Document:

Exhibit 10.3

 

EXCLUSIVE LICENSE AGREEMENT 

BETWEEN

 

THE HENRY M. JACKSON FOUNDATION FOR THE

ADVANCEMENT OF MILITARY MEDICINE, INC.

 

AND 

NORWELL, INC.

 

THIS EXCLUSIVE LICENSE AGREEMENT is entered
into as of the 24th day of April, 2009 (the “Effective Date”), by and between The Henry M. Jackson Foundation for the
Advancement of Military Medicine, Inc., a tax-exempt corporation organized under the laws of the State of Maryland and having its
principal offices at 1401 Rockville Pike, Suite 600, Rockville, Maryland 20852 (the “Foundation”) and Norwell, Inc.,
a corporation organized under the laws of the State of Delaware and having its principal offices at 415 Jackson Hill, Houston,
Texas (“Licensee”). The Foundation and Licensee sometimes are referred to collectively herein as the “Parties”
or individually as a “Party.”

 

WHEREAS the Foundation and the Uniformed
Services University of the Health Sciences, an institution of higher learning within the Department of Defense, an agency of the
United States Government, located at 4301 Jones Bridge Road, Bethesda, Maryland 20814 (“USU”) have agreed to collaborate
in the development and commercialization of inventions, patents, trade secrets, and other intellectual property rights;

 

WHEREAS, the Foundation and USU are committed
to the policy that ideas or creative works produced at the Foundation and USU should be used for the greatest possible public benefit
and that every reasonable incentive should be provided for the prompt introduction of such ideas into public use, all in a manner
consistent with the public interest;

 

WHEREAS the Foundation, by assignment from
Foundation employees and by assignment from USU, is an owner of certain Patent Rights (as hereinafter defined) and has the right
to grant licenses of said Patent Rights, subject to a royalty-free, nonexclusive license heretofore granted to or retained by the
United States Government;

 

WHEREAS Licensee is experienced in the
development, production, manufacture, marketing, and sale of products similar to the Licensed Products and the use of processes
similar to the Licensed Processes (both as hereinafter defined) and that it shall commit itself to a commercially practicable program
of exploiting the Patent Rights so that public utilization shall result therefrom; and

 

WHEREAS Licensee desires to obtain from
the Foundation, and the Foundation agrees to grant to Licensee, a license upon the terms and conditions set forth herein.

  

    Norwell-Foundation License 

     

    

  

NOW, THEREFORE, in consideration of the
mutual promises and covenants set forth in this Agreement, the Parties, intending to be legally bound, agree as follows:

 

ARTICLE I

 DEFINITIONS

 

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

 

1.1 “Affiliate”
means, with respect to any Person, any other Person that directly or indirectly through one or more intermediaries, controls, is
controlled by, or is under common control with such Person. For purposes of this definition, the term “controls” (including
its correlative meanings “controlled by” and “under common control with”) means the possession, directly
or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership
of voting securities, by contract, or otherwise.

 

1.2 “Agreement”
means this Agreement, including all Appendices hereto, as the same may be amended from time to time in accordance with the terms
hereof.

 

1.3 “Business
Day” means any day other than a Saturday, a Sunday, or a day on which banking institutions in Montgomery County, Maryland
are closed.

 

1.4
“Confidential Information” means information, disclosed by one Party to the other Party, that is treated as
proprietary or confidential by the disclosing Party and, at the time of disclosure, that is marked “proprietary”
or “confidential” or that bears a marking or legend of like import restricting its use, copying, or dissemination
or that is identified as being confidential in a letter or other written communication sent to the receiving Party prior to
or contemporaneously with disclosure to the receiving Party. Any such information that is in another form when disclosed,
such as oral or visual, shall be treated as Confidential Information only if and to the extent the disclosing Party informs
the receiving Party of the proprietary or confidential nature of the information prior to or at the time of the disclosure,
and thereafter creates a written record of the disclosure (marked in accordance with this Agreement) and delivers the written
record to the receiving Party promptly, but in no event more than thirty (30) days after the original disclosure to the
receiving Party. Confidential Information does not include any information that (i) was known to the receiving party without
a duty of confidentiality before receipt from the disclosing party as evidenced by written records made prior to such receipt
or disclosure (when such prior knowledge did not become known to such receiving party through disclosure by a third party
known to the receiving party to be subject to an obligation to maintain the confidentiality thereof); (ii) is or becomes a
matter of public knowledge through no fault of the receiving party or any of its agents; (iii) is rightfully received by the
receiving party from a third party without a duty of confidentiality; or (iv) is independently developed by the receiving
party as evidenced by written records of the receiving party.

 

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1.5 “Field”
means: (a) all fields of use with respect to Patent 1; and (b) use of the HER family peptide GP2 in combination with Herceptin®
and only in the field of human therapeutics with respect to Patent 2 (no licensed use is granted in connection with any other peptides).
Patent 1 and Patent 2 are defined in Appendix A.

 

1.6 “Licensed
Process” means any process that is covered in whole or in part by an unexpired issued or pending claim contained in the Patent
Rights.

 

1.7 “Licensed
Product” means any product or part thereof that: (a) is covered in whole or in part by an unexpired issued or pending claim
contained in the Patent Rights, or (b) is manufactured by using or is employed to practice a Licensed Process.

 

1.8 “Marketing
Approval” means the approval or authorization required for the marketing of Licensed Product or Licensed Process in the United
States, the European Union, or other country within the Territory, such as the issuance of an approval action by the United States
Food and Drug Administration (“FDA”) on an NDA in the United States, or the issuance of its equivalent by the European
Medicines Agency in the European Union.

 

1.9 “NDA”
means a New Drug Application or Biologics License Application filed with the FDA for Marketing Approval of a Licensed Product or
Licensed Process, or an equivalent application filed with any equivalent agency or governmental authority outside the United States.

 

1.10 “Net
Sales” means all amounts (including the fair market value of any non-cash consideration) billed, invoiced, or received (whichever
first occurs) by Licensee or any sublicensee(s) for sales, leases, or other transfers of any Licensed Products or Licensed Processes,
less the sum of the following:

   

(a) customary
trade, quantity, or cash discounts actually allowed and taken;

 

(b) amounts
repaid or credited by reason of rejection or return;

  

(c) to
the extent separately stated on purchase orders, invoices, or other documents of sale, sales taxes, tariff duties, and use taxes
directly imposed on sale, transportation, delivery, or use and paid by or on behalf of Licensee or sublicensees; and

 

(d) reasonable
charges for delivery or transportation provided by non-affiliated third parties, if separately stated and prepaid or actually allowed.

 

No deductions shall be made for commissions
paid to individuals, whether they be with independent sales agencies or regularly employed by and on the payroll of Licensee or
sublicensees, or for the cost of collections.

 

    	Norwell-Foundation License FINAL	3	 

     

    

  

1.11 “Non-commercial
Research Purposes” means use of Patent Rights for academic research or other not-for-profit scholarly purposes that are undertaken
at a non-profit or governmental institution that does not use the Patent Rights in the production or manufacture of products for
sale or the performance of services for a fee.

 

1.12 “Non-royalty
Sublicense Income” means all sublicense issue fees, sublicense maintenance fees, sublicense milestone payments, and similar
non-royalty payments made by sublicensees to Licensee on account of sublicenses pursuant to this Agreement.

 

1.13 “Patent
Rights” means any or all of the following intellectual property to the extent owned or controlled by the Foundation:

 

(a) the
United States and foreign patents and patent applications listed in Appendix A and all divisions and continuations of such applications;

 

(b) United
States and foreign patents issued from the applications listed in Appendix A or from divisionals or continuations of such applications;

 

(c) claims
of United States and foreign continuation-in-part applications, and all divisions and continuations of such continuation-in-part
applications, and of the resulting patents, to the extent that the claims are directed to subject matter specifically described
in the United States or foreign patent applications listed in Appendix A;

 

(d) claims
of all foreign and United States counterpart patent applications to (a), (b), or (c) above, and of the resulting patents, to the
extent that the claims are directed to subject matter specifically described in the patents or patent applications described in
(a), (b), or (c) above; and

 

(e) any
reissues, renewals, reexamination certificates, extensions, or supplementary protection certificates of patents described in (a),
(b), (c), or (d) above.

 

Patent Rights shall not include (c), (d),
or (e) above to the extent that the claims are directed to new matter that is not the subject matter described in (a) above.

 

1.14
“Person” means any individual, corporation, limited liability company, general or limited partnership, joint venture,
association, joint stock company, trust, unincorporated business or organization, government or agency or political
subdivision thereof, or other entity, whether acting in an individual, fiduciary, or other capacity.

 

1.15
“Phase III Clinical Trial” means: (a) that portion of the drug development and review process in which expanded clinical
trials are conducted to gather the additional information about effectiveness and safety that is needed to evaluate the overall
benefit-risk relationship of an investigational new drug, as more specifically defined by the rules and regulations of the FDA,
including 21 C.F.R. § 312.21
or any future revisions or substitutes therefore; or (b) a similar clinical trial in any national jurisdiction other than the
United States. Commencement of a Phase III Clinical Trial shall be deemed to occur upon the administration of Licensed Product
(or Licensed Process) or placebo to the first patient enrolled in the Phase III Clinical Trial.

 

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1.16 “Territory”
means Worldwide.

 

1.17 “Valid
Claim” means a claim of: any issued, unexpired patent that has not been revoked or held unenforceable or invalid by a decision
of a court or governmental agency of competent jurisdiction from which no appeal can be taken, or with respect to which an appeal
is not taken within the time allowed for appeal; or (b) any pending patent application that has not been cancelled, withdrawn,
or abandoned.

 

ARTICLE II

 GRANT OF RIGHTS

 

2.1 The
Foundation hereby grants to Licensee and Licensee accepts, subject to the terms and conditions hereof, in the Territory and for
the Field, an exclusive license to practice under the Patent Rights and, to the extent not prohibited by other patents, and to
make, have made, use, have used, sell, have sold, export and import Licensed Products and Licensed Processes, until the end of
the last-expiring term for which any of the Patent Rights are granted, unless this Agreement shall be sooner terminated in accordance
with the terms hereof.

 

2.2 In
order to establish a period of commercial exclusivity for Licensee, the Foundation agrees that it will not grant, in the Territory
for the Field, any other license to make, have made, use, have used, sell, have sold, export or import Licensed Products or to
practice the Licensed Processes, except as required by the Foundation’s obligations related to Section 2.4(a) or as permitted
in Section 2.4(b), during the period of time commencing with the Effective Date and ending with the first to occur of:

 

(a) the
expiration of all Patent Rights;

 

(b) a
court or tribunal, in a final decision not subject to further appeal, declaring invalid or unenforceable all claims in the Patent
Rights;

 

(c) the
abandonment of all claims in the Patent Rights; or

 

(c) the termination of this Agreement or
the termination or expiration of the exclusivity of Licensee’s license in accordance with Article IX.

 

2.3 Subject to the
Foundation’s prior approval, which approval shall not be unreasonably withheld, Licensee shall have the right to grant sublicenses
hereunder via written sublicense agreements. The license granted to Licensee hereunder does not extend to any Affiliate of Licensee
unless and until such Affiliate enters into a written sublicense agreement with Licensee that is consistent with the requirements
hereof and the Foundation approves the written sublicense agreement between the Affiliate and Licensees.

