty through an offering of the Company's securities. The Company cannot provide any assurance that its plans to raise capital will be successful. If adequate funds are not available or are not available on acceptable terms, we may not be able to take advantage of prospective business endeavors or opportunities which could significantly and materially restrict our operations.

These consolidated financial statements do not give effect to any adjustments to the amounts and classification of assets and liabilities that may be necessary should the Company be unable to continue as a going concern. Such adjustments could be material.

**NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

***Basis of Presentation***

The accompanying consolidated financial statements have been prepared in accordance with GAAP. The summary of significant accounting policies presented below is designed to assist in understanding the Company's consolidated financial statements. Such consolidated financial statements and accompanying notes are the representations of the Company's management.

***Principles of Consolidation***

The consolidated financial statements include the accounts of the Company and our wholly-owned subsidiaries. As of the years ended December 31, 2024 and 2023, the Company has two wholly-owned subsidiaries, NewGen and Edison Oncology Acquisition Corp. All significant inter-company balances and transactions among the companies have been eliminated upon consolidation.

***Use of Estimates***

The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period.

The Company believes the following accounting policies affect its more significant judgments and estimates used in the preparation of the accompanying consolidated financial statements. Significant estimates include the accrual for research and development expenses, fair value of embedded conversion rights, fair value of warrants, income taxes, the estimated fair value of acquired intangibles assets and impairment review of those assets, liabilities assumed and share based compensation expense. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. Estimates are periodically reviewed in light of reasonable changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates or assumptions.

***Cash and Cash Equivalents***

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. As of December 31, 2024 and 2023, the Company did not have any cash equivalents.

The Company maintains cash balances at financial institutions with accounts that are insured by the Federal Deposit Insurance Corporation ("FDIC") up to $250,000. As of December 31, 2024, the Company's cash balance exceeded FDIC coverage. The Company has not experienced any losses in such accounts and periodically evaluates the credit worthiness of the financial institutions and has determined the credit exposure to be negligible.

***License and collaboration arrangements and revenue recognition***

The Company's revenues are generated primarily through license and collaboration agreements with pharmaceutical and biotechnology companies. The terms of these arrangements may include (i) the grant of intellectual property rights (IP licenses) to therapeutic drug candidates against specified targets, (ii) performing research and development services to optimize drug candidates, and (iii) the grant of options to obtain additional research and development services or licenses for additional targets, or to optimize product candidates, upon the payment of option fees.

The terms of these arrangements typically include payment to the Company of one or more of the following: non-refundable, upfront license fees; payments for research and development services; fees upon the exercise of options to obtain additional services or licenses; payments based upon the achievement of defined collaboration objectives; future regulatory and sales-based milestone payments; and royalties on net sales of future products.

The Company accounts for revenue in accordance with Accounting Standards Codification ("ASC") 606, *Revenue from Contracts with Customers* ("ASC 606"). The Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. In determining the appropriate amount of revenue to be recognized under ASC 606, the Company performs the following steps:

---

| | |
|:---|:---|
| *Step 1:* | Identify the promised goods or services in the contract; |
| *Step 2:* | Determine whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract; |
| *Step 3:* | Measure the transaction price, including the constraint on variable consideration; |
| *Step 4:* | Allocate the transaction price to the performance obligations; and |
| *Step 5:* | Recognize revenue when (or as) the Company satisfies each performance obligation. |

---

As part of the accounting for these arrangements, the Company must make significant judgments, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each performance obligation.

Once a contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within the contract and determines those that are performance obligations. Arrangements that include rights to additional goods or services that are exercisable at a customer's discretion are generally considered options. The Company assesses if these options provide a material right to the customer and if so, they are considered performance obligations.

Performance obligations are promised goods or services in a contract to transfer a distinct good or service to the customer. The promised goods or services in the Company's contracts with customers primarily consist of license rights to the Company's intellectual property for research and development, research and development services, options to acquire additional research and development services, and options to obtain additional licenses, such as a commercialization license for a potential product candidate. Promised goods or services are considered distinct when:

&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 customer can benefit from the good or service on its own or together with other readily available
 resources; and

(ii) the
 promised good or service is separately identifiable from other promises in the contract.

In assessing whether promised goods or services are distinct, the Company considers factors such as the stage of development of the underlying intellectual property, the capabilities of the customer to develop the intellectual property on their own and whether the required expertise is readily available. In addition, the Company considers whether the collaboration partner can benefit from a promise for its intended purpose without the receipt of the remaining promises, whether the value of the promise is dependent on the unsatisfied promises, whether there are other vendors that could provide the remaining promises, and whether it is separately identifiable from the remaining promises. The Company estimates the transaction price based on the amount of consideration the Company expects to receive for transferring the promised goods or services in the contract. The consideration may include both fixed consideration and variable consideration. At the inception of each arrangement that includes variable consideration, the Company evaluates whether to estimate the amount of the potential payments and the likelihood that the payments will be received or use the right to invoice practical expedient. Under ASC 606, applicable to distinct licenses of IP, the Company evaluates and recognizes the royalties and sales milestones as revenue when (or as) the customer's sales or usage occurs, unless doing so accelerates revenue recognition ahead of the entity's satisfaction of the performance obligation to which the royalty relates. Therefore, the variable consideration connected to the Royalties and Sales Milestones is not estimated at inception of the contract and is recognized when the sales occur, and the royalties and sales milestones are met. For the research and development services, the right to invoice practical expedient is used whereby the contract research service activities to date are invoiced which correspond directly to the value of the related performance.

***Licensing Revenue***

The Company's collaboration revenue arrangement (See Note 3) includes the following:

*Upfront License and Sublicensing Fees*

If a license is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenues from non-refundable, up-front fees allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license. For licenses that are bundled with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, up-front fees. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition.

The timing and amount of revenue that we recognize from licenses of technology, either from upfront fees or milestones where we are providing continuing services related to product development, are primarily dependent upon our estimates of the development period. We define the development period as the point from which research activities commence up to regulatory approval of either our or our partners' submission, assuming no further research is necessary. As product candidates move through the development process, it is necessary to revise these estimates to consider changes to the product development cycle, such as changes in the clinical development plan, regulatory requirements, or various other factors, many of which may be outside of our control. Should the FDA or other regulatory agencies require additional data or information, we would adjust our development period estimates accordingly.

We did not recognize any upfront licensing or sublicensing revenue in the years ended December 31, 2024 and 2023.

*Milestone Payments*

Milestone payments, in the form of additional license fees, typically represent nonrefundable payments to be received in conjunction with the achievement of a specific event identified in the license or sublicense agreement, such as completion of specified development activities and/or regulatory submissions and/or approvals. We believe that a milestone represents the culmination of a distinct earnings process when it is not associated with ongoing research, development or other performance on our part. We recognize such milestones as revenue when they become due, and collection is reasonably assured. When a milestone does not represent the culmination of a distinct earnings process, we recognize revenue in a manner similar to that of an upfront license fee.

The Company's license and collaboration agreements may include development and regulatory milestones. The Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method. The Company evaluates factors such as scientific, clinical, regulatory, commercial, and other risks that must be overcome to achieve the particular milestone in making this assessment. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the Company's control or the licensee's control, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. At the end of each reporting period, the Company re-evaluates the probability of achievement of such milestones and any related constraint, and if necessary, adjusts the estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect collaboration revenue and net loss in the period of adjustment.

We did not recognize any milestone revenue in the years ended December 31, 2024 and 2023.

*Royalties*

For arrangements that include sales-based royalties, including milestone payments based on a level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company will recognize revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). To date, the Company has not recognized any revenue related to sales-based royalties or milestone payments based on the level of sales.

We did not recognize any royalty revenue in the years ended December 31, 2024 and 2023.

*Research and Development Services*

The promises under the Company's collaboration agreements may include research and development services to be performed by the Company on behalf of the partner. Payments or reimbursements resulting from the Company's research and development efforts are recognized as the services are performed and presented on a gross basis because the Company is the principal for such efforts.

We recognized $377,186 and $481,926 for research and development services in the years ended December 31, 2024 and 2023, respectively.

*Acquired In-Process Research and Development*

In accordance with ASC Topic 350, Intangibles – Goodwill and Other, the Company's acquired in process research and development ("IPR&D") has been determined to have an indefinite life and, therefore, is not initially amortized. Instead, it is tested for impairment annually and between annual tests if the Company becomes aware of an event or a change in circumstances that would indicate the carrying value may be impaired.

On October 5, 2018, the Company entered into an agreement with NewGen to acquire its assets, consisting substantially of four pharmaceutical patents. As consideration for the purchase of the assets, the Company issued 2,000,000 shares of the Company's Common Stock to the sellers of NewGen. The aggregate fair value of these shares at the time of the acquisition totaled to $2,000,000, and including the transaction costs and liabilities acquired, the asset acquisition was $2,201,555.

The Company has accounted for the transaction as an asset acquisition in accordance with ASC 805 "Business Combinations." Since the purchased intellectual property was deemed to have alternative future use, the Company recorded an IPR&D asset within Intangible assets on the consolidated balance sheet.

***Impairment of Long-Lived Assets***

The Company reviews long-lived assets annually for impairment or whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. With respect to the impairment testing of acquired IPR&D, ASC 350, *Intangibles-Goodwill and Other*, provides for a two-step impairment process with the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to the determination that it is more-likely-than not (that is, a likelihood of more than 50%) that acquired IPR&D is impaired. If the Company chooses to first assess qualitative factors and it determines that it is more-likely-than not acquired IPR&D is not impaired, the Company is not required to take further action to test for impairment.

When the Company performs a quantitative assessment of acquired IPR&D, it compares its carrying value to its estimated fair value to determine whether an impairment exists. The Company evaluates potential impairment of its acquired IPR&D annually on October 1, utilizing an income approach and determining if it was more-likely-than not that the fair value was impaired.

Our determinations as to whether, and if so, the extent to which acquired IPR&D become impaired are highly judgmental and are based on significant assumptions regarding our projected future financial condition and operating results, changes in the manner of our use of the acquired assets, development of our acquired assets or our overall business strategy, and regulatory, market, and economic environment and trends*.*

If the associated research and development effort is abandoned, the related asset will be written-off, and the Company will record a non-cash impairment loss on its consolidated statement of operations. For those products that are brought into use through an out-license arrangement or that reach commercialization, the IPR&D asset will be reclassified into a Long lived IPR&D asset and amortized over its estimated useful life which is the lower of the expected royalty term or the remaining life of the relevant patents, whichever is shorter. The Company periodically reviews its long-lived IPR&D assets to determine whether i) events and circumstances continue to support an indefinite useful life and ii) asset impairment.

During the years ended December 31, 2024 and 2023, we did not record a loss on impairment.

***Patent costs***

All patent-related costs incurred in connection with preparing, filing and prosecuting patent applications are expensed as incurred due to the uncertainty about the recovery of the expenditure. Amounts incurred are classified as general and administrative expenses in the consolidated statement of operations.

***Equity Method Investment***

The Company accounts for investments in entities in which the Company has significant influence over the entity's financial and operating policies, but does not control, using the equity method of accounting. As it pertains to our investment in Rakovina Therapeutics, Inc. ("Rakovina"), the Company elected under ASC 825, *Fair Value Option*, for the investment to be recognized at fair value. As such, the investment is remeasured at the end of each period at fair value, with the change in fair value recognized in the statement of operations.

***Fair Value Measurements***

The Company's financial instruments consist of cash, equity method investment(s), accounts payable, accrued liabilities and derivative liabilities. The carrying amounts of cash, accounts payable and accrued liabilities approximate their fair value due to the short-term nature of those financial instruments. The fair value of the equity method investment, derivative liability, liability classified warrants are remeasured to fair value each reporting period.

ASC Topic 820, *Fair Value Measurement* ("ASC 820") establishes a fair value hierarchy for instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company's own assumptions (unobservable inputs). Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company's assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances.

Fair value is the exchange price that would be received for an asset, or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets and liabilities (Level 1) and lowest priority to unobservable inputs (Level 3).

Assets and liabilities recorded in the balance sheets at fair value are categorized based on a hierarchy of inputs as follows:

---

| | |
|:---|:---|
| Level 1: | Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. |
| Level 2: | Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reported date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. |
| Level 3: | Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management's best estimate of fair value. The significant unobservable inputs used in the fair value measurement for nonrecurring fair value measurements of long-lived assets include pricing models, discounted cash flow methodologies and similar techniques. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. |

---

***Leases***

The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use ("ROU") assets, other current liabilities, and operating lease liabilities in the Company's consolidated balance sheet. The Company has not entered any operating or financing leases.

ROU assets represent the Company's right to use and control an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. If the Company's leases will not provide an implicit rate, the Company will use its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The ROU asset also includes lease payments made before the lease commencement date and excludes any lease incentives. The Company's lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option.

The components of a lease shall be split into three categories, if applicable: lease components (e.g., land, building, etc.), non-lease components (e.g., common area maintenance, maintenance, consumables, etc.), and non-components (e.g., property taxes, insurance, etc.). The fixed and in-substance fixed contract consideration (including any related to non-components) must then be allocated based on fair values to the lease components and non-lease components. The Company's operating leases may have lease and non-lease components to which the Company has elected to apply a practical expedient to account for each lease component and related non-lease component as one single component. The lease component results in a right-of-use asset being recorded on the consolidated balance sheet. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

***Warrants***

The Company accounts for freestanding warrants within stockholders' equity or as liabilities based on the characteristics and provisions of each instrument. The Company evaluates outstanding warrants in accordance with ASC 480, *Distinguishing Liabilities from Equity*, and ASC 815, *Derivatives and Hedging*. If none of the criteria in the evaluation in these standards are met, the warrants are classified as a component of stockholders' equity and initially recorded at their grant date fair value without subsequent remeasurement. Warrants that meet the criteria are classified as liabilities and remeasured to their fair value at the end of each reporting period. As of the years ended December 31, 2024 and 2023, the Company did not have any warrants required to be classified as liabilities.

***Basic and Diluted Earnings/Loss per Common Share***

Basic and diluted earnings or loss per share ("EPS") amounts in the consolidated financial statements are computed in accordance with ASC 260 – 10, *Earnings per Share*, which establishes the requirements for presenting EPS. Basic EPS is based on the weighted average number of shares of common stock outstanding. Diluted EPS is based on the weighted average number of shares of common stock outstanding and dilutive common stock equivalents. Basic EPS is computed by dividing net income or loss available to common stockholders (numerator) by the weighted average number of shares of common stock outstanding (denominator) during the period. Potentially dilutive securities are excluded from the calculation of diluted loss per share, if their effect would be anti-dilutive. For periods in which the Company reports net losses, diluted net loss per share is the same as basic net loss per share because potentially dilutive common shares are not assumed to have been issued if their effect is anti-dilutive.

***Foreign currency and currency translation***

The functional currency is the currency of the primary economic environment in which an entity's operations are conducted. The Company and its subsidiaries operate mainly in the United States. The Company conducts certain clinical trials in foreign jurisdictions, including Australia and Canada. The Company and its subsidiaries' functional and reporting currency is the U.S dollar.

Monetary assets and liabilities denominated in currencies other than the functional currency are remeasured into the functional currency at rates of exchange prevailing at the balance sheet dates. Non-monetary assets and liabilities denominated in foreign currencies are remeasured into the functional currency at the exchange rates prevailing at the date of the Transaction. Exchange gains or losses arising from foreign currency transactions are included in the determination of net income for the respective period.

Adjustments that arise from exchange rate changes on transactions denominated in a currency other than the local currency are included in other (expense) income in the consolidated statement of operations as incurred.

***Research and Development***

Research and development costs are expensed as incurred. The Company records the costs associated with research, nonclinical and clinical trials, and manufacturing development, expenses and external costs of outside vendors engaged to conduct preclinical development activities and clinical trials, including salaries, share-based compensation and benefits, as incurred. These costs are a significant component of the Company's research and development expenses, with a substantial portion of the Company's on-going research and development activities conducted by third party service providers.

Nonrefundable advance payments for goods or services to be received in the future for use in research and development activities are recorded as prepaid expenses. The prepaid amounts are expensed as the related goods are delivered or the services are performed.

The Company accrues for expenses resulting from obligations under agreements with contract research organizations ("CROs"), contract manufacturing organizations ("CMOs"), and other outside service providers for which payment flows do not match the periods over which materials or services are provided to the Company. Accruals are recorded based on estimates of services received and efforts expended pursuant to agreements established with CROs, CMOs, and other outside service providers. These estimates are typically based on contracted amounts applied to the proportion of work performed and determined through analysis with internal personnel and external service providers as to the progress or stage of completion of the services. The Company makes significant judgments and estimates in determining the accrual balance in each reporting period. In the event advance payments are made to a CRO, CMO, or outside service provider, the payments will be recorded as a prepaid asset which will be amortized or expensed as the contracted services are performed. As actual costs become known, the Company adjusts its prepaids and accruals. Inputs, such as the services performed, the number of patients enrolled, or the trial duration, may vary from the Company's estimates, resulting in adjustments to research and development expense in future periods. Changes in these estimates that result in material changes to the Company's accruals could materially affect the Company's results of operations. To date, the Company has not experienced any material deviations between accrued and actual research and development expenses.

***Income Taxes***

The Company utilizes ASC 740, *Income Taxes*, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements or tax returns. The Company accounts for income taxes using the asset and liability method to compute the differences between the tax basis of assets and liabilities and the related financial amounts, using currently enacted tax rates. A valuation allowance is recorded when it is "more likely-than-not" that a deferred tax assets will not be realized.

Deferred tax assets, including tax loss and credit carry forwards, and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

For uncertain tax positions that meet a "more likely than not" threshold, the Company recognizes the benefit of uncertain tax positions in the consolidated financial statements. The Company's practice is to recognize interest and penalties, if any, related to uncertain tax positions in income tax expense in the consolidated statement of operations.

***Stock-based Compensation***

Stock-based compensation expense includes the estimated fair value of equity awards vested during the reporting period. The Company applies the provisions of ASC 718, *Compensation - Stock Compensation* ("ASC 718"), which requires the measurement and recognition of compensation expense for all stock-based awards made to employees, including grants of stock options, restricted stock units, modifications to existing stock options and equity classified warrants, in the consolidated statement of operations. Pursuant to ASC 718, the Company accounts for warrants issued to non-employees for their services in accordance with ASC 718.

The grant date fair value of stock options and equity-classified warrants are calculated using the Black-Scholes-Merton option pricing model. The use of the Black-Scholes-Merton option pricing model requires management to make assumptions with respect to the fair value of the underlying shares, the expected term of the option, the expected volatility of the common stock consistent with the expected life of the option, risk-free interest rates and expected dividend yields of the common stock. For awards subject to service-based vesting conditions, including those with a graded vesting schedule, the Company recognizes stock-based compensation expense equal to the grant date fair value of stock options on a straight-line basis over the requisite service period, which is generally the vesting term. Forfeitures are recorded as they are incurred as opposed to being estimated at the time of grant and revised.

***Related Party Disclosures***

The Company identifies related party transactions in accordance with ASC 855, *Related Party Disclosures.* Further, information regarding material related party transactions is disclosed in accordance with ASC 855 and Rule 4-08 of Regulation S-X.

***Accounts Receivable***

The Company adopted ASU 2016-13 beginning January 1, 2023. The adoption of the ASU, which was recognized on a cumulative basis, did not materially impact the Company's financial statements. To that extent, the Company recognizes accounts receivable at amortized cost in accordance with the guidance in ASC 326 *Financial Instruments Credit Losses*. Further, the Company will establish an allowance for credit losses for any amounts that are believed to be uncollectible. Due to the high quality of the Company's receivables, we did not establish an allowance as of December 31, 2024 and 2023.

***Concentration of Credit Risks***

For the year ended December 31, 2024, the Company had revenue from one customer that accounted for 100% of total R&D revenue. As of December 31, 2024, total accounts receivable from this customer was approximately $453,000.

For the year ended December 31, 2023, the Company had revenue from one customer that accounted for 100% of total R&D revenue. As of December 31, 2023, total accounts receivable from this customer was approximately $223,000.

**Segment Information**

The Company determines its operating segment based on how its chief operating decision maker ("CODM") manages the business, makes operating decisions, including the allocation of resources, and assesses operating performance. The Company's CODM is the Chief Executive Officer, who reviews the Company's operating results on a consolidated basis. The Company has determined that it has only one operating segment. The Company manages its business activities and allocates resources on a consolidated basis, operates as a single operating segment and has one reportable segment.

***Recent Accounting Pronouncements***

In November 2023, the FASB issued Accounting Standards Update ("ASU") No. 2023-07*,* "*Segment Reporting (Topic* 280*) Improvements to Reportable Segment Disclosures"* which expands annual and interim disclosure requirements for reportable segments. The amendments require enhanced disclosure for certain segment items and required disclosure on how management uses reported measures to assess segment performance. The amendments do not change how segments are determined, aggregated, or how thresholds are applied to determine reportable segments. The updated standard is effective for annual periods beginning in fiscal 2025 and interim periods beginning in the first quarter of fiscal 2026. Early adoption is permitted. The Company is currently evaluating the effect of adopting this ASU. In December 2023, the FASB issued ASU No. 2023-09 "*Income Taxes (Topic 740): Improvements to Income Tax Disclosures"* which requires two primary enhancements of 1) disaggregated information on a reporting entity's effective tax rate reconciliation, and 2) information on cash income taxes paid. Additionally, specific disclosures related to unrecognized tax benefits and indefinite reinvestment assertions were removed. For public business entities, the new requirements will be effective for annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The guidance would be applied on a prospective basis with the option to apply the standard retrospectively. The Company adopted the new standard on January 1, 2024. The adoption of the new standard did not have a material impact on the Company's consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, *Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)*. The amendments in this update require disclosure, in the notes to financial statements, of specified information about certain costs and expenses at each interim and annual reporting period. The amendments are effective for annual periods beginning after December 15, 2026, and reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact to its condensed consolidated financial statements.

All other newly issued but not yet effective accounting pronouncements have been deemed to be not applicable or immaterial to the Company.

**NOTE 3 – DEVELOPMENT AND LICENSE AGREEMENT**

***Apollomics License Agreement***

Under our Development and License Agreement ("DLA") with Apollomics, for the years ended December 31, 2024 and 2023, we have recognized the following revenue in our consolidated statement of operations:

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| | | |
|:---|:---|:---|
|  | **Year Ended December 31, 2024** | **Year Ended December 31, 2023** |
| Research and development services | $377186 | $481926 |
| Total revenues | $377186 | $481926 |

---

*Summary*

On January 31, 2021, the Company entered into a DLA with Apollomics, pursuant to which the Company granted to Apollomics an exclusive, royalty-bearing, non-transferable, sublicensable right and license to develop, manufacture, use, sell, import, export, and commercialize the Company's EO1001 product globally, except for China and Taiwan. The license agreement with Apollomics is set to continue in effect until the expiration of all payment obligations (milestones and royalties) noted below, or if Apollomics chooses to request an early termination of the agreement. In consideration for the license, Apollomics paid the Company a non-refundable one-time payment of $1,500,000 on February 1, 2021. Per further terms in the contract, Apollomics is required to pay the Company certain milestone and royalty payments.

The contract includes a Joint Steering Committee ("JSC") and a Joint Development Plan ("JDP"), which oversees the development and commercialization of the licensed product candidate in the licensed territory. The Company and Apollomics have each appointed two senior executives to the JSC. The JDP falls under the guidance of ASC 808, *Collaborative Arrangements*. ASU 2018-18, *Clarifying the Interaction Between Topic 808 and Topic 606*, clarifies that collaborative arrangements are within the scope of ASC 606 if the promised good or service is distinct within the collaborative arrangement and with a customer. Apollomics is the customer per the license agreement and, per the terms in the contract, Apollomics is to solely bear all costs associated with the development of the licensed product candidate, including costs of certain of our employees performing development activities

*Revenue Recognition*

The Company identified performance obligations under the arrangement consisting of the license of intellectual property rights, research and development ("R&D") services and participation on the JSC.

The Company has considered the performance obligations identified in the contract and concluded that the license of intellectual property rights is distinct from the provision of R&D services and JSC, as the R&D services and JSC are not expected to significantly modify the clinical-stage intellectual property and Apollomics can benefit from the license together with the R&D services that it could obtain from another vendor. As a result, the grant of intellectual property rights and the provision of R&D services combined with participation on the JSC is considered two separate performance obligations for this contract.

Variable consideration to be paid to the Company upon performance of R&D services and participation on the JSC were excluded from the transaction price at the onset of the agreement as the Company has elected the right-to-invoice practical expedient and revenue is recognized directly related to the performance of the R&D services.

Variable consideration to be paid to the Company upon reaching certain milestones has been excluded from the calculation, as at the inception of the contract, it is not probable that a significant reversal of revenue recognized would not occur in a subsequent reporting period.

**NOTE 4 – INTANGIBLE ASSETS**

Intangible assets consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
| **Patent** | **Useful Life** | **December 31, 2024** | **December 31, 2023** |
| Patents - E01001 | Indefinite | $1981032 | $1981032 |
| Less: accumulated amortization |  | - | - |
| **Total intangible assets, net** |  | $**1981032** | $**1981032** |

---

On October 5, 2018, the Company issued 2,000,000 shares of the Company's common stock to the sellers of NewGen, with an aggregate asset acquisition, including the transaction costs and liabilities acquired, of $2,201,555. The intangible assets acquired represent IPR&D purchased to be used in future R&D activity, and in accordance with ASC Topic 350, Intangibles – Goodwill and Other, the IPR&D has been determined to have an indefinite life and, therefore, is not initially amortized. The amortization will not begin until our EO1001 project is commercialized.

The Company's intangible assets relate to our EO1001 product candidate which is the subject of the Apollomics DLA (See Note 3). The compound is currently in Phase 1-2a clinical trials. We have filed patents covering composition of matter, formulation, and methods of use.

**NOTE 5 – EQUITY METHOD INVESTMENT**

The equity method investment consisted of the following:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Initial** | **Initial** | **Initial** | **Initial** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2023** | **As of December 31, 2023** |
| <br>**Equity Investment** | **Equity Ownership** | **Number of Shares** | ***Share Price***<br> ***(Fair Value)*** | ***Valuation***<br> ***(Basis)*** | **Equity Ownership** | **Number of Shares** | **Equity Ownership** | **Number of Shares** |
| Rakovina Therapeutics Inc. | 43% | 30000000 | $0.1983 | $5949076 | 17% | 24265625 | 35% | 24265625 |

---

On August 28, 2020, our wholly-owned subsidiary, NewGen, entered into a business combination agreement with Vincero Capital Corp. ("Vincero"), a capital pool company listed on the Toronto Venture Exchange (the "Vincero Agreement"). Under the terms of the Vincero Agreement, NewGen and Vincero each formed a wholly-owned subsidiary under the laws of British Columbia to facilitate the sale of intellectual property related to novel pre-clinical DNA-damage response inhibitor technologies to Vincero and as consideration for the sale NewGen to receive 30,000,000 shares of Vincero common stock. On March 25, 2021, the business combination agreement was consummated by Vincero whereby NewGen's wholly owned British Columbia subsidiary became a wholly-owned subsidiary of Vincero under the name Rakovina Research Ltd. ("Rakovina Research"). Vincero then changed its name to Rakovina Therapeutics Inc. ("Rakovina"), which continued as the surviving entity.

Per the terms of the business combination agreement, NewGen, or ultimately, the Company received 30,000,000 shares in consideration representing approximately 43% of Rakovina outstanding shares on the closing date on March 25, 2021, with the market value of these shares at the closing of the merger being CAD $0.25 (US $0.20) per share, for a total consideration of US $5,949,076. The exchange of shares for the Company's patents via the transaction mechanism described above was accounted for as a sale of assets. The patents transferred had a carrying value for the Company of $220,523. Therefore, the receipt of the consideration of $5,949,076 for the carrying value of the patents results in a gain on sale of assets of $5,728,553. After the sale of the assets, there was no further relationship between the Company and Rakovina Therapeutics Inc or Rakovina Research, with the exception of the Company's CEO and Chairman each serving on the board of Rakovina and comprising two fifths of Rakovina's board of directors. Per ASC 325-10-05-5, the equity method investment is applicable, not only based on the percentage holding, but if the investor can influence the operating or financial decisions of the investee. Therefore, based on their positions with Rakovina, the investment will remain as equity method investment.

At the time of the exchange, the 30,000,000 shares of Rakovina issued to the Company represented approximately 43% of Rakovina's outstanding shares of 68,558,000. In October 2021, the Company's ownership of Rakovina was decreased to approximately 35% when the Company transferred approximately 5.7 million of the Rakovina shares to its Series A convertible note holders as a concession for agreeing to extend the maturity date of the Series A Notes. The Company recognized an extension agreement expense of $917,500, based on the average carrying value of the Rakovina equity method shares and related to the transfer of the Rakovina shares in the year ended December 31, 2021. The Company has concluded that the relationship with Rakovina does not constitute a variable interest entity ("VIE") where the Company is the primary beneficiary, and further that it does not have voting control over Rakovina. As a result, consolidation of Rakovina into the Company's consolidated financial statements is not required.

On December 13, 2024, Rakovina issued 50,000,000 common shares and warrants in a Private Placement, which resulted in the Company's percentage holding of Rakovina common shares to lower to 17%. The Company still has significant influence on the Rakovina business, and there is no change in the accounting of the equity investment.

The Company accounts for this transaction as an equity method investment and elected under ASC 825 for the investment to be treated as a fair value option. It will be remeasured at the end of each period to fair value, with the change in fair value recognized in the statement of operations as Rakovina is a publicly traded company and the share price is readily available in the market.

The following table summarizes the activity of the Company's equity method investment, which is based on the quoted market price of the Rakovina:

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| | | |
|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2023** |
| **Balance at beginning of year** | $1546934 | $3218847 |
| Change in fair value of equity method investment | 1656420 | (1671913) |
| **Balance at end of year** | $3203354 | $1546934 |

---

The fair value of the Rakovina share price was CAD $0.19 (US $0.13) per share at December 31, 2024, which resulted in an equity method investment fair value of $3,203,354 as of December 31, 2024.

The fair value of the Rakovina share price was CAD $0.09 (US $0.06) per share at December 31, 2023, which resulted in an equity method investment fair value of $1,546,934 as of December 31, 2023.

The summarized information as to assets, liabilities and results of operations of Rakovina were as follows as expressed in $CAD:

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| | |
|:---|:---|
|  | **For the year ended<br> December 31, 2024** |
| Sales |  |
| Gross profit |  |
| Net loss and comprehensive loss | (4072618) |

---

---

| | | |
|:---|:---|:---|
|  | **As of <br> December 31, 2024** | **As of <br> December 31, 2024** |
| Assets |  | 6240920 |
| Liabilities |  | 1942005 |

---

---

| | |
|:---|:---|
|  | **For the year ended<br> December 31, 2023** |
| Sales |  |
| Gross profit |  |
| Net loss and comprehensive loss | (2612925) |

---

---

| | | |
|:---|:---|:---|
|  | **As of <br> December 31, 2023** | **As of <br> December 31, 2023** |
| Assets |  | 5147579 |
| Liabilities |  | 1487743 |

---

**NOTE 6 –ACCRUED Expenses**

Accrued expenses consist of the following amounts:

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br> **2024** | **December 31,**<br> **2023** |
| Legal and professional fees | $217489 | $12159 |
| Research and development consultants | 492444 | 87522 |
| Other | 991 | 46349 |
| Total accrued expenses | $710924 | $146030 |

---

**NOTE 7 – CONVERTIBLE NOTES** 

The convertible notes consisted of the following:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Debt Amount** | **Debt Increase** | **Debt Discount** | **Discount Amortized** | **Net Amount** |
| Series B Convertible Notes – interest at 10% per annum, and an extended maturity date of the effective date of the Registration Statement. | $565000 | 56500 | (40373) | 40373 | $621500 |
| Series C Convertible Notes – interest at 7.5% per annum payable at maturity with a maturity date 24 months from the date of the initial closing | 2495000 |  | (710621) | 693906 | 2478285 |
| Series D Convertible Notes – interest at 10% per annum payable at maturity with a maturity date 24 months from the date of the initial closing | 1650000 | - | (421329) | 66682 | 1295353 |
|  | $4710000 | $56500 | $(1172323) | $800961 | $4395138 |
| Less: related party convertible notes payable |  |  |  |  | $(87000) |
| Less: convertible notes payable, current, net |  |  |  |  | $(3012785) |
| Convertible notes payable - non-current, net |  |  |  |  | $1295353 |

---

***Series B Convertible Notes***

During the years ended December 31, 2020 and December 31, 2021, the Company issued convertible notes to accredited investors, for an aggregate principal amount of $565,000 (the Series B Notes). The Series B Notes accrue interest at 10% per annum, with a maturity date of December 31, 2021, with a sole option by the Company for the maturity date to be extended to December 31, 2022 by the issuance of warrants to the holders of the Series B Notes ("Series B Extension Warrants"). Additionally, if, on or before the maturity date, the Company has filed a registration statement (a "Registration"), or similar filing or corporate event which will result in a public listing of the Company's common share (a "Liquidity Event") on or before November 1, 2022, the maturity date shall be extended to the earlier of (i) the date on which the Registration has been declared effective or (ii) 180 days from the initial filing of the Registration. Furthermore, if the Company has not filed a Registration on or before November 1, 2022, 105% of the unpaid principal and accrued interest shall be due and payable by the Company at the maturity date. The Company may prepay any outstanding amounts owing under the notes, in whole or in part, at any time prior to the maturity date or conversion. As the Registration Statement was not filed on or before November 1, 2022 the principal of the outstanding notes were increased to 105%. On December 22, 2022 an extension was entered into, whereby the principal was increased to 110% of the original principal, and the maturity date was extended to June 30, 2023. However, per the extension agreement if the Company has filed a Registration Statement on or before June 30, 2023, so long as the Company maintains a current Registration, the Maturity Date shall be extended to the date on which the Registration has been declared effective.

The holders of the Series B Notes have a voluntary conversion feature if the Company sells shares of its capital stock pursuant to an unregistered offering ("Financing") on or prior to the maturity date, at a conversion rate equal to the lessor of i) 80% of the share price of the Financing or ii) a price per share, applying the 80% discount, based on $8,000,000 divided by the fully diluted capitalization immediately prior to the initial closing of the Financing. The notes additionally include an automatic conversion, upon a Liquidity Event. The Liquidity Event conversion price will be the lessor of i) 85% of the price per share in the Liquidity Event, or ii) a price per share, not applying the 85% discount, based on $8,000,000 divided by the fully diluted capitalization immediately prior to the initial closing of the Liquidity Event.

On December 31, 2021, the Company exercised its option to extend the maturity date of the Series B Notes to December 31, 2022 and issued 32,227 Series B Extension Warrants to the holders, including the related party holder, of the Series B Notes. The Series B Extension Warrants have an exercise price based on 85% of price per share of common stock sold in the Company's first public offering after the effective Registration. The Company used a third party to perform a valuation to estimate their fair value of $1.30 per warrant, for a total of $41,893, with factors which included a term of two years, volatility of 59.2% and a risk-free rate of 1.26%. Management concluded that the 2022 warrant extension did not constitute a debt extinguishment pursuant to ASC 470, and the fair value of the warrant has been recorded as a debt discount and is being amortized through interest expense using the effective interest method through the scheduled maturity date.

The Company has extended the 76,993 Series A and Series B extension warrants expiration date until the earlier of (i) December 31, 2025 or (ii) a Liquidation Event which is defined as an initial public offering of our common stock or a merger, or similar transaction, whereby all, or substantially all of our assets are transferred pursuant to which our stockholders receive shares of a publicly-traded company.

As of December 31, 2024, the fair value of the derivative was $186,238, with a change in fair value of $22,170 recognized in the year ended December 31, 2024. The fair value of the derivative liabilities of convertible notes was estimated by using the Monte Carlo method using the following inputs: the price of the Company's common stock of $2.64; the conversion prices (as described above); risk-free interest rates of 4.24% ; and an expected volatility of the Company's common stock of 65.0%.

As of December 31, 2023, the fair value of the derivative was $164,068, with a change in fair value of $57,747 recognized in the year ended December 31, 2023. The fair value of the derivative liabilities of convertible notes was estimated by using the Monte Carlo method using the following inputs: the price of the Company's common stock of $1.778; the conversion prices (as described above); risk-free interest rates of 5.26% ; and an expected volatility of the Company's common stock of 80.9%.

The Company recorded an accrued interest expense for the Series B Notes of approximately $61,000 and $57,000 for the years ended December 31, 2024 and 2023, respectively.

***Series C Convertible Notes***

The Company issued convertible notes to various accredited investors on February 28, 2022, June 30, 2022, September 25, 2022, July 1, 2023 and March 5, 2024 for aggregate principal balances of $2,495,000 (the Series C Notes). The Series C Notes bear interest at 7.5% per annum payable at maturity with a maturity date 24 months from the date of the initial closing, or upon the occurrence and/or during the continuance of the Event of Default. Provided, however, that if the Company has filed a Registration Statement on or before the maturity date, the maturity date shall be extended to the earlier of the date on which the Registration Statement has been declared effective or 180 days from the initial filing of the Registration Statement. The notes have a voluntary conversion at any time through the maturity date at the option of the holder, at a conversion price of $7.68. The notes also have a voluntary conversion at the option of the holder upon a financing event, at the lessor of 90% of the price paid by investors in the financing, or the conversion price. There is an automatic conversion upon a liquidity event, at a price per share equal to the lesser of 90% of the price in the liquidity event or the conversion price. In connection with the Series C Notes, the Company issued 34,917 shares of common stock to the placement agents for $79,400 based on a fair value of $2.28 per share, which has been recognized as a debt discount.

The Company analyzed the conversion features in accordance with ASC 815 and determined the conversion feature meets the definition of a derivative and, therefore, requires bifurcation and will be accounted for as a derivative liability. The Company estimated the fair value of the conversion feature derivative embedded in the convertible notes to be $359,384, $126,386, $58,827, and $44,984 at the respective issuance dates of February 28, 2022, June 29, 2022, September 25, 2022 and July 1, 2023, and $41,640 for the March 5, 2024 issuance; based on certain assumptions utilizing the Monte Carlo methodology. The key valuation assumptions used consist, in part, on the price of the Company's common stock ranging from $1.52 to $1.778 per share at their respective issuance dates; risk-free interest rates ranging from 4.49% to 5.57% depending on the Valuation Date and the expected term to exit, and a range of expected volatility of the Company's common stock of 84.6% to 90.1%, the various expected exit events and their respective probabilities of occurrence, and the strike prices determined in alignment with the conversion terms. The derivative fair value has been recorded as a debt discount and for the year ended December 31, 2024 and 2023, with an amortization expense of $156,018 and $336,462, respectively.

As of December 31, 2024, the fair value of the derivative was $566,784, with a change in fair value of $35,584 recognized in the year ended December 31, 2024. The fair value of the derivative liabilities of convertible notes was estimated by using the Monte Carlo methodology using the following inputs: the price of the Company's common stock of $2.64 per share; the conversion prices (as described above); risk-free interest rates of 4.11%; and an expected volatility of the Company's common stock of 65.7%. (See Note 10)

As of December 31, 2023, the fair value of the derivative was $489,560, with a change in fair value of $103,811 recognized in the year ended December 31, 2023. The fair value of the derivative liabilities of convertible notes was estimated by using the Monte Carlo methodology using the following inputs: the price of the Company's common stock of $1.778; the conversion prices (as described above); risk-free interest rates of 5.07%; and an expected volatility of the Company's common stock of 90.1%. (See Note 10)

The Company recorded an accrued interest expense for the Series C Notes of approximately $185,000 and $165,000 for the years ended December 31, 2024 and 2023, respectively.

***Series D Convertible Notes***

The Company issued convertible notes to various accredited investors in September 2024 and received gross proceeds of $1.35 million. In October 2024 the Company issued two additional Series D Notes for a total principal of $300,000 to reduce amounts owed in accounts payable. The Series D Notes bear interest at 10% per annum payable at maturity with a maturity date 24 months from the date of the initial closing, or upon the occurrence of the event of a trade sale or Initial Public Offering ("IPO") (each an "Exit Event"). Upon an Exit Event, the Series D notes will mandatorily convert to common shares at the lower of a 20% discount to the IPO price; or a fully diluted pre-money company valuation of $50 million. If there is not an Exit Event that has occurred prior to the maturity date, the Series D notes are to be converted to common shares at face value plus a 5% premium. Additionally, any accrued interest will also convert into common shares at the maximum conversion price. The maximum conversation price is equivalent to a pre-money company valuation of $50 million.

The Company analyzed the conversion features in accordance with ASC 815 and determined the conversion feature meets the definition of a derivative and, therefore, requires bifurcation and will be accounted for as a derivative liability. The Company estimated the fair value of the conversion feature derivative embedded in the convertible notes to be $213,867, $125,628, and $81,834 at the respective issuance dates of September 5, 2024, September 23, 2024 and October 31, 2024; based on certain assumptions utilizing the Monte Carlo methodology. The key valuation assumptions used consist, in part, on the price of the Company's common stock ranging from $4.14 to $4.00 per share at their respective issuance dates; risk-free interest rates ranging from 3.75% to 4.16% depending on the Valuation Date and the expected term to exit, and a range of expected volatility of the Company's common stock of 85.4% to 81.3%, the various expected Exit Events and their respective probabilities of occurrence, and the strike prices determined in alignment with the conversion terms. The derivative fair value has been recorded as a debt discount and for the year ended December 31, 2024, with an amortization expense of $66,682.

As of December 31, 2024, the fair value of the derivative was $315,650, with a change in fair value of $(46,762) recognized in the year ended December 31, 2024. The fair value of the derivative liabilities of convertible notes was estimated by using the Monte Carlo methodology using the following inputs: the price of the Company's common stock of $3.66 per share; the conversion prices (as described above); risk-free interest rates of 4.23%; and an expected volatility of the Company's common stock of 80.7%.

The Company recorded an accrued interest expense for the Series D Notes of approximately $45,000 for the year ended December 31, 2024.

**Note 8 - Related Party Transactions**

***Loans Payable – Related Party***

During the year ended December 31, 2020, the Company's Chief Scientific Officer and Chairman of the Board loaned the Company $10,000 to fund operating expenses. The loan has no interest rate or maturity date and is due on demand. As of December 31, 2024 and 2023, $10,000 was outstanding, respectively.

***Convertible Note Payable – Related Party***

*Chief Executive Officer*

On September 25, 2022, the Company issued a Series C Note to the Company's Chief Executive Officer ("CEO") in the principal amount of $25,000. The Series C Notes bear interest at 7.5% per annum payable at maturity with a maturity date 24 months from the date of the initial closing, or upon the occurrence and/or during the continuance of the Event of Default. Provided, however, that if the Company has filed a Registration Statement on or before the maturity date, the maturity date shall be extended to the earlier of the date on which the Registration Statement has been declared effective or 180 days from the initial filing of the Registration Statement. The notes have a voluntary conversion at any time through the maturity date at the option of the holder, at a conversion price of $7.68 per share. The notes also have a voluntary conversion at the option of the holder upon a financing event, at the lessor of 90% of the price paid by investors in the financing, or the conversion price. There is an automatic conversion upon a liquidity event, at a price per share equal to the lesser of 90% of the price in the liquidity event or the conversion price. The Company analyzed the conversion features in accordance with ASC 815 and determined the conversion feature meets the definition of a derivative and therefore requires bifurcation and will be accounted for as a derivative liability (See Note 7).

On December 23, 2023, the CEO acquired a $15,000 Series B Note from a non-related party investor.

Accrued interest expense for the CEO's convertible notes was approximately $3,500 for each of the years ended December 31, 2024 and 2023, respectively.

*Chief Scientific Officer and Chairman*

On March 31, 2021 the Company entered into a $20,000 convertible note ("Series B") that bears interest at 10% which accrues over the term and is payable at the maturity date. The maturity date is December 31, 2021, with a sole option by the Company to be extended to December 31, 2022 by the issuance of warrants ("Extension Warrants"). Additionally, if the Company has filed a registration statement (a "Registration"), on or before November 1, 2022, the maturity date shall be extended to the earlier of (i) the date on which the Registration has been declared effective or (ii) 180 days from the initial filing of the Registration. Furthermore, if the Company has not filed a Registration on or before November 1, 2022, 105% of the unpaid principal and accrued interest shall be due and payable by the Company at the maturity date. The Company may prepay any outstanding amounts owing under the note, in whole or in part, at any time prior to the maturity date or conversion.

On December 31, 2021, 2,632 Extension Warrants were issued to the Chairman for the extension of the maturity date to December 31, 2022. The Extension Warrants have an exercise price based on 85% of price per share of common stock sold in the Company's first public offering after the effective Registration. The Company used a third party to perform a valuation to estimate their fair value of $1.30 per warrant, for a total of $1,711, with factors which included a term of two years, volatility of 59.2% and a risk-free rate of 1.26%. Management concluded that the 2022 warrant extension did not constitute a debt extinguishment pursuant to ASC 470, as the fair value of the modification is below a significant difference.

The notes have a voluntary conversion at the option of the holder if a transaction occurs in which the Company sells shares of its capital stock pursuant to an unregistered offering ("Financing") on or prior to the maturity date, at a conversion rate equal to the lessor of i) 80% of the share price of the Financing or ii) a price per share, applying the 80% discount, based on $8,000,000 divided by the fully diluted capitalization immediately prior to the initial closing of the Financing. The notes additionally include an automatic conversion upon a Liquidity Event. The Liquidity Event conversion price will be the lessor of i) 85% of the price per share in the Liquidity Event, or ii) a price per share, not applying the 85% discount, based on $8,000,000 divided by the fully diluted capitalization immediately prior to the initial closing of the Liquidity Event. The Company analyzed the conversion features in accordance with ASC 815 and determined the conversion feature meets the definition of a derivative and therefore requires bifurcation and will be accounted for as a derivative liability (See Note 7).

On September 25, 2022, the Company issued a Series C Note to the Company's Chief Executive Officer in the principal amount of $25,000. The Series C Notes bear interest at 7.5% per annum payable at maturity with a maturity date 24 months from the date of the initial closing, or upon the occurrence and/or during the continuance of the Event of Default. Provided, however, that if the Company has filed a Registration Statement on or before the maturity date, the maturity date shall be extended to the earlier of the date on which the Registration Statement has been declared effective or 180 days from the initial filing of the Registration Statement. The notes have a voluntary conversion at any time through the maturity date at the option of the holder, at a conversion price of $7.68 per share. The notes also have a voluntary conversion at the option of the holder upon a financing event, at the lessor of 90% of the price paid by investors in the financing, or the conversion price. There is an automatic conversion upon a liquidity event, at a price per share equal to the lesser of 90% of the price in the liquidity event or the conversion price. The Company analyzed the conversion features in accordance with ASC 815 and determined the conversion feature meets the definition of a derivative and therefore requires bifurcation and will be accounted for as a derivative liability (See Note 7).

Interest expense for the Chairman's convertible notes was approximately $4,000 for each of the years ended December 31, 2024 and 2023, respectively.

***Agreement with Valent Technologies, LLC***

The Company has entered into agreements with Valent, a company substantially controlled by our Chairman and Chief Scientific Officer. In accordance with the terms of the agreements, we are conducting certain research activities at our expense in return for certain exclusive rights to Orotecan-related technologies owned by Valent. Pursuant to these agreements, the Company incurred expenses of approximately $101,000 and $122,000 in the years ended December 31, 2024 and 2023, respectively.

***Valent Evaluation Agreement***

On January 31, 2025 the Company entered into an Evaluation Agreement with Valent whereby Valent and Edison will conduct an evaluation program on certain technologies owned by Valent. The objective of the evaluation program will be to determine respective interest in a potential business arrangement.

***Agreement with ORP Oncology Research Partners (Canada) Ltd.***

The Company has entered into a Research & Services Agreement with ORP Oncology Research Partners (Canada) Ltd., ("ORP Canada") a company substantially controlled by our Chief Executive Officer. ORP Canada is contracted to conduct certain research and development activities on our behalf in Canada. Under the terms of the agreement, ORP Canada seeks to obtain grant funding and refundable tax credits that the Company believes are of benefit to its research. Pursuant to this agreement, the Company incurred expenses of approximately $25,000 and $30,000 in the years ended December 31, 2024 and 2023, respectively.

**NOTE 9 – COMMITMENTS AND CONTINGENCIES**

***NewGen Asset Acquisition***

On October 5, 2018, the Company entered into an agreement with NewGen to acquire its assets, consisting substantially of four pharmaceutical patents. The agreement included a contingency related to future royalty payments based on percentage of net sales of products, which ranges from 4% to 6% of net sales, during the royalty measurement period. At December 31, 2024 and 2023 the Company has not incurred any sales of products and thus has not accrued any amounts related to this royalty payment. Any future royalty payments will be capitalized as part of the cost of the patents.

***Senz Evaluation Agreement***

On February 11, 2020, the Company entered into an Evaluation Agreement with Senz Oncology Pty Ltd ("Senz")., an Australian company that is the owner or licensee of certain technologies and is developing certain proprietary materials related to these technologies . The evaluation program under the Evaluation Agreement relates to the two parties to evaluate the use and performance of each of their technologies and to determine their respective interest in a potential business arrangement. Per such agreement, it can be determined at the conclusion of the evaluation program for the parties to negotiate the terms of a business arrangement which may involve either for NewGen to acquire Senz or for a licensing agreement for geographic rights to each other's technologies.

Under the evaluation program, Senz is conducting research on the Company's EO1001 product, the development of which falls under the Apollomics DLA (Note 3) whereupon Apollomics is to solely bear all costs associated with the development of the licensed product candidate. The research and development services performed by Senz in the evaluation program are invoiced to the Company. The Company then invoices Apollomics for all expenditures related to the DLA, with the gross revenue and expenses being recognized on the Company's consolidated statement of operations, as the Company is considered the principal in the transaction.

Loans to Senz for goods or services to be received in the future for use in research and development activities are recorded as prepaid expenses. The prepaid amounts are expensed as the related goods are delivered or the services are performed.

***Leases***

The Company does not have any significant leases, purchase or credit-related commitments outstanding as of December 31, 2024 and 2023.

***Legal Claims***

There are no material pending legal proceedings in which the Company or any subsidiary is a party to or in which any director, officer or affiliate of the Company, any owner of record or beneficially of more than 5% of any class of its voting securities, or security holder is a party adverse to us or has a material interest adverse to the Company.

**NOTE 10 – DERIVATIVE LIABILITY**

The following is a summary of activity of Level 3 derivatives during the years ended December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| Derivative liability balance at beginning of period | $653629 | $654708 |
| Additions to derivatives | 462969 | 44984 |
| Change in fair value | 10992 | (46064) |
| Balance at end of period | $1127590 | $653628 |

---

As of December 31, 2024, the fair value of the derivative liabilities of convertible notes was estimated using a bi-nominal model with the following weighted-average inputs: the price of the Company's common stock of $2.64 per share; the conversion prices (see Note 7); risk-free interest rates of 4.11%; and an expected volatility of the Company's common stock of 65.7%.

As of December 31, 2023, the fair value of the derivative liabilities of convertible notes was estimated using a bi-nominal model with the following weighted-average inputs: the price of the Company's common stock of $3.04 per share; the conversion prices (See Note 7); risk-free interest rates of 0.19% to 0.47% based on the term to exit; and an expected volatility of the Company's common stock of 75%.

**NOTE 11 – STOCKHOLDERS' EQUITY**

***Authorized Capital***

The Company has 200,000,000 shares of common stock authorized, with a par value of $0.0001. There were 625,000 founder shares issued on September 7, 2018, at $0.0002 for proceeds of $125. On October 5, 2018, the Company issued 2,000,000 shares of the Company's common stock to the sellers of NewGen, at $1.00 fair value per share. (See Note 4)

The Company has 50,000,000 shares of preferred stock authorized, with a par value of $0.0001. There were no shares of preferred stock issued as of December 31, 2024.

***2021 Equity Incentive Plan***

In June 2021, the Company's Board of Directors approved the Company's 2021 Omnibus Equity Incentive Plan (the "2021 Plan") and initially reserved 535,950 shares of common stock for issuance under such plan. The number of shares of common stock available for issuance under the 2021 Plan shall automatically increase (but not decrease) as needed such that the number or shares of common stock available for issuance at any time under the 2021 Plan is thirteen percent (13%) of the Company's fully diluted number of shares, less the number of shares of common stock subject to outstanding awards granted under the 2021 Plan. On June 29, 2023, the 2021 Plan was amended and restated to adjust the number of shares available for issuance under the 2021 Plan. The number of shares available for issuance will increase by 5% of the issued and outstanding shares of common stock on the first calendar day of each year. The number of shares of common stock available for issuance underlying the 2021 Plan was increased to 596,153 shares, representing 15% of the issued and outstanding shares of common stock of the Company then outstanding. As of December 31, 2024, 275,178 shares were available for issuance under the 2021 Plan. Shares issued under the 2021 Plan may be either authorized but unissued shares or shares held in the Company's treasury.

The 2021 Plan authorizes the Board of Directors or a committee of the Board of Directors to grant incentive stock options, non-qualified stock options, restricted stock awards and restricted stock units to eligible officers, employees, consultants and directors of the Company.

***Stock Options***

During the year ended December 31, 2021, under the 2021 Plan, the Company granted options to purchase an aggregate of 320,975 shares of the Company's common stock with an exercise price of $3.04 per share to Company's Chief Executive Officer and the Company's Chief Scientific Officer and various other consultants. One half of the options issued will become vested on the one-year anniversary of the grant date, with the remaining options to vest monthly in equal installments to be fully vested upon the three-year anniversary of the grant date. The fair value of the options granted was $457,872, based on a fair value of $1.426 on the grant date.

The Company recorded stock-based compensation expense of $57,214 and $114,428 on vested options for the years ended December 31, 2024 and 2023, respectively. No stock options were granted during the years ended December 31, 2024 and 2023.

A summary of the stock option activity during the years ended December 31, 2024 and 2023 is presented below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br><br>**Number of**<br>**Options** |<br>**Weighted**<br>**Average**<br>**Exercise**<br>**Price** | **Weighted**<br>**Average**<br>**Remaining**<br>**Contractual**<br>**Life In Years** |<br>**Aggregate**<br>**Intrinsic**<br>**Value** |
| Outstanding, January 1, 2023 | 320975 | $3.04 | 8.5 | $- |
| Granted |  |  |  | **-** |
| Exercised |  |  |  | **-** |
| Expired/Cancelled | - | - |  | **-** |
| Outstanding, December 31, 2023 | 320975 | $3.04 | 7.5 | $- |
| Granted |  |  |  | **-** |
| Exercised |  |  |  | **-** |
| Expired/Cancelled | - | - |  | **-** |
| Outstanding, December 31, 2024 | 320975 | $3.04 | 6.5 | $- |
| Vested and exercisable, December 31, 2024 | 320975 | $3.04 | 6.5 | $- |

---

***Warrants***

As an extension of the maturity dates of Series A and Series B Notes, the Company issued 44,766 warrants in relation to the Series A convertible notes and 32,227 warrants in relation to the Series B Notes under an extension agreement, with an expiration date of December 31, 2023. On October 30, 2023, the Company extended the 76,993 Series A and Series B extension warrants expiration date until the earlier of (i) December 31, 2025 or (ii) a Liquidation Event which is defined as an initial public offering of our common stock or a merger, or similar transaction, whereby all, or substantially all of our assets are transferred pursuant to which our stockholders receive shares of a publicly-traded company.

A summary of the warrant activity during the years ended December 31, 2024 and 2023 is presented below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br><br>**Number of**<br>**Warrants** |<br>**Weighted**<br>**Average**<br>**Exercise**<br>**Price** | **Weighted**<br>**Average**<br>**Remaining**<br>**Contractual**<br>**Life In Years** |<br>**Aggregate**<br>**Intrinsic**<br>**Value** |
| Outstanding, January 1, 2023 | 300618 | $2.98 | 2.89 | $320100 |
| Granted |  |  | **-** | **-** |
| Exercised |  |  |  |  |
| Expired | - | - | - | - |
| Outstanding, December 31, 2023 | 300618 | $2.98 | 1.89 | $182600 |
| Granted |  |  | **-** | **-** |
| Exercised |  |  |  |  |
| Expired | 46125 | 3.04 | - | - |
| Outstanding, December 31, 2024 | 254493 | $3.04 | 1.83 | $228314 |
| Exercisable, December 31, 2024 | 254493 | $3.04 | 1.83 | $228314 |

---

The following table presents information related to stock warrants as of December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
| **Warrants Outstanding** | **Warrants Outstanding** | **Warrants Exercisable** | **Warrants Exercisable** |
|<br>**Exercise**<br>**Price** |<br>**Outstanding**<br>**Number of**<br>**Warrants** | **Weighted**<br>**Average**<br>**Remaining Life**<br>**In Years** |<br>**Exercisable**<br>**Number of**<br>**Warrants** |
| $1.00 | 137500 | 2.00 | 137500 |
| $3.04 | 20000 | 3.00 | 20000 |
| $7.66 | 44766 | 1.00 | 44766 |
| $2.50 | 32227 | 1.00 | 32227 |
| $7.68 | 20000 | 2.75 | 20000 |
|  | 254493 | 1.83 | 254493 |

---

**NOTE 12 – INCOME TAXES**

The Company accounts for income taxes under ASC 740 - Income Taxes ("ASC 740"), which provides for an asset and liability approach of accounting for income taxes. Under this approach, deferred tax assets and liabilities are recognized based on anticipated future tax consequences, using currently enacted tax laws, attributed to temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts calculated for income tax purposes.

The income tax provision expense (benefit) for the years ended December 31, 2024 and December 31, 2023 are as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br>**2024** | **December 31,**<br>**2023** |
| Current: |  |  |
| &nbsp;&nbsp;&nbsp;U.S. federal | $- | $- |
| &nbsp;&nbsp;&nbsp;State and local | - | 3200 |
|  |  | 3200 |
| Deferred: |  |  |
| &nbsp;&nbsp;&nbsp;U.S. federal | 69570 | (70131) |
| &nbsp;&nbsp;&nbsp;State and local | 231474 | - |
|  | 301044 | (70131) |
| Provision for income tax expense (benefit) | $301044 | $(66931) |

---

The income tax expense for the year ending December 31, 2024 relates to state franchise taxes and deferred income tax benefit due to changes in the value of equity investments. The income tax benefit for the year ending December 31, 2023 relates to a true up of the prior year income tax liabilities and deferred expense related to change in value of equity investments.

A reconciliation of the provision computed at the federal statutory rate to the Company's provision for income taxes included in the accompanying statements of operations for the Company is as follows:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| U.S. federal tax benefit at statutory rate | 21.00% | 21.00% |
| State income taxes, net of federal benefit | (7.94)% | 0.14% |
| Non-deductible expenses and other | (15.88)% | (2.81)% |
| Change in valuation allowance, net | (33.94)% | (16.63)% |
| Other | 1.40% | (0.09)% |
| Effective tax rate | (35.36)% | 1.61% |

---

For the year ended December 31, 2024 the Company's effective tax rate is below the federal statutory income tax rate of 21% primarily due to non-deductible expenses and the Company's position to establish a full valuation allowance on its deferred tax assets that cannot otherwise offset indefinite life deferred tax liabilities. For the year ended December 31, 2023 the Company's effective tax rate is below the federal statutory income tax rate of 21%, primarily due to nondeductible expenses and the Company's position to establish a full valuation allowance on its deferred tax assets that cannot otherwise offset indefinite life deferred tax liabilities.

Deferred income taxes reflect the net tax effects of temporary differences between carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes as well as net operating loss and tax credit carryforwards. The components of the net deferred income tax assets and liabilities are as follows:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| Deferred tax assets |  |  |
| &nbsp;&nbsp;&nbsp;Net operating losses | $1293784 | $873490 |
| &nbsp;&nbsp;&nbsp;Research and development costs | 440654 | 335342 |
| &nbsp;&nbsp;&nbsp;Stock based compensation | 240982 | 169343 |
| &nbsp;&nbsp;&nbsp;Tax credits | 30789 | 16198 |
| &nbsp;&nbsp;&nbsp;Accruals and other | 800 | 879 |
| Total deferred tax assets | 2007009 | 1415251 |
| &nbsp;&nbsp;&nbsp;Less valuation allowance | (1362203) | (1073251) |
|  | 644806 | 342000 |
| Deferred tax liability |  |  |
| &nbsp;&nbsp;&nbsp;Investment | (476660) | (9886) |
| &nbsp;&nbsp;&nbsp;Intangible assets | (554364) | (417288) |
|  | (1031024) | (427288) |
| Net deferred income tax liability | $(386218) | $(85175) |

---

The Company has recorded a valuation allowance for its deferred tax assets that it does not believe will be realizable at a more likely than not level based on analysis of all available sources of taxable income. The valuation allowance increased by approximately $289,000 for the year ended December 31, 2024, due to current year losses generated and capitalized research and development costs.

As of December 31, 2024 and 2023, the Company has U.S. federal net operating loss carryforward amounts of approximately $4,478,000 and $3,075,000, respectively, which do not expire. As of December 31, 2024, the Company has federal research and development tax credits of approximately $49,000, which begin to expire in 2033.

As of December 31, 2024 and 2023 the Company has state net operating loss carryforward amounts of approximately $5,062,000 and $3,261,000, respectively, which begin to expire in 2031. As of December 31, 2024, the Company has state research and development tax credits of approximately $52,000, which do not expire.

The Company's unrecognized tax benefits at December 31, 2024 and 2023, relate entirely to research and development tax credits. The total amount of unrecognized tax benefits at December 31, 2024 and 2023, is approximately $64,000 and $49,000, respectively. If recognized, none of the unrecognized tax benefits would impact income tax expense to the extent that the Company continues to maintain a full valuation allowance against its deferred tax assets. The Company does not anticipate significant changes to its current uncertain tax positions through December 31, 2024.

Utilization of the federal and state net operating loss and federal and state research and development tax credit carry forwards may be subject to annual limitations due to the ownership percentage change provisions of the Internal Revenue Code Section 382 and 383 and similar state provisions. The annual limitations may result in the inability to fully offset future annual taxable income and could result in the expiration of the net operating loss carry forwards before utilization.

The Company is subject to U.S. federal, state and foreign income tax examinations by tax authorities for all tax years since inception due to the Company's net carryover of unused operating losses. The Company may be subject to income tax examinations for the various taxing authorities which vary by jurisdiction. The Company is currently not under examination in any jurisdiction.

The Company recognizes any interest and/or penalties related to income tax matters as a component of income tax expense. As of December 31, 2024, there were no accrued interest and penalties related to uncertain tax positions.

**NOTE 13 - SUBSEQUENT EVENTS** 

The Company, in accordance with ASC 855, Subsequent Events, has evaluated its subsequent events from December 31, 2024, through the date these consolidated financial statements were issued and has determined that there are no subsequent events requiring disclosure in these consolidated financial statements other than the items noted below.

*Convertible Notes*

Subsequent to December 31, 2024, the Company issued additional convertible notes for a net debt increase of $89,100. Included in the issuances was $112,500 for services and $50,000 for the settlement of accounts payable.

*Shares Issued For Services*

Subsequent to December 31, 2024, the Company issued 65,029 shares of common stock for services.

*Stock Options*

Subsequent to December 31, 2024, the Company granted 285,000 stock options at an exercise price of $3.04 per share. All of the stock options vest 50% on April 1, 2026 and 50% vest pro rata on a monthly basis over two years commencing May 1, 2026 such that full vesting occurs on April 1, 2028. The stock options have a term of ten years.

*Reverse Stock Split*

On September 30, 2025, the Company received stockholder approval to effect a reverse stock split of its common stock at a ratio of not less than 1-for-1.2 and not greater than 1-for-5, with the ratio and timing of the reverse stock split to be determined by the Board (the "Reverse Stock Split"). If and when the Board determines to effect the Reverse Stock Split by the filing of amended and restated articles of incorporation reflecting the Reverse Stock Split, neither the Company's authorized shares of common stock, nor par value will be affected. For purposes of calculation hereunder, the financial statements hereto have been adjusted using an assumed Reverse Stock Split ratio of one (1) share of Common Stock for every two (2) shares of Common Stock issued and outstanding. Any fractional shares of common stock resulting from the implied Reverse Stock Split have been rounded up to the nearest whole post-Reverse Stock Split share. All outstanding securities entitling their holders to acquire shares of Common Stock were adjusted as a result of the implied Reverse Stock Split. All common share and per share data are retrospectively restated to give effect to the Reverse Stock Split for all periods presented herein.

**EDISON ONCOLOGY HOLDING CORP.**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

---

| | | |
|:---|:---|:---|
|  | **As of**<br>**September 30, 2025** | **As of**<br>**December 31, 2024** |
| **ASSETS** |  |  |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $96995 | $544170 |
| &nbsp;&nbsp;&nbsp;Accounts receivable | 647488 | 526374 |
| &nbsp;&nbsp;&nbsp;Loan agreement with Senz | 45489 | 20489 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 16221 | 78778 |
| &nbsp;&nbsp;&nbsp;Deferred offering costs | 453621 | - |
| Total current assets | 1259814 | 1169811 |
| Intangible assets | 1981032 | 1981032 |
| Equity method investment | 636427 | 3203354 |
| Total assets | $3877273 | $6354197 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $2351277 | $1341096 |
| &nbsp;&nbsp;&nbsp;Accounts payable - related party | 407751 | 73852 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 760916 | 710924 |
| &nbsp;&nbsp;&nbsp;Accrued interest | 1017621 | 713734 |
| &nbsp;&nbsp;&nbsp;Accrued interest - related party | 28408 | 21883 |
| &nbsp;&nbsp;&nbsp;Loans payable - related party | 10000 | 10000 |
| &nbsp;&nbsp;&nbsp;Convertible notes payable - current, net | 2792000 | 3012785 |
| &nbsp;&nbsp;&nbsp;Convertible notes payable - related party | 124500 | 87000 |
| &nbsp;&nbsp;&nbsp;Derivative liability | 1284453 | 1127590 |
| &nbsp;&nbsp;&nbsp;Deferred tax liability | 386219 | 386219 |
| Total current liabilities | 9163145 | 7485083 |
| Convertible notes payable - non-current, net | 1875876 | 1295353 |
| Total liabilities | 11039021 | 8780436 |
| Commitments and Contingencies (Note 9) |  |  |
| Stockholders' deficit |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Stock, par value $0.0001, 50,000,000 shares authorized; zero shares issued and outstanding |  |  |
| &nbsp;&nbsp;&nbsp;Common stock, par value $0.0001, 200,000,000 shares authorized; 4,077,014 and 3,984,357 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively \*\* | 407 | 398 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 4842072 | 4416898 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (12004227) | (6843535) |
| Total stockholders' deficit | (7161748) | (2426239) |
| Total liabilities and stockholders' deficit | $3877273 | $6354197 |

---

\*\* Giving retroactive effect to the 1 for 2 reverse stock split effected on September 30, 2025

The accompanying notes are an integral part of these condensed consolidated financial statements

**EDISON ONCOLOGY HOLDING CORP.**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

---

| | | |
|:---|:---|:---|
|  | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
|  | **2025** | **2024** |
| R&D revenue | $373114 | $304209 |
| &nbsp;&nbsp;&nbsp;Total revenue | 373114 | 304209 |
| General and administrative expenses | 1366777 | 863719 |
| Research and development | 575814 | 746669 |
| Research and development - related party | 476998 | 72570 |
| &nbsp;&nbsp;&nbsp;Loss from operations | $(2046475) | $(1378749) |
| Other (expense) income |  |  |
| &nbsp;&nbsp;&nbsp;Interest (expense) income | (321958) | (225390) |
| &nbsp;&nbsp;&nbsp;Amortization of debt discount | (226577) | (164547) |
| &nbsp;&nbsp;&nbsp;Change in fair value of derivative liability | 1245 | (83985) |
| &nbsp;&nbsp;&nbsp;Change in fair value of equity method investment | (2566927) | 154636 |
|  | (3114217) | *(319286)* |
| Loss income before provision for income taxes | (5160692) | (1698035) |
| Provision for income taxes | - | - |
| Net loss | $(5160692) | $(1698035) |
| Basic and diluted loss per share | $(1.27) | $(0.43) |
| Basic and diluted weighted average number of shares | 4051576 | 3984357 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements

**EDISON ONCOLOGY HOLDING CORP.**

**CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Common Stock \*\*** | **Common Stock \*\*** | | | |
|  | **Shares** | **Amount** | **Additional**<br>**Paid-in**<br>**<br> Capital** |<br>**Accumulated**<br>**Equity (Deficit)** | **Total**<br>**Stockholders'**<br>**Equity (Deficit)** |
| **Balance at December 31, 2024** | 3984357 | $398 | $4416898 | $(6843535) | $(2426239) |
| Shares of common stock issued for services | 69195 | 7 | 179892 |  | 179899 |
| Shares of common stock issued to placement agents | 23462 | 2 | 60826 |  | 60828 |
| Stock-based compensation expense |  |  | 184456 |  | 184456 |
| Net loss | - | - | - | (5160692) | (5160692) |
| **Balance at September 30, 2025** | 4077014 | 407 | 4842072 | (12004227) | (7161748) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | | | |
|  | **Shares** | **Amount** | **Additional**<br>**Paid-in**<br>**Capital** |<br>**Accumulated**<br>**Equity (Deficit)** | **Total**<br>**Stockholders'**<br>**Equity (Deficit)** |
| **Balance at December 31, 2023** | 3984357 | $398 | $4359684 | $(5669328) | $(1309246) |
| Stock-based compensation expense |  |  | 57214 |  | 57214 |
| Net loss | - | - | - | (1698035) | (1698035) |
| **Balance at September 30, 2024** | 3984357 | $398 | $4416898 | $(7367363) | $(2950067) |

---

\*\* Giving retroactive effect to the 1 for 2 reverse stock split effected on September 30, 2025

The accompanying notes are an integral part of these condensed consolidated financial statements

**EDISON ONCOLOGY HOLDING CORP.**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

---

| | | |
|:---|:---|:---|
|  | **For the Nine Months Ended September 30,** | **For the Nine Months Ended September 30,** |
|  | **2025** | **2024** |
| CASH FLOWS FROM OPERATING ACTIVITIES |  |  |
| &nbsp;&nbsp;&nbsp;Net loss for the period | $(5160692) | $(1698035) |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt discount | 226577 | 164547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 184456 | 57214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of derivative liablity | (1245) | 83985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of equity method investment | 2566927 | (154636) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued for services | 191189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 62557 | (25411) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (121114) | (93810) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 1480340 | 260003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | (370492) | 347599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued interest | 310412 | 217195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan agreement with Senz | (25000) | 19801 |
| &nbsp;&nbsp;&nbsp;Net cash used in operating activities | (656085) | (821548) |
| CASH FLOWS FROM FINANCING ACTIVITIES |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from convertible notes payable - related party | 37500 |  |
| &nbsp;&nbsp;&nbsp;Net proceeds from convertible notes payable | 371410 | 1500000 |
| &nbsp;&nbsp;&nbsp;Payment on convertible notes payable | (200000) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash (used in) provided by financing activities | 208910 | 1500000 |
| INCREASE (DECREASE) IN CASH | (447175) | 678452 |
| &nbsp;&nbsp;&nbsp;Cash - Beginning of period | 544170 | 96440 |
| &nbsp;&nbsp;&nbsp;Cash - End of period | $96995 | $774892 |
| **SUPPLEMENTAL CASH FLOW INFORMATION:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash paid for interest | $11545 | $8883 |
| **Non-cash investing and financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible notes payable issued to reduce accounts payable | $168900 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred offering costs | $453621 | $- |

---

The accompanying notes are an integral part of this condensed consolidated financial statement.

**EDISON ONCOLOGY HOLDING CORP.**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024**

**NOTE 1 – NATURE OF THE ORGANIZATION AND BUSINESS**

***Corporate History***

Edison Oncology Holding Corp. ("Edison", the "Company", "we", "our" or "us") was formed on August 16, 2018 as a Nevada corporation. The Company's principal offices are located at 3475 Edison Way, Suite R, Menlo Park, CA. Edison is a clinical-stage, oncology-focused pharmaceutical company. Our product development portfolio consists of multiple assets which are owned by us or to which we have obtained exclusive rights.

We plan to advance our product candidates through pre-clinical and clinical development as both standalone therapies and in combination with our other therapies, as long as their continued development is supported by clinical and nonclinical data. In addition, we may seek to establish development and marketing partnerships in order to partially offset development costs with development/commercialization strategic partners who we believe are well suited for the development, marketing, sales and distribution of our products, if approved.

On October 5, 2018, we entered into an agreement with NewGen Therapeutics, Inc. ("NewGen") to acquire its assets, consisting substantially of four pharmaceutical patents. To facilitate the transaction, a wholly-owned subsidiary of the Company, Edison Oncology Acquisition Corp., was formed and subsequently acquired NewGen. NewGen was the surviving company subsequent to the completion of the merger, pursuant to which NewGen became a wholly owned subsidiary of the Company.

On December 27, 2018, we entered into an agreement with Valent Technologies LLC ("Valent") under which we were granted certain exclusive rights to patent applications owned by Valent related to VAL-413 (Orotecan, *oral irinotecan HCl*), a proprietary oral formulation of irinotecan and a cancer therapy approved by the U.S. Food and Drug Administration ("FDA"). On April 1, 2020 we amended the agreement with Valent. We are collaborating with Valent to conduct a clinical trial with VAL-413, and we have been granted an exclusive right to acquire or license Valent's intellectual property for the further development and commercialization of VAL-413 (See Note 8).

On January 31, 2021, we entered into a Development and License Agreement with Apollomics, Inc., a Cayman Islands corporation ("Apollomics"), pursuant to which we granted to Apollomics an exclusive, royalty-bearing, non-transferable, sublicensable right and license to develop, manufacture, use, sell, import, export, and commercialize the Company's EO1001, our proprietary pan-ErbB inhibitor globally, except for China and Taiwan (See Note 3).

***Reverse Stock Split***

On September 30, 2025, the Company received shareholder approval to effectuate a reverse stock split of its issued and outstanding common stock at a ratio of not less than 1-for-1.2 and not greater than 1-for-5 with the Board to determine the exact ratio at its discretion (the "Reverse Stock Split"). The Reverse Stock Split will be effected prior to the initial public offering of the Company's common stock. For purposes of these financial statements and accompanying footnotes, we have assumed the completion of the Reverse Stock split such that every two (2) shares of issued and outstanding common stock were converted into one (1) share of common stock. Any fractional shares of common stock that would result from the Reverse Stock Split were rounded up to the nearest whole post-Reverse Stock Split share. The Reverse Stock Split will not change the par value of the Company's common stock. Accordingly, all outstanding securities entitling their holders to acquire shares of common stock were adjusted as a result of the Reverse Stock Split. All common share and per share data are retrospectively restated to give effect to the Reverse Stock Split for all periods presented herein.

***Risks and Uncertainties***

Management continues to evaluate the impact of the Russia-Ukraine war on the economy and the capital markets and has concluded that, while it is reasonably possible that such events could have negative effects on the Company's financial position and results of its operations, the specific impacts are not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments that might result from the outcome of these uncertainties.

The current challenging economic climate may lead to adverse changes in cash flows, working capital levels and/or debt balances, which may also have a direct impact on the Company's operating results and financial position in the future. The ultimate duration and magnitude of the impact and the efficacy of government interventions on the economy and the financial effect on the Company is not known at this time. The extent of such impact will depend on future developments, which are highly uncertain and not in the Company's control.

***Going Concern and Management Liquidity Plans***

The accompanying condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP") and assume that the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business.

For the nine months ended September 30, 2025, the Company had a net loss of approximately $5,161,000. As of September 30, 2025, the Company had an accumulated deficit of approximately $12,004,000 and a working capital deficit of approximately $7,903,000. Even with the proceeds from the issuance of the convertible notes during, and subsequent to, the nine months ended September 30, 2025, the Company will require additional funding to maintain its clinical trials, research and development projects, and for general operations.

Accordingly, the Company has concluded that substantial doubt exists about the Company's ability to continue as a going concern for a period of at least twelve months from the issuance date of these condensed consolidated financial statements.

Management expects to incur substantial additional expenses over the next several years as the Company's research, development and commercial activities increase. Our ability to continue our operations depends on our ability to complete equity or debt financings or generate cash through development and licensing agreements or generate profitable operations in the future. Such financings or development or licensing agreements may not be available or may not be available on reasonable terms. Our ability to generate profitable operations requires the advancement of our current and future product candidates through clinical trials, marketing approval and commercialization, the lengthy and expensive nature and uncertain outcomes of the clinical development process and the lengthy, time consuming and unpredictable nature of the regulatory approval process. Therefore, it is uncertain when, if ever, the Company will realize significant revenue from product sales.

If we are unable to raise sufficient capital when needed, our business, financial condition and results of operations will be materially and adversely affected, and we will need to significantly modify our operational plans to continue as a going concern. Management plans to address this uncertainty through an offering of the Company's securities. The Company cannot provide any assurance that its plans to raise capital will be successful. If adequate funds are not available or are not available on acceptable terms, we may not be able to take advantage of prospective business endeavors or opportunities which could significantly and materially restrict our operations.

These condensed consolidated financial statements do not give effect to any adjustments to the amounts and classification of assets and liabilities that may be necessary should the Company be unable to continue as a going concern. Such adjustments could be material.

**NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

***Basis of Presentation***

The accompanying unaudited condensed consolidated financial information as of and for the nine months ended September 30, 2025 and 2024 has been prepared in accordance with GAAP for interim financial information and with the instructions to Article 10 of Regulation S-X. In the opinion of management, such financial information includes all adjustments, consisting only of normal recurring adjustments, considered necessary for a fair presentation of our condensed consolidated financial position at such date and the condensed consolidated operating results and cash flows for such periods. Operating results for the nine months ended September 30, 2025 are not necessarily indicative of the results that may be expected for the entire year ended December 31, 2025 or for any other subsequent annual or interim period.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted pursuant to the rules of the U.S. Securities and Exchange Commission ("SEC"). These condensed consolidated unaudited financial statements and related notes should be read in conjunction with our audited financial statements for the years ended December 31, 2024 and 2023 included in the Company's audited financial statements for the years ended December 31, 2024 and 2023 included in Section F of this registration statement.

The condensed consolidated balance sheet at December 31, 2024 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements.

***Principles of Consolidation***

The condensed consolidated financial statements include the accounts of the Company and our wholly-owned subsidiaries. As of September 30, 2025 and 2024, the Company had two wholly-owned subsidiaries, NewGen and Edison Oncology Acquisition Corp. All significant inter-company balances and transactions among the companies have been eliminated upon consolidation.

***Use of Estimates***

The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period.

The Company believes the following accounting policies affect its more significant judgments and estimates used in the preparation of the accompanying condensed consolidated financial statements. Significant estimates include the accrual for research and development expenses, fair value of embedded conversion rights, fair value of warrants, income taxes, the estimated fair value of acquired intangibles assets and impairment review of those assets, liabilities assumed and share based compensation expense. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. Estimates are periodically reviewed in light of reasonable changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates or assumptions.

***Cash and Cash Equivalents***

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. As of September 30, 2025 and December 31, 2024, the Company did not have any cash equivalents.

The Company maintains cash balances at financial institutions with accounts that are insured by the Federal Deposit Insurance Corporation ("FDIC") up to $250,000. As of September 30, 2025, the Company's cash balance does not exceed FDIC coverage. As of December 31, 2024, the Company's cash balance exceeded FDIC coverage. The Company has not experienced any losses in such accounts and periodically evaluates the credit worthiness of the financial institutions and has determined the credit exposure to be negligible.

***License and Collaboration Arrangements and Revenue Recognition***

The Company's revenues are generated primarily through license and collaboration agreements with pharmaceutical and biotechnology companies. The terms of these arrangements may include (i) the grant of intellectual property rights (IP licenses) to therapeutic drug candidates against specified targets, (ii) performing research and development services to optimize drug candidates, and (iii) the grant of options to obtain additional research and development services or licenses for additional targets, or to optimize product candidates, upon the payment of option fees.

The terms of these arrangements typically include payment to the Company of one or more of the following: non-refundable, upfront license fees; payments for research and development services; fees upon the exercise of options to obtain additional services or licenses; payments based upon the achievement of defined collaboration objectives; future regulatory and sales-based milestone payments; and royalties on net sales of future products.

The Company accounts for revenue in accordance with Accounting Standards Codification ("ASC") 606, *Revenue from Contracts with Customers* ("ASC 606"). The Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. In determining the appropriate amount of revenue to be recognized under ASC 606, the Company performs the following steps:

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| | |
|:---|:---|
| *Step 1:* | Identify the promised goods or services in the contract; |
| *Step 2:* | Determine whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract; |
| *Step 3:* | Measure the transaction price, including the constraint on variable consideration; |
| *Step 4:* | Allocate the transaction price to the performance obligations; and |
| *Step 5:* | Recognize revenue when (or as) the Company satisfies each performance obligation. |

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As part of the accounting for these arrangements, the Company must make significant judgments, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each performance obligation.

Once a contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within the contract and determines those that are performance obligations. Arrangements that include rights to additional goods or services that are exercisable at a customer's discretion are generally considered options. The Company assesses if these options provide a material right to the customer and if so, they are considered performance obligations.

Performance obligations are promised goods or services in a contract to transfer a distinct good or service to the customer. The promised goods or services in the Company's contracts with customers primarily consist of license rights to the Company's intellectual property for research and development, research and development services, options to acquire additional research and development services, and options to obtain additional licenses, such as a commercialization license for a potential product candidate. Promised goods or services are considered distinct when:

&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 customer can benefit from the good or service on its own or together with other readily available resources; and

(ii) the
 promised good or service is separately identifiable from other promises in the contract.

In assessing whether promised goods or services are distinct, the Company considers factors such as the stage of development of the underlying intellectual property, the capabilities of the customer to develop the intellectual property on their own and whether the required expertise is readily available. In addition, the Company considers whether the collaboration partner can benefit from a promise for its intended purpose without the receipt of the remaining promises, whether the value of the promise is dependent on the unsatisfied promises, whether there are other vendors that could provide the remaining promises, and whether it is separately identifiable from the remaining promises. The Company estimates the transaction price based on the amount of consideration the Company expects to receive for transferring the promised goods or services in the contract. The consideration may include both fixed consideration and variable consideration. At the inception of each arrangement that includes variable consideration, the Company evaluates whether to estimate the amount of the potential payments and the likelihood that the payments will be received or use the right to invoice practical expedient. Under ASC 606, applicable to distinct licenses of IP, the Company evaluates and recognizes the royalties and sales milestones as revenue when (or as) the customer's sales or usage occurs, unless doing so accelerates revenue recognition ahead of the entity's satisfaction of the performance obligation to which the royalty relates. Therefore, the variable consideration connected to the Royalties and Sales Milestones is not estimated at inception of the contract and is recognized when the sales occur, and the royalties and sales milestones are met. For the research and development services, the right to invoice practical expedient is used whereby the contract research service activities to date are invoiced which correspond directly to the value of the related performance.

***Licensing Revenue***

The Company's collaboration revenue arrangement (See Note 3) includes the following:

*Upfront License and Sublicensing Fees*

If a license is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenues from non-refundable, up-front fees allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license. For licenses that are bundled with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, up-front fees. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition.

The timing and amount of revenue that we recognize from licenses of technology, either from upfront fees or milestones where we are providing continuing services related to product development, are primarily dependent upon our estimates of the development period. We define the development period as the point from which research activities commence up to regulatory approval of either our or our partners' submission, assuming no further research is necessary. As product candidates move through the development process, it is necessary to revise these estimates to consider changes to the product development cycle, such as changes in the clinical development plan, regulatory requirements, or various other factors, many of which may be outside of our control. Should the FDA or other regulatory agencies require additional data or information, we would adjust our development period estimates accordingly.

We did not recognize any upfront licensing or sublicensing revenue in the nine months ended September 30, 2025 and 2024.

*Milestone Payments*

Milestone payments, in the form of additional license fees, typically represent nonrefundable payments to be received in conjunction with the achievement of a specific event identified in the license or sublicense agreement, such as completion of specified development activities and/or regulatory submissions and/or approvals. We believe that a milestone represents the culmination of a distinct earnings process when it is not associated with ongoing research, development or other performance on our part. We recognize such milestones as revenue when they become due, and collection is reasonably assured. When a milestone does not represent the culmination of a distinct earnings process, we recognize revenue in a manner similar to that of an upfront license fee.

The Company's license and collaboration agreements may include development and regulatory milestones. The Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method. The Company evaluates factors such as scientific, clinical, regulatory, commercial, and other risks that must be overcome to achieve the particular milestone in making this assessment. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the Company's control or the licensee's control, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. At the end of each reporting period, the Company re-evaluates the probability of achievement of such milestones and any related constraint, and if necessary, adjusts the estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect collaboration revenue and net loss in the period of adjustment.

We did not recognize any milestone revenue in the nine months ended September 30, 2025 and 2024.

*Royalties*

For arrangements that include sales-based royalties, including milestone payments based on a level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company will recognize revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). To date, the Company has not recognized any revenue related to sales-based royalties or milestone payments based on the level of sales.

We did not recognize any royalty revenue in the nine months ended September 30, 2025 and 2024.

*Research and Development Services*

The promises under the Company's collaboration agreements may include research and development services to be performed by the Company on behalf of the partner. Payments or reimbursements resulting from the Company's research and development efforts are recognized as the services are performed and presented on a gross basis because the Company is the principal for such efforts.

We recognized $373,114 and $304,209 for research and development services in the nine months ended September 30, 2025 and 2024, respectively.

*Acquired In-Process Research and Development*

In accordance with ASC Topic 350, Intangibles – Goodwill and Other, the Company's acquired in process research and development ("IPR&D") has been determined to have an indefinite life and, therefore, is not initially amortized. Instead, it is tested for impairment annually and between annual tests if the Company becomes aware of an event or a change in circumstances that would indicate the carrying value may be impaired.

On October 5, 2018, the Company entered into an agreement with NewGen to acquire its assets, consisting substantially of four pharmaceutical patents. As consideration for the purchase of the assets, the Company issued 2,000,000 shares of the Company's common stock to the sellers of NewGen. The aggregate fair value of these shares at the time of the acquisition totaled to $2,000,000, and including the transaction costs and liabilities acquired, the asset acquisition was $2,201,555.

The Company has accounted for the transaction as an asset acquisition in accordance with ASC 805 "Business Combinations." Since the purchased intellectual property was deemed to have alternative future use, the Company recorded an IPR&D asset within Intangible Assets on the consolidated balance sheet.

***Impairment of Long-Lived Assets***

The Company reviews long-lived assets annually for impairment or whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. With respect to the impairment testing of acquired IPR&D, ASC 350, *Intangibles-Goodwill and Other*, provides for a two-step impairment process with the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to the determination that it is more-likely-than not (that is, a likelihood of more than 50%) that acquired IPR&D is impaired. If the Company chooses to first assess qualitative factors and it determines that it is more-likely-than not acquired IPR&D is not impaired, the Company is not required to take further action to test for impairment.

When the Company performs a quantitative assessment of acquired IPR&D, it compares its carrying value to its estimated fair value to determine whether an impairment exists. The Company evaluates potential impairment of its acquired IPR&D annually on October 1, utilizing an income approach and determining if it was more-likely-than not that the fair value was impaired.

Our determinations as to whether, and if so, the extent to which acquired IPR&D become impaired are highly judgmental and are based on significant assumptions regarding our projected future financial condition and operating results, changes in the manner of our use of the acquired assets, development of our acquired assets or our overall business strategy, and regulatory, market, and economic environment and trends*.*

If the associated research and development effort is abandoned, the related asset will be written-off, and the Company will record a non-cash impairment loss on its condensed consolidated statement of operations. For those products that are brought into use through an out-license arrangement or that reach commercialization, the IPR&D asset will be reclassified into a Long lived IPR&D asset and amortized over its estimated useful life which is the lower of the expected royalty term or the remaining life of the relevant patents, whichever is shorter. The Company periodically reviews its long-lived IPR&D assets to determine whether i) events and circumstances continue to support an indefinite useful life and ii) asset impairment.

During the nine months ended September 30, 2025 and 2024, we did not record a loss on impairment.

***Patent Costs***

All patent-related costs incurred in connection with preparing, filing and prosecuting patent applications are expensed as incurred due to the uncertainty about the recovery of the expenditure. Amounts incurred are classified as general and administrative expenses in the condensed consolidated statement of operations.

***Equity Method Investment***

The Company accounts for investments in entities in which the Company has significant influence over the entity's financial and operating policies, but does not control, using the equity method of accounting. As it pertains to our investment in Rakovina Therapeutics, Inc. ("Rakovina"), the Company elected under ASC 825, *Fair Value Option*, for the investment to be recognized at fair value. As such, the investment is remeasured at the end of each period to fair value, with the change in fair value recognized in the condensed consolidated statement of operations (See Note 5).

***Fair Value Measurements***

The Company's financial instruments consist of cash, equity method investment(s), accounts payable, accrued liabilities and derivative liabilities. The carrying amounts of cash, accounts payable and accrued liabilities approximate their fair value due to the short-term nature of those financial instruments. The fair value of the equity method investment, derivative liability, liability classified warrants are remeasured to fair value each reporting period.

ASC Topic 820, *Fair Value Measurement* ("ASC 820"), establishes a fair value hierarchy for instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company's own assumptions (unobservable inputs). Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company's assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances.

Fair value is the exchange price that would be received for an asset, or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets and liabilities (Level 1) and lowest priority to unobservable inputs (Level 3).

Assets and liabilities recorded in the balance sheets at fair value are categorized based on a hierarchy of inputs as follows:

---

| | |
|:---|:---|
| Level 1: | Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. |
| Level 2: | Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reported date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. |
| Level 3: | Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management's best estimate of fair value. The significant unobservable inputs used in the fair value measurement for nonrecurring fair value measurements of long-lived assets include pricing models, discounted cash flow methodologies and similar techniques. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. |

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***Leases***

The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use ("ROU") assets, other current liabilities, and operating lease liabilities in the Company's condensed consolidated balance sheet. The Company has not entered any operating or financing leases.

ROU assets represent the Company's right to use and control an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. If the Company's leases will not provide an implicit rate, the Company will use its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The ROU asset also includes lease payments made before the lease commencement date and excludes any lease incentives. The Company's lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option.

The components of a lease shall be split into three categories, if applicable: lease components (e.g., land, building, etc.), non-lease components (e.g., common area maintenance, maintenance, consumables, etc.), and non-components (e.g., property taxes, insurance, etc.). The fixed and in-substance fixed contract consideration (including any related to non-components) must then be allocated based on fair values to the lease components and non-lease components. The Company's operating leases may have lease and non-lease components to which the Company has elected to apply a practical expedient to account for each lease component and related non-lease component as one single component. The lease component results in a right-of-use asset being recorded on the condensed consolidated balance sheet. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

***Warrants***

The Company accounts for freestanding warrants within stockholders' equity or as liabilities based on the characteristics and provisions of each instrument. The Company evaluates outstanding warrants in accordance with ASC 480, *Distinguishing Liabilities from Equity*, and ASC 815, *Derivatives and Hedging*. If none of the criteria in the evaluation in these standards are met, the warrants are classified as a component of stockholders' equity and initially recorded at their grant date fair value without subsequent remeasurement. Warrants that meet the criteria are classified as liabilities and remeasured to their fair value at the end of each reporting period. As of September 30, 2025 and the year ended December 31, 2024, the Company did not have any warrants required to be classified as liabilities.

***Basic and Diluted Earnings/Loss per Common Share***

Basic and diluted earnings or loss per share ("EPS") amounts in the condensed consolidated financial statements are computed in accordance with ASC 260 – 10, *Earnings per Share*, which establishes the requirements for presenting EPS. Basic EPS is based on the weighted average number of shares of common stock outstanding. Diluted EPS is based on the weighted average number of shares of common stock outstanding and dilutive common stock equivalents. Basic EPS is computed by dividing net income or loss available to common stockholders (numerator) by the weighted average number of shares of common stock outstanding (denominator) during the period. Potentially dilutive securities are excluded from the calculation of diluted loss per share, if their effect would be anti-dilutive. For periods in which the Company reports net losses, diluted net loss per share is the same as basic net loss per share because potentially dilutive common shares are not assumed to have been issued if their effect is anti-dilutive.

***Foreign Currency and Currency Translation***

The functional currency is the currency of the primary economic environment in which an entity's operations are conducted. The Company and its subsidiaries operate mainly in the United States. The Company conducts certain clinical trials in foreign jurisdictions, including Australia and Canada. The Company and its subsidiaries' functional and reporting currency is the U.S dollar.

Monetary assets and liabilities denominated in currencies other than the functional currency are remeasured into the functional currency at rates of exchange prevailing at the balance sheet dates. Non-monetary assets and liabilities denominated in foreign currencies are remeasured into the functional currency at the exchange rates prevailing at the date of the Transaction. Exchange gains or losses arising from foreign currency transactions are included in the determination of net income for the respective period.

Adjustments that arise from exchange rate changes on transactions denominated in a currency other than the local currency are included in other (expense) income in the condensed consolidated statement of operations as incurred.

***Research and Development***

Research and development costs are expensed as incurred. The Company records the costs associated with research, nonclinical and clinical trials, and manufacturing development, expenses and external costs of outside vendors engaged to conduct preclinical development activities and clinical trials, including salaries, share-based compensation and benefits, as incurred. These costs are a significant component of the Company's research and development expenses, with a substantial portion of the Company's on-going research and development activities conducted by third party service providers.

Nonrefundable advance payments for goods or services to be received in the future for use in research and development activities are recorded as prepaid expenses. The prepaid amounts are expensed as the related goods are delivered or the services are performed.

The Company accrues for expenses resulting from obligations under agreements with contract research organizations ("CROs"), contract manufacturing organizations ("CMOs"), and other outside service providers for which payment flows do not match the periods over which materials or services are provided to the Company. Accruals are recorded based on estimates of services received and efforts expended pursuant to agreements established with CROs, CMOs, and other outside service providers. These estimates are typically based on contracted amounts applied to the proportion of work performed and determined through analysis with internal personnel and external service providers as to the progress or stage of completion of the services. The Company makes significant judgments and estimates in determining the accrual balance in each reporting period. In the event advance payments are made to a CRO, CMO, or outside service provider, the payments will be recorded as a prepaid asset which will be amortized or expensed as the contracted services are performed. As actual costs become known, the Company adjusts its prepaids and accruals. Inputs, such as the services performed, the number of patients enrolled, or the trial duration, may vary from the Company's estimates, resulting in adjustments to research and development expense in future periods. Changes in these estimates that result in material changes to the Company's accruals could materially affect the Company's results of operations. To date, the Company has not experienced any material deviations between accrued and actual research and development expenses.

***Stock-based Compensation***

Stock-based compensation expense includes the estimated fair value of equity awards vested during the reporting period. The Company applies the provisions of ASC 718, *Compensation - Stock Compensation* ("ASC 718"), which requires the measurement and recognition of compensation expense for all stock-based awards made to employees, including grants of stock options, restricted stock units, modifications to existing stock options and equity classified warrants, in the condensed consolidated statement of operations. Pursuant to ASC 718, the Company accounts for warrants issued to non-employees for their services in accordance with ASC 718.

The grant date fair value of stock options and equity-classified warrants are calculated using the Black-Scholes-Merton option pricing model. The use of the Black-Scholes-Merton option pricing model requires management to make assumptions with respect to the fair value of the underlying shares, the expected term of the option, the expected volatility of the common stock consistent with the expected life of the option, risk-free interest rates and expected dividend yields of the common stock. For awards subject to service-based vesting conditions, including those with a graded vesting schedule, the Company recognizes stock-based compensation expense equal to the grant date fair value of stock options on a straight-line basis over the requisite service period, which is generally the vesting term. Forfeitures are recorded as they are incurred as opposed to being estimated at the time of grant and revised.

***Related Party Disclosures***

The Company identifies related party transactions in accordance with ASC 855, *Related Party Disclosures.* Further, information regarding material related party transactions is disclosed in accordance with ASC 855 and Rule 4-08 of Regulation S-X.

***Concentration of Credit Risks***

For the nine months ended September 30, 2025 and 2024, respectively, the Company had revenue from one customer that accounted for 100% of total R&D revenue. As of September 30, 2025, total accounts receivable from this customer was approximately $647,000.

***Segment Information***

The Company adopted Accounting Standards Update ("ASU") No. 2023-07*,* "*Segment Reporting (Topic* 280*) Improvements to Reportable Segment Disclosures"* on January 1, 2024. The Company determines its operating segment based on how its chief operating decision maker ("CODM") manages the business, makes operating decisions, including the allocation of resources, and assesses operating performance. The Company's CODM is the Chief Executive Officer, who reviews the Company's operating results on a consolidated basis. The Company has determined that it has only one operating segment. The Company manages its business activities and allocates resources on a consolidated basis, operates as a single operating segment and has one reportable segment.

***Recent Accounting Pronouncements***

In November 2024, the FASB issued ASU 2024-03, *Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)*. The amendments in this update require disclosure, in the notes to financial statements, of specified information about certain costs and expenses at each interim and annual reporting period. The amendments are effective for annual periods beginning after December 15, 2026, and reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact to its condensed consolidated financial statements.

All other newly issued but not yet effective accounting pronouncements have been deemed to be not applicable or immaterial to the Company.

**NOTE 3 – DEVELOPMENT AND LICENSE AGREEMENT**

***Apollomics License Agreement***

Under our Development and License Agreement ("DLA") with Apollomics, for the nine months ended September 30, 2025 and 2024, we have recognized the following revenue in our condensed consolidated statement of operations:

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| | | |
|:---|:---|:---|
|  | **Nine months**<br> **Ended**<br> **September 30,**<br> **2025** | **Nine months**<br> **Ended**<br> **September 30,**<br> **2024** |
| Research and development services | $373114 | $304209 |
| **Total revenues** | $**373114** | $**304209** |

---

*Summary*

On January 31, 2021, the Company entered into a DLA with Apollomics, pursuant to which the Company granted to Apollomics an exclusive, royalty-bearing, non-transferable, sublicensable right and license to develop, manufacture, use, sell, import, export, and commercialize the Company's EO1001 product globally, except for China and Taiwan. The DLA with Apollomics is set to continue in effect until the expiration of all payment obligations (milestones and royalties) noted below, or if Apollomics chooses to request an early termination of the agreement. In consideration for the license, Apollomics paid the Company a non-refundable one-time payment of $1,500,000 on February 1, 2021. Per further terms in the contract, Apollomics is required to pay the Company certain milestone and royalty payments.

The contract includes a Joint Steering Committee ("JSC") and a Joint Development Plan ("JDP"), which oversees the development and commercialization of the licensed product candidate in the licensed territory. The Company and Apollomics have each appointed two senior executives to the JSC. The JDP falls under the guidance of ASC 808, *Collaborative Arrangements*. ASU 2018-18, *Clarifying the Interaction Between Topic 808 and Topic 606*, clarifies that collaborative arrangements are within the scope of ASC 606 if the promised good or service is distinct within the collaborative arrangement and with a customer. Apollomics is the customer per the license agreement and, per the terms in the contract, Apollomics is to solely bear all costs associated with the development of the licensed product candidate, including costs of certain of our employees performing development activities

*Revenue Recognition*

The Company identified performance obligations under the arrangement consisting of the license of intellectual property rights, research and development ("R&D") services and participation on the JSC.

The Company has considered the performance obligations identified in the contract and concluded that the license of intellectual property rights is distinct from the provision of R&D services and JSC, as the R&D services and JSC are not expected to significantly modify the clinical-stage intellectual property and Apollomics can benefit from the license together with the R&D services that it could obtain from another vendor. As a result, the grant of intellectual property rights and the provision of R&D services combined with participation on the JSC is considered two separate performance obligations for this contract.

Variable consideration to be paid to the Company upon performance of R&D services and participation on the JSC were excluded from the transaction price at the onset of the agreement as the Company has elected the right-to-invoice practical expedient and revenue is recognized directly related to the performance of the R&D services.

Variable consideration to be paid to the Company upon reaching certain milestones has been excluded from the calculation, as at the inception of the contract, it is not probable that a significant reversal of revenue recognized would not occur in a subsequent reporting period.

**NOTE 4 – INTANGIBLE ASSETS**

Intangible assets, which were not subject to amortization, consisted of the following:

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| | | | |
|:---|:---|:---|:---|
| ***Patent*** | ***Useful Life*** | ***September 30, 2025*** | ***December 31, 2024*** |
| Patents - E01001 | Indefinite | $1981032 | $1981032 |
| Less: accumulated amortization |  | - | - |
| **Total intangible assets, net** |  | $**1981032** | $**1981032** |

---

The Company's intangible assets relate to our EO1001 product candidate which is the subject of the Apollomics DLA (See Note 3). The compound is currently in a Phase 2 clinical trial. We have filed patents covering composition of matter, formulation, and methods of use for EO1001.

**NOTE 5 – EQUITY METHOD INVESTMENT**

The equity method investment consisted of the following:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | ***Initial*** | ***Initial*** | ***Initial*** | ***Initial*** | ***As of <br> September 30, 2025*** | ***As of <br> September 30, 2025*** | ***As of <br> December 31, 2024*** | ***As of <br> December 31, 2024*** |
| <br>***Equity Investment*** | ***Equity Ownership*** | ***Number of Shares*** | ***Share Price (Fair Value)*** | ***Valuation (Basis)*** | ***Equity Ownership*** | ***Number of Shares*** | ***Equity Ownership*** | ***Number of Shares*** |
| Rakovina Therapeutics Inc. | 43% | 30000000 | $0.1983 | $5949076 | 11.5% | 2426563 | 17% | 24265625 |

---

On August 28, 2020, our wholly-owned subsidiary, NewGen, entered into a business combination agreement with Vincero Capital Corp. ("Vincero"), a capital pool company listed on the Toronto Venture Exchange (the "Vincero Agreement"). Under the terms of the Vincero Agreement, NewGen and Vincero each formed a wholly-owned subsidiary under the laws of British Columbia to facilitate the sale of intellectual property related to proprietary pre-clinical DNA-damage response inhibitor technologies to Vincero and as consideration for the sale NewGen to receive 30,000,000 shares of Vincero common stock. On March 25, 2021, the business combination agreement was consummated by Vincero whereby NewGen's wholly owned British Columbia subsidiary became a wholly-owned subsidiary of Vincero under the name Rakovina Research Ltd. ("Rakovina Research"). Vincero then changed its name to Rakovina Therapeutics Inc. ("Rakovina"), which continued as the surviving entity.

Per the terms of the business combination agreement, NewGen, or ultimately, the Company received 30,000,000 shares in consideration representing approximately 43% of Rakovina outstanding shares on the closing date on March 25, 2021, with the market value of these shares at the closing of the merger being CAD $0.25 (US $0.20) per share, for a total consideration of US $5,949,076. The exchange of shares for the Company's patents via the transaction mechanism described above was accounted for as a sale of assets. The patents transferred had a carrying value for the Company of $220,523. Therefore, the receipt of the consideration of $5,949,076 for the carrying value of the patents results in a gain on sale of assets of $5,728,553. After the sale of the assets, there was no further relationship between the Company and Rakovina Therapeutics Inc or Rakovina Research, with the exception of the Company's CEO and Chairman each serving on the board of Rakovina and comprising two fifths of Rakovina's board of directors. Per ASC 323, *Investments-Equity Method and Joint Venture* the equity method investment is applicable, not only based on the percentage holding, but if the investor can influence the operating or financial decisions of the investee. Therefore, based on their positions with Rakovina, the investment will remain as equity method investment.

At the time of the exchange, the 30,000,000 shares of Rakovina issued to the Company represented approximately 43% of Rakovina's outstanding shares of 68,558,000. In October 2021, the Company's ownership of Rakovina was decreased to approximately 35% when the Company transferred approximately 5.7 million of the Rakovina shares to its Series A convertible note holders as a concession for agreeing to extend the maturity date of the Series A Notes . The Company recognized an extension agreement expense of $917,500, based on the average carrying value of the Rakovina equity method shares and related to the transfer of the Rakovina shares in the year ended December 31, 2021. The Company has concluded that the relationship with Rakovina does not constitute a variable interest entity ("VIE") where the Company is the primary beneficiary, and further that it does not have voting control over Rakovina. As a result, consolidation of Rakovina into the Company's condensed consolidated financial statements is not required.

On December 13, 2024, Rakovina issued 50,000,000 common shares and warrants in a Private Placement, which resulted in the Company's percentage holding of Rakovina common shares to lower to approximately 17%. The Company still has significant influence on the Rakovina business, and there is no change in the accounting of the equity investment.

On June 24, 2025, Rakovina completed a 1:10 reverse stock split. As a result, the Company's ownership of Rakovina common shares was reduced to 2,426,563 shares. In addition, on June 6, 2025 Rakovina announced the completion of a financing that resulted in a decrease in the Company's ownership of Rakovina common shares to an estimated 11.5%. The Company still has significant influence on the Rakovina business, and there is no change in the accounting of the equity investment.

The Company accounts for this transaction as an equity method investment and elected under ASC 825 for the investment to be treated as a fair value option. It will be remeasured at the end of each period to fair value, with the change in fair value recognized in the statement of operations as Rakovina is a publicly traded company and the share price is readily available in the market.

The following table summarizes the activity of the Company's equity method investment, which is based on the quoted market price of the Rakovina:

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| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
| **Balance at beginning of period** | $3203354 | $1546934 |
| Change in fair value of equity method investment | (2566927) | 1656420 |
| **Balance at end of period** | $**636427** | $**3203354** |

---

The fair value of the Rakovina share price was CAD $0.37 (US $0.26) per share at September 30, 2025, which resulted in an equity method investment fair value of $636,427 as of September 30, 2025.

The fair value of the Rakovina share price was CAD $0.19 (US $0.13) per share at December 31, 2024, which resulted in an equity method investment fair value of $3,203,354 as of December 31, 2024.

The summarized information as to results of operations of Rakovina were as follows as expressed in $CAD:

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| | |
|:---|:---|
|  | **For the Six months ended**<br> **June 30, 2025** |
| Sales |  |
| Gross profit |  |
| Net loss and comprehensive loss | (5078399) |

---

---

| | |
|:---|:---|
|  | **For the Six months ended<br> June 30, 2024** |
| Sales |  |
| Gross profit |  |
| Net loss and comprehensive loss | (1573440) |

---

**NOTE 6 –ACCRUED Expenses**

Accrued expenses consist of the following amounts:

---

| | | |
|:---|:---|:---|
|  | **September 30,** **2025** | **December 31, 2024** |
| Legal and professional fees | $370292 | $217489 |
| Research and development consultants | 389633 | 492444 |
| Other | 991 | 991 |
| **Total accrued expenses** | $**760916** | $**710924** |

---

**NOTE 7 – CONVERTIBLE NOTES**

The convertible notes consisted of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | | **September 30, 2025** | **September 30, 2025** |
|  |<br>**Debt Amount** |<br>**Debt Discount** | **Discount Amortized** | **Net Amount** |
| ***Series B Convertible Notes – interest at 10% per annum, and an extended maturity date of the effective date of the Registration Statement.*** | $621500 | $(40373) | $40373 | $621500 |
| ***Series C Convertible Notes – interest at 7.5% per annum payable at maturity with a maturity date 24 months from the date of the initial closing*** | 2295000 | (710621) | 710621 | 2295000 |
| ***Series D Convertible Notes – interest at 10% per annum payable at maturity with a maturity date 24 months from the date of the initial closing*** | 2276600 | (676171) | 275447 | 1875876 |
|  | $5193100 | $(1427165) | $1026441 | $4792376 |
| Less: related party convertible notes payable |  |  |  | $(124500) |
| Less: convertible notes payable, current, net |  |  |  | $(2792000) |
| Convertible notes payable - non-current, net |  |  |  | $1875876 |

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***Series B Convertible Notes***

During the years ended December 31, 2020 and December 31, 2021, the Company issued convertible notes to accredited investors, for an aggregate principal amount of $565,000 (the Series B Notes). The Series B Notes accrue interest at 10% per annum, with a maturity date of December 31, 2021, with a sole option by the Company for the maturity date to be extended to December 31, 2022 by the issuance of warrants to the holders of the Series B Notes ("Series B Extension Warrants"). Additionally, if, on or before the maturity date, the Company has filed a registration statement (a "Registration"), or similar filing or corporate event which will result in a public listing of the Company's common share (a "Liquidity Event") on or before November 1, 2022, the maturity date shall be extended to the earlier of (i) the date on which the Registration has been declared effective or (ii) 180 days from the initial filing of the Registration. Furthermore, if the Company has not filed a Registration on or before November 1, 2022, 105% of the unpaid principal and accrued interest shall be due and payable by the Company at the maturity date. The Company may prepay any outstanding amounts owing under the notes, in whole or in part, at any time prior to the maturity date or conversion. As the Registration Statement was not filed on or before November 1, 2022 the principal of the outstanding notes were increased to 105%. On December 22, 2022 an extension was entered into, whereby the principal was increased to 110% of the original principal, and the maturity date was extended to June 30, 2023. However, per the extension agreement if the Company has filed a Registration Statement on or before June 30, 2023, so long as the Company maintains a current Registration, the Maturity Date shall be extended to the date on which the Registration has been declared effective.

