Document:

Exhibit 4.33

 

THE ISSUANCE AND SALE OF THE SECURITY REPRESENTED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES
MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE
SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL SELECTED BY THE HOLDER, IN A FORM REASONABLY
ACCEPTABLE TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD OR ELIGIBLE TO BE SOLD (X) PURSUANT
TO RULE 144 OR RULE 144A UNDER SAID ACT OR (Y) TO AN ACCREDITED INVESTOR IN A PRIVATE TRANSACTION. NOTWITHSTANDING THE FOREGOING,
THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE
SECURITIES. ANY TRANSFEREE OF THIS NOTE SHOULD CAREFULLY REVIEW THE TERMS OF THIS NOTE, INCLUDING SECTION 14(a) HEREOF. THE PRINCIPAL
AMOUNT REPRESENTED BY THIS NOTE MAY BE LESS THAN THE AMOUNTS SET FORTH ON THE FACE HEREOF PURSUANT TO SECTION 4.

THIS NOTE HAS BEEN ISSUED WITH ORIGINAL ISSUE DISCOUNT ("OID").
PURSUANT TO TREASURY REGULATION §1.1275-3(b)(1), THE CHIEF FINANCIAL OFFICER, A REPRESENTATIVE OF THE COMPANY HEREOF WILL,
BEGINNING TEN DAYS AFTER THE ISSUANCE DATE OF THIS NOTE, PROMPTLY MAKE AVAILABLE TO THE HOLDER UPON REQUEST THE INFORMATION DESCRIBED
IN TREASURY REGULATION §1.1275-3(b)(1)(i). THE CHIEF FINANCIAL OFFICER MAY BE REACHED AT TELEPHONE NUMBER 303-550-2466.

Leading
BioSciences, Inc.

SENIOR
SECURED NOTE

	Issuance Date:  [_____________________]	Original Principal Amount: U.S. [_____________________]

 

FOR VALUE RECEIVED, Leading BioSciences,
Inc.., a Delaware corporation (the "Company"), hereby promises to pay to ALTIUM GROWTH FUND, LP or registered
assigns (the "Holder") in cash the amount set out above as the Original Principal Amount (as reduced pursuant
to the terms hereof pursuant to redemption or otherwise, the "Principal") when due, whether upon the Maturity
Date (as defined below), prepayment, acceleration, redemption or otherwise (in each case in accordance with the terms hereof) and
to pay interest ("Interest") on any outstanding Principal at the applicable Interest Rate (as defined below) when
the same becomes due and payable, whether upon the Maturity Date, prepayment, acceleration, redemption or otherwise (in each case
in accordance with the terms hereof). This Senior Secured Note (including all Senior Secured Notes issued in exchange, transfer
or replacement hereof, this "Note") is one of an issue of Senior Secured Notes issued pursuant to the Securities
Purchase Agreement on one or more Closing Date(s) (collectively, the "Notes" and such other Senior Secured Notes
issued on a Closing Date (which, for the avoidance of doubt, may be a different Closing Date than the Closing Date that occurred
on the Issuance Date), the "Other Notes"). Certain capitalized terms used herein are defined in Section 27.

     

     

    

(1)  
ORIGINAL ISSUE DISCOUNT; PAYMENTS OF PRINCIPAL. The Company acknowledges and agrees that this Note was issued at
an original issue discount. On the Maturity Date, the Company shall pay to the Holder an amount in cash representing 100% of the
Outstanding Amount. The Holder and the Company acknowledge and agree that if the Holder shall
enter into the Primary Financing SPA, the Holder may, at its election, offset the purchase price otherwise payable by the Holder
to the Company pursuant to the Primary Financing SPA, by an amount equal to the Outstanding Amount under this Note, and, upon such
set-off, the portion of this Note equal to the Outstanding Amount shall be deemed to have been paid in its entirety and all obligations
hereunder shall be deemed to be fully satisfied without any further obligations on, or liability to, the Company. If the Holder
elects to offset the purchase price under the Primary Financing SPA as contemplated in this Section 1, the purchase price payable
by the Holder to the Company pursuant to the Primary Financing SPA shall be reduced by the Outstanding Amount so deemed satisfied
pursuant to this Section 1.

(2)  
PREPAYMENTS. 

(a)  
Optional Prepayment. The Company may prepay (each, an "Optional Prepayment") the Note in whole or
in part at any time or from time to time without penalty or premium by paying the Outstanding Amount being prepaid at a price equal
to 150% of the Outstanding Amount being prepaid (the "Optional Prepayment Price"); provided, however,
that the aggregate Outstanding Amount under this Note and the Other Notes being prepaid in any Optional Prepayment pursuant to
this Section 2(a) (and analogous provisions under the Other Notes) shall be at least $250,000, or such lesser amount that then
remains outstanding under this Note and the Other Notes. The Company may exercise its right to prepay the Note under this Section
2(a) by delivering a written notice thereof by electronic mail and overnight courier to the Holder and all, but not less than all,
of the holders of the Other Notes (an "Optional Prepayment Notice" and the date all of the holders of the Notes
received such notice is referred to as the "Optional Prepayment Notice Date"). Each Optional Prepayment Notice
shall be irrevocable. Each Optional Prepayment Notice shall (i) state the date on which the Optional Prepayment shall occur (the
"Optional Prepayment Date"), which date shall not be less than two (2) Business Days nor more than fifteen (15)
Business Days following such Optional Prepayment Notice Date and (ii) state the aggregate Outstanding Amount of the Notes which
the Company has elected to be subject to Optional Prepayment from the Holder and all of the other holders of the Other Notes pursuant
to this Section 2(a) (and analogous provisions under the Other Notes) on the Optional Prepayment Date.

(b)  
Mandatory Prepayments. At any time and from time to time after the Issuance Date, to the extent the Company or any
of its Subsidiaries consummates an Alternative Transaction (the date of the consummation of such Alternative Transaction, the "Mandatory
Prepayment Event Date"), the Company shall be required to redeem all, but not less than all, the Outstanding Amount then
outstanding under this Note and the Other Notes on the Mandatory Prepayment Date (as defined below) (the "Mandatory Prepayment"
and together with an "Optional Prepayment", a "Prepayment"). The portion of this Note subject
to prepayment 

    	 	-2-	 

     

    

pursuant to this Section 2(b) shall be prepaid by the Company in cash at a price equal to 150% of the Outstanding
Amount being prepaid (the "Mandatory Prepayment Price" and together with an Optional Prepayment Price, a "Prepayment
Price"). The Company shall effect the Mandatory Prepayment under this Section 2(b) by delivering a written notice thereof
within no later than one (1) Business Day prior to the Mandatory Prepayment Event Date by electronic mail and overnight courier
to the Holder and all, but not less than all, of the holders of the Other Notes (the "Mandatory Prepayment Notice").
The Mandatory Prepayment Notice shall be irrevocable. The Mandatory Prepayment Notice shall (x) state the date on which the Mandatory
Prepayment shall occur (the "Mandatory Prepayment Date" and together with an Optional Prepayment Date, a "Prepayment
Date") which date shall not be more than two (2) Business Days following the Mandatory Prepayment Event Date and (y) state
the aggregate Outstanding Amount of the Notes which is being prepaid in such Mandatory Prepayment from the Holder pursuant to this
Section 2(b) and all of the holders of the Other Notes pursuant to analogous provisions under the Other Notes on the Mandatory
Prepayment Date.

(c)  
Pro Rata Prepayment Requirement. If the Company elects to cause an Optional Prepayment of this Note pursuant to Section
2(a) or is required to cause the Mandatory Prepayment pursuant to Section 2(b), then it must simultaneously take the same action
with respect to all of the Other Notes, and if any Optional Prepayment of this Note pursuant to this Section 2 is for a portion
of this Note, then, it must simultaneously take the same action in the same proportion with respect to all of the Other Notes on
a pro rata basis based on the principal amount of Notes then outstanding. Prepayments made pursuant to this Section 2 shall be
made in accordance with Section 7.

(d)  
Conflict. In the event any transaction triggers a redemption pursuant to Sections 2(b) and 2(c) as well as pursuant
to Section 5, unless the Holder otherwise elects by written notice to the Company, the provisions of this Section 2 shall govern
such transaction.

(3)              
INTEREST. Interest on this Note shall commence accruing on the Issuance Date at the Interest Rate and shall be computed
on the basis of a 360-day year and twelve 30-day months and shall be payable in arrears on the Maturity Date. Interest shall be
payable on the Maturity Date or, if such date falls on a day that is not a Business day, the next day that is a Business Day, to
the record holder of this Note on the Maturity Date in cash by wire transfer of immediately available funds pursuant to wire instructions
provided by the Holder in writing to the Company. Prior to the payment of Interest on the Maturity Date, Interest on this Note
shall accrue at the Interest Rate and be payable by way of inclusion of the Interest in the Outstanding Amount on each Redemption
Date. From and after the occurrence and during the continuance of an Event of Default, the Interest Rate shall be increased to
twenty five percent (25.0%) per annum. In the event that such Event of Default is subsequently cured, the adjustment referred to
in the preceding sentence shall cease to be effective as of the date of such cure; provided, that the Interest as calculated
and unpaid at such increased rate during the continuance of such Event of Default shall continue to apply to the extent relating
to the days after the occurrence of such Event of Default through and including the date of cure of such Event of Default; provided,
further, that for the purpose of this Section 3, such Event of Default shall not be deemed cured unless and until any accrued
and unpaid Interest shall be paid to the Holder, including, without limitation, Interest accrued at the increased rate of twenty
five percent (25.0%) per annum.

    	 	-3-	 

     

    

(4)  
REGISTRATION; BOOK-ENTRY. The Company shall maintain a register (the "Register") for the recordation
of the names and addresses of the holders of each Note and the Principal amount of the Notes (and stated interest thereon) held
by such holders (the "Registered Notes"). The entries in the Register shall be conclusive and binding for all
purposes absent manifest error. The Company and the holders of the Notes shall treat each Person whose name is recorded in the
Register as the owner of a Note for all purposes, including, without limitation, the right to receive payments of Principal and
Interest, if any, hereunder, notwithstanding notice to the contrary. A Registered Note may be assigned or sold in whole or in part
only by registration of such assignment or sale on the Register. Upon its receipt of a request to assign or sell all or part of
any Registered Note by the Holder, the Company shall record the information contained therein in the Register and issue one or
more new Registered Notes in the same aggregate Principal amount as the Principal amount of the surrendered Registered Note to
the designated assignee or transferee pursuant to Section 13. Notwithstanding anything to the contrary in this Section 4, the Holder
may assign any Note or any portion thereof to an Affiliate of the Holder or a Related Fund of the Holder without delivering a request
to assign or sell the Note to the Company and the recordation of such assignment or sale in the Register (a "Related Party
Assignment"); provided, that (x) the Company may continue to deal solely with such assigning or selling Holder
unless and until the Holder has delivered a request to assign or sell the Note or portion thereof to the Company for recordation
in the Register; (y) the failure of such assigning or selling Holder to deliver a request to assign or sell the Note or portion
thereof to the Company shall not affect the legality, validity, or binding effect of such assignment or sale and (z) such assigning
or selling Holder shall, acting solely for this purpose as a non-fiduciary agent of the Company, maintain a register (the "Related
Party Register") comparable to the Register on behalf of the Company, and any such assignment or sale shall be effective
upon recordation of such assignment or sale in the Related Party Register.

(5)              
RIGHTS UPON EVENT OF DEFAULT.

(a)              
Event of Default. Each of the following events shall constitute an "Event of Default" and each of
the events described in clauses (ii) and (iii) shall also constitute a "Bankruptcy Event of Default":

(i)                
the Company's failure to pay to the Holder any amount of Principal, Interest, Late Charges (as defined in Section 20(b))
or other amounts when and as due under this Note (including, without limitation, the Company's failure to pay any redemption amounts
hereunder) or any other Transaction Document;

(ii)             
the Company or any of its Subsidiaries, pursuant to or within the meaning of Title 11, U.S. Code, or any similar Federal,
foreign or state law for the relief of debtors (collectively, "Bankruptcy Law"), (A) commences a voluntary bankruptcy
case, (B) consents to the entry of an order for relief against it in an involuntary bankruptcy case, (C) consents to the appointment
of a receiver, trustee, assignee, liquidator or similar official (a "Custodian"), (D) makes a general assignment
for the benefit of its creditors or (E) admits in writing that it is generally unable to pay its debts as they become due;

    	 	-4-	 

     

    

(iii)           
a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that (A) is for relief against the
Company or any of its Subsidiaries in an involuntary case, (B) appoints a Custodian of the Company or any of its Subsidiaries or
(C) orders the liquidation of the Company or any of its Subsidiaries;

(iv)            
a final judgment or judgments for the payment of money aggregating in excess of $100,000 are rendered against the Company
or any of its Subsidiaries and which judgments are not, within sixty (60) days after the entry thereof, bonded, discharged or stayed
pending appeal, or are not discharged within sixty (60) days after the expiration of such stay; provided, however,
that any judgment which is covered by insurance or an indemnity from a credit worthy party shall not be included in calculating
the $100,000 amount set forth above so long as the Company provides the Holder a written statement from such insurer or indemnity
provider (which written statement shall be reasonably satisfactory to the Holder) to the effect that such judgment is covered by
insurance or an indemnity and the Company will receive the proceeds of such insurance or indemnity within thirty (30) days of the
issuance of such judgment;

(v)              
other than as specifically set forth in another clause of this Section 5(a), the Company or any of its Subsidiaries breaches
any representation, warranty, covenant or other term or condition of any Transaction Document, except, in the case of a breach
of a covenant or other term or condition of any Transaction Document which is curable, only if such breach continues for a period
of an aggregate of five (5) Business Days;

(vi)            
any breach or failure in any respect to comply with Section 10 or Section 11 of this Note;

(vii)         
the Company or any Subsidiary shall fail to perform or comply with any covenant or agreement contained in any Security Document
to which it is a party;

(viii)       
any material provision of any Security Document (as determined in good faith by the Collateral Agent in its sole discretion)
shall at any time for any reason (other than pursuant to the express terms thereof) cease to be valid and binding on or enforceable
against the Company or any Subsidiary intended to be a party thereto, or the validity or enforceability thereof shall be contested
by any party thereto, or a proceeding shall be commenced by the Company or any Subsidiary or any governmental authority having
jurisdiction over any of them, seeking to establish the invalidity or unenforceability thereof, or the Company or any Subsidiary
shall deny in writing that it has any liability or obligation purported to be created under any Security Document;

(ix)            
any Security Document, after delivery thereof pursuant hereto, shall for any reason fail or cease to create a valid and
perfected and, except to the extent permitted by the terms hereof or thereof, first priority Lien (as defined in Section 10(b))
in favor of the Collateral Agent for the benefit of the holders of the Notes on any Collateral purported to be covered thereby,
except to the extent the Collateral Agent determines not to pursue perfection of any applicable Lien;

    	 	-5-	 

     

    

(x)              
any bank at which any deposit account, blocked account, or lockbox account of the Company or any Subsidiary is maintained
shall fail to comply with any material term of any deposit account, blocked account, lockbox account or similar agreement to which
such bank is a party or any securities intermediary, commodity intermediary or other financial institution at any time in custody,
control or possession of any investment property of the Company or any Subsidiary shall fail to comply with any of the terms of
any investment property control agreement to which such Person is a party (it being understood that only accounts pursuant to which
the Collateral Agent has requested account control agreements should be subject to this clause (x));

(xi)            
any material damage to, or loss, theft or destruction of the Collateral or a material amount of property of the Company,
whether or not insured, or any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty
which causes, for more than thirty (30) consecutive days, the cessation or substantial curtailment of revenue producing activities
at any facility of the Company or any Subsidiary, if any such event or circumstance could reasonably be expected to have a Material
Adverse Effect;

(xii)         
any default under, redemption of or acceleration prior to maturity of any Indebtedness of the Company or any of its Subsidiaries
other than with respect to this Note or any Other Notes;

(xiii)       
a false or inaccurate certification by the Company as to whether any Event of Default has occurred;

(xiv)        
any Material Adverse Effect occurs;

(xv)          
any default by the Company of the Primary Financing SPA; or

(xvi)        
any Event of Default (as defined in the Other Notes) occurs with respect to any Other Notes.

