Document:

Exhibit 10.3

 

REGISTRATION
RIGHTS AGREEMENT

 

THIS
REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of March 23, 2020 (the “Execution Date”),
is entered into by and between Akers Biosciences, Inc., a New Jersey corporation (the “Company”), and
the undersigned members (each, individually, a “Seller,” and collectively, “Sellers”) of
Cystron Biotech, LLC, a Delaware limited liability company (“Cystron”), identified on the signature pages to
that certain Membership Interest Purchase Agreement, by and between the parties hereto, dated as of the Execution Date (as amended,
restated, supplemented or otherwise modified from time to time, the “Purchase Agreement”). Capitalized terms
used herein and not otherwise defined herein shall have the respective meanings set forth in the Purchase Agreement.

 

RECITALS

 

WHEREAS,
the Company has agreed, upon the terms and subject to the conditions of the Purchase Agreement, among other things, to issue to
the Sellers that number of newly issued shares of the common stock of the Company, par value $0.0001 per share (the “Common
Stock”), equal to 19.9% of the issued and outstanding shares of Common Stock as of the Closing Date, and to induce the
Sellers to enter into the Purchase Agreement, the Company has agreed to provide certain registration rights under the Securities
Act of 1933, as amended, and the rules and regulations thereunder, or any similar successor statute (collectively, the “Securities
Act”), and applicable state securities laws.

 

NOW,
THEREFORE, in consideration of the promises and the mutual covenants contained herein and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Company and the Sellers hereby agree as follows:

 

AGREEMENT

 

1.
DEFINITIONS.

 

As
used in this Agreement, the following terms shall have the following meanings:

 

a.
“Investor” means a Seller, any transferee or assignee thereof to whom such Seller assigns its rights under
this Agreement in accordance with Section 9 and who agrees to become bound by the provisions of this Agreement, and any
transferee or assignee thereof to whom a transferee or assignee assigns its rights under this Agreement in accordance with Section
9 and who agrees to become bound by the provisions of this Agreement.

 

b.
“Person” means any individual or entity including but not limited to any corporation, a limited liability company,
an association, a partnership, an organization, a business, an individual, a governmental or political subdivision thereof or
a governmental agency.

 

c.
“Register,” “registered,” and “registration” refer to a registration
effected by preparing and filing one or more registration statements of the Company in compliance with the Securities Act and
pursuant to Rule 415 or staff policy under the Securities Act or any successor rule providing for offering securities on a continuous
basis (“Rule 415”), and the declaration or ordering of effectiveness of such registration statement(s) by the
United States Securities and Exchange Commission (the “SEC”).

 

d. “Registrable
Securities” means all of the shares of Common Stock issued as Common Stock Consideration pursuant to the Purchase Agreement
and all shares of Common Stock issuable upon conversion of the Company’s Series D Preferred Stock. In addition, if
the Company issues to the Investors an aggregate of 750,000 shares of Common Stock following satisfaction of any of the Equity
Trigger Milestones, and such shares are not issuable without legends and freely tradable under Rule 144 at the time of issuance
(without the need for the Company to be current in its SEC reporting requirements), then such 750,000 shares shall also be deemed
to be Registrable Securities and the Company shall register those shares for resale within 30 days of the issuance of such shares
on the same terms and conditions as are applicable to the shares issued as Common Stock Consideration.

 

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e.
“Registration Statement” means one or more registration statements of the Company covering the sale of the
Registrable Securities.

 

2.
REGISTRATION.

 

a.
Mandatory Registration. The Company shall by the 30th day following the Closing, file with the SEC an initial Registration
Statement on Form S-3 (if such form is available for use by the Company at such time) or, otherwise, on Form S-1, covering all
of the Registrable Securities, or such amount as otherwise shall be permitted to be included thereon in accordance with applicable
SEC rules, regulations and interpretations so as to permit the resale of such Registrable Securities by the Investor under Rule
415 under the Securities Act at then prevailing market prices (and not fixed prices), as mutually determined by both the Company
and the Investors in consultation with their respective legal counsel. The Investors and their counsel shall have a reasonable
opportunity to review and comment upon such Registration Statement and any amendment or supplement to such Registration Statement
and any related prospectus prior to its filing with the SEC, and the Company shall give due consideration to all reasonable comments.
Each Investor shall furnish all information reasonably requested by the Company for inclusion therein. The Company shall use its
reasonable best efforts to have the Registration Statement and any amendments thereof declared effective by the SEC at the earliest
possible date. The Company shall use reasonable best efforts to keep the Registration Statement effective pursuant to Rule 415
promulgated under the Securities Act and available for the resale by the Investors of all of the Registrable Securities covered
thereby at all times from the initial filing date of the Registration Statement until the earlier of (i) the date on which the
Investors shall have sold all the Registrable Securities covered thereby (the “Registration Period”) and (ii)
the date that all Registrable Securities may be sold pursuant to Rule 144 without any public information requirements or volume
or manner of sale limitations, all without limitations under Rule 144(i). The Registration Statement (including any amendments
or supplements thereto and prospectuses contained therein) shall not contain any untrue statement of a material fact or omit to
state a material fact required to be stated therein, or necessary to make the statements therein, in light of the circumstances
in which they were made, not misleading.

 

b.
Rule 424 Prospectus. The Company shall, as required by applicable securities regulations, from time to time file with the
SEC, pursuant to Rule 424 promulgated under the Securities Act, the prospectus and prospectus supplements, if any, to be used
in connection with sales of the Registrable Securities under the Registration Statement. Investors and their counsel shall have
a reasonable opportunity to review and comment upon such prospectus prior to its filing with the SEC, and the Company shall give
due consideration to all such comments. The Investors shall use their reasonable best efforts to comment upon such prospectus
within two (2) Business Days from the date the Investors receives the final pre-filing version of such prospectus.

 

c. Sufficient
Number of Shares Registered. In the event the number of shares available under the Registration Statement is insufficient
to cover all of the Registrable Securities, the Company shall amend the Registration Statement or file a new Registration Statement
(a “New Registration Statement”), so as to cover all of such Registrable Securities (subject to the limitations
set forth in Section 2(a)) as soon as practicable, but in any event not later than forty-five (45) calendar days after
the necessity therefor arises, subject to any limits that may be imposed by the SEC pursuant to Rule 415 under the Securities
Act. The Company shall use its best efforts to cause such amendment and/or New Registration Statement to become effective as soon
as practicable following the filing thereof.

 

d.
Offering. If the staff of the SEC (the “Staff”) or the SEC seeks to characterize any offering pursuant
to a Registration Statement filed pursuant to this Agreement as constituting an offering of securities that does not permit such
Registration Statement to become effective and be used for resales by the Investors under Rule 415 at then-prevailing market prices
(and not fixed prices), or if after the filing of the initial Registration Statement with the SEC pursuant to Section 2(a),
the Company is otherwise required by the Staff or the SEC to reduce the number of Registrable Securities included in such initial
Registration Statement, then the Company shall reduce the number of Registerable Securities to be included in such initial Registration
Statement (with the prior consent, which shall not be unreasonably withheld, of the Investors and their legal counsel as to the
specific Registrable Securities to be removed therefrom) until such time as the Staff and the SEC shall so permit such Registration
Statement to become effective and be used as aforesaid. In the event of any reduction in Registrable Securities pursuant to this
paragraph, the Company shall file one or more New Registration Statements in accordance with Section 2(c) until such time
as all Registrable Securities have been included in Registration Statements that have been declared effective and the prospectus
contained therein is available for use by the Investors. Notwithstanding any provision herein or in the Purchase Agreement to
the contrary, the Company’s obligations to register Registrable Securities (and any related conditions to the Investor’s
obligations) shall be qualified as necessary to comport with any requirement of the SEC or the Staff as addressed in this Section
2(d).

 

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3.
RELATED OBLIGATIONS.

 

With
respect to the Registration Statement and whenever any Registrable Securities are to be registered pursuant to Section 2
including on any New Registration Statement, the Company shall use its best efforts to effect the registration of the Registrable
Securities in accordance with the intended method of disposition thereof and, pursuant thereto, the Company shall have the following
obligations:

 

a. The
Company shall prepare and file with the SEC such amendments (including post-effective amendments) and supplements to any Registration
Statement and the prospectus used in connection with such Registration Statement, which prospectus is to be filed pursuant to
Rule 424 promulgated under the Securities Act, as may be necessary to keep the Registration Statement or any New Registration
Statement effective at all times during the Registration Period, and, during such period, comply with the provisions of the Securities
Act with respect to the disposition of all Registrable Securities of the Company covered by the Registration Statement or any
New Registration Statement until such time as all of such Registrable Securities shall have been disposed of in accordance with
the intended methods of disposition by the seller or sellers thereof as set forth in such registration statement.

 

b.
The Company shall permit the Investors to review and comment upon the Registration Statement or any New Registration Statement
and all amendments and supplements thereto at least two (2) Business Days prior to their filing with the SEC, and not file any
document in a form to which the Investors reasonably objects. The Investors shall use its reasonable best efforts to comment upon
the Registration Statement or any New Registration Statement and any amendments or supplements thereto within two (2) Business
Days from the date the Investors receives the final version thereof. The Company shall furnish to the Investors, without charge,
and within one (1) Business Day, any comments or correspondence from the SEC or the Staff to the Company or its representatives
relating to the Registration Statement or any New Registration Statement and the Company shall respond to the SEC or Staff regarding
the resolution of any such Comments or correspondence as promptly as possible.

 

c.
Upon request of the Investors, the Company shall furnish all of the Investors, (i) promptly after the same is prepared and filed
with the SEC, at least one copy of such Registration Statement and any amendment(s) thereto, including financial statements and
schedules, all documents incorporated therein by reference and all exhibits, (ii) upon the effectiveness of any Registration Statement,
a copy of the prospectus included in such Registration Statement and all amendments and supplements thereto (or such other number
of copies as the Investor may reasonably request) and (iii) such other documents, including copies of any preliminary or final
prospectus, as any Investor may reasonably request from time to time in order to facilitate the disposition of the Registrable
Securities owned by the Investor. For the avoidance of doubt, any filing available to the Investor via the SEC’s live EDGAR
system shall be deemed “furnished to the Investor” hereunder.

 

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d. The
Company shall use reasonable best efforts to (i) register and qualify the Registrable Securities covered by a registration statement
under such other securities or “blue sky” laws including New York, New Jersey and Florida and other jurisdictions
in the United States as the Investor reasonably requests, (ii) prepare and file in those jurisdictions, such amendments (including
post-effective amendments) and supplements to such registrations and qualifications as may be necessary to maintain the effectiveness
thereof during the Registration Period, (iii) take such other actions as may be necessary to maintain such registrations and qualifications
in effect at all times during the Registration Period, and (iv) take all other actions reasonably necessary or advisable to qualify
the Registrable Securities for sale in such jurisdictions; provided, however, that the Company shall not be required in connection
therewith or as a condition thereto to (x) qualify to do business in any jurisdiction where it would not otherwise be required
to qualify but for this Section 3(d), (y) subject itself to general taxation in any such jurisdiction, or (z) file a general
consent to service of process in any such jurisdiction. The Company shall promptly notify each Investor who holds Registrable
Securities of the receipt by the Company of any notification with respect to the suspension of the registration or qualification
of any of the Registrable Securities for sale under the securities or “blue sky” laws of any jurisdiction in the United
States or its receipt of actual notice of the initiation or threatening of any proceeding for such purpose.

 

e.
As promptly as practicable after becoming aware of such event or facts, the Company shall notify the Investors in writing of the
happening of any event or existence of such facts as a result of which the prospectus included in any registration statement,
as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein
or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and promptly
prepare a supplement or amendment to such registration statement to correct such untrue statement or omission, and deliver a copy
of such supplement or amendment to the Investor (or such other number of copies as the Investor may reasonably request). The Company
shall also promptly notify the Investors in writing (i) when a prospectus or any prospectus supplement or post-effective amendment
has been filed, and when a registration statement or any post-effective amendment has become effective (notification of such effectiveness
shall be delivered to the Investors by email or facsimile on the same day of such effectiveness and by overnight mail), (ii) of
any request by the SEC for amendments or supplements to any registration statement or related prospectus or related information,
and (iii) of the Company’s reasonable determination that a post-effective amendment to a registration statement would be
appropriate.

 

f.
The Company shall use its reasonable best efforts to prevent the issuance of any stop order or other suspension of effectiveness
of any registration statement, or the suspension of the qualification of any Registrable Securities for sale in any jurisdiction
and, if such an order or suspension is issued, to obtain the withdrawal of such order or suspension at the earliest possible moment
and to notify the Investors of the issuance of such order and the resolution thereof or its receipt of actual notice of the initiation
or threat of any proceeding for such purpose.

 

g.
The Company shall (i) cause all the Registrable Securities to be listed on each securities exchange on which securities of the
same class or series issued by the Company are then listed, if any, if the listing of such Registrable Securities is then permitted
under the rules of such exchange, or (ii) secure designation and quotation of all the Registrable Securities on the Nasdaq Stock
Market (or any other primary exchange or trading market the Common Stock is listed or quoted). The Company shall pay all fees
and expenses in connection with satisfying its obligation under this Section 3(g).

 

h.
The Company shall cooperate with the Investors to facilitate the timely preparation and delivery of certificates (not bearing
any restrictive legend) representing the Registrable Securities to be offered pursuant to any Registration Statement and enable
such certificates to be in such denominations or amounts as each Investor may reasonably request and registered in such names
as the Investor may request.

 

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i.
The Company shall at all times provide a transfer agent and registrar with respect to its Common Stock.

 

j.
If reasonably requested by an Investor, the Company shall (i) immediately incorporate in a prospectus supplement or post-effective
amendment such information as the Investor believes should be included therein relating to the sale and distribution of Registrable
Securities, including, without limitation, information with respect to the number of Registrable Securities being sold, the purchase
price being paid therefor and any other terms of the offering of the Registrable Securities; (ii) make all required filings of
such prospectus supplement or post-effective amendment as soon as practicable upon notification of the matters to be incorporated
in such prospectus supplement or post-effective amendment; and (iii) supplement or make amendments to any registration statement.

 

k.
The Company shall use its reasonable best efforts to cause the Registrable Securities covered by any Registration Statement to
be registered with or approved by such other governmental agencies or authorities as may be necessary to consummate the disposition
of such Registrable Securities.

 

l.
Within one (1) Business Day after any registration statement which includes the Registrable Securities is ordered effective by
the SEC, the Company shall deliver, and shall cause legal counsel for the Company to deliver, to the transfer agent for such Registrable
Securities (with copies to the Investor) confirmation that such registration statement has been declared effective by the SEC.
Thereafter, if requested by any Investor at any time, the Company shall require its counsel to deliver to each Investor a written
confirmation whether or not the effectiveness of such registration statement has lapsed at any time for any reason (including,
without limitation, the issuance of a stop order) and whether or not the registration statement is current and available to the
Investor for sale of all of the Registrable Securities.

 

m.
The Company shall take all other reasonable actions necessary to expedite and facilitate disposition by the Investor of Registrable
Securities pursuant to any registration statement, including the removal of legends from any share certificates and permitting
such shares to be held electronically in the Investor’s brokerage accounts.

 

4.
OBLIGATIONS OF THE INVESTOR.

 

a.
The Company shall notify each Investor in writing of the information the Company reasonably requires from the Investor in connection
with any Registration Statement hereunder. The Investor shall furnish to the Company such information regarding itself, the Registrable
Securities held by it and the intended method of disposition of the Registrable Securities held by it as shall be reasonably required
to effect the registration of such Registrable Securities and shall execute such documents in connection with such registration
as the Company may reasonably request. Notwithstanding the foregoing, the Registration Statement shall contain the “Plan
of Distribution” section in substantially the form attached hereto as Exhibit A.

 

b.
Each Investor agrees to cooperate with the Company as reasonably requested by the Company in connection with the preparation and
filing of any registration statement hereunder.

