Document:

Exhibit 10.16

 

	Certain identified
information has been excluded from this exhibit because it is both not material and would likely cause competitive harm to the
registrant if publicly disclosed. Such information has been marked with a “[***]”.

 

UNIVERSITY OF DELAWARE

 

IP ACQUISITION AGREEMENT

 

This IP Acquisition
Agreement (this “Agreement”) is between University of Delaware, a Delaware state-chartered, not-for-profit corporation
(the “University”), and Nuvve Corporation, a Delaware corporation (“Company”). This Agreement
is effective as of November 2, 2017 (the “Effective Date”).

 

BACKGROUND

 

The University owns
certain intellectual property developed by Dr. Willett Kempton of the University’s College of Earth, Ocean, and Environment
relating to vehicle to grid technologies, including related software. The University also owns certain letters patent and software,
all relating to the intellectual property. The University previously licensed the intellectual property rights being assigned under
this Agreement to Company pursuant to: (i) that certain First Amended and Restated License Agreement, dated October 19, 2016, respecting
the Aggregator technology (the “2016 License”); (ii) that certain License Agreement, dated November 1,
2015, respecting the VSL technology (the “2015 License”); and (iii) that certain License Agreement, dated October 31,
2014, respecting the EVSE technology (the “2014 License,” and together with the 2016 License and the 2015 License,
collectively, the “Prior Licenses”).

 

Company is finalizing
negotiations with certain potential investors (“Potential Investors”) to sell shares of Series A Preferred Stock
of Company (“Preferred Stock”) to the Potential Investors, such shares to equal up to or exceeding 40% of the
fully diluted equity in Company (the “Potential Investment”). The Potential Investors have required that the
intellectual property licensed to Company pursuant to the Prior Licenses be assigned to Company as a condition precedent to the
Potential Investment. The transactions contemplated by this Agreement and the consummation of the Potential Investment will close
concurrently.

 

In connection with
the assignment of intellectual property proposed under this Agreement, the University is required by the U.S. Bayh Dole Act, 35
U.S.C. Chapter 18, to obtain the consent of the United States Department of Energy (the “DOE”). Accordingly,
the University sent to the DOE a letter, dated May 5, 2017, a copy of which is attached hereto as Exhibit A (the “DOE
Request Letter”), requesting that the DOE consent to the assignment of the intellectual property proposed by this
Agreement. In accordance with the DOE Request Letter, Company and the University memorialized the obligations of Company in connection
with the DOE Request Letter pursuant to that certain letter, dated May 12, 2017, a copy of which is attached hereto as Exhibit A
(the “DOE Request Acknowledgment Letter”). Pursuant to that certain letter from the DOE, dated June 28, 2017,
a copy of which is attached hereto as Exhibit A (the “DOE Consent Letter”; and together with the DOE
Request Letter and the DOE Request Acknowledgment Letter, the “DOE Correspondence”), the DOE has granted its
consent to the assignment of the intellectual property proposed in connection with this Agreement, subject to the terms of the
DOE Correspondence.

 

    

     

    

 

The University has
determined that the exploitation of the intellectual property by Company is in the best interest of the University and is consistent
with its educational and research missions and goals. The parties now desire to supersede the Prior Licenses by the terms of this
Agreement.

 

In consideration of
the mutual obligations contained in this Agreement, and intending to be legally bound, the parties hereto agree as follows:

 

1. Assignment

 

1.1 Assignment
of Patent Rights and Copyright. Subject to Section 6.3 and the Grant-back Licenses, the University hereby assigns to
Company all right, title and interest in and to the Assigned IP (as defined in Section 1.2) (the “Assignment”),
including, without limitation, the right to enforce the Assigned IP and to recover damages (including past damages) for any infringement
of the Assigned IP. The University agrees, at Company’s cost and expense, to execute such further documentation as may be
reasonably requested by Company to permit Company to record its title in the Assigned IP, including, without limitation, recording
the Assignment in favor of Company with the United States Patent and Trademark Office and other foreign patent offices, as applicable,
in forms mutually acceptable to the University and Company.

 

1.2 Related
Definitions.

 

(a) “Affiliate”
means a legal entity that is controlling, controlled by or under common control with Company. For purposes of this Section 1.2(a),
the word “control” means (i) the direct or indirect ownership of more than fifty percent (50%) of the outstanding
voting securities of a legal entity, (ii) the right to receive fifty percent (50%) or more of the profits or earnings of a legal
entity, or (iii) the right to determine the policy decisions of a legal entity.

 

(b) “Assigned
IP” means the Patent Rights and the Copyrights.

 

(c) “Copyrights”
means the software and any documentation and other copyrightable subject matter, together with any copyrights therefor, including
any copyright registrations, related to the Patent Rights that are listed in Exhibit B.

 

(d) “Grant-Back
Licenses” means the licenses granted by Company to the University pursuant to Section 1.3.

 

(e) “Patent
Rights” means all patent rights represented by or issuing from: (i) the United States patents and patent applications
listed in Exhibit B; (ii) any extension, continuation, continuation in part, re-examination, divisional and re-issue applications
of (i); and (iii) any foreign counterparts and extensions of (i) or (ii).

 

(f) “Products
and Services” means products that are made, made for, used, imported, offered for sale or sold by Company or its Affiliates
or licensees or services provided by Company or its Affiliates or licensees and that in each case (i) in the absence of a license,
would infringe at least one valid and effective claim of the Patent Rights, (ii) use a process or machine covered by a valid and
effective claim of Patent Rights, or (iii) use, at least in part, the Copyrights.

 

(g) “Territory”
means worldwide, subject to modification pursuant to Section 1.7.