(b)  
Redemption Right. Upon the occurrence of an Event of Default with respect to this Note or any Other Note, the Company
shall within one (1) Business Day deliver written notice thereof via electronic mail and overnight courier (an "Event of
Default Notice") to the Holder. At any time after the earlier of the Holder's receipt of an Event of Default Notice and
the Holder becoming aware of an Event of Default, the Holder may require the Company to redeem (an "Event of Default Redemption")
all or any portion of this Note by delivering written notice thereof (the "Event of Default Redemption Notice")
to the Company, which Event of Default Redemption Notice shall indicate the portion of this Note the Holder is electing to require
the Company to redeem. Each portion of this Note subject to redemption by the Company pursuant to this Section 5(b) shall be redeemed
by the Company in cash by wire transfer of immediately available funds at a price equal to 125% of the Outstanding Amount being
redeemed (the "Event of Default Redemption Price"). Redemptions required by this Section 5(b) shall be made in
accordance with the provisions of Section 7. To the extent redemptions required by this Section 5(b) are deemed or determined by
a court of competent jurisdiction to be prepayments of the Note by the Company, such redemptions shall be deemed to be voluntary
prepayments. The parties hereto agree that in the event of the Company's redemption of any portion of the Note under this Section
5(b), the Holder's damages would be uncertain and difficult to estimate because of the parties' inability to predict future interest
rates and the uncertainty of the availability of a suitable substitute investment opportunity for the Holder. Accordingly, any
Event of Default redemption premium due under this Section 5(b) is intended by the parties to be, and shall be deemed, a reasonable
estimate of the Holder's actual loss of its investment opportunity and not as a penalty.

    	 	-6-	 

     

    

(c)  
Mandatory Redemption upon Bankruptcy Event of Default. Notwithstanding anything to the contrary herein, upon any
Bankruptcy Event of Default, whether occurring prior to or following the Maturity Date, the Company shall immediately pay to the
Holder an amount in cash equal to the Event of Default Redemption Price, in addition to any and all other amounts due hereunder,
without the requirement for any notice or demand or other action by the Holder or any other Person, provided that the Holder may,
in its sole discretion, waive such right to receive payment upon a Bankruptcy Event of Default, in whole or in part, and any such
waiver shall not affect any other rights of the Holder hereunder, including any other rights in respect of such Bankruptcy Event
of Default, and any right to payment of the Event of Default Redemption Price or any other Redemption Price, as applicable.

(6)              
NONCIRCUMVENTION. The Company hereby covenants and agrees that the Company will not, by amendment of its Certificate
of Incorporation or Bylaws or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution,
issue or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the
terms of this Note, and will at all times in good faith carry out all of the provisions of this Note and take all action as may
be required to protect the rights of the Holder of this Note.

(7)              
REDEMPTIONS.

(a)  
The Company shall deliver the applicable Event of Default Redemption Price to the Holder within three (3) Business Days
after the Company's receipt of the Holder's Event of Default Redemption Notice (the "Event of Default Redemption Date").
The Company shall deliver or shall cause to be delivered to the Holder the applicable Prepayment Price on the applicable Prepayment
Date. The Company shall pay the applicable Redemption Price to the Holder in cash by wire transfer of immediately available funds
pursuant to wire instructions provided by the Holder in writing to the Company on the applicable due date. In the event of a redemption
of less than all of the Outstanding Amount of this Note, the Company shall promptly cause to be issued and delivered to the Holder
a new Note (in accordance with Section 14(d)) representing the outstanding Principal which has not been redeemed and
any accrued Interest on such Principal which shall be calculated as if no Redemption Notice has been delivered. In the event
that the Company does not pay the applicable Redemption Price to the Holder within the time period required, at any time thereafter
and until the Company pays such unpaid Redemption Price in full, the Holder shall have the option, in lieu of redemption, to require
the Company to promptly return to the Holder all or any portion of this Note representing the Outstanding Amount that was submitted
for redemption and for which the applicable Redemption Price (together with any Late Charges thereon) has not been paid. Upon the
Company's receipt of such notice, (x) the applicable Redemption Notice shall be null and void with respect to such Outstanding
Amount and (y) the Company shall immediately return this Note, or issue a new Note (in accordance with Section 14(d)) to the Holder
representing such Outstanding Amount to be redeemed. The Holder's delivery of a notice voiding a Redemption Notice and exercise
of its rights following such notice shall not affect the Company's obligations to make any payments of Late Charges which have
accrued prior to the date of such notice with respect to the Outstanding Amount subject to such notice.

    	 	-7-	 

     

    

(b)              
Redemption by Other Holders. Upon the Company's receipt of notice from any of the holders of the Other Notes for
redemption or repayment as a result of an event or occurrence substantially similar to the events or occurrences described in Section
5(b) or pursuant to equivalent provisions set forth in the Other Notes (each, an "Other Redemption Notice"), the
Company shall immediately, but no later than one (1) Business Day of its receipt thereof, forward to the Holder by electronic mail
a copy of such notice. If the Company receives a Redemption Notice and one or more Other Redemption Notices, during the five (5)
Business Day period beginning on and including the date which is two (2) Business Days prior to the Company's receipt of the Holder's
Redemption Notice and ending on and including the date which is two (2) Business Days after the Company's receipt of the Holder's
Redemption Notice and the Company is unable to redeem all Principal, Interest and other amounts designated in such Redemption Notice
and such Other Redemption Notices received during such five (5) Business Day period, then the Company shall redeem a pro rata amount
from the Holder and each holder of the Other Notes (including the Holder) based on the Principal amount of the Notes submitted
for redemption pursuant to such Redemption Notice and such Other Redemption Notices received by the Company during such five (5)
Business Day period.

(c)                       
Insufficient Assets. If upon a Redemption Date, the assets of the Company are insufficient to pay the applicable
Redemption Price, the Company shall (i) take all appropriate action reasonably within its means to maximize the assets available
for paying the applicable Redemption Price, (ii) redeem out of all such assets available therefor on the applicable Redemption
Date the maximum possible Outstanding Amount that it can redeem on such date, pro rata among the Holder and the holders of the
Other Notes to be redeemed in proportion to the aggregate Principal amount of this Note and the Other Notes outstanding on the
applicable Redemption Date and (iii) following the applicable Redemption Date, at any time and from time to time when additional
assets of the Company become available to redeem the remaining Outstanding Amounts of this Note and the Other Notes, the Company
shall use such assets, at the end of the then current calendar month, to redeem the balance of such Outstanding Amount of this
Note and the Other Notes, or such portion thereof for which assets are then available, on the basis set forth above at the applicable
Redemption Price, and such assets will not be used prior to the end of such calendar month for any other purpose. Interest
on the Principal amount of this Note and the Other Notes that have not been redeemed shall continue to accrue until such time as
the Company redeems this Note and the Other Notes. The Company shall pay to the Holder the applicable Redemption Price without
regard to the legal availability of funds unless expressly prohibited by applicable law or unless the payment of the applicable
Redemption Price could reasonably be expected to result in personal liability to the directors of the Company.

    	 	-8-	 

     

    

(8)              
SECURITY. This Note and the Other Notes are secured to the extent and in the manner set forth in the Security Documents.

(9)              
RANK. All payments due under this Note (i) shall rank pari passu with all Other Notes and (ii) shall be senior
to all other Indebtedness of the Company and its Subsidiaries.

(10)          
NEGATIVE COVENANTS. Until all of the Notes have been redeemed or otherwise satisfied in accordance with their terms,
the Company shall not, and the Company shall not permit any of its Subsidiaries without the prior written consent of the Required
Holders to, directly or indirectly, other than as contemplated by the Merger Agreement or the Primary Financing SPA:

(a)              
incur or guarantee, assume or suffer to exist any Indebtedness, other than Permitted Indebtedness;

(b)              
allow or suffer to exist any mortgage, lien, pledge, charge, security interest or other encumbrance upon or in any property
or assets (including accounts and contract rights) owned by the Company or any of its Subsidiaries (collectively, "Liens")
other than Permitted Liens;

(c)              
redeem, defease, repurchase, repay or make any payments in respect of, by the payment of cash or Cash Equivalents (in whole
or in part, whether by way of open market purchases, tender offers, private transactions or otherwise), all or any portion of any
Indebtedness (other than this Note and the Other Notes) of the Company or any other Person, whether by way of payment in respect
of Principal of (or premium, if any) or interest on, such Indebtedness if at the time such payment is due or is otherwise made
or, after giving effect to such payment, an event constituting, or an event or condition that upon notice, lapse of time or both
would constitute an Event of Default, has occurred and is continuing;

(d)              
redeem, defease, repurchase, repay or make any payments in respect of, by the payment
of cash or Cash Equivalents (in whole or in part, whether by way of open market purchases, tender offers, private transactions
or otherwise), all or any portion of any Indebtedness (including, without limitation Permitted Indebtedness other than this Note
and the Other Notes), by way of payment in respect of principal of (or premium, if any) such Indebtedness. For clarity, such restriction
shall not preclude the payment of regularly scheduled interest payments which may accrue under such Permitted Indebtedness;

(e)              
redeem or repurchase its Equity Interests;

(f)               
declare or pay any cash dividend or distribution on any Equity Interest of the Company or of its Subsidiaries;

(g)              
make, or permit any of its Subsidiaries to make, any change in the nature of its business
as conducted on the Subscription Date or modify its corporate structure or purpose; 

    	 	-9-	 

     

    

(h)              
encumber or allow any Liens on, any of its own or its licensed Intellectual Property Rights, and any claims for damage by
way of any past, present, or future infringement of the foregoing;

(i)                
enter into, renew, extend or be a party to, any transaction or series of related transactions (including, without limitation,
the purchase, sale, lease, transfer or exchange of property or assets of any kind or the rendering of services of any kind) with
any Affiliate, except in the ordinary course of business in a manner and to an extent consistent with past practice and necessary
or desirable for the prudent operation of its business, for fair consideration and on terms no less favorable to it or its Subsidiaries
than would be obtainable in a comparable arm's length transaction with a Person that is not an Affiliate thereof;

(j)                
amend, repeal, restate, supplement or otherwise modify its or any Subsidiary's Organizational Documents;

(k)  
make or commit any Investment in any other Person, except for Permitted Investments; provided, however, that
in no event shall the Company be permitted to make or commit any Investment in any Subsidiary;

(l)    
effect any Asset Sale;

(m)            
issue any Notes (other than as contemplated by the Securities Purchase Agreement) or (ii) issue any other securities that
would cause a breach or default under the Notes;

(n)              
form any Subsidiary;

(o)              
authorize or effect any (i) Fundamental Transaction, or (ii) Liquidation Event; or

(p)   enter into
any agreement to do any of the foregoing.

(11)          
AFFIRMATIVE COVENANTS. Until all of the Notes have been redeemed or otherwise
satisfied in accordance with their terms, the Company shall, and the Company shall
cause each Subsidiary to, directly or indirectly:

(a)  
maintain and preserve, and cause each of its Subsidiaries to maintain and preserve, its existence, rights and privileges,
and become or remain, and cause each of its Subsidiaries to become or remain, duly qualified
and in good standing in each jurisdiction in which the character of the properties owned or leased by it or in which the transaction
of its business makes such qualification necessary;

(b)  
maintain and preserve, and cause each of its Subsidiaries to maintain and preserve,
all of its properties which are necessary or useful in the proper conduct of its business in good working order and condition,
ordinary wear and tear excepted, and comply, and cause each of its Subsidiaries to comply, at all times with the provisions of
all leases to which it is a party as lessee or under which it occupies property, so as to prevent any loss or forfeiture thereof
or thereunder;

    	 	-10-	 

     

    

(c)  
maintain all of the Intellectual Property Rights of the Company and/or any of its Subsidiaries that are necessary or material
to the conduct of its business in full force and effect; and

(d)  
maintain, and cause each of its Subsidiaries to maintain, insurance with responsible and reputable insurance companies or
associations (including, without limitation, comprehensive general liability, hazard, rent and business interruption insurance)
with respect to its properties (including all real properties leased or owned by it) and business, in such amounts and covering
such risks as is required by any governmental authority having jurisdiction with respect thereto or as is carried generally in
accordance with sound business practice by companies in similar businesses similarly situated.

(12)          
CHANGING THE TERMS OF THIS NOTE. The affirmative vote at a meeting duly called for such purpose or the written consent
without a meeting of the Required Holders shall be required for any change or amendment or waiver of any provision to this Note
or any of the Other Notes. Any change, amendment or waiver by the Company and the Required Holders shall be binding on the Holder
of this Note and all holders of the Other Notes.

(13)          
TRANSFER. This Note may be offered, sold, assigned or transferred by the Holder without the consent of the Company,
subject only to the provisions of Section 2(f) of the Securities Purchase Agreement.

(14)          
REISSUANCE OF THIS NOTE.

(a)              
Transfer. If this Note is to be transferred, the Holder shall surrender this Note to the Company, whereupon the Company
will forthwith issue and deliver upon the order of the Holder a new Note (in accordance with Section 14(d) and subject to Section
4), registered as the Holder may request, representing the outstanding Principal being transferred by the Holder and, if less than
the entire outstanding Principal is being transferred, a new Note (in accordance with Section 14(d)) to the Holder representing
the outstanding Principal not being transferred. The Holder and any assignee, by acceptance of this Note, acknowledge and agree
that, by reason of the provision of Section 4, following redemption of any portion of this Note, the outstanding Principal represented
by this Note may be less than the Principal stated on the face of this Note.