The holders of the Series B Notes have a voluntary conversion feature if the Company sells shares of its capital stock pursuant to an unregistered offering ("Financing") on or prior to the maturity date, at a conversion rate equal to the lessor of i) 80% of the share price of the Financing or ii) a price per share, applying the 80% discount, based on $8,000,000 divided by the fully diluted capitalization immediately prior to the initial closing of the Financing. The notes additionally include an automatic conversion, upon a Liquidity Event. The Liquidity Event conversion price will be the lessor of i) 85% of the price per share in the Liquidity Event, or ii) a price per share, not applying the 85% discount, based on $8,000,000 divided by the fully diluted capitalization immediately prior to the initial closing of the Liquidity Event.

On December 31, 2021, the Company exercised its option to extend the maturity date of the Series B Notes to December 31, 2022 and issued 32,227 Series B Extension Warrants to the holders, including the related party holder, of the Series B Notes. The Series B Extension Warrants have an exercise price based on 85% of price per share of common stock sold in the Company's first public offering after the effective Registration. The Company used a third party to perform a valuation to estimate their fair value of $1.30 per warrant, for a total of $41,893, with factors which included a term of two years, volatility of 59.2% and a risk-free rate of 1.26%. Management concluded that the 2022 warrant extension did not constitute a debt extinguishment pursuant to ASC 470, and the fair value of the warrant has been recorded as a debt discount and is being amortized through interest expense using the effective interest method through the scheduled maturity date.

The Company has extended the 76,993 Series A and Series B extension warrants expiration date until the earlier of (i) December 31, 2025 or (ii) a Liquidation Event which is defined as an initial public offering of our common stock or a merger, or similar transaction, whereby all, or substantially all of our assets are transferred pursuant to which our stockholders receive shares of a publicly-traded company.

As of September 30, 2025, the fair value of the derivative was $171,177, with a change in fair value of $(15,061) recognized in the nine months ended September 30, 2025. The fair value of the derivative liabilities of convertible notes was estimated by using the Monte Carlo method using the following inputs: the price of the Company's common stock of $2.254 per share; the conversion prices (as described above); risk-free interest rates of 3.76%; and an expected volatility of the Company's common stock of 96.6%.

As of December 31, 2024, the fair value of the derivative was $186,238, with a change in fair value of $22,170 recognized in the year ended December 31, 2024. The fair value of the derivative liabilities of convertible notes was estimated by using the Monte Carlo method using the following inputs: the price of the Company's common stock of $2.64; the conversion prices (as described above); risk-free interest rates of 4.24% ; and an expected volatility of the Company's common stock of 65.0%.

The Company recorded an accrued interest expense for the Series B Notes of approximately $44,000 and $61,000 for the nine months ended September 30, 2025 and the year ended December 31, 2024, respectively.

***Series C Convertible Notes***

The Company issued convertible notes to various accredited investors on February 28, 2022, June 30, 2022, September 25, 2022, July 1, 2023 and March 5, 2024 for aggregate principal balances of $2,495,000 (the Series C Notes). The Series C Notes bear interest at 7.5% per annum payable at maturity with a maturity date 24 months from the date of the initial closing, or upon the occurrence and/or during the continuance of the Event of Default. Provided, however, that if the Company has filed a Registration Statement on or before the maturity date, the maturity date shall be extended to the earlier of the date on which the Registration Statement has been declared effective or 180 days from the initial filing of the Registration Statement. The notes have a voluntary conversion at any time through the maturity date at the option of the holder, at a conversion price of $7.68. The notes also have a voluntary conversion at the option of the holder upon a financing event, at the lessor of 90% of the price paid by investors in the financing, or the conversion price. There is an automatic conversion upon a liquidity event, at a price per share equal to the lesser of 90% of the price in the liquidity event or the conversion price. In connection with the Series C convertible notes, the Company issued 34,917 shares of common stock to the placement agents for $79,400 based on a fair value of $2.28 per share, which has been recognized as a debt discount.

The Company analyzed the conversion features in accordance with ASC 815 and determined the conversion feature meets the definition of a derivative and, therefore, requires bifurcation and will be accounted for as a derivative liability. The Company estimated the fair value of the conversion feature derivative embedded in the convertible notes to be $359,384, $126,386, $58,827, and $44,984 at the respective issuance dates of February 28, 2022, June 29, 2022, September 25, 2022 and July 1, 2023, and $41,640 for the March 5, 2024 issuance; based on certain assumptions utilizing the Monte Carlo methodology. The key valuation assumptions used consist, in part, on the price of the Company's common stock ranging from $1.52 to $1.778 per share at their respective issuance dates; risk-free interest rates ranging from 4.49% to 5.57% depending on the Valuation Date and the expected term to exit, and a range of expected volatility of the Company's common stock of 84.6% to 90.1%, the various expected exit events and their respective probabilities of occurrence, and the strike prices determined in alignment with the conversion terms. The derivative fair value has been recorded as a debt discount and for the nine months ended September 30, 2025 and 2024 , with an amortization expense of $17,812 and $75,751, respectively.

On April 25, 2025, one of the Series C convertible notes was repaid for a total of $200,000, with the derivative remaining fair value of $45,181 recognized in the change in fair value in the nine months ended September 30, 2025.

As of September 30, 2025, the fair value of the derivative was $588,130, with a change in fair value of $21,347 recognized in the nine months ended September 30, 2025. The fair value of the derivative liabilities of convertible notes was estimated by using the Monte Carlo methodology using the following inputs: the price of the Company's common stock of $2.254 per share; the conversion prices (as described above); risk-free interest rates of 3.70%; and an expected volatility of the Company's common stock of 65.7%.

As of December 31, 2024, the fair value of the derivative was $566,784, with a change in fair value of $35,584 recognized in the year ended December 31, 2024. The fair value of the derivative liabilities of convertible notes was estimated by using the Monte Carlo methodology using the following inputs: the price of the Company's common stock of $2.64 per share; the conversion prices (as described above); risk-free interest rates of 4.11%; and an expected volatility of the Company's common stock of 65.7%.

The Company recorded an accrued interest expense for the Series C Notes of approximately $114,000 and $185,000 for the nine months ended September 30, 2025 and the year ended December 31, 2024, respectively.

***Series D Convertible Notes***

The Company issued convertible notes to various accredited investors in September 2024 and received gross proceeds of $1.35 million. In October 2024 the Company issued two additional Series D convertible notes for a total principal of $300,000 to reduce amounts owed in accounts payable. The Series D Notes bear interest at 10% per annum payable at maturity with a maturity date 24 months from the date of the initial closing, or upon the occurrence of the event of a trade sale or Initial Public Offering ("IPO") (each an "Exit Event"). Upon an Exit Event, the Series D notes will mandatorily convert to common shares at the lower of a 20% discount to the IPO price; or a fully diluted pre-money company valuation of $50 million. If there is not an Exit Event that has occurred prior to the maturity date, the Series D notes are to be converted to common shares at face value plus a 5% premium. Additionally, any accrued interest will also convert into common shares at the maximum conversion price. The maximum conversation price is equivalent to a pre-money company valuation of $50 million.

In January 2025 the Company issued three additional Series D convertible notes for a total principal of $168,900 to reduce amounts owed in accounts payable. The fair value of the conversion feature derivative embedded in the convertible notes recognized as a debt discount was $47,427. The fair value of the derivative liability was estimated by using the Monte Carlo methodology using the following inputs: the price of the Company's common stock of $2.696 per share; the conversion prices; risk-free interest rates of 3.89%; and an expected volatility of the Company's common stock of 80.7%.

On May 1, 2025, the Company issued an additional Series D convertible note to an accredited investor and received gross proceeds of $120,200. The fair value of the conversion feature derivative embedded in the convertible notes recognized as a debt discount was $30,184. The fair value of the derivative liability was estimated by using the Monte Carlo methodology using the following inputs: the price of the Company's common stock of $2.646 per share; the conversion prices; risk-free interest rates of 3.70%; and an expected volatility of the Company's common stock of 82.3%.

During August 2025, the Company issued three additional Series D convertible notes to accredited investors and received gross proceeds of $300,000. The fair value of the conversion feature derivative embedded in the convertible notes recognized as a debt discount was $80,497, including the related party Series D issuance (Note 8). The fair value of the derivative liability was estimated by using the Monte Carlo methodology using the following inputs: the price of the Company's common stock ranging from $1.208 to $1.247 per share; the conversion prices; risk-free interest rates ranging from 3.61% to 3.90% depending on the Valuation Date and the expected term to exit; and a range of expected volatility of the Company's common stock of 81.3% to 81.8%.

The Company analyzed the conversion features for the Series D convertible notes issued during the year end 2024 in accordance with ASC 815 and determined the conversion feature meets the definition of a derivative and, therefore, requires bifurcation and will be accounted for as a derivative liability. The Company estimated the fair value of the conversion feature derivative embedded in the convertible notes to be $213,867, $125,628, and $81,834 at the respective issuance dates of September 5, 2024, September 23, 2024 and October 31, 2024; based on certain assumptions utilizing the Monte Carlo methodology. The key valuation assumptions used consist, in part, on the price of the Company's common stock ranging from $4.14 to $4.00 per share at their respective issuance dates; risk-free interest rates ranging from 3.75% to 4.16% depending on the Valuation Date and the expected term to exit, and a range of expected volatility of the Company's common stock of 85.4% to 81.3%, the various expected Exit Events and their respective probabilities of occurrence, and the strike prices determined in alignment with the conversion terms. The derivative fair value has been recorded as a debt discount and for the year ended December 31, 2024, with an amortization expense of $66,682.

As of September 30, 2025, the fair value of the derivative was $525,144, with a change in fair value of $(7,531) recognized in the nine months ended September 30, 2025. The fair value of the derivative liabilities of convertible notes was estimated by using the Monte Carlo methodology using the following inputs: the price of the Company's common stock of $2.254 per share; the conversion prices (as described above); risk-free interest rates of 3.60%; and an expected volatility of the Company's common stock of 78.1 % to 82.3%.

As of December 31, 2024, the fair value of the derivative was $315,650, with a change in fair value of $(46,762) recognized in the year ended December 31, 2024. The fair value of the derivative liabilities of convertible notes was estimated by using the Monte Carlo methodology using the following inputs: the price of the Company's common stock of $3.66 per share; the conversion prices (as described above); risk-free interest rates of 4.23%; and an expected volatility of the Company's common stock of 80.7%.

The Company recorded an accrued interest expense for the Series D Notes of approximately $146,000 and $45,000 for the nine months ended September 30, 2025 and the year ended December 31, 2024, respectively.

The Company recognized an amortization expense of the debt discount related to the Series C and Series D Convertible Notes of approximately $227,000 and $165,000 for the nine months ended September 30, 2025 and September 30, 2024, respectively

**Note 8 - Related Party Transactions**

***Convertible Note Payable – Related Party***

*Chief Executive Officer*

On September 25. 2022, the Company issued a Series C convertible note to the Company's Chief Executive Officer ("CEO") in the principal amount of $25,000. The Series C Notes bear interest at 7.5% per annum payable at maturity with a maturity date 24 months from the date of the initial closing, or upon the occurrence and/or during the continuance of the Event of Default. Provided, however, that if the Company has filed a Registration Statement on or before the maturity date, the maturity date shall be extended to the earlier of the date on which the Registration Statement has been declared effective or 180 days from the initial filing of the Registration Statement. The notes have a voluntary conversion at any time through the maturity date at the option of the holder, at a conversion price of $7.68 per share. The notes also have a voluntary conversion at the option of the holder upon a financing event, at the lessor of 90% of the price paid by investors in the financing, or the conversion price. There is an automatic conversion upon a liquidity event, at a price per share equal to the lesser of 90% of the price in the liquidity event or the conversion price. The Company analyzed the conversion features in accordance with ASC 815 and determined the conversion feature meets the definition of a derivative and therefore requires bifurcation and will be accounted for as a derivative liability (See Note 7).

On December 23, 2023, the CEO acquired a $15,000 Series B convertible note from a non-related party investor. Pursuant to this acquisition, the CEO also acquired 1,974 underlying Series B extension warrants.

Accrued interest expense payable for the CEO's convertible notes was approximately $12,000 as of September 30, 2025 and $10,000 as of December 31, 2024.

*Chief Scientific Officer and Chairman*

On June 30, 2021 the Company entered into a $20,000 convertible note ("Series B") that bears interest at 10% which accrues over the term and is payable at the maturity date. The maturity date is December 31, 2021, with a sole option by the Company to be extended to December 31, 2022 by the issuance of warrants ("Extension Warrants"). Additionally, if the Company has filed a registration statement (a "Registration"), on or before November 1, 2022, the maturity date shall be extended to the earlier of (i) the date on which the Registration has been declared effective or (ii) 180 days from the initial filing of the Registration. Furthermore, if the Company has not filed a Registration on or before November 1, 2022, 105% of the unpaid principal and accrued interest shall be due and payable by the Company at the maturity date. The Company may prepay any outstanding amounts owing under the note, in whole or in part, at any time prior to the maturity date or conversion.

On December 31, 2021, 2,632 Extension Warrants were issued to the Chairman for the extension of the maturity date to December 31, 2022. The Extension Warrants have an exercise price based on 85% of price per share of common stock sold in the Company's first public offering after the effective Registration. The Company used a third party to perform a valuation to estimate their fair value of $1.30 per warrant, for a total of $1,711, with factors which included a term of 2 years, volatility of 59.2% and a risk-free rate of 1.26%. Management concluded that the 2022 warrant extension did not constitute a debt extinguishment pursuant to ASC 470, as the fair value of the modification is below a significant difference.

The notes have a voluntary conversion at the option of the holder if a transaction occurs in which the Company sells shares of its capital stock pursuant to an unregistered offering ("Financing") on or prior to the maturity date, at a conversion rate equal to the lessor of i) 80% of the share price of the Financing or ii) a price per share, applying the 80% discount, based on $8,000,000 divided by the fully diluted capitalization immediately prior to the initial closing of the Financing. The notes additionally include an automatic conversion upon a Liquidity Event. The Liquidity Event conversion price will be the lessor of i) 85% of the price per share in the Liquidity Event, or ii) a price per share, not applying the 85% discount, based on $8,000,000 divided by the fully diluted capitalization immediately prior to the initial closing of the Liquidity Event. The Company analyzed the conversion features in accordance with ASC 815 and determined the conversion feature meets the definition of a derivative and therefore requires bifurcation and will be accounted for as a derivative liability (See Note 7).

On September 25, 2022, the Company issued a Series C convertible note to the Company's Chief Executive Officer in the principal amount of $25,000. The Series C Notes bear interest at 7.5% per annum payable at maturity with a maturity date 24 months from the date of the initial closing, or upon the occurrence and/or during the continuance of the Event of Default. Provided, however, that if the Company has filed a Registration Statement on or before the maturity date, the maturity date shall be extended to the earlier of the date on which the Registration Statement has been declared effective or 180 days from the initial filing of the Registration Statement. The notes have a voluntary conversion at any time through the maturity date at the option of the holder, at a conversion price of $7.68 per share. The notes also have a voluntary conversion at the option of the holder upon a financing event, at the lessor of 90% of the price paid by investors in the financing, or the conversion price. There is an automatic conversion upon a liquidity event, at a price per share equal to the lesser of 90% of the price in the liquidity event or the conversion price. The Company analyzed the conversion features in accordance with ASC 815 and determined the conversion feature meets the definition of a derivative and therefore requires bifurcation and will be accounted for as a derivative liability (See Note 7).

Accrued interest expense payable for the Chairman's convertible notes was approximately $15,000 as of September 30, 2025 and $12,000 as of December 31, 2024.

*Director*

On July 14, 2025, the Company issued a Series D convertible note to one of the Company's directors, in the principal amount of $37,500. The Series D Notes bear interest at 10% per annum payable at maturity with a maturity date 24 months from the date of the initial closing, or upon the occurrence of the event of a trade sale or IPO (each an "Exit Event"). Upon an Exit Event, the Series D notes will mandatorily convert to common shares at the lower of a 20% discount to the IPO price; or a fully diluted pre-money company valuation of $50 million. If there is not an Exit Event that has occurred prior to the maturity date, the Series D notes are to be converted to common shares at face value plus a 5% premium. Additionally, any accrued interest will also convert into common shares at the maximum conversion price. The maximum conversation price is equivalent to a pre-money company valuation of $50 million. The Company analyzed the conversion features in accordance with ASC 815 and determined the conversion feature meets the definition of a derivative and therefore requires bifurcation and will be accounted for as a derivative liability (See Note 7).

Accrued interest expense payable for the Chairman's convertible notes was approximately $1,000 as of September 30, 2025.

***Agreement with Valent Technologies, LLC***

The Company has entered into agreements with Valent, a company substantially controlled by our Chairman and Chief Scientific Officer. In accordance with the terms of the agreements, we are conducting certain research activities at our expense in return for certain exclusive rights to Orotecan-related technologies owned by Valent. Pursuant to these agreements, the Company incurred expenses of $454,498 and $50,070 in the nine months ended September 30, 2025 and 2024, respectively.

***Valent Evaluation Agreement***

On January 31, 2025, we entered into an evaluation agreement with Valent. Pursuant to the agreement, we and Valent will jointly develop an evaluation program to review certain intellectual property of Valent related to EO4426, in order to determine commercial feasibility. Pursuant to the agreement, we would be responsible for funding the activities related to such evaluation in an amount not to exceed $2,500,000. Within sixty (60) days after the completion of the evaluation program, we will have the exclusive right to acquire all of the applicable technology for an aggregate of (i) $3,000,000, payable in our securities and (ii) a royalty payment on all net sales of products derived from such technologies. As of September 30, 2025, no amounts have been paid under this agreement.

***Agreement with ORP Oncology Research Partners (Canada) Ltd.***

The Company has entered into a Research & Services Agreement with ORP Oncology Research Partners (Canada) Ltd., ("ORP Canada") a company substantially controlled by our Chief Executive Officer. ORP Canada is contracted to conduct certain research and development activities on our behalf in Canada. Under the terms of the agreement, ORP Canada seeks to obtain grant funding and refundable tax credits that the Company believes are of benefit to its research. Pursuant to this agreement, the Company incurred expenses of approximately $22,500 for both of the nine months ended September 30, 2025 and 2024, respectively.

**NOTE 9 – COMMITMENTS AND CONTINGENCIES**

***Senz Evaluation Agreement***

On February 11, 2020, the Company entered into an Evaluation Agreement with Senz Oncology Pty Ltd ("Senz")., an Australian company that is the owner or licensee of certain technologies and is developing certain proprietary materials related to these technologies . The evaluation program under the Evaluation Agreement relates to the two parties to evaluate the use and performance of each of their technologies and to determine their respective interest in a potential business arrangement. Per such agreement, it can be determined at the conclusion of the evaluation program for the parties to negotiate the terms of a business arrangement which may involve either for NewGen to acquire Senz or for a licensing agreement for geographic rights to each other's technologies.

Under the evaluation program, Senz is conducting research on the Company's EO1001 product, the development of which falls under the Apollomics DLA (See Note 3) whereupon Apollomics is to solely bear all costs associated with the development of the licensed product candidate. The research and development services performed by Senz in the evaluation program are invoiced to the Company. The Company then invoices Apollomics for all expenditures related to the DLA, with the gross revenue and expenses being recognized on the Company's condensed consolidated statement of operations, as the Company is considered the principal in the transaction.

Loans to Senz for goods or services to be received in the future for use in research and development activities are recorded as prepaid expenses. The prepaid amounts are expensed as the related goods are delivered or the services are performed.

***Legal Claims***

There are no material pending legal proceedings in which the Company or any subsidiary is a party to or in which any director, officer or affiliate of the Company, any owner of record or beneficially of more than 5% of any class of its voting securities, or security holder is a party adverse to us or has a material interest adverse to the Company.

**NOTE 10 – DERIVATIVE LIABILITY**

The following is a summary of activity of Level 3 derivatives during the nine months ended September 30, 2025 and the year ended December 31, 2024:

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended September 30, 2025** | **Year Ended<br> December 31, 2024** |
| Derivative liability balance at beginning of period | $1127590 | $653629 |
| Additions to derivatives | 155618 | 462969 |
| Change in fair value | 1245 | 10992 |
| **Balance at end of period** | $**1284453** | $**1127590** |

---

As of September 30, 2025, the fair value of the derivative liabilities of convertible notes was estimated using a bi-nominal model with the following weighted-average inputs: the price of the Company's common stock of $2.254 per share; the conversion prices (See Note 7); risk-free interest rates of 3.60% to 3.90% based on the term to exit; and an expected volatility of the Company's common stock of 78.1% to 82.3%.

As of December 31, 2024, the fair value of the derivative liabilities of convertible notes was estimated using a bi-nominal model with the following weighted-average inputs: the price of the Company's common stock of $2.64 per share; the conversion prices (see Note 7); risk-free interest rates of 4.11%; and an expected volatility of the Company's common stock of 65.7%.

**NOTE 11 – STOCKHOLDERS' EQUITY**

***Authorized Capital***

The Company has 200,000,000 shares of common stock authorized, with a par value of $0.0001. There were 625,000 founder shares issued on September 7, 2018, at $0.0002 for proceeds of $125. On October 5, 2018, the Company issued 2,000,000 shares of the Company's common stock to the sellers of NewGen, at $1.00 fair value per share. (See Note 4)

The Company has 50,000,000 shares of preferred stock authorized, with a par value of $0.0001. There were no shares of preferred stock issued as of September 30, 2025.

*Shares Issued For Services*

During the nine months ended September 30, 2025, the Company issued 92,657 shares of common stock for services and placement agents for a total of $240,727, based on a per common share fair value of $2.254 to $2.696.

***Stock Options***

*2021 Equity Incentive Plan*

In June 2021, the Company's Board of Directors approved the Company's 2021 Omnibus Equity Incentive Plan (the "2021 Plan"). As of September 30, 2025, there have been 605,975 stock options issued under the 2021 Plan. Due to the adoption of the 2025 Omnibus Incentive Compensation Plan (the "2025 Plan"), no new stock options will be issued under the 2021 Plan

*2025 Omnibus Incentive Compensation Plan*

The 2025 Plan was adopted by the Board on September 26, 2025 and was approved by our stockholders on September 30, 2025 (the "Plan Effective Date"). The 2025 Plan is the successor to the Company's 2021 Plan, and no further awards may be made under the 2021 Plan on or after the Plan Effective Date. The 2025 Plan provides for the issuance of incentive stock options, non-statutory stock options, stock awards, restricted stock units, dividend equivalent rights, stock appreciation rights, cash awards, and other stock-based awards.

Subject to adjustment, the number of shares reserved for issuance over the term of the 2025 Plan is limited to 1,230,506 shares. In addition, subject to adjustment, the share reserve will automatically increase on the first trading day in January of each calendar year, beginning on January 1, 2026 and ending on (and including) January 1, 2035, by an amount equal to 5% of the total number of outstanding shares of Common Stock on December 31 of the immediately prior calendar year, or such lesser amount as determined by the Board. Shares issuable under the 2025 Plan may be made available from our authorized but unissued shares or from shares that we reacquire, including shares purchased on the open market.

*Stock Options*

On April 1, 2025, under the 2021 Plan, the Company granted options to purchase an aggregate of 285,000 shares of the Company's common stock with an exercise price of $3.04 per share to the Company's Officers, members of the Board of Directors, and various consultants. One half of the options issued vest on the one-year anniversary of the grant date, with the remaining half vesting monthly in equal installments commencing May 1, 2026 such that full vesting occurs on April 1, 2028. The stock options have a term of ten years. The aggregate fair value of the options granted was $553,370, based on a fair value of $1.942 per share on the grant date.

For stock options granted on April 1, 2025, the Company recognized $184,457 in stock-based compensation expense for the nine months ended September 30, 2025. For the stock options granted in prior periods, the Company recorded stock-based compensation expense of $57,214 for the nine months ended September 30, 2024. All options granted in prior periods fully vested by September 30, 2024.

The following table summarizes the assumptions used for estimating the fair value of stock options granted on April 1, 2025:

---

| | |
|:---|:---|
|  | **2025** |
| Expected volatility | 89.4% |
| Expected term of option | 6 years |
| Risk-free interest rate | 3.91% |
| Dividend yield |  |

---

***Warrants***

As an extension of the maturity dates of Series A and Series B convertible notes, the Company issued 44,766 warrants in relation to the Series A convertible notes and 32,227 warrants in relation to the Series B convertible notes under an extension agreement, with an expiration date of December 31, 2023. On October 30, 2023, the Company extended the 76,993 Series A and Series B extension warrants expiration date until the earlier of (i) December 31, 2025 or (ii) a Liquidation Event which is defined as an initial public offering of our common stock or a merger, or similar transaction, whereby all, or substantially all of our assets are transferred pursuant to which our stockholders receive shares of a publicly-traded company.

**NOTE 12 - SUBSEQUENT EVENTS**

The Company, in accordance with ASC 855, Subsequent Events, has evaluated its subsequent events from September 30, 2025, through the date these condensed consolidated financial statements were issued and has determined that there are no subsequent events requiring disclosure in these condensed consolidated financial statements other than the items noted below.

*Convertible Notes*

Subsequent to September 30, 2025, the Company received $330,000 in proceeds for the issuance of additional Series D convertible notes.

*Shares Issued For Services*

Subsequent to September 30, 2025, the Company issued 3,334 shares of common stock for services.

**Through and including [** **●], 2025 (the 25th day after the date of this prospectus) all dealers that effect transactions in these securities, whether or not participating in the listing, may be required to deliver a prospectus. This is in addition to a dealer's obligation to deliver a prospectus when acting as an underwriter and with respect to an unsold allotment or subscription.** 

**EDISON ONCOLOGY HOLDING CORP.**

**2,827,777 Shares of Common Stock**

**, 2025**

**PART II**

**INFORMATION NOT REQUIRED IN PROSPECTUS**

**Item 13. Other Expenses of Issuance and Distribution.**

The following table sets forth the estimated costs and expenses in connection with the sale and distribution of the securities being registered, other than placement agent fees. All expenses incurred will be paid by the Company. All of the amounts shown are estimates other than the Securities and Exchange Commission, or SEC, registration fees.

---

| | |
|:---|:---|
|  | **To be Paid by the<br> Registrant** |
| SEC registration fees | $|
| FINRA Filing Fee | $|
| NYSE American Listing Fee | $|
| Legal fees and expenses | $|
| Accounting fees and expenses | $|
| Printing and engraving expenses | $|
| Transfer agent's fees | $|
| Blue Sky fees and expenses | $|
| Miscellaneous fees and expenses | $|
| Total | $|

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**Item 14. Indemnification of Directors and Officers.**

Neither our Articles of Incorporation nor our Bylaws prevent us from indemnifying our officers, directors and agents to the extent permitted under the Nevada Revised Statutes, as amended ("NRS"). NRS Section 78.751 provides that a corporation shall indemnify any director, officer, employee or agent of a corporation against expenses, including attorneys' fees, actually and reasonably incurred by him in connection with any the defense to the extent that a director, officer, employee or agent of a corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to Section 78.7502(1) or 78.7502(2), or in defense of any claim, issue or matter therein.

NRS Section 78.7502(1) provides that a corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, except an action by or in the right of the corporation, by reason of the fact that he is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses, including attorneys' fees, judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with the action, suit or proceeding if he: (a) is not liable pursuant to NRS Section 78.138; or (b) acted in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful.

NRS Section 78.7502(2) provides that a corporation may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor, by reason of the fact that he is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against expenses, including amounts paid in settlement and attorneys' fees actually and reasonably incurred by him in connection with the defense or settlement of the action or suit if he: (a) is not liable pursuant to NRS Section 78.138; or (b) acted in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the corporation. Indemnification may not be made for any claim, issue or matter as to which such a person has been adjudged by a court of competent jurisdiction, after exhaustion of all appeals there from, to be liable to the corporation or for amounts paid in settlement to the corporation, unless and only to the extent that the court in which the action or suit was brought or other court of competent jurisdiction determines upon application that in view of all the circumstances of the case, the person is fairly and reasonably entitled to indemnity for such expenses as the court deems proper.

NRS Section 78.747 provides that except as otherwise provided by specific statute or agreement, no person other than a corporation is individually liable for a debt or liability of the corporation, unless the person acts as the alter ego of the corporation. The court as a matter of law must determine the question of whether the person acts as the alter ego of a corporation.

Insofar as indemnification for liabilities arising under the Securities Act, may be permitted to directors, officers or controlling persons of ours, pursuant to the foregoing provisions, or otherwise, we have been informed that, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such a director, officer or controlling person in connection with the securities being registered, we will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification is against public policy as expressed hereby in the Securities Act and we will be governed by the final adjudication of such issue.

Any underwriting agreement or distribution agreement that we enter into with any underwriters or agents involved in the offering or sale of any securities registered hereby may require such underwriters or dealers to indemnify us, some or all of our directors and officers and its controlling persons, if any, for specified liabilities, which may include liabilities under the Securities Act.

See also the undertakings set out in response to Item 17 of this Registration Statement.

**Item 15. Recent Sales of Unregistered Securities.**

The following information is given with regard to unregistered securities sold during the preceding three years including the dates and amounts of securities sold, the persons or class of persons to whom we sold the securities, the consideration received in connection with such sales and, if the securities were issued or sold other than for cash, the description of the transaction and the type and amount of consideration received. The descriptions contained below are a summary and qualified by the agreements, if applicable, included as Exhibits to this Registration Statement. The following securities were issued in private offerings pursuant to the exemption from registration contained in Section 4(2) of the Securities Act of 1933, as amended, or the Securities Act and the rules promulgated thereunder.

● In October 2018 and March 30, 2020, we issued $917,500 in principal of Series A Notes. The Series A Notes had an annual interest rate of 10.00% per annum and were convertible into shares of Common Stock at a price per share of $0.50. The Series A notes were subject to a mandatory conversion upon the us receiving gross proceeds of at least $2,000,000 from a private placement of our securities. The Series A Notes had an initial maturity date of October 5, 2020. In October 2020, the Company extended the maturity date of the Series A notes until December 31, 2020, in exchange for two percent (2%) added on the principal of each Series A Note. In exchange for the further extension of the Series A Notes until December 31, 2022, the Company issued an aggregate of 44,766 warrants to purchase Common Stock ratably amongst the Series A Note holders. In aggregate, the warrants were valued at $51,926 at issuance. On February 28, 2022, in accordance with the terms of the Series A notes the outstanding principal and accrued interest of the Series A Notes were converted into 1,219,434 shares of Common Stock and the Series A Notes were extinguished and of no further force or consequence.

● Between December 2020 and March 2021, we issued $565,000 in principal of Series B Notes. The Series B Notes have an annual interest rate of 10.00% per annum. The Series B Notes had an initial maturity date of December 31, 2021. In December 2021, the Company extended the terms of the Series B Notes until December 31, 2022, in exchange for the issuance of an aggregate of 32,227 warrants to purchase Common Stock ratably amongst the Series B Note holders. In aggregate the warrants were valued at $41,893 at issuance. The warrants expire on December 31, 2025 and have an exercise price equal to 85% of the per share price of the following occurrences (i) the initial public offering price per share paid by investors, (ii) the price per share in any merger, reorganization or fundamental transaction, or (iii) the price per share where a third party purchases in excess of 50% of the voting securities of the Company. In December 2022, the Company extended the terms of the Series B Notes until June 30, 2023 (or such later time as this Registration Statement becomes effective), in exchange for an increase of the principal to 110% of the initial principal. Upon any financing of the Company, the Series B Note holders will be able to convert the Series B Note into shares of Common Stock at a price per share equal to the lesser of (a) 80% of the price paid in such offering, and (b) the price per share (applying such 80% calculation per the beginning of this sentence) that results when $8,000,000 is divided by the fully diluted capitalization of the Company. Further, upon a Liquidity Event (as defined in the Series B Notes, including an initial public offering as described in this Registration Statement), all outstanding principal and all accrued interest automatically converts into Common Stock at the lesser of (a) 85% of the price paid in such public offering, and (b) the price per share that results when $8,000,000 is divided by the fully diluted capitalization of the Company. Assuming, the closing of the initial public offering at a price per share of Common Stock of $9.00, which is the midpoint of the price range set forth on the cover page of this Registration Statement, the Series B Notes are convertible into an aggregate of 651,901 shares of Common Stock as of October 31, 2025 (assuming conversion price of approximately $1.416, calculated based off of $8,000,000 divided by fully diluted capitalization of Company as described in the Series B Notes).

● Between February 2022 and March 5, 2024, we issued an aggregate of $2,495,000 in principal of Series C Notes, of which $2,295,000 in principal remain outstanding. The Series C Notes have an annual interest rate of 7.50% per annum. The Series C Notes had initial maturity dates during 2024, which were extended to the earlier of (i) the date on which a registrant statement is declared effective or (ii) 180 days from the initial filing of a registration statement. Upon (i) any financing of the Company, the Series C Note holders will be able to convert the Series C Note into shares of Common Stock at a price per share equal to the lesser of (a) 90% of the price paid in such offering or the conversion price then in effect. Additionally, upon a Liquidity Event (as defined in the Series C Notes, including an initial public offering as described in this Registration Statement), all outstanding principal and all accrued interest automatically converts into Common Stock at the lesser of (a) 90% of the price paid in such public offering, (b) 90% of the implied per share valued received by holders of Common Stock with respect to such a Liquidity Event, or (c) the conversion price then in effect. Assuming, the closing of the initial public offering at a price per share of Common Stock of $9.00, which is the midpoint of the price range set forth on the cover page of this Registration Statement, the Series C Notes are convertible into an aggregate of 378,279 shares of Common Stock as of October 31, 2025 (assuming conversion price of $7.68 as described in the Series C Notes).

● In October 2022, pursuant to certain sales of the Series C Notes, as described in the prior bullet point, we paid compensation to Colorado Financial Services Corp. as placement agent, consisting of (i) 10% cash on proceeds received pursuant to introduced investors, 3% cash as an administrative fee on investors identified by the Company, and (ii) 34,917 common shares, which were split amongst the placement agent and its principals. The shares were valued at an aggregate of $80,238 at issuance based on a fair value of the Common Stock of $2.298 on the grant date.

● On June 30, 2022, we issued 90,000 shares of Common Stock to consultants. The aggregate shares were valued at $212,220, based on a fair value of the Common Stock of $2.358 on the grant date.

● On September 30, 2022, we issued a consultant 20,000 Common Stock Purchase Warrants. The warrants have a term that expires on September 30, 2027 and an exercise price of $7.68 per share. The warrants were valued at $20,061.

● On October 31, 2022, we issued 5,000 shares of Common Stock to a consultant for services. The shares were valued at $11,490, based on a fair value of the Common Stock of $2.298 on the grant date.

● On January 31, 2023, we issued 10,000 shares of Common Stock to consultants. The aggregate shares were valued at $22,980, based on a fair value of the Common Stock of $2.298 on the grant date.

● Between August 30, 2024 and October 31, 2025, we issued an aggregate of $2,606,600 in principal of Series D Notes. The Series D Notes have an annual interest rate of 10.00% per annum. The Series D Note holders may voluntarily convert their Series D Notes into Common Stock at a $50 million pre-money valuation on a fully diluted basis. Additionally, upon an Exit Event (as defined in the Series D Notes, including certain fundamental transactions and an initial public offering as described in this Registration Statement), all outstanding principal and accrued interest automatically converts into Common Stock at the lesser of (i) a $50 million pre-money valuation on a fully diluted basis, (ii) 80% of the price per share paid by investors in the initial public offering, and (iii) 80% of the proposed price or implied equity value (if not cash) per share in any takeover bid. In addition, at maturity, 105% of the principal and all accrued interest of the Series D Notes will convert into shares based on a $50 million pre-money valuation on a fully diluted basis. The Series D Notes may be redeemed at any time by the Company on 10 business days' notice by paying to the applicable Series D Note holders ratably: (i) 110% of the principal amount of each Series D Note, (ii) all accrued but unpaid interest under such Series D Notes, and (iii) any other unpaid amounts due and payable to the Series D Note holders. Assuming, the closing of the initial public offering at a price per share of Common Stock of $9.00, which is the midpoint of the price range set forth on the cover page of this Registration Statement, the Series D Notes are convertible into an aggregate of 393,732 shares of Common Stock as of October 31, 2025 (assuming conversion price of $7.20 as described in the Series D Notes).

● On April 1, 2025, we issued certain employees and consultants options to purchase 285,000 shares of Common Stock. The options all vest (i) 50% on the one year anniversary of the grant date and (ii) 50% on a monthly basis over the subsequent two year period. The options have an exercise price of $3.04 per share and expire on the 10 year anniversary of the grant date. The options were valued at $553,370 in aggregate.

● Subsequent to December 31, 2024, we issued 95,991 shares of Common Stock to certain service providers. The shares were fully vested on the date of issuance and valued at $244,485 in the aggregate.

**Item 16. Exhibits.**

See Exhibit Index beginning on page II-8 of this Registration Statement.

**Item 17. Undertakings.**

The undersigned registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement.

*Provided*, *however*, that paragraphs (1)(i), (ii) and (iii) above do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the SEC by the registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) That, for the purpose of determining liability under the Securities Act to any purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the registrant is relying on Rule 430B:

(A) Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and

(B) Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii) or (x) for the purpose of providing the information required by Section 10(a) of the Securities Act shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the registrant is subject to Rule 430C, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) That, for the purpose of determining liability of the registrant under the Securities Act to any purchaser in the initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) That:

&nbsp;&nbsp;&nbsp;&nbsp;(i) For
 purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part
 of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant
 to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time
 it was declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;(ii) For
 the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus
 shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities
 at that time shall be deemed to be the initial bona fide offering thereof.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Menlo Park, State of California on November 28, 2025

---

| | |
|:---|:---|
| **Edison Oncology Holding Corp.** | **Edison Oncology Holding Corp.** |
| By: | */s/ Jeffrey Bacha* |
| Name: | Jeffrey Bacha |
| Title: | Chief Executive Officer |

---

**POWER OF ATTORNEY**

KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Jeffrey Bacha, acting alone, with full power of substitution and resubstitution and full power to act, his true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution for him and in his name, place and stead, in any and all capacities, to sign any and all amendments to this Registration Statement, and all documents in connection therewith (including all post-effective amendments and any subsequent registration statement filed pursuant to Rule 462(b) under the Securities Act), with the SEC, granting unto said attorney-in-fact and agent, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities indicated on November 28, 2025.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| */s/ Jeffrey Bacha*  | Chief Executive Officer, Director | November 28, 2025 |
| Jeffrey Bacha | (Principal Executive Officer) |  |
| */s Anthony Scott Praill*  | Chief Financial Officer | November 28, 2025  |
| Anthony Scott Praill | (Principal Financial and Accounting Officer |  |
| */s/ Neil Sankar* | Chief Medical Officer  | November 28, 2025 |
| Neil Sankar  |  |  |
| */s/ Richard Daniels* | Chief Operating Officer  | November 28, 2025  |
| Richard Daniels  |  |  |
| */s/ Dennis Brown*  | Chief Scientific Officer, Director | November 28, 2025 |
| Dennis Brown |  |  |
| */s/ John Bell*  | Director | November 28, 2025  |
| John Bell |  |  |

---

**INDEX TO EXHIBITS**

---

| | |
|:---|:---|
| **Exhibit Number** | **Description of document** |
| 1.01 @ | Underwriting Agreement |
| 2.01 & | [Agreement and Plan of Merger between Edison Oncology Holding Corp., Edison Oncology Acquisition Corp., and NewGen Therapeutics, dated October 5, 2018](ex2-01.htm) |
| 2.02 & | [Business Combination Agreement between Vincero Capital Corp. and Newgen Therapeutics, Inc. dated August 28, 2020](ex2-02.htm) |
| 3.01(i) | [Amended and Restated Articles of Incorporation dated August 16, 2018](ex3-01i.htm) |
| 3.02(ii) | [Amended and Restated Bylaws adopted on June 29, 2023](ex3-02ii.htm) |
| 4.01 | [Form of Series A Convertible Note](ex4-01.htm) |
| 4.02 | [Form of Series B Convertible Note](ex4-02.htm) |
| 4.03 | [Form of Series C Convertible Note](ex4-03.htm) |
| 4.04 | [Form of Series A Extension Warrant issued to Series A Note Holders](ex4-04.htm) |
| 4.05 | [Form of Series B Extension Warrant issued to Series B Note Holders](ex4-05.htm) |
| 4.06 | [Form of Common Stock Warrant issued to Gerald Amato for consulting services dated April 4, 2020](ex4-06.htm) |
| 4.07 | [Form of Common Stock Warrant issued to Gerald Amato for consulting services dated April 30, 2021](ex4-07.htm) |
| 4.08 | [Form of Common Stock Warrant issued to Gerald Amato for consulting services dated September 30, 2022](ex4-08.htm) |
| 4.09 | [Form of Series D Convertible Note](ex4-09.htm) |
| 4.10 + | [Amended and Restated 2021 Omnibus Equity Incentive Plan](ex4-10.htm) |
| 4.11 + | [Form of legacy stock option grants issued to employees and consultants prior to June 29, 2023](ex4-11.htm) |
| 4.12 | [Form of Stock Option Grant under the Amended and Restated 2021 Omnibus Equity Incentive Plan](ex4-12.htm) |
| 4.13 | [Form of Restricted Stock Unit under the Amended and Restated 2021 Omnibus Equity Incentive Plan](ex4-13.htm) |
| 4.14+ | [Form of Edison Oncology Holding Corp. 2025 Omnibus Incentive Compensation Plan](ex4-14.htm) |
| 4.15+ | [Form of Stock Option Agreement under the 2025 Omnibus Incentive Compensation Plan](ex4-15.htm) |
| 4.16+ | [Form of Restricted Stock Unit Issuance Agreement under the 2025 Omnibus Incentive Compensation Plan](ex4-16.htm) |
| 4.17+ | [Form of Restricted Stock Grant Agreement under the 2025 Omnibus Incentive Compensation Plan](ex4-17.htm) |
| 5.01 @ | Opinion of Silvestre Law Group, P.C. |
| 10.01 @ | Form of Series A Note Purchase Agreement |
| 10.02 @ | Form of Series C Note Purchase Agreement |
| 10.03 @+& | Form of Consulting Agreement with Jeffrey Bacha, dated September 1, 2018 |
| 10.04 @+& | Form of Consulting Agreement with SwanBio LLC (Neil Sankar), dated November 1, 2018 |
| 10.05 @+& | Form of Consulting Agreement with CoValence, Inc. (Dennis Brown) dated January 1, 2020 |
| 10.06 @+& | Form of Consulting Agreement with John Bell, dated October 1, 2021 |
| 10.07 @ | Form of Standard Consulting Agreement |
| 10.08 @# | Form of License Agreement between Edison Oncology Holding Corporation and Apollomics Inc. dated January 31, 2021 |
| 10.09 @ | Form of Right of First Negotiation / Refusal Agreement between Valent Technologies LLC and Edison Oncology Holding Corp. dated December 27, 2018 |
| 10.10 @ | Form of Extension of Right of First Negotiation / Refusal Agreement between Valent Technologies LLC and Edison Oncology Holding Corp. dated April 1, 2020 |
| 10.11 @ | Form of Edison's Standard Mutual Confidentiality Agreement |
| 10.12 @+& | Form of Consulting Agreement with Anthony Scott Praill dated February 1, 2025 |
| 10.13 @# | Form of Evaluation Agreement between Valent Technologies LLC and Edison Oncology Holding Corp dated January 31, 2025 |
| 10.14 @ | Form of Amendment to License Agreement between Edison Oncology Holding Corp. and Apollomics Inc. dated August 2023 |
| 10.15 @ | Form of Series D Convertible Note Subscription Agreement |
| 10.16 @ | Form of Evaluation Agreement with Senz Oncology Pty Ltd. |
| 10.17 @ | Form of Research and Services Agreement with ORP Oncology Research Partners |
| 10.18 @+& | Form of Consulting Agreement with Prime 8 Group, LLC (Richard Daniels), dated April 10, 2025 |
| 10.19 @ | Form of License, Transfer, and Development Agreement between NewGen Therapeutics, Inc. and KanionUSA Inc. dated October 19, 2011 |
| 10.20 @ | Memorandum of Understanding between Edison Oncology Holding Corp. and Jiangsu Kanion Pharmaceutical Co., Ltd dated April 21, 2019 |
| 10.21 @ | Manufacturing Agreement between STA Pharmaceutical Hong Kong Limited and Edison Oncology Holding Corp. dated May 22, 2022 |
| 10.22 @ | Services Agreement with STA Pharmaceutical Hong Kong Limited and Edison Oncology Holding Corp. dated December 26, 2022 |
| 14.01 @ | Code of Ethics and Business Conduct |
| 19.01 @ | Insider Trading Policy of Edison Oncology Holding Corp. |
| 21.01 @ | List of Subsidiaries |
| 23.01 @ | Consent Independent Auditor |
| 23.02 @ | Consent of Silvestre Law Group, P.C. (Included in Exhibit 5.01) |
| 24.01 @ | Power of Attorney |
| 97.01 @ | Clawback Policy of Edison Oncology Holding Corp.  |
| 107 | [Filing Fee Table](ex107.htm) |

---

\* Filed herewith.

\*\* Furnished herewith.

+ Indicates management contract or compensatory plan.

@ To be added by Amendment.

# Certain portions of this exhibit (indicated by "[\*\*\*]") have been omitted pursuant to Item 601(b)(10)(iv) of Regulation S-K.

& Certain schedules and exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K. A copy of any omitted schedule and/or exhibit will be furnished to the Securities and Exchange Commission upon request.

## Exhibit 2.01

**Exhibit 2.01**

AGREEMENT AND PLAN OF MERGER

by and among

Edison Oncology Holding Corp.,

Edison Oncology Acquisition Corp.,

and

NewGen Therapeutics, Inc.

dated as of October 5, 2018

**AGREEMENT AND PLAN OF MERGER**

THIS AGREEMENT AND PLAN OF MERGER (the <u>"Agreement"),</u> is made and entered into as of October 5, 2018, by and among Edison Oncology Holding Corp., a Nevada corporation <u>("Parent"),</u> Edison Oncology Acquisition Corp., a Nevada corporation and wholly owned subsidiary of Parent <u>("Merger Sub")</u>, and NewGen Therapeutics, a Delaware corporation (the <u>"Company").</u> Certain other capitalized terms used in this Agreement are defined in <u>Exhibit A</u> attached hereto.

**RECITALS**

WHEREAS, the respective Boards of Directors of Parent, Merger Sub, and the Company have determined that it is in the best interest of each company and its respective stockholders to consummate the business combination transaction provided for herein in which Merger Sub would merge with and into the Company (the <u>"Merger"),</u> with the Company surviving the Merger, upon the terms and subject to the conditions set forth herein;

WHEREAS, the respective Boards of Directors of Parent, Merger Sub, and the Company have approved this Agreement, the Merger, and the other transactions contemplated by this Agreement, upon the terms and subject to the conditions set fo1ih in this Agreement in accordance with the Nevada Revised Statutes <u>("NRS"),</u> the Delaware General Corporation Law <u>("DGCL")</u> and their respective charter documents;

WHEREAS, each of Parent, Merger Sub, and the Company desires to make certain representations, warranties, covenants and agreements in connection with the Merger and the other transactions contemplated by this Agreement and also to prescribe various conditions to the consummation thereof; and

WHEREAS, for federal income tax purposes, the parties intend that the Merger shall qualify as tax-free reorganization under the provisions of Section 368(a) of the Code.

**AGREEMENT**

NOW, THEREFORE, in consideration of the foregoing and the mutual promises, representations, warranties, covenants and agreements herein contained, the parties hereto, intending to be legally bound, hereby agree as follows:

**ARTICLE 1 THE MERGER**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 **The Merger.** Upon the terms and subject to the conditions set forth in this Agreement, and in accordance with the NRS and the DGCL, Merger Sub shall be merged with and into the Company at the Effective Time of the Merger (as defined in Section 1.3). Also at the Effective Time, the separate corporate existence of Merger Sub shall cease, and the Company shall continue as the surviving corporation (the <u>"Surviving Corporation")</u> and shall succeed to and assume all the rights, properties, liabilities and obligations of Merger Sub in accordance with the NRS and the DGCL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 **Closing.** Upon the terms and subject to the conditions set forth herein and unless this Agreement has been terminated pursuant to its terms, the closing of the Merger (the <u>"Closing")</u> shall take place at the offices of Sichenzia Ross Ference LLP located at 1185 Avenue of the Americas, 37<sup>th</sup> Floor, New York, NY 10036 at the date and time on or before thirty (30) days from the date on which the conditions to Closing set fo1ih in A1iicle 9 of this Agreement shall have been satisfied or, to the extent permitted hereunder, waived by the appropriate pmiy (other than those conditions that by their nature are to be satisfied at the Closing, but subject to the satisfaction or, to the extent permitted hereunder, waiver of all such conditions) or at such other time, date or location as the parties hereto agree. The date on which the Closing actually occurs and the transactions contemplated hereby become effective is hereinafter referred to as the <u>"Closing Date."</u> At the time of the Closing, Parent, Merger Sub and the Company shall deliver the certificates and other documents and instruments required to be delivered hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 **Effective Time of the Merger.** Subject to the provisions of this Agreement, at the Closing, the pmiies hereto shall (a) cause the articles of merger in substantially the form of <u>Exhibit B</u> (the <u>"Nevada Articles of Merger")</u> to be executed and filed with the Secretary of State of the State of Nevada, as provided in Chapter 92A of the NRS and the certificate of merger in substantially the form of <u>Exhibit</u> (the <u>"Delaware Certificate of Merger")</u> as provided in Section 252 of the DGCL to be executed and filed with the Secretary of State of the State of Delaware in accordance with the DGCL and (b) take all such other and fmiher actions as may be required by the DGCL or other applicable Law to make the Merger effective. The Merger shall become effective as of the date and time of the filing of the Nevada Articles of Merger and the Delaware Certificate of Merger or at such later date or time as may be agreed by the Company and Parent in writing and specified in the Nevada Articles of Merger and Delaware Certificate of Merger in accordance with relevant provisions of the NRS and the DGCL, respectively. The date and time of such effectiveness are referred to herein as the <u>"Effective Time."</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 **Effects of the Merger.** Subject to the foregoing, the effects of the Merger shall be as provided herein and in the applicable provisions of the NRS and the DGCL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 **Certificate of Incorporation and Bylaws of the Surviving Corporation.** The Certificate of Incorporation of the Company as in effect immediately prior to the Effective Time and as amended by the Nevada Articles of Merger and Delaware Certificate of Merger shall, from and after the Effective Time, be the Certificate of Incorporation of the Surviving Corporation until thereafter changed or amended as provided therein or in accordance with applicable Law. The Bylaws of the Company as in effect immediately prior to the Effective Time shall, from and after the Effective Time, be the Bylaws of the Surviving Corporation until thereafter changed or amended as provided therein or in accordance with applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 **Directors and Officers.** The sole officer and director of Merger Sub immediately prior to the Effective Time shall, from and after the Effective Time, be the sole officer and director of the Surviving Corporation until his successor shall have been duly elected or appointed and qualified in accordance with applicable Law or until his earlier death, resignation or removal in accordance with the Surviving Corporation's Certificate of incorporation and Bylaws.

**ARTICLE 2**

**EFFECT OF THE MERGER ON THE CAPITAL STOCK OF COMPANY AND MERGER SUB**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1** At the Effective Time, by virtue of the Merger and without any action on the part of Parent, Merger Sub or the Company or any holder of capital stock of Parent, Merger Sub or the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Capital Stock of Merger Sub.** Each issued and outstanding share of capital stock of Merger Sub shall by virtue of the Merger and without any action on the part of any holder thereof, be converted into one share of the common stock of the Surviving Corporation, pm· value $0.0001 per share. Such newly issued share shall thereafter constitute all of the issued and outstanding capital stock of the Surviving Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Conversion of the Company Stock.** Subject to other provisions of this Article 2:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The outstanding shares of Company Stock issued and outstanding immediately prior to the Effective Time (individually a <u>"Share"</u> and collectively the <u>"Shares"),</u> but excluding (i) Shares held by the Company, (ii) Shares held by Parent, Merger Sub or any other Subsidiary of Parent or Merger Sub, if any, and (iii) Dissenting Shares (the Shares referenced in the foregoing (i), (ii) and (iii), the <u>"Excluded Shares"),</u> shall, by virtue of the Merger, be converted automatically into the right to receive an aggregate of Four Million shares of common stock, par value $0.0001 per share, of Parent (the <u>"Parent Common Stock")</u> or 0.26116 share of Parent Common Stock for each Share, as adjusted pursuant to the terms herein (as so adjusted, in the aggregate, the <u>"Merger Consideration")</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Shares and the holders thereof immediately prior to the Effective Time (each a <u>"Shareholder"</u> and collectively the <u>"Shareholders")</u> shall be set forth on a certificate to be delivered by the Company to Parent at or prior to the Closing (the <u>"Merger Consideration Certificate")</u>. Parent and the Surviving Corporation shall be entitled to rely on the Merger Consideration Certificate in connection with issuance of cetiificates representing the Merger Consideration pursuant to Section 2.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) At the Effective Time, the Shares shall automatically be canceled and retired, shall cease to exist and, subject to Section 2.3, the Shareholders shall cease to have any rights with respect thereto, except the right to receive, upon the surrender of any certificates representing such Shareholder's Shares, a ce1iificate or certificates representing the portion of the Merger Consideration to which such Shareholder is entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) At the Effective Time, each Share held by the Company as treasury stock or held by Parent, Merger Sub or any Subsidiary or parent of Parent, Merger Sub or the Company immediately prior to the Effective Time shall, by virtue of the Merger and without any action on the part of Parent, Merger Sub, the Company or the holder thereof, be canceled, retired and cease to exist, and no consideration shall be delivered with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 **Issuance and Reservation of Shares.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** Subject to Sections 2.5 and 2.6 below, promptly after the Effective Time, Parent shall deliver to each Shareholder (other than holders of Excluded Shares), by issuance of certificates representing Parent Common Stock in accordance with the Merger Consideration Certificate and applicable Law, the portion of the Merger Consideration to which such Shareholder is entitled, <u>provided, however,</u> that it shall be a condition for each Shareholder, on a Shareholder-by-Shareholder basis, to have executed and delivered to Parent and Company a stockholder representation letter in substantially the form attached hereto as <u>Exhibit D</u> and that Parent and Company shall be reasonably satisfied that such issuance of Parent Common Stock pursuant to the Merger is exempt from the registration requirements of the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** If any portion of the Merger Consideration is to be issued to a Person other than the registered holder of the Shares represented by the certificates surrendered in exchange therefor, it shall be a condition to such issuance that the certificates so surrendered shall be properly endorsed or otherwise be in proper form for transfer and that the Person requesting such issuance shall pay to Parent any transfer or other taxes required as a result of such issuance to a Person other than the registered holder of such Shares or establish to the satisfaction of Parent that such tax has been paid or is not payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** Notwithstanding anything to the contrary in this Section 2.2, Parent shall not be liable to any Shareholder for any amount paid to a public official pursuant to and in accordance with the requirements of applicable abandoned property, escheat or similar Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 **Dissenting Shares.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** Notwithstanding Section 2.1, Shares outstanding immediately prior to the Effective Time and held by a Shareholder who has not voted in favor of, or consented in writing to, the Merger and who has properly exercised appraisal rights of such Shares in accordance with Section 262 of the DGCL (such Shares being referred to collectively as the <u>"Dissenting Shares"</u> until such time as such holder fails to perfect or otherwise loses such Shareholder's appraisal rights under the DGCL with respect to such Shares) shall not be converted into the right to receive any portion of the Merger Consideration as provided in Section 2.l(b) of this Agreement, but instead shall be entitled to only such rights as are granted by Section 262 of the DGCL; <u>provided, however,</u> that if, after the Effective Time, such Shareholder fails to perfect, withdraws or loses such holder's right to an appraisal pursuant to Section 262 of the DGCL or if a court of competent jurisdiction shall determine that such holder is not entitled to the relief provided by Section 262 of the DGCL, such Shares shall thereupon be treated as if they had been converted as of the Effective Time into the right to receive the portion of the Merger Consideration to which such Shareholder is entitled pursuant to Section 2.l(b), upon surrender of such Shareholder's certificate formerly representing such Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** The Company shall give Parent prompt notice of any demands received by the Company for the appraisal of Shares, and Parent shall have the right, to the extent expressly permitted by applicable Law, to consult with the Company regarding all negotiations and proceedings with respect to such demands. Except as required by applicable Law, the Company shall not make any payment in respect of Dissenting Shares without Parent's prior written consent (not to be unreasonably withheld, delayed, denied, or conditioned).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 **Additional Actions.** If, at any time after the Effective Time, the Surviving Corporation shall consider or be advised that any deeds, bills of sale, assignments, assurances or any other actions or things are necessary or desirable to vest, perfect or confirm of record or otherwise in the Surviving Corporation its right, title or interest in, to or under any of the rights, properties or Assets of Merger Sub or the Company or otherwise to carry out this Agreement, the officer and director of the Surviving Corporation shall be authorized to execute and deliver, in the name and on behalf of Merger Sub and the Company, all such deeds, bills of sale, assignments and assurances and to take and do, in the name and on behalf of Merger Sub or the Company, all such other actions and things as may be necessary or desirable to vest, perfect or confirm any and all right, title and interest in, to and under such rights, properties or Assets in the Surviving Corporation or otherwise carry out the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 **Escrow.** On the Closing Date, 25% of the total Merger Consideration (the <u>"Escrow Consideration")</u> shall be delivered to Parent's corporate secretary, as escrow agent (the <u>"Escrow Agent")</u> to be held pursuant to the terms herein. The Escrow Consideration, as may be adjusted pursuant to the terms of Section 2.6 herein, shall be released by the Escrow Agent based on the written instructions of Parent and the Shareholder Representatives (the <u>"Joint Instructions")</u> upon delivery by the Company of audited consolidated financial statements for the fiscal years ended December 31, 2016 and 2017 and audited consolidated financial statements of the Company for the period beginning on January I, 2018 and ending on the Closing Date (collectively, the <u>"Company Financial Statements").</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 **Adjustments to Escrow Consideration.** (a) Not less than two (2) business days prior to the Closing Date, the Company shall deliver to the Parent, a certificate (the <u>"Estimated Net Working</u> <u>Capital and Liabilities Certificate")</u> which will contain the Company's good faith estimate of Net Working Capital and Liabilities as of September 30, 2018 <u>("Estimated Net Working Capital"</u> and <u>"Estimated Liabilities",</u> respectively), which Estimated Net Working Capital and Liabilities Certificate shall be delivered after good faith consultation with Parent regarding the calculations therein. The Estimated Liabilities shall be calculated assuming the extinguishment of all Non-IP Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not more than sixty (60) days after the Closing Date (or such later time as mutually agreed by Parent, Harry Pederson and Dennis Brown, as representatives for the Shareholders (the **"Shareholder Representatives"),** management of the pre-Merger Company <u>("Management")</u> shall assist the Parent in the completion of (i) the Company Financial Statements, (ii) calculations, based on the Company Financial Statements of actual Net Working Capital and the actual Liabilities and (iii) determining the amount, if any, by which the actual Net Working Capital and actual Liabilities are less than or greater than the Estimated Net Working Capital and the Estimated Liabilities (collectively, the <u>"Company Financial Deliverables")</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon receipt of the Company Financial Deliverables, Parent and the Shareholder Representatives shall notify the Escrow Agent as to any adjustment to the Escrow Consideration (notwithstanding anything to the contrary, no upward adjustment shall be made to the Escrow Consideration and the Escrow Consideration shall not be reduced to an amount below $0) to reflect the difference, if any between the Estimated Net Working Capital and Estimated Liabilities and the actual Net Working Capital and actual Liabilities on a dollar for dollar basis, attributing a value of $0.50 per share to each share of Parent Common Stock. In the event that the Escrow Consideration is adjusted as provided for in this Section 2.6, all references in this Agreement to the Escrow Consideration or the Merger Consideration shall refer to the Escrow Consideration or Merger Consideration as adjusted in this Section 2.6 except as may otherwise be specified herein. Upon receipt of the Joint Instructions, the Escrow Agent shall deliver the Escrow Consideration, as adjusted, if applicable, pursuant to the Joint Instructions, which shall include the mailing information of each Shareholder. The Parent shall pay the costs of all fees associated with the delivery of the Escrow Consideration to the Shareholders by the Escrow Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 **Royalty.** Beginning at the Effective Time, Parent will pay to the collective Shareholders a cash royalty on that po1iion of cumulative Net Sales of Product by Parent, its Affiliates (including, following the Effective Time, the Surviving Corporation) and their sublicensees during a given Royalty Measurement Period of the applicable percentages as set forth in the table below (the resultant amount due to the collective Shareholders in a given Royalty Measurement Period per the table below, the <u>"Royalty"),</u> provided, however, with respect to Net Sales of Product made by sublicensees of Parent or its Affiliates, in no event shall the applicable royalty rate payable by Parent exceed twenty percent (20%) of the amounts received by Parent or its Affiliate (as applicable) from the sublicensee.:

---

| | |
|:---|:---|
| **That portion of cumulative Net Sales of Product by Parent, its Affiliates, and their sublicensees during a given Royalty Measurement Period** | **Applicable Royalty Rate Payable** |
| Less than two ($200000000) hundred million U.S. dollars | 4% |
| Greater than or equal to two hundred million U.S. dollars ($200000000) but less than or equal to five hundred million U.S. dollars ($500000000) | 5% |
| Greater than five hundred million U.S. dollars ($500000000) | 6% |

---

If Parent or its Affiliates, in their reasonable judgment, determines that it is required to obtain a license from any third party in order to avoid infringement of such third party's Patents in connection with Parent's or its Affiliate's (as applicable) commercialization or sale of Products, and Parent or its Affiliate is required to pay such third party any royalties in consideration for the grant of such license **("Third Party Compensation"),** then the amount that would otherwise have been payable as royalties pursuant to the table above shall be reduced by an amount equal to fifty percent (50%) of such Third Party Compensation payable by Parent or its Affiliate (as applicable) during the applicable Royalty Measurement Period; provided, that in no event will the reduction described in this sentence act to reduce the Royalty due to the collective Shareholders during a given Royalty Measurement Period to less than fifty percent (50%) of the amount that would be due in accordance with this Section 2.7 without applying the offset allowed for by this sentence.

The Royalty due to the collective Shareholders during a given Royalty Measurement Period shall be paid to each individual Shareholder based on such Shareholder's pro rata ownership of the Shares as of immediately prior to the Effective Time and as set forth on <u>Exhibit E</u> to this Agreement. Royalties will be payable during the Royalty Term on an annual basis, within sixty (60) days following the completion of Parent's annual audited consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 **Reporting, Records, and Audit Rights.** Within thirty (30) days after the end of each fiscal quarter of Parent after the Effective Time (or portion thereof with respect to the first and last of such fiscal quarters), Parent shall deliver a written report to the Shareholder Representatives showing (a) the fiscal quarter for which such payment applies, (b) the amount invoiced from third parties for Product during such fiscal quarter, (c) the Net Sales during such fiscal quarter and total deductions from the amount invoiced in (b) to arrive at such Net Sales, (d) the quantities of each type of Product sold in such fiscal quarter, and (e) the exchange rates used in the calculations of any of the foregoing. The foregoing provision shall apply *mutatis mutandis* with respect to a royalty report being due upon the end of each fiscal year of Parent after the Effective Time for such fiscal year. Parent shall keep, and shall cause its Affiliates and sublicensees to keep complete and accurate records in sufficient detail to pennit the Shareholder Representatives to confirm the accuracy of calculations of payments made to the Shareholders pursuant to Section 2.7. The Shareholder Representatives shall, at its expense (except as provided below), have the right to audit, not more than once during each fiscal year of Parent and during regular business hours, the records maintained by Parent under this Section 2.8 to determine with respect to any fiscal year, the accuracy of any report or payment made under Sections 2.7-2.8 of this Agreement in the three (3) preceding years. If the Shareholder Representatives desires to audit such records, it shall engage an independent, certified public accountant reasonably acceptable to Parent, to examine such records under obligations of confidentiality to Parent. Such accountant shall be instructed to provide to Shareholder Representatives a report verifying any report made or payment submitted by Parent during such period, but shall not disclose to Shareholder Representatives any confidential information of Parent not necessary therefor. The expense of such audit shall be borne by the Shareholder Representatives; provided, however, that, if an error, resulting in underpayment by Parent of more than five percent (5%) in a given fiscal year is discovered, then such expenses shall be paid by Parent. If such certified public accountant concludes that additional payment amounts were owed to Shareholder during any such audited period, Parent shall pay such additional owed amount (including interest thereon from the date such amounts were payable) to the Shareholders within thirty (30) days of the date the Shareholder Representatives delivers to Parent such accountant's written report so concluding. If an accountant concludes that Parent has paid more to the Shareholders than it was obligated to pay under Section 2.7 of this Agreement, the amount of any overpayment shall be credited towards future payment obligation of Parent under Section 2.7 of this Agreement. Certified public accountants engaged in any audits under this Section 2.8 shall not be paid on a contingency basis.

**ARTICLE 3**

**REPRESENTATIONS AND WARRANTIES OF THE COMPANY**

The Company represents and warrants to Parent and Merger Sub that, except as set forth in the disclosure schedules delivered by the Company to Parent and Merger Sub (the <u>"Company Disclosure Schedule")</u> which have been provided to Parent prior to the date hereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 **Organization, Standing and Corporate Power.** The Company is duly organized, validly existing and in good standing under the Laws of the State of Delaware and has the requisite corporate power and authority and all government licenses, authorizations, Permits, consents and approvals required to own, lease and operate its properties and carry on its business as now being conducted. The Company is duly qualified or licensed to do business and is in good standing in each jurisdiction in which the nature of its business or the ownership or leasing of its properties makes such qualification or licensing necessary, other than in such jurisdictions where the failure to be so qualified or licensed (individually or in the aggregate) would not have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 **Subsidiaries.** Except as set forth on <u>Schedule 3.2</u>, the Company does not own directly or indirectly, any equity or other ownership interest in any company, corporation, partnership, joint venture or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 **Capital Structure of the Company.** As of the date of this Agreement, the number of shares and type of all authorized, issued and outstanding capital stock of the Company, and all shares of capital stock reserved for issuance under the Company's various option and incentive plans is specified on <u>Schedule 3.3</u>. Except as set forth in <u>Schedule 3.3</u>, no shares of capital stock or other equity securities of the Company are issued, reserved for issuance or outstanding. All outstanding shares of capital stock of the Company are duly authorized, validly issued, fully paid and nonassessable and not subject to preemptive rights. Except as set forth on <u>Schedule 3.3</u>, there are no outstanding bonds, debentures, notes or other indebtedness or other securities of the Company having the right to vote (or convertible into, or exchangeable for, securities having the right to vote) on any matters. Except as set forth in <u>Schedule 3.3</u>, there are no outstanding securities, options, warrants, calls, rights, commitments, agreements, arrangements or undertakings of any kind to which the Company is a party or by which it is bound obligating the Company to issue, deliver or sell, or cause to be issued, delivered or sold, additional shares of capital stock or other equity or voting securities of the Company or obligating the Company to issue, grant, extend or enter into any such security, option, warrant, call, right, commitment, agreement, arrangement or undertaking. There are no outstanding contractual obligations, commitments, understandings or arrangements of the Company to repurchase, redeem or otherwise acquire or make any payment in respect of any shares of capital stock of the Company. Except as set forth on <u>Schedule 3.3</u>, there are no agreements or arrangements pursuant to which the Company is or could be required to register shares of Company Stock or other securities under the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder (the <u>"Securities Act")</u> or other agreements or arrangements with or among any security holders of the Company with respect to securities of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 **Corporate Authority; Noncontravention.** The Company has all requisite corporate and other power and authority to enter into this Agreement and, subject to receipt of the approval of stockholders holding the requisite number of shares required under applicable Law and the Company's Certificate of Incorporation and Bylaws to consummate the transactions contemplated by this Agreement. The execution and delivery of this Agreement by the Company and the consummation by the Company of the transactions contemplated hereby have been (or at Closing will have been) duly authorized by all necessary corporate action on the part of the Company. This Agreement has been duly executed and when delivered by the Company shall constitute a valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency or other similar Laws affecting the enforcement of creditors' rights generally or by general principles of equity. The execution and delivery of this Agreement do not, and the consummation of the transactions contemplated by this Agreement and compliance with the provisions hereof will not, conflict with, or result in any breach or violation of, or Default (with or without notice or lapse of time, or both) under, or give rise to a right of termination, cancellation or acceleration of or "put" right with respect to any obligation or to a loss of a material benefit under, or result in the creation of any Lien upon any of the properties or Assets of the Company under, (i) the certificate or articles of incorporation, bylaws or other organizational or charter documents of the Company, (ii) any loan or credit agreement, note, bond, mortgage, indenture, lease or other agreement, instrument, Permit, concession, franchise or license applicable to the Company, its properties or Assets, or (iii) subject to the governmental filings and other matters referred to in the following sentence, any judgment, Order, decree, statute, Law, ordinance, rule, regulation or arbitration award applicable to the Company, its properties or Assets, other than, in the case of clauses (ii) and (iii), any such conflicts, breaches, violations, Defaults, rights, losses or Liens that individually or in the aggregate could not have a Material Adverse Effect with respect to the Company or could not prevent, hinder or materially delay the ability of the Company to consummate the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 **Governmental Authorization.** No consent, approval, Order or authorization of, or registration, declaration or filing with, or notice to, any Governmental Entity, is required by or with respect to the Company in connection with the execution and delivery of this Agreement by the Company or the consummation by the Company of the transactions contemplated hereby, except, with respect to this Agreement, any filings under the DGCL, the NRS, the Securities Act or Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (the <u>"Exchange Act").</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 **Financial Statements.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** The Company has provided Parent a copy of the audited consolidated financial statements of the Company for the fiscal years ended December 31, 2016 and 2015 and unaudited consolidated financial statements of the Company for the periods ended June 30, 2017 (collectively, the <u>"Historical Company Financial Statements").</u> The Historical Company Financial Statements fairly present the financial condition of the Company at the dates indicated and its results of operations and cash flows for the periods then ended and, except as indicated therein, reflect all claims against, debts and liabilities of the Company, fixed or contingent, and of whatever nature, as of the dates indicated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** Since June 30, 2017 (the <u>"Company Balance Sheet Date"),</u> there has been no Material Adverse Effect with respect to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** Except as set forth on <u>Schedule 3.6</u>, since the Company Balance Sheet Date, the Company has not suffered any damage, destruction or loss of physical property (whether or not covered by insurance) affecting its condition (financial or otherwise) or operations (present or prospective), nor has the Company issued, sold or otherwise disposed of, or agreed to issue, sell or otherwise dispose of, any capital stock or any other security of the Company and has not granted or agreed to grant any option, warrant or other right to subscribe for or to purchase any capital stock or any other security of the Company or has incurred or agreed to incur any indebtedness for borrowed money.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 **Absence of Certain Changes or Events.** Except as set forth on <u>Schedule 3.7</u>, since the Company Balance Sheet Date, the Company has conducted its business only in the ordinary course consistent with past practice, and there is not and has not been any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** Material Adverse Effect with respect to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** event which, if it had taken place following the execution of this Agreement, would not have been permitted by Section 5.1 without prior consent of Parent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** condition, event or occurrence which could reasonably be expected to prevent, hinder or materially delay the ability of the Company to consummate the transactions contemplated by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** incurrence, assumption or guarantee by the Company of any indebtedness for borrowed money other than in the ordinary course and in amounts and on terms consistent with past practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** creation or other incurrence by the Company of any Lien on any asset other than in the ordinary course consistent with past practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** labor dispute, other than routine, individual grievances, or, to the Knowledge of the Company, any activity or proceeding by a labor union or representative thereof to organize any employees of the Company or any lockouts, strikes, slowdowns, work stoppages or threats by or with respect to such employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g)** payment, prepayment or discharge of liability other than in the ordinary course of business or any failure to pay any liability when due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(h)** material write-offs or write-downs of any Assets of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** damage, destruction or loss having, or reasonably expected to have, a Material Adverse Effect on the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(j)** other condition, event or occurrence which individually or in the aggregate could reasonably be expected to have a Material Adverse Effect or give rise to a Material Adverse Effect with respect to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(k)** transaction or commitment made, or any Contract or agreement entered into, by the Company relating to its Assets or business (including the acquisition or disposition of any Assets) or any relinquishment by the Company or any Contract or other right, in either case, material to the Company, other than transactions and commitments in the ordinary course consistent with past practices and those contemplated in this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(I)** agreement or commitment to do any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 **Certain Fees.** No brokerage or finder's fees or commissions are or will be payable by the Company to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other person with respect to the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 **Litigation; Labor Matters; Compliance with Laws.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** There is no suit, action or proceeding or, to the Knowledge of the Company, investigation pending or, to the Knowledge of the Company, threatened against or affecting the Company that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect with respect to the Company or prevent, hinder or materially delay the ability of the Company to consummate the transactions contemplated by this Agreement, nor is there any judgment, decree, injunction, rule or Order of any Governmental Entity or arbitrator outstanding against the Company having, or which, insofar as reasonably could be foreseen by the Company, in the future could have, any such effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** The Company is not a party to, or bound by, any collective bargaining agreement, Contract or other agreement or understanding with a labor union or labor organization, nor is it the subject of any proceeding asserting that it has committed an unfair labor practice or seeking to compel it to bargain with any labor organization as to wages or conditions of employment nor is there any strike, work stoppage or other labor dispute involving it pending or, to its Knowledge, threatened, any of which could have a Material Adverse Effect with respect to Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** The conduct of the business of the Company complies with all statutes, Laws, regulations, ordinances, rules, judgments, Orders, decrees or arbitration awards applicable thereto, except as would not have a Material Adverse Effect with respect to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 **Benefit Plans.** Except as set forth on <u>Schedule 3.10</u>, the Company is not a party to any Benefit Plan under which the Company currently has an obligation to provide benefits to any current or former employee, officer or director of the Company. As used herein, <u>"Benefit Plan"</u> shall mean any employee benefit plan, program, or arrangement of any kind, including any defined benefit or defined contribution plan, stock ownership plan, executive compensation program or arrangement, bonus plan, incentive compensation plan or arrangement, profit sharing plan or arrangement, deferred compensation plan, agreement or arrangement, supplemental retirement plan or arrangement, vacation pay, sickness, disability, or death benefit plan (whether provided through insurance, on a funded or unfunded basis, or otherwise), medical or life insurance plan providing benefits to employees, retirees, or former employees or any of their dependents, survivors, or beneficiaries, employee stock option or stock purchase plan, severance pay, termination, salary continuation, or employee assistance plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 **Tax Returns and Tax Payments.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** The Company has timely filed with the appropriate taxing authorities all Tax Returns required to be filed by it (taking into account all applicable extensions). All such Tax Returns are true, correct and complete in all respects. All Taxes due and owing by the Company have been paid (whether or not shown on any Tax Return and whether or not any Tax Return was required). Except as set forth on <u>Schedule 3.11</u>, the Company is not currently the beneficiary of any extension of time within which to file any Tax Return or pay any Tax. No claim has ever been made in writing or otherwise addressed to the Company by a taxing authority in a jurisdiction where the Company does not file Tax Returns that it is or may be subject to taxation by that jurisdiction. The unpaid Taxes of the Company did not, as of the Company Balance Sheet Date, exceed the reserve for Tax liability (excluding any reserve for deferred Taxes established to reflect timing differences between book and Tax income) set forth on the face of the financial statements (rather than in any notes thereto). Since the Company Balance Sheet Date, neither the Company nor any of its subsidiaries has incurred any liability for Taxes outside the ordinary course of business consistent with past custom and practice. As of the Closing Date, the unpaid Taxes of the Company and its subsidiaries will not exceed the reserve for Tax liability (excluding any reserve for deferred Taxes established to reflect timing differences between book and Tax income) set forth on the books and records of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** No material claim for unpaid Taxes has been made or become a Lien against the property of the Company or is being asserted against the Company, no audit of any Tax Return of the Company is being conducted by a tax authority, and no extension of the statute of limitations on the assessment of any Taxes has been granted by the Company and is currently in effect. The Company has withheld and paid all Taxes required to have been withheld and paid in connection with amounts paid or owing to any employee, independent contractor, creditor, stockholder or other third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** As used herein, <u>"Taxes"</u> shall mean all taxes of any kind, including, without limitation, those on or measured by or referred to as income, gross receipts, sales, use, ad valorem, franchise, profits, license, withholding, payroll, employment, excise, severance, stamp, occupation, premium value added, property or windfall profits taxes, customs, duties or similar fees, assessments or charges of any kind whatsoever, together with any interest and any penalties, additions to tax or additional amounts imposed by any governmental authority, domestic or foreign. As used herein, <u>"Tax Return"</u> shall mean any return, report or statement required to be filed with any governmental authority with respect to Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 **Environmental Matters.** The Company is in compliance with all Environmental Laws in all material respects. The Company has not received any written notice regarding any violation of any Environmental Laws, including any investigatory, remedial or corrective obligations. The Company holds all Permits and authorizations required to be held by the Company under applicable Environmental Laws, unless the failure to hold such Permits and authorizations would not have a Material Adverse Effect on the Company, and is in compliance with all terms, conditions and provisions of all such Permits and authorizations in all material respects. To the Knowledge of the Company, no releases of Hazardous Materials have occurred at, from, in, to, on or under any real property currently or formerly owned, operated or leased by the Company or any predecessor thereof and no Hazardous Materials are present in, on, about or migrating to or from any such property which could result in any liability to the Company. The Company has not transported or arranged for the treatment, storage, handling, disposal, or transportation of any Hazardous Material to any off-site location which could result in any liability to the Company. The Company has no liability, absolute or contingent, under any Environmental Law that if enforced or collected would have a Material Adverse Effect on the Company. There are no past, pending or threatened claims under Environmental Laws against the Company and the Company is not aware of any facts or circumstances that could reasonably be expected to result in a liability or claim against the Company pursuant to Environmental Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13 **Material Agreements.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** <u>Schedule 3.13</u> lists the following contracts and other agreements <u>("Material Agreements")</u> to which the Company is a party (excluding any agreement with customers entered into in the ordinary course of business): (i) any agreement (or group of related agreements) for the lease of real or personal property, including capital leases, to or from any person providing for annual lease payments in excess of $25,000; (ii) any licensing agreement, or any agreement forming a partnership, strategic alliances, profit sharing or joint venture; (iii) any agreement (or group of related agreements) under which the Company has created, incurred, assumed, or guaranteed any indebtedness for borrowed money in excess of $25,000, or under which a security interest has been imposed on any of its Assets, tangible or intangible; (iv) any profit sharing, deferred compensation, severance, or other material plan or arrangement for the benefit of its current or former officers, directors and managers or any of the Company's employees; (v) any employment or independent contractor agreement providing annual compensation in excess of $25,000 or providing post-termination or severance payments or benefits or that cannot be cancelled without more than thirty (30) days' notice; (vi) any agreement with any current or former officer, director, shareholder, members, manager or affiliate of the Company; (vii) any agreements relating to the acquisition (by merger, purchase of units or assets or otherwise) by the Company of any operating business or material assets or the capital stock of any other person; (viii) any agreements for the sale of any of the Assets of the Company, other than in the ordinary course of business and other than this Agreement; (ix) any outstanding agreements of guaranty, surety or indemnification, direct or indirect, by the Company; (x) any royalty agreements, licenses or other agreements relating to Intellectual Property (excluding this Agreement and licenses pe1taining to "off-the-shelf' commercially available software used pursuant to shrink-wrap or click-through license agreements on reasonable terms for a license fee of no more than $10,000); and (xi) any other agreement under which the consequences of a default or termination could reasonably be expected to have a Material Adverse Effect on the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** The Company has made available to Parent either an original or a correct and complete copy of each written Material Agreement. Except as set forth on <u>Schedule 3.13</u>, with respect to each Material Agreement to which the Company is a party thereto: (i) the agreement is the legal, valid, binding, enforceable obligation of the Company and is in full force and effect in all material respects, subject to bankruptcy and equitable remedies exceptions; (ii) (A) the Company is not in material breach or default thereof and (B) no event has occurred which, with notice or lapse of time, would constitute a material breach or default of, or permit termination, modification, or acceleration under, the Material Agreement; and (iii) the Company has not repudiated any material provision of the agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14 **Material Contract Defaults.** The Company is not, or has not received any notice or has any Knowledge that any other party is, in Material Contract Default under any Company Material Contract; and there has not occurred any event that with the lapse of time or the giving of notice or both would constitute such a Material Contract Default. For purposes of this Agreement, a <u>"Company Material Contract"</u> means any Contract that is effective as of the date hereof to which the Company is a party (i) with expected receipts or expenditures in excess of $25,000, (ii) requiring the Company to indemnify any person, (iii) granting exclusive rights to any party, (iv) evidencing indebtedness for borrowed or loaned money in excess of $25,000, including guarantees of such indebtedness or (v) is otherwise considered a Material Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15 **Accounts Receivable.** All of the accounts receivable of the Company are set forth on <u>Schedule 3.15</u> and, as of the Closing (collectively, the <u>"Accounts Receivable"),</u> represent or will represent valid obligations arising from sales actually made or services actually performed in the ordinary course of business and are not subject to any defenses, counterclaims, or rights of set off other than those arising in the ordinary course of business and for which adequate reserves have been established. The Accounts Receivable are fully collectible to the extent not reserved for on the balance sheet on which they are shown.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.16 **Properties.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** The Company has valid land use rights for all real property that is material to its business and good, clear and marketable title to all the tangible prope1ties and tangible Assets set fo1th on <u>Schedule 3.16</u>, which are, individually or in the aggregate, material to the Company's business (except properties sold or otherwise disposed of since the date thereof in the ordinary course of business), free and clear of all Material Liens, encumbrances, claims, security interests, options and restrictions of any nature whatsoever. Any real property and facilities held under lease by the Company is held by the Company under valid, subsisting and enforceable leases of which the Company is in compliance, except as could not, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** The Company has good and marketable title to, or in the case of leased property, a valid leasehold interest in, the office space, computers, machinery, equipment and other material tangible Assets which are material to its business. Except as set fo1th on <u>Schedule 3.16</u>, each such tangible Asset is in all material respects in good operating condition and repair (subject to normal wear and tear), is suitable for the purposes for which it presently is used, and, except as to leased assets, free and clear of any and all security interests. The Company does not have Knowledge of any dispute or claim made by any other person concerning such right, title and interest in such tangible Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17 **Intellectual Property.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** As used in this Agreement, <u>"Intellectual Property"</u> means all right, title and interest in or relating to all intellectual property, whether protected, created or arising under the laws of the United States or any other jurisdiction or under any international convention, including, but not limited to the following: (a) service marks, trademarks, trade names, trade dress, logos and corporate names (and any derivations, modifications or adaptations thereof), Internet domain names and Internet websites (and content thereof), together with the goodwill associated with any of the foregoing, and all applications, registrations, renewals and extensions thereof (collectively, <u>"Marks");</u> (b) patents and patent applications, including all continuations, divisionals, continuations-in-part and provisionals and patents issuing thereon, and all reissues, reexaminations, substitutions, renewals and extensions thereof (collectively, <u>"Patents");</u> (c) copyrights, works of authorship and moral rights, and all registrations, applications, renewals, extensions and reversions thereof (collectively, <u>"Copyrights")</u>; (d) confidential and proprietary information, trade secrets and non-public discoveries, concepts, ideas, research and development, technology, know-how, formulae, inventions (whether or not patentable and whether or not reduced to practice), compositions, processes, techniques, technical data and information, procedures, designs, drawings, specifications, databases, customer lists, supplier lists, pricing and cost information, and business and marketing plans and proposals, in each case excluding any rights in respect of any of the foregoing that comprise or are protected by Patents (collectively, <u>"Trade Secrets");</u> and (e) Technology. For purposes of this Agreement, <u>"Technology"</u> means all Software, information, designs, formulae, algorithms, procedures, methods, techniques, ideas, know-how, research and development, technical data, programs, subroutines, tools, materials, specifications, processes, inventions (whether or not patentable and whether or not reduced to practice), apparatus, creations, improvements and other similar materials, and all recordings, graphs, drawings, reports, analyses, and other writings, and other embodiments of any of the foregoing, in any form or media whether or not specifically listed herein. Further, for purposes of this Agreement, <u>"Software"</u> means any and all computer programs, whether in source code or object code; databases and compilations, whether machine readable or otherwise; descriptions, flow-charts and other work product used to design, plan, organize and develop any of the foregoing; and all documentation, including user manuals and other training documentation, related to any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** <u>Schedule 3.17</u> sets fo1th a list and description of the Intellectual Property required for the Company to operate, or used or held for use by the Company, in the operation of its business, including, but not limited to (a) all issued Patents and pending Patent applications, registered Marks, pending applications for registration of Marks, unregistered Marks, registered Copyrights of the Company and the record owner, registration or application date, serial or registration number, and jurisdiction of such registration or application of each such item of Intellectual Property, (b) all Software developed by or for the Company and (c) any Software not exclusively owned by the Company and incorporated, embedded or bundled with any Software listed in clause (b) above (except for commercially available software and so-called "shrink wrap" software licensed to the Company on reasonable terms through commercial distributors or in consumer retail stores for a license fee of no more than $10,000).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** The Company is the exclusive owner of or has a valid and enforceable right to use all Intellectual Property listed for the Company in <u>Schedule 3.17</u> (and any other Intellectual Property required to be listed in <u>Schedule 3.17)</u> as the same are used, sold, licensed and otherwise commercially exploited by the Company, free and clear of all liens, security interests, encumbrances or any other obligations to others, and no such Intellectual Property has been abandoned. The Intellectual Property owned by the Company and the Intellectual Property licensed to it pursuant to valid and enforceable written license agreements include all of the Intellectual Property necessary and sufficient to enable the Company to conduct its business in the manner in which such business is currently being conducted. The Intellectual Property owned by the Company and its rights in and to such Intellectual Property are valid and enforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** The Company has not received, and is not aware of, any written or oral notice of any reasonable basis for an allegation against the Company of any infringement, misappropriation, or violation by the Company of any rights of any third party with respect to any Intellectual Property, and the Company is not aware of any reasonable basis for any claim challenging the ownership, use, validity or enforceability of any Intellectual Prope1iy owned, used or held for use by the Company. The Company does not have any knowledge (a) of any third-party use of any Intellectual Property owned by or exclusively licensed to the Company, (b) that any third-party has a right to use any such Intellectual Property, or (c) that any third party is infringing, misappropriating, or otherwise violating (or has infringed, misappropriated or violated) any such Intellectual Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** The Company has not infringed, misappropriated or otherwise violated any Intellectual Property rights of any third parties, and the Company is not aware of any infringement, misappropriation or violation of any third party rights which will occur as a result of the continued operation of the Company as presently operated and/or the consummation of the transaction contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** The Company has taken adequate security measures to protect the confidentiality and value of its Trade Secrets (and any confidential information owned by a third party to whom the Company has a confidentiality obligation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g)** The consummation of the transactions contemplated by this Agreement will not adversely affect the right of the Company to own or use any Intellectual Property owned, used or held for use by it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(h)** All necessary registration, maintenance, renewal and other relevant filing fees in connection with any of the Intellectual Property owned by the Company and listed (or required to be listed) on <u>Schedule 3.17</u> have been timely paid and all necessary registrations, documents, certificates and other relevant filings in connection with such Intellectual Property have been timely filed with the relevant governmental authorities in the United States or foreign jurisdictions, as the case may be, for the purpose of maintaining such Intellectual Prope1iy and all issuances, registrations and applications therefor. There are no annuities, payments, fees, responses to office actions or other filings necessary to be made and having a due date with respect to any such Intellectual Property within ninety (90) days after the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.18 **Board Recommendation.** The Board of Directors of the Company has determined that the terms of the Merger are fair to and in the best interests of the stockholders of the Company and recommended that the Company's stockholders approve the Merger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19 **Undisclosed Liabilities.** The Company has no liabilities or monetary obligations of any nature (whether fixed or unfixed, secured or unsecured, known or unknown and whether absolute, accrued, contingent, or otherwise) except for such liabilities or obligations (i) incurred in the ordinary course of business, (ii) set forth in the Historical Company Financial Statements, (iii) arising under this Agreement or (iv) disclosed in <u>Schedule 3.19</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20 **No Registration of Securities.** The Company understands and acknowledges that the offering, exchange and issuance of Parent Common Stock pursuant to this Agreement will not be registered under the Securities Act on the grounds that the offering, sale, exchange and issuance of securities contemplated by this Agreement are exempt from registration pursuant to Section 4(a)(2), and that Parent's reliance upon such exemption is predicated in part upon the Company's representations herein and upon the representations contained in the Stockholder Representation Letters, the form of which is attached as <u>Exhibit D</u> to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.21 **Parent Information.** The Company acknowledges that Parent has made available to it the opportunity to ask questions of and receive answers from Parent's officers and directors concerning the terms and conditions of this Agreement and the business and financial condition of Parent, and the Company has received to its satisfaction, such information about the business and financial condition of Parent and the terms and conditions of the Agreement as it has requested. The Company has carefully considered the potential risks relating to Parent and investing in the Merger Consideration, and fully understands that such securities are speculative investments, which involve a high degree of risk of loss of the Company and its stockholders' entire investment. The Company has made available all such information to its stockholders in considering the terms and conditions of the Merger. Except for the representations and warranties set forth in <u>Article 4</u>, the Company acknowledges and agrees that (a) neither Parent nor any Person acting on behalf of Parent has made or is making any express or implied representation or warranty with respect to Parent, including any Affiliate, business, operation, condition (financial or otherwise) or any other aspect thereof, or with respect to any other information provided to the Company, including the Affiliates or representatives of the Company, (b) any other representations or warranties are expressly disclaimed by Parent, (c) none of the Company or any Person acting on behalf of the Company, is entitled to rely on any such representation or warranty, if made, and (d) none of the Company or any Person acting on behalf of the Company, has, is or will rely on any such representation or warranty, if made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.22 **Full Disclosure.** All of the representations and warranties made by the Company in this Agreement, including the Company Disclosure Schedules attached hereto, and all statements set forth in the certificates delivered by the Company at the Closing pursuant to this Agreement, are true, correct and complete in all material respects and do not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make such representations, warranties or statements, in light of the circumstances under which they were made, misleading. The copies of all documents furnished by the Company pursuant to the terms of this Agreement are complete and accurate copies of the original documents. The schedules, certificates, and any and all other statements and information, whether furnished in written or electronic form, to Parent or its representatives by or on behalf of any of the Company or its Affiliates in connection with the negotiation of this Agreement and the transactions contemplated hereby do not contain any material misstatement of fact or omit to state a material fact or any fact necessary to make the statements contained therein not misleading.

**ARTICLE 4**

**REPRESENTATIONS AND WARRANTIES OF PARENT AND MERGER SUB**

Parent and Merger Sub, jointly and severally, represent and warrant to the Company that, except as set forth in Parent Disclosure Schedule:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 **Organization, Standing and Corporate Power.** Each of Parent and Merger Sub is duly organized, validly existing and in good standing under the Laws of the State of Nevada, and has the requisite corporate power and authority and all government licenses, authorizations, Permits, consents and approvals required to own, lease and operate its properties and carry on its business as now being conducted. Each of Parent and Merger Sub is duly qualified or licensed to do business and is in good standing in each jurisdiction in which the nature of its business or the ownership or leasing of its properties makes such qualification or licensing necessary, other than in such jurisdictions where the failure to be so qualified or licensed (individually or in the aggregate) would not have a Material Adverse Effect with respect to Parent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 **Subsidiaries.** Other than Merger Sub, Parent does not own directly or indirectly, any equity or other ownership interest in any company, corporation, partnership, joint venture or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 **Capital Structure of Parent and Merger Sub.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** Immediately prior to the issuance of the Merger Consideration at Closing, the authorized capital stock of Parent will consist of 200,000,000 shares of Parent Common Stock, of which 1,250,000 shares of Parent Common Stock will be issued and outstanding, 50,000,000 shares of Parent Preferred Stock, of which no shares will be issued and outstanding, and, other than as set forth on <u>Schedule 4.3,</u> no shares of Parent Common Stock or Parent Preferred Stock will be issuable upon the exercise of outstanding warrants, conve11ible notes, options or otherwise. All outstanding shares of capital stock of Parent are, and all shares which may be issued pursuant to this Agreement will be, when issued, duly authorized, validly issued, fully paid and nonassessable, not subject to preemptive rights, and issued in compliance with all applicable state and federal Laws concerning the issuance of securities. Except as set forth on <u>Schedule 4.3,</u> there are no outstanding bonds, debentures, notes or other indebtedness or other securities of Parent having the right to vote (or convertible into, or exchangeable for, securities having the right to vote), and there are no outstanding securities, options, warrants, calls, rights, commitments, agreements, arrangements or undertakings of any kind to which Parent is a party or by which Parent is bound obligating Parent to issue, deliver or sell, or cause to be issued, delivered or sold, additional shares of capital stock or other equity securities of Parent or obligating Parent to issue, deliver or sell, or cause to be issued, delivered or sold, additional shares of capital stock or other equity securities of Parent or obligating Parent to issue, grant, extend or enter into any such security, option, warrant, call, right, commitment, agreement, arrangement or undertaking. There are no outstanding contractual obligations, commitments, understandings or arrangements of Parent or any of its subsidiaries to repurchase, redeem or otherwise acquire or make any payment in respect of any shares of capital stock of Parent or any of its subsidiaries. There are no agreements or arrangements pursuant to which Parent is or could be required to register shares of Parent Common Stock or other securities under the Securities Act or other agreements or arrangements with or among any security holders of Parent with respect to securities of Parent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** Immediately prior to the Closing, the authorized capital stock of Merger Sub will consist of 3,000 shares of common stock, $0.0001 par value per share (the <u>"Merger Sub Common Stock")</u>, of which 1,000 shares of Merger Sub Common Stock will be issued and outstanding, and no shares of Merger Sub Common Stock will be issuable upon the exercise of outstanding warrants, convertible notes, options or otherwise. All outstanding shares of capital stock of Merger Sub are owned by Parent and are duly authorized, validly issued, fully paid and nonassessable, not subject to preemptive rights, and issued in compliance with all applicable state and federal Laws concerning the issuance of securities. Except for the Merger Sub Common Stock, there are no outstanding bonds, debentures, notes or other indebtedness or other securities of Merger Sub having the right to vote (or convertible into, or exchangeable for, securities having the right to vote). There are no outstanding securities, options, warrants, calls, rights, commitments, agreements, arrangements or undertakings of any kind to which Merger Sub is a pm1y or by which Merger Sub is bound obligating Merger Sub to issue, deliver or sell, or cause to be issued, delivered or sold, additional shares of capital stock or other equity securities of Merger Sub or obligating Merger Sub to issue, deliver or sell, or cause to be issued, delivered or sold, additional shares of capital stock or other equity securities of Merger Sub or obligating Merger Sub to issue, grant, extend or enter into any such security, option, warrant, call, right, commitment, agreement, arrangement or undertaking. There are no outstanding contractual obligations, commitments, understandings or arrangements of Merger Sub to repurchase, redeem or otherwise acquire or make any payment in respect of any shares of capital stock of Merger Sub. There are no agreements or arrangements pursuant to which Merger Sub is or could be required to register shares of Merger Sub Common Stock or other securities under the Securities Act or other agreements or arrangements with or among any security holders of Merger Sub with respect to securities of Merger Sub. Merger Sub does not own directly or indirectly, any equity or other ownership interest in any company, corporation, partnership, joint venture or otherwise. Merger Sub has not conducted any operations and does not have any assets, liabilities or employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 **Corporate Authority; Noncontravention.** Each of Parent and Merger Sub have all requisite corporate and other power and authority to enter into this Agreement and, subject to receipt of the approval of its stockholders, as applicable, to consummate the transactions contemplated by this Agreement. The execution and delivery of this Agreement by each of Parent and Merger Sub and the consummation by each of Parent and Merger Sub of the transactions contemplated hereby have been (or at Closing will have been) duly authorized by all necessary corporate action on the part of each of Parent and Merger Sub. This Agreement has been duly executed and when delivered by each of Parent and Merger Sub, shall constitute a valid and binding obligation of each of Parent and Merger Sub, enforceable against Parent and Merger Sub in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency or other similar Laws affecting the enforcement of creditors' rights generally or by general principles of equity. The execution and delivery of this Agreement do not, and the consummation of the transactions contemplated by this Agreement and compliance with the provisions hereof will not, conflict with, or result in any breach or violation of, or Default (with or without notice or lapse of time, or both) under, or give rise to a right of termination, cancellation or acceleration of or "put" right with respect to any obligation or to loss of a material benefit under, or result in the creation of any Lien upon any of the properties or Assets of Parent and Merger Sub under, (i) the articles of incorporation, bylaws, or other charter documents of each of Parent and Merger sub, (ii) any loan or credit agreement, note, bond, mortgage, indenture, lease or other agreement, instrument, Permit, concession, franchise or license applicable to each of Parent or Merger Sub, each of its properties or Assets, or (iii) subject to Section 4.5, any judgment, Order, decree, statute, Law, ordinance, rule, regulation or arbitration award applicable to each of Parent and Merger Sub, each of its properties or Assets, other than, in the case of clauses (ii) and (iii), any such conflicts, breaches, violations, Defaults, rights, losses or Liens that individually or in the aggregate could not have a Material Adverse Effect with respect to Parent or could not prevent, hinder or materially delay the ability of Parent to consummate the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 **Government Authorization.** No consent, approval, Order or authorization of, or registration, declaration or filing with, or notice to, any Governmental Entity, is required by or with respect to each of Parent and Merger Sub in connection with the execution and delivery of this Agreement by Parent and Merger Sub, or the consummation by Parent and Merger Sub of the transactions contemplated hereby, except, with respect to this Agreement, any filings under the DGCL, the NRS, the Securities Act or the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 **Financial Statements.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** Since July 18, 2018 (inception), there has been no Material Adverse Effect with respect to Parent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** Except or as provided in this Agreement, since inception, other than as set forth on <u>Schedule 4.6,</u> Parent has not issued, sold or otherwise disposed of, or agreed to issue, sell or otherwise dispose of, any capital stock or any other security of Parent and has not granted or agreed to grant any option, warrant or other right to subscribe for or to purchase any capital stock or any other security of Parent or has incurred or agreed to incur any indebtedness for borrowed money.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 **Absence of Certain Changes.** Since inception, except as set forth on <u>Schedule 4.7,</u> Parent has not engaged in any business activities other than those incidental to the issuance of its capital stock and the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8 **Certain Fees.** No brokerage or finder's fees or commissions are or will be payable by Parent or Merger Sub to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other person with respect to the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9 **Litigation; Labor Matters; Compliance with Laws.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** There is no suit, action or proceeding or investigation pending or, to the Knowledge of each of Parent and Merger Sub, threatened against or affecting Parent or Merger Sub or any basis for any such suit, action, proceeding or investigation that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect with respect to each of Parent or Merger Sub or prevent, hinder or materially delay the ability of each of Parent and Merger Sub to consummate the transactions contemplated by this Agreement, nor is there any judgment, decree, injunction, rule or Order of any Governmental Entity or arbitrator outstanding against Parent or Merger Sub having, or which, insofar as reasonably could be foreseen by Parent or Merger Sub, in the future could have, any such effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** Each of Parent and Merger Sub is not a party to, or bound by, any collective bargaining agreement, Contract or other agreement or understanding with a labor union or labor organization, nor is it the subject of any proceeding asse1iing that it has committed an unfair labor practice or seeking to compel it to bargain with any labor organization as to wages or conditions of employment nor is there any strike, work stoppage or other labor dispute involving it pending or, to its Knowledge, threatened, any of which could have a Material Adverse Effect with respect to Parent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** The conduct of the business of each of Parent and Merger Sub complies with all statutes, Laws, regulations, ordinances, rules, judgments, Orders, decrees or arbitration awards applicable thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10 **Benefit Plans.** Each of Parent and Merger Sub is not a party to any Benefit Plan under which Parent or Merger Sub currently has an obligation to provide benefits to any current or former employee, officer or director of Parent or Merger Sub.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11 **Material Contract Defaults.** Except as set forth on <u>Schedule 4.11,</u> Parent is not party to any Parent Material Contracts. For purposes of this Agreement, a <u>"Parent Material Contract"</u> means any Contract that is effective as of the date hereof to which Parent is a party (i) with expected receipts or expenditures in excess of $25,000, (ii) requiring Parent to indemnify any person, (iii) granting exclusive rights to any party, or (iv) evidencing indebtedness for borrowed or loaned money in excess of $25,000, including guarantees of such indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12 **Accounts Receivable.** Parent does not have any Accounts Receivable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13 **Properties.** Neither Parent nor the Merger Sub own any real property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.14 **Intellectual Property.** Neither Parent nor the Merger Sub own any Intellectual Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15 **Board Determination.** The Board of Directors of each of Parent and Merger Sub has unanimously determined that the terms of the Merger are fair to and in the best interests of Parent and Merger Sub and its stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.16 **Required Parent Share Issuance Approval.** Parent represents that the issuance of the Merger Consideration will be in compliance with the NRS and the Articles of Incorporation and Bylaws of Parent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.17 **Undisclosed Liabilities.** Except as set forth on <u>Schedule 4.17,</u> Parent has no liabilities or obligations of any nature (whether fixed or unfixed, secured or unsecured, known or unknown and whether absolute, accrued, contingent, or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.18 **Company Information.** Parent acknowledges that the Company has made available to it the opportunity to ask questions of and receive answers from the Company's officers and directors concerning the terms and conditions of this Agreement and the business and financial condition of the Company, and Parent has received to its satisfaction, such information about the business and financial condition of the Company and the terms and conditions of the Agreement as it has requested. Parent has carefully considered the potential risks relating to the Company and the transactions contemplated by this Agreement. Except for the representations and warranties set forth in <u>Article 3</u>, Parent acknowledges and agrees that (a) neither the Company nor any Person acting on behalf of the Company has made or is making any express or implied representation or warranty with respect to the Company, including any Affiliate, business, operation, condition (financial or otherwise) or any other aspect thereof, or with respect to any other information provided to Parent, including the Affiliates or representatives of Parent, (b) any other representations or warranties are expressly disclaimed by the Company, (c) none of Parent or any Person acting on behalf of Parent, is entitled to rely on any such representation or warranty, if made, and (d) none of Parent or any Person acting on behalf of Parent, has, is or will rely on any such representation or warranty, if made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.19 **Full Disclosure.** All of the representations and warranties made by each of Parent and Merger Sub in this Agreement, including the Parent Disclosure Schedules attached hereto, and all statements set forth in the certificates delivered by each of Parent and Merger Sub at the Closing pursuant to this Agreement, are true, correct and complete in all material respects and do not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make such representations, warranties or statements, in light of the circumstances under which they were made, misleading. The copies of all documents furnished by each of Parent and Merger Sub pursuant to the terms of this Agreement are complete and accurate copies of the original documents. The schedules, certificates, and any and all other statements and information, whether in written or electronic form, to the Company or its representatives by or on behalf of any of Parent or Merger Sub or their Affiliates in connection with the negotiation of this Agreement and the transactions contemplated hereby do not contain any material misstatement of fact or omit to state a material fact or any fact necessary to make the statements contained therein not misleading.

**ARTICLE 5**

**COVENANTS OF THE COMPANY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 **Conduct of the Company Business.** From the date of this Agreement and until the Effective Time, or until the prior termination of this Agreement, the Company shall not, without Parent's prior written consent (which shall not be unreasonably withheld, conditioned or delayed):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** engage in any transaction, except in the normal and ordinary course of business, or create or suffer to exist any lien or other encumbrance upon any of its assets or which will not be discharged in full prior to the Effective Time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** sell, assign or otherwise transfer any of its assets, or cancel or compromise any debts or claims relating to its assets, other than for fair value, in the ordinary course of business, and consistent with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** fail to use reasonable efforts to preserve intact its present business organizations and preserve its material relationships with customers, suppliers, licensors, licensees, distributors and others, to the end that its good will and ongoing business not be impaired prior to the Effective Time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** intentionally permit any Material Adverse Effect to occur with respect to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** make any material change in its accounting or bookkeeping methods, principles or practices, except as required by GAAP; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(t)** authorize any, or commit or agree to take any of, the foregoing actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 **Stockholder Approval.** The Company will, as promptly as practicable in accordance with applicable Law and its Certificate of Incorporation and Bylaws, submit this Agreement, the Merger and related matters for the consideration and approval by the Company's stockholders. The approval by written consent or stockholder vote will be solicited in compliance with applicable Laws. If approval is obtained by written consent, the Company shall give, in a timely manner (and shall provide Parent true and correct copies of) all notices required to be given under Sections 228 and 252 of the DGCL. The information distributed to stockholders in connection with solicitation of such approval shall not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 **Satisfaction of Conditions Precedent.** From the date of this Agreement and until the Effective Time, or until the prior termination of this Agreement, the Company will use its commercially reasonable eff01ts to satisfy or cause to be satisfied all the conditions precedent that are set fo1th in Section 9.1 and Section 9.2, and the Company will use its commercially reasonable efforts to cause the Merger and the other transactions contemplated by this Agreement to be consummated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 **No Other Negotiations.** As of the date of this Agreement, the Company has not entered into any agreement or understanding with, and is not engaging in any discussions with any third party concerning an Alternative Acquisition (as defined below) including, without limitation, any agreement or understanding that would require the Company to notify any third party of the terms of this Agreement From and after the date of this Agreement until the earlier of the Effective Time or the termination of this Agreement in accordance with its terms, the Company shall not, directly or indirectly, (a) initiate, solicit, encourage, negotiate, accept or discuss any transaction or series of transactions with any Person, other than Parent and its Affiliates involving any recapitalization, restructuring, financing, merger, consolidation, sale of all or substantially all of the assets of the Company, license (other than non-exclusive licenses in the ordinary course of business) or encumbrance of all or substantially all assets of the Company or other business combination transaction or extraordinary corporate transaction of the Company which would or could reasonably be expected to impede, interfere with, prevent or materially delay the merger (any such efforts by any such Person, including a firm proposal to make such an acquisition, to be referred to as an <u>"Alternative Acquisition")</u>, (b) provide information with respect to the Company to any Person, other than Parent and its Affiliates, relating to a possible Alternative Acquisition by any Person, other than Parent and its Affiliates, (c) enter into an agreement with any Person, other than Parent and its Affiliates, providing for a possible Alternative Acquisition, or (d) make or authorize any statement, recommendation or solicitation in support of any possible Alternative Acquisition by any Person, other than by Parent and its Affiliates.