 

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(a) In
all sublicenses granted hereunder, Licensee shall provide that the sublicense is subject and subordinate to all terms and conditions
of this Agreement, except: (i) the sublicensee may not grant any sublicenses except with the Foundation’s prior express written
approval, and (ii) the rate of royalty on Net Sales paid by the sublicensee to Licensee may exceed the rate set forth in this Agreement.
Licensee shall attach a copy of this Agreement to any sublicense agreement and shall provide a complete copy of the sublicense
agreement to the Foundation promptly after signing by the parties thereto.

 

(b) Licensee
may not receive from any sublicensee anything of value in lieu of cash payments in consideration for any sublicense under this
Agreement, without the Foundation’s prior express written approval.

 

(c) Sublicenses
may extend past the expiration date of the exclusive period but any exclusivity of such sublicenses shall expire upon the termination
or expiration of Licensee’s exclusivity. Upon any termination of this Agreement, sublicensees’ rights shall also terminate,
subject to Section 10.3 hereof.

 

2.4 The
granting and exercise of this license is subject to the following conditions:

 

(a) The
U.S. Government retains a nonexclusive, nontransferable, irrevocable, world-wide, paid-up license to practice all invention(s)
covered by the Patent Rights and to have such invention(s) practiced by or on behalf of the U.S. Government.

 

(b) The
Foundation and the USU reserve the rights to make and use, and grant to others non-exclusive licenses to make and use for Non-commercial
Research Purposes the subject matter described and claimed in Patent Rights.

 

(c) Licensee
shall cause any Licensed Product produced for use or sale in the United States to be manufactured substantially in the United States
unless a waiver is granted in accordance with 35 U.S.C § 204.

 

2.5 The
license granted hereunder shall not be construed to confer any rights upon Licensee (or sublicensees, if any) by implication, estoppel,
or otherwise as to any technology not included in Patent Rights as defined herein.

 

    	Norwell-Foundation License FINAL	6	 

     

    

  

ARTICLE III

ROYALTIES, MILESTONE PAYMENTS, AND EQUITY

 

3.1 Licensee
shall pay to the Foundation a non-creditable, non-refundable license issue royalty in the sum of Fifty Thousand dollars ($50,000.00)
upon execution of this Agreement.

 

3.2 No
later than thirty (30) days after the close of Licensee’s Series A financing, Licensee shall transfer to Foundation an equity
position in Licensee equal to Two Hundred and Fifty Thousand dollars ($250,000.00) or Ten percent (10%) of the outstanding shares
of Licensee, whichever is greater, based on the pre-money valuation of the Series A financing.

 

3.3 Licensee
shall pay to the Foundation semi-annually, within sixty (60) days after each calendar half year ending June 30 and December 31,
the greater of: (i) a semi-annual minimum royalty of Fifty Thousand dollars ($50,000.00); or (ii) a running royalty of Five percent
(5%) of Net Sales by Licensee and sublicensees in a given jurisdiction covered by at least one Valid Claim existing in such jurisdiction
and Two and One-Half percent (2.5%) of Net Sales by Licensee and sublicensees in a given jurisdiction not covered by any Valid
Claim existing in such jurisdiction. In the case of sublicenses, Licensee shall also pay to
the Foundation a royalty of Fifteen percent (15%) of Non-royalty Sublicense Income.

 

(a) If
the license pursuant to this Agreement is converted to a non-exclusive one and if other non-exclusive licenses in the same field
and territory are granted, after such conversion the above royalty rates shall not exceed the royalty rate to be paid by other
licensees in the same field and territory during the term of the non-exclusive license.

 

(b) On
sales of Licensed Products or Licensed Processes between Licensee and its sublicensees for resale, the royalty shall be paid only
on the Net Sales of the sublicensees and not on the Net Sales by Licensee to its sublicensees for resale.

 

3.4 No
later than January 1 of each calendar year after the Effective Date of this Agreement, Licensee shall pay to the Foundation the
following non-refundable license maintenance royalties. Such maintenance royalty payments may be credited against running royalties
due (pursuant to Section 3.2) for that calendar year only, and Royalty Reports (pursuant to Section 5.3) shall reflect such a credit.
Such payments shall not be credited against any milestone payments nor against royalties due for any other calendar year.

   

	Patent 1:	 	 	 
	January 1, 2010	 	$	12,500.00	 
	January 1, 2011	 	$	37,500.00	 
	January 1 of each year thereafter until the filing of an NDA for a Licensed Product or Licensed Process utilizing Patent 1	 	$	25,000.00	 

 

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	Patent 2:	 	 	 
	January 1, 2010	 	$	12,500.00	 
	January 1, 2011	 	$	37,500.00	 
	January 1 of each year thereafter until the filing of an NDA for a Licensed Product or Licensed Process utilizing Patent 2	 	$	25,000.00	 

  

3.5 Licensee
shall pay to the Foundation the following milestone payment(s) within thirty (30) days after the associated milestone occurs (in
each instance):

 

	Licensed Product or Licensed Process Utilizing Patent 1:
	Commencement of Phase III Clinical Trial	 	$	100,000.00	 
	Filing of an NDA	 	$	500,000.00	 
	Marketing Approval	 	$	750,000.00	 
	First commercial sale	 	$	1,000,000.00	 
	 	 	 	 	 
	Licensed Product or Licensed Process Utilizing Patent 2:	 
	Commencement of Phase III Clinical Trial	 	$	100,000.00	 
	Filing of an NDA	 	$	500,000.00	 
	Marketing Approval	 	$	750,000.00	 
	First commercial sale	 	$	1,000,000.00	 

 

3.6 Licensee
agrees to pay Foundation Three Million dollars ($3,000,000.00) in support of the GP2 breast cancer vaccine Phase II clinical trial
(hereinafter “Clinical Trial Financial Support”). Licensee acknowledges that the GP2 breast cancer vaccine Phase II
clinical trial has already commenced and that the Parties intend Licensee’s Clinical Trial Financial Support to cover past,
ongoing, and future expenses associated with the GP2 breast cancer vaccine Phase II clinical trial. Beginning no later than January,
1, 2010 and continuing on a quarterly basis thereafter, Licensee shall pay Foundation Two Hundred Fifty Thousand dollars ($250,000.00)
on the first day of each quarter until Licensee’s Clinical Trial Financial Support obligation is fulfilled. In the
event the GP2 breast cancer vaccine Phase II clinical trial is terminated prior to completion of the trial, Licensee’s Clinical
Trial Financial Support obligation will be adjusted proportionally to correspond to the reduced number of patients enrolled.

 

3.7 All
payments due hereunder shall be paid in full, without deduction for any taxes or other fees imposed by any government or any transfer,
collection, or similar charges; any such tax, fee, or charge shall be paid by Licensee.

 

3.8 Royalty
payments shall be paid by check or by wire transfer in United States dollars in Rockville, Maryland, or at such other place and
manner as the Foundation may designate in writing consistent with the laws and regulations controlling in any foreign country.
If any currency conversion is required in connection with any payments due hereunder, such
conversion shall be made by using the exchange rate existing in the United States as reported in the Wall Street Journal on the
last Business Day of the calendar half-year reporting period to which such payments relate.

 

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3.9 No
multiple royalty shall be due to the Foundation because any Licensed Product, its manufacture, use, lease, or sale, are or shall
be covered by more than one Patent Rights patent application or Patent Rights patent licensed hereunder.

 

ARTICLE IV

 DUE DILIGENCE

 

4.1 Licensee
shall use its best efforts to bring one or more of the Licensed Products and Licensed Processes to market, in the Territory for
the Field, through a commercially practicable program for exploitation of the Patent Rights and to continue such development and
marketing efforts for such Licensed Products and Licensed Processes throughout the life of this Agreement. Thereafter, until the
expiration of this Agreement, Licensee shall endeavor to keep Licensed Products and Licensed Processes continuously available to
the public in the Territory for the Field.

 

4.2 Within
twenty-four (24) months of the Effective Date, Licensee shall raise at least Three Million dollars ($3,000,000.00) in funding (whether
by debt, equity, or grant) and provide evidence of same to Foundation.

 

ARTICLE V

REPORTING

 

5.1 No
later than sixty (60) days after December 31 of each calendar year, Licensee shall provide to the Foundation a written annual Progress
Report describing progress on research and development, regulatory approvals, manufacturing, sublicensing, marketing, and sales
during the most recent twelve (12) month period ending December 31 and plans for the forthcoming year. The Progress Report shall
describe the status of Licensee’s efforts to develop and commercialize Licensed Product(s) or Licensed Process(es) in sufficient
detail to enable the Foundation to reasonably determine whether anticipated performance and payment milestones have been met and
to provide assurance that Licensee is developing Licensed Product(s) or Licensed Process(es). If multiple technologies are covered
by the license granted hereunder, the Progress Report shall provide the information set forth above for each technology. Licensee
shall also provide any reasonable additional data the Foundation requires to evaluate Licensee’s performance.

 

5.2 Licensee
shall report to the Foundation the date of first sale of Licensed Products (or use or sale of Licensed Processes) in each country
within thirty (30) days of occurrence.

 

5.3 Royalty
Reports.

 

(a) Licensee
shall submit to the Foundation, within sixty (60) days after each calendar half year ending June 30 and December 31, a Royalty
Report setting forth for such half year at least the following information:

   

(i) the
number of Licensed Products sold by Licensee and all sublicensees in each country;

 

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(ii) total
dollar amount of billings, invoices, and receipts for Licensed Products sold by Licensee and all sublicensees in each country (together
with an accounting for currency conversions, if any);

 

(iii) an
accounting for all Licensed Processes used or sold by Licensee and all sublicensees in each country;

 

(iv) deductions
applicable to determine the Net Sales;

 

(v) the
amount of Non-royalty Sublicense Income received by Licensee; and

 

(vi) the
amount of royalty due to the Foundation for the reporting period or, if no royalties are due for any reporting period, the statement
that no royalties are due.

 

Such Royalty Report shall be certified
as correct by an officer of Licensee and shall include a detailed listing of all deductions from royalties.

 

(b) Contemporaneous
with submission of each Royalty Report, Licensee shall pay to the Foundation the amount of royalty due with respect to such half
year. If multiple technologies are covered by
the license granted hereunder, Licensee shall specify which Patent Rights are utilized for each Licensed Product and Licensed Process
included in the Royalty Report.

 

(c) Late
payments shall be subject to a charge of one and one-half percent (1-1/2%) per month, or $250, whichever is greater.

 

5.4 In
the event of acquisition, merger, change of corporate name, or change of make-up, organization, or identity, Licensee shall notify
the Foundation in writing within thirty (30) days of such event.

 

5.5 If
Licensee or any Affiliate or sublicensee (or optionee) does not qualify or ceases to qualify as a “small entity”
as provided by the United States Patent and Trademark Office, Licensee must notify the Foundation immediately.

 

5.6 Foundation
shall make available to the Licensee all preclinical, manufacturing, and clinical data and information in its possession related
to the Patent Rights licensed hereunder.

 

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ARTICLE VI 

RECORD KEEPING

 

6.1 Licensee
shall keep, and shall require its sublicensees to keep, accurate records (together with supporting documentation) of Licensed
Products and Licensed Processes made, used or sold under this Agreement, appropriate to determine the amount of royalties due
to the Foundation hereunder. Such records shall be retained for at least three (3) years following the end of the reporting
period to which they relate. They shall be available during normal business hours for examination by an accountant selected
by the Foundation, for the sole purpose of verifying reports and payments hereunder. In conducting examinations pursuant to
this section, the Foundation’s accountant shall have access to all records that the Foundation reasonably believes to
be relevant to the calculation of royalties under Article III.