 

    2

     

    

 

1.3 Grant-Back
Licenses. The Company hereby grants to the University irrevocable, worldwide, non-exclusive, royalty-free license to make,
have made, use, import, copy, display and prepare derivative works based on, and to permit other non-commercial entities to make,
have made, use, import, copy, display and prepare derivative works based on, the Assigned IP for educational and research purposes,
including, without limitation, the new research the University is proposing to conduct in its GIV Center. Subject to the limitations
on the foregoing license, the University further reserves the right to perform pilot or demonstration projects in the Territory
with up to five hundred (500) vehicles owned by the University or other non-commercial entities.

 

1.4 No
Additional Rights. Except for the Assignment, no other assignment, rights or licenses are granted by the University.

 

1.5 United
States Government Rights. The parties acknowledge that the United States government retains rights in intellectual property
funded under any grant or similar contract with a Federal agency. The Assignment is expressly subject to all applicable United
States government rights, including, but not limited to, any applicable requirement that products, which result from such intellectual
property, must be substantially manufactured in the United States.

 

1.6 Assignment
of Current Non-Exclusive Licenses. Concurrent with the execution and delivery of this Agreement, the University hereby assigns
to Company all rights, and Company hereby assumes all liabilities and obligations (in each case, arising after the Effective Date
as a result of Company’s use of Assigned IP), under the following non-exclusive licenses entered into by the University respecting
the Assigned IP (collectively, the “Assigned Non-Exclusive Licenses”):

 

(a) License
Agreement, dated November 18, 2009, by and between the University and AutoPort, Inc., a Delaware corporation; and

 

(b) License
Agreement, dated September 1, 2012, by and between the University and AC Propulsion, Inc., a California corporation, as amended
by that certain Amendment to License Agreement, dated October 23, 2014.

 

1.7 Required
Licenses. In the event that the University notifies Company in writing of a bona fide third party’s interest in a country
or region in which the Patent Rights are then valid and effective (an “Unaddressed Territory”) and in which
both Company and its licensees are not generating sales or otherwise exploiting the Patent Rights (including by making, having
made, importing, copying, displaying, or commercializing Products and Services, collectively “Commercialization”)
at the time of said notice, Company will respond to the University in writing within sixty (60) days of receipt of such notice
to inform the University whether: (i) Company intends to pursue the Unaddressed Territory and, within ninety (90) days of such
response, Company will provide a commercially reasonable Development Plan addressing Company’s good faith intention to actively
pursue Commercialization in such country or region within a reasonable amount of time; (ii) Company intends to enter into a license
agreement with an identified third party in such country or region; or (iii) Company does not elect either (i) or (ii). If Company
responds that Company will not elect either (i) or (ii), or if Company fails to respond, then Company will be deemed to have given
to the University an exclusive [***] license, with the right to sublicense, to exploit the Patent Rights in the Unaddressed Territory
[***].

 

    3

     

    

 

2. DILIGENCE
AND OTHER COVENANTS

 

2.1 [***]

 

2.2 Company’s
Efforts. Company will use commercially reasonable efforts to develop, commercialize, market and sell Products and Services
in the Territory in a manner consistent with the current Development Plan. Additionally, Company will cooperate with the University
to fulfill any on-going reporting obligations that the University has to the United States government, including, without limitation,
the DOE.

 

2.3 US
DOE Requirements. In accordance with the DOE Correspondence, Company:

 

(a) accepts
the terms and conditions of the original DOE award (DE-FC26-08NT-01905), a copy of which is attached hereto as Exhibit D,
to the University with regard to the certain of the Assigned IP, and agrees to be bound thereby as if it were the original recipient
thereof; and

 

(b) [***]

 

3. FEES
AND ROYALTIES

 

3.1 Initiation
Fee. In partial consideration of the Assignment, Company will pay to the University on the Effective Date an initiation fee
of [***] by wire transfer or other immediate available funds.

 

3.2 Equity
Issuance. In partial consideration for the Assignment, on or about the Effective Date, Company will issue to the University
such number of shares of Common Stock of Company equal to [***], at the price per share equal to [***]. The foregoing issuance
of equity to the University is pursuant to the Common Stock Issuance Agreement between Company and the University attached as Exhibit
E (the “Equity Document”).

 

3.3 Related
Definitions.

 

(a) [***]

 

(b) “Quarter”
means each three-month period beginning on January 1, April 1, July 1 and October 1.

 

3.4 Milestone
Payments. In partial consideration of the Assignment, Company will pay to the University the applicable milestone payment listed
in the table below with respect to the Quarter during which each milestone event is achieved. In the event more than one milestone
event is met in a Quarter, milestone payment amounts respecting such milestone events will be aggregated for such Quarter and paid
to the University.

 

    4

     

    

 

	
        MILESTONE EVENT:
	 	MILESTONE PAYMENT AMOUNT
	[***]	 	 
	[***]	 	[***]
	[***]	 	[***]
	[***]	 	[***]
	[***]	 	[***]
	[***]	 	[***]
	[***]	 	[***]
	[***]	 	[***]
	[***]	 	[***]

 

Notwithstanding anything herein to the
contrary, the parties acknowledge that each milestone payment shall only be paid once and that the maximum milestone payments payable
by Company to the University with respect to [***] shall not exceed $7,500,000 in the aggregate.

 

4. REPORTS
AND PAYMENTS

 

4.1 Milestone
Reports. Within [***] after the end of each Quarter following the first [***], Company will deliver to the University a report,
certified by an officer of Company, detailing the calculation of all milestone payments due to the University for such Quarter.
The report will include, at a minimum, the following information for the Quarter, each listed by product or service, by country:
(a) the number of [***]; and (b) the milestone payments owed to the University. Each milestone report will be substantially in
the form of the sample report attached as Exhibit F.