(b)              
Lost, Stolen or Mutilated Note. Upon receipt by the Company of evidence reasonably satisfactory to the Company of
the loss, theft, destruction or mutilation of this Note, and, in the case of loss, theft or destruction, of any indemnification
undertaking by the Holder to the Company in customary form (but without any obligation to post a surety or other bond) and, in
the case of mutilation, upon surrender and cancellation of this Note, the Company shall execute and deliver to the Holder a new
Note (in accordance with Section 14(d)) representing the outstanding Principal.

(c)              
Note Exchangeable for Different Denominations. This Note is exchangeable, upon the surrender hereof by the Holder
at the principal office of the Company, for a new Note or Notes (in accordance with Section 14(d)) representing in the aggregate
the outstanding Principal of this Note, and each such new Note will represent such portion of such outstanding Principal as is
designated by the Holder at the time of such surrender.

    	 	-11-	 

     

    

(d)              
Issuance of New Notes. Whenever the Company is required to issue a new Note pursuant to the terms of this Note, such
new Note (i) shall be of like tenor with this Note, (ii) shall represent, as indicated on the face of such new Note, the Principal
remaining outstanding (or in the case of a new Note being issued pursuant to Section 14(a) or Section 14(c), the Principal designated
by the Holder which, when added to the Principal represented by the other new Notes issued in connection with such issuance, does
not exceed the Principal remaining outstanding under this Note immediately prior to such issuance of new Notes), (iii) shall have
an issuance date, as indicated on the face of such new Note, which is the same as the Issuance Date of this Note, (iv) shall have
the same rights and conditions as this Note and (v) shall represent accrued and unpaid Interest
and Late Charges, if any, on the Principal and Interest of this Note from the Issuance Date.

(15)          
REMEDIES, CHARACTERIZATIONS, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies provided in this Note
shall be cumulative and in addition to all other remedies available under this Note and any of the other Transaction Documents
at law or in equity (including a decree of specific performance and/or other injunctive relief), and nothing herein shall limit
the Holder's right to pursue actual and consequential damages for any failure by the Company to comply with the terms of this Note.
The Company covenants to the Holder that there shall be no characterization concerning this instrument other than as expressly
provided herein. Amounts set forth or provided for herein with respect to payments, redemption and the like (and the computation
thereof) shall be the amounts to be received by the Holder and shall not, except as expressly provided herein, be subject to any
other obligation of the Company (or the performance thereof). The Company acknowledges that a breach by it of its obligations hereunder
will cause irreparable harm to the Holder and that the remedy at law for any such breach may be inadequate. The Company therefore
agrees that, in the event of any such breach or threatened breach, the Holder shall be entitled, in addition to all other available
remedies, to an injunction restraining any breach, without the necessity of showing economic loss and without any bond or other
security being required.

(16)          
PAYMENT OF COLLECTION, ENFORCEMENT AND OTHER COSTS. If (a) this Note is placed in the hands of an attorney for collection
or enforcement or is collected or enforced through any legal proceeding or the Holder otherwise takes action to collect amounts
due under this Note or to enforce the provisions of this Note or (b) there occurs any bankruptcy, reorganization, receivership
of the Company or other proceedings affecting Company creditors' rights and involving a claim under this Note, then the Company
shall pay the costs incurred by the Holder for such collection, enforcement or action or in connection with such bankruptcy, reorganization,
receivership or other proceeding, including, but not limited to, attorneys' fees and disbursements. The Company expressly acknowledges
and agrees that no amounts due under this Note shall be affected, or limited, by the fact that the purchase price paid for this
Note was less than the original Principal amount hereof.

(17)          
CONSTRUCTION; HEADINGS. This Note shall be deemed to be jointly drafted by the Company and all the Buyers and shall
not be construed against any person as the drafter hereof. The headings of this Note are for convenience of reference and shall
not form part of, or affect the interpretation of, this Note.

(18)          
FAILURE OR INDULGENCE NOT WAIVER. No failure or delay on the part of the Holder in the exercise of any power, right
or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or
privilege preclude other or further exercise thereof or of any other right, power or privilege. No waiver shall be effective unless
it is in writing and signed by an authorized representative of the waiving party.

    	 	-12-	 

     

    

(19)          
DISPUTE RESOLUTION. In the case of a dispute as to the determination of any Redemption Price, the Company shall submit
the disputed determinations or arithmetic calculations via electronic mail within one (1) Business Day of receipt, or deemed receipt,
of the Redemption Notice or other event giving rise to such dispute, as the case may be, to the Holder. If the Holder and the Company
are unable to agree upon such determination or calculation within two (2) Business Days of such disputed determination or arithmetic
calculation being submitted to the Holder, then the Company shall, within one (1) Business Day submit via electronic mail the disputed
arithmetic calculation of the Redemption Price to an independent, outside accountant, selected by the Holder and approved by the
Company, such approval not to be unreasonably withheld, delayed or conditioned. The Company, at the Company's expense, shall cause
the investment bank or the accountant, as the case may be, to perform the determinations or calculations and notify the Company
and the Holder of the results no later than five (5) Business Days from the time it receives the disputed determinations or calculations.
Such investment bank's or accountant's determination or calculation, as the case may be, shall be binding upon all parties absent
demonstrable error.

(20)          
NOTICES; PAYMENTS.

(a)  
Notices. Whenever notice is required to be given under this Note, unless otherwise provided herein, such notice shall
be given in accordance with Section 9(f) of the Securities Purchase Agreement. The Company shall provide the Holder with prompt
written notice of all actions taken pursuant to this Note, including in reasonable detail a description of such action and the
reason therefore. Without limiting the generality of the foregoing, the Company will give written notice to the Holder at least
twenty (20) days prior to the date on which the Company closes its books or takes a record for determining rights to vote with
respect to any Fundamental Transaction or Liquidation Event, provided in each case that such information shall be made known to
the public prior to or in conjunction with such notice being provided to the Holder.

(b)  
Payments. Whenever any payment of cash is to be made by the Company to any Person pursuant to this Note, such payment
shall be made via wire transfer of immediately available funds by providing the Company with prior written notice setting out the
Holder's wire transfer instructions; provided that the Holder may with prior written notice setting out such request elect to receive
a payment of cash in lawful money of the United States of America by a check drawn on the account of the Company and sent via overnight
courier service to such Person at such address as previously provided to the Company in writing (which address, in the case of
each Buyer, shall initially be as set forth on the Schedule of Buyers attached to the Securities Purchase Agreement). Whenever
any amount expressed to be due by the terms of this Note is due on any day which is not a Business Day, the same shall instead
be due on the next succeeding day which is a Business Day. Any amount of Principal or other amounts due hereunder or pursuant to
any other Transaction Document which is not paid when due shall result in a late charge being incurred and payable by the Company
in an amount equal to additional interest on such amount at the rate of eighteen percent (18.0%) per annum from the calendar day
immediately following the date such amount was due until the same is paid in full (collectively, the "Late Charges").

    	 	-13-	 

     

    

(21)          
CANCELLATION. After all Principal, accrued Interest and other amounts at any time owed on this Note have been paid
in full, this Note shall automatically be deemed canceled, shall be surrendered to the Company for cancellation and shall not be
reissued.

(22)          
WAIVER OF NOTICE. To the extent permitted by law, the Company hereby waives demand, notice, protest and all other
demands and notices in connection with the delivery, acceptance, performance, default or enforcement of this Note and the Securities
Purchase Agreement.

(23)          
GOVERNING LAW; JURISDICTION; JURY TRIAL. This Note shall be construed and enforced in accordance with, and all questions
concerning the construction, validity, interpretation and performance of this Note 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. The Company 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. The Company 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 set forth in Section 9(f) of the Securities Purchase 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. Nothing contained herein shall be deemed or operate to preclude
the Holder from bringing suit or taking other legal action against the Company in any other jurisdiction to collect on the Company's
obligations to the Holder, to realize on any collateral or any other security for such obligations, or to enforce a judgment or
other court ruling in favor of the Holder. THE COMPANY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO
REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS NOTE OR ANY TRANSACTION
CONTEMPLATED HEREBY.

(24)          
Severability. If any provision of this Note is prohibited by law or
otherwise determined to be invalid or unenforceable by a court of competent jurisdiction, the provision that would otherwise be
prohibited, invalid or unenforceable shall be deemed amended to apply to the broadest extent that it would be valid and enforceable,
and the invalidity or unenforceability of such provision shall not affect the validity of the remaining provisions of this Note
so long as this Note as so modified continues to express, without material change, the original intentions of the parties as to
the subject matter hereof and the prohibited nature, invalidity or unenforceability of the provision(s) in question does not substantially
impair the respective expectations or reciprocal obligations of the parties or the practical realization of the benefits that would
otherwise be conferred upon the parties. The parties will endeavor in good faith negotiations to replace the prohibited, invalid
or unenforceable provision(s) with a valid provision(s), the effect of which comes as close as possible to that of the prohibited,
invalid or unenforceable provision(s).

    	 	-14-	 

     

    

(25)          
DISCLOSURE. From and after the Public Company Date, upon receipt or delivery by the Company of any notice in accordance
with the terms of this Note, unless the Company has in good faith determined that the matters relating to such notice do not constitute
material, nonpublic information relating to the Company or its Subsidiaries, the Company shall contemporaneously with any such
receipt or delivery publicly disclose such material, nonpublic information on a Current Report on Form 8-K, press release or otherwise.
In the event that the Company believes that a notice contains material, nonpublic information relating to the Company or its Subsidiaries,
the Company so shall indicate to the Holder contemporaneously with delivery of such notice, and in the absence of any such indication,
the Holder shall be allowed to presume that all matters relating to such notice do not constitute material, nonpublic information
relating to the Company or its Subsidiaries.

(26)          
USURY. This Note is subject to the express condition that at no time shall the Company be obligated or required to
pay interest hereunder at a rate or in an amount which could subject the Holder to either civil or criminal liability as a result
of being in excess of the maximum interest rate or amount which the Company is permitted by applicable law to contract or agree
to pay. If by the terms of this Note, the Company is at any time required or obligated to pay interest hereunder, including by
way of an original issue discount, at a rate or in an amount in excess of such maximum rate or amount, the rate or amount of interest
under this Note shall be deemed to be immediately reduced to such maximum rate or amount and the interest payable shall be computed
at such maximum rate or be in such maximum amount and all prior interest payments in excess of such maximum rate or amount shall
be applied and shall be deemed to have been payments in reduction of the principal balance of this Note.

(27)          
CERTAIN DEFINITIONS. For purposes of this Note, the following terms shall have the following meanings:

(a)              
"1934 Act" means the Securities Exchange Act of 1934, as amended.

(b)              
"Affiliate" has the meaning ascribed to such term in Rule 405 promulgated under the Securities Act of 1933,
as amended.

(c)              
"Alternative Transaction" means any capital raising transaction other than the transactions contemplated
by the Primary Financing SPA.

(d)              
"Asset Sale" means any Disposition of any business, property, Intellectual Property Rights or other assets
of the Company or any of its Subsidiaries, whether now owned or hereafter acquired (or entering into an agreement to do any of
the foregoing).

(e)              
 "Business
Day" means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized
or required by law to remain closed; provided, however, for clarification, commercial banks shall not be deemed to
be authorized or required by law to remain closed due to "stay at home", "shelter-in-place", "non-essential
employee" or any other similar orders or restrictions or the closure of any physical branch locations at the direction of
any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks
in The City of New York, New York generally are open for use by customers on such day.

    	 	-15-	 

     

    

(f)               
"Buyer" means each of the initial holders of Notes party to the Securities Purchase Agreement.

(g)              
"Cash Equivalents" means (a) marketable direct obligations issued or unconditionally guaranteed by the
United States Government or issued by any agency thereof and backed by the full faith and credit of the United States, in each
case, maturing within six months from the date of acquisition thereof, (b) commercial paper, maturing not more than 270 days after
the date of issue rated P-1 by Moody's or A-1 by Standard & Poor's, (c) certificates of deposit maturing not more than 270
days after the date of issue, issued by commercial banking institutions and money market or demand deposit accounts maintained
at commercial banking institutions, each of which is a member of the Federal Reserve System and has a combined capital and surplus
and undivided profits of not less than $500,000,000 and a Thomson Bank Watch Rating of "BBB" or better, (d) money market
accounts maintained with mutual funds having assets in excess of $2,500,000,000, and (e) marketable tax exempt securities rated
A or higher by Moody's or A+ or higher by Standard & Poor's, in each case, maturing within six months from the date of acquisition
thereof.

(h)              
"Closing Date" shall have the meaning set forth in the Securities Purchase Agreement.

(i)                
"Collateral" shall have the meaning set forth in the Security Documents.

(j)                
"Collateral Agent" shall have the meaning set forth in the Security Documents.

(k)              
"Company Common Stock" means the Company's common stock, par value $0.001 per share.

(l)                
"Contingent Obligation" means, as to any Person, any direct or indirect liability, contingent or otherwise,
of that Person with respect to any Indebtedness, lease, dividend or other obligation of another Person if the primary purpose or
intent of the Person incurring such liability, or the primary effect thereof, is to provide assurance to the obligee of such liability
that such liability will be paid or discharged, or that any agreements relating thereto will be complied with, or that the holders
of such liability will be protected (in whole or in part) against loss with respect thereto.

(m)            
"Disposition" means any transaction, or series of related transactions, pursuant to which any Person or
any of its Subsidiaries sells, assigns, transfers, leases, exclusively and non-exclusively licenses (as licensor) or otherwise
disposes of any property, Intellectual Property Rights or other assets (whether now owned or hereafter acquired) to any other Person,
in each case, whether or not the consideration therefor consists of cash, Cash Equivalents, securities or other assets owned by
the acquiring Person.

    	 	-16-	 

     

    

(n)              
"Equity Interests" means (i) all shares of capital stock (whether denominated as common capital stock or
preferred capital stock), equity interests, beneficial, partnership or membership interests, joint venture interests, participations
or other ownership or profit interests in or equivalents (regardless of how designated) of or in a Person (other than an individual),
whether voting or non-voting and (ii) all securities convertible into or exchangeable for any of the foregoing and all warrants,
options or other rights to purchase, subscribe for or otherwise acquire any of the foregoing, whether or not presently convertible,
exchangeable or exercisable.