If the Company receives any unsolicited offer, inquiry or proposal to enter into discussions or negotiations relating to an Alternative Acquisition, or that could reasonably expected to lead to an Alternative Acquisition, or any request for nonpublic information relating to the Company, the Company shall promptly notify Parent thereof, including information as to the identity of the party making any such offer, inquiry or proposal and the specific terms of such offer, inquiry or proposal, as the case may be, and shall keep Parent promptly informed of any developments with respect to same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 **Access.** The Company shall afford to Parent, and to the officers, employees, accountants, counsel, financial advisors and other representatives of Parent, reasonable access during normal business hours during the period prior to the Effective Time or the termination of this Agreement to all of the Company's properties, books, contracts, commitments, personnel and records and, during such period, the Company shall furnish promptly to Parent, (a) a copy of each report, schedule, and other documents filed by it during such period pursuant to the requirements of federal or state securities Laws and (b) all other information concerning its business, properties and personnel as Parent or its representatives may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 **Notification of Certain Matters.** The Company shall give prompt notice to Parent of the occurrence or non-occurrence of any event the occurrence or non-occurrence of which (i) would cause any Company representation or warranty contained in this Agreement to be untrue or inaccurate in any material respect (unless such representation or warranty is qualified by materiality, then in any respect) at or prior to the Effective Time or **(ii)** prevent the Company from complying with or satisfying any covenant, condition or agreement to be complied with or satisfied by it prior to the Effective Time hereunder; provided, however, that the delivery of any notice pursuant to this Section 5.6 shall not limit or otherwise affect the remedies available hereunder to Parent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 **Officer and Directors.** As of the Effective Time, the Company shall have taken all action to cause the persons set forth on <u>Schedule 5.7</u> to be appointed as the Company's directors and officers and the current officers and directors of the Company on <u>Schedule 5.7</u> shall have resigned from the Company.

**ARTICLE 6**

**COVENANTS OF PARENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 **Obligations of Merger Sub.** Parent shall take all action necessary to cause Merger Sub to perform its obligations under this Agreement and to consummate the Merger on the terms and conditions set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 **Conduct of Parent's Business.** From the date of this Agreement and until the Effective Time, or until the prior termination of this Agreement, Parent shall not, and shall not pennit Merger Sub to, without the Company's prior written consent (which shall not to be unreasonably withheld, conditioned or delayed):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** engage in any transaction, except in the normal and ordinary course of business, or create or suffer to exist any lien or other encumbrance upon any of its assets or which will not be discharged in full prior to the Effective Time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** sell, assign or otherwise transfer any of its assets, or cancel or compromise any debts or claims relating to its assets, other than for fair value, in the ordinary course of business, and consistent with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** fail to use reasonable effo1is to preserve intact its present business organizations to the end that its good will and ongoing business not be impaired prior to the Effective Time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** intentionally permit any Material Adverse Effect to occur with respect to Parent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** make any material change with respect in its accounting or bookkeeping methods, principles or practices, except as required by GAAP; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** authorize any, or commit or agree to take any of, the foregoing actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 **Access.** Parent shall afford to the Company, and to the officers, employees, accountants, counsel, financial advisors and other representatives of the Company, reasonable access during normal business hours during the period prior to the Effective Time or the termination of this Agreement to all of Parent's properties, books, contracts, commitments, personnel and records and, during such period, Parent shall furnish promptly to the Company, (a) a copy of each report, schedule, registration statements and other documents filed by it during such period pursuant to the requirements of federal or state securities Laws and (b) all other information concerning its business, properties and personnel as the Company or its representatives may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 **Notification of Certain Matters.** Parent shall give prompt notice to the Company of (i) the occurrence or non-occurrence of any event the occurrence or non-occurrence of which would cause any Parent representation or warranty contained in this Agreement to be untrue or inaccurate at or prior to the Effective Time and (ii) any failure of Parent to comply with or satisfy any covenant, condition or agreement to be complied with or satisfied by it hereunder; provided, however, that the delivery of any notice pursuant to this Section 6.4 shall not limit or otherwise affect the remedies available hereunder to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 **Director and Officer Appointments.** As of the Effective Time, Parent shall have taken all action to cause the persons as set forth on <u>Schedule 6.5</u> to be appointed to Parent's Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 **Satisfaction of Conditions Precedent.** During the term of this Agreement, Parent will use its commercially reasonable effo1is to satisfy or cause to be satisfied all the conditions precedent that are set forth in Article 9, and Parent will use its commercially reasonable efforts to cause the Merger and the other transactions contemplated by this Agreement to be consummated.

**ARTICLE 7**

**COVENANTS OF PARENT AND THE COMPANY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 **Notices of Certain Events.** The Company and Parent shall promptly notify the other party of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** any notice or other communication from any Person alleging that the consent of such Person is or may be required in connection with the transactions contemplated by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** any notice or other communication from any Governmental Entity in connection with the transactions contemplated by this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** any actions, suits, claims, investigations or proceedings commenced or, to its Knowledge, threatened against, relating to or involving or otherwise affecting such party that, if pending on the date of this Agreement, would have been required to be disclosed pursuant to Articles 3 or 4 or that relate to the consummation of the transactions contemplated by this Agreement or any other development causing a breach of any representation or warranty made by a party hereunder. Delivery of notice pursuant to this Section 7.1 shall not limit or otherwise affect remedies available to either party hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 **Public Announcements.** No party shall have the right to issue any press release or other public statement with respect to this Agreement or the transactions contemplated herein without the prior written consent of each other party (not to be unreasonably withheld, delayed, denied or conditioned), except as required by Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 **Transfer Taxes.** Parent and the Company shall cooperate in the preparation, execution and filing of all returns, questionnaires, applications or other documents regarding any real property transfer or gains, sales, use, transfer, value added, stock transfer and stamp taxes, any transfer, recording, registration and other fees, and any similar taxes which become payable in connection with the transactions contemplated hereby that are required or permitted to be filed on or before the Effective Time. Parent, Merger Sub and the Company agree that the Company (prior to the Merger) and the Surviving Corporation (following the Merger) will pay any real property, transfer or gains tax, stamp tax, stock transfer tax, or other similar tax imposed on the Merger or the surrender of the Shares pursuant to the Merger (collectively, <u>"Transfer Taxes"),</u> excluding any Transfer Taxes as may result from the transfer of beneficial interests in the Shares other than as a result of the Merger, and any penalties or interest with respect to the Transfer Taxes. The Company agrees to cooperate with Parent in the filing of any returns with respect to the Transfer Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 **Reasonable Efforts.** The parties further agree to use commercially reasonable eff011s to take, or cause to be taken, all actions, and to do, or cause to be done, and to assist and cooperate with the other parties in doing, all things necessary, proper or advisable to consummate and make effective, and to satisfy all conditions to, in the most expeditious manner practicable, the Merger and the other transactions contemplated by this Agreement, including (i) the obtaining of all other necessary actions or nonactions, waivers, consents, licenses, Permits, authorizations, Orders and approvals from Governmental Entities and the making of all other necessary registrations and filings, (ii) the obtaining of all consents, approvals or waivers from third parties related to or required in connection with the Merger that are necessary to consummate the Merger and the transactions contemplated by this Agreement or required to prevent a Material Adverse Effect on the Company from occurring prior to or after the Effective Time, (iii) the satisfaction of all conditions precedent to the parties' obligations hereunder, and (iv) the execution and delivery of any additional instruments necessary to consummate the transactions contemplated by, and to fully carry out the purposes of, this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 **Fees and Expenses.** All of the legal, accounting and other expenses incurred by any party hereto in connection with the transactions contemplated by this Agreement shall be paid by the party incurring such expense; except that, on the Closing Date, Parent shall pay the outstanding fees and expenses of Latham & Watkins LLP, the counsel for the Company, in an amount not to exceed, in the aggregate, $25,000, which amount shall be deducted from the Escrow Consideration pursuant to Section 2.6 herein unless such amount is otherwise offset prior to the release of the Escrow Consideration, as reflected on the Company Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 **Regulatory Matters and Approvals.** Each of the Parties will give any notices to, make any filings with, and use its commercially reasonable efforts to obtain any authorizations, consents, and approvals of governments and governmental agencies in connection with the matters referred to in Sections 3.5 and 4.5 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 **Transfer Restrictions.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** The Company realizes that the Merger Consideration is not registered under the Securities Act, or any foreign or state securities Laws. The Company agrees that the Merger Consideration will and may not be sold, offered for sale, pledged, hypothecated, or otherwise transferred (collectively, a <u>"Transfer")</u> except in compliance with the Securities Act, if applicable, and applicable foreign and state securities Laws, and with an opinion of Parent's counsel. The Company understands that the Merger Consideration can only be Transferred pursuant to registration under the Securities Act or pursuant to an exemption therefrom. The Company understands that to Transfer the Merger Consideration may require in some jurisdictions specific approval by the appropriate governmental agency or commission in such jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** To enable Parent to enforce the transfer restrictions contained in Section 7.7(a), the Company hereby consents to the placing of legends upon, and stop-transfer orders with the transfer agent of the Parent Common Stock with respect to the Merger Consideration, including, without limitation, the following:

"THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR ANY STATE SECURITIES LAW. THESE SECURITIES MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED, MORTGAGED, HYPOTHECATED, OR OTHERWISE DISPOSED OF, EXCEPT (I) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT FOR SUCH SECURITIES UNDER THE ACT, OR (II) IN COMPLIANCE WITH RULE 144 PROMULGATED UNDER THE ACT, OR (III) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS, THE AVAILABILITY OF WHICH IS TO BE ESTABLISHED TO THE SATISFACTION OF THE COMPANY AND ITS COUNSEL."

**ARTICLES**

**INDEMNIFICATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 **Indemnification of Parent and Merger Sub.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** Subject to the limitations contained in this Article 8, the Company shall defend, indemnify and hold harmless Parent and Merger Sub and their respective officers, directors, stockholders, employees and agents from and against any and all losses, claims, judgments, liabilities, demands, charges, suits, penalties, costs or expenses, including court costs and attorneys' fees <u>("Claims and Liabilities")</u> with respect to or arising from (i) the breach of any warranty or any inaccuracy of any representation made by the Company in this Agreement, or (ii) the breach of any covenant or agreement made by the Company in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** In addition to the obligations set forth in Section 8.l(a) above, the Company shall defend, indemnify and hold harmless Parent and Merger Sub and their respective officers, directors, stockholders, employees and agents against any and all Claims and Liabilities with respect to or arising from any claims for any right to receive Merger Consideration made by any Person who is not a holder of Company Stock at the Effective Time or is a holder of Company Stock and claiming a right to Merger Consideration inconsistent with the Merger Consideration Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 **Indemnification of the Company.** Parent shall defend, indemnify and hold harmless the Shareholders and any person who was an officer, director, employee or agent of the Company immediately prior to the Effective Time from and against any and all Claims and Liabilities with respect to or arising from (i) breach of any warranty or any inaccuracy of any representation made by Parent or Merger Sub, or (ii) breach of any covenant or agreement made by Parent or Merger Sub in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 **Claims Procedure.** Promptly after the receipt by any indemnified party (the <u>"Indemnitee")</u> of notice of the commencement of any action or proceeding against such Indemnitee, such Indemnitee shall, if a claim with respect thereto is or may be made against any indemnifying party (the <u>"Indemnifying Party")</u> pursuant to this Article 8, give such Indemnifying Party written notice of the commencement of such action or proceeding and give such Indemnifying Party a copy of such claim and/or process and all legal pleadings in connection therewith. The failure to give such notice shall not relieve any Indemnifying Party of any of its indemnification obligations contained in this Article 8, except where, and solely to the extent that, such failure actually and Materially prejudices the rights of such Indemnifying Party. Such Indemnifying Party shall have, upon request within thirty (30) days after receipt of such notice, but not in any event after the settlement or compromise of such claim, the right to defend, at its own expense and by its own counsel reasonably acceptable to the Indemnitee, any such matter involving the asserted liability of the Indemnitee; provided, however, that if the Indemnitee determines that there is a reasonable probability that a claim may Materially and adversely affect it, other than solely as a result of money payments required to be reimbursed in full by such Indemnifying Party under this Article 8 or if a conflict of interest exists between Indemnitee and the Indemnifying Party, the Indemnitee shall have the right to defend, compromise or settle such claim or suit; and, provided, further, that such settlement or compromise shall not, unless consented to in writing by such Indemnifying Party, which shall not be unreasonably withheld, be conclusive as to the liability of such Indemnifying Party to the Indemnitee. In any event, the Indemnitee, such Indemnifying Party and its counsel shall cooperate in the defense against, or compromise of, any such asserted liability, and in cases where the Indemnifying Party shall have assumed the defense, the Indemnitee shall have the right to participate in the defense of such asserted liability at the Indemnitee's own expense. In the event that such Indemnifying Party shall decline to participate in or assume the defense of such action, prior to paying or settling any claim against which such Indemnifying Party is, or may be, obligated under this Article 8 to indemnify an Indernnitee, the Indemnitee shall first supply such Indemnifying Party with a copy of a final court judgment or decree holding the Indemnitee liable on such claim or, failing such judgment or decree, the terms and conditions of the settlement or compromise of such claim. An Indernnitee's failure to supply such final court judgment or decree or the terms and conditions of a settlement or compromise to such Indemnifying Party shall not relieve such Indemnifying Party of any of its indemnification obligations contained in this A1iicle 8, except where, and solely to the extent that, such failure actually and Materially prejudices the rights of such Indemnifying Party. If the Indemnifying Paiiy is defending the claim as set forth above, the Indemnifying Party shall have the right to settle the claim only with the consent of the Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 **Exclusive Remedy.** Each of the parties hereto acknowledges and agrees that, from and after the Closing Date, its sole and exclusive monetary remedy with respect to any and all claims relating to the subject matter of this Agreement shall be pursuant to the indemnification provisions set forth in this A1iicle 8, except that nothing in this Agreement shall be deemed to constitute a waiver of any injunctive or other equitable remedies or any to1i claims of, or causes of action arising from fraud or willful breach. The pa11ies' obligations under this Article 8 shall terminate twelve (12) months from the Closing Date.

**ARTICLE 9**

**CONDITIONS TO MERGER**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 **Condition to Obligation of Each Party to Effect the Merger.** The respective obligations of Parent, Merger Sub and the Company to consummate the transactions contemplated herein are subject to the satisfaction or waiver in writing at or prior to the Effective Time of the following conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) No Injunctions.** No temporary restraining Order, preliminary or permanent injunction issued by any court of competent jurisdiction preventing or prohibiting the consummation of the Merger or the other transactions contemplated herein shall be in effect; provided, however, that each party shall have used its commercially reasonable efforts to prevent the entry of such Orders or injunctions and to appeal as promptly as possible any such Orders or injunctions and to appeal as promptly as possible any such Orders or injunctions that may be entered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Company Stockholder Approval.** This Agreement and the Merger shall have been approved and adopted by the requisite vote of the Company, the Company's stockholders in accordance with the Company's Certificate oflncorporation and the DGCL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Outstanding Company Securities.** All outstanding convertible securities of the Company set f01ih on <u>Schedule 3.3</u> shall be exercised, converted or redeemed, as applicable, prior to the Closing Date, such that, at the Effective Time, the Company will have no outstanding securities other than the Company Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Company Liabilities.** Immediately prior to the Effective Time, all Liabilities set forth on <u>Schedule 3.19</u>, other than with respect to Liabilities related to the Intellectual Property Rights set forth on <u>Schedule 3.17</u> (such Liabilities, the <u>"Non-IP Liabilities")</u>, shall be extinguished or converted into Company Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 **Additional Conditions to Obligations of Parent and Merger Sub.** The obligations of Parent and the Merger Sub to consummate the transactions contemplated herein are also subject to the satisfaction or waiver in writing at or prior to the Effective Time of the following conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Representations and Warranties.** The representations and warranties of the Company contained in this Agreement and in any certificate or other writing delivered to Parent pursuant hereto shall be true and correct in all material respects (except where already qualified by materiality and in such case, in all respects) on and as of the Effective Time with the same force and effect as if made on and as of the Effective Time, and Parent and Merger Sub shall have received a certificate to such effect signed by the President and the Chief Executive Officer of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Agreements and Covenants.** The Company shall have performed or complied in all material respects with all agreements and covenants required by this Agreement to be pe1formed or complied with by them on or prior to the Effective Time, and Parent shall have received a certificate to such effect signed by the President and Chief Executive Officer of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Certificate of Secretary.** The Company shall have delivered to Parent a certificate executed by the Secretary of the Company certifying: (i) resolutions duly adopted by the Board of Directors and stockholders of the Company authorizing this Agreement and the Merger; (ii) the Certificate of Incorporation and Bylaws of the Company as in effect immediately prior to the Effective Time, including all amendments thereto; (iii) the Merger Consideration Certificate; and (iv) the incumbency of the officers of the Company executing this Agreement and all agreements and documents contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Consents Obtained.** All consents, waivers, approvals, authorizations or Orders required to be obtained, and all filings required to be made, by the Company for the authorization, execution and delivery of this Agreement and the consummation by it of the transactions contemplated hereby shall have been obtained and made by the Company, except for such consents, waivers, approvals, authorizations and Orders, and such filings, which would not be reasonably likely to have a Material Adverse Effect on the Company or the Surviving Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e) Absence of Material Adverse Effect.** Since the date of this Agreement, there shall not have been any Material Adverse Effect with respect to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f) Merger Consideration Certificate.** Parent shall have received the Merger Consideration Certificate from the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g) Dissenting Shares.** Holders of any of the outstanding Shares shall not have exercised, nor shall they have any continued right to exercise, appraisal, dissenters' or similar rights under applicable Law with respect to their Shares by virtue of the Merger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(h) Officers and Directors.** Company shall deliver to Parent evidence of appointment of the new sole officer and director as further described on <u>Schedule 5.7</u>. Company shall also have delivered to Parent a letter of resignation executed by each Company officer and director further described on <u>Schedule 5.7</u> to be effective upon the Closing Date

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 **Additional Conditions to Obligations of the Company.** The obligations of the Company to consummate the transactions contemplated herein are also subject to the satisfaction or waiver in writing at or prior to the Effective Time of the following conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Representations and Warranties.** The representations and warranties of Parent and Merger Sub contained in this Agreement and in any certificate or other writing delivered to the Company pursuant hereto shall be true and correct in all material respects (except where already qualified by materiality and in such case, in all respects) on and as of the Effective Time with the same force and effect as if made on and as of the Effective Time, and the Company shall have received a certificate to such effect signed by the President and the Chief Executive Officer of Parent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Agreements and Covenants.** Parent and Merger Sub shall have performed or complied in all material respects with all agreements and covenants required by this Agreement to be performed or complied with by them on or prior to the Effective Time, and the Company shall have received a certificate to such effect signed by the President and Chief Executive Officer of Parent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Certificate of Secretary.** Parent shall have delivered to the Company a certificate executed by the Secretary of Parent ce11ifying: (i) resolutions duly adopted by the Board of Directors of Parent and Merger Sub, respectively, authorizing this Agreement and the Merger and resolutions duly adopted by the sole stockholder of Merger Sub authorizing this Agreement and the Merger; (ii) the Articles of Incorporation and Bylaws of Parent as in effect immediately prior to the Effective Time, including all amendments thereto; and (iii) the incumbency of the officers of Parent executing this Agreement and all agreements and documents contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Consents Obtained.** All consents, waivers, approvals, authorizations or Orders required to be obtained, and all filings required to be made, by Parent or Merger Sub for the authorization, execution and delivery of this Agreement and the consummation by it of the transactions contemplated hereby shall have been obtained and made by Parent and Merger Sub, respectively, except for such consents, waivers, approvals, authorizations and Orders, and such filings, which would not be reasonably likely to have a Material Adverse Effect on Parent or Merger Sub.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e) Absence of Material Adverse Effect.** Since the date of the this Agreement, there shall not have been any Material Adverse Effect on Parent or Merger Sub, other than any change that shall result from general economic conditions or conditions generally affecting the industry in which Parent conducts operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f) Officers and Directors.** Parent shall deliver to the Company evidence of appointment of the new director as further described on <u>Schedule 6.5</u>.

**ARTICLE 10**

**TERMINATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 **Termination.** This Agreement may be terminated at any time prior to the Effective Time, whether before or after approval of the Merger by the stockholders of the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** by mutual written agreement of the Company and Parent duly authorized by the Boards of Directors of the Company and Parent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** by either the Company or Parent, if the other party (which, in the case of Parent, shall mean Parent and Merger Sub) has breached any representation, warranty, covenant or agreement of such other party set forth in this Agreement and such breach has resulted or can reasonably be expected to result in a Material Adverse Effect on such other party or would prevent or materially delay the consummation of the Merger;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** by either party, if the required approval of the stockholders of the Company shall not have been obtained by reason of the failure to obtain the required vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** by either party, if all the conditions to the obligations of such party for Closing the Merger shall not have been satisfied or waived on or before the Final Date (as defined below) other than as a result of a breach of this Agreement by the terminating party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** by either party, if a permanent injunction or other Order by any Federal or state court which would make illegal or otherwise restrain or prohibit the consummation of the Merger shall have been issued and shall have become final and nonappealable;

As used herein, the <u>"Final Date"</u> shall be November 30, 2018.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 **Notice of Termination.** Any termination of this Agreement under Section 10.1 above will be effective immediately upon by the delivery of written notice of the terminating party to the other party hereto specifying with reasonable particularity the reason for such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 **Effect of Termination.** In the case of any termination of this Agreement as provided in this Section 10, this Agreement shall be of no further force and effect and nothing herein shall relieve any party from liability for any breach of this Agreement.

**ARTICLE 11**

**SURVIVAL OF REPRESENTATIONS, WARRANTIES AND COVENANTS**

All representations, warranties and covenants of the parties contained in this Agreement will remain operative and in full force and effect, regardless of any investigation made by or on behalf of the paiiies to this Agreement, until the date that is the first anniversary of the Closing Date, whereupon such representations, warranties and covenants will expire (except for covenants that by their terms survive for a longer period).

**ARTICLE 12**

**GENERAL PROVISIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 **Notices.** All notices required or permitted hereunder shall be in writing and shall be deemed effectively given: (a) upon personal delivery to the party to be notified; (b) when sent by confirmed facsimile if sent during normal business hours of the recipient, if not, then on the next business day; (c) five days after having been sent by registered or certified mail, return receipt requested, postage prepaid; or (d) two days after deposit with a nationally recognized overnight courier, specifying not later than two day delivery, with written verification of receipt. All communications shall be sent to the parties at the following addresses or facsimile numbers specified below (or at such other address or facsimile number for a party as shall be designated by ten days advance written notice to the other parties hereto):

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| | |
|:---|:---|
| **(a)** | If to Parent or Merger Sub: |
|  | Edison Oncology Holding Corp. |
|  | Edison Oncology Acquisition Corp. |
|  | 3475 Edison Way, Suite R |
|  | Menlo Park, California 94025 |
|  | Attn: Jeffrey Bacha |
|  | Ph: |
|  | Fax: |
|  | email: <u>[email]</u> |
|  | with a copy to (which shall not constitute notice): |
|  | Sichenzia Ross Ference LLP |
|  | 1185 Avenue of the Americas, 37th Floor |
|  | New York, New York 10036 |
|  | Ph: (212) 930-9700 |
|  | Fax: (212) 930-9725 |

---

---

| | |
|:---|:---|
| **(b)** | If to the Company: |
|  | NewGen Therapeutics, Inc. |
|  | 3475 Edison Way, Suite R |
|  | Menlo Park, California 94025 |
|  | Attn: Harry Pedersen |
|  | Ph: |
|  | Fax: |
|  | with a copy to (which shall not constitute notice): |
|  | Latham & Watkins LLP |
|  | 140 Scott Drive |
|  | Menlo Park, California 94025 |
|  | Attn : Alan C. Mendelson |
|  | Email: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 **Amendment.** To the extent permitted by Law, this Agreement may be amended by a subsequent writing signed by each of the parties upon the approval of the Boards of Directors of each of the parties, whether before or after any stockholder approval of the issuance of the Merger Consideration has been obtained; provided, that after any such approval by the holders of Shares, there shall be made no amendment that pursuant to the DGCL requires further approval by such stockholders without the further approval of such stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 **Waiver.** At any time prior to the Closing, any party hereto may with respect to any other party hereto (a) extend the time for performance of any of the obligations or other acts, (b) waive any inaccuracies in the representations and warranties contained herein or in any document delivered pursuant hereto, or (c) waive compliance with any of the agreements or conditions contained herein. Any such extension or waiver shall be valid if set fo1ih in an instrument in writing signed by the party or parties to be bound thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 **Failure or Indulgence Not Waiver; Remedies Cumulative.** No failure or delay on the part of any party hereto in the exercise of any right hereunder shall impair such right or be construed to be a waiver of, or acquiescence in, any breach of any representation, warranty or agreement herein, nor shall any single or partial exercise of any such right preclude other or further exercise thereof or of any other rights. Except as otherwise provided hereunder, all rights and remedies existing under this Agreement are cumulative to, and not exclusive of, any rights or remedies otherwise available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 **Headings.** The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6 **Severability.** If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of Law, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible, in a mutually acceptable manner, to the end that transactions contemplated hereby are fulfilled to the extent possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7 **Entire Agreement.** This Agreement (including the Company Disclosure Schedule and the Parent Disclosure Schedule together with the Transaction Documents and the exhibits and schedules attached hereto and thereto and the certificates referenced herein) constitutes the entire agreement and supersedes all prior agreements and unde1iakings both oral and written, among the parties, or any of them, with respect to the subject matter hereof and, except as otherwise expressly provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.8 **Assignment.** No party may assign this Agreement or assign its respective rights or delegate their duties (by operation of Law or otherwise), without the prior written consent of the other party. This Agreement will be binding upon, inure to the benefit of and be enforceable by the parties and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.9 **Parties In Interest.** This Agreement shall be binding upon and inure solely to the benefit of each party hereto and their permitted assigns and respective successors, and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement, including, without limitation, by way of subrogation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. IO **Governing Law, Jurisdiction.** This Agreement, the legal relations between the parties and any action, whether contractual or non-contractual, instituted by any party with respect to any matter arising between the parties, including but not limited to matters arising under or in connection with this Agreement, such as the negotiation, execution, interpretation, coverage, scope, performance, breach, termination, validity, or enforceability of this Agreement, shall be governed by and construed in accordance with the internal laws of the State of New York without reference to principles of conflicts of laws. The parties hereto hereby irrevocably submit to the exclusive jurisdiction of the courts of the State of New York and the Federal Courts of the United States of America located within the Eastern or Southern District of New York with respect to any matter arising between the parties, and hereby waive, and agree not to assert, as a defense in any action, suit or proceeding for the interpretation or enforcement hereof or thereof, that it is not subject thereto or that such action, suit or proceeding may not be brought or is not maintainable in said courts or that the venue thereof may not be appropriate or that this Agreement or any such document may not be enforced in or by such courts, and the parties hereto irrevocably agree that all claims with respect to such action or proceeding shall be heard and determined in such a New York State or Federal court. The parties hereby consent to and grant any such court jurisdiction over the person of such parties and over the subject matter of such dispute and agree that mailing of process or other papers in connection with any such action or proceeding in any manner as may be permitted by applicable Law, shall be valid and sufficient service thereof. With respect to any particular action, suit or proceeding arising between the parties, including but not limited to matters arising under or in connection with this Agreement, venue shall lie solely in any New York County or any Federal Comi of the United States of America sitting in the Eastern or Southern District of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.11 **Counterparts.** This Agreement may be executed simultaneously in two or more counterparts, any one of which need not contain the signatures of more than one party, but all such counterpa1is taken together will constitute one and the same Agreement. This Agreement, to the extent delivered by means of a facsimile machine or electronic mail (any such delivery, an <u>"Electronic Delivery"),</u> shall be treated in all manner and respects as an original agreement or instrument and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person. At the request of any party hereto, each other party hereto shall re-execute original forms hereof and deliver them in person to all other parties. No party hereto shall raise the use of Electronic Delivery to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through the use of Electronic Delivery as a defense to the formation of a contract, and each such party forever waives any such defense, except to the extent such defense related to lack of authenticity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.12 **Attorneys Fees.** If any action or proceeding relating to this Agreement, or the enforcement of any provision of this Agreement is brought by a party hereto against any party hereto, the prevailing party shall be entitled to recover reasonable attorneys' fees, costs and disbursements (in addition to any other relief to which the prevailing party may be entitled).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.13 **Representation.** The parties to this Agreement, and each of them, acknowledge, agree, and represent that it: (a) has been represented in connection with the negotiation and preparation of this Agreement by counsel of that party's choosing; (b) has read the Agreement and has had it fully explained by its counsel; (c) it is fully aware of the contents and legal effect of this Agreement; (d) has authority to enter into and sign the Agreement; and (e) enters into and signs the same by its own free will.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.14 **Drafting.** The parties to this Agreement acknowledge that each of them have participated in the drafting and negotiation of this Agreement. For purposes of interpreting this Agreement, each provision, paragraph, sentence and word herein shall be deemed to have been jointly drafted by both parties. The parties intend for this Agreement to be construed and interpreted neutrally in accordance with the plain meaning of the language contained herein, and not presumptively construed against any actual or purported drafter of any specific language contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.15 **Interpretation.** For purposes of this Agreement, references to the masculine gender shall include feminine and neuter genders and entities. Where a reference in this Agreement is made to a Section, Exhibit or Schedule, such reference shall be to a Section of, Exhibit to or Schedule of this Agreement unless otherwise indicated. Whenever the words "include," "includes" or "including" are used in this Agreement, they shall be deemed to be followed by the words "without limitation." References to a "party" or "parties" shall mean Parent and/or Merger Sub, on the one hand, and the Company, on the other hand, as applicable. The words "hereof," "herein" and "hereunder" and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. References to "this Agreement" shall include the Company Disclosure Schedule and the Parent Disclosure Schedule.

*[Remainder of Page Intentionally Left Blank; Signature Page to Follow]*

 

IN WITNESS WHEREOF, the parties have caused this Agreement and Plan of Merger to be executed as of the date first written above by their respective officers thereunto duly authorized.

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| | |
|:---|:---|
| EDISON ONCOLOGY HOLDING CORP., a Nevada | EDISON ONCOLOGY HOLDING CORP., a Nevada |
| By: |  |
| Name: |  |
| Title: | Chief Executive Officer |
| Edison Oncology Acquisition Corp. | Edison Oncology Acquisition Corp. |
| Title: | Chief Executive Officer |
| **NEWGEN THERAPEUTICS, INC.,** a Delaware corporation | **NEWGEN THERAPEUTICS, INC.,** a Delaware corporation |
| By: |  |
| Name: |  |
| Title: |  |

---

**EXHIBIT A**

**CERTAIN DEFINITIONS**

The following terms, as used in the Agreement, have the following meanings:

<u>"Accounts Receivable"</u> shall have the meaning as set forth in Section 3.15 of the Agreement.

<u>"Affiliate(s)"</u> shall have the meaning set forth in Rule 12b-2 of the regulations promulgated under the Exchange Act.

<u>"Alternative Acquisition"</u> shall have the meaning as set forth in Section 5.4 of the Agreement.

<u>"Agreement"</u> shall have the meaning as set forth in the Preamble.

<u>"Assets"</u> of a Person shall mean all of the assets, properties, businesses and rights of such Person of every kind, nature, character and description, whether real, personal or mixed, tangible or intangible, accrued or contingent, or otherwise relating to or utilized in such Person's business, directly or indirectly, in whole or in part, whether or not carried on the books and records of such Person, and whether or not owned in the name of such Person or any Affiliate of such Person and wherever located.

<u>"Benefit Plans"</u> shall have the meaning as set forth in Section 3.10 of the Agreement.

<u>"Cash"</u> means all cash, cash equivalents (including money market accounts, money market funds, money market instruments, ce1iificates of deposit and demand deposits) and marketable securities, determined in accordance with GAAP, net of restricted cash.

<u>"Claims and Liabilities"</u> shall have the meaning as set forth in Section 8.l(a) of the Agreement.

<u>"Closing"</u> shall have the meaning as set forth in Section 1.2 of the Agreement.

<u>"Closing Date"</u> shall have the meaning as set fmih in Section 1.2 of the Agreement.

<u>"Code"</u> means the Internal Revenue Code of 1986, as amended.

<u>"Company"</u> shall have the meaning as set forth in the Preamble.

<u>"Company Balance Sheet Date"</u> shall have the meaning as set forth in Section 3.6(b) of the Agreement.

<u>"Company Disclosure Schedule"</u> shall have the meaning as set forth in the opening paragraph of Article 3 of the Agreement.

<u>"Company Financial Statements"</u> shall have the meaning as set forth 111 Section 2.5 of the Agreement.

<u>"Company Material Contract"</u> shall have the mean mg as set forth 111 Section 3.14 of the Agreement.

<u>"Company Stock"</u> means the common stock, par value $0.0001 per share, of the Company.

<u>"Contract"</u> means any written or oral agreement, arrangement, commitment, contract, indenture, instrument, lease, obligation, plan, restriction, understanding or undertaking of any kind or character, or other document to which any Person is a patty or by which such Person is bound or affecting such Person's capital stock, Assets or business.

<u>"Copyrights"</u> shall have the meaning as set forth in Section 3.17(i) of the Agreement.

<u>"Current Assets"</u> means the Company's consolidated total current assets, as defined by and determined in accordance with GAAP, excluding (i) all Cash, (ii) Tax assets and (iii) any current assets for deferred financing fees,

<u>"Current Liabilities"</u> means the Company's consolidated total current liabilities, as defined by and determined in accordance with GAAP (excluding accrued interest and any current portion of indebtedness for money borrowed, any incurred but unpaid tax Liabilities).

<u>"Default"</u> means (i) any breach or violation of or default under any Contract, Order or Permit, (ii) any occurrence of any event that with the passage of time or the giving of notice or both would constitute a breach or violation of or default under any Contract, Order or Permit, or (iii) any occurrence of any event that with or without the passage of time or the giving of notice would give rise to a right to terminate or revoke, change the current terms of, or renegotiate, or to accelerate, increase, or impose any Liability under, any Contract, Order or Permit.

<u>"Delaware Certificate of Merger"</u> shall have the meaning as set forth in Section 1.3 of the Agreement.

<u>"DGCL"</u> shall have the meaning as set fo1ih in the Recitals of the Agreement.

<u>"Dissenting Shares"</u> shall have the meaning as set forth in Section 2.3(a) of the Agreement.

<u>"Effective Time"</u> shall have the meaning as set forth in Section 1.3 of the Agreement.

<u>"Electronic Delivery"</u> shall have the meaning as set f01ih in Section IO.13 of the Agreement.

<u>"Environmental Laws"</u> mean any and all federal, state, local and foreign statutes, laws, judicial decisions, regulations, ordinances, rules, judgments, orders, decrees, codes, plans, injunctions, Permits, concessions, grants, franchises, licenses, agreements and governmental restrictions, relating to human health, the environment or to emissions, discharges or releases of pollutants, contaminants or other Hazardous Material or wastes into the environment, including without limitation ambient air, surface water, ground water or land, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transp01i or handling of pollutants, contaminants or other Hazardous Material or wastes or the clean-up or other remediation thereof.

<u>"Escrow Agent"</u> shall have the meaning as set forth in Section 2.5 of the Agreement.

<u>"Estimated Liabilities"</u> shall have the meaning set forth in Section 2.6(a) of the Agreement.

<u>"Estimated Net Working Capital and Liabilities Certificate"</u> shall have the meaning set forth in Section 2.6(a) of the Agreement.

<u>"Estimated Net Working Capital"</u> shall have the meaning set forth m Section 2.6(a) of the Agreement.

<u>"Final Date"</u> shall have the meaning as set forth in Section l 0.1 of the Agreement.

<u>"FINRA"</u> means The Financial Industry Regulatory Authority.

<u>"First Commercial Sale"</u> means, on a country by country basis, with respect to a Product, the first *bona fide* sale of such Product to a third party by or on behalf of Parent, its Affiliates or licensees in a country in the Territory after regulatory approval has been achieved for such Product in such country. For greater certainty, sales for test marketing, sampling and promotional uses, clinical trial purposes or compassionate or similar use shall not be considered to constitute a First Commercial Sale, so long as the Product is provided free of charge, or at or below cost

<u>"GAAP"</u> means U.S. generally accepted accounting principles.

<u>"Governmental Entity"</u> shall mean any government or any agency, bureau, board, directorate, commission, court, department, official, political subdivision, tribunal, or other instrumentality of any government, whether federal, state or local, domestic or foreign.

<u>"Hazardous Material"</u> means any toxic, radioactive, corrosive or otherwise hazardous substance, including petroleum, its derivatives, by-products and other hydrocarbons, or any substance having any constituent elements displaying any of the foregoing characteristics, which in any event is regulated under any Environmental Law.

<u>"Indemnitee"</u> shall have the meaning as set forth in Section 8.3 of the Agreement.

<u>"Indemnifying</u> Party" shall have the meaning as set forth in Section 8.3 of the Agreement.

<u>"Intellectual Property"</u> shall have the meaning as set forth in Section 3.17(i) of the Agreement.

<u>"Knowledge"</u> means the actual knowledge of the officers of a party, and knowledge that a reasonable person in such capacity should have after due inquiry.

<u>"Law"</u> means any code, law, ordinance, regulation, reporting or licensing requirement, rule, or statute applicable to a Person or its Assets, liabilities or business, including those promulgated, interpreted or enforced by any Regulatory Authority.

<u>"Liability"</u> or <u>"Liabilities"</u> means any and all debts, liabilities and obligations of any nature whatsoever, whether accrued or fixed, asserted or unasserted, absolute or contingent, mature or unmatured, determined or indeterminable, known or unknown and whether or not due or becoming due , including those arising under any Law or action and those arising under any Contract.

<u>"Lien"</u> means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect to such asset.

<u>"Management"</u> shall have the meaning as set forth in Section 2.6(b) of the Agreement

<u>"Marks"</u> shall have the meaning as set forth in Section 3.17(i) of the Agreement.

<u>"Material"</u> and <u>"Materially"</u> for purposes of this Agreement shall be determined in light of the facts and circumstances of the matter in question; provided that any specific monetary amount stated in this Agreement shall determine materiality in that instance.

<u>"Material Adverse Effect"</u> means, with respect to any Person, a material adverse effect on the condition (financial or otherwise), business, Assets, liabilities or the reported or reasonably anticipated future results or prospects of such Person and its Subsidiaries taken as a whole; provided, however, that any adverse change, event, development or effect arising from or relating to any of the following shall not be taken into account in determining whether there has been a Material Adverse Effect: (a) general business or economic conditions, (b) national or international political or social conditions, including the engagement by the United States in hostilities, whether or not pursuant to the declaration of a national emergency or war, or the occurrence of any military or terrorist attack upon the United States, or any of its territories, possessions, or diplomatic or consular offices or upon any military installation, equipment or personnel of the United States, (c) financial, banking, or securities markets (including any disruption thereof and any decline in the price of any security or any market index), (d) changes in United States generally accepted accounting principles, (e) changes in laws, rules, regulations, orders, or other binding directives issued by any governmental entity or (t) the taking of any action required by this Agreement and the other agreements contemplated hereby.

<u>"Material Contract Default"</u> means a default under any Contract which would (A) permit any other party to cancel or terminate the same (with or without notice of passage of time) or (B) permit any other party to claim money damages in excess of $50,000 (either individually or in the aggregate with all other such claims under that contract) or (C) give rise to a right of acceleration of any material obligation or loss of any material benefit under any such Contract.

<u>"Merger"</u> shall have the meaning as set forth in the Recitals.

<u>"Merger Consideration"</u> shall have the meaning as set forth in Section 2. l(b) of the Agreement.

<u>"Merger Consideration Certificate"</u> shall have the meaning as set forth in Section 2.1(b)(ii) of the Agreement.

<u>"Merger Sub"</u> shall have the meaning as set forth in the Preamble.

<u>"NRS"</u> shall have the meaning as set forth in the Recitals of the Agreement.

<u>"Net Sales"</u> means, for any period, the gross amount invoiced by Parent, its Affiliates, and their sublicensees for the sale of Products in a Territory by such entities to third parties (including, without limitation, to third party agents, distributors and wholesalers), less the total of the following, to the extent applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) trade,
 cash and/or quantity discounts not already reflected in the amount invoiced;

(ii) all
 excise, sales and other consumption taxes (including VAT) and custom duties, whether or not
 specifically identified as such in the invoice to the third party;

(iii) freight,
 distribution, insurance and other transportation charges, whether or not specifically identified
 as such in the invoice to the third party;

(iv) amounts
 repaid or credited by reason of rejections, defects or returns or because of chargebacks,
 retroactive price reductions, refunds or billing errors;

(v) rebates
 and similar payments made with respect to sales paid for or reimbursed by any governmental
 or regulatory authority such as, by way of illustration and not in limitation of the Parties'
 rights hereunder, United States Federal or state Medicaid, Medicare or similar state program
 or equivalent foreign governmental program.

For purposes of determining Net Sales, "sale" will not include transfers or dispositions for charitable, promotional, pre-clinical, clinical, regulatory or governmental purposes.

<u>"Net Working Capital"</u> means (a) Current Assets <u>minus</u> (b) Current Liabilities.

<u>"Nevada Articles of Merger"</u> shall have the meaning set forth in Section 1.3 of the Agreement.

<u>"Non-IP Liabilities"</u> shall have the meaning set forth in Section 9.1(e) of the Agreement.

<u>"Order"</u> means any administrative decision or award, decree, injunction, judgment, order, quasi-judicial decision or award, ruling, or writ of any federal, state, local or foreign or other court, arbitrator, mediator, tribunal, administrative agency or Regulatory Authority.

<u>"Parent"</u> shall have the meaning as set forth in the Preamble.

<u>"Parent Common Stock"</u> shall have the meaning as set forth in Section 2.1(b) of the Agreement.

<u>"Parent Disclosure Schedule"</u> shall mean the written disclosure schedule delivered on or prior to the date hereof by Parent to the Company that is arranged in paragraphs corresponding to the numbered and lettered paragraphs corresponding to the numbered and lettered paragraphs contained in the Agreement.

<u>"Parent Material Contract"</u> shall have the meaning as set forth in Section 4.11 of the Agreement.

<u>"Patents"</u> shall have the meaning as set forth in Section 3.17(i) of the Agreement.

<u>"Person"</u> means an individual, a corporation, a partnership, an association, a trust, a limited liability company or any other entity or organization, including a government or political subdivision or any agency or instrumentality thereof.

<u>"Permit"</u> shall mean any federal, state, local, and foreign governmental approval, authorization, certificate, consent, easement, filing, franchise, letter of good standing, license, notice, permit, qualification, registration or right of or from any Governmental Entity (or any extension, modification, amendment or waiver of any of these) to which any Person is a party or that is or may be binding upon or inure to the benefit of any Person or its securities, Assets or business, or any notice, statement, filing or other communication to be filed with or delivered to any Governmental Entity.

<u>"Products"</u> means any and all products, methods, or compositions (i) the manufacture, use, sale, offer for sale, or importation of which would constitute an infringement of any Valid Claim related to the Patents described in Schedule 3.17 absent any ownership of or license rights to such Patents described in Schedule 3.17 or (ii) which incorporate or are derived from any of the Company's Trade Secrets or Technology existing as of the Effective Time.

<u>"Regulatory Authorities"</u> means, collectively, the Federal Trade Commission, the United States Department of Justice, United States Department of Transportation, Federal Railroad Administration, United States Environmental Protection Agency, and all foreign, federal, state and local regulatory agencies and other Governmental Entities or bodies having jurisdiction over the parties and their respective Assets, employees, businesses and/or Subsidiaries, including FINRA and the SEC.

<u>"Royalty"</u> shall have the meaning as set forth in Section 2.7 of the Agreement.

<u>"Royalty Measurement Period"</u> means any fiscal year, or portion thereof with respect to the first and last Royalty Measurement Period, of Parent during the Royalty Term.

<u>"Royalty Term"</u> means, with respect to each Product, on a country by country basis in each country, commencing on the First Commercial Sale of the Product until the last of: the expiration of the last to expire of the Valid Claims covering such Product in such country and (ii) the expiration of any regulatory or data exclusivity period covering such Product in such country.

<u>"Securities Act"</u> shall have the meaning as set forth in Section 3.3 of the Agreement.

<u>"Securities Exchange Act"</u> means the Securities Exchange act of 1934, as amended.

<u>"Share"</u> or <u>"Shares"</u> shall have the meaning as set forth in Section 2.1(b)(i) of the Agreement.

<u>"Software"</u> shall have the meaning as set forth in Section 3. I 7(i) of the Agreement.

<u>"Subsidiary"</u> means, with respect to any Person, (i) any corporation, limited liability company, association or other business entity of which more than 50% of the total voting power of shares of capital stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person (or a combination thereof) and (ii) any partnership (a) the sole general partner or managing general pat1ner of which is such Person or a Subsidiary of such Person or (b) the only general partners of which are such Person or of one or more Subsidiaries of such Person (or any combination thereof).

<u>"Surviving Corporation"</u> shall have the meaning as set fo11h in Section 1.1 of the Agreement.

<u>"Tax"</u> or <u>"Taxes"</u> shall have the meaning as set f011h in Section 3.11(b) of the Agreement.

<u>"Tax Return"</u> shall have the meaning as set forth in Section 3.1 l(b) of the Agreement.

<u>"Technology"</u> shall have the meaning as set forth in Section 3.l 7(i) of the Agreement.

<u>"Trade Secrets"</u> shall have the meaning as set forth in Section 3.17(i) of the Agreement.

<u>"Transaction Documents"</u> means the Agreement, and any other document executed and delivered pursuant hereto together with any exhibits or schedules to such documents.

<u>"Transfer"</u> shall have the meaning as set forth in Section 7.7(a) of the Agreement.

<u>"Transfer Taxes"</u> shall have the meaning as set forth in Section 7.3 of this Agreement.

<u>"Valid Claim"</u> means a claim (i) of an issued and unexpired United States Patent or Patent filed in another country that has not been revoked or held permanently unenforceable or invalid by a decision of a court or other governmental agency of competent jurisdiction, unappealable or unappealed within the time allowed for appeal, and which has not been admitted to be invalid or unenforceable through re-issue or disclaimer or otherwise, or (ii) of any patent application included that has not been cancelled, withdrawn or abandoned or been pending

## Exhibit 2.02

**Exhibit 2.02**

EXECUTION VERSION

**AMENDED AND RESTATED**

**BUSINESS COMBINATION AGREEMENT**

**AMONG:**

**VINCERO CAPITAL CORP.**

**-AND-**

**NEWGEN THERAPEUTICS, INC.**

**Dated March 15, 2021**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| ARTICLE 1 GENERAL | ARTICLE 1 GENERAL | 2.0 |
| 1.1 | Defined Terms | 2.0 |
| 1.2 | Business Combination | 2.0 |
| 1.3 | Board of Directors and Officers | 5.0 |
| ARTICLE 2 DISSENT RIGHTS | ARTICLE 2 DISSENT RIGHTS | 5.0 |
| 2.1 | Dissent Rights | 5.0 |
| ARTICLE 3 REPRESENTATIONS AND WARRANTIES | ARTICLE 3 REPRESENTATIONS AND WARRANTIES | 6.0 |
| 3.1 | Representations and Warranties of Subco Parent | 6.0 |
| 3.2 | Representations and Warranties of Vincero | 11.0 |
| ARTICLE 4 COVENANTS OF SUBCO PARENT | ARTICLE 4 COVENANTS OF SUBCO PARENT | 18.0 |
| 4.1 | Access | 18.0 |
| 4.2 | Ordinary Course | 19.0 |
| 4.3 | Closing Conditions | 20.0 |
| 4.4 | Subco | 20.0 |
| 4.5 | Filing Statement | 20.0 |
| ARTICLE 5 COVENANTS OF VINCERO | ARTICLE 5 COVENANTS OF VINCERO | 20.0 |
| 5.1 | Access | 20.0 |
| 5.2 | Ordinary Course | 21.0 |
| 5.3 | Closing Conditions | 22.0 |
| 5.4 | Vincero Subco | 22.0 |
| 5.5 | Directors and Management | 22.0 |
| 5.6 | Name Change | 22.0 |
| ARTICLE 6 OTHER COVENANTS OF THE PARTIES | ARTICLE 6 OTHER COVENANTS OF THE PARTIES | 22.0 |
| 6.1 | Amalgamation | 22.0 |
| 6.2 | Consents and Notices | 23.0 |
| 6.3 | Consent Resolutions, Circulars and Filing Statement | 23.0 |
| 6.4 | Stock Exchange Listing | 24.0 |
| 6.5 | Defense of Proceedings | 24.0 |
| 6.6 | Press Releases | 25.0 |
| 6.7 | Non-Solicitation | 25.0 |
| 6.8 | Refrain from Certain Actions | 26.0 |
| 6.9 | Indemnity | 26.0 |
| 6.10 | Exemptions from Registration Requirements of U.S. Securities Laws | 26.0 |

---

- ii -

---

| | | |
|:---|:---|:---|
| ARTICLE 7 CONDITIONS TO OBLIGATIONS OF VINCERO | ARTICLE 7 CONDITIONS TO OBLIGATIONS OF VINCERO | 27.0 |
| 7.1 | Conditions Precedent to Completion of the Business Combination | 27.0 |
| ARTICLE 8 CONDITIONS TO OBLIGATIONS OF SUBCO PARENT | ARTICLE 8 CONDITIONS TO OBLIGATIONS OF SUBCO PARENT | 27.0 |
| 8.1 | Conditions Precedent to Completion of the Business Combination | 27.0 |
| ARTICLE 9 MUTUAL CONDITIONS PRECEDENT | ARTICLE 9 MUTUAL CONDITIONS PRECEDENT | 29.0 |
| 9.1 | Mutual Conditions Precedent | 29.0 |
| ARTICLE 10 CLOSING | ARTICLE 10 CLOSING | 30.0 |
| 10.1 | Closing | 30.0 |
| 10.2 | Termination of this Agreement | 30.0 |
| 10.3 | Survival of Representations and Warranties; Limitation | 31.0 |
| ARTICLE 11 MISCELLANEOUS | ARTICLE 11 MISCELLANEOUS | 31.0 |
| 11.1 | Further Actions | 31.0 |
| 11.2 | Expenses | 31.0 |
| 11.3 | Entire Agreement | 32.0 |
| 11.4 | Descriptive Headings | 32.0 |
| 11.5 | Notices | 32.0 |
| 11.6 | Governing Law | 33.0 |
| 11.7 | Enurement and Assignability | 33.0 |
| 11.8 | Confidentiality | 33.0 |
| 11.9 | Remedies | 34.0 |
| 11.10 | Waivers and Amendments | 34.0 |
| 11.11 | Illegalities | 34.0 |
| 11.12 | Currency | 34.0 |
| 11.13 | Counterparts | 34.0 |
| 11.14 | Time of Essence | 34.0 |

---

**AMENDED AND RESTATED BUSINESS COMBINATION AGREEMENT**

**THIS AGREEMENT** dated March 15, 2021 is made

**AMONG:**

**VINCERO CAPITAL CORP.**, a corporation existing under the laws of the Province of British Columbia, Canada

(hereinafter referred to as "**Vincero**")

- and -

**NEWGEN THERAPEUTICS, INC**., a corporation existing under the laws of the State of Delaware, U.S.A.

(hereinafter referred to as "**Subco Parent**")

**WHEREAS** Vincero is a "CPC" (as defined in the Policy (as defined herein)) and is required to complete a "Qualifying Transaction" (as defined in the Policy);

**AND WHEREAS** Subco (as defined herein) is a corporation incorporated under the laws of British Columbia and wholly-owned by Subco Parent prior to the closing of the Subco Private Placement;

**AND WHEREAS** Vincero Subco (as defined herein) is a corporation incorporated under the laws of British Columbia and wholly-owned by Vincero;

**AND WHEREAS** on the terms and subject to the conditions set forth herein, Vincero and Subco Parent propose to combine the businesses and assets of Subco and Vincero Subco such that the business and assets of Subco will become the primary business and primary assets of Amalco (as defined herein), a wholly-owned Subsidiary of Vincero;

**AND WHEREAS** on the terms and subject to the conditions set forth herein, the Parties intend to carry out the proposed Business Combination (as defined herein) by way of a series of steps, including the Amalgamation (as defined herein) pursuant to Section 270 of the BCBCA (as defined herein) of Subco and Vincero Subco to form Amalco;

**AND WHEREAS** immediately following the Effective Time (as defined herein), Vincero will complete the Name Change (as defined herein);

**AND WHEREAS** Vincero and Subco Parent entered into a Business Combination Agreement dated August 28, 2020 (the "**Original Agreement**") to make certain representations, warranties, covenants and agreements in connection with the Business Combination;

**AND WHEREAS** Vincero and Subco Parent amended the Original Agreement (the "**First Amendment**") on December 23, 2020 to extend the Termination Date (as defined herein);

**AND WHEREAS** the Parties wish to amend and restate the Original Agreement, as amended by the First Amendment, in order to make certain additions and changes.

**NOW THEREFORE** in consideration of the mutual benefits to be derived and the representations and warranties, conditions and promises herein contained and for other good and valuable consideration (the receipt and sufficiency of which is hereby acknowledged) and intending to be legally bound hereby, the Parties agree as follows:

**ARTICLE 1**

**GENERAL**

**1.1** **Defined Terms** 

Capitalized terms used herein and not otherwise defined shall have the meanings ascribed to such terms in Schedule A.

**1.2** **Business Combination** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Following
 the execution and delivery of the Original Agreement (i) Subco Parent caused the incorporation
 of Subco pursuant to the laws of British Columbia with its notice of articles and articles
 to be in a form satisfactory to Vincero, acting reasonably and (ii) Vincero caused the incorporation
 of Vincero Subco pursuant to the laws of British Columbia with its notice of articles and
 articles to be in a form satisfactory to Subco Parent, acting reasonably. Prior to the Effective
 Date (iii) Subco Parent shall transfer certain worldwide rights (excluding the People's
 Republic of China, Taiwan and Hong Kong) to the PARP Inhibitor Program Technology, as more
 specifically defined in Schedule B (the "**Technology**") to Subco in consideration
 for 30,000,000 Subco Shares issued to Subco Parent and having a deemed aggregate value of
 $6,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As
 soon as reasonably practicable following the completion of the steps set out in Section 1.2(a):
 (i) Subco Parent shall cause Subco to use commercially reasonable efforts to either obtain
 a written consent resolution of the Subco Shareholders approving the Subco Amalgamation Resolution
 or call and hold the Subco Meeting for the purpose of approving the Subco Amalgamation Resolution;
 and (ii) Vincero shall sign a written consent resolution approving the Vincero Subco Amalgamation
 Resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon
 the approval of the Vincero Subco Amalgamation Resolution by Vincero and the Subco Amalgamation
 Resolution by the Subco Shareholders, in accordance with the requirements of the BCBCA, Vincero
 and Subco Parent will each cause Vincero Subco and Subco, respectively, to enter into the
 Amalgamation Agreement with Vincero and to jointly complete and file a Form 13 (Amalgamation
 Application) with the British Columbia Registrar of Companies under the BCBCA, each substantially
 in the form set forth in Exhibit A hereto giving effect to the Amalgamation of Vincero Subco
 and Subco upon and subject to the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon
 the issue of a Certificate of Amalgamation giving effect to the Amalgamation, Vincero Subco
 and Subco shall be amalgamated and shall continue as one corporation effective on the date
 of the Certificate of Amalgamation (the "**Effective Date**") under the terms
 and conditions prescribed in the Amalgamation Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) At
 the Effective Time and as a result of the Amalgamation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each
 holder of Subco Shares (other than Subco Dissenting Shareholders described in Section 1.2(g))
 shall receive one fully paid and non-assessable Vincero Share for each Subco Share held,
 following which all such Subco Shares shall be cancelled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Vincero
 shall receive one fully paid and non-assessable Amalco Share for each one Vincero Subco Share
 held by Vincero, following which all such Vincero Subco Shares shall be cancelled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in
 consideration of the issuance of Vincero Shares pursuant to Section 1.2(e)(i), Amalco shall
 issue to Vincero one Amalco Share for each Vincero Share issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Vincero
 shall add to the capital maintained in respect of the Vincero Shares an amount equal to the
 aggregate paid-up capital for purposes of the ITA of the Subco Shares immediately prior to
 the Amalgamation (less the paid-up capital of any Subco Shares held by dissenting Subco Shareholders
 who do not exchange their Subco Shares for Vincero Shares on the Amalgamation);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Amalco
 shall add to the capital maintained in respect of the Amalco Shares an amount such that the
 capital of the Amalco Shares shall be equal to the aggregate paid-up capital for purposes
 of the ITA of the Vincero Subco Shares and Subco Shares (less the paid-up capital of any
 Subco Shares held by dissenting Subco Shareholders who do not exchange their Subco Shares
 for Vincero Shares on the Amalgamation) immediately prior to the Amalgamation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) no
 fractional Vincero Shares shall be issued to holders of Subco Shares; in lieu of any fractional
 entitlement, the number of Vincero Shares issued to each former holder of Subco Shares shall
 be rounded down to the next lesser whole number of Vincero Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Vincero
 shall be entitled to deduct and withhold from any consideration otherwise payable pursuant
 to transactions contemplated by this Agreement to any holder of Subco Shares such amounts
 as are required to be deducted and withheld with respect to such payment under the ITA or
 any provision of provincial, state, local or foreign tax law, in each case as amended; to
 the extent that amounts are so withheld, such withheld amounts shall be treated for all purposes
 hereof as having been paid to the holder of the Subco Shares in respect of which such deduction
 and withholding was made, provided that such withheld amounts are actually remitted to the
 appropriate Governmental Authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) each
 Subco Warrant outstanding immediately prior to the Amalgamation shall be cancelled and, in
 consideration therefor, the holder of such Subco Warrant shall receive one Vincero Replacement
 Warrant issued by Vincero for each Subco Warrant so cancelled; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Amalco
 will become a wholly-owned Subsidiary of Vincero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) At
 the Effective Time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) subject
 to Section 1.2(e)(i), the registered holders of Subco Shares shall become the registered
 holders of the Vincero Shares to which they are entitled, calculated in accordance with the
 provisions hereof, and the holders of share certificates representing such Subco Shares may
 surrender such certificates to the Depositary and, upon such surrender, shall be entitled
 to receive and, as soon as reasonably practicable following the Effective Time, shall receive
 share certificates representing the number of Vincero Shares to which they are so entitled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subject
 to Section 1.2(e)(viii), the registered holders of Subco Warrants shall become the registered
 holders of the Vincero Replacement Warrants to which they are entitled, calculated in accordance
 with the provisions hereof, and the holders of certificates representing such Subco Warrants
 may surrender such certificates to the Depositary and, upon such surrender, shall be entitled
 to receive and, as soon as reasonably practicable following the Effective Time, shall receive
 certificates representing the number of Vincero Replacement Warrants to which they are so
 entitled; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Vincero
 shall become the registered holder of the Amalco Shares to which it is entitled, calculated
 in accordance with the provisions hereof, and shall be entitled to receive a share certificate
 representing the number of Amalco Shares to which it is entitled, calculated in accordance
 with the provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) At
 the Effective Time, each Subco Share held by a Subco Dissenting Shareholder shall be deemed
 to be sold by the holder thereof, without any further act or formality on its part, free
 and clear of any Encumbrance, to Amalco and Amalco shall be deemed to have purchased and
 thereupon be obliged to pay the amount therefor determined and payable in accordance with
 Article II hereof, the name of such holder shall be removed from the central securities register
 as a holder of Subco Shares and such Subco Dissenting Shareholder will cease to have any
 rights as a Subco Shareholder other than the right to be paid the fair value of its Subco
 Shares in accordance with Article II.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) If
 a Subco Dissenting Shareholder fails to perfect or effectively withdraws its claim under
 Division 2 of Part 8 of the BCBCA or forfeits its right to make a claim under Division 2
 of Part 8 of the BCBCA or if its rights as a Subco Shareholder are otherwise reinstated,
 such holder of Subco Shares shall thereupon be deemed to have exchanged its Subco Shares
 as of the Effective Time as prescribed by paragraph 1.2(e)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Subject
 to the approval of the Name Change Resolution by the board of directors of Vincero in accordance
 with the requirements of the BCBCA and the Articles of Vincero and immediately following
 the Effective Time, Vincero shall complete and file Notice of Alteration, in the prescribed
 form, giving effect to the Name Change upon and subject to the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Subject
 to the provisions of the BCBCA, the following provisions shall apply to Amalco:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) without
 in any way restricting the powers conferred upon Amalco or its board of directors by the
 BCBCA, as now enacted or as the same may from time to time be amended, re-enacted or replaced,
 the board of directors of Amalco may from time to time, without authorization of the shareholders,
 in such amounts and on such terms as it deems expedient:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) borrow
 money upon the credit of Amalco;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) issue,
 re-issue, sell or pledge debt obligations of Amalco;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) subject
 to the provisions of the BCBCA, as now enacted or as the same may from time to time be amended,
 re-enacted or replaced, give a guarantee on behalf of Amalco to secure performance of an
 obligation of any person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) mortgage,
 hypothecate, pledge or otherwise create a security interest in all or any property of Amalco
 owned or subsequently acquired, to secure any obligation of Amalco; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 board of directors may from time to time delegate to a director, a committee of directors
 or an officer of Amalco any or all of the powers conferred on the board of directors as set
 out above, to such extent and in such manner as the board of directors shall determine at
 the time of such delegation.

**1.3** **Board of Directors and Officers** 

Each of the Parties hereby agrees that concurrently with the completion of the Business Combination, all of the current directors and officers of Vincero and Vincero Subco (other than Alfredo De Lucrezia) shall resign without payment by or any liability to Vincero, Subco Parent, Subco, Vincero Subco or Amalco, and each such director and officer shall execute and deliver a release in favour of Vincero, Subco Parent, Vincero Subco, Subco and Amalco, in a form acceptable to Vincero and Subco Parent, each acting reasonably, and the board of directors of Vincero and Amalco shall each consist of 5 directors and be comprised of the following persons (collectively, the "**New Vincero Directors**") and management of Vincero and Amalco shall be comprised of the following persons, or such other individuals as agreed between the Parties (collectively, the "**New Vincero Management**"):

---

| | |
|:---|:---|
| Jeffrey Bacha | Director and Executive Chairman |
| Dennis Brown | Director |
| Alfredo De Lucrezia | Director |
| Michael Liggett, CPA | Director |
| Mads Daugaard, PhD | Officer |
| John Langlands, PhD | Officer |
| David Hyman, CPA | Officer |

---

**ARTICLE 2**

**DISSENT RIGHTS**

**2.1** **Dissent Rights** 

Registered Subco Shareholders may exercise rights of dissent ("**Dissent Rights**") from the Subco Amalgamation Resolution pursuant to and in the manner set forth under Division 2 of Part 8 of the BCBCA, provided that holders who exercise such rights of dissent and who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) are
 ultimately entitled to be paid fair value for their Subco Shares, which fair value shall
 be the fair value of such shares as at the close of business on the day prior to the Subco
 Meeting, shall be paid an amount equal to such fair value by Amalco; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) are
 ultimately not entitled, for any reason, to be paid fair value for their Subco Shares shall
 be deemed to have participated in the Amalgamation, as of the Effective Time, on the same
 basis as a non-dissenting holder of Subco Shares and shall be entitled to receive only the
 consideration contemplated in Section 1.2(e)(i) hereof that such holder would have received
 pursuant to the Amalgamation if such holder had not exercised Dissent Rights; but in no case
 shall any Person be required to recognize holders of Subco Shares who exercise Dissent Rights
 as holders of Subco Shares after the time that is immediately prior to the Effective Time,
 and the names of such holders of Subco Shares who exercise Dissent Rights shall be deleted
 from the register of Subco Shareholders at the Effective Time. In no circumstances shall
 any Person be required to recognize a Person exercising Dissent Rights unless such Person
 is a registered holder of Subco Shares in respect of which such Dissent Rights are sought
 to be exercised. A registered holder of Subco Shares is not entitled to exercise Dissent
 Rights with respect to Subco Shares if such holder votes (or instructs, or is deemed, by
 submission of any incomplete proxy, to have instructed his, her or its proxyholder to vote)
 in favour of the Subco Amalgamation Resolution.

**ARTICLE 3**

**REPRESENTATIONS AND WARRANTIES**

**3.1** **Representations and Warranties of Subco Parent** 

Subco Parent hereby represents and warrants on behalf of itself and on behalf of Subco, as and when applicable, to and in favour of Vincero and acknowledges that Vincero is relying on such representations and warranties in connection with this Agreement and the transactions contemplated herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subco
 Parent is a corporation duly organized, validly existing and in good standing under the Laws
 of its jurisdiction of incorporation, and has the corporate power to own or lease its property
 and assets and to carry on its business as now conducted by it, and has the corporate power
 to enter into this Agreement and perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subco
 is a company duly organized, validly existing and in good standing under the BCBCA with respect
 to the filing of annual reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) other
 than in connection with this Agreement and the Subco Private Placement, no person has, or
 will have, any agreement, option, understanding or commitment (including convertible securities,
 warrants or convertible obligations of any nature) for the purchase or issue of or conversion
 into any unissued Subco Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 financial statements of Subco to be contained in the Filing Statement will present fairly
 the financial position of Subco at the relevant dates and the results of its operations and
 the changes in its financial position for the periods indicated in the said financial statements
 and that said financial statements have been prepared in accordance with IFRS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) immediately
 prior to the Effective Time, there will be no reasonable grounds for believing that a creditor
 of Subco will be prejudiced by the Business Combination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Subco
 Parent may execute, deliver and perform this Agreement, or cause Subco to perform this Agreement,
 without the necessity of obtaining any consent, approval, authorization or waiver, or giving
 any notice or otherwise, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) consents,
 approvals, authorizations and waivers which have been obtained (or will be obtained prior
 to the Effective Date) and are in full force and effect, and notices which have been given
 on a timely basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 approval of the Subco Amalgamation Resolution by the Subco Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 filing of a Form 13 (Amalgamation Application) with the British Columbia Registrar of Companies
 under the BCBCA; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) those
 which, if not obtained or made, would not prevent or delay the consummation of the Amalgamation
 or otherwise prevent Subco from performing its obligations under this Agreement and which
 would not be reasonably likely to have a Material Adverse Effect on Subco;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the
 execution and delivery of this Agreement has been duly approved by the board of directors
 of Subco Parent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Subco
 Parent has full corporate power and authority to execute and deliver this Agreement and to
 perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) this
 Agreement has been duly executed and delivered by Subco Parent and constitutes a legal, valid,
 and binding obligation of Subco Parent, enforceable against it in accordance with its terms,
 except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as
 may be limited by bankruptcy, reorganization, insolvency and similar Laws of general application
 relating to or affecting the enforcement of creditors' rights or the relief of debtors;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) that
 the remedy of specific performance and injunctive and other forms of equitable relief may
 be subject to equitable defenses and to the discretion of the court before which any proceeding
 therefor may be brought;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the
 execution and delivery of this Agreement and the consummation of the Business Combination
 do not and will not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) result
 in the breach or violate any term or provision of the constating documents Subco Parent or,
 immediately prior to the Effective Time, Subco;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) conflict
 with, result in a breach of, constitute a default under, trigger or accelerate or permit
 the triggering or acceleration of the performance required by, any agreement, instrument,
 license, permit or authority to which Subco Parent or, immediately prior to the Effective
 Time, Subco is a party or by which either is bound or to which any property of Subco, as
 of the Effective Time, is subject or would result in the creation of any lien, charge or
 Encumbrance upon any of the assets of Subco, as of the Effective Time, under any such agreement
 or instrument, or give to others any material interest or rights, including rights of purchase,
 termination, cancellation, triggering or acceleration, entitle them to payments not otherwise
 payable or the issuance of securities not otherwise issuable under any such agreement, instrument,
 license, permit or authority; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to
 the knowledge of Subco Parent, violate any provision of law or administrative regulation
 or any judicial or administrative order, award, judgment or decree applicable to Subco Parent
 or to Subco;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) there
 are no agreements, covenants, undertakings or other commitments of Subco Parent or Subco
 or any partnership or joint venture in which either is a partner or participant or any instruments
 binding on either of them or any of their respective properties which would give a third
 party, as a result of the Business Combination, a right to terminate any material Contract,
 or a right to acquire Subco's interest in any material Contract, to which Subco or
 any such partnership or joint venture is or will be a party or to purchase any of their respective
 assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) other
 than in connection with the Subco Private Placement, neither Subco Parent nor, immediately
 prior to the Effective Time, Subco has incurred, and will not incur, any liability for brokerage
 fees, finder's fees, agent's commissions or other similar forms of compensation
 in connection with this Agreement or the transactions contemplated herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) there
 are no actions, suits, claims or proceedings, whether in equity or at law, or any governmental
 investigations pending or, to the knowledge of Subco Parent, threatened:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) against
 or affecting Subco Parent or, immediately prior to the Effective Time, Subco or with respect
 to or affecting any asset or property owned, leased or used by Subco at the Effective Time,
 including the Technology; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) which
 question or challenge the validity of this Agreement, or the Amalgamation or any action taken
 or to be taken pursuant to this Agreement or the Amalgamation, nor is Subco Parent aware
 of any basis for any such action, suit, claim, proceeding or investigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) each
 of Subco Parent and, immediately prior to the Effective Time, Subco has conducted and is
 conducting its business in compliance with, and is not in default or violation under, and
 has not received notice asserting the existence of any default or violation under, any Law
 applicable to its business or operations, except for noncompliance, defaults and violations
 which would not, in the aggregate, have a Material Adverse Effect on Subco immediately prior
 to the Effective Time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) neither
 Subco Parent nor, immediately prior to the Effective Time, Subco nor any asset of Subco,
 is subject to any judgment, order or decree entered in any lawsuit or proceeding which has
 had, or which is reasonably likely to have, a Material Adverse Effect on Subco or which is
 reasonably likely to prevent Subco Parent or Subco from performing its respective obligations
 under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) each
 of Subco Parent and, immediately prior to the Effective Time, Subco has duly filed or made
 all reports and returns required to be filed by it with any Government and has obtained all
 permits, licenses, consents, approvals, certificates, registrations and authorizations (whether
 Governmental, regulatory or otherwise) which are required in connection with its business
 and operations, except where the failure to do so has not had and would not have a Material
 Adverse Effect on Subco;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) immediately
 prior to the Effective Time, there are no known or anticipated material liabilities of Subco
 of any kind whatsoever (including absolute, accrued or contingent liabilities) nor any commitments
 whether or not determined or determinable, in respect of which Subco is or may become liable
 other than the liabilities disclosed on or reflected in the financial statements referred
 to in Section 3.1(d) or incurred in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) immediately
 prior to the Effective Time, the corporate records and minute books of Subco as required
 to be maintained by it under the Laws of its jurisdiction of incorporation will be up to
 date and contain complete and accurate minutes of all meetings of its directors and shareholders
 and all resolutions consented to in writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) to
 the knowledge of Subco Parent, each of Subco Parent and, immediately prior to the Effective
 Time, Subco is or will be the absolute legal and beneficial owner of, and has or will have
 good and marketable title to, all of its property and assets (real and personal, tangible
 and intangible) free and clear of any and all mortgages, liens, pledges, charges, security
 interests, Encumbrances, actions, claims or demands of any nature whatsoever or howsoever
 arising which would have a Material Adverse Effect on the property or assets of Subco;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) immediately
 prior to the Effective Time: Subco will have duly and in a timely manner filed all Tax Returns
 and reports required by Law to have been filed by it, have duly and correctly reported all
 income and other amounts required to be reported and has paid all Taxes to the extent that
 such Taxes have been assessed by the relevant Governmental Authority; Subco will have duly
 and in a timely manner paid, deducted, withheld, collected and remitted all Taxes required
 to be paid, deducted, withheld, collected and remitted by it and has made full provision
 for (including properly accruing and reflecting on its books and records) all Taxes that
 are not yet due, that relate to periods (or portions thereof) ending prior to the date of
 this Agreement; the financial statements of Subco will contain adequate provision for all
 Taxes, assessments and levies imposed on Subco, or its property or rights, arising out of
 operations on or before the date of the statement of financial position set forth in such
 financial statements, regardless of whether such amounts are payable before or after the
 Effective Date; no deficiency in payment of any Taxes for any period will have been asserted
 by any Government Authority and remain unsettled at the date thereof; there will be no actions,
 suits, examinations, proceedings, investigations, audits or claims now pending or threatened
 or, to the knowledge of Subco, contemplated against Subco in respect of any Taxes and there
 will be no matters under discussion with any Government Authority relating to any Taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) immediately
 prior to the Effective Time, Subco shall never have been a party to any Employee Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Subco
 will not be immediately prior to and at the Effective Time a non-resident of Canada for the
 purposes of the ITA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) Subco
 will be immediately prior to and at the Effective Time a "taxable Canadian corporation"
 within the meaning of the ITA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the
 Subco Shares will not be immediately prior to and at the Effective Time "taxable Canadian
 property" within the meaning of the ITA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) prior
 to the Effective Time, the only material assets of Subco shall consist of the Technology,
 free and clear of all mortgages, liens, charges, security interests, adverse claims, pledges,
 Encumbrances or demands, except as provided in the Contribution Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) except
 as contemplated by the Subco Private Placement, the Business Combination and this Agreement,
 at the Effective Time and since its date of incorporation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) there
 has been no Material Adverse Effect on Subco;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Subco
 has not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) sold,
 transferred, distributed or otherwise disposed of or acquired a material amount of its assets,
 or agreed to do any of the foregoing, except in the ordinary course of business, except in
 respect of the Evaluation and Option Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) incurred
 any liability or obligation of any nature (whether absolute, accrued, contingent or otherwise)
 which has had or is likely to have a Material Adverse Effect on Subco;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) prior
 to the date hereof, made or agreed to make any material capital expenditure or commitment
 for additions to property, plant, or equipment in excess of $1,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) made
 or agreed to make any material increase in the compensation payable to any employee or director
 except for increases made in the ordinary course of business and consistent with presently
 existing policies or agreements or past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) conducted
 its operations other than in all material respects in the normal course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) entered
 into any material transaction or material Contract, or amended or terminated any material
 transaction or material Contract, except transactions or Contracts entered into in the ordinary
 course of business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) agreed
 or committed to do any of the foregoing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) there
 has not been any declaration, setting aside or payment of any dividend or other distribution
 with respect to Subco's share capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) the information in the Filing
 Statement relating to Subco shall be true, correct and complete in all material respects. The information in the Filing Statement relating
 to Subco shall not contain any untrue statement of any material fact, nor shall it omit to state any material fact required to be stated
 therein or necessary in order to make the statements therein not misleading in light of the context in which they were made;

(bb) Subco Parent is not in breach
 of any agreement to which Subco Parent is a party due to any engagement of an agent or agents in connection with the Subco Private
 Placement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) neither Subco Parent nor,
 immediately prior to the Effective Time, Subco nor to the knowledge of Subco Parent, any director, officer, employee, consultant, representative
 or agent of the foregoing, has (i) violated any anti-bribery or anti-corruption laws applicable to Subco Parent or, immediately prior
 to the Effective Time, Subco including but not limited to the *U.S. Foreign Corrupt Practices Act* and Canada's *Corruption of Foreign Public Officials Act*, or (ii) offered, paid, promised to pay, or authorized the payment of any money, or offered, given,
 promised to give, or authorized the giving of anything of value, that goes beyond what is reasonable and customary and/or of modest
 value: (X) to any Government Official, whether directly or through any other person, for the purpose of influencing any act or decision
 of a Government Official in his or her official capacity; inducing a Government Official to do or omit to do any act in violation of
 his or her lawful duties; securing any improper advantage; inducing a Government Official to influence or affect any act or decision
 of any Governmental Authority; or assisting any representative of Subco Parent or Subco in obtaining or retaining business for or with,
 or directing business to, any person; or (Y) to any person, in a manner which would constitute or have the purpose or effect of public
 or commercial bribery, or the acceptance of or acquiescence in extortion, kickbacks, or other unlawful or improper means of obtaining
 business or any improper advantage. Neither Subco Parent nor, immediately prior to the Effective Time, Subco nor to the knowledge of
 Subco Parent, any director, officer, employee, consultant, representative or agent of foregoing, has (i) conducted or initiated any
 review, audit, or internal investigation that concluded Subco Parent or since the date of its incorporation, Subco or any director,
 officer, employee, consultant, representative or agent of the foregoing violated such laws or committed any material wrongdoing, or
 (ii) made a voluntary, directed, or involuntary disclosure to any Governmental Authority responsible for enforcing anti-bribery or
 anti-corruption Laws, in each case with respect to any alleged act or omission arising under or relating to non-compliance with any
 such Laws, or received any notice, request, or citation from any person alleging non-compliance with any such Laws.

**3.2** **Representations and Warranties of Vincero** 

Vincero hereby represents and warrants, on behalf of itself and on behalf of Vincero Subco, as and when applicable, to and in favour of Subco Parent and acknowledges that Subco Parent is relying on such representations and warranties in connection with this Agreement and the transactions contemplated herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Vincero,
 is a corporation duly organized, validly existing and in good standing under the BCBCA with
 respect to the filing of annual reports, and has the corporate power to own or lease its
 property and assets and to carry on its business as now conducted by it, and has the corporate
 power to enter into this Agreement and perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 authorized capital of Vincero consists of an unlimited number of common shares, of which
 (i) at this date, 15,000,000 common shares are issued and are outstanding as fully paid and
 non-assessable (10,000,000 of which are held in escrow pursuant to the IPO Escrow Agreement),
 and (ii) immediately prior to the Effective Time, no more than 17,000,000 common shares will
 be issued and outstanding as fully paid and non-assessable. All of the Vincero Shares have
 been issued in compliance with all Canadian Securities Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Vincero
 Subco is a company duly organized, validly existing and in good standing under the BCBCA
 with respect to the filing of annual reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) except
 for the Vincero Options and PI Options, no person has any agreement, option, understanding
 or commitment (including convertible securities, warrants or convertible obligations of any
 nature) for the purchase or issue of or conversion into any of the unissued Vincero Shares
 or unissued shares of Vincero Subco;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 financial statements of Vincero appearing on <u>www.SEDAR.com</u> and the financial statements
 of Vincero to be contained in the Filing Statement present fairly the financial position
 of Vincero at the relevant dates and the results of its operations and the changes in its
 financial position for the periods indicated in the said financial statements, and that said
 financial statements have been prepared in accordance with IFRS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) there
 are reasonable grounds for believing that no creditor of Vincero will be prejudiced by the
 Business Combination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) each
 of Vincero and, immediately prior to the Effective Time, Vincero Subco is and will be able
 to pay its liabilities as they become due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Vincero
 has full corporate power and authority to execute and deliver this Agreement and to perform
 its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) this
 Agreement has been duly executed and delivered by Vincero and constitutes a legal, valid,
 and binding obligation of Vincero enforceable against it in accordance with its terms, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as
 may be limited by bankruptcy, reorganization, insolvency and similar Laws of general application
 relating to or affecting the enforcement of creditors' rights or the relief of debtors;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) that
 the remedy of specific performance and injunctive and other forms of equitable relief may
 be subject to equitable defenses and to the discretion of the court before which any proceeding
 therefor may be brought;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the
 execution and delivery of this Agreement and the consummation of the Business Combination
 do not and will not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) result
 in the breach or violate any term or provision of the constating documents of Vincero or,
 immediately prior to the Effective Time, Vincero Subco;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) conflict
 with, result in a breach of, constitute a default under, trigger or accelerate or permit
 the triggering or acceleration of the performance required by, any agreement, instrument,
 license, permit or authority to which Vincero or, immediately prior to the Effective Time,
 Vincero Subco, is a party or by which it is bound or to which any property of Vincero or,
 immediately prior to the Effective Time, Vincero Subco is subject or result in the creation
 of any lien, charge or Encumbrance upon any of the assets of Vincero or, immediately prior
 to the Effective Time, Vincero Subco under any such agreement or instrument, or give to others
 any material interest or rights, including rights of purchase, termination, cancellation,
 triggering or acceleration, entitle them to payments not otherwise payable or the issuance
 of securities not otherwise issuable under any such agreement, instrument, license, permit
 or authority; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to
 the knowledge of Vincero, violate any provision of law or administrative regulation or any
 judicial or administrative order, award, judgment or decree applicable to Vincero or, immediately
 prior to the Effective Time, Vincero Subco;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the
 board of directors of Vincero have unanimously approved the Business Combination and the
 execution, delivery and performance of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) as
 soon as reasonably practicable following the execution and delivery of this Agreement Vincero
 shall cause the board of directors of Vincero to unanimously approve: (i) the Name Change
 Resolution; and (ii) the execution and delivery of the Vincero Subco Amalgamation Resolution
 by Vincero;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Vincero
 may execute, deliver, and perform this Agreement without the necessity of obtaining any consent,
 approval, authorization or waiver, or giving any notice or otherwise, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 approval of the Name Change Resolution by the board of directors of Vincero;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 approval of Vincero Subco Amalgamation Resolution by Vincero as sole shareholder of Vincero
 Subco;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 approval of the TSX-V for the Business Combination and other transactions contemplated hereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) consents,
 approvals, authorizations and waivers, which have been obtained (or will be obtained prior
 to the Effective Date), and are unconditional and in full force and effect and notices which
 have been given on a timely basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the
 filing of a Notice of Alteration under the BCBCA and a Form 13 (Amalgamation Application)
 with the British Columbia Registrar of Companies under the BCBCA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the
 filing of the documents prescribed under the BCBCA to effect the appointment of the New Vincero
 Directors and the New Vincero Management; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) those
 which, if not obtained or made, would not prevent or delay the consummation of the Amalgamation
 or otherwise prevent Vincero from performing its obligations under this Agreement and would
 not be reasonably likely to have a Material Adverse Effect on the Vincero Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) other
 than as contemplated herein or as filed on SEDAR, there are no Contracts, agreements, covenants,
 undertakings or other commitments of Vincero or, immediately prior to the Effective Time,
 Vincero Subco, or any partnership or joint venture in which either is a partner or participant
 or any instruments binding on either of them or any of their respective properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) other
 than in connection with the Subco Private Placement, neither Vincero nor, immediately prior
 to the Effective Time, Vincero Subco has incurred, and will not incur, any liability for
 brokerage fees, finder's fees, agent's commissions or other similar forms of
 compensation in connection with this Agreement or the transactions contemplated herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) there
 are no actions, suits, claims or proceedings, whether in equity or at law, or any governmental
 investigations pending or, to the knowledge of Vincero, threatened:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) against
 or affecting any member of the Vincero Group or with respect to or affecting any asset or
 property owned, leased or used by any member of the Vincero Group; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) which
 question or challenge the validity of this Agreement or the Amalgamation or any action taken
 or to be taken pursuant to this Agreement or the Amalgamation; nor is Vincero aware of any
 basis for any such action, suit, claim, proceeding or investigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) each
 member of the Vincero Group has conducted and is conducting its business in compliance with,
 and is not in default or violation under, and has not received notice asserting the existence
 of any default or violation under, any Law applicable to the businesses or operations of
 the Vincero Group, except for non-compliance, defaults, and violations which would not, in
 the aggregate, have a Material Adverse Effect on the Vincero Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) no
 member of the Vincero Group, and no asset of any member of the Vincero Group, is subject
 to any judgment, order or decree entered in any lawsuit or proceeding which has had, or which
 is reasonably likely to have, a Material Adverse Effect on the Vincero Group or which is
 reasonably likely to prevent Vincero or Vincero Subco from performing its respective obligations
 under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) each
 member of the Vincero Group has duly filed or made all reports and returns required to be
 filed by it with any Government and has obtained all permits, licenses, consents, approvals,
 certificates, registrations and authorizations (whether Governmental, regulatory or otherwise)
 which are required in connection with the business and operations of the Vincero Group, except
 where the failure to do so has not had and will not have a Material Adverse Effect on the
 Vincero Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) other
 than the Vincero Stock Option Plan, Vincero does not maintain or contribute to any Employee
 Plan. The Vincero Stock Option Plan has been approved by the TSX-V and was adopted by Vincero
 in accordance with the requirements of the TSX-V and complies in all material respects with
 the applicable policies of the TSX-V;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) no
 employees of any member of the Vincero Group are covered by any collective bargaining agreement.
 There are no representation questions, arbitration proceedings, labour strikes, slow-downs
 or stoppages, material grievances, or other labour troubles pending or, to the knowledge
 of Vincero, threatened with respect to the employees of any member of the Vincero Group;
 and to Vincero's knowledge, there are no present or pending applications for certification
 (or the equivalent procedure under any applicable Law) of any union as the bargaining agent
 for any employees of any member of the Vincero Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) there
 are no known or anticipated material liabilities of Vincero or, immediately prior to the
 Effective Time, Vincero Subco of any kind whatsoever (including absolute, accrued or contingent
 liabilities) nor any commitments whether or not determined or determinable, in respect of
 which Vincero or, immediately prior to the Effective Time, Vincero Subco is or may become
 liable other than the liabilities disclosed on, reflected in or provided for in the financial
 statements referred to in Section 3.2(e) hereof or incurred in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) as
 of the date of this Agreement, Vincero does not have any subsidiaries. As of the Effective
 Time, Vincero shall not have any subsidiaries other than Vincero Subco. No member of the
 Vincero Group is a party to any Contract to acquire or lease any other businesses or business
 operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) neither
 Vincero nor, immediately prior to the Effective Time, Vincero Subco is or will be a party
 to any lease, management or service agreement that cannot be immediately terminated without
 notice or penalty or both;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) the
 corporate records and minute books of Vincero as required to be maintained by it under the
 Laws of its jurisdiction of incorporation are up to date and contain complete and accurate
 minutes of all meetings of its directors and shareholders and all resolutions consented to
 in writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) to
 the knowledge of Vincero, each of Vincero and, immediately prior to the Effective Time, Vincero
 Subco is or will be the absolute legal and beneficial owner of, and has or will have good
 and marketable title to, all of its property and assets (real and personal, tangible and
 intangible) free and clear of any and all mortgages, liens, pledges, charges, security interests,
 Encumbrances, actions, claims or demands of any nature whatsoever or howsoever arising which
 would have a Material Adverse Effect on the property or assets of Vincero or Vincero Subco;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) each of Vincero and, immediately
 prior to the Effective Time, Vincero Subco has or will have duly filed on a timely basis all Tax Returns required to be filed by it
 and has paid all Taxes which are due and payable, and has paid or will pay all assessments and reassessments, and all other taxes,
 governmental charges, penalties, interest and fines due and payable on or before the date hereof or the Effective Time, as applicable;
 adequate provision has been made for Taxes payable for the current period for which Tax Returns are not yet required to be filed; there
 are no agreements, waivers or other arrangements providing for an extension of time with respect to the filing of any Tax Return by,
 or payment of any Tax, governmental charge or deficiency against Vincero or, immediately prior to the Effective Time, Vincero Subco;
 to the knowledge of Vincero, there are no actions, suits, proceedings, investigations or claims now threatened or pending against Vincero
 in respect of Taxes, governmental charges or assessments, or any matters under discussion with any Governmental Authority relating
 to Taxes, governmental charges or assessments asserted by any such authority;

(bb) each of Vincero and, immediately
 prior to the Effective Time, Vincero Subco has or will have duly and in a timely manner filed all Tax Returns and reports required
 by Law to have been filed by it, has duly and correctly reported all income and other amounts required to be reported and has paid
 all Taxes to the extent that such Taxes have been assessed by the relevant Governmental Authority; each of Vincero and, immediately
 prior to the Effective Time, Vincero Subco has or will have duly and in a timely manner paid, deducted, withheld, collected and remitted
 all Taxes required to be paid, deducted, withheld, collected and remitted by it and has made full provision for (including properly
 accruing and reflecting on its books and records) all Taxes that are not yet due, that relate to periods (or portions thereof) ending
 prior to the date of this Agreement; the financial statements of each of Vincero and, immediately prior to the Effective Time, Vincero
 Subco contain or will contain adequate provision for all Taxes, assessments and levies imposed on Vincero or Vincero Subco, as applicable,
 or their property or rights, arising out of operations on or before the date of the statement of financial position set forth in such
 financial statements, regardless of whether such amounts are payable before or after the Effective Date; no deficiency in payment of
 any Taxes for any period has been asserted by any Government Authority and remains unsettled at the date hereof; there are no actions,
 suits, examinations, proceedings, investigations, audits or claims now pending or threatened or, to the knowledge of Vincero, contemplated
 against Vincero or Vincero Subco, in respect of any Taxes and there are no matters under discussion with any Government Authority relating
 to any Taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) each of Vincero and Vincero
 Subco is not, and will not be immediately prior to and at the Effective Time, a non-resident of Canada for the purposes of the ITA;

(dd) Vincero Subco will be immediately
 prior to and at the Effective Time a "taxable Canadian corporation" within the meaning of the ITA;

(ee) each of Vincero and, immediately
 prior to the Effective Time, Vincero Subco has withheld from each payment made to any of its officers, directors, former directors
 and employees the amount of all Taxes including, but not limited to, income tax and other deductions required to be withheld therefrom
 and has paid the same to the proper Government Authority within the time required under any applicable tax legislation;

(ff) Vincero is now, and on the
 Effective Date will be, a "reporting issuer" (or its equivalent) under Canadian Securities Laws of each of the Provinces
 of Alberta and British Columbia. Vincero is not currently in default in any material respect of any requirement of Canadian Securities
 Laws and Vincero is not included on a list of defaulting reporting issuers maintained by any of the securities commissions or similar
 regulatory authorities in each of such Provinces;

(gg) Vincero has filed all documents
 required pursuant to applicable Canadian Securities Laws (the "**Vincero Securities Documents** "). As of their respective
 dates, the Vincero Securities Documents complied in all material respects with the then applicable requirements of the Canadian Securities
 Laws and, at the respective times they were filed, none of the Vincero Securities Documents contained any untrue statement of a material
 fact or omitted to state a material fact required to be stated therein or necessary to make any statement therein, in light of the
 circumstances under which it was made, not misleading. Vincero has not filed any confidential disclosure reports which have not at
 the date hereof become public knowledge;

(hh) except as contemplated by
 the Subco Private Placement, the Business Combination and this Agreement, since November 13, 2019:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) there
 has been no Material Adverse Effect on the Vincero Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no
 member of the Vincero Group has:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) sold,
 transferred, distributed, or otherwise disposed of or acquired a material amount of its assets,
 or agreed to do any of the foregoing, except in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) incurred
 any liability or obligation of any nature (whether absolute, accrued, contingent or otherwise)
 which has had or is likely to have a Material Adverse Effect on the Vincero Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) prior
 to the date hereof, made or agreed to make any material capital expenditure or commitment
 for additions to property, plant, or equipment in excess of $5,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) made
 or agreed to make any material increase in the compensation payable to any employee or director
 except for increases made in the ordinary course of business and consistent with presently
 existing policies or agreement or past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) conducted
 its operations other than in all material respects in the normal course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) entered
 into any material transaction or material Contract, or amended or terminated any material
 transaction or material Contract, except transactions or Contracts entered into in the ordinary
 course of business; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) agreed
 or committed to do any of the foregoing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) there
 has not been any declaration, setting aside or payment of any dividend or other distribution
 with respect to Vincero's share capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the information in the Filing
 Statement relating to Vincero and Vincero Subco shall be true, correct and complete in all material respects; and shall not contain
 any untrue statement of any material fact, nor shall it omit to state any material fact required to be stated therein or necessary
 in order to make the statements therein not misleading in light of the context in which they were made;

(jj) Vincero has adequate public
 distribution immediately before the Effective Time and, provided that adequate distribution is created in the Subco Private Placement,
 the Resulting Issuer will have adequate distribution as required under the TSX-V's Policy 2.1 – *Initial Listing Requirements*;

(kk) except for the right of first
 refusal held by PI Financial Corp., Vincero is not in breach of any agreement to which Vincero is a party due to any engagement of
 an agent or agents in connection with the Subco Private Placement;

(ll) there has not been any reportable
 event (within the meaning of National Instrument 51-102 – *Continuous Disclosure Obligations* of the Canadian Securities
 Administrators) with the present or former auditors of the Vincero Group;

(mm) Vincero is a "capital
 pool company" as defined in the Policy, the Vincero Shares are listed and posted for trading on the TSX-V and Vincero has never
 carried on any active business other than as required in connection with the search for and evaluation of a potential Qualifying Transaction;

(nn) Vincero maintains a system
 of internal accounting controls sufficient to provide reasonable assurance that: (i) transactions are executed in accordance with management's
 general or specific authorizations; (ii) access to assets is permitted only in accordance with management's general or specific
 authorization; and (iii) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate
 action is taken with respect to any differences;

(oo) except as disclosed in the
 Vincero Securities Documents, there are no contracts with Vincero, on the one hand, and: (i) any officer or director of the Vincero
 Group; (ii) any holder of 5% or more of the equity securities of Vincero; or (iii) an associate or affiliate of a person in (i) or
 (ii), on the other hand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) Vincero is and will be immediately
 prior to and at the Effective Time a "taxable Canadian corporation" within the meaning of the ITA; and

(qq) neither Vincero nor, immediately
 prior to the Effective Time, Vincero Subco nor to the knowledge of Vincero, any director, officer, employee, consultant, representative
 or agent of the foregoing, has (i) violated any anti-bribery or anti-corruption laws applicable to Vincero or Vincero Subco, including
 but not limited to the *U.S. Foreign Corrupt Practices Act* and Canada's *Corruption of Foreign Public Officials Act*,
 or (ii) offered, paid, promised to pay, or authorized the payment of any money, or offered, given, promised to give, or authorized
 the giving of anything of value, that goes beyond what is reasonable and customary and/or of modest value: (X) to any Government Official,
 whether directly or through any other person, for the purpose of influencing any act or decision of a Government Official in his or
 her official capacity; inducing a Government Official to do or omit to do any act in violation of his or her lawful duties; securing
 any improper advantage; inducing a Government Official to influence or affect any act or decision of any Governmental Authority; or
 assisting any representative of Vincero or Vincero Subco in obtaining or retaining business for or with, or directing business to,
 any person; or (Y) to any person, in a manner which would constitute or have the purpose or effect of public or commercial bribery,
 or the acceptance of or acquiescence in extortion, kickbacks, or other unlawful or improper means of obtaining business or any improper
 advantage. Neither Vincero nor Vincero Subco nor to the knowledge of Vincero, any director, officer, employee, consultant, representative
 or agent of foregoing, has (i) conducted or initiated any review, audit, or internal investigation that concluded Vincero or Vincero
 Subco or any director, officer, employee, consultant, representative or agent of the foregoing violated such laws or committed any
 material wrongdoing, or (ii) made a voluntary, directed, or involuntary disclosure to any Governmental Authority responsible for enforcing
 anti-bribery or anti-corruption Laws, in each case with respect to any alleged act or omission arising under or relating to non-compliance
 with any such Laws, or received any notice, request, or citation from any person alleging non-compliance with any such Laws.

**ARTICLE 4**

**COVENANTS OF SUBCO PARENT**

From and after the date hereof and until the Effective Date (except as hereinafter otherwise provided), unless Vincero shall otherwise consent in writing, which consent shall not be unreasonably withheld, conditioned or delayed:

**4.1** **Access** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subco
 Parent shall permit, and shall cause Subco to permit, Vincero and its Advisers to have reasonable
 access at reasonable times to all properties, books, accounts, records, Contracts, files,
 correspondence, tax records, and documents of or relating to Subco Parent and Subco including
 auditors' working papers and management letters and to discuss such matters with the
 executive officers of Subco Parent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subco
 Parent shall make available to Vincero and its Advisers all other information concerning
 its business and properties in its possession or under its control as Vincero may reasonably
 request; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subco
 Parent shall permit Vincero to conduct, or cause its agents to conduct, such reasonable reviews,
 inspections, surveys, tests, and investigations of the assets of Subco Parent and Subco as
 they deem necessary or advisable, provided such reviews are conducted at reasonable times
 and in a reasonable manner.

**4.2** **Ordinary Course** 

Subco Parent shall cause Subco to conduct business only in the ordinary course consistent with past practice and, except as otherwise contemplated in this Agreement or as agreed to between the Parties or as required by applicable Laws, from the time of incorporation of Subco, Subco Parent shall ensure that Subco does not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) amend
 its notice of articles or articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subdivide,
 split, combine, consolidate, or reclassify any of its outstanding share capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) issue
 or agree to issue any securities except in connection with (i) the Subco Private Placement
 or upon conversion of the securities issued in connection with the Subco Private Placement;
 (ii) the Business Combination and this Agreement (including, for greater certainty, the acquisition
 of the Technology pursuant to the Contribution Agreement); (iii) a *bona fide* purchase
 of assets or shares from an arm's length third party; (iv) one or more debt financing
 transactions in connection with the acquisition of any property or assets; and (v) any tax
 planning transaction undertaken by any Subco Shareholder in the context of the Business Combination
 (including without limitation any "safe income" crystallization transaction);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) declare,
 set aside or pay any dividend or make any other distribution payable in cash, shares, stock,
 securities or property with respect to any of its share capital other than consistent with
 past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) repurchase,
 redeem, or otherwise acquire, directly or indirectly, any of its share capital or any securities
 convertible into or exchangeable or exercisable into any of its shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) make
 loans, advances or other payments other than in the ordinary course of business or as required
 in connection with the Business Combination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) incur,
 guarantee, assume or modify any additional indebtedness for borrowed money;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) other
 than pursuant to obligations or rights under existing written Contracts, agreements and commitments,
 sell, lease or otherwise dispose of any material property or assets or enter into any agreement
 or commitment in respect of any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) amend
 or propose to amend the rights, privileges and restrictions attaching to the Subco Shares
 as they will exist at the date of its incorporation, or reduce its stated capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) reorganize,
 amalgamate or merge with another Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) acquire
 or agree to acquire any corporation or other entity (or material interest therein) or division
 of any corporation or other entity or material assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) enter
 into any agreements outside of the ordinary course with its directors or officers or their
 respective Affiliates; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) except
 as required by generally accepted accounting principles to which Subco may be subject, or
 any applicable Law, make any changes to the existing accounting practices of Subco or make
 any material tax election inconsistent with past practice.

**4.3** **Closing Conditions** 

Subco Parent shall use all commercially reasonable efforts to cause all of the conditions to the obligations of Vincero and Vincero Subco under this Agreement to be satisfied on or prior to the Effective Date (to the extent the satisfaction of such conditions is within the control of Subco Parent).

**4.4** **Subco** 

Subco Parent shall execute and deliver a written consent resolution approving the Subco Amalgamation Resolution.

**4.5** **Filing Statement** 

Subco Parent shall use all commercially reasonable efforts to assist Vincero in connection with the preparation of the Filing Statement, and prepare as promptly as possible any other documents required by applicable legislation and/or regulation in connection with all shareholder and regulatory approvals required in respect of the Business Combination and the other matters contemplated hereby, including but not limited to the extent applicable, the disclosure regarding Subco (including financial statements) prescribed under applicable Canadian Securities Laws and described in the form of prospectus that Subco would be eligible to use, for inclusion in the Filing Statement, as the case may be, and the certificates and consent letters required under the Policy, unless such cooperation and efforts would subject Subco to unreasonable cost or liability or would be in breach of applicable statutory or regulatory requirements.

**ARTICLE 5**

**COVENANTS OF VINCERO**

From and after the date hereof and until the Effective Date (except as hereinafter otherwise provided), unless Subco Parent shall otherwise consent in writing, which consent shall not be unreasonably withheld, conditioned or delayed:

**5.1** **Access** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Vincero
 shall permit, and shall cause each member of the Vincero Group to permit, Subco Parent and
 its Advisers to have reasonable access at reasonable times to all properties books, accounts,
 records, Contracts, files, correspondence, tax records, and documents of or relating to the
 Vincero Group including auditor's working papers and management letters and to discuss
 such matters with the executive officers of the Vincero Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Vincero
 shall make available to Subco Parent and its Advisers a copy of each report or other document
 filed pursuant to Canadian Securities Laws and all other information concerning its business
 and properties in its possession or under its control as Subco may reasonably request; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Vincero
 shall permit Subco Parent to conduct, or cause its agents to conduct, such reasonable reviews,
 inspections, surveys, tests, and investigations of the assets of the Vincero Group as they
 deem necessary or advisable provided such reviews are conducted at reasonable times and in
 a reasonable manner.

**5.2** **Ordinary Course** 

Each member of the Vincero Group shall conduct business only in the ordinary course consistent with past practice and, except as otherwise contemplated in this Agreement or as agreed to between the Parties or as required by applicable Laws. Vincero shall not, and shall cause each member of the Vincero Group not to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) amend
 its notice of articles or articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subdivide,
 split, combine, consolidate, or reclassify any of its outstanding share capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) issue
 or agree to issue any securities, except as contemplated by the Business Combination and
 this Agreement or pursuant to the exercise of Vincero Options or PI Options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) declare,
 set aside or pay any dividend or make any other distribution payable in cash, shares, stock,
 securities or property with respect to any of its share capital other than consistent with
 past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) repurchase,
 redeem, or otherwise acquire, directly or indirectly, any of its share capital or any securities
 convertible into or exchangeable or exercisable into any of its shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) make
 loans, advances or other payments other than in the ordinary course of business or as required
 in connection with the Business Combination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) incur,
 guarantee, assume or modify any additional indebtedness for borrowed money;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) other
 than pursuant to obligations or rights under existing written Contracts, agreements and commitments,
 sell, lease or otherwise dispose of any material property or assets or enter into any agreement
 or commitment in respect of any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) amend
 or propose to amend the rights, privileges and restrictions attaching to the Vincero Shares
 or any of the terms of the Vincero Options or PI Options as they exist at the date of this
 Agreement, or reduce its stated capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) reorganize,
 amalgamate or merge with another Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) acquire
 or agree to acquire any corporation or other entity (or material interest therein) or division
 of any corporation or other entity or material assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) enter
 into any agreements outside of the ordinary course with its directors or officers or their
 respective Affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) except
 as required by IFRS or any other generally accepted accounting principles to which any member
 of the Vincero Group may be subject, or any applicable Law, make any changes to the existing
 accounting practices of Vincero or make any material tax election inconsistent with past
 practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) enter
 into, without prior consultation with and the written consent of Subco Parent, such consent
 not to be unreasonably withheld, conditioned or delayed, new commitments of a capital expenditure
 nature or incur any new contingent liabilities other than (A) expenditures required by Law;
 (B) expenditures made in connection with transactions contemplated in this Agreement; and
 (C) expenditures required to prevent the occurrence of a Material Adverse Effect; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) enter
 into or modify any employment, consulting, severance, collective bargaining or similar agreement,
 policy or arrangement with, or grant any bonus, salary increase, option to purchase shares,
 pension or supplemental pension benefit, profit sharing, retirement allowance, deferred compensation,
 incentive compensation, severance, change of control or termination pay to, or make any loan
 to, any officer, director, employee or consultant of the Vincero Group.

**5.3** **Closing Conditions** 

Vincero shall use all commercially reasonable efforts to cause all of the conditions to the obligations of Subco and Subco Parent under this Agreement to be satisfied on or prior to the Effective Date (to the extent the satisfaction of such conditions is within the control of the Vincero Group).

**5.4** **Vincero Subco** 

Vincero shall execute and deliver a written consent resolution approving the Vincero Subco Amalgamation Resolution.

**5.5** **Directors and Management** 

Upon the change of directors and officers of Vincero and Vincero Subco as described in Section 1.3, Vincero shall complete and file, or cause to be completed and filed, such documents prescribed under the BCBCA to give effect to such change of directors and officers of Vincero and Amalco and the appointment of the New Vincero Directors and the New Vincero Management.

**5.6** **Name Change** 

Immediately following the Effective Time and subject to the requisite approval by the board of directors of Vincero of the Name Change Resolution, Vincero shall complete and file the Notice of Alteration in accordance with the requirements of the BCBCA giving effect to the Name Change.

**ARTICLE 6**

**OTHER COVENANTS OF THE PARTIES**

**6.1** **Amalgamation** 

On or before the Effective Date, Vincero and Subco Parent shall use commercially reasonable efforts to take all necessary steps to amalgamate Subco with Vincero Subco.

**6.2** **Consents and Notices** 

Promptly after the date hereof and, if necessary, for a reasonable time after the Effective Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Parties shall use all commercially reasonable efforts, and shall cooperate with each other
 to obtain, all consents, waivers, approvals, and authorizations, in addition to those set
 forth in clause (b) below which may be necessary to effect the Business Combination and shall
 provide copies of such documents to the other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each
 of the Parties will promptly execute and file, or join in the execution and filing of, any
 application or other document that may be necessary in order to obtain the authorization,
 approval or consent of any Governmental Authority which may be reasonably required, or which
 any other Party may reasonably request in connection with the consummation of the transactions
 contemplated by this Agreement and shall provide copies of such documents to the other Party.
 Each Party will use all commercially reasonable efforts to obtain promptly all such authorizations,
 approvals and consents.

**6.3** **Consent Resolutions, Circulars and Filing Statement** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 of Vincero and Subco Parent shall use all commercially reasonable efforts to prepare, as
 promptly as practicable after the date of this Agreement, if necessary, the Subco Circular,
 respectively, together with any other documents required under Canadian Securities Laws and
 applicable corporate laws in connection with, if necessary, the Subco Meeting and each of
 Vincero and Subco Parent shall co-operate with each other in preparation of the respective
 written consent resolutions or circulars, as applicable, and in connection therewith provide
 the other Party with such information and material concerning its affairs as such other Party
 shall reasonably request, unless such cooperation and efforts would subject such Party to
 unreasonable cost or liability or would be in breach of statutory or regulatory requirements
 applicable to such Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As
 soon as practicable after the date hereof, Subco Parent shall cause Subco to, in its sole
 discretion, either circulate a written consent resolution to the Subco Shareholders or call
 the Subco Meeting and hold the Subco Meeting as soon as practicable thereafter and mail the
 Subco Circular and all other documentation required in connection with the Subco Meeting
 to each Subco Shareholder for the purpose of obtaining approval of the Subco Amalgamation
 Resolution and the Amalgamation by the Subco Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Vincero
 (or Subco on behalf of Vincero) shall file the Filing Statement with the TSX-V as soon as
 practicable after the date of this Agreement, and in no event later than eight weeks following
 the date of this Agreement, together with other documents required by applicable Laws in
 accordance with the Policy, which shall be mutually prepared by the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Subco
 Parent covenants that none of the information regarding Subco to be supplied by Subco that
 is required to be included or incorporated by reference in the Filing Statement, as the case
 may be, will as of the date of such document contain any untrue statement of a material fact
 or omit to state any material fact required to be stated therein or necessary in order to
 make the statements therein, in light of the circumstances under which they are made, not
 misleading. If at any time prior to the Effective Time any event with respect to Subco or
 its officers and directors shall occur that is required to be described in the Filing Statement,
 as the case may be, Subco Parent shall give prompt notice to Vincero of such event and shall
 cooperate in the preparation of a supplement or amendment to the Filing Statement, as the
 case may be, if such supplement or amendment, as applicable, is required, unless such cooperation
 and efforts would subject Subco or Subco Parent to unreasonable cost or liability or would
 be in breach of applicable statutory or regulatory requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Vincero
 covenants that the Filing Statement will comply as to form in all material respects with
 Canadian Securities Law and the requirements of the TSX-V and that none of the information
 regarding Vincero and Vincero Subco that is included or incorporated by reference in the
 Filing Statement, as the case may be, contains any untrue statement of a material fact or
 omit to state any material fact required to be stated therein or necessary in order to make
 the statements therein, in light of the circumstances under which they were made, not misleading.
 Vincero also covenants that none of the information regarding Vincero and Vincero Subco to
 be supplied by Vincero for inclusion or incorporation by reference in the Subco Circular,
 if necessary, will at the time of the mailing of the Subco Circular contain any untrue statement
 of a material fact or omit to state any material fact required to be stated therein or necessary
 in order to make the statements therein, in light of the circumstances under which they are
 made, not misleading. If at any time prior to the Effective Time any event with respect to
 Vincero, its officers and directors or any member of the Vincero Group shall occur that is
 required to be described in the Filing Statement or Subco Circular, as the case may be, Vincero
 shall give prompt notice to Subco of such event and shall cooperate in the preparation of
 a supplement or amendment to the Filing Statement or Subco Circular, as the case may be,
 if such supplement or amendment, as applicable, is required, unless such cooperation and
 efforts would subject Vincero to unreasonable cost or liability or would be in breach of
 applicable statutory or regulatory requirements.