 

6.2 The
Foundation’s accountant shall not disclose to the Foundation any information other than information relating to the accuracy
of reports and payments made hereunder. In cases of inaccurate reports and payment, Licensee shall promptly pay the Foundation
any additional sum that would have been payable to the Foundation had the Licensee reported correctly, plus interest on said sum
at the rate of one and one half per cent (1 1/2%) per month.

 

6.3 Such
examination by the Foundation’s accountant shall be at the Foundation’s expense, except that if such examination shows
an underreporting or underpayment in excess of five percent (5%) for any twelve (12) month period, then Licensee shall pay the
Foundation the cost of such examination (as well as any additional sum that would have been payable to the Foundation had the Licensee
reported correctly, plus interest on said sum at the rate of one and one half per cent (1 1/2%) per month).

 

ARTICLE VII

DOMESTIC AND FOREIGN PATENT FILING AND
MAINTENANCE

 

7.1 The
Foundation, in its sole discretion, shall be responsible for the preparation, filing, prosecution, and maintenance of any and all
patent applications and patents included in Patent Rights. The Foundation shall consult with Licensee as to the preparation, filing,
prosecution and maintenance of such patent applications and patents and shall furnish to Licensee copies of documents relevant
to any such preparation, filing, prosecution, or maintenance.

 

7.2 Licensee
shall reimburse the Foundation for all reasonable expenses the Foundation has incurred or will incur for the preparation, filing,
prosecution, and maintenance of Patent Rights associated with Patent 1 (“Patent 1 Patent Expenses”).

 

(a) For
Patent 1 Patent Expenses incurred prior to the execution of this Agreement, Licensee shall reimburse Foundation according to the
following schedule:

 

	Due upon execution of Agreement	 	 	25	%
	Due upon one-year anniversary of Effective Date	 	 	25	%
	Due upon two-year anniversary of Effective Date	 	 	50	%

 

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(b) Notwithstanding
the reimbursement schedule in 7.2(a), upon Licensee raising Three Million Dollars ($3,000,000.00) or more in funding (whether by
debt, equity, or grant), Licensee shall reimburse Foundation for all outstanding Patent 1 Patent Expenses the Foundation has incurred
prior to the execution of this Agreement.

 

(c)
Licensee shall reimburse the Foundation for all Patent 1 Patent Expenses incurred after the execution of this Agreement within
thirty (30) days after Licensee’s receipt of invoices from the Foundation. Late payment of these invoices shall be subject
to interest charges of one and one-half percent (1 1/2%) per month.

 

7.3 Licensee
shall reimburse the Foundation for fifty percent (50%) of all reasonable expenses the Foundation has incurred or will incur for
the preparation, filing, prosecution, and maintenance of Patent Rights associated with Patent 2 (“Patent 2 Patent Expenses”).

 

(a) For
Patent 2 Patent Expenses incurred prior to the execution of this Agreement, Licensee shall reimburse Foundation according to the
following schedule:

 

	Due upon execution of Agreement	 	 	25	%
	Due upon one-year anniversary of Effective Date	 	 	25	%
	Due upon two-year anniversary of Effective Date	 	 	50	%

 

(b) Notwithstanding
the reimbursement schedule in 7.3(a), upon Licensee raising Three Million Dollars ($3,000,000.00) or more in funding (whether by
debt, equity, or grant), Licensee shall reimburse Foundation for all outstanding Patent 2 Patent Expenses the Foundation has incurred
prior to the execution of this Agreement.

 

(c) Licensee
shall reimburse the Foundation for Patent 2 Patent Expenses incurred after the execution of this Agreement within thirty (30) days
after Licensee’s receipt of invoices from the Foundation. Late payment of these invoices shall be subject to interest charges
of one and one-half percent (1 1/2%) per month.

 

7.4 The Foundation and Licensee shall
cooperate fully in the preparation, filing, prosecution and maintenance of Patent Rights and of all patents and patent
applications licensed to Licensee hereunder, executing all papers and instruments or requiring employees or agents to execute
such papers and instruments so as to enable the Foundation to apply for, to prosecute, and to maintain patent applications
and patents in the Foundation’s name in any country. Each Party shall provide to the other prompt notice as to all
matters that come to its attention and that may affect the preparation, filing, prosecution, or maintenance of any such
patent applications or patents.

 

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7.5 Licensee
may elect to surrender its license to the Patent Rights in any country upon sixty (60) days written notice to the Foundation. Such
notice shall not relieve Licensee from responsibility to reimburse the Foundation for patent-related expenses incurred prior to
the expiration of the (60)-day notice period (or such longer period specified in Licensee’s notice).

 

ARTICLE VIII

 INFRINGEMENT

 

8.1 With
respect to any Patent Rights that are exclusively licensed to Licensee pursuant to this Agreement, Licensee shall have the right,
within the Territory, to prosecute in its own name and at its own expense any infringement of such patent, so long as such license
is exclusive at the time of the commencement of such action. The Foundation agrees to notify Licensee promptly of each infringement
of such patents of which the Foundation is or becomes aware. Before Licensee commences an action with respect to any infringement
of such patents, Licensee shall give careful consideration to the views of the Foundation and to potential effects on the public
interest in making its decision whether or not to sue.

 

(a) If
Licensee elects to commence an action as described above, Foundation may, to the extent permitted by law, elect to join
as a party in that action. Regardless of whether the Foundation elects to join as a party, the Foundation shall cooperate fully
with Licensee in connection with any such action.

 

(b) If
the Foundation elects to join as a party pursuant to subsection (a), the Foundation shall jointly control the action with
Licensee.

 

(c) Licensee
shall reimburse the Foundation for any costs the Foundation incurs, including reasonable attorneys’ fees, as part of an action
brought by Licensee, irrespective of whether the Foundation becomes a co-plaintiff.

 

8.2 If Licensee
elects to commence an action as described above, Licensee may deduct from its royalty payments to the Foundation with respect
to the patent(s) subject to suit an amount not exceeding fifty percent (50%) of Licensee’s expenses and costs of such
action, including reasonable attorneys’ fees; provided, however, that such reduction shall not exceed fifty percent
(50%) of the total royalty due to the Foundation with respect to the patent(s) subject to suit for each calendar year. If such
fifty percent (50%) of Licensee’s expenses and costs exceeds the amount of royalties deducted by Licensee for any
calendar year, Licensee may to that extent reduce the royalties due to the Foundation from Licensee in succeeding calendar
years, but never by more than fifty percent (50%) of the total royalty due in any one year with respect to the patent(s)
subject to suit.

 

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8.3 No
settlement, consent judgment or other voluntary final disposition of the suit may be entered into without the prior written consent
of the Foundation, which consent shall not be unreasonably withheld.

 

8.4 Recoveries
or reimbursements from actions commenced pursuant to this Article shall first be applied to reimburse Licensee and the Foundation
for litigation costs not paid from royalties and then to reimburse the Foundation for royalties deducted by Licensee pursuant to
Section 8.2. Licensee and the Foundation shall share any remaining recoveries or reimbursements equally.

 

8.5 If
Licensee elects not to exercise its right to prosecute an infringement of the Patent Rights pursuant to this Article, the
Foundation may do so at its own expense, controlling such action and retaining all recoveries therefrom. Licensee shall cooperate
fully with the Foundation in connection with any such action.

 

8.6 Without
limiting the generality of Section 8.5, the Foundation may, at its election and by notice to Licensee, establish a time limit of
ninety (90) days for Licensee to decide whether to prosecute any infringement of which the Foundation is or becomes aware. If,
by the end of such ninety (90)-day period, Licensee has not commenced such an action, the Foundation may prosecute such
an infringement at its own expense, controlling such action and retaining all recoveries therefrom. With respect to any such infringement
action prosecuted by the Foundation in good faith, Licensee shall pay over to Foundation any payments (whether or not designated
as “royalties”) made by the alleged infringer to Licensee under any existing or future sublicense authorizing Licensed
Products or Licensed Processes, up to the amount of the Foundation’s unreimbursed litigation expenses (including, but not
limited to, reasonable attorneys’ fees).

 

8.7 If
a declaratory judgment action is brought naming Licensee as a defendant and alleging invalidity of any of the Patent Rights,
the Foundation may elect to take over the sole defense of the action at its own expense. Licensee shall cooperate fully with the
Foundation in connection with any such action.

 

8.8 During
the exclusive period of the Licensee’s license hereunder, Licensee shall have the sole right, in accordance with the terms
and conditions hereof, to sublicense any alleged infringer within the Territory for the Field. Any upfront fees paid in connection
with such sublicense shall be shared equally between Licensee and the Foundation; other royalties shall be treated in accordance
with Article III.

 

ARTICLE IX 

NEW INVENTIONS

 

9.1 “New
Invention(s)” means any invention, discovery, or improvement of a Party or Parties conceived or first actually reduced
to practice in the course of carrying out this Agreement that is or may be patentable or otherwise protected under title 35, United
States Code, or any novel variety of plant that is or may be protectable under the Plant Variety Act (7 U.S.C. § 2321
et seq).

 

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9.2 In
the event of a New Invention, inventorship shall be determined in accordance with the patent laws of the United States of America.
All New Inventions conceived or first actually reduced to practice solely by an employee of a Party shall belong to the employee
(or to the employee’s employer if the employee and the employer have so agreed). Two or more Parties shall jointly own a
New Invention if each of such Parties employed at least one inventor thereof at the time of its conception or first actual reduction
to practice, provided that each Party has acquired the interest of its respective employee(s) in the New Invention. Each Party
shall cooperate with the other Party(ies) to obtain inventor signatures on patent applications, assignments, and other documents
required to secure the Party(ies) rights in New Inventions. Each Party shall have the primary responsibility for filing patent
or other intellectual property applications on the New Inventions of its own employee(s) in a timely manner, at its own expense,
and after consultation with the other Parties. Notwithstanding the foregoing, by mutual agreement, the Parties may identify which
Party shall file a patent application on any New Invention. The Parties will consult and mutually determine a filing strategy for
jointly owned New Inventions.

 

9.3 For
New Inventions solely owned by Licensee, Licensee grants to the U.S. Government and Foundation a nonexclusive, nontransferable,
irrevocable, world-wide, paid-up license to practice the New Invention or have the New Invention practiced throughout the world
by or on behalf of the U.S. Government or the Foundation for research or other Government purposes.

 

9.4 The
Parties intend that this Agreement qualify as a joint research agreement for the purposes of the Cooperative Research and Technology
Enhancement Act of 2004, 35 U.S.C. § 103(c)
(hereinafter “CREATE Act”). However, in the event of any New Invention, the Parties agree not to invoke the CREATE
Act without the prior express written consent of the other Party.

 

ARTICLE X

TERMINATION OF AGREEMENT

 

10.1 This Agreement, unless terminated
as provided herein, shall remain in effect until the last patent or patent application in Patent Rights has expired or been abandoned.

