Document:

Exhibit 4.1

 

ONE HUNDRED FORTY-FOURTH SUPPLEMENTAL INDENTURE

 

Providing among other things for

 

FIRST MORTGAGE BONDS,

 

$300,000,000 2.65% Series due 2052

 

Dated as of August 12, 2021

 

--------------

 

CONSUMERS ENERGY COMPANY

 

TO

 

THE BANK OF NEW YORK MELLON,

 

TRUSTEE

 

Counterpart _____ of 80

 

     

     

    

 

THIS ONE HUNDRED FORTY-FOURTH
SUPPLEMENTAL INDENTURE, dated as of August 12, 2021 (herein sometimes referred to as “this Supplemental Indenture”),
made and entered into by and between CONSUMERS ENERGY COMPANY, a corporation organized and existing under the laws of the State of Michigan,
with its principal executive office and place of business at One Energy Plaza, in Jackson, Jackson County, Michigan 49201, formerly known
as Consumers Power Company (hereinafter sometimes referred to as the “Company”), and THE BANK OF NEW YORK MELLON (formerly
known as The Bank of New York), a New York banking corporation, with its corporate trust offices at 240 Greenwich Street, New York, New
York 10286 (hereinafter sometimes referred to as the “Trustee”), as Trustee under the Indenture dated as of September 1,
1945 between Consumers Power Company, a Maine corporation (hereinafter sometimes referred to as the “Maine corporation”),
and City Bank Farmers Trust Company (Citibank, N.A., successor, hereinafter sometimes referred to as the “Predecessor Trustee”),
securing bonds issued and to be issued as provided therein (hereinafter sometimes referred to as the “Indenture”),

 

WHEREAS, at the close of business
on January 30, 1959, City Bank Farmers Trust Company was converted into a national banking association under the title “First
National City Trust Company”; and

 

WHEREAS, at the close of business
on January 15, 1963, First National City Trust Company was merged into First National City Bank; and

 

WHEREAS, at the close of business
on October 31, 1968, First National City Bank was merged into The City Bank of New York, National Association, the name of which
was thereupon changed to First National City Bank; and

 

WHEREAS, effective March 1,
1976, the name of First National City Bank was changed to Citibank, N.A.; and

 

WHEREAS, effective July 16,
1984, Manufacturers Hanover Trust Company succeeded Citibank, N.A. as Trustee under the Indenture; and

 

WHEREAS, effective June 19,
1992, Chemical Bank succeeded by merger to Manufacturers Hanover Trust Company as Trustee under the Indenture; and

 

WHEREAS, effective July 15,
1996, The Chase Manhattan Bank (National Association) merged with and into Chemical Bank which thereafter was renamed The Chase Manhattan
Bank; and

 

WHEREAS, effective November 11,
2001, The Chase Manhattan Bank merged with Morgan Guaranty Trust Company of New York and the surviving corporation was renamed JPMorgan
Chase Bank; and

 

WHEREAS, effective November 13,
2004, the name of JPMorgan Chase Bank was changed to JPMorgan Chase Bank, N.A.; and

 

WHEREAS, effective April 7,
2006, The Bank of New York succeeded JPMorgan Chase Bank, N.A. as Trustee under the Indenture; and

 

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WHEREAS, effective July 1,
2008, the name of The Bank of New York was changed to The Bank of New York Mellon; and

 

WHEREAS, the Indenture was executed
and delivered for the purpose of securing such bonds as may from time to time be issued under and in accordance with the terms of the
Indenture, the aggregate principal amount of bonds to be secured thereby being limited to $14,000,000,000 at any one time outstanding
(except as provided in Section 2.01 of the Indenture), and the Indenture describes and sets forth the property conveyed thereby and
is filed in the Office of the Secretary of State of the State of Michigan and is of record in the Office of the Register of Deeds of each
county in the State of Michigan in which this Supplemental Indenture is to be recorded; and

 

WHEREAS, the Indenture has been
supplemented and amended by various indentures supplemental thereto, each of which is filed in the Office of the Secretary of State of
the State of Michigan and is of record in the Office of the Register of Deeds of each county in the State of Michigan in which this Supplemental
Indenture is to be recorded; and

 

WHEREAS, the Company and the
Maine corporation entered into an Agreement of Merger and Consolidation, dated as of February 14, 1968, which provided for the Maine
corporation to merge into the Company; and

 

WHEREAS, the effective date
of such Agreement of Merger and Consolidation was June 6, 1968, upon which date the Maine corporation was merged into the Company
and the name of the Company was changed from “Consumers Power Company of Michigan” to “Consumers Power Company”;
and

 

WHEREAS, the Company and the
Predecessor Trustee entered into a Sixteenth Supplemental Indenture, dated as of June 4, 1968, which provided, among other things,
for the assumption of the Indenture by the Company; and

 

WHEREAS, said Sixteenth Supplemental
Indenture became effective on the effective date of such Agreement of Merger and Consolidation; and

 

WHEREAS, the Company has succeeded
to and has been substituted for the Maine corporation under the Indenture with the same effect as if it had been named therein as the
mortgagor corporation; and

 

WHEREAS, effective March 11,
1997, the name of Consumers Power Company was changed to Consumers Energy Company; and

 

WHEREAS, the Indenture provides
for the issuance of bonds thereunder in one or more series, and the Company, by appropriate corporate action in conformity with the terms
of the Indenture, has duly determined to create, and does hereby create, a new series of bonds under the Indenture designated 2.65% Series due
2052, which bonds shall also bear the descriptive title “First Mortgage Bonds” (hereinafter provided for and hereinafter sometimes
referred to as the “2052 Bonds” or the “Bonds”), the bonds of which series are to be issued as registered bonds
without coupons and are to bear interest at the rate per annum specified in the title thereof and are to mature on August 15, 2052;
and

 

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WHEREAS, the Company and Barclays
Capital Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC, and MUFG Securities Americas Inc., as representatives of the several
underwriters named therein (the “Underwriters”), have entered into an Underwriting Agreement dated August 2, 2021, pursuant
to which the Company agreed to sell and the Underwriters agreed to buy $300,000,000 in aggregate principal amount of 2052 Bonds; and

 

WHEREAS, the registered bonds
without coupons of the 2052 Bonds and the Trustee’s Authentication Certificate thereon are to be substantially in the following
form, to wit:

 

{FORM OF REGISTERED BOND OF THE 2052 BONDS}

 

THIS BOND IS A GLOBAL BOND REGISTERED
IN THE NAME OF THE DEPOSITARY (REFERRED TO HEREIN) OR A NOMINEE THEREOF AND, UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR
THE INDIVIDUAL BONDS REPRESENTED HEREBY, THIS GLOBAL BOND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE
OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY
SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS GLOBAL BOND IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK), A NEW YORK CORPORATION (THE “DEPOSITARY”),
TO THE TRUSTEE FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.

 

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CONSUMERS ENERGY COMPANY

FIRST MORTGAGE BOND

2.65% SERIES DUE 2052

 

	CUSIP:
    210518 DN3	 	 	$

ISIN: US210518DN34

 

No.:

 

CONSUMERS ENERGY COMPANY, a
Michigan corporation (hereinafter called the “Company”), for value received, hereby promises to pay to Cede & Co.,
or registered assigns, the principal sum of Dollars ($ ) on August 15, 2052 (the “Stated Maturity”), and to pay to the
registered holder hereof interest on said sum from and including the latest semi-annual interest payment date to which interest has been
paid or duly made available for payment on the bonds of this series preceding the date hereof, unless the date hereof be an interest payment
date to which interest is being paid, in which case from and including the date hereof, or unless the date hereof is prior to February 15,
2022 in which case from and including August 12, 2021 (or if this bond is dated between the record date for any interest payment
date and such interest payment date, then from and including such interest payment date, provided, however, that if the Company shall
default in payment of the interest due on such interest payment date, then from and including the next preceding semi-annual interest
payment date to which interest has been paid or duly made available for payment on the bonds of this series, or if such interest payment
date is February 15, 2022, from and including August 12, 2021), in each case to but excluding the next succeeding interest payment
date or the date of maturity, as the case may be, at the rate per annum, until the principal hereof is paid or duly made available for
payment, specified in the title of this bond, payable on February 15 and August 15 in each year. The provisions of this bond
are continued below and such continued provisions shall for all purposes have the same effect as though fully set forth at this place.

 

This bond shall not be valid
or become obligatory for any purpose unless and until it shall have been authenticated by the execution by the Trustee (as defined below)
or its successor in trust under the Indenture (as defined below) of the certificate hereon.

 

IN WITNESS WHEREOF, Consumers
Energy Company has caused this bond to be executed in its name by its Chairman of the Board, its President or one of its Vice Presidents
by his or her signature or a facsimile thereof, and its corporate seal or a facsimile thereof to be affixed hereto or imprinted hereon
and attested by its Secretary or one of its Assistant Secretaries by his or her signature or a facsimile thereof.

 

	 	CONSUMERS ENERGY COMPANY
	 	 
	Dated: 	 
	 	By:	 
	 	Printed: 
	 	Title:

 

	Attest:	 	 

 

TRUSTEE’S AUTHENTICATION
CERTIFICATE

 

This is one of the bonds, of
the series designated therein, described in the within-mentioned Indenture.

 

	 	THE BANK OF NEW YORK MELLON, Trustee
	 	 
	 	By: 	 
	 	 	Authorized Officer

 

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CONSUMERS ENERGY COMPANY

 

FIRST MORTGAGE BOND 2.65% SERIES DUE 2052

 

The interest payable on any
February 15 or August 15 will, subject to certain exceptions provided in the Indenture hereinafter mentioned, be paid to the
person in whose name this bond is registered at 5:00 p.m., New York City time, on the record date, which shall be the February 1
or August 1 (whether or not such February 1 or August 1 shall be a legal holiday or a day on which banking institutions
in the Borough of Manhattan, The City of New York, are authorized to close) preceding the relevant interest payment date, except that
interest payable at the Stated Maturity shall be paid to the person to whom the principal amount is paid. The initial interest payment
date will be February 15, 2022. The principal of and the premium, if any, and interest on this bond shall be payable at the office
or agency of the Company in the Borough of Manhattan, The City of New York, designated for that purpose, in any coin or currency of the
United States of America which at the time of payment is legal tender for public and private debts.

 

This bond is one of the bonds
of a series designated as First Mortgage Bonds, 2.65% Series due 2052 (sometimes herein referred to as the “2052 Bonds”
or the “Bonds”) issued under and in accordance with and secured by an indenture dated as of September 1, 1945, given
by the Company (or its predecessor, Consumers Power Company, a Maine corporation) to City Bank Farmers Trust Company (The Bank of New
York Mellon, successor) (hereinafter sometimes referred to as the “Trustee”), together with indentures supplemental thereto,
heretofore or hereafter executed, to which indenture and indentures supplemental thereto (hereinafter referred to collectively as the
 “Indenture”) reference is hereby made for a description of the property mortgaged and pledged, the nature and extent of the
security and the rights, duties and immunities thereunder of the Trustee and the rights of the holders of said bonds and of the Trustee
and of the Company in respect of such security, and the limitations on such rights. By the terms of the Indenture, the bonds to be secured
thereby are issuable in series which may vary as to date, amount, date of maturity, rate of interest and in other respects as provided
in the Indenture.

 

Any or all of the 2052 Bonds
may be redeemed by the Company at its option, in whole or in part, at any time and from time to time prior to maturity. The redemption
price for any such 2052 Bonds being redeemed on any redemption date prior to the Par Call Date (as defined below) shall be equal to the
greater of the following amounts: (i) 100% of the principal amount of such 2052 Bonds being redeemed on the redemption date or (ii) the
sum of the present values of the remaining scheduled payments of principal of and interest on such 2052 Bonds being redeemed on such redemption
date that would be due if such 2052 Bonds matured on the Par Call Date (not including any portion of any payments of interest accrued
to the redemption date) discounted to the redemption date on a semiannual basis at the Adjusted Treasury Rate (as defined below), plus
15 basis points, as determined by a Reference Treasury Dealer (as defined below) appointed by the Company for such purpose, plus, in each
case of clauses (i) and (ii), accrued and unpaid interest, if any, on such 2052 Bonds being redeemed to, but not including, the redemption
date. The redemption price for any such 2052 Bonds being redeemed on any redemption date on or after the Par Call Date will be equal to
100% of the principal amount of such 2052 Bonds being redeemed on the redemption date, plus accrued and unpaid interest, if any, on such
2052 Bonds being redeemed to, but not including, the redemption date.

 

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“Adjusted
Treasury Rate” means, with respect to any applicable redemption date, the rate per annum equal to the semiannual equivalent
yield to maturity of the Comparable Treasury Issue (as defined below), assuming a price for the Comparable Treasury Issue (expressed as
a percentage of its principal amount) equal to the Comparable Treasury Price (as defined below) for such redemption date.

 

“Business Day” means
any day, other than a Saturday or Sunday, on which banks generally are open in New York, New York for the conduct of substantially all
of their commercial lending activities and on which interbank wire transfers can be made on the Fedwire system.

 

“Comparable Treasury Issue”
means the U.S. Treasury security selected by a Reference Treasury Dealer appointed by the Company for such purpose as having a maturity
comparable to the remaining term of such 2052 Bonds being redeemed (assuming for this purpose that such 2052 Bonds matured on the Par
Call Date) that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues
of corporate debt securities of comparable maturity to the remaining term of such 2052 Bonds (assuming for this purpose that such 2052
Bonds matured on the Par Call Date).

 

“Comparable Treasury Price”
means, with respect to any applicable redemption date, (i) if the Company obtains three or more Reference Treasury Dealer Quotations
(as defined below), the average of such Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and
lowest of such Reference Treasury Dealer Quotations, (ii) if the Company obtains two such Reference Treasury Dealer Quotations, the
average of such quotations, or (iii) if only one Reference Treasury Dealer Quotation is received by the Company, such quotation.

 

“Par Call Date”
means February 15, 2052.

 

“Primary Treasury Dealer”
means a primary U.S. Government securities dealer in the United States.

 

“Reference Treasury Dealer”
means (i) Barclays Capital Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC and a Primary Treasury Dealer selected by
MUFG Securities Americas Inc.; provided, however, that if any of the foregoing shall cease to be a Primary Treasury Dealer, the Company
shall substitute therefor another Primary Treasury Dealer; and (ii) any other Primary Treasury Dealer(s) selected by the Company.

 

“Reference Treasury Dealer
Quotations” means, with respect to each Reference Treasury Dealer and any applicable redemption date, the average of the bid and
asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the
Company by such Reference Treasury Dealer at 5:00 p.m. (New York City time) on the third Business Day preceding such redemption date.

 

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If less than all of the 2052
Bonds are to be redeemed and (i) the 2052 Bonds are in global form, the interests in the 2052 Bonds to be redeemed shall be selected
for redemption by The Depository Trust Company in accordance with The Depository Trust Company’s standard procedures therefor, or
(ii) the 2052 Bonds are in definitive form, the Trustee shall select the 2052 Bonds to be redeemed by lot or on a pro rata basis.
Notice of redemption shall be delivered not less than 10 nor more than 60 days prior to the date fixed for redemption to the holders of
the 2052 Bonds to be redeemed (which, as long as the 2052 Bonds are held in the book-entry only system, will be The Depository Trust Company
(or its nominee) or a successor depositary (or the successor’s nominee)); provided, however, that the failure to duly deliver such
notice, or any defect therein, shall not affect the validity of any proceedings for the redemption of the 2052 Bonds as to which there
shall have been no such failure or defect. On and after the date fixed for redemption (unless the Company shall default in the payment
of the 2052 Bonds or portions thereof to be redeemed at the applicable redemption price, together with accrued and unpaid interest, if
any, thereon to, but not including, such date), interest on the 2052 Bonds or the portions thereof so called for redemption shall cease
to accrue.

 

This bond is not redeemable
by the operation of the maintenance and replacement provisions of the Indenture or with the proceeds of released property or in any other
manner except as set forth above.

 

In case of certain defaults
as specified in the Indenture, the principal of this bond may be declared or may become due and payable on the conditions, at the time,
in the manner and with the effect provided in the Indenture. The holders of certain specified percentages of the bonds at the time outstanding,
including in certain cases specified percentages of bonds of particular series, may in certain cases, to the extent and as provided in
the Indenture, waive certain defaults thereunder and the consequences of such defaults.

 

The Indenture contains provisions
permitting the Company and the Trustee, with the consent of the holders of not less than seventy-five per centum in principal amount of
the bonds (exclusive of bonds disqualified by reason of the Company’s interest therein) at the time outstanding, including, if more
than one series of bonds shall be at the time outstanding, not less than sixty per centum in principal amount of each series affected,
to effect, by an indenture supplemental to the Indenture, modifications or alterations of the Indenture and of the rights and obligations
of the Company and the rights of the holders of the bonds and coupons; provided, however, that no such modification or alteration shall
be made without the written approval or consent of the holder hereof which will (a) extend the maturity of this bond or reduce the
rate or extend the time of payment of interest hereon or reduce the amount of the principal hereof or reduce any premium payable on the
redemption hereof, (b) permit the creation of any lien, not otherwise permitted, prior to or on a parity with the lien of the Indenture,
or (c) reduce the aforesaid percentage of the principal amount of bonds the holders of which are required to approve any such supplemental
indenture.

 

The Company reserves the right,
without any consent, vote or other action by holders of the 2052 Bonds or any other series created after the Sixty-eighth Supplemental
Indenture, to amend the Indenture to reduce the percentage of the principal amount of bonds the holders of which are required to approve
any supplemental indenture (other than any supplemental indenture which is subject to the proviso contained in the immediately preceding
sentence) (a) from not less than seventy-five per centum (including sixty per centum of each series affected) to not less than a
majority in principal amount of the bonds at the time outstanding or (b) in case fewer than all series are affected, not less than
a majority in principal amount of the bonds of all affected series, voting together.

 

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No recourse shall be had for
the payment of the principal of or premium, if any, or interest on this bond, or for any claim based hereon, or otherwise in respect hereof
or of the Indenture, to or against any incorporator, stockholder, director or officer, past, present or future, as such, of the Company,
or of any predecessor or successor company, either directly or through the Company, or such predecessor or successor company, or otherwise,
under any constitution or statute or rule of law, or by the enforcement of any assessment or penalty, or otherwise, all such liability
of incorporators, stockholders, directors and officers, as such, being waived and released by the holder and owner hereof by the acceptance
of this bond and being likewise waived and released by the terms of the Indenture.