 

c.
Each Investor agrees that, upon receipt of any notice from the Company of the happening of any event or existence of facts of
the kind described in Section 3(f) or the first sentence of 3(e), the Investor will immediately discontinue disposition
of Registrable Securities pursuant to any registration statement(s) covering such Registrable Securities until the Investor’s
receipt of the copies of the supplemented or amended prospectus contemplated by Section 3(f) or the first sentence of 3(e).
Notwithstanding anything to the contrary, the Company shall cause its transfer agent to promptly deliver shares of Common Stock
without any restrictive legend in accordance with the terms of the Purchase Agreement in connection with any sale of Registrable
Securities with respect to which an Investor has entered into a contract for sale prior to the Investor’s receipt of a notice
from the Company of the happening of any event of the kind described in Section 3(f) or the first sentence of Section
3(e) and for which the Investor has not yet settled.

 

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5.
EXPENSES OF REGISTRATION.

 

All
reasonable expenses, other than sales or brokerage commissions, incurred in connection with registrations, filings or qualifications
pursuant to Sections 2 and 3, including, without limitation, all registration, listing and qualifications fees,
printers and accounting fees, and fees and disbursements of counsel for the Company, shall be paid by the Company.

 

6.
INDEMNIFICATION.

 

a.
To the fullest extent permitted by law, the Company will, and hereby does, indemnify, hold harmless and defend each Investor,
each Person, if any, who controls each Investor, the members, the directors, officers, partners, employees, agents, representatives
of each Investor and each Person, if any, who controls each Investor within the meaning of the Securities Act or the Securities
Exchange Act of 1934, as amended (the “Exchange Act”) (each, an “Indemnified Person”), against
any losses, claims, damages, liabilities, judgments, fines, penalties, charges, costs, attorneys’ fees, amounts paid in
settlement or expenses, joint or several, (collectively, “Claims”) incurred in investigating, preparing or
defending any action, claim, suit, inquiry, proceeding, investigation or appeal taken from the foregoing by or before any court
or governmental, administrative or other regulatory agency, body or the SEC, whether pending or threatened, whether or not an
indemnified party is or may be a party thereto (“Indemnified Damages”), to which any of them may become subject
insofar as such Claims (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based
upon: (i) any untrue statement or alleged untrue statement of a material fact in the Registration Statement, any New Registration
Statement or any post-effective amendment thereto or in any filing made in connection with the qualification of the offering under
the securities or other “blue sky” laws of any jurisdiction in which Registrable Securities are offered (“Blue
Sky Filing”), or the omission or alleged omission to state a material fact required to be stated therein or necessary
to make the statements therein not misleading, (ii) any untrue statement or alleged untrue statement of a material fact contained
in the final prospectus (as amended or supplemented, if the Company files any amendment thereof or supplement thereto with the
SEC) or the omission or alleged omission to state therein any material fact necessary to make the statements made therein, in
light of the circumstances under which the statements therein were made, not misleading, (iii) any violation or alleged violation
by the Company of the Securities Act, the Exchange Act, any other law, including, without limitation, any state securities law,
or any rule or regulation thereunder relating to the offer or sale of the Registrable Securities pursuant to the Registration
Statement or any New Registration Statement or (iv) any material violation by the Company of this Agreement (the matters in the
foregoing clauses (i) through (iv) being, collectively, “Violations”). The Company shall reimburse each Indemnified
Person promptly as such expenses are incurred and are due and payable, for any reasonable legal fees or other reasonable expenses
incurred by them in connection with investigating or defending any such Claim. Notwithstanding anything to the contrary contained
herein, the indemnification agreement contained in this Section 6(a): (i) shall not apply to a Claim by an Indemnified
Person arising out of or based upon a Violation which occurs in reliance upon and in conformity with information about the Investor
furnished in writing to the Company by such Indemnified Person expressly for use in connection with the preparation of the Registration
Statement, any New Registration Statement or any such amendment thereof or supplement thereto, if such prospectus was timely made
available by the Company pursuant to Section 3(c) or Section 3(e); (ii) with respect to any superseded prospectus,
shall not inure to the benefit of any such person from whom the person asserting any such Claim purchased the Registrable Securities
that are the subject thereof (or to the benefit of any person controlling such person) if the untrue statement or omission of
material fact contained in the superseded prospectus was corrected in the revised prospectus, as then amended or supplemented,
if such revised prospectus was timely made available by the Company pursuant to Section 3(c) or Section 3(e), and
the Indemnified Person was promptly advised in writing not to use the incorrect prospectus prior to the use giving rise to a violation
and such Indemnified Person, notwithstanding such advice, used it; (iii) shall not be available to the extent such Claim is based
on a failure of the Investor to deliver or to cause to be delivered the prospectus made available by the Company, if such prospectus
was timely made available by the Company pursuant to Section 3(c) or Section 3(e); and (iv) shall not apply to amounts
paid in settlement of any Claim if such settlement is effected without the prior written consent of the Company, which consent
shall not be unreasonably withheld. Such indemnity shall remain in full force and effect regardless of any investigation made
by or on behalf of the Indemnified Person and shall survive the transfer of the Registrable Securities by the Investor pursuant
to Section 9.

 

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b. In
connection with the Registration Statement or any New Registration Statement, each Investor, severally and not jointly with respect
to its own underlying actions, agrees to indemnify, hold harmless and defend, to the same extent and in the same manner as is
set forth in Section 6(a), the Company, each of its directors, each of its officers who signs the Registration Statement
or any New Registration Statement, each Person, if any, who controls the Company within the meaning of the Securities Act or the
Exchange Act, and all other non-violating Investors (collectively and together with an Indemnified Person, an “Indemnified
Party”), against any Claim or Indemnified Damages to which any of them may become subject, under the Securities Act,
the Exchange Act or otherwise, insofar as such Claim or Indemnified Damages arise out of or are based upon any Violation, in each
case to the extent, and only to the extent, that such Violation occurs in reliance upon and in conformity with written information
about that specific Investor and furnished to the Company by the Investor expressly for use in connection with such Registration
Statement; and, subject to Section 6(d), the Investor will reimburse any legal or other expenses reasonably incurred by
them in connection with investigating or defending any such Claim; provided, however, that the indemnity agreement contained in
this Section 6(b) and the agreement with respect to contribution contained in Section 7 shall not apply to amounts
paid in settlement of any Claim if such settlement is effected without the prior written consent of the Investor, which consent
shall not be unreasonably withheld; provided, further, however, that the Investor shall be liable under this Section 6(b)
for only that amount of a Claim or Indemnified Damages as does not exceed the net proceeds to the Investor as a result of the
sale of Registrable Securities pursuant to such registration statement. Such indemnity shall remain in full force and effect regardless
of any investigation made by or on behalf of such Indemnified Party and shall survive the transfer of the Registrable Securities
by the Investor pursuant to Section 9.

 

c.
Promptly after receipt by an Indemnified Person or Indemnified Party under this Section 6 of notice of the commencement
of any action or proceeding (including any governmental action or proceeding) involving a Claim, such Indemnified Person or Indemnified
Party shall, if a Claim in respect thereof is to be made against any indemnifying party under this Section 6, deliver to
the indemnifying party a written notice of the commencement thereof, and the indemnifying party shall have the right to participate
in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume
control of the defense thereof with counsel mutually satisfactory to the indemnifying party and the Indemnified Person or the
Indemnified Party, as the case may be; provided, however, that an Indemnified Person or Indemnified Party shall have the right
to retain its own counsel with the fees and expenses to be paid by the indemnifying party, if, in the reasonable opinion of counsel
retained by the indemnifying party, the representation by such counsel of the Indemnified Person or Indemnified Party and the
indemnifying party would be inappropriate due to actual or potential differing interests between such Indemnified Person or Indemnified
Party and any other party represented by such counsel in such proceeding. The Indemnified Party or Indemnified Person shall cooperate
fully with the indemnifying party in connection with any negotiation or defense of any such action or claim by the indemnifying
party and shall furnish to the indemnifying party all information reasonably available to the Indemnified Party or Indemnified
Person which relates to such action or claim. The indemnifying party shall keep the Indemnified Party or Indemnified Person fully
apprised at all times as to the status of the defense or any settlement negotiations with respect thereto. No indemnifying party
shall be liable for any settlement of any action, claim or proceeding effected without its written consent, provided, however,
that the indemnifying party shall not unreasonably withhold, delay or condition its consent. No indemnifying party shall, without
the consent of the Indemnified Party or Indemnified Person, consent to entry of any judgment or enter into any settlement or other
compromise which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified
Party or Indemnified Person of a release from all liability in respect to such claim or litigation. Following indemnification
as provided for hereunder, the indemnifying party shall be subrogated to all rights of the Indemnified Party or Indemnified Person
with respect to all third parties, firms or corporations relating to the matter for which indemnification has been made. The failure
to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action shall not
relieve such indemnifying party of any liability to the Indemnified Person or Indemnified Party under this Section 6, except
to the extent that the indemnifying party is prejudiced in its ability to defend such action.

 

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d.
The indemnification required by this Section 6 shall be made by periodic payments of the amount thereof during the course
of the investigation or defense, as and when bills are received or Indemnified Damages are incurred.

 

e.
The indemnity agreements contained herein shall be in addition to (i) any cause of action or similar right of the Indemnified
Party or Indemnified Person against the indemnifying party or others, and (ii) any liabilities the indemnifying party may be subject
to pursuant to the law.

 

7.
CONTRIBUTION.

 

To
the extent any indemnification by an indemnifying party is prohibited or limited by law, the indemnifying party agrees to make
the maximum contribution with respect to any amounts for which it would otherwise be liable under Section 6 to the fullest
extent permitted by law; provided, however, that: (i) no seller of Registrable Securities guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any seller of Registrable Securities
who was not guilty of fraudulent misrepresentation; and (ii) contribution by any seller of Registrable Securities shall be limited
in amount to the net amount of proceeds received by such seller from the sale of such Registrable Securities.

 

8.
REPORTS AND DISCLOSURE UNDER THE SECURITIES ACTS.

 

With
a view to making available to the Investor the benefits of Rule 144 promulgated under the Securities Act or any other similar
rule or regulation of the SEC that may at any time permit the Investor to sell securities of the Company to the public without
registration (“Rule 144”), the Company agrees, at the Company’s sole expense, to:

 

a.
make and keep public information available, as those terms are understood and defined in Rule 144;

 

b.
file with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the
Exchange Act so long as the Company remains subject to such requirements and the filing of such reports and other documents is
required for the applicable provisions of Rule 144;

 

c.
furnish to each Investor so long as the Investor owns Registrable Securities, promptly upon request, (i) a written statement by
the Company that it has complied with the reporting and or disclosure provisions of Rule 144, the Securities Act and the Exchange
Act, (ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by
the Company, and (iii) such other information as may be reasonably requested to permit the Investor to sell such securities pursuant
to Rule 144 without registration; and

 

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d.
take such additional action as is requested by each Investor to enable the Investor to sell the Registrable Securities pursuant
to Rule 144, including, without limitation, delivering all such legal opinions, consents, certificates, resolutions and instructions
to the Company’s Transfer Agent as may be requested from time to time by the Investor and otherwise fully cooperate with
Investor and Investor’s broker to effect such sale of securities pursuant to Rule 144.

 

The
Company agrees that damages may be an inadequate remedy for any breach of the terms and provisions of this Section 8 and
each Investor shall, whether or not it is pursuing any remedies at law, be entitled to equitable relief in the form of a preliminary
or permanent injunctions, without having to post any bond or other security, upon any breach or threatened breach of any such
terms or provisions.

 

9.
ASSIGNMENT OF REGISTRATION RIGHTS.

 

The
Company shall not assign this Agreement or any rights or obligations hereunder without the prior written consent of the Investor.
The Investor may not assign its rights under this Agreement without the written consent of the Company, other than to an Affiliate
of the Investor.

 

10.
AMENDMENT OF REGISTRATION RIGHTS.

 

No
provision of this Agreement may be amended or waived by the parties from and after the date that is one Business Day immediately
preceding the initial filing of the Registration Statement with the SEC. Subject to the immediately preceding sentence, no provision
of this Agreement may be (i) amended other than by a written instrument signed by both parties hereto or (ii) waived other than
in a written instrument signed by the party against whom enforcement of such waiver is sought. Failure of any party to exercise
any right or remedy under this Agreement or otherwise, or delay by a party in exercising such right or remedy, shall not operate
as a waiver thereof.

 

11.
MISCELLANEOUS.

 

a.
A Person is deemed to be a holder of Registrable Securities whenever such Person owns or is deemed to own of record such Registrable
Securities. If the Company receives conflicting instructions, notices or elections from two or more Persons with respect to the
same Registrable Securities, the Company shall act upon the basis of instructions, notice or election received from the registered
owner of such Registrable Securities.

 

b.
Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must
be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; or (ii) one (1) Business
Day after deposit with a nationally recognized overnight delivery service, in each case properly addressed to the party to receive
the same. The addresses for such communications shall be as set forth in the Purchase Agreement or at such other address and/or
to the attention of such other person as the recipient party has specified by written notice given to each other party three (3)
Business Days prior to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient of such notice,
consent, waiver or other communication, or (B) provided by a nationally recognized overnight delivery service, shall be rebuttable
evidence of personal service, receipt by facsimile or receipt from a nationally recognized overnight delivery service in accordance
with clause (i), or (ii) above, respectively.

 

c.
All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by the
internal laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether
of the State of New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than
the State of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting
in The City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith or with
any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit,
action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action
or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each party
hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding
by mailing a copy thereof to such party at the address for such notices to it under this Agreement and agrees that such service
shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit
in any way any right to serve process in any manner permitted by law. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE,
AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF
THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

    	9

    	 

    

 

d.
This Agreement and the Purchase Agreement and each of the other agreements entered into by the parties hereto in connection with
the transactions contemplated by the Purchase Agreement (collectively, the “Transaction Documents”) constitute
the entire agreement among the parties hereto with respect to the subject matter hereof and thereof. There are no restrictions,
promises, warranties or undertakings, other than those set forth or referred to herein and therein. This Agreement, the Purchase
Agreement and Transaction Documents supersede all prior agreements and understandings among the parties hereto with respect to
the subject matter hereof and thereof.

 

e.
Subject to the requirements of Section 9, this Agreement shall inure to the benefit of and be binding upon the successors
and permitted assigns of each of the parties hereto.

 

f.
The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

 

g.
This Agreement may be executed in identical counterparts, each of which shall be deemed an original but all of which shall constitute
one and the same agreement. This Agreement, once executed by a party, may be delivered to the other party hereto by facsimile
transmission or by e-mail in a “.pdf” format data file of a copy of this Agreement bearing the signature of the party
so delivering this Agreement.

 

h.
Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver
all such other agreements, certificates, instruments and documents, as the other party may reasonably request in order to carry
out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

 

i.
The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent and
no rules of strict construction will be applied against any party.

 

j.
This Agreement is intended for the benefit of the parties hereto and their respective successors and permitted assigns, and is
not for the benefit of, nor may any provision hereof be enforced by, any other Person.

 

*
* * * * *

 

    	10

    	 

    

 

IN
WITNESS WHEREOF, each Seller and the Company have caused their respective signature page to this Registration Rights Agreement
to be duly executed as of the Execution Date.

 

	 	COMPANY:
	 	 	 
	 	AKERS BIOSCIENCES, INC.
	 	 	 
	 	By:	
	 	Name:	Christopher
    Schreiber
	 	Title:	Executive
    Chairman

 

[COMPANY
SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, each Seller and the Company have caused their respective signature page to this Registration Rights Agreement
to be duly executed as of the Execution Date.

 

	 	SELLER:
	 	 	 
	Signature
    block for individuals:	
	 	Printed
    Name of Individual
	 	 	 
	 	 	
	 	 	Signature
    of Individual
	 	Dated:	
	 	 	 
	Signature
    block for entities:	Cutter
    Mill Capital LLC
	 	Printed
    Name of Entity
	 	 	 
	 	By:	
	 	Name:	
	 	Title:	
	 	Dated:	
	 	 	 
	 	Premas
    BioTech PVT Ltd
	 	Printed
    Name of Entity
	 	 	 
	 	By:	
	 	Name:	
	 	Title:	
	 	Dated:	
	 	 	 
	 	Run
    Ridge LLC
	 	Printed
    Name of Entity
	 	 	 
	 	By:	
	 	Name:	
	 	Title:	
	 	Dated:	

 

[SELLER
SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT - AKERS]

 

    	 

    	 

    

 

SCHEDULE
OF SELLERS

 

	Seller	Seller
    Address and E-mail	Seller’s
    Representative’s 

    Address and E-mail
	------------------------
	________________________
	 

         

	 

        Run
        Ridge LLC
	________________________
	 

         

	 

        Premas
        Biotech PVT Ltd.
	________________________
	 
	 

        Cutter
        Mill Capital LLC
	________________________
	 

 

SCHEDULE
OF SELLERS

 

    	 

    	 

    

 

EXHIBIT
A

 

PLAN
OF DISTRIBUTION

 

We
are registering the shares of Common Stock to permit the resale of these shares of Common Stock by the selling shareholders from
time to time after the date of this prospectus. We will not receive any of the proceeds from the sale by the selling shareholders
of the shares of Common Stock. We will bear all fees and expenses incident to our obligation to register the shares of Common
Stock.