 

4.2 Payments.
Company will pay all milestone payments due to the University under Section 3.4 within [***] after the end of the Quarter
in which the milestone payments accrued.

 

4.3 Records.
Company will maintain, and will cause its Affiliates to maintain, complete and accurate books, records and any related background
information as may be necessary to verify [***], and the milestone payments due or paid under this Agreement when applicable (the
“Books and Records”), as well as the various computations reported under Section 4.1. The records for
each Quarter will be maintained for at least five (5) years after submission of the applicable report required under Section
4.1.

 

4.4 [***]

 

4.5 Information
Rights. The University will have information rights that are consistent with the applicable securities laws. Specifically,
until the closing of Company’s initial public offering, Company will provide to the University, at least as frequently as
the following reports are distributed to the board of directors or management of Company, copies of all business plans, projections
and financial statements for Company that are distributed to the board of directors or management of Company. After the closing
of Company’s initial public offering, Company will provide to the University, promptly after filing, a copy of each annual
report, proxy statement, 10-K, 10-Q and other material report filed with the United States Securities and Exchange Commission.
Additionally, in the event of a change of control of Company (whether by sale of assets or stock of Company, merger or otherwise)
to an unrelated third-party, at Company’s written request, the University agrees to renegotiate with such third-party the
provisions of this Section 4.5 in good faith taking into consideration the reporting obligations of the University
to the DOE and any other governmental entities and the role of the Products and Services within the third-party.

 

    5

     

    

 

4.6 Place
of Payment. All payments by Company are payable to “University of Delaware” and will be made to the following addresses:

 

By Check:

 

University of Delaware

Office of Economic Innovation & Partnerships

One Innovative Way, Suite 500

Newark, DE 19711

Attn: Financial Analyst

 

Or:

 

By Wire Transfer:

 

	Transfer funds to:	M & T Banks

Rodney Square North 

1100 North Market Street

Wilmington, Delaware 19890-0001

ABA #031100092
	 	 
	For credit to:	University of Delaware General Operating
	 	 
	Account Number:	1034-8250
	 	 
	Attention: 	Cashiers Office  (302)831-8102
	 	 
	Reference:	Office of Economic Innovation & Partnerships

Attn: Financial Analyst

Re: IP Acquisition Agreement Payment
	 	 
	SWIFT code:	WITCUS33  SWIFT/BIC CODE FOR INTERNATIONAL WIRES *MUST SEND USD

 

4.7 Interest.
All amounts that are not paid by Company when due will accrue interest from the date due until paid at a rate equal to one percent
(1.0%) per month (or the maximum allowed by law, if less).

 

    6

     

    

 

5. CONFIDENTIALITY
AND USE OF THE UNIVERSITY’S NAME

 

5.1 Confidentiality
Agreement. The Confidentiality Agreement, dated October 31, 2017, between the University and Company, a copy of which is attached
hereto as Exhibit G, (the “Confidentiality Agreement”), will govern the protection of confidential information
under this Agreement, and each Affiliate of Company will be bound to Company’s obligations under such agreements.

 

5.2 Other
Confidential Matters. The University is not obligated to accept any confidential information from Company, except for the reports
required by Sections 2.1, 4.1, 4.4 and 4.5. The University, acting through its Office of Economic Innovation & Partnerships and finance offices, will use reasonable efforts not to disclose to any third party outside of the University
any confidential information of Company contained in those reports, for so long as such information remains confidential. The University
bears no institutional responsibility for maintaining the confidentiality of any other information of Company. Company may elect
to enter into confidentiality agreements with individual investigators at the University that comply with the University’s
internal policies.

 

5.3 Use
of the University’s Name. Except as specifically permitted under this Agreement to notify the United States Patent and
Trademark Office (and corresponding foreign offices) of the Assignment, Company and its Affiliates, licensees, employees, and agents
may not use the name, logo, seal, trademark, or service mark (including any adaptation of them) of the University or any the University
college, organization, employee, student or representative, without the prior written consent of the University.

 

6. TERM
AND TERMINATION

 

6.1 Term.
This Agreement will commence on Effective Date and terminate upon the later of (a) payment by the Company to the University of
all applicable milestone payments, and (b) the expiration or invalidation of the last to expire or be invalidated of the Patent
Rights (as the case may be, the “Term”).

 

6.2 Early
Termination by the University. The University may terminate this Agreement if Company or its Affiliate material breaches Section
1.3, 1.5, 1.7, 2.2, 2.3, 7.2 or 12.5 and does not cure the breach within forty-five
(45) days after written notice thereof.

 

6.3 Effect
of Termination. Upon the termination of this Agreement by University pursuant to Section 6.2: (a) Company shall promptly
assign back to the University the Assigned IP and the Assigned Non-Exclusive Licenses; (b) Company and all its Affiliates and licensees
will cease all making, having made, using, importing, offering for sale and selling all Products and Services; (c) Company will
pay to the University all amounts, including accrued interest, owed to the University under this Agreement through the date of
termination; (d) Company will return to the University all confidential information of the University; and (e) all duties of the
University and all rights (but not duties) of Company under this Agreement immediately terminate without further action required
by either the University or Company.

 

6.4 Survival.
Company’s obligation to pay all amounts, including accrued interest, owed to the University under this Agreement will survive
the termination of this Agreement for any reason. Sections 12.9 and 12.10 and Articles 4, 5, 6,
9, 10, and 11 will survive the termination of this Agreement for any reason in accordance with their respective
terms.