(o)              
"Fundamental Transaction" means (i) that the Company shall, directly or indirectly, including through Subsidiaries,
Affiliates or otherwise, in one or more related transactions, (a) consolidate or merge with or into (whether or not the Company
is the surviving corporation) another Subject Entity, or (b) sell, assign, transfer, convey or otherwise dispose of all or substantially
all of the properties or assets of the Company or any of its "significant subsidiaries" (as defined in Rule 1-02 of Regulation
S-X) to one or more Subject Entities, or (c) make, or allow one or more Subject Entities to make, or allow the Company to be subject
to or have its Company Common Stock be subject to or party to one or more Subject Entities making, a purchase, tender or exchange
offer that is accepted by the holders of at least either (1) 50% of the outstanding shares of Company Common Stock, (2) 50% of
the outstanding shares of Company Common Stock calculated as if any shares of Company Common Stock held by all Subject Entities
making or party to, or Affiliated with any Subject Entities making or party to, such purchase, tender or exchange offer were not
outstanding; or (3) such number of shares of Company Common Stock such that all Subject Entities making or party to, or Affiliated
with any Subject Entity making or party to, such purchase, tender or exchange offer, become collectively the beneficial owners
(as defined in Rule 13d-3 under the 1934 Act) of at least 50% of the outstanding shares of Company Common Stock, or (d) consummate
a stock purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off
or scheme of arrangement) with one or more Subject Entities whereby such Subject Entities, individually or in the aggregate, acquire,
either (1) at least 50% of the outstanding shares of Company Common Stock, (2) at least 50% of the outstanding shares of Company
Common Stock calculated as if any shares of Company Common Stock held by all the Subject Entities making or party to, or Affiliated
with any Subject Entity making or party to, such stock purchase agreement or other business combination were not outstanding; or
(3) such number of shares of Company Common Stock such that the Subject Entities become collectively the beneficial owners (as
defined in Rule 13d-3 under the 1934 Act) of at least 50% of the outstanding shares of Company Common Stock, or (e) reorganize,
recapitalize or reclassify its shares of Company Common Stock, (ii) that the Company shall, directly or indirectly, including through
Subsidiaries, Affiliates or otherwise, in one or more related transactions, allow any Subject Entity individually or the Subject
Entities in the aggregate to be or become the "beneficial owner" (as defined in Rule 13d-3 under the 1934 Act),
directly or indirectly, whether through acquisition, purchase, assignment, conveyance, tender, tender offer, exchange, reduction
in outstanding shares of Company Common Stock, merger, consolidation, business combination, reorganization, recapitalization, spin-off,
scheme of arrangement, reorganization, recapitalization or reclassification or otherwise in any manner whatsoever, of either (a)
at least 50% of the aggregate ordinary voting power represented by issued and outstanding shares of Company Common Stock, (b) at
least 50% of the aggregate ordinary voting power represented by issued and outstanding shares of Company Common Stock not held
by all such Subject Entities as of the Subscription Date calculated as if any shares of Company Common Stock held by all such Subject
Entities were not outstanding, or (c) a percentage of the aggregate ordinary voting power represented by issued and outstanding
shares of Company Common Stock or other equity securities of the Company sufficient to allow such Subject Entities to effect a
statutory short form merger or other transaction requiring other stockholders of the Company to surrender their shares of Company
Common Stock without approval of the stockholders of the Company or (iii) directly or indirectly, including through Subsidiaries,
Affiliates or otherwise, in one or more related transactions, the issuance of or the entering into any other instrument or transaction
structured in a manner to circumvent, or that circumvents, the intent of this definition in which case this definition shall be
construed and implemented in a manner otherwise than in strict conformity with the terms of this definition to the extent necessary
to correct this definition or any portion of this definition which may be defective or inconsistent with the intended treatment
of such instrument or transaction. For the avoidance of doubt, the transactions contemplated by the Primary Financing SPA shall
constitute a Fundamental Transaction.

    	 	-17-	 

     

    

(p)              
"GAAP" means United States generally accepted accounting principles, consistently applied for the periods
covered thereby.

(q)              
"Group" means a "group" as that term is used in Section 13(d) of the 1934 Act and as defined
in Rule 13d-5 thereunder.

(r)               
"Indebtedness" of any Person means, without duplication (i) all indebtedness for borrowed money, (ii) all
obligations issued, undertaken or assumed as the deferred purchase price of property or services, including (without limitation)
"finance leases" in accordance with GAAP (other than trade payables entered into in the ordinary course of business consistent
with past practice), (iii) all reimbursement or payment obligations with respect to letters of credit, surety bonds and other similar
instruments, (iv) all obligations evidenced by notes, bonds, debentures or similar instruments, including obligations so evidenced
incurred in connection with the acquisition of property, assets or businesses, (v) all indebtedness created or arising under any
conditional sale or other title retention agreement, or incurred as financing, in either case with respect to any property or assets
acquired with the proceeds of such indebtedness (even though the rights and remedies of the seller or bank under such agreement
in the event of default are limited to repossession or sale of such property), (vi) all monetary obligations under any leasing
or similar arrangement which, in connection with GAAP is classified as a finance lease, (vii) all indebtedness referred to in clauses
(i) through (vi) above secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise,
to be secured by) any mortgage, deed of trust, lien, pledge, charge, security interest or other encumbrance of any nature whatsoever
upon or in any property or assets (including accounts and contract rights) with respect to any asset or property owned by any Person,
even though the Person which owns such assets or property has not assumed or become liable for the payment of such indebtedness,
and (viii) all Contingent Obligations in respect of indebtedness or obligations of others of the kinds referred to in clauses (i)
through (vii) above.

(s)               
"Intellectual Property Rights" shall have the meaning set forth in the Securities Purchase Agreement.

    	 	-18-	 

     

    

(t)                
"Interest Rate" means 15.0% per annum, subject to adjustment as set forth in Section 3.

(u)                "Investment" means, with respect to any Person, (a) any investment by such Person in any other Person (including
Affiliates) in the form of loans, guarantees, advances or other extensions of credit (excluding accounts receivable arising in
the ordinary course of business), capital contributions or acquisitions of Indebtedness (including, any bonds, notes, debentures
or other debt securities), Equity Interests, or all or substantially all of the assets of such other Person (or of any division
or business line of such other Person), (b) the purchase or ownership of any futures contract or liability for the purchase or
sale of currency or other commodities at a future date in the nature of a futures contract, or (c) any investment in any other
items that are or would be classified as investments on a balance sheet of such Person prepared in accordance with GAAP.

(v)                "Lead Investor" means Altium Growth Fund, LP.

(w)            
"Liquidation Event" means the voluntary or involuntary liquidation, dissolution or winding up of the Company
or such Subsidiaries the assets of which constitute all or substantially all of the assets of the business of the Company and its
Subsidiaries taken as a whole, in a single transaction or series of transactions, or adoption of any plan for the same.

(x)              
"Material Adverse Effect" shall have the meaning set forth in the Securities Purchase Agreement.

(y)                "Maturity Date" means the earliest to occur of: (i) [•], 20211;
provided, however, that, to the extent the consummation of the transactions contemplated by the Merger Agreement
is being delayed beyond such date due solely for reasons outside of the Company's control, such date shall be extended to the earlier
to occur of (x) the consummation of the transactions contemplated by the Merger Agreement and (y) [•], 20212,
(ii) the Public Company Date and (iii) the time immediately prior to the consummation of the transactions contemplated by the Primary
Financing SPA.

(z)              
"Merger Agreement" shall have the meaning set forth in the Securities Purchase Agreement.

(aa)           
"Organization Documents" means, (a) with respect to any corporation, the certificate or articles of incorporation
and the bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect
to any limited liability company, the certificate or articles of formation or organization and operating agreement; (c) with respect
to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement
of formation or organization and any agreement, instrument, filing or notice with respect thereto filed in connection with its
formation or organization with the applicable governmental authority in the jurisdiction of its formation or organization and,
if applicable, any certificate or articles of formation or organization of such entity, and (d) in each case, all shareholder or
other equity holder agreements, voting trusts and similar arrangements to which such Person is a party or which is applicable to
its Equity Interests and all other arrangements relating to the control or management of such Person.

 ______________________________

1 Insert date
that is six (6) months immediately following the first Closing Date occurring under the Securities Purchase Agreement.

2 Insert date that is one hundred
twenty (120) days immediately following the six (6) months immediately following the first Closing Date occurring under the Securities
Purchase Agreement.

    	 	-19-	 

     

    

(bb)          
"Outstanding Amount" means (i) the portion of the Principal to be prepaid or redeemed or otherwise with
respect to which this determination is being made, (ii) all accrued and unpaid Interest with respect to such portion of the Principal
and (iii) accrued and unpaid Late Charges with respect to such portion of such Principal and such Interest, if any.

(i)    
"Permitted Indebtedness" means (i) Indebtedness evidenced by this Note and the Other Notes, (ii) trade
payables incurred in the ordinary course of business consistent with past practice in an amount not to exceed $250,000 in the aggregate
and (iii) existing Indebtedness, as set forth on Schedule 3(m) of the Securities Purchase Agreement, provided, that
such Indebtedness is not increased, refinanced, amended, changed or modified on or after the Subscription Date.

(cc)           
"Permitted Investments" means (i) Investments in cash and Cash Equivalents and (ii) advances made in connection
with purchases of goods or services in the ordinary course of business consistent with past practice.

(dd)          
"Permitted Liens" means (i) any Lien for taxes not yet due or delinquent or being contested in good faith
by appropriate proceedings for which adequate reserves have been established in accordance with GAAP, (ii) any statutory Lien arising
in the ordinary course of business by operation of law with respect to a liability that is not yet due or delinquent, (iii) any
Lien created by operation of law, such as materialmen's liens, mechanics' liens and other similar liens, arising in the ordinary
course of business with respect to a liability that is not yet due or delinquent or that are being contested in good faith by appropriate
proceedings, (iv) Liens (A) upon or in any equipment acquired or held by the Company or any of its Subsidiaries to secure the purchase
price of such equipment or Indebtedness incurred solely for the purpose of financing the acquisition or lease of such equipment,
or (B) existing on such equipment at the time of its acquisition, provided that the Lien is confined solely to the equipment so
acquired and improvements thereon, and the proceeds of such equipment, (v) Liens incurred in connection with the extension, renewal
or refinancing of the Indebtedness secured by Liens of the type described in clause (iv) above, provided that any extension, renewal
or replacement Lien shall be limited to the property encumbered by the existing Lien and the principal amount of the Indebtedness
being extended, renewed or refinanced does not increase, (vi) leases or subleases and licenses and sublicenses granted to others
in the ordinary course of the Company's business, not interfering in any material respect with the business of the Company and
its Subsidiaries taken as a whole, (vii) Liens in favor of customs and revenue authorities arising as a matter of law to secure
payments of custom duties in connection with the importation of goods, (viii) Liens arising from judgments, decrees or attachments
in circumstances not constituting an Event of Default under Section 5(a)(iv) and (ix) Liens on the Collateral in favor of the Collateral
Agent.

    	 	-20-	 

     

    

(ee)           
"Person" means an individual, a limited liability company, a partnership, a joint venture, a corporation,
a trust, an unincorporated organization, any other entity and a government or any department or agency thereof.

(ff) 
"Primary Financing SPA" means that certain Securities Purchase Agreement dated as of the Subscription Date
by and among the Company, SNCA and the investors listed on the signature pages attached thereto pursuant to which, among other
transactions, the Company is expected to issue shares of Company Common Stock and SNCA is expected to issue certain warrants to
purchase shares of SNCA Common Stock, all in accordance with the terms thereof.

(gg)          
"Public Company Date" means the date on which the shares of Company Common Stock of the Company (or its
successor or parent company by merger, recapitalization, reorganization or otherwise) are registered under the 1934 Act, or are
exchanged for equity capital of the Company's successor or parent company by merger, recapitalization, reorganization or otherwise
which are registered under the 1934 Act.

(hh)          
"Redemption Dates" means, collectively, the Optional Prepayment Dates, the Mandatory Prepayment Date and
the Event of Default Redemption Dates, each of the foregoing, individually, a Redemption Date.

(ii)             
"Redemption Notices" means, collectively, the Optional Prepayment Notices, the Mandatory Prepayment Notice
and the Event of Default Redemption Notices, each of the foregoing, individually, a Redemption Notice.

(jj)             
"Redemption Prices" means, collectively, the Optional Prepayment Prices, the Mandatory Prepayment Price
and the Event of Default Redemption Prices, each of the foregoing, individually, a Redemption Price.

(kk)          
"Related Fund" means, with respect to any Person, a fund or account managed by such Person or an Affiliate
of such Person.

(ll)             
"Required Holders" means the holders of Notes representing at least a majority of the aggregate Principal
amount of the Notes then outstanding and shall include the Lead Investor so long as the Lead Investor or any of its Affiliates
holds any Notes.

(mm)     
"Securities Purchase Agreement" means that certain securities purchase agreement dated as of the Subscription
Date by and among the Company and the Buyers pursuant to which the Company issued the Notes to the Buyers.

(nn)          
"Security Documents" shall have the meaning set forth in the Securities Purchase Agreement.

(oo)          
"SNCA" means Seneca Biopharma, Inc., a Delaware corporation.

(pp)          
"SNCA Common Stock" means (i) SNCA common stock, par value $0.001 per share, and (ii) any share capital
into which such common stock shall have been changed or any share capital resulting from a reorganization, recapitalization or
reclassification of such common stock, including, without limitation, as a result of the transactions contemplated by the Merger
Agreement.

    	 	-21-	 

     

    

(qq)          
"Subject Entity" means any Person, Persons or Group or any Affiliate or associate of any such Person, Persons
or Group.

(rr)             
"Subscription Date" means [_________________].

(ss)            
"Subsidiaries" means all joint ventures or entities in which the Company, directly or indirectly, owns
capital stock or an equity or similar interest, including any Subsidiaries formed or acquired after the Subscription Date.

(tt)             
"Transaction Documents" shall have the meaning set forth in the Securities Purchase Agreement.

[Signature Page Follows]

 

 

 

    	 	-22-	 

     

    

IN WITNESS WHEREOF, the Company has caused
this Note to be duly executed as of the Issuance Date set out above.

 

	 	Leading BioSciences, Inc.
	 	 
	 	By:_________________________________
	 	Name:
	 	Title:Exhibit 10.18

 

CERTAIN
CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [...***...], HAS BEEN OMITTED BECAUSE IT IS BOTH (I)
NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.

 

 

 

 

 

LICENSE AGREEMENT

 

BETWEEN

 

LEADING BIOSCIENCES, INC.

 

AND

 

THE REGENTS OF THE UNIVERSITY OF CALIFORNIA

 

FOR

 

CASE NO. [...***...]