**6.4** **Stock Exchange Listing** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 of Vincero and Subco Parent shall use all commercially reasonable efforts to obtain the conditional
 approval of the TSX-V to the Business Combination and the listing of the Vincero Shares issuable
 to holders of Subco Shares pursuant to the Business Combination, which shall include the
 filing by Vincero (or by Subco on behalf of Vincero) of the Filing Statement with the TSX-V.
 Each Party shall furnish to other Party and its legal counsel, as applicable, for review
 and comment, a reasonable amount of time prior to the time of filing of any document with
 the TSX-V, a copy of each document to be filed with the TSX-V, including, without limitation,
 the Filing Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each
 of Vincero and Subco Parent shall use commercially reasonable efforts to obtain any necessary
 waivers from the TSX-V in order for the Resulting Issuer to maintain its listing on the TSX-V
 in the event the Resulting Issuer does not satisfy all of the initial listing criteria under
 the TSX-V's *Policy 2.1 – Initial Listing Requirements.* 

 

**6.5** **Defense of Proceedings** 

Vincero, on the one hand, and Subco Parent, on the other hand, shall vigorously defend, or shall cause to be vigorously defended, any lawsuits or other legal proceedings brought against Vincero, Vincero Subco, Subco, Subco Parent or their respective officers, directors or shareholders, challenging this Agreement or the completion of the Business Combination, and the Parties shall cooperate with each other in all respects in such defense. Neither Vincero nor Subco Parent shall compromise or settle any claim brought in connection with the Business Combination without the prior written consent of the other Parties, which consent shall not be unreasonably withheld, conditioned or delayed.

**6.6** **Press Releases** 

Before issuing any press release or otherwise making any public statements with respect to this Agreement or the Business Combination, Vincero and Subco Parent shall consult with each other and shall undertake reasonable efforts to agree upon the terms of such press release, and shall not issue any such press release or make any such public statement prior to such consultation, except as may be required by applicable Law or by obligations pursuant to any listing agreement with any stock exchange.

**6.7** **Non-Solicitation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) From
 and after the date hereof until the termination of this Agreement, none of Subco Parent nor
 any of its officers, directors, employees (other than to the extent required by Law), agents
 or Affiliates (and their officers, directors or employees) shall, directly or indirectly,
 (i) solicit, encourage or conduct discussions with or engage in negotiations with any Person,
 other than Vincero, relating to the possible acquisition of the Technology, Subco or any
 of its Affiliates (whether by way of merger, purchase of shares, purchase of assets or otherwise)
 or any material portion of its shares or assets, (ii) provide information with respect to
 the Technology, Subco or any of its Affiliates to any Person, other than the Parties, relating
 to the possible acquisition of the Technology or Subco (whether by way of merger, purchase
 of shares, purchase of assets or otherwise) or any material portion of its shares or assets,
 (iii) enter into an agreement with any Person, other than the Parties, providing for the
 acquisition of such Party or any of its affiliates (whether by way of merger, purchase of
 shares, purchase of assets or otherwise) or any material portion of its shares or assets,
 or (iv) make or authorize any statement, recommendation or solicitation in support of any
 possible acquisition of such Party (whether by way of merger, purchase of shares, purchase
 of assets or otherwise) or any material portion of its shares or assets by any Person, other
 than by the Parties. In addition to the foregoing, if Subco Parent or any of its officers,
 directors, agents, or Affiliates receives any unsolicited offer or proposal to enter negotiations
 relating to any of the above, Subco Parent shall immediately notify Vincero thereof, including
 information as to the identity of the offeror or the party making any such offer or proposal
 and the specific terms of such offer or proposal, as the case may be. Notwithstanding the
 foregoing, this Section does not restrict, limit or prohibit the board of directors of Subco
 Parent or Subco from exercising its fiduciary duties under applicable Law where in the good
 faith judgment of the board of directors of Subco Parent or Subco, after consultation with
 outside legal counsel, failure to take such action would be inconsistent with the exercise
 of its fiduciary duties. For greater certainty, such fiduciary duty shall not relieve Subco
 Parent of its obligations under this Agreement or limit the remedies (including specific
 performance and injunctive relief) available to Vincero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) From
 and after the date hereof until the termination of this Agreement, none of Vincero or any
 of its officers, directors, employees (other than to the extent required by Law), agents
 or Affiliates (and their officers, directors or employees) shall, directly or indirectly,
 (i) solicit, encourage or conduct discussions with or engage in negotiations with any Person,
 other than Subco Parent, relating to the possible acquisition of Vincero or any of its affiliates
 (whether by way of merger, purchase of shares, purchase of assets or otherwise) or any material
 portion of its shares or assets, (ii) provide information with respect to Vincero or any
 of its affiliates to any Person, other than the Parties, relating to the possible acquisition
 of Vincero or any of its affiliates (whether by way of merger, purchase of shares, purchase
 of assets or otherwise) or any material portion of its shares or assets, (iii) enter into
 an agreement with any Person, other than the Parties, providing for the acquisition of such
 Party or any of its affiliates (whether by way of merger, purchase of shares, purchase of
 assets or otherwise) or any material portion of its shares or assets, or (iv) make or authorize
 any statement, recommendation or solicitation in support of any possible acquisition of such
 Party or any of its affiliates (whether by way of merger, purchase of shares, purchase of
 assets or otherwise) or any material portion of its shares or assets by any Person, other
 than by the Parties. In addition to the foregoing, if Vincero or any of its officers, directors,
 agents, or Affiliates receives any unsolicited offer or proposal to enter negotiations relating
 to any of the above, Vincero shall immediately notify Subco Parent thereof, including information
 as to the identity of the offeror or the party making any such offer or proposal and the
 specific terms of such offer or proposal, as the case may be. Notwithstanding the foregoing,
 this Section does not restrict, limit or prohibit the board of directors of Vincero or Vincero
 Subco from exercising its fiduciary duties under applicable Law where in the good faith judgment
 of the board of directors of Vincero or Vincero Sub, after consultation with outside legal
 counsel, failure to take such action would be inconsistent with the exercise of its fiduciary
 duties. For greater certainty, such fiduciary duty shall not relieve Vincero of its obligations
 under this Agreement or limit the remedies (including specific performance and injunctive
 relief) available to Subco Parent.

**6.8** **Refrain from Certain Actions** 

No Party shall take any action, refrain from taking any action (subject to commercially reasonable efforts) or permit any action to be taken or not taken inconsistent with the provisions of this Agreement or which would or could reasonably be expected to materially impede the completion of the transactions contemplated hereby or which would or could reasonably be expected to have a Material Adverse Effect on such Party.

**6.9** **Indemnity** 

Each Party (the "**Indemnifying Party**") shall indemnify and hold harmless the other Parties hereto (and such other Parties' respective directors, officers and Advisers) (collectively, the "**Indemnified Party**") from and against all claims, damages, liabilities, actions or demands to which the Indemnified Party may become subject insofar as such claims, damages, liabilities, actions or demands arise out of or are based upon: (i) the information supplied by an Indemnifying Party (other than the Indemnified Party) and contained in a circular having contained a misrepresentation; or (ii) any breach of a representation, warranty, covenant or obligation of the Indemnifying Party contained in this Agreement or any certificate or notice delivered by it in connection herewith, and will reimburse such Indemnified Party for any legal or other expenses reasonably incurred by such Indemnified Party in connection with investigating or defending any such loss, claim, damage, liability, action or demand. Each Party hereto shall obtain and hold the rights and benefits of this Section 6.9 in trust for and on behalf of such Party's directors, officers and Advisers.

**6.10** **Exemptions from Registration Requirements of U.S. Securities Laws** 

The Parties hereto intend for the issuances and exchanges of shares contemplated hereby to be exempt from the registration requirements of any applicable United States federal and state securities laws and, accordingly, each agrees to take such further commercially reasonable actions (including the execution and delivery of such further instruments and documents) as any other Party may reasonably request with regard to ensuring the availability of and maintaining such exemptions.

**ARTICLE 7**

**CONDITIONS TO OBLIGATIONS OF VINCERO**

**7.1** **Conditions Precedent to Completion of the Business Combination** 

The obligation of Vincero to complete the Business Combination is subject to the satisfaction of the following conditions on or prior to the Effective Date, each of which may be waived by Vincero:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 representations and warranties of Subco Parent set forth in Section 3.1 qualified as to materiality
 shall be true and correct, and the representations and warranties not so qualified shall
 be true and correct in all material respects as of the date of this Agreement and on the
 Effective Date as if made on the Effective Date, except for such representations and warranties
 made expressly as of a specified date which shall be true and correct in all material respects
 as of such date; and Vincero shall have received a certificate signed on behalf of Subco
 Parent by an executive officer thereof to such effect dated as of the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subco
 Parent and Subco shall have performed and complied in all material respects with all covenants
 and agreements required by this Agreement to be performed or complied with by it prior to
 or on the Effective Date and Vincero shall have received a certificate signed on behalf of
 Subco Parent by an executive officer thereof to such effect dated as of the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) There
 shall not have occurred any Material Adverse Effect on Subco since the date of its incorporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Subco Shareholders shall have approved the Subco Amalgamation Resolution in accordance with
 applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Dissent
 Rights shall have been exercised in respect of no more than 10 % of the issued and outstanding
 Subco Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The
 Subco Private Placement shall have been completed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The
 due diligence review of the financial condition, business, assets and affairs of Subco shall
 be to the reasonable satisfaction of Vincero.

**ARTICLE 8**

**CONDITIONS TO OBLIGATIONS OF SUBCO PARENT**

**8.1** **Conditions Precedent to Completion of the Business Combination** 

The obligation of Subco Parent to complete the Business Combination is subject to the satisfaction of the following conditions on or prior to the Effective Date, each of which may be waived by Subco Parent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 representations and warranties of Vincero set forth in Section 3.2 qualified as to materiality
 shall be true and correct, and the representations and warranties not so qualified shall
 be true and correct in all material respects as of the date hereof and on the Effective Date
 as if made on the Effective Date, except for such representations and warranties made expressly
 as of a specified date which shall be true and correct in all material respects as of such
 date, and Subco Parent shall have received a certificate signed on behalf of Vincero by an
 executive officer thereof to such effect dated as of the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Vincero
 and Vincero Subco shall have performed and complied in all material respects with all covenants
 and agreements required by this Agreement to be performed or complied with by Vincero and
 Vincero Subco, respectively, prior to or on the Effective Date and Subco Parent shall have
 received a certificate signed on behalf of Vincero by an executive officer thereof to such
 effect dated as of the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) There
 shall not have occurred any Material Adverse Effect on the Vincero Group since the date of
 this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Subco Shareholders shall have approved the Subco Amalgamation Resolution in accordance with
 applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Vincero
 shall have approved the Vincero Subco Amalgamation Resolution in accordance with applicable
 Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each
 Vincero Option and PI Option outstanding as of the date of this Agreement shall have been
 exercised in accordance with its terms for Vincero Shares or shall be terminated and of no
 further force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Vincero
 shall have approved the Name Change Resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Dissent
 Rights shall have been exercised in respect of no more than 10% of the issued and outstanding
 Subco Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Subco
 Parent shall be satisfied that the exchange of Subco Shares for Vincero Shares shall be qualified
 or exempt from registration or qualification under all applicable United States federal and
 state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) All
 of the current directors and officers of Vincero and Vincero Subco (except for Alfredo De
 Lucrezia) shall have resigned without payment by or any liability to Vincero or Amalco, and
 each such director and officer shall have executed and delivered a release in favour of Vincero
 and Amalco, in a form acceptable to Vincero and Subco Parent, each acting reasonably.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Subco
 Parent shall be satisfied in its sole discretion that: (A) at the time of the completion
 of the Business Combination, Vincero has a cash balance of not less than $750,000; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Vincero and Vincero Subco have no liabilities, except for expenses and liabilities incurred in the ordinary course of business in connection with the Business Combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Vincero
 shall have

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) provided
 Subco Parent with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) a
 list of all entities that may have provided goods or services relating to the Business Combination,
 the Amalgamation and the Subco Private Placement, including, without limitation, entities
 providing sponsorship, legal and accounting services (such goods and/or services, the "**Transaction Services** ", and such entities, the "**Transaction Vendors** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) a
 written certification that the Transaction Vendors are all of the vendors that Vincero has
 used for the Business Combination, the Amalgamation and the Subco Private Placement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) obtained
 full and final invoices from all the of the Transaction Vendors relating to all Transaction
 Services (such as invoices, the "**Transaction Invoices** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) provided
 Subco Parent with copies of all Transaction Invoices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Subco
 Parent shall be satisfied in its sole discretion of the maintenance of Vincero's listing
 on the TSX-V.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The
 Subco Private Placement shall have been completed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The
 due diligence review of the financial condition, business, assets and affairs of Vincero
 shall be to the reasonable satisfaction of Subco Parent.

**ARTICLE 9**

**MUTUAL CONDITIONS PRECEDENT**

**9.1** **Mutual Conditions Precedent** 

The obligations of Vincero and Subco Parent to complete the Business Combination are subject to the satisfaction of the following conditions on or prior to the Effective Date, each of which may be waived only with the consent in writing of Vincero and Subco Parent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 consents, waivers, permits, exemptions, orders, consents and approvals required to permit
 the completion of the Business Combination, the failure of which to obtain could reasonably
 be expected to have a Material Adverse Effect on Subco or Vincero or materially impede the
 completion of the Business Combination, shall have been obtained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no
 temporary restraining order, preliminary injunction, permanent injunction or other order
 preventing the consummation of the Business Combination shall have been issued by any federal,
 state, or provincial court (whether domestic or foreign) having jurisdiction and remain in
 effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Vincero Shares to be issued pursuant to the Business Combination shall have been conditionally
 approved for listing on the TSX-V, subject to standard conditions on the Effective Date or
 as soon as practicable thereafter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 TSX-V shall have accepted the Amalgamation, the Subco Private Placement, the Business Combination
 and the other transactions contemplated by this Agreement as part of Vincero's "Qualifying
 Transaction" under the rules and policies of the TSX-V, subject to compliance with
 the usual requirements of such TSX-V;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) on
 the Effective Date, no cease trade order or similar restraining order of any other provincial
 securities administrator relating to the Vincero Shares, the Subco Shares or the Amalco Shares
 shall be in effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) there
 shall not be pending or threatened any suit, action or proceeding by any Governmental Authority,
 before any court or Governmental Authority, agency or tribunal, domestic or foreign, that
 has a significant likelihood of success, seeking to restrain or prohibit the consummation
 of the Business Combination or any of the other transactions contemplated by this Agreement
 or seeking to obtain from Vincero, Vincero Subco or Subco any damages that are material in
 relation to Vincero, Vincero Subco and Subco and their subsidiaries taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the
 distribution of Amalco Shares and the Vincero Shares pursuant to the Business Combination
 shall be exempt from the prospectus and registration requirements of applicable Canadian
 Securities Law either by virtue of exemptive relief from the securities regulatory authorities
 of each of the provinces of Canada or by virtue of applicable exemptions under Canadian Securities
 Laws and shall not be subject to resale restrictions under applicable Canadian Securities
 Laws (other than as applicable to control persons or pursuant to section 2.6 of National
 Instrument 45-102 – *Resale of Securities of the Canadian Securities Administrators*);
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) this
 Agreement shall not have been terminated in accordance with its terms.

**ARTICLE 10**

**CLOSING**

**10.1** **Closing** 

The Closing shall take place at the Vancouver offices of Blake, Cassels & Graydon LLP at 10:00 a.m. (Vancouver time) on the Effective Date or on such other date as Subco Parent and Vincero may agree.

**10.2** **Termination of this Agreement** 

This Agreement may be terminated at any time prior to the Effective Time, whether before or after approval of the Subco Amalgamation Resolution by the Subco Shareholders, the Vincero Subco Amalgamation Resolution or the Name Change Resolution by Vincero or any other matters presented in connection with the Business Combination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 mutual written consent of Vincero and Subco Parent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by
 a Party if a condition in its favour or a mutual condition is not satisfied by the Termination
 Date (or any earlier date by which such condition is required to be satisfied) except where
 such failure is the result of a breach of this Agreement by such Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by
 Vincero or Subco Parent if there has been a breach of any of the representations, warranties,
 covenants or agreements on the part of the other Party (the "**Breaching Party** ")
 set forth in this Agreement, which breach has or is likely to result in the failure of the
 conditions set forth in Section 7.1, 8.1 or 9.1, as the case may, to be satisfied and in
 each case has not been cured within ten (10) Business Days following receipt by the Breaching
 Party of written notice of such breach from the non-breaching Party (the "**Non-Breaching Party** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) by
 any Party if any permanent order, decree, ruling or other action of a court or other competent
 authority restraining, enjoining or otherwise preventing the consummation of the Business
 Combination shall have become final and non-appealable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) by
 Vincero or Subco Parent if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Subco Amalgamation Resolution is not approved by the Subco Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Name Change Resolution is not approved by the board of directors of Vincero; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 Parties are unable to meet any of the material requirements imposed by the TSX-V on or before
 the Termination Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) by
 Vincero or Subco Parent if the Amalgamation is not completed by the Termination Date provided
 that the Party then seeking to terminate this Agreement is not then in default of any of
 its obligations hereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) by
 Vincero or Subco Parent if the other Party has breached the provisions of Section 6.7 hereof
 in any material manner.

**10.3** **Survival of Representations and Warranties; Limitation** 

The representations and warranties set forth in herein shall expire and be terminated on the earlier of the Effective Date or the termination of this Agreement.

**ARTICLE 11**

**MISCELLANEOUS**

**11.1** **Further Actions** 

From time to time, as and when requested by any Party, the other Parties shall execute and deliver, and use all commercially reasonable efforts to cause to be executed and delivered, such documents and instruments and shall take, or cause to be taken, such further or other actions as may be reasonably requested in order to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) carry
 out the intent and purposes of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) effect
 the Amalgamation (or to evidence the foregoing); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) consummate
 and give effect to the other transactions, covenants and agreements contemplated by this
 Agreement.

**11.2** **Expenses** 

Except as expressly set forth herein, each of the Parties shall be responsible for its own costs and charges incurred with respect to the transactions contemplated herein including, without limitation, all costs and charges incurred prior to the date of the Letter of Intent and all legal and accounting fees and disbursements relating to preparing this Agreement or otherwise relating to the transactions contemplated herein; provided, however, and for greater certainty, that Vincero shall use its commercially reasonable efforts to ensure that all of Vin cero's legal costs and expenses relating to the Business Combination shall not exceed $50,000, exclusive of any fees payable to the TSX-V or payable under Canadian Securities Laws.

**11.3** **Entire Agreement** 

This Agreement, which includes the Schedules and Appendices hereto and the other documents, agreements and instruments executed and delivered pursuant to or in connection with this Agreement, contains the entire Agreement between the Parties with respect to matters dealt within herein and, except as expressly provided herein, supersedes all prior arrangements or understandings with respect thereto, including the Letter of Intent. The Original Agreement, as amended by the First Amendment, is hereby amended and restated and replaced in its entirety by this Agreement.

**11.4** **Descriptive Headings** 

The descriptive headings of this Agreement are for convenience only and shall not control or affect the meaning or construction of any provision of this Agreement.

**11.5** **Notices** 

All notices or other communications which are required or permitted hereunder shall be in writing and sufficient if delivered personally or sent by fax or other electronic communication, nationally recognized overnight courier, or registered or certified mail, postage prepaid, addressed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 to Vincero or Vincero Subco:

Vincero Capital Corp.

Suite 2201 – 8 Smithe Mews

Vancouver, B.C. V6B 0A5

Attention:

Facsimile:

E-mail:

with a copy to:

Tupper Jonsson & Yeadon

Suite 1710 – 1177 West Hastings Street

Vancouver British Columbia

V6E 2L3

Attention:

Facsimile:

E-mail:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 to Subco Parent or Subco:

NewGen Therapeutics, Inc.

Suite R, 3475 Edison Way

Menlo Park, California

U.S.A. 94025

Attention:

E-mail:

with a copy to:

Blake, Cassels & Graydon LLP

Suite 2600 – 595 Burrard Street

Vancouver, B.C. V7X 1L3

Attention: Joseph Garcia

Facsimile:

E-mail:

Any such notices or communications shall be deemed to have been received: (i) if delivered personally or sent by fax (with transmission confirmed) or other electronic communication nationally recognized overnight courier or by e-mail, on the date of such delivery; or (ii) if sent by registered or certified mail, on the third Business Day following the date on which such mailing was postmarked. Any Party may by notice change the address to which notices or other communications to it are to be delivered or mailed.

**11.6** **Governing Law** 

This Agreement shall be governed by and construed in accordance with the Laws of the Province of British Columbia and the federal laws of Canada applicable therein, but references to such laws shall not, by conflict of laws, rules or otherwise require application of the law of any jurisdiction other than the Province of British Columbia and the Parties hereby further irrevocably attorn to the jurisdiction of the Courts of the Province of British Columbia in respect of any matter arising hereunder or in connection with the transactions contemplated in this Agreement.

**11.7** **Enurement and Assignability** 

This Agreement shall be binding upon and shall enure to the benefit of and be enforceable by the Parties and their respective successors and permitted assigns, provided that this Agreement shall not be assignable otherwise than by operation of law by either Party without the prior written consent of the other Parties, and any purported assignment by any Party without the prior written consent of the other Party shall be void.

**11.8** **Confidentiality** 

The Parties agree that no disclosure or announcement, public or otherwise, in respect of the Business Combination, this Agreement or the transactions contemplated herein shall be made by any Party or its representatives without the prior agreement of the other Parties as to timing, content and method hereto, provided that the obligations herein will not prevent any Party from making, after consultation with the other Parties, such disclosure as its counsel advises is required by applicable Law or the rules and policies of the TSX-V (or any other relevant stock exchange). If either Vincero, Subco, Subco Parent or Vincero Subco is required by applicable Law or regulatory instrument, rule or policy to make a public announcement with respect to the Business Combination, Vincero or Subco Parent, as applicable, will provide as much notice to the other of them as reasonably possible, including the proposed text of the announcement. Except as and only to the extent required by applicable Law, the Receiving Party will not disclose or use, and it will cause its representatives not to disclose or use, any Confidential Information furnished by a Disclosing Party or its representatives to the Receiving Party or its representatives at any time or in any manner, other than for the purposes of evaluating the Business Combination.

**11.9** **Remedies** 

The Parties acknowledge that an award of money damages may be inadequate for any breach of the obligations undertaken by the Parties and that the Parties shall be entitled to seek equitable relief, in addition to remedies at law. In the event of any action to enforce the provisions of this Agreement, each of the Parties waive the defense that there is an adequate remedy at law. Without limiting any remedies any Party may otherwise have, in the event any Party refuses to perform its obligations under this Agreement, the other Party shall have, in addition to any other remedy at law or in equity, the right to specific performance.

**11.10** **Waivers and Amendments** 

Any waiver of any term or condition of this Agreement, or any amendment or supplementation of this Agreement, shall be effective only if in writing. A waiver of any breach or failure to enforce any of the terms or conditions of this Agreement shall not in any way affect, limit, or waive a Party's rights hereunder at any time to enforce strict compliance thereafter with every term or condition of this Agreement.

**11.11** **Illegalities** 

In the event that any provision contained in this Agreement shall be determined to be invalid, illegal, or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and the remaining provisions of this Agreement shall not, at the election of the Party for whose benefit the provision exists, be in any way impaired.

**11.12** **Currency** 

Except as otherwise set forth herein, all references to amounts of money in this Agreement are to Canadian Dollars.

**11.13** **Counterparts** 

This Agreement may be executed in any number of counterparts by original or telefacsimile signature, each of which will be an original as regards any Party whose signature appears thereon and all of which together will constitute one and the same instrument. This Agreement will become binding when one or more counterparts hereof, individually or taken together, bears the signatures of all the Parties reflected hereon as signatories.

**11.14** **Time of Essence** 

Time is of the essence of this Agreement and of each of its provisions.

[SIGNATURE PAGE FOLLOWS]

**IN WITNESS WHEREOF**, the undersigned have executed and delivered this Agreement as of the day and year first above written.

---

| | |
|:---|:---|
| **VINCERO CAPITAL CORP.** | **VINCERO CAPITAL CORP.** |
| By: |  |
| Name: | Alfredo De Lucrezia |
| Title: | President and Chief Executive Officer |

---

---

| | |
|:---|:---|
| **NEWGEN THERAPEUTICS, INC.** | **NEWGEN THERAPEUTICS, INC.** |
| By: |  |
| Name: | Jeffrey Bacha |
| Title: | Chief Executive Officer |

---

*Signature Page – Business Combination Agreement*

**SCHEDULE A**

**DEFINITIONS**

"**Advisers**" when used with respect to any Person, shall mean such Person's directors, officers, employees, representatives, agents, counsel, accountants, advisers, engineers, and consultants.

"**Affiliate**" shall have the meaning ascribed to such term in National Instrument 45-106 – *Prospectus Exemptions* of the Canadian Securities Administrators.

"**Agreement**" means this Business Combination Agreement, as it may be amended or supplemented at any time and from time to time after the date hereof.

"**Amalco**" means the corporation resulting from Amalgamation. "**Amalco Shares**" means common shares in the capital of Amalco.

"**Amalgamation**" means an amalgamation of Vincero Subco and Subco pursuant to Section 270 of the BCBCA, on the terms and subject to the conditions set out in this Agreement, subject to any amendments or variations thereto made in accordance with the provisions of this Agreement.

"**Amalgamation Agreement**" means the amalgamation agreement, substantially in the form attached hereto as Exhibit A to be entered into among Vincero Subco, Subco and Vincero pursuant to Section 270 of the BCBCA, to effect the Amalgamation.

"**Associate**" shall have the meaning ascribed to such term in the *Securities Act* (British Columbia). "**BCBCA**" means the *Business Corporations Act* (British Columbia) as amended.

"**Breaching Party**" shall have the meaning ascribed to such term in Section 10.2(c).

"**Business Combination**" means the business combination among Vincero, Vincero Subco and Subco pursuant to which Subco Shareholders will receive Vincero Shares on the basis of one Vincero Share for each one Subco Share held and Vincero will become the parent company of Amalco.

"**Business Day**" means any day other than a Saturday or Sunday or other day on which Canadian Chartered Banks located in the City of Vancouver are required or permitted to close.

"**Canadian Securities Laws**" means the *Securities Act* (British Columbia), or equivalent legislation, in each of the provinces and territories of Canada and the respective regulations under such legislation together with applicable published rules, regulations, policy statements, instruments and memoranda of understanding of the Canadian Provincial Securities Administrators and the securities regulatory authorities in such provinces and territories.

"**Computershare**" means Computershare Investor Services Inc., the transfer agent and escrow agent for Vincero.

"**Confidential Information**" means any information concerning the Disclosing Party or its business, properties and assets made available to the Receiving Party; provided that it does not include information which: (a) is generally available to or known by the public other than as a result of improper disclosure by the Receiving Party or pursuant to a breach of Section 11.8 by the Receiving Party; (b) is obtained by the Receiving Party from a source other than the Disclosing Party, provided that, to the reasonable knowledge of the Receiving Party, such source was not bound by a duty of confidentiality to the Disclosing Party or another party with respect to such information; (c) is developed by the Receiving Party independently of any disclosure by the Disclosing Party; or (d) was in the Receiving Party's possession prior to its disclosure by the Disclosing Party.

"**Contract**" means any contract, agreement, license, franchise, lease, arrangement, commitment, understanding, joint venture, partnership or other right or obligation (written or oral) to which a Party is a party or by which it is bound or affected or to which any of its respective properties or assets is subject.

"**Contribution Agreement**" means the purchase and patent assignment agreement to be entered into between Subco Parent and Subco transferring the Technology to Subco as described in this Agreement.

"**Depositary**" means Computershare, or such other depositary as may be mutually agreed to by the Parties.

"**Disclosing Party**" means any Party or its representatives disclosing Confidential Information to the Receiving Party.

"**Dissent Rights**" shall have the meaning ascribed to such term in Section 2.1. "**Effective Date**" shall have the meaning ascribed to such term in Section 1.2(d). "**Effective Time**" means the commencement of the day on the Effective Date.

"**Employee Plans**" means all plans, arrangements, agreements, programs, policies or practices, whether oral or written, formal or informal, funded or unfunded, maintained for employees, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 employee benefit plan or material fringe benefit plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 retirement savings plan, pension plan or compensation plan, including, without limitation,
 any defined benefit pension plan, defined contribution pension plan, group registered retirement
 savings plan or supplemental pension or retirement income plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 bonus, profit sharing, deferred compensation, incentive compensation, stock compensation,
 stock purchase, hospitalization, health, drug, dental, legal disability, insurance (including
 without limitation unemployment insurance), vacation pay, severance pay or other benefit
 plan, arrangement or practice with respect to employees or former employees, individuals
 working on contract, or other individuals providing services of a kind normally provided
 by employees; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) where
 applicable, all statutory plans, including, without limitation, the Canada or Québec
 Pension Plans.

"**Encumbrance**" includes any mortgage, pledge, assignment, charge, lien, claim, security interest, adverse interest, adverse claim, other third party interest or encumbrance of any kind, whether contingent or absolute, and any agreement, option, right or privilege (whether by Law, contract or otherwise) capable of becoming any of the foregoing.

"**Evaluation and Option Agreement**" means an evaluation and option agreement to be entered into by Subco or Amalco in respect of two additional PARP-inhibitor related assets, in a form to be agreed to by the Parties, provided that no compensation will be paid for the assets under the Evaluation and Option Agreement until the completion of the evaluation.

"**Filing Statement**" means the filing statement of Vincero to be prepared in accordance with the requirements of the TSX-V and filed with the TSX-V in connection with the Business Combination.

"**Government**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 government of Canada, or any foreign country;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 government of any Province, county, municipality, city, town, or district of Canada, or any
 foreign country; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 ministry, agency, department, authority, commission, administration, corporation, bank, court,
 magistrate, tribunal, arbitrator, instrumentality, or political subdivision of, or within
 the geographical jurisdiction of, any government described in the foregoing clauses (a) and
 (b), and for greater certainty, includes the TSX-V.

"**Government Official**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 official, officer, employee, or representative of, or any person acting in an official capacity
 for or on behalf of, any Governmental Authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 salaried political party official, elected member of political office or candidate for political
 office; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 company, business, enterprise or other entity owned or controlled by any person described
 in the foregoing clauses.

"**Governmental Authority**" means and includes, without limitation, any Government or other political subdivision of any Government, judicial, public or statutory instrumentality, court, tribunal, commission, board, agency (including those pertaining to health, safety or the environment), authority, body or entity, or other regulatory bureau, authority, body or entity having legal jurisdiction over the activity or Person in question and, for greater certainty, includes the TSX-V.

"**IFRS**" means International Financial Reporting Standards.

"**IPO Escrow Agreement**" means the TSX-V Form 2F CPC Escrow Agreement, dated June 5, 2019 among Vincero, Computershare and certain Vincero Shareholders.

"**ITA**" means the *Income Tax Act* (Canada), as amended and all regulations thereunder.

"**Law**" means any of the following of, or issued by, any Government, in effect on or prior to the date hereof, including any amendment, modification or supplementation of any of the following from time to time subsequent to the original enactment, adoption, issuance, announcement, promulgation or granting thereof and prior to the date hereof: any statute, law, act, ordinance, code, rule or regulation of any writ, injunction, award, decree, judgment or order.

"**Letter of Intent**" means the letter of intent, dated May 20, 2020, between Subco Parent and Vincero related to the Business Combination, as may be amended from time to time.

"**liability**" of any Person means and include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 right against such Person to payment, whether or not such right is reduced to judgment, liquidated,
 unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable,
 secured or unsecured;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 right against such Person to an equitable remedy for breach of performance if such breach
 gives rise to a right to payment, whether or not such right to any equitable remedy is reduced
 to judgment, fixed, contingent, matured, unmatured, disputed, undisputed, secured or unsecured;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 obligation of such Person for the performance of any covenant or agreement (whether for the
 payment of money or otherwise).

**Material Adverse Effect**" means, with respect to either Party any change, event, effect, occurrence or state of facts, either individually or in the aggregate, that has or is reasonably likely to have a material adverse effect on the business, results of operations or financial condition of such Party or on its ability to perform its obligations under this Agreement on a timely basis or to consummate the transactions contemplated hereby on a timely basis. The foregoing shall not include any change or effects attributable to: (i) any matter that has been disclosed in writing to the other Party or any of its Advisers by a Party or any of its Advisers in connection with this Agreement; (ii) changes relating to general economic, political or financial conditions; (iii) relating to the state of securities markets in general; (iv) the Subco Private Placement; or (v) the announcement of the Business Combination or the performance of any obligation hereunder.

"**Name Change**" means the change of Vincero's name to a name acceptable to Subco Parent and the regulatory authorities**.**

"**Name Change Resolution**" means the resolution of the board of directors of Vincero authorizing the Name Change.

"**New Vincero Directors**" shall have the meaning ascribed to such term in Section 1.3. "**New Vincero Management**" shall have the meaning ascribed to such term in Section 1.3. "**Non-Breaching Party**" shall have the meaning ascribed to such term in Section 10.2(c). "**Non-Offending Persons**" shall have the meaning ascribed to such term in Section 6.9. "**Parties**" and "**Party**" means the parties to this Agreement.

"**penalty**" means any civil or criminal penalty (including any interest thereon), fine, levy, lien, assessment, charge, monetary sanction or payment, or any payment in the nature thereof, of any kind, required to be made to any Government under any Law.

"**Person**" or "**person**" means any corporation, partnership, limited liability company or partnership, joint venture, trust, unincorporated association or organization, business, enterprise or other entity; any individual; and any Government.

"**PI Options**" means 500,000 options issued by Vincero to PI Financial Corp., each entitling PI Financial Corp. to acquire one Vincero Share at a price of $0.10 until February 7, 2022.

"**Policy**" means TSX-V Policy 2.4 – *Capital Pool Companies.*

"**Qualifying Transaction**" shall have the meaning ascribed thereto in the Policy.

"**Receiving Party**" means any Party or its representatives receiving Confidential Information from a Disclosing Party.

"**Resulting Issuer**" means the resulting issuer after completion of the Business Combination, being Vincero Capital Corp. (which shall be renamed pursuant to the Name Change).

"**Subco**" means a corporation to be incorporated under the laws of British Columbia and wholly-owned by Subco Parent until the closing of the Subco Private Placement.

"**Subco Amalgamation Resolution**" means the resolution of the holders of Subco Shares approving the Amalgamation and adopting the Amalgamation Agreement, either at the Subco Meeting or by unanimous written consent.

"**Subco Circular**" means the management information circular of Subco to be provided to the Subco Shareholders in respect of the Subco Amalgamation Resolution and the other matters (if any) to be considered at the Subco Meeting if such Subco Meeting is called by Subco.

"**Subco Dissenting Procedures**" means the dissent procedures provided to Subco Shareholders pursuant to Division 2 of Part 8 of the BCBCA.

"**Subco Dissenting Shareholder**" means a registered shareholder of Subco who dissents in respect of the Subco Amalgamation Resolution in strict compliance with Subco Dissenting Procedures.

"**Subco Meeting**" means the special meeting of the shareholders of Subco to be held, if necessary, to approve, *inter alia*, the Amalgamation and any and all adjournments or postponements of such meeting.

"**Subco Private Placement**" means the private placement by Subco of Subco Subscription Receipts at a price per Subco Subscription Receipt of $0.20 conducted by Subco in connection with the Business Combination.

"**Subco Shareholders**" means the holders of the issued and outstanding Subco Shares.

"**Subco Shares**" means the common shares in the capital of Subco, as presently constituted on the date hereof.

"**Subco Subscription Receipts**" means the subscription receipts contemplated to be issued by Subco, each such Subco Subscription Receipt being automatically converted into one Subco Unit immediately prior to the Effective Time; provided that in the event that the escrow release conditions have not been satisfied by 5:00 p.m. (Vancouver time) on the Termination Date, each of the then issued and outstanding Subco Subscription Receipts shall be cancelled.

"**Subco Unit**" means a notional unit issued or issuable by Subco upon conversion of the Subco Subscription Receipts and consists of one Subco Share and half of one Subco Unit Warrant, subject to adjustment in certain events.

"**Subco Finder Warrants**" means, collectively, the common share purchase warrants of Subco issued or issuable to registrants for services in connection with the Subco Private Placement, each Subco Finder Warrant entitling the holder thereof to purchase one Subco Share at an exercise price of $0.20 per share, for a period of 24 months following the date of issuance of such Subco Finder Warrant.

"**Subco Unit Warrants**" means, collectively, the common share purchase warrants of Subco issued or issuable upon conversion of the Subco Subscription Receipts and forming a part of the Subco Units, each Subco Warrant entitling the holder thereof to purchase one Subco Share at an exercise price of $0.40 per share, or such other price as may be agreed to by Vincero and Subco Parent, for a period of 24 months following the date of issuance of such Subco Unit Warrant.

"**Subco Warrants**" means the Subco Unit Warrants and the Subco Finder Warrants, as the context requires.

"**Subsidiary**" means, with respect to a specified corporation, any corporation of which more than fifty per cent (50%) of the outstanding shares ordinarily entitled to elect a majority of the board of directors thereof (whether or not shares of any other class or classes shall or might be entitled to vote upon the happening of any event or contingency) are at the time owned directly or indirectly by such specified corporation, and shall include any corporation in like relation to a Subsidiary.

"**Taxes**" means, with respect to any Person, all supranational, national, federal, provincial, state, local or other taxes, including income taxes, branch taxes, profits taxes, capital gains taxes, gross receipts taxes, windfall profits taxes, value added taxes, severance taxes, ad valorem taxes, property taxes, capital taxes, net worth taxes, production taxes, sales taxes, use taxes, licence taxes, excise taxes, franchise taxes, environmental taxes, transfer taxes, withholding or similar taxes, payroll taxes, employment taxes, employer health taxes, government pension plan premiums and contributions, social security premiums, workers' compensation premiums, employment/unemployment insurance or compensation premiums and contributions, stamp taxes, occupation taxes, premium taxes, alternative or add-on minimum taxes, GST/HST, customs duties or other taxes of any kind whatsoever imposed or charged by any Governmental Authority and any instalments in respect thereof, together with any interest, penalties, or additions with respect thereto and any interest in respect of such additions or penalties, and whether disputed or not and **"Tax"** means any such Taxes.

"**Tax Return**" means all returns, information returns, reports, elections, agreements, declarations or other documents of any nature or kind required to be filed with any applicable Governmental Authority in respect of Taxes.

"**Termination Date**" means April 1, 2021. "**TSX-V**" means the TSX Venture Exchange.

"**Technology**" shall have the meaning ascribed to such term in Section 1.2(a). "**Vincero**" means Vincero Capital Corp., a corporation existing under the BCBCA.

"**Vincero Group**" means and includes Vincero and, from the date of its incorporation, Vincero Subco.

"**Vincero Options**" means the currently outstanding options to purchase an aggregate of 1,500,000 Vincero Shares granted to directors and officers of Vincero in connection with Vincero's initial public offering with an expiry date of February 7, 2025 and an exercise price of $0.10 per Vincero Share, each granted under the Vincero Stock Option Plan.

"**Vincero Replacement Warrants**" means the warrants of Vincero to acquire Vincero Shares to be issued in replacement of the Subco Warrants outstanding immediately prior to the Effective Time, each Vincero Replacement Warrant entitling the holder thereof to purchase one Vincero Share at the exercise price of such Subco Warrant until the expiry date of each such Subco Warrant being replaced by a Vincero Replacement Warrant, in accordance with its terms.

"**Vincero Securities Documents**" shall have the meaning ascribed to such term in Section 3.2(gg). "**Vincero Shareholders**" means the holders of Vincero Shares.

**"Vincero Shares"** means the common shares in the capital of Vincero, as presently constituted on the date hereof.

"**Vincero Stock Option Plan**" means the stock option plan of Vincero.

"**Vincero Subco**" means 1260541 B.C. Ltd., a corporation incorporated under the laws of British Columbia and wholly-owned by Vincero.

"**Vincero Subco Amalgamation Resolution**" means the resolution of Vincero, as sole shareholder of Vincero Subco, approving the Amalgamation and adopting the Amalgamation Agreement.

"**Vincero Subco Shares**" means the common shares in the capital of Vincero Subco.

## Ex-3

**Exhibit 3.01(i)**

![](ex3-01i_001.jpg)

![](ex3-01i_002.jpg)

![](ex3-01i_003.jpg)

![](ex3-01i_004.jpg)

![](ex3-01i_005.jpg)

![](ex3-01i_006.jpg)

![](ex3-01i_007.jpg)

![](ex3-01i_008.jpg)

## Ex-3

**Exhibit 3.02(ii)**

**AMENDED AND RESTATED**

**BYLAWS**

**OF**

**EDISON ONCOLOGY HOLDING CORP.**

**A Nevada Corporation**

**Effective as of June 29, 2023**

**Article I**

**OFFICES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Principal Executive Office</u>. The principal executive office of Edison Oncology Holding Corp. (the "<u>Corporation</u>") shall be at such place established by the board of directors of the Corporation (the "<u>Board</u>") in its discretion. The Board shall have full power and authority to change the location of the principal executive office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Registered Office</u>. The registered office of the Corporation shall be as set forth in the Corporation's Nevada Articles of Incorporation (as may be amended, restated, modified or supplemented from time to time, the "<u>Articles of Incorporation</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 <u>Other Offices</u>. The Corporation may also have offices at such other places, both within and outside of the State of Nevada, as the Board may from time to time determine.

**Article II**

**STOCKHOLDERS' MEETINGS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Place of Meetings</u>. Meetings of stockholders of the Corporation shall be held at such place, if any, either within or outside of the State of Nevada, as shall be designated from time to time by the Board, the Chief Executive Officer or the chairman of the Board of Directors (the "Chairman") and specified in the notice of the meeting. In the absence of such designation, stockholders' meetings shall be held at the principal executive office of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Annual Meetings</u>. The annual meeting of stockholders for the election of directors and for the transaction of such other business as may properly come before the meeting shall be held at such time and date as shall be designated from time to time by the Board, the Chief Executive Officer or the chairman of the Board of Directors (the "<u>Chairman</u>") and stated in the Corporation's notice of the meeting. The Board, the Chief Executive Officer, or the Chairman may postpone, reschedule or cancel any previously scheduled annual meeting of stockholders, before or after the notice for such meeting has been sent to the stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Special Meetings</u>. Special meetings of the stockholders for any purpose or purposes may be called at any time by a resolution adopted by any three or more directors, and may not be called by any other person or persons. The Board acting pursuant to a resolution may postpone, reschedule or cancel any previously scheduled special meeting of stockholders, before or after the notice for such meeting has been sent to the stockholders. Business transacted at any special meeting of stockholders shall be limited to matters relating to the purpose or purposes stated in the notice of meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <u>Notice</u>. Whenever stockholders are required or permitted to take any action at a meeting, whether annual or special, a written notice of the meeting shall be given by the Corporation to each stockholder of record entitled to vote at such meeting as of the record date for determining the stockholders entitled to notice of such meeting. Such notice shall state the place, if any, date and hour of the meeting, the means of remote communication, if any, by which stockholders and proxy holders may be deemed to be present in person and vote at such meeting, the record date for determining the stockholders entitled to vote at the meeting (if such date is different from the record date for stockholders entitled to notice of the meeting), and, in the case of a special meeting, the purpose or purposes for which the meeting was called. Unless otherwise required by law, the Articles of Incorporation or these Bylaws (as may be further amended, restated, modified or supplemented from time to time, these "<u>Bylaws</u>"), notice of any meeting shall be given not less than ten (10) nor more than sixty (60) days before the date of the meeting to each stockholder of record entitled to notice of and to vote at such meeting. Without limiting the manner by which notice otherwise may be given to stockholders, any notice will be effective if given by a form of electronic transmission consented to (in a manner consistent with the ACT, as defined below) by the stockholder to whom the notice is given. If notice is given by mail, such notice will be deemed given when deposited in the United States mail, postage prepaid, directed to the stockholder at such stockholder's address as it appears on the records of the Corporation. If notice is given by electronic transmission, such notice will be deemed given at the time specified in NRS 78.370.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 <u>Adjournments</u>. Any meeting of stockholders, annual or special, whether or not a quorum is present, may be adjourned from time to time for any reason by either the chairman of the meeting, by a resolution adopted by the majority of the Board or in accordance with <u>Section 2.6</u>. Notwithstanding the provisions in <u>Section 2.4</u> hereof, notice need not be given of any such adjourned meeting if the time, place, if any, and date of the meeting and the means of remote communications, if any, by which stockholders and proxy holders may be deemed to be present in person and vote at such meeting and the record date for determining the stockholders entitled to vote at the meeting (if such date is different from the record date for determining stockholders entitled to notice of the meeting) are announced at the meeting at which the adjournment is taken; <u>provided</u>, <u>however</u>, that if the date of any adjourned meeting is more than thirty (30) days after the date for which the meeting was originally called or a new record date is fixed for the adjourned meeting, notice of the adjourned meeting shall be given in conformity with <u>Section 2.4</u>. At such adjourned meeting, any business may be transacted that might have been transacted at the original meeting if such meeting had been held as originally called.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 <u>Quorum</u>. Unless otherwise required by applicable law or the Articles of Incorporation, the holders of one-third (1/3) of the voting power of the outstanding shares of capital stock of the Corporation entitled to vote thereat, present in person or represented by proxy, shall constitute a quorum at all meetings of the stockholders for the transaction of business. If, however, such quorum shall not be present or represented at any meeting of the stockholders, then either the Chairman of the meeting or the stockholders entitled to vote thereon, present in person or represented by proxy, shall have power to adjourn the meeting from time to time, in the manner provided in Section 2.5 hereof, until a quorum shall be present or represented. A quorum, once established, shall not be broken by the withdrawal of enough stockholders to leave less than a quorum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 <u>Voting.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless otherwise required by law or the Articles of Incorporation, each stockholder entitled to vote at any meeting of stockholders shall be entitled to one (1) vote for each share of stock held by such stockholder which has voting power on all matters submitted to a vote of stockholders of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless otherwise required by law, the Articles of Incorporation, these Bylaws, the rules or regulations of any stock exchange applicable to the Corporation, or any regulation applicable to the Corporation or its securities, (i) every matter brought before any meeting of the stockholders, other than the election of directors, shall be decided by the affirmative vote of the holders of a majority of the voting power of the shares of stock entitled to vote on such matter that are present in person or represented by proxy at the meeting and are voted for or against the matter, voting as a single class, and (ii) directors shall be elected by vote of the holders of a plurality of the votes cast. Notwithstanding the foregoing, two (2) or more classes or series of stock shall only vote together as a single class if and to the extent the holders thereof are entitled to vote together as a single class at a meeting. Where a separate vote by class is required, the vote of the holders of a majority in total voting power of each class of Corporation's outstanding capital stock represented at the meeting and entitled to vote on such matter and are voted for or against the matter shall be the act of such class, except as otherwise provided by law, the Articles of Incorporation or these Bylaws. The Board, in its discretion, or the Chairman of the Board, or the presiding officer of a meeting of the stockholders, in such person's discretion, may require that any votes cast (including election of directors) at such meeting shall be cast by written ballot.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 <u>Participation at Stockholder Meetings by Remote Communications</u>. The Board may, in its sole discretion, determine that a meeting of stockholders shall not be held at any place, but may instead be held solely by means of remote communication in accordance with Nevada Revised Statutes ("<u>NRS</u>") 78.320(4) and any applicable part of NRS Chapter 78 (the "<u>ACT</u>") or any successor provision. If authorized by the Board in its sole discretion, and subject to such guidelines and procedures as the Board may adopt, stockholders and proxyholders not physically present at a meeting of stockholders may, by means of remote communication, (a) participate in a meeting of stockholders, and (b) be deemed present in person and vote at a meeting of stockholders, whether such meeting is to be held at a designated place or solely by remote communication, <u>provided</u> that (x) the Corporation may implement reasonable measures to verify that each person deemed present and permitted to vote at the meeting by means of remote communication is a stockholder or proxyholder, (y) the Corporation may implement reasonable measures to provide such stockholders and proxyholders a reasonable opportunity to participate in the meeting and to vote on matters submitted to the stockholders, including an opportunity to read or hear the proceedings of the meeting substantially concurrently with such proceedings, and (z) if any stockholder or proxyholder votes or takes other action at the meeting by means of remote communication, a record of such vote or other action shall be maintained by the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 <u>Proxies</u>. Each stockholder entitled to vote at a meeting of stockholders has the right to do so either in person or by one (1) or more agents authorized by a proxy, which may be in the form of a telegram, cablegram or other means of electronic transmission, filed with the Secretary of the Corporation, but no such proxy shall be voted or acted upon after six (6) months from its date, unless the proxy provides for a longer period, which may not exceed seven (7) years. A duly executed proxy shall be irrevocable if it states that it is irrevocable and if, and only as long as, it is coupled with an interest sufficient in law to support an irrevocable power. A stockholder may revoke any proxy which is not irrevocable by attending the meeting and voting in person or by delivering an instrument in writing stating that the proxy is revoked or by filing another proxy bearing a later date with the Secretary of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 <u>Stockholder Action by Written Consent Without a Meeting</u>. Unless otherwise restricted by law or the Articles of Incorporation, any action required or permitted to be taken at any annual or special meeting of the stockholders may be taken without a meeting, without prior notice and without a vote, if a consent or consents in writing, setting forth the action so taken, shall be signed by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted and shall be delivered to the Corporation by delivery to its registered office, its principal place of business, or an officer or agent of the Corporation having custody of the book in which minutes of proceedings of stockholders are recorded. Delivery made to the Corporation's registered office shall be by hand or by certified or registered mail, return receipt requested. Prompt notice of the taking of the corporate action without a meeting by less than unanimous written consent shall, to the extent required by law, be given to those stockholders who have not consented in writing and who, if the action had been taken at a meeting, would have been entitled to notice of the meeting if the record date for such meeting had been the date that written consents signed by a sufficient number of holders to take the action were delivered to the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 <u>Record Date</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In order that the Corporation may determine the stockholders entitled to notice of any meeting of the stockholders or any adjournment thereof, the Board may fix a record date for the determination of the stockholders entitled to notice of any meeting or adjournment thereof. The record date so fixed shall not precede the date upon which the resolution fixing the record date is adopted by the Board, and which record date shall not be more than sixty (60) nor less than ten (10) days before the date of such meeting. If no record date is fixed by the Board, the record date for determining stockholders entitled to notice of or to vote at a meeting of the stockholders shall be at the close of business on the day next preceding the day on which notice is given, or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held. A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; <u>provided</u>, <u>however</u>, that the Board may fix a new record date for determination of stockholders entitled to notice of or to vote at the adjourned meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In order that the Corporation may determine the stockholders entitled to receive payment of any dividend or other distribution or allotment of any rights, or to exercise rights in respect of any change, conversion or exchange of stock or in respect of any other lawful action, the Board may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board, and which record date shall not be more than sixty (60) days prior to such action. If no such record date is fixed, the record date for determining the stockholders for any such purpose shall be at the close of business on the date on which the Board adopts the resolution relating thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 <u>Conduct of Meetings</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The meetings of the stockholders shall be presided over by the Chairman of the Board, or if he or she is not present, by the Chief Executive Officer, or if neither the Chairman of the Board, nor the Chief Executive Officer is present, by a chairman elected by a resolution adopted by the majority of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Secretary will act as secretary of the meeting, but in the Secretary's absence the chairman of the meeting may appoint any person to act as secretary of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Board may adopt by resolution such rules, regulations and procedures for the conduct of any meeting of stockholders of the Corporation as it deems appropriate, including, without limitation, such guidelines and procedures as it may deem appropriate regarding the participation by means of remote communication of stockholders and proxyholders not physically present at a meeting. Except to the extent inconsistent with such rules, regulations and procedures as adopted by the Board, the chairman of any meeting of stockholders will have the right and authority to convene and (for any or no reason) to recess and/or adjourn the meeting, to prescribe such rules, regulations and procedures and to do all such acts as, in the judgment of such chairman, are appropriate for the proper conduct of the meeting. Such rules, regulations or procedures, whether adopted by the Board or prescribed by the chairman of the meeting, may include, without limitation, the following: (i) the establishment of an agenda or order of business for the meeting; (ii) rules and procedures for maintaining order at the meeting and the safety of those present; (iii) limitations on attendance at or participation in the meeting to stockholders of record of the Corporation, their duly authorized and constituted proxies or such other persons as will be determined; (iv) restrictions on entry to the meeting after the time fixed for the commencement thereof; and (v) limitations on the time allotted to questions or comments by participants. The chairman of any meeting, in addition to making any other determinations that may be appropriate to the conduct of the meeting, will, if the facts warrant, determine and declare to the meeting that a matter or business was not properly brought before the meeting and, if the chairman should so determine, the chairman will so declare to the meeting and any such matter or business not properly brought before the meeting will not be transacted or considered. Unless and to the extent determined by the Board or the chairman of the meeting, meetings of stockholders will not be required to be held in accordance with the rules of parliamentary procedure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The chairman of the meeting will announce at the meeting when the polls for each matter to be voted upon at the meeting will be opened and closed. After the polls close, no ballots, proxies or votes or any revocations or changes thereto may be accepted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In advance of any meeting of stockholders, the Board will appoint one or more inspectors of election to act at the meeting or any adjournment thereof and make a written report thereof. One or more other persons may be designated as alternate inspectors to replace any inspector who fails to act. If no inspector or alternate is present, ready and willing to act at a meeting of stockholders, the chairman of the meeting will appoint one or more inspectors to act at the meeting. Unless otherwise required by law, inspectors may be officers, employees or agents of the Corporation. No person who is a candidate for an office at an election may serve as an inspector at such election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 <u>Advance Notice of Stockholder Business and Director Nominations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Annual Meetings of Stockholders*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Nominations of persons for election to the Board and the proposal of other business to be considered by the stockholders may be made at an annual meeting of stockholders only (i) pursuant to the Corporation's notice of meeting (or any supplement thereto) delivered pursuant to <u>Section 2.4</u> and <u>Article VI</u> hereof (ii) by or at the direction of the Board or any duly authorized committee thereof, or (iii) by any stockholder of the Corporation who (x) is a stockholder of record at the time of delivery by the stockholder of the notice provided for in <u>Section 2.13(a)(2)</u> to the Secretary of the Corporation and at the time of the annual meeting, (y) who is entitled to vote at the meeting and upon such election, and (z) who complies with the notice procedures set forth in <u>Section 2.13(a)(2)</u>; clause (iii) shall be the exclusive means for a stockholder to make nominations or submit other business (other than matters properly brought under Rule 14a-8 under the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>") and included in the Corporation's notice of meeting) before an annual meeting of stockholders. Except as otherwise required by law, any failure to comply with these procedures shall result in the nullification of such nomination or proposal. Notwithstanding the foregoing, if a stockholder is entitled to vote only for a specific class or category of directors at a meeting of the stockholders, such stockholder's right to nominate one (1) or more individuals for the election of a director at the meeting shall be limited to such class or category of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Without qualification, for any nominations or other business to be properly brought before an annual meeting of stockholders by a stockholder pursuant to clause (iii) of <u>Section 2.13(a)(1)</u>. the stockholder must have given timely notice thereof, in proper written form as provided in <u>Section 2.13(c)</u>. to the Secretary of the Corporation and any such proposed business (other than nominations of persons for the election to the Board) must constitute a proper matter for stockholder action under the ACT. To be timely, such a stockholder's notice shall be delivered to the Secretary at the principal executive office of the Corporation not later than the close of business on the ninetieth (90th) day nor earlier than the close of business on the one hundred twentieth (120th) day prior to the first anniversary date of the preceding year's annual meeting; <u>provided</u>, <u>however</u>, that in the event that the date of the annual meeting is advanced more than thirty (30) days prior to such anniversary date or delayed more than sixty (60) days after such anniversary date then to be timely such notice must be so delivered, or mailed and received, not later than the ninetieth (90th) day prior to such annual meeting or, if later, the tenth (10th) day following the day on which public announcement of the date of such annual meeting was first made. In no event shall the adjournment or postponement of any meeting, or any announcement thereof, commence a new time period (or extend any time period) for the giving of a stockholder's notice as described above. The number of nominees a stockholder may nominate for election at the annual meeting (or in the case of a stockholder giving the notice on behalf of a beneficial owner, the number of nominees a stockholder may nominate for election at the annual meeting on behalf of such beneficial owner) shall not exceed the number of directors to be elected as such annual meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Special Meetings of Stockholders*. Only such business shall be conducted at a special meeting of stockholders as shall have been brought before the meeting pursuant to the Corporation's notice of meeting delivered pursuant to <u>Section 2.4</u> and <u>Article VI</u> hereof. Nominations of persons for election to the Board may be made at a special meeting of stockholders at which directors are to be elected pursuant to the Corporation's notice of meeting (1) by or at the direction of the Board or any duly authorized committee thereof or (2) <u>provided</u> that the Board has determined that directors shall be elected at such meeting, by any stockholder of the Corporation who (x) is a stockholder of record at the time of delivery by the stockholder of the notice provided for in this <u>Section 2.13(b)</u> to the Secretary of the Corporation and at the time of the special meeting, (y) who is entitled to vote at the meeting and upon such election, and (z) who complies with the notice procedures set forth in this <u>Section 2.13(b)</u>. In the event the Corporation calls a special meeting of stockholders for the purpose of electing one (1) or more directors to the Board, any such stockholder entitled to vote in such election of directors may nominate a person or persons for election to such position(s) as specified in the Corporation's notice of meeting, if the stockholder's notice, in proper written form as set forth in Section <u>2.13(c)</u>, shall be delivered to the Secretary at the principal executive office of the Corporation not earlier than the close of business on the one hundred twentieth (120th) day prior to such special meeting and not later than the close of business on the later of the ninetieth (90th) day prior to such special meeting or the tenth (10th) day following the day on which public announcement is first made of the date of the special meeting and of the nominees proposed by the Board to be elected at such meeting. In no event shall the public announcement of an adjournment or postponement of a special meeting commence a new time period (or extend any time period) for the giving of a stockholder's notice as described above. Notwithstanding the foregoing, if a stockholder is entitled to vote only for a specific class or category of directors at a special meeting of the stockholders, such stockholder's right to nominate one (1) or more individuals for the election of a director at the meeting shall be limited to such class or category of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Form of Notice*. To be in proper written form, such stockholder's notice to the Secretary (whether pursuant to <u>clauses (a)(2)</u> or <u>(b)</u> of this <u>Section 2.13</u>) must set forth:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) as to each person, if any, whom the stockholder proposes to nominate for election or re-election as a director (i) all information relating to such person that is required to be disclosed in solicitations of proxies for election of directors in an election contest, or is otherwise required, in each case pursuant to Regulation 14A under the Exchange Act, (ii) such person's written consent to being named in the proxy statement as a nominee and to serving as a director if elected and (iii) a reasonably detailed description of any compensatory, payment or other financial agreement, arrangement or understanding that such person has with any other person or entity other than the Corporation including the amount of any payment or payments received or receivable thereunder, in each case in connection with candidacy or service as a director of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) as to any other business (other than the nomination of persons for election as directors) that the stockholder desires to bring before the meeting, (i) a brief description of the business proposed to be brought before the meeting, (ii) the text of the proposal or business (including the text of any resolutions proposed for consideration and, in the event that such business includes a proposal to amend these Bylaws, the language of the proposed amendment), (iii) the reasons why the stockholder favors the proposal, (iv) the reasons for conducting such business at the meeting, and (v) any material interest in such business of such stockholder and the beneficial owner, if any, on whose behalf the proposal is made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) as to the stockholder giving the notice and the beneficial owner, if any, on whose behalf the nomination or proposal is made (i) the name and address of such stockholder, as they appear on the Corporation's books, and of such beneficial owner, (ii) the class or series and number of shares of the Corporation's capital stock that are, directly or indirectly, owned beneficially and of record by such stockholder and by such beneficial owner, (iii) a description of any agreement, arrangement or understanding with respect to the nomination or proposal between or among such stockholder and/or such beneficial owner, any of their respective affiliates or associates, and any others acting in concert with any of the foregoing, including, in the case of a nomination, the nominee, (iv) a description of any agreement, arrangement or understanding (including any derivative or short positions, profit interests, options, warrants, convertible securities, stock appreciation, forwards, futures, swaps, or similar rights, hedging transactions, and borrowed or loaned shares) that has been entered into as of the date of the stockholder's notice by, or on behalf of, such stockholder and such beneficial owner, whether or not such instrument or right shall be subject to settlement in underlying shares of capital stock of the Corporation, the effect or intent of which is to mitigate loss to, manage risk or benefit of share price changes for, or increase or decrease the voting power of such stockholder or such beneficial owner with respect to shares of capital stock of the Corporation, (v) a representation that the stockholder is a holder of record of stock of the Corporation entitled to vote at such meeting and intends to appear in person or by proxy at the meeting to propose such business or nomination, (vi) a representation whether the stockholder or the beneficial owner, if any, intends or is part of a group which intends (A) to deliver a proxy statement and/or form of proxy to holders of at least the percentage of the Corporation's outstanding capital stock required to approve or adopt the proposal or elect the nominee and/or (B) otherwise to solicit proxies or votes from stockholders in support of such proposal or nomination, (vii) any other information relating to such stockholder and beneficial owner, if any, required to be disclosed in a proxy statement or other filings required to be made in connection with solicitations of proxies for, as applicable, the proposal and/or for the election of directors in an election contest pursuant to and in accordance with Section 14(a) of the Exchange Act and the rules and regulations promulgated thereunder and (viii) such other information relating to any proposed item of business as the Corporation may reasonably require to determine whether such proposed item of business is a proper matter for stockholder action.

The foregoing notice requirements of this <u>Section 2.13(c)</u> shall be deemed satisfied by a stockholder with respect to business other than a nomination if the stockholder has notified the Corporation of his, her or its intention to present a proposal at an annual meeting in compliance with applicable rules and regulations promulgated under the Exchange Act and such stockholder's proposal has been included in a proxy statement that has been prepared by the Corporation to solicit proxies for such annual meeting.

If requested by the Corporation, the information required under clauses <u>(c)(3)(ii)</u>, <u>(iii)</u> and <u>(iv)</u> of this <u>Section 2.13</u> shall be supplemented by such stockholder and any such beneficial owner not later than ten (10) days after the record date for the meeting to disclose such information as of the record date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *General*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Corporation may require any proposed nominee for election or re-election as a director to furnish such other information, in addition to the information set forth in the stockholder's notice delivered pursuant to this <u>Section 2.13</u>, as it may reasonably require to determine the eligibility of such proposed nominee to serve as a director of the Corporation and whether such nominee qualifies as an "independent director" or "audit committee financial expert" under applicable law, securities exchange rules or regulations, or any publicly-disclosed corporate governance guideline or committee charter of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Except as otherwise expressly provided in any applicable rule or regulation promulgated under the Exchange Act, only such persons who are nominated in accordance with the procedures set forth in this <u>Section 2.13</u> shall be eligible to be elected at an annual or special meeting of stockholders of the Corporation to serve as directors, and only such business as shall have been brought before the meeting in accordance with the procedures set forth in this <u>Section 2.13</u> shall be conducted at a meeting of stockholders. Except as otherwise provided by law, the chairman of the meeting shall have the power and duty to (i) determine whether a nomination or any business proposed to be brought before the meeting was made or proposed, as the case may be, in accordance with the procedures set forth in this <u>Section 2.13</u> (including whether the stockholder or beneficial owner, if any, on whose behalf the nomination or proposal is made or solicited (or is part of a group which solicited) or did not so solicit, as the case may be, proxies or votes in support of such stockholder's nominee or proposal in compliance with such stockholder's representation as required by <u>Section 2.13(c)(3)(vi)</u>, and, (ii) if any proposed nomination or business was not made or proposed in compliance with this <u>Section 2.13</u>, to declare that such nomination shall be disregarded or that such proposed business shall not be transacted. Notwithstanding the foregoing provisions of this <u>Section 2.13</u>, unless otherwise required by law, if the stockholder who has delivered a notice pursuant to this <u>Section 2.13</u> (or a qualified representative of such stockholder) does not appear at the annual or special meeting of stockholders of the Corporation to present a nomination or proposed business, such nomination shall be disregarded and such proposed business shall not be transacted, notwithstanding that proxies in respect of such vote may have been received by the Corporation. To be considered a "qualified representative" of the stockholder, a person must be a duly authorized officer, manager or partner of such stockholder or must be authorized by a writing executed by such stockholder or by telegram, cablegram or other means of electronic transmission that is deemed valid in accordance with <u>Section 2.9</u> hereof delivered by such stockholder to act for such stockholder as proxy at the meeting of stockholders, and such person must produce such writing or telegram, cablegram or electronic transmission, or a reliable reproduction of the writing or telegram, cablegram or electronic transmission, at the meeting of stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) For purposes of this <u>Section 2.13</u>, "public announcement" shall mean disclosure in a press release reported by the Dow Jones News Service, Associated Press or comparable national news service, or in a document publicly filed by the Corporation with the Securities and Exchange Commission pursuant to Sections 13, 14 or 15(d) of the Exchange Act and the rules and regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Notwithstanding the foregoing provisions of this <u>Section 2.13</u>, stockholders shall also comply with all applicable requirements of the Exchange Act and the rules and regulations thereunder with respect to the matters set forth in this <u>Section 2.13</u>; <u>provided</u>, <u>however</u>, that any references in these Bylaws to the Exchange Act or the rules promulgated thereunder are not intended to and shall not limit the requirements applicable to nominations or proposals as to any other business to be considered pursuant to clause (a)(l)(iii) or (b) of this <u>Section 2.13</u>. Nothing in this <u>Section 2.13</u> shall be deemed to affect any rights (x) of stockholders to request inclusion of proposals or nominations in the Corporation's proxy statement pursuant to Rule 14a-8 promulgated under the Exchange Act or (y) of the holders of any series of preferred stock to elect directors pursuant to any applicable provisions of the Articles of Incorporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Submission of Questionnaire, Representation and Agreement*. To be eligible to be a nominee for election or re-election as a director of the Corporation nominated by a stockholder pursuant to <u>Section 2.13(a)(1)(iii)</u>, the candidate for nomination must deliver (in accordance with the time periods prescribed for delivery of notice under clauses (a)(2) or (b) of this <u>Section 2.13</u>, as applicable) to the Secretary at the principal executive office of the Corporation (1) a completed written questionnaire (in a form provided by the Corporation) with respect to the background, qualifications, stock ownership and independence of such person and the background of any other person or entity on whose behalf the nomination is being made (which questionnaire shall be provided by the Secretary upon written request) and (2) a written representation and agreement (in the form provided by the Secretary upon written request) that such person (1) is not and, if elected as a director during his or her term of office, will not become a party to (x) any agreement, arrangement or understanding with, and has not given any commitment or assurance to, any person or entity as to how such person, if elected as a director of the Corporation, will act or vote on any issue or question in his or her capacity as a director (a "<u>Voting Commitment</u>") that has not been disclosed to the Corporation or (y) any Voting Commitment that could limit or interfere with such person's ability to comply, if elected as a director of the Corporation, with such person's fiduciary duties under applicable law, (2) is not and will not become a party to any agreement, arrangement or understanding with any person or entity other than the Corporation with respect to any direct or indirect compensation, reimbursement or indemnification in connection with service or action as a director of the Corporation that has not been disclosed therein and (3) in such person's individual capacity and on behalf of any person or entity on whose behalf the nomination is being made, would be in compliance, if elected as a director of the Corporation, and will comply with all applicable publicly disclosed corporate governance, conflict of interest, confidentiality and stock ownership and trading policies and guidelines of the Corporation (and, if requested by any candidate for nomination, the Secretary of the Corporation shall provide to such candidate for nomination all such policies and guidelines then in effect).

**Article III**

**DIRECTORS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Powers and Duties</u>. Subject to the provisions of the ACT and to any limitations in the Articles of Incorporation relating to action required to be approved by the stockholders, the business and affairs of the Corporation shall be managed, and all corporate powers shall be exercised, by or under the direction and control of the Board. The Board may delegate the management of the day-to-day operation of the business of the Corporation, provided that the business and affairs of the Corporation shall remain under the ultimate direction and control of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Number and Qualifications</u>. The Board shall consist of one (1) or more members, the exact number of which shall be fixed from time to time by resolution of the Board, all of whom must be natural persons who are at least 18 years of age. Unless otherwise required by law or by the Articles of Incorporation, directors need not be stockholders of the Corporation or residents of the State of Nevada. No reduction of the authorized number of directors shall have the effect of removing any director before that director's term of office expires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Classified Board of Directors</u>. The Board shall be divided into classes, with each such class serving for a term, as set forth in the Articles of Incorporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Resignations and Removals of Directors</u>. Any director of the Corporation may resign from the Board or any committee thereof at any time, by giving notice in writing or by electronic transmission to the Chairman of the Board, the President or the Secretary of the Corporation and, in the case of a committee, to the chairman of such committee, if there be one and if there is no such chairman, to the Chairman of the Board. Such resignation shall take effect at the time therein specified (which may be upon the happening of an event specified therein) or, if no time is specified, immediately. Unless otherwise specified in such notice, the acceptance of such resignation shall not be necessary to make it effective. Except as otherwise required by law or the Articles of Incorporation and except for any director elected by the holders of any series or class of preferred stock provided for or fixed pursuant to the provisions of Article IV of the Articles of Incorporation, any director or the entire Board may be removed from office at any time, but only for cause, and only by the affirmative vote of the holders of at least sixty-six and two-thirds percent (66 2/3%) of the total voting power of the outstanding shares of capital stock of the Corporation entitled to vote in the election of directors, voting together as a single class. Unless otherwise provided by the charter of the committee, any director serving on a committee of the Board may be removed from such committee at any time by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 <u>Vacancies</u>. Except as otherwise required by law or the Articles of Incorporation, any vacancy on the Board, by reason of death, resignation, retirement, disqualification or removal or otherwise, and any newly created directorship that results from an increase in the number of directors, shall be filled only by a majority of the Board then in office, even if less than a quorum, or by a sole remaining director. Any director of any class elected to fill a vacancy resulting from an increase in the number of directors of such class shall hold office for a term that shall coincide with the remaining term of that class. Any director elected to fill a vacancy not resulting from an increase in the number of directors shall have the same remaining term as that of his or her predecessor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 <u>Regular Meetings</u>. Regular meetings of the Board shall be held at such place or places, within or without the State of Nevada, on such date or dates and at such time or times, as shall have been established by the Board and publicized among all directors. A notice of each regular meeting shall not be required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 <u>Special Meetings</u>. Special meetings of the Board for any purpose or purposes may be called at any time by the Chairman of the Board, the Chief Executive Officer, if any, the President or any two (2) directors then in office. Notice of each such meeting shall be given to each director, if by mail, addressed to such director at his or her residence or usual place of business, at least five (5) days before the day on which such meeting is to be held, or shall be sent to such director at such place by facsimile, electronic mail or other electronic transmissions, or be delivered personally or by telephone, in each case at least twenty-four (24) hours prior to the time set for such meeting. A notice of special meeting need not state the purpose of such meeting, and, unless indicated in the notice thereof, any and all business may be transacted at a special meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 <u>Organization</u>. Meetings of the Board shall be presided over by the Chairman of the Board, or in his or her absence by the Vice Chairman of the Board, if any, or in his or her absence by the Chief Executive Officer, if any, if such person is a member of the Board, or in the absence of any such person, by a chairperson chosen at the meeting. The Secretary shall act as secretary of the meeting, but in his or her absence the chairperson of the meeting may appoint any person to act as secretary of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 <u>Quorum</u>. Except as otherwise required by law, these Bylaws or the Articles of Incorporation, at all meetings of the Board or any committee thereof, a majority of the entire Board or a majority of the directors constituting such committee, as the case may be, shall constitute a quorum for the transaction of business and the act of a majority of the directors or committee members present at any meeting at which there is a quorum shall be the act of the Board or such committee, as applicable. If a quorum shall not be present at any meeting of the Board or any committee thereof, a majority of the directors present thereat may adjourn the meeting from time to time, without notice other than announcement at the meeting of the time and place of the adjourned meeting, until a quorum shall be present.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 <u>Action of the Board by Written Consent</u>. Unless otherwise provided in the Articles of Incorporation or these Bylaws, any action required or permitted to be taken at any meeting of the Board or any committee thereof may be taken without a meeting if all of the members of the Board or such committee, as the case may be, consent thereto in writing or by electronic transmission and the writing or writings or electronic transmission or transmissions are filed with the minutes of proceedings of the Board or such committee. Such filing shall be in paper form if the minutes are maintained in paper form and shall be in electronic form if the minutes are maintained in electronic form. After an action is taken, the consent or consents relating thereto shall be filed with the minutes of proceedings of the Board or such committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 <u>Expense Reimbursement and Compensation</u>. Directors and members of committees may receive such compensation, if any, for their services and such reimbursement of expenses as may be fixed or determined by resolution of the Board. This <u>Section 3.11</u> shall not be construed to preclude any director from serving the Corporation in any other capacity as an officer, agent, employee or otherwise and receiving compensation for those services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 <u>Chairman and Vice Chairman of the Board</u>. The Corporation shall have a Chairman of the Board and, at the Board's discretion, a Vice Chairman of the Board. Any such Chairman of the Board or Vice Chairman of the Board may be an officer of this Corporation as determined by the Board pursuant to <u>Section 4.1</u>. The Chairman of the Board shall preside at all meetings of the stockholders and of the Board and shall exercise and perform such other powers and duties as may be from time to time assigned to him or her by the Board or as may be prescribed by these Bylaws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13 <u>Committees</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Board may, by resolution, designate from among its members one (1) or more committees, each such committee to consist of one (1) or more of the directors of the Corporation, the exact number of which shall be fixed from time to time by resolution of the Board. The Board may designate one (1) or more directors as alternate members of any committee to replace any absent or disqualified member at any meeting of the committee. In the absence or disqualification of a member of a committee, the member or members present at any meeting and not disqualified from voting, whether or not he, she or they constitute a quorum, may unanimously appoint another member of the Board to act at the meeting in the place of any such absent or disqualified member. Any such committee, to the extent provided in the resolution of the Board establishing such committee, shall have and may exercise all the powers and authority of the Board in the management of the business and affairs of the Corporation, and may authorize the seal of the Corporation to be affixed to all papers which may require it; <u>provided</u>, <u>however</u>, no such committee shall have the power or authority in reference to the following matters: (i) approving or adopting, or recommending to the stockholders, any action or matter (other than the election or removal of directors) expressly required by the ACT to be submitted to stockholders for approval, or (ii) adopting, amending or repealing any bylaw of the Corporation. All committees of the Board shall keep minutes of their meetings and shall report their proceedings to the Board when requested or required by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any committee of the Board may adopt such rules and regulations not inconsistent with the provisions of law, the Articles of Incorporation or these Bylaws for the conduct of its meetings as such committee may deem proper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Without otherwise limiting the powers of the Board set forth in Section 3.1 and provided that shares of capital stock of the corporation are listed for trading on either The Nasdaq Capital Market ("<u>NASDAQ</u>") or the New York Stock Exchange ("<u>NYSE</u>"), or another national securities exchange, the corporation shall comply with the corporate governance rules and requirements of the NASDAQ or the NYSE, or such other national securities exchange, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14 <u>Telephonic / Virtual Meetings</u>. Unless otherwise restricted by the Articles of Incorporation or these Bylaws, members of the Board, or any committee designated by the Board, may participate in a meeting of the Board, or such committee, as the case may be, by means of conference telephone or other electronic communications equipment by means of which all persons participating in the meeting can hear each other, and such participation in a meeting shall constitute presence in person at the meeting.

**Article IV**

**OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>General</u>. The officers of the Corporation shall be chosen by the Board and shall include a President, a Chief Executive Officer, a Treasurer, and a Secretary. The Board, in its discretion, may also appoint such additional officers as the Board may deem necessary or desirable, including a Chief Financial Officer, one (1) or more Vice Presidents, one (1) or more Assistant Vice Presidents, one (1) or more Assistant Secretaries, and one (1) or more Assistant Treasurers, each of whom shall hold office for such period, have such authority and perform such duties as the Board may from time to time determine. Subject to the rules or regulations of any stock exchange applicable to the Corporation or other applicable law, the Board may delegate to any officer of this Corporation or any committee of the Board the power to appoint, remove and prescribe the term and duties of any officer provided for in this <u>Section 4.1</u>. Any number of offices may be held by the same person, unless otherwise provided by the Articles of Incorporation or these Bylaws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Appointment and Term</u>. Each officer shall serve at the pleasure of the Board and shall hold office until such officer's successor has been appointed, or until such officer's earlier death, resignation or removal. Any officer may be removed, either with or without cause, by the Board or by any officer upon whom such power of removal may be conferred by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Resignations</u>. An officer may resign from his or her position at any time, by giving notice in writing or electronic transmission to the Corporation. Such resignation shall be without prejudice to any rights, if any, the Corporation may have under any contract to which the officer is a party. Such resignation shall take effect at the time therein specified (which may be upon the happening of an event specified therein), or, if no time is specified, immediately; and unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make it effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 <u>Vacancies</u>. A vacancy in any office because of death, resignation, removal, disqualification or otherwise shall be filled by the Board in the manner prescribed in these Bylaws for election or appointment to such office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 <u>Compensation</u>. The Board shall fix, or may appoint a committee to fix, the compensation of all officers of the Corporation appointed by the Board. Subject to the rules or regulations of any stock exchange applicable to the Corporation or other applicable law, the Board may authorize any officer upon whom the power to appoint officers may have been conferred pursuant to <u>Section 4.1</u> to fix the compensation of such officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 <u>Authority and Duties of Officers</u>. All officers of the Corporation shall respectively have such authority and perform such duties in the management of the business of the Corporation as may be provided herein or designated from time to time by the Board and, to the extent not so provided, as generally pertain to their respective offices, subject to the control of the Board.

**Article V**

**STOCK**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Certificates</u>. The shares of the Corporation shall be represented by certificates, <u>provided</u> that the Board may provide by resolution or resolutions that some or all of any or all classes or series of the Corporation's stock shall be uncertificated shares. Any such resolution shall not apply to shares represented by a certificate until such certificate is surrendered to the Corporation. Every holder of stock in the Corporation represented by certificates shall be entitled to have a certificate signed by, or in the name of, the Corporation by any two (2) authorized officers, representing the number of shares registered in certificate form. Any or all of the signatures on the certificate may be a facsimile signature. In case any officer, transfer agent or registrar who has signed or whose facsimile signature has been placed upon a certificate shall have ceased to be such officer, transfer agent or registrar before such certificate is issued, it may be issued by the Corporation with the same effect as if such person were such officer, transfer agent or registrar at the date of issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Transfers</u>. Shares of stock of the Corporation shall be transferable upon the Corporation's books by the holders thereof, in person or by their duly authorized attorneys or legal representatives, upon surrender to the Corporation of the certificate or certificates representing such shares endorsed by the appropriate person or persons (or, with respect to uncertificated shares, by delivery of duly executed instructions or in any other manner permitted by applicable law). Certificates representing such shares, if any, shall be cancelled and new certificates, if the shares are to be certificated, shall thereupon be issued. Shares of capital stock of the Corporation that are not represented by a certificate shall be transferred in accordance with applicable law. A record shall be made of each transfer. Whenever any transfer of shares shall be made for collateral security, and not absolutely, it shall be so expressed in the entry of the transfer if, when the certificates are presented, both the transferor and transferee request the Corporation to do so. The Board shall have power and authority to make such rules and regulations as it may deem necessary or proper concerning the issue, transfer and registration of certificates for shares of stock of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Lost Stolen, or Destroyed Certificates</u>. The Board may direct a new certificate or uncertificated shares be issued in place of any certificate theretofore issued by the Corporation alleged to have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming the certificate of stock to be lost, stolen or destroyed. When authorizing such issuance of a new certificate or uncertificated shares, the Board may, in its discretion, require the owner of such lost, stolen or destroyed certificate to give the Corporation a bond (or other adequate security) in such sum as it may direct as indemnity against any claim that may be made against the Corporation on account of the alleged loss, theft or destruction of such certificate or the issuance of such new certificate or uncertificated shares. The Board may adopt such other provisions and restrictions with reference to lost certificates, not inconsistent with applicable law, as it shall in its discretion deem appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Record Owners</u>. The Corporation shall be entitled to recognize the exclusive right of a person registered on its books as the owner of shares to receive dividends, and to vote as such owner, and shall not be bound to recognize any equitable or other claim to or interest in such share or shares on the part of any other person, whether or not it shall have express or other notice thereof, except as otherwise required by law.

**Article VI**

**NOTICES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Notices</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Whenever notice is required by law, the Articles of Incorporation or these Bylaws, to be given to any director, member of a committee or stockholder, such notice may be given by mail, addressed to such director, member of a committee or stockholder, at such person's address as it appears on the books of the Corporation or given by the stockholder for such purpose, with postage thereon prepaid, and such notice shall be deemed to be given at the time when the same shall be deposited in the United States mail. Notice may also be given personally or by facsimile, electronic mail or other means of electronic transmission in accordance with applicable law. Without limiting the foregoing, any notice to stockholders given by the Corporation pursuant to the ACT, the Articles of Incorporation or these Bylaws shall be effective if given by a form of electronic transmission consented to by the stockholder to whom the notice is given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notice to a stockholder given by a form of electronic transmission in accordance with these Bylaws shall be deemed given: (i) if by facsimile telecommunication, when directed to a number at which the stockholder has consented to receive notice; (ii) if by electronic mail, when directed to an electronic mail address at which the stockholder has consented to receive notice; (iii) if by a posting on an electronic network, together with separate notice to the stockholder of such specific posting, upon the later of such posting and the giving of such separate notice; and (iv) if by another form of electronic transmission, when directed to the stockholder. For purposes of these Bylaws, "electronic transmission" means any form of communication, not directly involving the physical transmission of paper, that creates a record that may be retained, retrieved and reviewed by a recipient thereof, and that may be directly reproduced in paper form by such a recipient through an automated process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any notice to stockholders given by the Corporation may be given by a single written notice to stockholders who share an address if consented to by the stockholders at such address to whom such notice is given. Any such consent shall be revocable by the stockholders by written notice to the Corporation. Any stockholder who fails to object in writing to the Corporation, within sixty (60) days of having been given written notice by the Corporation of its intention to send the single notice as set forth in this <u>Section 6.1(c)</u> shall be deemed to have consented to receiving such single written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Waivers of Notice</u>. Whenever any notice is required by applicable law, the Articles of Incorporation or these Bylaws, to be given to any director, member of a committee or stockholder, a waiver thereof in writing, signed by the person or persons entitled to notice, or a waiver thereof given by electronic transmission by the person or persons entitled to notice, in each case, whether before or after the time stated therein, shall be deemed equivalent thereto. Attendance of a person at a meeting, present in person or represented by proxy, shall constitute a waiver of notice of such meeting, except where the person attends the meeting for the express purpose of objecting at the beginning of the meeting to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted at, nor the purpose of, any annual or special meeting of stockholders or any regular or special meeting of the directors or members of a committee of directors need be specified in any written waiver of notice unless so required by law, the Articles of Incorporation or these Bylaws.

**Article VII**

**INDEMNIFICATION AND ADVANCEMENT OF EXPENSES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>Indemnification and Insurance.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Indemnification of Directors and Officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For purposes of this Article, (A) "Indemnitee" means each director, officer, agent or employee of the Corporation who was or is a party to, or is threatened to be made a party to, or is otherwise involved in, any Proceeding (as defined below), by reason of the fact that he or she is or was a director, officer, agent or employee of the Corporation or is or was serving at the request of the Corporation as a director, officer or employee of, or in any other capacity for, another corporation, partnership, joint venture, limited liability company, trust, or other enterprise; and (B) "Proceeding" means any threatened, pending, or completed action, suit or proceeding (including, without limitation, an action, suit or proceeding by or in the right of the Corporation), whether civil, criminal, administrative, or investigative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Indemnitee shall be indemnified and held harmless by the Corporation to the fullest extent permitted by the laws of the State of Nevada, against all expense, liability and loss (including, without limitation, attorneys' fees, judgments, fines, taxes, penalties, and amounts paid or to be paid in settlement) reasonably incurred or suffered by the Indemnitee in connection with any Proceeding; provided that such Indemnitee either is not liable pursuant to NRS 78.138 or acted in good faith and in a manner such Indemnitee reasonably believed to be in or not opposed to the best interests of the Corporation and, with respect to any Proceeding that is criminal in nature, had no reasonable cause to believe that his or her conduct was unlawful. The termination of any Proceeding by judgment, order, settlement, conviction or upon a plea of nolo contendere or its equivalent, does not, of itself, create a presumption that the Indemnitee is liable pursuant to NRS 78.138 or did not act in good faith and in a manner in which he or she reasonably believed to be in or not opposed to the best interests of the Corporation, or that, with respect to any criminal proceeding he or she had reasonable cause to believe that his or her conduct was unlawful. The Corporation shall not indemnify an Indemnitee for any claim, issue or matter as to which the Indemnitee has been adjudged by a court of competent jurisdiction, after exhaustion of all appeals therefrom, to be liable to the Corporation or for any amounts paid in settlement to the Corporation, unless and only to the extent that the court in which the Proceeding was brought or other court of competent jurisdiction determines upon application that in view of all the circumstances of the case, the Indemnitee is fairly and reasonably entitled to indemnity for such amounts as the court deems proper. Except as so ordered by a court and for advancement of expenses pursuant to this Section, indemnification may not be made to or on behalf of an Indemnitee if a final adjudication establishes that his or her acts or omissions involved intentional misconduct, fraud or a knowing violation of law and was material to the cause of action. Notwithstanding anything to the contrary contained in these Bylaws, no director or officer may be indemnified for expenses incurred in defending any threatened, pending, or completed action, suit or proceeding (including without limitation, an action, suit or proceeding by or in the right of the Corporation), whether civil, criminal, administrative or investigative, that such director or officer incurred in his or her capacity as a stockholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Indemnification pursuant to this Section shall continue as to an Indemnitee who has ceased to be a director, officer, agent or employee of the Corporation or member, manager or managing member of a predecessor limited liability company or affiliate of such limited liability company or a director, officer, employee, partner, member, manager or fiduciary of, or to serve in any other capacity for, another corporation or any partnership, joint venture, limited liability company, trust, or other enterprise and shall inure to the benefit of his or her heirs, executors and administrators.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The expenses of Indemnitees must be paid by the Corporation or through insurance purchased and maintained by the Corporation or through other financial arrangements made by the Corporation, as such expenses are incurred and in advance of the final disposition of the Proceeding, upon receipt of an undertaking by or on behalf of such Indemnitee to repay the amount if it is ultimately determined by a court of competent jurisdiction that he or she is not entitled to be indemnified by the Corporation. To the extent that an Indemnitee is successful on the merits or otherwise in defense of any Proceeding, or in the defense of any claim, issue or matter therein, the Corporation shall indemnify him or her against expenses, including attorneys' fees, actually and reasonably incurred by him or her in connection with the defense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Indemnification of Employees and Other Persons. The Corporation may, by action of the Board of Directors and to the extent provided in such action, indemnify employees, agents and other persons as though they were Indemnitees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Non-Exclusivity of Rights. The rights to indemnification provided in this Article shall not be exclusive of any other rights that any person may have or hereafter acquire under any statute, provision of the Articles of Incorporation or these Bylaws, agreement, vote of stockholders or directors, or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Insurance. The Corporation may purchase and maintain insurance or make other financial arrangements on behalf of any Indemnitee for any liability asserted against him or her and liability and expenses incurred by him or her in his or her capacity as a director, officer or employee, or arising out of his or her status as such, whether or not the Corporation has the authority to indemnify him or her against such liability and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Other Financial Arrangements. The other financial arrangements which may be made by the Corporation may include, but are not limited to, the following (i) the creation of a trust fund; (ii) the establishment of a program of self-insurance; (iii) the securing of its obligation of indemnification by granting a security interest or other lien on any assets of the Corporation; and (iv) the establishment of a letter of credit, guarantee or surety. No financial arrangement made pursuant to this subsection may provide protection for a person adjudged by a court of competent jurisdiction, after exhaustion of all appeals therefrom, to be liable for intentional misconduct, fraud, or a knowing violation of law, except with respect to advancement of expenses or indemnification ordered by a court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Other Matters Relating to Insurance or Financial Arrangements. Any insurance or other financial arrangement made on behalf of a person pursuant to this Section 8.1 may be provided by the Corporation or any other person approved by the Board of Directors, even if all or part of the other person's stock or other securities is owned by the Corporation. In the absence of fraud, (i) the decision of the Board of Directors as to the propriety of the terms and conditions of any insurance or other financial arrangement made pursuant to this Section 8.1 and the choice of the person to provide the insurance or other financial arrangement is conclusive; and (ii) the insurance or other financial arrangement is not void or voidable and does not subject any director approving it to personal liability for his action; even if a director approving the insurance or other financial arrangement is a beneficiary of the insurance or other financial arrangement.

Section 8.2 Amendment. Notwithstanding any other provision of these Bylaws relating to their amendment generally, any repeal or amendment of this Article VII which is adverse to any Indemnitee shall apply to such Indemnitee only on a prospective basis, and shall not limit the rights of an Indemnitee to indemnification with respect to any action or failure to act occurring prior to the time of such repeal or amendment.

**Article VIII**

**GENERAL PROVISIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 <u>Fiscal Year</u>. The fiscal year of the Corporation shall be fixed by resolution of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 <u>Corporate Seal</u>. The Corporation may adopt and may subsequently alter the corporate seal and it may use the same by causing it or a facsimile thereof to be impressed or affixed or reproduced or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 <u>Maintenance and Inspection of Records</u>. The Corporation shall, either at its principal executive office or at such place or places as designated by the Board, keep a record of its stockholders listing their names and addresses and the number and class of shares held by each stockholder, a copy of these Bylaws as amended to date, accounting books and other records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 <u>Reliance Upon Books. Reports and Records</u>. Each director and each member of any committee designated by the Board shall, in the performance of his or her duties, be fully protected in relying in good faith upon the books of account or other records of the Corporation and upon such information, opinions, reports or statements presented to the Corporation by any of its officers or employees, or committees of the Board so designated, or by any other person as to matters which such director or committee member reasonably believes are within such other person's professional or expert competence and who has been selected with reasonable care by or on behalf of the Corporation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 <u>Dividends</u>. Subject to the requirements of the ACT and the provisions of the Articles of Incorporation, dividends on the capital stock of the Corporation may be declared by the Board at any regular or special meeting of the Board (or any action by written consent in lieu thereof in accordance with <u>Section 3.11</u> hereof), and may be paid in cash, in property, or in shares of the Corporation's capital stock. Before payment of any dividend, there may be set aside out of any funds of the Corporation available for dividends such sum or sums as the Board from time to time, in its absolute discretion, deems proper as a reserve or reserves to meet contingencies, or for purchasing any of the shares of capital stock, warrants, rights, options, bonds, debentures, notes, scrip or other securities or evidences of indebtedness of the Corporation, or for equalizing dividends, or for repairing or maintaining any property of the Corporation, or for any proper purpose, and the Board may modify or abolish any such reserve. In the event that the Board declares a dividend on the capital stock of the Corporation pursuant to this <u>Section 8.5</u>, the Board may fix a record date in order that the Corporation may determine the stockholders entitled to receive payment of any dividend, which record date shall be fixed in accordance with <u>Section 2.11(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 <u>Articles of Incorporation Governs</u>. In the event of any conflict between the provisions of the Articles of Incorporation and these Bylaws, the provisions of the Articles of Incorporation shall govern.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 <u>Severability</u>. Any determination that any provision of these Bylaws is for any reason inapplicable, illegal or ineffective shall not affect or invalidate any other provision of these Bylaws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8 <u>Actions with Respect to Securities of Other Entities</u>. All stock and other securities of other entities owned or held by the Corporation for itself, or for other parties in any capacity, shall be voted (including by written consent), and all proxies with respect thereto shall be executed, by the person or persons authorized to do so by resolution of the Board or, in the absence of such authorization, by the President, Chief Executive Officer, Secretary or such other officer of the Corporation designated by the Board.

**Article IX**

**form for adjudication of disputes**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 <u>Forum for Adjudication of Disputes.</u> Unless the Corporation consents in writing to the selection of an alternative forum, the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of the Corporation, (ii) any action asserting a claim of breach of a fiduciary duty owed by any director, officer or other employee of the Corporation to the Corporation or the Corporation's stockholders, (iii) any action asserting a claim arising pursuant to any provision of the ACT or the Articles of Incorporation or Bylaws (as either may be amended from time to time), or (iv) any action asserting a claim governed by the internal affairs doctrine shall be the Nevada Courts (or, if the Nevada Courts of Chancery does not have jurisdiction, the federal district court for the District of Nevada).

If any action the subject matter of which is within the scope of the preceding sentence is filed in a court other than a court located within the State of Nevada (a "Foreign Action") in the name of any stockholder, such stockholder shall be deemed to have consented to (i) the personal jurisdiction of the state and federal courts located within the State of Nevada in connection with any action brought in any such court to enforce the preceding sentence and (ii) having service of process made upon such stockholder in any such action by service upon such stockholder's counsel in the Foreign Action as agent for such stockholder.

**Article X**

**AMENDMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 <u>Amendments</u>. These Bylaws may be altered, amended or repealed, in whole or in part, or new Bylaws may be adopted by the Board or by the stockholders as expressly provided in the Articles of Incorporation.

## Exhibit 4.01

**Exhibit 4.01**

NEITHER THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY IS CONVERTIBLE HAS BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. THIS SECURITY AND THE SECURITIES ISSUABLE UPON CONVERSION OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER OR OTHER LOAN WITH A FINANCIAL INSTITUTION THAT IS AN "ACCREDITED INVESTOR" AS DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT OR OTHER LOAN SECURED BY SUCH SECURITIES**.**

**EDISON ONCOLOGY HOLDING CORP.**

**CONVERTIBLE PROMISSORY NOTE**

---

| | |
|:---|:---|
| $___________________ |  |
|  | __________________________, 2020 |

---

**EDISON ONCOLOGY HOLDING CORP**., a Nevada corporation (the "**Company**"), for value received, hereby promises to pay to <u>[ ]</u> or its assigns (the "**Holder**"), the principal amount of __________ ($__________) (the "**Principal Amount**"), together with interest (computed on the basis of a 365-day year for the actual number of days elapsed) from the date hereof on the unpaid balance of such Principal Amount from time to time outstanding at the rate of ten percent (10%) per annum ("**Interest**") until paid in full or converted as provided herein.

This Note is issued pursuant to the terms of the Securities Purchase Agreement, by and between the Company and Holder, dated the date hereof (the "**Purchase Agreement**"). Capitalized terms used herein but otherwise not defined shall have the definitions ascribed to them in the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Repayment of the Note**. The Principal Amount outstanding hereunder shall be payable in cash on the 12 month anniversary of the date hereof (the "**Maturity Date**") unless sooner converted pursuant to Section 3 herein. The entire Principal Amount and all accrued and unpaid Interest shall be due and payable on the earlier of (1) the Maturity Date and (2) the occurrence of an Event of Default (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Prepayment of the Note**. The Company may prepay any outstanding amounts owing under this Note, in whole or in part, at any time prior to the Maturity Date, subject to conversions by the Holder, in accordance with Section 3 of this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Conversion.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Optional Conversion</u>. At any time or from time to time and prior to payment in full of the entire Principal Amount, the Holder shall have the right, at the Holder's option, to convert the Principal Amount and accrued Interest thereon, in whole or in part (the "**Conversion Amount**"), into shares of common stock, par value $0.0001 per share (the "**Common Stock**") of the Company. The number of shares of Common Stock to be issued upon a conversion hereunder shall be determined by dividing the Conversion Amount by the Conversion Price. **"Conversion Price**" means $0.50, as adjusted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Conversion Mechanics.</u> In order to convert this Note into Common Stock, the Holder shall give written notice to the Company at its principal corporate office or the notice address provided in this Note (which notice, notwithstanding anything herein to the contrary, may be given via facsimile, email, or other means in the discretion of the Holder) pursuant to the forms attached hereto as **<u>Exhibit A</u>** (the "**Conversion Notice**") of the election to convert the same pursuant to this section (the date on which a Conversion Notice is given, a "**Conversion Date**"). Such Conversion Notice shall state the Conversion Amount and the number of shares of Common Stock to which the Holder is entitled pursuant to the Conversion Notice (the "**Conversion Shares**"). The Company shall immediately, but in no event later than five (5) trading days after receipt of a Conversion Notice (the "**Required Delivery Date**"), deliver the Conversion Shares to the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>No Fractional Shares</u>. No fractional Conversion Shares shall be issued by the Company. In lieu thereof, the shares of Common Stock otherwise issuable shall be rounded up to the nearest whole Conversion Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Mandatory Conversion</u>. Upon the occurrence of a Qualified Financing, all outstanding principal and accrued but unpaid Interest on this Note shall automatically, and without any further action on the part of the Holder, convert (the "**Mandatory Conversion**") into shares of the Company's Common Stock based on the Conversion Price then in effect. For purposes hereof, "**Qualified Financing**" shall be defined as a private placement of the Company's securities in which the Company receives gross proceeds of at least two million dollars ($2,000,000), provided, however, to the extent that the Mandatory Conversion of this Note would result in the Holder exceeding the Beneficial Ownership Limitation, then this Note shall be mandatorily converted only to such extent such Beneficial Ownership Limitation is not exceeded (and Holder will not have beneficial ownership of such shares of Common Stock as a result of any non-conversion of this Note to such extent) and such Mandatory Conversion. to such extent. shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Holder's Conversion Limitations</u>. The Company shall not effect any conversion of this Note, and a Holder shall not have the right to convert any portion of this Note, pursuant to Section 3 or otherwise, to the extent that after giving effect to such issuance after conversion as set forth on the applicable Conversion Notice, the Holder (together with the Holder's Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder's Affiliates), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its Affiliates shall include the number of shares of Common Stock issuable upon conversion of this Note with respect to which such determination is being made, but shall exclude the number of shares of Common Stock which would be issuable upon (i) conversion of the remaining, nonconverted portion of this Note beneficially owned by the Holder or any of its Affiliates and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other Common Stock Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates. Except as set forth in the preceding sentence, for purposes of this Section 3(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation contained in this Section 3(e) applies, the determination of whether this Note is convertible (in relation to other securities owned by the Holder together with any Affiliates) and of which portion of this Note is convertible shall be in the sole discretion of the Holder, and the submission of an Conversion Notice shall be deemed to be the Holder's determination of whether this Note is convertible (in relation to other securities owned by the Holder together with any Affiliates) and of which portion of this Note is convertible, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 3(e), in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected in (A) a recent public announcement by the Company or (B) a more recent written notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding. Upon the written or oral request of a Holder, the Company shall within two trading days confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Note, by the Holder or its Affiliates since the date as of which such number of outstanding shares of Common Stock was reported. The "**Beneficial Ownership Limitation**" shall be 4.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon conversion of this Note held by the Holder. The Holder may increase or decrease the Beneficial Ownership Limitation provisions of this Section 4(d), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon conversion of this Note held by the Holder and the Beneficial Ownership Limitation provisions of this Section 4(e) shall continue to apply. Any such increase will not be effective until the 61<sup>st</sup> day after such notice is delivered to Company. The Beneficial Ownership Limitation provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 4(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation contained herein or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Adjustments for Issuance of Additional Securities.</u> In the event that the Company shall, at any time, from time to time, issue or sell any additional shares of Common Stock or issue shares of Common Stock pursuant to Common Stock Equivalents (hereafter defined) granted or issued prior to the original issuance date of this Note (other than those Common Stock Equivalents excluded by subsection (iv) below) ("**Additional Shares of Common Stock**"), at a price per share less than the Conversion Price then in effect or without consideration, then the Conversion Price upon each such issuance shall be reduced to a price equal to the consideration per share paid for such Additional Shares of Common Stock (in the event such Additional Shares of Common Stock shall be issued without consideration, such per share price shall be deemed to be $0.0001). The provisions of this Section 3(f) shall apply if (a) the Company, at any time after the Original Issuance Date, shall issue any securities convertible into or exchangeable for, directly or indirectly, Common Stock ("**Convertible Securities**"), or (b) any rights or warrants or options to purchase any such Common Stock or Convertible Securities (collectively, the "**Common Stock Equivalents**") shall be issued or sold. If the price per share for which Additional Shares of Common Stock may be issuable pursuant to any such Common Stock Equivalent shall be less than the applicable Conversion Price then in effect, or if, after any such issuance of Common Stock Equivalents, the price per share for which Additional Shares of Common Stock may be issuable thereafter is amended or adjusted, and such price as so amended shall be less than the applicable Conversion Price in effect at the time of such amendment or adjustment, then the applicable Conversion Price upon each such issuance or amendment shall be adjusted as provided in the first sentence of this Section 3(f). Notwithstanding the foregoing, not adjustment shall be made pursuant to this Section 3(f) with respect to an Excepted Issuance. "**Excepted Issuance**" means (i) securities issued as full or partial consideration in connection with a strategic merger, acquisition, consolidation or purchase of substantially all of the securities or assets of a corporation or other entity which holders of such securities or debt are not at any time granted registration rights equal to or greater than those granted to the Holder, (ii) the Company's issuance of securities in connection with strategic license agreements and other partnering arrangements so long as such issuances are not primarily for the purpose of raising capital and which holders of such securities or debt are not at any time granted registration rights equal to or greater than those granted to the Holder, (iii) the Company's issuance of Common Stock or the issuances or grants of options to purchase Common Stock to employees, directors, and consultants, pursuant to plans that have been approved by a majority of the stockholders and a majority of the independent members of the board of directors of the Company or in existence as such plans are constituted on the Original Issuance Date of this Note, (iv) the Company's issuance of securities upon the exercise or exchange of or conversion of any securities exercisable or exchangeable for or convertible into shares of Common Stock issued and outstanding on the Original Issuance Date of this Note on the terms in effect as of the date hereof, (v) the Company's issuance of Common Stock or the issuances or grants of options to purchase Common Stock to consultants and service providers and (vi) any and all securities required to be assumed by the Company by the terms thereof as a result of any of the foregoing even if issued by a predecessor acquired in connection with a business combination, merger or share exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Other Adjustments</u>. If the Company shall at any time or from time to time after the Original Issuance Date of this Note, effect a stock split of the outstanding Common Stock, the applicable Conversion Price in effect immediately prior to the stock split shall be proportionately decreased. If the Company shall at any time or from time to time after the Original Issuance Date of this Note, combine the outstanding shares of Common Stock, the applicable Conversion Price in effect immediately prior to the combination shall be proportionately increased. Any adjustments under this Section 3(g) shall be effective at the close of business on the date the stock split or combination occurs. If the Company shall at any time or from time to time after the Original Issuance Date, make or issue or set a record date for the determination of holders of Common Stock entitled to receive a dividend or other distribution payable in shares of Common Stock, then, and in each event, the applicable Conversion Price in effect immediately prior to such event shall be decreased as of the time of such issuance or, in the event such record date shall have been fixed, as of the close of business on such record date, by multiplying, the applicable Conversion Price then in effect by a fraction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the numerator of which shall be the total number of shares
of Common Stock issued and outstanding immediately prior to the time of such issuance or the close of business on such record date; and

(2) the denominator of which shall be the total number of shares
of Common Stock issued and outstanding immediately prior to the time of such issuance or the close of business on such record date plus
the number of shares of Common Stock issuable in payment of such dividend or distribution.

If the Company shall at any time or from time to time after the Original Issuance Date of this Note, make or issue or set a record date for the determination of holders of Common Stock entitled to receive a dividend or other distribution payable in other than shares of Common Stock, then, and in each event, an appropriate revision to the applicable Conversion Price shall be made and provision shall be made (by adjustments of the Conversion Price or otherwise) so that the holders of this Note shall receive upon conversions thereof, in addition to the number of shares of Common Stock receivable thereon, the number of securities of the Company which they would have received had this Note been converted into Common Stock on the date of such event and had thereafter, during the period from the date of such event to and including the Conversion Date, retained such securities (together with any distributions payable thereon during such period), giving application to all adjustments called for during such period under this Section 3(g) with respect to the rights of the Holder; <u>provided</u>, <u>however</u>, that if such record date shall have been fixed and such dividend is not fully paid or if such distribution is not fully made on the date fixed therefor, the Conversion Price shall be adjusted pursuant to this paragraph as of the time of actual payment of such dividends or distributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Termination of Rights Under this Note**. This Note shall no longer be deemed to be outstanding, and all rights with respect to this Note shall immediately cease and terminate, upon receipt by the Holder of (i) the Principal Amount outstanding and all accrued and unpaid Interest thereon, on the Maturity Date or, (ii) the conversion of the entire Principal Amount and Interest then due hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Taxes or other Issuance Charges**. The Company shall pay any and all taxes or other expenses that may be payable in respect of any issuance or delivery of the Conversion Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. Event of Default.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the following events, individually, shall constitute
an "**Event of Default** ":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company shall fail to pay any Principal Amount due under
this Note when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof
or otherwise;

(ii) the Company shall fail to pay any accrued but unpaid Interest
when and as the same shall become due and payable;

(iii) the Company shall fail to perform any obligation or pay any
fee or any other amount payable under any of the Transaction Documents, when and as the same shall become due and payable;

(iv) any representation or warranty made by or on behalf of the
Company in or in connection with any Transaction Document, or in any report, certificate or other document furnished pursuant to or in
connection with any Transaction Document, shall prove to have been incorrect in any material respect when made or deemed made or shall
be breached;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Company shall fail to observe or perform any covenant,
condition or agreement contained in any Transaction Document (other than those specified in clause (i), (ii), and(iii) of this Section
6 and such failure shall continue unremedied for a period of ten (10) days after notice thereof from Purchaser to the Company;

(vi) an involuntary proceeding shall be commenced or an involuntary
petition shall be filed seeking (i) liquidation, reorganization or other relief in respect of the Company or its debts, or of a substantial
part of its assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect
or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Company or for a substantial
part of its assets, and, in any such case, such proceeding or petition shall continue undismissed for ninety (90) days or an order or
decree approving or ordering any of the foregoing shall be entered;

(vii) the Company shall (i) voluntarily commence any proceeding or
file any petition seeking liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership
or similar law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner,
any proceeding or petition described in clause (vi) of this Section 6, (iii) apply for or consent to the appointment of a receiver, trustee,
custodian, sequestrator, conservator or similar official for the Company or for a substantial part of its assets, (iv) file an answer
admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit
of creditors or (vi) take any action for the purpose of effecting any of the foregoing;

(viii) the Company shall be unable, admit in writing its inability,
or fail generally, to pay its debts as they become due;

(ix) one or more final judgments for the payment of money in an
aggregate amount in excess of $250,000 shall be rendered against the Company and the same shall remain undischarged for a period of twenty
(20) consecutive days during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor
to attach or levy upon any assets of the Company to enforce any such judgment; or

(xi) any of this Agreement or the Note shall cease to be, or shall
be asserted by the Company or other obligor thereunder not to be, in full force and effect.