 

    7

     

    

 

7. MAINTENANCE
AND REIMBURSEMENT

 

7.1 Prosecution.
The Company shall be solely responsible for the preparation, prosecution and maintenance of the Assigned IP and the selection of
patent counsel at its sole cost and expense.

 

7.2 No
Abandonment of Assigned IP. Notwithstanding Section 7.1, Company shall have the right to discontinue paying patent costs
associated with, or to discontinue prosecution and maintenance of, any of the Assigned IP (the “Unwanted IP”);
provided, if such discontinuance occurs during the Term, Company shall first offer to assigned the Unwanted IP to University
at no cost at least ninety (90) days prior to the date upon which any failure to pay such costs or take such action, as the case
made be, would result in the abandonment of the Unwanted IP. Should the University decline such offer, Company shall thereafter
have the right to abandon the Unwanted IP and terminate the Grant-back Licenses with respect to the Unwanted IP. Should the University
accept such offer, Company shall, without further consideration from the University, assign to the University all right, title
and interest in and to such Unwanted IP, and any and all licenses theretofore granted by Company with respect to the Unwanted IP
shall be terminated.

 

7.3 Reimbursement.
On the Effective Date, Company will reimburse the University for unreimbursed patent, copyright and legal expenses with respect
to prosecution of the Assigned IP incurred by the University prior to the Effective Date, in an amount equal to $240,580.89.

 

8. INFRINGEMENT

 

8.1 Company’s
Responsibility. Company will be solely responsible for any infringement or other similar actions respecting the Assigned IP
at its sole cost and expense.

 

9. DISCLAIMER
OF WARRANTIES

 

9.1 Disclaimer.
THE ASSIGNED IP AND THE ASSIGNED NON-EXCLUSIVE LICENSES ARE PROVIDED ON AN “AS IS” BASIS. THE UNIVERSITY MAKES NO REPRESENTATIONS
OR WARRANTIES, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO ANY WARRANTY OF ACCURACY, COMPLETENESS, PERFORMANCE, MERCHANTABILITY,
FITNESS FOR A PARTICULAR PURPOSE, COMMERCIAL UTILITY, NON INFRINGEMENT OR TITLE.

 

10. LIMITATION
OF LIABILITY

 

10.1 Limitation
of Liability. THE UNIVERSITY WILL NOT BE LIABLE TO COMPANY, ITS AFFILIATES, LICENSEES, SUCCESSORS OR ASSIGNS, OR ANY THIRD
PARTY WITH RESPECT TO ANY CLAIM: ARISING FROM COMPANY’S USE OF THE ASSIGNED IP, COMPANY’S OBLIGATIONS UNDER THE ASSIGNED
NON-EXCLUSIVE LICENSES, OR ANY PRODUCTS AND SERVICES; ARISING FROM THE DEVELOPMENT, TESTING, MANUFACTURE, USE OR SALE OF PRODUCTS
AND SERVICES; OR FOR LOST PROFITS, BUSINESS INTERRUPTION, OR INDIRECT, SPECIAL OR CONSEQUENTIAL DAMAGES OF ANY KIND.

 

    8

     

    

 

11. INDEMNIFICATION

 

11.1 Indemnification.
Company will defend, indemnify, and hold harmless each Indemnified Party from and against any and all Liabilities with respect
to an Indemnification Event. The term “Indemnified Party” means each of the University and its subsidiaries,
trustees, officers, faculty, students, employees, contractors and agents. The term “Liabilities” means all damages,
awards, deficiencies, settlement amounts, defaults, assessments, fines, dues, penalties, costs, fees, liabilities, obligations,
taxes, liens, losses, lost profits and expenses (including, but not limited to, court costs, interest and reasonable fees of attorneys,
accountants and other experts) that are incurred by an Indemnified Party or awarded or otherwise required to be paid to third parties
by an Indemnified Party. The term “Claim” means any charges, complaints, actions, suits, proceedings, hearings,
investigations, claims or demands. The term “Indemnification Event” means any Claim against one or more Indemnified
Parties arising out of or resulting from:

 

(a) the
development, testing, use, manufacture, promotion, sale or other disposition of any of the Assigned IP or Products and Services
by Company, its Affiliates, licensees, assignees or vendors or third parties, including, but not limited to, (i) any product liability
or other Claim of any kind related to use by a third party of Products and Services, (ii) any Claim by a third party that the practice
of any of the Assigned IP, or the design, composition, manufacture, use, sale or other disposition of any Products and Services
infringes or violates any patent, copyright, trade secret, trademark or other intellectual property right of such third party,
and (iii) any Claim by a third party relating to pilot programs or studies for Products and Services;

 

(b) any
material breach of this Agreement by Company or its Affiliates or licensees; and

 

(c) the
enforcement of this Article 11 by any Indemnified Party.

 

11.2 Reimbursement
of Costs. Company will pay directly all Liabilities incurred for defense or negotiation of any Claim or will reimburse the
University for all documented Liabilities incident to the defense or negotiation of any Claim within thirty (30) days after Company’s
receipt of invoices for such fees, expenses and charges.

 

11.3 Control
of Litigation. Company controls any litigation or potential litigation involving the defense of any Claim, including the selection
of counsel, with input from the University. The University reserves the right to protect its interest in defending against any
Claim by selecting its own counsel, with any attorneys’ fees and litigation expenses paid for by Company, pursuant to Sections
11.1 and 11.2.