 

{END OF FORM OF REGISTERED BOND OF THE 2052
BONDS}

 

- - - - - - - - - - - - - - -

 

AND WHEREAS, all acts and things
necessary to make the Bonds, when duly executed by the Company and authenticated by the Trustee or its agent and issued as prescribed
in the Indenture, as heretofore supplemented and amended, and this Supplemental Indenture, the valid, binding and legal obligations of
the Company, and to constitute the Indenture, as supplemented and amended as aforesaid, as well as by this Supplemental Indenture, a valid,
binding and legal instrument for the security thereof, have been done and performed, and the creation, execution and delivery of this
Supplemental Indenture and the creation, execution and issuance of bonds subject to the terms hereof and of the Indenture, as so supplemented
and amended, have in all respects been duly authorized;

 

NOW, THEREFORE, in consideration
of the premises, of the acceptance and purchase by the holders thereof of the bonds issued and to be issued under the Indenture, as supplemented
and amended as above set forth, duly paid by the Trustee to the Company, and of other good and valuable considerations, the receipt whereof
is hereby acknowledged, and for the purpose of securing the due and punctual payment of the principal of and premium, if any, and interest
on all bonds now outstanding under the Indenture and the $300,000,000 principal amount of the 2052 Bonds, and all other bonds which shall
be issued under the Indenture, as supplemented and amended from time to time, and for the purpose of securing the faithful performance
and observance of all covenants and conditions therein, and in any indenture supplemental thereto, set forth, the Company has given, granted,
bargained, sold, released, transferred, assigned, hypothecated, pledged, mortgaged, confirmed, set over, warranted, alienated and conveyed
and by these presents does give, grant, bargain, sell, release, transfer, assign, hypothecate, pledge, mortgage, confirm, set over, warrant,
alienate and convey unto The Bank of New York Mellon, as Trustee, as provided in the Indenture, and its successor or successors in the
trust thereby and hereby created and to its or their assigns forever, all the right, title and interest of the Company in and to all the
property, described in Section 12 hereof, together (subject to the provisions of Article X of the Indenture) with the tolls,
rents, revenues, issues, earnings, income, products and profits thereof, excepting, however, the property, interests and rights specifically
excepted from the lien of the Indenture as set forth in the Indenture;

 

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TOGETHER WITH all and singular
the tenements, hereditaments and appurtenances belonging or in any wise appertaining to the premises, property, franchises and rights,
or any thereof, referred to in the foregoing granting clause, with the reversion and reversions, remainder and remainders and (subject
to the provisions of Article X of the Indenture) the tolls, rents, revenues, issues, earnings, income, products and profits thereof,
and all the estate, right, title and interest and claim whatsoever, at law as well as in equity, which the Company now has or may hereafter
acquire in and to the aforesaid premises, property, franchises and rights and every part and parcel thereof;

 

SUBJECT, HOWEVER, with respect
to such premises, property, franchises and rights, to excepted encumbrances as said term is defined in Section 1.02 of the Indenture,
and subject also to all defects and limitations of title and to all encumbrances existing at the time of acquisition.

 

TO HAVE AND TO HOLD all said
premises, property, franchises and rights hereby conveyed, assigned, pledged or mortgaged, or intended so to be, unto the Trustee, its
successor or successors in trust and their assigns forever;

 

BUT IN TRUST, NEVERTHELESS,
with power of sale for the equal and proportionate benefit and security of the holders of all bonds now or hereafter authenticated and
delivered under and secured by the Indenture and interest coupons appurtenant thereto, pursuant to the provisions of the Indenture and
of any supplemental indenture, and for the enforcement of the payment of said bonds and coupons when payable and the performance of and
compliance with the covenants and conditions of the Indenture and of any supplemental indenture, without any preference, distinction or
priority as to lien or otherwise of any bond or bonds over others by reason of the difference in time of the actual authentication, delivery,
issue, sale or negotiation thereof or for any other reason whatsoever, except as otherwise expressly provided in the Indenture; and so
that each and every bond now or hereafter authenticated and delivered thereunder shall have the same lien, and so that the principal of
and premium, if any, and interest on every such bond shall, subject to the terms thereof, be equally and proportionately secured, as if
it had been made, executed, authenticated, delivered, sold and negotiated simultaneously with the execution and delivery thereof;

 

AND IT IS EXPRESSLY DECLARED
by the Company that all bonds authenticated and delivered under and secured by the Indenture, as supplemented and amended as above set
forth, are to be issued, authenticated and delivered, and all said premises, property, franchises and rights hereby and by the Indenture
and indentures supplemental thereto conveyed, assigned, pledged or mortgaged, or intended so to be, are to be dealt with and disposed
of under, upon and subject to the terms, conditions, stipulations, covenants, agreements, trusts, uses and purposes expressed in the Indenture,
as supplemented and amended as above set forth, and the parties hereto mutually agree as follows:

 

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SECTION 1.
There is hereby created one series of bonds (the “2052 Bonds” or the “Bonds”) designated as hereinabove provided,
which shall also bear the descriptive title “First Mortgage Bond”, and the form thereof shall be substantially as hereinbefore
set forth. The 2052 Bonds shall be issued in the aggregate principal amount of $300,000,000, shall mature on August 15, 2052 and
shall be issued only as registered bonds without coupons in denominations of $2,000 and any integral multiple of $1,000 in excess thereof.
The serial numbers of the 2052 Bonds shall be such as may be approved by any officer of the Company, the execution thereof by any such
officer either manually or by facsimile signature to be conclusive evidence of such approval. The 2052 Bonds shall bear interest at the
rate per annum, until the principal thereof is paid or duly made available for payment, specified in the title thereto, payable semi-annually
in arrears on February 15 and August 15 in each year, commencing February 15, 2022. Interest on the Bonds will be computed
on the basis of a 360-day year consisting of twelve 30-day months. The principal of and the premium, if any, and the interest on said
bonds shall be payable in any coin or currency of the United States of America which at the time of payment is legal tender for public
and private debts, at the office or agency of the Company in the City of New York, designated for that purpose. Additional 2052
Bonds, without limitation as to amount (except as provided in the Indenture), and without the consent of the holders of the then outstanding
2052 Bonds, but with the same terms as such outstanding 2052 Bonds (except the issue price and the issue date and, if applicable, the
initial interest accrual date and the initial interest payment date), may be authenticated and delivered in the manner provided in the
Indenture, and any such additional 2052 Bonds would constitute a single series with such outstanding 2052 Bonds.

 

SECTION 2.

 

SECTION 2.01. Form of Bonds.

 

The
2052 Bonds shall be issued initially in the form of one or more permanent global bonds in definitive, fully registered form without
interest coupons with the global securities legend appearing in the form of 2052 Bond hereinbefore set forth endorsed thereon (a “Global
Bond”), which shall be deposited on behalf of the purchasers of the Bonds represented thereby with the Trustee, at its corporate
trust office, as securities custodian (or with such other securities custodian as the Depository (as defined below) may direct), and registered
in the name of the Depository or a nominee of the Depository, duly executed by the Company and authenticated by the Trustee as hereinafter
provided. The aggregate principal amount of the Global Bonds may from time to time be increased or decreased by adjustments made on the
records of the Trustee and the Depository or its nominee as hereinafter provided. The depository for the Global Bonds shall be The Depository
Trust Company, a New York corporation, or its duly appointed successor (the “Depository”). This Section 2.01 shall apply
only to a Global Bond deposited with or on behalf of the Depository.

 

The Company shall execute and
the Trustee shall, in the case of each of the 2052 Bonds in accordance with this Section 2.01, authenticate and deliver initially
one or more Global Bonds for the 2052 Bonds, which (a) shall be registered in the name of the Depository or the nominee of the Depository
and (b) shall be delivered by the Trustee to the Depository or pursuant to the Depository’s instructions or held by the Trustee
as securities custodian.

 

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Members of, or participants
in, the Depository (“Agent Members”) shall have no rights under this Supplemental Indenture with respect to any Global Bond
held on their behalf by the Depository or by the Trustee as the securities custodian or under such Global Bond, and the Company, the Trustee
and any agent of the Company or the Trustee shall be entitled to treat the Depository as the absolute owner of such Global Bond for all
purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company
from giving effect to any written certification, proxy or other authorization furnished by the Depository or impair, as between the Depository
and its Agent Members, the operation of customary practices of such Depository governing the exercise of the rights of a holder of a beneficial
interest in any Global Bond.

 

Except as provided in this Section 2.01,
Section 2.02 or Section 2.03, owners of beneficial interests in Global Bonds shall not be entitled to receive physical delivery
of certificated Bonds.

 

SECTION 2.02. Transfer and Exchange.

 

(a)            Transfer
and Exchange of Global Bonds.

 

(i)            The
transfer and exchange of Global Bonds or beneficial interests therein shall be effected through the Depository, in accordance with this
Supplemental Indenture (including applicable restrictions on transfer set forth herein, if any) and the procedures of the Depository therefor.

 

(ii)           Notwithstanding
any other provision of this Supplemental Indenture (other than the provisions set forth in Section 2.03), a Global Bond may not
be transferred as a whole or in part except by the Depository to a nominee of the Depository or by a nominee of the Depository to the
Depository or another nominee of the Depository or by the Depository or any such nominee to a successor Depository or a nominee of such
successor Depository.

 

(b)            Cancellation
or Adjustment of Global Bond. At such time as all beneficial interests in a Global Bond have either been exchanged for certificated
Bonds, redeemed, purchased or canceled, such Global Bond shall be canceled by the Trustee. At any time prior to such cancellation, if
any beneficial interest in a Global Bond is exchanged for certificated Bonds, redeemed, purchased or canceled, the principal amount of
Bonds represented by such Global Bond shall be reduced and an adjustment shall be made on the books and records of the securities custodian
with respect to such Global Bond.

 

(c)            Obligations
with Respect to Transfers and Exchanges of Bonds.

 

(i)            To
permit registrations of transfers and exchanges, the Company shall execute and the Trustee shall authenticate certificated Bonds and Global
Bonds at the security registrar’s request.

 

(ii)           No
service charge shall be made for registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover
any transfer tax, assessments or similar governmental charge payable in connection therewith.

 

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(iii)          Prior
to the due presentation for registration of transfer of any Bond, the Company, the Trustee, the paying agent or the security registrar
may deem and treat the person in whose name a Bond is registered as the absolute owner of such Bond for the purpose of receiving payment
of principal of and premium, if any, and (subject to the record date provisions of the Bonds) interest on such Bond and for all other
purposes whatsoever, whether or not such Bond is overdue, and none of the Company, the Trustee, the paying agent or the security registrar
shall be affected by notice to the contrary.

 

(iv)          All
Bonds issued upon any transfer or exchange pursuant to the terms of the Indenture shall evidence the same debt and shall be entitled
to the same benefits under the Indenture as the Bonds surrendered upon such transfer or exchange.

 

(d)            No
Obligation of Trustee.

 

(i)            The
Trustee (whether in its capacity as Trustee or otherwise) shall have no responsibility or obligation to any beneficial owner of a Global
Bond, Agent Member or other person with respect to the accuracy of the records of the Depository or its nominee or of any Agent Member,
with respect to any ownership interest in the Bonds or with respect to the delivery to any Agent Member, beneficial owner or other person
(other than the Depository) of any notice (including any notice of redemption) or the payment of any amount, under or with respect to
such Bonds. All notices and communications to be given to the holders and all payments to be made to holders under the Bonds shall be
given or made only to or upon the order of the registered holders (which shall be the Depository or its nominee in the case of a Global
Bond). The rights of beneficial owners in any Global Bond shall be exercised only through the Depository subject to the applicable rules and
procedures of the Depository. The Trustee may rely and shall be fully protected in relying upon information furnished by the Depository
with respect to its Agent Members and any beneficial owners.

 

(ii)           The
Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed
under this Supplemental Indenture or under applicable law with respect to any transfer of any interest in any Bond (including any transfers
between or among Agent Members or beneficial owners in any Global Bond) other than to require delivery of such certificates and other
documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of the Indenture.

 

SECTION 2.03. Certificated Bonds.

 

(a)            A
Global Bond deposited with the Depository or with the Trustee as securities custodian pursuant to Section 2.01 shall be transferred
to the beneficial owners thereof in the form of certificated Bonds in an aggregate principal amount equal to the principal amount of such
Global Bond, in exchange for such Global Bond, only if such transfer complies with and is permitted by this Section 2.03 and complies
with the conditions set forth in Article II of the Indenture.

 

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(b)            Any
Global Bond that is transferable to the beneficial owners thereof pursuant to this Section 2.03 shall be surrendered by the Depository
to the Trustee at its corporate trust office to be so transferred, in whole or from time to time in part, without charge, and the Trustee
shall authenticate and deliver, upon such transfer of each portion of such Global Bond, an equal aggregate principal amount of certificated
Bonds of authorized denominations. Any portion of a Global Bond transferred pursuant to this Section 2.03 shall be executed, authenticated
and delivered only in denominations of $2,000 principal amount and any integral multiple of $1,000 in excess thereof and registered in
such names as the Depository shall direct.

 

(c)            Subject
to the provisions of Section 2.03(b), the registered holder of a Global Bond shall be entitled to grant proxies and otherwise authorize
any person, including Agent Members and persons that may hold interests through Agent Members, to take any action which such holder is
entitled to take under the Indenture or the Bonds.

 

(d)            If
the Depository at any time is unwilling or unable to continue as a depository, defaults in the performance of its duties as depository
or ceases to be a clearing agency registered under the Securities Exchange Act of 1934 or other applicable statute or regulation, and
a successor depository is not appointed by the Company within 90 days, the Company will issue Bonds in definitive form in exchange for
the global securities relating to the Bonds. In addition, the Company may at any time and in its sole discretion and subject to the Depository’s
procedures determine not to have the Bonds or portions of the Bonds represented by one or more global securities and, in that event, will
issue individual Bonds in exchange for the global security or securities representing such Bonds. Further, if the Company so specifies
with respect to the Bonds, an owner of a beneficial interest in a global security representing the Bonds may, on terms acceptable to the
Company and the depositary for the global security, receive individual Bonds in exchange for the beneficial interest. In any such instance,
an owner of a beneficial interest in a global security will be entitled to physical delivery in definitive form of Bonds represented by
the global security equal in principal amount to the beneficial interest, and to have the Bonds registered in its name. Bonds so issued
in definitive form will be issued as registered Bonds in denominations of $2,000 and integral multiples of $1,000.

 

SECTION 3. Any or all of
the 2052 Bonds may be redeemed by the Company at its option, in whole or in part, at any time and from time to time prior to maturity.
The redemption price for any such 2052 Bonds being redeemed on any redemption date prior to the Par Call Date (as defined below) shall
be equal to the greater of the following amounts: (i) 100% of the principal amount of such 2052 Bonds being redeemed on the redemption
date or (ii) the sum of the present values of the remaining scheduled payments of principal of and interest on such 2052 Bonds being
redeemed on such redemption date that would be due if such 2052 Bonds matured on the Par Call Date (not including any portion of any payments
of interest accrued to the redemption date) discounted to the redemption date on a semiannual basis at the Adjusted Treasury Rate (as
defined below), plus 15 basis points, as determined by a Reference Treasury Dealer (as defined below) appointed by the Company for such
purpose, plus, in each case of clauses (i) and (ii), accrued and unpaid interest, if any, on such 2052 Bonds being redeemed to, but
not including, the redemption date. The redemption price for any such 2052 Bonds being redeemed on any redemption date on or after the
Par Call Date will be equal to 100% of the principal amount of such 2052 Bonds being redeemed on the redemption date, plus accrued and
unpaid interest, if any, on such 2052 Bonds being redeemed to, but not including, the redemption date.

 

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“Adjusted Treasury Rate”
means, with respect to any applicable redemption date, the rate per annum equal to the semiannual equivalent yield to maturity of the
Comparable Treasury Issue (as defined below), assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal
amount) equal to the Comparable Treasury Price (as defined below) for such redemption date.

 

“Comparable Treasury Issue”
means the U.S. Treasury security selected by a Reference Treasury Dealer appointed by the Company for such purpose as having a maturity
comparable to the remaining term of such 2052 Bonds being redeemed (assuming for this purpose that such 2052 Bonds matured on the Par
Call Date) that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues
of corporate debt securities of comparable maturity to the remaining term of such 2052 Bonds (assuming for this purpose that such 2052
Bonds matured on the Par Call Date).

 

“Comparable Treasury Price”
means, with respect to any applicable redemption date, (i) if the Company obtains three or more Reference Treasury Dealer Quotations
(as defined below), the average of such Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and
lowest of such Reference Treasury Dealer Quotations, (ii) if the Company obtains two such Reference Treasury Dealer Quotations, the
average of such quotations, or (iii) if only one Reference Treasury Dealer Quotation is received by the Company, such quotation.

 

“Par Call Date”
means February 15, 2052.

 

“Primary Treasury Dealer”
means a primary U.S. Government securities dealer in the United States.

 

“Reference Treasury Dealer”
means (i) Barclays Capital Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC and a Primary Treasury Dealer selected by
MUFG Securities Americas Inc.; provided, however, that if any of the foregoing shall cease to be a Primary Treasury Dealer, the Company
shall substitute therefor another Primary Treasury Dealer; and (ii) any other Primary Treasury Dealer(s) selected by the Company.

 

“Reference Treasury Dealer
Quotations” means, with respect to each Reference Treasury Dealer and any applicable redemption date, the average of the bid and
asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the
Company by such Reference Treasury Dealer at 5:00 p.m. (New York City time) on the third Business Day preceding such redemption date.

 

In connection with any redemption
of the 2052 Bonds prior to the Par Call Date, the Company shall give the Trustee notice of the redemption price promptly after the calculation
thereof and the Trustee shall not be responsible for such calculation.

 

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If less than all of the 2052
Bonds are to be redeemed and (i) the 2052 Bonds are in global form, the interests in the 2052 Bonds to be redeemed shall be selected
for redemption by The Depository Trust Company in accordance with The Depository Trust Company’s standard procedures therefor, or
(ii) the 2052 Bonds are in definitive form, the Trustee shall select the 2052 Bonds to be redeemed by lot or on a pro rata basis.
Notice of redemption shall be delivered not less than 10 nor more than 60 days prior to the date fixed for redemption to the holders of
the 2052 Bonds to be redeemed (which, as long as the 2052 Bonds are held in the book-entry only system, will be The Depository Trust Company
(or its nominee) or a successor depositary (or the successor’s nominee)); provided, however, that the failure to duly deliver such
notice, or any defect therein, shall not affect the validity of any proceedings for the redemption of the 2052 Bonds as to which there
shall have been no such failure or defect. On and after the date fixed for redemption (unless the Company shall default in the payment
of the 2052 Bonds or portions thereof to be redeemed at the applicable redemption price, together with accrued and unpaid interest, if
any, thereon to, but not including, such date), interest on the 2052 Bonds or the portions thereof so called for redemption shall cease
to accrue.