 

The
selling shareholders may sell all or a portion of the shares of Common Stock beneficially owned by them and offered hereby from
time to time directly or through one or more underwriters, broker-dealers or agents. If the shares of Common Stock are sold through
underwriters or broker-dealers, the selling shareholders will be responsible for underwriting discounts or commissions or agent’s
commissions. The shares of Common Stock may be sold in one or more transactions at fixed prices, at prevailing market prices at
the time of the sale, at varying prices determined at the time of sale, or at negotiated prices. These sales may be effected in
transactions, which may involve crosses or block transactions,

 

	 	○	on
    any national securities exchange or quotation service on which the securities may be listed or quoted at the time of sale;
	 	 	 
	 	○	in
    the over-the-counter market;
	 	 	 
	 	○	in
    transactions otherwise than on these exchanges or systems or in the over-the-counter market;
	 	 	 
	 	○	through
    the writing of options, whether such options are listed on an options exchange or otherwise;
	 	 	 
	 	○	ordinary
    brokerage transactions and transactions in which the broker-dealer solicits purchasers;
	 	 	 
	 	○	block
    trades in which the broker-dealer will attempt to sell the shares as agent but may position and resell a portion of the block
    as principal to facilitate the transaction;
	 	 	 
	 	○	purchases
    by a broker-dealer as principal and resale by the broker-dealer for its account;
	 	 	 
	 	○	an
    exchange distribution in accordance with the rules of the applicable exchange;
	 	 	 
	 	○	privately
    negotiated transactions;
	 	 	 
	 	○	short
    sales;
	 	 	 
	 	○	sales
    pursuant to Rule 144;
	 	 	 
	 	○	broker-dealers
    may agree with the selling security holders to sell a specified number of such shares at a stipulated price per share;
	 	 	 
	 	○	a
    combination of any such methods of sale; and
	 	 	 
	 	○	any
    other method permitted pursuant to applicable law.

 

    	 

    	 

    

 

If
the selling shareholders effect such transactions by selling shares of Common Stock to or through underwriters, broker-dealers
or agents, such underwriters, broker-dealers or agents may receive commissions in the form of discounts, concessions or commissions
from the selling shareholders or commissions from purchasers of the shares of Common Stock for whom they may act as agent or to
whom they may sell as principal (which discounts, concessions or commissions as to particular underwriters, broker-dealers or
agents may be in excess of those customary in the types of transactions involved). In connection with sales of the shares of Common
Stock or otherwise, the selling shareholders may enter into hedging transactions with broker-dealers, which may in turn engage
in short sales of the shares of Common Stock in the course of hedging in positions they assume. The selling shareholders may also
sell shares of Common Stock short and deliver shares of Common Stock covered by this prospectus to close out short positions and
to return borrowed shares in connection with such short sales. The selling shareholders may also loan or pledge shares of Common
Stock to broker-dealers that in turn may sell such shares.

 

The
selling shareholders may pledge or grant a security interest in some or all of the shares of Common Stock owned by them and, if
they default in the performance of their secured obligations, the pledgees or secured parties may offer and sell the shares of
Common Stock from time to time pursuant to this prospectus or any amendment to this prospectus under Rule 424(b)(3) or other applicable
provision of the Securities Act of 1933, as amended, amending, if necessary, the list of selling shareholders to include the pledgee,
transferee or other successors in interest as selling shareholders under this prospectus. The selling shareholders also may transfer
and donate the shares of Common Stock in other circumstances in which case the transferees, donees, pledgees or other successors
in interest will be the selling beneficial owners for purposes of this prospectus.

 

The
selling shareholders and any broker-dealer participating in the distribution of the shares of Common Stock may be deemed to be
“underwriters” within the meaning of the Securities Act, and any commission paid, or any discounts or concessions
allowed to, any such broker-dealer may be deemed to be underwriting commissions or discounts under the Securities Act. At the
time a particular offering of the shares of Common Stock is made, a prospectus supplement, if required, will be distributed which
will set forth the aggregate amount of shares of Common Stock being offered and the terms of the offering, including the name
or names of any broker-dealers or agents, any discounts, commissions and other terms constituting compensation from the selling
shareholders and any discounts, commissions or concessions allowed or reallowed or paid to broker-dealers.

 

Under
the securities laws of some states, the shares of Common Stock may be sold in such states only through registered or licensed
brokers or dealers. In addition, in some states the shares of Common Stock may not be sold unless such shares have been registered
or qualified for sale in such state or an exemption from registration or qualification is available and is complied with.

 

There
can be no assurance that any selling shareholder will sell any or all of the shares of Common Stock registered pursuant to the
shelf registration statement, of which this prospectus forms a part.

 

The
selling shareholders and any other person participating in such distribution will be subject to applicable provisions of the Securities
Exchange Act of 1934, as amended, and the rules and regulations thereunder, including, without limitation, Regulation M of the
Exchange Act, which may limit the timing of purchases and sales of any of the shares of Common Stock by the selling shareholders
and any other participating person. Regulation M may also restrict the ability of any person engaged in the distribution of the
shares of Common Stock to engage in market-making activities with respect to the shares of Common Stock. All of the foregoing
may affect the marketability of the shares of Common Stock and the ability of any person or entity to engage in market-making
activities with respect to the shares of Common Stock.

 

    	 

    	 

    

 

We
will pay all expenses of the registration of the shares of Common Stock pursuant to the registration rights agreement, estimated
to be [ ] in total, including, without limitation, Securities and Exchange Commission filing fees and expenses of compliance with
state securities or “blue sky” laws; provided, however, that a selling shareholder will pay all underwriting discounts
and selling commissions, if any. We will indemnify the selling shareholders against liabilities, including some liabilities under
the Securities Act, in accordance with the registration rights agreements, or the selling shareholders will be entitled to contribution.
We may be indemnified by the selling shareholders against civil liabilities, including liabilities under the Securities Act, that
may arise from any written information furnished to us by the selling shareholder specifically for use in this prospectus, in
accordance with the related registration rights agreement, or we may be entitled to contribution.

 

Once
sold under the shelf registration statement, of which this prospectus forms a part, the shares of Common Stock will be freely
tradable in the hands of persons other than our affiliates.Exhibit 10.4

 

EXECUTION
VERSION

	 	 	 

 

AMENDED
& RESTATED LICENSE AND

DEVELOPMENT
AGREEMENT

 

by
and between

 

PREMAS
BIOTECH PVT LTD

 

and

 

CYSTRON
BIOTECH, LLC

 

 

 

MARCH
19, 2020

	 	 	 

 

    	 

     

    

 

TABLE
OF CONTENTS

 

	 	 	PAGES
	 	 	 
	ARTICLE
    1	DEFINITIONS	1
	ARTICLE
    2	LICENSE
    GRANT	8
	2.1	License
    Grant	8
	2.2	Sublicensing	9
	2.3	Non-Compete	9
	ARTICLE
    3	DEVELOPMENT,
    MANUFACTURING AND COMMERCIALIZATION	10
	3.1	Responsibility	10
	3.2	Diligence	10
	3.3	Records	10
	3.4	Joint
    Development Committee	10
	3.5	Development
    Plan	11
	3.6	Reports	12
	3.7	Compliance
    with Applicable Laws	12
	ARTICLE
    4	PAYMENTS	12
	4.1	Milestone
    Payments	12
	ARTICLE
    5	PAYMENT;
    RECORDS; AUDITS	13
	5.1	Exchange
    Rate; Manner and Place of Payment	13
	5.2	Income
    Tax Withholding	13
	ARTICLE
    6	CONFIDENTIALITY
    AND PUBLICATION	13
	6.1	Confidential
    Information	13
	6.2	Exceptions	14
	6.3	Authorized
    Disclosure	14
	6.4	Publications	15
	6.5	Publicity	15
	ARTICLE
    7	REPRESENTATIONS
    AND WARRANTIES; CERTAIN COVENANTS	16
	7.1	Mutual
    Representations and Warranties	16
	7.2	Premas
    Representations and Warranties	17
	7.3	Premas
    Covenants	19

 

    	-i-

     

    

 

	7.4	Licensee
    Representations and Warranties	19
	7.5	Mutual
    Covenants	19
	7.6	Performance
    by Affiliates, Sublicensees and Subcontractors	20
	7.7	Limitation
    of Liability	20
	ARTICLE
    8	INTELLECTUAL
    PROPERTY	20
	8.1	Ownership	20
	8.2	Patent
    Prosecution and Maintenance	21
	8.3	Interference,
    Opposition, Invalidation, Reexamination and Reissue	22
	8.4	Enforcement
    and Defense of Patent Rights	23
	8.5	Patent
    Term Extensions	24
	8.6	Infringement
    of Third Party Rights	25
	ARTICLE
    9	TERM
    AND TERMINATION	25
	9.1	Term	25
	9.2	Termination
    for Material Breach	25
	9.3	Termination
    for Patent Challenge	26
	9.4	At-Will
    Termination by Licensee	26
	9.5	Effect
    of Expiration or Termination	26
	9.6	Accrued
    Obligations; Survival	26
	9.7	Return
    of Confidential Information	27
	9.8	Damages;
    Relief	27
	ARTICLE
    10	INDEMNIFICATION	27
	10.1	Indemnification
    by Licensee	27
	10.2	Indemnification
    by Premas	28
	10.3	Control
    of Defense	28
	10.4	Insurance	29

 

    	-ii-

     

    

 

	ARTICLE
    11	DISPUTE
    RESOLUTION	29
	11.1	Disputes	29
	11.2	Court
    Actions	29
	ARTICLE
    12	MISCELLANEOUS	30
	12.1	Rights
    Upon Bankruptcy	30
	12.2	Governing
    Law	30
	12.3	Entire
    Agreement; Amendments	30
	12.4	Non-Waiver	30
	12.5	Assignment	31
	12.6	Force
    Majeure	31
	12.7	Severability	31
	12.8	Notices	31
	12.9	Interpretation	32
	12.10	Relationship
    between the Parties	33
	12.11	Cumulative
    Remedies	33
	12.12	No
    Third Party Rights	33
	12.13	Further
    Assurances	33
	12.14	Compliance
    with Securities Laws	33
	12.15	Costs	33
	12.16	Counterparts	33

 

    	-iii-

     

    

 

LICENSE
AND DEVELOPMENT AGREEMENT

 

THIS
LICENSE AND DEVELOPMENT AGREEMENT (“Agreement”), effective as of March 19, 2020 (the “Effective
Date”), is intended to replace the agreement of the same name entered March 10, 2020 (the “Original
Effective Date”), and is similarly made by and between PREMAS BIOTECH PVT LTD a corporation organized and
existing under the laws of India (“Premas”), and CYSTRON BIOTECH, LLC, a limited liability company
organized and existing under the laws of the State of Delaware (“Licensee”).

 

RECITALS

 

WHEREAS,
Premas owns or otherwise controls certain patent applications, know-how and other proprietary information related to a vaccine
platform that involves genetically engineered and modified yeast, Saccharomyces cerevisiae, which along with certain proprietary
expression vectors and optimized genes developed by Premas to be used with the above strain, has been shown to be useful in the
expression of more than thirty type 1 endoplasmic reticulum associated proteins;

 

WHEREAS,
COVID-19, new Corona Virus has three major antigens or immunogens which are type 1 endoplasmic reticulum associated proteins,
primarily the “S” spike protein, “E” Envelope protein and “M”, membrane protein;

 

WHEREAS,
Licensee engages in the discovery, development, marketing and sale of pharmaceutical products; and

 

WHEREAS,
Licensee desires to obtain, and Premas is willing to grant to Licensee, an exclusive license with respect to the Premas Technology
(as defined below) and the results of any research and development activities for the generation of and limited to a vaccine for
COVID-2019 and any other novel Corona Virus, described herein and below to discover, develop, make, have made, use, sell, have
sold, offer for sale, market, export, import and otherwise commercialize Products in the Field based thereon, on the terms and
subject to the conditions set forth herein.

 

NOW,
THEREFORE, in consideration of the foregoing premises and the mutual covenants contained herein, the receipt and sufficiency
of which are hereby acknowledged, the Parties hereby agree as follows:

 

ARTICLE
1

 

DEFINITIONS

 

Unless
specifically set forth to the contrary herein, the following terms shall have the respective meanings set forth below:

 

    	-1-

     

    

 

1.1
“Act” shall mean, as applicable, the United States Federal Food, Drug and Cosmetic Act, 21 U.S.C. §§301
et seq., and/or the Public Health Service Act, 42 U.S.C. §§262 et seq., as such may be amended from time to time.

 

1.2
“Administrator” shall have the meaning provided in Section 11.2.

 

1.3
“Affiliate” shall mean, with respect to any Person, any other Person that directly or indirectly controls, is
controlled by or is under common control with such Person. A Person shall be deemed to control another Person if such Person possesses
the power to direct or cause the direction of the management, business and policies of such Person, whether through the ownership
of fifty percent (50%) or more of the voting securities of such Person, by contract or otherwise.

 

1.4
“Agent” means any active pharmaceutical ingredient, whether alone or in combination with another active pharmaceutical
ingredient, for use in the diagnosis, cure, treatment, management or prevention of disease, or any symptom thereof, in a human
or an animal.

 

1.5
“Agreement” shall mean this Amended & Restated License and Development Agreement, including all Schedules
and Exhibits hereto, as it may be amended, supplemented or modified from time to time in accordance with its terms.

 

1.6
“Applicable Laws” shall mean the applicable laws and regulations of any jurisdiction, which are applicable to
any of the Parties or their respective Affiliates in carrying out activities hereunder or to which any of the Parties or their
respective Affiliates in carrying out the activities hereunder is subject, and shall include all statutes, enactments, acts of
legislature, laws, ordinances, rules, regulations, notifications, guidelines, policies, directions, directives and orders of any
statutory authority, tribunal, board, or court or any central or state government or local authority or other governmental entity
in such jurisdictions.

 

1.7
“Bankruptcy Laws” shall have the meaning provided in Section 12.1.

 

1.8
“Candidate” shall mean any Agent intended to prevent, intercept, or otherwise modify a pathological process caused,
triggered, or otherwise facilitated by COVID 19 or other corona virus infection, including, without limitation, for the prevention
or interception, treatment, or management of COVID-19 or other corona virus.

 

1.9
“Claim” shall have the meaning provided in Section 10.1.

 

1.10
“Commercially Reasonable Efforts” shall mean, with respect to the efforts to be expended by a Party with respect
to any objective, the level of reasonable, diligent, good faith efforts that biopharmaceutical companies typically devote to products
owned by them that are at a similar stage in their development or product life and are of similar market potential taking into
account efficacy, safety, approved labeling, the competitiveness of alternative products in the marketplace, the patent and other
proprietary position of the product, the likelihood of regulatory approval, the profitability of the product, and other relevant
factors. As used in this Section, “biopharmaceutical companies” shall mean companies in the biopharmaceutical industry
of a size and stage of development similar to that of such Party, including having human pharmaceutical product candidates or
products in a similar stage of development to the Products. Commercially Reasonable Efforts shall be determined on a market-by-market
and Product-by-Product basis, and it is anticipated that the level of effort will be different for different markets, and will
change over time, reflecting changes in the status of the Product and the market(s) involved.

 

    	-2-

     

    

 

1.11
“Competitive Infringement” shall have the meaning provided in Section 8.4.

 

1.12
“Confidential Information” shall mean any and all non-public Information, whether communicated in writing by any
other method, which is provided by or on behalf of one Party to the other Party in connection with this Agreement.