 

 

 

 

 

 

 

***Certain Confidential Information Omitted

     

     

    

 

TABLE CONTENTS

 

	Recitals	 	1
	 	 	
	Article
1:	Definitions	1
	 	 	 
	Article
2:	Grant	3
	 	 	 
	Article
3:	Consideration	4
	 	 	 
	Article
4:	Reports, Records and Payments	9
	 	 	 
	Article
5:	Patent Matters	12
	 	 	 
	Article
6:	Governmental Matters	15
	 	 	 
	Article
7:	Termination or Expiration of Agreement	16
	 	 	 
	Article
8:	Limited Warranty and Indemnification	17
	 	 	 
	Article
9:	Use of Names and Trademarks	19
	 	 	 
	Article
10:	Miscellaneous Provisions	20

 

 

 

 

 

 

 

 

 

     

     

    

 

LICENSE
AGREEMENT

 

This agreement (“Agreement”) is made by and between
Leading Biosciences, a California corporation having an address at 3580 Carmel Mountain Road, San Diego, CA 92130 (“LICENSEE”)
and The Regents of the University of California, a California public corporation having its statewide administrative offices at
1111 Franklin Street, Oakland, California 94607-5200 (“UNIVERSITY”), represented by its San Diego campus having an
address at University of California, San Diego, Technology Transfer Office, Mail Code 0910, 9500 Gilman Drive, La Jolla, California
92093-0910 (“UCSD”).

 

This Agreement is effective on the date of
the last signature (“Effective Date”).

 

RECITALS

 

WHEREAS, the invention disclosed in UCSD Disclosure Docket No.
[...***...] (“Invention”), were made in the course of research at UCSD by [...***...] and his/her
associates (hereinafter and collectively, the “Inventors”) and are covered by Patent Rights as defined below;

 

WHEREAS, the Inventors are employees of UCSD, and they are obligated
to assign all of their right, title and interest in the Invention to UNIVERSITY;

 

WHEREAS, LICENSEE entered into a secrecy agreement (UC Control
No. [...***...]) with UNIVERSITY, effective April 9, 2013, for the purpose of evaluating the Invention;

 

WHEREAS, UNIVERSITY is desirous that the Invention be
developed and utilized to the fullest possible extent so that its benefits can be enjoyed by the general public;

 

WHEREAS, LICENSEE is desirous of obtaining certain rights
from UNIVERSITY for commercial development, use, and sale of the Invention, and the UNIVERSITY is willing to grant such rights;
and

 

WHEREAS, LICENSEE understands that UNIVERSITY may publish
or otherwise disseminate information concerning the Invention at any time and that LICENSEE is paying consideration thereunder
for its early access to the Invention, not continued secrecy therein.

 

NOW, THEREFORE, the parties agree:

 

Article
1.    DEFINITIONS

 

The terms, as defined herein, shall have the same meanings in
both their singular and plural forms.

 

***Certain Confidential Information Omitted

    	- 1 -

     

    

 

 

1.1           “Affiliate” means any corporation or other business entity which is bound in writing by LICENSEE to the terms
set forth in this Agreement and in which LICENSEE owns or controls, directly or indirectly, at least fifty percent (50%) of the
outstanding stock or other voting rights entitled to elect directors, or in which LICENSEE is owned or controlled directly or indirectly
by at least fifty percent (50%) of the outstanding stock or other voting rights entitled to elect directors; but in any country
where the local law does not permit foreign equity participation of at least fifty percent (50%), then an “Affiliate”
includes any company in which LICENSEE owns or controls or is owned or controlled by, directly or indirectly, the maximum percentage
of outstanding stock or voting rights permitted by local law.

 

1.2           “Excluded Field” means oxygenation of the mucosal barrier.

 

1.3           “Field” means direct administration of protease inhibitors to the stomach via a tube, including a nasogastric
tube, for the treatment of (i) shock, (ii) sepsis, (iii) inflammatory disease, (iv) post surgical ileus, and (v) damage to the
gastro-intestinal tract caused by radiation damage, but excluding the Excluded Field.

 

1.4           “Licensed Method” means any method that is claimed in Patent Rights the use of which would constitute, but for
the license granted to LICENSEE under this Agreement and Licensee’s co-ownership interest, an infringement, an inducement
to infringe or contributory infringement, of any pending or issued claim within Patent Rights, had LICENSEE not had rights in patents
and patent applications claiming Invention.

 

1.5           “Licensed
Product” means any service, composition or product that is claimed in Patent Rights, or that is produced by the Licensed
Method, or the manufacture, use, sale, offer for sale, or importation of which would constitute, but for the license granted to
LICENSEE under this Agreement and Licensee’s co-ownership interest, an infringement, an inducement to infringe or contributory
infringement, of any pending or issued claim within the Patent Rights, had LICENSEE not had rights in patents and patent applications
claiming Invention.

 

1.6           “Net Sales” means the total of the gross invoice prices of Licensed Products sold or leased by LICENSEE, Sublicensee,
Affiliate, or any combination thereof, less the sum of the following actual and customary deductions where applicable and separately
listed: [...***...]. For purposes of calculating Net Sales, [...***...].

 

1.7           “Patent
Costs” means all expenses for the preparation, filing, prosecution, and maintenance of all United States and foreign
patents included in Patent Rights. Patent Costs shall also include out-of-pocket expenses for patentability opinions,
inventorship determination, preparation and prosecution of patent application, re-examination, re-issue, interference, and
opposition activities related to patents or applications in Patent Rights.

 

 

***Certain Confidential Information Omitted

    	- 2 -

     

    

1.8           “Patent
Rights” means UNIVERSITY’s rights in any of the following: [...***...] disclosing and claiming the Invention,
filed by Inventors and assigned to UNIVERSITY and LICENSEE; and continuing applications thereof including divisions, substitutions,
and continuations-in-part (but only to the extent the claims thereof are entirely supported in the specification and entitled
to the priority date of the parent application); any patents issuing on said applications including reissues, reexaminations and
extensions; and any corresponding foreign applications or patents.

 

1.9           “Sublicense” means an agreement into which LICENSEE enters with a third party that is not an Affiliate for the
purpose of (i) granting certain rights; (ii) granting an option to certain rights; or (iii) forbearing the exercise of any rights,
granted to LICENSEE under this Agreement. “Sublicensee” means a third party with whom LICENSEE enters into a Sublicense.

 

1.10         “Term” means the period of time beginning on the Effective Date and ending on the expiration date of the longest-lived
Patent Rights.

 

1.11         “Territory” means world-wide where Patent Rights exist.

 

Article
2.    GRANTS

 

2.1           License.
Subject to the limitations set forth in this Agreement, UNIVERSITY hereby grants to LICENSEE, and LICENSEE hereby accepts, a license
under Patent Rights to make, to use, to sell, to offer for sale, and to import Licensed Products and to practice Licensed Methods,
in the Field within the Territory and during the Term.

 

The license granted herein is exclusive for
Patent Rights.

 

2.2           Sublicense.

 

(a)              
The license granted in Section 2.1 includes the right of LICENSEE to grant Sublicenses to third parties during the Term
but only for as long as the license is exclusive.

 

(b)              
With respect to Sublicense granted pursuant to Paragraph 2.2(a), LICENSEE shall:

 

(i)                
not receive, or agree to receive, anything of value in lieu of cash as consideration from a third party under a Sublicense
granted pursuant to Paragraph 2.2(a) without the express written consent of UNIVERSITY;

 

(ii)             
to the extent applicable, include all of the rights of and obligations due to UNIVERSITY (and, if applicable, the Sponsor’s
Rights) and contained in this Agreement;

 

***Certain Confidential Information Omitted

    	- 3 -

     

    

 

(iii)           
promptly provide UNIVERSITY with a copy of each Sublicense issued; and

 

(iv)            
collect and guarantee payment of all payments due, directly or indirectly, to UNIVERSITY from Sublicensees and summarize
and deliver all reports due, directly or indirectly, to UNIVERSITY from Sublicensees.

 

(c)              
Upon termination of this Agreement for any reason, UNIVERSITY, at its sole discretion, shall determine whether LICENSEE
shall cancel or assign to UNIVERSITY any and all Sublicenses.

 

(d)              
If LICENSEE grants a license to a third party under its own interest in any patent rights claiming Invention, LICENSEE shall
also concurrently grant a Sublicense under Patent Rights to said third party under this Section 2.2.

 

2.3           Reservation
of Rights. UNIVERSITY reserves the right to:

 

(a)              
use the Invention and Patent Rights for educational and research purposes;

 

(b)              
publish or otherwise disseminate any information about the Invention at any time; and

 

(c)              
allow other nonprofit institutions to use and publish or otherwise disseminate any information about Invention and Patent
Rights for educational and research purposes.

 

Article
3.    CONSIDERATION

 

3.1           Fees
and Royalties. The parties hereto understand that the fees and royalties payable by LICENSEE to UNIVERSITY under this Agreement
are partial consideration for the license granted herein to LICENSEE under Patent Rights. LICENSEE shall pay UNIVERSITY:

 

(a)              
a license issue fee of Three Thousand Five Hundred dollars (US$3,500), within [...***...] after the Effective
Date;

 

If the LICENSEE proposes to sell any equity securities
or securities that are convertible into equity securities of the LICENSEE, then the UNIVERSITY and/or its Assignee (as defined
below) will have the right to purchase up to [...***...]% of the securities issued in each offering on the same terms
and conditions as are offered to the other purchasers in each such financing, subject to changes to reflect the University’s
public university status, which are likely similar to any changes to be made to any shareholder agreement the University signs
to receive shares. The term “Assignee” means (a) any entity to which the UNIVERSITY’s participation rights under
this section have been assigned either by the UNIVERSITY or another entity, or (b) any entity that is controlled by the UNIVERSITY.
This paragraph shall survive the termination of this agreement.

 

 

***Certain Confidential Information Omitted

    	- 4 -

     

    

 

(b)              
license maintenance fees of [...***...] per year and payable on the first anniversary of the Effective Date and
annually thereafter on each anniversary; provided however, that LICENSEE’s obligation to pay this fee shall end on the date
when LICENSEE is commercially selling a Licensed Product;

 

(c)              
milestone payments in the amounts payable according to the following schedule or events:

 

	Amount	Date or Event
	 	 
	(i)          $[...***...]	[...***...]

 

(d)              
an earned royalty on Net Sales of Licensed Products by LICENSEE and/or its Affiliate(s) in accordance with the following
schedule:

 

	Royalty Rate	Date or Event
	 	 
	(i)          [...***...]%	Net Sales of the most recently completed quarter are less than $[...***...]
	 	 
	(ii)         [...***...]%	Net Sales of the most recently completed quarter are greater than or equal to $[...***...] and less than $[...***...]
	 	 
	(iii)        [...***...]%	Net Sales of the most recently completed quarter are greater than or equal to $[...***...] and less than $[...***...]
	 	 
	(iv)        [...***...]%	Net Sales of the most recently completed quarter are greater than or equal to $[...***...] and less than $[...***...].
	 	 
	(v)         [...***...]%	Net Sales of the most recently completed quarter are greater than $[...***...].

 

(e)              
A percentage of all Sublicense fees received by LICENSEE from its Sublicensees that are not earned royalties in accordance
with the following schedule:

 

***Certain Confidential Information Omitted

    	- 5 -

     

    

	Percentage	Date or Event

 

	(i)          [...***...]%	[...***...]
	 	 
	(ii)         [...***...]%	[...***...]
	 	 
	(iii)        [...***...]%	[...***...]
	 	 
	(iv)        [...***...]%	[...***...]
	 	 
	(v)         [...***...]%	[...***...]

 

(f)               
on each and every Sublicense royalty payment received by LICENSEE from its Sublicensees on sales of Licensed Product by
Sublicensee, the royalties based on the royalty rate in Paragraph 3.1(d) as applied to Net Sales of Sublicensee;

 

(g)              
beginning the calendar year of commercial sales of the first Licensed Product by LICENSEE, its Sublicensee, or an Affiliate
and if the total earned royalties paid by LICENSEE under Paragraphs 3.1(d) and (f) to UNIVERSITY in any such year cumulatively
amounts to less than [...***...] (“minimum annual royalty”), LICENSEE shall pay to UNIVERSITY a minimum annual
royalty on or before February 28 following the last quarter of such year the difference between amount noted above and the total
earned royalty paid by LICENSEE for such year under Paragraphs 3.1(d) and (f); provided, however, that for the year of commercial
sales of the first Licensed Product, the amount of minimum annual royalty payable shall be pro-rated for the number of months remaining
in that calendar year.

 

All fees and royalty payments specified in Paragraphs
3.1(a) through 3.1(g) above shall be paid by LICENSEE pursuant to Paragraph 4.3 and shall be delivered by LICENSEE to UNIVERSITY
as noted in Paragraph 10.1.

 

3.2           Patent
Costs. LICENSEE shall reimburse UNIVERSITY all past (prior to the Effective Date) and future (on or after the Effective
Date) Patent Costs within [...***...] following the date an itemized invoice is sent from UNIVERSITY to LICENSEE.
In UNIVERSITY’s discretion, for Patent Costs anticipated to exceed $[...***...] (“Anticipated
Costs”), UNIVERSITY will inform LICENSEE no less than [...***...] prior to the date when Anticipated Costs
are incurred. UNIVERSITY may, at its discretion and in accordance with Paragraph 5.1(c), require full advance payment of
Anticipated Costs at least [...***...] before required filing dates (“Advance Payment Deadline”). In
the event UNIVERSITY has provided LICENSEE with a [...***...] notice of Anticipated Costs, and LICENSEE does not
pay the Anticipated Costs on or before the Advance Payment Deadline, UNIVERSITY will act at its sole discretion with regard
to filing, prosecution and maintenance of those Patent Rights associated with the [...***...] notice. In the event
that the Anticipated Costs paid by LICENSEE is greater than the actual cost, the excess amount is creditable against future
Patent Costs. In the event that the actual costs exceed the Anticipated Costs paid in advance by LICENSEE, LICENSEE shall pay
such excess costs within [...***...] following the date an itemized invoice is sent as set forth in Paragraph
4.3.

 

***Certain Confidential Information Omitted

    	- 6 -

     

    

Past Patent Costs are approximately [...***...].