 

SECTION 4. The Bonds are
not redeemable by the operation of the maintenance and replacement provisions of the Indenture or with the proceeds of released property
or in any other manner except as set forth in Section 3 hereof.

 

SECTION 5. The Company
reserves the right, without any consent, vote or other action by the holders of the Bonds or of any subsequent series of bonds issued
under the Indenture, to make such amendments to the Indenture, as supplemented, as shall be necessary in order to amend Section 17.02
to read as follows:

 

SECTION 17.02. With the consent of
the holders of not less than a majority in principal amount of the bonds at the time outstanding or their attorneys-in-fact duly authorized,
or, if fewer than all series are affected, not less than a majority in principal amount of the bonds at the time outstanding of each series
the rights of the holders of which are affected, voting together, the Company, when authorized by a resolution, and the Trustee may from
time to time and at any time enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or modifying the rights
and obligations of the Company and the rights of the holders of any of the bonds and coupons; provided, however, that no such supplemental
indenture shall (1) extend the maturity of any of the bonds or reduce the rate or extend the time of payment of interest thereon,
or reduce the amount of the principal thereof, or reduce any premium payable on the redemption thereof, without the consent of the holder
of each bond so affected, or (2) permit the creation of any lien, not otherwise permitted, prior to or on a parity with the lien
of this Indenture, without the consent of the holders of all the bonds then outstanding, or (3) reduce the aforesaid percentage of
the principal amount of bonds the holders of which are required to approve any such supplemental indenture, without the consent of the
holders of all the bonds then outstanding. For the purposes of this Section, bonds shall be deemed to be affected by a supplemental indenture
if such supplemental indenture adversely affects or diminishes the rights of holders thereof against the Company or against its property.
The Trustee may in its discretion determine whether or not, in accordance with the foregoing, bonds of any particular series would be
affected by any supplemental indenture and any such determination shall be conclusive upon the holders of bonds of such series and all
other series. Subject to the provisions of Sections 16.02 and 16.03 hereof, the Trustee shall not be liable for any determination made
in good faith in connection herewith.

 

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Upon the written request
of the Company, accompanied by a resolution authorizing the execution of any such supplemental indenture, and upon the filing with the
Trustee of evidence of the consent of bondholders as aforesaid (the instrument or instruments evidencing such consent to be dated within
one year of such request), the Trustee shall join with the Company in the execution of such supplemental indenture unless such supplemental
indenture affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may
in its discretion but shall not be obligated to enter into such supplemental indenture.

 

It shall not be necessary
for the consent of the bondholders under this Section to approve the particular form of any proposed supplemental indenture, but
it shall be sufficient if such consent shall approve the substance thereof.

 

The Company and the
Trustee, if they so elect, and either before or after such consent has been obtained, may require the holder of any bond consenting to
the execution of any such supplemental indenture to submit his bond to the Trustee or to ask such bank, banker or trust company as may
be designated by the Trustee for the purpose, for the notation thereon of the fact that the holder of such bond has consented to the execution
of such supplemental indenture, and in such case such notation, in form satisfactory to the Trustee, shall be made upon all bonds so submitted,
and such bonds bearing such notation shall forthwith be returned to the persons entitled thereto.

 

Prior to the execution
by the Company and the Trustee of any supplemental indenture pursuant to the provisions of this Section, the Company shall publish a notice,
setting forth in general terms the substance of such supplemental indenture, at least once in one daily newspaper of general circulation
in each city in which the principal of any of the bonds shall be payable, or, if all bonds outstanding shall be registered bonds without
coupons or coupon bonds registered as to principal, such notice shall be sufficiently given if mailed, first class, postage prepaid, and
registered if the Company so elects, to each registered holder of bonds at the last address of such holder appearing on the registry books,
such publication or mailing, as the case may be, to be made not less than thirty days prior to such execution. Any failure of the Company
to give such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture.

 

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SECTION 6.  The Company
hereby appoints the Trustee as paying agent, registrar and transfer agent for the Bonds.

 

SECTION 7.  As supplemented
and amended as above set forth, the Indenture is in all respects ratified and confirmed, and the Indenture and all indentures supplemental
thereto shall be read, taken and construed as one and the same instrument.

 

SECTION 8.  The Trustee
assumes no responsibility for or in respect of the validity or sufficiency of this Supplemental Indenture or of the Indenture as hereby
supplemented or the due execution hereof by the Company or for or in respect of the recitals and statements contained herein (other than
those contained in the tenth and eleventh recitals hereof), all of which recitals and statements are made solely by the Company.

 

The Trustee shall have the right
to accept and act upon instructions, including funds transfer instructions (“Instructions”) given pursuant to this Supplemental
Indenture and delivered using Electronic Means; provided, however, that the Company shall provide to the Trustee an incumbency certificate
listing officers with the authority to provide such Instructions (“Authorized Officers”) and containing specimen signatures
of such Authorized Officers, which incumbency certificate shall be amended by the Company whenever a person is to be added or deleted
from the listing.  If the Company elects to give the Trustee Instructions using Electronic Means and the Trustee in its reasonable
discretion elects to act upon such Instructions, the Trustee’s understanding of such Instructions shall be deemed controlling in
the absence of negligence or willful misconduct.  The Company understands and agrees that the Trustee cannot determine the identity
of the actual sender of such Instructions and that the Trustee shall conclusively presume that directions that purport to have been sent
by an Authorized Officer listed on the incumbency certificate provided to the Trustee have been sent by such Authorized Officer. 
The Company shall be responsible for ensuring that only Authorized Officers transmit such Instructions to the Trustee and that the Company
and all Authorized Officers are solely responsible to safeguard the use and confidentiality of applicable user and authorization codes,
passwords and/or authentication keys upon receipt by the Company.  In the absence of negligence or willful misconduct, the Trustee
shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance
with such Instructions notwithstanding such directions conflict or are inconsistent with a subsequent written instruction.  The Company
agrees: (i) to assume all risks arising out of the use of Electronic Means to submit Instructions to the Trustee, including without
limitation the risk of the Trustee acting on unauthorized Instructions, and the risk of interception and misuse by third parties; (ii) that
it is fully informed of the protections and risks associated with the various methods of transmitting Instructions to the Trustee and
that there may be more secure methods of transmitting Instructions than the method(s) selected by the Company; (iii) that the
security procedures (if any) to be followed in connection with its transmission of Instructions provide to it a commercially reasonable
degree of protection in light of its particular needs and circumstances; and (iv) to notify the Trustee immediately upon learning
of any compromise or unauthorized use of the security procedures.

 

"Electronic Means"
shall mean the following communications methods: e-mail, facsimile transmission, secure electronic transmission containing applicable
authorization codes, passwords and/or authentication keys issued by the Trustee, or another method or system specified by the Trustee
as available for use in connection with its services hereunder.

 

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SECTION 9.  This Supplemental
Indenture may be simultaneously executed in several counterparts and all such counterparts executed and delivered, each as an original,
shall constitute but one and the same instrument.

 

SECTION 10. If any interest
payment date or redemption date for the Bonds or the Stated Maturity falls on a day that is not a Business Day, the interest or principal
payment will be made on the next succeeding Business Day (and without any interest or other payment in respect of any such delay). In
the event the date of any notice required or permitted hereunder shall not be a Business Day, then (notwithstanding any other provision
of the Indenture or of any supplemental indenture thereto) such notice need not be made on such date, but may be made on the next succeeding
Business Day with the same force and effect as if made on the date fixed for such notice. “Business Day” means, with respect
to Section 3 and this Section 10, any day, other than a Saturday or Sunday, on which banks generally are open in New York, New
York for the conduct of substantially all of their commercial lending activities and on which interbank wire transfers can be made on
the Fedwire system.

 

SECTION 11. This Supplemental
Indenture and the 2052 Bonds shall be governed by and deemed to be a contract under, and construed in accordance with, the laws of the
State of Michigan, and for all purposes shall be construed in accordance with the laws of such state, except as may otherwise be required
by mandatory provisions of law.

 

SECTION 12. Detailed Description of Property Mortgaged:

 

I.

 

ELECTRIC GENERATING PLANTS AND DAMS

 

All the electric generating
plants and stations of the Company, constructed or otherwise acquired by it and not heretofore described in the Indenture or any supplement
thereto and not heretofore released from the lien of the Indenture, including all powerhouses, buildings, reservoirs, dams, pipelines,
flumes, structures and works and the land on which the same are situated and all water rights and all other lands and easements, rights
of way, permits, privileges, towers, poles, wires, machinery, equipment, appliances, appurtenances and supplies and all other property,
real or personal, forming a part of or appertaining to or used, occupied or enjoyed in connection with such plants and stations or any
of them, or adjacent thereto.

 

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II.

 

ELECTRIC TRANSMISSION LINES

 

All the electric transmission
lines of the Company, constructed or otherwise acquired by it and not heretofore described in the Indenture or any supplement thereto
and not heretofore released from the lien of the Indenture, including towers, poles, pole lines, wires, switches, switch racks, switchboards,
insulators and other appliances and equipment, and all other property, real or personal, forming a part of or appertaining to or used,
occupied or enjoyed in connection with such transmission lines or any of them or adjacent thereto; together with all real property, rights
of way, easements, permits, privileges, franchises and rights for or relating to the construction, maintenance or operation thereof, through,
over, under or upon any private property or any public streets or highways, within as well as without the corporate limits of any municipal
corporation. Also all the real property, rights of way, easements, permits, privileges and rights for or relating to the construction,
maintenance or operation of certain transmission lines, the land and rights for which are owned by the Company, which are either not built
or now being constructed.

 

III.

 

ELECTRIC DISTRIBUTION SYSTEMS

 

All the electric distribution
systems of the Company, constructed or otherwise acquired by it and not heretofore described in the Indenture or any supplement thereto
and not heretofore released from the lien of the Indenture, including substations, transformers, switchboards, towers, poles, wires, insulators,
subways, trenches, conduits, manholes, cables, meters and other appliances and equipment, and all other property, real or personal, forming
a part of or appertaining to or used, occupied or enjoyed in connection with such distribution systems or any of them or adjacent thereto;
together with all real property, rights of way, easements, permits, privileges, franchises, grants and rights, for or relating to the
construction, maintenance or operation thereof, through, over, under or upon any private property or any public streets or highways within
as well as without the corporate limits of any municipal corporation.

 

IV.

 

ELECTRIC SUBSTATIONS, SWITCHING STATIONS AND SITES

 

All the substations, switching
stations and sites of the Company, constructed or otherwise acquired by it and not heretofore described in the Indenture or any supplement
thereto and not heretofore released from the lien of the Indenture, for transforming, regulating, converting or distributing or otherwise
controlling electric current at any of its plants and elsewhere, together with all buildings, transformers, wires, insulators and other
appliances and equipment, and all other property, real or personal, forming a part of or appertaining to or used, occupied or enjoyed
in connection with any of such substations and switching stations, or adjacent thereto, with sites to be used for such purposes.

 

V.

 

GAS COMPRESSOR STATIONS, GAS PROCESSING PLANTS,

DESULPHURIZATION STATIONS, METERING STATIONS, ODORIZING STATIONS, REGULATORS AND SITES

 

All the compressor stations,
processing plants, desulphurization stations, metering stations, odorizing stations, regulators and sites of the Company, constructed
or otherwise acquired by it and not heretofore described in the Indenture or any supplement thereto and not heretofore released from the
lien of the Indenture, for compressing, processing, desulphurizing, metering, odorizing and regulating manufactured or natural gas at
any of its plants and elsewhere, together with all buildings, meters and other appliances and equipment, and all other property, real
or personal, forming a part of or appertaining to or used, occupied or enjoyed in connection with any of such purposes, with sites to
be used for such purposes.

 

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VI.

 

GAS STORAGE FIELDS

 

The natural gas rights and interests
of the Company, including wells and well lines (but not including natural gas, oil and minerals), the gas gathering system, the underground
gas storage rights, the underground gas storage wells and injection and withdrawal system used in connection therewith, constructed or
otherwise acquired by it and not heretofore described in the Indenture or any supplement thereto and not heretofore released from the
lien of the Indenture: In the Overisel Gas Storage Field, located in the Township of Overisel, Allegan County, and in the Township of
Zeeland, Ottawa County, Michigan; in the Northville Gas Storage Field located in the Township of Salem, Washtenaw County, Township of
Lyon, Oakland County, and the Townships of Northville and Plymouth and City of Plymouth, Wayne County, Michigan; in the Salem Gas Storage
Field, located in the Township of Salem, Allegan County, and in the Township of Jamestown, Ottawa County, Michigan; in the Ray Gas Storage
Field, located in the Townships of Ray and Armada, Macomb County, Michigan; in the Lenox Gas Storage Field, located in the Townships of
Lenox and Chesterfield, Macomb County, Michigan; in the Ira Gas Storage Field, located in the Township of Ira, St. Clair County, Michigan;
in the Puttygut Gas Storage Field, located in the Township of Casco, St. Clair County, Michigan; in the Four Corners Gas Storage Field,
located in the Townships of Casco, China, Cottrellville and Ira, St. Clair County, Michigan; in the Swan Creek Gas Storage Field, located
in the Townships of Casco and Ira, St. Clair County, Michigan; and in the Hessen Gas Storage Field, located in the Townships of Casco
and Columbus, St. Clair County, Michigan.

 

VII.

 

GAS TRANSMISSION LINES

 

All the gas transmission lines
of the Company, constructed or otherwise acquired by it and not heretofore described in the Indenture or any supplement thereto and not
heretofore released from the lien of the Indenture, including gas mains, pipes, pipelines, gates, valves, meters and other appliances
and equipment, and all other property, real or personal, forming a part of or appertaining to or used, occupied or enjoyed in connection
with such transmission lines or any of them or adjacent thereto; together with all real property, right of way, easements, permits, privileges,
franchises and rights for or relating to the construction, maintenance or operation thereof, through, over, under or upon any private
property or any public streets or highways, within as well as without the corporate limits of any municipal corporation.

 

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VIII.

 

GAS DISTRIBUTION SYSTEMS

 

All the gas distribution systems
of the Company, constructed or otherwise acquired by it and not heretofore described in the Indenture or any supplement thereto and not
heretofore released from the lien of the Indenture, including tunnels, conduits, gas mains and pipes, service pipes, fittings, gates,
valves, connections, meters and other appliances and equipment, and all other property, real or personal, forming a part of or appertaining
to or used, occupied or enjoyed in connection with such distribution systems or any of them or adjacent thereto; together with all real
property, rights of way, easements, permits, privileges, franchises, grants and rights, for or relating to the construction, maintenance
or operation thereof, through, over, under or upon any private property or any public streets or highways within as well as without the
corporate limits of any municipal corporation.

 

IX.

 

OFFICE BUILDINGS, SERVICE BUILDINGS, GARAGES, ETC.

 

All office, garage, service
and other buildings of the Company, wherever located, in the State of Michigan, constructed or otherwise acquired by it and not heretofore
described in the Indenture or any supplement thereto and not heretofore released from the lien of the Indenture, together with the land
on which the same are situated and all easements, rights of way and appurtenances to said lands, together with all furniture and fixtures
located in said buildings.

 

X.

 

TELEPHONE PROPERTIES AND

RADIO COMMUNICATION EQUIPMENT

 

All telephone lines, switchboards,
systems and equipment of the Company, constructed or otherwise acquired by it and not heretofore described in the Indenture or any supplement
thereto and not heretofore released from the lien of the Indenture, used or available for use in the operation of its properties, and
all other property, real or personal, forming a part of or appertaining to or used, occupied or enjoyed in connection with such telephone
properties or any of them or adjacent thereto; together with all real estate, rights of way, easements, permits, privileges, franchises,
property, devices or rights related to the dispatch, transmission, reception or reproduction of messages, communications, intelligence,
signals, light, vision or sound by electricity, wire or otherwise, including all telephone equipment installed in buildings used as general
and regional offices, substations and generating stations and all telephone lines erected on towers and poles; and all radio communication
equipment of the Company, together with all property, real or personal (except any in the Indenture expressly excepted), fixed stations,
towers, auxiliary radio buildings and equipment, and all appurtenances used in connection therewith, wherever located, in the State of
Michigan.

 

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XI.

 

OTHER REAL PROPERTY

 

All other real property of the
Company and all interests therein, of every nature and description (except any in the Indenture expressly excepted) wherever located,
in the State of Michigan, acquired by it and not heretofore described in the Indenture or any supplement thereto and not heretofore released
from the lien of the Indenture. Such real property includes but is not limited to the following described property, such property is subject
to any interests that were excepted or reserved in the conveyance to the Company:

 

ALCONA COUNTY

 

Certain land in Caledonia Township,
Alcona County, Michigan described as:

 

The East 330 feet
of the South 660 feet of the SW 1/4 of the SW 1/4 of Section 8, T28N, R8E, except the West 264 feet of the South 330 feet thereof;
said land being more particularly described as follows: To find the place of beginning of this description, commence at the Southwest
corner of said section, run thence East along the South line of said section 1243 feet to the place of beginning of this description,
thence continuing East along said South line of said section 66 feet to the West 1/8 line of said section, thence N 02 degrees 09’
30” E along the said West 1/8 line of said section 660 feet, thence West 330 feet, thence S 02 degrees 09’ 30” W, 330
feet, thence East 264 feet, thence S 02 degrees 09’ 30” W, 330 feet to the place of beginning.

 

ALLEGAN COUNTY

 

Certain land in Lee Township, Allegan
County, Michigan described as:

 

The NE 1/4 of the
NW 1/4 of Section 16, T1N, R15W.

 

ALPENA COUNTY

 

Certain land in Wilson and Green Townships,
Alpena County, Michigan described as:

 

All that part of
the S’ly 1/2 of the former Boyne City-Gaylord and Alpena Railroad right of way, being the Southerly 50 feet of a 100 foot strip
of land formerly occupied by said Railroad, running from the East line of Section 31, T31N, R7E, Southwesterly across said Section 31
and Sections 5 and 6 of T30N, R7E and Sections 10, 11 and the E 1/2 of Section 9, except the West 1646 feet thereof, all in T30N,
R6E.