 

1.13
“Control”, “Controls” or “Controlled by” shall mean, with respect to any
Patent Rights, Information, Know How or other intellectual property rights, the possession by Person of the ability (whether by
ownership, license or other right, other than pursuant to a license granted under this Agreement) to grant access
to, or a license or sublicense of, such Patent Rights, Know-How, Information or other intellectual property rights without violating
the terms of any agreement or other arrangement with any other Person.

 

1.14
“Cover” means (a) with respect to Know-How, such Know-How was used in making, having made, using, selling, offering
to sell, importing, having sold, exporting or making improvements to the Product, and (b) with respect to a Patent Right, a Valid
Patent Claim would (absent a license thereunder or ownership thereof) be Infringed by making, having made, using, selling, offering
to sell, importing, having sold, exporting or making improvements to the Product including research and development. Cognates
of the word Cover” shall have correlative meanings.

 

1.15
“Development Period” means the period covered by the Development

Plan.

 

1.16
“Development Period IP” shall have the meaning set forth in Section 8.1.

 

1.17
“Development Plan” means the plan for the research and clinical development of Products in the Field in
the Territory as may be adjusted from time to time which shall be agreed to by the JDC following the Effective Date.

 

1.18
“Developmental Milestone” shall have the meaning provided in Section 4.1.

 

1.19
“Dispute” shall have the meaning provided in Section 11.1.

 

1.20
“Effective Date” shall have the meaning provided in the Preamble.

 

    	-3-

     

    

 

1.21
“Export Control Laws” shall mean all applicable U.S. laws and regulations relating to (a) sanctions and embargoes
imposed by the Office of Foreign Assets Control of the U.S. Department of Treasury or (b) the export or re-export of commodities,
technologies, or services, including the Export Administration Act of 1979, 24 U.S.C. §§2401-2420, the International
Emergency Economic Powers Act, 50 U.S.C. §§1701-1706, the Trading with the Enemy Act, 50 U.S.C. §§1 et. seq.,
the Arms Export Control Act, 22 U.S.C. §§2778 and 2779, and the International Boycott Provisions of Section 999 of the
U.S. Internal Revenue Code of 1986 (as amended).

 

1.22
“FCPA” shall mean the U.S. Foreign Corrupt Practices Act (15 U.S.C. §§78dd-1, et. seq.) as amended.

 

1.23
“FDA” shall mean the U.S. Food and Drug Administration and any successor entity thereto.

 

1.24
“Field” shall encompass the vaccination against, and prevention, treatment, and management, of COVID-2019 and
any mutations thereof, and any other novel corona virus and any mutations thereof after the Effective Date, and any symptoms related
to the foregoing.

 

1.25
“GCP” shall mean the then current “good clinical practices” as such term is defined from time to time
by the FDA or other Regulatory Authority of competent jurisdiction pursuant to its regulations, guidelines or otherwise, as applicable.

 

1.26
“GLP” shall mean the then current “good laboratory practices” as such term is defined from time to
time by the FDA or other Regulatory Authority of competent jurisdiction pursuant to its regulations, guidelines or otherwise,
as applicable.

 

1.27
“GMP” shall mean the then current “good manufacturing practices” as such term is defined from time
to time by the FDA or other Regulatory Authority of competent jurisdiction pursuant to its regulations, guidelines or otherwise,
as applicable.

 

1.28
“IND” shall mean an investigational new drug application, clinical study application, clinical trial exemption,
or similar application or submission for approval to conduct human clinical investigations filed with or submitted to a Regulatory
Authority in conformance with the requirements of such Regulatory Authority, including any such application filed with the FDA
pursuant to 21 CFR Part 312.

 

1.29
“Indemnified Party” shall have the meaning provided in Section 10.3.

 

1.30
“Indemnifying Party” shall have the meaning provided in Section 10.3.

 

1.31
“Indication” shall mean a separate and distinct disease or medical condition in humans or other animals: (a) which
a Product is intended to treat or prevent, as evidenced by the protocol for a clinical trial of such Product or by the proposed
Product labeling in an NDA filed with a Regulatory Authority for such Product; or (b) which is contained in a Product’s
labeling approved by a Regulatory Authority as part of the Marketing Approval for such Product.

 

    	-4-

     

    

 

1.32
“Information” shall mean any and all proprietary data, information, materials and know-how (whether patentable
or not) that are not in the public domain, including, (a) ideas, discoveries, inventions, improvements, technology or trade secrets,
(b) pharmaceutical, chemical and biological materials, products, components or compositions, (c) methods, procedures, formulas,
processes, tests, assays, techniques, regulatory requirements and strategies, (d) biological, chemical, pharmacological, toxicological,
pharmaceutical, physical and analytical, clinical, safety, manufacturing and quality control data and information related thereto,
(e) technical and non-technical data and other information related to the foregoing, and (f) drawings, plans, designs, diagrams,
sketches, specifications or other documents containing or relating to such information or materials.

 

1.33
“Infringe” or “Infringement” means any infringement as determined by Applicable Law, including,
without limitation, direct infringement, contributory infringement or any inducement to infringe.

 

1.34
“Invention” shall mean any invention, whether or not patentable, including, without limitation, those made in
the course and as a result of the conduct of the activities contemplated by this Agreement.

 

1.35
“JDC” shall have the meaning given to such term in Section 3.4(a).

 

1.36
“Joint Invention” shall have the meaning provided in Section 8.1.

 

1.37
“Joint Patent Rights” shall have the meaning provided in Section 8.1.

 

1.38
“Know-How” shall mean any and all Information related to SC, a Candidate and/or a Product, or any formulation,
product improvement and/or Indication thereof, or necessary or useful for the development, manufacture, commercialization or use
of any of the foregoing.

 

1.39
“Licensee” shall have the meaning provided in the Preamble.

 

1.40
“Licensee Indemnitees” shall have the meaning provided in Section 10.2.

 

1.41
“Licensee Know-How” shall mean all Know-How Controlled by Licensee or its Affiliates during the Term, including
all Know-How developed or generated by or on behalf of Licensee or any of its Affiliates in the course of conducting research,
development, manufacturing, regulatory or commercialization activities contemplated by this Agreement. Licensee Know-How includes
Know-How that constitutes Development Period IP Controlled by Licensee.

 

1.42
“Licensee Patent Rights” shall mean all Patent Rights Controlled by Licensee or its Affiliates during the Term
that claim or cover any Candidate and/or Products, other than the Premas Patent Rights. The Licensee Patent Rights shall include
Licensee’s (and its Affiliates’) rights in the Development Period IP Patent Rights and the Joint Patent Rights.

 

    	-5-

     

    

 

1.43
“Licensee Technology” shall mean Licensee Know-How and Licensee Patent Rights.

 

1.44
“Losses” shall have the meaning provided in Section 10.1.

 

1.45
“Marketing Approval” shall mean all approvals from the relevant Regulatory Authority in a given country necessary
to market and sell a pharmaceutical product in such country, including pricing and reimbursement approvals if required for marketing
or sale of such product in such country.

 

1.46
“NDA” shall mean: (a) in the United States, a New Drug Application (as more fully defined in 21 CFR 314.5, et
seq.) filed with the FDA, or any successor application thereto; or (b) in any other country or group of countries, the equivalent
application or submission for approval to market a pharmaceutical product filed with the governing Regulatory Authority in such
country or group of countries.

 

1.47
“Party” shall mean Licensee and Premas, individually, and “Parties” shall mean Licensee and Premas,
collectively.

 

1.48
“Patent Certification” shall have the meaning provided in Section 8.4.

 

1.49
“Patent Rights” shall mean (i) patents and patent applications (which for the purposes of this Agreement shall
be deemed to include certificates of invention and applications for certificates of invention); (ii) any and all divisionals,
continuations, continuations-in-part, reissues, renewals, substitutions, registrations, re-examinations, revalidations, patent
term extensions, supplementary protection certificates and the like of any such patents and patent applications; and (iii) any
and all foreign equivalents of the foregoing.

 

1.50
“Person” means any individual, partnership, joint venture, limited liability company, corporation, firm, trust,
association, unincorporated organization, governmental authority or agency, or any other entity not specifically listed herein.

 

1.51
“Premas” shall have the meaning provided in the Preamble.

 

1.52
“Premas Indemnitees” shall have the meaning provided in Section 10.1.

 

1.53
“Premas Know-How” shall mean all Know-How Controlled by Premas or any of its Affiliates as of the Effective Date,
or that is developed or Controlled by Premas after the Effective Date, related to the Proprietary Expression Vectors, COVID-19
vaccine platform, or other novel coronavirus, or otherwise necessary or useful for the research, development, manufacture and/or
commercialization of any Candidate and/or Product (including a Covid-2019 or other coronavirus vaccine). Premas Know-How will
not include Development Period IP including Licensee Know-How.

 

    	-6-

     

    

 

1.54
“Premas Patent Rights” shall mean any and all Patent Rights Controlled by Premas or any of its Affiliates as of
the Effective Date, or at any time during the Term, that claim or Cover the composition, manufacture, use, sale, offer for sale
and/or import of any Candidate and/or Product in the Field, including, but not be limited to: (i) the SC Patent Rights; (ii) Premas’s
interest in any Joint Patent Rights; and (iii) those in-licensed by Premas under any agreement with a Third Party that constitute
SC Patent Rights. Premas Patent Rights will not include Development Period IP Patent Rights Controlled by Licensee.

 

1.55
“Premas Technology” shall mean Premas Patent Rights and Premas Know-How.

 

1.56
“Product” shall mean any pharmaceutical composition or preparation (in any and all dosage forms) containing one
or more Candidates, including any Combination Product for use in the Field that was developed, manufactured or commercialized
utilizing Premas Technology under this Agreement.

 

1.57
“Proprietary Expression Vectors” means Saccharomyces cerevisiae expression vectors specifically
designed for expression of type 1 membrane proteins.

 

1.58
“Regulatory Authority” shall mean any country, federal, regional, supranational, state or local regulatory agency,
department, bureau or other governmental or regulatory authority having the administrative authority to regulate the development
or marketing of pharmaceutical products in any country or other jurisdiction.

 

1.59
“Regulatory Documentation” shall mean all regulatory applications, registrations, licenses, authorizations and
approvals (including all INDs, NDAs and Marketing Approvals), all correspondence submitted to or received from Regulatory Authorities
(including minutes and official contact reports relating to any communications with any Regulatory Authority), and all reports
and documentation in connection with clinical studies and tests (including study reports and study protocols, and copies of all
interim study analyses), and all data contained in any of the foregoing, including all INDs, NDAs, advertising and promotion documents,
manufacturing data, drug master files, clinical data, adverse event files and complaint files, in each case related to SC and/or
to a Product.

 

1.60
“Regulatory Exclusivity” shall mean marketing or manufacturing exclusivity conferred by the applicable Regulatory
Authority in a country or jurisdiction on the holder of a Marketing Approval for a pharmaceutical product in such country or jurisdiction,
including, by way of example and not of limitation, regulatory data exclusivity, orphan drug exclusivity, new chemical entity
exclusivity and pediatric exclusivity.

 

1.61
“Related Party” shall mean each of Licensee’s Affiliates and its and their respective Sublicensees hereunder.

 

1.62
“Relevant Patent Rights” shall have the meaning provided in Section 8.4(a).

 

    	-7-

     

    

 

1.63
“Relevant Premas Patent Claims” shall have the meaning provided in Section 8.3(a)(i).

 

1.64
“Rules” shall have the meaning provided in Section 11.2.

 

1.65
“Sale Transaction” shall have the meaning provided in Section 12.5(a).

 

1.66
“SC” shall mean Premas’s Saccharomyces cerevisiae vaccine platform, including, without limitation
the Proprietary Expression Vectors, along with related optimized genes.

 

1.67
“SC Patent Rights” shall mean Premas Patent Rights that are related to SC that are (i) set forth on Exhibit
A under the heading “SC Patent Rights”, or (ii) Controlled by Premas or any of its Affiliates as of the Effective
Date, or at any time during the Term. The foregoing shall include any modifications to the Premas Patent Rights or SC Patent Rights
conceived, made or reduced to practice by Premas during the Term that are not owned by Licensee.

 

1.68
“Sublicensee” shall mean a Third Party sublicensee under the license granted by Premas to Licensee pursuant to
Section 2.1, whether such Third Party’s sublicense was granted to it directly by Licensee or its Affiliate or indirectly
through one or more tiers of sublicense.

 

1.69
“Term” shall have the meaning provided in Section 9.1.

 

1.70
“Territory” shall mean the entire world.

 

1.71
“Third Party” shall mean an entity other than Licensee and its Affiliates, and Premas and its Affiliates.

 

1.72
“Third Party Acquirer” shall have the meaning provided in Section 12.5(a).

 

1.73
“Valid Patent Claim” shall mean a claim of an issued and unexpired patent included within the Premas Patent Rights,
which claim has not been revoked or held unenforceable or invalid by a decision of a court or other governmental agency of competent
jurisdiction (which decision is not appealable or has not been appealed within the time allowed for appeal), and which claim has
not been disclaimed, denied or admitted to be invalid or unenforceable through reissue, re-examination or disclaimer or otherwise.

 

ARTICLE
2

 

LICENSE
GRANT

 

2.1
License Grant. Premas hereby grants to Licensee an exclusive (even as to Premas and its Affiliates except as necessary for
Premas to perform its obligation hereunder and under the Development Plan), perpetual, royalty-free license including the right
to sublicense through multiple tiers of sublicensees as well as the right to modify and amend such sublicenses, under the Premas
Technology and all Premas Patent Rights, and the Premas Know-How; in each case, to discover, develop, make, have made, use, sell,
have sold, offer for sale, market, export, import and otherwise commercialize and exploit Candidates and Products in the Field
in the Territory.

 

    	-8-

     

    

 

2.2
Sublicensing. Licensee shall provide Premas with a copy of any sublicense agreement entered into by Licensee or its Affiliate
within thirty (30) days of its execution.

 

2.3
Non-Compete. Premas hereby covenants not to, and not to permit or cause any of its Affiliates to, develop, use, make, have
made, sell, have sold, offer for sale, export, import or otherwise commercialize any Candidate or Product, in the Field
in the Territory during the Term. Without limiting the generality of the foregoing, Premas shall not grant any rights or licenses
to Premas Technology or other proprietary technology Controlled by Premas to any Third Party for use with any Candidate in the
Field in the Territory during the Term.

 

2.4
Right of First Refusal.

 

(a)
If at any time during the Term, Premas desires to outlicense any additional Premas Technology with application in the Field (for
clarity, which does not relate to a Candidate) then in such instance, Premas shall provide Licensee with notice of such intention
and allow Licensee a period of fifteen (15) days to review the opportunity and determine whether to seek to negotiate a license.
If Licensee determines to seek to negotiate a license then in such case the Parties shall exclusively negotiate in good faith
for a period of thirty (30) days to reach agreement on license terms. If the Parties are unable to reach agreement then in such
instance, Premas shall be free to negotiate a license for a Third Party without any further obligation to Licensee.

 

(b)
If at any time during the Term, Premas desires to outlicense the rights to any additional candidates developed independently by
Premas using Premas’s D Crypt Technology with application that is outside the Field then in such instance, Premas shall
provide Licensee with notice of such intention and allow Licensee a period of fifteen (15) days to review the opportunity and
determine whether to seek to negotiate a license. If Licensee determines to seek to negotiate a license then in such case the
Parties shall exclusively negotiate in good faith for a period of thirty (30) days to reach agreement on license terms. If the
Parties are unable to reach agreement then in such instance, Premas shall be free to negotiate a license for a Third Party without
any further obligation to Licensee. Notwithstanding the foregoing, the provisions of this Section 2.4.2 shall not apply with respect
to any licensing transaction that is a Strategic Transaction (as defined herein). For purposes of this Agreement, a “Strategic
Transaction” means a transactions with a Person that is, itself or through its subsidiaries, an operating company in a business
synergistic with the business of Premas (and has been engaged in such synergistic business for at least 5 years) and the transaction
provides to the Company substantial scientific or commercial benefits in addition to the investment of funds.