Upon the occurrence at any time of any Event of Default, subject to any applicable cure periods, the entire unpaid Principal Amount and all accrued and unpaid Interest thereon shall become immediately due and payable in cash without notice or demand. The Holder shall have then, or at any time thereafter, all of the rights and remedies afforded by the Uniform Commercial Code as from time to time in effect in the State of Nevada or afforded by other applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Remedies</u>. Notwithstanding anything to the contrary in any Transaction Document, upon the occurrence of an Event of Default, and in every such event (other than an event with respect to the Company described in clauses (vi), (vii) or (viii) of Section 6, at any time during the continuance of such event, Purchaser may, at its sole election, by notice to the Company, declare the entire principal amount of the Note then outstanding to be due and payable in whole (or in part, in which case any principal amount not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the outstanding principal amount due under the Note so declared to be due and payable, together with all fees and other payment obligations of the Company accrued but unpaid under the Transaction Documents, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Company, and in case of any event with respect to the Company described in clauses (vi), (vii) or (viii) of Section 6, the entire principal amount under this Note then outstanding, together with all fees and other payment obligations of the Company accrued but unpaid under the Transaction Documents, shall automatically become due and payable, without presentment, demand, protest or notice of any kind, all of which are hereby waived by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. Non-Waiver**. The failure of the Holder to enforce or exercise any right or remedy provided in this Note or at law or in equity upon any default or breach shall not be construed as waiving the rights to enforce or exercise such or any other right or remedy at any later date. No exercise of the rights and powers granted in or held pursuant to this Note by the Holder, and no delays or omission in the exercise of such rights and powers shall be held to exhaust the same or be construed as a waiver thereof, and every such right and power may be exercised at any time and from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. Waiver by the Company**. The Company hereby waives presentment, protest, notice of protest, notice of nonpayment, notice of dishonor and any and all other notices or demands relative to this Note, except as specifically provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. Usury Savings Clause**. The Company and the Holder intend to comply at all times with applicable usury laws. If at any time such laws would render usurious any amounts due under this Note under applicable law, then it is the Company's and Holder's express intention that the Company not be required to pay Interest on this Note at a rate in excess of the maximum lawful rate, that the provisions of this <u>Section 9</u> shall control over all other provisions of this Note which may be in apparent conflict hereunder, that such excess amount shall be immediately credited to the balance of the Principal Amount of this Note, and the provisions hereof shall immediately be reformed and the amounts thereafter decreased, so as to comply with the then applicable usury law, but so as to permit the recovery of the fullest amount otherwise due under this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. Holder Not a Stockholder.** The Holder shall not have, solely on account of such status as a holder of this Note, any rights of a stockholder of the Company, either at law or in equity, or any right to any notice of meetings of stockholders or of any other proceedings of the Company until such time as this Note has been converted, at which time the Holder shall be deemed to be the holder of record of the Conversion Shares, as applicable, notwithstanding that the transfer books of the Company shall then be closed or certificates representing such Conversion Shares shall not then have been actually delivered to the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Miscellaneous.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Governing Law; Venue</u>. This Note shall be governed by and interpreted in accordance with the Uniform Commercial Code as from time to time in effect in the State of Nevada as to matters within the scope thereof, and, with respect to all other matters, shall be governed by and interpreted in accordance with the laws of the State of New York, without regard for any conflict of laws. The Company irrevocably consents to the exclusive jurisdiction of any Federal or State court of New York sitting in New York County, New York in connection with any action or proceeding arising out of or relating to this Note, any document or instrument delivered pursuant to, in connection with or simultaneously with this Note, or a breach of this Note or any such document or instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Successors and Assigns.</u> This Note and the obligations hereunder shall inure to the benefit of and be binding upon the respective successors and assigns of the parties; provided, however, that neither party may assign any of its rights or obligations hereunder without the prior written consent of the other, except that the Holder may assign all or any portion of its rights hereunder to its Affiliate (as such term is defined in Rule 405 of the Securities Act) without such consent by giving written notice of such assignment to the Company. Assignment of all or any portion of this Note in violation of this Section shall be null and void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Notices.</u> Any notice or other communication required or permitted to be given hereunder shall be in writing and shall be delivered in accordance with the Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Amendment; Waiver</u>. No modification, amendment or waiver of any provision of this Note shall be effective unless in writing and approved by the Company and the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Invalidity</u>. Any provision of this Note which may be determined by a court of competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invaliding the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Section and Paragraph Headings</u>. The section and paragraph headings contained herein are for convenience only and shall not be construed as part of this Note.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK. SIGNATURE PAGE FOLLOWS]

**IN WITNESS WHEREOF**, this Note has been executed and delivered on the date first above written by the duly authorized representative of the Company.

---

| | |
|:---|:---|
| **EDISON ONCOLOGY HOLDING CORP.** | **EDISON ONCOLOGY HOLDING CORP.** |
| By: |  |
| Name: | Jeffrey A. Bacha |
| Title: | Chief Executive Officer |

---

**<u>EXHIBIT A</u>**

Date:_____________________

EDISON ONCOLOGY HOLDING CORP.

3475 Edison Way, Suite R

Menlo Park, California 94025

Attn: Jeffrey A. Bacha, Chief Executive Officer

**CONVERSION NOTICE**

The above-captioned Holder hereby gives notice to Edison Oncology Holding Corp., a Nevada corporation (the "**Company**"), pursuant to that certain Convertible Promissory Note made by the Company in favor of the Holder dated________________, 2018 in the principal amount of $__________________ by the Company (the "**Note**"); that the Holder elects to convert the portion of the Note balance set forth below into fully paid and non-assessable shares of Common Stock of the Company as of the date of conversion specified below.

A. Date of conversion:

B. Conversion #:

C. Conversion Amount:

D. Conversion Price:

E. Conversion Shares:

---

| |
|:---|
| ***Please transfer the Conversion Shares to the undersigned at:*** |
| Address: |

---

---

| |
|:---|
| Sincerely, |
| By: |
| Name: |

---

**Exhibit B**

**Payment Instructions**

## Exhibit 4.02

**Exhibit 4.02**

**THIS NOTE AND THE SECURITIES ISSUABLE UPON THE CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR UNDER THE SECURITIES LAWS OF CERTAIN STATES. THESE SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR AN EXEMPTION THEREFROM. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE ISSUER THAT SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION OTHERWISE COMPLIES WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS.**

***Edison Oncology Holding Corp.***

 ****

***Convertible Promissory Note***

 

---

| | |
|:---|:---|
| $[●].00 | [●], 2020 |

---

FOR VALUE RECEIVED, Edison Oncology Holding Corp., a Nevada corporation (the "**Company**"), promises to pay to [●] ("**Investor**"), or its registered assigns, in lawful money of the United States of America the principal sum of [●] **US DOLLARS ($**[●]**)**, or such lesser amount as shall equal the outstanding principal amount hereof, together with interest from the date of this Convertible Promissory Note (this "**Note**") on the unpaid principal balance at an annual rate equal to 10.0%, computed on the basis of the actual number of days elapsed and a year of 365 days. All unpaid principal, together with any then unpaid and accrued interest and other amounts payable hereunder, shall be due and payable by the Company on the earlier of (i) December 31, 2021 unless extended by the Company, at its sole option, to December 31, 2022 upon issuance a warrant to purchase [●] common shares of the Company in (the "**Extension Warrants**") exercisable at the Extension Warrant Exercise Price as defined herein, or (ii) when, upon the occurrence and during the continuance of an Event of Default, such amounts are declared due and payable by Investor or made automatically due and payable, in each case, in accordance with the terms hereof (the "**Maturity Date**"); *provided*, *however* that if the Company has filed a registration statement under the Securities Act, covering the offer and sale of the Company's common stock (a "**Registration**"), on or before November 1, 2022, the Maturity Date shall be extended to, and no amounts payable hereunder shall be due and payable until the earlier of (i) the date on which the Registration has been declared effective and (ii) 180 days from the initial filing of the Registration, whichever occurs first. Notwithstanding the foregoing, to the extent that the Company has not filed a Registration on or before November 1, 2022, 105% of the unpaid principal and then unpaid and accrued interest and other amounts payable hereunder shall be due and payable by the Company at the Maturity Date. Capitalized terms not otherwise defined herein shall have the meanings assigned to them in the Agreement.

The following is a statement of the rights of Investor and the conditions to which this Note is subject, and to which Investor, by the acceptance of this Note, agrees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. ***Payments****.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Interest.* Accrued interest on this Note shall be payable at maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Voluntary Prepayment*. This Note may be prepaid by the Company upon thirty days prior written notice, in whole or in part, at any time prior to the Maturity Date, subject to conversion by the Investor in accordance with **Section 4**, *provided* that the Equity Conditions have been satisfied

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. ***Events of Default***. The occurrence of any of the following shall constitute an "**Event of Default**" under this Note and the Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Failure to Pay*. The Company shall fail to pay (i) when due any principal payment on the due date hereunder or (ii) any interest payment or other payment required under the terms of this Note or any other Transaction Document on the date due and such payment shall not have been made within ten (10) business days of the Company's receipt of written notice to the Company of such failure to pay;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Voluntary Bankruptcy or Insolvency Proceedings.* The Company shall (i) apply for or consent to the appointment of a receiver, trustee, liquidator or custodian of itself or of all or a substantial part of its property, (ii) admit in writing its inability to pay its debts generally as they mature, (iii) make a general assignment for the benefit of its or any of its creditors, (iv) be dissolved or liquidated, (v) commence a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or consent to any such relief or to the appointment of or taking possession of its property by any official in an involuntary case or other proceeding commenced against it, or (vi) take any action for the purpose of effecting any of the foregoing; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Involuntary Bankruptcy or Insolvency Proceedings.* Proceedings for the appointment of a receiver, trustee, liquidator or custodian of the Company, or of all or a substantial part of the property thereof, or an involuntary case or other proceedings seeking liquidation, reorganization or other relief with respect to the Company or any of its Subsidiaries, if any, or the debts thereof under any bankruptcy, insolvency or other similar law now or hereafter in effect shall be commenced and an order for relief entered or such proceeding shall not be dismissed or discharged within forty-five (45) days of commencement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. ***Rights of Investor upon Default***. Upon the occurrence of any Event of Default (other than an Event of Default described in **Sections 2(b)** or **2(c)**) and at any time thereafter during the continuance of such Event of Default, Investor may, with the written consent of a Majority in Interest of Investors, by written notice to the Company, declare all outstanding Obligations payable by the Company hereunder to be immediately due and payable without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the other Transaction Documents to the contrary notwithstanding. Upon the occurrence of any Event of Default described in **Sections 2(b)** and **2(c)**, **immediately** and without notice, all outstanding Obligations payable by the Company hereunder shall automatically become immediately due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the other Transaction Documents to the contrary notwithstanding. In addition to the foregoing remedies, upon the occurrence and during the continuance of any Event of Default, Investor may, with the written consent of a Majority in Interest of Investors, exercise any other right, power or remedy granted to it by the Transaction Documents or otherwise permitted to it by law, either by suit in equity or by action at law, or both.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. ***Conversion***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Voluntary Conversion in case of a Financing.* If a Financing occurs on or prior to the Maturity Date, then the Investor has the right, at Investor's option, to elect to convert the outstanding principal amount of this Note and all accrued and unpaid interest on this Note as of immediately prior to such Financing into fully paid and nonassessable shares of the series of capital stock issued in such Financing at the Financing Conversion Price, with any fractional shares rounded up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Automatic Conversion upon a Liquidity Event.* If a Liquidity Event occurs prior to the conversion or payment in full of the principal amount of this Note, then the then outstanding principal amount of this Note and all accrued and unpaid interest on this Note shall automatically convert into fully paid and nonassessable shares of the Company's common stock at the Liquidity Event Conversion Price, with any fractional shares rounded up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Conversion Procedure.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Conversion Pursuant to Section 4(a)</u>. Before Investor shall be entitled to convert this Note into the applicable shares of the Company's capital stock in accordance with **Section 4(a)**, it shall surrender this Note (or a notice to the effect that the original Note has been lost, stolen or destroyed and an agreement acceptable to the Company whereby the holder agrees to indemnify the Company from any loss incurred by it in connection with this Note) and give written notice to the Company at its principal corporate office of the election to convert the same pursuant to **Section 4(a)**, and shall state therein the amount of the unpaid principal amount of this Note to be converted. Upon such conversion of this Note, Investor hereby agrees to execute and deliver to the Company all transaction documents (as may be amended) entered into by other purchasers participating in the Financing, including a purchase agreement, an investor rights agreement, voting agreement, right of first refusal and co-sale agreement and other ancillary agreements executed by the cash purchasers participating in the Financing, with customary representations and warranties and transfer restrictions (including, without limitation, a lock-up agreement in connection with an initial public offering). The Company shall, as soon as practicable thereafter, issue and deliver to such Investor a certificate or certificates (or a notice of issuance of uncertificated shares, if applicable) for the number of shares to which Investor shall be entitled upon such conversion. Any conversion of this Note pursuant to **Section 4(a)** shall be deemed to have been made upon the satisfaction of all of the conditions set forth in this **Section 4 (c)(i)** and on and after such date the Persons entitled to receive the shares issuable upon such conversion shall be treated for all purposes as the record holder of such shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Conversion Pursuant to Section 4(b)</u>. If this Note is to be automatically converted, written notice shall be delivered to Investor at the address last shown on the records of the Company for Investor or given by Investor to the Company for the purpose of notice, notifying Investor of the conversion to be effected, specifying the Liquidity Event Conversion Price, the principal amount of the Note to be converted, together with all accrued and unpaid interest to be converted, the date on which such conversion is expected to occur and calling upon such Investor to surrender to the Company, in the manner and at the place designated, the Note. Upon such conversion of this Note, Investor hereby agrees to execute and deliver to the Company all transaction documents reasonably requested by the Company in connection with the Liquidity Event. Investor also agrees to deliver the original of this Note (or a notice to the effect that the original Note has been lost, stolen or destroyed and an agreement acceptable to the Company whereby the holder agrees to indemnify the Company from any loss incurred by it in connection with this Note) at the closing of the Liquidity Event for cancellation; *provided, however*, that upon the closing of the Liquidity Event, this Note shall be deemed converted and of no further force and effect, whether or not it is delivered for cancellation as set forth in this sentence. The Company shall, as soon as practicable thereafter, issue and deliver to such Investor a certificate or certificates (or a notice of issuance of uncertificated shares, if applicable) for the number of shares to which Investor shall be entitled upon such conversion. Any conversion of this Note pursuant to **Section 4(b)** shall be deemed to have been made upon the closing of the Liquidity Event and on and after such date the Persons entitled to receive the shares issuable upon such conversion shall be treated for all purposes as the record holder of such shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Fractional Shares; Effect of Conversion</u>*.* No fractional shares shall be issued upon conversion of this Note. Upon conversion of this Note, Company shall be forever released from all its obligations and liabilities under this Note and this Note shall be deemed of no further force or effect, whether or not the original of this Note has been delivered to the Company for cancellation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. ***Definitions***. As used in this Note, the following capitalized terms have the following meanings:

"**Agreement**" shall mean the Note Subscription Agreement (as amended, modified or supplemented from time to time) dated of even date herewith, pursuant to which this Note was issued, by and between the Company and the Investor.

"**Event of Default**" has the meaning given in **Section 2** hereof.

"**Equity Conditions**" means that there shall not have occurred either (A) an Event of Default, or (B) an event that with the passage of time or giving of notice would constitute an Event of Default.

**"Extension Warrant Exercise Price"** shall mean eighty-five percent (85%) of the price per share paid by the purchasers of the Company's common stock sold in the Liquidity Event (or, as applicable, 85% of the price offered to the public on a per share basis of the Company's common stock) rounded up to the nearest whole cent.

"**Financing**" shall mean a transaction or series of transactions pursuant to which the Company issues and sells shares of its capital stock pursuant to an unregistered offering with the principal purpose of raising capital.

"**Financing Conversion Price**" shall mean a price per share equal to the lesser of (a) eighty percent (80%) of the price per share paid by the cash purchasers of the capital stock sold in the Financing rounded up to the nearest whole cent or (b) the price per share (applying the discount referred to above) that results when $8,000,000 is divided by the Fully Diluted Capitalization as of immediately prior to the initial closing of the Financing, rounded up to the nearest whole cent.

"**Fully Diluted Capitalization**" shall mean the number of shares of the Company's common stock then outstanding, assuming (i) the exercise and conversion into common stock of all outstanding options, warrants and any other convertible securities of the Company (other than (a) outstanding vested and unvested stock options (on an as-exercised basis) and all shares of the Company's common stock held in reserve pursuant to the Company's equity incentive plan that are not then yet allocated for outstanding and unexercised stock options and (b) as applicable, such convertible securities that are converted into capital stock in connection with a Financing) (including this Note and all other Notes) and (ii) the conversion of all shares of outstanding capital stock into common stock.

"**Investment Securities**" means securities exercisable, exchangeable or convertible (directly or indirectly) into shares of the Company's capital stock issued for the purpose of raising capital, including but not limited to convertible promissory notes, convertible equity instruments or other equity or debt instruments that are or could be converted into or canceled in exchange for the Company's capital stock (provided that indebtedness, equipment leases and similar instruments to banks and financial institutions which are not on their face convertible into equity securities shall not be considered Investment Securities).

"**Investor**" shall mean the Person specified in the introductory paragraph of this Note or any Person who shall at the time be the registered holder of this Note.

"**Lien**" shall mean, with respect to any property, any security interest, mortgage, pledge, lien, claim, charge or other encumbrance.

"**Liquidity Event**" shall mean (i) the Company's first public offering pursuant to an effective Registration, (ii) any reorganization, merger, consolidation or similar transaction whereby the common stock of the Company is exchanged for cash and/or publicly traded equity or debt securities (including, for the avoidance of doubt, a reverse takeover or similar transaction) or (iii) any "person" or "group" (within the meaning of Section 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended), becomes the "beneficial owner" (as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended), directly or indirectly, of more than 50% of the outstanding voting securities of the Company having the right to vote for the election of members of the Board of Directors; *provided* that a Liquidity Event shall not include any Financing or other bona fide equity financing transaction or series of related transactions.

"**Liquidity Event Conversion Price**" shall mean a price per share equal to the lesser of (a) eighty-five percent (85%) of the price per share paid by the purchasers of the Company's common stock sold in the Liquidity Event (or, as applicable, 85% of the price offered to the public on a per share basis of the Company's common stock) rounded up to the nearest whole cent or (b) the price per share (without applying the discount referred to above) that results when $8,000,000 is divided by the Fully Diluted Capitalization as of immediately prior to the initial closing of the Liquidity Event, rounded up to the nearest whole cent.

"**Majority in Interest of the Investors**" shall mean the Investors holding a majority of all principal then owing pursuant to outstanding Notes issued pursuant to the Agreements.

"**Obligations**" shall mean and include all loans, advances, debts, liabilities and obligations, howsoever arising, owed by the Company to Investor of every kind and description, now existing or hereafter arising under or pursuant to the terms of this Note and the other Transaction Documents, including, all interest, fees, charges, expenses, attorneys' fees and costs and accountants' fees and costs chargeable to and payable by the Company hereunder and thereunder, in each case, whether direct or indirect, absolute or contingent, due or to become due, and whether or not arising after the commencement of a proceeding under Title 11 of the United States Code (11 U. S. C. Section 101 *et seq*.), as amended from time to time (including post-petition interest) and whether or not allowed or allowable as a claim in any such proceeding.

"**Person**" shall mean and include an individual, a partnership, a corporation (including a business trust), a joint stock company, a limited liability company, an unincorporated association, a joint venture or other entity or a governmental authority.

"**Securities Act**" shall mean the Securities Act of 1933, as amended.

"**Transaction Documents**" shall mean this Note, each of the other Notes and the Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. ***Most Favored Nation***. If the Company issues any Investment Securities following the date hereof prior to repayment or conversion of the Note in full, the Company will promptly provide the Investor with written notice thereof, together with a copy of all documentation relating to such Investment Securities and, upon written request of the Investor, any additional information related to such Investment Securities as may be reasonably requested by the Investor. In the event Investor determines that the terms of such Investment Securities are more favorable than the terms of this Note, the Investor will notify the Company in writing within ten days following Investor's receipt of such notice from the Company. Promptly after receipt of such written notice from the Investor, the Company hereby agrees to amend and restate this Note (in its entirety) into an identical form of the applicable Investment Security, but with appropriate changes to reflect the principal amount of the Note, which shall be identical to the Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. ***Miscellaneous***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Successors and Assigns.* This Note and the obligations hereunder shall inure to the benefit of and be binding upon the respective successors and assigns of the parties; provided, however, that neither party may assign any of its rights or obligations hereunder without the prior written consent of the other, except that the Investor may assign all or any portion of its rights hereunder to its Affiliate (as such term is defined in Rule 405 of the Securities Act) without such consent by giving written notice of such assignment to the Company. Assignment of all or any portion of this Note in violation of this Section shall be null and void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Waiver and Amendment.* Any provision of this Note may be amended, waived or modified upon the written consent of the Company and a Majority in Interest of Investors. Any amendment or waiver effected in accordance with this paragraph shall be binding upon all of the Investors with respect to their Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Notices.* All notices, requests, demands, consents, instructions or other communications required or permitted hereunder shall be in writing and faxed, mailed or delivered to each party at the respective addresses of the parties as set forth in the Agreement, or at such other address or facsimile number as the Company shall have furnished to Investor in writing. All such notices and communications will be deemed effectively given the earlier of (i) when received, (ii) when delivered personally, (iii) one business day after being delivered by facsimile (with receipt of appropriate confirmation), (iv) one business day after being deposited with an overnight courier service of recognized standing or (v) four days after being deposited in the U.S. mail, first class with postage prepaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Security*. This Note is a general unsecured obligation of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Priority*. This Note will be senior in right of payment to all other Company indebtedness (excluding, for the avoidance of doubt, new indebtedness incurred pursuant to Section 4 of the Agreement and the other Notes).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Pari Passu Notes.* Investor acknowledges and agrees that the payment of all or any portion of the outstanding principal amount of this Note and all interest hereon shall be pari passu in right of payment and in all other respects to the other Notes. In the event Investor receives payments in excess of its pro rata share of the Company's payments to the Investors of all of the Notes, then Investor shall hold in trust all such excess payments for the benefit of the holders of the other Notes and shall pay such amounts held in trust to such other holders upon demand by such holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Payment.* Unless converted into the Company's equity securities pursuant to the terms hereof, payment shall be made in lawful tender of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Governing Law.* This Note and all actions arising out of or in connection with this Note shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to the conflicts of law provisions of the State of Delaware, or of any other state.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Waiver of Jury Trial; Judicial Reference.* By acceptance of this Note, Investor hereby agrees and the Company hereby agrees to waive their respective rights to a jury trial of any claim or cause of action based upon or arising out of this Note or any of the Transaction Documents.

(*Signature Page Follows*)

The Company has caused this Note to be issued as of the date first written above.

---

| | |
|:---|:---|
| **COMPANY:** | **COMPANY:** |
| Edison Oncology Holding Corp. | Edison Oncology Holding Corp. |
| a Nevada corporation | a Nevada corporation |
| By: |  |
| Name: | Jeffrey Bacha |
| Title: | Chief Executive Officer |

---

 ****

**Signature page to Convertible Promissory Note of**

**Edison Oncology Holding Corp.** 

 ****

## Exhibit 4.03

**Exhibit 4.03**

**NEITHER THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY IS CONVERTIBLE HAS BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY AND THE SECURITIES ISSUABLE UPON CONVERSION OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER OR OTHER LOAN WITH A FINANCIAL INSTITUTION THAT IS AN "ACCREDITED INVESTOR" AS DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT OR OTHER LOAN SECURED BY SUCH SECURITIES.**

***Edison Oncology Holding Corp.***

 ****

***Convertible Promissory Note***

 

---

| | |
|:---|:---|
| **$[\*]** | [\*] |

---

FOR VALUE RECEIVED, Edison Oncology Holding Corp., a Nevada corporation (the "**Company**"), promises to pay to [____], collectively, ("**Investor**"), or its registered assigns, in lawful money of the United States of America the principal sum of **[_____] US DOLLARS** [$[\*]], or such lesser amount as shall equal the outstanding principal amount hereof, together with interest from the date of this Convertible Promissory Note (this "**Note**") on the unpaid principal balance at an annual rate equal to 7.5%, computed on the basis of the actual number of days elapsed and a year of 365 days. All unpaid principal, together with any then unpaid and accrued interest and other amounts payable hereunder, shall be due and payable by the Company on the earlier of (i) June 30, 2024, or (ii) upon the occurrence and/or during the continuance of an Event of Default (as defined in Section 2 hereof) in accordance with the terms of this Note (the "**Maturity Date**"); *provided*, *however* that if the Company has filed a registration statement under the Securities Act, covering the offer and sale of the Company's common stock, including a registration statement covering a merger (a "**Registration Statement**"), on or before the Maturity Date, the Maturity Date shall be extended to (to the extent such extension would delay the Maturity Date), and no amounts payable hereunder shall be due and payable until the earlier of (i) the date on which the Registration Statement has been declared effective and (ii) 180 days from the initial filing of the Registration Statement, whichever occurs first. The following is a statement of the rights of Investor and the conditions to which this Note is subject, and to which Investor, by the acceptance of this Note, agrees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. ***Payments****.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Interest.* Accrued interest on this Note shall be payable at maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Voluntary Prepayment*. This Note may be prepaid by the Company upon thirty days prior written notice, in whole or in part, at any time prior to the Maturity Date, subject to conversion by the Investor in accordance with **Section 4**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. ***Events of Default***. The occurrence of any of the following shall constitute an "**Event of Default**" under this Note and the Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Failure to Pay*. The Company shall fail to pay (i) when due any principal payment on the due date hereunder or (ii) any interest payment or other payment required under the terms of this Note or any other Transaction Document on the date due and such payment shall not have been made within ten (10) business days of the Company's receipt of written notice to the Company of such failure to pay;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Voluntary Bankruptcy or Insolvency Proceedings.* The Company shall (i) apply for or consent to the appointment of a receiver, trustee, liquidator or custodian of itself or of all or a substantial part of its property, (ii) admit in writing its inability to pay its debts generally as they mature, (iii) make a general assignment for the benefit of its or any of its creditors, (iv) be dissolved or liquidated, (v) commence a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or consent to any such relief or to the appointment of or taking possession of its property by any official in an involuntary case or other proceeding commenced against it, or (vi) take any action for the purpose of effecting any of the foregoing; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Involuntary Bankruptcy or Insolvency Proceedings.* Proceedings for the appointment of a receiver, trustee, liquidator or custodian of the Company, or of all or a substantial part of the property thereof, or an involuntary case or other proceedings seeking liquidation, reorganization or other relief with respect to the Company or any of its Subsidiaries, if any, or the debts thereof under any bankruptcy, insolvency or other similar law now or hereafter in effect shall be commenced and an order for relief entered or such proceeding shall not be dismissed or discharged within forty-five (45) days of commencement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. ***Rights of Investor upon Default***. Upon the occurrence of any Event of Default (other than an Event of Default described in **Sections 2(b)** or **2(c)**) and at any time thereafter during the continuance of such Event of Default, Investor may, with the written consent of a Majority in Interest of Investors, by written notice to the Company, declare all outstanding Obligations payable by the Company hereunder to be immediately due and payable without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the other Transaction Documents to the contrary notwithstanding. Upon the occurrence of any Event of Default described in **Sections 2(b)** and **2(c)**, immediately and without notice, all outstanding Obligations payable by the Company hereunder shall automatically become immediately due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the other Transaction Documents to the contrary notwithstanding. In addition to the foregoing remedies, upon the occurrence and during the continuance of any Event of Default, Investor may, with the written consent of a Majority in Interest of Investors, exercise any other right, power or remedy granted to it by the Transaction Documents or otherwise permitted to it by law, either by suit in equity or by action at law, or both.

-A2-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. ***Conversion***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Voluntary Conversion at time.* At any time prior to the Maturity Date, the Investor has the right, at the Investor's option, to elect to convert the outstanding principal amount of this Note and all accrued and unpaid interest on this Note into fully paid and nonassessable shares of the series of capital stock, with any fractional shares rounded up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Voluntary Conversion in case of a Financing.* If a Financing occurs on or prior to the Maturity Date, then the Investor has the right, at Investor's option, to elect to convert the outstanding principal amount of this Note and all accrued and unpaid interest on this Note as of immediately prior to such Financing into fully paid and nonassessable securities issued by the Company in such Financing at the Financing Conversion Price, with any fractional securities rounded up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Automatic Conversion upon a Liquidity Event.* If a Liquidity Event occurs prior to the conversion or payment in full of the principal amount of this Note, then the then outstanding principal amount of this Note and all accrued and unpaid interest on this Note shall automatically convert into fully paid and nonassessable shares of Common Stock, immediately prior to the consummation of Liquidity Event, at the Liquidity Event Conversion Price, with any fractional shares rounded up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Conversion Procedure.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Conversion Pursuant to Section 4(a).</u> Before Investor shall be entitled to convert this Note into the applicable shares of Common Stock in accordance with **Section 4(a)**, it shall surrender this Note (or a notice to the effect that the original Note has been lost, stolen or destroyed and an agreement acceptable to the Company whereby the holder agrees to indemnify the Company from any loss incurred by it in connection with this Note) and give written notice to the Company at its principal corporate office of the election to convert the same pursuant to **Section 4(a)**, and shall state therein the amount of the unpaid principal amount of this Note to be converted. The Company shall, as soon as practicable thereafter, issue and deliver to such Investor a certificate or certificates (or a notice of issuance of uncertificated shares, if applicable) for the number of shares to which Investor shall be entitled upon such conversion, which shall be the number of shares determined by dividing the sum of the outstanding principal amount of this Note to be converted, and all accrued and unpaid interest related thereto, by the Conversion Price.

-A3-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Conversion Pursuant to Section 4(b)</u>. Before Investor shall be entitled to convert this Note into the applicable securities of the Company in accordance with **Section 4(b)**, it shall surrender this Note (or a notice to the effect that the original Note has been lost, stolen or destroyed and an agreement acceptable to the Company whereby the holder agrees to indemnify the Company from any loss incurred by it in connection with this Note) and give written notice to the Company at its principal corporate office of the election to convert the same pursuant to **Section 4(b)**, and shall state therein the amount of the unpaid principal amount of this Note to be converted. Upon such conversion of this Note, Investor hereby agrees to execute and deliver to the Company all transaction documents (as may be amended) entered into by other purchasers participating in the Financing, including a purchase agreement, an investor rights agreement, voting agreement, right of first refusal and co-sale agreement and other ancillary agreements executed by the cash purchasers participating in the Financing, with customary representations and warranties and transfer restrictions (including, without limitation, a lock-up agreement in connection with an initial public offering). The Company shall, as soon as practicable thereafter, issue and deliver to such Investor a certificate or certificates (or a notice of issuance of uncertificated shares, if applicable) for the number of securities to which Investor shall be entitled upon such conversion which shall be the number of securities determined by dividing the sum of the outstanding principal amount of this Note to be converted, and all accrued and unpaid interest related thereto, by the Financing Conversion Price. Any conversion of this Note pursuant to **Section 4(b)** shall be deemed to have been made upon the satisfaction of all of the conditions set forth in this **Section 4 (d)(ii)** and on and after such date the Persons entitled to receive the securities issuable upon such conversion shall be treated for all purposes as the record holder of such securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Conversion Pursuant to Section 4(c)</u>. If this Note is to be automatically converted, written notice shall be delivered to Investor at the address last shown on the records of the Company for Investor or given by Investor to the Company for the purpose of notice, notifying Investor of the conversion to be effected, specifying the Liquidity Event Conversion Price, the principal amount of the Note to be converted, together with all accrued and unpaid interest to be converted, the date on which such conversion is expected to occur and calling upon such Investor to surrender to the Company, in the manner and at the place designated, the Note. Upon such conversion of this Note, Investor hereby agrees to execute and deliver to the Company all transaction documents reasonably requested by the Company in connection with the Liquidity Event. Investor also agrees to deliver the original of this Note (or a notice to the effect that the original Note has been lost, stolen or destroyed and an agreement acceptable to the Company whereby the holder agrees to indemnify the Company from any loss incurred by it in connection with this Note) at the closing of the Liquidity Event for cancellation; *provided, however*, that upon the closing of the Liquidity Event, this Note shall be deemed converted and of no further force and effect, whether or not it is delivered for cancellation as set forth in this sentence. The Company shall, as soon as practicable thereafter, issue and deliver to such Investor such consideration as Investor would have been entitled to receive pursuant to the Liquidity Event. For purposes of determining the amount of consideration Investor is entailed to receive upon a Liquidation Event, the outstanding principal amount of this Note to be converted, and all accrued and unpaid interest related thereto, will be divided by Liquidity Event Conversion Price to determine the number of shares the Investor would have been entitled to receive. In the event of a Liquidly Event, Investor will be entitled to receive the same consideration as that paid to the holders of Common Stock. Any conversion of this Note pursuant to **Section 4(c)** shall be deemed to have been made upon the closing of the Liquidity Event and on and after such date the Persons entitled to receive the shares issuable upon such conversion shall be treated for all purposes as the record holder of such shares.

-A4-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Fractional Shares; Effect of Conversion</u>*.* No fractional shares shall be issued upon conversion of this Note. Upon conversion of this Note, Company shall be forever released from all its obligations and liabilities under this Note and this Note shall be deemed of no further force or effect, whether or not the original of this Note has been delivered to the Company for cancellation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. ***Definitions***. As used in this Note, the following capitalized terms have the following meanings:

"**Agreement**" shall mean the Note Subscription Agreement (as amended, modified or supplemented from time to time) dated of even date herewith, pursuant to which this Note was issued, by and between the Company and the Investor.

"***Common Stock***" means the Company's common stock with a par value of $0.001.

"**Conversion Price"** means $3.84, which has been determined based on a fully diluted pre-money valuation of $32,000,000.

**"Deemed Liquidation Event"** means a merger or consolidation (other than one in which the stockholders of the Company own a majority by voting power of the outstanding shares of the surviving or acquiring corporation) or a sale, lease, transfer, exclusive license or ither disposition of all or substantially all of the assets of the Company.

"**Event of Default**" has the meaning given in **Section 2** hereof.

"**Financing**" shall mean a transaction or series of transactions pursuant to which the Company issues and sells shares of its capital stock pursuant to an unregistered offering with the principal purpose of raising capital.

"**Financing Conversion Price**" shall mean a price equal to the lesser of (a) 90% of the price paid by Investors for the securities in the Financing rounded up to the nearest whole cent or (b) the Conversion Price.

"**Investor**" shall mean the Person specified in the introductory paragraph of this Note or any Person who shall at the time be the registered holder of this Note.

"**Liquidity Event**" shall mean (i) the Company's first public offering pursuant to an effective Registration, (ii) any reorganization, merger, consolidation or similar transaction whereby the common stock of the Company is exchanged for cash and/or publicly traded equity or debt securities (including, for the avoidance of doubt, a reverse takeover or similar transaction) or (iii) any "person" or "group" (within the meaning of Section 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended), becomes the "beneficial owner" (as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended), directly or indirectly, of more than 50% of the outstanding voting securities of the Company having the right to vote for the election of members of the Board of Directors; *provided* that a Liquidity Event shall not include any Financing or other bona fide equity financing transaction or series of related transactions.

-A5-

"**Liquidity Event Conversion Price**" shall mean a price per share equal to the lesser of (a) 90% of the price paid by Investors for the securities in the public offering (b) 90% of the implied per share valued received by holder of Common Stock with respect to a reorganization, merger, consolidation, change in control or similar transaction, or (c) the Conversion Price.

"**Majority in Interest of the Investors**" shall mean the Investors holding a majority of all principal then owing pursuant to outstanding Notes issued pursuant to the Agreements.

"**Obligations**" shall mean and include all loans, advances, debts, liabilities and obligations, howsoever arising, owed by the Company to Investor of every kind and description, now existing or hereafter arising under or pursuant to the terms of this Note and the other Transaction Documents, including, all interest, fees, charges, expenses, attorneys' fees and costs and accountants' fees and costs chargeable to and payable by the Company hereunder and thereunder, in each case, whether direct or indirect, absolute or contingent, due or to become due, and whether or not arising after the commencement of a proceeding under Title 11 of the United States Code (11 U. S. C. Section 101 *et seq*.), as amended from time to time (including post-petition interest) and whether or not allowed or allowable as a claim in any such proceeding.

"**Person**" shall mean and include an individual, a partnership, a corporation (including a business trust), a joint stock company, a limited liability company, an unincorporated association, a joint venture or other entity or a governmental authority.

"**Registrable Securities**" means Common Stock issuable upon conversion of this Promissory Note. Registrable Securities shall continue to be Registrable Securities (whether they continue to be held by the Holder or a permitted assignee) until (i) they are sold pursuant to an effective registration statement filed by the Company under the Securities Act of 1933, as amended; (ii) they may be sold by their holder pursuant to Rule 144 without limitation thereunder on volume or manner of sale; or (iii) they shall have otherwise been transferred and new securities not subject to transfer restrictions under any federal securities laws and not bearing any legend restricting further transfer shall have been delivered by the Company, all applicable holding periods shall have expired, and no other applicable and legally binding restriction on transfer by the Holder thereof shall exist under the Securities Act.

"**Securities Act**" shall mean the Securities Act of 1933, as amended.

"**Transaction Documents**" shall mean this Note, each of the other Notes and the Agreements.

-A6-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. ***Registration Rights***. If at any time the Company has registered or has determined to register any of its securities for its own account or for the account of other security holders of the Company on any registration form (other than Form S-4 or S-8) which permits the inclusion of the Registrable Securities (a "<u>Piggyback Registration</u>"), the Company will give the Holder written notice thereof promptly (but in no event less than 15 days prior to the anticipated filing date) and shall include in such registration all Registrable Securities requested to be included therein pursuant to the written request of one or more Holder received within 10 days after delivery of the Company's notice. If a Piggyback Registration is initiated as a primary underwritten offering on behalf of the Company, and the managing underwriters advise the Company and the Holder that in their reasonable opinion the number of shares of Common Stock proposed to be included exceeds the number of shares of Common Stock that can be sold in such underwritten offering without materially delaying or jeopardizing the success of the offering (including the offering price per share), the Company shall include in such registration: (i) first, the number of shares of Common Stock that the Company proposes to sell; and (ii) second, on a pro rata basis, the number of shares of Common Stock and other Registrable Securities requested to be included therein by the Holder and the holders of other securities eligible to be included in such registration. If the Company elects, at its sole discretion, to terminate the registration of its securities that resulted in a Piggyback Registration, the Company's shall not be obliged to register the Holder's Registrable Securities cease until such time as a new registration is of its Securities undertaken by the Company. All expenses incurred in connection with any registration, qualification or compliance of the Piggyback Registration Rights shall be borne by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. ***Miscellaneous***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Successors and Assigns.* This Note and the Obligations hereunder shall inure to the benefit of and be binding upon the respective successors and assigns of the parties; provided, however, that neither party may assign any of its rights or obligations hereunder without the prior written consent of the other, except that the Investor may assign all or any portion of its rights hereunder to its Affiliate (as such term is defined in Rule 405 of the Securities Act) without such consent by giving written notice of such assignment to the Company. Assignment of all or any portion of this Note in violation of this Section shall be null and void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Waiver and Amendment.* Any provision of this Note may be amended, waived or modified upon the written consent of the Company and a Majority in Interest of Investors. Any amendment or waiver effected in accordance with this paragraph shall be binding upon all of the Investors with respect to their Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Notices.* All notices, requests, demands, consents, instructions or other communications required or permitted hereunder shall be in writing and sent via electronic mail, facsimile, mail or delivered to each party at the respective addresses, electronic mail address or facsimile number of the parties as set forth in the Agreement, or at such other address or electronic mail address, facsimile number as the Company shall have furnished to Investor in writing. All such notices and communications will be deemed effectively given the earlier of (i) when received, (ii) when delivered personally, (iii) one business day after being delivered by facsimile (with receipt of appropriate confirmation), (iv) one business day after being deposited with an overnight courier service of recognized standing (v) four days after being deposited in the U.S. mail, first class with postage prepaid or (vi) on the next day if sent via electronic mail.

-A7-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Protective Provisions*. In addition to any other vote or approval required under the Company's articles of incorporation or bylaws ("Charter Documents"), the Company will not, without the written consent of a Majority in Interest of Investors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) amend, alter, or repeal any provision of the Charter Documents in a manner adverse to the Notes,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) purchase or redeem any capital stock prior to the Notes, other than stock repurchased at cost from former employees and consultants in connection with the cessation of their service, or as otherwise approved by the Board of Directors of the Company, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) except as allowed by the Charter Documents, increase or decrease the authorized number of directors constituting the Board of Directors or change the number of votes entitled to be cast by any director or directors on any matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Security*. This Note is a general unsecured obligation of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Priority and Liquidation Preference*. This Note will be senior in right of payment to all other Company indebtedness (excluding, for the avoidance of doubt, new indebtedness incurred pursuant to Section 4 of the Agreement and the other Notes). Also, for the avoidance of doubt, in the event of liquidation, dissolution or winding up of the Company, including a Deemed Liquidation Event, the proceeds shall be first payable to the in amount equal to the outstanding principal amount of this Note and all accrued and unpaid interest on this Note, and the balance of any proceeds payable to the holders of Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Pari Passu Notes.* Investor acknowledges and agrees that the payment of all or any portion of the outstanding principal amount of this Note and all interest hereon shall be pari passu in right of payment and in all other respects to the other Notes. In the event Investor receives payments in excess of its pro rata share of the Company's payments to the Investors of all of the Notes, then Investor shall hold in trust all such excess payments for the benefit of the holders of the other Notes and shall pay such amounts held in trust to such other holders upon demand by such holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Payment.* Unless converted into the Company's equity securities pursuant to the terms hereof, payment shall be made in lawful tender of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Governing Law.* This Note and all actions arising out of or in connection with this Note shall be governed by and construed in accordance with the laws of the State of Nevada, without regard to the conflicts of law provisions of the State of Nevada, or of any other state.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *Waiver of Jury Trial; Judicial Reference.* By acceptance of this Note, Investor hereby agrees and the Company hereby agrees to waive their respective rights to a jury trial of any claim or cause of action based upon or arising out of this Note or any of the Transaction Documents.

(*Signature Page Follows*)

-A8-

The Company has caused this Note to be issued as of the date first written above.

---

| | |
|:---|:---|
| **COMPANY:** | **COMPANY:** |
| Edison Oncology Holding Corp. | Edison Oncology Holding Corp. |
| a Nevada corporation | a Nevada corporation |
| By: |  |
| Name: | Jeffrey Bacha |
| Title: | Chief Executive Officer |

---

 ****

**Signature page to Convertible Promissory**

**Note of Edison Oncology Holding Corp.**

## Exhibit 4.04

**Exhibit 4.04**

THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY OTHER APPLICABLE SECURITIES LAWS AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH OTHER SECURITIES LAWS. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE SOLD, ASSIGNED, TRANSFERRED, ENCUMBERED, OR OTHERWISE DISPOSED OF, EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

Warrant No. A-001

**WARRANT TO PURCHASE SHARES OF COMMON STOCK OF**

**EDISON ONCOLOGY HOLDING CORP.**

THIS CERTIFIES that, for value received, [\*] is entitled to purchase from **EDISON ONCOLOGY HOLDING CORP.**, a Nevada corporation (the "Corporation"), subject to the terms and conditions hereof, [\*] shares (the "Warrant Shares") of common stock, $0.0001 par value (the "Common Stock"). This warrant, together with all warrants hereafter issued in exchange or substitution for this warrant, is referred to as the "Warrant" and the holder of this Warrant is referred to as the "Holder." The number of Warrant Shares is subject to adjustment as hereinafter provided. Subject to the provisions of Section 9 below, this Warrant shall expire at 5:00pm Pacific time on December 31, 2023 (the "Termination Date").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Exercise of Warrants</u>. The Holder may, at any time prior to the Termination Date, exercise this Warrant in whole or in part at an exercise price equal to $3.83 per share, subject to adjustment as provided herein (the "Exercise Price"), by delivery to the Corporation of a duly executed facsimile copy or PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the "Notice of Exercise") and the surrender of this Warrant (properly endorsed) at the principal office of the Corporation, or at such other agency or office as the Corporation may designate by written notice to the Holder, and payment to the Corporation of the Exercise Price for each share of Common Stock being purchased. The Exercise Price may be paid in lawful money of the United States by cashier's check or wire transfer. Upon any partial exercise of this Warrant, there shall be executed and issued to the Holder a new Warrant in respect of the shares of Common Stock as to which this Warrant shall not have been exercised. In the event of the exercise of the rights represented by this Warrant, a certificate or certificates for the Warrant Shares so purchased, as applicable, registered in the name of the Holder, shall be delivered to the Holder hereof as soon as practicable after the rights represented by this Warrant shall have been so exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Reservation of Warrant Shares</u>. The Corporation agrees that, prior to the expiration of this Warrant, it will at all times have authorized and in reserve, and will keep available, solely for issuance or delivery upon the exercise of this Warrant, the number of Warrant Shares as from time to time shall be issuable by the Corporation upon the exercise of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>No Stockholder Rights</u>. This Warrant shall not entitle the holder hereof to any voting rights or other rights as a stockholder of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Transferability of Warrant</u>. Prior to the Termination Date and subject to compliance with applicable laws, this Warrant and all rights hereunder are transferable, in whole or in part, at the office or agency of the Corporation by the Holder in person or by duly authorized attorney, upon surrender of this Warrant together with an assignment agreement in form and substance satisfactory to the Corporation and properly endorsed for transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Certain Adjustments</u>. With respect to any rights that Holder has to exercise this Warrant and convert into shares of Common Stock, Holder shall be entitled to the following adjustments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Reclassification, Recapitalization, etc.</u> If the Corporation at any time shall, by subdivision, combination or reclassification of securities, recapitalization, automatic conversion, or other similar event affecting the number or character of outstanding shares of Common Stock, or otherwise, change any of the securities as to which purchase rights under this Warrant exist into the same or a different number of securities of any other class or classes, this Warrant shall thereafter represent the right to acquire such number and kind of securities as would have been issuable as the result of such change with respect to the securities that were subject to the purchase rights under this Warrant immediately prior to such subdivision, combination, reclassification or other change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Split or Combination of Common Stock and Stock Dividend</u>. In case the Corporation shall at any time subdivide, redivide, recapitalize, split or change its outstanding shares of Common Stock into a greater number of shares or declare a dividend upon its Common Stock payable solely in shares of Common Stock, the Exercise Price shall be proportionately reduced and the number of Warrant Shares proportionately increased. Conversely, in case the outstanding shares of Common Stock of the Corporation shall be combined into a smaller number of shares, the Exercise Price shall be proportionately increased and the number of Warrant Shares proportionately reduced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Fractional Shares</u>. No fractional Warrant Shares shall be issued upon exercise of this Warrant as a result of any of the adjustment as set forth in this Section 5. Instead, the number of Warrant Shares issuable upon exercise of this Warrant shall be rounded up to the nearest whole number.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Legend and Stop Transfer Orders</u>. Unless the Warrant Shares have been registered under the Securities Act, upon exercise of any part of the Warrant, the Corporation shall instruct its transfer agent to enter stop transfer orders with respect to such Warrant Shares, and all certificates or instruments representing the Warrant Shares shall bear on the face thereof substantially the following legend:

**THIS SECURITY HAS NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER OR OTHER LOAN WITH A FINANCIAL INSTITUTION THAT IS AN "ACCREDITED INVESTOR" AS DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT OR OTHER LOAN SECURED BY SUCH SECURITIES.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Miscellaneous</u>. This Warrant shall be governed by and construed in accordance with the laws of the State of Nevada. All the covenants and provisions of this Warrant by or for the benefit of the Corporation shall bind and inure to the benefit of its successors and assigns hereunder. Nothing in this Warrant shall be construed to give to any person or corporation other than the Corporation and the holder of this Warrant any legal or equitable right, remedy or claim under this Warrant. This Warrant shall be for the sole and exclusive benefit of the Corporation and the holder of this Warrant. The section headings herein are for convenience only and are not part of this Warrant and shall not affect the interpretation hereof. Upon receipt of evidence satisfactory to the Corporation of the loss, theft, destruction or mutilation of this Warrant, and of indemnity reasonably satisfactory to the Corporation, if lost, stolen or destroyed, and upon surrender and cancellation of this Warrant, if mutilated, the Corporation shall execute and deliver to the Holder a new Warrant of like date, tenor and denomination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Arbitration.</u> The Corporation and the Holder, and by receipt of this Warrant or any Warrant Shares, all subsequent Holders or holders of Warrant Shares, agree to submit all controversies, claims, disputes and matters of difference arising out of or in connection with this Warrant or the Warrant Shares, including, without limitation, the application of this Section to arbitration in Los Angeles, California administered by the American Arbitration Association ("AAA") according to the commercial arbitration rules of the AAA as from time to time in force. This agreement to arbitrate shall be specifically enforceable, and judgment on any award rendered by the arbitrator or arbitrators may be entered in any court having jurisdiction thereof. Arbitration may proceed in the absence of any party if notice of the proceeding has been given to that party. The parties agree to abide by all awards rendered in any such proceeding. No party shall be considered in default hereunder during the pendency of arbitration proceedings relating to that default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Redemption.</u> At any time while this Warrant is outstanding, in connection with a Liquidation Event, the Corporation may deliver a notice to the Holder (an "Redemption Notice" and the date such notice is deemed delivered hereunder, the "Redemption Notice Date") of its irrevocable election to redeem, some or all of the then outstanding Warrants for cash in an amount equal to $0.001 per Warrant Share ("Redemption Amount") concurrent with the Liquidation Event (such date, the "Redemption Date"). Such Redemption Notice Date will be no more than 10 calendar days and no less than 5 calendar days, subject to amendment, of Liquidation Event. The Redemption Amount is payable in full on the Redemption Date. The Corporation may only effect a Redemption upon the occurrence of a Liquidation Event. "Liquidation Event" shall mean: (i) an initial public offering of the Corporation's stock (ii) the consummation of a merger or a transaction resulting in the transfer of all or substantially all of the Corporation's assets pursuant to which the Corporation's shareholders receive shares of a publicly traded company or (iii) a dissolution, liquidation or winding up of the Corporation, including, without limitation, those events deemed to constitute a dissolution, liquidation or winding up of the Corporation pursuant to the Corporation's Amended and Restated Certificate of Incorporation, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Notice</u>. All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed to have been given: (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by facsimile or e-mail of a PDF document (with confirmation of transmission) if sent during normal business hours of the recipient, and on the next business day if sent after normal business hours of the recipient; or (d) on the third day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid. Such communications must be sent: (i) if to Holder, at the addresses contained on the Corporation's warrant ledger and (ii) if to Corporation, at the Corporation's headquarters.

*[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]*

 

IN WITNESS WHEREOF, the Corporation has caused this Warrant to be executed by its duly authorized officers as of the date below.

---

| | |
|:---|:---|
| **EDISON ONCOLOGY HOLDING CORP.** | **EDISON ONCOLOGY HOLDING CORP.** |
| By: |  |
|  | Jeffrey Bacha |
| Date: | December 31, 2021 |

---

**NOTICE OF EXERCISE**

TO: __________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The undersigned hereby elects to purchase ____________ Warrant Shares of the Corporation pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The undersigned agrees that the Exercise Price will be paid in lawful money of the United States via cashier's check or wire transfer as set forth in section 1 of the Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

The Warrant Shares shall be delivered to the following address:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) <u>Accredited Investor</u>. The undersigned is an "accredited investor" as defined in Regulation D promulgated under the Securities Act of 1933, as amended.

[SIGNATURE OF HOLDER]

Name of Investing Entity:

_____________________________________________________________________________________

*Signature of Authorized Signatory of Investing Entity*:

_________________________________________________________________

Name of Authorized Signatory:

____________________________________________________________________________

Title of Authorized Signatory:

________________________________________________________________________________

Date:

___________________________________________________________________________________________

## Exhibit 4.05

**Exhibit 4.05**

THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY OTHER APPLICABLE SECURITIES LAWS AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH OTHER SECURITIES LAWS. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE SOLD, ASSIGNED, TRANSFERRED, ENCUMBERED, OR OTHERWISE DISPOSED OF, EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

Warrant No. B-001

**WARRANT TO PURCHASE SHARES OF COMMON STOCK**

**OF**

**EDISON ONCOLOGY HOLDING CORP.**

THIS CERTIFIES that, for value received, [\*] is entitled to purchase from **EDISON ONCOLOGY HOLDING CORP.**, a Nevada corporation (the "Corporation"), subject to the terms and conditions hereof, [\*] shares (the "Warrant Shares") of common stock, $0.0001 par value (the "Common Stock"). This warrant, together with all warrants hereafter issued in exchange or substitution for this warrant, is referred to as the "Warrant" and the holder of this Warrant is referred to as the "Holder." The number of Warrant Shares is subject to adjustment as hereinafter provided. Subject to the provisions of Section 9 below, this Warrant shall expire at 5:00pm Pacific time on December 31, 2023 (the "Termination Date").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Exercise of Warrants</u>. The Holder may, at any time prior to the Termination Date, exercise this Warrant in whole or in part at an exercise price equal to $__<sup>1</sup> per share, subject to adjustment as provided herein (the "Exercise Price"), by delivery to the Corporation of a duly executed facsimile copy or PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the "Notice of Exercise") and the surrender of this Warrant (properly endorsed) at the principal office of the Corporation, or at such other agency or office as the Corporation may designate by written notice to the Holder, and payment to the Corporation of the Exercise Price for each share of Common Stock being purchased. The Exercise Price may be paid in lawful money of the United States by cashier's check or wire transfer. Upon any partial exercise of this Warrant, there shall be executed and issued to the Holder a new Warrant in respect of the shares of Common Stock as to which this Warrant shall not have been exercised. In the event of the exercise of the rights represented by this Warrant, a certificate or certificates for the Warrant Shares so purchased, as applicable, registered in the name of the Holder, shall be delivered to the Holder hereof as soon as practicable after the rights represented by this Warrant shall have been so exercised.

<sup>1</sup> Exercise price shall be equal to eighty five percent (85%) of the price per share, paid by purchasers of the Company's common stock sold in (i) the Company's first public offering pursuant to a registration statement, (ii) any reorganization, merger, consolidation or similar transaction whereby the common stock is exchanged for cash and/or publicly traded equity or debt securities (including reverse takeovers, etc.), or (iii) any "person" or "group"(within the meaning of Section 14(d) and 14(d) of the Securities Exchange Act of 1934, as amended ("Exchange Act")) becomes the "beneficial owner" (as defined in Rule 14d-d of the Exchange Act) of more than 50% of the outstanding voting securities of the Company having the right to vote for the election of members of the Board of Directors; provided that this will not include any unregistered offering. Such resulting price will e rounded up to the nearest whole cent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Reservation of Warrant Shares</u>. The Corporation agrees that, prior to the expiration of this Warrant, it will at all times have authorized and in reserve, and will keep available, solely for issuance or delivery upon the exercise of this Warrant, the number of Warrant Shares as from time to time shall be issuable by the Corporation upon the exercise of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>No Stockholder Rights</u>. This Warrant shall not entitle the holder hereof to any voting rights or other rights as a stockholder of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Transferability of Warrant</u>. Prior to the Termination Date and subject to compliance with applicable laws, this Warrant and all rights hereunder are transferable, in whole or in part, at the office or agency of the Corporation by the Holder in person or by duly authorized attorney, upon surrender of this Warrant together with an assignment agreement in form and substance satisfactory to the Corporation and properly endorsed for transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Certain Adjustments</u>. With respect to any rights that Holder has to exercise this Warrant and convert into shares of Common Stock, Holder shall be entitled to the following adjustments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Reclassification, Recapitalization, etc.</u> If the Corporation at any time shall, by subdivision, combination or reclassification of securities, recapitalization, automatic conversion, or other similar event affecting the number or character of outstanding shares of Common Stock, or otherwise, change any of the securities as to which purchase rights under this Warrant exist into the same or a different number of securities of any other class or classes, this Warrant shall thereafter represent the right to acquire such number and kind of securities as would have been issuable as the result of such change with respect to the securities that were subject to the purchase rights under this Warrant immediately prior to such subdivision, combination, reclassification or other change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Split or Combination of Common Stock and Stock Dividend</u>. In case the Corporation shall at any time subdivide, redivide, recapitalize, split or change its outstanding shares of Common Stock into a greater number of shares or declare a dividend upon its Common Stock payable solely in shares of Common Stock, the Exercise Price shall be proportionately reduced and the number of Warrant Shares proportionately increased. Conversely, in case the outstanding shares of Common Stock of the Corporation shall be combined into a smaller number of shares, the Exercise Price shall be proportionately increased and the number of Warrant Shares proportionately reduced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Fractional Shares</u>. No fractional Warrant Shares shall be issued upon exercise of this Warrant as a result of any of the adjustment as set forth in this Section 5. Instead, the number of Warrant Shares issuable upon exercise of this Warrant shall be rounded up to the nearest whole number.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Legend and Stop Transfer Orders</u>. Unless the Warrant Shares have been registered under the Securities Act, upon exercise of any part of the Warrant, the Corporation shall instruct its transfer agent to enter stop transfer orders with respect to such Warrant Shares, and all certificates or instruments representing the Warrant Shares shall bear on the face thereof substantially the following legend:

**THIS SECURITY HAS NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND, ACCORDINGLY, MAY **NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER OR OTHER LOAN WITH A FINANCIAL INSTITUTION THAT IS AN "ACCREDITED INVESTOR" AS DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT OR OTHER LOAN SECURED BY SUCH SECURITIES.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Miscellaneous</u>. This Warrant shall be governed by and construed in accordance with the laws of the State of Nevada. All the covenants and provisions of this Warrant by or for the benefit of the Corporation shall bind and inure to the benefit of its successors and assigns hereunder. Nothing in this Warrant shall be construed to give to any person or corporation other than the Corporation and the holder of this Warrant any legal or equitable right, remedy or claim under this Warrant. This Warrant shall be for the sole and exclusive benefit of the Corporation and the holder of this Warrant. The section headings herein are for convenience only and are not part of this Warrant and shall not affect the interpretation hereof. Upon receipt of evidence satisfactory to the Corporation of the loss, theft, destruction or mutilation of this Warrant, and of indemnity reasonably satisfactory to the Corporation, if lost, stolen or destroyed, and upon surrender and cancellation of this Warrant, if mutilated, the Corporation shall execute and deliver to the Holder a new Warrant of like date, tenor and denomination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Arbitration.</u> The Corporation and the Holder, and by receipt of this Warrant or any Warrant Shares, all subsequent Holders or holders of Warrant Shares, agree to submit all controversies, claims, disputes and matters of difference arising out of or in connection with this Warrant or the Warrant Shares, including, without limitation, the application of this Section to arbitration in Los Angeles, California administered by the American Arbitration Association ("AAA") according to the commercial arbitration rules of the AAA as from time to time in force. This agreement to arbitrate shall be specifically enforceable, and judgment on any award rendered by the arbitrator or arbitrators may be entered in any court having jurisdiction thereof. Arbitration may proceed in the absence of any party if notice of the proceeding has been given to that party. The parties agree to abide by all awards rendered in any such proceeding. No party shall be considered in default hereunder during the pendency of arbitration proceedings relating to that default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Redemption.</u> At any time while this Warrant is outstanding, in connection with a Liquidation Event, the Corporation may deliver a notice to the Holder (an "Redemption Notice" and the date such notice is deemed delivered hereunder, the "Redemption Notice Date") of its irrevocable election to redeem, some or all of the then outstanding Warrants for cash in an amount equal to $0.001 per Warrant Share ("Redemption Amount") concurrent with the Liquidation Event (such date, the "Redemption Date"). Such Redemption Notice Date will be no more than 10 calendar days and no less than 5 calendar days, subject to amendment, of Liquidation Event. The Redemption Amount is payable in full on the Redemption Date. The Corporation may only effect a Redemption upon the occurrence of a Liquidation Event. "Liquidation Event" shall mean: (i) an initial public offering of the Corporation's stock (ii) the consummation of a merger or a transaction resulting in the transfer of all or substantially all of the Corporation's assets pursuant to which the Corporation's shareholders receive shares of a publicly traded company or (iii) a dissolution, liquidation or winding up of the Corporation, including, without limitation, those events deemed to constitute a dissolution, liquidation or winding up of the Corporation pursuant to the Corporation's Amended and Restated Certificate of Incorporation, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Notice</u>. All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed to have been given: (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by facsimile or e-mail of a PDF document (with confirmation of transmission) if sent during normal business hours of the recipient, and on the next business day if sent after normal business hours of the recipient; or (d) on the third day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid. Such communications must be sent: (i) if to Holder, at the addresses contained on the Corporation's warrant ledger and (ii) if to Corporation, at the Corporation's headquarters.

*[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]*

IN WITNESS WHEREOF, the Corporation has caused this Warrant to be executed by its duly authorized officers as of the date below.

---

| | |
|:---|:---|
| **EDISON ONCOLOGY HOLDING CORP.** | **EDISON ONCOLOGY HOLDING CORP.** |
| By: |  |
|  | Jeffrey Bacha |
| Date: | December 31, 2021 |

---

**NOTICE OF EXERCISE**

TO: ________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The undersigned hereby elects to purchase<u> </u> Warrant Shares of the Corporation pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The undersigned agrees that the Exercise Price will be paid in lawful money of the United States via cashier's check or wire transfer as set forth in section 1 of the Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

________________________

The Warrant Shares shall be delivered to the following address:

________________________

________________________

________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) <u>Accredited Investor</u>. The undersigned is an "accredited investor" as defined in Regulation D promulgated under the Securities Act of 1933, as amended.

[SIGNATURE OF HOLDER]

---

| |
|:---|
| Name of Investing Entity: |
| *Signature of Authorized Signatory of Investing Entity*: |
| Name of Authorized Signatory: |
| Title of Authorized Signatory: |
| Date: |

---

## Exhibit 4.06

**Exhibit 4.06**

**NEITHER THE WARRANTS REPRESENTED HEREBY NOR THE SECURITIES ISSUABLE UPON THE EXERCISE THEREOF HAVE BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT") OR THE SECURITIES LAWS OF ANY APPLICABLE STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY RECEIPT OF THIS CERTIFICATE, AGREES FOR THE BENEFIT OF THE CORPORATION THAT SUCH SECURITIES MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY (A) TO THE CORPORATION, (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT, (C) PURSUANT TO THE EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BYRULE 144A THEREUNDER, OR (D) PURSUANT TO ANOTHER EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT AND IN EACH CASE, IN COMPLIANCE WITH THE SECURITIES LAWS OF ANY APPLICABLE STATE OF THE UNITED STATES; PROVIDED THAT, IN THE CASE OF SUBPARAGRAPH (B), A DECLARATION IS ADDRESSED AND PROVIDED TO THE CORPORATION TO THE EFFECT THAT THE SECURITIES HAVE BEEN SOLD PURSUANT TO RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT, IN SUCH FORM AS THE CORPORATION MAY PRESCRIBE FROM TIME TO TIME; AND PROVIDED FURTHER THAT, IN THE CASE OF SUBPARAGRAPHS (C) AND (D), A WRITTEN OPINION OF LEGAL COUNSEL REASONABLY SATISFACTORY TO THE CORPORATION IS ADDRESSED AND PROVIDED TO THE CORPORATION, TO THE EFFECT THAT THE PROPOSED TRANSFER MAYBE EFFECTED WITHOUT REGISTRATION UNDER THE U.S. SECURITIES ACT AND THE SECURITIES LAWS OF ANY APPLICABLE STATE OF THE UNITED STATES.**

**WARRANT CERTIFICATE**

To Subscribe for and Purchase Common Shares of

**Edison Oncology Holding Corp.**

**(the "Corporation")**

---

| | |
|:---|:---|
| **No. CW-2020.01** | **Warrants to Purchase 275,000 Common Shares** |

---

**THIS IS TO CERTIFY that, for value received, the receipt and sufficiency of which is hereby acknowledged, GERALD AMATO or his permitted assignee (the "Holder") is entitled, subject to the terms and conditions hereinafter set forth below, including without limitation any adjustment to the subscription rights provided for hereunder in accordance with Section 8, to subscribe for and purchase from the Corporation up to TWO HUNDRED SEVENTY FIVE THOUSAND (275,000) common shares of the Corporation ("Common Shares") in accordance with the terms set forth herein.**

&nbsp;&nbsp;&nbsp;&nbsp;**1.**  **<u>Definitions</u>** .
 In this Warrant Certificate, including the preamble, the following terms shall have the following
 meanings, respectively:

**"Business Day"** means a day other than a Saturday, Sunday or federal holiday in the United States;

**"Common Shares"** has the meaning ascribed thereto in the introductory paragraph hereto;

**"Capital Reorganization"** means: (i) any reclassification of the Common Shares at any time outstanding; (ii) any change of the Common Shares at any time outstanding into other shares or securities; (iii) any sale of all of the Common Shares at any time outstanding to a third party; or (iv) any consolidation, amalgamation or merger of the Corporation with or into any other corporation or other entity (other than a consolidation, amalgamation or merger which does not result in a reclassification of the outstanding Common Shares or a change of the Common Shares into other shares or securities) and, for the avoidance of doubt, shall not include a Share Reorganization;

**"Corporation"** means Edison Oncology Holding Corp., a corporation incorporated under the Laws of the State of Nevada;

**"Exercise Price"** has the meaning ascribed thereto in Section 2;

**"Holder''** has the meaning ascribed thereto in the introductory paragraph hereto;

"**Registrable Securities**" means Common Stock issuable under this Warrant Certificate. Registrable Securities shall continue to be Registrable Securities (whether they continue to be held by the Holder or a permitted assignee) until (i) they are sold pursuant to an effective registration statement filed by the Company under the Securities Act of 1933, as amended; (ii) they may be sold by their holder pursuant to Rule 144 without limitation thereunder on volume or manner of sale; or (iii) they shall have otherwise been transferred and new securities not subject to transfer restrictions under any federal securities laws and not bearing any legend restricting further transfer shall have been delivered by the Company, all applicable holding periods shall have expired, and no other applicable and legally binding restriction on transfer by the Holder thereof shall exist under the Securities Act.

**"Share Reorganization"** has the meaning ascribed thereto in Section 8(b);

**"Subscription Form"** means the form of subscription annexed hereto as Schedule A; and

**"Warrants"** means the common share purchase warrants represented by this Warrant Certificate.

**2. <u>Exercise Price</u>**. The Warrants represented by this Warrant Certificate entitle the Holder to subscribe for and purchase up to 275,000 Common Shares at a price per Common Share (the **"Exercise Price")** of $0.50, subject to adjustment as provided herein.

**3.** <u>**Expiration of Warrants.**</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to early expiry in accordance with Section 3(b), all rights under this Warrant Certificate
 which have vested in accordance with Section 3(b) and have not been exercised pursuant to
 Section 4(a) shall cease and this Warrant Certificate shall be wholly void and of no valid
 or binding effect at 5:00 PM (Pacific Standard Time) on December 31, 2026.

(b) The
 right to purchase the 175,000 Common Shares pursuant to the exercise of the Warrants represented
 by this Warrant Certificate shall vest immediately. The right to purchase an additional 100,000
 Common Shares pursuant to the exercise of the Warrants represented by this Warrant Certificate
 shall vest in twelve monthly instalments commencing on July 31, 2020, with right to purchase
 8, 3331/3 Common Shares vesting on the last day of each month from and including July 31,
 2020 to and including June 30, 2021. In the event that the Letter of Agreement dated December
 12, 2019 between the Corporation and the Holder is terminated, all unvested Warrants as at
 the date of such termination shall automatically terminate and be of no further force and
 effect.

(c)  **<u>Accelerated Vesting.</u>** Upon achievement of certain milestones that may be agreed between the Corporation
 and the Holder from time to time, all or a portion of any unvested Warrants may be deemed
 to vest as of the date of such milestone achievement. Such accelerated vesting shall be subject
 to the approval of the bord of directors of the Corporation in their sole discretion.

**4.** <u>**Exercise of Warrants.**</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)  **<u>Manner of Exercise</u>.** The Warrants represented by this Warrant Certificate may be exercised,
 in whole or in part, by the surrender of this Warrant Certificate, with the attached Subscription
 Form duly executed, at principal office of the Corporation, or at such other office or agency
 as the Corporation may designate in writing, together with the aggregate Exercise Price,
 which may be satisfied by a Cash Exercise or a Cashless Exercise, as each is defined below.
 Certificates for any Common Shares due to the Holder upon Exercise shall be delivered to
 the Holder within a reasonable time, not exceeding ten Business Days, after all or any portion
 of the Warrants have been so exercised.

**(b)**  **<u>Payment of Exercise Price for Cash Exercise or Cashless Exercise.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** *Cash Exercise.* The Holder shall deliver, with the Warrant Certificate and Subscription Form,
 payment to the Corporation, by wire or by certified cheque or bank draft, of the aggregate
 Exercise Price for the number of Common Shares in respect of which the Warrants are being
 exercised. The Corporation agrees that any Common Shares subscribed for and purchased by
 exercise of the Warrants shall be and be deemed to be issued to the Holder as the registered
 owner of such Common Shares as of the close of business on the date on which this Warrant
 Certificate shall have been surrendered and payment made for such shares as aforesaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** *<u>Cashless Exercise.</u>* The Holder, at its option, may exercise this Warrant in a cashless exercise
 transaction. In order to effect a Cashless Exercise, the Holder shall deliver, with the Warrant
 Certificate and Subscription Form, notice of cashless election, in which event the Corporation
 shall issue Holder a number of shares of Common Stock computed using the following formula
 (a "Cashless Exercise"):

X = Y (A-B)/A

where:

X = the number of shares of Common Stock to be issued to Holder.

Y = the number of shares of Common Stock for which this Warrant is being Exercised.

A = the Market Price of one (1) share of Common Stock (for purposes of this Section 4(b)(ii), where "Market Price," as of any date, means the Volume Weighted Average Price (as defined herein) of the Company's Common Stock during the fifteen (15) consecutive Business Days period immediately preceding the date in question.

B = the Exercise Price.

As used herein, the "Volume Weighted Average Price" for any security as of any date means the volume weighted average sale price of such security on the principal securities exchange or trading market where such security is listed or traded as reported by Bloomberg Financial Markets or an equivalent, reliable reporting service mutually acceptable to and hereafter designated by holders of a majority-in-interest of the Warrants and the Company ("Bloomberg"), or, if no volume weighted average sale price is reported for such security, then the last closing trade price of such security as reported by Bloomberg, or, if no last closing trade price is reported for such security by Bloomberg, the average of the bid prices of any market makers for such security that are listed in the over the counter market by the Financial Industry Regulatory Authority, Inc. or in the "pink sheets" by the Pink OTC Market, Inc. If the Volume Weighted Average Price cannot be calculated for such security on such date in the manner provided above, the volume weighted average price shall be the fair market value as mutually determined by the Company and the Holders of a majority in interest of the Warrants being Exercised for which the calculation of the volume weighted average price is required in order to determine the Exercise Price of such Warrants.

For purposes of Rule 144 and sub-section (d)(3)(ii) thereof, it is intended, understood and acknowledged that the Common Stock issuable upon Exercise of this Warrant in a Cashless Exercise transaction shall be deemed to have been acquired at the time this Warrant was issued. Moreover, it is intended, understood and acknowledged that the holding period for the Common Stock issuable upon Exercise of this Warrant in a Cashless Exercise transaction shall be deemed to have commenced on the date this Warrant was issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>**Unexercised Warrants.**</u> In
 the event that only a portion of the Warrants represented by this Warrant Certificate are
 exercised pursuant to Section 4(a), the Corporation shall, upon the surrender of this Warrant
 Certificate in accordance with Section 4(a), issue a replacement warrant certificate representing
 the right to subscribe for the remaining number of Common Shares which the Holder is entitled
 to subscribe for.

5. <u>**Not a Shareholder.**</u> For the avoidance of doubt, nothing in this Warrant Certificate or in the holding of the Warrants evidenced hereby shall be construed as conferring upon the Holder any right or interest whatsoever as a shareholder of the Corporation.

6. <u>**No Fractional Shares.**</u> Notwithstanding any provisions to the contrary herein, the Corporation shall not be required to issue any fractional shares in the capital of the Corporation in connection with any exercise of the Warrants. If the calculation of the number of shares issuable upon such exercise results in a number which includes a fraction of whole shares, the Corporation shall issue to the Holder the largest number of whole shares into which the Warrants so exercised are exercisable and make a cash payment to the Holder in lieu of the fractional share in an amount determined in good faith by the Corporation's board of directors; provided, however, that the Corporation shall not be required to make a cash payment in lieu of such fractional share if the amount of such cash payment would be less than $10.00.

**7.** <u>**Legends.**</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 certificates evidencing Common Shares issued on exercise of the Warrants shall bear the following
 legend:

"THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT") OR THE SECURITIES LAWS OF ANY APPLICABLE STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF THE CORPORATION THAT SUCH SECURITIES MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY (A) TO THE CORPORATION, (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATIONS UNDER THE U.S. SECURITIES ACT, (C) PURSUANT TO THE EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER, OR (D) PURSUANT TO ANOTHER EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT AND IN EACH CASE, IN COMPLIANCE WITH THE SECURITIES LAWS OF ANY APPLICABLE STATE OF THE UNITED STATES; PROVIDED THAT, IN THE CASE OF SUBPARAGRAPH (B), A DECLARATION IS ADDRESSED AND PROVIDED TO THE CORPORATION TO THE EFFECT THAT THE SECURITIES HAVE BEEN SOLD PURSUANT TO RULE 904 OF REGULATION SUNDER THE U.S. SECURITIES ACT, IN SUCH FORM AS THE CORPORATION MAY PRESCRIBE FROM TIME TO TIME; AND PROVIDED FURTHER THAT, IN THE CASE OF SUBPARAGRAPHS (C) AND (D), A WRITTEN OPINION OF LEGAL COUNSEL REASONABLY SATISFACTORY TO THE CORPORATION IS ADDRESSED AND PROVIDED TO THE CORPORATION, TO THE EFFECT THAT THE PROPOSED TRANSFER MAY BE EFFECTED WITHOUT REGISTRATION UNDER THE U.S. SECURITIES ACT AND THE SECURITIES LAWS OF ANY APPLICABLE STATE OF THE UNITED STATES."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 the Common Shares are listed or quoted for trading on a recognized stock exchange, the certificates
 representing the Common Shares issued upon exercise of the Warrants shall bear such legend
 or legends as may be required in order for the Corporation to comply with the rules and regulations
 of such recognized stock exchange.

**8.**  **<u>Piggyback Registration Rights.</u>** If at any time the Company has registered or has determined
 to register any of its securities for its own account or for the account of other security
 holders of the Company on any registration form (other than Form S-4 or S-8) which permits
 the inclusion of the Registrable Securities (a " <u>Piggyback Registration</u> "),
 the Company will give the Holder written notice thereof promptly (but in no event less than
 15 days prior to the anticipated filing date) and shall include in such registration all
 Registrable Securities requested to be included therein pursuant to the written request of
 one or more Holder received within 10 days after delivery of the Company's notice.
 If a Piggyback Registration is initiated as a primary underwritten offering on behalf of
 the Company, and the managing underwriters advise the Company and the Holder that in their
 reasonable opinion the number of shares of Common Stock proposed to be included exceeds the
 number of shares of Common Stock that can be sold in such underwritten offering without materially
 delaying or jeopardizing the success of the offering (including the offering price per share),
 the Company shall include in such registration: (i) first, the number of shares of Common
 Stock that the Company proposes to sell; and (ii) second, on a pro rata basis, the number
 of shares of Common Stock and other Registrable Securities requested to be included therein
 by the Holder and the holders of other securities eligible to be included in such registration.
 If the Company elects, at its sole discretion, to terminate the registration of its securities
 that resulted in a Piggyback Registration, the Company's shall not be obliged to register
 the Holder's Registrable Securities cease until such time as a new registration is
 of its Securities undertaken by the Company. All expenses incurred in connection with any
 registration, qualification or compliance of the Piggyback Registration Rights shall be borne
 by the Company.

**9.** <u>**Adjustment of Subscription Rights.**</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>**Capital Reorganization**</u> **.** If at
 any time while all or any portion of the Warrants remain outstanding there shall be a Capital
 Reorganization and the Holder exercises all or any portion of the Warrants after the effective
 date of such Capital Reorganization, the Holder shall be entitled to receive, in lieu of
 the number of Common Shares to which it was theretofore entitled to receive upon such exercise,
 the kind and amount of securities or property which the Holder would have been entitled to
 receive as a result of such Capital Reorganization if, on the effective date thereof, the
 Holder had been the registered holder of the number of Common Shares to which the Holder
 was theretofore entitled to receive upon such exercise of Warrants pursuant to Section 4(a)
 and the Corporation may make such other amendments to the terms of the Warrants as the board
 of directors of the Corporation in good faith considers equitable or necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>**Share Reorganization**</u> **.** If at any time while all or any portion of the Warrants remain outstanding the Corporation
 shall (i) subdivide the Common Shares then outstanding into a greater number of Common Shares
 or (ii) consolidate the Common Shares then outstanding into a lesser number of Common Shares
 (each such event, a **"Share Reorganization"),** then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Exercise Price will be adjusted on the effective date of the Share Reorganization by multiplying
 the Exercise Price in effect immediately prior to such date by a fraction (A) the numerator
 of which is the number of Common Shares outstanding immediately before giving effect to the
 Share Reorganization and (B) the denominator of which is the number of Common Shares outstanding
 immediately after giving effect to the Share Reorganization; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) concurrent
 with each adjustment of the Exercise Price in accordance with subparagraph 8(b)(i), the number
 of Common Shares the Holder shall be entitled to acquire on any exercise of the Warrants
 shall be adjusted to that number of Common Shares obtained by multiplying the number of Common
 Shares the Holder was entitled to acquire upon the exercise of the Warrants immediately prior
 to such adjustment by a fraction (A) the numerator of which is the Exercise Price in effect
 immediately prior to such adjustment and (B) the denominator of which is Exercise Price resulting
 from such adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** <u>**Rules Regarding Adjustment of Subscription Rights.**</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 adjustments provided for in this Section 9 are cumulative and shall be made successively
 whenever an event referred to herein shall occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In
 the event of any dispute arising with respect to the adjustments provided in this Section
 9, such dispute will, absent manifest error, be conclusively resolved by a firm of chartered
 accountants (the costs of which will be borne by the Corporation) appointed by the Corporation
 (who may be the Corporation's auditors).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) As
 a condition precedent to the taking of any action which would require any adjustment pursuant
 to this Section 9, the Corporation will take any corporate action which may, in the opinion
 of counsel, be necessary in order that the securities to which the Holder is entitled on
 the full exercise of the Warrant shall be available for such purpose and that such shares
 may be validly and legally issued as fully paid and non-assessable shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any
 adjustment pursuant to this Section 9 is subject to the prior approval, if required, of any
 stock exchange or regulatory authority having jurisdiction over the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) As
 promptly as reasonably practicable after the occurrence of any event which requires an adjustment
 pursuant to this Section 9, the Corporation will deliver a written notice to the Holder specifying
 in reasonable detail the nature of the event requiring the adjustment and the nature of the
 adjustment necessitated by such event.

10. <u>**Mutilated or Missing Warrant Certificates.**</u> Upon receipt of evidence satisfactory to the Corporation of the loss, theft, destruction or mutilation of this Warrant Certificate and, in the case of any such loss, theft or destruction, upon delivery of a bond or indemnity satisfactory to the Corporation, acting reasonably, or, in the case of any such mutilation, upon surrender of this Warrant Certificate, the Corporation will issue to the Holder a new certificate of like tenor in respect of the Warrants represented hereby.

11. <u>**Notice.**</u> Any notice or other communication to be delivered to the Holder hereunder shall be given in writing and delivered to the Holder by courier or registered mail to the address of the Holder set forth in the applicable securities register of the Corporation. Any such notice or other communication shall be deemed to be given and received on the second Business Day following the day on which it is sent.

12. <u>**Governing Law.**</u> This Warrant Certificate shall be governed by and construed in accordance with the laws of the State of New York and the laws of New York applicable therein. The Corporation hereby irrevocably attorns to the non-exclusive jurisdiction of the courts of the State of New York.

13. <u>**Severability.**</u> If any one or more of the provisions or parts thereof contained in this Warrant Certificate should be or become invalid, illegal or unenforceable in any respect in any jurisdiction, the remaining provisions or parts thereof contained herein shall be and shall be conclusively deemed to be, as to such jurisdiction, severable therefrom and (a) the validity, legality or enforceability of such remaining provisions or parts thereof shall not in any way be affected or impaired by the severance of the provisions or parts thereof severed and (b) the invalidity, illegality or unenforceability of any provision or part thereof contained in this Warrant Certificate in any jurisdiction shall not affect or impair such provision or part thereof or any other provisions of this Warrant Certificate in any other jurisdiction.

14. <u>**Headings.**</u> The headings of the sections, subsections, paragraphs, subparagraphs and clauses of this Warrant Certificate have been inserted for convenience of reference only and do not define, limit, alter or enlarge the meaning of any provision of this Warrant Certificate.

15. <u>**Numbering of Articles, etc**</u>**.** Unless otherwise stated, a reference herein to a numbered or lettered Section, subparagraph or Schedules refers to the section, subparagraph or schedule bearing that number or letter in this Warrant Certificate.

16. <u>**Words Importing the Singular.**</u> Whenever used in this Warrant Certificate, words importing the singular number only shall include the plural and vice versa.

17. <u>**Day not a Business Day.**</u> In the event that any day on or before which any action is required to be taken hereunder is not a Business Day, then such action shall be required to be taken on or before the requisite time on the next succeeding day that is a Business Day. If the payment of any amount is deferred for any period, then such period shall be included for purposes of the computation of any interest payable hereunder.

18. <u>**Binding Effect.**</u> This Warrant Certificate and all of its provisions shall enure to the benefit of the Holder and its successors and permitted assigns and shall be binding upon the Corporation and its successors and permitted assigns.

**IN WITNESS WHEREOF** the Corporation has caused this Warrant Certificate to be signed by its duly authorized officers under its corporate seal, and this Warrant Certificate to be dated the 4th day of April 2020.

---

| | |
|:---|:---|
| **EDISON ONCOLOGY HOLDING CORP.** | **EDISON ONCOLOGY HOLDING CORP.** |
| By: |  |
|  | Jeffrey A. Bacha<br> Chief Executive Officer |

---

---

| | |
|:---|:---|
| **Acknowledged and agreed by:** | **Acknowledged and agreed by:** |
| **GERALD AMATO** | **GERALD AMATO** |
| By: |  |
| Name: | Gerald Amato |
| Title: | Holder |

---

**SCHEDULE A**

**Edison Oncology Holding Corp.**

**Subscription Form**

*(to be signed only upon exercise of the Warrants)*

 

The undersigned hereby exercises the Warrants represented by the Warrant Certificate included herewith with respect to_________________ Common Shares which may be purchased under Warrant Certificate No. **CW2020.01**.

The Corporation is instructed to issue certificates for such Common Shares in the name of the undersigned and to deliver the same to the address indicated.

---

| |
|:---|
| **Name** |
| **Street and Number City and State** |
| **Purchaser's Signature\*** |
| **Date** |

---

\* Signature must conform exactly with the name of the registered owner on the Warrant Certificate included herewith

## Exhibit 4.07

**Exhibit 4.07**

**NEITHER THE WARRANTS REPRESENTED HEREBY NOR THE SECURITIES ISSUABLE UPON THE EXERCISE THEREOF HAVE BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT") OR THE SECURITIES LAWS OF ANY APPLICABLE STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY RECEIPT OF THIS CERTIFICATE, AGREES FOR THE BENEFIT OF THE CORPORATION THAT SUCH SECURITIES MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY (A) TO THE CORPORATION, (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT, (C) PURSUANT TO THE EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BYRULE 144A THEREUNDER, OR (D) PURSUANT TO ANOTHER EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT AND IN EACH CASE, IN COMPLIANCE WITH THE SECURITIES LAWS OF ANY APPLICABLE STATE OF THE UNITED STATES; PROVIDED THAT, IN THE CASE OF SUBPARAGRAPH (B), A DECLARATION IS ADDRESSED AND PROVIDED TO THE CORPORATION TO THE EFFECT THAT THE SECURITIES HAVE BEEN SOLD PURSUANT TO RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT, IN SUCH FORM AS THE CORPORATION MAY PRESCRIBE FROM TIME TO TIME; AND PROVIDED FURTHER THAT, IN THE CASE OF SUBPARAGRAPHS (C) AND (D), A WRITIEN OPINION OF LEGAL COUNSEL REASONABLY SATISFACTORY TO THE CORPORATION IS ADDRESSED AND PROVIDED TO THE CORPORATION, TO THE EFFECT THAT THE PROPOSED TRANSFER MAYBE EFFECTED WITHOUT REGISTRATION UNDER THE U.S. SECURITIES ACT AND THE SECURITIES LAWS OF ANY APPLICABLE STATE OF THE UNITED STATES.**

**WARRANT CERTIFICATE**

To Subscribe for and Purchase Common Shares of

**Edison Oncology Holding Corp.**

**(the "Corporation")**

---

| | |
|:---|:---|
| **No. CW-2021.01b** | **Warrants to Purchase 40,000 Common Shares** |

---

**THIS IS TO CERTIFY that, for value received, the receipt and sufficiency of which is hereby acknowledged, GERALD AMATO or his permitted assignee (the "Holder") is entitled, subject to the terms and conditions hereinafter set forth below, including without limitation any adjustment to the subscription rights provided for hereunder in accordance with Section 8, to subscribe for and purchase from the Corporation up to FOURTY THOUSAND (40,000) common shares of the Corporation ("Common Shares") in accordance with the terms set forth herein.**

&nbsp;&nbsp;&nbsp;&nbsp;**1.**  **<u>Definitions</u>** .
 In this Warrant Certificate, including the preamble, the following terms shall have the following
 meanings, respectively:

**"Business Day"** means a day other than a Saturday, Sunday or federal holiday in the United States;

**"Common Shares"** has the meaning ascribed thereto in the introductory paragraph hereto;

**"Capital Reorganization"** means: (i) any reclassification of the Common Shares at any time outstanding; (ii) any change of the Common Shares at any time outstanding into other shares or securities; (iii) any sale of all of the Common Shares at any time outstanding to a third party; or (iv) any consolidation, amalgamation or merger of the Corporation with or into any other corporation or other entity (other than a consolidation, amalgamation or merger which does not result in a reclassification of the outstanding Common Shares or a change of the Common Shares into other shares or securities) and, for the avoidance of doubt, shall not include a Share Reorganization;

**"Corporation"** means Edison Oncology Holding Corp., a corporation incorporated under the Laws of the State of Nevada;

**"Exercise Price"** has the meaning ascribed thereto in Section 2;

**"Holder''** has the meaning ascribed thereto in the introductory paragraph hereto;

**"Share Reorganization"** has the meaning ascribed thereto in Section 8(b);

**"Subscription Form"** means the form of subscription annexed hereto as Schedule A; and

**"Warrants"** means the common share purchase warrants represented by this Warrant Certificate.

**2. <u>Exercise Price</u>**. The Warrants represented by this Warrant Certificate entitle the Holder to subscribe for and purchase up to 40,000 Common Shares at a price per Common Share (the **"Exercise Price")** of $1.52, subject to adjustment as provided herein.

**3.** <u>**Expiration of Warrants.**</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to early expiry in accordance with Section 3(b), all rights under this Warrant Certificate
 which have vested in accordance with Section 3(b) and have not been exercised pursuant to
 Section 4(a) shall cease and this Warrant Certificate shall be wholly void and of no valid
 or binding effect at 5:00 PM (Pacific Standard Time) on December 31, 2027.

(b) The
 right to purchase the 40,000 Common Shares pursuant to the exercise of the Warrants represented
 by this Warrant Certificate shall vest immediately.

**4.** <u>**Exercise of Warrants.**</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)  **<u>Manner of Exercise</u>.** The Warrants represented by this Warrant Certificate may be exercised,
 in whole or in part, by the surrender of this Warrant Certificate, with the attached Subscription
 Form duly executed, at principal office of the Corporation, or at such other office or agency
 as the Corporation may designate in writing, together with the aggregate Exercise Price,
 which may be satisfied by a Cash Exercise or a Cashless Exercise, as each is defined below.
 Certificates for any Common Shares due to the Holder upon Exercise shall be delivered to
 the Holder within a reasonable time, not exceeding ten Business Days, after all or any portion
 of the Warrants have been so exercised.

**(b)**  **<u>Payment of Exercise Price for Cash Exercise or Cashless Exercise.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** *Cash Exercise.* The Holder shall deliver, with the Warrant Certificate and Subscription Form,
 payment to the Corporation, by wire or by certified cheque or bank draft, of the aggregate
 Exercise Price for the number of Common Shares in respect of which the Warrants are being
 exercised. The Corporation agrees that any Common Shares subscribed for and purchased by
 exercise of the Warrants shall be and be deemed to be issued to the Holder as the registered
 owner of such Common Shares as of the close of business on the date on which this Warrant
 Certificate shall have been surrendered and payment made for such shares as aforesaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** *<u>Cashless Exercise.</u>* The Holder, at its option, may exercise this Warrant in a cashless exercise
 transaction. In order to effect a Cashless Exercise, the Holder shall deliver, with the Warrant
 Certificate and Subscription Form, notice of cashless election, in which event the Corporation
 shall issue Holder a number of shares of Common Stock computed using the following formula
 (a "Cashless Exercise"):

X = Y (A-B)/A

where:

X = the number of shares of Common Stock to be issued to Holder.

Y = the number of shares of Common Stock for which this Warrant is being Exercised.

A = the Market Price of one (1) share of Common Stock (for purposes of this Section 4(b)(ii), where "Market Price," as of any date, means the Volume Weighted Average Price (as defined herein) of the Company's Common Stock during the fifteen (15) consecutive Business Days period immediately preceding the date in question.

B = the Exercise Price.

As used herein, the "Volume Weighted Average Price" for any security as of any date means the volume weighted average sale price of such security on the principal securities exchange or trading market where such security is listed or traded as reported by Bloomberg Financial Markets or an equivalent, reliable reporting service mutually acceptable to and hereafter designated by holders of a majority-in-interest of the Warrants and the Company ("Bloomberg"), or, if no volume weighted average sale price is reported for such security, then the last closing trade price of such security as reported by Bloomberg, or, if no last closing trade price is reported for such security by Bloomberg, the average of the bid prices of any market makers for such security that are listed in the over the counter market by the Financial Industry Regulatory Authority, Inc. or in the "pink sheets" by the Pink OTC Market, Inc. If the Volume Weighted Average Price cannot be calculated for such security on such date in the manner provided above, the volume weighted average price shall be the fair market value as mutually determined by the Company and the Holders of a majority in interest of the Warrants being Exercised for which the calculation of the volume weighted average price is required in order to determine the Exercise Price of such Warrants.

For purposes of Rule 144 and sub-section (d)(3)(ii) thereof, it is intended, understood and acknowledged that the Common Stock issuable upon Exercise of this Warrant in a Cashless Exercise transaction shall be deemed to have been acquired at the time this Warrant was issued. Moreover, it is intended, understood and acknowledged that the holding period for the Common Stock issuable upon Exercise of this Warrant in a Cashless Exercise transaction shall be deemed to have commenced on the date this Warrant was issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>**Unexercised Warrants.**</u> In
 the event that only a portion of the Warrants represented by this Warrant Certificate are
 exercised pursuant to Section 4(a), the Corporation shall, upon the surrender of this Warrant
 Certificate in accordance with Section 4(a), issue a replacement warrant certificate representing
 the right to subscribe for the remaining number of Common Shares which the Holder is entitled
 to subscribe for.

5. <u>**Not a Shareholder.**</u> For the avoidance of doubt, nothing in this Warrant Certificate or in the holding of the Warrants evidenced hereby shall be construed as conferring upon the Holder any right or interest whatsoever as a shareholder of the Corporation.

6. <u>**No Fractional Shares.**</u> Notwithstanding any provisions to the contrary herein, the Corporation shall not be required to issue any fractional shares in the capital of the Corporation in connection with any exercise of the Warrants. If the calculation of the number of shares issuable upon such exercise results in a number which includes a fraction of whole shares, the Corporation shall issue to the Holder the largest number of whole shares into which the Warrants so exercised are exercisable and make a cash payment to the Holder in lieu of the fractional share in an amount determined in good faith by the Corporation's board of directors; provided, however, that the Corporation shall not be required to make a cash payment in lieu of such fractional share if the amount of such cash payment would be less than $10.00.

**7.** <u>**Legends.**</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 certificates evidencing Common Shares issued on exercise of the Warrants shall bear the following
 legend:

"THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT") OR THE SECURITIES LAWS OF ANY APPLICABLE STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF THE CORPORATION THAT SUCH SECURITIES MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY (A) TO THE CORPORATION, (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATIONS UNDER THE U.S. SECURITIES ACT, (C) PURSUANT TO THE EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER, OR (D) PURSUANT TO ANOTHER EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT AND IN EACH CASE, IN COMPLIANCE WITH THE SECURITIES LAWS OF ANY APPLICABLE STATE OF THE UNITED STATES; PROVIDED THAT, IN THE CASE OF SUBPARAGRAPH (B), A DECLARATION IS ADDRESSED AND PROVIDED TO THE CORPORATION TO THE EFFECT THAT THE SECURITIES HAVE BEEN SOLD PURSUANT TO RULE 904 OF REGULATION SUNDER THE U.S. SECURITIES ACT, IN SUCH FORM AS THE CORPORATION MAY PRESCRIBE FROM TIME TO TIME; AND PROVIDED FURTHER THAT, IN THE CASE OF SUBPARAGRAPHS (C) AND (D), A WRITTEN OPINION OF LEGAL COUNSEL REASONABLY SATISFACTORY TO THE CORPORATION IS ADDRESSED AND PROVIDED TO THE CORPORATION, TO THE EFFECT THAT THE PROPOSED TRANSFER MAY BE EFFECTED WITHOUT REGISTRATION UNDER THE U.S. SECURITIES ACT AND THE SECURITIES LAWS OF ANY APPLICABLE STATE OF THE UNITED STATES."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 the Common Shares are listed or quoted for trading on a recognized stock exchange, the certificates
 representing the Common Shares issued upon exercise of the Warrants shall bear such legend
 or legends as may be required in order for the Corporation to comply with the rules and regulations
 of such recognized stock exchange.

**8.** <u>**Adjustment of Subscription Rights.**</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>**Capital Reorganization**</u> **.** If at
 any time while all or any portion of the Warrants remain outstanding there shall be a Capital
 Reorganization and the Holder exercises all or any portion of the Warrants after the effective
 date of such Capital Reorganization, the Holder shall be entitled to receive, in lieu of
 the number of Common Shares to which it was theretofore entitled to receive upon such exercise,
 the kind and amount of securities or property which the Holder would have been entitled to
 receive as a result of such Capital Reorganization if, on the effective date thereof, the
 Holder had been the registered holder of the number of Common Shares to which the Holder
 was theretofore entitled to receive upon such exercise of Warrants pursuant to Section 4(a)
 and the Corporation may make such other amendments to the terms of the Warrants as the board
 of directors of the Corporation in good faith considers equitable or necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>**Share Reorganization**</u> **.** If at any time while all or any portion of the Warrants remain outstanding the Corporation
 shall (i) subdivide the Common Shares then outstanding into a greater number of Common Shares
 or (ii) consolidate the Common Shares then outstanding into a lesser number of Common Shares
 (each such event, a **"Share Reorganization"),** then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Exercise Price will be adjusted on the effective date of the Share Reorganization by multiplying
 the Exercise Price in effect immediately prior to such date by a fraction (A) the numerator
 of which is the number of Common Shares outstanding immediately before giving effect to the
 Share Reorganization and (B) the denominator of which is the number of Common Shares outstanding
 immediately after giving effect to the Share Reorganization; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) concurrent
 with each adjustment of the Exercise Price in accordance with subparagraph 8(b)(i), the number
 of Common Shares the Holder shall be entitled to acquire on any exercise of the Warrants
 shall be adjusted to that number of Common Shares obtained by multiplying the number of Common
 Shares the Holder was entitled to acquire upon the exercise of the Warrants immediately prior
 to such adjustment by a fraction (A) the numerator of which is the Exercise Price in effect
 immediately prior to such adjustment and (B) the denominator of which is Exercise Price resulting
 from such adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** <u>**Rules Regarding Adjustment of Subscription Rights.**</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 adjustments provided for in this Section 8 are cumulative and shall be made successively
 whenever an event referred to herein shall occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In
 the event of any dispute arising with respect to the adjustments provided in this Section
 8, such dispute will, absent manifest error, be conclusively resolved by a firm of chartered
 accountants (the costs of which will be borne by the Corporation) appointed by the Corporation
 (who may be the Corporation's auditors).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) As
 a condition precedent to the taking of any action which would require any adjustment pursuant
 to this Section 8, the Corporation will take any corporate action which may, in the opinion
 of counsel, be necessary in order that the securities to which the Holder is entitled on
 the full exercise of the Warrant shall be available for such purpose and that such shares
 may be validly and legally issued as fully paid and non-assessable shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any
 adjustment pursuant to this Section 8 is subject to the prior approval, if required, of any
 stock exchange or regulatory authority having jurisdiction over the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) As
 promptly as reasonably practicable after the occurrence of any event which requires an adjustment
 pursuant to this Section 8, the Corporation will deliver a written notice to the Holder specifying
 in reasonable detail the nature of the event requiring the adjustment and the nature of the
 adjustment necessitated by such event.

**9**. <u>**Mutilated or Missing Warrant Certificates.**</u> Upon receipt of evidence satisfactory to the Corporation of the loss, theft, destruction or mutilation of this Warrant Certificate and, in the case of any such loss, theft or destruction, upon delivery of a bond or indemnity satisfactory to the Corporation, acting reasonably, or, in the case of any such mutilation, upon surrender of this Warrant Certificate, the Corporation will issue to the Holder a new certificate of like tenor in respect of the Warrants represented hereby.

10. <u>**Notice.**</u> Any notice or other communication to be delivered to the Holder hereunder shall be given in writing and delivered to the Holder by courier or registered mail to the address of the Holder set forth in the applicable securities register of the Corporation. Any such notice or other communication shall be deemed to be given and received on the second Business Day following the day on which it is sent.

11. <u>**Governing Law.**</u> This Warrant Certificate shall be governed by and construed in accordance with the laws of the State of New York and the laws of New York applicable therein. The Corporation hereby irrevocably attorns to the non-exclusive jurisdiction of the courts of the State of New York.

12. <u>**Severability.**</u> If any one or more of the provisions or parts thereof contained in this Warrant Certificate should be or become invalid, illegal or unenforceable in any respect in any jurisdiction, the remaining provisions or parts thereof contained herein shall be and shall be conclusively deemed to be, as to such jurisdiction, severable therefrom and (a) the validity, legality or enforceability of such remaining provisions or parts thereof shall not in any way be affected or impaired by the severance of the provisions or parts thereof severed and (b) the invalidity, illegality or unenforceability of any provision or part thereof contained in this Warrant Certificate in any jurisdiction shall not affect or impair such provision or part thereof or any other provisions of this Warrant Certificate in any other jurisdiction.

13. <u>**Headings.**</u> The headings of the sections, subsections, paragraphs, subparagraphs and clauses of this Warrant Certificate have been inserted for convenience of reference only and do not define, limit, alter or enlarge the meaning of any provision of this Warrant Certificate.

14. <u>**Numbering of Articles, etc**</u>**.** Unless otherwise stated, a reference herein to a numbered or lettered Section, subparagraph or Schedules refers to the section, subparagraph or schedule bearing that number or letter in this Warrant Certificate.

15. <u>**Words Importing the Singular.**</u> Whenever used in this Warrant Certificate, words importing the singular number only shall include the plural and vice versa.

16. <u>**Day not a Business Day.**</u> In the event that any day on or before which any action is required to be taken hereunder is not a Business Day, then such action shall be required to be taken on or before the requisite time on the next succeeding day that is a Business Day. If the payment of any amount is deferred for any period, then such period shall be included for purposes of the computation of any interest payable hereunder.

17. <u>**Binding Effect.**</u> This Warrant Certificate and all of its provisions shall enure to the benefit of the Holder and its successors and permitted assigns and shall be binding upon the Corporation and its successors and permitted assigns.

**IN WITNESS WHEREOF** the Corporation has caused this Warrant Certificate to be signed by its duly authorized officers under its corporate seal, and this Warrant Certificate to be dated the 30th day of April, 2021.

---

| | |
|:---|:---|
| **EDISON ONCOLOGY HOLDING CORP.** | **EDISON ONCOLOGY HOLDING CORP.** |
| By: |  |
|  | Jeffrey A. Bacha<br> Chief Executive Officer |

---

---

| | |
|:---|:---|
| **Acknowledged and agreed by:** | **Acknowledged and agreed by:** |
| **GERALD AMATO** | **GERALD AMATO** |
| By: |  |
| Name: | Gerald Amato |
| Title: | Holder |

---

**SCHEDULE A**

**Edison Oncology Holding Corp.**

**Subscription Form**

*(to be signed only upon exercise of the Warrants)*

 

The undersigned hereby exercises the Warrants represented by the Warrant Certificate included herewith with respect to_________________ Common Shares which may be purchased under Warrant Certificate No. **CW-**2021**.01**.

The Corporation is instructed to issue certificates for such Common Shares in the name of the undersigned and to deliver the same to the address indicated.

---

| |
|:---|
| **Name** |
| **Street and Number City and State** |
| **Purchaser's Signature\*** |
| **Date** |

---

\* Signature must conform exactly with the name of the registered owner on the Warrant Certificate included herewith

## Exhibit 4.08

**Exhibit 4.08**

**NEITHER THE WARRANTS REPRESENTED HEREBY NOR THE SECURITIES ISSUABLE UPON THE EXERCISE THEREOF HAVE BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT") OR THE SECURITIES LAWS OF ANY APPLICABLE STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY RECEIPT OF THIS CERTIFICATE, AGREES FOR THE BENEFIT OF THE CORPORATION THAT SUCH SECURITIES MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY (A) TO THE CORPORATION, (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT, (C) PURSUANT TO THE EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER, OR (D) PURSUANT TO ANOTHER EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT AND IN EACH CASE, IN COMPLIANCE WITH THE SECURITIES LAWS OF ANY APPLICABLE STATE OF THE UNITED STATES; PROVIDED THAT, IN THE CASE OF SUBPARAGRAPH (B), A DECLARATION IS ADDRESSED AND PROVIDED TO THE CORPORATION TO THE EFFECT THAT THE SECURITIES HAVE BEEN SOLD PURSUANT TO RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT, IN SUCH FORM AS THE CORPORATION MAY PRESCRIBE FROM TIME TO TIME; AND PROVIDED FURTHER THAT, IN THE CASE OF SUBPARAGRAPHS (C) AND (D), A WRITTEN OPINION OF LEGAL COUNSEL REASONABLY SATISFACTORY TO THE CORPORATION IS ADDRESSED AND PROVIDED TO THE CORPORATION, TO THE EFFECT THAT THE PROPOSED TRANSFER MAYBE EFFECTED WITHOUT REGISTRATION UNDER THE U.S. SECURITIES ACT AND THE SECURITIES LAWS OF ANY APPLICABLE STATE OF THE UNITED STATES.**

**WARRANT CERTIFICATE**

To Subscribe for and Purchase Common Shares of

**Edison Oncology Holding Corp.**

**(the "Corporation")**

---

| | |
|:---|:---|
| **No. CW-2022.01** | **Warrants to Purchase 40,000 Common Shares** |

---

**THIS IS TO CERTIFY that, for value received, the receipt and sufficiency of which is hereby acknowledged, GERALD AMATO or his permitted assignee (the "Holder") is entitled, subject to the terms and conditions hereinafter set forth below, including without limitation any adjustment to the subscription rights provided for hereunder in accordance with Section 8, to subscribe for and purchase from the Corporation up to FORTY THOUSAND (40,000) common shares of the Corporation ("Common Shares") in accordance with the terms set forth herein.**

&nbsp;&nbsp;&nbsp;&nbsp;**1.**  **<u>Definitions</u>** .
 In this Warrant Certificate, including the preamble, the following terms shall have the following
 meanings, respectively:

**"Business Day"** means a day other than a Saturday, Sunday or federal holiday in the United States;

**"Common Shares"** has the meaning ascribed thereto in the introductory paragraph hereto;

**"Capital Reorganization"** means: (i) any reclassification of the Common Shares at any time outstanding; (ii) any change of the Common Shares at any time outstanding into other shares or securities; (iii) any sale of all of the Common Shares at any time outstanding to a third party; or (iv) any consolidation, amalgamation or merger of the Corporation with or into any other corporation or other entity (other than a consolidation, amalgamation or merger which does not result in a reclassification of the outstanding Common Shares or a change of the Common Shares into other shares or securities) and, for the avoidance of doubt, shall not include a Share Reorganization;

**"Corporation"** means Edison Oncology Holding Corp., a corporation incorporated under the Laws of the State of Nevada;

**"Exercise Price"** has the meaning ascribed thereto in Section 2;

**"Holder''** has the meaning ascribed thereto in the introductory paragraph hereto;

**"Share Reorganization"** has the meaning ascribed thereto in Section 8(b);

**"Subscription Form"** means the form of subscription annexed hereto as Schedule A; and

**"Warrants"** means the common share purchase warrants represented by this Warrant Certificate.

**2. <u>Exercise Price</u>**. The Warrants represented by this Warrant Certificate entitle the Holder to subscribe for and purchase up to 40,000 Common Shares at a price per Common Share (the **"Exercise Price")** of $3.84, subject to adjustment as provided herein.

**3.** <u>**Expiration of Warrants.**</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to early expiry in accordance with Section 3(b), all rights under this Warrant Certificate
 which have vested in accordance with Section 3(b) and have not been exercised pursuant to
 Section 4(a) shall cease and this Warrant Certificate shall be wholly void and of no valid
 or binding effect at 5:00 PM (Pacific Standard Time) on September 30, 2027.

(b) The
 right to purchase the 40,000 Common Shares pursuant to the exercise of the Warrants represented
 by this Warrant Certificate shall vest immediately.

**4.** <u>**Exercise of Warrants.**</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)  **<u>Manner of Exercise</u>.** The Warrants represented by this Warrant Certificate may be exercised,
 in whole or in part, by the surrender of this Warrant Certificate, with the attached Subscription
 Form duly executed, at principal office of the Corporation, or at such other office or agency
 as the Corporation may designate in writing, together with the aggregate Exercise Price,
 which may be satisfied by a Cash Exercise or a Cashless Exercise, as each is defined below.
 Certificates for any Common Shares due to the Holder upon Exercise shall be delivered to
 the Holder within a reasonable time, not exceeding ten Business Days, after all or any portion
 of the Warrants have been so exercised.

**(b)**  **<u>Payment of Exercise Price for Cash Exercise or Cashless Exercise.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** *Cash Exercise.* The Holder shall deliver, with the Warrant Certificate and Subscription Form,
 payment to the Corporation, by wire or by certified cheque or bank draft, of the aggregate
 Exercise Price for the number of Common Shares in respect of which the Warrants are being
 exercised. The Corporation agrees that any Common Shares subscribed for and purchased by
 exercise of the Warrants shall be and be deemed to be issued to the Holder as the registered
 owner of such Common Shares as of the close of business on the date on which this Warrant
 Certificate shall have been surrendered and payment made for such shares as aforesaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** *<u>Cashless Exercise.</u>* The Holder, at its option, may exercise this Warrant in a cashless exercise
 transaction. In order to effect a Cashless Exercise, the Holder shall deliver, with the Warrant
 Certificate and Subscription Form, notice of cashless election, in which event the Corporation
 shall issue Holder a number of shares of Common Stock computed using the following formula
 (a "Cashless Exercise"):

X = Y (A-B)/A

where:

X = the number of shares of Common Stock to be issued to Holder.

Y = the number of shares of Common Stock for which this Warrant is being Exercised.

A = the Market Price of one (1) share of Common Stock (for purposes of this Section 4(b)(ii), where "Market Price," as of any date, means the Volume Weighted Average Price (as defined herein) of the Company's Common Stock during the fifteen (15) consecutive Business Days period immediately preceding the date in question.

B = the Exercise Price.

