Document:

Exhibit 10.6

 

Virios
Therapeutics, Inc.

 

2020
EQUITY INCENTIVE PLAN

 

The purpose of the
Virios Therapeutics, Inc. 2020 Equity Incentive Plan is to provide (i) designated employees of Virios Therapeutics, Inc.
(the “Company”) and its parents and subsidiaries, (ii) certain consultants and advisors who perform services for
the Company or its parents or subsidiaries and (iii) non-employee members of the Board of Directors of the Company (the “Board”)
with the opportunity to receive grants of incentive stock options, nonqualified stock options, stock awards, stock units, stock
appreciation rights and other equity-based awards. The Company believes that this Plan will encourage the participants to contribute
materially to the growth of the Company, thereby benefitting the Company’s stockholders, and will align the economic interests
of the participants with those of the stockholders.

 

1.             Administration
and Delegation.

 

(a)           Committee.
This Plan shall be administered by a committee consisting of two or more members of the Board, which shall consist of “outside
directors” as defined under section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”),
and related Treasury regulations, “non-employee directors” as defined under Rule 16b-3 under the Securities Exchange
Act of 1934, as amended (the “Exchange Act”) and, when applicable, by “independent directors” as defined
by the rules of any national securities exchange (the “Exchange”) upon which shares of the Company’s capital
stock shall be listed. However, the Board may ratify or approve any grants as it deems appropriate, and the Board shall approve
and administer all grants made to non-employee directors. The committee may delegate authority to one or more subcommittees as
it deems appropriate. To the extent that a committee or subcommittee administers this Plan, references in this Plan to the “Board”
shall be deemed to refer to the committee or subcommittee.

 

(b)           Board
Authority. The Board shall have the sole authority to (i) determine the individuals to whom grants shall be made under
this Plan, (ii) determine the type, size and terms of the grants to be made to each such individual, (iii) determine
the time when the grants will be made and the duration of any applicable exercise or restriction period, including the criteria
for exercisability and the acceleration of exercisability, (iv) amend the terms of any previously issued grant, and (v) deal
with any other matters arising under this Plan.

 

(c)           Board
Determinations. The Board shall have full power and authority to administer and interpret this Plan, to make factual determinations
and to adopt or amend such rules, regulations, agreements and instruments for implementing this Plan and for the conduct of its
business as it deems necessary or advisable, in its sole discretion. The Board’s interpretations of this Plan and all determinations
made by the Board pursuant to the powers vested in it hereunder shall be conclusive and binding on all persons having any interest
in this Plan or in any awards granted hereunder. All powers of the Board shall be executed in its sole discretion, in the best
interest of the Company, not as a fiduciary, and in keeping with the objectives of this Plan and need not be uniform as to similarly
situated individuals.

 

(d)           Delegation
to Officers. To the extent permitted by applicable law, the Board may delegate to one or more officers of the Company the
power to grant Options and other Grants that constitute rights under Delaware law (subject to any limitations under this Plan)
to employees or officers of the Company and to exercise such other powers under this Plan as the Board may determine, provided
that the Board shall fix the terms of such Grants to be granted by such officers (including the exercise price of such Grants,
which may include a formula by which the exercise price will be determined) and the maximum number of shares subject to such Grants
that the officers may grant; provided further, however, that no officer shall be authorized to grant such Grants to any “executive
officer” of the Company (as defined by Rule 3b-7 under the Exchange Act) or to any “officer” of the Company
(as defined by Rule 16a-1 under the Exchange Act).  Notwithstanding anything to the contrary set forth above, the Board
may not delegate authority under this Section 1(d) to grant Stock Awards, unless Delaware law then permits such delegation.

 

     

     

    

 

2.            Grants.
Awards under this Plan may consist of grants of incentive stock options as described in Section 5 (“Incentive Stock
Options”), nonqualified stock options as described in Section 5 (“Nonqualified Stock Options”) (Incentive
Stock Options and Nonqualified Stock Options are collectively referred to as “Options”), stock awards as described
in Section 6 (“Stock Awards”), stock units as described in Section 7 (“Stock Units”), stock appreciation
rights as described in Section 8 (“SARs”), and other equity-based awards as described in Section 9 (“Other
Equity Awards”), the foregoing sometimes referred to herein collectively as “Grants” and individually as a “Grant.”
All Grants shall be subject to the terms and conditions set forth herein and to such other terms and conditions consistent with
this Plan as the Board deems appropriate and as are specified in writing by the Board to the individual in a grant instrument or
an amendment to the grant instrument (the “Grant Instrument”). All Grants shall be made conditional upon the acknowledgement
of the Grantee (as defined in Section 4(b)), in writing or by acceptance of the Grant, that all decisions and determinations
of the Board shall be final and binding on the Grantee, his or her beneficiaries and any other person having or claiming an interest
under such Grant. Grants under a particular Section of this Plan need not be uniform as among the grantees.

 

3.            Shares
Subject to This Plan.

 

(a)           Shares
Authorized. Subject to adjustment as described below, the aggregate number of shares of common stock of the Company (“Company
Stock”) that may be issued pursuant to Grants under this Plan is shares, each of which may be issued under this Plan as an
Incentive Stock Option.