 

    22

     

    

 

ANTRIM COUNTY

 

Certain land in Mancelona Township,
Antrim County, Michigan described as:

 

The S 1/2 of the
NE 1/4 of Section 33, T29N, R6W, excepting therefrom all mineral, coal, oil and gas and such other rights as were reserved unto the
State of Michigan in that certain deed running from the State of Michigan to August W. Schack and Emma H. Schack, his wife, dated
April 15, 1946 and recorded May 20, 1946 in Liber 97 of Deeds on page 682 of Antrim County Records.

 

ARENAC COUNTY

 

Certain land in Standish Township, Arenac
County, Michigan described as:

 

A parcel of land
in the SW 1/4 of the NW 1/4 of Section 12, T18N, R4E, described as follows: To find the place of beginning of said parcel of land,
commence at the Northwest corner of Section 12, T18N, R4E; run thence South along the West line of said section, said West line of
said section being also the center line of East City Limits Road 2642.15 feet to the W 1/4 post of said section and the place of beginning
of said parcel of land; running thence N 88 degrees 26’ 00” E along the East and West 1/4 line of said section, 660.0 feet;
thence North parallel with the West line of said section, 310.0 feet; thence S 88 degrees 26’ 00” W, 330.0 feet; thence South
parallel with the West line of said section, 260.0 feet; thence S 88 degrees 26’ 00” W, 330.0 feet to the West line of said
section and the center line of East City Limits Road; thence South along the said West line of said section, 50.0 feet to the place of
beginning.

 

BARRY COUNTY

 

Certain land in Johnstown Township,
Barry County, Michigan described as:

 

A strip of land
311 feet in width across the SW 1/4 of the NE 1/4 of Section 31, T1N, R8W, described as follows: To find the place of beginning of
this description, commence at the E 1⁄4 post of said section; run thence N 00 degrees 55’ 00” E along the East line of
said section, 555.84 feet; thence N 59 degrees 36’ 20” W, 1375.64 feet; thence N 88 degrees 30’ 00” W, 130 feet
to a point on the East 1/8 line of said section and the place of beginning of this description; thence continuing N 88 degrees 30’
00” W, 1327.46 feet to the North and South 1/4 line of said section; thence S 00 degrees 39’35” W along said North and
South 1/4 line of said section, 311.03 feet to a point, which said point is 952.72 feet distant N’ly from the East and West 1/4
line of said section as measured along said North and South 1/4 line of said section; thence S 88 degrees 30’ 00” E, 1326.76
feet to the East 1/8 line of said section; thence N 00 degrees 47’ 20” E along said East 1/8 line of said section, 311.02
feet to the place of beginning.

 

BAY COUNTY

 

Certain land in Frankenlust Township,
Bay County, Michigan described as:

 

The South 250 feet
of the N 1/2 of the W 1/2 of the W 1/2 of the SE 1/4 of Section 9, T13N, R4E.

 

    23

     

    

 

BENZIE COUNTY

 

Certain land in Benzonia Township, Benzie
County, Michigan described as:

 

A parcel of land
in the Northeast 1/4 of Section 7, Township 26 North, Range 14 West, described as beginning at a point on the East line of said Section 7,
said point being 320 feet North measured along the East line of said section from the East 1/4 post; running thence West 165 feet; thence
North parallel with the East line of said section 165 feet; thence East 165 feet to the East line of said section; thence South 165 feet
to the place of beginning.

 

BRANCH COUNTY

 

Certain land in Girard Township, Branch
County, Michigan described as:

 

A parcel of land
in the NE 1/4 of Section 23 T5S, R6W, described as beginning at a point on the North and South quarter line of said section at a
point 1278.27 feet distant South of the North quarter post of said section, said distance being measured along the North and South quarter
line of said section, running thence S89 degrees21’E 250 feet, thence North along a line parallel with the said North and South
quarter line of said section 200 feet, thence N89 degrees 21’W 250 feet to the North and South quarter line of said section, thence
South along said North and South quarter line of said section 200 feet to the place of beginning.

 

CALHOUN COUNTY

 

Certain land in Convis Township, Calhoun
County, Michigan described as:

 

A parcel of land
in the SE 1/4 of the SE 1/4 of Section 32, T1S, R6W, described as follows: To find the place of beginning of this description, commence
at the Southeast corner of said section; run thence North along the East line of said section 1034.32 feet to the place of beginning of
this description; running thence N 89 degrees 39’ 52” W, 333.0 feet; thence North 290.0 feet to the South 1/8 line of said
section; thence S 89 degrees 39’ 52” E along said South 1/8 line of said section 333.0 feet to the East line of said section;
thence South along said East line of said section 290.0 feet to the place of beginning. (Bearings are based on the East line of Section 32,
T1S, R6W, from the Southeast corner of said section to the Northeast corner of said section assumed as North.)

 

CASS COUNTY

 

Certain easement rights located across
land in Marcellus Township, Cass County, Michigan described as:

 

The East 6 rods
of the SW 1/4 of the SE 1/4 of Section 4, T5S, R13W.

 

    24

     

    

 

CHARLEVOIX COUNTY

 

Certain land in South Arm Township,
Charlevoix County, Michigan described as:

 

A parcel of land
in the SW 1/4 of Section 29, T32N, R7W, described as follows: Beginning at the Southwest corner of said section and running thence
North along the West line of said section 788.25 feet to a point which is 528 feet distant South of the South 1/8 line of said section
as measured along the said West line of said section; thence N 89 degrees 30’ 19” E, parallel with said South 1/8 line of
said section 442.1 feet; thence South 788.15 feet to the South line of said section; thence S 89 degrees 29’ 30” W, along
said South line of said section 442.1 feet to the place of beginning.

 

CHEBOYGAN COUNTY

 

Certain land in Inverness Township,
Cheboygan County, Michigan described as:

 

A parcel of land
in the SW frl 1/4 of Section 31, T37N, R2W, described as beginning at the Northwest corner of the SW frl 1/4, running thence East
on the East and West quarter line of said Section, 40 rods, thence South parallel to the West line of said Section 40 rods, thence
West 40 rods to the West line of said Section, thence North 40 rods to the place of beginning.

 

CLARE COUNTY

 

Certain land in Frost Township, Clare
County, Michigan described as:

 

The East 150 feet
of the North 225 feet of the NW 1/4 of the NW 1/4 of Section 15, T20N, R4W.

 

CLINTON COUNTY

 

Certain land in Watertown Township,
Clinton County, Michigan described as:

 

The NE 1/4 of the
NE 1/4 of the SE 1/4 of Section 22, and the North 165 feet of the NW 1/4 of the NE 1/4 of the SE 1/4 of Section 22, T5N, R3W.

 

CRAWFORD COUNTY

 

Certain land in Lovells Township, Crawford
County, Michigan described as:

 

A parcel of land
in Section 1, T28N, R1W, described as: Commencing at NW corner said section; thence South 89 degrees53’30” East along
North section line 105.78 feet to point of beginning; thence South 89 degrees53’30” East along North section line 649.64 feet;
thence South 55 degrees 42’30” East 340.24 feet; thence South 55 degrees 44’ 37”“ East 5,061.81 feet to
the East section line; thence South 00 degrees 00’ 08”“ West along East section line 441.59 feet; thence North 55 degrees
44’ 37” West 5,310.48 feet; thence North 55 degrees 42’30” West 877.76 feet to point of beginning.

 

    25

     

    

 

EATON COUNTY

 

Certain land in Eaton Township, Eaton
County, Michigan described as:

 

A parcel of land
in the SW 1/4 of Section 6, T2N, R4W, described as follows: To find the place of beginning of this description commence at the Southwest
corner of said section; run thence N 89 degrees 51’ 30” E along the South line of said section 400 feet to the place of beginning
of this description; thence continuing N 89 degrees 51’ 30” E, 500 feet; thence N 00 degrees 50’ 00” W, 600 feet;
thence S 89 degrees 51’ 30” W parallel with the South line of said section 500 feet; thence S 00 degrees 50’ 00”
E, 600 feet to the place of beginning.

 

EMMET COUNTY

 

Certain land in Wawatam Township, Emmet
County, Michigan described as:

 

The West 1/2 of
the Northeast 1/4 of the Northeast 1/4 of Section 23, T39N, R4W.

 

GENESEE COUNTY

 

Certain land in Argentine Township,
Genesee County, Michigan described as:

 

A parcel of land
of part of the SW 1/4 of Section 8, T5N, R5E, being more particularly described as follows:

 

Beginning at a point
of the West line of Duffield Road, 100 feet wide, (as now established) distant 829.46 feet measured N01 degrees 42’56”W and
50 feet measured S88 degrees 14’04”W from the South quarter corner, Section 8, T5N, R5E; thence S88 degrees 14’04”W
a distance of 550 feet; thence N01 degrees 42’56”W a distance of 500 feet to a point on the North line of the South half of
the Southwest quarter of said Section 8; thence N88 degrees 14’04”E along the North line of South half of the Southwest
quarter of said Section 8 a distance 550 feet to a point on the West line of Duffield Road, 100 feet wide (as now established);
thence S01 degrees 42’56”E along the West line of said Duffield Road a distance of 500 feet to the point of beginning.

 

GLADWIN COUNTY

 

Certain land in Secord Township, Gladwin
County, Michigan described as:

 

The East 400 feet
of the South 450 feet of Section 2, T19N, R1E.

 

    26

     

    

 

GRAND TRAVERSE COUNTY

 

Certain land in Mayfield Township, Grand
Traverse County, Michigan described as:

 

A parcel of land
in the Northwest 1/4 of Section 3, T25N, R11W, described as follows: Commencing at the Northwest corner of said section, running
thence S 89 degrees19’15” E along the North line of said section and the center line of Clouss Road 225 feet, thence South
400 feet, thence N 89 degrees19’15” W 225 feet to the West line of said section and the center line of Hannah Road, thence
North along the West line of said section and the center line of Hannah Road 400 feet to the place of beginning for this description.

 

GRATIOT COUNTY

 

Certain land in Fulton Township, Gratiot
County, Michigan described as:

 

A parcel of land
in the NE 1/4 of Section 7, Township 9 North, Range 3 West, described as beginning at a point on the North line of George Street
in the Village of Middleton, which is 542 feet East of the North and South one-quarter (1/4) line of said Section 7; thence North
100 feet; thence East 100 feet; thence South 100 feet to the North line of George Street; thence West along the North line of George Street
100 feet to place of beginning.

 

HILLSDALE COUNTY

 

Certain land in Litchfield Village,
Hillsdale County, Michigan described as:

 

Lot 238 of Assessors
Plat of the Village of Litchfield.

 

HURON COUNTY

 

Certain easement rights located across
land in Sebewaing Township, Huron County, Michigan described as:

 

The North 1/2 of
the Northwest 1/4 of Section 15, T15N, R9E.

 

INGHAM COUNTY

 

Certain land in Vevay Township, Ingham
County, Michigan described as:

 

A parcel of land
660 feet wide in the Southwest 1/4 of Section 7 lying South of the centerline of Sitts Road as extended to the North-South 1/4 line
of said Section 7, T2N, R1W, more particularly described as follows: Commence at the Southwest corner of said Section 7, thence
North along the West line of said Section 2502.71 feet to the centerline of Sitts Road; thence South 89 degrees54’45”
East along said centerline 2282.38 feet to the place of beginning of this description; thence continuing South 89 degrees54’45”
East along said centerline and said centerline extended 660.00 feet to the North-South 1/4 line of said section; thence South 00 degrees07’20”
West 1461.71 feet; thence North 89 degrees34’58” West 660.00 feet; thence North 00 degrees07’20” East 1457.91
feet to the centerline of Sitts Road and the place of beginning.

 

    27

     

    

 

IONIA COUNTY

 

Certain land in Sebewa Township, Ionia
County, Michigan described as:

 

A strip of land
280 feet wide across that part of the SW 1/4 of the NE 1/4 of Section 15, T5N, R6W, described as follows:

 

To find the place
of beginning of this description commence at the E 1/4 corner of said section; run thence N 00 degrees 05’ 38” W along the
East line of said section, 1218.43 feet; thence S 67 degrees 18’ 24” W, 1424.45 feet to the East 1/8 line of said section
and the place of beginning of this description; thence continuing S 67 degrees 18’ 24” W, 1426.28 feet to the North and South
1/4 line of said section at a point which said point is 105.82 feet distant N’ly of the center of said section as measured along
said North and South 1/4 line of said section; thence N 00 degrees 04’ 47” E along said North and South 1/4 line of said section,
303.67 feet; thence N 67 degrees 18’ 24” E, 1425.78 feet to the East 1/8 line of said section; thence S 00 degrees 00’
26” E along said East 1/8 line of said section, 303.48 feet to the place of beginning. (Bearings are based on the East line of Section 15,
T5N, R6W, from the E 1/4 corner of said section to the Northeast corner of said section assumed as N 00 degrees 05’ 38” W.)

 

IOSCO COUNTY

 

Certain land in Alabaster Township, Iosco
County, Michigan described as:

 

A parcel of land
in the NW 1/4 of Section 34, T21N, R7E, described as follows: To find the place of beginning of this description commence at the
N 1/4 post of said section; run thence South along the North and South 1/4 line of said section, 1354.40 feet to the place of beginning
of this description; thence continuing South along the said North and South 1/4 line of said section, 165.00 feet to a point on the said
North and South 1/4 line of said section which said point is 1089.00 feet distant North of the center of said section; thence West 440.00
feet; thence North 165.00 feet; thence East 440.00 feet to the said North and South 1/4 line of said section and the place of beginning.

 

ISABELLA COUNTY

 

Certain land in Chippewa Township, Isabella
County, Michigan described as:

 

The North 8 rods
of the NE 1/4 of the SE 1/4 of Section 29, T14N, R3W.

 

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JACKSON COUNTY

 

Certain land in Waterloo Township, Jackson
County, Michigan described as:

 

A parcel of land
in the North fractional part of the N fractional 1/2 of Section 2, T1S, R2E, described as follows: To find the place of beginning
of this description commence at the E 1/4 post of said section; run thence N 01 degrees 03’ 40” E along the East line of said
section 1335.45 feet to the North 1/8 line of said section and the place of beginning of this description; thence N 89 degrees 32’
00” W, 2677.7 feet to the North and South 1/4 line of said section; thence S 00 degrees 59’ 25” W along the North and
South 1/4 line of said section 22.38 feet to the North 1/8 line of said section; thence S 89 degrees 59’ 10” W along the North
1/8 line of said section 2339.4 feet to the center line of State Trunkline Highway M-52; thence N 53 degrees 46’ 00” W along
the center line of said State Trunkline Highway 414.22 feet to the West line of said section; thence N 00 degrees 55’ 10”
E along the West line of said section 74.35 feet; thence S 89 degrees 32’ 00” E, 5356.02 feet to the East line of said section;
thence S 01 degrees 03’ 40” W along the East line of said section 250 feet to the place of beginning.

 

KALAMAZOO COUNTY

 

Certain land in Alamo Township, Kalamazoo
County, Michigan described as:

 

The South 350 feet
of the NW 1/4 of the NW 1/4 of Section 16, T1S, R12W, being more particularly described as follows: To find the place of beginning
of this description, commence at the Northwest corner of said section; run thence S 00 degrees 36’ 55” W along the West line
of said section 971.02 feet to the place of beginning of this description; thence continuing S 00 degrees 36’ 55” W along
said West line of said section 350.18 feet to the North 1/8 line of said section; thence S 87 degrees 33’ 40” E along the
said North 1/8 line of said section 1325.1 feet to the West 1/8 line of said section; thence N 00 degrees 38’ 25” E along
the said West 1/8 line of said section 350.17 feet; thence N 87 degrees 33’ 40” W, 1325.25 feet to the place of beginning.

 

KALKASKA COUNTY

 

Certain land in Kalkaska Township, Kalkaska
County, Michigan described as:

 

The NW 1/4 of the
SW 1/4 of Section 4, T27N, R7W, excepting therefrom all mineral, coal, oil and gas and such other rights as were reserved unto the
State of Michigan in that certain deed running from the Department of Conservation for the State of Michigan to George Welker and Mary
Welker, his wife, dated October 9, 1934 and recorded December 28, 1934 in Liber 39 on page 291 of Kalkaska County Records,
and subject to easement for pipeline purposes as granted to Michigan Consolidated Gas Company by first party herein on April 4, 1963
and recorded June 21, 1963 in Liber 91 on page 631 of Kalkaska County Records.

 

    29

     

    

 

KENT COUNTY

 

Certain land in Caledonia Township,
Kent County, Michigan described as:

 

A parcel of land
in the Northwest fractional 1/4 of Section 15, T5N, R10W, described as follows: To find the place of beginning of this description
commence at the North 1/4 corner of said section, run thence S 0 degrees 59’ 26” E along the North and South 1/4 line of said
section 2046.25 feet to the place of beginning of this description, thence continuing S 0 degrees 59’ 26” E along said North
and South 1/4 line of said section 332.88 feet, thence S 88 degrees 58’ 30” W 2510.90 feet to a point herein designated “Point
A” on the East bank of the Thornapple River, thence continuing S 88 degrees 53’ 30” W to the center thread of the Thornapple
River, thence NW’ly along the center thread of said Thornapple River to a point which said point is S 88 degrees 58’ 30”
W of a point on the East bank of the Thornapple River herein designated “Point B”, said “Point B” being N 23 degrees
41’ 35” W 360.75 feet from said above-described “Point A”, thence N 88 degrees 58’ 30” E to said “Point
B”, thence continuing N 88 degrees 58’ 30” E 2650.13 feet to the place of beginning. (Bearings are based on the East
line of Section 15, T5N, R10W between the East 1/4 corner of said section and the Northeast corner of said section assumed as N 0
degrees 59’ 55” W.)

 

LAKE COUNTY

 

Certain land in Pinora and Cherry Valley
Townships, Lake County, Michigan described as:

 

A strip of land
50 feet wide East and West along and adjoining the West line of highway on the East side of the North 1/2 of Section 13 T18N, R12W.
Also a strip of land 100 feet wide East and West along and adjoining the East line of the highway on the West side of following described
land: The South 1/2 of NW 1/4, and the South 1/2 of the NW 1/4 of the SW 1/4, all in Section 6, T18N, R11W.

 

LAPEER COUNTY

 

Certain land in Hadley Township, Lapeer
County, Michigan described as:

 

The South 825 feet
of the W 1/2 of the SW 1/4 of Section 24, T6N, R9E, except the West 1064 feet thereof.

 

LEELANAU COUNTY

 

Certain land in Cleveland Township,
Leelanau County, Michigan described as:

 

The North 200 feet
of the West 180 feet of the SW 1/4 of the SE 1/4 of Section 35, T29N, R13W.