 

11.4 Other
Provisions. Company will not settle or compromise any Claim giving rise to Liabilities in any manner that imposes any restrictions
or obligations on the University or grants any rights to the Patent Rights or the Products and Services without the University’s
prior written consent. If Company fails or declines to assume the defense of any Claim within thirty (30) days after notice of
the Claim, or fails to reimburse an Indemnified Party for any Liabilities pursuant to Sections 11.1 and 11.2 within
the thirty (30) day time period set forth in Section 11.2, then the University may assume the defense of such Claim for
the account and at the risk of Company, and any Liabilities related to such Claim will be conclusively deemed a liability of Company.
The indemnification rights of the Indemnified Parties under this Article 11 are in addition to all other rights that an
Indemnified Party may have at law, in equity or otherwise.

 

    9

     

    

 

12. ADDITIONAL
PROVISIONS

 

12.1 Termination
of Prior Licenses. The parties hereto agree that this Agreement shall supersede the terms of the Prior Licenses. Accordingly,
upon the execution and delivery of this Agreement, the Prior Licenses are hereby terminated, including, without limitation, all
terms thereof which are indicated to survive termination.

 

12.2 Independent
Contractors. The parties are independent contractors. Nothing contained in this Agreement is intended to create an agency,
partnership or joint venture between the parties. At no time will either party make commitments or incur any charges or expenses
for or on behalf of the other party.

 

12.3 Compliance
with Laws. Each party must comply with all prevailing laws, rules and regulations that apply to its activities or obligations
under this Agreement. For example, each party will comply with applicable United States export laws and regulations. The transfer
of certain technical data and commodities may require a license from the applicable agency of the United States government and/or
written assurances by Company that Company will not export data or commodities to certain foreign countries without prior approval
of the agency. The University does not represent that no license is required, or that, if required, the license will issue.

 

12.4 Modification,
Waiver & Remedies. This Agreement may only be modified by a written amendment that is executed by an authorized representative
of each party. Any waiver must be express and in writing. No waiver by either party of a breach by the other party will constitute
a waiver of any different or succeeding breach. Unless otherwise specified, all remedies are cumulative.

 

12.5 Assignment & Hypothecation. Company may not assign this Agreement or any part of it, either directly or by merger or operation of
law, without the prior written consent of the University. The University will not unreasonably withhold or delay its consent, provided
that: (a) at least thirty (30) days before the proposed transaction, Company gives the University written notice and such background
information as may be reasonably necessary to enable the University to give an informed consent; (b) the assignee agrees in writing
to be legally bound by this Agreement, including, but not limited to, Sections 1.5, 2.2 and 2.3, and to deliver
to the University an updated Development Plan within forty-five (45) days after the closing of the proposed transaction; (c) Company
provides the University with a copy of assignee’s undertaking; and (d) the assignment in compliance with the terms of this
Agreement, including, without limitation, this Section 12.5, Sections 1.3, 1.5, 1.7, 2.2, 2.3,
3.4 and 7.2 and Articles 9, 10 and 11. Any permitted assignment will not relieve Company of
responsibility for performance of any obligation of Company that has accrued at the time of the assignment. Company will not grant
a security interest in the Assigned IP or this Agreement during the Term. Any prohibited assignment or security interest in contravention
of this Section 12.5 will be null and void.

 

    10

     

    

 

12.6 Notices.
Any notice or other required communication (each, a “Notice”) must be in writing, addressed to the party’s
respective Notice Address listed on the signature page, and delivered: (a) personally; (b) by certified mail, postage prepaid,
return receipt requested; or (c) by recognized overnight courier service, charges prepaid. A Notice will be deemed received: if
delivered personally, on the date of delivery; if mailed, five (5) days after deposit in the United States mail; or if sent via
courier, one (1) business day after deposit with the courier service.

 

12.7 Severability & Reformation. If any provision of this Agreement is held to be invalid or unenforceable by a court of competent jurisdiction,
then the remaining provisions of this Agreement will remain in full force and effect. Such invalid or unenforceable provision will
be automatically revised to be a valid or enforceable provision that comes as close as permitted by law to the parties’ original
intent.

 

12.8 Headings & Counterparts. The headings of the articles and sections included in this Agreement are inserted for convenience only
and are not intended to affect the meaning or interpretation of this Agreement. This Agreement may be executed in several counterparts,
all of which taken together will constitute the same instrument.

 

12.9 Governing
Law. This Agreement will be governed in accordance with the laws of the State of Delaware, without giving effect to the conflict
of law provisions of any jurisdiction.

 

12.10 Dispute
Resolution. If a dispute arises between the parties concerning any right or duty under this Agreement, then the parties will
confer, as soon as practicable, in an attempt to resolve the dispute. If the parties are unable to resolve the dispute amicably
within forty-five (45) days, then the parties will submit to the exclusive jurisdiction of, and venue in, the state and Federal
courts located in the District of Delaware with respect to all disputes arising under this Agreement.

 

12.11 Integration.
This Agreement with its Exhibits, the Equity Documents, and the Confidentiality Agreement, contain the entire agreement between
the parties with respect to the Assigned IP and supersede all other oral or written representations, statements, or agreements
with respect to such subject matter, including but not limited to the Prior Licenses and the term sheet between the parties.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    11

     

    

 

Each party has caused
this Agreement to be executed by its duly authorized representative.