 

3.3           Due Diligence.

 

(a)          LICENSEE shall, either directly or through its Affiliate(s) or Sublicensee(s):

 

(i)           diligently
proceed with the development, manufacture and sale of Licensed Products;

 

(ii)          annually
spend not less than [...***...] for the development of Licensed Products during the first [...***...] years
of this Agreement. LICENSEE may, at its sole option, [...***...];

 

(iii)         For
Licensed Products that are in the field of treatment of shock:

 

(A)        Within
[...***...] from execution date of license:

(1)              
Build first prototype;

(2)              
Commence large animal studies;

(B)         Prior
to [...***...]:

(1)              
Build third prototype;

(2)              
Commence human studies;

(C)         Prior
to [...***...]:

Commence Phase III clinical trial; and

(D)        Prior to [...***...]:

(1)              
Obtain regulatory approval in the US;

(2)              
Close the first sale of Licensed Product;

 

(iv)          For Licensed Products that are in the field of treatment of sepsis:

 

(A)        Within
[...***...] from execution date of license:

(1)              
Build first prototype;

(2)              
Commence large animal studies;

(B)         Prior to [...***...]:

(1)              
Build third prototype;

(2)              
Commence human studies;

(C)         Prior
to [...***...]:

Commence Phase III clinical trial; and

(D)        Prior
to [...***...]:

(1)                              
Obtain regulatory approval in the US;

(2)                              
Close the first sale of Licensed Product;

 

***Certain Confidential Information Omitted

    	- 7 -

     

    

(v)           For Licensed Products that are in the field of treatment of inflammatory disease:

 

(A)        Within [...***...] from execution date of license:

(1)                              
Build first prototype;

(2)                              
Commence large animal studies;

(B)         Prior to [...***...]:

(1)                              
Build third prototype;

(2)                              
Commence human studies;

(C)         Prior
to [...***...]:

Commence Phase III clinical trial; and

(D)         Prior
to [...***...]:

(1)                              
Obtain regulatory approval in the US;

(2)                              
Close the first sale of Licensed Product;

 

(vi)          For
Licensed Products that are in the field of treatment of post-surgical ileus:

 

(A)        Within [...***...] from execution date of license:

(1)                              
Build first prototype;

(2)                              
Commence large animal studies;

(B)         Prior
to [...***...]:

(1)                              
Build third prototype;

(2)                              
Commence human studies;

(C)         Prior
to [...***...]:

Commence Phase III clinical trial; and

(D)         Prior to [...***...]:

(1)                              
Obtain regulatory approval in the US;

(2)                              
Close the first sale of Licensed Product;

 

(vii)         For
Licensed Products that are in the field of treatment of damage caused by radiation exposure:

 

(A)        Within
[...***...] from execution date of license:

(1)                              
Build first prototype;

(2)                              
Commence large animal studies;

(B)         Prior
to [...***...]:

(1)                              
Build third prototype;

(2)                              
Commence human studies;

(C)         Prior
to [...***...]:

Commence Phase III clinical trial; and

(D)         Prior to [...***...]:

(1)                              
Obtain regulatory approval in the US;

(2)                              
Close the first sale of Licensed Product;

 

(viii)       
market Licensed Products in the United States within [...***...] of receiving regulatory approval to market such
Licensed Products;

 

***Certain Confidential Information Omitted

    	- 8 -

     

    

 

(ix)            
fill the market demand for Licensed Products following commencement of marketing at any time during the term of this Agreement;
and

 

(x)              
obtain all necessary governmental approvals for the manufacture, use and sale of Licensed Products.

 

(b)         If LICENSEE fails to perform any of its obligations specified in Paragraphs 3.3(a)(i)-(x), then UNIVERSITY shall have the
right and option to either terminate this Agreement or change LICENSEE’s exclusive license to a nonexclusive license. This
right, if exercised by UNIVERSITY, supersedes the rights granted in Article 2.

 

Article
4.    REPORTS, RECORDS AND PAYMENTS

 

4.1           Reports.

 

(a)          Progress Reports.

 

Beginning [...***...] after Effective
Date and ending on the date when all outstanding milestone events have been attained and diligence requirements have been fulfilled;
LICENSEE shall report to UNIVERSITY progress covering LICENSEE’s (and Affiliate’s and Sublicensee’s) activities
for the preceding six months to develop and test all Licensed Products and obtain governmental approvals necessary for marketing
the same. Such semi-annual reports shall be due within [...***...] of the reporting period and include a summary of work
completed, summary of work in progress, current schedule of anticipated events or milestones, market plans for introduction of
Licensed Products, and summary of resources (dollar value) spent in the reporting period. The reports referred to in this Section
4.1(a) should be marked with the following title and case number: “License Agreement between UCSD and Leading Biosciences
for case [...***...].” Reports shall be submitted as attachment to UCSD’s email address: [...***...].

(b)         Royalty
Reports.

 

After the first commercial sale of a Licensed Product
anywhere in the world, LICENSEE shall submit to UNIVERSITY quarterly royalty reports on or before each February 28, May 31, August
31 and November 30 of each year. Each royalty report shall cover LICENSEE’s (and each Affiliate’s and Sublicensee’s)
most recently completed calendar quarter and shall show:

 

(i)               the
date of first commercial sale of a Licensed Product in each country;

 

(ii)             
the gross sales, deductions as provided in Paragraph 1.6 (Net Sales), and Net Sales during the most recently completed calendar
quarter and the royalties, in US dollars, payable with respect thereto;

 

(iii)            
the number of each type of Licensed Product sold;

 

***Certain Confidential Information Omitted

    	- 9 -

     

    

 

(iv)            
Sublicense fees and royalties received during the most recently completed calendar quarter in US dollars, payable with respect
thereto;

 

(v)              the
method used to calculate the royalties; and

 

(vi)            
the exchange rates used.

 

If no sales of Licensed Products have been made and
no Sublicense revenue has been received by LICENSEE during any reporting period, LICENSEE shall so report. The reports referred
to in this Section 4.1(b) should be marked with the following title and case number: “License Agreement between UCSD and
Leading Biosciences for case [...***...].” Reports shall be submitted as attachment to UCSD’s email address:
[...***...].

 

(c)          Timely
Reports.

 

LICENSEE acknowledges the important value that timely
reporting provides in the UNIVERSITY’s effective management of its rights under this Agreement. LICENSEE further acknowledges
that failure to render the reports required under this Section 4.1 may harm UNIVERSITY’s ability to manage its rights under
this Agreement. As such, reports not submitted by the required due date under this Section 4.1 will cause to be due by LICENSEE
to UNIVERSITY a late reporting fee of [...***...] until such report, compliant with the requirements of this Section
4.1, is received by UNIVERSITY. Payment of this fee is subject to Section 4.3, Section 7.1 and Paragraph 10.1 herein.

 

4.2           Records
& Audits.

 

(a)          LICENSEE shall keep, and shall require its Affiliates and Sublicensees to keep, accurate and correct records of all Licensed
Products manufactured, used, and sold, and Sublicense fees received under this Agreement. Such records shall be retained by LICENSEE
for at least [...***...] years following a given reporting period.

 

(b)          All
records shall be available during normal business hours for inspection at the expense of UNIVERSITY by UNIVERSITY’s
Internal Audit Department or by a Certified Public Accountant selected by UNIVERSITY and in compliance with the other terms
of this Agreement for the sole purpose of verifying reports and payments or other compliance issues. Such inspector shall not
disclose to UNIVERSITY any information other than information relating to the accuracy of reports and payments made under
this Agreement or other compliance issues. In the event that any such inspection shows an under reporting and underpayment in
excess of [...***...] for any [...***...] period, then LICENSEE shall pay the cost of the audit as well
as any additional sum that would have been payable to UNIVERSITY had the LICENSEE reported correctly, plus an interest charge
at a rate of [...***...] per year. Such interest shall be calculated from the date the correct payment was due to
UNIVERSITY up to the date when such payment is actually made by LICENSEE. For underpayment not in excess of
[...***...] for any [...***...] period, LICENSEE shall pay the difference within [...***...]
without interest charge or inspection cost.

 

***Certain Confidential Information Omitted

    	- 10 -

     

    

 

4.3            Payments.

 

(a)          All
fees, reimbursements and royalties due UNIVERSITY shall be paid in United States dollars and all checks (should payment by wire
not be possible) shall be made payable to “The Regents of the University of California”, referencing UNIVERSITY’s
taxpayer identification number, [...***...], and sent to UNIVERSITY according to Paragraph 10.1 (Correspondence). When
Licensed Products are sold in currencies other than United States dollars, LICENSEE shall first determine the earned royalty in
the currency of the country in which Licensed Products were sold and then convert the amount into equivalent United States funds,
using the exchange rate quoted in the Wall Street Journal on the last business day of the applicable reporting period.

 

(b)          Royalty
Payments.

 

(i)               Royalties
shall accrue when Licensed Products are invoiced, or if not invoiced, when delivered to a third party or Affiliate.

 

(ii)             
LICENSEE shall pay earned royalties quarterly on or before February 28, May 31, August 31 and November 30 of each calendar
year. Each such payment shall be for earned royalties accrued within LICENSEE’s most recently completed calendar quarter.

 

(iii)             Royalties earned on sales occurring or under Sublicense granted pursuant to this Agreement in any country outside the United
States shall [...***...].

 

(iv)            
If at any time legal restrictions prevent the prompt remittance of part or all royalties by LICENSEE with respect to any
country where a Licensed Product is sold or a Sublicense is granted pursuant to this Agreement, LICENSEE shall convert the amount
owed to UNIVERSITY into US currency and shall pay UNIVERSITY directly from its US sources of funds for as long as the legal restrictions
apply.

 

(v)              In
the event that any patent or patent claim within Patent Rights is held invalid in a final decision by a patent office from
which no appeal or additional patent prosecution has been or can be taken, or by a court of competent jurisdiction and last
resort and from which no appeal has or can be taken, all obligation to pay royalties based solely on that patent or claim or
any claim patentably indistinct therefrom shall cease as of the date of such final decision. LICENSEE
shall not, however, be relieved from paying any royalties that accrued before the date of such final decision, that are based
on another patent or claim not involved in such final decision.

 

***Certain Confidential Information Omitted

    	- 11 -

     

    

(vi)             Royalty
payments under Article 3, recoveries and settlements under Article 5, and royalty reports under 4.1(b) shall be rendered for any
and all Licensed Products even if due after expiration of the Agreement. If no applicable Patent Rights existed in the Territory
at the time of any making, use, sale, offer for sale, or import, then no royalty payments or royalty reports shall be due.

 

(c)          Late Payments. In the event royalty, reimbursement and/or fee payments are not received by UNIVERSITY when due, LICENSEE
shall pay to UNIVERSITY interest charges at a rate of [...***...] per year. Such interest shall be calculated from the
date payment was due until actually received by UNIVERSITY.

 

Article
5.    PATENT MATTERS

 

5.1             
Patent Prosecution and Maintenance.

 

(a)              
 

 

(i)               LICENSEE
agrees to diligently prosecute and maintain the patents and patent applications described under the Patent Rights. LICENSEE shall
provide UNIVERSITY with copies of all relevant documentation relating to such prosecution and UNIVERSITY shall keep this documentation
confidential. The counsel shall take instructions only from LICENSEE. Additional filings related to the Invention shall determine
inventorship in accordance with US patent law and ownership shall follow inventorship. All patent filings and all patent prosecution
decisions and related filings (e.g. responses to office actions) shall be at LICENSEE’s final discretion (prosecution includes,
but is not limited to, interferences, oppositions and any other inter partes matters originating in a patent office).

 

(ii)              Should
UNIVERSITY and LICENSEE mutually agree that UNIVERSITY should control patent prosecution, then for each application that the UNIVERSITY
controls prosecution the following provision shall apply:

 

(A)             Provided
that LICENSEE has reimbursed UNIVERSITY for Patent Costs pursuant to Paragraph 3.2, UNIVERSITY shall diligently prosecute and
maintain the United States and, if available, foreign patents, and applications in Patent Rights using counsel of its choice.
For purposes of clarity, if LICENSEE is not current in reimbursing UNIVERSITY for such patent prosecution costs, UNIVERSITY
shall have no obligation to incur any new Patent Costs under this Agreement or to further prosecute Patent Rights or file any
new patents under Patent Rights. UNIVERSITY shall provide LICENSEE with copies of all relevant documentation relating to such
prosecution and LICENSEE shall keep this documentation confidential. The counsel shall take instructions only from
UNIVERSITY, and all patents and patent applications in Patent Rights shall be assigned jointly to UNIVERSITY and LICENSEE.
UNIVERSITY shall in any event control such patent filings and all patent prosecution decisions and related filings (e.g.
responses to office actions) shall be at UNIVERSITY’s final discretion (prosecution includes, but is not limited to,
interferences, oppositions and any other inter partes matters originating in a patent office).

 

***Certain Confidential Information Omitted

    	- 12 -

     

    

 

(b)              
 

 

(i)               LICENSEE shall consider amending any patent application in Patent Rights to include claims reasonably requested by UNIVERSITY
to protect the products contemplated to be sold by LICENSEE under this Agreement.

 

(ii)             
Should UNIVERSITY and LICENSEE mutually agree that UNIVERSITY should control patent prosecution, then for each application
that the UNIVERSITY controls prosecution the following provision shall apply:

 

(A)            
UNIVERSITY shall consider amending any patent application in Patent Rights under its control to include claims reasonably
requested by LICENSEE to protect the products contemplated to be sold by LICENSEE under this Agreement.

 

(c)          If LICENSEE decides to discontinue prosecution or maintenance of any Patent Right, LICENSEE agrees to notify UNIVERSITY
in sufficient time for UNIVERSITY to decide whether they wish to assume responsibility for that patent or application. UNIVERSITY
will notify LICENSEE of their decision in a timely manner. If UNIVERSITY reasonably disagrees with the abandonment of said Patent
Right LICENSEE shall continue prosecution or maintenance of such Patent Right as set forth in Sections 5.1(a) and (b).

 

(d)         Should LICENSEE in its sole discretion decide to apply for an extension of the term of any patent in Patent Rights if appropriate
under the Drug Price Competition and Patent Term Restoration Act of 1984 and/or European, Japanese and other foreign counterparts
of this law., LICENSEE shall prepare all documents for such application, and UNIVERSITY shall execute such documents and take any
other additional action as LICENSEE reasonably requests in connection therewith.

 

5.2           Patent
Infringement.

 

(a)          In
the event that UNIVERSITY (to the extent of the actual knowledge of the licensing professional responsible for the
administration of this Invention) or LICENSEE learns of infringement of potential commercial significance of any patent
licensed under this Agreement, the knowledgeable party will provide the other (i) with written notice of such infringement
and (ii) with any evidence of such infringement available to it (the “Infringement Notice”). During the period in
which, and in the jurisdiction where, LICENSEE has exclusive rights under this Agreement, neither UNIVERSITY nor LICENSEE
will notify a third party (including the infringer) of infringement or put such third party on notice of the existence of any
Patent Rights without first obtaining consent of the other. If LICENSEE notifies a third party of infringement or puts such
third party on notice of the existence of any Patent Rights with respect to such infringement without first obtaining the
written consent of UNIVERSITY and UNIVERSITY is sued in declaratory judgment, UNIVERSITY shall have the right to terminate
this Agreement immediately without the obligation to provide [...***...] notice as set forth in Paragraph 7.1. Both
UNIVERSITY and LICENSEE will use their diligent efforts to cooperate with each other to terminate such infringement without
litigation.