 

    30

     

    

 

 

LENAWEE COUNTY

 

Certain land in Madison Township, Lenawee
County, Michigan described as:

 

A strip of land
165 feet wide off the West side of the following described premises: The E 1/2 of the SE 1/4 of Section 12. The E 1/2 of the NE 1/4
and the NE 1/4 of the SE 1/4 of Section 13, being all in T7S, R3E, excepting therefrom a parcel of land in the E 1/2 of the SE 1/4
of Section 12, T7S, R3E, beginning at the Northwest corner of said E 1/2 of the SE 1/4 of Section 12, running thence East 4
rods, thence South 6 rods, thence West 4 rods, thence North 6 rods to the place of beginning.

 

LIVINGSTON COUNTY

 

Certain land in Cohoctah Township, Livingston
County, Michigan described as:

 

Parcel 1

 

The East 390 feet
of the East 50 rods of the SW 1/4 of Section 30, T4N, R4E.

 

Parcel 2

 

A parcel of land
in the NW 1/4 of Section 31, T4N, R4E, described as follows: To find the place of beginning of this description commence at the N
1/4 post of said section; run thence N 89 degrees 13’ 06” W along the North line of said section, 330 feet to the place of
beginning of this description; running thence S 00 degrees 52’ 49” W, 2167.87 feet; thence N 88 degrees 59’ 49”
W, 60 feet; thence N 00 degrees 52’ 49” E, 2167.66 feet to the North line of said section; thence S 89 degrees 13’ 06”
E along said North line of said section, 60 feet to the place of beginning.

 

MACOMB COUNTY

 

Certain land in Macomb Township, Macomb
County, Michigan described as:

 

A parcel of land
commencing on the West line of the E 1/2 of the NW 1/4 of fractional Section 6, 20 chains South of the NW corner of said E 1/2 of
the NW 1/4 of Section 6; thence South on said West line and the East line of A. Henry Kotner’s Hayes Road Subdivision #15,
according to the recorded plat thereof, as recorded in Liber 24 of Plats, on page 7, 24.36 chains to the East and West 1/4 line of
said Section 6; thence East on said East and West 1/4 line 8.93 chains; thence North parallel with the said West line of the E 1/2
of the NW 1/4 of Section 6, 24.36 chains; thence West 8.93 chains to the place of beginning, all in T3N, R13E.

 

    31

     

    

 

MANISTEE COUNTY

 

Certain land in Manistee Township, Manistee
County, Michigan described as:

 

A parcel of land
in the SW 1/4 of Section 20, T22N, R16W, described as follows: To find the place of beginning of this description, commence at the
Southwest corner of said section; run thence East along the South line of said section 832.2 feet to the place of beginning of this description;
thence continuing East along said South line of said section 132 feet; thence North 198 feet; thence West 132 feet; thence South 198 feet
to the place of beginning, excepting therefrom the South 2 rods thereof which was conveyed to Manistee Township for highway purposes by
a Quitclaim Deed dated June 13, 1919 and recorded July 11, 1919 in Liber 88 of Deeds on page 638 of Manistee County Records.

 

MASON COUNTY

 

Certain land in Riverton Township, Mason
County, Michigan described as:

 

Parcel 1: The South 10 acres of the West
20 acres of the S 1/2 of the NE 1/4 of Section 22, T17N, R17W.

 

Parcel 2: A parcel of land containing
4 acres of the West side of highway, said parcel of land being described as commencing 16 rods South of the Northwest corner of the NW
1/4 of the SW 1⁄4 of Section 22, T17N, R17W, running thence South 64 rods, thence NE’ly and N’ly and NW’ly
along the W’ly line of said highway to the place of beginning, together with any and all right, title, and interest of Howard C.
Wicklund and Katherine E. Wicklund in and to that portion of the hereinbefore mentioned highway lying adjacent to the E’ly line
of said above described land.

 

MECOSTA COUNTY

 

Certain land in Wheatland Township,
Mecosta County, Michigan described as:

 

A parcel of land
in the SW 1/4 of the SW 1/4 of Section 16, T14N, R7W, described as beginning at the Southwest corner of said section; thence East
along the South line of Section 133 feet; thence North parallel to the West section line 133 feet; thence West 133 feet to the West
line of said Section; thence South 133 feet to the place of beginning.

 

MIDLAND COUNTY

 

Certain land in Ingersoll Township,
Midland County, Michigan described as:

 

The West 200 feet
of the W 1/2 of the NE 1/4 of Section 4, T13N, R2E.

 

    32

     

    

 

MISSAUKEE COUNTY

 

Certain land in Norwich Township, Missaukee
County, Michigan described as:

 

A parcel of land
in the NW 1/4 of the NW 1/4 of Section 16, T24N, R6W, described as follows: Commencing at the Northwest corner of said section, running
thence N 89 degrees 01’ 45” E along the North line of said section 233.00 feet; thence South 233.00 feet; thence S 89 degrees
01’ 45” W, 233.00 feet to the West line of said section; thence North along said West line of said section 233.00 feet to
the place of beginning. (Bearings are based on the West line of Section 16, T24N, R6W, between the Southwest and Northwest corners
of said section assumed as North.)

 

MONROE COUNTY

 

Certain land in Whiteford Township,
Monroe County, Michigan described as:

 

A parcel of land
in the SW1/4 of Section 20, T8S, R6E, described as follows: To find the place of beginning of this description commence at the S
1/4 post of said section; run thence West along the South line of said section 1269.89 feet to the place of beginning of this description;
thence continuing West along said South line of said section 100 feet; thence N 00 degrees 50’ 35” E, 250 feet; thence East
100 feet; thence S 00 degrees 50’ 35” W parallel with and 16.5 feet distant W’ly of as measured perpendicular to the
West 1/8 line of said section, as occupied, a distance of 250 feet to the place of beginning.

 

MONTCALM COUNTY

 

Certain land in Crystal Township, Montcalm
County, Michigan described as:

 

The N 1/2 of the
S 1/2 of the SE 1/4 of Section 35, T10N, R5W.

 

MONTMORENCY COUNTY

 

Certain land in the Village of Hillman,
Montmorency County, Michigan described as:

 

Lot 14 of Hillman
Industrial Park, being a subdivision in the South 1/2 of the Northwest 1/4 of Section 24, T31N, R4E, according to the plat thereof
recorded in Liber 4 of Plats on Pages 32-34, Montmorency County Records.

 

MUSKEGON COUNTY

 

Certain land in Casnovia Township, Muskegon
County, Michigan described as:

 

The West 433 feet
of the North 180 feet of the South 425 feet of the SW 1/4 of Section 3, T10N, R13W.

 

NEWAYGO COUNTY

 

Certain land in Ashland Township, Newaygo
County, Michigan described as:

 

The West 250 feet
of the NE 1/4 of Section 23, T11N, R13W.

 

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OAKLAND COUNTY

 

Certain land in Wixcom City, Oakland
County, Michigan described as:

 

The E 75 feet of
the N 160 feet of the N 330 feet of the W 526.84 feet of the NW 1/4 of the NW 1/4 of Section 8, T1N, R8E, more particularly described
as follows: Commence at the NW corner of said Section 8, thence N 87 degrees 14’ 29” E along the North line of said Section 8
a distance of 451.84 feet to the place of beginning for this description; thence continuing N 87 degrees 14’ 29” E along said
North section line a distance of 75.0 feet to the East line of the West 526.84 feet of the NW 1/4 of the NW 1/4 of said Section 8;
thence S 02 degrees 37’ 09” E along said East line a distance of 160.0 feet; thence S 87 degrees 14’ 29” W a distance
of 75.0 feet; thence N 02 degrees 37’ 09” W a distance of 160.0 feet to the place of beginning.

 

OCEANA COUNTY

 

Certain land in Crystal Township, Oceana
County, Michigan described as:

 

The East 290 feet
of the SE 1/4 of the NW 1/4 and the East 290 feet of the NE 1/4 of the SW 1/4, all in Section 20, T16N, R16W.

 

OGEMAW COUNTY

 

Certain land in West Branch Township,
Ogemaw County, Michigan described as:

 

The South 660 feet
of the East 660 feet of the NE 1/4 of the NE 1/4 of Section 33, T22N, R2E.

 

OSCEOLA COUNTY

 

Certain land in Hersey Township, Osceola
County, Michigan described as:

 

A parcel of land
in the North 1/2 of the Northeast 1/4 of Section 13, T17N, R9W, described as commencing at the Northeast corner of said Section;
thence West along the North Section line 999 feet to the point of beginning of this description; thence S 01 degrees 54’ 20”
E 1327.12 feet to the North 1/8 line; thence S 89 degrees 17’ 05” W along the North 1/8 line 330.89 feet; thence N 01 degrees
54’ 20” W 1331.26 feet to the North Section line; thence East along the North Section line 331 feet to the point
of beginning.

 

OSCODA COUNTY

 

Certain land in Comins Township, Oscoda
County, Michigan described as:

 

The East 400 feet
of the South 580 feet of the W 1/2 of the SW 1/4 of Section 15, T27N, R3E.

 

    34

     

    

 

OTSEGO COUNTY

 

Certain land in Corwith Township, Otsego
County, Michigan described as:

 

Part of the
NW 1/4 of the NE 1/4 of Section 28, T32N, R3W, described as: Beginning at the N 1/4 corner of said section; running thence S 89 degrees
04’ 06” E along the North line of said section, 330.00 feet; thence S 00 degrees 28’ 43” E, 400.00 feet; thence
N 89 degrees 04’ 06” W, 330.00 feet to the North and South 1/4 line of said section; thence N 00 degrees 28’ 43”
W along the said North and South 1/4 line of said section, 400.00 feet to the point of beginning; subject to the use of the N’ly
33.00 feet thereof for highway purposes.

 

OTTAWA COUNTY

 

Certain land in Robinson Township, Ottawa
County, Michigan described as:

 

The North 660 feet
of the West 660 feet of the NE 1/4 of the NW 1/4 of Section 26, T7N, R15W.

 

PRESQUE ISLE COUNTY

 

Certain land in Belknap and Pulawski
Townships, Presque Isle County, Michigan described as:

 

Part of the
South half of the Northeast quarter, Section 24, T34N, R5E, and part of the Northwest quarter, Section 19, T34N, R6E, more fully
described as: Commencing at the East 1⁄4 corner of said Section 24; thence N 00 degrees15’47” E, 507.42 feet, along
the East line of said Section 24 to the point of beginning; thence S 88 degrees15’36” W, 400.00 feet, parallel with the
North 1/8 line of said Section 24; thence N 00 degrees15’47” E, 800.00 feet, parallel with said East line of Section 24;
thence N 88 degrees15’36”E, 800.00 feet, along said North 1/8 line of Section 24 and said line extended; thence S 00
degrees15’47” W, 800.00 feet, parallel with said East line of Section 24; thence S 88 degrees15’36” W, 400.00
feet, parallel with said North 1/8 line of Section 24 to the point of beginning.

 

Together with a
33 foot easement along the West 33 feet of the Northwest quarter lying North of the North 1/8 line of Section 24, Belknap Township,
extended, in Section 19, T34N, R6E.

 

ROSCOMMON COUNTY

 

Certain land in Gerrish Township, Roscommon
County, Michigan described as:

 

A parcel of land
in the NW 1/4 of Section 19, T24N, R3W, described as follows: To find the place of beginning of this description commence at the
Northwest corner of said section, run thence East along the North line of said section 1,163.2 feet to the place of beginning of this
description (said point also being the place of intersection of the West 1/8 line of said section with the North line of said section),
thence S 01 degrees 01’ E along said West 1/8 line 132 feet, thence West parallel with the North line of said section 132 feet,
thence N 01 degrees 01’ W parallel with said West 1/8 line of said section 132 feet to the North line of said section, thence East
along the North line of said section 132 feet to the place of beginning.

 

    35

     

    

 

SAGINAW COUNTY

 

Certain land in Chapin Township, Saginaw
County, Michigan described as:

 

A parcel of land
in the SW 1/4 of Section 13, T9N, R1E, described as follows: To find the place of beginning of this description commence at the Southwest
corner of said section; run thence North along the West line of said section 1581.4 feet to the place of beginning of this description;
thence continuing North along said West line of said section 230 feet to the center line of a creek; thence S 70 degrees 07’ 00”
E along said center line of said creek 196.78 feet; thence South 163.13 feet; thence West 185 feet to the West line of said section and
the place of beginning.

 

SANILAC COUNTY

 

Certain easement rights located across
land in Minden Township, Sanilac County, Michigan described as:

 

The Southeast 1/4
of the Southeast 1/4 of Section 1, T14N, R14E, excepting therefrom the South 83 feet of the East 83 feet thereof.

 

SHIAWASSEE COUNTY

 

Certain land in Burns Township, Shiawassee
County, Michigan described as:

 

The South 330 feet
of the E 1/2 of the NE 1/4 of Section 36, T5N, R4E.

 

ST. CLAIR COUNTY

 

Certain land in Ira Township, St. Clair
County, Michigan described as:

 

The N 1/2 of the
NW 1/4 of the NE 1/4 of Section 6, T3N, R15E.

 

ST. JOSEPH COUNTY

 

Certain land in Mendon Township, St.
Joseph County, Michigan described as:

 

The North 660 feet
of the West 660 feet of the NW 1/4 of SW 1/4, Section 35, T5S, R10W.

 

    36

     

    

 

TUSCOLA COUNTY

 

Certain land in Millington Township,
Tuscola County, Michigan described as:

 

A strip of land
280 feet wide across the East 96 rods of the South 20 rods of the N 1/2 of the SE 1/4 of Section 34, T10N, R8E, more particularly
described as commencing at the Northeast corner of Section 3, T9N, R8E, thence S 89 degrees 55’ 35” W along the South
line of said Section 34 a distance of 329.65 feet, thence N 18 degrees 11’ 50” W a distance of 1398.67 feet to the South
1/8 line of said Section 34 and the place of beginning for this description; thence continuing N 18 degrees 11’ 50”
W a distance of 349.91 feet; thence N 89 degrees 57’ 01” W a distance of 294.80 feet; thence S 18 degrees 11’ 50”
E a distance of 350.04 feet to the South 1/8 line of said Section 34; thence S 89 degrees 58’ 29” E along the South 1/8
line of said section a distance of 294.76 feet to the place of beginning.

 

VAN BUREN COUNTY

 

Certain land in Covert Township, Van
Buren County, Michigan described as:

 

All that part of
the West 20 acres of the N 1/2 of the NE fractional 1/4 of Section 1, T2S, R17W, except the West 17 rods of the North 80 rods, being
more particularly described as follows: To find the place of beginning of this description commence at the N 1/4 post of said section;
run thence N 89 degrees 29’ 20” E along the North line of said section 280.5 feet to the place of beginning of this description;
thence continuing N 89 degrees 29’ 20” E along said North line of said section 288.29 feet; thence S 00 degrees 44’
00” E, 1531.92 feet; thence S 89 degrees 33’ 30” W, 568.79 feet to the North and South 1/4 line of said section; thence
N 00 degrees 44’ 00” W along said North and South 1/4 line of said section 211.4 feet; thence N 89 degrees 29’ 20”
E, 280.5 feet; thence N 00 degrees 44’ 00” W, 1320 feet to the North line of said section and the place of beginning.

 

WASHTENAW COUNTY

 

Certain land in Manchester Township,
Washtenaw County, Michigan described as:

 

A parcel of land
in the NE 1/4 of the NW 1/4 of Section 1, T4S, R3E, described as follows: To find the place of beginning of this description commence
at the Northwest corner of said section; run thence East along the North line of said section 1355.07 feet to the West 1/8 line of said
section; thence S 00 degrees 22’ 20” E along said West 1/8 line of said section 927.66 feet to the place of beginning of this
description; thence continuing S 00 degrees 22’ 20” E along said West 1/8 line of said section 660 feet to the North 1/8 line
of said section; thence N 86 degrees 36’ 57” E along said North 1/8 line of said section 660.91 feet; thence N 00 degrees22’
20” W, 660 feet; thence S 86 degrees 36’ 57” W, 660.91 feet to the place of beginning.

 

    37

     

    

 

WAYNE COUNTY

 

Certain land in Livonia City, Wayne
County, Michigan described as:

 

Commencing at the
Southeast corner of Section 6, T1S, R9E; thence North along the East line of Section 6 a distance of 253 feet to the point of
beginning; thence continuing North along the East line of Section 6 a distance of 50 feet; thence Westerly parallel to the South
line of Section 6, a distance of 215 feet; thence Southerly parallel to the East line of Section 6 a distance of 50 feet;
thence easterly parallel with the South line of Section 6 a distance of 215 feet to the point of beginning.

 

WEXFORD COUNTY

 

Certain land in Selma Township, Wexford
County, Michigan described as:

 

A parcel of land
in the NW 1/4 of Section 7, T22N, R10W, described as beginning on the North line of said section at a point 200 feet East of the
West line of said section, running thence East along said North section line 450 feet, thence South parallel with said West section line
350 feet, thence West parallel with said North section line 450 feet, thence North parallel with said West section line 350 feet to the
place of beginning.

 

SECTION 13. The Company
is a transmitting utility under Section 9501(2) of the Michigan Uniform Commercial Code (M.C.L. 440.9501(2)) as defined in M.C.L.
440.9102(1)(aaaa).

 

IN WITNESS WHEREOF, said Consumers
Energy Company has caused this Supplemental Indenture to be executed in its corporate name by its Chairman of the Board, President, a
Vice President or its Treasurer and its corporate seal to be hereunto affixed and to be attested by its Secretary or an Assistant Secretary,
and said The Bank of New York Mellon, as Trustee as aforesaid, to evidence its acceptance hereof, has caused this Supplemental Indenture
to be executed in its corporate name by a Vice President and its corporate seal to be hereunto affixed and to be attested by an authorized
signatory, in several counterparts, all as of the day and year first above written.

 

    38

     

    

 

	 	 	CONSUMERS ENERGY COMPANY
	 	 	 
	 	By:	/s/ Srikanth Maddipati
	 	 	Srikanth Maddipati
	 	 	Vice President and Treasurer

 

STATE OF MICHIGAN             )

ss.

COUNTY OF JACKSON           )

 

The foregoing instrument was
acknowledged before me this 12th day of August 2021, by Srikanth Maddipati, Vice President and Treasurer of CONSUMERS
ENERGY COMPANY, a Michigan corporation, on behalf of the corporation.