 

    	-9-

     

    

 

ARTICLE
3

 

DEVELOPMENT,
MANUFACTURING AND COMMERCIALIZATION

 

3.1
Responsibility. During the Development Period, development activities with respect to Products will be primarily the responsibility
of Premas up through achievement of Proof of Concept Stage 2 set forth in Section 4.1 below. Premas will ensure that all such
activities will be carried out in accordance with this Agreement, the Development Plan, all Applicable Laws (including, to the
extent applicable, as applicable, GLP, GCP and/or GMP) and the instructions of the Joint Development Committee (as defined below).
If requested by Licensee, all Regulatory Documentation, including without limitation, INDs and NDAs will be filed in the name
of, and owned by, Licensee. Premas will reasonably assist Licensee with filings related to any such Regulatory Documentation as
requested by Licensee. To the extent that Premas has any responsibility for engaging in discussions with, and/or making filings
with any Regulatory Authorities, Premas shall ensure that Licensee has the opportunity to be present for any such discussions
(to the extent permitted by Law) and the opportunity to review and consent to any such filings reasonably in advance of such discussion
or any filing deadline. Following the Development Period, unless otherwise agreed by the Parties, Licensee (itself and/or with
or through its Related Parties) shall be solely responsible, at its own expense, for, and shall control all aspects of, worldwide
development (including pre-clinical and clinical development), manufacture, registration and commercialization (including marketing,
promoting, selling, distributing and determining pricing for) Products in the Territory.

 

3.2
Diligence. Licensee (itself and/or with or through its Affiliates, sublicensee(s), and any subcontractors) shall use Commercially
Reasonable Efforts to develop, seek Marketing Approval for, and commercialize one or more Products in the Territory during the
Term.

 

3.3
Records. Premas shall maintain, or cause to be maintained, complete and accurate records of all development work conducted
by or on behalf of Premas with respect to Products, including all results, data, inventions and developments made in the performance
of such development work during the Development Period. All such records maintained shall be in sufficient detail and in good
scientific manner appropriate for patent and regulatory purposes. Licensee shall maintain, or cause to be maintained, complete
and accurate records of all development work conducted by or on behalf of Licensee with respect to Products, including all results,
data, inventions and developments made in the performance of such development work after the Development Period.

 

3.4
Joint Development Committee.

 

(a)
Within ten (10) days after the Effective Date, a Joint Development Committee (“JDC”) shall be established
with the responsibilities and authority set forth in this Section 3.4. The JDC shall consist of six (6) members, three (3) members
to be appointed by each of Premas and Licensee. Each Party may, with notice to the other, substitute any of its members serving
on the JDC and may invite ad hoc non-voting members as desired. The Parties may also, by mutual agreement, increase or decrease
the number of members serving on the JDC; provided that the number of members representing each Party remains equal. Licensee
will have the right to appoint one of its members to be the chairperson of the JDC. The JDC will be in place until the earlier
of (i) expiration and/or termination of the Development Period or (ii) there is a written agreement between the Parties to disband
the JDC.

 

    	-10-

     

    

 

(b)
The JDC shall have the responsibility and authority to: (i) provide a forum for exchange of information related to the development
of Products in the Field in the Territory; (ii) review and discuss any proposed material amendments or updates to the Development
Plan; (iii) oversee the implementation of the Development Plan; (iv) monitor the progress of the Development Plan against the
metrics agreed to by the Parties (such as timeline and costs); and (iv) perform any other functions as the Parties may agree in
writing.

 

(c)
The JDC shall hold meetings as mutually agreed by the Parties, but in no event less than quarterly unless Licensee and Premas
mutually agree in writing (which may include email), no later than thirty (30) days in advance of any meeting following the initial
meeting of the JDC, that no new business has transpired that would require a meeting of the JDC. Meetings may be held by telephone
or video conference as agreed by the Parties.

 

(d)
The quorum for JDC meetings shall be four (4) members, provided there are at least two (2) members from each of Licensee and
Premas present. The JDC will render decisions by unanimous vote. The members of the JDC shall act in good faith to cooperate with
one another and to reach agreement with respect to issues to be decided by the JDC.

 

(e)
Disagreements among the JDC will be resolved via good-faith discussions; provided, that in the event of a disagreement that
cannot be resolved within thirty (30) days after the date on which the disagreement arose, the matter shall be resolved as requested
by Licensee.

 

(f)
At each JDC meeting, Premas will keep the JDC informed regarding the progress and results of development activities with respect
to Products in the Territory in the Field.

 

3.5
Development Plan. After the Effective Date, the Parties shall meet to discuss in good faith the parameters of the Development
Plan, which shall be proposed by Premas and which will be subject to Licensee’s written consent. The Parties shall use Commercially
Reasonable Efforts to ensure that the Development Plan is in place within ninety (90) days after the Effective Date. Premas will
keep true, correct and complete records of all development activities that it performs (or that are performed on its behalf) during
the Development Period. Premas will make all such records available to Licensee at its request. Following the end of the Development
Period, at no additional cost to Licensee, Premas will execute a technology transfer of the SC platform and, from time-to-time,
related intellectual property developed by Premas during the Development Period that would be necessary or useful to discover,
develop, make, have made, use, sell, have sold, offer for sale, market, export, import and otherwise commercialize and exploit
Candidates and/or Products in the Field in the Territory.

 

    	-11-

     

    

 

3.6
Reports. Within thirty (30) days of the end of each calendar quarter of each year during the Development Period, Premas shall
deliver to Licensee a written progress report regarding, to the extent applicable, (i) the status of any Product in development,
(ii) any Product-related regulatory submissions and approvals and (iii) the status of any Product related patent applications
in each country in the Territory. After the Development Period and prior to the earlier of (a) the achievement of, or (b) the
abandonment of, the last outstanding Development Milestone, Licensee shall provide Premas quarterly progress reports that describe
the status of each Product then in development within thirty (30) days of the end of each calendar quarter.

 

3.7
Compliance with Applicable Laws. After the expiration and/or termination of the Development Period, Licensee shall conduct
and/or cause to be conducted, all development, regulatory, manufacturing and commercialization activities that it performs, and/or
that are performed on its behalf, with respect to Products anywhere in the world in compliance with all Applicable Laws and, as
applicable, GLP, GCP and/or GMP.

 

ARTICLE
4

 

PAYMENTS

 

4.1
Milestone Payments; Developmental Milestones. Upon the first achievement of each of the milestone events set forth in the
table below by Licensee or any Related Party, Premas shall provide Licensee with written notice of such achievement and Licensee
shall pay to Premas the corresponding one-time milestone payment set forth below (each a “Developmental Milestone”):

 

	Milestone Event	 	Milestone

                                                                  Payment
	 
	1.	Within three (3) days of the Effective Date	 	$	250,000	 
	2.	Antigen cloning completed, clone established as per decided strategy	 	$	250,000	 
	3.	Proof of Concept: Stage 1, Antigen/Immunogen expression completed, VLP generation, as determined by the JDC as soon as practicable upon its formation.	 	$	500,000	 
	4.	Proof of Concept: Stage 2, Microsomal or VLP preps, suitably formulated in adjuvant and prepped for animal studies, first dose delivered to suitable animals, as determined by the JDC as soon as practicable upon its formation.	 	$	1,000,000	 

 

It
is acknowledged and agreed that upon sufficient proof provided to Cystron before the Effective Date, Milestones 1 and 2 have been
achieved such that Milestone Payments in the amount of $500,000 shall be paid in immediately available funds within three (3)
days of the Effective Date. The remaining Milestones 3 and 4 shall be paid by Licensee within ten (10) days of receipt of confirmed
notice from Premas that each such milestone has been achieved. Each of the above milestone payments shall only be paid once, for
the first achievement of the corresponding milestone event, and shall be non-refundable. Furthermore, notwithstanding any decision
by the JDC to the contrary, if Licensee receives acknowledgement from a Regulatory Authority that a pre-clinical human or animal
study is approved for a clinical trial then any remaining milestones will be deemed to have been met and all remaining milestone
payments shall automatically become due and payable within ten (10) days of such notice.

 

    	-12-

     

    

 

ARTICLE
5

 

PAYMENT;
RECORDS; AUDITS

 

5.1
Exchange Rate; Manner and Place of Payment. All payment amounts in this Agreement are expressed in U.S. dollars, and all payments
hereunder shall be payable in U.S. dollars. When conversion of payments from any foreign currency is required, such conversion
shall be calculated using an exchange rate equal to the average of the interbank rates of exchange for such currency as reported
at OANDA.com, or should such rates cease to be published by OANDA, a successor or replacement agreed upon by the parties, on the
last day of the calendar quarter for which payment is due. All payments owed under this Agreement shall be made by wire transfer
in immediately available funds to the bank and account designated in writing by Premas.

 

5.2
Income Tax Withholding. Premas will pay any and all taxes levied on account of any payments made to it under this Agreement.
If Licensee is advised in writing by its attorneys or accountant that Licensee is required to withhold any portion of any payment
made to Premas under this Agreement, Licensee shall (a) deduct such taxes from the payment made to Premas, (a) timely pay
the taxes to the proper taxing authority, (c) send proof of payment to Premas and certify its receipt by the taxing authority
within 30 days following such payment, (d) reasonably cooperate with Premas, if requested, to obtain available reductions, credits
or refunds of such taxes and (e) provide Premas a copy of such written advisement or instructions at least thirty (30) days, or
such shorter period as reasonably practicable given the timing of the subject advice or instructions received by Licensee, in
advance of such withholding. Without limiting the generality of the foregoing, upon request by Premas, Licensee shall provide
Premas such information in Licensee’s possession as may be reasonably necessary for Premas to obtain the benefit of any
present or future treaty against double taxation which may apply to payments made to Premas under this Agreement.

 

ARTICLE
6

 

CONFIDENTIALITY
AND PUBLICATION

 

6.1
Confidential Information. Except to the extent expressly authorized by this Agreement, each Party (in such capacity, the “Receiving
Party”) agrees that, during the Term and for seven (7) years thereafter, it shall keep confidential and shall not
publish or otherwise disclose to any Third Party, and shall not use for any purpose other than as expressly provided for in this
Agreement or any other written agreement between the Parties, any Confidential Information furnished or made available to it by
or on behalf of the other Party (in such capacity, the “Disclosing Party”). The Receiving Party shall
use at least the same standard of care as it uses to protect proprietary or confidential information of its own (but in no event
less than a commercially reasonable standard of care) to ensure that it, and its and its Affiliates’, employees, agents,
consultants and other representatives do not disclose or make any unauthorized use of the Confidential Information. The Receiving
Party shall promptly notify the Disclosing Party upon discovery of any unauthorized use or disclosure of the Disclosing Party’s
Confidential Information. The Premas Technology, to the extent subject to the licenses to Licensee under this Agreement, shall
be deemed the Confidential Information of Licensee notwithstanding the fact that it was furnished by Premas to Licensee in the
first instance.

 

    	-13-

     

    

 

6.2
Exceptions. Confidential Information shall not include any information which the Receiving Party can prove by competent evidence:
(a) is now, or hereafter becomes, through no act or failure to act on the part of the Receiving Party, generally known or available;
(b) is known by the Receiving Party and/or any of its Affiliates at the time of receiving such information, as evidenced by its
records; (c) is hereafter furnished to the Receiving Party and/or any of its Affiliates by a Third Party, as a matter of right
and without restriction on disclosure; or (d) is independently discovered or developed by the Receiving Party and/or any of its
Affiliates, without the use of Confidential Information of the Disclosing Party. Any combination of features or disclosures shall
not be deemed to fall within the exclusions set forth in the preceding clauses (a) and (b) merely because individual features
are published or available to the general public or in the rightful possession of the Receiving Party unless the combination itself
and principle of operation are published or available to the general public or in the rightful possession of the Receiving Party.

 

6.3
Authorized Disclosure. Notwithstanding the provisions of Section 6.1, the Receiving Party may disclose Confidential Information
of the Disclosing Party as expressly permitted by this Agreement, or if and to the extent such disclosure is reasonably necessary
in the following instances:

 

(a)
Filing, prosecuting, or maintaining Patent Rights as permitted by this Agreement;

 

(b)
enforcing such Party’s rights under this Agreement (including registering the licenses granted hereunder with applicable
authorities) and in performing its obligations under this Agreement.

 

(c)
prosecuting or defending litigation as permitted by this Agreement;

 

(d)
complying with applicable court orders, applicable laws, rules or regulations, or the listing rules of any exchange on which
the Receiving Party’s securities are traded;

 

    	-14-

     

    

 

(e)
disclosure to Affiliates, actual and potential licensees and sublicensees, partners, employees, consultants or agents of the
Receiving Party who have a need to know such information in order for the Receiving Party to exercise its rights or fulfill its
obligations under this Agreement, provided, in each case, that any such Affiliate, actual or potential licensee or sublicensee,
employee, consultant or agent agrees to be bound by terms of confidentiality and non-use comparable in scope to those set forth
in this ARTICLE 6; and

 

(f)
disclosure to Third Parties in connection with due diligence or similar investigations by such Third Parties, and disclosure
to potential Third Party investors or acquirers in confidential financing documents, provided, in each case, that any such Third
Party agrees to be bound by reasonable obligations of confidentiality and non-use.

 

Notwithstanding
the foregoing, in the event the Receiving Party is required to make a disclosure of the Disclosing Party’s Confidential
Information pursuant to Section 6.3(c) or 6.3(d), it will, except where impracticable, give reasonable advance notice to the Disclosing
Party of such disclosure and use Commercially Reasonable Efforts to secure confidential treatment of such information at least
as diligent as the Receiving Party would use to protect its own confidential information, but in no event less than commercially
reasonable efforts. In any event, the Receiving Party agrees to take all reasonable action to avoid disclosure of Confidential
Information hereunder.

 

6.4
Publications. Any publications related to the development of a Product proposed by Premas will be subject to the written approval
of Licensee. Licensee shall have the right to review and comment on any material proposed for disclosure or publication by Premas
or its Affiliates, such as by oral presentation, manuscript or abstract that includes Confidential Information of Licensee or
that is related to a Product. Before any such material is submitted for publication or disclosure (other than oral presentation
materials and abstracts, which are addressed below), Premas shall deliver a complete copy to Licensee at least 30 days prior to
submitting the material to a publisher or initiating such other disclosure, and Licensee shall review any such material and give
its comments to Premas within 10 days of the delivery of such material to Licensee which comments shall be adopted by Premas to
the extent practicable. Premas shall comply, or cause its Affiliates to comply (as applicable), with Licensee’s requests
to delete references to Confidential Information in any such material and, if applicable, agrees to delay any submission for publication
or other public disclosure for a period of up to an additional 60 days for the purpose of preparing and filing appropriate patent
applications. Premas shall not publish or otherwise disseminate, including, but not limited to, in articles, posters, oral presentations
or other formats, any information relating to Candidates and/or Products without the prior written consent of Licensee as provided
in this Section 6.4.

 

6.5
Publicity.

 

(a)
Press Releases. The Parties shall jointly issue a press release acceptable to each Party regarding entry of this Agreement
to be released at an agreed upon time. Except as required by the applicable securities laws or the listing rules of any stock
exchange on which securities issued by a Party or its Affiliates are traded, neither Party shall make any other public announcement
concerning this Agreement or the subject matter hereof without the prior written consent of the other, which shall not be unreasonably
withheld or delayed; provided that each Party may make any public statement in response to questions by the press, analysts, investors
or those attending industry conferences or financial analyst calls, respond to queries by any exchange on which such Party’s
securities are traded, or issue press releases, so long as any such public statement, response, or press release is not inconsistent
with prior public disclosures or public statements made in accordance with this Section 6.5 and which do not reveal non-public
information about the other Party. In the event of a required public announcement, to the extent practicable under the circumstances,
the Party making such announcement shall use reasonable efforts to provide the other Party with a copy of the proposed text of
such announcement sufficiently in advance of the scheduled release to afford such other Party a reasonable opportunity to review
and comment upon the proposed text, unless the proposed text is substantially the same as that used in any prior public disclosure,
press release or public statement made in accordance with this Section 6.5.

 

    	-15-

     

    

 

(b)
Filing of this Agreement. The Parties shall coordinate in advance with each other in connection with the filing of this Agreement
(including redaction of certain provisions of this Agreement) with any securities authority or with any stock exchange on which
securities issued by a Party or its Affiliate are traded, and each Party will use reasonable efforts to seek confidential treatment
for the terms proposed to be redacted; provided that each Party will ultimately retain control over what information to disclose
to any securities authority or stock exchange, as the case may be, and provided further that the Parties will use their reasonable
efforts to file redacted versions with any governing bodies which are consistent with redacted versions previously filed with
any other governing bodies. Other than such obligation, neither Party (nor any of its Affiliates) will be obligated to consult
with or obtain approval from the other Party with respect to any filings to any securities authority or stock exchange. Premas
hereby consents to Licensee’s use of its name in any filing with a Regulatory Authority as well as any private placement
memorandum or other investment document related to Licensee or its securities; provided that, Premas shall be afforded a reasonable
opportunity to review any such filing of investment document and any comments provided by Premas to Licensee with respect to the
use of its name in such filing or investment document shall be considered in good faith by Licensee.