 

    	- 13 -

     

    

 

(b)          If
infringing activity of potential commercial significance by the infringer has not been abated within [...***...] following
the date the Infringement Notice takes effect, LICENSEE may institute suit for patent infringement against the infringer. UNIVERSITY
may voluntarily join such suit at its own expense, but may not thereafter commence suit against the infringer for the acts of
infringement that are the subject of LICENSEE’s suit or any judgment rendered in that suit. LICENSEE may not join UNIVERSITY
in a suit initiated by LICENSEE without UNIVERSITY’S prior written consent. If, in a suit initiated by LICENSEE, UNIVERSITY
is involuntarily joined other than by LICENSEE, LICENSEE will pay any costs incurred by UNIVERSITY arising out of such suit, including
but not limited to, any legal fees of counsel that UNIVERSITY selects and retains to represent it in the suit.

 

(c)          If, within a [...***...] following the date the Infringement Notice takes effect, infringing activity of potential
commercial significance by the infringer has not been abated and if LICENSEE has not brought suit against the infringer, UNIVERSITY
may institute suit for patent infringement against the infringer. If UNIVERSITY institutes such suit, LICENSEE may not join such
suit without UNIVERSITY’S consent and may not thereafter commence suit against the infringer for the acts of infringement
that are the subject of UNIVERSITY’S suit or any judgment rendered in that suit.

 

(d)          Notwithstanding anything to the contrary in this Agreement, in the event that the infringement or potential infringement
pertains to an issued patent included within the Patent Rights and written notice is given under any statute expediting litigation
(e.g. the Drug Price Competition and Patent Term Restoration Act of 1984 and/or foreign counterparts of this Law) (“Act”),
then the party in receipt of such notice under the Act (in the case of UNIVERSITY to the extent of the actual knowledge of the
licensing officer responsible for the administration of this Agreement) shall provide the Infringement Notice to the other party
promptly. If the time period is such that the LICENSEE will lose the right to pursue legal remedy for infringement by not notifying
a third party or by not filing suit, the notification period and the time period to file suit will be accelerated to within [...***...]
of the date of such notice under the Act to either party.

 

(e)          Any
recovery or settlement received in connection with any suit will first be shared by UNIVERSITY and LICENSEE equally to cover
the litigation costs each incurred, and next shall be paid to UNIVERSITY or LICENSEE to cover any litigation costs it
incurred in excess of the litigation costs of the other. In any suit initiated by LICENSEE, any
recovery in excess of litigation costs will be shared between LICENSEE and UNIVERSITY as follows: (i) for any recovery other
than amounts paid for willful infringement: (A) UNIVERSITY will receive [...***...] of the recovery if UNIVERSITY
was not a party in the litigation and did not incur any litigation costs; (B) UNIVERSITY will receive [...***...]
of the recovery if UNIVERSITY was a party in the litigation, but did not incur any litigation costs, including the provisions
of Paragraph 5.2(b) above, or (C) UNIVERSITY will receive [...***...] of the recovery if UNIVERSITY incurred any
litigation costs in connection with the litigation; and (ii) for any recovery for willful infringement, UNIVERSITY will
receive [...***...] of the recovery. In any suit initiated by UNIVERSITY, any recovery in excess of litigation
costs will [...***...]. UNIVERSITY and LICENSEE agree to be bound by all determinations of patent infringement,
validity, and enforceability (but no other issue) resolved by any adjudicated judgment in a suit brought in compliance with
this Section 5.2.

 

***Certain Confidential Information Omitted

    	- 14 -

     

    

 

(f)          Any
agreement made by LICENSEE for purposes of settling litigation or other dispute shall comply with the requirements of Section
2.2 (Sublicenses) of this Agreement.

 

(g)         Each
party will cooperate with the other in litigation proceedings instituted hereunder but at the expense of the party who initiated
the suit (unless such suit is being jointly prosecuted by the parties).

 

(h)         Any
litigation proceedings will be controlled by the party bringing the suit, except that UNIVERSITY may be represented by counsel
of its choice in any suit brought by LICENSEE.

 

5.3            Patent
Marking. LICENSEE shall mark all Licensed Products made, used or sold under the terms of this Agreement, or their containers,
in accordance with the applicable patent marking laws. LICENSEE shall be responsible for all monetary and legal liabilities arising
from or caused by (i) failure to abide by applicable patent marking laws and (ii) any type of incorrect or improper patent marking.

 

Article
6.    GOVERNMENTAL MATTERS

 

6.1           Governmental
Approval or Registration. If this Agreement or any associated transaction is required by the law of any nation to be either
approved or registered with any governmental agency, LICENSEE shall assume all legal obligations to do so. LICENSEE shall notify
UNIVERSITY if it becomes aware that this Agreement is subject to a United States or foreign government reporting or approval requirement.
LICENSEE shall make all necessary filings and [...***...].

 

6.2           Export
Control Laws. LICENSEE shall observe all applicable United States and foreign laws with respect to the transfer of Licensed
Products and related technical data to foreign countries, including, without limitation, the International Traffic in Arms Regulations
and the Export Administration Regulations.

 

***Certain Confidential Information Omitted

    	- 15 -

     

    

 

Article
7.    TERMINATION OR EXPIRATION
OF THE AGREEMENT

 

7.1            Termination by UNIVERSITY.

 

(a)          If LICENSEE fails to perform or violates any term of this Agreement, then UNIVERSITY may give written notice of default
(“Notice of Default”) to LICENSEE. If LICENSEE fails to cure the default within sixty (60) days of the Notice of Default,
UNIVERSITY may terminate this Agreement and the license granted herein by a second written notice (“Notice of Termination”)
to LICENSEE. If a Notice of Termination is sent to LICENSEE, this Agreement shall automatically terminate on the effective date
of that notice. Termination shall not relieve LICENSEE of its obligation to pay any fees owed at the time of termination and shall
not impair any accrued right of UNIVERSITY. During the term of any such Notice of Default or period to cure, to the extent the
default at issue is a failure to pay past or ongoing Patent Costs as provided for under this Agreement, UNIVERSITY shall have no
obligation to incur any new Patent Costs under this Agreement and shall have no obligation to further prosecute Patent Rights or
file any new patents under Patent Rights.

 

(b)          This
Agreement will terminate immediately, without the obligation to provide sixty (60) days’ notice as set forth in Paragraph
7.1(a), if LICENSEE files a claim including in any way the assertion that any portion of UNIVERSITY’s Patent Rights is invalid
or unenforceable where the filing is by the LICENSEE, a third party on behalf of the LICENSEE, or a third party at the written
urging of the LICENSEE.

 

(c)          This
Agreement shall automatically terminate without the obligation to provide sixty (60) days’ notice as set forth in Paragraph
7.1(a) upon the filing of a petition for relief under the United States Bankruptcy Code by or against the LICENSEE as a debtor
or alleged debtor.

 

7.2            Termination
by LICENSEE.

 

(a)          LICENSEE
shall have the right at any time and for any reason to terminate this Agreement upon a ninety (90) day written notice to UNIVERSITY.
Said notice shall state LICENSEE’s reason for terminating this Agreement.

 

(b)         Any
termination under Paragraph 7.2(a) shall not relieve LICENSEE of any obligation or liability accrued under this Agreement prior
to termination or rescind any payment made to UNIVERSITY or action by LICENSEE prior to the time termination becomes effective.
Termination shall not affect in any manner any rights of UNIVERSITY arising under this Agreement prior to termination.

 

7.3           Survival
on Termination or Expiration. The following Paragraphs and Articles shall survive the termination or expiration of this Agreement:

 

    	- 16 -

     

    

(a)         Article
4 (REPORTS, RECORDS AND PAYMENTS);

 

(b)         Paragraph
7.4 (Disposition of Licensed Products on Hand);

 

(c)         Article
8 (LIMITED WARRANTY AND INDEMNIFICATION);

 

(d)         Article
9 (USE OF NAMES AND TRADEMARKS);

 

(e)         Paragraph
10.2 hereof (Secrecy);

 

(f)          Paragraph
10.5 (Failure to Perform); and

 

(g)         Paragraph
10.6 (Governing Laws).

 

7.4             
Disposition of Licensed Products on Hand. Upon termination of this Agreement, LICENSEE may dispose of all previously
made or partially made Licensed Product within a period of one hundred and twenty (120) days of the effective date of such termination
provided that the sale of such Licensed Product by LICENSEE, its Sublicensees, or Affiliates shall be subject to the terms of this
Agreement, including but not limited to the rendering of reports and payment of royalties required under this Agreement.

 

Article
8.    LIMITED WARRANTY AND INDEMNIFICATION

 

8.1           Limited
Warranty.

 

(a)          UNIVERSITY
warrants that it has the lawful right to grant this license. This warranty does not include Patent Rights to the extent assigned,
or otherwise licensed, by UNIVERSITY’s inventors to third parties.

 

(b)          The
license granted herein is provided “AS IS” and without WARRANTY OF MERCHANTABILITY or WARRANTY OF FITNESS FOR A PARTICULAR
PURPOSE or any other warranty, express or implied. UNIVERSITY makes no representation or warranty that the Licensed Product, Licensed
Method or the use of Patent Rights will not infringe any other patent or other proprietary rights.

 

(c)          UNIVERSITY
WILL NOT BE LIABLE FOR ANY LOST PROFITS, COSTS OF PROCURING SUBSTITUTE GOODS OR SERVICES, LOST BUSINESS, ENHANCED DAMAGES FOR
INTELLECTUAL PROPERTY INFRINGEMENT, OR FOR ANY INDIRECT, INCIDENTAL, CONSEQUENTIAL, PUNITIVE, OR OTHER SPECIAL DAMAGES
SUFFERED BY LICENSEE, SUBLICENSEES, JOINT VENTURES, OR AFFILIATES ARISING OUT OF OR RELATED TO THIS AGREEMENT FOR ALL CAUSES
OF ACTION OF ANY KIND (INCLUDING TORT, CONTRACT, NEGLIGENCE, STRICT LIABILITY AND BREACH OF WARRANTY) EVEN IF UNIVERSITY HAS
BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. ALSO, UNIVERSITY WILL NOT BE LIABLE FOR ANY DIRECT DAMAGES SUFFERED BY
LICENSEE, SUBLICENSEES, JOINT VENTURES, OR AFFILIATES ARISING OUT OF OR RELATED TO PATENT RIGHTS TO THE EXTENT ASSIGNED, OR
OTHERWISE LICENSED, BY UNIVERSITY’S INVENTORS TO THIRD PARTIES.

 

    	- 17 -

     

    

(d)          Nothing
in this Agreement shall be construed as:

 

(i)               a warranty or representation by UNIVERSITY as to the validity or scope of any Patent Rights;

 

(ii)             
a warranty or representation that anything made, used, sold or otherwise disposed of under any license granted in this Agreement
is or shall be free from infringement of patents of third parties;

 

(iii)             an obligation to bring or prosecute actions or suits against third parties for patent infringement except as provided in
Section 5.2 hereof;

 

(iv)             conferring by implication, estoppel or otherwise any license or rights under any patents of UNIVERSITY other than Patent
Rights as defined in this Agreement, regardless of whether those patents are dominant or subordinate to Patent Rights; or

 

(v)              an
obligation to furnish any know-how not provided in Patent Rights.

 

8.2           Indemnification.

 

(a)          LICENSEE
will, and will require Sublicensees to, indemnify, hold harmless, and defend UNIVERSITY and its officers, employees, and agents;
the sponsors of the research that led to the Invention; and the inventors of patents or patent applications under Patent Rights,
and their employers; against any and all claims, suits, losses, damages, costs, fees, and expenses resulting from, or arising
out of, the exercise of this license or any Sublicense. This indemnification will include, but will not be limited to, any product
liability.

 

(b)          LICENSEE, at its sole cost and expense, shall insure its activities in connection with the work under this Agreement and
obtain, keep in force and maintain insurance or an equivalent program of self insurance as follows:

 

(i)               comprehensive
or commercial general liability insurance (contractual liability included) with limits of at least: (A) each occurrence, [...***...];
(B) products/completed operations aggregate, [...***...]; (C) personal and advertising injury, [...***...];
and (D) general aggregate (commercial form only), [...***...] 

[...***...]. If the above insurance is written on a claims-made form, it shall continue for [...***...]
following termination or expiration of this Agreement. The insurance shall have a retroactive date of placement prior to or coinciding
with the Effective Date

 

***Certain Confidential Information Omitted

    	- 18 -

     

    

 

(ii)             
Worker’s Compensation as legally required in the jurisdiction in which the LICENSEE is doing business; and

 

(iii)           
the coverage and limits referred to above shall not in any way limit the liability of LICENSEE.

 

(c)               
LICENSEE shall furnish UNIVERSITY with certificates of insurance showing compliance with all requirements. Such certificates
shall: (i) provide for [...***...] advance written notice to UNIVERSITY of any modification; (ii) indicate that UNIVERSITY
has been endorsed as an additionally insured party under the coverage referred to above; and (iii) include a provision that the
coverage shall be primary and shall not participate with nor shall be excess over any valid and collectable insurance or program
of self-insurance carried or maintained by UNIVERSITY.

 

(d)               
UNIVERSITY shall notify LICENSEE in writing of any claim or suit brought against UNIVERSITY in respect of which UNIVERSITY
intends to invoke the provisions of this Article. LICENSEE shall keep UNIVERSITY informed on a current basis of its defense of
any claims under this Article. LICENSEE will not settle any claim against UNIVERSITY without UNIVERSITY’s written consent,
where (a) such settlement would include any admission of liability or admission of wrong doing on the part of the indemnified party,
(b) such settlement would impose any restriction on UNIVERSITY/indemnified party’s conduct of any of its activities, or (c)
such settlement would not include an unconditional release of UNIVERSITY/indemnified party from all liability for claims that are
the subject matter of the settled claim.

 

Article
9.    USE OF NAMES AND TRADEMARKS

 

9.1            Except as provided in 9.3, nothing contained in this Agreement confers any right to use in advertising, publicity, or other
promotional activities any name, trade name, trademark, or other designation of either party hereto (including contraction, abbreviation
or simulation of any of the foregoing). Unless required by law, the use by LICENSEE of the name, “The Regents of the University
of California” or the name of any campus of the University of California in advertising, publicity, or other promotional
activities is prohibited, without the express written consent of UNIVERSITY.

 

9.2            UNIVERSITY may disclose to the Inventors the terms and conditions of this Agreement upon their request. If such disclosure
is made, UNIVERSITY shall request the Inventors not disclose such terms and conditions to others.