 

	 	/s/ Lindsey White
	 	Lindsey White, Notary Public
	{Seal}	State of Michigan, County of Ingham
	 	My Commission Expires: February 25, 2027
	 	Acting in the County of Jackson

 

    S-1

     

    

 

	 	 	THE BANK OF NEW YORK MELLON,
	 	 	AS TRUSTEE
	 	 
	 	By: 	/s/ Ritta Duggan
	 	 	Ritta Duggan
	 	 	Vice President

 

STATE OF NEW YORK)

ss.

COUNTY OF NEW YORK)

 

The foregoing instrument was
acknowledged before me this 11th day of August 2021, by Rita Duggan, Vice President of THE BANK OF NEW YORK MELLON, as Trustee, a
New York banking corporation, on behalf of the bank.

 

	 	/s/ Rafal Bar
	 	Rafal Bar
	 	Notary Public, State of New York
	 	No. 01BA6293822
	(SEAL)	Qualified in Kings County
	 	Commission Expires January 31, 2022

 

	
    Prepared by:

    Melissa M. Gleespen

    One Energy Plaza, EP12-246

    Jackson,
MI 49201
	
    When recorded, return to:

    Consumers Energy Company

    Attn: Lindsey White

    One Energy Plaza

    Jackson, MI 49201

 

    S-2[ REDACTED ] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.”

 

Exhibit
10.11

  

STANDARD
EXCLUSIVE LICENSE AGREEMENT

WITH KNOW HOW 

 

	Section 1.	Definitions	1
	Section 2.	Grant	3
	Section 3.	Due Diligence	5
	Section 4.	Payments	6
	Section 5.	Certain Warranties and Disclaimers of UFRF	9
	Section 6.	Record Keeping	10
	Section 7.	Patent Prosecution	10
	Section 8.	Infringement and Invalidity	11
	Section 9.	Term and Termination	12
	Section 10.	Assignability	14
	Section 11.	Dispute Resolution Procedures	14
	Section 12.	Product Liability	15
	Section 13.	Use of Names	16
	Section 14.	Miscellaneous	16
	Section 15.	Notices	17
	Section 16.	Contract Formation and Authority	18
	Section 17.	United States Government Interests	19
	Section 18.	Confidentiality	19
	Section 19.	University Rules and Regulations	20

  

Schedule
1 – Patents and Patent Applications 

Appendix
A - Development Plan 

Appendix
B - Development Report 

Appendix
C - UFRF Royalty Report 

Appendix
D - Milestones 

Appendix
E - Equity [or Operating] Agreement

 

    [ REDACTED ] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.”
 
i

    [ REDACTED ] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.”

    

 

This
Agreement is made effective the 23rd day of June, 2014, (the “Effective Date”) by and between the University of Florida
Research Foundation, Inc. (hereinafter called “UFRF”), a nonstock, nonprofit Florida corporation, and XORTX Pharma
Corp (hereinafter called “Licensee”), a small entity corporation organized and existing under the laws of Canada;

 

WHEREAS,
UFRF owns certain inventions that are described in the “Licensed Patents” defined below, and UFRF is willing to grant
a license to Licensee under any one or all of the Licensed Patents and Licensee desires a license under all of them;

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements set forth below, the parties covenant and agree as follows:

 

		Section
                              1.	Definitions

 

		1.1	“Licensed
Patents” means all of the following UFRF intellectual property\

 

1.1.1      the
patents(s)/patent applications(s) identified on Schedule 1 hereto;

 

1.1.2      any
and all United States and foreign patent applications claiming priority to any of the patents(s) and patent applications identified
in Schedule 1, and

 

1.1.3      any
and all patents issuing from the patent applications identified in Section 1.1.1 and 1.1.2, including, but not limited to, letters
patents, patents of addition, divisionals, reissues, re-examinations, extensions, restorations, and supplementary protection certificates.

 

		1.2	“Licensed
Product” and “Licensed Process” means:

 

1.2.1      In
the case of a Licensed Product, any product or part thereof, on a country-by country basis, that:

 

(a)          is
covered in whole or in part by an issued, unexpired claim or a pending claim contained in the Licensed Patents, in any country
in which such product is made, used, imported, or sold; or

 

(b)          is
manufactured by using a process which is covered in whole or in part by an issued, unexpired claim or a pending claim contained
in the Licensed Patents, in any country in which such process is used or in which any such product is used, imported, or sold;
or

 

(c)          incorporates,
utilizes, or was developed utilizing, Know-How or which is manufactured using Know-How or using a process developed using Know-How.

 

    [ REDACTED ] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.”
 
 

    [ REDACTED ] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.”

    

 

1.2.2      In
the case of a Licensed Process, any process, on a country-by-country basis: 

 

(a)          which
is covered in whole or in part by an issued, unexpired claim or a pending claim contained in the Licensed Patents in any country
in which such process is practiced; or

 

(b)          which
incorporates, utilizes, or was developed utilizing Know-How.

 

1.3          “Net
Sales” means the total dollar amount invoiced on sales of Licensed Product and/or Licensed Processes by Licensee and/or
Sublicensee(s). Total amount invoiced may include only promotional discounts allowed in the amounts customary in the trade.

 

1.4          “Affiliate”
means: (a) any person or entity which controls at least fifty percent (50%) of the equity or voting stock of the Licensee or (b)
any person or entity fifty percent (50%) of whose equity or voting stock is owned or controlled by the Licensee or (c) any person
or entity of which at least fifty percent (50%) of the equity or voting stock is owned or controlled by the same person or entity
owning or controlling at least fifty percent (50 %) of Licensee or (d) any entity in which any officer or employee is also an
officer or employee of Licensee or any person who is an officer or employee of Licensee.

 

1.5          “Patent
Challenge” means a challenge to the validity, patentability, enforceability and/or non-infringement of any of the Licensed
Patents or otherwise opposing any of the Licensed Patents.

 

1.6          “Sublicensed”
means, directly or indirectly, to sublicense, grant any other right with respect to, or agree not to assert, any right licensed
to Licensee under this Agreement.

 

1.7          “Sublicensee”
means any third party to whom Licensee grants a Sublicense.

 

1.8          “Development
Plan” means a written report summarizing the development activities that are to be undertaken by the Licensee to bring Licensed
Products and/or Licensed Processes to the market. The Development Plan is attached as Appendix A.

 

1.9          “Development
Report” means a written account of Licensee’s progress under the Development Plan having at least the information
specified on Appendix B to this Agreement, and shall be sent to the address specified on Appendix B.

 

1.10        “Licensed
Field” shall be all uses.

 

1.11        “Licensed
Territory” shall be worldwide.

 

1.12        “Investigator”
means Richard Johnson.

 

1.13        “Know-How”
means unpatented technology and/or information that was developed by the Investigator, including without limitation methods, processes,
techniques, compounds, cell lines, materials, sequences, drawings, indications, data, results of tests, results of studies, plans,
and expertise, whether patentable or not, which relate specifically to the Licensed Patents and existing on the date hereof, only
to the extent wholly owned and controlled by the UFRF, except that Know-How shall not include the Licensed Patents.

 

    [ REDACTED ] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.”
 
2

    [ REDACTED ] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.”

    

 

1.14       “Change
of Control” shall mean

 

(a)          any
consolidation, merger, combination, reorganization or other transaction in which Licensee is not the surviving entity other than
a transaction, the principal purpose of which is to effect a change in domicile or the form of entity of Licensee

 

(b)          the
shares of stock of Licensee constituting in excess of fifty percent (50%) of the voting power of Licensee are exchanged for or
changed into other stock or securities, cash, and/or other property other than in the context of a financial transaction

 

(c)          a
sale or other disposition of all or substantially all of the assets of the Licensee, or the assignment of this Agreement to a
third party pursuant to Section 10; provided, however, that the Proposed Financing when completed shall not constitute a Change
of Control.

 

1.15       “Proposed
Financing” means that certain transaction by and between Licensee and African Queen Mines Ltd. pursuant to which (a) Licensee
shall be merged into African Queen Mines Ltd., (b) be the surviving entity, with the former shareholders of Licensee owning more
than 50% of the outstanding shares of African Queen immediately following completion of the merger before taking into account
the shares of African Queen to be issued in the Proposed Financing and (c) upon the consummation of the transaction African Queen
shall have received at least Three Million Canadian Dollars (C$3,000,000) in capital from the sale of its securities in one or
more financings completed by no later than January 31, 2015.

 

1.16       “Equity
Securities” means the shares of Common Stock, any other capital stock of Licensee (including preferred shares), and any
securities of Licensee that are convertible into capital stock of Licensee or that carry a right to subscribe to or acquire capital
stock of Licensee.

 

		Section
                              2.	Grant

 

		2.1	License

 

2.1.1      License
under Licensed Patents

 

Subject
to the terms of this agreement, UFRF hereby grants to Licensee a royalty-bearing, exclusive license, limited to the Licensed Field
and the Licensed Territory, under the Licensed Patents and Know-How to make, have made, develop, use, lease, import, export, offer
to sell, sell and have sold Licensed Products and Licensed Processes. UFRF reserves to itself and the University of Florida the
right under the Licensed Patents and Know-How to make, have made, develop, import and used Licensed Products and Licensed Processes
solely for their internal research, clinical (including, but not limited to patient care at Shands Teaching Hospital and University
of Florida patient care facilities), and educational purposes. In addition, UFRF reserves to itself, as well as to the University
of Florida and to all non-profit research institutions, the right to use materials that might be covered under Licensed Patents
or Know-How solely for their internal research, educational, and clinical purposes and to meet all applicable government requirements
governing the ability to transfer materials.

 

    [ REDACTED ] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.”
 
3

    [ REDACTED ] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.”

    

 

		2.2	Sublicense

 

2.2.1        Licensee
may grant written Sublicenses to third parties. However, Licensee shall notify UFRF of the initiation of license negotiations
with all potential Sublicensees. Any agreement granting a Sublicense shall state that the Sublicense is subject to the terms and
conditions of this Agreement and to the termination of this Agreement. Licensee shall have the same responsibility for the activities
of any Sublicensee or Affiliate as if the activities were directly those of Licensee. Licensee shall also include provisions in
all sublicenses to provide that in the event that Sublicensee brings a Patent Challenge against UFRF or assists another party
in bringing a Patent Challenge against UFRF (except as required under a court order or subpoena) then Licensee may terminate the
Sublicense within thirty (30) days.

 

2.2.2        In
respect to Sublicenses granted by Licensee under 2.2.1 above, Licensee shall pay to UFRF an amount equal to what Licensee would
have been required to pay to UFRF had Licensee sold the amount of Licensed Products or Licensed Processes sold by such Sublicensee.

 

2.2.3        [REDACTED].
Licensee shall not receive from Sublicensees anything of value in lieu of cash payments in consideration for any Sublicense under
this Agreement without the express prior written permission of UFRF. Excluded from the provisions of this Section 2.2.3 are payments
received from sublicensees for research and development and purchases of Licensee’s securities at not less than fair market
value of those securities

 

2.2.4        If
Licensee or any of its Affiliates brings a Patent Challenge against UFRF, or (ii) Licensee or any of its Affiliates assists another
party in bringing a Patent Challenge against UFRF (except as required under a court order or subpoena), and (iii) UFRF does not
choose to exercise its rights to terminate this Agreement pursuant to Section 9.3 then, in the event that such a Patent Challenge
is successful, Licensee will have no right to recoup any consideration, including royalties, paid during the period of challenge.
In the event that a Patent Challenge is unsuccessful, Licensee shall reimburse UFRF for all reasonable legal fees and expenses
incurred in its defense against the Patent Challenge.

 

2.2.5        Licensee
shall provide UFRF with a final unredacted copy of each sublicense agreement and any agreement which transfers intellectual property
rights granted hereunder, within thirty (30) days after the execution of the sublicense agreement and further agrees to forward
to UFRF annually a copy of such reports received by Licensee from its Sublicensees pertinent to payments under said sublicense
agreements. Failure of Licensee to provide UFRF with unredacted copies of each Sublicense agreement within thirty (30) days after
execution of the Sublicense agreement will be considered a breach of the terms of this Agreement, and the terms of Section 9 “Terms
and Termination” will apply.

 

2.2.6        In
the event that UFRF notifies Licensee in writing of a third party’s interest in a market or territory which Licensee is
not addressing at the time of receipt of the notice, Licensee shall respond to UFRF in writing within thirty (30) days of receipt
of such notice to inform UFRF whether Licensee intends to pursue the market or territory. If in such response, Licensee elects
to forego the market or territory, UFRF may terminate in said market or territory the license granted in Section 2.1.1.

 

    [ REDACTED ] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.”
 
4

    [ REDACTED ] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.”

    

 

		Section
                              3.	Due
                                         Diligence

 

		3.1	Development

 

		3.1.1	Licensee
                                         agrees to and warrants that:

 

(a)          it
has, or will obtain, the expertise necessary to independently evaluate the inventions of the Licensed Patents;

 

(b)          it
will establish and actively and diligently pursue the Development Plan (see Appendix A) to the end that the inventions of the
Licensed Patents will be utilized to provide Licensed Products and/or Licensed Processes for sale in the retail market within
the Licensed Field;

 

(c)          it
will diligently develop markets for Licensed Products and Licensed Processes;

 

(d)          until
the date of first commercial sale of Licensed Products or Licensed Processes, it will supply the UFRF with a written Development
Report annually fifteen (15) days after the end of the calendar year (see Appendix B);

 

(e)          and,
one year before commencement of manufacturing or commercial production, Licensee will include in the Development Report specifics
of planned manufacturing or production.

 

3.1.2      Licensee
agrees that the first commercial sale of products to the retail customer shall occur on or before January 30th, 2025 or UFRF shall
have the right to terminate the Agreement pursuant to Section 9.3 hereto. In addition, Licensee will meet the milestones shown
in Appendix D or UFRF shall have the right to terminate the Agreement pursuant to Section 9.3. Licensee will notify UFRF in writing
as each milestone is met.

 

3.1.3      Upon
written request by Licensee to negotiate extensions of any milestones or due dates set forth in Appendix D, such request to be
received by UFRF no less than ninety (90) days prior to any of the due dates subject to such request, set forth in this Section
3.1.3, such request fully describing Licensee’s diligent effort to achieve the milestones required to be met by such due
date, UFRF shall consider in good faith such requests. Upon granting such request, UFRF and Licensee shall negotiate such extensions
in good faith.

 

3.1.4      University
of Florida policies may require approval of clinical trials involving technologies invented at the University. Accordingly, Licensee
will notify UFRF prior to commencing any clinical trials at the University of Florida or its affiliated medical facilities.

 

		3.2	Minimum
                                         Investment

 

[REDACTED].

 

    [ REDACTED ] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.”
 
5

    [ REDACTED ] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.”

    

 

		Section
                              4.	Payments

 

		4.1	License
                                         Issue Fee

 

[REDACTED].

 

		4.2	Annual
                                         License Maintenance Fee

 

Licensee
will pay an annual license maintenance fee of one thousand dollars ($1,000), each year on the anniversary of the Effective Date.
The annual license maintenance fee is payable until the first commercial sale of a Licensed Product or Licensed Processes, after
which time minimum royalties instead of the annual license maintenance fee will be due.

 

		4.3	Issuance
                                         of Equity

 

		4.3.1	[REDACTED].

 

(a)          [REDACTED].

 

		4.3.2	[REDACTED].

 

		4.3.3	[REDACTED].

 

(a)          In
addition to its other rights under this Agreement, but only until the Proposed Financing is completed, UFRF shall have a preemptive
right to acquire such shares of Common Stock or other Equity Securities that may be issued from time to time by Licensee while
UFRF remains the owner of Equity Securities. Such preemptive right shall apply with respect to all Equity Securities issued by
Licensee after the Effective Date, whether such additional Equity Securities constitute a part of the Equity Securities presently
or subsequently authorized or constitute Equity Securities held in the treasury of Licensee, and regardless of whether such Equity
Securities are to be issued for cash, property (other than cash) or services. Such preemptive right shall not apply to (i) Equity
Securities issued pursuant to the acquisition of another corporation or business entity by Licensee or one or more of its wholly
owned subsidiaries by merger, consolidation, share exchange, purchase of substantially all the assets or other reorganization
whereby the shareholders of Licensee immediately prior to the transaction owns in the aggregate more than 50% of the voting power
of Licensee or other surviving entity after the transaction; (ii) Equity Securities issued to employees, consultants or directors
of Licensee pursuant to any incentive agreement or arrangement approved by the Board of Directors of Licensee; (iii) Equity securities
issued pursuant to any stock dividend, stock split, combination or other reclassification by Licensee of any of its capital stock;
(iv) Equity Securities issued in connection with real or personal property leases or loans or lines of credit from financial institutions.
UFRF may transfer all or part of the preemptive right described in this Section 4.3.3(a) to any entity to which UFRF has assigned
its preemptive rights; or (v) the Proposed Financing.

 

    [ REDACTED ] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.”
 
6

    [ REDACTED ] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.”

    

 

(b)          In
furtherance of the preemptive rights hereby granted UFRF, Licensee agrees to provide UFRF with not less than sixty (60) days prior
written notice (an “Equity Security Issuance Notice”) of its intent to issue any Equity Securities to which the preemptive
rights in this Section 4.3 apply. Such notice should specify in reasonable detail the Equity Securities to be issued, including
class, total number of shares and the applicable rights and preferences associated therewith, including, if applicable, conversion
rights into Shares, and the purchase price for the Equity Securities UFRF may purchase pursuant to its preemptive rights hereby
granted. UFRF shall have the right to acquire Equity Securities of the type being issued in an amount equal to UFRF’s Proportionate
Share Percentage of the aggregate Equity Securities of that type that are to be issued to all persons or entities pursuant to
that issuance. Proportionate Share Percentage shall be UFRF’s percentage derived by dividing the total shares of common
stock then owned by UFRF by the total number of shares of common stock of Licensee then outstanding on an as converted basis.
The terms and conditions of UFRF’s exercise of its preemptive rights, including the consideration to be paid for such Equity
Securities, shall be no less favorable to UFRF than the most favorable price, terms and conditions offered to any other shareholder
or prospective shareholder with respect to the Equity Securities then being issued.

 

(c)          In
order to exercise UFRF’s preemptive rights, UFRF shall deliver written notice thereof to Licensee within sixty (60) days
following its receipt of the Equity Securities Issuance Notice to which such exercise relates, accompanied by full payment of
the purchase price for the Equity Securities to be purchased by UFRF in connection with the exercise of such preemptive rights.
UFRF may, at its option, exercise such preemptive rights to some or all of the Equity Securities to which it has preemptive rights
under this Section 4.3. In the event that any Equity Securities are to be issued by Licensee in return for property (other than
cash) or services, in calculating the purchase price of the Equity Securities with respect to which UFRF has preemptive rights
pursuant to this Section 4.3, the purchase price shall be equal to the fair market value of such property or services as determined
in good faith by the Board of Directors of Licensee.