 

	UNIVERSITY OF DELAWARE	 	NUVVE CORPORATION
	 	 	 
	By:	/s/ David S. Weir	 	By:	 /s/ Gregory Poilasne
	Name:	David S. Weir, Ph.D.	 	Name:	Gregory Poilasne
	Title:	Director, OEIP	 	Title:	Chief Executive Officer

 

	Address:	 	University of Delaware	 	Address:	 	Nuvve Corporation 
	 	 	Office of Economic Innovation & Partnerships  	 	 	 	2869 Historic Decatur Rd
	 	 	One Innovative Way, Suite 500	 	 	 	San Diego, CA 92106
	 	 	Newark, DE 19711	 	 	 	Attn:  President
	 	 	Attn:  Director, Technology Transfer Center	 	 	 	 

 

[Signature Page to IP Acquisition Agreement]

 

    

     

    

 

[***]Exhibit 10.17

 

Certain identified information has
been excluded from this exhibit because it is both not material and would likely cause competitive harm to the registrant if publicly
disclosed. Such information has been marked with a “[***]”.

 

Amended and Restated Research Agreement

 

This Amended and Restated Research Agreement
(the “Amendment”) is made this September 1, 2017 (the “Effective Date”), between the University of Delaware,
a non-profit corporation (the “University”) and Nuvve, Inc., a Delaware corporation (the “Company”).

 

WHEREAS, University and Company entered
into a Research Agreement on September 1, 2016 (the “Research Agreement”),

 

WHEREAS, University and Company have agreed
to enter into this Amendment,

 

NOW THEREFORE, in consideration of the premises
and mutual agreements hereinafter set forth, University and Company agree the Research Agreement shall be amended and restated
in its entirety as follows:

 

RESEARCH AGREEMENT

 

BETWEEN NUVVE CORPORATION

 

AND THE UNIVERSITY OF DELAWARE

 

THIS AGREEMENT is between Nuvve
Corporation with offices at 2097 Valley View Blvd., El Cajon, CA 92019 (hereinafter
referred to as COMPANY), and the University of Delaware, with offices at Newark, Delaware 19716 (hereinafter referred to as UNIVERSITY),
an educational nonprofit institution chartered under the laws of the State of Delaware.

 

In consideration of the rights and obligations
herein set forth, the parties do hereby agree as follows:

 

Article 1 - Statement

 

UNIVERSITY will conduct the research described
in Attachment 1, titled “Nuvve Research Agreement.” This Agreement provides funds for one (1) year of work as detailed
in Attachment 2, titled “Budget.” On an annual basis, the Research Agreement shall be extended in twelve (12) month increments
for a total of seven (7) consecutive years.

 

Article 2 - Staffing

 

		A.	To carry out the research program, UNIVERSITY will supply and use its own personnel, who will be considered employees of UNIVERSITY.
All salary and wage payments to such personnel will be at rates consistent with their UNIVERSITY salaries as determined by UNIVERSITY.

 

     

     

    

 

		B.	The principal investigator will be Dr. Willett Kempton of the School of Marine Science and Policy. If for any reason the principal
investigator is unable to continue to serve in this capacity a reasonably suitable UNIVERSITY successor shall be agreed to by the
parties, such agreement not to be unreasonably withheld by either party.

 

		C.	UNIVERSITY and COMPANY may, from time to time, send personnel to visit the other’s facilities. For example, a UNIVERSITY
student may visit COMPANY as an intern, or a COMPANY technician may visit UNIVERSITY to be trained on the technology or assist
in technical development. When such exchanges involve visiting UNIVERSITY, it shall be governed by a separate visitor agreement
or other UNIVERSITY approved agreement.

 

Article 3 - Term and Termination

 

		A.	This Agreement will become effective September 1, 2016, and will remain in force for one (1) year from that date. During or
at the end of that time, it shall be extended for an additional six (6) years. Thereafter, the parties may extend this Agreement
for subsequent two-year terms upon mutual agreement.

 

		B.	Performance may be terminated by UNIVERSITY if circumstances beyond its control preclude continuation of the research. In the
event of a material breach of this Agreement the party not in breach may provide notice thereof to the party in breach. The party
in breach shall have sixty (60) days after receiving such notice in which to cure the breach. If the breach is not cured within
sixty (60) days, the party not in breach may terminate the Agreement by sending written notice to the party in breach. Termination
shall be effective upon receipt of such notice.

 

		C.	Upon termination, UNIVERSITY will be reimbursed for all costs and noncancellable commitments incurred in the conduct of the
research program. If the prior payments made by COMPANY to UNIVERSITY exceed costs and noncancellable commitments incurred by UNIVERSITY
before termination, the excess will be refunded to COMPANY.

 

		D.	Obligations of the respective parties under Articles 1, 6, 7, 8, 9, and 10 shall continue beyond the termination of this Agreement
insofar as they relate to activities under the Agreement prior to its termination.

 

Article 4 - Supporting Payments

 

This is a firm fixed price agreement. COMPANY understands and
expressly agrees that this is a “fixed price” agreement. UNIVERSITY is under no obligation to provide COMPANY with
any kind of financial reporting, supporting documentation, or justification of expenditures made in the performance of the project
as a condition of payment. It is agreed and understood by the parties hereto that the fixed price for performing the research and
providing the deliverables shall not be less than Four Hundred Thousand dollars ($400,000) per year for seven (7) years. COMPANY
will pay UNIVERSITY one fourth (1/4) of the fixed price per calendar quarter. COMPANY will have no obligation to pay UNIVERSITY
for any costs beyond the fixed price unless there are costs associated with export control licenses as specified in Article 9.
All payments shall be made to UNIVERSITY in United States Dollars. For converting payments into United States Dollars COMPANY shall
use the average of the closing buying rates of the Morgan Guaranty Trust Company of New York applicable to transactions under exchange
regulations for the particular currency on the date payment is due.