As used herein, the "Volume Weighted Average Price" for any security as of any date means the volume weighted average sale price of such security on the principal securities exchange or trading market where such security is listed or traded as reported by Bloomberg Financial Markets or an equivalent, reliable reporting service mutually acceptable to and hereafter designated by holders of a majority-in-interest of the Warrants and the Company ("Bloomberg"), or, if no volume weighted average sale price is reported for such security, then the last closing trade price of such security as reported by Bloomberg, or, if no last closing trade price is reported for such security by Bloomberg, the average of the bid prices of any market makers for such security that are listed in the over the counter market by the Financial Industry Regulatory Authority, Inc. or in the "pink sheets" by the Pink OTC Market, Inc. If the Volume Weighted Average Price cannot be calculated for such security on such date in the manner provided above, the volume weighted average price shall be the fair market value as mutually determined by the Company and the Holders of a majority in interest of the Warrants being Exercised for which the calculation of the volume weighted average price is required in order to determine the Exercise Price of such Warrants.

For purposes of Rule 144 and sub-section (d)(3)(ii) thereof, it is intended, understood and acknowledged that the Common Stock issuable upon Exercise of this Warrant in a Cashless Exercise transaction shall be deemed to have been acquired at the time this Warrant was issued. Moreover, it is intended, understood and acknowledged that the holding period for the Common Stock issuable upon Exercise of this Warrant in a Cashless Exercise transaction shall be deemed to have commenced on the date this Warrant was issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>**Unexercised Warrants.**</u> In
 the event that only a portion of the Warrants represented by this Warrant Certificate are
 exercised pursuant to Section 4(a), the Corporation shall, upon the surrender of this Warrant
 Certificate in accordance with Section 4(a), issue a replacement warrant certificate representing
 the right to subscribe for the remaining number of Common Shares which the Holder is entitled
 to subscribe for.

5. <u>**Not a Shareholder.**</u> For the avoidance of doubt, nothing in this Warrant Certificate or in the holding of the Warrants evidenced hereby shall be construed as conferring upon the Holder any right or interest whatsoever as a shareholder of the Corporation.

6. <u>**No Fractional Shares.**</u> Notwithstanding any provisions to the contrary herein, the Corporation shall not be required to issue any fractional shares in the capital of the Corporation in connection with any exercise of the Warrants. If the calculation of the number of shares issuable upon such exercise results in a number which includes a fraction of whole shares, the Corporation shall issue to the Holder the largest number of whole shares into which the Warrants so exercised are exercisable and make a cash payment to the Holder in lieu of the fractional share in an amount determined in good faith by the Corporation's board of directors; provided, however, that the Corporation shall not be required to make a cash payment in lieu of such fractional share if the amount of such cash payment would be less than $10.00.

**7.** <u>**Legends.**</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 certificates evidencing Common Shares issued on exercise of the Warrants shall bear the following
 legend:

"THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT") OR THE SECURITIES LAWS OF ANY APPLICABLE STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF THE CORPORATION THAT SUCH SECURITIES MAY BE OFFERED, SOLD OR OTHERWISE TRANSFERRED ONLY (A) TO THE CORPORATION, (B) OUTSIDE THE UNITED STATES IN ACCORDANCE WITH RULE 904 OF REGULATIONS UNDER THE U.S. SECURITIES ACT, (C) PURSUANT TO THE EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER, OR (D) PURSUANT TO ANOTHER EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT AND IN EACH CASE, IN COMPLIANCE WITH THE SECURITIES LAWS OF ANY APPLICABLE STATE OF THE UNITED STATES; PROVIDED THAT, IN THE CASE OF SUBPARAGRAPH (B), A DECLARATION IS ADDRESSED AND PROVIDED TO THE CORPORATION TO THE EFFECT THAT THE SECURITIES HAVE BEEN SOLD PURSUANT TO RULE 904 OF REGULATION SUNDER THE U.S. SECURITIES ACT, IN SUCH FORM AS THE CORPORATION MAY PRESCRIBE FROM TIME TO TIME; AND PROVIDED FURTHER THAT, IN THE CASE OF SUBPARAGRAPHS (C) AND (D), A WRITTEN OPINION OF LEGAL COUNSEL REASONABLY SATISFACTORY TO THE CORPORATION IS ADDRESSED AND PROVIDED TO THE CORPORATION, TO THE EFFECT THAT THE PROPOSED TRANSFER MAY BE EFFECTED WITHOUT REGISTRATION UNDER THE U.S. SECURITIES ACT AND THE SECURITIES LAWS OF ANY APPLICABLE STATE OF THE UNITED STATES."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 the Common Shares are listed or quoted for trading on a recognized stock exchange, the certificates
 representing the Common Shares issued upon exercise of the Warrants shall bear such legend
 or legends as may be required in order for the Corporation to comply with the rules and regulations
 of such recognized stock exchange.

**8.** <u>**Adjustment of Subscription Rights.**</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>**Capital Reorganization**</u> **.** If at
 any time while all or any portion of the Warrants remain outstanding there shall be a Capital
 Reorganization and the Holder exercises all or any portion of the Warrants after the effective
 date of such Capital Reorganization, the Holder shall be entitled to receive, in lieu of
 the number of Common Shares to which it was theretofore entitled to receive upon such exercise,
 the kind and amount of securities or property which the Holder would have been entitled to
 receive as a result of such Capital Reorganization if, on the effective date thereof, the
 Holder had been the registered holder of the number of Common Shares to which the Holder
 was theretofore entitled to receive upon such exercise of Warrants pursuant to Section 4(a)
 and the Corporation may make such other amendments to the terms of the Warrants as the board
 of directors of the Corporation in good faith considers equitable or necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>**Share Reorganization**</u> **.** If at any time while all or any portion of the Warrants remain outstanding the Corporation
 shall (i) subdivide the Common Shares then outstanding into a greater number of Common Shares
 or (ii) consolidate the Common Shares then outstanding into a lesser number of Common Shares
 (each such event, a **"Share Reorganization"),** then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Exercise Price will be adjusted on the effective date of the Share Reorganization by multiplying
 the Exercise Price in effect immediately prior to such date by a fraction (A) the numerator
 of which is the number of Common Shares outstanding immediately before giving effect to the
 Share Reorganization and (B) the denominator of which is the number of Common Shares outstanding
 immediately after giving effect to the Share Reorganization; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) concurrent
 with each adjustment of the Exercise Price in accordance with subparagraph 8(b)(i), the number
 of Common Shares the Holder shall be entitled to acquire on any exercise of the Warrants
 shall be adjusted to that number of Common Shares obtained by multiplying the number of Common
 Shares the Holder was entitled to acquire upon the exercise of the Warrants immediately prior
 to such adjustment by a fraction (A) the numerator of which is the Exercise Price in effect
 immediately prior to such adjustment and (B) the denominator of which is Exercise Price resulting
 from such adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** <u>**Rules Regarding Adjustment of Subscription Rights.**</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 adjustments provided for in this Section 8 are cumulative and shall be made successively
 whenever an event referred to herein shall occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In
 the event of any dispute arising with respect to the adjustments provided in this Section
 8, such dispute will, absent manifest error, be conclusively resolved by a firm of chartered
 accountants (the costs of which will be borne by the Corporation) appointed by the Corporation
 (who may be the Corporation's auditors).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) As
 a condition precedent to the taking of any action which would require any adjustment pursuant
 to this Section 8, the Corporation will take any corporate action which may, in the opinion
 of counsel, be necessary in order that the securities to which the Holder is entitled on
 the full exercise of the Warrant shall be available for such purpose and that such shares
 may be validly and legally issued as fully paid and non-assessable shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any
 adjustment pursuant to this Section 8 is subject to the prior approval, if required, of any
 stock exchange or regulatory authority having jurisdiction over the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) As
 promptly as reasonably practicable after the occurrence of any event which requires an adjustment
 pursuant to this Section 8, the Corporation will deliver a written notice to the Holder specifying
 in reasonable detail the nature of the event requiring the adjustment and the nature of the
 adjustment necessitated by such event.

**9**. <u>**Mutilated or Missing Warrant Certificates.**</u> Upon receipt of evidence satisfactory to the Corporation of the loss, theft, destruction or mutilation of this Warrant Certificate and, in the case of any such loss, theft or destruction, upon delivery of a bond or indemnity satisfactory to the Corporation, acting reasonably, or, in the case of any such mutilation, upon surrender of this Warrant Certificate, the Corporation will issue to the Holder a new certificate of like tenor in respect of the Warrants represented hereby.

10. <u>**Notice.**</u> Any notice or other communication to be delivered to the Holder hereunder shall be given in writing and delivered to the Holder by courier or registered mail to the address of the Holder set forth in the applicable securities register of the Corporation. Any such notice or other communication shall be deemed to be given and received on the second Business Day following the day on which it is sent.

11. <u>**Governing Law.**</u> This Warrant Certificate shall be governed by and construed in accordance with the laws of the State of New York and the laws of New York applicable therein. The Corporation hereby irrevocably attorns to the non-exclusive jurisdiction of the courts of the State of New York.

12. <u>**Severability.**</u> If any one or more of the provisions or parts thereof contained in this Warrant Certificate should be or become invalid, illegal or unenforceable in any respect in any jurisdiction, the remaining provisions or parts thereof contained herein shall be and shall be conclusively deemed to be, as to such jurisdiction, severable therefrom and (a) the validity, legality or enforceability of such remaining provisions or parts thereof shall not in any way be affected or impaired by the severance of the provisions or parts thereof severed and (b) the invalidity, illegality or unenforceability of any provision or part thereof contained in this Warrant Certificate in any jurisdiction shall not affect or impair such provision or part thereof or any other provisions of this Warrant Certificate in any other jurisdiction.

13. <u>**Headings.**</u> The headings of the sections, subsections, paragraphs, subparagraphs and clauses of this Warrant Certificate have been inserted for convenience of reference only and do not define, limit, alter or enlarge the meaning of any provision of this Warrant Certificate.

14. <u>**Numbering of Articles, etc**</u>**.** Unless otherwise stated, a reference herein to a numbered or lettered Section, subparagraph or Schedules refers to the section, subparagraph or schedule bearing that number or letter in this Warrant Certificate.

15. <u>**Words Importing the Singular.**</u> Whenever used in this Warrant Certificate, words importing the singular number only shall include the plural and vice versa.

16. <u>**Day not a Business Day.**</u> In the event that any day on or before which any action is required to be taken hereunder is not a Business Day, then such action shall be required to be taken on or before the requisite time on the next succeeding day that is a Business Day. If the payment of any amount is deferred for any period, then such period shall be included for purposes of the computation of any interest payable hereunder.

17. <u>**Binding Effect.**</u> This Warrant Certificate and all of its provisions shall enure to the benefit of the Holder and its successors and permitted assigns and shall be binding upon the Corporation and its successors and permitted assigns.

**IN WITNESS WHEREOF** the Corporation has caused this Warrant Certificate to be signed by its duly authorized officers under its corporate seal, and this Warrant Certificate to be dated the 30th day of Sept., 2022.

---

| | |
|:---|:---|
| **EDISON ONCOLOGY HOLDING CORP.** | **EDISON ONCOLOGY HOLDING CORP.** |
| By: |  |
|  | Jeffrey A. Bacha<br> Chief Executive Officer |

---

---

| | |
|:---|:---|
| **Acknowledged and agreed by:** | **Acknowledged and agreed by:** |
| **GERALD AMATO** | **GERALD AMATO** |
| By: |  |
| Name: | Gerald Amato |
| Title: | Holder |

---

**SCHEDULE A**

**Edison Oncology Holding Corp.**

**Subscription Form**

*(to be signed only upon exercise of the Warrants)*

 

The undersigned hereby exercises the Warrants represented by the Warrant Certificate included herewith with respect to_________________ Common Shares which may be purchased under Warrant Certificate No. **CW-**2021**.01**.

The Corporation is instructed to issue certificates for such Common Shares in the name of the undersigned and to deliver the same to the address indicated.

---

| |
|:---|
| **Name** |
| **Street and Number City and State** |
| **Purchaser's Signature\*** |
| **Date** |

---

\* Signature must conform exactly with the name of the registered owner on the Warrant Certificate included herewith

## Exhibit 4.09

**Exhibit 4.09**

**Attacment A – Note Terms**

---

| | |
|:---|:---|
| **1** | **Interpretation** |

---

**1.1** **Definitions** 

The following definitions apply in these Note Terms. Where a capitalised term is used in these Note Terms and is not defined in the Note Terms but is defined in the Subscription Agreements, that term has the meaning given in the Subscription Agreements, unless the context otherwise requires.

"**Accounting Standards**" means the International Financial Reporting Standards or US GAAP.

"**Affiliate**" means, in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that Holding Company.

"**ASX**" means the securities exchange conducted by ASX Limited (ABN 98 008 624 691).

"**Authorisation**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an
 authorisation, consent, approval, resolution, licence, exemption, filing or registration;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 relation to anything which will be fully or partly prohibited or restricted by law if a Government
 Agency intervenes or acts in any way within a specified period after lodgement, filing, registration
 or notification, the expiry of that period without intervention or action.

"**Business Day**" means a day (other than a Saturday or Sunday) on which banks are open for general business the United States.

"**Change of Control**" means, in relation to the Issuer, where any of the following occurs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) there
 is a change in the persons who control any of the following in respect of the Issuer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 change to the composition of the board of directors of the Issuer which is not approved by
 the directors immediately prior to such change;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 votes eligible to be cast in the election of directors or any other matter relating to the
 Issuer are cast to replace a majority of the directors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 power to remove and replace the trustee of a trust of which the Issuer is trustee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) there
 is a change of control in relation to the Issuer (as 'control' is defined in
 the Corporations Act), unless the Majority Noteholders have given prior written consent to
 that event.

"**Condition**" means a condition of these Note Terms.

"**Controller**" means, in relation to a person's property:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 receiver or receiver and manager of that property; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) anyone
 else who (whether or not as agent for the person) is in possession, or has control, of that
 property to enforce a Security Interest.

"**Conversion Date**" has the meaning given to that term in Conditions 5.1 and 5.2.

"**Conversion Notice**" means a notice which is substantially in the form set out in Attachment B of this Subscription Agreement.

"**Conversion Price**" means amount that is the lower of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) USD50
 million fully diluted pre-money valuation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 80%
 of the IPO price; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 proposed price or implied equity value (where the consideration is not cash) per Share of
 any takeover bid disclosed to the ASX or US Exchange in relation to the Issuer, multiplied
 by 80%, provided that the Conversion Price will not be less than an amount equal to $0.01.

"**Conversion Share**" means a Share issued to a Noteholder under Condition 5.

"**Convertible Note**" means a Convertible note issued or to be issued by the Issuer on the Note Terms pursuant to a Subscription Agreement from time to time.

"**Convertible Security**" means an instrument convertible into a Share at the election of holder or the Issuer, on a particular date, or on the occurrence of some other event (whether or not the instrument may be redeemed prior to conversion), but does not include an Option.

"**Corporations Act**" means Chapter 78 of the Nevada Revised Statutes and Administrative Codes .

"**Debt Purchase Transaction**" means, in relation to a person, a transaction where such person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) acquires
 by way of assignment, or transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) enters
 into any sub-participation in respect of; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) enters
 into any other agreement or arrangement having an economic effect substantially similar to
 a sub-participation in respect of, or allowing it to control the exercise of rights relating
 to, any Convertible Notes.

"**Default**" means an Event of Default or any event or circumstance which would (with the expiry of a grace period, the giving of notice, the making of any determination under the Transaction Documents or any combination of any of the foregoing) be an Event of Default.

"**Default Interest Rate**" means the aggregate of the Interest Rate and 2.0% per annum.

"**Disposal**" includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 sale, assignment, exchange, transfer, concession, loan, gift, lease, agreement for lease,
 surrender of lease, licence, reservation, waiver, compromise or release;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 declaration of trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 dealing with, parting with possession or parting with ownership of, or the granting or creation
 of any option, right or interest, or any agreement to do any of these things; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 payment of money or any Distribution, and "**Dispose**" means to make a Disposal.

"**Distribution**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 dividend, distribution or other amount of money or assets (whether as fees, profits or interest
 or by way of a redemption, repayment or return of capital) relating to, or to which any person
 may become entitled as a result of, a legal or beneficial interest in the Issuer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 other amount paid or payable to the holder of any legal or beneficial interest in the Issuer
 (including any management fee, the payment of principal, interest or fees under a shareholder
 loan, or any similar arrangement).

"**EBITDA**" means, in respect of any relevant period, the consolidated net profit (or loss) of the Group from ordinary operations for any period calculated in accordance with IFRS, after:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) adding
 back any corporate Tax or other Taxes on income or gains;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) adding
 back any depreciation on fixed assets and amortisation of goodwill and intangible assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) adding
 back any finance charges, interest and other financing costs incurred by each member of the
 Group in relation to all Financial Indebtedness for that period on a consolidated basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) deducting
 any gain over book value arising from the revaluation, or sale, of any asset (other than
 on the sale or other disposal in the ordinary course of business);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) adding
 back any loss over book value arising from the revaluation, or sale, of any asset (other
 than on the sale or other disposal in the ordinary course of business);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) adding
 back expenses incurred by the Issuer in respect of any employee option plan or long term
 incentive plan of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) deducting
 any extraordinary or unusual gains and adding back any extraordinary or unusual losses (as
 approved by the Majority Noteholders, with such approval not to be unreasonably withheld,
 delayed or conditioned);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) adjustments
 to exclude any one-off and non-recurring items that are not incurred in, or derived from,
 the ordinary course of business (as approved by the Majority Noteholders, with such approval
 not to be unreasonably withheld, delayed or conditioned);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) deducting
 any unrealised gains and adding back any unrealised losses arising from any exchange contract
 or hedging agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) deducting
 any accrued interest owing to any member of the Group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) deducting
 any Other Income.

"**EOD Redemption Notice**" has the meaning given to that term in Condition 6.2.

"**Equity Security**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 Share; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 Convertible Security,

but does not include a Share or Convertible Security issued pursuant to an employee incentive plan or as consideration for stock broking services.

"**Event of Default**" means the occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Issuer fails to pay on the due date, upon receipt of written notice, any amount payable pursuant
 to a Transaction Document at the place and in the currency in which it is expressed to be
 payable unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) its
 failure to pay is caused by administrative or technical error; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) payment
 is made within 3 Business Days of its due date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Issuer fails to comply with any of its obligations under, or any Condition of, these Note
 Terms, or any Transaction Document (other than a failure or breach referred to elsewhere
 in this definition) and, where capable of remedy, the Issuer fail to remedy such default
 to the satisfaction of the Majority Noteholders (acting reasonably) within 10 Business Days
 of the receipt of a written notice by a Noteholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a
 representation or warranty expressly made or repeated by the Issuer in any Transaction Document
 is found to have been incorrect or misleading in a material respect when made or taken to
 be made and that representation or statement is not rendered true and accurate within 10
 Business Days of its being identified by, or notified to, the Issuer in writing;

(d) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Financial Indebtedness of the Issuer in an aggregate amount exceeding USD500,000 (or its
 equivalent) is not paid when due save where a genuine dispute as to the obligation to pay
 exists;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Financial Indebtedness of the Issuer in an aggregate amount exceeding USD500,000 (or its
 equivalent) becomes due for payment or becomes capable of being declared due for payment
 prior to its specified maturity date as a result of an event of default or review event (however
 described) save where a genuine dispute as to the obligation to pay exists; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any
 commitment to provide any Financial Indebtedness to the Issuer in an aggregate amount exceeding
 USD500,000 (or its equivalent) is cancelled or suspended by a creditor of the Issuer as a
 result of an Event of Default or review event (however described);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any
 Security Interest over an asset of the Issuer is enforced or becomes enforceable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a
 Change of Control occurs, other than to the extent that any Change of Control results from
 the conversion of the Convertible Notes under and in accordance with this document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) an
 Insolvency Event occurs with respect to the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) it
 becomes unlawful for the Issuer to perform any of its obligations under the Transaction Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Issuer repudiates a Transaction Document or evidences an intention to repudiate a Transaction
 Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) an
 event occurs that has had, or is likely to have, in the opinion of the Majority Noteholders
 (acting reasonably) a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) a
 provision of a Transaction Document is or becomes or is claimed by a party other than the
 Noteholders to be wholly or partly invalid, void, voidable or unenforceable in any material
 respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) any
 member of the Group suspends or ceases to carry on all or a material part of its business
 except as a result of a Permitted Disposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) any
 litigation, arbitration, administrative, governmental, regulatory or other investigation,
 proceeding or dispute is commenced, or any judgment or order of a court, arbitral tribunal
 or other tribunal or any order or sanction of any governmental or other regulatory body is
 made, in relation to the Transaction Documents or the transactions contemplated in the Transaction
 Documents or against any member of the Group or its assets which have, or has, or are, or
 is, reasonably likely to have a Material Adverse Effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) any
 securities in the Issuer are suspended from trading for more than 15 Business Days (unless
 the Majority Noteholders determine that the suspension is for a technical breach of the relevant
 listing rules and will not result in any other Default) or are delisted from any applicable
 securities exchange.

No Event of Default under paragraphs (e) or (j) above will occur if the failure to comply is capable of remedy and is remedied within 10 Business Days of the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
Majority Noteholders giving notice to the Issuer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
Issuer becoming aware of the relevant default.

**"Exit Event"** means a trade sale, IPO, sale of substantially all of the Issuers assets or a transaction that result in the Issuer or successor in interest being subject to the reporting requirements on the Exchange Act of 1934, as amended.

**"Exit Event Date"** means the date upon which an Exit Event occurs.

"**Face Value**" means, in respect of a Convertible Note, USD100.00.

"**Financial Indebtedness**" means any indebtedness for or in respect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) moneys
 borrowed and any debit balance at any financial institution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 amount raised under any acceptance credit, bill acceptance or bill endorsement facility or
 dematerialised equivalent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures,
 loan stock or any similar instrument;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 amount of any liability in respect of any lease or hire purchase contract which would, in
 accordance with the Accounting Standards, be treated as a balance sheet liability (other
 than any liability in respect of a lease or hire purchase contract which would, in accordance
 with Accounting Standards in force prior to 1 January 2021, have bene treated as an
 operating lease);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) receivables
 sold or discounted (other than any receivables to the extent they are sold on a non-recourse
 basis);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any
 redeemable shares where the holder has the right, or the right in certain conditions, to
 require redemption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any
 amount raised under any other transaction (including any forward sale or purchase agreement)
 of a type not referred to in any other paragraph of this definition having the commercial
 effect of a borrowing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) consideration
 for the acquisition of assets or services payable more than 90 days after acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 derivative transaction entered into in connection with protection against or benefit from
 fluctuation in any rate or price (and, when calculating the value of any derivative transaction,
 only the marked to market value (or, if any actual amount is due as a result of the termination
 or close-out of that derivative transaction, that amount) shall be taken into account);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any
 counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary
 letter of credit or any other instrument issued by a bank or financial institution; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the
 amount of any liability in respect of any guarantee or indemnity for any of the items referred
 to in paragraphs (a) to (j) above,

and includes the obligations of the issuer of any security other than an Equity Security.

"**Government Agency**" means any government or any governmental, semi-governmental or judicial entity or authority.

"**Group**" means the Issuer and each of its Subsidiaries from time to time.

"**Guarantee**" means any guarantee, indemnity, suretyship, letter of credit, letter of comfort or any other obligation (whatever called and of whatever nature):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 provide funds (whether by the advance or payment of money, the purchase of or subscription
 for shares or other securities, the purchase of assets or services, or otherwise) for the
 payment or discharge of;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 indemnify any person against the consequences of default in the payment of; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to
 be responsible for,

any debt or monetary liability of another person or the assumption of any responsibility in respect of an obligation or indebtedness, or the financial condition or solvency, of another person.

"**Holding Company**" means, in relation to a person, any other person in respect of which it is a Subsidiary.

"**Insolvency Event**" means the occurrence of any of the following events in relation to a person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 person becomes 'insolvent' as defined in the Corporations Act, states that it
 is insolvent or is presumed to be insolvent under an applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 person is wound up, dissolved, deregistered, struck off the register of companies or declared
 bankrupt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 person becomes an 'insolvent under administration' as defined in the Corporations
 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a
 liquidator, provisional liquidator, Controller, administrator, trustee for creditors, trustee
 in bankruptcy or other similar person is appointed to, or takes possession or control of,
 any or all of the person's assets or undertaking;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 person enters into or becomes subject to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 arrangement or composition with one or more of its creditors or any assignment for the benefit
 of one or more of its creditors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 re-organisation, moratorium, deed of company arrangement or other administration involving
 one or more of its creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) an
 application or order is made (and, in the case of an application, it is not stayed, withdrawn
 or dismissed within 21 days), resolution passed, proposal put forward, or any other
 action taken which is preparatory to or could result in any of (b), (c), (d) or (e) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the
 person has failed to comply with the Corporations Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the
 person suspends payment of its debts, ceases or threatens to cease to carry on all or a material
 part of its business or becomes unable to pay its debts when they fall due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 person dies, is physically or mentally incapacitated, ceases to be of full legal capacity
 or otherwise becomes incapable of managing its own affairs for any reason; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) anything
 occurs under the law of any jurisdiction which has a substantially similar effect to any
 of the other paragraphs of this definition,

unless the event occurs as part of a solvent reconstruction, amalgamation, merger or consolidation that has been approved in writing by the Majority Noteholders, and "**Insolvency**" has a corresponding meaning.

"**Intellectual Property**" means all intellectual and industrial property rights of whatever nature (whether or not registered or registrable) including but not limited to, all technical information, know how, trade and service marks, domain names, get-up, trade dress, copyright, designs, patents, patent applications, technical data, formulae, computer programs, logos, drawings, inventions, discoveries, research developments, improvements, trade secrets, rights in circuit layouts and rights in data bases.

"**Interest Rate**" means 10% per annum.

**"IPO"** means an initial public offering on the ASX or other recognized exchange including, but not limited to, the NASDAQ or NYSE.

"**Issue Date**" means, in respect of a Convertible Note, the date on which the Convertible Note is issued in accordance with the Subscription Agreement.

"**Issuer Affiliate**" means the Issuer, any Affiliates of the Issuer, any trust of which it or any of its Affiliates is a trustee, any partnership of which it or any of its Affiliates is a partner and any trust, fund or other entity which is managed by, or is under the control of, it or any of its Affiliates.

"**Majority Noteholders**" means a Noteholder or Noteholders holding 66⅔% or more of the Convertible Notes.

"**Material Adverse Effect**" means a material adverse effect on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 business, operation, property, condition (financial or otherwise) of the Group taken as a
 whole; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 validity or enforceability of, or the effectiveness or ranking of any Security Interest granted
 or purporting to be granted pursuant to any of, the Transaction Documents or the rights or
 remedies of a Finance Party under any of the Transaction Documents.

"**Maturity Date**" means the date that is 24 months after the Issue Date or such later date as agreed in writing between the Issuer and the Majority Noteholders.

"**Maximum Conversion Price"**, means the share price equivalent to a pre-money valuation of USD50 million on a fully diluted basis

"**Noteholder**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Subscriber, on and from the date it becomes the registered holder of a Convertible Note;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 other person who becomes the registered holder of a Convertible Note from time to time.

"**Option**" means the right to require the Issuer to issue a Share or Shares (other than by conversion of an existing instrument).

"**Other Income**" means any income received by any member of the Group from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 grant from an entity which is not a Government Agency; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 other income arising other than in the ordinary course of business.

"**Outstanding Convertible Notes**" has the meaning given to that term in Condition 6.1(a).

"**Outstanding Principal Amount**" means, in respect of a Convertible Note, the principal amount outstanding on that Convertible Note from time to time (being the Face Value of the Convertible Note less any previous repayments plus any capitalised interest).

"**Permitted Disposal**" means any sale, lease, licence, transfer or other disposal which, except in the case of paragraph (b) and paragraph (f), is on arm's length terms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) made
 by any member of the Group in the ordinary course of trading of the disposing entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) of
 any asset by a member of the Group (the "**Disposing Company**") to another
 member of the Group (the "**Acquiring Company** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) of
 assets (other than shares, businesses, real property or intellectual property) in exchange
 for other assets comparable or superior as to type, value and quality (other than an exchange
 of a non-cash asset for cash);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) of
 obsolete or redundant vehicles, plant and equipment for cash;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) arising
 as a result of any Permitted Security; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) of
 assets (other than shares) for cash where the higher of the market value and net consideration
 receivable (when aggregated with the higher of the market value and net consideration receivable
 for any other sale, lease, licence, transfer or other disposal not allowed under the preceding
 paragraphs).

"**Permitted Financial Indebtedness**" means Financial Indebtedness:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) incurred
 under the Transaction Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) under
 leases and hire purchase contracts constituting Financial Indebtedness under paragraph (d)
 of that definition of vehicles, plant, equipment or computers, provided that the aggregate
 amount of all such items so leased under outstanding leases by members of the Group does
 not exceed USD500,000 at any time (or any greater amount as may be approved by the Majority
 Noteholders from time to time);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) not
 permitted by the preceding paragraphs but incurred in the ordinary course of business and
 the outstanding principal amount of which does not exceed USD500,000 in aggregate for the
 Group at any time (or any greater amount as may be approved by the Majority Noteholders from
 time to time).

"**Permitted Security**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 lien arising by operation of law and in the ordinary course of trading so long as the debt
 it secures is paid when due or contested in good faith and appropriately provisioned;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 Security Interest arising under any retention of title, hire purchase or conditional sale
 arrangement or arrangements having similar effect in respect of goods supplied to a member
 of the Group in the ordinary course of trading and on the supplier's standard or usual terms
 (or on terms more favourable to the members of the Group) so long as the debt it secures
 is paid when due or contested in good faith and sufficient reserves of liquid assets have
 been set aside to pay the debt if the contest is unsuccessful;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 Security Interest arising as a result of a disposal which is a Permitted Disposal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any
 Security Interest arising as a consequence of any finance or capital lease permitted pursuant
 to paragraph (b) of the definition of Permitted Financial Indebtedness and only over
 the asset being financed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any
 Security Interest arising as a consequence of any indebtedness permitted pursuant to paragraph
 (c) of the definition of Permitted Financial Indebtedness and subordinated on terms acceptable
 to the Security Trustee.

"**Power**" means any right, power, discretion or remedy of an Enforcing Party under any Transaction Document or any applicable law.

"**Redemption Date**" has the meaning given to that term in Condition 6.1.

"**Register**" means the register of holders of Convertible Notes established and maintained by the Issuer and which specifies the details of the holders of the Convertible Notes.

"**Related Entity**" has the meaning given to that term in the Corporations Act.

"**Share**" means an ordinary share in the issued share capital of the Issuer.

"**Shareholder**" means the person in whose name a Share is registered in the register of members maintained by or on behalf of the Issuer.

"**Subscription Agreement**" means a document specifying the terms of subscription by a Noteholder for the Convertible Notes, duly completed and signed by the Issuer and the Noteholder of which this Note Terms is Attachment A thereto.

"**Subsidiary**" has the meaning given in the Corporations Act, but as if body corporate includes any entity. It also includes an entity required by current accounting practice to be included in the consolidated annual financial statements of that entity or would be required if that entity were a corporation.

"**Tax**" includes a tax, levy, duty or charge (and associated penalty or interest) imposed by a public authority. It includes stamp duty and other taxes of a similar nature, income tax, withholding tax and transaction taxes and duties, but does not any include tax (to the extent applicable) on the overall net income of a Noteholder.

"**Transaction Document**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each
 Subscription Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each
 Subscription Request.

"**Unpaid Amount**" means, in respect of a Convertible Note, an amount which is not paid on the day on which it is due and payable under these Note Terms.

**"US Exchange"** means an exchange being a member of NASDAQ or NYSE.

**1.2** **Non-Business Days** 

If the day on or by which a person must do something under these Note Terms is not a Business Day, the person must do it on or before the next Business Day.

**1.3** **Words and expressions** 

In this document, unless the context requires otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 singular includes the plural and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) words
 denoting any gender include all genders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) where
 a word or phrase is defined, its other grammatical forms have a corresponding meaning;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a
 reference to a party, clause, condition, paragraph, schedule or attachment is a reference
 to a party, clause, condition, paragraph, schedule or annexure to or of this document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a
 reference to this document includes any schedules or attachments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) headings
 are for convenience and do not affect interpretation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the
 background or recitals to this document are adopted as and form part of this document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) a
 reference to any document or agreement includes a reference to that document or agreement
 as amended, novated, supplemented, varied or replaced from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 reference to "$", "A$" or "dollar" is a reference to
 Australian currency and a reference to USD is a reference to US Dollars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) a
 reference to a time is a reference to Pacific Time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) a
 reference to a party includes its executors, administrators, successors, substitutes (including
 persons taking by novation) and permitted assigns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) a
 reference to writing includes any method of representing words, figures or symbols in a permanent
 and visible form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) words
 and expressions denoting natural persons include bodies corporate, partnerships, associations,
 firms, governments and governmental authorities and agencies and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) a
 reference to any legislation or to any provision of any legislation includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 modification or re-enactment of the legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 legislative provision substituted for, and all legislation, statutory instruments and regulations
 issued under, the legislation or provision; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) where
 relevant, corresponding legislation in the United States or any Australian State or Territory;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) no
 rule of construction applies to the disadvantage of a party because that party was responsible
 for the preparation of this document or any part of it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) a
 Default "**subsists**" if it has not been remedied to the satisfaction of
 the Majority Noteholders or waived in writing by the Majority Noteholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) the
 words "including", "for example", "such as" or other
 similar expressions (in any form) are not words of limitation.

**1.4** **Other rules of interpretation** 

In this document, unless expressly provided otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (**method of payment**) any payment of money by one party to another will be made in United States
 currency by cheque or by credit of cleared funds to a bank account specified by the recipient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (**consents and approvals**) if the doing of any act, matter or thing requires the consent, approval
 or agreement of any party, that consent, approval or agreement must not be unreasonably withheld;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (**joint and several liability**)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 promise, representation or warranty given in favour of two or more persons under this document
 is given for their benefit jointly and severally; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 promise, representation or warranty given by two or more persons under this document is given
 by them severally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (**Business Days**) if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 day on or by which any act, matter or thing is to be done is a day other than a Business
 Day, the act, matter or thing will be done on the next Business Day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 money falls due for payment on a date other than a Business Day, that money will be paid
 on the next Business Day (without interest or any other amount being payable in respect of
 the intervening period); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (**inconsistency within document**) if a clause or condition of this document is inconsistent with a schedule
 or attachment of this document, the clause or condition prevails to the extent of the inconsistency.

---

| | |
|:---|:---|
| **2** | **Form and title** |

---

**2.1** **Title** 

Title to the Convertible Notes is to be evidenced by, and transfer of the Convertible Notes may only be effected through, registration in the Register maintained by the Issuer.

**2.2** **Ranking** 

The Convertible Notes will rank *pari passu* among themselves and will rank ahead of any other Financial Indebtedness of the Issuer, except indebtedness preferred solely by operation of law or as otherwise agreed by the Majority Noteholders.

**2.3** **Register** 

The Issuer must establish and maintain the Register. The Register must contain the following information about each Noteholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Noteholder's name and address;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 date on which the entry of the Noteholder's name in the Register is made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 number, the Issue Date and the Face Value of each Convertible Note held by the Noteholder;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in
 respect of any Convertible Note that has been cancelled, details of the relevant redemption
 or conversion of the Convertible Note, as applicable.

The Issuer must promptly provide a copy of the Register to the Noteholder or make the Register available for inspection by the Noteholder, upon request by the Noteholder.

**2.4** **Notes not listed** 

The Convertible Notes are not and are not proposed to be listed for quotation on any stock exchange or market by the Issuer.

**2.5** **Note Certificates** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 Noteholder will be entitled to a Note Certificate for the Convertible Notes in respect of
 which the Noteholder is registered as the holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject
 to these Note Terms, if the Note Certificate becomes defaced then, on production and delivery
 of that Note Certificate to the Issuer together with any other evidence as the Issuer may
 reasonably require, the Issuer will, subject to the Note Terms, cancel that Note Certificate
 and issue a new Note Certificate in its place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject
 to the Corporations Act and these Note Terms, if any Note Certificate is lost or destroyed
 then the Issuer will issue a duplicate Note Certificate in its place on application in writing
 by a Noteholder accompanied by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 statutory declaration or any other evidence that the Issuer may reasonably require that the
 Note Certificate has been lost or destroyed and has not been pledged, mortgaged, charged,
 sold or otherwise disposed of and, if lost, that proper searches for that Note Certificate
 have been made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an
 undertaking in writing that if the original Note Certificate is found or received by the
 Noteholder, it will be returned promptly to the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) payment
 to the Issuer of reasonable out-of-pocket expenses of the Issuer for attending to the application;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any
 other matter or thing which the Issuer reasonably requires.

**2.6** **Transfer** 

Subject to any legal restrictions, a Noteholder may assign, transfer or otherwise deal with its Convertible Notes by delivering to the Issuer a transfer document duly stamped (if necessary) and signed by or on behalf of the Noteholder and the transferee or assignee (as applicable) provided that the assignee or transferee (as applicable) agrees to be bound by these Note Terms as the 'Noteholder' prior to, or contemporaneously with, such assignment or transfer. The transfer document must be in writing in a usual or common form for transfers of this nature, or in such other form as the Noteholder may reasonably agree to accept. Upon receipt, the Issuer must promptly update the Register to reflect the transfer.

**2.7** **Dividends and voting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Prior
 to conversion, the Convertible Notes do not confer on Noteholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 entitlement to any dividends or other distributions by the Issuer in respect of Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 right to attend or vote at any general meeting of the Issuer.

---

| | |
|:---|:---|
| **3** | **Conditions precedent** |

---

**3.1** **Condition precedent to the initial issuance** 

The Issuer must deliver the following to each of the Noteholders, in form and substance satisfactory to the Majority Noteholders in their absolute discretion, prior to the initial Issue Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (**Transaction Documents**) each Transaction Document duly executed by all parties to them, and all ancillary
 documents necessary or reasonably required by the Majority Noteholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (**consents, waivers and approvals**) evidence satisfactory to the Majority Noteholders that the Issuer
 has obtained any consents, waivers and approvals required in connection with the issue of
 the Convertible Notes and any future issue of Shares (on conversion of the Convertible Notes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (**financial information**) information in relation to all current and overdue amounts payable by the
 Issuer (including Taxes) in an aggregate amount and of a nature acceptable in all respects
 to the Majority Noteholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (**no Default**) no Default exists or would result from the issuance of the relevant Convertible
 Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (**representations and warranties**) each representation and warranty by the Issuer in each Transaction Document
 is materially true and correct and is not misleading or deceptive as at the relevant Issue
 Date with reference to the facts and circumstances existing on that date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (**authorisations**)
 all Authorizations required for the relevant issuance have been obtained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (**no Material Adverse Effect**) evidence that nothing has occurred that, in the reasonable opinion
 of the Majority Noteholders, has had or may have a Material Adverse Effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (**other information and documents**) all other information or documents that the Majority Noteholders
 request.

**3.2** **Waiver or condition subsequent** 

The conditions in Condition 3 are for each of the Noteholders' sole benefit and may only be waived by written notice from the Majority Noteholders.

---

| | |
|:---|:---|
| **4** | **Interest** |

---

**4.1** **Interest** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Interest
 accrues on the Outstanding Principal Amount of each Convertible Note at the Interest Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Interest
 accrues daily and is calculated on the basis of the actual number of days elapsed and a year
 of 365 days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless
 capitalised in accordance with Condition 4.2, interest accrued under Condition 4.1(a)
 is payable by the Issuer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on
 the last day of each calendar quarter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) on
 the Redemption Date and on the Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) On
 each of the Redemption Date and/or Maturity Date (as applicable), the Issuer must pay all
 accrued but unpaid interest which has accrued under this Condition 4.1.

**4.2** **Capitalisation of Interest** 

The Issuer may capitalise accrued interest payable on the Outstanding Principal Amount pursuant to Condition 4.1(a) ("**Capitalised Amount**"), and an amount equal to the Capitalised Amount will be capitalised and added to (and deemed to form part of) the Outstanding Principal Amount on the date on which the Capitalised Amount would otherwise have been payable, if no Default is subsisting or would result from the capitalisation of the Capitalised Amount.

**4.3** **Default interest** 

While an Event of Default subsists, interest accrues daily on all of the Outstanding Principal Amount and all other amounts owing by the Issuer under the Transaction Documents at the Default Interest Rate.

**4.4** **Interest following judgment** 

If any liability of the Issuer becomes the subject of, or is merged in, a judgment or order:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) its
 obligation to pay interest on the amount of that liability under Condition 4.3 is independent
 of, and continues despite, the judgment or order; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) accrues
 both before and after the judgment at the higher of the judgment rate and the Default Interest
 Rate.

---

| | |
|:---|:---|
| **5** | **Conversion** |

---

**5.1** **Conversion by Noteholder** 

A Noteholder may at any time convert any or all of its outstanding Convertible Notes into Shares in accordance with the process set out in Condition 5.4 by providing a Conversion Notice to the Issuer specifying a date no earlier than 2 Business Days after that notice as the date for conversion (a **"Conversion Date"**). If a Noteholder nominates less than all of its outstanding Convertible Notes for conversion in a Conversion Notice, the aggregate Face Value of the nominated Convertible Notes must not be less than USD250,000.

**5.2** **Conversion on Exit Event** 

The Noteholders must convert any outstanding Convertible Notes into Shares in accordance with the process set out in Condition 5.4 on the Exit Event Date (a **"Conversion Date"**).

**5.3** **Conversion on Maturity Date** 

The Issuer must convert any outstanding Convertible Notes into Shares in accordance with the process set out in Condition 5.4 on the Maturity Date (a "**Conversion Date"**). If an Exit Event has not occurred prior to the Maturity Date, the face value of the Notes, plus a 5% premium on the face value, plus accrued interest shall convert to Shares at the Maximum Conversion Price.

**5.4** **Conversion steps** 

The Issuer must on the Conversion Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) convert
 the relevant Convertible Notes into a number of Shares equal to the Outstanding Principal
 Amount of the Convertible Notes being converted divided by the Conversion Price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) apply
 the aggregate Outstanding Principal Amount of those Convertible Notes as payment for the
 Shares referred to in paragraph (a) (and the Issuer and the Noteholder agree for the purposes
 of relevant law that those Convertible Notes will be certain, liquid and immediately payable
 on the Conversion Date for that purpose); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) issue,
 credited as fully paid, the number of Shares referred to in paragraph (a) to the relevant
 Noteholder and cause such Shares to be entered in the Issuer's register of members
 in the name of the relevant Noteholder.

Such conversion is without limitation to the Issuer's obligation to repay in full, in accordance with Convertible Notes, the aggregate Outstanding Principal Amount, all accrued but unpaid interest and all other Unpaid Amounts in respect of all Convertible Notes on issue, and any other amounts payable under the Transaction Documents, which have not been applied to the payment for Shares referred to in paragraph (a).

**5.5** **Holding statement or share certificate** 

Within three Business Days after the Conversion Date, the Issuer must deliver or cause to be issued to the relevant Noteholder a holding statement or share certificate relating to the CDIs or Conversion Shares issued to the relevant Noteholder.

**5.6** **Ranking of and entitlements attaching to Conversion Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 Conversion Share will be issued fully paid on the Conversion Date and be free of any Security
 Interest and, as from the Conversion Date, will rank *pari passu* in all respects with
 all other Shares then on issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject
 to paragraphs (c) and (d), a holder of Conversion Shares will be treated by the Issuer as
 a Shareholder for all purposes with effect from and including the Conversion Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Conversion
 Shares will rank *pari passu* in respect of dividends and other distributions declared,
 paid or made, or rights granted, with all other Shares on issue on the Conversion Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Conversion
 Shares will rank *pari passu* in respect of voting rights with all other Shares on issue
 on the Conversion Date except that they will not rank for any voting rights where the entitlement
 to voting rights accrues to Shareholders by reference to a record date which precedes the
 Conversion Date.

**5.7** **Adjustments** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 the Issuer makes any reconstruction of its share capital, including without limitation a
 consolidation, share split, share dividend, bonus issue or capital reduction, the number
 of Shares into which a Convertible Note may be converted or the price at which the Convertible
 Notes convert must be reconstructed in the same manner so that, on conversion, each Noteholder
 is entitled to receive the same proportion of the Shares on issue or the paid up capital
 of the Issuer as would have been the case if that event had not occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Issuer must take all reasonably necessary or desirable actions to ensure that Noteholders
 are not disadvantaged or advantaged by the operation of this Condition 6.6 if the Issuer
 makes any reconstruction of its share capital.

---

| | |
|:---|:---|
| **6** | **Redemption** |

---

**6.1** **Early redemption** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Issuer may elect at any time to redeem any portion of outstanding Convertible Notes that
 are not the subject of a Conversion Notice ()"**Outstanding Convertible Notes** ")
 by giving at least 10 Business Days' prior notice to all Noteholders specifying a date
 which is prior to the Maturity Date (a "**Redemption Date**") on which the
 Outstanding Convertible Notes will be redeemed and specifying the current Conversion Price.
 On the Redemption Date, such outstanding Convertible Notes will be redeemed on a pro-rata
 basis from the Noteholders. A Noteholder may give a Conversion Notice in respect of its Outstanding
 Convertible Notes prior to that Redemption Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On
 the Redemption Date, the Issuer must pay to each Noteholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an
 amount equal to the sum of the Outstanding Principal Amount being redeemed of the Outstanding
 Convertible Notes held by that Noteholder multiplied by 1.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all
 accrued but unpaid interest payable with respect to the Outstanding Convertible Notes held
 by that Noteholder (if any) which are being redeemed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all
 other Unpaid Amounts then payable to that Noteholder with respect to the Outstanding Convertible
 Notes being redeemed, and a pro-rata amount of any other outstanding amounts under the Transaction
 Documents payable to that Noteholder based on the proportion of Outstanding Convertible Notes
 being redeemed.

**6.2** **Effect of Event of Default** 

The Majority Noteholders may, at any time after an Event of Default has occurred and is subsisting require, by written notice to the Issuer, that the Issuer redeem all of the Outstanding Convertible Notes immediately or on or before a date specified in the notice (an "**EOD Redemption Notice**").

**6.3** **EOD Redemption Notice** 

The Outstanding Convertible Notes specified in an EOD Redemption Notice must be redeemed by the Issuer by immediately paying to the relevant Noteholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an
 amount equal to the sum of the Outstanding Principal Amount of the Outstanding Convertible
 Notes specified in the EOD Redemption Notice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all
 accrued but unpaid (and uncapitalised) interest payable with respect to the Outstanding Convertible
 Notes specified in the EOD Redemption Notice (if any).

**6.4** **Restrictions on redemption** 

The Issuer may not redeem any of the Convertible Notes (and no Noteholder may require the redemption of the Convertible Notes) except in accordance with these Note Terms.

---

| | |
|:---|:---|
| **7** | **Representations by the Issuer** |

---

**7.1** **General representations** 

Issuer represents and warrants to each Noteholder that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (**registration**)
 it is properly registered and validly exists in its jurisdiction of incorporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (**power**)
 it has the power and the right to carry on its business, and to enter into and exercise its
 rights and perform its obligations under each Transaction Document to which it is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (**corporate authorisation**) it has taken the necessary corporate action to authorise its entry into
 and performance of each Transaction Document to which it is party (as well as each transaction
 contemplated by each such Transaction Document) and the transactions contemplated by the
 Transaction Documents are for its commercial benefit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (**Authorisations**)
 it has obtained all Authorisations, consents and approvals needed to carry on its business
 and to enter into, and exercise its rights and perform its obligations under, each Transaction
 Document to which it is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (**Transaction Documents**) each Transaction Document to which it is a party is (subject to its stamping
 and registration where applicable) valid, binding and enforceable against it in accordance
 with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (**solvency**):
 after giving effect to the receipt of the Subscription Amounts from the sale of the Convertible
 Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it
 is solvent and there are reasonable grounds to expect that, on execution of each Transaction
 Document to which it is a party, it will continue to be able to pay all its debts as and
 when they become due and payable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no
 Insolvency Event has occurred in relation to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) (**transaction permitted**) the execution, delivery and performance by it of the Transaction Documents
 to which it is a party do not and will not violate, breach, or result in a contravention
 of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 Authorization or material law or material regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) its
 constitution or other constituent documents (if applicable); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any
 Security Interest or document which is binding upon it or on any of its assets,

and do not and will not result in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 creation or imposition of any Security Interest or restriction of any nature on any of its
 assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the
 acceleration of the date of payment of any obligation existing under any Security Interest
 or document which is binding upon it or on any of its assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) (**financial information**) the latest accounts or statements of financial position which have been
 given to the Noteholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) give
 a materially true and fair view of the financial condition and state of affairs of the Issuer
 as at the date they were prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) were
 prepared in accordance with the Accounting Standards,

and there has been no material adverse change in the financial condition and state of affairs of those entities since the date to which those accounts or financial position statements were prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (**no immunity**) neither it nor any of its assets are immune from the jurisdiction of a court
 or any legal process;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) (**title to assets**) it has a good and marketable title to, or valid leases or licences of, and
 all appropriate Authorisations to use, the assets necessary to carry on its business as presently
 conducted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) (**ranking**)
 its payment obligations under the Transaction Documents rank at least pari passu with the
 claims of all its other unsecured and unsubordinated creditors, except for obligations mandatorily
 preferred by law applying to companies generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) (**laws**)
 it has not breached any law, regulation or Authorization in any material respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) (**no litigation**) no litigation, arbitration, mediation, conciliation, criminal or administrative
 proceedings are current, pending or (to its knowledge after due inquiry) threatened against
 it or in respect of any of its Secured Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) (**Taxes**)
 it has paid all Taxes due and payable by it and is not overdue in the filing of any tax returns
 in relation to Taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) (**no Event of Default**) no Event of Default has occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) (**Material Adverse Effect**) nothing has occurred that has had, or is reasonably likely to have, a
 Material Adverse Effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) (**no untrue statements of fact**) no representation, warranty or other information provided
 by it contains any untrue statement of material fact or omits to state a material fact necessary
 to ensure that the representation, warranty or information is not misleading.

---

| | |
|:---|:---|
| **8** | **Undertakings by the Issuer** |

---

**8.1** **General undertakings** 

Issuer must (unless the Majority Noteholders otherwise provide their prior written consent):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (**Note Terms**) comply with these Note Terms and each other Transaction Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (**corporate existence**) maintain its corporate existence; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (**Authorisations**)
 obtain, renew and maintain all Authorizations that are necessary or advisable for the proper
 and efficient conduct of its business and for the execution, delivery and performance by
 it, and the validity and enforceability, of each Transaction Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (**Taxes**)
 pay when due (or within any applicable time limit), all Taxes imposed upon it or any of its
 assets, income or profits on any transactions undertaken or entered into by it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (**comply with laws**) comply with and observe in all material respects all Authorizations, statutes
 and lawful requirements binding on it (including notices, judgments, orders or decrees of
 a Government Agency) which affect or relate to it or its assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (**Events of Default and proceedings**) provide the Noteholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as
 soon as it becomes aware that an Event of Default has occurred, with full details of that
 Event of Default, as the case may be, and of the steps it has taken, or is proposing to take,
 to remedy it; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with
 full details of any litigation, arbitration, mediation, conciliation or administrative proceedings
 which, if adversely decided, could result in an Event of Default, as soon as proceedings
 are commenced or threatened.

**8.2** **Negative undertakings** 

Issuer must not (unless the Majority Noteholders otherwise provide their prior written consent):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (**constitution**)
 amend its constitution or articles of association (*statuts coordonnés)* (as
 applicable) or alter the voting or other rights attached to its shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (**capital**)
 reduce or otherwise alter its share capital, or undertake or permit a reconstruction, consolidation
 or subdivision of its shares unless Condition 5.7 is complied with;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (**other share classes**) issue shares in any class other than ordinary shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (**Financial Indebtedness**):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) incur
 or allow to subsist any Financial Indebtedness other than Permitted Financial Indebtedness;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) repay
 any Financial Indebtedness other than as expressly permitted by the Transaction Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (**Disposal**)
 Dispose of all or any part of its assets (including by way of lease or licence of Intellectual
 Property) other than pursuant to a Permitted Disposal, or attempt or agree to do so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (**no change to business**) do anything to change materially the nature of its business from
 that conducted at the date of this document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) (**Distributions**)
 make, declare or pay any Distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) (**no merger**) enter into any amalgamation, demerger, merger or corporate reconstruction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (**no schemes**) enter into or effect a scheme of arrangement or other scheme under which its
 assets are vested in or assumed by another entity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) (**arms length transactions**) enter into any transaction with any third party except on arm's
 length terms.

**8.3** **Reporting undertakings** 

The Issuer must provide the Noteholders with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (**other information**) promptly upon request, such other information or documents reasonably requested
 by the Majority Noteholders.

---

| | |
|:---|:---|
| **9** | **Amendments and waivers** |

---

**9.1** **Required consents** 

Subject to Condition 9.2, any term of the Transaction Documents may be amended or waived only with the consent of the Majority Noteholders and the Obligors and any such amendment or waiver will be binding on all parties.

**9.2** **All Noteholder matters** 

An amendment or waiver of any term of any Transaction Document that has the effect of changing or which relates to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 definition of "Majority Noteholders";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 reduction in the Interest Rate or Default Interest Rate or a reduction in the amount of any
 payment of principal, interest or any other payment obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an
 increase in any Commitment, an extension of any Availability Period or any requirement that
 a cancellation of Commitments reduces the Commitments of the Subscribers rateably under the
 relevant Subscription Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any
 provision which expressly requires the consent of all Noteholders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Condition
 2.2 (*Ranking*), 2.6 (*Transfer*), 5 (*Conversion*), 6 (*Redemption*),
 9 (*Amendments and Waivers*), 10 (*Notices*) or 13 (*Governing law and jurisdiction*).

---

| | |
|:---|:---|
| **10** | **Notices** |

---

**10.1** **Method** 

All notices, requests, demands, consents, approvals, offers, agreements or other communications ("**notices**") given by a party under or in connection with this document must be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) signed
 by a person duly authorised by the sender or, where transmitted by e-mail, sent by a person
 duly authorised by the sender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) directed
 to the intended recipient's address (as specified in Condition 10.3 or as varied by
 any notice); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) hand
 delivered, sent by prepaid post or transmitted by e-mail or facsimile to that address.

**10.2** **Receipt** 

A notice given in accordance with this Condition 10 is taken as having been given and received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 hand delivered, on delivery;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 sent by prepaid post on the third Business Day after the date of posting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if
 transmitted by e-mail, on transmission; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if
 transmitted by facsimile, at the time recorded on the transmission report indicating successful
 transmission of the entire notice,

but if the delivery or transmission is not on a Business Day or is after 5.00pm (recipient's time) on a Business Day, the notice is taken to be received at 9.00am (recipient's time) on the next Business Day.

**10.3** **Address of parties** 

Unless varied by notice in accordance with this Condition 14, the parties' address and other details for a Noteholder are set out in the Subscription Agreement to which that Noteholder is a party and the address and other details for the other parties are:

Party: Issuer <br> Attention: Chief Executive Officer <br> Address: Suite R – 3475 Edison Way

Menlo Park, CA 94025 USA

E-mail: jb@eohc.com

---

| | |
|:---|:---|
| **11** | **Confidentiality** |

---

Each party agrees not to disclose to any other person the existence or contents of any Transaction Document, or any information provided by another party in connection with a Transaction Document which is not publicly available, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with
 the prior consent of the party providing the information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 required by law, a Government Agency or administrative guideline or policy (even if not having
 the force of law) which the person disclosing the information customarily complies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in
 connection with any exercise of a Power or any legal proceeding relating to any Transaction
 Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to
 the disclosing party's auditors, legal advisers or other consultants in confidence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to
 the ASX, US Exchange or any other applicable stock exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to
 any rating agency to the extent required by them and provided that the recipient agrees to
 keep such information confidential;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) in
 the case of a Noteholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to
 any Related Entity, shareholder, unitholder, investor or financier of the Noteholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to
 any person to (or through) whom the Noteholder assigns or transfers (or may potentially assign
 or transfer) all or any of its rights or obligations under a Transaction Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to
 any person with (or through) whom the Noteholder enters into (or may potentially enter into)
 any sub-participation in relation to, or any other transaction under which payments may be
 made by reference to, a Transaction Document or the Issuer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) as
 expressly permitted or required under a Transaction Document.

---

| | |
|:---|:---|
| **12** | **Restriction on Debt Purchase Transactions** |

---

**12.1** **Prohibition on Debt Purchase Transactions by the Group and Issuer Affiliates** 

The Issuer shall not, and shall procure that each other member of the Group and Issuer Affiliate shall not, be a Noteholder or enter into any Debt Purchase Transactions or beneficially own or control all or a material part of the equity of an entity that is a Noteholder or a party to a Debt Purchase Transaction.

---

| | |
|:---|:---|
| **13** | **Governing law and jurisdiction** |

---

**13.1** **Governing law** 

The Convertible Notes and these Note Terms are governed by the laws of the State of Nevada.

**13.2** **Jurisdiction** 

The Issuer and the Noteholders submit to the non-exclusive jurisdiction of the courts of the State of Nevada, and any court that may hear appeals from any of those courts, for any proceedings in connection with matters concerning a Convertible Note or the Note Terms.

**Attachment B – CONVERSION NOTICE**

---

| | |
|:---|:---|
| To: | [insert] (the "**Issuer"**) |

---

[Noteholder], [*legal form*] (with its registered office at [*address of the registered office*], and registered with the [*name of the local registry*] under number [*registration number*] (the "**Noteholder**") is the holder of Convertible Notes issued by the Issuer under a Subscription Agreement dated [date] between the Issuer and the Noteholder (the "**Subscription Agreement"**).

The Noteholder hereby gives notice that the Noteholder wishes to exercise its right to convert [*all*][*insert number with an aggregate Face Value of not less than $x*] of its Convertible Notes into Shares in accordance with Condition 6 of the Note Terms.

The Noteholder specifies [*insert date no earlier than 2 Business Days after the Conversion Notice date*] as the Conversion Date.

The Issuer and the Noteholder agree that, as at the Conversion Date:

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Receivable is certain, liquid and immediately payable;

&nbsp;&nbsp;&nbsp;&nbsp;2. The
 Receivable is worth at least USD [ *insert USD equivalent of face value of Convertible Notes being converted* ].

Each expression in this Conversion Notice which is not defined in this notice has the meaning given to that expression in the Deed, unless the context requires otherwise.

This Conversion Notice and the Convertible Notes to which it relates is governed by the laws of the State of Nevada.

Dated:

---

| | | |
|:---|:---|:---|
| **EXECUTED** by **[NOTEHOLDER]** | &nbsp;&nbsp;))<br>|  |
| Signature of director |  | Signature of director / company secretary<br> (delete as applicable) |
| Name of director (print) |  | Name of director / company secretary (print) |

---

**For acknowledgement**

---

| | | |
|:---|:---|:---|
| **EXECUTED** for and on behalf of by its duly authorised representatives: | &nbsp;&nbsp;)) |  |
| Signature of authorised representative |  | Signature of authorised representative |

---

## Exhibit 4.10

**Exhibit 4.10**

**Edison Oncology Holding Corp.<br>2021 Omnibus Equity Incentive Plan**

**Adopted by the Board of Directors: June 25, 2021**

**Approved by the Stockholders: [\*]**

**Amended by the Stockholders: June 29, 2023**

**Amended by the Stockholders: June [\*], 2023**

**1.** **General**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Plan Purpose.** The Company, by means of the Plan, seeks to secure and retain the services of Employees, Directors and Consultants, to provide incentives for such persons to exert maximum efforts for the success of the Company and any Affiliate and to provide a means by which such persons may be given an opportunity to benefit from increases in value of the Common Stock through the granting of Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Available Awards.** The Plan provides for the grant of the following Awards: (i) Incentive Stock Options; (ii) Nonstatutory Stock Options; (iii) SARs; (iv) Restricted Stock Awards; (v) RSU Awards; (vi) Performance Awards; and (vii) Other Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Adoption Date; Effective Date.** The Plan will come into existence on the Adoption Date, but no Award may be granted prior to the Effective Date.

**2.** **Shares Subject to the Plan**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Share Reserve.** Subject to adjustment in accordance with Section 2(c) and any adjustments as necessary to implement any Capitalization Adjustments, the aggregate number of shares of Common Stock that may be issued pursuant to Awards will not exceed 1,192,305 shares. In addition, subject to any adjustments as necessary to implement any Capitalization Adjustments, such aggregate number of shares of Common Stock will automatically increase on January 1 of each year for a period of ten years commencing on January 1, 2022 and ending on (and including) January 1, 2031, in an amount equal to 5.00% of the total number of shares of Common Stock outstanding on December 31 of the preceding year; *provided*, *however*, that the Board may act prior to January 1st of a given year to provide that the increase for such year will be a lesser number of shares of Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Aggregate Incentive Stock Option Limit.** Notwithstanding anything to the contrary in Section 2(a) and subject to any adjustments as necessary to implement any Capitalization Adjustments, the aggregate maximum number of shares of Common Stock that may be issued pursuant to the exercise of Incentive Stock Options is 1,192,305 shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Share Reserve Operation.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i) Limit Applies to Common Stock Issued Pursuant to Awards.** For clarity, the Share Reserve is a limit on the number of shares of Common Stock that may be issued pursuant to Awards and does not limit the granting of Awards, except that the Company will keep available at all times the number of shares of Common Stock reasonably required to satisfy its obligations to issue shares pursuant to such Awards. Shares may be issued in connection with a merger or acquisition as permitted by, as applicable, Nasdaq Listing Rule 5635(c), NYSE Listed Company Manual Section 303A.08, NYSE American Company Guide Section 711 or other applicable rule, and such issuance will not reduce the number of shares available for issuance under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii) Actions that Do Not Constitute Issuance of Common Stock and Do Not Reduce Share Reserve.** The following actions do not result in an issuance of shares under the Plan and accordingly do not reduce the number of shares subject to the Share Reserve and available for issuance under the Plan: (1) the expiration or termination of any portion of an Award without the shares covered by such portion of the Award having been issued, (2) the settlement of any portion of an Award in cash (i.e., the Participant receives cash rather than Common Stock), (3) the withholding of shares that would otherwise be issued by the Company to satisfy the exercise, strike or purchase price of an Award; or (4) the withholding of shares that would otherwise be issued by the Company to satisfy a tax withholding obligation in connection with an Award.

1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii) Reversion of Previously Issued Shares of Common Stock to Share Reserve.** The following shares of Common Stock previously issued pursuant to an Award and accordingly initially deducted from the Share Reserve will be added back to the Share Reserve and again become available for issuance under the Plan: (1) any shares that are forfeited back to or repurchased by the Company because of a failure to meet a contingency or condition required for the vesting of such shares; (2) any shares that are reacquired by the Company to satisfy the exercise, strike or purchase price of an Award; and (3) any shares that are reacquired by the Company to satisfy a tax withholding obligation in connection with an Award.

**3.** **Eligibility and Limitations**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Eligible Award Recipients.** Subject to the terms of the Plan, Employees, Directors and Consultants are eligible to receive Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Specific Award Limitations.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i) Limitations on Incentive Stock Option Recipients.** Incentive Stock Options may be granted only to Employees of the Company or a "parent corporation" or "subsidiary corporation" thereof (as such terms are defined in Sections 424(e) and (f) of the Code).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii) Incentive Stock Option $100,000 Limitation.** To the extent that the aggregate Fair Market Value (determined at the time of grant) of Common Stock with respect to which Incentive Stock Options are exercisable for the first time by any Optionholder during any calendar year (under all plans of the Company and any Affiliates) exceeds $100,000 (or such other limit established in the Code) or otherwise does not comply with the rules governing Incentive Stock Options, the Options or portions thereof that exceed such limit (according to the order in which they were granted) or otherwise do not comply with such rules will be treated as Nonstatutory Stock Options, notwithstanding any contrary provision of the applicable Option Agreement(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii) Limitations on Incentive Stock Options Granted to Ten Percent Stockholders.** A Ten Percent Stockholder may not be granted an Incentive Stock Option unless (i) the exercise price of such Option is at least 110% of the Fair Market Value on the date of grant of such Option and (ii) the Option is not exercisable after the expiration of five years from the date of grant of such Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv) Limitations on Nonstatutory Stock Options and SARs.** Nonstatutory Stock Options and SARs may not be granted to Employees, Directors and Consultants unless the stock underlying such Awards is treated as "service recipient stock" under Section 409A or unless such Awards otherwise comply with the requirements of Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Non-Employee Director Compensation Limit.** The aggregate value of all compensation granted or paid, as applicable, to any individual for service as a Non-Employee Director with respect to any calendar year, including Awards granted and cash fees paid by the Company to such Non-Employee Director, will not exceed (i) $500,000 in total value or (ii) in the event such Non-Employee Director is first appointed or elected to the Board during such calendar year, $500,000 in total value, in each case, calculating the value of any equity awards based on the grant date fair value of such equity awards for financial reporting purposes and excluding distributions from a deferred compensation program.

**4.** **Options and Stock Appreciation Rights**.

Each Option and SAR will have such terms and conditions as determined by the Board. Each Option will be designated in writing as an Incentive Stock Option or Nonstatutory Stock Option at the time of grant; *provided*, *however*, that if an Option is not so designated or if an Option designated as an Incentive Stock Option fails to qualify as an Incentive Stock Option, then such Option will be a Nonstatutory Stock Option, and the shares purchased upon exercise of each type of Option will be separately accounted for. Each SAR will be denominated in shares of Common Stock equivalents. The terms and conditions of separate Options and SARs need not be identical; *provided*, *however*, that each Option Agreement and SAR Agreement will conform (through incorporation of provisions hereof by reference in the Award Agreement or otherwise) to the substance of each of the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Term.** Subject to Section 3(b) regarding Ten Percent Stockholders, no Option or SAR will be exercisable after the expiration of ten years from the date of grant of such Award or such shorter period specified in the Award Agreement.

2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Exercise or Strike Price.** Subject to Section 3(b) regarding Ten Percent Stockholders, the exercise or strike price of each Option or SAR will not be less than 100% of the Fair Market Value on the date of grant of such Award. Notwithstanding the foregoing, an Option or SAR may be granted with an exercise or strike price lower than 100% of the Fair Market Value on the date of grant of such Award if such Award is granted pursuant to an assumption of or substitution for another option or stock appreciation right pursuant to a Corporate Transaction and in a manner consistent with the provisions of Sections 409A and, if applicable, 424(a) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Exercise Procedure and Payment of Exercise Price for Options.** In order to exercise an Option, the Participant must provide notice of exercise to the Plan Administrator in accordance with the procedures specified in the Option Agreement or otherwise provided by the Company. The Board has the authority to grant Options that do not permit all of the following methods of payment (or otherwise restrict the ability to use certain methods) and to grant Options that require the consent of the Company to utilize a particular method of payment. The exercise price of an Option may be paid, to the extent permitted by Applicable Law and as determined by the Board, by one or more of the following methods of payment to the extent set forth in the Option Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** by cash or check, bank draft or money order payable to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** pursuant to a "cashless exercise" program developed under Regulation T as promulgated by the Federal Reserve Board that, prior to the issuance of the Common Stock subject to the Option, results in either the receipt of cash (or check) by the Company or the receipt of irrevocable instructions to pay the exercise price to the Company from the sales proceeds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** by delivery to the Company (either by actual delivery or attestation) of shares of Common Stock that are already owned by the Participant free and clear of any liens, claims, encumbrances or security interests, with a Fair Market Value on the date of exercise that does not exceed the exercise price, *provided* that (1) at the time of exercise the Common Stock is publicly traded, (2) any remaining balance of the exercise price not satisfied by such delivery is paid by the Participant in cash or other permitted form of payment, (3) such delivery would not violate any Applicable Law or agreement restricting the redemption of the Common Stock, (4) any certificated shares are endorsed or accompanied by an executed assignment separate from certificate, and (5) such shares have been held by the Participant for any minimum period necessary to avoid adverse accounting treatment as a result of such delivery;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** if the Option is a Nonstatutory Stock Option, by a "net exercise" arrangement pursuant to which the Company will reduce the number of shares of Common Stock issuable upon exercise by the largest whole number of shares with a Fair Market Value on the date of exercise that does not exceed the exercise price, *provided* that (1) such shares used to pay the exercise price will not be exercisable thereafter and (2) any remaining balance of the exercise price not satisfied by such net exercise is paid by the Participant in cash or other permitted form of payment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(v)** in any other form of consideration that may be acceptable to the Board and permissible under Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Exercise Procedure and Payment of Appreciation Distribution for SARs.** In order to exercise any SAR, the Participant must provide notice of exercise to the Plan Administrator in accordance with the SAR Agreement. The appreciation distribution payable to a Participant upon the exercise of a SAR will not be greater than an amount equal to the excess of (i) the aggregate Fair Market Value on the date of exercise of a number of shares of Common Stock equal to the number of Common Stock equivalents that are vested and being exercised under such SAR, over (ii) the strike price of such SAR. Such appreciation distribution may be paid to the Participant in the form of Common Stock or cash (or any combination of Common Stock and cash) or in any other form of payment, as determined by the Board and specified in the SAR Agreement.

3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e) Transferability.** Options and SARs may not be transferred to third party financial institutions for value. The Board may impose such additional limitations on the transferability of an Option or SAR as it determines. In the absence of any such determination by the Board, the following restrictions on the transferability of Options and SARs will apply, *provided* that except as explicitly provided herein, neither an Option nor a SAR may be transferred for consideration and *provided*, *further*, that if an Option is an Incentive Stock Option, such Option may be deemed to be a Nonstatutory Stock Option as a result of such transfer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i) Restrictions on Transfer.** An Option or SAR will not be transferable, except by will or by the laws of descent and distribution, and will be exercisable during the lifetime of the Participant only by the Participant; *provided*, *however*, that the Board may permit transfer of an Option or SAR in a manner that is not prohibited by applicable tax and securities laws upon the Participant's request, including to a trust if the Participant is considered to be the sole beneficial owner of such trust (as determined under Section 671 of the Code and applicable state law) while such Option or SAR is held in such trust, *provided* that the Participant and the trustee enter into a transfer and other agreements required by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii) Domestic Relations Orders.** Notwithstanding the foregoing, subject to the execution of transfer documentation in a format acceptable to the Company and subject to the approval of the Board or a duly authorized Officer, an Option or SAR may be transferred pursuant to a domestic relations order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f) Vesting.** The Board may impose such restrictions on or conditions to the vesting and/or exercisability of an Option or SAR as determined by the Board. Except as otherwise provided in the Award Agreement or other written agreement between a Participant and the Company or an Affiliate, vesting of Options and SARs will cease upon termination of the Participant's Continuous Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g) Termination of Continuous Service for Cause.** Except as explicitly otherwise provided in the Award Agreement or other written agreement between a Participant and the Company or an Affiliate, if a Participant's Continuous Service is terminated for Cause, the Participant's Options and SARs will terminate and be forfeited immediately upon such termination of Continuous Service, and the Participant will be prohibited from exercising any portion (including any vested portion) of such Awards on and after the date of such termination of Continuous Service and the Participant will have no further right, title or interest in such forfeited Award, the shares of Common Stock subject to the forfeited Award, or any consideration in respect of the forfeited Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(h) Post-Termination Exercise Period Following Termination of Continuous Service for Reasons Other than Cause.** Subject to Section 4(i), if a Participant's Continuous Service terminates for any reason other than for Cause, the Participant may exercise his or her Option or SAR to the extent vested, but only within the following period of time or, if applicable, such other period of time provided in the Award Agreement or other written agreement between a Participant and the Company or an Affiliate; *provided*, *however*, that in no event may such Award be exercised after the expiration of its maximum term (as set forth in Section 4(a)):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** three months following the date of such termination if such termination is a termination without Cause (other than any termination due to the Participant's Disability or death);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** 12 months following the date of such termination if such termination is due to the Participant's Disability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** 18 months following the date of such termination if such termination is due to the Participant's death; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** 18 months following the date of the Participant's death if such death occurs following the date of such termination but during the period such Award is otherwise exercisable (as provided in (i) or (ii) above).

Following the date of such termination, to the extent the Participant does not exercise such Award within the applicable Post-Termination Exercise Period (or, if earlier, prior to the expiration of the maximum term of such Award), such unexercised portion of the Award will terminate, and the Participant will have no further right, title or interest in terminated Award, the shares of Common Stock subject to the terminated Award, or any consideration in respect of the terminated Award.

4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i) Restrictions on Exercise; Extension of Exercisability.** A Participant may not exercise an Option or SAR at any time that the issuance of shares of Common Stock upon such exercise would violate Applicable Law. Except as otherwise provided in the Award Agreement or other written agreement between a Participant and the Company or an Affiliate, if a Participant's Continuous Service terminates for any reason other than for Cause and, at any time during the last thirty days of the applicable Post-Termination Exercise Period: (i) the exercise of the Participant's Option or SAR would be prohibited solely because the issuance of shares of Common Stock upon such exercise would violate Applicable Law, or (ii) the immediate sale of any shares of Common Stock issued upon such exercise would violate the Company's Trading Policy, then the applicable Post-Termination Exercise Period will be extended to the last day of the calendar month that commences following the date the Award would otherwise expire, with an additional extension of the exercise period to the last day of the next calendar month to apply if any of the foregoing restrictions apply at any time during such extended exercise period, generally without limitation as to the maximum permitted number of extensions; *provided*, *however*, that in no event may such Award be exercised after the expiration of its maximum term (as set forth in Section 4(a)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(j) Non-Exempt Employees**. No Option or SAR, whether or not vested, granted to an Employee who is a non-exempt employee for purposes of the Fair Labor Standards Act of 1938, as amended, will be first exercisable for any shares of Common Stock until at least six months following the date of grant of such Award. Notwithstanding the foregoing, in accordance with the provisions of the Worker Economic Opportunity Act, any vested portion of such Award may be exercised earlier than six months following the date of grant of such Award in the event of (i) such Participant's death or Disability, (ii) a Corporate Transaction in which such Award is not assumed, continued or substituted, (iii) a Change in Control, or (iv) such Participant's retirement (as such term may be defined in the Award Agreement or another applicable agreement or, in the absence of any such definition, in accordance with the Company's then current employment policies and guidelines). This Section 4(j) is intended to operate so that any income derived by a non-exempt employee in connection with the exercise or vesting of an Option or SAR will be exempt from his or her regular rate of pay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(k) Whole Shares**. Options and SARs may be exercised only with respect to whole shares of Common Stock or their equivalents.

**5.** **Awards Other Than Options and Stock Appreciation Rights**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Restricted Stock Awards and RSU Awards.** Each Restricted Stock Award and RSU Award will have such terms and conditions as determined by the Board; *provided*, *however*, that each Restricted Stock Award Agreement and RSU Award Agreement will conform (through incorporation of the provisions hereof by reference in the Award Agreement or otherwise) to the substance of each of the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i) Form of Award.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1) *Restricted Stock Awards***: To the extent consistent with the Company's Bylaws, at the Board's election, shares of Common Stock subject to a Restricted Stock Award may be (i) held in book entry form subject to the Company's instructions until such shares become vested or any other restrictions lapse, or (ii) evidenced by a certificate, which certificate will be held in such form and manner as determined by the Board. Unless otherwise determined by the Board, a Participant will have voting and other rights as a stockholder of the Company with respect to any shares subject to a Restricted Stock Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2) *RSU Awards***: A RSU Award represents a Participant's right to be issued on a future date the number of shares of Common Stock that is equal to the number of restricted stock units subject to the RSU Award. As a holder of a RSU Award, a Participant is an unsecured creditor of the Company with respect to the Company's unfunded obligation, if any, to issue shares of Common Stock in settlement of such Award and nothing contained in the Plan or any RSU Agreement, and no action taken pursuant to its provisions, will create or be construed to create a trust of any kind or a fiduciary relationship between a Participant and the Company or an Affiliate or any other person. A Participant will not have voting or any other rights as a stockholder of the Company with respect to any RSU Award (unless and until shares are actually issued in settlement of a vested RSU Award).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii) Consideration.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1) *Restricted Stock Awards***: A Restricted Stock Award may be granted in consideration for (A) cash or check, bank draft or money order payable to the Company, (B) services to the Company or an Affiliate, or (C) any other form of consideration as the Board may determine and permissible under Applicable Law.

5. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2) *RSU Awards***: Unless otherwise determined by the Board at the time of grant, a RSU Award will be granted in consideration for the Participant's services to the Company or an Affiliate, such that the Participant will not be required to make any payment to the Company (other than such services) with respect to the grant or vesting of the RSU Award, or the issuance of any shares of Common Stock pursuant to the RSU Award. If, at the time of grant, the Board determines that any consideration must be paid by the Participant (in a form other than the Participant's services to the Company or an Affiliate) upon the issuance of any shares of Common Stock in settlement of the RSU Award, such consideration may be paid in any form of consideration as the Board may determine and permissible under Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii) Vesting.** The Board may impose such restrictions on or conditions to the vesting of a Restricted Stock Award or RSU Award as determined by the Board. Except as otherwise provided in the Award Agreement or other written agreement between a Participant and the Company or an Affiliate, vesting of Restricted Stock Awards and RSU Awards will cease upon termination of the Participant's Continuous Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv) Termination of Continuous Service.** Except as otherwise provided in the Award Agreement or other written agreement between a Participant and the Company or an Affiliate, if a Participant's Continuous Service terminates for any reason, (i) the Company may receive through a forfeiture condition or a repurchase right any or all of the shares of Common Stock held by the Participant under his or her Restricted Stock Award that have not vested as of the date of such termination as set forth in the Restricted Stock Award Agreement and the Participant will have no further right, title or interest in the Restricted Stock Award, the shares of Common Stock subject to the Restricted Stock Award, or any consideration in respect of the Restricted Stock Award and (ii) any portion of his or her RSU Award that has not vested will be forfeited upon such termination and the Participant will have no further right, title or interest in the RSU Award, the shares of Common Stock issuable pursuant to the RSU Award, or any consideration in respect of the RSU Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(v) Dividends and Dividend Equivalents.** Dividends or dividend equivalents may be paid or credited, as applicable, with respect to any shares of Common Stock subject to a Restricted Stock Award or RSU Award, as determined by the Board and specified in the Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(vi) Settlement of RSU Awards**. A RSU Award may be settled by the issuance of shares of Common Stock or cash (or any combination thereof) or in any other form of payment, as determined by the Board and specified in the RSU Award Agreement. At the time of grant, the Board may determine to impose such restrictions or conditions that delay such delivery to a date following the vesting of the RSU Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Performance Awards**. With respect to any Performance Award, the length of any Performance Period, the Performance Goals to be achieved during the Performance Period, the other terms and conditions of such Award, and the measure of whether and to what degree such Performance Goals have been attained will be determined by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Other Awards**. Other Awards may be granted either alone or in addition to Awards provided for under Section 4 and the preceding provisions of this Section 5. Subject to the provisions of the Plan, the Board will have sole and complete discretion to determine the persons to whom and the time or times at which such Other Awards will be granted, the number of shares of Common Stock (or the cash equivalent thereof) to be granted pursuant to such Other Awards and all other terms and conditions of such Other Awards.

**6.** **Adjustments upon Changes in Common stock; Other Corporate Events** **.** 

6. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Dissolution or Liquidation**. Except as otherwise provided in the Award Agreement, in the event of a dissolution or liquidation of the Company, all outstanding Awards (other than Awards consisting of vested and outstanding shares of Common Stock not subject to a forfeiture condition or the Company's right of repurchase) will terminate immediately prior to the completion of such dissolution or liquidation, and the shares of Common Stock subject to the Company's repurchase rights or subject to a forfeiture condition may be repurchased or reacquired by the Company notwithstanding the fact that the holder of such Award is providing Continuous Service; *provided*, *however*, that the Board may determine to cause some or all Awards to become fully vested, exercisable and/or no longer subject to repurchase or forfeiture (to the extent such Awards have not previously expired or terminated) before the dissolution or liquidation is completed but contingent on its completion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Corporate Transaction.** The following provisions will apply to Awards in the event of a Corporate Transaction unless otherwise provided in the instrument evidencing the Award or any other written agreement between the Company or any Affiliate and the Participant or unless otherwise expressly provided by the Board at the time of grant of an Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i) Awards May Be Assumed.** In the event of a Corporate Transaction, any surviving corporation or acquiring corporation (or the surviving or acquiring corporation's parent company) may assume or continue any or all Awards outstanding under the Plan or may substitute similar awards for Awards outstanding under the Plan (including but not limited to, awards to acquire the same consideration paid to the stockholders of the Company pursuant to the Corporate Transaction), and any reacquisition or repurchase rights held by the Company in respect of Common Stock issued pursuant to Awards may be assigned by the Company to the successor of the Company (or the successor's parent company, if any), in connection with such Corporate Transaction. A surviving corporation or acquiring corporation (or its parent) may choose to assume or continue only a portion of an Award or substitute a similar award for only a portion of an Award, or may choose to assume or continue the Awards held by some, but not all Participants. The terms of any assumption, continuation or substitution will be set by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii) Awards Held by Current Participants.** In the event of a Corporate Transaction in which the surviving corporation or acquiring corporation (or its parent company) does not assume or continue such outstanding Awards or substitute similar awards for such outstanding Awards, then with respect to Awards that have not been assumed, continued or substituted and that are held by Participants whose Continuous Service has not terminated prior to the effective time of the Corporate Transaction (referred to as the "***Current Participants***"), the vesting of such Awards (and, with respect to Options and Stock Appreciation Rights, the time when such Awards may be exercised) will be accelerated in full to a date prior to the effective time of such Corporate Transaction (contingent upon the effectiveness of the Corporate Transaction) as the Board determines (or, if the Board does not determine such a date, to the date that is five days prior to the effective time of the Corporate Transaction), and such Awards will terminate if not exercised (if applicable) at or prior to the effective time of the Corporate Transaction, and any reacquisition or repurchase rights held by the Company with respect to such Awards will lapse (contingent upon the effectiveness of the Corporate Transaction). With respect to the vesting of Performance Awards that will accelerate upon the occurrence of a Corporate Transaction pursuant to this subsection (ii) and that have multiple vesting levels depending on the level of performance, unless otherwise provided in the Award Agreement, the vesting of such Performance Awards will accelerate at 100% of the target level upon the occurrence of the Corporate Transaction in which the Awards are not assumed in accordance with Section 6(c)(i). With respect to the vesting of Awards that will accelerate upon the occurrence of a Corporate Transaction pursuant to this subsection (ii) and are settled in the form of a cash payment, such cash payment will be made no later than 30 days following the occurrence of the Corporate Transaction or such later date as required to comply with Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii) Awards Held by Persons other than Current Participants.** In the event of a Corporate Transaction in which the surviving corporation or acquiring corporation (or its parent company) does not assume or continue such outstanding Awards or substitute similar awards for such outstanding Awards, then with respect to Awards that have not been assumed, continued or substituted and that are held by persons other than Current Participants, such Awards will terminate if not exercised (if applicable) prior to the occurrence of the Corporate Transaction; *provided*, *however*, that any reacquisition or repurchase rights held by the Company with respect to such Awards will not terminate and may continue to be exercised notwithstanding the Corporate Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv) Payment for Awards in Lieu of Exercise.** Notwithstanding the foregoing, in the event an Award will terminate if not exercised prior to the effective time of a Corporate Transaction, the Board may provide, in its sole discretion, that the holder of such Award may not exercise such Award but will receive a payment, in such form as may be determined by the Board, equal in value, at the effective time, to the excess, if any, of (1) the value of the property the Participant would have received upon the exercise of the Award (including, at the discretion of the Board, any unvested portion of such Award), over (2) any exercise price payable by such holder in connection with such exercise.

7. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Appointment of Stockholder Representative.** As a condition to the receipt of an Award under this Plan, a Participant will be deemed to have agreed that the Award will be subject to the terms of any agreement governing a Corporate Transaction involving the Company, including, without limitation, a provision for the appointment of a stockholder representative that is authorized to act on the Participant's behalf with respect to any escrow, indemnities and any contingent consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e) No Restriction on Right to Undertake Transactions**. The grant of any Award under the Plan and the issuance of shares pursuant to any Award does not affect or restrict in any way the right or power of the Company or the stockholders of the Company to make or authorize any adjustment, recapitalization, reorganization or other change in the Company's capital structure or its business, any merger or consolidation of the Company, any issue of stock or of options, rights or options to purchase stock or of bonds, debentures, preferred or prior preference stocks whose rights are superior to or affect the Common Stock or the rights thereof or which are convertible into or exchangeable for Common Stock, or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise.

**7.** **Administration**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Administration by Board.** The Board will administer the Plan unless and until the Board delegates administration of the Plan to a Committee or Committees, as provided in subsection (c) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Powers of Board.** The Board will have the power, subject to, and within the limitations of, the express provisions of the Plan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** To determine from time to time: (1) which of the persons eligible under the Plan will be granted Awards; (2) when and how each Award will be granted; (3) what type or combination of types of Award will be granted; (4) the provisions of each Award granted (which need not be identical), including the time or times when a person will be permitted to receive an issuance of Common Stock or other payment pursuant to an Award; (5) the number of shares of Common Stock or cash equivalent with respect to which an Award will be granted to each such person; (6) the Fair Market Value applicable to an Award; and (7) the terms of any Performance Award that is not valued in whole or in part by reference to, or otherwise based on, the Common Stock, including the amount of cash payment or other property that may be earned and the timing of payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** To construe and interpret the Plan and Awards granted under it, and to establish, amend and revoke rules and regulations for its administration. The Board, in the exercise of this power, may correct any defect, omission or inconsistency in the Plan or in any Award Agreement, in a manner and to the extent it deems necessary or expedient to make the Plan or Award fully effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** To settle all controversies regarding the Plan and Awards granted under it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** To accelerate the time at which an Award may first be exercised or the time during which an Award or any part thereof will vest, notwithstanding the provisions in the Award Agreement stating the time at which it may first be exercised or the time during which it will vest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(v)** To prohibit the exercise of any Option, SAR or other exercisable Award during a period of up to 30 days prior to the consummation of any pending stock dividend, stock split, combination or exchange of shares, merger, consolidation or other distribution (other than normal cash dividends) of Company assets to stockholders, or any other change affecting the shares of Common Stock or the share price of the Common Stock including any Corporate Transaction, for reasons of administrative convenience.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(vi)** To suspend or terminate the Plan at any time. Suspension or termination of the Plan will not Materially Impair rights and obligations under any Award granted while the Plan is in effect except with the written consent of the affected Participant.

8. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(vii)** To amend the Plan in any respect the Board deems necessary or advisable; *provided*, *however*, that stockholder approval will be required for any amendment to the extent required by Applicable Law. Except as provided above, rights under any Award granted before amendment of the Plan will not be Materially Impaired by any amendment of the Plan unless (1) the Company requests the consent of the affected Participant, and (2) such Participant consents in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(viii)** To submit any amendment to the Plan for stockholder approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ix)** To approve forms of Award Agreements for use under the Plan and to amend the terms of any one or more Awards, including, but not limited to, amendments to provide terms more favorable to the Participant than previously provided in the Award Agreement, subject to any specified limits in the Plan that are not subject to Board discretion; *provided however*, that, a Participant's rights under any Award will not be Materially Impaired by any such amendment unless (1) the Company requests the consent of the affected Participant, and (2) such Participant consents in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(x)** Generally, to exercise such powers and to perform such acts as the Board deems necessary or expedient to promote the best interests of the Company and that are not in conflict with the provisions of the Plan or Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(xi)** To adopt such procedures and sub-plans as are necessary or appropriate to permit and facilitate participation in the Plan by, or take advantage of specific tax treatment for Awards granted to, Employees, Directors or Consultants who are foreign nationals or employed outside the United States (provided that Board approval will not be necessary for immaterial modifications to the Plan or any Award Agreement to ensure or facilitate compliance with the laws of the relevant foreign jurisdiction).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(xii)** To effect, at any time and from time to time, subject to the consent of any Participant whose Award is Materially Impaired by such action, (1) the reduction of the exercise price (or strike price) of any outstanding Option or SAR; (2) the cancellation of any outstanding Option or SAR and the grant in substitution therefor of (A) a new Option, SAR, Restricted Stock Award, RSU Award or Other Award, under the Plan or another equity plan of the Company, covering the same or a different number of shares of Common Stock, (B) cash and/or (C) other valuable consideration (as determined by the Board); or (3) any other action that is treated as a repricing under generally accepted accounting principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Delegation to Committee.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i) General.** The Board may delegate some or all of the administration of the Plan to a Committee or Committees. If administration of the Plan is delegated to a Committee, the Committee will have, in connection with the administration of the Plan, the powers theretofore possessed by the Board that have been delegated to the Committee, including the power to delegate to another Committee or a subcommittee of the Committee any of the administrative powers the Committee is authorized to exercise (and references in this Plan to the Board will thereafter be to the Committee or subcommittee), subject, however, to such resolutions, not inconsistent with the provisions of the Plan, as may be adopted from time to time by the Board. Each Committee may retain the authority to concurrently administer the Plan with Committee or subcommittee to which it has delegated its authority hereunder and may, at any time, revest in such Committee some or all of the powers previously delegated. The Board may retain the authority to concurrently administer the Plan with any Committee and may, at any time, revest in the Board some or all of the powers previously delegated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii) Rule 16b-3 Compliance.** To the extent an Award is intended to qualify for the exemption from Section 16(b) of the Exchange Act that is available under Rule 16b-3 of the Exchange Act, the Award will be granted by the Board or a Committee that consists solely of two or more Non-Employee Directors, as determined under Rule 16b-3(b)(3) of the Exchange Act and thereafter any action establishing or modifying the terms of the Award will be approved by the Board or a Committee meeting such requirements to the extent necessary for such exemption to remain available.

9. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Effect of Board's Decision.** All determinations, interpretations and constructions made by the Board or any Committee in good faith will not be subject to review by any person and will be final, binding and conclusive on all persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e) Delegation to an Officer.** The Board or any Committee may delegate to one or more Officers the authority to do one or both of the following (i) designate Employees who are not Officers to be recipients of Options and SARs (and, to the extent permitted by Applicable Law, other types of Awards) and, to the extent permitted by Applicable Law, the terms thereof, and (ii) determine the number of shares of Common Stock to be subject to such Awards granted to such Employees; *provided*, *however*, that the resolutions or charter adopted by the Board or any Committee evidencing such delegation will specify the total number of shares of Common Stock that may be subject to the Awards granted by such Officer and that such Officer may not grant an Award to himself or herself. Any such Awards will be granted on the applicable form of Award Agreement most recently approved for use by the Board or the Committee, unless otherwise provided in the resolutions approving the delegation authority. Notwithstanding anything to the contrary herein, neither the Board nor any Committee may delegate to an Officer who is acting solely in the capacity of an Officer (and not also as a Director) the authority to determine the Fair Market Value.

**8.** **Tax Withholding** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Withholding Authorization.** As a condition to acceptance of any Award under the Plan, a Participant authorizes withholding from payroll and any other amounts payable to such Participant, and otherwise agree to make adequate provision for (including), any sums required to satisfy any U.S. federal, state, local and/or foreign tax or social insurance contribution withholding obligations of the Company or an Affiliate, if any, which arise in connection with the exercise, vesting or settlement of such Award, as applicable. Accordingly, a Participant may not be able to exercise an Award even though the Award is vested, and the Company shall have no obligation to issue shares of Common Stock subject to an Award, unless and until such obligations are satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Satisfaction of Withholding Obligation.** To the extent permitted by the terms of an Award Agreement, the Company may, in its sole discretion, satisfy any U.S. federal, state, local and/or foreign tax or social insurance withholding obligation relating to an Award by any of the following means or by a combination of such means: (i) causing the Participant to tender a cash payment; (ii) withholding shares of Common Stock from the shares of Common Stock issued or otherwise issuable to the Participant in connection with the Award; (iii) withholding cash from an Award settled in cash; (iv) withholding payment from any amounts otherwise payable to the Participant; (v) by allowing a Participant to effectuate a "cashless exercise" pursuant to a program developed under Regulation T as promulgated by the Federal Reserve Board, or (vi) by such other method as may be set forth in the Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) No Obligation to Notify or Minimize Taxes; No Liability to Claims.** Except as required by Applicable Law the Company has no duty or obligation to any Participant to advise such holder as to the time or manner of exercising such Award. Furthermore, the Company has no duty or obligation to warn or otherwise advise such holder of a pending termination or expiration of an Award or a possible period in which the Award may not be exercised. The Company has no duty or obligation to minimize the tax consequences of an Award to the holder of such Award and will not be liable to any holder of an Award for any adverse tax consequences to such holder in connection with an Award. As a condition to accepting an Award under the Plan, each Participant (i) agrees to not make any claim against the Company, or any of its Officers, Directors, Employees or Affiliates related to tax liabilities arising from such Award or other Company compensation and (ii) acknowledges that such Participant was advised to consult with his or her own personal tax, financial and other legal advisors regarding the tax consequences of the Award and has either done so or knowingly and voluntarily declined to do so. Additionally, each Participant acknowledges any Option or SAR granted under the Plan is exempt from Section 409A only if the exercise or strike price is at least equal to the "fair market value" of the Common Stock on the date of grant as determined by the Internal Revenue Service and there is no other impermissible deferral of compensation associated with the Award. Additionally, as a condition to accepting an Option or SAR granted under the Plan, each Participant agrees not make any claim against the Company, or any of its Officers, Directors, Employees or Affiliates in the event that the Internal Revenue Service asserts that such exercise price or strike price is less than the "fair market value" of the Common Stock on the date of grant as subsequently determined by the Internal Revenue Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Withholding Indemnification.** As a condition to accepting an Award under the Plan, in the event that the amount of the Company's and/or its Affiliate's withholding obligation in connection with such Award was greater than the amount actually withheld by the Company and/or its Affiliates, each Participant agrees to indemnify and hold the Company and/or its Affiliates harmless from any failure by the Company and/or its Affiliates to withhold the proper amount.

10. **9.** **Miscellaneous**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Source of Shares.** The stock issuable under the Plan will be shares of authorized but unissued or reacquired Common Stock, including shares repurchased by the Company on the open market or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Use of Proceeds from Sales of Common Stock.** Proceeds from the sale of shares of Common Stock pursuant to Awards will constitute general funds of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Corporate Action Constituting Grant of Awards.** Corporate action constituting a grant by the Company of an Award to any Participant will be deemed completed as of the date of such corporate action, unless otherwise determined by the Board, regardless of when the instrument, certificate, or letter evidencing the Award is communicated to, or actually received or accepted by, the Participant. In the event that the corporate records (e.g., Board consents, resolutions or minutes) documenting the corporate action approving the grant contain terms (e.g., exercise price, vesting schedule or number of shares) that are inconsistent with those in the Award Agreement or related grant documents as a result of a clerical error in the Award Agreement or related grant documents, the corporate records will control and the Participant will have no legally binding right to the incorrect term in the Award Agreement or related grant documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Stockholder Rights.** No Participant will be deemed to be the holder of, or to have any of the rights of a holder with respect to, any shares of Common Stock subject to such Award unless and until (i) such Participant has satisfied all requirements for exercise of the Award pursuant to its terms, if applicable, and (ii) the issuance of the Common Stock subject to such Award is reflected in the records of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e) No Employment or Other Service Rights.** Nothing in the Plan, any Award Agreement or any other instrument executed thereunder or in connection with any Award granted pursuant thereto will confer upon any Participant any right to continue to serve the Company or an Affiliate in the capacity in effect at the time the Award was granted or affect the right of the Company or an Affiliate to terminate at will and without regard to any future vesting opportunity that a Participant may have with respect to any Award (i) the employment of an Employee with or without notice and with or without cause, (ii) the service of a Consultant pursuant to the terms of such Consultant's agreement with the Company or an Affiliate, or (iii) the service of a Director pursuant to the Bylaws of the Company or an Affiliate, and any applicable provisions of the corporate law of the state or foreign jurisdiction in which the Company or the Affiliate is incorporated, as the case may be. Further, nothing in the Plan, any Award Agreement or any other instrument executed thereunder or in connection with any Award will constitute any promise or commitment by the Company or an Affiliate regarding the fact or nature of future positions, future work assignments, future compensation or any other term or condition of employment or service or confer any right or benefit under the Award or the Plan unless such right or benefit has specifically accrued under the terms of the Award Agreement and/or Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f) Change in Time Commitment**. In the event a Participant's regular level of time commitment in the performance of his or her services for the Company and any Affiliates is reduced (for example, and without limitation, if the Participant is an Employee of the Company and the Employee has a change in status from a full-time Employee to a part-time Employee or takes an extended leave of absence) after the date of grant of any Award to the Participant, the Board may determine, to the extent permitted by Applicable Law, to (i) make a corresponding reduction in the number of shares or cash amount subject to any portion of such Award that is scheduled to vest or become payable after the date of such change in time commitment, and (ii) in lieu of or in combination with such a reduction, extend the vesting or payment schedule applicable to such Award. In the event of any such reduction, the Participant will have no right with respect to any portion of the Award that is so reduced or extended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g) Execution of Additional Documents.** As a condition to accepting an Award under the Plan, the Participant agrees to execute any additional documents or instruments necessary or desirable, as determined in the Plan Administrator's sole discretion, to carry out the purposes or intent of the Award, or facilitate compliance with securities and/or other regulatory requirements, in each case at the Plan Administrator's request.

11. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(h) Electronic Delivery and Participation**. Any reference herein or in an Award Agreement to a "written" agreement or document will include any agreement or document delivered electronically, filed publicly at www.sec.gov (or any successor website thereto) or posted on the Company's intranet (or other shared electronic medium controlled by the Company to which the Participant has access). By accepting any Award the Participant consents to receive documents by electronic delivery and to participate in the Plan through any on-line electronic system established and maintained by the Plan Administrator or another third party selected by the Plan Administrator. The form of delivery of any Common Stock (e.g., a stock certificate or electronic entry evidencing such shares) shall be determined by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i) Clawback/Recovery**. All Awards granted under the Plan will be subject to recoupment in accordance with any clawback policy that the Company is required to adopt pursuant to the listing standards of any national securities exchange or association on which the Company's securities are listed or as is otherwise required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other Applicable Law and any clawback policy that the Company otherwise adopts, to the extent applicable and permissible under Applicable Law. In addition, the Board may impose such other clawback, recovery or recoupment provisions in an Award Agreement as the Board determines necessary or appropriate, including but not limited to a reacquisition right in respect of previously acquired shares of Common Stock or other cash or property upon the occurrence of Cause. No recovery of compensation under such a clawback policy will be an event giving rise to a Participant's right to voluntary terminate employment upon a "resignation for good reason," or for a "constructive termination" or any similar term under any plan of or agreement with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(j) Securities Law Compliance.** A Participant will not be issued any shares in respect of an Award unless either (i) the shares are registered under the Securities Act; or (ii) the Company has determined that such issuance would be exempt from the registration requirements of the Securities Act. Each Award also must comply with other Applicable Law governing the Award, and a Participant will not receive such shares if the Company determines that such receipt would not be in material compliance with Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(k) Transfer or Assignment of Awards; Issued Shares.** Except as expressly provided in the Plan or the form of Award Agreement, Awards granted under the Plan may not be transferred or assigned by the Participant. After the vested shares subject to an Award have been issued, or in the case of Restricted Stock and similar awards, after the issued shares have vested, the holder of such shares is free to assign, hypothecate, donate, encumber or otherwise dispose of any interest in such shares provided that any such actions are in compliance with the provisions herein, the terms of the Trading Policy and Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(l) Effect on Other Employee Benefit Plans.** The value of any Award granted under the Plan, as determined upon grant, vesting or settlement, shall not be included as compensation, earnings, salaries, or other similar terms used when calculating any Participant's benefits under any employee benefit plan sponsored by the Company or any Affiliate, except as such plan otherwise expressly provides. The Company expressly reserves its rights to amend, modify, or terminate any of the Company's or any Affiliate's employee benefit plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(m) Deferrals.** To the extent permitted by Applicable Law, the Board, in its sole discretion, may determine that the delivery of Common Stock or the payment of cash, upon the exercise, vesting or settlement of all or a portion of any Award may be deferred and may also establish programs and procedures for deferral elections to be made by Participants. Deferrals will be made in accordance with the requirements of Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(n) Section 409A.** Unless otherwise expressly provided for in an Award Agreement, the Plan and Award Agreements will be interpreted to the greatest extent possible in a manner that makes the Plan and the Awards granted hereunder exempt from Section 409A, and, to the extent not so exempt, in compliance with the requirements of Section 409A. If the Board determines that any Award granted hereunder is not exempt from and is therefore subject to Section 409A, the Award Agreement evidencing such Award will incorporate the terms and conditions necessary to avoid the consequences specified in Section 409A(a)(1) of the Code, and to the extent an Award Agreement is silent on terms necessary for compliance, such terms are hereby incorporated by reference into the Award Agreement. Notwithstanding anything to the contrary in this Plan (and unless the Award Agreement specifically provides otherwise), if the shares of Common Stock are publicly traded, and if a Participant holding an Award that constitutes "deferred compensation" under Section 409A is a "specified employee" for purposes of Section 409A, no distribution or payment of any amount that is due because of a "separation from service" (as defined in Section 409A without regard to alternative definitions thereunder) will be issued or paid before the date that is six months and one day following the date of such Participant's "separation from service" or, if earlier, the date of the Participant's death, unless such distribution or payment can be made in a manner that complies with Section 409A, and any amounts so deferred will be paid in a lump sum on the day after such six month period elapses, with the balance paid thereafter on the original schedule.

12. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(o) Choice of Law.** This Plan and any controversy arising out of or relating to this Plan shall be governed by, and construed in accordance with, the internal laws of the State of Nevada, without regard to conflict of law principles that would result in any application of any law other than the law of the State of Nevada.

**10.** **Covenants of the Company**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Compliance with Law.** The Company will seek to obtain from each regulatory commission or agency, as may be deemed to be necessary, having jurisdiction over the Plan such authority as may be required to grant Awards and to issue and sell shares of Common Stock upon exercise or vesting of the Awards; *provided*, *however*, that this undertaking will not require the Company to register under the Securities Act the Plan, any Award or any Common Stock issued or issuable pursuant to any such Award. If, after reasonable efforts and at a reasonable cost, the Company is unable to obtain from any such regulatory commission or agency the authority that counsel for the Company deems necessary or advisable for the lawful issuance and sale of Common Stock under the Plan, the Company will be relieved from any liability for failure to issue and sell Common Stock upon exercise or vesting of such Awards unless and until such authority is obtained. A Participant is not eligible for the grant of an Award or the subsequent issuance of Common Stock pursuant to the Award if such grant or issuance would be in violation of any Applicable Law.

**11.** **Additional Rules for Awards Subject to Section 409A**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Application.** Unless the provisions of this Section of the Plan are expressly superseded by the provisions in the form of Award Agreement, the provisions of this Section shall apply and shall supersede anything to the contrary set forth in the Award Agreement for a Non-Exempt Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Non-Exempt Awards Subject to Non-Exempt Severance Arrangements.** To the extent a Non- Exempt Award is subject to Section 409A due to application of a Non-Exempt Severance Arrangement, the following provisions of this subsection (b) apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** If the Non-Exempt Award vests in the ordinary course during the Participant's Continuous Service in accordance with the vesting schedule set forth in the Award Agreement, and does not accelerate vesting under the terms of a Non-Exempt Severance Arrangement, in no event will the shares be issued in respect of such Non-Exempt Award any later than the later of: (i) December 31st of the calendar year that includes the applicable vesting date, or (ii) the 60th day that follows the applicable vesting date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** If vesting of the Non-Exempt Award accelerates under the terms of a Non-Exempt Severance Arrangement in connection with the Participant's Separation from Service, and such vesting acceleration provisions were in effect as of the date of grant of the Non-Exempt Award and, therefore, are part of the terms of such Non-Exempt Award as of the date of grant, then the shares will be earlier issued in settlement of such Non-Exempt Award upon the Participant's Separation from Service in accordance with the terms of the Non-Exempt Severance Arrangement, but in no event later than the 60th day that follows the date of the Participant's Separation from Service. However, if at the time the shares would otherwise be issued the Participant is subject to the distribution limitations contained in Section 409A applicable to "specified employees," as defined in Section 409A(a)(2)(B)(i) of the Code, such shares shall not be issued before the date that is six months following the date of such Participant's Separation from Service, or, if earlier, the date of the Participant's death that occurs within such six month period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** If vesting of a Non-Exempt Award accelerates under the terms of a Non-Exempt Severance Arrangement in connection with a Participant's Separation from Service, and such vesting acceleration provisions were not in effect as of the date of grant of the Non-Exempt Award and, therefore, are not a part of the terms of such Non-Exempt Award on the date of grant, then such acceleration of vesting of the Non-Exempt Award shall not accelerate the issuance date of the shares, but the shares shall instead be issued on the same schedule as set forth in the Grant Notice as if they had vested in the ordinary course during the Participant's Continuous Service, notwithstanding the vesting acceleration of the Non-Exempt Award. Such issuance schedule is intended to satisfy the requirements of payment on a specified date or pursuant to a fixed schedule, as provided under Treasury Regulations Section 1.409A-3(a)(4).

13. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Treatment of Non-Exempt Awards Upon a Corporate Transaction for Employees and Consultants.** The provisions of this subsection (c) shall apply and shall supersede anything to the contrary set forth in the Plan with respect to the permitted treatment of any Non-Exempt Award in connection with a Corporate Transaction if the Participant was either an Employee or Consultant upon the applicable date of grant of the Non- Exempt Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i) Vested Non-Exempt Awards.** The following provisions shall apply to any Vested Non- Exempt Award in connection with a Corporate Transaction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** If the Corporate Transaction is also a Section 409A Change in Control then the Acquiring Entity may not assume, continue or substitute the Vested Non-Exempt Award. Upon the Section 409A Change in Control the settlement of the Vested Non-Exempt Award will automatically be accelerated and the shares will be immediately issued in respect of the Vested Non-Exempt Award. Alternatively, the Company may instead provide that the Participant will receive a cash settlement equal to the Fair Market Value of the shares that would otherwise be issued to the Participant upon the Section 409A Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** If the Corporate Transaction is not also a Section 409A Change in Control, then the Acquiring Entity must either assume, continue or substitute each Vested Non-Exempt Award. The shares to be issued in respect of the Vested Non-Exempt Award shall be issued to the Participant by the Acquiring Entity on the same schedule that the shares would have been issued to the Participant if the Corporate Transaction had not occurred. In the Acquiring Entity's discretion, in lieu of an issuance of shares, the Acquiring Entity may instead substitute a cash payment on each applicable issuance date, equal to the Fair Market Value of the shares that would otherwise be issued to the Participant on such issuance dates, with the determination of the Fair Market Value of the shares made on the date of the Corporate Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii) Unvested Non-Exempt Awards.** The following provisions shall apply to any Unvested Non-Exempt Award unless otherwise determined by the Board pursuant to subsection (e) of this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** In the event of a Corporate Transaction, the Acquiring Entity shall assume, continue or substitute any Unvested Non-Exempt Award. Unless otherwise determined by the Board, any Unvested Non-Exempt Award will remain subject to the same vesting and forfeiture restrictions that were applicable to the Award prior to the Corporate Transaction. The shares to be issued in respect of any Unvested Non-Exempt Award shall be issued to the Participant by the Acquiring Entity on the same schedule that the shares would have been issued to the Participant if the Corporate Transaction had not occurred. In the Acquiring Entity's discretion, in lieu of an issuance of shares, the Acquiring Entity may instead substitute a cash payment on each applicable issuance date, equal to the Fair Market Value of the shares that would otherwise be issued to the Participant on such issuance dates, with the determination of Fair Market Value of the shares made on the date of the Corporate Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** If the Acquiring Entity will not assume, substitute or continue any Unvested Non- Exempt Award in connection with a Corporate Transaction, then such Award shall automatically terminate and be forfeited upon the Corporate Transaction with no consideration payable to any Participant in respect of such forfeited Unvested Non-Exempt Award. Notwithstanding the foregoing, to the extent permitted and in compliance with the requirements of Section 409A, the Board may in its discretion determine to elect to accelerate the vesting and settlement of the Unvested Non-Exempt Award upon the Corporate Transaction, or instead substitute a cash payment equal to the Fair Market Value of such shares that would otherwise be issued to the Participant, as further provided in subsection (e)(ii) below. In the absence of such discretionary election by the Board, any Unvested Non-Exempt Award shall be forfeited without payment of any consideration to the affected Participants if the Acquiring Entity will not assume, substitute or continue the Unvested Non-Exempt Awards in connection with the Corporate Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3)** The foregoing treatment shall apply with respect to all Unvested Non-Exempt Awards upon any Corporate Transaction, and regardless of whether or not such Corporate Transaction is also a Section 409A Change in Control.

14. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Treatment of Non-Exempt Awards Upon a Corporate Transaction for Non-Employee Directors.** The following provisions of this subsection (d) shall apply and shall supersede anything to the contrary that may be set forth in the Plan with respect to the permitted treatment of a Non-Exempt Director Award in connection with a Corporate Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** If the Corporate Transaction is also a Section 409A Change in Control then the Acquiring Entity may not assume, continue or substitute the Non-Exempt Director Award. Upon the Section 409A Change in Control the vesting and settlement of any Non-Exempt Director Award will automatically be accelerated and the shares will be immediately issued to the Participant in respect of the Non-Exempt Director Award. Alternatively, the Company may provide that the Participant will instead receive a cash settlement equal to the Fair Market Value of the shares that would otherwise be issued to the Participant upon the Section 409A Change in Control pursuant to the preceding provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** If the Corporate Transaction is not also a Section 409A Change in Control, then the Acquiring Entity must either assume, continue or substitute the Non-Exempt Director Award. Unless otherwise determined by the Board, the Non-Exempt Director Award will remain subject to the same vesting and forfeiture restrictions that were applicable to the Award prior to the Corporate Transaction. The shares to be issued in respect of the Non-Exempt Director Award shall be issued to the Participant by the Acquiring Entity on the same schedule that the shares would have been issued to the Participant if the Corporate Transaction had not occurred. In the Acquiring Entity's discretion, in lieu of an issuance of shares, the Acquiring Entity may instead substitute a cash payment on each applicable issuance date, equal to the Fair Market Value of the shares that would otherwise be issued to the Participant on such issuance dates, with the determination of Fair Market Value made on the date of the Corporate Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** If the RSU Award is a Non-Exempt Award, then the provisions in this Section 11(e) shall apply and supersede anything to the contrary that may be set forth in the Plan or the Award Agreement with respect to the permitted treatment of such Non-Exempt Award:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** Any exercise by the Board of discretion to accelerate the vesting of a Non-Exempt Award shall not result in any acceleration of the scheduled issuance dates for the shares in respect of the Non-Exempt Award unless earlier issuance of the shares upon the applicable vesting dates would be in compliance with the requirements of Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** The Company explicitly reserves the right to earlier settle any Non-Exempt Award to the extent permitted and in compliance with the requirements of Section 409A, including pursuant to any of the exemptions available in Treasury Regulations Section 1.409A-3(j)(4)(ix).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** To the extent the terms of any Non-Exempt Award provide that it will be settled upon a Change in Control or Corporate Transaction, to the extent it is required for compliance with the requirements of Section 409A, the Change in Control or Corporate Transaction event triggering settlement must also constitute a Section 409A Change in Control. To the extent the terms of a Non-Exempt Award provides that it will be settled upon a termination of employment or termination of Continuous Service, to the extent it is required for compliance with the requirements of Section 409A, the termination event triggering settlement must also constitute a Separation From Service. However, if at the time the shares would otherwise be issued to a Participant in connection with a "separation from service" such Participant is subject to the distribution limitations contained in Section 409A applicable to "specified employees," as defined in Section 409A(a)(2)(B)(i) of the Code, such shares shall not be issued before the date that is six months following the date of the Participant's Separation From Service, or, if earlier, the date of the Participant's death that occurs within such six month period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** The provisions in this subsection (e) for delivery of the shares in respect of the settlement of a RSU Award that is a Non-Exempt Award are intended to comply with the requirements of Section 409A so that the delivery of the shares to the Participant in respect of such Non-Exempt Award will not trigger the additional tax imposed under Section 409A, and any ambiguities herein will be so interpreted.

**12.** **Severability**.

If all or any part of the Plan or any Award Agreement is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity shall not invalidate any portion of the Plan or such Award Agreement not declared to be unlawful or invalid. Any Section of the Plan or any Award Agreement (or part of such a Section) so declared to be unlawful or invalid shall, if possible, be construed in a manner which will give effect to the terms of such Section or part of a Section to the fullest extent possible while remaining lawful and valid.

15. **13.** **Termination of the Plan**.

The Board may suspend or terminate the Plan at any time. No Incentive Stock Options may be granted after the tenth anniversary of the earlier of: (i) the Adoption Date, or (ii) the date the Plan is approved by the Company's stockholders. No Awards may be granted under the Plan while the Plan is suspended or after it is terminated.

**14.** **Definitions**.

As used in the Plan, the following definitions apply to the capitalized terms indicated below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** "***Acquiring Entity***" means the surviving or acquiring corporation (or its parent company) in connection with a Corporate Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** "***Adoption Date***" means the date the Plan is first approved by the Board or Compensation Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** "***Affiliate***" means, at the time of determination, any "parent" or "subsidiary" of the Company as such terms are defined in Rule 405 promulgated under the Securities Act. The Board may determine the time or times at which "parent" or "subsidiary" status is determined within the foregoing definition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** "***Applicable Law***" means any applicable securities, federal, state, foreign, material local or municipal or other law, statute, constitution, principle of common law, resolution, ordinance, code, edict, decree, rule, listing rule, regulation, judicial decision, ruling or requirement issued, enacted, adopted, promulgated, implemented or otherwise put into effect by or under the authority of any Governmental Body (including under the authority of any applicable self-regulating organization such as the Nasdaq Stock Market, New York Stock Exchange, or the Financial Industry Regulatory Authority).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** "***Award***" means any right to receive Common Stock, cash or other property granted under the Plan (including an Incentive Stock Option, a Nonstatutory Stock Option, a Restricted Stock Award, a RSU Award, a SAR, a Performance Award or any Other Award).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** "***Award Agreement***" means a written or electronic agreement between the Company and a Participant evidencing the terms and conditions of an Award. The Award Agreement generally consists of the Grant Notice and the agreement containing the written summary of the general terms and conditions applicable to the Award and which is provided, including through electronic means, to a Participant along with the Grant Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g)** "***Board***" means the Board of Directors of the Company (or its designee). Any decision or determination made by the Board shall be a decision or determination that is made in the sole discretion of the Board (or its designee), and such decision or determination shall be final and binding on all Participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(h)** *"**Capitalization Adjustment***" means any change that is made in, or other events that occur with respect to, the Common Stock subject to the Plan or subject to any Award after the date the Plan is adopted by the Board without the receipt of consideration by the Company through merger, consolidation, reorganization, recapitalization, reincorporation, stock dividend, dividend in property other than cash, large nonrecurring cash dividend, stock split, reverse stock split, liquidating dividend, combination of shares, exchange of shares, change in corporate structure or any similar equity restructuring transaction, as that term is used in Statement of Financial Accounting Standards Board Accounting Standards Codification Topic 718 (or any successor thereto). Notwithstanding the foregoing, the conversion of any convertible securities of the Company will not be treated as a Capitalization Adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** "***Cause***" has the meaning ascribed to such term in any written agreement between a Participant and the Company defining such term and, in the absence of such agreement, such term means, with respect to a Participant, the occurrence of any of the following events: (i) the Participant's dishonest statements or acts with respect to the Company or any Affiliate of the Company, or any current or prospective customers, suppliers, vendors or other third parties with which such entity does business; (ii) the Participant's commission of (A) a felony or (B) any misdemeanor involving moral turpitude, deceit, dishonesty or fraud; (iii) the Participant's failure to perform the Participant's assigned duties and responsibilities to the reasonable satisfaction of the Company which failure continues, in the reasonable judgment of the Company, after written notice given to the Participant by the Company; (iv) the Participant's gross negligence, willful misconduct or insubordination with respect to the Company or any affiliate of the Company; or (v) the Participant's material violation of any provision of any agreement(s) between the Participant and the Company relating to noncompetition, nonsolicitation, nondisclosure and/or assignment of inventions. The determination that a termination of the Participant's Continuous Service is either for Cause or without Cause will be made by the Board with respect to Participants who are executive officers of the Company and by the Company's Chief Executive Officer with respect to Participants who are not executive officers of the Company. Any determination by the Company that the Continuous Service of a Participant was terminated with or without Cause for the purposes of outstanding Awards held by such Participant will have no effect upon any determination of the rights or obligations of the Company or such Participant for any other purpose.

16. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(j)** "***Change in Control***" or "***Change of Control***" means the occurrence, in a single transaction or in a series of related transactions, of any one or more of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** any Exchange Act Person becomes the Owner, directly or indirectly, of securities of the Company representing more than 50% of the combined voting power of the Company's then outstanding securities other than by virtue of a merger, consolidation or similar transaction. Notwithstanding the foregoing, a Change in Control shall not be deemed to occur (A) on account of the acquisition of securities of the Company directly from the Company, (B) on account of the acquisition of securities of the Company by an investor, any affiliate thereof or any other Exchange Act Person that acquires the Company's securities in a transaction or series of related transactions the primary purpose of which is to obtain financing for the Company through the issuance of equity securities, or (C) solely because the level of Ownership held by any Exchange Act Person (the "***Subject Person***") exceeds the designated percentage threshold of the outstanding voting securities as a result of a repurchase or other acquisition of voting securities by the Company reducing the number of shares outstanding, *provided* that if a Change in Control would occur (but for the operation of this sentence) as a result of the acquisition of voting securities by the Company, and after such share acquisition, the Subject Person becomes the Owner of any additional voting securities that, assuming the repurchase or other acquisition had not occurred, increases the percentage of the then outstanding voting securities Owned by the Subject Person over the designated percentage threshold, then a Change in Control shall be deemed to occur;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** there is consummated a merger, consolidation or similar transaction involving (directly or indirectly) the Company and, immediately after the consummation of such merger, consolidation or similar transaction, the stockholders of the Company immediately prior thereto do not Own, directly or indirectly, either (A) outstanding voting securities representing more than 50% of the combined outstanding voting power of the Acquiring Entity in such merger, consolidation or similar transaction or (B) more than 50% of the combined outstanding voting power of the parent of the Acquiring Entity in such merger, consolidation or similar transaction, in each case in substantially the same proportions as their Ownership of the outstanding voting securities of the Company immediately prior to such transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** there is consummated a sale, lease, exclusive license or other disposition of all or substantially all of the consolidated assets of the Company and its Subsidiaries, other than a sale, lease, license or other disposition of all or substantially all of the consolidated assets of the Company and its Subsidiaries to an Entity, more than 50% of the combined voting power of the voting securities of which are Owned by stockholders of the Company in substantially the same proportions as their Ownership of the outstanding voting securities of the Company immediately prior to such sale, lease, license or other disposition; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** individuals who, on the date the Plan is adopted by the Board, are members of the Board (the "***Incumbent Board***") cease for any reason to constitute at least a majority of the members of the Board; *provided*, *however*, that if the appointment or election (or nomination for election) of any new Board member was approved or recommended by a majority vote of the members of the Incumbent Board then still in office, such new member shall, for purposes of this Plan, be considered as a member of the Incumbent Board.

Notwithstanding the foregoing or any other provision of this Plan, (A) the term Change in Control shall not include a sale of assets, merger or other transaction effected exclusively for the purpose of changing the domicile of the Company, (B) the definition of Change in Control (or any analogous term) in an individual written agreement between the Company or any Affiliate and the Participant shall supersede the foregoing definition with respect to Awards subject to such agreement; *provided*, *however*, that if no definition of Change in Control or any analogous term is set forth in such an individual written agreement, the foregoing definition shall apply, and (C) respect to any nonqualified deferred compensation that becomes payable on account of the Change in Control, the transaction or event described in clause (i), (ii), (iii), (iv) or (v) also constitutes a Section 409A Change in Control if required in order for the payment not to violate Section 409A of the Code.

17. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(k)** "***Code***" means the Internal Revenue Code of 1986, as amended, including any applicable regulations and guidance thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(l)** "***Committee***" means the Compensation Committee and any other committee of one or more Directors to whom authority has been delegated by the Board or Compensation Committee in accordance with the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(m)** "***Common Stock***" means the common stock of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(n)** "***Company***" means Edison Oncology Holding Corp., a Nevada corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(o)** "***Compensation Committee***" means the Compensation Committee of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(p)** "***Consultant***" means any person, including an advisor, who is (i) engaged by the Company or an Affiliate to render consulting or advisory services and is compensated for such services, or (ii) serving as a member of the board of directors of an Affiliate and is compensated for such services. However, service solely as a Director, or payment of a fee for such service, will not cause a Director to be considered a "Consultant" for purposes of the Plan. Notwithstanding the foregoing, a person is treated as a Consultant under this Plan only if a Form S-8 Registration Statement under the Securities Act is available to register either the offer or the sale of the Company's securities to such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(q)** "***Continuous Service***" means that the Participant's service with the Company or an Affiliate, whether as an Employee, Director or Consultant, is not interrupted or terminated. A change in the capacity in which the Participant renders service to the Company or an Affiliate as an Employee, Director or Consultant or a change in the Entity for which the Participant renders such service, *provided* that there is no interruption or termination of the Participant's service with the Company or an Affiliate, will not terminate a Participant's Continuous Service; *provided*, *however*, that if the Entity for which a Participant is rendering services ceases to qualify as an Affiliate, as determined by the Board, such Participant's Continuous Service will be considered to have terminated on the date such Entity ceases to qualify as an Affiliate. For example, a change in status from an Employee of the Company to a Consultant of an Affiliate or to a Director will not constitute an interruption of Continuous Service. To the extent permitted by law, the Board or the chief executive officer of the Company, in that party's sole discretion, may determine whether Continuous Service will be considered interrupted in the case of (i) any leave of absence approved by the Board or chief executive officer, including sick leave, military leave or any other personal leave, or (ii) transfers between the Company, an Affiliate, or their successors. Notwithstanding the foregoing, a leave of absence will be treated as Continuous Service for purposes of vesting in an Award only to such extent as may be provided in the Company's leave of absence policy, in the written terms of any leave of absence agreement or policy applicable to the Participant, or as otherwise required by law. In addition, to the extent required for exemption from or compliance with Section 409A, the determination of whether there has been a termination of Continuous Service will be made, and such term will be construed, in a manner that is consistent with the definition of "separation from service" as defined under Treasury Regulation Section 1.409A-1(h) (without regard to any alternative definition thereunder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(r)** "***Corporate Transaction***" means the consummation, in a single transaction or in a series of related transactions, of any one or more of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** a sale or other disposition of all or substantially all, as determined by the Board, of the consolidated assets of the Company and its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** a sale or other disposition of at least 50% of the outstanding securities of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** a merger, consolidation or similar transaction following which the Company is not the surviving corporation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** a merger, consolidation or similar transaction following which the Company is the surviving corporation but the shares of Common Stock outstanding immediately preceding the merger, consolidation or similar transaction are converted or exchanged by virtue of the merger, consolidation or similar transaction into other property, whether in the form of securities, cash or otherwise.

18. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(v)** Notwithstanding the foregoing or any other provision of this Plan, (A) the term Corporate Transaction shall not include a sale of assets, merger or other transaction effected exclusively for the purpose of changing the domicile of the Company, (B) the definition of Corporate Transaction (or any analogous term) in an individual written agreement between the Company or any Affiliate and the Participant shall supersede the foregoing definition with respect to Awards subject to such agreement; provided, however, that if no definition of Corporate Transaction or any analogous term is set forth in such an individual written agreement, the foregoing definition shall apply, and (C) respect to any nonqualified deferred compensation that becomes payable on account of the Corporate Transaction, the transaction or event described in clause (i), (ii), (iii), (iv) or (v) also constitutes a Section 409A Change in Control if required in order for the payment not to violate Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(s)** "***Director***" means a member of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(t)** "***determine***" ***or*** "***determined***" means as determined by the Board or the Committee (or its designee) in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(u)** "***Disability***" means, with respect to a Participant, such Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than 12 months, as provided in Section 22(e)(3) of the Code, and will be determined by the Board on the basis of such medical evidence as the Board deems warranted under the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(v)** "***Effective Date***" means June [\*], 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(w)** "***Employee***" means any person employed by the Company or an Affiliate. However, service solely as a Director, or payment of a fee for such services, will not cause a Director to be considered an "Employee" for purposes of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(x)** "***Employer***" means the Company or the Affiliate of the Company that employs the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(y)** "***Entity***" means a corporation, partnership, limited liability company or other entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(z)** "***Exchange Act***" means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(aa)** "***Exchange Act Person***" means any natural person, Entity or "group" (within the meaning of Section 13(d) or 14(d) of the Exchange Act), except that "Exchange Act Person" will not include (i) the Company or any Subsidiary of the Company, (ii) any employee benefit plan of the Company or any Subsidiary of the Company or any trustee or other fiduciary holding securities under an employee benefit plan of the Company or any Subsidiary of the Company, (iii) an underwriter temporarily holding securities pursuant to a registered public offering of such securities, (iv) an Entity Owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their Ownership of stock of the Company; or (v) any natural person, Entity or "group" (within the meaning of Section 13(d) or 14(d) of the Exchange Act) that, as of the Effective Date, is the Owner, directly or indirectly, of securities of the Company representing more than 50% of the combined voting power of the Company's then outstanding securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(bb)** "***Fair Market Value***" means, as of any date, unless otherwise determined by the Board, the value of the Common Stock (as determined on a per share or aggregate basis, as applicable) determined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** If the Common Stock is listed on any established stock exchange or traded on any established market, the Fair Market Value will be the closing sales price for such stock as quoted on such exchange or market (or the exchange or market with the greatest volume of trading in the Common Stock) on the date of determination, as reported in a source the Board deems reliable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** If there is no closing sales price for the Common Stock on the date of determination, then the Fair Market Value will be the closing selling price on the last preceding date for which such quotation exists.

19. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** In the absence of such markets for the Common Stock, or if otherwise determined by the Board, the Fair Market Value will be determined by the Board in good faith and in a manner that complies with Sections 409A and 422 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(cc)** "***Governmental Body***" means any: (a) nation, state, commonwealth, province, territory, county, municipality, district or other jurisdiction of any nature; (b) federal, state, local, municipal, foreign or other government; (c) governmental or regulatory body, or quasi-governmental body of any nature (including any governmental division, department, administrative agency or bureau, commission, authority, instrumentality, official, ministry, fund, foundation, center, organization, unit, body or Entity and any court or other tribunal, and for the avoidance of doubt, any Tax authority) or other body exercising similar powers or authority; or (d) self-regulatory organization (including the Nasdaq Stock Market, New York Stock Exchange, and the Financial Industry Regulatory Authority).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(dd)** "***Grant Notice***" means the notice provided to a Participant that he or she has been granted an Award under the Plan and which includes the name of the Participant, the type of Award, the date of grant of the Award, number of shares of Common Stock subject to the Award or potential cash payment right, (if any), the vesting schedule for the Award (if any) and other key terms applicable to the Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ee)** "***Incentive Stock Option***" means an option granted pursuant to Section 4 of the Plan that is intended to be, and qualifies as, an "incentive stock option" within the meaning of Section 422 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ff)** "***Materially Impair***" means any amendment to the terms of the Award that materially adversely affects the Participant's rights under the Award. A Participant's rights under an Award will not be deemed to have been Materially Impaired by any such amendment if the Board, in its sole discretion, determines that the amendment, taken as a whole, does not materially impair the Participant's rights. For example, the following types of amendments to the terms of an Award do not Materially Impair the Participant's rights under the Award: (i) imposition of reasonable restrictions on the minimum number of shares subject to an Option or SAR that may be exercised, (ii) to maintain the qualified status of the Award as an Incentive Stock Option under Section 422 of the Code; (iii) to change the terms of an Incentive Stock Option in a manner that disqualifies, impairs or otherwise affects the qualified status of the Award as an Incentive Stock Option under Section 422 of the Code; (iv) to clarify the manner of exemption from, or to bring the Award into compliance with or qualify it for an exemption from, Section 409A; or (v) to comply with other Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(gg)** "***Non-Employee Director***" means a Director who either (i) is not a current employee or officer of the Company or an Affiliate, does not receive compensation, either directly or indirectly, from the Company or an Affiliate for services rendered as a consultant or in any capacity other than as a Director (except for an amount as to which disclosure would not be required under Item 404(a) of Regulation S-K promulgated pursuant to the Securities Act ("***Regulation S-K***")), does not possess an interest in any other transaction for which disclosure would be required under Item 404(a) of Regulation S-K, and is not engaged in a business relationship for which disclosure would be required pursuant to Item 404(b) of Regulation S-K; or (ii) is otherwise considered a "non-employee director" for purposes of Rule 16b-3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(hh)** "***Non-Exempt Award***" means any Award that is subject to, and not exempt from, Section 409A, including as the result of (i) a deferral of the issuance of the shares subject to the Award which is elected by the Participant or imposed by the Company or (ii) the terms of any Non-Exempt Severance Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** "***Non-Exempt Director Award***" means a Non-Exempt Award granted to a Participant who was a Director but not an Employee on the applicable grant date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(jj) *Non-Exempt Severance Arrangement*** means a severance arrangement or other agreement between the Participant and the Company that provides for acceleration of vesting of an Award and issuance of the shares in respect of such Award upon the Participant's termination of employment or separation from service (as such term is defined in Section 409A(a)(2)(A)(i) of the Code (and without regard to any alternative definition thereunder) ("***Separation from Service***") and such severance benefit does not satisfy the requirements for an exemption from application of Section 409A provided under Treasury Regulations Section 1.409A-1(b)(4), 1.409A-1(b)(9) or otherwise.

20. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(kk)** "***Nonstatutory Stock Option***" means any option granted pursuant to Section 4 of the Plan that does not qualify as an Incentive Stock Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ll)** "***Officer***" means a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(mm)** "***Option***" means an Incentive Stock Option or a Nonstatutory Stock Option to purchase shares of Common Stock granted pursuant to the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(nn)** "***Option Agreement***" means a written or electronic agreement between the Company and the Optionholder evidencing the terms and conditions of the Option grant. The Option Agreement includes the Grant Notice for the Option and the agreement containing the written summary of the general terms and conditions applicable to the Option and which is provided, including through electronic means, to a Participant along with the Grant Notice. Each Option Agreement will be subject to the terms and conditions of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(oo)** "***Optionholder***" means a person to whom an Option is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(pp)** "***Other Award***" means an award valued in whole or in part by reference to, or otherwise based on, Common Stock, including the appreciation in value thereof (e.g., options or stock rights with an exercise price or strike price less than 100% of the Fair Market Value at the time of grant) that is not an Incentive Stock Options, Nonstatutory Stock Option, SAR, Restricted Stock Award, RSU Award or Performance Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(qq)** "***Other Award Agreement***" means a written or electronic agreement between the Company and a holder of an Other Award evidencing the terms and conditions of an Other Award grant. Each Other Award Agreement will be subject to the terms and conditions of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(rr)** "***Own,***" "***Owned,***" "***Owner,***" "***Ownership***" means that a person or Entity will be deemed to "Own," to have "Owned," to be the "Owner" of, or to have acquired "Ownership" of securities if such person or Entity, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares voting power, which includes the power to vote or to direct the voting, with respect to such securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ss)** "***Participant***" means an Employee, Director or Consultant to whom an Award is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(tt)** "***Performance Award***" means an Award that may vest or may be exercised or a cash award that may vest or become earned and paid contingent upon the attainment during a Performance Period of certain Performance Goals and which is granted under the terms and conditions of Section 5(b) pursuant to such terms as are approved by the Board. In addition, to the extent permitted by Applicable Law and set forth in the applicable Award Agreement, the Board may determine that cash or other property may be used in payment of Performance Awards. Performance Awards that are settled in cash or other property are not required to be valued in whole or in part by reference to, or otherwise based on, the Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(uu)** "***Performance Criteria***" means the one or more criteria that the Board will select for purposes of establishing the Performance Goals for a Performance Period. The Performance Criteria that will be used to establish such Performance Goals may be based on any one of, or combination of, the following as determined by the Board: earnings (including earnings per share and net earnings); earnings before interest, taxes and depreciation; earnings before interest, taxes, depreciation and amortization; total stockholder return; return on equity or average stockholder's equity; return on assets, investment, or capital employed; stock price; margin (including gross margin); income (before or after taxes); operating income; operating income after taxes; pre-tax profit; operating cash flow; sales or revenue targets; increases in revenue or product revenue; expenses and cost reduction goals; improvement in or attainment of working capital levels; economic value added (or an equivalent metric); market share; cash flow; cash flow per share; share price performance; debt reduction; customer satisfaction; stockholders' equity; capital expenditures; debt levels; operating profit or net operating profit; workforce diversity; growth of net income or operating income; billings; financing; regulatory milestones; stockholder liquidity; corporate governance and compliance; intellectual property; personnel matters; progress of internal research; progress of partnered programs; partner satisfaction; budget management; partner or collaborator achievements; internal controls, including those related to the Sarbanes-Oxley Act of 2002; investor relations, analysts and communication; implementation or completion of projects or processes; employee retention; number of users, including unique users; strategic partnerships or transactions (including in- licensing and out-licensing of intellectual property); establishing relationships with respect to the marketing, distribution and sale of the Company's products; supply chain achievements; co-development, co-marketing, profit sharing, joint venture or other similar arrangements; individual performance goals; corporate development and planning goals; and other measures of performance selected by the Board or Committee whether or not listed herein.

21. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(vv)** "***Performance Goals***" means, for a Performance Period, the one or more goals established by the Board for the Performance Period based upon the Performance Criteria. Performance Goals may be based on a Company-wide basis, with respect to one or more business units, divisions, Affiliates, or business segments, and in either absolute terms or relative to the performance of one or more comparable companies or the performance of one or more relevant indices. Unless specified otherwise by the Board (i) in the Award Agreement at the time the Award is granted or (ii) in such other document setting forth the Performance Goals at the time the Performance Goals are established, the Board will appropriately make adjustments in the method of calculating the attainment of Performance Goals for a Performance Period as follows: (1) to exclude restructuring and/or other nonrecurring charges; (2) to exclude exchange rate effects; (3) to exclude the effects of changes to generally accepted accounting principles; (4) to exclude the effects of any statutory adjustments to corporate tax rates; (5) to exclude the effects of items that are "unusual" in nature or occur "infrequently" as determined under generally accepted accounting principles; (6) to exclude the dilutive effects of acquisitions or joint ventures; (7) to assume that any business divested by the Company achieved performance objectives at targeted levels during the balance of a Performance Period following such divestiture; (8) to exclude the effect of any change in the outstanding shares of Common Stock of the Company by reason of any stock dividend or split, stock repurchase, reorganization, recapitalization, merger, consolidation, spin- off, combination or exchange of shares or other similar corporate change, or any distributions to common stockholders other than regular cash dividends; (9) to exclude the effects of stock based compensation and the award of bonuses under the Company's bonus plans; (10) to exclude costs incurred in connection with potential acquisitions or divestitures that are required to be expensed under generally accepted accounting principles; and (11) to exclude the goodwill and intangible asset impairment charges that are required to be recorded under generally accepted accounting principles. In addition, the Board may establish or provide for other adjustment items in the Award Agreement at the time the Award is granted or in such other document setting forth the Performance Goals at the time the Performance Goals are established. In addition, the Board retains the discretion to reduce or eliminate the compensation or economic benefit due upon attainment of Performance Goals and to define the manner of calculating the Performance Criteria it selects to use for such Performance Period. Partial achievement of the specified criteria may result in the payment or vesting corresponding to the degree of achievement as specified in the Award Agreement or the written terms of a Performance Cash Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ww)** "***Performance Period***" means the period of time selected by the Board over which the attainment of one or more Performance Goals will be measured for the purpose of determining a Participant's right to vesting or exercise of an Award. Performance Periods may be of varying and overlapping duration, at the sole discretion of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(xx)** "***Plan***" means this amended and restated 2021 Omnibus Equity Incentive Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(yy)** "***Plan Administrator***" means the person, persons, and/or third-party administrator designated by the Company to administer the day to day operations of the Plan and the Company's other equity incentive programs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(zz)** "***Post-Termination Exercise Period***" means the period following termination of a Participant's Continuous Service within which an Option or SAR is exercisable, as specified in Section 4(h).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(aaa)** "***Restricted Stock Award***" or "***RSA***" means an Award of shares of Common Stock which is granted pursuant to the terms and conditions of Section 5(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(bbb)** "***Restricted Stock Award Agreement***" means a written or electronic agreement between the Company and a holder of a Restricted Stock Award evidencing the terms and conditions of a Restricted Stock Award grant. The Restricted Stock Award Agreement includes the Grant Notice for the Restricted Stock Award and the agreement containing the written summary of the general terms and conditions applicable to the Restricted Stock Award and which is provided, including by electronic means, to a Participant along with the Grant Notice. Each Restricted Stock Award Agreement will be subject to the terms and conditions of the Plan.

22. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ccc)** "***RSU Award***" or "***RSU***" means an Award of restricted stock units representing the right to receive an issuance of shares of Common Stock which is granted pursuant to the terms and conditions of Section 5(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ddd)** "***RSU Award Agreement***" means a written or electronic agreement between the Company and a holder of a RSU Award evidencing the terms and conditions of a RSU Award. The RSU Award Agreement includes the Grant Notice for the RSU Award and the agreement containing the written summary of the general terms and conditions applicable to the RSU Award and which is provided, including by electronic means, to a Participant along with the Grant Notice. Each RSU Award Agreement will be subject to the terms and conditions of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(eee)** "***Rule 16b-3***" means Rule 16b-3 promulgated under the Exchange Act or any successor to Rule 16b- 3, as in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(fff)** "***Rule 405***" means Rule 405 promulgated under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ggg)** "***Section 409A***" means Section 409A of the Code and the regulations and other guidance thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(hhh)** "***Section 409A Change in Control***" means a change in the ownership or effective control of the Company, or in the ownership of a substantial portion of the Company's assets, as provided in Section 409A(a)(2)(A)(v) of the Code and Treasury Regulations Section 1.409A-3(i)(5) (without regard to any alternative definition thereunder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** "***Securities Act***" means the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(jjj)** "***Share Reserve***" means the number of shares available for issuance under the Plan as set forth in Section 2(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(kkk)** "***Stock Appreciation Right***" or "***SAR***" means a right to receive the appreciation on Common Stock that is granted pursuant to the terms and conditions of Section 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(lll)** "***SAR Agreement***" means a written or electronic agreement between the Company and a holder of a SAR evidencing the terms and conditions of a SAR grant. The SAR Agreement includes the Grant Notice for the SAR and the agreement containing the written summary of the general terms and conditions applicable to the SAR and which is provided, including by electronic means, to a Participant along with the Grant Notice. Each SAR Agreement will be subject to the terms and conditions of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(mmm)** "***Subsidiary***" means, with respect to the Company, (i) any corporation of which more than 50% of the outstanding capital stock having ordinary voting power to elect a majority of the board of directors of such corporation (irrespective of whether, at the time, stock of any other class or classes of such corporation will have or might have voting power by reason of the happening of any contingency) is at the time, directly or indirectly, Owned by the Company, and (ii) any partnership, limited liability company or other entity in which the Company has a direct or indirect interest (whether in the form of voting or participation in profits or capital contribution) of more than 50%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(nnn)** "***Ten Percent Stockholder***" means a person who Owns (or is deemed to Own pursuant to Section 424(d) of the Code) stock possessing more than 10% of the total combined voting power of all classes of stock of the Company or any Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ooo)** "***Trading Policy***" means the Company's policy permitting certain individuals to sell Company shares only during certain "window" periods and/or otherwise restricts the ability of certain individuals to transfer or encumber Company shares, as in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ppp)** "***Unvested Non-Exempt Award***" means the portion of any Non-Exempt Award that had not vested in accordance with its terms upon or prior to the date of any Corporate Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(qqq)** "***Vested Non-Exempt Award***" means the portion of any Non-Exempt Award that had vested in accordance with its terms upon or prior to the date of a Corporate Transaction.

## Exhibit 4.11

**Exhibit 4.11**

![](ex4-11_001.jpg)

**FORM OF**

**EDISON ONCOLOGY HOLDING CORP.**

**STOCK OPTION CERTIFICATE**

THIS CERTIFICATE, dated as of the 30<sup>th</sup> day of June 2021, evidences the grant of the Option set forth below by Edison Oncology Holding Corp., a Nevada corporation (the "Company") to [_________] (the "Participant").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Grant of Option.</u> 

Subject to the provisions of this Certificate and the Edison Oncology Holding Corp. 2021 Omnibus Equity Incentive Plan (the "Plan"), the Company hereby grants to the Participant as of June 30, 2021 (the "Grant Date") the right and option (the "Option") to purchase 236,250 shares of Stock, at the Exercise Price of $1.52 per share. The Option shall be a nonqualified option as set forth in the Plan. Unless earlier terminated pursuant to the terms of this Certificate, the Option shall expire on June 30, 2031. Capitalized terms not defined herein shall have the meanings set forth in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Exercisability of the Option.</u> 

The Option shall become vested and exercisable with respect to one-half (1/2) of the shares covered thereby on the 1-year anniversary of the grant date (i.e. June 30, 2022) and thereafter the remainder of the stock option shall vest monthly, in equal installments, such that the option is fully vested upon the 3-year anniversary of the grant date (i.e. June 30, 2024), subject to the prior termination of the Option; provided, however, that upon the Participant's Continuous Service terminates due to death or disability, all unvested and outstanding Options granted hereby shall immediately vest as of the date of such termination of the Participant's Continuous Service in accordance with the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Method of Exercise of the Option.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An Option may be exercised and the underlying shares purchased at any time after the Option with respect to those shares vests and before the expiration of the Option Term. To exercise an Option, the Participant shall give written notice to the Company stating the number of shares with respect to which the Option is being exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The full Exercise Price for shares of Stock purchased upon the exercise of any Option shall be paid at the time of such exercise. The Exercise Price shall be payable by check, or such other instrument as the Committee may accept.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Option Term.</u> 

Except as otherwise determined by the Committee after the date of this Certificate, the Option Term shall end on the earliest of (1) the date on which the Option has been exercised in full, (2) the date on which the Participant experiences a termination of the Participant's Continuous Service for Cause or a voluntary termination of the Participant's Continuous Service, (3) the three-year anniversary of the date on which the Participant experiences a termination of Continuous Service due to death or disability and (4) the 90th day after the termination of Continuous Service for any other reason; provided, that in no event may the Option Term extend beyond June 30, 2031. Upon the occurrence of a termination of the Participant's Continuous Service for any reason other than death or disability, the Option Term shall thereupon end with respect to any portion of the Option that is unvested as of the date of such Termination and such unvested portion shall be forfeited immediately unless otherwise determined by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Nontransferability of the Option.</u> 

This Ce1tificate and the Option evidenced hereby are not assignable, transferable or negotiable and are subject to the detailed terms and conditions contained in the Plan, the terms and conditions of which the Participant hereby expressly agrees with the Company to be bound by. If any rights exercisable by the Participant or benefits deliverable to the Participate under this Certificate have not been exercised or delivered, at the time of the Participant's death, such rights shall be exercisable by the Designated Beneficiary, and such benefits shall be delivered to the Designated Beneficiary, in accordance with the provisions of this Certificate and the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Taxes and Withholdings.</u> 

No later than the date of exercise of the Option granted hereunder, the Participant shall pay to the Company or make arrangements satisfactory to the Committee regarding payment of any federal, state or local taxes of any kind required by law to be withheld upon the exercise of such Option and the Company shall, to the extent permitted or required by law, have the right to deduct from any payment of any kind otherwise due to the Participant, federal, state and local taxes of any kind required by law to be withheld upon the exercise of such Option, as provided in Section 17.5 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Notices.</u> 

All notices and other communications under this Certificate shall be in writing and shall be given by hand delivery to the other party or by confirmed fax or overnight courier, or by postage paid first class mail, addressed as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to the Participant:<br>[\*]<br> [\*]<br> [\*]<br> Email: [\*]<br> Facsimile: [\*] | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to the Company:<br>Edison Oncology Holding Corp.<br> 3475 Edison Way, Suite R<br> Menlo Park, CA 94025<br> Attention: Corporate Secretary<br> Facsimile: (650) 332-1260 |

---

or to such other address or facsimile number as any party shall have furnished to the other in writing in accordance with this Paragraph 7. Notice and communications shall be effective when actually received by the addressee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Effect of Certificate.</u> 

Except as otherwise provided hereunder, this Certificate shall be binding upon and shall inure to the benefit of any successor or successors of the Company, and to successor of the Participant pursuant to Paragraph 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Conflicts and Interpretation.</u> 

The Option is subject to the provisions of the Plan, which are hereby incorporated by reference. In the event of any conflict between this Certificate and the Plan, the Plan shall control. In the event of any ambiguity in this Certificate, any term which is not defined in this Certificate, or any matters as to which this Certificate is silent, the Plan shall govern including, without limitation, the provisions thereof pursuant to which the Committee has the power, among others, to (i) interpret the Plan, (ii) prescribe, amend and rescind rules and regulations relating to the Plan and (iii) make all other determinations deemed necessary or advisable for the administration of the Plan and in the case of any dispute with regard to any matter in respect hereof, the provisions of the Plan and the records of the Company will prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Headings.</u> 

The headings of paragraphs herein are included solely for convenience of reference and shall not affect the meaning or interpretation of any of the provisions of this Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Amendment.</u> 

This Certificate may not be modified, amended or waived except by an instrument in writing signed by the Company. The waiver by either party of compliance with any provision of this Certificate shall not operate or be construed as a waiver of any other provision of this Certificate, or of any subsequent breach by such party of a provision of this Certificate.

IN WITNESS WHEREOF, as of the date first above written, the Company has caused this Certificate to be executed on its behalf by a duly authorized officer.

---

| | |
|:---|:---|
| **EDISON ONCOLOGY HOLDING CORP.** | **EDISON ONCOLOGY HOLDING CORP.** |
| By: |  |
| Name: | Dr. Dennis Brown |
| Title: | Chairman of the Board of Directors |

---

## Exhibit 4.12

**Exhibit 4.12**

**Edison Oncology Holding Corp.<br> Stock Option Grant Notice<br> (2021 Omnibus Equity Incentive Plan)**

Edison Oncology Holding Corp. (the "***Company***"), pursuant to its 2021 Omnibus Equity Incentive Plan (the "***Plan***"), has granted to you ("***Optionholder")*** an option to purchase the number of shares of the Common Stock set forth below (the "***Option***"). Your Option is subject to all of the terms and conditions as set forth herein and in the Plan, and the Stock Option Agreement and the Notice of Exercise, all of which are attached hereto and incorporated herein in their entirety. Capitalized terms not explicitly defined herein but defined in the Plan or the Stock Option Agreement shall have the meanings set forth in the Plan or the Stock Option Agreement, as applicable.

---

| | |
|:---|:---|
| Optionholder: | [\*] |
| Date of Grant: | [\*] |
| Vesting Commencement Date: | [\*] |
| Number of Shares of Common Stock Subject to Option: | [\*] |
| Exercise Price (Per Share): | [\*] |
| Total Exercise Price: | $[\*] |
| Expiration Date: | [\*] |

---

---

| | |
|:---|:---|
| **Type of Grant:** | Incentive Stock Option |

---

**Exercise and**

---

| | |
|:---|:---|
| **Vesting Schedule**: | Subject to the Optionholder's Continuous Service through each applicable vesting date, the Option will vest as follows: |

---

[INSERT VESTING SCHEDULE]

**Optionholder Acknowledgements:** By your signature below or by electronic acceptance or authentication in a form authorized by the Company, you understand and agree that:

● The Option is governed by this Stock Option Grant Notice, and the provisions of the Plan and the Stock Option Agreement and the Notice of Exercise, all of which are made a part of this document. Unless otherwise provided in the Plan, this Grant Notice and the Stock Option Agreement (together, the "  ***Option Agreement***") may not be modified, amended or revised except in a writing signed by you and a duly authorized officer of the Company.

● If the Option is an Incentive Stock Option, it (plus other outstanding Incentive Stock Options granted to you) cannot be first *exercisable* for more than $100,000 in value (measured by exercise price) in any calendar year. Any excess over $100,000 is a Nonstatutory Stock Option.

● You consent to receive this Grant Notice, the Stock Option Agreement, the Plan, the Prospectus and any other Plan-related documents by electronic delivery and to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company.

● You have read and are familiar with the provisions of the Plan, the Stock Option Agreement, the Notice of Exercise and the Prospectus. In the event of any conflict between the provisions in this Grant Notice, the Option Agreement, the Notice of Exercise, or the Prospectus and the terms of the Plan, the terms of the Plan shall control.

● The Option Agreement sets forth the entire understanding between you and the Company regarding the acquisition of Common Stock and supersedes all prior oral and written agreements, promises and/or representations on that subject with the exception of other equity awards previously granted to you and any written employment agreement, offer letter, severance agreement, written severance plan or policy, or other written agreement between the Company and you in each case that specifies the terms that should govern this Option.

● Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act or other applicable law) or other transmission method and any counterpart so delivered will be deemed to have been duly and validly delivered and be valid and effective for all purposes.

---

| | |
|:---|:---|
| **Edison Oncology Holding Corp.** | **Optionholder:** |
| By: |  |
| Signature | Signature |
| Title: | Date: |
| Date: |  |

---

**Attachments**: Stock Option Agreement, 2021 Omnibus Equity Incentive Plan, Notice of Exercise

**Attachment I**

**Stock Option Agreement**

**Edison Oncology Holding Corp.<br> 2021 Omnibus Equity Incentive Plan**

<br> **Stock Option Agreement**

As reflected by your Stock Option Grant Notice ("***Grant Notice***"), Edison Oncology Holding Corp. (the "***Company***") has granted you an option under its 2021 Omnibus Equity Incentive Plan (the "***Plan***") to purchase a number of shares of Common Stock at the exercise price indicated in your Grant Notice (the "***Option***"). Capitalized terms not explicitly defined in this Agreement but defined in the Grant Notice or the Plan shall have the meanings set forth in the Grant Notice or Plan, as applicable. The terms of your Option as specified in the Grant Notice and this Stock Option Agreement constitute your Option Agreement.

The general terms and conditions applicable to your Option are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Governing Plan Document.** Your Option is subject to all the provisions of the Plan, including but not limited to the provisions in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** Section 6 regarding the impact of a Capitalization Adjustment, dissolution, liquidation, or Corporate Transaction on your Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** Section 9(e) regarding the Company's retained rights to terminate your Continuous Service notwithstanding the grant of the Option; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** Section 8(c) regarding the tax consequences of your Option.

Your Option is further subject to all interpretations, amendments, rules and regulations, which may from time to time be promulgated and adopted pursuant to the Plan. In the event of any conflict between the Option Agreement and the provisions of the Plan, the provisions of the Plan shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Vesting.** Subject to the provisions contained herein, your Option will vest as provided in your Grant Notice. Vesting will cease upon the termination of your Continuous Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** [In the event of a Change in Control in which the surviving corporation or acquiring corporation (or its parent company) assumes or continues your Option or substitutes a similar stock award for such option, then the portion of your Option that has not vested as of the effective time of such Change in Control shall continue to vest according to the vesting schedule in your Grant Notice. Notwithstanding the foregoing, if a Change in Control occurs and within three (3) months prior to, or within twelve (12) months after, the effective time of such Change in Control, your Continuous Service terminates due to an involuntary termination (not including death or Disability) without Cause or due to your voluntary termination with Good Reason, then, as of the later of (i) the date of your termination of Continuous Service and (ii) immediately prior to the effective time of such Change in Control, the vesting and exercisability of your Option will be accelerated in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. (b)** "***Good Reason***" means the occurrence of any of the following events, conditions or actions taken by the Company without your written consent: (i) a material reduction of your annual base salary; *provided, however*, that Good Reason shall not be deemed to have occurred in the event of a reduction in your annual base salary that is pursuant to a salary reduction program affecting substantially all of the similarly situated employees of the Company and that does not adversely affect you to a greater extent than other similarly situated employees; (ii) a material reduction in your authority, duties or responsibilities; (iii) a relocation of your principal place of employment with the Company to a place that increases your one-way commute by more than fifty (50) miles as compared to your then-current principal place of employment immediately prior to such relocation (excluding regular travel in the ordinary course of business); (iv) in the case of employees reporting to the Board or the Company's Chief Executive Officer, a material adverse change in such reporting level requiring you to report to a corporate officer or executive other than the Board or the Company's Chief Executive Officer, as the case may be; or (v) a material breach by the Company of any material agreement between you and the Company; *provided, however*, that in each case above, in order for your resignation to be deemed to have been for Good Reason, you must first give the Board written notice of the action or omission giving rise to "Good Reason" within ninety (90) days after the first occurrence thereof, the Company must fail to reasonably cure such action or omission within thirty (30) days after receipt of such notice (the "***Cure Period***"), and your resignation from all positions you hold with the Company must be effective not later than thirty (30) days after the expiration of such Cure Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. (c)** If any payment or benefit you would receive from the Company or otherwise in connection with a Change in Control or other similar transaction (a "***280G Payment***") would (i) constitute a "parachute payment" within the meaning of Section 280G of the Code, and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the "***Excise Tax***"), then any such 280G Payment (a "***Payment***") shall be equal to the Reduced Amount. The "***Reduced Amount***" shall be either (x) the largest portion of the Payment that would result in no portion of the Payment (after reduction) being subject to the Excise Tax or (y) the largest portion, up to and including the total, of the Payment, whichever amount (i.e., the amount determined by clause (x) or by clause (y)), after taking into account all applicable federal, state and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in your receipt, on an after-tax basis, of the greater economic benefit notwithstanding that all or some portion of the Payment may be subject to the Excise Tax. If a reduction in a Payment is required pursuant to the preceding sentence and the Reduced Amount is determined pursuant to clause (x) of the preceding sentence, the reduction shall occur in the manner (the "***Reduction Method***") that results in the greatest economic benefit for you. If more than one method of reduction will result in the same economic benefit, the items so reduced will be reduced pro rata (the "***Pro Rata Reduction Method***").

Notwithstanding the foregoing, if the Reduction Method or the Pro Rata Reduction Method would result in any portion of the Payment being subject to taxes pursuant to Section 409A of the Code that would not otherwise be subject to taxes pursuant to Section 409A of the Code, then the Reduction Method and/or the Pro Rata Reduction Method, as the case may be, shall be modified so as to avoid the imposition of taxes pursuant to Section 409A of the Code as follows: (A) as a first priority, the modification shall preserve to the greatest extent possible, the greatest economic benefit for you as determined on an after-tax basis; (B) as a second priority, Payments that are contingent on future events (e.g., being terminated without cause), shall be reduced (or eliminated) before Payments that are not contingent on future events; and (C) as a third priority, Payments that are "deferred compensation" within the meaning of Section 409A of the Code shall be reduced (or eliminated) before Payments that are not deferred compensation within the meaning of Section 409A of the Code.

Unless you and the Company agree on an alternative accounting firm, at the Company's election, either (i) [Ernst & Young LLP] or (ii) the accounting firm engaged by the Company for general tax compliance purposes as of the day prior to the effective date of the change of control transaction triggering the Payment shall perform the foregoing calculations. If the accounting firm so engaged by the Company is serving as accountant or auditor for the individual, entity or group effecting the change of control transaction, the Company shall appoint a nationally recognized accounting firm to make the determinations required hereunder. The Company shall bear all expenses with respect to the determinations by such accounting firm required to be made hereunder. The Company shall use commercially reasonable efforts to cause the accounting firm engaged to make the determinations hereunder to provide its calculations, together with detailed supporting documentation, to you and the Company within fifteen (15) calendar days after the date on which your right to a 280G Payment becomes reasonably likely to occur (if requested at that time by you or the Company) or such other time as requested by you or the Company.

If you receive a Payment for which the Reduced Amount was determined pursuant to clause (x) of the first paragraph of this Section 2(c) and the Internal Revenue Service determines thereafter that some portion of the Payment is subject to the Excise Tax, you shall promptly return to the Company a sufficient amount of the Payment (after reduction pursuant to clause (x) of the first paragraph of this Section 2(c) so that no portion of the remaining Payment is subject to the Excise Tax. For the avoidance of doubt, if the Reduced Amount was determined pursuant to clause (y) in the first paragraph of this Section 2(c), you shall have no obligation to return any portion of the Payment pursuant to the preceding sentence.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Exercise.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** You may generally exercise the vested portion of your Option for whole shares of Common Stock at any time during its term by delivery of payment of the exercise price and applicable withholding taxes and other required documentation to the Plan Administrator in accordance with the exercise procedures established by the Plan Administrator, which may include an electronic submission. Please review Sections 4(i), 4(j) and 7(b)(v) of the Plan, which may restrict or prohibit your ability to exercise your Option during certain periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** To the extent permitted by Applicable Law, you may pay your Option exercise price as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i)** cash, check, bank draft or money order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii)** subject to Company and/or Committee consent at the time of exercise, pursuant to a "cashless exercise" program as further described in Section 4(c)(ii) of the Plan if at the time of exercise the Common Stock is publicly traded;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii)** subject to Company and/or Committee consent at the time of exercise, by delivery of previously owned shares of Common Stock as further described in Section 4(c)(iii) of the Plan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv)** subject to Company and/or Committee consent at the time of exercise, if the Option is a Nonstatutory Stock Option, by a "net exercise" arrangement as further described in Section 4(c)(iv) of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** By accepting your Option, you agree that you will not sell, dispose of, transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale with respect to any shares of Common Stock or other securities of the Company held by you, for a period of one hundred eighty (180) days following the effective date of a registration statement of the Company filed under the Securities Act or such longer period as the underwriters or the Company will request to facilitate compliance with FINRA Rule 2241 or any successor or similar rules or regulation (the "***Lock-Up Period***"); *provided, however*, that nothing contained in this section will prevent the exercise of a repurchase option, if any, in favor of the Company during the Lock-Up Period. You further agree to execute and deliver such other agreements as may be reasonably requested by the Company or the underwriters that are consistent with the foregoing or that are necessary to give further effect thereto. In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to your shares of Common Stock until the end of such period. You also agree that any transferee of any shares of Common Stock (or other securities) of the Company held by you will be bound by this Section 3(c). The underwriters of the Company's stock are intended third party beneficiaries of this Section 3(c) and will have the right, power and authority to enforce the provisions hereof as though they were a party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. Term.** You may not exercise your Option before the commencement of its term or after its term expires. The term of your Option commences on the Date of Grant and expires upon the earliest of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** immediately upon the termination of your Continuous Service for Cause;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** three months after the termination of your Continuous Service for any reason other than Cause, Disability or death;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** 12 months after the termination of your Continuous Service due to your Disability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** 18 months after your death if you die during your Continuous Service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** immediately upon a Corporate Transaction if the Board has determined that the Option will terminate in connection with a Corporate Transaction,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** the Expiration Date indicated in your Grant Notice; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g)** the day before the 10th anniversary of the Date of Grant.

Notwithstanding the foregoing, if you die during the period provided in Section 4(b) or 4(c) above, the term of your Option shall not expire until the earlier of (i) 18 months after your death, (ii) upon any termination of the Option in connection with a Corporate Transaction, (iii) the Expiration Date indicated in your Grant Notice, or (iv) the day before the tenth anniversary of the Date of Grant. Additionally, the Post-Termination Exercise Period of your Option may be extended as provided in Section 4(i) of the Plan.

To obtain the federal income tax advantages associated with an Incentive Stock Option, the Code requires that at all times beginning on the date of grant of your Option and ending on the day three months before the date of your Option's exercise, you must be an employee of the Company or an Affiliate, except in the event of your death or Disability. If the Company provides for the extended exercisability of your Option under certain circumstances for your benefit, your Option will not necessarily be treated as an Incentive Stock Option if you exercise your Option more than three months after the date your employment terminates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. Withholding Obligations.** As further provided in Section 8 of the Plan: (a) you may not exercise your Option unless the applicable tax withholding obligations are satisfied, and (b) at the time you exercise your Option, in whole or in part, or at any time thereafter as requested by the Company, you hereby authorize withholding from payroll and any other amounts payable to you, and otherwise agree to make adequate provision for (including by means of a "cashless exercise" pursuant to a program developed under Regulation T as promulgated by the Federal Reserve Board to the extent permitted by the Company), any sums required to satisfy the federal, state, local and foreign tax withholding obligations, if any, which arise in connection with the exercise of your Option in accordance with the withholding procedures established by the Company. Accordingly, you may not be able to exercise your Option even though the Option is vested, and the Company shall have no obligation to issue shares of Common Stock subject to your Option, unless and until such obligations are satisfied. In the event that the amount of the Company's withholding obligation in connection with your Option was greater than the amount actually withheld by the Company, you agree to indemnify and hold the Company harmless from any failure by the Company to withhold the proper amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. Incentive Stock Option Disposition Requirement.** If your Option is an Incentive Stock Option, you must notify the Company in writing within 15 days after the date of any disposition of any of the shares of the Common Stock issued upon exercise of your Option that occurs within two years after the date of your Option grant or within one year after such shares of Common Stock are transferred upon exercise of your Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. Transferability.** Except as otherwise provided in Section 4(e) of the Plan, your Option is not transferable, except by will or by the applicable laws of descent and distribution, and is exercisable during your life only by you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. Corporate Transaction.** Your Option is subject to the terms of any agreement governing a Corporate Transaction involving the Company, including, without limitation, a provision for the appointment of a stockholder representative that is authorized to act on your behalf with respect to any escrow, indemnities and any contingent consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. No Liability for Taxes.** As a condition to accepting the Option, you hereby (a) agree to not make any claim against the Company, or any of its Officers, Directors, Employees or Affiliates related to tax liabilities arising from the Option or other Company compensation and (b) acknowledge that you were advised to consult with your own personal tax, financial and other legal advisors regarding the tax consequences of the Option and have either done so or knowingly and voluntarily declined to do so. Additionally, you acknowledge that the Option is exempt from Section 409A only if the exercise price is at least equal to the "fair market value" of the Common Stock on the date of grant as determined by the Internal Revenue Service and there is no other impermissible deferral of compensation associated with the Option. Additionally, as a condition to accepting the Option, you agree not make any claim against the Company, or any of its Officers, Directors, Employees or Affiliates in the event that the Internal Revenue Service asserts that such exercise is less than the "fair market value" of the Common Stock on the date of grant as subsequently determined by the Internal Revenue Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. Severability.** If any part of this Option Agreement or the Plan is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity will not invalidate any portion of this Option Agreement or the Plan not declared to be unlawful or invalid. Any Section of this Option Agreement (or part of such a Section) so declared to be unlawful or invalid will, if possible, be construed in a manner which will give effect to the terms of such Section or part of a Section to the fullest extent possible while remaining lawful and valid

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. Other Documents.** You hereby acknowledge receipt of or the right to receive a document providing the information required by Rule 428(b)(1) promulgated under the Securities Act, which includes the Prospectus. In addition, you acknowledge receipt of the Company's Trading Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. Questions.** If you have questions regarding these or any other terms and conditions applicable to your Option, including a summary of the applicable federal income tax consequences please see the Prospectus.

**\* \* \* \***

**Attachment II**

**2021 Omnibus Equity Incentive Plan**

**[Attached Under Separate Cover]**

**Attachment III**

**Notice of Exercise**

**Edison Oncology Holding Corp.**

**(2021 Omnibus Equity Incentive Plan)**

NOTICE OF EXERCISE

**Edison Oncology Holding Corp.**

3475 Edison Way, Suite #R Menlo Park, CA 94025 Date of Exercise: _______________

This constitutes notice to Edison Oncology Holding Corp. (the "***Company***") that I elect to purchase the below number of shares of Common Stock of the Company (the "***Shares***") by exercising my Option for the price set forth below. Capitalized terms not explicitly defined in this Notice of Exercise but defined in the Grant Notice, Option Agreement or 2021 Omnibus Equity Incentive Plan (the "***Plan***") shall have the meanings set forth in the Grant Notice, Option Agreement or Plan, as applicable. Use of certain payment methods is subject to Company and/or Committee consent and certain additional requirements set forth in the Option Agreement and the Plan.

---

| | | |
|:---|:---|:---|
| Type of option (check one): | Incentive ☐ | Nonstatutory ☐ |
| Date of Grant: | _______________ |  |
| Number of Shares as<br> to which Option is<br> exercised: | _______________ |  |
| Certificates to be<br> issued in name of: | _______________ |  |
| Total exercise price: | $______________ |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash, check, bank draft or money order delivered herewith: | $______________ |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value of ________ Shares delivered herewith: | $______________ |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulation T Program (cashless exercise) | $______________ |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value of _______ Shares pursuant to net exercise: | $______________ |  |

---

By this exercise, I agree (i) to provide such additional documents as you may require pursuant to the terms of the Plan, (ii) to satisfy the tax withholding obligations, if any, relating to the exercise of this Option as set forth in the Option Agreement, and (iii) if this exercise relates to an incentive stock option, to notify you in writing within 15 days after the date of any disposition of any of the Shares issued upon exercise of this Option that occurs within two years after the Date of Grant or within one year after such Shares are issued upon exercise of this Option.

I further agree that, if required by the Company (or a representative of the underwriters) in connection with the first underwritten registration of the offering of any securities of the Company under the Securities Act, I will not sell, dispose of, transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale with respect to any shares of Common Stock or other securities of the Company for a period of one hundred eighty (180) days following the effective date of a registration statement of the Company filed under the Securities Act (or such longer period as the underwriters or the Company shall request to facilitate compliance with FINRA Rule 2241 or any successor or similar rule or regulation) (the "***Lock-Up Period***"). I further agree to execute and deliver such other agreements as may be reasonably requested by the Company or the underwriters that are consistent with the foregoing or that are necessary to give further effect thereto. In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to securities subject to the foregoing restrictions until the end of such period.

Very truly yours, <br>

## Exhibit 4.13

**Exhibit 4.13**

**EDISON ONCOLOGY HOLDING CORP.**

**2021 OMNIBUS EQUITY INCENTIVE PLAN**

**RESTRICTED STOCK UNIT AGREEMENT**

**<u>NOTICE OF RESTRICTED STOCK UNIT GRANT</u>**

Unless otherwise defined herein, the terms defined in the Edison Oncology Holding Corp. 2021 Omnibus Equity Incentive Plan, as amended (the "Plan") will have the same defined meanings in this Restricted Stock Unit Agreement, which includes the Notice of Restricted Stock Unit Grant (the "Notice of Grant"), Terms and Conditions of Restricted Stock Unit Grant attached hereto as <u>Exhibit A</u>, and all appendices and exhibits attached thereto (all together, the "Award Agreement"). All terms not defined herein shall have the meaning ascribed to them in the Plan.

**Participant:** [\*]

**Address:** [\*]

The undersigned Participant has been granted the right to receive an Award of Restricted Stock Units, subject to the terms and conditions of the Plan and this Award Agreement, as follows:

---

| | |
|:---|:---|
| Grant Number: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[\*]  |
| Date of Grant: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[\*]  |
| Vesting Commencement Date: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[\*] |
| Number of Restricted Stock Units: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[\*] |

---

<u>Vesting Schedule</u>:

Subject to any acceleration provisions contained in the Plan or set forth below, the Restricted Stock Units will vest in accordance with the following schedule:

[INSERT VESTING PROVISIONS]

Notwithstanding the vesting above or anything contained in the Restricted Stock Unit or Plan, if shareholder approval for this Restricted Stock Unit is not received: (i) the Restricted Stock Unit cannot be exercised, and (ii) the Restricted Stock Unit can be unwound and cancelled.

In the event Participant ceases to be a Service Provider for any or no reason, then any unvested Restricted Stock Units awarded by this Award Agreement will thereupon be forfeited at no cost to the Company and Participant will have no further rights thereunder. By Participant's signature and the signature of the representative of Edison Oncology Holding Corp. (the "Company") below, Participant and the Company agree that this Award of Restricted Stock Units is granted under and governed by the terms and conditions of the Plan and this Award Agreement, including the Terms and Conditions of Restricted Stock Unit Grant, attached hereto as <u>Exhibit A</u> , all of which are part of this document. Participant acknowledges receipt of a copy of the Plan. Participant has reviewed the Plan and this Award Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Award Agreement, and fully understands all provisions of the Plan and this Award Agreement. Participant hereby agrees to accept as binding, conclusive, and final all decisions or interpretations of the Administrator upon any questions relating to the Plan and the Award Agreement. Participant further agrees to notify the Company upon any change in the residence address indicated below.

By signing this Award Agreement, Participant is agreeing to arbitration of any disputes related to this Award Agreement and of any disputes related to Participant's employment relationship with the Company, as provided in Section 16.

---

| | |
|:---|:---|
| PARTICIPANT: | EDISON ONCOLOGY HOLDING CORP. |
| Signature | Signature |
| Print Name | Print Name |
|  | Title |
| <u>Address</u>: |  |

---

**<u>EXHIBIT A</u>**

**<u>TERMS AND CONDITIONS OF RESTRICTED STOCK UNIT GRANT</u>**

1. <u>Grant of Restricted Stock Units</u>. The Company hereby grants to the individual (the "Participant") named in the Notice of Grant under the Plan an Award of Restricted Stock Units, subject to all of the terms and conditions in this Award Agreement and the Plan, which is incorporated herein by reference. Subject to Section 19(c) of the Plan, in the event of a conflict between the terms and conditions of the Plan and this Award Agreement, the terms and conditions of the Plan shall prevail.

2. <u>Company's Obligation to Pay</u>. Each Restricted Stock Unit represents the right to receive a share of common stock on the date it vests (a "Share"). Unless and until the Restricted Stock Units will have vested in the manner set forth in Section 3 or 4, Participant will have no right to payment of any such Restricted Stock Units. Prior to actual payment of any vested Restricted Stock Units, such Restricted Stock Unit will represent an unsecured obligation of the Company, payable (if at all) only from the general assets of the Company.

3. <u>Vesting Schedule</u>. Except as provided in Section 4, and subject to Section 5, the Restricted Stock Units awarded by this Award Agreement will vest in accordance with the vesting schedule set forth in the Notice of Grant, subject to Participant continuing to be a Service Provider through each applicable vesting date.

4. <u>Payment after Vesting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General Rule</u>. Subject to Section 8, any Restricted Stock Units that vest will be paid to Participant (or in the event of Participant's death, to his or her properly designated beneficiary or estate) in whole Shares. Subject to the provisions of Section 4(b), such vested Restricted Stock Units shall be paid as soon as practicable after vesting, but in each such case within sixty (60) days following the Vesting Date. In no event will Participant be permitted, directly or indirectly, to specify the taxable year of payment of any Restricted Stock Units payable under this Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Acceleration</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Discretionary Acceleration</u>. The Administrator, in its discretion, may accelerate the vesting of the balance, or some lesser portion of the balance, of the unvested Restricted Stock Units at any time, subject to the terms of the Plan. If so accelerated, such Restricted Stock Units will be considered as having vested as of the date specified by the Administrator. If Participant is a U.S. taxpayer, the payment of Shares vesting pursuant to this Section 4(b) shall in all cases be paid at a time or in a manner that is exempt from, or complies with, Section 409A. The prior sentence may be superseded in a future agreement or amendment to this Award Agreement only by direct and specific reference to such sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Notwithstanding anything in the Plan or this Award Agreement or any other agreement (whether entered into before, on or after the Date of Grant), if the vesting of the balance, or some lesser portion of the balance, of the Restricted Stock Units is accelerated in connection with Participant's termination as a Service Provider (provided that such termination is a "separation from service" within the meaning of Section 409A, as determined by the Company), other than due to Participant's death, and if (x) Participant is a U.S. taxpayer and a "specified employee" within the meaning of Section 409A at the time of such termination as a Service Provider and (y) the payment of such accelerated Restricted Stock Units will result in the imposition of additional tax under Section 409A if paid to Participant on or within the six (6) month period following Participant's termination as a Service Provider, then the payment of such accelerated Restricted Stock Units will not be made until the date six (6) months and one (1) day following the date of Participant's termination as a Service Provider, unless Participant dies following his or her termination as a Service Provider, in which case, the Restricted Stock Units will be paid in Shares to Participant's estate as soon as practicable following his or her death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Section 409A</u>. It is the intent of this Award Agreement that it and all payments and benefits to U.S. taxpayers hereunder be exempt from, or comply with, the requirements of Section 409A so that none of the Restricted Stock Units provided under this Award Agreement or Shares issuable thereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities herein will be interpreted to be so exempt or so comply. Each payment payable under this Award Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2). However, in no event will the Company reimburse Participant, or be otherwise responsible for, any taxes or costs that may be imposed on Participant as a result of Section 409A. For purposes of this Award Agreement, "Section 409A" means Section 409A of the Code, and any final Treasury Regulations and Internal Revenue Service guidance thereunder, as each may be amended from time to time.

5. <u>Forfeiture Upon Termination as a Service Provider</u>. Notwithstanding any contrary provision of this Award Agreement, if Participant ceases to be a Service Provider for any or no reason, the then-unvested Restricted Stock Units awarded by this Award Agreement will thereupon be forfeited at no cost to the Company and Participant will have no further rights thereunder.

6. <u>Tax Consequences</u>. Participant has reviewed with his or her own tax advisors the U.S. federal, state, local and non-U.S. tax consequences of this investment and the transactions contemplated by this Award Agreement. With respect to such matters, Participant relies solely on such advisors and not on any statements or representations of the Company or any of its agents, written or oral. Participant understands that Participant (and not the Company) shall be responsible for Participant's own tax liability that may arise as a result of this investment or the transactions contemplated by this Award Agreement.

7. <u>Death of Participant</u>. Any distribution or delivery to be made to Participant under this Award Agreement will, if Participant is then deceased, be made to Participant's designated beneficiary, or if no beneficiary survives Participant, the administrator or executor of Participant's estate. Any such transferee must furnish the Company with (a) written notice of his or her status as transferee, and (b) evidence satisfactory to the Company to establish the validity of the transfer and compliance with any laws or regulations pertaining to said transfer.

8. <u>Tax Obligations.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Responsibility for Taxes</u>. Participant acknowledges that, regardless of any action taken by the Company or, if different, Participant's employer (the "Employer") or Parent or Subsidiary to which Participant is providing services (together, the Company, Employer and/or Parent or Subsidiary to which the Participant is providing services, the "Service Recipient"), the ultimate liability for any tax and/or social insurance liability obligations and requirements in connection with the Restricted Stock Units, including, without limitation, (i) all federal, state, and local taxes (including the Participant's Federal Insurance Contributions Act (FICA) obligation) that are required to be withheld by the Company or the Employer or other payment of tax-related items related to Participant's participation in the Plan and legally applicable to Participant, (ii) the Participant's and, to the extent required by the Company (or Service Recipient), the Company's (or Service Recipient's) fringe benefit tax liability, if any, associated with the grant, vesting, or settlement of the Restricted Stock Units or sale of Shares, and (iii) any other Company (or Service Recipient) taxes the responsibility for which the Participant has, or has agreed to bear, with respect to the Restricted Stock Units (or settlement thereof or issuance of Shares thereunder) (collectively, the "Tax Obligations"), is and remains Participant's responsibility and may exceed the amount actually withheld by the Company or the Service Recipient. Participant further acknowledges that the Company and/or the Service Recipient (A) make no representations or undertakings regarding the treatment of any Tax Obligations in connection with any aspect of the Restricted Stock Units, including, but not limited to, the grant, vesting or settlement of the Restricted Stock Units, the subsequent sale of Shares acquired pursuant to such settlement and the receipt of any dividends or other distributions, and (B) do not commit to and are under no obligation to structure the terms of the grant or any aspect of the Restricted Stock Units to reduce or eliminate Participant's liability for Tax Obligations or achieve any particular tax result. Further, if Participant is subject to Tax Obligations in more than one jurisdiction between the Date of Grant and the date of any relevant taxable or tax withholding event, as applicable, Participant acknowledges that the Company and/or the Service Recipient (or former employer, as applicable) may be required to withhold or account for Tax Obligations in more than one jurisdiction. If Participant fails to make satisfactory arrangements for the payment of any required Tax Obligations hereunder at the time of the applicable taxable event, Participant acknowledges and agrees that the Company may refuse to issue or deliver the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Tax Withholding</u>. Pursuant to such procedures as the Administrator may specify from time to time, the Company and/or Service Recipient shall withhold the amount required to be withheld for the payment of Tax Obligations. The Administrator, in its sole discretion and pursuant to such procedures as it may specify from time to time, may permit Participant to satisfy such Tax Obligations, in whole or in part (without limitation), if permissible by applicable local law, by (i) paying cash, (ii) electing to have the Company withhold otherwise deliverable Shares having a fair market value equal to the minimum amount that is necessary to meet the withholding requirement for such Tax Obligations (or such greater amount as Participant may elect if permitted by the Administrator, if such greater amount would not result in adverse financial accounting consequences), (iii) withholding the amount of such Tax Obligations from Participant's wages or other cash compensation paid to Participant by the Company and/or the Service Recipient, (iv) delivering to the Company already vested and owned Shares having a fair market value equal to such Tax Obligations, (v) selling a sufficient number of such Shares otherwise deliverable to Participant through such means as the Company may determine in its sole discretion (whether through a broker or otherwise) equal to the minimum amount that is necessary to meet the withholding requirement for such Tax Obligations (or such greater amount as Participant may elect if permitted by the Administrator, if such greater amount would not result in adverse financial accounting consequences) or (vi) any combination of the foregoing. Further, if Participant is subject to tax in more than one jurisdiction between the Date of Grant and a date of any relevant taxable or tax withholding event, as applicable, Participant acknowledges and agrees that the Company and/or the Service Recipient (and/or former employer, as applicable) may be required to withhold or account for tax in more than one jurisdiction. If Participant fails to make satisfactory arrangements for the payment of such Tax Obligations hereunder at the time any applicable Restricted Stock Units otherwise are scheduled to vest pursuant to Sections 3 or 4, Participant will permanently forfeit such Restricted Stock Units and any right to receive Shares thereunder and such Restricted Stock Units will be returned to the Company at no cost to the Company. Participant acknowledges and agrees that the Company may refuse to deliver the Shares if such Tax Obligations are not delivered at the time they are due.

9. <u>Rights as Stockholder</u>. Neither Participant nor any person claiming under or through Participant will have any of the rights or privileges of a stockholder of the Company in respect of any Shares deliverable hereunder unless and until certificates representing such Shares (which may be in book entry form) will have been issued, recorded on the records of the Company or its transfer agents or registrars, and delivered to Participant (including through electronic delivery to a brokerage account). After such issuance, recordation, and delivery, Participant will have all the rights of a stockholder of the Company with respect to voting such Shares and receipt of dividends and distributions on such Shares.

10. <u>No Guarantee of Continued Service</u>. PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE VESTING OF THE RESTRICTED STOCK UNITS PURSUANT TO THE VESTING SCHEDULE HEREOF IS EARNED ONLY BY CONTINUING AS A SERVICE PROVIDER, WHICH UNLESS PROVIDED OTHERWISE UNDER APPLICABLE LAW IS AT THE WILL OF THE COMPANY (OR THE SERVICE RECIPIENT) AND NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS RESTRICTED STOCK UNIT AWARD OR ACQUIRING SHARES HEREUNDER. PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT THIS AWARD AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE PROVIDER FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND SHALL NOT INTERFERE IN ANY WAY WITH PARTICIPANT'S RIGHT OR THE RIGHT OF THE COMPANY (OR THE SERVICE RECIPIENT) TO TERMINATE PARTICIPANT'S RELATIONSHIP AS A SERVICE PROVIDER, SUBJECT TO APPLICABLE LAW, WHICH TERMINATION, UNLESS PROVIDED OTHERWISE UNDER APPLICABLE LAW, MAY BE AT ANY TIME, WITH OR WITHOUT CAUSE.

11. <u>Grant is Not Transferable</u>. Except to the limited extent provided in Section 7, this grant and the rights and privileges conferred hereby will not be transferred, assigned, pledged or hypothecated in any way (whether by operation of law or otherwise) and will not be subject to sale under execution, attachment or similar process. Upon any attempt to transfer, assign, pledge, hypothecate or otherwise dispose of this grant, or any right or privilege conferred hereby, or upon any attempted sale under any execution, attachment or similar process, this grant and the rights and privileges conferred hereby immediately will become null and void.

12. <u>Nature of Grant</u>. In accepting the grant, Participant acknowledges, understands, and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the grant of the Restricted Stock Units is voluntary and occasional and does not create any contractual or other right to receive future grants of Restricted Stock Units, or benefits in lieu of Restricted Stock Units, even if Restricted Stock Units have been granted in the past;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all decisions with respect to future Restricted Stock Units or other grants, if any, will be at the sole discretion of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) Participant is voluntarily participating in the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Restricted Stock Units and the Shares subject to the Restricted Stock Units are not intended to replace any pension rights or compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Restricted Stock Units and the Shares subject to the Restricted Stock Units, and the income and value of same, are not part of normal or expected compensation for purposes of calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, bonuses, long-service awards, pension or retirement or welfare benefits or similar payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the future value of the underlying Shares is unknown, indeterminable and cannot be predicted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) for purposes of the Restricted Stock Units, Participant's status as a Service Provider will be considered terminated as of the date Participant is no longer actively providing services to the Company or any Parent or Subsidiary (regardless of the reason for such termination and whether or not later to be found invalid or in breach of employment laws in the jurisdiction where Participant is a Service Provider or the terms of Participant's employment or service agreement, if any), and unless otherwise expressly provided in this Award Agreement (including by reference in the Notice of Grant to other arrangements or contracts) or determined by the Administrator, Participant's right to vest in the Restricted Stock Units under the Plan, if any, will terminate as of such date and will not be extended by any notice period (e.g., Participant's period of service would not include any contractual notice period or any period of "garden leave" or similar period mandated under employment laws in the jurisdiction where Participant is a Service Provider or the terms of Participant's employment or service agreement, if any, unless Participant is providing bona fide services during such time); the Administrator shall have the exclusive discretion to determine when Participant is no longer actively providing services for purposes of the Restricted Stock Units grant (including whether Participant may still be considered to be providing services while on a leave of absence and consistent with local law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) unless otherwise provided in the Plan or by the Company in its discretion, the Restricted Stock Units and the benefits evidenced by this Award Agreement do not create any entitlement to have the Restricted Stock Units or any such benefits transferred to, or assumed by, another company nor be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting the Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the following provisions apply only if Participant is providing services outside the United States:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Restricted Stock Units and the Shares subject to the Restricted Stock Units are not part of normal or expected compensation or salary for any purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Participant acknowledges and agrees that none of the Company, the Employer or any Parent or Subsidiary shall be liable for any foreign exchange rate fluctuation between Participant's local currency and the United States Dollar that may affect the value of the Restricted Stock Units or of any amounts due to Participant pursuant to the settlement of the Restricted Stock Units or the subsequent sale of any Shares acquired upon settlement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) no claim or entitlement to compensation or damages shall arise from forfeiture of the Restricted Stock Units resulting from the termination of Participant's status as a Service Provider (for any reason whatsoever whether or not later found to be invalid or in breach of employment laws in the jurisdiction where Participant is a Service Provider or the terms of Participant's employment or service agreement, if any), and in consideration of the grant of the Restricted Stock Units to which Participant is otherwise not entitled, Participant irrevocably agrees never to institute any claim against the Company, any Parent or Subsidiary or the Service Recipient, waives his or her ability, if any, to bring any such claim, and releases the Company, any Parent or Subsidiary and the Service Recipient from any such claim; if, notwithstanding the foregoing, any such claim is allowed by a court of competent jurisdiction, then, by participating in the Plan, Participant shall be deemed irrevocably to have agreed not to pursue such claim and agrees to execute any and all documents necessary to request dismissal or withdrawal of such claim.

13. <u>No Advice Regarding Grant</u>. The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding Participant's participation in the Plan, or Participant's acquisition or sale of the underlying Shares. Participant is hereby advised to consult with his or her own personal tax, legal and financial advisors regarding his or her participation in the Plan before taking any action related to the Plan.

14. ***<u>Data Privacy</u>. Participant hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of Participant's personal data as described in this Award Agreement and any other Restricted Stock Unit grant materials by and among, as applicable, the Employer, or other Service Recipient the Company and any Parent or Subsidiary for the exclusive purpose of implementing, administering and managing Participant's participation in the Plan.***

***Participant understands that the Company and the Service Recipient may hold certain personal information about Participant, including, but not limited to, Participant's name, home address and telephone number, date of birth, social insurance/security number or other identification number, salary, nationality, job title, any Shares or directorships held in the Company, details of all Restricted Stock Units or any other entitlement to Shares awarded, canceled, exercised, vested, unvested or outstanding in Participant's favor ("Data"), for the exclusive purpose of implementing, administering and managing the Plan.***

***Participant understands that Data will be transferred to a stock plan service provider as may be selected by the Company in the future, which is assisting the Company with the implementation, administration, and management of the Plan. Participant understands that the recipients of the Data may be located in the United States or elsewhere, and that the recipients' country of operation (e.g., the United States) may have different data privacy laws and protections than Participant's country. Participant understands that if he or she resides outside the United States, he or she may request a list with the names and addresses of any potential recipients of the Data by contacting his or her local human resources representative. Participant authorizes the Company, any stock plan service provider selected by the Company and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing his or her participation in the Plan. Participant understands that Data will be held only as long as is necessary to implement, administer and manage Participant's participation in the Plan. Participant understands that where provided by law, he or she may exercise rights related to the Data, including, for example the rights to request to view Data, request additional information about the storage and processing of Data, request necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing his or her local human resources representative. Further, Participant understands that he or she is providing the consents herein on a purely voluntary basis. If Participant does not consent, or if Participant later seeks to revoke his or her consent, his or her status as a Service Provider and career with the Service Recipient will not be adversely affected; the only adverse consequence of refusing or withdrawing Participant's consent is that the Company would not be able to grant Participant Restricted Stock Units or other equity awards or administer or maintain such awards. Therefore, Participant understands that refusing or withdrawing his or her consent may affect Participant's ability to participate in the Plan. For more information on the consequences of Participant's refusal to consent or withdrawal of consent, Participant understands that he or she may contact his or her local human resources representative.***

15. <u>Address for Notices</u>. Any notice to be given to the Company under the terms of this Award Agreement will be addressed to the Company at Edison Oncology Holding Corp. 3475 Edison Way, Suite R, Menlo Park, CA 94025, or at such other address as the Company may hereafter designate in writing.

16. <u>Arbitration and Equitable Relief.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Arbitration</u>. IN CONSIDERATION OF PARTICIPANT RECEIVING THIS AWARD AND PARTICIPANT'S EMPLOYMENT WITH THE COMPANY, THE COMPANY'S PROMISE TO ARBITRATE ALL EMPLOYMENT-RELATED DISPUTES (INCLUDING, BUT NOT LIMITED TO, DISPUTES RELATING TO THIS AWARD) WITH PARTICIPANT, AND PARTICIPANT'S RECEIPT OF OTHER COMPENSATION AND OTHER COMPANY BENEFITS, AT PRESENT AND IN THE FUTURE, PARTICIPANT AGREES THAT ANY AND ALL CONTROVERSIES, CLAIMS, OR DISPUTES THAT PARTICIPANT MAY HAVE WITH THE COMPANY (INCLUDING ANY COMPANY EMPLOYEE, OFFICER, DIRECTOR, TRUSTEE, OR BENEFIT PLAN OF THE COMPANY, IN THEIR CAPACITY AS SUCH OR OTHERWISE), ARISING OUT OF, RELATING TO, OR RESULTING FROM THIS AWARD OR PARTICIPANT'S EMPLOYMENT OR RELATIONSHIP WITH THE COMPANY OR THE TERMINATION OF PARTICIPANT'S EMPLOYMENT OR RELATIONSHIP WITH THE COMPANY, INCLUDING ANY BREACH OF THIS AWARD AGREEMENT, SHALL BE SUBJECT TO BINDING ARBITRATION UNDER THE FEDERAL ARBITRATION ACT (THE "FAA"). THE FAA'S SUBSTANTIVE AND PROCEDURAL RULES SHALL GOVERN AND APPLY TO THIS ARBITRATION AGREEMENT WITH FULL FORCE AND EFFECT, AND ANY STATE COURT OF COMPETENT JURISDICTION MAY STAY PROCEEDINGS PENDING ARBITRATION OR COMPEL ARBITRATION IN THE SAME MANNER AS A FEDERAL COURT UNDER THE FAA. PARTICIPANT FURTHER AGREES THAT, TO THE FULLEST EXTENT PERMITTED BY LAW, PARTICIPANT MAY BRING ANY SUCH ARBITRATION PROCEEDING ONLY IN PARTICIPANTS' INDIVIDUAL CAPACITY, AND NOT AS A PLAINTIFF, REPRESENTATIVE OR CLASS MEMBER IN ANY PURPORTED CLASS, COLLECTIVE OR REPRESENTATIVE LAWSUIT OR PROCEEDING. **TO THE FULLEST EXTENT PERMITTED BY LAW, PARTICPANT AGREES TO ARBITRATE ANY AND ALL COMMON LAW AND/OR STATUTORY CLAIMS UNDER LOCAL, STATE, OR FEDERAL LAW, INCLUDING, BUT NOT LIMITED TO, CLAIMS UNDER TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, THE AMERICANS WITH DISABILITIES ACT OF 1990, THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, THE OLDER WORKERS BENEFIT PROTECTION ACT, THE WORKER ADJUSTMENT AND RETRAINING NOTIFICATION ACT, THE FAIR LABOR STANDARDS ACT, THE FAMILY AND MEDICAL LEAVE ACT, CLAIMS RELATING TO EMPLOYMENT STATUS, COMPENSATION (CASH, EQUITY, BONUS, OR OTHERWISE), CLASSIFICATION AND RELATIONSHIP WITH THE COMPANY, AND CLAIMS OF HARASSMENT, DISCRIMINATION, WRONGFUL TERMINATION, AND BREACH OF CONTRACT. TO THE FULLEST EXTENT PERMITTED BY LAW, PARTICIPANT ALSO AGREES TO ARBITRATE ANY AND ALL DISPUTES ARISING OUT OF OR RELATING TO THE INTERPRETATION OR APPLICATION OF THIS AGREEMENT TO ARBITRATE, BUT NOT DISPUTES ABOUT THE ENFORCEABILITY, REVOCABILITY OR VALIDITY OF THIS AGREEMENT TO ARBITRATE OR THE CLASS, COLLECTIVE AND REPRESENTATIVE PROCEEDING WAIVER HEREIN. WITH RESPECT TO ALL SUCH CLAIMS AND DISPUTES THAT PARTICIPANT AGREES TO ARBITRATE, PARTICIPANT HEREBY EXPRESSLY AGREES TO WAIVE, AND DOES WAIVE, ANY RIGHT TO A TRIAL BY JURY.** PARTICIPANT FURTHER UNDERSTANDS THAT THIS AGREEMENT TO ARBITRATE ALSO APPLIES TO ANY DISPUTES THAT THE COMPANY MAY HAVE WITH PARTICIPANT. PARTICIPANT UNDERSTANDS THAT NOTHING IN THIS AGREEMENT REQUIRES PARTICIPANT TO ARBITRATE CLAIMS THAT CANNOT BE ARBITRATED UNDER APPLICABLE LAW, SUCH AS CLAIMS UNDER THE SARBANES-OXLEY ACT. FOR PURPOSES OF THIS SECTION 16 ONLY, REFERENCES TO "COMPANY" SHALL MEAN EDISON ONCOLOGY HOLDING CORP. (OR IT SUCCESSOR) AND ANY PARENT OR SUBSIDIARY OF EDISON ONCOLOGY HOLDING CORP. (OR ITS SUCCESSOR).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Procedure</u>. PARTICIPANT AGREES THAT ANY ARBITRATION WILL BE ADMINISTERED BY THE AMERICAN ARBITRATION ASSOCIATION PURSUANT TO ITS EMPLOYMENT ARBITRATION RULES & MEDIATION PROCEDURES (THE "AAA RULES"), WHICH ARE AVAILABLE AT https://www.adr.org. PARTICIPANT AGREES THAT THE ARBITRATOR SHALL HAVE THE POWER TO DECIDE ANY MOTIONS BROUGHT BY ANY PARTY TO THE ARBITRATION, INCLUDING MOTIONS FOR SUMMARY JUDGMENT AND/OR ADJUDICATION, AND MOTIONS TO DISMISS AND DEMURRERS, APPLYING THE STANDARDS SET FORTH UNDER THE NEVADA RULES OF CIVIL PROCEDURE. PARTICIPANT AGREES THAT THE ARBITRATOR SHALL ISSUE A WRITTEN DECISION ON THE MERITS. PARTICIPANT ALSO AGREES THAT THE ARBITRATOR SHALL HAVE THE POWER TO AWARD ANY REMEDIES AVAILABLE UNDER APPLICABLE LAW, AND THAT THE ARBITRATOR MAY AWARD ATTORNEYS' FEES AND COSTS TO THE PREVAILING PARTY, WHERE PERMITTED BY APPLICABLE LAW. PARTICIPANT AGREES THAT THE DECREE OR AWARD RENDERED BY THE ARBITRATOR MAY BE ENTERED AS A FINAL AND BINDING JUDGMENT IN ANY COURT HAVING JURISDICTION THEREOF. PARTICIPANT UNDERSTANDS THAT THE COMPANY WILL PAY FOR ANY ADMINISTRATIVE OR HEARING FEES CHARGED BY THE ARBITRATOR OR AAA EXCEPT THAT PARTICIPANT SHALL PAY ANY FILING FEES ASSOCIATED WITH ANY ARBITRATION THAT PARTICIPANT INITIATES, BUT ONLY SO MUCH OF THE FILING FEES AS PARTICIPANT WOULD HAVE INSTEAD PAID HAD PARTICIPANT FILED A COMPLAINT IN A COURT OF LAW. PARTICIPANT AGREES THAT THE ARBITRATOR SHALL ADMINISTER AND CONDUCT ANY ARBITRATION IN ACCORDANCE WITH NEVADA LAW, INCLUDING THE NEVADA RULES OF CIVIL PROCEDURE AND THE NEVADA RULES OF EVIDENCE, AND THAT THE ARBITRATOR SHALL APPLY SUBSTANTIVE AND PROCEDURAL NEVADA LAW TO ANY DISPUTE OR CLAIM, WITHOUT REFERENCE TO RULES OF CONFLICT-OF-LAW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Remedy</u>. EXCEPT FOR THE PURSUIT OF ANY REMEDY PROVIDED BY THIS AGREEMENT, PARTICIPANT AGREES THAT ARBITRATION SHALL BE THE SOLE, EXCLUSIVE, AND FINAL REMEDY FOR ANY DISPUTE BETWEEN PARTICIPANT AND THE COMPANY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Administrative Relief</u>. PARTICIPANT UNDERSTANDS THAT THIS AGREEMENT DOES NOT PROHIBIT PARTICIPANT FROM PURSUING AN ADMINISTRATIVE CLAIM WITH A LOCAL, STATE, OR FEDERAL ADMINISTRATIVE BODY OR GOVERNMENT AGENCY THAT IS AUTHORIZED TO ENFORCE OR ADMINISTER LAWS RELATED TO EMPLOYMENT, INCLUDING, BUT NOT LIMITED TO, THE DEPARTMENT OF FAIR EMPLOYMENT AND HOUSING, THE EQUAL EMPLOYMENT OPPORTUNITY COMMISSION, THE NATIONAL LABOR RELATIONS BOARD, THE SECURITIES AND EXCHANGE COMMISSION, OR THE WORKERS' COMPENSATION BOARD. THIS AGREEMENT DOES, HOWEVER, PRECLUDE PARTICIPANT FROM PURSUING A COURT ACTION REGARDING ANY SUCH CLAIM, EXCEPT AS PERMITTED BY LAW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Voluntary Nature of Agreement</u>. PARTICIPANT ACKNOWLEDGES AND AGREES THAT PARTICIPANT IS EXECUTING THIS AGREEMENT VOLUNTARILY AND WITHOUT ANY DURESS OR UNDUE INFLUENCE BY THE COMPANY OR ANYONE ELSE. PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT PARTICIPANT HAS CAREFULLY READ THIS AGREEMENT AND THAT PARTICIPANT HAS ASKED ANY QUESTIONS NEEDED FOR PARTICIPANT TO UNDERSTAND THE TERMS, CONSEQUENCES, AND BINDING EFFECT OF THIS AGREEMENT AND FULLY UNDERSTAND IT, INCLUDING THAT ***PARTICIPANT IS WAIVING PARTICIPANT'S RIGHT TO A JURY TRIAL***. FINALLY, PARTICIPANT AGREES THAT PARTICIPANT HAS BEEN PROVIDED AN OPPORTUNITY TO SEEK THE ADVICE OF AN ATTORNEY OF PARTICIPANT'S CHOICE BEFORE SIGNING THIS AGREEMENT.

17. <u>Electronic Delivery and Acceptance</u>. The Company may, in its sole discretion, decide to deliver any documents related to the Restricted Stock Units awarded under the Plan or future Restricted Stock Units that may be awarded under the Plan by electronic means or request Participant's consent to participate in the Plan by electronic means. Participant hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through any on-line or electronic system established and maintained by the Company or a third party designated by the Company.

18. <u>No Waiver</u>. Either party's failure to enforce any provision or provisions of this Award Agreement shall not in any way be construed as a waiver of any such provision or provisions, nor prevent that party from thereafter enforcing each and every other provision of this Award Agreement. The rights granted both parties herein are cumulative and shall not constitute a waiver of either party's right to assert all other legal remedies available to it under the circumstances.

19. <u>Successors and Assigns</u>. The Company may assign any of its rights under this Award Agreement to single or multiple assignees, and this Award Agreement shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth, this Award Agreement shall be binding upon Participant and his or her heirs, executors, administrators, successors and assigns. The rights and obligations of Participant under this Award Agreement may only be assigned with the prior written consent of the Company.

20. <u>Additional Conditions to Issuance of Stock</u>. If at any time the Company determines, in its discretion, that the listing, registration, qualification or rule compliance of the Shares upon any securities exchange or under any state, federal or non-U.S. law, the tax code and related regulations or under the rulings or regulations of the United States Securities and Exchange Commission or any other governmental regulatory body or the clearance, consent or approval of the United States Securities and Exchange Commission or any other governmental regulatory authority is necessary or desirable as a condition to the issuance of Shares to Participant (or his or her estate) hereunder, such issuance will not occur unless and until such listing, registration, qualification, rule compliance, clearance, consent or approval will have been completed, effected or obtained free of any conditions not acceptable to the Company. Subject to the terms of the Award Agreement and the Plan, the Company shall not be required to issue any certificate or certificates for Shares hereunder prior to the lapse of such reasonable period of time following the date of vesting of the Restricted Stock Units as the Administrator may establish from time to time for reasons of administrative convenience.

21. <u>Language</u>. If Participant has received this Award Agreement or any other document related to the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control.

22. <u>Interpretation</u>. The Administrator will have the power to interpret the Plan and this Award Agreement and to adopt such rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret or revoke any such rules (including, but not limited to, the determination of whether or not any Restricted Stock Units have vested). All actions taken and all interpretations and determinations made by the Administrator in good faith will be final and binding upon Participant, the Company and all other interested persons. Neither the Administrator nor any person acting on behalf of the Administrator will be personally liable for any action, determination, or interpretation made in good faith with respect to the Plan or this Award Agreement.

23. <u>Captions</u>. Captions provided herein are for convenience only and are not to serve as a basis for interpretation or construction of this Award Agreement.

24. <u>Amendment, Suspension or Termination of the Plan</u>. By accepting this Award, Participant expressly warrants that he or she has received an Award of Restricted Stock Units under the Plan, and has received, read, and understood a description of the Plan. Participant understands that the Plan is discretionary in nature and may be amended, suspended or terminated by the Company at any time.

25. <u>Modifications to the Award Agreement</u>. This Award Agreement constitutes the entire understanding of the parties on the subjects covered. Participant expressly warrants that he or she is not accepting this Award Agreement in reliance on any promises, representations, or inducements other than those contained herein. Modifications to this Award Agreement or the Plan can be made only in an express written contract executed by a duly authorized officer of the Company. Notwithstanding anything to the contrary in the Plan or this Award Agreement, the Company reserves the right to revise this Award Agreement as it deems necessary or advisable, in its sole discretion and without the consent of Participant, to comply with Section 409A or to otherwise avoid imposition of any additional tax or income recognition under Section 409A in connection to this Award of Restricted Stock Units.

26. <u>Governing Law; Severability</u>. This Award Agreement is governed by the internal substantive laws, but not the choice of law rules, of Nevada, except that the FAA shall govern the arbitration requirements set forth in Section 16. In the event that any provision hereof becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Award Agreement shall continue in full force and effect.

27. <u>Entire Agreement</u>. The Plan is incorporated herein by reference. The Plan and this Award Agreement (including the appendices and exhibits referenced herein) constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof, and may not be modified adversely to the Participant's interest except by means of a writing signed by the Company and Participant.

## Exhibit 4.14

**Exhibit 4.14**

**Edison Oncology Holding Corp.**

**2025 OMNIBUS INCENTIVE COMPENSATION PLAN**

I purpose of the plan

The Plan is intended to promote the interests of the Company by providing eligible persons in the Company's service (or the service of a Subsidiary or Parent) with the opportunity to acquire a proprietary interest, or otherwise increase their proprietary interest, in the Company, or receive monetary payments based on the value of the Company's common stock, in each case as an incentive for them to continue in such service and to align their interests with the interests of the Company's stockholders.

The Plan serves as the successor to the Company's amended and restated 2021 Omnibus Equity Incentive Plan (the "<u>Predecessor Plan</u>"), and no further awards shall be made under the Predecessor Plan on or after the Plan Effective Date. All awards outstanding under the Predecessor Plan on the Plan Effective Date shall remain outstanding under the Predecessor Plan and shall continue to be governed solely by the terms of the documents evidencing such award, and no provision of the Plan shall be deemed to affect or otherwise modify the rights or obligations of the holders of such awards.

Capitalized terms shall have the meanings assigned to such terms in the attached Appendix.

II TYPES OF AWARDS

Awards may be made under the Plan in the form of (i) options, (ii) stock appreciation rights, (iii) stock awards, (iv) restricted stock units, (v) dividend equivalent rights, (vi) cash awards, and (vii) other awards.

III ADMINISTRATION OF THE PLAN

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. **<u>Administration</u>**. The Compensation Committee shall have sole and exclusive authority to administer the Plan with respect to Section 16 Insiders. Administration of the Plan with respect to all other persons eligible to participate in the Plan may, at the Board's discretion, be vested in the Compensation Committee or a Secondary Board Committee, or the Board may retain the power to administer the Plan with respect to such persons. Members of the Compensation Committee or any Secondary Board Committee shall serve for such period of time as the Board may determine and may be removed by the Board at any time. The Board may also at any time terminate the functions of any Secondary Board Committee and reassume all powers and authority previously delegated to such committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. **<u>Delegation of Authority</u>**. To the extent permitted by law, the Board or the Compensation Committee may delegate any or all of its authority to administer the Plan with respect to one or more classes of eligible persons (other than Section 16 Insiders) to one or more officers of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. **<u>Power and Authority of the Plan Administrator</u>**. Each Plan Administrator shall, within the scope of its administrative functions under the Plan, have full authority to determine (i) which eligible persons are to receive Awards under the Plan, (ii) the type, size, terms and conditions of the Awards to be made to each Participant, (iii) the time or times when those Awards are to be made, (iv) the number of shares or amount of payment to be covered by each such Award, (v) the time or times when the Award is to become exercisable, (vi) the status of an option for U.S. federal tax purposes, (vii) the maximum term for which an Award is to remain outstanding, (viii) the vesting and issuance schedules applicable to the shares that are the subject of the Award, (ix) the cash consideration (if any) payable for those shares and the form (cash or shares of Common Stock) in which the Award is to be settled, and (x) with respect to performance-based Awards, the performance objectives for each such Award, the amounts payable at designated levels of attained performance, any applicable service vesting requirements, and the payout schedule for each such Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. **<u>Plan Construction and Interpretation</u>**. Each Plan Administrator shall, within the scope of its administrative functions under the Plan, have full power and authority (subject to the provisions of the Plan) to establish such rules and regulations as it may deem appropriate for proper administration of the Plan and to make such determinations under, and issue such interpretations of, the Plan and any outstanding Awards thereunder as it may deem necessary or advisable. Decisions of the Plan Administrator within the scope of its administrative functions under the Plan shall be final and binding on all parties who have an interest in the Plan or any Award thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. **<u>Indemnification</u>**. No member of the Compensation Committee or the Secondary Board Committee, nor any other person to whom authority is delegated hereunder, shall be liable for any act or failure to act with respect to the Plan, except in circumstances involving such individual's bad faith or willful misconduct. The Company shall indemnify members of the Compensation Committee, the Secondary Board Committee and the Board and any agent of the Compensation Committee, the Secondary Board Committee or the Board who is an employee of the Company or a subsidiary against any and all liabilities or expenses to which they may be subjected by reason of any act or failure to act with respect to their duties on behalf of the Plan, except in circumstances involving such person's bad faith or willful misconduct.

IV ELIGIBILITY

The persons eligible to participate in the Plan are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Non-Employee Directors and non-employee members of the board of directors of any Parent or Subsidiary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) consultants and other independent advisors who provide services to the Company (or any Parent or Subsidiary).

V SHARES SUBJECT TO THE PLAN

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. **<u>Share Reserve</u>**. Subject to adjustment as provided in Section V.D, the number of shares of Common Stock initially reserved for issuance over the term of the Plan shall be 2,461,913 shares. The shares issuable under the Plan shall be authorized but unissued or reacquired shares of Common Stock, including shares repurchased by the Company on the open market. In addition, subject to adjustment as provided in Section V.D., such aggregate number of shares of Common Stock will automatically increase on January 1 of each year for a period of ten years commencing on January 1, 2026 and ending on (and including) January 1, 2035, by an amount equal to 5.00% of the total number of shares of Common Stock outstanding on December 31 of the preceding year; *provided*, *however*, that the Board may act prior to January 1st of a given year to provide that the increase for such year will be a lesser number of shares of Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. **<u>Share Counting</u>**. Shares of Common Stock subject to outstanding Awards shall be available for subsequent issuance under the Plan to the extent those Awards expire, are forfeited, or cancelled or terminate for any reason prior to the issuance or vesting of the shares of Common Stock subject to those Awards or are settled in cash. If shares of Common Stock otherwise issuable upon exercise of an option granted under the Plan are surrendered in payment of the exercise price of an option, then the number of shares of Common Stock available for issuance under the Plan shall be reduced only by the net number of shares issued by the Company upon such exercise and not by the gross number of shares as to which such option is exercised. Upon the exercise of any stock appreciation right under the Plan, the number of shares of Common Stock available for issuance under the Plan shall be reduced only by the net number of shares actually issued by the Company upon such exercise. If shares of Common Stock otherwise issuable under the Plan are withheld by the Company in satisfaction of the Withholding Taxes incurred in connection with the issuance, vesting or exercise of any Award or the issuance of Common Stock thereunder, then the number of shares of Common Stock available for issuance under the Plan shall be reduced by the net number of shares issued under such Award, calculated in each instance after shares of Common Stock are withheld in satisfaction of the applicable Withholding Taxes.

To the extent any shares subject to outstanding awards under the Predecessor Plan as of the Effective Date ("<u>Predecessor Plan Awards</u>") expire, are forfeited, or cancelled or terminate for any reason prior to the issuance of the shares of Common Stock subject to those Predecessor Plan Awards or are settled in cash, or are surrendered in payment of the exercise price of an option, or are withheld by the Company in satisfaction of the Withholding Taxes incurred in connection with the issuance, vesting or exercise of any Predecessor Plan Award or the issuance of Common Stock thereunder, such shares shall be added to the share reserve under this Plan and shall accordingly be available for issuance hereunder.

Unvested shares issued under the Plan or with respect to a Predecessor Plan Award and subsequently forfeited to or repurchased by the Company, at a price per share not greater than the original issue price paid per share, pursuant to the Company's repurchase rights under the Plan shall be available for issuance under the Plan. Shares of Common Stock that have been repurchased by the Company on the open market using stock option exercise proceeds shall not be available for subsequent issuance under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. **<u>Limitation on Awards</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Subject to adjustment pursuant to Section V.D, the maximum number of shares of Common Stock that may be issued pursuant to Incentive Options granted under the Plan shall be the number of shares authorized for issuance under Section V.A, but in no event more than 6,500,000 shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Subject to adjustment pursuant to Section V.D, the maximum aggregate grant date value of shares of Common Stock subject to Awards made to any Non-Employee Director under the Plan during any calendar year, taken together with any cash fees earned by such Non-Employee Director for services rendered during the calendar year as a Non-Employee Director, shall not exceed $700,000 in total value, provided that, with respect to the calendar year in which the Non-Employee Director is first appointed to the Board, such limit shall be equal to $1,000,000. For purposes of this limit, the value of such Awards shall be calculated based on the grant date fair value of such Awards for financial reporting purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. **<u>Adjustments</u>**. Should any change be made to the Common Stock by reason of any stock split, reverse stock split, stock dividend, recapitalization, combination of shares, exchange of shares, or spin-off transaction, or other change affecting the outstanding Common Stock as a class without the Company's receipt of consideration, or should the value of outstanding shares of Common Stock be substantially reduced as a result of a spin-off transaction, extraordinary distribution (whether in cash, securities or other property) or an extraordinary dividend, or should there occur any merger, consolidation, reincorporation or other reorganization (each, a "<u>Corporate Event</u>"), then equitable adjustments shall be made by the Plan Administrator to (i) the maximum number and/or class of securities issuable under the Plan, (ii) the maximum number and/or class of securities that may be issued pursuant to Incentive Options granted under the Plan, (iii) the number and/or class of securities and the exercise, purchase or base price per share in effect under each outstanding Award and the consideration (if any) payable per share, and (iv) the number and/or class of securities subject to the Company's outstanding repurchase rights under the Plan and the repurchase price payable per share, and (v) such other terms and conditions for outstanding Awards as the Plan Administrator deems appropriate. In the event of a Change in Control, the adjustments (if any) shall be made in accordance with the applicable provisions of the Plan governing Change in Control transactions. Additionally, in the event of a Corporate Event, the Plan Administrator may substitute, on an equitable basis as the Plan Administrator determines, for each share of Common Stock then subject to an Award and the shares subject to this Plan (if this Plan will continue in effect), the number and kind of shares of stock, other securities, cash or other property to which holders of Common Stock are or will be entitled in respect of each share of Common Stock pursuant to the Corporate Event. Any adjustments set forth in this Section V.D shall be consistent with the applicable requirements under sections 409A and 424 of the Code. The adjustments under this Section V.D shall be made in such manner as the Plan Administrator deems appropriate and such adjustments shall be final, binding, and conclusive. Outstanding Awards granted pursuant to the Plan shall in no way affect the right of the Company to adjust, reclassify, reorganize, or otherwise change its capital or business structure or to merge, consolidate, dissolve, liquidate or sell or transfer all or any part of its business or assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. **<u>Substitute Awards</u>**. Awards may, in the sole discretion of the Plan Administrator, be granted under the Plan in assumption of, or in substitution for, outstanding awards previously granted by an entity directly or indirectly acquired by the Company or with which the Company combines ("<u>Substitute Awards</u>"). Substitute Awards shall not be counted against the share limit (nor shall Substitute Awards be added to the share limit as provided above), *provided*, that Substitute Awards issued in connection with the assumption of, or in substitution for, outstanding options intended to qualify as Incentive Options within the meaning of Code Section 422 shall be counted against the aggregate number of shares of Common Stock available for Awards of Incentive Options under the Plan. Subject to applicable stock exchange requirements, available shares under a stockholder approved plan of an entity directly or indirectly acquired by the Company or with which the Company combines (as appropriately adjusted to reflect the acquisition or combination transaction) may be used for Awards under the Plan and shall not reduce (or be added back to) the number of shares of Common Stock available for issuance under the Plan.

VI OPTIONS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. **<u>Authority</u>**. The Plan Administrator shall have full power and authority, exercisable in its sole discretion, to grant Incentive Options and Non-Statutory Options evidenced by an Award Agreement in the form approved by the Plan Administrator, provided, however, that the terms of each such Award Agreement shall not be inconsistent with the Plan. Each Award Agreement evidencing an Incentive Option shall, in addition, be subject to the provisions of Section VI.F below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. **<u>Exercise Price</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The exercise price per share shall be fixed by the Plan Administrator, provided, however, that such exercise price shall not be less than one hundred percent (100%) of the Fair Market Value per share of Common Stock on the grant date, except as determined otherwise by the Plan Administrator with respect to a Substitute Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The exercise price shall be payable in one or more of the following forms as determined by the Plan Administrator and specified in the Award Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) cash or check made payable to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) shares of Common Stock (whether delivered in the form of actual share certificates or through attestation of ownership) valued at Fair Market Value on the Exercise Date and held for the period (if any) necessary to avoid a charge to the Company's earnings for financial reporting purposes and;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by having the Company withhold a number of shares of Common Stock otherwise deliverable pursuant to the exercise of the option with such withheld shares valued at Fair Market Value on the Exercise Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to the extent the option is exercised for vested shares of Common Stock, through a special sale and remittance procedure pursuant to which the Participant shall concurrently provide irrevocable instructions to (x) a brokerage firm (with such brokerage firm reasonably satisfactory to the Company for purposes of administering such procedure in compliance with the Company's pre-clearance/pre-notification policies) to effect the immediate sale of the purchased shares and remit to the Company, out of the sale proceeds available on the settlement date, sufficient funds to cover the aggregate exercise price payable for the purchased shares plus all applicable taxes and other amounts required to be withheld by the Company by reason of such exercise and (y) the Company to deliver the certificates for the purchased shares directly to such brokerage firm on the settlement date in order to complete the sale.

Except to the extent such sale and remittance procedure is utilized, payment of the exercise price for the purchased shares must be made on the Exercise Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Plan Administrator shall have the discretion (exercisable at any time) to permit the exercise price of an outstanding option to be paid in one or more of the forms specified in Section VI.B(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. **<u>Exercise and Term of Options</u>**. Each option shall be exercisable at such time or times, during such period and for such number of shares as shall be determined by the Plan Administrator and set forth in the Award Agreement evidencing the option. However, no option shall have a term in excess of ten (10) years measured from the option grant date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. **<u>Effect of Termination of Service</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The following provisions shall govern the exercise of any options that are held by the Participant at the time of the Participant's cessation of Service or death, unless provided otherwise in the Award Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Should the Participant cease to remain in Service for any reason other than death, Disability or Cause, then the Participant shall have a period of three (3) months from the date of such cessation of Service during which to exercise each outstanding option held by such Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Should the Participant's Service terminate by reason of Disability, then the Participant shall have a period of twelve (12) months from the date of such cessation of Service during which to exercise each outstanding option held by such Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Participant dies while holding an outstanding option, then the personal representative of the Participant's estate or the person or persons to whom the option is transferred pursuant to the Participant's will or the laws of inheritance or, if beneficiary designations are permitted and have been validly made, the Participant's designated beneficiary or beneficiaries of that option shall have a twelve (12)-month period from the date of the Participant's death to exercise such option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Under no circumstances, however, shall any such option be exercisable after the specified expiration of the option term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Should the Participant's Service be terminated for Cause or should the Participant otherwise engage in Cause while holding one or more outstanding options under the Plan, then all those options shall terminate immediately and cease to remain outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) During the applicable post-Service exercise period, the option may not be exercised in the aggregate for more than the number of vested shares for which the option is exercisable at the time of cessation of the Participant's Service or death. No additional shares shall vest under the option following the Participant's cessation of Service except to the extent (if any) specifically authorized by the Plan Administrator in its sole discretion pursuant to an express written agreement with the Participant. Upon the expiration of the applicable exercise period or (if earlier) upon the expiration of the option term, the option shall terminate and cease to be outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Plan Administrator shall have the discretion, exercisable either at the time an option is granted or at any time while the option remains outstanding, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) extend the period of time for which the option is to remain exercisable following the Participant's cessation of Service or death from the limited exercise period otherwise in effect for that option to such greater period of time as the Plan Administrator shall deem appropriate, but in no event beyond the expiration of the option term;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) include an automatic extension provision whereby the specified post-Service exercise period in effect for any option shall automatically be extended by an additional period of time equal in duration to any interval within the specified post-Service exercise period during which the exercise of that option or the immediate sale of the shares acquired under such option could not be effected in compliance with applicable federal and state securities laws, but in no event shall such an extension result in the continuation of such option beyond the expiration date of the term of that option; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) permit the option to be exercised, during the applicable post-Service exercise period, not only with respect to the number of vested shares of Common Stock for which such option is exercisable at the time of the Participant's cessation of Service or death but also with respect to one or more additional installments in which the Participant would have vested under the option had the Participant continued in Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. **<u>Early Exercise</u>**. The Plan Administrator shall have the discretion to grant options that are exercisable for unvested shares of Common Stock. Should the Participant cease Service while holding unvested shares received upon such early exercise of an option, the Company shall have the right to repurchase any or all such unvested shares at a price per share equal to the ***lower*** of (i) the exercise price paid per share or (ii) the Fair Market Value per share of Common Stock at the time of the Participant's cessation of Service. The terms upon which such repurchase right shall be exercisable (including the period and procedure for exercise and the appropriate vesting schedule for the purchased shares) shall be established by the Plan Administrator and set forth in the document evidencing such repurchase right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. **<u>Incentive Options</u>**. The terms specified below shall be applicable to all Incentive Options. Except as modified by the provisions of this Section VI.F, all the provisions of the Plan shall be applicable to Incentive Options. Options that are specifically designated as Non-Statutory Options when issued under the Plan shall not be subject to the terms of this Section VI.F.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *<u>Eligibility</u>*. Incentive Options may only be granted to Employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *<u>Dollar Limitation</u>*. The aggregate Fair Market Value of the shares of Common Stock (determined as of the respective date or dates of grant) for which one (1) or more options granted to any Employee under the Plan (or any other option plan of the Company or any Parent or Subsidiary) may for the first time become exercisable as Incentive Options during any one calendar year shall not exceed the sum of One Hundred Thousand Dollars ($100,000).