 

10.2 The Foundation may terminate this
Agreement in the circumstances set forth in this Section, and any such termination shall be effective immediately upon the Foundation
giving written notice to Licensee of any of the following:

 

(a) if
Licensee does not make any payment due hereunder and fails to cure such non-payment (including the payment of interest in accordance
with Section 5.3(c)) within thirty (30) days after the receipt of notice in writing of such non-payment by the Foundation;

 

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(b) if
Licensee defaults in its obligations under Sections 11.4(c), 11.4(d), and 11.4(e) to procure and maintain insurance;

 

(c) at
any time after two years from the Effective Date of this Agreement, the Foundation may, in its sole discretion, either terminate
this Agreement and the license granted hereunder or render this license non-exclusive if, in the Foundation’s reasonable
judgment, the Progress Reports furnished by Licensee do not demonstrate that Licensee has:

 

(i) either
(A) put the licensed subject matter into commercial use in the Territory hereby licensed, directly or through a sublicense, and
is keeping the licensed subject matter continuously available to the public, or (B) has been and continues to be engaged in research,
development, manufacturing, marketing or sublicensing activity appropriate to achieving the purposes set forth in Section 4.1;
and

 

(ii) met
all relevant performance milestone(s) for the period covered by any Progress Report and all preceding Progress Reports;

 

(d) if
Licensee: is unable to pay its debts as such debts become due; makes a general assignment for the benefit of creditors; has a petition
in bankruptcy or a suit seeking reorganization, liquidation, dissolution, or similar relief filed against it; or files or permits
the filing of any petition or answer seeking to adjudicate itself bankrupt or insolvent, or seeking for itself any liquidation,
winding up, reorganization, arrangement, adjustment, protection, relief, or composition of Licensee or its debts under any law
relating to bankruptcy, insolvency, or reorganization or relief of debtors, or seeking or consenting to the appointment of a trustee,
custodian, receiver, liquidator or other similar official for Licensee or for any substantial part of its property; or takes any
corporate action to authorize any of the foregoing actions;

 

(e) if
Licensee fails to raise at least Three Million dollars ($3,000,000.00) in funding (whether by debt, equity, or grant) within twenty-four
(24) months of the Effective Date in accordance with Section 4.2 and provide evidence of same to the Foundation within thirty (30)
days thereafter.

 

(f) if
an examination by Foundation’s accountant pursuant to Article VI shows an underreporting or underpayment by Licensee in excess
of fifteen percent (15%) for any twelve (12) month period.

 

(g) if
Licensee is convicted of a felony relating to the manufacture, use, or sale of any Licensed Product or Licensed Process, or has
made a false statement of, or willfully omitted, a material fact in the annual development plan, progress report, or any other
report required by this Agreement; or

 

(h) except as
provided in subsections (a), (b), (c), (d), (e), (f) and (g) above, if Licensee defaults in the performance of any
obligations under this Agreement and the default has not been remedied within ninety (90) days after the date of notice in
writing of such default by the Foundation.

 

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10.3 Licensee shall provide, in all sublicenses
granted by it under this Agreement, that Licensee’s interest in such sublicenses shall at the Foundation’s option terminate
or be assigned to the Foundation upon termination of this Agreement.

 

10.4 Licensee may terminate this Agreement
by giving ninety (90) days advance written notice of termination to the Foundation.

 

10.5 Upon termination, Licensee shall
pay Foundation the balance of its remaining Clinical Trial Financial Support obligation in proportion to the number of patients
enrolled as of the date of termination.

 

10.6 Upon termination, Licensee shall
submit a final Royalty Report to the Foundation and any royalty payments, including royalty payments on any and all future sales
of Licensed Products made but not yet sold at the time of termination, and unreimbursed patent expenses invoiced by the Foundation
shall become immediately payable.

 

10.7 Upon termination, Licensee shall
promptly provide to Foundation all data, including all pre-clinical data, clinical data, manufacturing data, and marketing data,
derived during development of Licensed Products and Licensed Processes. Licensee shall also provide to Foundation copies of all
FDA submissions and correspondence related to Licensed Products and Licensed Processes.

 

10.8 Articles I
and VI and Sections 2.4, 5.3, 7.2, 8.3, 8.4, 9.1 through 9.4 inclusive, 10.4, 10.5, 10.6, 10.7, 10.8, 11.1 through 11.8
inclusive, 11.10, 11.11, and 11.13 through 11.19 inclusive shall survive any expiration or
termination of this Agreement indefinitely. Additionally, any rights or remedies arising out of a breach or violation of any
terms of this Agreement will survive any expiration or termination of this Agreement. The expiration or termination of this
Agreement shall not discharge either Party from any obligation that it owes to the other Party by reason of any loss, cost,
damage, expense, liability, or contractual duty that occurs or arises (or the circumstances, events, or basis of which occurs
or arises) prior to such expiration or termination, and shall not affect the right of either Party to institute or maintain
any action for damages relating to any breach of this Agreement by the other Party prior to the date of termination. It is
the intent of the Parties that any such obligation owed by a Party to the other Party arising before the date of expiration
or termination (whether the same shall be known or unknown at such date, or whether the circumstances, events, or basis of
the same shall be known or unknown at such date), including royalty obligations (computed in accordance with Article III) on
sales made or ordered prior to the date of termination or expiration, indemnification obligations, and confidentiality
obligations, shall survive the expiration or termination of this Agreement.

 

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ARTICLE XI 

MISCELLANEOUS PROVISIONS

 

11.1 Rules
of Construction. This Agreement is to be interpreted in accordance with the following rules of construction:

 

(a) Number
and Gender. All definitions of terms apply equally to both the singular and plural forms of the terms defined. Whenever the
context may require, any pronoun shall include the corresponding masculine, feminine, and neuter forms.

 

(b) Including;
Herein; Etc. The words “include,” “includes,” and “including” are deemed to be followed
by the phrase “without limitation.” The words “herein,” “hereof,” and “hereunder”
and words of similar import refer to this Agreement (including all Appendices) in its entirety and are not limited to any part
hereof, unless the context shall otherwise require. The word “or” is not exclusive and means “and/or.”

 

(c) Sales.
The terms “sold,” “sell,” and “sale(s)” include leases and other transfers and similar transactions
for consideration.

 

(d) Subdivisions
and Attachments. All references in this Agreement to Articles, Sections, subsections, paragraphs, and Appendices are, respectively,
references to Articles, Sections, subsections, and paragraphs of, and Appendices to, this Agreement, unless otherwise specified.

 

(e) References
to Documents and Laws. All references to this Agreement or any Appendix hereof are to it as amended, modified, and supplemented
from time to time in accordance with the terms of this Agreement. All references to (i) any other agreement or instrument or (ii)
any statute, law, regulation, permit, or similar item are to it as amended and supplemented from time to time (and, in the case
of a statute, law or regulation, to any corresponding provisions of successor statutes, laws, or regulations), unless otherwise
specified.

 

(f) References
to Days. Any reference in this Agreement or Order issued hereunder to a “day” or number of “days”
(without the explicit qualification “Business”) is a reference to a calendar day or number of calendar days. If any
action or notice is to be taken or given on or by a particular calendar day, and such calendar day is not a Business Day,
then such action or notice may be taken or given on the next Business Day.

 

(g) Examples.
If, in any provision of this Agreement any example is given (through
the use of the words “such as,” “for example,” “e.g.,” or otherwise) of the meaning,
intent, or operation of any provision of this Agreement, such example is intended to be illustrative only and not exclusive.

 

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(h) Currency.
Except as expressly provided herein, all prices or other monetary amounts stated in this Agreement are, and all monetary amounts
stated in any report to be delivered pursuant hereto shall be, stated in United States Dollars.

 

(i) Participation
in Drafting. Both Parties and their respective legal counsel have participated, or had the opportunity to participate, in the
drafting of this Agreement, and this Agreement will be construed simply and according to its fair meaning and not strictly for
or against either Party.

 

11.2 No Foundation
Warranty.

 

(a) The
Foundation does not warrant the validity of the Patent Rights licensed hereunder and makes no representations whatsoever with regard
to the scope of the licensed Patent Rights or that such Patent Rights may be exploited by Licensee or any sublicensee without infringing
other patents.

 

(b) THE
FOUNDATION EXPRESSLY DISCLAIMS ANY AND ALL IMPLIED AND EXPRESS WARRANTIES AND MAKES NO WARRANTIES OF MERCHANTABILITY OR FITNESS
FOR A PARTICULAR PURPOSE OF THE PATENT RIGHTS, OR INFORMATION SUPPLIED BY THE FOUNDATION, OR OF THE LICENSED PROCESSES OR LICENSED
PRODUCTS CONTEMPLATED BY THIS AGREEMENT.

 

11.3 Limitation
of Liability. IN NO EVENT SHALL THE FOUNDATION BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, OR CONSEQUENTIAL DAMAGES (INCLUDING
DAMAGES FOR LOSS OF PROFITS OR EXPECTED SAVINGS OR OTHER ECONOMIC LOSSES, OR FOR INJURY TO PERSONS OR PROPERTY) ARISING OUT OF
OR IN CONNECTION WITH THIS AGREEMENT OR ITS SUBJECT MATTER, REGARDLESS OF WHETHER THE FOUNDATION KNOWS OR SHOULD KNOW OF THE POSSIBILITY
OF SUCH DAMAGES. THE FOUNDATION’S AGGREGATE LIABILITY FOR ALL DAMAGES OF ANY KIND RELATING TO THIS AGREEMENT OR ITS SUBJECT
MATTER SHALL NOT EXCEED THE AMOUNT PAID BY LICENSEE TO THE FOUNDATION UNDER THIS AGREEMENT. The foregoing exclusions and limitations
shall apply to all claims and actions of any kind, whether based on contract, tort (including but not limited to negligence), or
any other grounds.

 

11.4 Indemnification
and Insurance.

 

(a) Licensee shall
indemnify, defend and hold harmless the Foundation and its current and former directors, board members, trustees, officers,
employees, and agents and their respective successors, heirs and assigns (collectively, the “Indemnitees”), from
and against any and all claims, liabilities, costs, expenses, damages, deficiencies, losses or obligations of any kind or
nature (including reasonable attorneys’ fees and other costs and expenses of litigation) (collectively
“Claims”) based upon, arising out of, or otherwise relating to this Agreement, including without limitation any
cause of action relating to product liability concerning any product, process, or service made, used, or sold pursuant to any
right or license granted under this Agreement.

 

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(b) Licensee
shall, at its own expense, provide attorneys reasonably acceptable to the Foundation to defend against any actions brought or filed
against any Indemnitee hereunder with respect to the subject of indemnity contained herein, whether or not such actions are rightfully
brought.

 

(c)
Beginning at the time any such product, process or service is being commercially distributed or sold (other than for the
purpose of obtaining regulatory approvals) by Licensee or by any sublicensee or agent of Licensee, Licensee shall, at its
sole cost and expense, procure and maintain commercial general liability insurance in amounts not less than $2,000,000 per
incident and $4,000,000 annual aggregate and naming the Indemnitees as additional insureds. During clinical trials of any
such product, process, or service, Licensee shall, at its sole cost and expense, procure and maintain commercial general
liability insurance in such equal or lesser amount as the Foundation shall require, naming the Indemnitees as additional
insureds. Such commercial general liability insurance shall provide (i) product liability coverage and (ii) broad form
contractual liability coverage for Licensee’s indemnification under this Agreement. If Licensee
elects to self-insure all or part of the limits described above (including deductibles or retentions that are in excess of
$250,000 annual aggregate) such self-insurance program must be acceptable to the Foundation in its sole discretion. The
minimum amounts of insurance coverage required shall not be construed to create a limitation of Licensee’s liability
with respect to its indemnification under this Agreement.

 

(d) Licensee
shall provide the Foundation with written evidence of such insurance upon request of the Foundation. Licensee shall provide the
Foundation with written notice at least fifteen (15) days prior to the cancellation, non-renewal, or material change in such insurance;
if Licensee does not obtain replacement insurance providing comparable coverage within such fifteen (15) day period, the Foundation
shall have the right to terminate this Agreement effective at the end of such fifteen (15) day period without notice or any additional
waiting periods.

 

(e) Licensee shall maintain
such commercial general liability insurance beyond the expiration or termination of this Agreement during (i) the period that
any product, process, or service, relating to, or developed pursuant to, this Agreement is being commercially distributed or sold
by Licensee or by a sublicensee or agent of Licensee and (ii) a reasonable period after the period referred to in (e)(i) above,
which period in no event shall be less than fifteen (15) years.