 

ARTICLE
7

 

REPRESENTATIONS
AND WARRANTIES; CERTAIN COVENANTS

 

7.1
Mutual Representations and Warranties. Each Party represents and warrants to the other that, as of the Effective Date: (a)
it is duly organized and validly existing under the laws of its jurisdiction of incorporation or formation, and has full corporate
or other power and authority to enter into this Agreement and to carry out the provisions hereof; (b) it is duly authorized to
execute and deliver this Agreement and to perform its obligations hereunder, and the person or persons executing this Agreement
on its behalf has been duly authorized to do so by all requisite corporate or partnership action; and (c) this Agreement is legally
binding upon it, enforceable in accordance with its terms, and does not conflict with any agreement, instrument or understanding,
oral or written, to which it is a party or by which it may be bound, nor violate any material law or regulation of any court,
governmental body or administrative or other agency having jurisdiction over it.

 

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7.2
Premas Representations and Warranties. Premas represents and warrants to Licensee that, as of the Effective Date of this Agreement:

 

(a)
Exhibit A attached hereto contains a true and complete list of the Premas Patent Rights and an accurate description of the
Premas Know-How, in each case, as it exists on the Effective Date. The Premas Patent Rights listed in Exhibit A include
all of the Patent Rights Controlled by Premas as of the Effective Date that Cover SC, or the manufacture, use, sale, offer for
sale or import of any Product and/or Candidate;

 

(b)
Premas (i) has the right to grant the licenses that it purports to grant in Section 2.1 (including, without limitation, that
Premas has not entered into any undertaking that limits, nor is subjected to any constraints that limit, its rights or freedom
to grant the licenses); and (ii) has not granted to any Third Party any license or other right with respect to SC, a Candidate,
a Product or Premas Technology that conflicts with the license and rights granted to Licensee herein;

 

(c)
there are no agreements in effect as of the Effective Date between Premas and a Third Party under which rights with respect
to the Premas Technology are being licensed to Premas;

 

(d)
no Third Party (including, but not limited to any governmental authority) has any rights in or to SC, a Candidate, a Product
or any Premas Technology for any reason, including, but not limited to as a result of development work performed by such Third
Party or funding provided by such Third Party;

 

(e)
the issued and unexpired claims included in the Premas Patent Rights existing as of the Effective Date are valid and enforceable;

 

(f)
no reexamination, interference, invalidity, opposition, inter partes review, post grant review, nullity or similar
claim or proceeding is pending or threatened with respect to any Premas Patent Right;

 

(g)
to Premas’s knowledge, the manufacture (using any manufacturing process used by or on behalf of Premas on or before
the Effective Date), use, sale, offer for sale or import of SC, or any Premas Technology does not Infringe any issued patent,
and Premas has not received written notice from any Third Party claiming that the manufacture, use, sale, offer for sale or import
of SC, or any Candidate or Product Infringes or would Infringe the patent or other intellectual property rights of any Third Party;
if Premas receives any such written notice during the term of this Agreement, Premas shall promptly provide such written notice
to Licensee;

 

(h)
there are no claims, judgments or settlements against or owed by Premas (or any of its Affiliates) with respect to the Premas
Technology, and Premas is not a party to any legal action, suit or proceeding relating to the Premas Technology, SC, or any Candidate
or Product, nor has Premas received any written communication from any Third Party, including, without limitation, any Regulatory
Authority or other government agency, threatening such action, suit or proceeding;

 

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(i)
all tangible or recorded information and data provided by or on behalf of Premas to Licensee related to SC or any Product
on or before the Effective Date in contemplation of this Agreement was and is true, accurate and complete in all material respects,
and Premas has not failed to disclose, or failed to cause to be disclosed, any such information or data related to SC or any Product
in its possession and Control that would cause the information and data that has been disclosed to be misleading in any material
respect;

 

(j)
neither Premas nor any of its Affiliates has obtained, or filed for, any INDs, NDAs or Marketing Approvals for any Candidate
and/or Product, and, to the best of Premas’s knowledge, no other Person has obtained, or filed for, any INDs, NDAs or Marketing
Approvals for any Candidate and/or Product in the Field in the Territory;

 

(k)
there are no ongoing research or development activities (including any clinical trials) being conducted by or on behalf of
Premas or any of its Affiliates with respect to SC, related to Candidates or Products in the Field in the Territory;

 

(l)
(i) all research and development (including non-clinical studies and clinical trials) conducted by or on behalf of Premas
or any of its Affiliates related to the SC and/or Products prior to the Effective Date was conducted in compliance in all material
respects with all Applicable Laws and, as applicable, GLP, GCP and/or GMP; and (ii) to Premas’s knowledge, all research
and development (including non-clinical studies and clinical trials) conducted related to SC and/or Products prior to the Effective
Date was conducted in compliance in all material respects with all Applicable Laws and, as applicable, GLP, GCP and/or GMP;

 

(m)
neither Premas nor any of its Affiliates is debarred or disqualified under the Act or comparable Applicable Laws outside of
the United States;

 

(n)
neither Premas nor any of its Affiliates has employed or otherwise used in any capacity, in connection with the development
or manufacture of SC or any Candidate or Product, the services of any Person debarred or disqualified under United States law,
including 21 U.S.C. §335a, or any foreign equivalent thereof;

 

(o)
Premas and, to the best of its knowledge, its directors, officers, employees, and any agent, representative, subcontractor
or other Third Party acting for or on such its behalf, has not, directly or indirectly, offered, paid, promised to pay, or authorized
such offer, promise or payment, of anything of value, to any Person for the purposes of obtaining or retaining business through
any improper advantage in connection with the development, commercialization or exploitation of a Product, or that would otherwise
violate any applicable Laws, rules and regulations concerning or relating to public or commercial bribery or corruption, and Premas’s
books, accounts, records and invoices related to the Product are complete and accurate; and

 

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(p)
Premas has not violated the FCPA or Export Control Laws in connection with the development of SC.

 

7.3
Premas Covenants. In addition to any covenants made by Premas elsewhere in this Agreement, Premas hereby covenants to Licensee
that during the Term, Premas will (i) not grant any Third Party any license or other right with respect to SC, any Candidate(s),
any Product or Premas Technology in derogation of the license and rights granted to Licensee hereunder, and (ii) disclose to Licensee
any and all (a) additional Premas Technology developed or Controlled by Premas after the Effective Date and (b) Development Period
IP;

 

7.4
Licensee Representations and Warranties. Each Party represents and warrants to the other that as of the Effective Date of
this Agreement neither Party nor any of its Affiliates nor any of their employees or agents is debarred or disqualified under
the Act or comparable Applicable Laws outside the United States.

 

7.5
Mutual Covenants. In addition to any covenants made by a Party elsewhere in this Agreement, each Party hereby covenants to
the other as follows:

 

(a)
neither such Party nor any of its Affiliates will employ or use the services of any Person who is debarred or disqualified
under United States law, including 21 U.S.C. §335a, or any foreign equivalent thereof, in connection with activities relating
to any Product; and in the event that such Party becomes aware of the debarment or disqualification or threatened debarment or
disqualification of any Person providing services to such Party or any of its Affiliates with respect to any activities relating
to any Product, such Party will immediately notify the other Party in writing and such Party will cease, or cause its Affiliate
to cease (as applicable), employing, contracting with, or retaining any such Person to perform any services relating to any Product;

 

(b)
neither such Party nor any of its Affiliates will, in connection with the exercise of its rights or performance of its obligations
under this Agreement, directly or indirectly through Third Parties, pay, promise or offer to pay, or authorize the payment of,
any money or give any promise or offer to give, or authorize the giving of anything of value to a public official or entity or
other Person for purpose of obtaining or retaining business for or with, or directing business to, any Person, including such
Party and its Affiliates, nor will such Party or any of its Affiliates directly or indirectly promise, offer or provide any corrupt
payment, gratuity, emolument, bribe, kickback, illicit gift or hospitality or other illegal or unethical benefit to a public official
or entity or any other Person in connection with the exercise of such Party’s rights or performance of such Party’s
obligations under this Agreement; and

 

(c)
neither such Party nor any of its Affiliates (or any of their respective employees and contractors), in connection with the
exercise of such Party’s rights or performance of such Party’s obligations under this Agreement, shall cause the other
Party to be in violation of the FCPA or Export Control Laws.

 

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7.6
Performance by Affiliates, Sublicensees and Subcontractors. The Parties recognize that each Party may perform some or all
of its obligations or exercise some or all of its rights under this Agreement through one or more Affiliates, subcontractors,
or, in the case of Licensee, Sublicensees; provided, in each case, that (a) none of the other Party’s rights hereunder
are diminished or otherwise adversely affected as a result of such delegation or subcontracting, and (b) each such Affiliate,
subcontractor or Sublicensee undertakes in writing obligations of confidentiality and non-use regarding Confidential Information
and ownership of Inventions which are substantially the same as those undertaken by the Parties pursuant to Article 6 and Section
8.1; and provided, further, that such Party shall at all times be fully responsible for the performance and payment of
such Affiliate, subcontractor or Sublicensee. Premas shall not subcontract any of its obligations under the Development Plan without
written consent from Licensee.

 

7.7
Limitation of Liability. EXCEPT FOR LIABILITY FOR BREACH OF ARTICLES 6 OR 8 AND/OR SECTIONS 2.3 OR 7.3 OR IN THE CASE OF FRAUD,
GROSS NEGLIGENCE OR INTENTIONAL MISCONDUCT, NEITHER PARTY SHALL BE ENTITLED TO RECOVER FROM THE OTHER PARTY ANY SPECIAL, INCIDENTAL,
CONSEQUENTIAL OR PUNITIVE DAMAGES IN CONNECTION WITH THIS AGREEMENT OR ANY LICENSE GRANTED HEREUNDER; provided, however,
that this Section 7.7 shall not be construed to limit either Party’s indemnification obligations under Article 10.

 

ARTICLE
8

 

INTELLECTUAL
PROPERTY

 

8.1
Ownership.

 

(a)
Subject to Section 8.1(b) below, as between the Parties, Premas is and shall at all times be the sole and exclusive
owner of all right, title and interest in and to the Premas Technology, other than Development Period IP (as defined below) and
other than Joint Inventions and Joint Patent Rights, and Licensee is and shall at all times be the sole and exclusive owner of
all right, title and interest in and to the Licensee Technology, other than Joint Inventions and Joint Patent Rights. The Parties
shall jointly own rights in any other Invention that (i) does not fall within the Premas Technology or Licensee Technology; and
(ii) that is made jointly by one or more employees or agents of each Party and/or such Party’s Affiliates or other persons
acting under its authority (“Joint Inventions”) and Patent Rights therein (“Joint Patent
Rights”). For clarity, Inventions developed exclusively by one Party and such Party’s Affiliates shall not
be considered Joint Inventions, and Inventions that fall within the Premas Technology or Licensee Technology shall not be considered
Joint Inventions, irrespective of which Party employs or pays the inventors. Subject to the limitations and limited rights and
licenses granted under this Agreement, and the non-compete provisions of this Agreement, each Party shall have the right to practice
and use, and grant licenses to practice and use, any Joint Inventions and Joint Patent Rights without the other Party’s
consent and has no duty to account to the other Party for such practice, use or license, and each Party hereby waives any right
it may have under the laws of any country to require any such consent or accounting. Each Party shall be liable with respect to
its own employees for compliance with any applicable legislation and its own policies concerning employee inventions, including
payment of employee invention awards (if any).

 

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(b)
Notwithstanding anything to the contrary in Section 8.1(a), Licensee will be the exclusive owner of all right, title and interest
in and to any Invention that would be necessary or useful to discover, develop, make, have made, use, sell, have sold, offer for
sale, market, export, import and otherwise commercialize and/or exploit Candidates and/or Products in the Field in the Territory
that is made in connection with, or arising from or related to, the Development Plan (“Development Period IP”),
whether such Invention is made solely by Premas or one or more employees or agents or jointly by Premas or one or more employees
or agents of Premas and one or more employees or agents of Licensee. Premas shall, and hereby does, assign to Licensee all right,
title and interest to any and all Development Period IP and any other Licensee Technology.

 

8.2
Patent Prosecution and Maintenance.

 

(a)
Premas Patent Rights. Subject to Section 8.2(b) and the last sentence of this Section 8.2(a), Premas shall have the right,
but not the obligation, to control the preparation, filing, prosecution and maintenance of Premas Patent Rights at Premas’s
sole expense and by counsel of its choice (that is reasonably acceptable to Licensee). Premas shall keep Licensee reasonably informed
of progress with regard to the preparation, filing, prosecution and maintenance of such Premas Patent Rights including copies
of all patent office communications filed or received that fall within the licenses granted in this Agreement, and Premas or its
counsel shall directly provide to Licensee copies of all material proposed patent office submissions at least thirty (30) days
before any deadline so that Licensee will have an opportunity to review and comment. Premas agrees, and will instruct its counsel,
to implement such Licensee comment and other input unless there is a good faith reason not to do so. In the event that Premas
desires to abandon or cease prosecution or maintenance of any Premas Patent Right in any country or jurisdiction (such country
or jurisdiction, the “Abandoned Territory”), Premas shall provide written notice to Licensee of such intention to
abandon no later than seventy (70) days prior to the next deadline for any action that must be taken with respect to such Premas
Patent Right in the relevant patent office. In such case, upon receipt of a written request by Licensee to assume responsibility
for prosecution and maintenance and exclusive ownership of such Premas Patent Right, Premas shall allow Licensee at its sole cost
and expense and by counsel of its own choice, delivered no later than thirty (30) days after receipt of notice from Licensee to
assume such responsibility and exclusive ownership.

 

(b)
Licensee Right to Direct. In the event that Licensee requests that Premas file and maintain any Premas Patent Right in a jurisdiction
in which an application with respect to such Premas Patent Right has not been filed as of the Effective Date, Premas shall comply
with Licensee’s request; provided that the preparation, filing, prosecution and maintenance of such Premas Patent Right
in such jurisdiction shall be at Licensee’s expense and otherwise in accordance with Section 8.2(a).

 

(c)
Joint Patent Rights. Licensee shall have the first right, but not the obligation, to prepare, file, prosecute and maintain
all Joint Patent Rights, by counsel of Licensee’s choice which counsel shall be reasonably acceptable to Premas. Premas
will reimburse Licensee for half of the costs of such activities related to Joint Patent Rights within thirty (30) days of being
invoiced, unless Premas notifies Licensee it wishes to assign its undivided half of any Joint Patent Right(s) to Licensee before
such cost has been incurred by Licensee, and then Premas effectuates such Assignment after which it will have no rights to such
Joint Patent Right(s). Licensee shall keep Premas reasonably informed of progress with regard to the preparation, filing, prosecution
and maintenance of the Joint Patent Rights, and shall provide to Premas copies of all material patent office submissions within
a reasonable amount of time following submission thereof by Licensee and allow for Premas to have reasonable input into the prosecution
strategy for the Joint Patent Rights. In the event that Licensee desires to abandon or cease prosecution or maintenance of any
Joint Patent Right, Licensee shall provide written notice to Premas of such intention to abandon promptly after Licensee makes
such determination, which notice shall be given no later than seventy (70) days prior to the next deadline for any action that
must be taken with respect to such Joint Patent Right in the relevant patent office. In such case, Premas shall have the right,
in its discretion, exercisable upon written notice to Licensee delivered no later than thirty (30) days after receipt of notice
from Licensee, to assume responsibility for prosecution and maintenance of such Joint Patent Right, at its sole cost and expense
and by counsel of its own choice, and if Premas exercises such right, then Licensee shall cease to have any ownership rights to
such Joint Patent Right; provided that such Joint Patent Right shall be deemed thereafter to be a Premas Patent Right and therefore
subject to this Agreement.