 

4.3.4       The
issuance of Equity Securities to UFRF under this Section 4.3 shall be made in accordance with that certain Equity Agreement by
and between UFRF and Licensee of even date herewith, a copy of which is attached hereto as Appendix E and incorporated by reference
herein.

 

		4.4	Royalty

 

[REDACTED]:

 

		(i)	[REDACTED].

 

		(ii)	[REDACTED].

 

		(iii)	[REDACTED].

 

		(iv)	[REDACTED].

 

Amounts
owing to UFRF under Sections 4.4 shall be paid on a quarterly basis after the amount of minimum royalties paid is exceeded, with
such amounts due and received by UFRF on or before the ninetieth (90th) day following the end of the calendar quarter ending on
March 31, June 30, September 30, or December 31 in which such amounts were earned.

 

    [ REDACTED ] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.”
 
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    [ REDACTED ] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.”

    

 

		4.5	Minimum
                                         Royalty

 

		4.5.1	[REDACTED]:

 

		4.6	Milestone
                                         Payments

 

Licensee
agrees to pay UFRF milestone payments within ninety (90) days of the first achievement of such milestone per indication, as follows:

 

[REDACTED] 

 

		4.7	Sublicense
                                         Fees

 

Licensee
shall pay sublicense fees to UFRF per Section 2.2.2 of this agreement within thirty days (30) of the receipt of any such fees
from Sublicensee.

 

		4.8	Change
                                         of Control Fee

 

[REDACTED].

 

		4.9	Accounting
                                         for Payments

 

4.9.1       Any
amounts which remain unpaid after the date they are due to UFRF under this Section 4, Section 7, Section 2, or any other section
of this agreement shall accrue at the rate of three quarters of one percent interest (0.75%) per month. However, in no event shall
this interest provision be construed as a grant of permission for any payment delays. Licensee shall also be responsible for repayment
to UFRF of any attorney, collection agency, or other out-of-pocket UFRF expenses required to collect overdue payments due from
this Section 4, Section 7, Section 2 or any other applicable section of this Agreement

 

4.9.2       Except
as otherwise directed, all amounts owing to UFRF under this Agreement shall be paid in U.S. dollars to UFRF at the following address:

 

University
of Florida Research Foundation, Inc. 

223
Grinter Hall 

PO
Box 115500 

Gainesville,
Florida 32611-5500 

Attention:
Business Manager

 

All
monies owing stated in currencies other than U.S. dollars shall be converted at the rate shown in the Federal Reserve Noon Valuation
- Value of Foreign Currencies on the day preceding the payment due date.

 

    [ REDACTED ] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.”
 
8

    [ REDACTED ] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.”

    

 

4.9.3        A
certified full accounting statement showing how any amounts payable to UFRF under Section 4.4 have been calculated shall be submitted
to UFRF on the date of each such payment. In addition to being certified, such accounting statements shall contain a written representation
signed by an executive officer of Licensee that states that the statements are true, accurate, and fairly represent all amounts
payable to UFRF pursuant to this Agreement. Such accounting shall be on a per-country and product line, model or trade name basis
and shall be summarized on the form shown in Appendix C—UFRF Royalty Report of this Agreement.

 

4.9.4        In
the event no payment is owed to UFRF because the amount of minimum royalties paid has not been exceeded or otherwise, an accounting
demonstrating that fact shall be supplied to UFRF.

 

4.9.5        UFRF
is exempt from paying income taxes under U.S. law. Therefore, all payments due under this Agreement shall be made without deduction
for taxes, assessments, or other charges of any kind which may be imposed on UFRF by any government outside of the United States
or any political subdivision of such government with respect to any amounts payable to UFRF pursuant to this Agreement. All such
taxes, assessments, or other charges shall be assumed by Licensee.

 

		Section
                              5.	Certain
                                         Warranties and Disclaimers of UFRF

 

5.1          UFRF
represents that, except as otherwise provided under Section 17.1 of this Agreement with respect to U.S. Government interests,
it is the owner of the Licensed Patents and otherwise has the right to grant the licenses granted to Licensee in this Agreement.
However, nothing in this Agreement shall be construed as:

 

5.1.1        a
warranty or representation by UFRF as to the validity or scope of any right included in the Licensed Patents;

 

5.1.2        a
warranty or representation that anything made, used, sold or otherwise disposed of under the license granted in this Agreement
will or will not infringe patents of third parties;

 

5.1.3        an
obligation to bring or prosecute actions or suits against third parties for infringement of Licensed Patents;

 

5.1.4        an
obligation to furnish any services other than those specified in this Agreement; or

 

5.1.5        a
warranty or representation by UFRF that it will not grant licenses to others to make, use, or sell products not covered by the
claims of the Licensed Patents which may be similar and/or compete with products made or sold by Licensee.

 

5.2          EXCEPT
AS OTHERWISE EXPRESSLY SET FORTH IN THIS AGREEMENT, UFRF MAKES NO REPRESENTATIONS AND EXTENDS NO WARRANTIES OF ANY KIND, EITHER
EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND VALIDITY
OF PATENT RIGHTS CLAIMS, ISSUED OR PENDING. UFRF ASSUMES NO RESPONSIBILITIES WHATSOEVER WITH RESPECT TO USE, SALE, OR OTHER DISPOSITION
BY LICENSEE, ITS SUBLICENSEE(S), OR THEIR VENDEES OR OTHER TRANSFEREES OF PRODUCT INCORPORATING OR MADE BY USE OF INVENTIONS LICENSED
UNDER THIS AGREEMENT.

 

    [ REDACTED ] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.”
 
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    [ REDACTED ] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.”

    

 

		Section
                              6.	Record
                                         Keeping

 

6.1         Licensee
and its Sublicensee(s) shall keep books and records sufficiently to verify the accuracy and completeness of Licensee’s and
its Sublicensee(s)’s accounting referred to above, including without limitation inventory, purchase, and invoice records,
manufacturing records, sales analysis, general ledgers, financial statements, and tax returns relating to the Licensed Products
and/or Licensed Processes. Such books and records shall be preserved for a period not less than six years after they are created
or as required by federal law, both during and after the term of this Agreement.

 

6.2         Licensee
and its Sublicensee(s) shall take all steps necessary so that UFRF may, within thirty (30) days of its written request, audit,
review and/or copy all the books and records at a single U.S. location to verify the accuracy of Licensee’s and its Sublicensee(s)’s
accounting. Such review may be performed by any authorized employees of UFRF as well as by any attorneys and/or accountants designated
by UFRF, upon reasonable notice and during regular business hours. If a deficiency with regard to any payment hereunder is determined,
Licensee and its Sublicensee(s) shall pay the deficiency within thirty (30) days of receiving notice thereof along with applicable
interest as described in Section 4.8. If a royalty payment deficiency for a calendar year exceeds five percent (5%) of the royalties
paid for that year, then Licensee and its Sublicensee(s) shall be responsible for paying UFRF’s out-of-pocket expenses incurred
with respect to such review.

 

6.3         At
any time during the term of this agreement but no more than once a year, UFRF may request in writing that Licensee verify the
calculation of any past payments owed to UFRF through the means of a self-audit. Within ninety (90) days of the request, Licensee
shall issue a complete self-audit of its books and records to verify the accuracy and completeness of the payments owed. Within
thirty (30) days of the completion of the self-audit, Licensee shall submit to UFRF a report detailing the findings of the self-audit
and the manner in which it was conducted in order to verify the accuracy and completeness of the payments owed. If Licensee has
determined through its self-audit that there is any payment deficiency, Licensee shall pay UFRF the deficiency along with applicable
interest under Section 4.8 with the submission of the self-audit report to UFRF. Request for audit is limited to seven previous
years.

 

		Section
                              7.	Patent
                                         Prosecution

 

7.1         UFRF
shall file, prosecute, and maintain the Patent Rights using counsel of its choice and in such countries as Licensee may request
from time to time. UFRF shall provide Licensee with copies of all patent applications, responses, correspondence and other documents
sent to or received from the United States Patent and Trademark Office and shall use reasonable efforts to provide the same respecting
foreign patent offices, in each case relating to Patent Rights. In the case of any proposed patent applications, responses, correspondence
or other documents, UFRF shall use reasonable efforts to furnish Licensee with copies of drafts of the same in time for Licensee
to review and comment on such patent applications, responses, correspondence or other documents, and shall timely consult with
Licensee with respect thereto. UFRF shall also keep Licensee advised of the status of actual and prospective patent filings and
patent prosecution activities with respect to the Patent Rights. Licensee shall keep confidential in accordance with Section 17
of this Agreement any and all documents made available by UFRF for review pursuant to the foregoing provisions of this Section
7.1. In the event that the Licensee and UFRF have a disagreement regarding the filing or prosecution of any patent application
within the Patent Rights where the subject matter of the disagreement pertains to the scope of the claims of such patent application,
the Licensee and UFRF shall have fifteen business days during which they will attempt to resolve the disagreement and reach a
consensus on the patent application and/or response, prior to filing thereof by UFRF counsel. After such fifteen (15) day period,
then UFRF is free to direct such actions as it sees fit at its sole discretion. In the event that a patent action must be taken
before fifteen (15) business days then UFRF is free to direct such actions as it sees fit at its sole discretion. UFRF shall have
final decision-making authority on all patent matters.

 

    [ REDACTED ] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.”
 
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    [ REDACTED ] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.”

    

 

7.2         [REDACTED].

 

7.3         Licensee
shall be responsible for and pay all costs and expenses incurred by UFRF related to the preparation, filing, prosecution (including
interferences), issuance, maintenance, defense (including oppositions) and reporting of the Licensed Patents subsequent to and
separate of those expenses cited in Section 7.2 within thirty (30) days of receipt of an invoice from UFRF. It shall be the responsibility
of Licensee to keep UFRF fully apprised of the “small entity” status of Licensee and all Sublicensees with respect
to the U.S. patent laws and with respect to the patent laws of other countries, if applicable, and to inform UFRF of any changes
in writing of such status, within thirty (30) days of any such change.

 

7.4         In
the case of foreign patent protection, if Licensee gives sixty (60) days notice that it intends to decline to reimburse UFRF for
patent expenses for any Licensed Patent in any particular country and/or jurisdiction, then the license granted hereunder respecting
such Licensed Patent shall terminate after such sixty (60) days in such country and/or jurisdiction.

 

		Section
                              8.	Infringement
                                         and Invalidity

 

8.1         Licensee
shall inform UFRF promptly in writing of any alleged infringement of the Licensed Patents by a third party and of any available
evidence thereof.

 

8.2         During
the term of this Agreement, UFRF shall have the right, but shall not be obligated, to prosecute at its own expense any such infringements
of the Licensed Patents. If UFRF prosecutes any such infringement, Licensee agrees that UFRF may include Licensee as a co-plaintiff
in any such suit, without expense to Licensee. In the event that UFRF shall undertake the enforcement by litigation and/or defense
of the Licensed Patents by litigation, any recovery of damages by UFRF for any such suit shall be applied first in satisfaction
of any unreimbursed expenses and legal fees of UFRF relating to the suit, and next toward reimbursement of Licensee for any legal
fees, and unreimbursed expenses. The balance remaining from any such recovery shall be divided equally between Licensee and UFRF.

 

    [ REDACTED ] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.”
 
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    [ REDACTED ] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.”

    

 

8.3         If
within six (6) months after having been notified of any alleged infringement, UFRF shall have been unsuccessful in persuading
the alleged infringer to desist and shall not have brought an infringement action against the alleged infringer, or if UFRF shall
notify Licensee at any time prior thereto of its intention not to bring suit against the alleged infringer, then, and in those
events only, Licensee shall have the right, but shall not be obligated, to prosecute at its own expense any infringement of the
Licensed Patents, and Licensee may, for such purposes, use the name of UFRF as party plaintiff. No settlement, consent judgment
or other voluntary final disposition of the suit may be entered into without the consent of UFRF, which consent shall not be unreasonably
withheld. Licensee shall indemnify UFRF against any order for costs that may be made against UFRF in such proceedings.

 

8.4         In
the event that a declaratory judgment action is brought against UFRF or Licensee by a third party alleging invalidity, unpatentability,
unenforceability, or non-infringement of the Licensed Patents, UFRF, at its option, shall have the right within twenty (20) days
after commencement of such action to take over the sole defense of the action at its own expense. If UFRF does not exercise this
right, and assuming that Licensee is the sole Licensee of the Licensed Patents, Licensee shall be responsible for the sole defense
of the action at Licensee’s sole expense, subject to Sections 8.5 and 8.6.

 

8.5         In
the event that Licensee shall undertake the enforcement by litigation and/or defense of the Licensed Patents by litigation, UFRF
shall have the right, but not the obligation, to voluntarily join such litigation, represented by its own counsel at its own expense.
In the event that Licensee shall undertake the enforcement by litigation and/or defense of the Licensed Patents by litigation,
any recovery of damages by Licensee for any such suit shall be applied first in satisfaction of any unreimbursed expenses and
legal fees of Licensee relating to the suit, and next toward reimbursement of UFRF for any legal fees, and unreimbursed expenses.
The balance remaining from any such recovery shall be divided equally between Licensee and UFRF.

 

8.6         In
any suit in which either party is involved to enforce or defend the Licensed Patents pursuant to this Agreement, the other party
hereto shall, at the request and expense of the party initiating such suit, cooperate in all respects and, to the extent possible,
have its employees testify when requested and make available relevant records, papers, information, samples, specimens, and the
like.

 

8.7         In
the event Licensee contests the validity of any Licensed Patents, unless and until UFRF terminates this Agreement pursuant to
Section 9.3.9, Licensee shall continue to pay royalties and make other payments pursuant to this Agreement with respect to that
patent as if such contest were not underway until the patent is adjudicated invalid or unenforceable by a court of last resort.

 

		Section
                              9.	Term
                                         and Termination

 

9.1         The
term of this license shall begin on the Effective Date of this Agreement and continue until the date that no Licensed Patent remains
an enforceable patent.

 

9.2         Licensee
may terminate this Agreement at any time by giving at least sixty (60) days written notice of such termination to UFRF. Such a
notice shall be accompanied by a statement of the reasons for termination.

 

    [ REDACTED ] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.”
 
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    [ REDACTED ] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.”

    

 

		9.3	UFRF
may terminate this Agreement by giving Licensee at least thirty (30) days written notice of such termination if Licensee:

 

9.3.1        is
delinquent on any report, payment or required documents as specified in any other section of this Agreement;

 

9.3.2        is
not diligently developing and commercializing Licensed Products and Licensed Processes;

 

9.3.3        is
in breach of any provision;

 

9.3.4        provides
any false report;

 

9.3.5        goes
into bankruptcy, liquidation or proposes having a receiver control any assets;

 

9.3.6        violates
any laws or regulations of applicable government entities;

 

9.3.7        shall
cease to carry on its business pertaining to Licensed Patents;

 

9.3.8        ceases
for more than two (2) calendar quarters to make payments of earned royalties under Section 4.4 once begun;

 

9.3.9        if
Licensee or any of its Affiliates brings a Patent Challenge against UFRF, or assists others in bringing a Patent Challenge against
UFRF (except as required under a court order or subpoena), then UFRF may immediately terminate this Agreement and/or the license
granted hereunder. If a Sublicensee brings a Patent Challenge or assists another party in bringing a Patent Challenge (except
as required under a court order or subpoena), then UFRF may send a written demand to Licensee to terminate such sublicense. If
Licensee fails to so terminate such sublicense within forty-five (45) days after UFRF’s demand, UFRF may immediately terminate
this Agreement and/or the license granted hereunder; or

 

9.3.10      fails
to provide UFRF with unredacted copies of the Change of Control documents within thirty (30) days of execution of the Change of
Control documents.

 

9.4          Termination
under Section 9.3 will take effect thirty (30) days after written notice by UFRF unless Licensee remedies the problem in that
thirty (30) day period.

 

9.5          UFRF
may immediately terminate this Agreement upon the occurrence of the second separate default by Licensee within any consecutive
three-year period for failure to pay any monies due under this Agreement when due.

 

9.6          Upon
the termination of this Agreement for any reason, nothing herein shall be construed to release either party from any obligation
that matured prior to the effective date of such termination. Licensee shall remain obligated to provide an accounting for and
to pay royalties earned to the date of termination, and any minimum royalties shall be prorated as of the date of termination
by the number of days elapsed in the applicable calendar year. Licensee may, however, after the effective date of such termination,
sell all Licensed Products, and complete Licensed Products in the process of manufacture at the time of such termination and sell
the same, provided that Licensee shall remain obligated to provide an accounting for and to pay running royalties thereon.

 

    [ REDACTED ] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.”
 
13

    [ REDACTED ] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.”

    

 

9.7          Licensee
shall be obligated to deliver to UFRF, within ninety (90) days of the date of termination of this agreement, complete and unredacted
copies of all documentation prepared for or submitted for all regulatory approvals of Licensed Products or Licensed Processes.

 

		Section
                              10.	Assignability

 

10.1        This
Agreement may not be transferred or assigned by Licensee except with the (i) prior written consent of UFRF and (ii) payment of
the Change of Control fee in Section 4.6 to UFRF either (a) prior to such assignment or (b) at the same time as any such assignment.
Any attempted assignment in contravention of this Section 10.1 shall be null and void and shall constitute a material breach of
this Agreement. Notwithstanding the foregoing, UFRF agrees that the consummation of the Proposed Financing shall be deemed consented
to by UFRF.

 

10.2        The
new assignee shall assume all responsibilities under this license and must agree in writing with UFRF to be bound by this Agreement.

 

		Section
                              11.	Dispute
                                         Resolution Procedures

 

		11.1	Mandatory
Procedures

 

In
the event either party intends to file a lawsuit against the other with respect to any matter in connection with this Agreement,
compliance with the procedures set forth in this Section shall be a condition precedent to the filing of such a lawsuit, other
than for injunctive relief. Either party may terminate this Agreement as provided in this Agreement without following the procedures
set forth in this section.

 

11.1.1      When
a party intends to invoke the procedures set forth in this section, written notice shall be provided to the other party. Within
thirty (30) days of the date of such notice, the parties agree that representatives designated by the parties shall meet at mutually
agreeable times and engage in good faith negotiations at a mutually convenient location to resolve such dispute.