 

    	Revised 10/2012	Page 2 of 8

     

    

 

Invoices shall be sent to:

Dr. Gregory Poilasne

Nuvve Corporation

2097 Valley View Blvd

El Cajon CA 92019

gregory@nuvve.com

 

Please Remit to:

University of Delaware

Cashiers Office, Office of Sponsored Programs

30 Lovett Avenue

116 Student Services Building

Newark, DE 19716

 

Please make Checks Payable to the University of Delaware.

Please include invoice number and agreement No. 17A00504 with
your payment.

 

Article 5 - Facilities

 

UNIVERSITY will provide office, laboratory
space, and ordinary research facilities for this work by the employees at UNIVERSITY.

 

Facilities at the UNIVERSITY STAR Campus
will be leased by COMPANY under a separate lease with 1743 Holdings, LLC. The space at STAR Campus is not covered in this agreement.

 

Article 6 - Equipment

 

Title to equipment obtained for the purpose
of this project will vest in the name of UNIVERSITY.

 

Article 7 - Reports and Publications

 

UNIVERSITY will submit to COMPANY written
technical progress reports as agreed upon with the principal investigator. Two (2) copies of a written detailed summary report
for the research will be submitted to COMPANY within thirty (30) days after the end of the twelfth (12th) month of the research.
UNIVERSITY will have the right to publish the results of its research. Title to and the right to determine the disposition of any
copyrights or copyrightable material first produced or composed in the performance of this research shall remain with UNIVERSITY.
Before submission for publication by UNIVERSITY, COMPANY will have a period of up to sixty (60) days to review the proposed publication
for the disclosure of inventions of interest to COMPANY and for any information that is considered proprietary or confidential
by COMPANY. If a patentable invention of interest to COMPANY is disclosed, the publication will be delayed to permit the preparation
and filing of a United States patent application in a timely manner. Disclosure of proprietary or confidential information of COMPANY
will be resolved with the principal investigator before submission to the publisher. In any event, approval to publish will not
be unreasonably withheld by COMPANY. Publication may not be delayed more than an additional ninety (90) days to permit the preparation
and filing of a patent application.

 

    	Revised 10/2012	Page 3 of 8

     

    

 

UNIVERSITY grants to COMPANY the right to
republish on its own behalf any technical information from the research program that UNIVERSITY has first caused to be published.

 

Article 8 - Patents
and Licensing

 

		A.	[***]

 

		B.	If COMPANY considers any of the information and ideas arising out of the research program to warrant patent protection thereon,
UNIVERSITY will upon written request by COMPANY procure and maintain such patent protection in the U.S. and in such foreign countries
as COMPANY may designate. COMPANY shall provide UNIVERSITY with a written response within thirty (30) days of COMPANY’s receipt
of the invention disclosure. COMPANY will reimburse UNIVERSITY for its out-of-pocket expenses associated with the procurement and
maintenance of such patent rights. While UNIVERSITY shall be responsible for making decisions regarding the scope and content of
applications to be filed and prosecution thereof, COMPANY shall be provided with a copy of each draft of each patent application
hereinunder, copies of all documents filed, and copies of all correspondence relating to the prosecution and maintenance of such
patent rights.

 

		C.	COMPANY agrees to and does hereby grant to the UNIVERSITY an irrevocable, worldwide, royalty-free license to make, have made,
use, import, copy, display and prepare derivative works based on the IP Portfolio for educational and research purposes, including,
without limitation, collaborating with non-commercial entities for such purposes. This includes new research to be performed in
the proposed GIV Center at UNIVERSITY.

 

Article 9 - Export Control

 

UNIVERSITY and COMPANY agree that the performance
of this Agreement will be in compliance with U.S. Export Control and Trade Sanction regulations. The COMPANY will not re-export
any technical data, materials, or software developed by the UNIVERSITY under this agreement without prior written authorization.
In the event that Export licenses are required for the performance of this work, the UNIVERSITY shall be responsible for applying
for those licenses and COMPANY will be responsible for paying for those licenses. If licenses cannot be obtained, this agreement
will be terminated.

 

    	Revised 10/2012	Page 4 of 8

     

    

 

Article 10 - Confidentiality

 

[***]

 

Article 11 - Advertising

 

The name of either party to the Agreement
will not be used by the other in any advertising, publicity or news media related to the research program without the prior written
consent of the other party. However, the University may publish information on this Agreement in its internal publications.

 

Article 12 - Notices

 

All notices, requests, or demands to be
given by either party to the other under the provisions of this Agreement will be forwarded by certified mail properly addressed
to the respective parties as follows:

 

	 	UNIVERSITY:	Charles Riordan, Ph.D.	 
	 	 	Vice President of Research, Scholarship & Innovation	 
	 	 	Research Office	 
	 	 	124 Hullihen Hall	 
	 	 	University of Delaware	 
	 	 	Newark, DE 19716	 
	 	 	riordan@udel.edu	 
	 	 	Phone No. (302) 831-4007	 
	 	 	Fax No. (302) 831-8620	 
	 	 	 	 
	 	COMPANY:	Dr. Gregory Poilasne	 
	 	 	Nuvve Corporation	 
	 	 	2097 Valley View Blvd	 
	 	 	El Cajon CA 92019	 
	 	 	gregory@nuvve.com	 

 

or at such other address or addresses as either party may from
time to time designate by written notice as its address or addresses for this purpose.