 

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(d)
Licensee Patent Rights. Except as provided in Section 8.2(c), Licensee shall have the sole right, but not the obligation,
to control the preparation, filing, prosecution and maintenance of Licensee Patent Rights (including without limitation, the Development
Period IP), at Licensee’s sole expense and by counsel of its choice.

 

(e)
Cooperation of the Parties. Each Party agrees to cooperate fully in the preparation, filing, prosecution and maintenance of
Patent Rights under this Agreement and in the obtaining and maintenance of any patent term extensions, supplementary protection
certificates and the like with respect to any Patent Right as well as in registering the licenses granted hereunder with the applicable
authorities. Such cooperation includes, but is not limited to: (i) executing all papers and instruments, or requiring its employees
or contractors to execute such papers and instruments, so as to effectuate the exclusive ownership or either Party of its respective
Patent Rights, and to effectuate joint ownership of Joint Inventions and Joint Patent Rights, as set forth in Section 8.1; and
to enable the other Party to apply for and to prosecute patent applications in any country in accordance with the foregoing provisions
of this Section 8.2; and (ii) promptly informing the other Party of any matters coming to such Party’s attention that may
affect the preparation, filing, prosecution or maintenance of any such patent applications including prompt disclosure of Inventions
that will be owned by the other Party under this Article 8.

 

8.3
Interference, Opposition, Invalidation, Reexamination, Reissue, and Other Post-Issuance Proceedings.

 

(a)
Relevant Premas Patent Claims.

 

(i)
Premas First Right. Premas shall, within 10 days of learning of such event, inform Licensee of any request for, or filing
or declaration of, any interference, opposition, invalidation, reissue, reexamination, inter partes review, or post grant
review relating to claims of the Premas Patent Rights that cover any Product in the Field or their use in the development or manufacture
of any Product in the Field (the “Relevant Premas Patent Claims”). With respect to any request for,
or filing or declaration of, any interference, opposition, invalidation, reissue, reexamination, inter partes review, or
post grant review relating to Relevant Premas Patent Claims, Premas shall have the first right (in its discretion) to initiate,
prosecute and/or respond, to such action or proceeding, provided that Premas shall consult with Licensee with respect to any such
action or proceeding and shall consider Licensee’s position in good faith. In the event that Premas elects to initiate,
prosecute and/or respond to any interference, opposition, invalidation, reexamination, reissue, inter partes review, or
post grant review proceeding relating to any Relevant Premas Patent Claim, the expenses thereof shall be borne solely by Premas.
Licensee shall keep Premas informed of developments in any such action or proceeding involving any Relevant Premas Patent Claim.
Further such Relevant Premas Patent Claim shall thereafter be deemed to be a Premas Patent Right and therefore subject to this
Agreement.

 

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(ii)
Licensee Back-Up Right. Premas shall promptly inform Licensee in the event that Premas elects not to initiate, prosecute and/or
respond to any interference, opposition, invalidation, reissue, reexamination, inter partes review, or post grant review
relating to any Relevant Premas Patent Claim, and in such case, Licensee shall have the right to do so (in Licensee’s discretion),
at its cost and expense within ninety (90) days of receiving notice from Premas of its election not to prosecute and/or respond.
Licensee shall keep Premas informed of developments in any such action or proceeding involving any Relevant Premas Patent Claim.

 

(b)
Joint Patent Rights. Each Party shall, within ten (10) days of learning of such event, inform the other Party of any request
for, or filing or declaration of, any interference, opposition, invalidation, reissue, reexamination, inter partes review,
or post grant review relating to Joint Patent Rights (a “Joint Patent Claim”). The Parties shall mutually
agree on a case-by-case basis which Party will have the right to handle any interference, opposition, invalidation, reissue, reexamination
or post grant review proceeding relating to claims of the Joint Patent Rights and how the expenses of such action or proceeding
will be allocated. Neither Party shall settle any interference, opposition, invalidation, reissue, reexamination, inter partes
review, or post grant review action or proceeding relating to any Joint Patent Claim without the prior written consent of
the other Party, which consent shall not be unreasonably withheld. The Party handling such action or proceeding shall keep the
other Party informed of developments in any such action or proceeding involving any Joint Patent Claim.

 

(c)
Licensee Patent Rights. Except as provided in Section 8.3(b), Licensee shall have the sole right, in its discretion, to handle
any interference, opposition, invalidation, reissue, reexamination or post grant review proceeding relating to Licensee Patent
Rights, and Premas shall have no rights in connection therewith.

 

8.4
Enforcement and Defense of Patent Rights. Each Party shall notify the other Party in writing within 10 Business Days (except
as expressly set forth below) of becoming aware of any alleged or threatened infringement by a Third Party of any of the Premas
Patent Rights, Joint Patent Rights or Licensee Patent Rights (“Infringement”), including (x) any such
alleged or threatened Infringement on account of a Third Party’s manufacture, use or sale of a Product in the Field, (y)
any certification filed in the United States under 21 U.S.C. §355(b)(2) or 21 U.S.C. §355(j)(2) or similar provisions
in other jurisdictions in connection with an ANDA (an Abbreviated New Drug Application in the United States or a comparable application
for Marketing Approval under Applicable Law in any country other than the United States) or other NDA for a Product in the Field
(a “Patent Certification”), and (z) any declaratory judgment action filed by a Third Party that is developing,
manufacturing or commercializing a Product in the Field alleging the invalidity, unenforceability or non-infringement of any of
the Premas Patent Rights, Joint Patent Rights or Licensee Patent Rights ((x)-(z), collectively, “Competitive Infringement”);
provided, however, that each Party shall notify the other Party of any Patent Certification regarding any Premas Patent
Right or Joint Patent Right that it receives, and such Party shall provide the other Party with a copy of such Patent Certification,
within five (5) days of receipt.

 

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(a)
Competitive Infringement. Licensee shall have the first right, but not the obligation, to bring (or defend) and control any
action or proceeding with respect to Competitive Infringement of a Premas Patent Right or a Joint Patent Right, in each case that
covers a Product (collectively, the “Relevant Patent Rights”), at Licensee’s own expense and by
counsel of its own choice. If Licensee fails to bring any such action or proceeding with respect to Competitive Infringement of
any Relevant Patent Right within ninety (90) days following the notice of alleged Competitive Infringement, Premas shall have
the right to bring (or defend) and control any such action at its own expense and by counsel of its own choice, and Licensee shall
have the right, at its own expense, to be represented in any such action by counsel of its own choice.

 

(b)
Other Infringement. The Parties shall mutually agree on a case-by-case basis (A) whether to bring (or defend) and control
any action or proceeding with respect to Competitive Infringement of any Patent Right that is not a Relevant Patent Right, (B)
which Party would bring (or defend) and control such action, and (C) how the expenses of, and any recovery from, any such action
would be allocated.

 

(c)
Licensee Patent Rights. Except as provided in Section 8.4(a), Licensee shall have the sole right, but not the obligation,
to bring (or defend) and control any action or proceeding with respect to infringement of any Licensee Patent Right at its own
expense and by counsel of its own choice.

 

(d)
Cooperation. In the event a Party brings (or defends) an Infringement action in accordance with this Section 8.4, or in the
event a Party is entitled to bring (or defend) an infringement action in accordance with this Section 8.4 but lacks standing to
do so, the other Party shall cooperate fully, including, if required to bring (or defend) such action, the furnishing of a power
of attorney or being named as a party. Neither Party shall enter into any settlement or compromise of any action under this Section
8.4 which would in any manner alter, diminish, or be in derogation of the other Party’s rights under this Agreement without
the prior written consent of such other Party, which shall not be unreasonably withheld.

 

(e)
Recovery. Except as otherwise agreed by the Parties in connection with a cost-sharing arrangement, any recovery realized by
a Party as a result of any action or proceeding pursuant to this Section 8.4, whether by way of settlement or otherwise, shall
be applied first to reimburse the documented out-of-pocket legal expenses of the Party that brought (or defended) and controlled
such action or proceeding incurred in connection with such action or proceeding, and second to reimburse the documented out-of-pocket
legal expenses of the other Party incurred in connection with such action or proceeding, and any remaining amounts shall be retained
by the Party that brought (or defended) and controlled such action; provided, however, that: any recovery realized by Licensee
as a result of any action brought (or defended) and controlled by Licensee pursuant to Section 8.4(a) or Section 8.4(b) (after
reimbursement of the Parties’ documented out-of-pocket legal expenses relating to the action or proceeding) shall be retained
by Licensee.

 

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8.5
Patent Term Extensions. The Parties shall mutually agree on a case-by-case basis the Premas Patent Rights and/or the Joint
Patent Rights for which applications will be made for extension of patent term in any country and/or region for any Product in
the Field, which Party will make such application and how to allocate resulting costs equitably. Each Party shall provide all
reasonable assistance to the other in connection with such filings. In the event that a Party desires to not apply for a patent
extension for any Premas Patent Rights and/or Joint Patent Rights for which there is a reasonable basis to file for such extension,
such Party shall provide written notice of such intention to not file no later than seventy (70) days prior to the next deadline
for any action that must be taken with respect to such Premas Patent Right and/or Joint Patent Right in the relevant patent office
and the other Party shall have the option to apply for, and to control, an extension at its cost and expense for such Premas Patent
Right and/or Joint Patent Rights.

 

8.6
Infringement of Third Party Rights. Each Party shall promptly notify the other in writing of any allegation by a Third Party
that the activity of either Party pursuant to this Agreement infringes or may infringe the intellectual property rights of such
Third Party. Neither Party shall have the right to settle any patent infringement litigation under this Section 8.6 in a manner
that diminishes the rights or interests of the other Party without the written consent of such other Party (which shall not be
unreasonably withheld).

 

ARTICLE
9

 

TERM
AND TERMINATION

 

9.1
Term. The term of this Agreement shall commence on the Effective Date and, unless earlier terminated in accordance with this
Article 9, continue for the longer of: (i) on a country-by-country basis until the expiration of the last-to-expire of all Valid
Claims in the Premas Patent Rights in all countries in the Territory; or (ii) for twenty-years from the Effective Date of this
Agreement in view of the license to Premas Know-How (the “Term”).

 

9.2
Termination for Material Breach.

 

(a)
Each Party shall have the right to terminate this Agreement in its entirety upon written notice to the other Party if such
other Party is in material breach of this Agreement and has not cured such breach within ninety (90) days after notice from the
terminating Party indicating the nature of such breach and the actions required to cure such breach if not apparent, or if such
other Party is dissolved or liquidated or takes any corporate action for such purpose; makes a general assignment for the benefit
of creditors; or has a receiver, trustee, custodian or similar agent appointed by order of any court of competent jurisdiction
to take charge of or sell any material portion of its property or business. Any such termination shall become effective at the
end of such ninety (90) day period unless the breaching Party has cured such breach prior to the end of such period. Any right
to terminate under this Section 9.2(a) shall be stayed and the cure period tolled in the event that, during any cure period, the
Party alleged to have been in material breach shall have initiated dispute resolution in accordance with Article 11 with respect
to the alleged breach, which stay and tolling shall continue until such dispute has been resolved in accordance with Article 11.

 

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(b)
For clarity, in the event of material breach of this Agreement by Premas that is not cured within the applicable notice period
set forth in Section 9.2(a), Licensee, at its sole discretion, may either:

 

(i)
terminate this Agreement in accordance with Section 9.2(a) (in addition to pursuing any remedy that may be available to Licensee
at law or in equity as a result of Premas’s breach of this Agreement); or

 

(ii)
elect (A) not to terminate this Agreement, (B) to terminate and to retain the license granted under Section 2.1, subject to
all terms and conditions hereof, and (C) pursue any remedy that may be available to Licensee at law or in equity as a result of
Premas’s breach of this Agreement, without prejudice to Licensee’s right to terminate this Agreement at a later date
pursuant to Section 9.2 (for that uncured material breach or any other uncured material breach of this Agreement by Premas) or
pursuant to Section 9.4.

 

9.3
Termination for Patent Challenge. Premas shall have the right to terminate this Agreement immediately upon written notice
to Licensee if Licensee or its Affiliate directly, or through assistance granted to a Third Party, commences any interference
or opposition proceeding with respect to, challenges the validity or enforceability of, or opposes any extension of term or the
grant of a supplementary protection certificate with respect to, any Premas Patent Right.

 

9.4
At-Will Termination by Licensee. Licensee shall have the right to terminate this Agreement on a country by country basis for
any reason or for no reason at any time upon sixty (60) days’ prior written notice to Premas, provided Licensee’s
termination shall not be deemed to cure any breach existing as of the date of such termination.

 

9.5
Termination by Premas. Premas may terminate this License in the event that Licensee fails to exercise Commercially Reasonable
Efforts as required by Section 3.2 hereof, upon written notice providing Licensee the opportunity to cure such alleged breach
within ninety (90) days after notice indicating the nature of such breach and the actions required to cure such breach if not
apparent.

 

9.6
Effect of Expiration or Termination.

 

(a)
Expiration. Upon expiration (but not on earlier termination) of this Agreement, all licenses granted by Premas to Licensee
that were in effect immediately prior to such expiration shall survive on a non-exclusive, fully-paid up, royalty-free basis.

 

    	-26-

     

    

 

9.7
Any Termination. Upon any termination of this Agreement prior to its expiration, the license (on a country by country basis
in the event of partial termination by Licensee under Section 9.4) granted to Licensee pursuant to Section 2.1 shall automatically
terminate and revert to Premas, and all other rights and obligations of the Parties under this Agreement shall terminate, except
as expressly provided in this Article 9. In the event of termination by Premas under Sections 9.2, 9.3, or 9.5, or by Licensee
under Section 9.4, all pre-clinical data, clinical data, INDs, all other Regulatory Documentation shall be transferred to Premas
together with such other information in possession of Licensee as requested or necessary to the continued development or commercialization
of the Products.

 

9.8
Accrued Obligations; Survival. Neither expiration nor any termination of this Agreement shall relieve either Party of any
obligation or liability accruing prior to such expiration or termination, nor shall expiration or any termination of this Agreement
preclude either Party from pursuing all rights and remedies it may have under this Agreement, at law or in equity, with respect
to breach of this Agreement. In addition, the Parties’ rights and obligations under Sections 2.3 6.1, 6.2, 6.3, , 7.7, 8.1,
8.2(c), 8.3(b), 8.5 (with respect to Joint Patents), 9.6, 9.6, 9.8 and 9.9 and Articles 5, 10, 11 and 12 of this Agreement shall
survive expiration or any termination of this Agreement.

 

9.9
Return of Confidential Information. Within thirty (30) days following the expiration or termination of this Agreement, except
to the extent that a Party retains a license from the other Party as provided in this Article 9, each Party shall promptly return
to the other Party, or delete or destroy, all relevant records and materials in such Party’s possession or control containing
Confidential Information of the other Party; provided that such Party may keep one copy of such materials for archival purposes
only subject to a continuing confidentiality obligations.

 

9.10
Damages; Relief. Termination of this Agreement shall not preclude either Party from claiming any other damages, compensation
or relief that it may be entitled to hereunder.

 

ARTICLE
10

 

INDEMNIFICATION

 

10.1
Indemnification by Licensee. Licensee hereby agrees to save, defend, indemnify and hold harmless Premas, its Affiliates, its
and their respective officers, directors, agents, employees, successors and assigns (the “Premas Indemnitees”)
from and against any and all losses, damages, liabilities, expenses and costs, including reasonable and documented legal expense
and attorneys’ fees (“Losses”), to which any Premas Indemnitee may become subject as a result
of any claim, demand, action or other proceeding by any Third Party (each, a “Claim”) to the extent
such Losses arise out of or relate to (a) the gross negligence or willful misconduct of any Licensee Indemnitee (defined below),
(b) the breach by Licensee of any warranty, representation, covenant or agreement made by Licensee in this Agreement, or (c) the
development, manufacture, use, sale, offer for sale or other disposition by or on behalf of Licensee or any of its Related Parties
of any Product; in each case, except to the extent such Losses result from (i) the gross negligence or willful misconduct of any
Premas Indemnitee or the breach by Premas of any warranty, representation, covenant or agreement made by Premas in this Agreement
and (ii) any Claim for which Premas is obligated to indemnify Licensee under Section 10.2.