 

11.5 Limitation
on Advertising and Publicity. Licensee shall not use the Foundation’s or USU’s name or insignia, or the name or
insignia of the U.S. Government or any agency thereof, or any adaptation of the foregoing, or the name of any of Foundation’s
or USU’s inventors, in any press release, public announcement, advertising, promotional, or sales literature without the
prior written approval of the Foundation or USU, as the case may be.

 

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11.6 No
Assignment. Without the prior written approval of the Foundation in each instance, neither this Agreement nor the rights
granted hereunder shall be transferred or assigned in whole or in part by Licensee to any person whether voluntarily or
involuntarily, by operation of law, or otherwise. This Agreement shall be binding upon the respective successors, legal
representatives, and assignees of the Foundation and Licensee.

 

11.7 Governing
Law. This Agreement shall be governed by and construed and interpreted in accordance with the laws of the State of Maryland,
as to all matters, including matters of validity, construction, effect, performance, and remedies, irrespective of any contrary
choice of law that otherwise would be applicable under the choice of laws principles of any jurisdiction.

 

11.8 Compliance
with Laws and Regulations. Licensee shall comply with all applicable laws and regulations, including United States laws and
regulations controlling exports. Licensee agrees that it will be solely responsible for any violation of applicable laws or regulations
by Licensee or its Affiliates or sublicensees, and that it will defend and hold the Foundation harmless in the event of any legal
action of any nature occasioned by such violation.

 

11.9 Regulatory
Approvals; Patent Markings. Licensee agrees (i) to obtain all regulatory approvals required for the manufacture and sale of
Licensed Products and Licensed Processes and (ii) to utilize appropriate patent marking on such Licensed Products. Licensee also
agrees to register or record this Agreement as is required by law or regulation in any country where the license is in effect.

 

11.10 Confidential
Information and Intellectual Property. Except as specifically required to comply with obligations set forth in this Agreement,
neither Party shall be obligated to disclose or furnish to the other Party any Confidential Information of such first Party or
any confidential or proprietary information, technology, or intellectual property of any third party in such first Party’s
possession or control. If, however, the Parties have heretofore entered or hereafter enter into a confidential information nondisclosure
agreement or similar agreement (the “NDA”), neither Party may terminate the NDA prior to the termination or
expiration of this Agreement. If the Parties have not entered into an NDA, each Party agrees, for the greater of a period of five
(5) years after each disclosure or during the pendency of this Agreement, to maintain in confidence all Confidential Information
disclosed to it by the other Party and to protect such Confidential Information by using the same degree of care, but no less than
a reasonable degree of care, as the receiving Party uses to protect its own similar confidential information.

 

11.11 Headings.
The article, section, and other headings contained in this Agreement are for reference purposes only and are not intended to describe,
interpret, define, or limit the scope, extent, or intent of this Agreement.

 

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11.12 Counterpart
Execution. This Agreement and any modification or amendment thereof may be executed in counterparts, both of which shall be
considered one and the same agreement, and shall become effective when such counterparts have been signed by each of the Parties
and delivered to the other Party.

 

11.13 Waivers;
Remedies Generally. The observance of any term of this Agreement may be waived (whether generally or in a particular
instance and either retroactively or prospectively) by the Party entitled to enforce such term, but any such waiver will be
effective only if in a writing signed by the Party against which such waiver is to be asserted. Except as otherwise provided
in this Agreement, no failure or delay of either Party in exercising any power, right, or remedy under this Agreement will
operate as a waiver thereof, nor will any single or partial exercise of any such right, power, or remedy, preclude any other
or further exercise thereof or the exercise of any other right, power, or remedy. A waiver by either Party shall be limited
to the specific instance in which it is given and, therefore, any waiver by either Party of any obligation of the other Party
under or breach by the other Party of this Agreement or of any power, right, or remedy of the waiving Party shall not be a
waiver of any other obligation or further or future performance of the same obligation, of any other or succeeding breach, of
any other or further exercise of such power, right, or remedy or any other power, right, or remedy.

 

11.14 Severability.
To the extent that any provision of this Agreement shall be judicially unenforceable in any one or more jurisdictions, such provision
shall not be affected with respect to any other jurisdiction, each provision with respect to each jurisdiction being construed
as several and independent. If any term or provision of this Agreement
or the application thereof to any person or circumstance is, to any extent, declared or found to be illegal, unenforceable, or
void, then both Parties will be relieved of all obligations arising under such term or provision, but only to the extent that such
term or provision is illegal, unenforceable, or void, it being the intent and agreement of the Parties that this Agreement will
be deemed amended by modifying such term or provision to the extent necessary to make it legal and enforceable while preserving
its intent or, if that is not possible, by substituting therefor another term or provision that is legal and enforceable and achieves
the same objective. If the remainder of this Agreement will not
be affected by such declaration or finding and is capable of substantial performance, then each term and provision not so affected
will be enforced to the extent permitted by law. If necessary to
effect the intent of the Parties, the Parties will negotiate in good faith to amend this Agreement to replace the unenforceable
language with enforceable language that as closely as possible reflects such intent and to amend any other term or provision thereby
rendered incapable of substantial performance or otherwise affected thereby to the extent necessary to permit the practical realization,
insofar as legally possible, of the intent of the Parties.

 

11.15 Relationship
of the Parties; Disclaimer of Agency.

 

(a)
Independent Contractors. In entering into and carrying out this Agreement, the Parties
will be acting solely as independent contractors. Nothing in this Agreement creates, has created, or will create any partnership,
joint venture, or other business association between the Parties, nor any duties or responsibilities of partners, venturers, or
members of a business association.

 

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(b) No
Agency. Except for provisions in this Agreement expressly authorizing one Party to act for the other, this Agreement will not
constitute either Party as a legal representative or agent of the other Party, nor will either Party have the right or authority
to assume, create, or incur any liability or any obligation of any kind, expressed or implied, against or in the name or on behalf
of the other Party unless otherwise expressly permitted by such Party.

 

11.16 No
Third Party Beneficiaries. The representations, warranties, covenants, and undertakings contained in this Agreement are for
the sole benefit of the Parties, their sublicensees, and the Parties’ permitted successors and assigns and shall not be construed
as creating any third party beneficiaries of this Agreement or as conferring any rights whatsoever on any third party.

 

11.17 Notices.
Unless otherwise expressly agreed by the Party receiving notice, any notice, demand, or other communication required or permitted
to be given by either Party under any provision of this Agreement must be in writing, in the English language, and mailed (certified
or registered mail, postage prepaid, return receipt requested) or sent by hand or overnight courier, or by facsimile (with acknowledgment
received), charges prepaid and addressed to the intended recipient at such Party’s address set forth below, or to such other
address or number as such Party may from time to time specify by notice to the other Party as provided in this Section. All notices
and other communications given in accordance with the provisions of this Agreement will be deemed to have been given and received
(i) when actually delivered by hand, by mail, or by courier, or (ii) when transmitted by facsimile (with acknowledgment received
and a copy of such notice is sent no later than the next Business Day by a reliable overnight or two-day courier service, with
acknowledgment of receipt).

 

If to Licensee:

 

Norwell, Inc.

 415 Jackson Hill

Houston, TX 77007

713-862-5478

 

If to the Foundation:

The Henry M. Jackson Foundation for

the Advancement of Military Medicine, Inc.

ATTN: General Counsel

1401 Rockville Pike, Suite 600

Rockville, MD 20852

Fax: 301-294-8130

 

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11.18 Disputes.
In the event of any controversy or claim arising out of or relating to any provision of this Agreement or the breach thereof,
the Parties shall try to settle such conflict amicably between themselves. Subject to the limitation stated in the final
sentence of this Section, any such conflict that the Parties are unable to resolve promptly shall be settled through
arbitration conducted in accordance with the rules of the American Arbitration Association. The demand for arbitration shall
be filed within a reasonable time after the controversy or claim has arisen, and in no event after the date upon which
institution of legal proceedings based on such controversy or claim would be barred by the applicable statute of limitations.
Such arbitration shall be held in Montgomery County, Maryland. The award through arbitration shall be final and binding.
Either Party may enter any such award in a court having jurisdiction or may make application to such court for judicial
acceptance of the award and an order of enforcement, as the case may be. Notwithstanding the foregoing, either Party may,
without recourse to arbitration, assert against the other Party a third-party claim or cross-claim in any action brought by a
third party, to which the subject matter of this Agreement may be relevant.

 

11.19 Entire
Agreement; Modifications. This Agreement constitutes the complete agreement between the Parties concerning the subject matter
hereof and replaces any prior oral or written communications between the Parties. There are no conditions, understandings, agreements,
representations, or warranties, express or implied, that are not specified herein, and neither Party shall be obligated by any
condition or representation other than those expressly stated herein or as may be subsequently agreed by the Parties in writing.
Any purported modification or amendment of the express terms or provisions of this Agreement shall be effective only if contained
in a written instrument signed by each Party.

 

11.20 Publications.
Prior to a Party’s submission for publication or presentation technical developments and/or research findings related to
the Patent Rights licensed hereunder, the publishing or presenting Party shall provide the other Party with at least thirty (30)
days for review and comment upon the manuscript or other material proposed for publication. In addition, if requested by the other
Party, the publishing or presenting Party will withhold such submission for publication or presentation for an additional thirty
(30) days to allow for filing a patent application or taking such measures, as the Party deems appropriate to establish and preserve
its proprietary rights in the information in the manuscript or presentation.

 

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THE FOUNDATION AND LICENSEE HAVE READ
THIS AGREEMENT INCLUDING ALL APPENDICES HERETO AND AGREE TO BE BOUND BY ALL THE TERMS AND CONDITIONS HEREOF AND THEREOF.

 

IN WITNESS WHEREOF, the Parties
have entered into this License Agreement as of the date first above set forth.

  

	 	THE HENRY M. JACKSON FOUNDATION FOR THE ADVANCEMENT OF MILITARY MEDICINE, INC.
	 	 
	 	/s/ John W. Lowe
	 	John W. Lowe
	 	President & CEO
	 	 
	 	13 May 2009
	 	Date
	 	 
	 	NORWELL, INC.
	 	 
	 	/s/ Eric Rothe 
	 	Eric Rothe 
	 	President & CEO
	 	 
	 	5/13/2009
	 	Date

  

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APPENDIX A

 

The following patent applications are
included in the Patent Rights:

 

Patent 1 -

 

Title: Vaccine for the Prevention of Breast
Cancer Recurrence 

Inventors: Peoples and Ponniah

Provisional Patent Application No.: 61/121,220

Filing date: 10 December 2008

 

Patent 2 -

 

Title: Targeted Identification of Immunogenic
Peptides

 Inventors: Peoples, Ponniah, Flora and Storrer

 

as described in U.S. Patent Application
No. 12/045,402 filed on 3/10/2008 and Australian Application No. 2008201427 filed on 3/28/2008, both claiming priority to U.S.
Provisional Application No. 60/714,865 filed on 09/08/2005 and International Application No. PCT/US2006/035171 filed on 09/08/2006;
and

 

as described in International Application
No. PCT/US2006/035171 filed on 09/08/2006 and all corresponding National Stage Applications including but not limited to Japanese
Patent Application No. 2008-530244, European Patent Application No. 06824918.4 filed on 3/31/2008, and Canadian Patent Application
No. 2,622,036 filed on 3/10/2008; and

 

as described in International Application
No. PCT/GB2008/050227 filed 03/28/2008 and all its corresponding National Stage Applications; and

 

 

	Norwell-Foundation License FINAL	26Exhibit 10.7

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

This Executive Employment
Agreement (the “Agreement”) is made and entered into effective as of ___________________, 2020 (the “Effective
Date”), by and between Snehal Patel (the “Executive”) and Greenwich Lifesciences, Inc., a Delaware
corporation (the “Company”).