 

***Certain Confidential Information Omitted

    	- 19 -

     

    

 

9.3            UNIVERSITY may acknowledge the existence of this Agreement and the extent of the grant in Article 2 to third parties, but
UNIVERSITY shall not disclose the financial terms of this Agreement to third parties, except where UNIVERSITY is required by law
to do so, such as under the California Public Records Act. LICENSEE hereby grants permission for UNIVERSITY (including UCSD) to
include LICENSEE’s name and a link to LICENSEE’s website in UNIVERSITY’s and UCSD’s annual reports and
on UNIVERSITY’s (including UCSD’s) websites that showcase technology transfer-related stories.

 

Article
10.                       
MISCELLANEOUS PROVISIONS

 

10.1         Correspondence.
Any notice or payment required to be given to either party under this Agreement shall be deemed to have been properly given and
effective:

 

(a)             on
the date of delivery if delivered in person,

 

(a)       five
(5) days after mailing if mailed by first-class or certified mail, postage paid, to the respective addresses given below, or to
such other address as is designated by written notice given to the other party, or 

 

(b)     
upon confirmation by recognized national overnight courier, confirmed facsimile transmission, or confirmed electronic mail,
to the following addresses or facsimile numbers of the parties.

 

If sent to LICENSEE:

Leading Biosciences

[...***...]

 

If sent to UNIVERSITY by mail:

University of California, San Diego

Technology Transfer Office

[...***...]

 

If sent to UNIVERSITY by overnight delivery:

University of California, San Diego

Technology Transfer Office

[...***...]

 

For wire payments to UNIVERSITY:

 

 

***Certain Confidential Information Omitted

    	- 20 -

     

    

All payments due UNIVERSITY and made by wire transfers
shall include an additional wire transfer fee of twenty-five dollar (US$25) to the amount due. Wire transfers shall be made using
the following information:

 

	UCSD receiving bank name:	[...***...]
	UCSD bank account no.:	[...***...]
	UCSD bank routing (ABA) no.:	[...***...]
	UCSD bank account name:	[...***...]
	 	[...***...]
	UCSD bank ACH format code:	[...***...]
	CHIPS Address:	[...***...]
	UCSD bank address:	[...***...]
	 	[...***...]
	 	[...***...]
	 	[...***...]
	UCSD addendum information:	[...***...]
	 	[...***...]
	Department contact:	[...***...]
	SWIFT Address:	[...***...]

 

A copy of the transaction receipt
and remittance document(s) should be sent to Financial Manager via [...***...]. LICENSEE is responsible for all bank
charges of wire transfer funds. The bank charges should not be deducted from total amount due to The Regents of the University
of California.

 

10.2         Secrecy.

 

(a)                “Confidential Information” shall mean information, relating to the Invention and disclosed by UNIVERSITY to
LICENSEE during the term of this Agreement, which if disclosed in writing shall be marked “Confidential”, or if first
disclosed otherwise, shall within [...***...] of such disclosure be reduced to writing by UNIVERSITY and sent to LICENSEE:

 

(b)               
LICENSEE shall:

 

(i)               use
the Confidential Information for the sole purpose of performing under the terms of this Agreement;

 

(ii)             
safeguard Confidential Information against disclosure to others with the same degree of care as it exercises with its own
data of a similar nature;

 

(iii)             not
disclose Confidential Information to others (except to its employees, agents or consultants who are bound to LICENSEE by a
like obligation of confidentiality) without the express written permission of UNIVERSITY, except that LICENSEE shall not be
prevented from using or disclosing any of the Confidential Information that:

 

***Certain Confidential Information Omitted

    	- 21 -

     

    

(A)            
LICENSEE can demonstrate by written records was previously known to it;

 

(B)             
is now, or becomes in the future, public knowledge other than through acts or omissions of LICENSEE;

 

(C)             
is lawfully obtained by LICENSEE from sources independent of UNIVERSITY; or

 

(D)             
is required to be disclosed by law or a court of competent jurisdiction; and

 

(c)                The
secrecy obligations of LICENSEE with respect to Confidential Information shall continue for a period ending [...***...]
from the termination date of this Agreement.

 

10.3         Assignability.
This Agreement may be assigned by UNIVERSITY, but is personal to LICENSEE and assignable by LICENSEE only with the written consent
of UNIVERSITY. Examples of grounds to withhold consent include without limitation the concerns of University as a Constitutionally
established entity in the State of California for public health and safety as a university, as well as in the maintenance of its
reputation and sound administration of its assets. UNIVERSITY shall not request or receive additional consideration upon request
for consent to assignment.

 

10.4         No
Waiver. No waiver by either party of any breach or default of any covenant or agreement set forth in this Agreement shall
be deemed a waiver as to any subsequent and/or similar breach or default.

 

10.5         Failure
to Perform. In the event of a failure of performance due under this Agreement and if it becomes necessary for either party
to undertake legal action against the other on account thereof, then the prevailing party shall be entitled to reasonable attorneys’
fees in addition to costs and necessary disbursements.

 

10.6         Governing
Laws. THIS AGREEMENT SHALL BE INTERPRETED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA, but the scope
and validity of any patent or patent application shall be governed by the applicable laws of the country of the patent or patent
application.

 

10.7         Force
Majeure. A party to this Agreement may be excused from any performance required herein if such performance is rendered impossible
or unfeasible due to any catastrophe or other major event beyond its reasonable control, including, without limitation, war, riot,
and insurrection; laws, proclamations, edicts, ordinances, or regulations; strikes, lockouts, or other serious labor disputes;
and floods, fires, explosions, or other natural disasters. When such events have abated, the non-performing party’s obligations
herein shall resume.

 

***Certain Confidential Information Omitted

    	- 22 -

     

    

 

10.8         Headings. The headings of the several sections are inserted for convenience of reference only and are not intended
to be a part of or to affect the meaning or interpretation of this Agreement.

 

10.9         Entire
Agreement. This Agreement embodies the entire understanding of the parties and supersedes all previous communications, representations
or understandings, either oral or written, between the parties relating to the subject matter hereof.

 

10.10       Amendments.
No amendment or modification of this Agreement shall be valid or binding on the parties unless made in writing and signed on behalf
of each party.

 

10.11       Severability.
In the event that any of the provisions contained in this Agreement is held to be invalid, illegal, or unenforceable in any respect,
such invalidity, illegality or unenforceability shall not affect any other provisions of this Agreement, and this Agreement shall
be construed as if the invalid, illegal, or unenforceable provisions had never been contained in it.

 

IN WITNESS WHEREOF, both UNIVERSITY and LICENSEE have
executed this Agreement, in duplicate originals, by their respective and duly authorized officers on the day and year written.

 

	LEADING BIOSCIENCES:	THE REGENTS OF THE

UNIVERSITY OF CALIFORNIA:
	
        By: /s/ John Rodenrys                            

        (Signature)

         

        Name: John Rodenrys                            

         

        Title: Exec. Dir R+D                                 

         

        Date: 8.19.15                                             
	
        By: /s/ Jane Moores                            

        (Signature)

         

        Jane Moores, Ph.D.

         

        Assistant Vice Chancellor-

        Technology Transfer

         

        Date: 8/5/15                                           

         

 

 

 

 

    	- 23 -

     

    

 

AMENDMENT NO.1 TO THE

LICENSE AGREEMENT

BETWEEN LEADING BIOSCIENCES, INC. AND

THE REGENTS OF THE UNIVERSITY OF CALIFORNIA

FOR CASE NO. [...***...]

 

The parties to the license agreement,
UCSD Control Number [...***...], effective Aug 19, 2015, (“Agreement”)
wish to amend such Agreement, effective as of the date of last signature below (“Amendment Effective Date”) to include
certain modifications. These changes are to be substituted for the relevant portions in the Agreement, and are effective on the
Amendment Effective Date.

 

THEREFORE, changes are made as detailed below:

1. Definitions

 

ARTICLE 1. DEFINITIONS

 

Section 1.2 – Excluded
Field

 

Section 1.2 has been deleted:

 

1.2       [deleted]

 

Section 1.3 – Field

 

Section 1.3 is replaced with the
following:

 

1.3       “Field”
means direct administration of protease inhibitors to the gastrointestinal tract via a tube, including a nasogastric tube, as well
as oral administration of protease inhibitors, for use in surgery, and the treatment of (i) shock, (ii) sepsis, (iii) inflammatory
disease, (iv) post-surgical ileus and adhesions, (v) diabetes, glucose- and insulin-mediated disorders, and related metabolic disorders,
(vi) damage to the gastro-intestinal tract caused by radiation damage, and (vii) other gastrointestinal tract-related disorders,
including chronic conditions resulting from digestive enzyme leak.

 

Section 1.6 – Net Sales

 

Section 1.6 is replaced with the
following:

 

1.6       “Net
Sales” means the total of the gross invoice prices of Licensed Products sold or leased by LICENSEE, Sublicensee, Affiliate,
or any combination thereof, less the sum of the following actual and customary deductions where applicable and separately listed:
[...***...] [...***...]. For purposes of calculating Net Sales, [...***...].

 

***Certain Confidential Information Omitted

    	- 1 -

     

    

 

Section 1.8 – Patent
Rights

 

Section 1.8 is replaced with the
following:

 

1.8       “Patent
Rights” means UNIVERSITY’ s rights in any of the following: (i) Inventions associated with UCSD Case File [...***...];
(ii) the patent applications (disclosing and claiming the Inventions, filed by Inventors and assigned to UNIVERSITY and LICENSEE.
including [...***...]; (iii) any continuing applications thereof including divisions,
substitutions, and continuations-in-part (but only to the extent the claims thereof are entirely supported in the specification
and entitled to the priority date of the parent application); any (iv) any patents issuing on said applications including reissues,
reexaminations and extensions; and any corresponding foreign applications or patents.

 

3.       Consideration

 

Section 3.1 (c) is amended to now include:

 

	 	Amount	Date or Event
	(ii)	$[...***...]	[...***...]
	(iii)	$[...***...]	[...***...]

	(iv)	$[...***...]	[...***...]

 

***Certain Confidential Information Omitted

    	- 2 -

     

    

Section 3.3 – Due Diligence.

 

Section 3.3 is replaced with the
following:

 

(a)       LICENSEE
shall, either directly or through its Affiliate(s) or Sublicensee(s):

 

		(i)	diligently proceed with the development, manufacture and sale of Licensed Products;

 

		(ii)	annually spend not less than [...***...] for the
development of Licensed Products during the first [...***...] of this Agreement.
LICENSEE may, at its sole option, [...***...];

 

		(iii)	For Licensed Products that are directed to the restoration of GI function following cardiovascular surgery, which can include
the treatment of shock, post-surgical ileus, inflammation, and metabolic disturbances such as those impacting glucose control:

(A) Prior to [...***...]

(1) Commence Phase 2 trial

(B) Prior to [...***...]

(1) Complete Final Data Analysis from Phase 2 trial

(C) Prior to [...***...]

(1) Commence Phase 3 trials

		(iv)	For Licensed Products that are directed to the restoration of GI function following gastrointestinal surgery, which can include
treatment of post-surgical ileus and adhesions, inflammation, and metabolic disturbances, such as those impacting glucose control:

(A) Prior to [...***...]

(1) Commence Phase 2 trial

(B) Prior to [...***...]

(1) Readout of GI2 data from Phase 2 trial

(C) Prior to [...***...]

(1) Commence Phase 3 trials

(D) Prior to [...***...]

(1) Readout of adhesions data from Phase 2 trial

		(v)	For Licensed Products that are directed to other abdominal surgeries:

(A) Prior to [...***...]

(1) Commence human clinical studies

		(vi)	For Licensed Products that are directed to glucose and metabolic control,

including in diabetic patients:

(A) Prior to [...***...]

(1) Commence human clinical studies

 

***Certain Confidential Information Omitted

    	- 3 -

     

    

 

		(vii)	For Licensed Products that are directed to treatment of shock, including that associated with sepsis:

(A) Prior to [...***...]

(1) Commence human clinical studies

(viii) For Licensed Products that
are directed to treatment of chronic inflammatory disease:

(A) Prior to [...***...]

(1) Commence human clinical studies

(ix)
market Licensed Products in the United States within [...***...] of receiving regulatory
approval to market such Licensed Products;

		(x)	fill the market demand for Licensed Products following commencement of marketing at any time during the term of this Agreement;
and

		(xi)	obtain all necessary governmental approvals for the manufacture, use and sale of Licensed Products.

 

(b)       If LICENSEE
fails to perform any of its obligations specified in Paragraphs 3.3(a)(i)-(xi), then UNIVERSITY shall have the right and option
to either terminate this Agreement or change LICENSEE’s exclusive license to a nonexclusive license. This right, if exercised
by UNIVERSITY, supersedes the rights granted in Article 2.

 

ARTICLE 10. MISCELLANEOUS PROVISIONS

 

Section 10.1 – Correspondence

 

The contact information for Licensee
is updated as follows:

 

If sent to LICENSEE:

Leading BioSciences, Inc.

[...***...]

 

Section 10.3 – Assignability

 

Section 10.3 is replaced with
the following:

 

10.3       Assignability.
This Agreement may be assigned by UNIVERSITY, but is personal to LICENSEE and assignable by LICENSEE only with the written
consent of UNIVERSITY. Examples of grounds to withhold consent include without limitation the concerns of University as a
Constitutionally established entity in the State of California for public health and safety as a university, as well as in
the maintenance of its reputation and sound administration of its assets. UNIVERSITY shall not request or receive additional
consideration upon request for consent to assignment. However, LICENSEE may assign this Agreement without the prior written
consent of UNIVERSITY in connection with the sale or transfer of all, or substantially all, of LICENSEE’s assets
related to this Agreement; provided that: (1) LICENSEE promptly notifies UNIVERSITY in writing of such assignment; (2) any
such assignee promptly agrees in writing to be bound by the terms and conditions of this Agreement; and (3)
[...***...].

 

 

***Certain Confidential Information Omitted

    	- 4 -

     

    

 

All other provisions in the Agreement will
remain in effect and unchanged, except to extent required to incorporate the amended terms herein. This amendment may be executed
by facsimile or other electronic means (including .PDF) and in one or more counterparts, each one of which shall be deemed an original.

 

IN WITNESS WHEREOF, the Parties hereto
have each caused this amendment to be duly executed as of the Amendment Effective Date.

 

	LEADING BIOSCIENCES, INC.	THE REGENTS OF THE

UNIVERSITY OF CALIFORNIA:
	
        By: /s/ Thomas M. Hallam                       

        (Signature)

         

        Thomas M. Hallam, Ph.D., MBA

        Chief Executive Officer

         

        Date: Dec 18, 2019                                     
	
        By: /s/ Donna Shaw                                  

        (Signature)

         

        Donna Shaw, Ph.D. CLP

        Associate Director

         

        Date: December 20, 2019                           

         

 

 

- 5 -

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