 

    	-27-

     

    

 

10.2
Indemnification by Premas. Premas hereby agrees to save, defend, indemnify and hold harmless Licensee, its Affiliates and
their respective officers, directors, employees, consultants and agents (the “Licensee Indemnitees”)
from and against any and all Losses to which any Licensee Indemnitee may become subject as a result of any claim, demand, action
or other proceeding by any Third Party to the extent such Losses arise out of or relate to (a) the gross negligence or willful
misconduct of any Premas Indemnitee, (b) (A) actual patent infringement arising out of the exercise of rights under the Premas
Patent Rights or (B) actual misappropriation of trade secrets arising out of the exercise of rights under the Premas Know-How,
(c) the breach by Premas of any warranty, representation, covenant or agreement made by Premas in this Agreement; or (d) the development,
manufacture or use of any Product during the Development Period; in each case, except to the extent such Losses result from (i)
the gross negligence or willful misconduct of any Licensee Indemnitee or the breach by Licensee of any warranty, representation,
covenant or agreement made by Licensee in this Agreement and (ii) any Claim for which Licensee is obligated to indemnify Premas
under Section 10.1.

 

10.3
Control of Defense. In the event a Party (the “Indemnified Party”) seeks indemnification under Section
10.1 or 10.2, it shall inform the other Party (the “Indemnifying Party”) of a claim as soon as reasonably
practicable after it receives notice of the claim (it being understood and agreed, however, that the failure by an Indemnified
Party to give notice of a claim as provided in this Section 10.3 shall not relieve the Indemnifying Party of its indemnification
obligation under this Agreement except and only to the extent that such Indemnifying Party is actually damaged as a result of
such failure to give notice), shall permit the Indemnifying Party to assume direction and control of the defense of the claim
(including the right to settle the claim solely for monetary consideration) using counsel reasonably satisfactory to the Indemnified
Party, and shall cooperate as requested (at the expense of the Indemnifying Party) in the defense of the claim. If the Indemnifying
Party does not assume control of such defense within 15 days after receiving notice of the claim from the Indemnified Party, the
Indemnified Party shall control such defense and, without limiting the Indemnifying Party’s indemnification obligations,
the Indemnifying Party shall reimburse the Indemnified Party for all costs, including reasonable and documented attorney fees,
incurred by the Indemnified Party in defending itself within thirty (30) days after receipt of any invoice therefor from the Indemnified
Party. The Party not controlling such defense may participate therein at its own expense. The Party controlling such defense shall
keep the other Party advised of the status of such action, suit, proceeding or claim and the defense thereof and shall consider
recommendations made by the other Party with respect thereto. The Indemnified Party shall not agree to any settlement of such
action, suit, proceeding or claim without the prior written consent of the Indemnifying Party, which shall not be unreasonably
withheld, delayed or conditioned. The Indemnifying Party shall not agree to any settlement of such action, suit, proceeding or
claim or consent to any judgment in respect thereof that does not include a complete and unconditional release of the Indemnified
Party from all liability with respect thereto, that imposes any liability or obligation on the Indemnified Party or that acknowledges
fault by the Indemnified Party without the prior written consent of the Indemnified Party. If the Parties cannot agree as to the
application of Section 10.1 or 10.2 to any claim, pending resolution of the dispute pursuant to Article 11, the Parties may conduct
separate defenses of such claims, with each Party retaining the right to claim indemnification from the other Party in accordance
with Section 10.1 or 10.2, as applicable, upon resolution of the underlying claim.

 

    	-28-

     

    

 

10.4
Insurance. Each Party shall procure and maintain adequate levels of insurance that are consistent with industry standards
for similarly situated companies, including comprehensive or commercial general liability insurance (including contractual liability
and product liability). Such insurance shall include commercially reasonable levels of insurance as may be customary in light
of status of activities being conducted. It is understood that such insurance shall not be construed to create a limit of either
Party’s liability with respect to its indemnification obligations under this Article 10 or otherwise. Each Party shall provide
the other Party with written evidence of such insurance upon request. Each Party shall provide the other Party with written notice
at least 30 days prior to the cancellation, non-renewal or material change in such insurance which materially adversely affects
the rights of the other Party hereunder.

 

ARTICLE
11

 

DISPUTE
RESOLUTION

 

11.1
Disputes. Subject to Section 11.2, any claim, dispute, or controversy as to the breach, enforcement, interpretation or
validity of, or otherwise related to or arising from, this Agreement (each, a “Dispute”) that
cannot be resolved by the Parties within thirty (30) days that a Party is notified of such Dispute, will be referred to the
Chief Executive Officer of Premas and the Chief Executive Officer of Licensee for attempted resolution, with each party
exercising good faith in such attempt. In the event such executives are unable to resolve such Dispute within thirty (30)
days of such Dispute being referred to them, then, upon the written request of either Party to the other Party, as expressly
set forth in Section 11.2.

 

11.2
Court Actions; Jurisdiction. Each of the Parties hereto: (i) consents to submit itself to the personal jurisdiction of any
federal or state court located in the state of New York in the event any dispute arises out of or relates to this Agreement, including
without limitation to resolve disputes pertaining to the validity, construction, scope, enforceability, infringement or other
violations of Patent Rights or other intellectual property rights hereunder, (ii) agrees that it will not attempt to deny or defeat
such personal jurisdiction by motion or other request for leave from any court, or to object to such courts as an inconvenient
forum, (iii) agrees that it will not bring any action relating to this Agreement or any of the transactions contemplated hereby
in any other court, and (iv) agrees that service of any process, summons, notice or document by express overnight (or 2-day) courier
or by U.S. or international registered or certified mail to the Party at the address specified in Section 12.8 shall be effective
service of process for any action, suit or proceeding brought against such Party in any such court.

 

    	-29-

     

    

 

ARTICLE
12

 

MISCELLANEOUS

 

12.1
Rights Upon Bankruptcy. All rights and licenses granted under or pursuant to this Agreement are, and shall otherwise be deemed
to be, for purposes of Section 365(n) of Title 11 of the United States Code and other similar laws in any jurisdiction outside
the U.S. (collectively, the “Bankruptcy Laws”), licenses of rights to be “intellectual property”
as defined under the Bankruptcy Laws. If a case is commenced during the Term by or against a Party under Bankruptcy Laws then,
unless and until this Agreement is rejected as provided in such Bankruptcy Laws, such Party (in any capacity, including debtor-in-possession)
and its successors and assigns (including a trustee) shall perform all of the obligations provided in this Agreement to be performed
by such Party. If a case is commenced during the Term by or against a Party under the Bankruptcy Laws, this Agreement is rejected
as provided in the Bankruptcy Laws and the other Party elects to retain its rights hereunder as provided in the Bankruptcy Laws,
then the Party subject to such case under the Bankruptcy Laws (in any capacity, including debtor-in- possession) and its successors
and assigns (including a Title 11 trustee), shall promptly provide to the other Party copies of all Information necessary for
such other Party to prosecute, maintain and enjoy its rights under the terms of this Agreement promptly upon such other Party’s
written request therefor. All rights, powers and remedies of the non-bankrupt Party as provided herein are in addition to and
not in substitution for any and all other rights, powers and remedies now or hereafter existing at law or in equity (including,
without limitation, the Bankruptcy Laws) in the event of the commencement of a case by or against a Party under the Bankruptcy
Laws.

 

12.2
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York, excluding
its conflicts of laws principles, except as to any issue which depends upon the validity, scope or enforceability of any Patent,
which issue shall be determined in accordance with the laws of the country in which such patent was issued.

 

12.3
Entire Agreement; Amendments. This Agreement (including the Exhibits and Schedules hereto) is both a final expression of the
Parties’ agreement and a complete and exclusive statement with respect to all of its terms. This Agreement supersedes all
prior and contemporaneous agreements and communications, whether oral, written or otherwise, concerning any and all matters contained
herein, including in the original License and Development Agreement executed March 10, 2020. The Exhibits and Schedules to this
Agreement are incorporated herein by reference and shall be deemed a part of this Agreement. This Agreement may be amended, or
any term hereof modified, only by a written instrument duly executed by authorized representatives of both Parties hereto.

 

12.4
Non-Waiver. The failure of a Party to insist upon strict performance of any provision of this Agreement or to exercise any
right arising out of this Agreement shall neither impair that provision or right nor constitute a waiver of that provision or
right, in whole or in part, in that instance or in any other instance. Any waiver by a Party of a particular provision or right
shall be in writing, shall be as to a particular matter and, if applicable, for a particular period of time and shall be signed
by such Party.

 

    	-30-

     

    

 

12.5
Assignment. Except as expressly provided hereunder, neither this Agreement nor any rights or obligations hereunder may be
assigned or otherwise transferred by either Party without the prior written consent of the other Party (which consent shall not
be unreasonably withheld); provided, however, that either Party may assign this Agreement and its rights and delegate its
obligations hereunder without the other Party’s consent:

 

(a)
in connection with the transfer or sale of all or substantially all of the business of such Party to which this Agreement
relates to a Third Party (“Third Party Acquirer”), whether by merger, sale of stock, sale of assets
or otherwise (each, a “Sale Transaction”); or

 

(b)
to an Affiliate, provided that the assigning Party shall remain liable and responsible to the non-assigning Party hereto for
the performance and observance of all such duties and obligations by such Affiliate.

 

The
rights and obligations of the Parties under this Agreement shall be binding upon and inure to the benefit of the successors and
permitted assigns of the Parties, and the name of a Party appearing herein will be deemed to include the name of such Party’s
successors and permitted assigns to the extent necessary to carry out the intent of this section. Any assignment not in accordance
with this Agreement shall be void. In the event of an assignment and assumption of rights and obligations under this Agreement
to a Third Party in connection with a Sale Transaction, the assigning Party shall be relieved of all obligations to the non- assigning
Party assumed by the applicable Third Party.

 

12.6
Force Majeure. Each Party shall be excused from liability for the failure or delay in performance of any obligation under
this Agreement by reason of any event beyond such Party’s reasonable control, including but not limited to Acts of God,
fire, flood, explosion, earthquake, or other natural forces, war, civil unrest, acts of terrorism, accident, destruction or other
casualty, any lack or failure of transportation facilities, any lack or failure of supply of raw materials, any strike or labor
disturbance, or any other event similar to those enumerated above. Such excuse from liability shall be effective only to the extent
and duration of the event(s) causing the failure or delay in performance and provided that the Party has not caused such event(s)
to occur. The affected Party shall notify the other Party of such force majeure circumstances as soon as reasonably practical,
and shall promptly undertake all reasonable efforts necessary to cure such force majeure circumstances.

 

12.7
Severability. If any one or more of the provisions contained in this Agreement is held invalid, illegal or unenforceable in
any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected
or impaired thereby, unless the absence of the invalidated provision(s) adversely affects the substantive rights of the Parties.
The Parties shall in such an instance use their best efforts to replace the invalid, illegal or unenforceable provision(s) with
valid, legal and enforceable provision(s) which, insofar as practical, implement the purposes of this Agreement.

 

12.8
Notices. All notices which are required or permitted hereunder shall be in writing and sufficient if delivered personally,
sent by facsimile or electronic mail (in each case, if promptly confirmed by personal delivery, registered or certified mail or
overnight courier), sent by nationally-recognized overnight courier or sent by registered or certified mail, postage prepaid,
return receipt requested, addressed as follows:

 

    	-31-

     

    

 

If
to Premas, to:

 

Premas
Biotech Pvt. Ltd.

 

Plot
#77 Sector-4 IMT Manesar

Gurgaon, Haryana-122050 India

Attn: Dr. Prabuddha Kundu

Mob. No. +91-9810856223

Email:
prabuddha.kundu@premasbiotech.com

 

If
to Licensee, to:

 

Akers
Biosciences, Inc.

201
Grove Road

West
Deptford NJ 08086

ATTN:
Josh Silverman

Email:
jsilverman@parkfieldfund.com

 

with
a copy (which shall not constitute notice) to:

 

Haynes
and Boone, LLP

30
Rock, 26th Floor

New
York, NY 10112

Attn:
Rick Werner

Email:
Rick.Werner@HaynesBoone.com

 

or
to such other address(es) as the Party to whom notice is to be given may have furnished to the other Party in writing in accordance
herewith. Any such notice shall be deemed to have been given: (a) when delivered, if personally delivered or sent by facsimile
or email on a business day (or if delivered or sent on a non-business day, then on the next business day); (b) on the business
day after dispatch, if sent by nationally-recognized overnight courier; or (c) on the third (3rd) business day following the date
of mailing, if sent by mail.

 

12.9
Interpretation. The headings of clauses contained in this Agreement preceding the text of the sections, subsections and paragraphs
hereof are inserted solely for convenience and ease of reference only and shall not constitute any part of this Agreement, or
have any effect on its interpretation or construction. All references in this Agreement to the singular shall include the plural
where applicable. The term “including” or “includes” as used in this Agreement means including, without
limiting the generality of any description preceding such term, and the word “or” has the inclusive meaning represented
by the phrase “and/or.” Unless otherwise specified, references in this Agreement to any section shall include all
subsections and paragraphs in such section and references in this Agreement to any subsection shall include all paragraphs in
such subsection. All references to days in this Agreement shall mean calendar days, unless otherwise specified. Ambiguities and
uncertainties in this Agreement, if any, shall not be interpreted against either Party, irrespective of which Party may be deemed
to have caused the ambiguity or uncertainty to exist. This Agreement has been prepared in the English language, and the English
language shall control its interpretation. In addition, all notices required or permitted to be given hereunder, and all written,
electronic, oral or other communications between the Parties regarding this Agreement shall be in the English language.

 

    	-32-

     

    

 

12.10
Relationship between the Parties. The Parties’ relationship, as established by this Agreement, is solely that of independent
contractors. This Agreement does not create any partnership, joint venture or similar business relationship between the Parties.
Neither Party is a legal representative of the other Party, and neither Party may assume or create any obligation, representation,
warranty or guarantee, express or implied, on behalf of the other Party for any purpose whatsoever.

 

12.11
Cumulative Remedies. No remedy referred to in this Agreement is intended to be exclusive, but each shall be cumulative and
in addition to any other remedy referred to in this Agreement or otherwise available under law.

 

12.12
No Third Party Rights. The provisions of this Agreement are for the exclusive benefit of the Parties, and no other person
or entity shall have any right or claim against any Party by reason of these provisions or be entitled to enforce any of these
provisions against any Party.

 

12.13
Further Assurances. Each Party agrees to do and perform all such further acts and things and will execute and deliver such
other agreements, certificates, instruments and documents necessary or that the other Party may deem advisable in order to carry
out the intent and accomplish the purposes of this Agreement and to evidence, perfect or otherwise confirm its rights hereunder.

 

12.14
Compliance with Securities Laws. Premas hereby acknowledges that it is aware, and Premas shall advise its Affiliates’,
employees, agents, consultants and other representatives who are informed of the matters that are the subject of the Subscription
Agreement, that United States securities laws place certain restrictions on any person who has material, non-public information
concerning an issuer, with respect to purchasing or selling securities of such issuer or from communicating such information to
any other person when it is reasonably foreseeable that such other person is likely to purchase or sell such securities. Premas
acknowledges its obligation to comply with all applicable securities laws in connection with the ownership of the Convertible
Stock and receipt of any Confidential Information of Licensee.

 

12.15
Costs. Except as specifically provided in this Agreement, each Party shall be solely responsible for all costs, fees and other
expenses incurred in connection with this Agreement.

 

12.16
Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original document, and all
of which, together with this writing, shall be deemed one instrument. This Agreement may be executed by facsimile or PDF signatures,
which signatures shall have the same force and effect as original signatures.

 

[Remainder
of this page intentionally left blank.]

 

    	-33-

     

    

 

IN
WITNESS WHEREOF, the parties hereto have duly executed this License Agreement as of the Effective Date.

 

PREMAS
BIOTECH PVT LTD

 

	By:		 
	Name:		 
	Title:		 

 

[Signature
Page to Premas License Agreement]

 

    	 

    	 

    

 

 

	CYSTRON BIOTECH, LLC	 
	 	 	 
	By:		 
	Name:		 
	Title:	          	 

 

[Signature
Page to Premas License Agreement]

 

    	 

    	 

    

 

EXHIBIT
A

 

Premas
Patent Rights and Premas Know-How as of the Effective Date

 

    	 

    	 

    

 

EXHIBIT
B: DEVELOPMENT PLAN

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