To the extent the Employee holds two (2) or more such options that become exercisable for the first time in the same calendar year, then for purposes of the foregoing limitations on the exercisability of those options as Incentive Options, such options shall be deemed to become first exercisable in that calendar year based on the chronological order in which they were granted, except to the extent otherwise provided under applicable law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *<u>10% Stockholder</u>*. If any Employee to whom an Incentive Option is granted is a 10% Stockholder, then the exercise price per share shall not be less than one hundred ten percent (110%) of the Fair Market Value per share of Common Stock on the option grant date, and the option term shall not exceed five (5) years measured from the option grant date.

VII STOCK APPRECIATION RIGHTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. **<u>Authority</u>**. The Plan Administrator shall have full power and authority, exercisable in its sole discretion, to grant stock appreciation rights evidenced by an Award Agreement in the form approved by the Plan Administrator, provided, however, that the terms of each such Award Agreement shall not be inconsistent with the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. **<u>Types</u>**. Two types of stock appreciation rights shall be authorized for issuance under this Section VII: (i) tandem stock appreciation rights ("<u>Tandem Rights</u>") and (ii) stand-alone stock appreciation rights ("<u>Stand-alone Rights</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. **<u>Tandem Rights</u>**. The following terms and conditions shall govern the grant and exercise of Tandem Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) One or more Participants may be granted a Tandem Right, exercisable upon such terms and conditions as the Plan Administrator may establish, to elect between the exercise of the underlying option for shares of Common Stock or the surrender of that option in exchange for a distribution from the Company in an amount equal to the excess of (a) the Fair Market Value (on the option surrender date) of the number of shares in which the Participant is at the time vested under the surrendered option (or surrendered portion thereof) over (b) the aggregate exercise price payable for such vested shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any distribution to which the Participant becomes entitled upon the exercise of a Tandem Right may be made in (a) shares of Common Stock valued at Fair Market Value on the option surrender date, (b) cash or (c) a combination of cash and shares of Common Stock, as specified in the applicable Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. **<u>Stand-Alone Rights</u>**. The following terms and conditions shall govern the grant and exercise of Stand-alone Rights:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) One or more Participants may be granted a Stand-alone Right not tied to any underlying option. The Stand-alone Right shall relate to a specified number of shares of Common Stock and shall be exercisable upon such terms and conditions as the Plan Administrator may establish. In no event, however, may the Stand-alone Right have a maximum term in excess of ten (10) years measured from the grant date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Upon exercise of the Stand-alone Right, the holder shall be entitled to receive a distribution from the Company in an amount equal to the excess of (a) the aggregate Fair Market Value (on the exercise date) of the shares of Common Stock underlying the exercised right over (b) the aggregate base price in effect for those shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The number of shares of Common Stock underlying each Stand-alone Right and the base price in effect for those shares shall be determined by the Plan Administrator in its sole discretion at the time the Stand-alone Right is granted. In no event, however, may the base price per share be less than the Fair Market Value per underlying share of Common Stock on the grant date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The distribution with respect to an exercised Stand-alone Right may be made in (a) shares of Common Stock valued at Fair Market Value on the exercise date, (b) cash or (c) a combination of cash and shares of Common Stock, as specified in the applicable Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The holder of a Stand-alone Right shall have no stockholder rights with respect to the shares subject to the Stand-alone Right unless and until such person shall have exercised the Stand-alone Right and become a holder of record of the shares of Common Stock issued upon the exercise of such Stand-alone Right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. **<u>Post-Service Exercise</u>**. The provisions governing the exercise of Tandem Rights and Stand-alone Rights following the cessation of the Participant's Service shall be substantially the same as those set forth in Section VI.D for the options granted under the Plan, and the Plan Administrator's discretionary authority under Section VI.D(ii) shall also extend to any outstanding Tandem Rights and Stand-alone Rights.

VIII STOCK AWARDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. **<u>Authority</u>**. The Plan Administrator shall have full power and authority, exercisable in its sole discretion, to grant stock awards either as vested or unvested shares of Common Stock, through direct and immediate issuances. Each stock award shall be evidenced by an Award Agreement in the form approved by the Plan Administrator, provided, however, that the terms of each such Award Agreement shall not be inconsistent with the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. **<u>Consideration</u>**. Shares of Common Stock may be issued under a stock award for any of the following items of consideration that the Plan Administrator may deem appropriate in each individual instance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) cash or check made payable to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) past services rendered to the Company (or any Parent or Subsidiary); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any other valid consideration under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. **<u>Vesting Provisions</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Stock awards may, in the discretion of the Plan Administrator, be fully and immediately vested upon issuance as a bonus for Service rendered or may vest in one or more installments over the Participant's period of Service and/or upon the attainment of specified performance objectives. The Plan Administrator shall also have the discretionary authority to structure one or more stock awards so that the shares of Common Stock subject to those Awards shall vest upon the achievement of pre-established performance objectives based on one or more Performance Goals and measured over the performance period specified by the Plan Administrator at the time of the grant of the Award. The elements of the vesting schedule applicable to any stock award shall be determined by the Plan Administrator and incorporated into the Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Should the Participant cease to remain in Service while holding one or more unvested shares of Common Stock issued under a stock award or should the performance objectives not be attained with respect to one or more such unvested shares of Common Stock, then those shares shall be immediately surrendered to the Company for cancellation, and the Participant shall have no further stockholder rights with respect to those shares. To the extent the surrendered shares were previously issued to the Participant for consideration paid in cash or cash equivalent, the Company shall repay to the Participant the ***lower*** of (a) the cash consideration paid for the surrendered shares or (b) the Fair Market Value of those shares at the time of cancellation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Plan Administrator may in its discretion waive the surrender and cancellation of one or more unvested shares of Common Stock that would otherwise occur upon the cessation of the Participant's Service or the non-attainment of the performance objectives applicable to those shares. Any such waiver shall result in the immediate vesting of the Participant's interest in the shares of Common Stock as to which the waiver applies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any new, substituted or additional securities or other property (including money paid other than as a regular cash dividend) that the Participant may have the right to receive with respect to the Participant's unvested shares of Common Stock by reason of any stock dividend, stock split, recapitalization, combination of shares, exchange of shares, spin-off transaction, extraordinary dividend or distribution or other change affecting the outstanding shares of Common Stock as a class without the Company's receipt of consideration shall be issued subject to (a) the same vesting requirements applicable to the Participant's unvested shares of Common Stock and (b) such escrow arrangements as the Plan Administrator shall deem appropriate, unless and to the extent the Plan Administrator determines at the time to vest and distribute such securities or other property. Equitable adjustments to reflect each such transaction shall also be made by the Plan Administrator to the repurchase price payable per share by the Company for any unvested securities subject to its existing repurchase rights under the Plan, provided the aggregate repurchase price shall in each instance remain the same.

IX RESTRICTED STOCK UNITS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. **<u>Authority</u>**. The Plan Administrator shall have the full power and authority, exercisable in its sole discretion, to grant restricted stock units evidenced by an Award Agreement in the form approved by the Plan Administrator, provided, however, that the terms of each such Award Agreement shall not be inconsistent with the terms specified below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. **<u>Terms</u>**. Each restricted stock unit award shall entitle the Participant to receive the shares underlying that Award (or an amount based on the value of the shares) upon vesting or upon the expiration of a designated time period following the vesting of the Award. Payment of shares underlying a restricted stock unit award may be deferred for a period specified by the Plan Administrator at the time the restricted stock unit award is initially granted or (to the extent permitted by the Plan Administrator) designated by the Participant pursuant to a timely deferral election made in accordance with the requirements of Code Section 409A. Restricted stock units subject to performance vesting may also be structured so that the underlying shares are convertible into shares of Common Stock (or a payment based on the value of the shares), but the rate at which each share is to so convert shall be based on the attained level of performance for each applicable performance objective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. **<u>Vesting Provisions</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Restricted stock units may, in the discretion of the Plan Administrator, vest in one or more installments over the Participant's period of Service or upon the attainment of specified performance objectives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Plan Administrator shall also have the discretionary authority to structure one or more restricted stock unit awards so that the shares of Common Stock subject to those Awards shall vest (or vest and become issuable) upon the achievement of pre-established performance objectives based on one or more Performance Goals and measured over the performance period specified by the Plan Administrator at the time of the grant of the Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Outstanding restricted stock units shall automatically terminate without any payment if the performance goals or Service requirements established for those Awards are not attained or satisfied. The Plan Administrator, however, shall have the discretionary authority to make a payment under one or more outstanding Awards of restricted stock units as to which the designated performance goals or Service requirements have not been attained or satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. **<u>Payment</u>**. Restricted stock units that vest may be settled in (i) cash, (ii) shares of Common Stock valued at Fair Market Value on the payment date or (iii) a combination of cash and shares of Common Stock, as determined by the Plan Administrator in its sole discretion and set forth in the Award Agreement.

X DIVIDEND EQUIVALENT RIGHTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. **<u>Authority</u>**. The Plan Administrator shall have full power and authority, exercisable in its sole discretion, to grant dividend equivalent rights evidenced by an Award Agreement in the form approved by the Plan Administrator, provided however, that the terms of each such Award Agreement shall not be inconsistent with the terms specified below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. **<u>Terms</u>**. The dividend equivalent rights may be granted as stand-alone awards or in tandem with other Awards made under the Plan, except dividend equivalent rights shall not be granted in connection with an option or stock appreciation right. The term of each dividend equivalent right award shall be established by the Plan Administrator at the time of grant, but no such award shall have a term in excess of ten (10) years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. **<u>Entitlement</u>**. Each dividend equivalent right shall represent the right to receive the economic equivalent of each dividend or distribution, whether in cash, securities, or other property (other than shares of Common Stock), which is made per issued and outstanding share of Common Stock during the term the dividend equivalent right remains outstanding. A special account on the books of the Company shall be maintained for each Participant to whom a dividend equivalent right is granted, and that account shall be credited per dividend equivalent right with each such dividend or distribution made per issued and outstanding Common Stock during the term of that dividend equivalent right remains outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. **<u>Timing of Payment</u>**. Payment of the amounts credited to such book account shall not be made to the Participant prior to the vesting of that Award (or the portion thereof to which the dividend equivalent right award relates), and no dividend equivalents shall vest or become payable until the underlying Award vests and becomes payable. Accordingly, dividend equivalent rights shall be subject to cancellation and forfeiture to the same extent as the underlying Award. Payment may be deferred for a period specified by the Plan Administrator at the time the dividend equivalent right award is initially granted or (to the extent permitted by the Plan Administrator) designated by the Participant pursuant to a timely deferral election made in accordance with the requirements of Code Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. **<u>Form of Payment</u>**. Payment of the amounts due with respect to dividend equivalent rights may be made in (i) cash, (ii) shares of Common Stock or (iii) a combination of cash and shares of Common Stock, as determined by the Plan Administrator in its sole discretion and set forth in the Award Agreement. If payment is to be made in the form of shares of Common Stock, the number of shares of Common Stock into which the cash dividend or distribution amounts are to be converted for purposes of the Participant's book account may be based on the Fair Market Value per share of Common Stock on the date of conversion, a prior date or an average of the Fair Market Value per share of Common Stock over a designated period, as determined by the Plan Administrator in its sole discretion.

XI CASH AWARDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Plan Administrator shall have the discretionary authority under the Plan to make cash awards that are to vest in one or more installments over the Participant's period of continued Service with the Company or upon the attainment of specified performance goals. Each such cash award shall be evidenced by an Award Agreement in the form approved by the Plan Administrator, provided however, that the terms of each such Award Agreement shall not be inconsistent with the terms specified below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The elements of the vesting schedule applicable to each cash award shall be determined by the Plan Administrator and incorporated into the Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Plan Administrator shall also have the discretionary authority to structure one or more cash awards so that those Awards shall vest upon the achievement of pre-established corporate performance objectives based upon one or more Performance Goals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Outstanding cash awards shall automatically terminate, and no cash payment or other consideration shall be due the holders of those Awards, if the performance goals or Service requirements established for the Awards are not attained or satisfied. The Plan Administrator may in its discretion waive the cancellation and termination of one or more unvested Cash Awards which would otherwise occur upon the cessation of the Participant's Service or the non-attainment of the performance objectives applicable to those Awards. Any such waiver shall result in the immediate vesting of the Participant's interest in the cash award as to which the waiver applies. Such wavier may be effected at any time, whether before or after the Participant's cessation of Service or the attainment or non-attainment of the applicable performance objectives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Cash awards that become due and payable following the attainment of the applicable performance goals or satisfaction of the applicable Service requirement (or the waiver of such goals or Service requirement) may be paid in (a) cash, (b) shares of Common Stock valued at Fair Market Value on the payment date or (c) a combination of cash and shares of Common Stock, as specified in the Award Agreement.

XII OTHER AWARDS

The Plan Administrator may grant other Awards denominated in shares of Common Stock (including performance shares or performance units) and other Awards providing for cash payments based in whole or in part on the value or future value of the Common Stock, alone or in tandem with other Awards, in such amounts as the Plan Administrator shall from time to time in its sole discretion determine. Other awards shall also include cash payments under the Plan that may be based on one or more criteria determined by the Plan Administrator that are unrelated to the value of Common Stock and that may be granted in tandem with, or independent of, other Awards under the Plan. Each other award granted under the Plan shall be evidenced by an Award Agreement in the form approved by the Plan Administrator. Each other award so granted shall be subject to such conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement.

XIII EFFECT OF CHANGE IN CONTROL

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. In the event of a Change in Control, each outstanding Award, as determined by the Plan Administrator in its sole discretion, may, in whole or in part, be (i) assumed by the successor corporation (or parent thereof), (ii) canceled and substituted with an Award granted by the successor corporation (or parent thereof), (iii) otherwise continued in full force and effect pursuant to the terms of the Change in Control transaction, (iv) vested in full or in part, (v) cancelled in exchange for a cash payment, subject to Section XIII.C, in an amount equal to the product of (x) the number of shares of Common Stock subject to the vested portion of such Award and (b) the excess of the Fair Market Value per share of Common Stock on the date of the Change in Control over the per share exercise price or purchase price in effect for such Award, or (vi) replaced with a cash retention program of the Corporation or any successor corporation which preserves the spread existing on the unvested shares subject to the Award at the time of the Change in Control (the excess of the Fair Market Value of those shares over the aggregate purchase price payable for such shares) and, subject to Section XIII.C, provides for subsequent payout of that spread in accordance with the same exercise/vesting schedule applicable to those unvested Award shares, but only if such replacement cash program would not result in the treatment of the Award as an item of deferred compensation subject to Code Section 409A. Notwithstanding anything to the contrary, an Award shall be subject to cancellation and termination, without cash payment or other consideration due to the Award holder, if the Fair Market Value per share of Common Stock on the date of such Change in Control is less than the per share exercise price or purchase price in effect for such Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. To the extent an outstanding Award is not assumed, substituted, continued or replaced in accordance with Section XIII.A, such Award shall automatically vest in full immediately prior to the effective date of the Change in Control, unless the acceleration of such Award is subject to other limitations imposed by the Plan Administrator at the time of the grant of the Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Plan Administrator shall have the authority to provide that any escrow, holdback, earn-out or similar provisions in the definitive agreement effecting the Change in Control shall apply to any cash payment made pursuant to Section XIII.A or Section XIII.B to the same extent and in the same manner as such provisions apply to a holder of a share of Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Immediately following the consummation of the Change in Control, all outstanding Awards shall terminate and cease to be outstanding, except to the extent assumed by the successor corporation (or parent thereof) or otherwise continued in full force and effect pursuant to the terms of the Change in Control transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. In the event of any Change in Control, the Plan Administrator in its sole discretion may determine that all outstanding repurchase or cancellation rights (i) are to be assigned to the successor corporation (or parent thereof) or otherwise continued in full force and effect pursuant to the terms of the Change in Control transaction or (ii) are to be terminated and the shares of Common Stock subject to those terminated rights are to immediately vest in full, unless such accelerated vesting is precluded by limitations imposed by the Plan Administrator at the time the right is issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Each Award that is assumed in connection with a Change in Control or otherwise continued in effect shall be appropriately adjusted, immediately after such Change in Control, to apply to the number and class of securities into which the shares of Common Stock subject to that Award would have been converted in consummation of such Change in Control had those shares actually been outstanding at that time. Notwithstanding the foregoing, unless provided otherwise in the Award Agreement, if any Award is subject to a performance-vesting condition tied to the attainment of one or more specified performance goals and such Award is to be so assumed or continued, the performance-vesting conditions shall terminate, and the assumption or continuation of the Award shall be effected in accordance with this Section XIII.F with the number of shares of Common Stock subject to the Award determined based on actual performance attainment as of the date of the Change in Control or based on target level, as determined by the Plan Administrator, and the service vesting and issuance provisions of the Award shall continue in effect with respect to the Award. Appropriate adjustments to reflect such Change in Control shall also be made to (i) the exercise or base price or cash consideration payable per share in effect under each outstanding Award, <u>provided</u> the aggregate exercise or base price or cash consideration in effect for such securities shall remain the same, (ii) the maximum number and/or class of securities available for issuance over the remaining term of the Plan, (iii) the maximum number and/or class of securities for which Incentive Options may be granted under the Plan, and (iv) the number and/or class of securities subject to the Company's outstanding repurchase rights under the Plan and the repurchase price payable per share. To the extent the actual holders of the Company's outstanding shares of Common Stock receive cash consideration for their shares of Common Stock in consummation of the Change in Control, the successor corporation (or parent thereof) may, in connection with the assumption or continuation of the outstanding Awards under the Plan and subject to the Plan Administrator's approval, substitute, for the securities underlying those assumed Awards, one or more shares of its own common stock with a fair market value equivalent to the cash consideration paid per shares of Common Stock in such Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. The Plan Administrator shall have the discretion, exercisable either at the time an Award is granted or at any time while an Award remains outstanding, to structure such Award so that (i) all or a portion of the Award shall automatically accelerate and vest (and any repurchase rights of the Corporation with respect to the unvested shares subject to that Award that become vested on such accelerated basis shall immediately terminate) upon the occurrence of a Change in Control, whether or not such Award is to be assumed in the Change in Control or otherwise continued in effect or (ii) the shares subject to such Award will automatically vest on an accelerated basis should the Participant's Service terminate by reason of an Involuntary Termination within a designated period following the effective date of any Change in Control in which the Award is assumed or otherwise continued in effect and the repurchase rights applicable to those shares do not otherwise terminate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. The portion of any Incentive Option accelerated in connection with a Change in Control shall remain exercisable as an Incentive Option only to the extent the applicable One Hundred Thousand Dollar ($100,000) limitation is not exceeded. To the extent such dollar limitation is exceeded, the accelerated portion of such option shall be exercisable as a Non-Statutory Option under the Federal tax laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. The grant of Awards under the Plan shall in no way affect the right of the Corporation to adjust, reclassify, reorganize or otherwise change its capital or business structure or to merge, consolidate, dissolve, liquidate or sell or transfer all or any part of its business or assets.

XIV REPRICING PROGRAMS

The Plan Administrator shall have the discretionary authority, except pursuant to Section V.D, to (i) implement cancellation/regrant programs pursuant to which outstanding options or stock appreciation rights under the Plan are cancelled and new options or stock appreciation rights are granted in replacement with a lower exercise or base price per share, (ii) cancel outstanding options or stock appreciation rights under the Plan with exercise or base prices per share in excess of the then current Fair Market Value per share of Common Stock for consideration payable in cash or in equity securities of the Company (except in the case of a Change in Control) or (iii) reduce the exercise or base price in effect for outstanding options or stock appreciation rights under the Plan, in any case without stockholder approval.

XV MISCELLANEOUS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. **<u>Deferred Compensation; Code Section 409A</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Plan Administrator may, in its sole discretion, structure one or more Awards (other than options and stock appreciation rights) so that the Participants may be provided with an election to defer the compensation associated with those Awards for federal income tax purposes. Any such deferral opportunity shall comply with all applicable requirements of Code Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Plan Administrator may implement a Non-Employee Director retainer fee deferral program under the Plan so as to allow the Non-Employee Director the opportunity to elect, prior to the start of each calendar year, to convert the Board and Board committee retainer fees to be earned for such year into restricted stock units under the Plan that will defer the issuance of the shares of Common Stock that vest under those restricted stock units until a permissible date or event under Code Section 409A. If such program is implemented, the Plan Administrator shall have the authority to establish such rules and procedures as it deems appropriate for the filing of such deferral elections and the designation of the permissible distribution events under Code Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To the extent the Company maintains one or more separate non-qualified deferred compensation arrangements that allow the participants the opportunity to make notional investments of their deferred account balances in shares of Common Stock, the Plan Administrator may authorize the share reserve under the Plan to serve as the source of any shares of Common Stock that become payable under those deferred compensation arrangements. In such event, the share reserve under the Plan shall be reduced on a share-for-share basis for each share of Common Stock issued under the Plan in settlement of the deferred compensation owed under those separate arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) If an Award is subject to Code Section 409A, (a) distributions shall only be made in a manner and upon an event permitted under Code Section 409A, (b) payments to be made upon a termination of employment or service shall only be made upon a "separation from service" under Code Section 409A, (c) payments to be made upon a Change in Control shall only be made upon a "change of control event" under Code Section 409A, (d) unless the Award specifies otherwise, the right to a series of installment payments shall be treated as a right to a series of separate payments and each payment shall be treated as a separate payment for purposes of Code Section 409A, and (e) in no event shall a Participant, directly or indirectly, designate the calendar year in which a distribution is made except in accordance with Code Section 409A. Any Award granted under the Plan that is subject to Code Section 409A and that is to be distributed to a specified employee (as defined under Code Section 409A) upon separation from service shall be administered so that any distribution with respect to such Award shall be postponed for six (6) months following the date of the Participant's separation from service, if required by Code Section 409A. If a distribution is delayed pursuant to Code Section 409A, the distribution shall be paid within thirty (30) days after the end of the six (6)-month period. If the Participant dies during such six (6)-month period, any postponed amounts shall be paid within sixty (60) days of the Participant's death. The Plan Administrator may adopt such amendments to the Plan and the applicable Award Agreement or adopt policies and procedures (including amendments, policies, and procedures with retroactive effect), or take any other actions, that the Plan Administrator determines are necessary or appropriate to (a) exempt the Award from Code Section 409A and/or preserve the intended tax treatment of the benefits provided with respect to the Award, or (b) comply with the requirements of Code Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. **<u>Transferability of Awards</u>**. The transferability of Awards granted under the Plan shall be governed by the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *<u>Incentive Options</u>*. During the lifetime of the Participant, Incentive Options shall be exercisable only by the Participant and shall not be assignable or transferable other than by will or the laws of inheritance following the Participant's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *<u>Other Awards</u>*. All other Awards shall be subject to the same limitation on transfer as Incentive Options, except that the Plan Administrator may structure one or more such Awards so that the Award may be assigned in whole or in part during the Participant's lifetime to one or more Family Members of the Participant or to a trust established exclusively for the Participant and/or such Family Members, to the extent such assignment is in connection with the Participant's estate plan or pursuant to a domestic relations order. The assigned portion of an Award may only be exercised (if applicable) by the person or persons who acquire a proprietary interest in the Award pursuant to the assignment. The terms applicable to the assigned portion of the Award shall be the same as those in effect for the Award immediately prior to such assignment and shall be set forth in such documents issued to the assignee as the Plan Administrator may deem appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *<u>Beneficiary Designation</u>.* Notwithstanding the foregoing, a Participant may, to the extent permitted by the Plan Administrator, designate one or more persons as the beneficiary or beneficiaries of some or all of the Participant's outstanding Awards, and those Awards shall, in accordance with such designation and to the extent valid under applicable law, automatically be transferred to such beneficiary or beneficiaries upon the Participant's death while holding those Awards. Such beneficiary or beneficiaries shall take the transferred Awards subject to all the terms and conditions of the applicable agreement evidencing each such transferred Award, including (without limitation) the limited time period during which the Award may be exercised (if applicable) following the Participant's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. **<u>Stockholder Rights</u>**. A Participant shall not have any of the rights of a stockholder (including the right to vote or receive dividends) with respect to shares of Common Stock covered by an Award until the Participant becomes the holder of record of such shares. A Participant may be granted the right to receive dividend equivalents under Section X with respect to one or more outstanding Awards. However, any dividend or dividend equivalent payable in connection with an unvested Award shall not be paid until and unless the underlying Award vests and shall be subject to risk of forfeiture to the same extent as the underlying Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. **<u>Tax Withholding; No Guarantee of Tax Treatment</u>**. The Company's obligation to deliver shares of Common Stock, other securities or cash upon the exercise, issuance, vesting or settlement of an Award under the Plan shall be subject to the satisfaction of all applicable Withholding Tax requirements. The Company (or any Parent or Subsidiary employing or retaining the Participant) shall have the right and is hereby authorized to withhold, from any cash, shares of Common Stock, other securities or other property issuable or deliverable under any Award or from any compensation or other amounts owing to the Participant, the amount (in cash, shares of Common Stock, other securities or other property) of any required Withholding Taxes in respect of an Award and to take such other action as may be necessary in the opinion of the Plan Administrator to satisfy all obligations for the payment of such Withholding Taxes. Without limiting the generality of the foregoing, the Plan Administrator may, in its sole discretion, permit a Participant to satisfy the foregoing Withholding Tax liability in whole or in part by (i) the delivery of shares of Common Stock previously acquired by such individual (other than in connection with the exercise, issuance, vesting or settlement triggering the Withholding Taxes) with an aggregate Fair Market Value equal to the Withholding Taxes or (ii) having the Company withhold, from the shares of Common Stock otherwise issuable upon the issuance, exercise, vesting or settlement of such Award, a portion of those shares with an aggregate Fair Market Value at the time of delivery equal to the Withholding Taxes, in each case at a withholding rate determined by the Plan Administrator but in no event to exceed the maximum statutory rate applicable to the Participant to the extent necessary to avoid adverse accounting treatment. Notwithstanding any provisions of the Plan to the contrary, the Company does not guarantee to any Participant or any other person with an interest in an Award that (x) any Award intended to be exempt from Code Section 409A shall be so exempt, (y) any Award intended to comply with Code Section 409A or Code Section 422 shall so comply, or (z) any Award shall otherwise receive a specific tax treatment under any other applicable tax law, nor in any such case will the Company or any affiliate be required to indemnify, defend or hold harmless any individual with respect to the tax consequences of any Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. **<u>Share Escrow/Legends</u>**. Unvested shares may, in the Plan Administrator's discretion, be held in escrow by the Company until the Participant's interest in such shares vests or may be issued directly to the Participant with restrictive legends on the certificates evidencing those unvested shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. **<u>Effective Date and Term of the Plan</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Plan became effective on September 30, 2025 (the "<u>Plan Effective Date</u>"), the date upon which the Plan was approved by the Company's stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Plan shall terminate upon the ***earliest*** to occur of (a) the date immediately preceding the tenth anniversary of the Plan Effective Date, (b) the date on which all shares available for issuance under the Plan shall have been issued as fully vested shares, (c) the termination of all outstanding Awards in connection with a Change in Control, or (d) the termination of the Plan by the Board. Should the Plan terminate under subsection (a) or (b) above, then all Awards outstanding at that time shall continue to have force and effect in accordance with the provisions of the documents evidencing those Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. **<u>Termination and Amendment of the Plan and Awards</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Board shall have complete and exclusive power and authority to terminate the Plan at any time. The Board shall also have complete and exclusive power and authority to amend or modify the Plan in any or all respects, subject to stockholder approval to the extent required under applicable law or regulation or pursuant to the listing standards of the Stock Exchange on which the shares of Common Stock are at the time primarily traded. However, no such amendment or modification shall adversely affect the rights and obligations with respect to Awards at the time outstanding under the Plan unless the Participant consents to such amendment or modification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Awards may be granted under the Plan that involve shares of Common Stock in excess of the number of shares of Common Stock then available for issuance under the Plan, provided no shares shall be issued pursuant to those Awards until the number of shares of Common Stock available for issuance under the Plan is sufficiently increased by stockholder approval of an amendment of the Plan authorizing such increase. If such stockholder approval is not obtained within twelve (12) months after the date the first excess Award is made, then all Awards granted based on such excess shares shall terminate and cease to be outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Plan Administrator shall have the power and authority to amend or modify any Award without the Participant's consent to the extent the Plan Administrator determines such amendment or modification is (A) required under applicable law or regulation or pursuant to the listing standards of the Stock Exchange on which the shares of Common Stock are at the time primarily traded, (B) necessary to preserve favorable accounting or tax treatment of any Award, or (C) necessary to enable an Award intended to be exempt from Code Section 409A to continue to be so exempt, or to enable an Award intended to comply with Code Section 409A to continue to so comply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. **<u>Subplans</u>**. The Compensation Committee shall have the discretionary authority to adopt and implement from time to time such addenda or subplans to the Plan as it may deem necessary to bring the Plan into compliance with applicable laws and regulations of any foreign jurisdictions in which Awards are to be made under the Plan and/or to obtain favorable tax treatment in those foreign jurisdictions for the individuals to whom the Awards are made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. **<u>Use of Proceeds</u>**. Any cash proceeds received by the Company from the sale of shares of Common Stock under the Plan shall be used for general corporate purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. **<u>Regulatory Approvals</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The implementation of the Plan, the granting of any Award under the Plan and the issuance of any shares of Common Stock in connection with the issuance, exercise, vesting or settlement of any Award under the Plan shall be subject to the Company's procurement of all approvals and permits required by regulatory authorities having jurisdiction over the Plan, the Awards made under the Plan and the shares of Common Stock issuable pursuant to those Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) No shares of Common Stock or other assets shall be issued or delivered under the Plan unless and until there shall have been compliance with all applicable requirements of applicable securities laws, and all applicable listing requirements of any Stock Exchange on which the shares of Common Stock are then listed for trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. **<u>No Employment/Service Rights</u>**. Nothing in the Plan shall confer upon the Participant any right to continue in Service for any period of specific duration or interfere with or otherwise restrict in any way the rights of the Company (or any Parent or Subsidiary employing or retaining such person) or of the Participant, which rights are hereby expressly reserved by each, to terminate such person's Service at any time for any reason, with or without cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. **<u>Recoupment</u>**. Participants shall be subject to any clawback, recoupment or other similar policy adopted by the Board as in effect (and as modified) from time to time and Awards and any cash, shares of Common Stock or other property or amounts due, paid, or issued to a Participant shall be subject to the terms of such policy, as in effect (and as modified) from time to time.

**APPENDIX**

The following definitions shall be in effect under the Plan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. **<u>Award</u>** shall mean any of the following awards authorized for issuance or grant under the Plan: options, stock appreciation rights, stock awards, restricted stock units, dividend equivalent rights and other awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. **<u>Award Agreement</u>** shall mean the written or electronic agreement(s) between the Company and the Participant evidencing a particular Award made to that individual under the Plan, as such agreement(s) may be in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. **<u>Board</u>** shall mean the Company's Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. **<u>Cause</u>** shall, with respect to each Award made under the Plan, be defined in accordance with the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Cause shall have the meaning assigned to such term in the Award Agreement for the Award or in any other agreement incorporated by reference into the Award Agreement for purposes of defining such term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In the absence of any other Cause definition in the Award Agreement for a particular Award (or in any other agreement incorporated by reference into the Award Agreement), a Participant's termination of Service shall be deemed to be for Cause if such termination occurs, in the Company's good faith belief, by reason of the Participant's: (i) commission of any act of fraud, embezzlement, theft, dishonesty, sexual harassment, or other conduct involving moral turpitude; (ii) conviction of, or a plea of "guilty" or "no contest" to, any felony under the laws of the United States or any state thereof; (iii) refusal or failure to comply in any material respect with any written policies or procedures of the Company (including, without limitation, the Company's anti-discrimination and harassment policies and the Company's drug and alcohol policy), or the written policies, for which such person was on notice, of any Parent, Subsidiary, or the Board; (iv) engagement in an act of gross negligence, willful misconduct or insubordination with respect to the Company (or any Parent or Subsidiary); (v) material breach of any written agreements with the Company; (vi) unauthorized use, disclosure, or misappropriation of confidential information or trade secrets of the Company (or any Parent or Subsidiary); (vii) failure to perform the Participant's assigned duties and responsibilities to the reasonable satisfaction of the Company, which failure continues, in the reasonable judgment of the Company, after written notice given to the Participant by the Company; or (viii) any gross negligence or misconduct that has a material adverse effect on the business or affairs of the Company (or any Parent or Subsidiary).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. **<u>Change in Control</u>** shall, with respect to each Award made under the Plan, be defined in accordance with the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Change in Control shall have the meaning assigned to such term in the Award Agreement for the Award or in any other agreement incorporated by reference into the Award Agreement for purposes of defining such term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In the absence of any other Change in Control definition in the Award Agreement (or in any other agreement incorporated by reference into the Award Agreement), Change in Control shall mean a change in ownership or control of the Company effected through any of the following transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the consummation of a merger, consolidation or other reorganization approved by the Company's stockholders, unless securities representing fifty percent (50%) or more of the total combined voting power of the voting securities of the successor corporation are immediately thereafter beneficially owned, directly or indirectly and in substantially the same proportion, by the persons who beneficially owned the Company's outstanding voting securities immediately prior to such transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the consummation of (i) a sale, transfer, or other disposition of all or substantially all of the Company's assets or (ii) a liquidation or dissolution of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the closing of any transaction or series of related transactions pursuant to which any person or any group of persons comprising a "group" within the meaning of Rule 13d-5(b)(1) of the 1934 Act (other than the Company or a person that, prior to such transaction or series of related transactions, directly or indirectly controls, is controlled by or is under common control with, the Company) acquires directly or indirectly (whether as a result of a single acquisition or by reason of one or more acquisitions within the twelve (12)-month period ending with the most recent acquisition) beneficial ownership (within the meaning of Rule 13d-3 of the 1934 Act) of securities possessing (or convertible into or exercisable for securities possessing) fifty percent (50%) or more of the total combined voting power of the Company's securities (as measured in terms of the power to vote with respect to the election of Board members) outstanding immediately after the consummation of such transaction or series of related transactions, whether such transaction involves a direct issuance from the Company or the acquisition of outstanding securities held by one or more of the Company's existing stockholders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a change in the composition of the Board over a period of twelve (12) consecutive months or less such that a majority of the Board members ceases, by reason of one or more contested elections for Board membership, to be comprised of individuals who either (A) have been Board members continuously since the beginning of such period or (B) have been elected or nominated for election as Board members during such period by at least a majority of the Board members described in clause (A) who were still in office at the time the Board approved such election or nomination.

In no event shall any public offering of the Corporation's securities be deemed to constitute a Change in Control.

Solely with respect to any Award that constitutes "deferred compensation" subject to Section 409A of the Code and that is payable on account of a Change in Control (including any installments or stream of payments that are accelerated on account of a Change in Control), a Change in Control shall occur only if such event also constitutes a "change in the ownership", "change in effective control", and/or a "change in the ownership of a substantial portion of assets" of the Company as those terms are defined under Treasury Regulation §1.409A-3(i)(5), but only to the extent necessary to establish a time or form of payment that complies with Section 409A of the Code, without altering the definition of Change in Control for purposes of determining whether a Participant's rights to such Award become vested or otherwise unconditional upon the Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. **<u>Code</u>** shall mean the U.S. Internal Revenue Code of 1986, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. **<u>Common Stock</u>** shall mean the Company's common stock, par value $0.0001.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. **<u>Compensation Committee</u>** shall mean the Compensation Committee of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. **<u>Company</u>** shall mean Edison Oncology Holding Corp., a Nevada corporation, and any successor to all or substantially all of the assets or voting stock of Edison Oncology Holding Corp.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. **<u>Disability</u>** shall have the meaning assigned to such term in the Award Agreement for the particular Award or in any other agreement incorporated by reference into the Award Agreement for purposes of defining such term, and in the absence of such a definition shall mean the inability of the Participant to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that is expected to result in death or has lasted or can be expected to last for a continuous period of twelve (12) months or more.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. **<u>Employee</u>** shall mean an individual who is in the employ of the Company (or any Parent or Subsidiary), subject to the control and direction of the employer entity as to both the work to be performed and the manner and method of performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. **<u>Exercise Date</u>** shall mean the date on which the Company shall have received written notice of the option exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M. **<u>Fair Market Value</u>** per share of Common Stock on any relevant date shall be determined in accordance with the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If the Common Stock is at the time traded on a Stock Exchange, then the Fair Market Value shall be the closing selling price per share of Common Stock at the close of regular hours trading (i.e., before after-hours trading begins) on the date in question on the Stock Exchange serving as the primary market for the Common Stock, as such price is reported by the National Association of Securities Dealers for that particular Stock Exchange and published in *The Wall Street Journal* or such other source as the Plan Administrator deems appropriate. If there is no closing selling price for the Common Stock on the date in question, then the Fair Market Value shall be the closing selling price on the last preceding date for which such quotation exists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the Common Stock is at the time quoted on a national or regional securities exchange or market system (including over-the-counter markets and the Nasdaq Capital Market) determined by the Plan Administrator to be the primary market for the shares of Common Stock, then the Fair Market Value shall be the closing selling price per share of Common Stock on the date in question, as such price is officially reported by such exchange or market system. If there is no closing selling price for the shares of Common Stock on the date in question, then the Fair Market Value shall be the closing selling price of a share of Common Stock on the last preceding date for which such quotation exists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N. **<u>Family Member</u>** shall mean, with respect to a particular Participant, any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O. **<u>Good Reason</u>** shall, with respect to each Award made under the Plan, be defined in accordance with the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Good Reason shall have the meaning assigned to such term in the Award Agreement for the Award or in any other agreement incorporated by reference into the Award Agreement for purposes of defining such term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In the absence of any other Good Reason definition in the Award Agreement (or in any other agreement incorporated by reference into the Award Agreement), Good Reason shall mean (A) a material diminution by the Company of the Participant's authority, duties or responsibilities; (B) a material change in the geographic location at which the Participant must perform (which, for purposes of the Plan, means relocation of the offices of the Company at which the Participant is principally employed to a location that increases the Participant's commute to work by more than 50 miles); or (C) a material diminution in the Participant's base compensation. The Participant must provide written notice of termination for Good Reason to the Company within 60 days after the event constituting Good Reason. The Company shall have a period of 60 days in which it may correct the act or failure to act that constitutes the grounds for Good Reason as set forth in the Participant's notice of termination. If the Company does not correct the act or failure to act, the Participant's employment will terminate for Good Reason on the first business day following the Company's 60-day cure period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P. **<u>Incentive Option</u>** shall mean an option that satisfies the requirements of Code Section 422.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q. **<u>Involuntary Termination</u>** shall, with respect to each Award made under the Plan, be defined in accordance with the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Involuntary Termination shall have the meaning assigned to such term in the Award Agreement for the Award or in any other agreement incorporated by reference into the Award Agreement for purposes of defining such term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In the absence of any other Involuntary Termination definition in the Award Agreement (or in any other agreement incorporated by reference into the Award Agreement), Involuntary Termination shall mean the termination of the Service of any Participant that occurs by reason of: (i) such Participant's involuntary dismissal or discharge by the Company (or any Parent or Subsidiary) for reasons other than for Cause, or (ii) such Participant's voluntary resignation for Good Reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R. **<u>1934 Act</u>** shall mean the Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S. **<u>Non-Employee Director</u>** shall mean a non-employee member of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. **<u>Non-Statutory Option</u>** shall mean an option that is not an Incentive Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U. **<u>Parent</u>** shall mean any corporation (other than the Company) in an unbroken chain of corporations ending with the Company, provided each corporation in the unbroken chain (other than the Company) owns, at the time of the determination, stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in one of the other corporations in such chain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. **<u>Participant</u>** shall mean any person who is granted an Award under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W. **<u>Performance Goals</u>** shall mean any objective or subjective goals the Plan Administrator establishes with respect to an Award. Performance Goals may include, but are not limited to, the following performance criteria upon which the vesting of one or more Awards under the Plan may be based: (i) cash flow, any derivative of operating cash flow, cash flow sufficient to achieve financial ratios or a specified cash balance, free cash flow, cash flow return on capital, net cash provided by operating activities, and cash flow per share; (ii) earnings (including earnings before interest and taxes, earnings before taxes, earnings before interest, taxes, depreciation, amortization and charges for stock-based compensation, earnings before interest, taxes, depreciation and amortization, earnings before interest, taxes and depreciation, and net earnings); (iii) earnings per share; (iv) growth in earnings or earnings per share; (v) stock price, net asset value, dividend, dividend payout ratio; (vi) return on equity or average stockholder equity; (vii) total stockholder return or growth in total stockholder return either directly or in relation to a comparative group; (viii) return on capital or improvement in or attainment of working capital levels; (ix) return on assets or net assets or growth in assets; (x) investment or capital employed, invested capital, required rate of return on capital, return on invested capital, capital expenditures, relative risk-adjusted investment performance and investment performance of capital; (xi) sales or revenue, growth in revenue, product revenue, or return on sales; (xii) income (before or after taxes) or net income, growth in net income or operating income, or billings; (xiii) operating income, net operating income, or net operating income after tax; (xiv) pre-tax profit, operating profit or net operating profit; (xv) operating margin or gross margin; (xvi) return on operating revenue or return on operating profit; (xvii) collections and recoveries; (xviii) product research and development, implementation or completion of an identified special project, regulatory filings or approvals or other milestones, patent application or issuance, and manufacturing or process development; (xix) application approvals; (xx) litigation regulatory resolution, legal compliance, or safety and risk reduction goals; (xxi) any derivative of debt leverage (including debt to capital, net debt-to-capital, debt-to-EBITDA or other liquidity ratios), debt levels, or debt reduction; (xxii) balance of cash, cash equivalents and marketable securities; (xxiii) overhead, savings, expenses, cost reductions, general and administrative expenses and other expense control goals; (xxiv) budget comparisons and management; (xxv) growth in stockholder value relative to the growth of the S&P 400 or S&P 400 Index, the S&P Global Industry Classification Standard ("GICS") or GICS Index, or another peer group or peer group index or stockholder liquidity; (xxvi) credit rating, debt, financing, fixed charge coverage, interest coverage; (xxvii) development and implementation of strategic plans and/or organizational restructuring goals; (xxviii) development and implementation of risk and crisis management programs, including business continuity plans; (xxix) improvement in workforce diversity, equity and inclusion; (xxx) market share, market penetration, and economic value added (or an equivalent metric); (xxxi) inventory control; (xxxii) compliance requirements and compliance relief; (xxxiii) health and safety goals; (xxxiv) productivity goals or backlog; (xxxv) workforce management, key hires, and succession planning goals; (xxxvi) economic value added (including typical adjustments consistently applied from generally accepted accounting principles required to determine economic value added performance measures); (xxxvii) measures of customer satisfaction, employee satisfaction or staff development or employee retention; (xxxviii) stakeholder engagement; (xxxix); (xl) development or marketing collaborations, formations of joint ventures or partnerships or the completion of other similar transactions intended to enhance the Company's revenue or profitability or enhance its customer base; (xli) business expansion, mergers, acquisitions, divestitures, joint ventures; (xlii) capital or fund raising to support operations, government grants, license arrangements; (xliv) acquisition of new customers, including institutional accounts or customer retention and/or repeat order rate; (xlv) progress of partnered programs; (lvi) partner satisfaction; (lvii) expansion of sales in additional geographies or markets; (lviii) expansion of sales in additional geographies or markets; (liv) clinical or regulatory milestones; corporate governance and compliance; intellectual property; personnel matters; progress of internal research; progress of partnered programs; budget management; partner or collaborator achievements; internal controls, including those related to the Sarbanes-Oxley Act of 2002; investor relations, analysts and communication; implementation or completion of projects or processes; number of users, including unique users; strategic partnerships or transactions (including in- licensing and out-licensing of intellectual property); establishing relationships with respect to the marketing, distribution and sale of the Company's products; supply chain achievements; co-development, co-marketing, profit sharing, joint venture or other similar arrangements; (lv) individual performance goals, corporate development and planning goals; or (lvi) such other performance criteria as the Plan Administrator may specify. In addition, such performance criteria may be based upon the attainment of specified levels of the Company's performance under one or more of the measures described above either in terms of the Company's performance or in relation to the performance of other entities and may also be based on the performance of any of the Company's business units, business segments, or divisions or any Parent or Subsidiary. In addition, one or more of such performance criteria may be measured in terms of percentage achievement of the budgeted amounts established for those criteria. Each applicable Performance Goal may include a minimum threshold level of performance below which no Award will be earned, levels of performance at which specified portions of an Award will be earned and a maximum level of performance at which an Award will be fully earned. Each applicable performance goal may be structured at the time of the Award to provide for appropriate adjustments or exclusions, including without limitation, for one or more of the following items: (A) asset impairments or write-downs; (B) litigation judgments or claim settlements; (C) the effect of changes in tax law, accounting principles or other such laws or provisions affecting reported results; (D) accruals for reorganization and restructuring programs; (E) any extraordinary nonrecurring items; (F) the operations of any business acquired by the Company; (G) the divestiture of one or more business operations or the assets thereof; (H) the effects of any corporate transaction, such as a merger, consolidation, separation (including spin-off or other distributions of stock or property by the Company) or reorganization (whether or not such reorganization is within the definition of that term in Code Section 368); and (I) any other adjustment consistent with the operation of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. **<u>Plan</u>** shall mean the Company's 2025 Omnibus Incentive Compensation Plan, as set forth in this document, as may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Y. **<u>Plan Administrator</u>** shall mean the particular entity, whether the Compensation Committee (or subcommittee thereof), the Board, the Secondary Board Committee or any delegate of the Board or the Compensation Committee authorized to administer the Plan with respect to one or more classes of eligible persons, to the extent such entity or delegate is carrying out its administrative functions under the Plan with respect to the persons under its jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Z. **<u>Plan Effective Date</u>** shall have the meaning set forth in Section XV.F.

AA. **<u>Predecessor Plan Awards</u>** shall have the meaning set forth in Section V.A.

BB. **<u>Secondary Board Committee</u>** shall mean a committee of one or more Board members appointed by the Board to administer the Plan with respect to eligible persons other than Section 16 Insiders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CC. **<u>Section 16 Insider</u>** shall mean an officer or director of the Company subject to the short-swing profit liabilities of Section 16 of the 1934 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DD. **<u>Service</u>** shall, with respect to each Award made under the Plan, be defined in accordance with the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Service shall have the meaning assigned to such term in the Award Agreement for the Award or in any other agreement incorporated by reference into the Award Agreement for purposes of defining such term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In the absence of any other definition of Service in the Award Agreement for a particular Award (or in any other agreement incorporated by reference into the Award Agreement), Service shall mean the performance of services for the Company (or any Parent or Subsidiary, whether now existing or subsequently established) by a person in the capacity of an Employee, a Non-Employee Director, a non-employee member of the board of directors of any Parent or Subsidiary, or a consultant or independent advisor. For purposes of this particular definition of Service, a Participant shall be deemed to cease Service immediately upon the occurrence of either of the following events: (a) the Participant no longer performs services in any of the foregoing capacities for the Company or any Parent or Subsidiary or (b) the entity for which the Participant is performing such services ceases to remain a Parent or Subsidiary of the Company, even though the Participant may subsequently continue to perform services for that entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Service shall not be deemed to cease during a period of military leave, sick leave or other personal leave approved by the Company, provided, however, that should such leave of absence exceed three (3) months, then for purposes of determining the period within which an Incentive Option may be exercised as such under the federal tax laws, the Participant's Service shall be deemed to cease on the first day immediately following the expiration of such three (3)-month period, unless the Participant is provided with the right to return to Service following such leave either by statute or by written contract. Except to the extent otherwise required by law or expressly authorized by the Plan Administrator or by the Company's written policy on leaves of absence, no Service credit shall be given for vesting purposes for any period the Participant is on a leave of absence.

EE. **<u>Stand-alone Rights</u>** shall have the meaning set forth in Section VII.B.

FF. **<u>Stock Exchange</u>** shall mean the American Stock Exchange, the Nasdaq Capital, Global or Global Select Market or the New York Stock Exchange.

GG. **<u>Subsidiary</u>** shall mean any corporation (other than the Company) in an unbroken chain of corporations beginning with the Company, provided each corporation (other than the last corporation) in the unbroken chain owns, at the time of the determination, stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. The term Subsidiary shall also include any wholly-owned limited liability company in such chain of subsidiaries.

HH. **<u>Substitute Awards</u>** shall have the meaning set forth in Section V.E.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. **<u>Tandem Rights</u>** shall have the meaning set forth in Section VII.B.

JJ. **<u>10% Stockholder</u>** shall mean the owner of stock (as determined under Code Section 424(d)) possessing more than ten percent (10%) of the total combined voting power of all classes of stock of the Company (or any Parent or Subsidiary).

KK. **<u>Withholding Taxes</u>** shall mean the applicable income taxes, employment taxes, social insurance, social security, national insurance contributions, other contributions, payroll taxes, levies, payment on account obligations or other amounts required to be collected, withheld or accounted for with respect to the grant or vesting of an Award or the issuance or transfer of shares of Common Stock under the Award.

## Exhibit 4.15

**Exhibit 4.15**

**EDISON ONCOLOGY HOLDING CORP.**

**<u>STOCK OPTION AGREEMENT</u>**

**RECITALS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Board has adopted the Plan for the purpose of retaining the services of selected Employees, non-employee members of the Board or the board of directors of any Parent or Subsidiary and consultants and other independent advisors in the service of the Company (or any Parent or Subsidiary).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Optionee is to render valuable services to the Company (or a Parent or Subsidiary), and this Agreement is executed pursuant to, and is intended to carry out the purposes of, the Plan in connection with the Company's grant of an option to Optionee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. All capitalized terms in this Agreement shall have the meaning assigned to them in Paragraph 19.

**NOW, THEREFORE**, it is hereby agreed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Grant of Option</u>**. The Company hereby grants to Optionee, as of the Grant Date, an option to purchase up to the number of Option Shares specified in the Grant Notice. The Option Shares shall be purchasable from time to time during the option term specified in Paragraph 2 at the Exercise Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Option Term</u>**. This option shall have a term of ten (10) years measured from the Grant Date and shall accordingly expire at the close of business on the Expiration Date, unless sooner terminated in accordance with Paragraph 5 or 6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **<u>Limited Transferability</u>**. This option, together with the Option Shares during the period prior to exercise, shall be neither transferable nor assignable by Optionee other than by will or the laws of inheritance following Optionee's death and may be exercised, during Optionee's lifetime, only by Optionee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **<u>Dates of Exercise</u>**. This option shall become exercisable in one or more installments as specified in the Grant Notice. As the option becomes exercisable for such installments, those installments shall accumulate and the option shall remain exercisable for the accumulated installments until the Expiration Date or sooner termination of the option term under Paragraph 5 or 6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **<u>Cessation of Service</u>**. The option term specified in Paragraph 2 shall terminate (and this option shall cease to be outstanding) prior to the Expiration Date should any of the following provisions become applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Should Optionee cease to remain in Service for any reason (other than death, Disability or Cause) while this option is outstanding, then Optionee shall have a period of three (3) months (commencing with the date of such cessation of Service) during which to exercise this option, but in no event shall this option be exercisable at any time after the Expiration Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Should Optionee die while this option is outstanding, then the personal representative of Optionee's estate or the person or persons to whom the option is transferred pursuant to Optionee's will or the laws of inheritance following Optionee's death shall have the right to exercise this option. Any such right to exercise this option shall lapse, and this option shall cease to be outstanding, upon the earlier of (i) the expiration of the twelve (12)-month period measured from the date of Optionee's death or (ii) the Expiration Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Should Optionee cease Service by reason of Disability while this option is outstanding, then Optionee shall have a period of twelve (12) months (commencing with the date of such cessation of Service) during which to exercise this option. In no event shall this option be exercisable at any time after the Expiration Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) During the limited period of post-Service exercisability, this option may not be exercised in the aggregate for more than the number of Option Shares for which this option is, at the time of Optionee's cessation of Service, vested and exercisable pursuant to the Vesting Schedule specified in the Grant Notice or the special vesting acceleration provisions of Paragraph 6. This option shall not become exercisable for any additional Option Shares, whether pursuant to the Vesting Schedule specified in the Grant Notice or the special vesting acceleration provisions of Paragraph 6, following Optionee's cessation of Service, except to the extent (if any) specifically authorized by the Plan Administrator pursuant to an express written agreement with Optionee. Upon the expiration of such limited exercise period or (if earlier) upon the Expiration Date, this option shall terminate and cease to be outstanding for any Option Shares for which the option has not been exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Should Optionee's Service be terminated for Cause or should Optionee otherwise engage in conduct constituting Cause while this option is outstanding, then this option shall terminate immediately and cease to remain outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **<u>Change in Control</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Should a Change in Control occur during Optionee's period of Service, then this option, as determined by the Plan Administrator in its sole discretion, may (in whole or in part), be (i) assumed by the successor corporation (or parent thereof), (ii) canceled and substituted with an option granted by the successor corporation (or parent thereof), (iii) continued in full force and effect pursuant to the terms of the Change in Control transaction, (iv) vested in full or in part, (v) cancelled in exchange for a cash payment in an amount equal to the product of (A) the number of shares of Common Stock subject to this option and (B) the excess of the Fair Market Value per share of Common Stock on the date of the Change in Control over the per share Exercise Price, or (vi) replaced with a cash retention program of the Company or any successor corporation (or parent thereof) which preserves the spread existing on the unvested Option Shares at the time of the Change in Control (the excess of the Fair Market Value of those shares over the aggregate Exercise Price payable for such shares) and provides for subsequent payout of that spread in accordance with the same Vesting Schedule applicable to those unvested Option Shares. Notwithstanding the foregoing, no such cash retention program shall be established for this option (or any other option granted to Optionee under the Plan) to the extent such program would otherwise be deemed to constitute a deferred compensation arrangement subject to the requirements of Code Section 409A and the Treasury Regulations thereunder. This option shall be subject to cancellation and termination, without cash payment or other consideration due Optionee, if the Fair Market Value per share of Common Stock on the date of the Change in Control is less than the per share Exercise Price in effect for this option. The Plan Administrator shall have the authority to provide that any escrow, holdback, earn-out or similar provisions in the definitive agreement effecting the Change in Control shall apply to any cash payment made under this Paragraph 6(a) to the same extent and in the same manner as such provisions apply to a holder of a share of Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the extent this option is not assumed, substituted, continued or replaced in accordance with Paragraph 6(a), this option shall automatically vest in full so that this option shall, immediately prior to the effective date of the Change in Control, become exercisable for all of the shares of Common Stock at the time subject to this option, unless the acceleration of this option is precluded pursuant to the provisions of Paragraph 5(d) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Immediately following the Change in Control, this option shall terminate and cease to be outstanding, except to the extent assumed by the successor corporation (or parent thereof) or otherwise continued in full force and effect pursuant to the terms of the Change in Control transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If this option is assumed in connection with a Change in Control or otherwise continued in effect, then this option shall be appropriately adjusted, immediately after such Change in Control, to apply to the number and class of securities which would have been issuable to Optionee in consummation of such Change in Control, had the option been exercised immediately prior to such Change in Control, and appropriate adjustments shall also be made to the Exercise Price, provided the aggregate Exercise Price shall remain the same. To the extent that the actual holders of the Company's outstanding Common Stock receive cash consideration for their Common Stock in consummation of the Change in Control, the successor corporation (or parent thereof) may in connection with the assumption or continuation of this option and subject to the Plan Administrator's approval, substitute one or more shares of its own common stock with a fair market value equivalent to the cash consideration paid per share of Common Stock in such Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Agreement shall not in any way affect the right of the Company to adjust, reclassify, reorganize or otherwise change its capital or business structure or to merge, consolidate, dissolve, liquidate or sell or transfer all or any part of its business or assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **<u>Adjustment to Option Shares</u>**. In the event of any of the following transactions affecting the outstanding Common Stock as a class without the Company's receipt of consideration: any stock split, stock dividend, spin-off transaction, extraordinary distribution (whether in cash, securities or other property), recapitalization, combination of shares, exchange of shares or other similar transaction affecting the Common Stock without the Company's receipt of consideration or in the event of a substantial reduction to the value of the outstanding shares of Common Stock as a result of a spin-off transaction or extraordinary distribution or should there occur any merger, consolidation, reincorporation, or other reorganization, then equitable adjustments shall be made to (i) the total number and/or class of securities subject to this option and (ii) the Exercise Price. The adjustments shall be made by the Plan Administrator in such manner as the Plan Administrator deems appropriate in order to reflect such change, and those adjustments shall be final, binding and conclusive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **<u>Stockholder Rights</u>**. The holder of this option shall not have any stockholder rights with respect to the Option Shares until such person shall have exercised the option, paid the Exercise Price and become the record holder of the purchased shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **<u>Manner of Exercising Option</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In order to exercise this option with respect to all or any part of the Option Shares, Optionee (or any other person or persons exercising the option) must take the following actions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Execute and deliver to the Company a Notice of Exercise for the Option Shares for which the option is exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Pay the aggregate Exercise Price for the purchased shares in one or more of the following forms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) cash or check made payable to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) in shares of Common Stock valued at Fair Market Value on the Exercise Date and held for the period (if any) necessary to avoid a charge to the Company's earnings for financial reporting purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) through a special sale and remittance procedure pursuant to which Optionee shall concurrently provide irrevocable instructions (A) to a brokerage firm (with such brokerage firm reasonably satisfactory to the Company for purposes of administering such procedure in compliance with any applicable pre-clearance or pre-notification requirements) to effect the immediate sale of the purchased shares and remit to the Company, out of the sale proceeds available on the settlement date, sufficient funds to cover the aggregate Exercise Price payable for the purchased shares plus all applicable Withholding Taxes and (B) to the Company to deliver the certificates for the purchased shares directly to such brokerage firm on the settlement date in order to complete the sale; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) in such other form as determined by the Plan Administrator as permitted under the terms of the Plan.

Except to the extent the sale and remittance procedure is utilized in connection with the option exercise, payment of the Exercise Price must accompany the Notice of Exercise delivered to the Company in connection with the option exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Furnish to the Company appropriate documentation that the person or persons exercising the option (if other than Optionee) have the right to exercise this option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Make appropriate arrangements with the Company (or Parent or Subsidiary employing or retaining Optionee) for the satisfaction of all applicable Withholding Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) As soon as practical after the Exercise Date, the Company shall issue to or on behalf of Optionee (or any other person or persons exercising this option) a certificate (which may be in electronic form) for the purchased Option Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In no event may this option be exercised for any fractional shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **<u>Compliance with Laws and Regulations</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The exercise of this option and the issuance of the Option Shares upon such exercise shall be subject to compliance by the Company and Optionee with all applicable requirements of law relating thereto and with all applicable regulations of any Stock Exchange on which the Common Stock may be listed for trading at the time of such exercise and issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The inability of the Company to obtain approval from any regulatory body having authority deemed by the Company to be necessary to the lawful issuance and sale of any Common Stock pursuant to this option shall relieve the Company of any liability with respect to the non-issuance or sale of the Common Stock as to which such approval shall not have been obtained. The Company, however, shall use its best efforts to obtain all such approvals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **<u>Recoupment</u>**. Optionee shall be subject to any clawback, recoupment or other similar policy adopted by the Board as in effect (and as modified) from time to time and this option and any cash, shares of Common Stock or other property or amounts due, paid, or issued to Optionee shall be subject to the terms of such policy, as in effect (and as modified) from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **<u>Successors and Assigns</u>**. Except to the extent otherwise provided in Paragraphs 3 and 6, the provisions of this Agreement shall inure to the benefit of, and be binding upon, the Company and its successors and assigns and Optionee, Optionee's assigns and the legal representatives, heirs and legatees of Optionee's estate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **<u>Notices</u>**. Any notice required to be given or delivered to the Company under the terms of this Agreement shall be in writing and addressed to the Company at its principal corporate offices. Any notice required to be given or delivered to Optionee shall be in writing and addressed to Optionee at the address indicated below Optionee's signature line on the Grant Notice. All notices shall be deemed effective upon personal delivery or upon deposit in the U.S. mail, postage prepaid and properly addressed to the party to be notified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. **<u>Construction</u>**. This Agreement and the option evidenced hereby are made and granted pursuant to the Plan and are in all respects limited by and subject to the terms of the Plan. All decisions of the Plan Administrator with respect to any question or issue arising under the Plan or this Agreement shall be conclusive and binding on all persons having an interest in this option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. **<u>Governing Law</u>**. The interpretation, performance and enforcement of this Agreement shall be governed by the laws of the State of Nevada without resort to that state's conflict-of-laws rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. **<u>Stockholder Approval</u>**. If the Option Shares covered by this Agreement exceed, as of the Grant Date, the number of shares of Common Stock which may be issued under the Plan as last approved by the stockholders, then this option shall be void with respect to such excess shares, unless stockholder approval of an amendment sufficiently increasing the number of shares of Common Stock issuable under the Plan is obtained in accordance with the provisions of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. **<u>Additional Terms Applicable to an Incentive Option</u>**. In the event this option is designated an Incentive Option in the Grant Notice, the following terms and conditions shall also apply to the grant:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This option shall cease to qualify for favorable tax treatment as an Incentive Option if (and to the extent) this option is exercised for one or more Option Shares: (i) more than three (3) months after the date Optionee ceases to be an Employee for any reason other than death or Disability or (ii) more than twelve (12) months after the date Optionee ceases to be an Employee by reason of Disability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No installment under this option shall qualify for favorable tax treatment as an Incentive Option if (and to the extent) the aggregate Fair Market Value (determined at the Grant Date) of the Common Stock for which such installment first becomes exercisable hereunder would, when added to the aggregate value (determined as of the respective date or dates of grant) of the Common Stock and any other securities for which this option or any other Incentive Options granted to Optionee prior to the Grant Date (whether under the Plan or any other option plan of the Company or any Parent or Subsidiary) first become exercisable during the same calendar year, exceed One Hundred Thousand Dollars ($100,000) in the aggregate. Should such One Hundred Thousand Dollar ($100,000) limitation be exceeded in any calendar year, this option shall nevertheless become exercisable for the excess shares in such calendar year as a Non-Statutory Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Should Optionee hold, in addition to this option, one or more other options to purchase Common Stock which become exercisable for the first time in the same calendar year as this option, then for purposes of the foregoing limitations on the exercisability of such options as Incentive Options, this option and each of those other options shall be deemed to become first exercisable in that calendar year on the basis of the chronological order in which they were granted, except to the extent otherwise provided under applicable law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. **<u>Electronic Delivery</u>**. The Company may, in its sole discretion, decide to deliver by email or other electronic means any documents related to Optionee's current or future participation in the Plan, this option, the Option Shares, any other securities of the Company or any other Company -related documents, including notices to stockholders required by applicable law. Optionee hereby (i) consents to receive such documents by email or other electronic means, (ii) consents to the use of electronic signatures, and (iii) if applicable, agrees to participate in the Plan and/or receive any such documents related to the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company. The Company may deliver the above-described documents to Optionee by sending a communication to Optionee's email address set forth under Optionee's signature on the Grant Notice or, if no email address is set forth on the Grant Notice, to the last email address for Optionee the Company has on file.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. **<u>Definitions</u>**. The following definitions shall be in effect under the Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Agreement</u> shall mean this Stock Option Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Board</u> shall mean the Company's Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Cause</u> shall mean Optionee's (i) commission of any act of fraud, embezzlement, theft, dishonesty, sexual harassment, or other conduct involving moral turpitude; (ii) conviction of, or a plea of "guilty" or "no contest" to, any felony under the laws of the United States or any state thereof; (iii) refusal or failure to comply in any material respect with any written policies or procedures of the Company (including, without limitation, the Company's anti-discrimination and harassment policies and the Company's drug and alcohol policy), or the written policies, for which such person was on notice, of any Parent, Subsidiary, or the Board; (iv) engagement in an act of gross negligence, willful misconduct or insubordination with respect to the Company (or any Parent or Subsidiary); (v) material breach of any written agreements with the Company; (vi) unauthorized use, disclosure, or misappropriation of confidential information or trade secrets of the Company (or any Parent or Subsidiary); (vii) failure to perform Optionee's assigned duties and responsibilities to the reasonable satisfaction of the Company, which failure continues, in the reasonable judgment of the Company, after written notice given to Optionee by the Company; or (viii) any gross negligence or misconduct that has a material adverse effect on the business or affairs of the Company (or any Parent or Subsidiary).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Change in Control</u> shall mean a change in ownership or control of the Company effected through any of the following transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the consummation of a merger, consolidation or other reorganization approved by the Company's stockholders, unless securities representing fifty percent (50%) or more of the total combined voting power of the voting securities of the successor corporation are immediately thereafter beneficially owned, directly or indirectly and in substantially the same proportion, by the persons who beneficially owned the Company's outstanding voting securities immediately prior to such transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the consummation of (i) a sale, transfer, or other disposition of all or substantially all of the Company's assets or (ii) a liquidation or dissolution of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the closing of any transaction or series of related transactions pursuant to which any person or any group of persons comprising a "group" within the meaning of Rule 13d-5(b)(1) of the 1934 Act (other than the Company or a person that, prior to such transaction or series of related transactions, directly or indirectly controls, is controlled by or is under common control with, the Company) acquires directly or indirectly (whether as a result of a single acquisition or by reason of one or more acquisitions within the twelve (12)-month period ending with the most recent acquisition) beneficial ownership (within the meaning of Rule 13d-3 of the 1934 Act) of securities possessing (or convertible into or exercisable for securities possessing) fifty percent (50%) or more of the total combined voting power of the Company's securities (as measured in terms of the power to vote with respect to the election of Board members) outstanding immediately after the consummation of such transaction or series of related transactions, whether such transaction involves a direct issuance from the Company or the acquisition of outstanding securities held by one or more of the Company's existing stockholders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a change in the composition of the Board over a period of twelve (12) consecutive months or less such that a majority of the Board members ceases, by reason of one or more contested elections for Board membership, to be comprised of individuals who either (A) have been Board members continuously since the beginning of such period or (B) have been elected or nominated for election as Board members during such period by at least a majority of the Board members described in clause (A) who were still in office at the time the Board approved such election or nomination.

In no event shall any public offering of the Company's securities be deemed to constitute a Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Code</u> shall mean the U.S. Internal Revenue Code of 1986, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Common Stock</u> shall mean the Company's common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Company</u> shall mean Edison Oncology Holding Corp., a Nevada corporation, and any successor to all or substantially all of the assets or voting stock of Edison Oncology Holding Corp.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Disability</u> shall mean the inability of Optionee to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that is expected to result in death or has lasted or can be expected to last for a continuous period of twelve (12) months or more.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Employee</u> shall mean an individual who is in the employ of the Company (or any Parent or Subsidiary), subject to the control and direction of the employer entity as to both the work to be performed and the manner and method of performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Exercise Date</u> shall mean the date on which the option shall have been exercised in accordance with Paragraph 9 of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Exercise Price</u> shall mean the exercise price payable per Option Share as specified in the Grant Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Expiration Date</u> shall mean the date on which the option expires as specified in the Grant Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Fair Market Value</u> per share of Common Stock on any relevant date shall be determined in accordance with the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If the Common Stock is at the time traded on a Stock Exchange, then the Fair Market Value shall be the closing selling price per share of Common Stock at the close of regular hours trading (i.e., before after-hours trading begins) on the date in question on the Stock Exchange serving as the primary market for the Common Stock, as such price is reported by the National Association of Securities Dealers for that particular Stock Exchange and published in *The Wall Street Journal* or such other source as the Plan Administrator deems appropriate. If there is no closing selling price for the Common Stock on the date in question, then the Fair Market Value shall be the closing selling price on the last preceding date for which such quotation exists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the Common Stock is at the time quoted on a national or regional securities exchange or market system (including over-the-counter markets and the Nasdaq Capital Market) determined by the Plan Administrator to be the primary market for the shares of Common Stock, then the Fair Market Value shall be the closing selling price per share of Common Stock on the date in question, as such price is officially reported by such exchange or market system. If there is no closing selling price for the shares of Common Stock on the date in question, then the Fair Market Value shall be the closing selling price of a share of Common Stock on the last preceding date for which such quotation exists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Grant Date</u> shall mean the date of grant of the option as specified in the Grant Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Grant Notice</u> shall mean the Notice of Grant of Stock Option accompanying the Agreement, pursuant to which Optionee has been informed of the basic terms of the option evidenced hereby, provided that, if the Company uses a third party electronic system for administering the option and the fields set forth in the Grant Notice are blank or the information is otherwise provided in a different format electronically, the blank fields and other information shall be deemed to come from Optionee's personal web portal within such electronic system and is considered part of the Grant Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Incentive Option</u> shall mean an option which satisfies the requirements of Code Section 422.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>1934 Act</u> shall mean the Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Non-Statutory Option</u> shall mean an option not intended to satisfy the requirements of Code Section 422.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Notice of Exercise</u> shall mean the notice of exercise in such form as provided by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>Option Shares</u> shall mean the number of shares of Common Stock subject to the option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) <u>Optionee</u> shall mean the person to whom the option is granted as specified in the Grant Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Parent</u> shall mean any corporation (other than the Company) in an unbroken chain of corporations ending with the Company, provided each corporation in the unbroken chain (other than the Company) owns, at the time of the determination, stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in one of the other corporations in such chain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) <u>Plan</u> shall mean the Company's 2025 Omnibus Incentive Compensation Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) <u>Plan Administrator</u> shall mean either the Board or a committee of the Board acting in its capacity as administrator of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) <u>Service</u> shall mean Optionee's performance of services for the Company (or any Parent or Subsidiary, whether now existing or subsequently established) in the capacity of an Employee, a Non-Employee Director, a non-employee member of the board of directors of any Parent or Subsidiary, or a consultant or independent advisor. For purposes of this Agreement, Optionee shall be deemed to cease Service immediately upon the occurrence of either of the following events: (i) Optionee no longer performs services in any of the foregoing capacities for the Company or any Parent or Subsidiary or (ii) the entity for which Optionee is performing such services ceases to remain a Parent or Subsidiary of the Company, even though Optionee may subsequently continue to perform services for that entity. Service shall not be deemed to cease during a period of military leave, sick leave or other personal leave approved by the Company, provided, however, that should such leave of absence exceed three (3) months, then for purposes of determining the period within which the option (if designated as an Incentive Option in the Grant Notice) may be exercised as such an Incentive Option under the federal tax laws, Optionee's Service shall be deemed to cease on the first day immediately following the expiration of such three (3)-month period, unless Optionee is provided with the right to return to Service following such leave either by statute or by written contract. Except to the extent otherwise required by law or expressly authorized by the Plan Administrator or by the Company's written policy on leaves of absence, no Service credit shall be given for vesting purposes for any period Optionee is on a leave of absence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) <u>Stock Exchange</u> shall mean the American Stock Exchange, the Nasdaq Capital, Global or Global Select Market or the New York Stock Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) <u>Subsidiary</u> shall mean any corporation (other than the Company) in an unbroken chain of corporations beginning with the Company, provided each corporation (other than the last corporation) in the unbroken chain owns, at the time of the determination, stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. The term Subsidiary shall also include any wholly-owned limited liability company in such chain of subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) <u>Vesting Schedule</u> shall mean the vesting schedule specified in the Grant Notice pursuant to which this option is to vest and become exercisable for the Option Shares in a series of installments over Optionee's period of Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) <u>Withholding Taxes</u> shall mean the applicable income taxes, employment taxes, social insurance, social security, national insurance contributions, other contributions, payroll taxes, levies, payment on account obligations or other amounts required to be collected, withheld or accounted for with respect to the exercise of the option.

## Exhibit 4.16

**Exhibit 4.16**

**EDISON ONCOLOGY HOLDING CORP.**

**<u>REstricted Stock Unit ISSUANCE AGREEMENT</u>**

**<u>RECITALS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Board has adopted the Plan for the purpose of retaining the services of selected Employees, non-employee members of the Board or the board of directors of any Parent or Subsidiary and consultants and other independent advisors in the service of the Company (or any Parent or Subsidiary).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Participant is to render valuable services to the Company (or a Parent or Subsidiary), and this Agreement is executed pursuant to, and is intended to carry out the purposes of, the Plan in connection with the Company's grant of an award of restricted stock units to the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. All capitalized terms in this Agreement shall have the meaning assigned to them in Paragraph 17.

**NOW, THEREFORE**, it is hereby agreed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Grant of RSUs</u>**. The Company hereby grants to the Participant, as of the Grant Date, an award of restricted stock units (each an "<u>RSU</u>" and collectively, the "<u>RSUs</u>") under the Plan (the "<u>Award</u>"). Each RSU represents the right to receive one share of Common Stock on the specified issuance date following the vesting of that RSU. The number of RSUs subject to the Award, the applicable Vesting Schedule for those RSUs, the date on which the shares underlying those vested RSUs shall become issuable to the Participant and the remaining terms and conditions governing the Award shall be as set forth in this Agreement.

**AWARD SUMMARY**

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| | |
|:---|:---|
| **Participant:** |  |
| **Grant Date:** |  |
| **Number of RSUs Subject to Award:** |  |
| **Vesting Commencement Date:** |  |
| **Vesting Schedule:** | The RSUs shall vest in [number] successive equal annual installments upon completion of each year of Service over the [number]-year period of Service measured from the Vesting Commencement Date. |
| **Issuance Schedule:** | The shares of Common Stock underlying the RSUs in which the Participant vests in accordance with the Vesting Schedule set forth above (the "<u>Issued Shares</u>") shall be issued on the date those RSUs vest or as soon after that scheduled vesting date as administratively practicable, but in no event later than the later of (i) the close of the calendar year in which such vesting date occurs or (ii) the fifteenth day of the third calendar month following such vesting date (such date of issuance, the "<u>Issue Date</u>"). The issuance of the shares of Common Stock shall be subject to the Company's collection of any Withholding Taxes in accordance with the procedures set forth in Paragraph 7 of this Agreement. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Restrictions on Transfer of Award</u>**. Prior to the actual issuance of the shares of Common Stock pursuant to RSUs that vest hereunder, the Participant may not transfer any interest in the Award or the underlying shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>**Cessation of Service**.</u> Should the Participant's Service cease for any reason prior to vesting in one or more RSUs subject to the Award, then the Award will be immediately cancelled with respect to those unvested RSUs, and the number of RSUs will be reduced accordingly. The Participant shall thereupon cease to have any right or entitlement to receive any shares of Common Stock under those cancelled RSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>**Stockholder Rights**.</u> The Participant shall not have any stockholder rights with respect to the shares of Common Stock underlying the RSUs subject to the Award until the Participant becomes the record holder of those shares upon their actual issuance following the Company's collection of the applicable Withholding Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **<u>Change in Control</u>**. The provisions of the Plan applicable to a Change in Control shall apply to the Award and, in the event of a Change in Control, the Plan Administrator may take such actions as it deems appropriate pursuant to the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **<u>Adjustment to Shares</u>**. In the event of any of the following transactions affecting the outstanding Common Stock as a class without the Company's receipt of consideration: any stock split, stock dividend, spin-off transaction, extraordinary distribution (whether in cash, securities or other property), recapitalization, combination of shares, exchange of shares or other similar transaction affecting the Common Stock without the Company's receipt of consideration or in the event of a substantial reduction to the value of the outstanding shares of Common Stock as a result of a spin-off transaction or extraordinary distribution or should there occur any merger, consolidation, reincorporation, or other reorganization, then equitable adjustments shall be made to the total number and/or class of securities issuable pursuant to the Award. The adjustments shall be made by the Plan Administrator in such manner as the Plan Administrator deems appropriate in order to reflect such change, and those adjustments shall be final, binding and conclusive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>**Issuance of Shares; Withholding Taxes**.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the applicable Issue Date, the Company shall issue to or on behalf of the Participant a certificate (which may be in electronic form) for the applicable number of Shares, subject to the Company's collection of the applicable Withholding Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Until such time as the Company provides the Participant with notice to the contrary, any such Withholding Taxes shall be paid through an automatic share withholding procedure pursuant to which the Company will withhold a portion of the shares of Common Stock with a Fair Market Value (measured as of the Issue Date) equal to the amount of those Withholding Taxes (the "<u>Share Withholding Method</u>"); provided, however, that, unless determined otherwise by the Company, the number of any shares so withheld shall not exceed the amount necessary to satisfy the Company's required Withholding Tax obligations using the minimum statutory withholding rates. The Participant shall be notified in writing in the event such Share Withholding Method is no longer available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Should any shares vest under the Award at time the Share Withholding Method is not available, then the Withholding Taxes shall be collected from the Participant through either of the following alternatives:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Participant's delivery of the Participant's separate check payable to the Company in the amount of such Withholding Taxes; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the use of the proceeds from a next-day sale of the shares of Common Stock issued to the Participant, provided and only if (A) such a sale is permissible under the Company's trading policies governing the sale of Common Stock, (B) the Participant makes an irrevocable commitment, on or before the vesting date for those shares, to effect such sale of the shares and (C) the transaction is not otherwise deemed to constitute a prohibited loan under Section 402 of the Sarbanes-Oxley Act of 2002.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The settlement of all RSUs which vest under the Award shall be made solely in Shares, except as provided in the Plan in connection with a Change in Control. In no event, however, shall any fractional Shares be issued. Accordingly, the total number of Shares to be issued pursuant to the Award shall, to the extent necessary, be rounded down to the next whole Share in order to avoid the issuance of a fractional Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **<u>Compliance with Laws and Regulations</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The issuance of shares of Common Stock pursuant to the Award shall be subject to compliance by the Company and the Participant with all applicable requirements of law relating thereto and with all applicable regulations of any Stock Exchange on which the shares may be listed for trading at the time of such issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The inability of the Company to obtain approval from any regulatory body having authority deemed by the Company to be necessary to the lawful issuance and sale of any shares of Common Stock pursuant to the Award shall relieve the Company of any liability with respect to the non-issuance or sale of the shares as to which such approval shall not have been obtained. The Company, however, shall use its best efforts to obtain all such approvals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>**Recoupment**.</u> The Participant shall be subject to any clawback, recoupment or other similar policy adopted by the Board as in effect (and as modified) from time to time and the Award and any cash, shares of Common Stock or other property or amounts due, paid, or issued to the Participant shall be subject to the terms of such policy, as in effect (and as modified) from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **<u>Successors and Assigns</u>**<u>.</u> Except to the extent otherwise provided in this Agreement, the provisions of this Agreement shall inure to the benefit of, and be binding upon, the Company and its successors and assigns and the Participant, the Participant's assigns and the legal representatives, heirs and legatees of the Participant's estate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>**Notices**.</u> Any notice required to be given or delivered to the Company under the terms of this Agreement shall be in writing and addressed to the Company at its principal corporate offices. Any notice required to be given or delivered to the Participant shall be in writing and addressed to the Participant at the address indicated below the Participant's signature line on this Agreement. All notices shall be deemed effective upon personal delivery or upon deposit in the U.S. mail, postage prepaid and properly addressed to the party to be notified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **<u>Construction</u>**<u>.</u> This Agreement and the Award evidenced hereby are made and granted pursuant to the Plan and are in all respects limited by and subject to the terms of the Plan. All decisions of the Plan Administrator with respect to any question or issue arising under the Plan or this Agreement shall be conclusive and binding on all persons having an interest in the Award. Notwithstanding any other provisions hereof, this Agreement is intended to be exempt from the requirements of Code Section 409A and the Treasury Regulations thereunder ("Section 409A"). To the extent there is any ambiguity as to whether any provision of this Agreement would otherwise contravene one or more applicable requirements or limitations of Section 409A, such provision shall be interpreted and applied in a manner that complies with the applicable requirements of Section 409A. For purposes of Section 409A, each installment distribution of shares of Common Stock (or other installment distribution hereunder) shall be treated as a separate payment, and the Participant's right to receive each such installment of shares (or other installment distribution hereunder) shall accordingly be treated as a right to receive a series of separate payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **<u>Stockholder Approval</u>**. If the shares of Common Stock covered by this Agreement exceed, as of the Grant Date, the number of shares of Common Stock which may be issued under the Plan as last approved by the stockholders, then the Award shall be void with respect to such excess shares, unless stockholder approval of an amendment sufficiently increasing the number of shares of Common Stock issuable under the Plan is obtained in accordance with the provisions of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. **<u>Governing Law</u>**<u>.</u> The interpretation, performance and enforcement of this Agreement shall be governed by the laws of the State of Nevada without resort to that state's conflict-of-laws rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. **<u>Employment at Will</u>**. Nothing in this Agreement or in the Plan shall confer upon the Participant any right to continue in Service for any period of specific duration or interfere with or otherwise restrict in any way the rights of the Company (or any Parent or Subsidiary employing or retaining the Participant) or of the Participant, which rights are hereby expressly reserved by each, to terminate the Participant's Service at any time for any reason, with or without cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. **<u>Electronic Delivery</u>**. The Company may, in its sole discretion, decide to deliver by email or other electronic means any documents related to the Participant's current or future participation in the Plan, the Award, the shares of Common Stock, any other securities of the Company or any other Company -related documents, including notices to stockholders required by applicable law. The Participant hereby (i) consents to receive such documents by email or other electronic means, (ii) consents to the use of electronic signatures, and (iii) if applicable, agrees to participate in the Plan and/or receive any such documents related to the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company. The Company may deliver the above-described documents to the Participant by sending a communication to the Participant's email address set forth under the Participant's signature below or, if no email address is set forth below, to the last email address for the Participant that the Company has on file.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. **<u>Definitions</u>**. The following definitions shall be in effect under the Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **<u>Agreement</u>** shall mean this Restricted Stock Unit Issuance Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **<u>Award</u>** shall mean the award of RSUs made to the Participant pursuant to the terms of this Agreement, as defined in Paragraph 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **<u>Board</u>** shall mean the Company's Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **<u>Change in Control</u>** shall mean a change in ownership or control of the Company effected through any of the following transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the consummation of a merger, consolidation or other reorganization approved by the Company's stockholders, unless securities representing fifty percent (50%) or more of the total combined voting power of the voting securities of the successor corporation are immediately thereafter beneficially owned, directly or indirectly and in substantially the same proportion, by the persons who beneficially owned the Company's outstanding voting securities immediately prior to such transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the consummation of (i) a sale, transfer, or other disposition of all or substantially all of the Company's assets or (ii) a liquidation or dissolution of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the closing of any transaction or series of related transactions pursuant to which any person or any group of persons comprising a "group" within the meaning of Rule 13d-5(b)(1) of the 1934 Act (other than the Company or a person that, prior to such transaction or series of related transactions, directly or indirectly controls, is controlled by or is under common control with, the Company) acquires directly or indirectly (whether as a result of a single acquisition or by reason of one or more acquisitions within the twelve (12)-month period ending with the most recent acquisition) beneficial ownership (within the meaning of Rule 13d-3 of the 1934 Act) of securities possessing (or convertible into or exercisable for securities possessing) fifty percent (50%) or more of the total combined voting power of the Company's securities (as measured in terms of the power to vote with respect to the election of Board members) outstanding immediately after the consummation of such transaction or series of related transactions, whether such transaction involves a direct issuance from the Company or the acquisition of outstanding securities held by one or more of the Company's existing stockholders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a change in the composition of the Board over a period of twelve (12) consecutive months or less such that a majority of the Board members ceases, by reason of one or more contested elections for Board membership, to be comprised of individuals who either (A) have been Board members continuously since the beginning of such period or (B) have been elected or nominated for election as Board members during such period by at least a majority of the Board members described in clause (A) who were still in office at the time the Board approved such election or nomination.

In no event shall any public offering of the Company's securities be deemed to constitute a Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **<u>Code</u>** shall mean the U.S. Internal Revenue Code of 1986, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **<u>Common Stock</u>** shall mean the Company's common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **<u>Company</u>** shall mean Edison Oncology Holding Corp., a Nevada corporation, and any successor to all or substantially all of the assets or voting stock of Edison Oncology Holding Corp.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **<u>Employee</u>** shall mean an individual who is in the employ of the Company (or any Parent or Subsidiary), subject to the control and direction of the employer entity as to both the work to be performed and the manner and method of performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **<u>Fair Market Value</u>** per share of Common Stock on any relevant date shall be determined in accordance with the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If the Common Stock is at the time traded on a Stock Exchange, then the Fair Market Value shall be the closing selling price per share of Common Stock at the close of regular hours trading (i.e., before after-hours trading begins) on the date in question on the Stock Exchange serving as the primary market for the Common Stock, as such price is reported by the National Association of Securities Dealers for that particular Stock Exchange and published in The Wall Street Journal or such other source as the Plan Administrator deems appropriate. If there is no closing selling price for the Common Stock on the date in question, then the Fair Market Value shall be the closing selling price on the last preceding date for which such quotation exists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the Common Stock is at the time quoted on a national or regional securities exchange or market system (including over-the-counter markets and the Nasdaq Capital Market) determined by the Plan Administrator to be the primary market for the shares of Common Stock, then the Fair Market Value shall be the closing selling price per share of Common Stock on the date in question, as such price is officially reported by such exchange or market system. If there is no closing selling price for the shares of Common Stock on the date in question, then the Fair Market Value shall be the closing selling price of a share of Common Stock on the last preceding date for which such quotation exists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **<u>Grant Date</u>** shall mean the date of grant of the RSUs as specified in Paragraph 1 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) **<u>Issue Date</u>** shall have the meaning indicated in Paragraph 1 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) **<u>Issued Shares</u>** shall have the meaning set forth in Paragraph 1 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) **<u>1934 Act</u>** shall mean the Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) **<u>Parent</u>** shall mean any corporation (other than the Company) in an unbroken chain of corporations ending with the Company, provided each corporation in the unbroken chain (other than the Company) owns, at the time of the determination, stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in one of the other corporations in such chain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>**Participant**</u> shall mean the person to whom the Award is granted as specified in Paragraph 1 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) **<u>Plan</u>** shall mean the Company's 2025 Omnibus Incentive Compensation Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) **<u>Plan Administrator</u>** shall mean either the Board or a committee of the Board acting in its capacity as administrator of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) **<u>RSU</u>** shall have the meaning set forth in Paragraph 1 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) **<u>Service</u>** shall mean the Participant's performance of services for the Company (or any Parent or Subsidiary, whether now existing or subsequently established) in the capacity of an Employee, a Non-Employee Director, a non-employee member of the board of directors of any Parent or Subsidiary, or a consultant or independent advisor. For purposes of this Agreement, the Participant shall be deemed to cease Service immediately upon the occurrence of either of the following events: (i) the Participant no longer performs services in any of the foregoing capacities for the Company or any Parent or Subsidiary or (ii) the entity for which the Participant is performing such services ceases to remain a Parent or Subsidiary of the Company, even though the Participant may subsequently continue to perform services for that entity. Service shall not be deemed to cease during a period of military leave, sick leave or other personal leave approved by the Company. Except to the extent otherwise required by law or expressly authorized by the Plan Administrator or by the Company's written policy on leaves of absence, no Service credit shall be given for vesting purposes for any period the Participant is on a leave of absence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) **<u>Stock Exchange</u>** shall mean the American Stock Exchange, the Nasdaq Capital, Global or Global Select Market or the New York Stock Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) **<u>Subsidiary</u>** shall mean any corporation (other than the Company) in an unbroken chain of corporations beginning with the Company, provided each corporation (other than the last corporation) in the unbroken chain owns, at the time of the determination, stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. The term Subsidiary shall also include any wholly-owned limited liability company in such chain of subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) **<u>Vesting Schedule</u>** shall mean the vesting schedule specified in Paragraph 1 of this Agreement pursuant to which the RSUs are to vest in a series of installments over the Participant's period of Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) **<u>Withholding Taxes</u>** shall mean the applicable income taxes, employment taxes, social insurance, social security, national insurance contributions, other contributions, payroll taxes, levies, payment on account obligations or other amounts required to be collected, withheld or accounted for with respect to the grant or vesting of the RSUs or the issuance or transfer of shares of Common Stock under the Award.

**IN WITNESS WHEREOF**, the parties have executed this Agreement on the respective dates indicated below.

---

| |
|:---|
| **Edison Oncology Holding Corp.** |
| By: |
| Name: |
| Title: |
| Date: |

---

---

| |
|:---|
| **PARTICIPANT NAME:** |
| Date: |
| Email: |
| Address: |

---

## Exhibit 4.17

**Exhibit 4.17**

**EDISON ONCOLOGY HOLDING CORP.**

**<u>RESTRICTED STOCK GRANT AGREEMENT</u>**

**<u>RECITALS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Board has adopted the Plan for the purpose of retaining the services of selected Employees, non-employee members of the Board or the board of directors of any Parent or Subsidiary and consultants and other independent advisors in the service of the Company (or any Parent or Subsidiary).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Participant is to render valuable services to the Company (or a Parent or Subsidiary), and this Agreement is executed pursuant to, and is intended to carry out the purposes of, the Plan in connection with the Company's grant of a restricted stock award to the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. All capitalized terms in this Agreement shall have the meaning assigned to them in Paragraph 18.

**NOW, THEREFORE**, it is hereby agreed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Grant of Restricted Shares</u>**. The Company hereby grants to the Participant, as of the Grant Date, a stock award under the Plan for the number of shares of Common Stock as set forth below, subject to the restrictions set forth in this Agreement and in the Plan (the "<u>Restricted Shares</u>").

**AWARD SUMMARY**

---

| |
|:---|
| **Participant:** |
| **Grant Date:** |
| **Number of Restricted Shares:** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Vesting and Nonassignability of Restricted Shares</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Restricted Shares shall become vested, and the restrictions described in Paragraphs 2(c) and 2(d) shall lapse, according to the following Vesting Schedule, if the Participant continues to remain in Service from the Grant Date until the applicable vesting date:

---

| | |
|:---|:---|
| <u>Vesting Date</u> | <u>Percentage of Restricted Shares to Vest</u> |
| **___________________** | **__________** |
| **___________________** | **__________** |
| **___________________** | **__________** |
| **___________________** | **__________** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The vesting of the Restricted Shares shall be cumulative, but shall not exceed 100% of the Restricted Shares. If the foregoing schedule would produce fractional shares, the number of Restricted Shares that vests shall be rounded down to the nearest whole share and the fractional shares will be accumulated so that the resulting whole shares will be included in the number of Restricted Shares that vests on the last vesting date, provided that the Participant continues to remain in Service from the Grant Date until the last vesting date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Participant's Service terminates for any reason before the Restricted Shares are fully vested, the Restricted Shares that are not then vested shall be forfeited and must be immediately returned to the Company without any further action by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) During the period before the Restricted Shares vest (the "<u>Restriction Period</u>"), the non-vested Restricted Shares may not be assigned, transferred, pledged or otherwise disposed of by the Participant. Any attempt to assign, transfer, pledge or otherwise dispose of the Restricted Shares contrary to the provisions hereof, and the levy of any execution, attachment or similar process upon the Restricted Shares, shall be null, void and without effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **<u>Stockholder Rights</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Stock certificates representing the Restricted Shares may be issued by the Company and held in escrow by the Company until the Restricted Shares vest, or the Company may hold non-certificated shares until the Restricted Shares vest. During the Restricted Period, the Participant shall have all the rights of a stockholder (including voting, dividend and liquidation rights) with respect to the Restricted Shares, subject, however, to the transfer restrictions of Paragraph 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) When the Participant obtains a vested right to the Restricted Shares, the Company will issue to the Participant a certificate representing the vested shares, free of the restrictions under Paragraph 2 of this Agreement, or if the shares are not certificated, the Company will update its books and records to reflect the vested shares, free of the restrictions under Paragraph 2 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The obligation of the Company to deliver a certificate representing the vested Restricted Shares upon or, if the shares are not certificated, to update its books and records to reflect, the vesting of the Restricted Shares shall be subject to all applicable laws, rules, and regulations and such approvals by governmental agencies as may be deemed appropriate by the Plan Administrator, including such actions as Company counsel shall deem necessary or appropriate, to comply with relevant securities laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **<u>Change in Control</u>**. The provisions of the Plan applicable to a Change in Control shall apply to the Restricted Shares and, in the event of a Change in Control, the Plan Administrator may take such actions as it deems appropriate pursuant to the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **<u>SPECIAL TAX ELECTION</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **<u>Section 83(b) Election</u>**. The Participant has reviewed with the Participant's own tax advisors the federal, state, local and foreign tax consequences of this investment and the transactions contemplated by this Agreement. The Participant is relying solely on such advisors and not on any statements or representations of the Company or any of its agents. The Participant understands that the Participant (and not the Company) shall be responsible for the Participant's own tax liability that may arise as a result of this investment or the transactions contemplated by this Agreement. The Participant understands that section 83 of the Code taxes as ordinary income the difference between the amount paid for the shares of Common Stock underlying the Restricted Shares and the Fair Market Value of the such shares as of the date any restrictions on the shares lapse pursuant to Paragraph 2 of this Agreement. The Participant understands that the Participant may elect to be taxed at the time the Restricted Shares are granted rather than when and as the Restriction Period expires by filing an election under section 83(b) of the Code with the Internal Revenue Service within 30 days from the Grant Date. The form for making this election is found here: <u>https://www.irs.gov/pub/irs-pdf/f15620.pdf</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **<u>FILING RESPONSIBILITY</u>. THE PARTICIPANT ACKNOWLEDGES THAT IT IS THE PARTICIPANT'S SOLE RESPONSIBILITY, AND NOT THE COMPANY'S, TO FILE A TIMELY ELECTION UNDER CODE SECTION 83(b) EVEN IF THE PARTICIPANT REQUESTS THE COMPANY OR ITS REPRESENTATIVES TO MAKE THIS FILING ON THE PARTICIPANT'S BEHALF.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **<u>Adjustment to Shares</u>**. In the event of any of the following transactions affecting the outstanding Common Stock as a class without the Company's receipt of consideration: any stock split, stock dividend, spin-off transaction, extraordinary distribution (whether in cash, securities or other property), recapitalization, combination of shares, exchange of shares or other similar transaction affecting the Common Stock without the Company's receipt of consideration or in the event of a substantial reduction to the value of the outstanding shares of Common Stock as a result of a spin-off transaction or extraordinary distribution or should there occur any merger, consolidation, reincorporation, or other reorganization, then equitable adjustments shall be made to the Restricted Shares. The adjustments shall be made by the Plan Administrator in such manner as the Plan Administrator deems appropriate in order to reflect such change, and those adjustments shall be final, binding and conclusive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **<u>Compliance with Laws and Regulations</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The issuance of the Restricted Shares shall be subject to compliance by the Company and the Participant with all applicable requirements of law relating thereto and with all applicable regulations of any Stock Exchange on which the shares of Common Stock may be listed for trading at the time of such issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The inability of the Company to obtain approval from any regulatory body having authority deemed by the Company to be necessary to the lawful issuance of any shares of Common Stock pursuant to this Agreement shall relieve the Company of any liability with respect to the non-issuance as to which such approval shall not have been obtained. The Company, however, shall use its best efforts to obtain all such approvals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **<u>Withholding of Taxes</u>**. The Participant shall be required to pay to the Company, or make other arrangements satisfactory to the Company, to provide for the payment of amounts required to be withheld for any Withholding Taxes, if applicable, with respect to the grant or vesting of the Restricted Shares. Subject to approval by the Plan Administrator, the Participant may elect to satisfy any Withholding Tax obligation of the Company (or any Parent or Subsidiary) with respect to the Restricted Shares by having the Company withhold shares of Common Stock otherwise issuable upon the issuance or vesting of the Restricted Shares but in no event to exceed the minimum statutory rate applicable to the Participant to the extent necessary to avoid adverse accounting consequences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **<u>Participant Undertaking</u>**. The Participant hereby agrees to take whatever additional action and execute whatever additional documents the Company may deem necessary or advisable in order to carry out or effect one or more of the obligations or restrictions imposed on either the Participant or the Restricted Shares pursuant to the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **<u>Recoupment</u>**. The Participant shall be subject to any clawback, recoupment or other similar policy adopted by the Board as in effect (and as modified) from time to time and the Restricted Shares and any cash, shares of Common Stock or other property or amounts due, paid, or issued to the Participant shall be subject to the terms of such policy, as in effect (and as modified) from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **<u>Successors and Assigns</u>**. Except to the extent otherwise provided in this Agreement, the provisions of this Agreement shall inure to the benefit of, and be binding upon, the Company and its successors and assigns and the Participant, the Participant's assigns and the legal representatives, heirs and legatees of the Participant's estate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **<u>Notices</u>**. Any notice required to be given or delivered to the Company under the terms of this Agreement shall be in writing and addressed to the Company at its principal corporate offices. Any notice required to be given or delivered to the Participant shall be in writing and addressed to the Participant at the address indicated below the Participant's signature line on this Agreement. All notices shall be deemed effective upon personal delivery or upon deposit in the U.S. mail, postage prepaid and properly addressed to the party to be notified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **<u>Construction</u>**. This Agreement and the Restricted Shares evidenced hereby are made and granted pursuant to the Plan and are in all respects limited by and subject to the terms of the Plan. All decisions of the Plan Administrator with respect to any question or issue arising under the Plan or this Agreement shall be conclusive and binding on all persons having an interest in the Restricted Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. **<u>Stockholder Approval</u>**. If the shares of Common Stock covered by this Agreement exceed, as of the Grant Date, the number of shares of Common Stock which may be issued under the Plan as last approved by the stockholders, then the Restricted Shares shall be void with respect to such excess shares, unless stockholder approval of an amendment sufficiently increasing the number of shares of Common Stock issuable under the Plan is obtained in accordance with the provisions of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. **<u>Governing Law</u>**. The interpretation, performance and enforcement of this Agreement shall be governed by the laws of the State of Nevada without resort to that state's conflict-of-laws rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. **<u>Employment at Will</u>**. Nothing in this Agreement or in the Plan shall confer upon the Participant any right to continue in Service for any period of specific duration or interfere with or otherwise restrict in any way the rights of the Company (or any Parent or Subsidiary employing or retaining the Participant) or of the Participant, which rights are hereby expressly reserved by each, to terminate the Participant's Service at any time for any reason, with or without cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. **<u>Electronic Delivery</u>**. The Company may, in its sole discretion, decide to deliver by email or other electronic means any documents related to the Participant's current or future participation in the Plan, the Restricted Shares, any other securities of the Company or any other Company -related documents, including notices to stockholders required by applicable law. The Participant hereby (i) consents to receive such documents by email or other electronic means, (ii) consents to the use of electronic signatures, and (iii) if applicable, agrees to participate in the Plan and/or receive any such documents related to the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company. The Company may deliver the above-described documents to the Participant by sending a communication to the Participant's email address set forth under the Participant's signature below or, if no email address is set forth below, to the last email address for the Participant that the Company has on file.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. **<u>DEFINITIONS</u>**

The following definitions shall be in effect under the Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **<u>Agreement</u>** shall mean this Restricted Stock Grant Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **<u>Board</u>** shall mean the Company's Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **<u>Change in Control</u>** shall mean a change in ownership or control of the Company effected through any of the following transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the consummation of a merger, consolidation or other reorganization approved by the Company's stockholders, unless securities representing fifty percent (50%) or more of the total combined voting power of the voting securities of the successor corporation are immediately thereafter beneficially owned, directly or indirectly and in substantially the same proportion, by the persons who beneficially owned the Company's outstanding voting securities immediately prior to such transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the consummation of (i) a sale, transfer, or other disposition of all or substantially all of the Company's assets or (ii) a liquidation or dissolution of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the closing of any transaction or series of related transactions pursuant to which any person or any group of persons comprising a "group" within the meaning of Rule 13d-5(b)(1) of the 1934 Act (other than the Company or a person that, prior to such transaction or series of related transactions, directly or indirectly controls, is controlled by or is under common control with, the Company) acquires directly or indirectly (whether as a result of a single acquisition or by reason of one or more acquisitions within the twelve (12)-month period ending with the most recent acquisition) beneficial ownership (within the meaning of Rule 13d-3 of the 1934 Act) of securities possessing (or convertible into or exercisable for securities possessing) fifty percent (50%) or more of the total combined voting power of the Company's securities (as measured in terms of the power to vote with respect to the election of Board members) outstanding immediately after the consummation of such transaction or series of related transactions, whether such transaction involves a direct issuance from the Company or the acquisition of outstanding securities held by one or more of the Company's existing stockholders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a change in the composition of the Board over a period of twelve (12) consecutive months or less such that a majority of the Board members ceases, by reason of one or more contested elections for Board membership, to be comprised of individuals who either (A) have been Board members continuously since the beginning of such period or (B) have been elected or nominated for election as Board members during such period by at least a majority of the Board members described in clause (A) who were still in office at the time the Board approved such election or nomination.

In no event shall any public offering of the Company's securities be deemed to constitute a Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **<u>Code</u>** shall mean the U.S. Internal Revenue Code of 1986, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **<u>Common Stock</u>** shall mean the Company's common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **<u>Company</u>** shall mean Edison Oncology Holding Corp., a Nevada corporation, and any successor to all or substantially all of the assets or voting stock of Edison Oncology Holding Corp.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **<u>Grant Date</u>** shall mean the date of grant of the Restricted Shares as specified in Paragraph 1 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **<u>1934 Act</u>** shall mean the Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **<u>Parent</u>** shall mean any corporation (other than the Company) in an unbroken chain of corporations ending with the Company, provided each corporation in the unbroken chain (other than the Company) owns, at the time of the determination, stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in one of the other corporations in such chain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **<u>Participant</u>** shall mean the person to whom the Restricted Shares are issued as specified in Paragraph 1 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) **<u>Plan</u>** shall mean the Company's 2025 Omnibus Incentive Compensation Plan attached hereto as Exhibit I.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) **<u>Plan Administrator</u>** shall mean either the Board or a committee of the Board acting in its capacity as administrator of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) **<u>Restricted Shares</u>** shall have the meaning set forth in Paragraph 1 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) **<u>Restriction Period</u>** shall have the meaning set forth in Paragraph 2(d) of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) **<u>Service</u>** shall mean the Participant's performance of services for the Company (or any Parent or Subsidiary, whether now existing or subsequently established) in the capacity of an Employee, a Non-Employee Director, a non-employee member of the board of directors of any Parent or Subsidiary, or a consultant or independent advisor. For purposes of this Agreement, the Participant shall be deemed to cease Service immediately upon the occurrence of either of the following events: (i) the Participant no longer performs services in any of the foregoing capacities for the Company or any Parent or Subsidiary or (ii) the entity for which the Participant is performing such services ceases to remain a Parent or Subsidiary of the Company, even though the Participant may subsequently continue to perform services for that entity. Service shall not be deemed to cease during a period of military leave, sick leave or other personal leave approved by the Company. Except to the extent otherwise required by law or expressly authorized by the Plan Administrator or by the Company's written policy on leaves of absence, no Service credit shall be given for vesting purposes for any period the Participant is on a leave of absence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) **<u>Stock Exchange</u>** shall mean the American Stock Exchange, the Nasdaq Capital, Global or Global Select Market or the New York Stock Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) **<u>Subsidiary</u>** shall mean any corporation (other than the Company) in an unbroken chain of corporations beginning with the Company, provided each corporation (other than the last corporation) in the unbroken chain owns, at the time of the determination, stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. The term Subsidiary shall also include any wholly-owned limited liability company in such chain of subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) **<u>Vesting Schedule</u>** shall mean the vesting schedule specified in Paragraph 1 of this Agreement pursuant to which the Restricted Shares are to vest in a series of installments over the Participant's period of Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) **<u>Withholding Taxes</u>** shall mean the applicable income taxes, employment taxes, social insurance, social security, national insurance contributions, other contributions, payroll taxes, levies, payment on account obligations or other amounts required to be collected, withheld or accounted for with respect to the grant or vesting of the Restricted Shares.

**IN WITNESS WHEREOF**, the parties have executed this Agreement on the day and year first indicated above.

---

| |
|:---|
| **EDISON ONCOLOGY HOLDING CORP.** |
| <br> By: |
| Name: |
| Title: |

---

---

| |
|:---|
| **PARTICIPANT NAME:** |
| Address: |

---

Personal Email Address:  

**EXHIBIT I**

**2025 Omnibus Incentive Compensation Plan**

## Ex-Filing

?xml version='1.0' encoding='ASCII'?

**Exhibit 107**

**Calculation of Filing Fee Tables**

**<u>Form S-1</u>**

(Form Type)

Edison Oncology Holding Corp.

(Exact Name of Registrant as Specified in its Charter)

Table 1: Newly Registered Securities

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Security Type** | **Security Class Title** | **Fee Calculation or Carry Forward Rule** | **Amount Registered** | **Proposed Maximum Offering Price Per Unit (4)** | **Maximum Aggregate Offering Price (1)** | **Fee Rate** | **Amount of Registration Fee** |
| **Fees to be Paid** | Equity | Shares of share of common stock, par value $0.0001 per share (2) (3) | 457(o) | 3251944 | $9.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29267496 | $0.0001381 | 4042.00 |
| *Total Offering Amounts*: | *Total Offering Amounts*: | *Total Offering Amounts*: | *Total Offering Amounts*: | *Total Offering Amounts*: | *Total Offering Amounts*: | $29267496 |  | $4042.00 |
| ***Total Fees Previously Paid:*** | ***Total Fees Previously Paid:*** | ***Total Fees Previously Paid:*** | ***Total Fees Previously Paid:*** | ***Total Fees Previously Paid:*** | ***Total Fees Previously Paid:*** |  |  |  |
| *Total Fee Offsets:* | *Total Fee Offsets:* | *Total Fee Offsets:* | *Total Fee Offsets:* | *Total Fee Offsets:* | *Total Fee Offsets:* |  |  |  |
| ***Net Fee Due:*** | ***Net Fee Due:*** | ***Net Fee Due:*** | ***Net Fee Due:*** | ***Net Fee Due:*** | ***Net Fee Due:*** |  |  | $4042.00 |

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(1) Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(o) under the Securities Act of 1933, as amended (the "Securities Act").

(2) Pursuant to Rule 416 under the Securities Act, there are also being registered an indeterminable number of additional securities as may be issued to prevent dilution resulting from stock splits, stock dividends or similar transactions.

(3) Includes 424,167 Common Shares that the underwriter has the option to purchase to cover over-allotments, if any.

(4) Represents the midpoint of the estimated price range of the initial public offering as set forth in the Registration Statement