 

R E C I T A L S

 

Whereas,
the parties wish to enter into an employment agreement between the Executive and the Company on the terms and conditions contained
in this Agreement, which Agreement will supersede all prior agreements and understandings between the parties, oral or written,
with respect to the subject matter of this Agreement.

 

AGREEMENT

 

NOW, THEREFORE, in
consideration of the mutual covenants herein contained and the employment of Executive by the Company, the parties hereby agree
as follows:

 

1. Definition of
Terms. The following capitalized terms used in this Agreement, but not otherwise defined herein, shall have the following meanings:

 

(a) “Cause”
shall mean any of the following: (i) the commission of an act of fraud, embezzlement or material dishonesty which is intended to
result in substantial personal enrichment of Executive in connection with Executive’s employment with the Company; (ii) Executive’s
conviction of, or plea of nolo contendere, to a crime constituting a felony (other than traffic-related offenses); (iii)
Executive’s willful misconduct that is materially injurious to the Company; (iv) a material breach of Executive’s Confidentiality
Agreement (as defined in Section 14 below) that is materially injurious to the Company; or (v) Executive’s (1) material
failure to perform his duties as an officer of the Company, and (2) failure to “cure” any such failure within thirty
(30) days after receipt of written notice from the Company delineating the specific acts that constituted such material failure
and the specific actions necessary, if any, to “cure” such failure.

 

(b) “Change
of Control” shall mean the occurrence of any of the following events:

 

(i) the date on which
any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”)) obtains “beneficial ownership” (as defined in Rule 13d-3 of the Exchange Act) or
a pecuniary interest in fifty percent (50%) or more of the combined voting power of the Company’s then outstanding securities
(“Voting Stock”);

 

(ii) the consummation
of a merger, consolidation, reorganization, or similar transaction involving the Company, other than a transaction: (1) in which
substantially all of the holders of the Voting Stock immediately prior to such transaction hold or receive directly or indirectly
fifty percent (50%) or more of the voting stock of the resulting entity or a parent company thereof, in substantially the same
proportions as their ownership of the Company immediately prior to the transaction; or (2) in which the holders of the Company’s
capital stock immediately before such transaction will, immediately after such transaction, hold as a group on a fully diluted
basis the ability to elect at least a majority of the authorized directors of the surviving entity (or a parent company); or

 

    -1-

     

    

 

(iii) there is consummated
a sale, lease, license or disposition of all or substantially all of the consolidated assets of the Company and its subsidiaries,
other than a sale, lease, license or disposition of all or substantially all of the consolidated assets of the Company and its
subsidiaries to an entity, fifty percent (50%) or more of the combined voting power of the voting securities of which are owned
by stockholders of the Company in substantially the same proportions as their ownership of the Company immediately prior to such
sale, lease, license or disposition.

 

(c) “Disability”
means a physical or mental disability, which prevents Executive from performing Executive’s duties under this Agreement for
a period of at least 120 consecutive days in any twelve month period or 150 non consecutive days in any twelve month period.

 

(d) “Good Reason”
shall mean, without Executive’s express written consent, any of the following: (i) a significant reduction of Executive’s
duties, position or responsibilities relative to Executive’s duties, position or responsibilities in effect immediately prior
to such reduction, or the removal of Executive from such position, duties or responsibilities; (ii) a reduction of Executive’s
compensation as in effect immediately prior to such reduction; (iii) a material breach by the Company of this Agreement or any
other agreement with Executive that is not corrected within fifteen (15) days after written notice from Executive (or such earlier
date that the Company has notice of such material breach); or (iv) the failure of the Company to obtain the written assumption
of this Agreement by any successor contemplated in Section 12 below. “Good Reason” shall not be deemed to exist, however,
unless (1) Executive shall have given written notice to the Company specifying in reasonable detail the Company’s acts or
omissions that Executive alleges constitute “Good Reason” within ninety (90) days after the first occurrence of such
circumstances and the Company shall have failed to cure any such act or omission within thirty (30) days of receipt of such written
notice, and (2) Executive actually terminates employment within sixty (60) days following the expiration of the Company’s
cure period as set forth above. Otherwise, any claim of such circumstances as “Good Reason” shall be deemed irrevocably
waived by Executive.

 

2. Duties and Scope
of Position. During the Employment Term (as defined below), Executive will serve as Chief Executive Officer of the Company,
reporting to the Chairman of the Company, and assuming and discharging such responsibilities as are commensurate with Executive’s
position. During the Employment Term, Executive will provide services in a manner that will faithfully and diligently further the
business of the Company and will devote a substantial portion of Executive’s business time, attention and energy thereto.
Notwithstanding the foregoing, nothing in this Agreement shall restrict Executive from managing his investments, other business
affairs or operations and other matters or serving on civic or charitable boards or committees, provided, however,
that no such activities unduly interfere with the performance of his obligations under this Agreement, and further provided
that Executive shall honor the non-competition and non-solicitation terms as per Section 15 below. During the Employment
Term, Executive agrees to disclose to the Company those other companies of which he is a member of the Board of Directors, an executive
officer, or a consultant.

 

    -2-

     

    

 

3. Term. The
term of Executive’s employment under this Agreement shall commence as of the Effective Date and shall continue until December
31, 2021, unless earlier terminated in accordance with Section 9 hereof; provided, however, the term of Executive’s
employment hereunder shall be automatically extended for successive additional one (1) year periods unless the Executive or the
Company delivers to the other party a written notice of its/his intent not to renew the Employment Term (as defined below), such
written notice to be delivered at least sixty (60) days prior to the expiration of the then-effective Employment Term. The period
commencing as of the Effective Date and ending on December 31, 2021 or such later date to which the term of Executive’s employment
under the Agreement shall have been extended pursuant to this Section 3 is referred to herein as the “Employment
Term” and the last day of the Employment Term is referred to herein as the “Expiration Date.”

 

4. Base Compensation;
Equity Grant. The Company shall pay to Executive a base compensation (the “Base Compensation”) of $450,000
(four hundred fifty thousand dollars) per year payable in cash in accordance with the Company’s standard payroll policies.
In addition, each year during the Employment Term, Executive shall be reviewed for purposes of determining the appropriateness
of increasing his Base Compensation hereunder. For purposes of the Agreement, the term “Base Compensation” as
of any point in time shall refer to the Base Compensation as adjusted pursuant to this Section 4. Base Compensation will
be pro-rated based on the number of days Executive was employed by the Company during any given year. In addition, Executive will
be eligible for equity grants (the “Equity Grant”) in the form of stock or options or other equivalents as mutually
agreed upon by the Executive and the Board of Directors. As of the Effective Date, the Executive will continue to receive common
stock grants per the vesting schedule as approved by the Board of Directors and listed on Attachment D, Stock Grant For Services,
in the Board resolution dated September 30, 2019. The Executive may defer Base Compensation or Equity Grant at any time for any
reason at his sole discretion.

 

5. Target Bonus.
In addition to his Base Compensation and Equity Grant, Executive shall be given the opportunity to earn an annual bonus (the “Bonus”)
of up to 50% of Base Compensation. The Bonus shall be earned by Executive upon the Company’s achievement of performance milestones
for a fiscal year (in each case, the “Target Year”) to be mutually agreed upon by the Executive and the Board
of Directors of the Company (the “Board”) or its compensation committee (the “Compensation Committee”).
Such performance milestones shall be established by December 31 of the prior year of the Target Year. The Bonus for a Target Year
shall be paid before December 20 of the Target Year, even if the Executive is no longer employed by the Company at the time the
Bonus is due. In the event Executive is employed by the Company for less than the full Target Year for which a Bonus is earned
pursuant to this Section 5, Executive shall be entitled to receive a pro-rated Bonus for such Target Year based on the number
of days Executive was employed by the Company during such Target Year divided by 365 (the “Pro-Rated Bonus”).
The determinations of the Board or the Compensation Committee with respect to Bonuses will be final and binding. The Pro-Rated
Bonus for the 2020 Target Year will be guaranteed and will be paid before December 20, 2020. If the Phase III clinical trial for
GP2 is initiated before the end of 2020, an additional Bonus of $50,000 will be payable before the end of 2020. In 2021 and beyond
the Bonus will be based on the achievement of mutually agreed operating goals for that year. To be clear, a 100% achievement
of goals will result in a bonus payment of 50% of  salary. 

 

    -3-

     

    

 

In addition to the above
bonuses for 2020 and future Target Years, the Executive will be eligible for a Strategic Transaction Bonus. In the event the Company
consummates any Strategic Transaction involving the Company and a counter party, regardless of the size of the transaction, the
Company shall pay to the Executive a bonus payment of 5% of the Transaction Value (as defined below) paid or received by the Company
in the transaction, payable by the Company (within 5 business days) to the Executive in the form of consideration received by the
Company at the closing of the transaction. In the event any contingent consideration is agreed to be paid in connection with the
Strategic Transaction (such as, for example, consideration payable upon the fulfillment of some condition or event which may or
may not occur in the future), then such contingent consideration shall be included in the Transaction Value, and the Executive
shall be paid his bonus with respect to that contingent consideration as and when it is received by the Company, even if contingent
consideration is received after termination of employment or death of the Executive.

 

As used herein, Strategic
“Transaction Value” shall include any of the following up to closing or thereafter: (i) cash paid in the transaction,
(ii) the fair market value of any equity, equity-related, convertible, or debt securities issued, (iii) the fair market value of
any other property transferred, (iv) balance sheet indebtedness assumed in connection with the transaction, and (v) all technology
access/license fees, net royalty payments (total royalty payments paid to the Company minus total royalty payments paid by the
Company to other parties) after launch of any product, commercialization or any other milestone bonus payments to the Company by
a counter party or the converse up to closing or thereafter. If a closed Strategic Transaction is modified, extended, expanded
or replaced with another transaction or a replacement transaction at any time, including after the first Strategic Transaction
is terminated, then the Company shall make Bonus Payments based on the cumulative Transaction Value, which would include the Transaction
Value, as defined above, from all transactions.

 

Any Bonus will be payable
to the Executive if the performance milestones were achieved or Strategic Transactions were consummated (or “Earned”)
while the Executive was employed in any capacity (or if such Strategic Transaction was initiated by the Executive while employed
and was consummated within 18 months after termination of the Executive). If any Bonus was Earned pursuant to this Agreement, including
any Earned contingent or future payments related to a consummated Strategic Transaction, it will be payable even after the termination
of the Executive for any cause, and in addition, will be payable to the Executive’s estate or heirs upon his death.

 

6. Benefits.
Executive shall participate in all employee welfare and benefit plans and shall receive such other fringe benefits as the Company
offers to its senior executives and directors.

 

    -4-

     

    

 

7. Termination.

 

(a) Termination by
the Company. Subject to the obligations of the Company set forth in this Agreement, the Company may terminate Executive’s
employment at any time and for any reason (or no reason), and with or without Cause, and without prejudice to any other right or
remedy to which the Company or Executive may be entitled at law or in equity or under this Agreement or otherwise. Notwithstanding
the foregoing, in the event the Company desires to terminate the Executive’s employment without Cause, the Company shall
give the Executive not less than sixty (60) days advance written notice. Executive’s employment shall terminate automatically
in the event of his death.