 

Article 13 – Alternate Dispute resolution

 

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 those conflicts amicably between themselves. Within five business days of receiving written notice from a party that
a dispute exists, the parties shall meet and negotiate in good faith for a period not to exceed one business day to resolve such
dispute.  If good faith negotiation between the representatives does not result in resolution, each party shall nominate
one representative having a position not less than vice president or his/her designee, to participate in additional good faith
negotiations (“High Level Negotiations”) within ten business days after the first negotiation.  If within thirty
(30) days of the start of such High-Level Negotiations there is no resolution of the dispute, the parties shall each submit a
written statement within five (5) business days to a third party mediator utilizing the services of the Delaware Chancery Court
for voluntary mediation of technology licensing and contract issues. The parties and the mediator shall meet within five (5) business
days of the written submission for a non-binding mediation session.  The cost of mediation shall be shared equally by the
parties. 

 

    	Revised 10/2012	Page 5 of 8

     

    

 

Should the parties not resolve their issues
by mediation within one hundred twenty (120) days of initiation of the mediation process, the dispute shall be subject to arbitration.
All disputes arising in connection with this Agreement shall be finally settled under the Rules of Conciliation and Arbitration
of the International Chamber of Commerce by three (3) arbitrators appointed in accordance with the said Rules. All documents and
correspondence in relation to those disputes shall be drafted in English and the arbitration shall be conducted in English. The
arbitrators to be appointed shall have a good working knowledge of the English language. The place of arbitration shall be Philadelphia,
Pennsylvania, USA. The arbitration award shall be final, binding and not subject to appeal and shall be enforceable in any court
of competent jurisdiction. The party in whose favor the arbitration award is rendered shall be entitled to recover the cost and
expenses of the arbitration panel. However, the parties own internal management time and costs (including the costs of the in-house
counsel) and the costs of outside lawyers shall be borne by each party.

 

Article 14
- Governing Law and Adjudication

 

This Agreement will be governed by and construed
in accordance with the laws of the State of Delaware. Any issue of validity of a patent related to an invention made under this
Agreement and licensed to the COMPANY shall be subject to the alternate dispute resolution procedures of Article 12, above, with
attorney’s fees awarded to the prevailing party.

 

Article 15 - Technical and Administrative Contacts

 

	Technical:	Dr. Willet Kempton	 
	 	School of Marine Science and Policy 	 
	 	University of Delaware	 
	 	Newark, DE 19716	 
	 	Phone No. (302) 831-0049	 
	 	willett@udel.edu 	 
	 	 	 
	Administrative:	Katie N. Brown, MS, CRA	 
	 	Contract and Grants Specialist II	 
	 	Research Office	 
	 	University of Delaware	 
	 	Newark, DE 19716	 
	 	
        Phone No. (302) 831-6925
	 
	 	
        Fax No. (302) 831-2828
	 
	 	
        brownkt@udel.edu

        
	 

 

    	Revised 10/2012	Page 6 of 8

     

    

 

Article 16 - Insurance/Indemnification

 

UNIVERSITY and COMPANY are separate and
independent entities, and neither is the agent of the other. UNIVERSITY and COMPANY hereby each agree to indemnify and hold the
other party and their personnel free and harmless from any and all loss, cost, damage, claim, action, or liability on account of
the death of or injury to any person or persons or damage to or destruction of any property resulting from or growing out of any
alleged negligence on the part of the indemnifying party or their personnel in the implementation of this Agreement. Each party
further warrants that it will maintain in effect for the duration of this Agreement comprehensive general liability insurance and/or
equivalent self-insured retentions with approval by University, including the foregoing contractual liability, with a combined
single limit of at least $5,000,000 per occurrence.

 

Article 17 - Warranty

 

UNIVERSITY makes
no representations, extends no warranties, express or implied, and assumes no responsibilities whatsoever with respect to the
performance, marketability, or fitness for a particular purpose of processes or products produced using the research
information and know-how to COMPANY, its sublicensees, its vendees, or other transferees. Further, UNIVERSITY makes no
representations, extends no warranties, and assumes no responsibilities that the manufacture, use, or sale of products based
in whole or in part on information developed by the research will not infringe the claims of any patents not provided for in
this Agreement and assigned to UNIVERSITY.

 

Article 18 – Assignability

 

This Agreement is personal to the parties
and shall not be assignable or otherwise transferable in whole or in part, voluntarily, involuntarily or by operation of law including
any merger or consolidation, substantial change in ownership or control of a party’s business, or any other means, without
the prior written approval of the other party.

 

Article 19 - Interpretation

 

The parties acknowledge that each party
has reviewed and revised, and has been given the opportunity to have counsel review and revise, this agreement and that the normal
rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in
the interpretation of this agreement or any amendments or exhibits thereto.

 

Article 20
- Entire Agreement

 

This Agreement and Attachments as identified
herein are incorporated by reference and represent the entire Agreement between the parties. No modification or assignment of this
Agreement will be effective unless written and signed by authorized representatives of both parties.

 

    	Revised 10/2012	Page 7 of 8

     

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this Agreement to be executed by their duly authorized representatives as of the day, month, and year first above written.

 

	UNIVERSITY OF DELAWARE	 	NUVVE 
	 	 	 
	By:	/s/ Cordell M. Overby, Sc. D.	 	By: 	/s/ Gregory Poilasne
	Name: 	Cordell M. Overby, Sc. D.	 	Name:  	Gregory Poilasne
	Title:	Vice President
    for Research and Regulatory Affiars	 	Title: 	Chairman and
    CEO
	Date:	11/3/17	 	Date: 	10/10/17
	 	 	 
	Acknowledged and agreed:	 	 
	 	 	 
	By 	/s/ Willett Kempton, Ph.D.	 	 
	Name:	Willett Kempton, Ph.D.	 	 
	Title:	Professor	 	 
	Date: 	2 November 2017	 	 

 

 

 

	Revised 10/2012	Page 8 of 8

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