 

11.1.2      If
the parties fail to meet within the time period set forth in Section 11.1.1. above or if either party subsequently determines
that negotiations between the representatives of the parties are at an impasse, the party declaring that the negotiations are
at an impasse shall give notice to the other party stating with particularity the issues that remain in dispute.

 

11.1.3      Not
more than fifteen (15) days after the giving of such notice of issues, each party shall deliver to the other party a list of the
names and addresses of at least three individuals, any one of whom would be acceptable as a neutral advisor in the dispute (the
“Neutral Advisor”) to the party delivering the list. Any individual proposed as a Neutral Advisor shall have experience
in determining, mediating, evaluating, or trying intellectual property litigation and shall not be affiliated with the party that
is proposing such individual.

 

    [ REDACTED ] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.”
 
14

    [ REDACTED ] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.”

    

 

11.1.4    Within
ten (10) days after delivery of such lists, the parties shall agree on a Neutral Advisor. If they are unable to so agree within
that time, within five (5) days, they shall each select one individual from the lists. Within five (5) days, the individuals so
selected shall meet and appoint a third individual from the lists to serve as the Neutral Advisor. Within thirty (30) days after
the selection of a Neutral Advisor:

 

(a)          The
parties shall each provide a written statement of the issues in dispute to the Neutral Advisor.

 

(b)          The
parties shall meet with the Neutral Advisor in Gainesville, Florida on a date and time established by the Neutral Advisor. The
meeting must be attended by persons authorized to make final decisions on behalf of each party with respect to the dispute. At
the meeting, each party shall make a presentation with respect to its position concerning the dispute. The Neutral Advisor will
then discuss the issues separately with each party and attempt to resolve all issues in the dispute. At the meeting, the parties
will enter into a written settlement agreement with respect to all issues that are resolved. Such settlement agreement shall be
final and binding with respect to such resolved issues and may not be the subject of any lawsuit between the parties, other than
a suit for enforcement of the settlement agreement.

 

11.1.5     The
expenses of the Neutral Advisor shall be shared by the parties equally. All other out-of-pocket costs and expenses for the alternative
dispute resolution procedure required under this Section shall be paid by the party incurring the same.

 

11.1.6     Positions
taken and statements made during this alternative dispute resolution procedure shall be deemed settlement negotiations and shall
not be admissible for any purpose in any subsequent proceeding.

 

		11.2	Failure
to Resolve Dispute

 

If
any issue is not resolved at the meeting with the Neutral Advisor, either party may file appropriate administrative or judicial
proceedings with respect to the issue that remains in dispute. No new issues may be included in the lawsuit without the mandatory
procedures set forth in this section having first been followed.

 

		Section
                              12.	Product
                                         Liability; Conduct of Business

 

12.1        Licensee
and Sublicensee(s) shall, at all times during the term of this Agreement and thereafter, indemnify, defend and hold UFRF, the
Florida Board of Governors, the University of Florida Board of Trustees, the University of Florida, and each of their directors,
officers, employees, and agents, and the inventors of the Licensed Patents, regardless of whether such inventors are employed
by the University of Florida at the time of the claim, harmless against all claims and expenses, including legal expenses and
reasonable attorneys’ fees, whether arising from a third party claim or resulting from UFRF’s enforcing this indemnification
clause against Licensee, arising out of the death or injury to any person or persons or out of any damage to property and against
any other claim, proceeding, demand, expense and liability of any kind whatsoever resulting from the development, production,
manufacture, sale, use, lease, consumption, marketing, or advertisement of Licensed Products or Licensed Process(es) or arising
from any right or obligation of Licensee hereunder. Notwithstanding the above, UFRF at all times reserves the right to retain
counsel of its own to defend UFRF’s, the Florida Board of Governors’, the University of Florida Board of Trustees’,
the University of Florida’s, and the inventor’s interests.

 

    [ REDACTED ] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.”
 
15

    [ REDACTED ] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.”

    

 

12.2       Licensee
warrants that it now maintains and will continue to maintain liability insurance coverage appropriate to the risk involved in
the development, producing, manufacturing, clinical trials, selling, marketing, using, leasing, consuming, or advertising the
products subject to this Agreement and that such insurance coverage lists UFRF, the Florida Board of Governors, the University
of Florida Board of Trustees, the University of Florida, and the inventors of the Licensed Patents as additional insureds. Within
ninety (90) days after the execution of this Agreement and thereafter annually between January 1 and January 31 of each year,
Licensee will present evidence to UFRF that coverage is being maintained with UFRF, the University of Florida, and its inventors
listed as additional insureds. In addition, Licensee shall provide UFRF with at least thirty (30) days prior written notice of
any change in or cancellation of the insurance coverage.

 

		Section
                              13.	Use
                                         of Names

 

Licensee
and its Sublicensee(s) shall not use the names of UFRF, or of the University of Florida, nor of any of either institution’s
employees, agents, or affiliates, nor the name of any inventor of Licensed Patents, nor any adaptation of such names, in any promotional,
advertising or marketing materials or any other similar form of publicity, or to suggest any endorsement by such entities or individuals,
without the prior written approval of UFRF in each case.

 

		Section
                              14.	Miscellaneous

 

14.1       This
Agreement shall be construed in accordance with the internal laws of the State of Florida.

 

14.2       The
parties hereto are independent contractors and not joint venturers or partners.

 

14.3       Licensee
shall ensure that it applies patent markings that meet all requirements of U.S. law, 35 U.S.C. §287, with respect to all
Licensed Products subject to this Agreement.

 

14.4       This
Agreement constitutes the full understanding between the parties with reference to the subject matter hereof, and no statements
or agreements by or between the parties, whether orally or in writing, shall vary or modify the written terms of this Agreement.
Neither party shall claim any amendment, modification, or release from any provisions of this Agreement by mutual agreement, acknowledgement,
or otherwise, unless such mutual agreement is in writing, signed by the other party, and specifically states that it is an amendment
to this Agreement.

 

    [ REDACTED ] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.”
 
16

    [ REDACTED ] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.”

    

 

14.5        Licensee
shall not encumber or otherwise grant a security interest in any of the rights granted hereunder to any third party.

 

14.6        Licensee
acknowledges that it is subject to and agrees to abide by the United States laws and regulations (including the Export Administration
Act of 1979 and the Arms Export Control Act) controlling the export of technical data, computer software, laboratory prototypes,
biological material, and other commodities. The transfer of such items may require a license from the cognizant agency of the
U.S. Government or written assurances by Licensee that it shall not export such items to certain foreign countries and/or foreign
persons without proper approval of such agency. UFRF neither represents that a license is or is not required or that, if required,
it shall be issued.

 

14.7        Licensee
is responsible for any and all wire/bank fees associated with payments due to UFRF pursuant to this agreement.

 

14.8        Survival

 

The
provisions of this Section shall survive the termination of this Agreement. Upon termination of the Agreement for any reason,
the following sections of the License Agreement will remain in force as non-cancelable obligations:

 

		●	Section 6: 	Record Keeping

		●	Section 9: 	Requirement to pay royalties on sale of Licensed Products
made, and in process, at the time of License Agreement termination

		●	Section 12:	Product
Liability; Conduct of Business

		●	Section 13: 	Use of Names

		●	Section 18: 	Confidentiality

		●	Appendix E:	Equity
or Operating or equivalent Agreement

  

		Section
                              15.	Notices

 

Any
notice required to be given pursuant to the provisions of this Agreement shall be in writing and shall be deemed to have been
given

 

		●	if
                                         sent by facsimile transmission, when receipt thereof is acknowledged at the facsimile
                                         number of the recipient as set forth below, or

		●	the
                                         second day following the day on which the notice has been delivered prepaid to a courier
                                         service, or

		●	five
                                         (5) business days following deposit in the U.S. mail if sent certified mail, (return
                                         receipt acknowledgement is not required to certify delivery).

  

		15.1	If
to the University of Florida Research Foundation, Inc.:

 

President 

University
of Florida Research Foundation, Inc. 

204
Tigert Hall 

University
of Florida 

Post
Office Box 113100 

Gainesville,
FL 32611-0001 

Facsimile
Number: 352-846-0505

 

    [ REDACTED ] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.”
 
17

    [ REDACTED ] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.”

    

 

with
a copy to:

 

Office
of Technology Licensing 

University
of Florida 

Attn:
Director 

747
SW 2nd Avenue 

Post
Office Box 115575 

Gainesville,
Florida 32611-5575 

Facsimile
Number: 352-392-6600

 

		15.2	If
to Licensee:

 

Dr.
Allen Davidoff, 

XORTX
Pharma Corp. 

29
Aspen Meadows Park SW 

Calgary
Alberta, Canada 

T3H
5Z7 

adavidoff@xortx.com 

1-403-607-2621

 

		Section
                              16.	Contract
                                         Formation and Authority

 

The
submission of this Agreement does not constitute an offer, and this document shall become effective and binding only upon the
execution by duly authorized representatives of both Licensee and UFRF. Copies of this Agreement that have not been executed and
delivered by both UFRF and Licensee shall not serve as a memorandum or other writing evidencing an agreement between the parties.
UFRF may terminate this Agreement without the requirement of any notice from UFRF to Licensee, if UFRF does not receive the License
Issue Fee or certificates representing shares issued to UFRF pursuant to this Agreement, as applicable, within thirty (30) days
of the Effective Date.

 

16.1       UFRF
and Licensee hereby warrant and represent that the persons signing this Agreement have authority to execute this Agreement on
behalf of the party for whom they have signed.

 

16.2       Force
Majeure

 

No
default, delay, or failure to perform on the part of Licensee or UFRF shall be considered a default, delay or failure to perform
otherwise chargeable hereunder, if such default, delay or failure to perform is due to causes beyond either party’s reasonable
control including, but not limited to: strikes, lockouts, or inactions of governmental authorities, epidemics, war, embargoes,
fire, earthquake, hurricane, flood, acts of God, or default of common carrier. In the event of such default, delay or failure
to perform, any date or times by which either party is otherwise scheduled to perform shall be extended automatically for a period
of time equal in duration to the time lost by reason of the excused default, delay or failure to perform.

 

    [ REDACTED ] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.”
 
18

    [ REDACTED ] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.”

    

 

		Section
                              17.	United
                                         States Government Interests

 

17.1       It
is understood that the United States Government (through any of its agencies or otherwise) has funded research, Grant No. DK064233
and HL068607, during the course of or under which any of the inventions of the Licensed Patents were conceived or made. The United
States Government is entitled, as a right, under the provisions of 35 U.S.C. §§ 202-212 and applicable regulations of
Title 37 of the Code of Federal Regulations, to a non-exclusive, non-transferable, irrevocable, paid-up license to practice or
have practiced the inventions of such Licensed Patents for governmental purposes. Any license granted to Licensee in this Agreement
shall be subject to such right.

 

17.2       Licensee
agrees that for Licensed Products covered by the Licensed Patents that are subject to the non-exclusive royalty-free license to
the United States Government, said Licensed Products will be manufactured substantially in the United States. Licensee further
agrees that it shall abide by all the requirements and limitations of U.S. Code, Title 35, Chapter 18, and implementing regulations
thereof, for all patent applications and patents invented in whole or in part with federal money.

 

		Section
                              18.	Confidentiality

 

18.1       Each
Party shall maintain all information of the other Party which is treated by such other Party as proprietary or confidential (referred
to herein as “Confidential Information”) in confidence, and shall not disclose, divulge or otherwise communicate such
confidential information to others, or use it for any purpose, except pursuant to, and in order to carry out, the terms and objectives
of this Agreement, and each party hereby agrees to exercise every reasonable precaution to prevent and restrain the unauthorized
disclosure of such confidential information by any of its Affiliates, directors, officers, employees, consultants, subcontractors,
Sublicensees or agents. The parties agree to keep the terms of this Agreement confidential, provided that each party may disclose
this Agreement to their authorized agents and investors who are bound by similar confidentiality provisions. Notwithstanding the
foregoing, Confidential Information of a party shall not include information which: (a) was lawfully known by the receiving party
prior to disclosure of such information by the disclosing party to the receiving party; (b) was or becomes generally available
in the public domain, without the fault of the receiving party; (c) is subsequently disclosed to the receiving party by a third
party having a lawful right to make such disclosure; (d) is required by law, rule, regulation or legal process to be disclosed,
provided that the receiving party making such disclosure shall take all reasonable steps to restrict and maintain to the extent
possible confidentiality of such disclosure and shall provide reasonable notice to the other party to allow such party the opportunity
to oppose the required disclosure; or (e) has been independently developed by employees or others on behalf of the receiving party
without access to or use of disclosing party’s information as demonstrated by written record. Each party’s obligations
under this Section 18 shall extend for a period of five (5) years from termination or expiration of this Agreement.

 

    [ REDACTED ] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.”
 
19

    [ REDACTED ] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.”

    

 

		Section
                              19.	University
                                         Rules and Regulations

 

19.1       Licensee
understands and agrees that University of Florida personnel who are engaged by Licensee, whether as consultants, employees or
otherwise, or who possess a material financial interest in Licensee, are subject to the University of Florida’s rule regarding
outside activities and financial interests set forth in University of Florida Regulation 1.011, the University of Florida’s
Intellectual Property Policy, and a monitoring plan which addresses conflicts of interests associated therewith. Any term or condition
of an agreement between Licensee and such University of Florida personnel which seeks to vary or override such personnel’s
obligations to the University of Florida may not be enforced against such personnel, the University of Florida or UFRF, without
the express written consent of an individual authorized to vary or waive such obligations on behalf of University of Florida and
UFRF. Furthermore, should an interest of Licensee conflict with the interest of the University of Florida, University of Florida
personnel are obligated to resolve such conflicts according to the guidelines and policies set forth by the University of Florida.

 

IN
WITNESS WHEREOF, the parties hereto have duly executed this Agreement on the dates indicated below.

 

	 	 	 	UNIVERSITY OF FLORIDA RESEARCH FOUNDATION,
    INC.
	 	 	 	 	 
	Date:	 	 	By:	 
	 	 	 	Name:      David
    L. Day
	 	 	 	Title:        Director
    of Technology Licensing
	 	 	 	 	 
	 	 	 	LICENSEE
	 	 	 	 	 
	Date:	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:

 

    [ REDACTED ] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.”
 
20

    [ REDACTED ] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.”

    

 

Schedule
1 – Patents and Patent Applications

  

[REDACTED]

 

    [ REDACTED ] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.”
 
 

    [ REDACTED ] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.”

    

 

Appendix
A - Development Plan

 

[REDACTED]

 

    [ REDACTED ] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.”
 
 

    [ REDACTED ] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.”

    

 

Appendix
B - Development Report

 

When
appropriate, indicate estimated start date and finish date for activities.

 

		I.	Date
                                         Development Plan Initiated and Time Period Covered by this Report.

 

		II.	Development
                                         Report (4-8 paragraphs).

 

		A.	Activities
                                         completed since last report including the object and parameters of the development, when
                                         initiated, when completed and the results.

 

		B.	Activities
                                         currently under investigation, i.e., ongoing activities including object and parameters
                                         of such activities, when initiated, and projected date of completion.

 

		III.	Future
                                         Development Activities (4-8 paragraphs).

 

		A.	Activities
                                         to be undertaken before next report including, but not limited to, the type and object
                                         of any studies conducted and their projected starting and completion dates.

 

		B.	Estimated
                                         total development time remaining before a product will be commercialized.

 

		C.	One
                                         year before commencement of manufacturing or commercial production, Licensee will include
                                         in the Development Report specifics of planned manufacturing or production.

 

		IV.	Changes
                                         to Initial Development Plan (2-4 paragraphs).

 

		A.	Reasons
                                         for change.

 

		B.	Variables
                                         that may cause additional changes.

 

		V.	Items
                                         to be Provided if Applicable:

 

		A.	Information
                                         relating to Licensed Products or Licensed Processes that has become publically available,
                                         e.g., published articles, competing products, patents, etc.

 

		B.	Development
                                         work being performed by third parties, other than Licensee, to include name of third
                                         party, reasons for use of third party, planned future uses of third parties including
                                         reasons why and type of work.

 

		C.	Update
                                         of competitive information trends in industry, government compliance (if applicable)
                                         and market plan.

 

		D.	Information
                                         and copies of relevant materials evidencing the status of any patent applications or
                                         other protection relating to Licensed Products, or Licensed Processes or the Licensed
                                         Patents.

 

    [ REDACTED ] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.”
 
 

    [ REDACTED ] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.”

    

 

		E.	One
                                         year before commencement of manufacturing or commercial production, Licensee will include
                                         in the Development Report specifics of planned manufacturing or production.

 

PLEASE
SEND DEVELOPMENT REPORTS TO:

 

University
of Florida Research Foundation, Inc. 

Attn:
Director 

747
SW 2nd Avenue 

Post
Office Box 115575 

Gainesville,
Florida 32611-5575 

Facsimile
Number: 352-392-6600

 

    [ REDACTED ] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.”
 
 

    [ REDACTED ] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.”

    

 

Appendix
C - UFRF Royalty Report

 

	Company Name:	 

 

If
multiple license agreements are required to generate this product, indicate what percentage of the royalty is attributable to
each agreement.

 

	UFRF Agreement No.:	                                    	 	Percentage:	                                    
	UFRF Agreement No.:	                                    	 	Percentage:	                                    
	Period Covered: From: 	_____/_____/2            	 	Through:	_____/_____/2            

 

	Prepared By:	 	 	Date:	 

	Print Preparer Name:	 

 

	Preparer Email Address:	 	 	Phone No.:	 

 

	Approved By:	 	 	Date:	 

 

(Requires
Executive Officer Signature)

 

	Print Officer Name:	 	 	 	 

 

If
license covers multiple product lines, please prepare a separate spreadsheet for each product line, and a summary report for all
products combined.

 

The
spreadsheet should include the following information:

 

		●	Product
                                         Name

 

		●	Country(ies)
                                         of Sales (List each country. If royalties vary by country, provide a breakdown of specified
                                         information for each country.)

 

		●	Unit
                                         Sales

 

		●	Gross
                                         Sales

 

		●	Less
                                         Allowances (On a separate page, please indicate the reasons for returns or other adjustments
                                         if significant.)

 

		●	Net
                                         Sales

 

		●	Royalty
                                         Rate (Please note any unusual occurrences that affected royalty amounts during this period.
                                         To assist UFRF’s forecasting, please comment on any market variables that would
                                         impact future royalties).

 

		●	Total
                                         Royalty due this period

 

		●	Total
                                         Royalty paid last period

 

    [ REDACTED ] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.”
 
 

    [ REDACTED ] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.”

    

 

Appendix
D - Milestones

 

 [REDACTED]

 

    [ REDACTED ] = Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.”

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