 

(b) Termination by
Executive. Executive may voluntarily terminate the Employment Term upon sixty (60) days’ prior written notice for any
reason or no reason. Executive may terminate the Employment Term for Good Reason by giving written notice of resignation for Good
Reason in accordance with the definition thereof set forth in Section 1(d) above. Termination by Executive pursuant to this
Section 7(b) shall be without prejudice to any right or remedy to which the Company or Executive may be entitled at law
or in equity or under this Agreement or otherwise.

 

(c) Termination for
Death or Disability. Subject to the obligations of the Company set forth in this Agreement and without prejudice to any other
right or remedy to which the Company or Executive may be entitled at law or in equity or under this Agreement or otherwise, Executive’s
employment shall terminate automatically upon his death. Additionally, subject to the obligations of the Company in this Agreement
and without prejudice to any other right or remedy to which the Company or Executive may be entitled at law or in equity or under
this Agreement or otherwise, in the event Executive is unable to perform his duties as a result of Disability during the Employment
Term, the Company shall have the right to terminate the employment of Executive by providing written notice of the effective date
of such termination.

 

(d) Expiration of
Employment Term. Subject to the obligations of the Company set forth in this Agreement and without prejudice to any other right
or remedy to which the Company or Executive may be entitled at law or in equity under this Agreement or otherwise, Executive’s
employment hereunder shall terminate automatically upon the Expiration Date.

 

    -5-

     

    

 

8. Payments Upon
Termination of Employment.

 

(a) Termination for
Cause, Death or Disability, Termination by Executive without Good Reason or Expiration of the Term. In the event that Executive’s
employment hereunder is terminated during the Employment Term by the Company for Cause pursuant to Section 7(a), as a result
of Executive’s death or Disability pursuant to Section 7(c) or voluntarily by Executive without Good Reason pursuant
to Section 7(b) or upon expiration of the Employment Period, the Company shall compensate Executive (or in the case of death,
Executive’s estate) as follows: (i) on the date of termination the Company shall pay to the Executive, a lump sum amount
equal to (A) any portion of unpaid Base Compensation and Equity Grant then due for periods on or prior to the effective date of
termination plus (B) any Bonus earned and not yet paid through the date of termination; (ii) within 2-1/2 months following submission
of proper expense reports by Executive or Executive’s estate, all expenses reasonably and necessarily incurred by Executive
in connection with the business of the Company prior to the date of termination; (iii) only in the event of Executive’s death
or Disability pursuant to Section 7(c) or in the event of the expiration of the Employment Period as a result of non-renewal
by the Company in accordance with Section 3 hereof, on the date that the Bonus for the Target Year in which the date of
termination occurs would have been payable had Executive remained employed by the Company through such payment date, payment of
the Pro-Rated Bonus for the Target Year in which the date of termination occurs.

 

(b) Termination by
Company Without Cause or by Executive For Good Reason. In the event that Executive’s employment is terminated during
the Employment Term by the Company without Cause pursuant to Section 7(a) or by Executive for Good Reason pursuant to Section
7(b), the Company shall compensate Executive as follows: (i) on the date of termination, the Company shall pay to the Executive
a lump sum amount equal to (A) any portion of unpaid Base Compensation and Equity Grant then due for periods on or prior to the
effective date of termination plus (B) any Bonus earned and not yet paid through the date of termination; (ii) within 2-1/2 months
following submission of proper expense reports by Executive, all expenses reasonably and necessarily incurred by Executive in connection
with the business of the Company prior to the date of termination; and (iii) on the date that the Bonus for the Target Year in
which the date of termination occurs would have been payable had Executive remained employed by the Company through such payment
date, payment of the Pro-Rated Bonus for the Target Year in which the date of termination occurs; and (iv) provided that Executive
executes a written release, substantially in the form attached hereto as Exhibit A, of any and all claims against the Company
and all related parties with respect to all matters arising out of Executive’s employment by the Company (the “Release”)
and the Release becomes effective (and no longer subject to revocation) within sixty (60) days following the date of termination,
the Company shall (y) pay to the Executive the Severance Payment (as defined below), which Severance Payment shall be paid within
five (5) business days following the date the Release becomes effective (and no longer subject to revocation) and (z) reimburse
Executive’s payment of COBRA premiums for twelve (12) months from the date of termination. As used herein, “Severance
Payment” means an amount equal to twelve (12) months of Employee’s Base Compensation and Equity Grant at the rate
in effect as of the date of termination (or, in the case of a resignation for Good Reason due to a reduction in Base Salary, at
the Base Salary rate in effect immediately prior to such reduction). In the event Executive’s employment is terminated without
Cause or for Good Reason and a Change of Control of the Company occurs within six (6) months of such termination, Executive also
shall be entitled to the severance benefits set forth under Section 8(c). To the extent the review or revocation period
applicable to the Release spans two of Executive’s taxable years, the Severance Payment shall not be paid until the later
taxable year. If the Company’s reimbursement of Executive’s payment of COBRA premiums pursuant to Section 10(b) or
Section 10(c) would subject the Company to any tax or penalty under the Patient Protection and Affordable Care Act or Section 105(h)
of the Code (“Section 105(h)”), Executive and the Company agree to work together in good faith to restructure
such benefit.

 

    -6-

     

    

 

(c) Termination in
the Context of a Change of Control. Notwithstanding anything in Section 8(a) or Section 8(b) to the contrary,
in the event of Executive’s termination of employment with the Company either (i) by the Company without Cause or Executive
for Good Reason at any time within six (6) months prior to the consummation of a Change of Control if, prior to or as of such termination,
a Change of Control transaction was Pending (as defined in Section 8(d) below) at any time during such six (6)-month period,
(ii) by Executive for Good Reason at any time within twelve (12) months after the consummation of a Change of Control, or (iii)
by the Company without Cause at any time within twelve (12) months after the consummation of a Change of Control, then, Executive
shall be entitled to the following payments and other benefits:

 

(i) on the date of
termination (except as specified in clauses (D)), the Company shall pay to the Executive a lump sum amount equal to (A) any portion
of unpaid Base Compensation and Equity Grant then due for periods prior to the effective date of termination; (B) any Bonus earned
and not yet paid through the date of termination, (C) within 2-1/2 months following submission of proper expense reports by Executive,
all expenses reasonably and necessarily incurred by Executive in connection with the business of the Company prior to the date
of termination, and (D) on the date that the Bonus for the Target Year in which the date of termination occurs would have been
payable had Executive remained employed by the Company through such payment date, payment of the Pro-Rated Bonus for the Target
Year in which the date of termination occurs;

 

(ii) provided Executive
executes the Release and the Release become effective (and no longer subject to revocation) within sixty (60) days following the
date of termination (or, in the event case of a termination of Executive’s employment without Cause or for Good Reason within
the six (6) months prior to the consummation of a Change in Control, Executive either (y) previously executed the Release in accordance
with Section 8(b)(ii) above or (z) subsequently executes the Release and the Release becomes effective (and no longer subject
to revocation) within sixty (60) days following the Change in Control): (A) the Company shall pay to Executive a lump sum amount
equal to twelve (12) months of Executive’s Base Compensation and Equity Grant at the rate in effect as of the date of termination
(or, in the case of a resignation for Good Reason due to a reduction in Base Salary, at the Base Salary rate in effect immediately
prior to such reduction), which payment shall be made (1) in the case of such termination upon or following the Change of Control,
within five (5) business days following the date that the Release becomes effective (and no longer subject to revocation) or (2)
in the case of such termination prior to a Change of Control, immediately upon the consummation of the Change of Control (or, if
the Release was not previously executed in accordance with Section 8(b)(ii) above, within five (5) business days following
the date that the Release becomes effective (and no longer subject to revocation)); and (B) the Company shall reimburse Executive
for the COBRA premiums he pays to maintain health insurance coverage for six (6) months following the date of termination;

 

    -7-

     

    

 

(iii) notwithstanding
any provision of any stock incentive plan, stock option agreement, realization bonus, restricted stock agreement or other agreement
relating to capital stock of the Company, all of the shares that are then unvested shall immediately vest and, with respect to
all options, warrants and other convertible securities of the Company beneficially held by Executive, become fully exercisable
for (A) a period of six months following the date of termination only if at the time of such termination there is a Change of Control
transaction Pending (as defined in Section 8(d) below) but in no event beyond expiration of the original term of the award
or (B) if clause (A) does not apply, then such period of time set forth in the agreement evidencing the security; and

 

(iv) Severance benefits
under this Section 10(c) and Section 10(b) above shall be mutually exclusive and severance under one such section shall prohibit
severance under the other.

 

(d) Definition of
“Pending.” For purposes of Section 10(c), a Change of Control transaction shall be deemed to be “Pending”
each time any of the following circumstances exist: (A) the Company and a third party have entered into a confidentiality agreement
that has been signed by a duly-authorized officer of the Company and that is related to a potential Change of Control transaction;
or (B) the Company has received a written expression of interest from a third party, including a binding or non-binding term sheet
or letter of intent, related to a potential Change of Control transaction.

 

(e) If Executive’s
employment terminates for any reason, Executive shall have no obligation to seek other employment and there shall be no setoff
against amounts due to him under this Agreement for income or benefits from any subsequent employment.

 

9. Indemnification.
The Company agrees to indemnify and hold harmless Executive, to the fullest extent permitted by the laws of the State of Delaware
and applicable federal law in effect on the date hereof, or as such laws may be amended to increase the scope of such permitted
indemnification, against any and all Losses if Executive was or is or becomes a party to or participant in, or is threatened to
be made a party to or participant in, any Claim by reason of or arising in part out of an Indemnifiable Event, including, without
limitation, Claims brought by or in the right of the Company, Claims brought by third parties, and Claims in which Executive is
solely a witness. For purposes of this section, “Claim” means any proceeding, threatened or contemplated civil,
criminal, administrative or arbitration action, suit or proceeding and any appeal therein and any inquiry or investigation which
could lead to such action, suit or proceeding. “Indemnifiable Event” means any event or occurrence, whether occurring
before, on or after the effective date of this Agreement, related to the fact that Executive was a director, officer, employee
or agent of the Company or by reason of an action or inaction by Company in any such capacity whether or not serving in such capacity
at the time any Loss is incurred for which indemnification can be provided under this Agreement. “Losses” means
any and all damages, losses, liabilities, judgments, fines, penalties (whether civil, criminal or other), ERISA excise taxes, amounts
paid or payable in settlement, including any interest, assessments, reasonable expenses, including attorney’s fees, experts’
fees, court costs, transcript costs, travel expenses, printing, duplication and binding costs, and telephone charges, and all other
charges paid or payable in connection with investigating, defending, being a witness in or participating (including on appeal),
or preparing to defend, be a witness or participate in, any Claim. The Company further agrees to maintain a directors and officers
liability insurance policy covering Executive in an amount, and on terms no less favorable to him than the coverage the Company
provides other senior executives and directors.

 

    -8-

     

    

 

10. Successors.
Any successor to the Company (whether direct or indirect and whether by purchase, lease, merger, consolidation, liquidation or
otherwise) to all or substantially all of the Company’s business and/or assets or otherwise pursuant to a Change of Control
shall assume the Company’s obligations under this Agreement and agree expressly in writing to perform the Company’s
obligations under this Agreement in the same manner and to the same extent as the Company would be required to perform such obligations
in the absence of a succession. For all purposes under this Agreement, the term “Company” shall include any successor
to the Company’s business and/or assets (including any parent company to the Company), whether or not in connection with
a Change of Control, which becomes bound by the terms of this Agreement by operation of law or otherwise.

 

11. Notices.
Notices and all other communications contemplated by this Agreement shall be in writing (including email) and shall be deemed to
have been duly given when personally delivered (if to the Company, addressed to its Secretary at the Company’s principal
place of business on a non-holiday weekday between the hours of 9 a.m. and 5 p.m.; if to Executive, via personal service to his
last known residence) or three business days following the date it is mailed by U.S. registered or certified mail, return receipt
requested and postage prepaid.

 

12. Confidential
Information. Executive recognizes and acknowledges that by reason of Executive’s employment by and service
to the Company before, during and, if applicable, after the Employment Term, Executive will have access to certain confidential
and proprietary information relating to the Company’s business, which may include, but is not limited to, trade secrets,
trade “know-how,” product development techniques and plans, formulas, customer lists and addresses, financing services,
funding programs, cost and pricing information, marketing and sales techniques, strategy and programs, computer programs and software
and financial information (collectively referred to herein as “Confidential Information”). “Confidential
Information” does not include general skills and experience or information that is generally available to the public or in
the Company’s industry. Executive acknowledges that such Confidential Information is a valuable and unique asset of the Company
and Executive covenants that he will not, unless expressly authorized in writing by the Company, at any time during the course
of Executive’s employment use any Confidential Information or divulge or disclose any Confidential Information to any person,
firm or corporation except (a) in connection with the performance of Executive’s duties for and on behalf of the Company
and in a manner consistent with the Company’s policies regarding Confidential Information, (b) when required to do so by
a court of law, by any governmental agency having supervisory authority over the business of the Company or by any administrative
or legislative body (including a committee thereof) with apparent jurisdiction to order Executive to divulge, disclose or make
accessible such information or (c) such information is in the public domain through no fault of Executive. Executive also covenants
that at any time after the termination of such employment, directly or indirectly, he will not use any Confidential Information
or divulge or disclose any Confidential Information to any person, firm or corporation, unless such information is in the public
domain through no fault of Executive or except when required to do so by a court of law, by any governmental agency having supervisory
authority over the business of the Company or by any administrative or legislative body (including a committee thereof) with apparent
jurisdiction to order Executive to divulge, disclose or make accessible such information. All written Confidential Information
(including, without limitation, in any computer or other electronic format) which comes into Executive’s possession during
the course of Executive’s employment shall remain the property of the Company. Unless expressly authorized in writing by
the Company, Executive shall not remove any written Confidential Information from the Company’s premises, except in connection
with the performance of Executive’s duties for and on behalf of the Company and in a manner consistent with the Company’s
policies regarding Confidential Information. Upon termination of Executive’s employment, the Executive agrees to immediately
return to the Company all written Confidential Information (including, without limitation, in any computer or other electronic
format) in Executive’s possession.

 

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13. Non-Competition;
Non-Solicitation.

 

(a) Non-Compete.
The Executive hereby covenants and agrees that during the Employment Term and for a period of one year following the Expiration
Date, the Executive will not, without the prior written consent of the Company, directly or indirectly, on his own behalf or in
the service or on behalf of others, whether or not for compensation, engage in any business activity, or have any interest in any
person, firm, corporation or business, through a subsidiary or parent entity or other entity (whether as a shareholder, agent,
joint venturer, security holder, trustee, partner, executive, creditor lending credit or money for the purpose of establishing
or operating any such business, partner or otherwise) with any entity that is directly competing with the products being developed
by the Company, which in the case of GP2 would be any entity pursuing HER2/neu 3+ breast cancer products in the adjuvant/neoadjuvant
setting that would be seeking to prevent the recurrence of breast cancer.

 

(b) Non-Solicitation.
The Executive further agrees that during the Employment Term and for a period of one (1) year from the Expiration Date, the Executive
will not divert any business of the Company and/or its affiliates or any customers or suppliers of the Company and/or the Company’s
and/or its affiliates’ business to any other person, entity or competitor, or induce or attempt to induce, directly or indirectly,
any person to leave his or her employment with the Company and/or its affiliates; provided, however, that the foregoing
provisions shall not apply to a general advertisement or solicitation program that is not specifically targeted at such employees.

 

(c) Remedies.
The Executive acknowledges and agrees that his obligations provided herein are necessary and reasonable in order to protect the
Company and its affiliates and their respective business and the Executive expressly agrees that monetary damages would be inadequate
to compensate the Company and/or its affiliates for any breach by the Executive of his covenants and agreements set forth herein.
Accordingly, the Executive agrees and acknowledges that any such violation or threatened violation of this Section 13 will
cause irreparable injury to the Company and that, in addition to any other remedies that may be available, in law, in equity or
otherwise, the Company and its affiliates shall be entitled to obtain injunctive relief against the threatened breach of this Section
13 or the continuation of any such breach by the Executive without the necessity of proving actual damages.

 

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14. Employment Relationship.
Executive’s employment with the Company will be “at will,” meaning that, subject to the Company’s obligations
set forth in Section 8, either Executive or the Company may terminate Executive’s employment at any time and for any
reason, with or without Cause or Good Reason. Any contrary representations that may have been made to Executive are superseded
by this Agreement. This is the full and complete agreement between Executive and the Company on this term. Although Executive’s
duties, title, compensation and benefits, as well as the Company’s personnel policies and procedures, may change from time
to time, the “at will” nature of Executive’s employment may only be changed in an express written agreement signed
by Executive and a duly authorized officer of the Company (other than Executive).

 

15. Section 409A.
It is intended that each installment of the payments provided hereunder constitute separate “payments” for purposes
of Treasury Regulation Section 1.409A-2(b)(2)(i). It is further intended that payments hereunder satisfy, to the greatest extent
possible, the exemption from the application of Section 409A provided under Treasury Regulation Section 1.409A-1(b)(4) (as a “short-term
deferral”). To the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A, the provision
will be read in such a manner so that all payments hereunder comply with Section 409A. Except as otherwise expressly provided herein,
to the extent any expense reimbursement or the provision of any in-kind benefit under this Agreement is determined to be subject
to Section 409A, the amount of any such expenses eligible for reimbursement, or the provision of any in-kind benefit, in one calendar
year shall not affect the expenses eligible for reimbursement in any other taxable year (except for any lifetime or other aggregate
limitation applicable to medical expenses), in no event shall any expenses be reimbursed after the last day of the calendar year
following the calendar year in which Executive incurred such expenses, and in no event shall any right to reimbursement or the
provision of any in-kind benefit be subject to liquidation or exchange for another benefit. In no event whatsoever will the Company
be liable for any additional tax, interest or penalties that may be imposed on Executive under Section 409A or any damages for
failing to comply with Section 409A.

 

16. 280G
Excise Tax. Notwithstanding any other provisions in this Agreement, in the event that any payment or benefit received or to
be received by Executive under this Agreement or under any other agreement between Executive and the Company or otherwise (collectively,
the “Total Payments”) would be subject (in whole or part), to any excise tax imposed under Section 4999 of the
Internal Revenue Code of 1986, as amended (the “Code”), or any successor provision thereto (the “Excise
Tax”), then the Company will reduce the Total Payments to the extent necessary so that no portion of the Total Payments
is subject to the Excise Tax (but in no event to less than zero); provided, however, that the Total
Payments will only be reduced to the extent that the after-tax value of amount received by Executive after application of the above
reduction would exceed the after-tax value of amount received by Executive without application of such reduction. For this purpose,
the after-tax value of an amount shall be determined taking into account all federal, state, municipal and local income, taxes,
employment taxes and any Excise Tax applicable to such amount and taking into account, if applicable, the phase out of itemized
deductions and personal exemptions attributable to such amount. In the case of a reduction in the Total Payments, the Total Payments
will be reduced in the following order (unless reduction in another order is required to avoid adverse consequences under Section
409A of the Code, in which case, reduction will be in such other order): (i) payments that are payable in cash that are valued
at full value under Treasury Regulation Section 1.280G-1, Q&A 24(a) will be reduced (if necessary, to zero), with amounts that
are payable last reduced first; (ii) payments and benefits due in respect of any equity valued at full value under Treasury Regulation
Section 1.280G-1, Q&A 24(a), with the highest values reduced first (as such values are determined under Treasury Regulation
Section 1.280G-1, Q&A 24) will next be reduced; (iii) payments that are payable in cash that are valued at less than full value
under Treasury Regulation Section 1.280G-1, Q&A 24, with amounts that are payable last reduced first, will next be reduced;
(iv) payments and benefits due in respect of any equity valued at less than full value under Treasury Regulation Section 1.280G-1,
Q&A 24, with the highest values reduced first (as such values are determined under Treasury Regulation Section 1.280G-1, Q&A
24) will next be reduced; and (v) all other non-cash benefits not otherwise described in clauses (ii) or (iv) will be next reduced
pro-rata. Any reductions made pursuant to each of clauses (i)-(v) above will be made in the following manner: first, a pro-rata
reduction of cash payments and payments and benefits due in respect of any equity not subject to Section 409A of the Code, and
second, a pro-rata reduction of cash payments and payments and benefits due in respect of any equity subject to Section 409A of
the Code as deferred compensation.

 

    -11-

     

    

 

17. Miscellaneous
Provisions.

 

(a) Modifications;
No Waiver. No provision of this Agreement may be modified, waived or discharged unless the modification, waiver or discharge
is agreed to in writing and signed by Executive and by an authorized officer of the Company (other than Executive). No waiver by
either party of any breach of, or of compliance with, any condition or provision of this Agreement by the other party shall be
considered a waiver of any other condition or provision or of the same condition or provision at another time.

 

(b) Entire Agreement.
This Agreement supersedes all prior agreements and understandings between the parties, oral or written with respect to the subject
matter of this Agreement. No modification, termination or attempted waiver shall be valid unless in writing, signed by the party
against whom such modification, termination or waiver is sought to be enforced.

 

(c) Choice of Law.
The parties agree that the laws of the State of Delaware shall govern this Agreement. The federal and state courts situated in
Delaware U.S.A. shall have jurisdiction and venue for any and all disputes arising out of or relating to this Agreement. If either
party incurs attorney, court, mediation, arbitration, or any other litigation fees or litigation/travel expenses to enforce any
rights arising out of or relating to this Agreement, the prevailing party shall be entitled to recover all of such reasonable fees
and expenses from the non-prevailing party.

 

(d) Severability.
The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability
of any other provision hereof, which shall remain in full force and effect.

 

(e) Counterparts.
This Agreement may be executed in separate counterparts, any one of which need not contain signatures of more than one party, and
may be delivered by facsimile or other electronic means, but all of which shall be deemed originals and taken together will constitute
one and the same Agreement.

 

(f) Headings.
The headings of the Articles and Sections hereof are inserted for convenience only and shall not be deemed to constitute a part
hereof nor to affect the meaning thereof.

 

(g) Construction of
Agreement. In the event of a conflict between the text of the Agreement and any summary, description or other information regarding
the Agreement, the text of the Agreement shall control.

 

(h) Survival. Sections 10 through
17 (inclusive) of this Agreement shall survive the termination of Executive’s employment with the Company.

 

[SIGNATURE PAGE FOLLOWS]

 

    -12-

     

    

 

IN WITNESS WHEREOF,
each of the parties has executed this Agreement, in the case of the Company by its duly authorized officer, as of the day and year
first above written.

 

	COMPANY:	GREENWICH LIFESCIENCES, INC.
	 	 	 
	 	By:	 
	 	Name:	David McWilliams
	 	Title:	Chairman of the Board
	 	 	 
	EXECUTIVE:	 
	 	SNEHAL PATEL

 

    -13-

     

    

 

EXHIBIT
A

 

RELEASE

 

 

-14-

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