 

(b)           Individual
Limits. The maximum aggregate number of shares of Company Stock that shall be subject to Grants made under this Plan to
any individual, including but not limited to any non-employee director, during any calendar year shall be 500,000 shares.

 

(c)           Share
Counting. If and to the extent Options or SARs granted under this Plan terminate, expire, or are canceled, forfeited, exchanged
or surrendered without having been exercised or if any Stock Awards, Stock Units or Other Equity Awards are forfeited, the shares
subject to such Grants shall again be available for purposes of this Plan.

 

(d)           Adjustments.
If there is any change in the number or kind of shares of Company Stock outstanding (i) by reason of a stock dividend,
spinoff, recapitalization, stock split, or combination or exchange of shares, (ii) by reason of a merger, reorganization or
consolidation, (iii) by reason of a reclassification or change in par value, or (iv) by reason of any other extraordinary
or unusual event affecting the outstanding Company Stock as a class without the Company’s receipt of consideration, or if
the value of outstanding shares of Company Stock is substantially reduced as a result of a spinoff or the Company’s payment
of an extraordinary dividend or distribution, the maximum number of shares of Company Stock available for issuance under this Plan,
the maximum number of shares of Company Stock for which any individual may receive Grants in any year, the kind and number of shares
covered by outstanding Grants, the kind and number of shares issued and to be issued under this Plan, and the price per share or
the applicable market value of such Grants shall be equitably adjusted by the Board to reflect any increase or decrease in the
number of, or change in the kind or value of, issued shares of Company Stock to preclude, to the extent practicable, the enlargement
or dilution of rights and benefits under such Grants; provided, however, that any fractional shares resulting from such adjustment
shall be eliminated. In addition, in the event of a Change of Control of the Company (as defined in Section 12(a)), the provisions
of Section 13 of this Plan shall apply. Any adjustment to outstanding Grants shall be consistent with section 409A and section
424 of the Code, to the extent applicable. Any adjustments determined by the Board shall be final, binding and conclusive.

 

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4.            Eligibility
for Participation.

 

(a)           Eligible
Persons. All employees of the Company and its parents or subsidiaries (“Employees”), including Employees who
are officers or members of the Board, and members of the Board who are not Employees (“Non-Employee Directors”) shall
be eligible to participate in this Plan. Consultants and advisors, as such terms are defined and interpreted for purposes of Form S-8
under the Securities Act of 1933, as amended (the “Securities Act”) (or any successor form or rule) who perform services
for the Company or any of its parents or subsidiaries (“Key Advisors”) shall be eligible to participate in this Plan.

 

(b)           Selection
of Grantees. The Board shall select the Employees, Non-Employee Directors and Key Advisors to receive Grants and shall
determine the number of shares of Company Stock subject to a particular Grant in such manner as the Board determines. Employees,
Key Advisors and Non-Employee Directors who receive Grants under this Plan shall hereinafter be referred to as “Grantees.”

 

5.            Options.
 The Board may grant Options to Employees, Non-Employee Directors, and Key Advisors upon such terms as the Board deems appropriate.
The following provisions are applicable to Options:

 

(a)           Number
of Shares. The Board shall determine the number of shares of Company Stock that will be subject to each Grant of Options
to Employees, Non-Employee Directors and Key Advisors.

 

(b)           Type
of Option and Price.

 

(i)            The
Board may grant Incentive Stock Options that are intended to qualify as “incentive stock options” within the meaning
of section 422 of the Code or Nonqualified Stock Options that are not intended so to qualify or any combination of Incentive Stock
Options and Nonqualified Stock Options, all in accordance with the terms and conditions set forth herein. Incentive Stock Options
may be granted only to employees of the Company or its parents or subsidiaries, as defined in section 424 of the Code. Nonqualified
Stock Options may be granted to Employees, Non-Employee Directors and Key Advisors.

 

(ii)           The
purchase price (the “Exercise Price”) of Company Stock subject to an Option shall be determined by the Board and shall
be equal to or greater than the Fair Market Value (as defined below) of a share of Company Stock on the date the Option is granted;
provided, however, that an Incentive Stock Option may not be granted to an Employee who, at the time of grant, owns stock possessing
more than 10% of the total combined voting power of all classes of stock of the Company or any parent or subsidiary of the Company,
unless the Exercise Price per share is not less than 110% of the Fair Market Value of Company Stock on the date of grant.

 

(iii)          If
the Company Stock is publicly traded, then the Fair Market Value per share shall be determined as follows: (x) if the principal
trading market for the Company Stock is an Exchange, the last reported sale price thereof on the relevant date or (if there were
no trades on that date) the latest preceding date upon which a sale was reported, or (y) if the Company Stock is not principally
traded on an Exchange, the mean between the last reported “bid” and “asked” prices of Company Stock on
the relevant date, as reported on the Exchange or, if not so reported, as reported by the over-the-counter quotation system on
which the Company Stock is then quoted or as reported in a customary financial reporting service, as applicable and as the Board
determines. If the Company Stock is not publicly traded or, if publicly traded, is not subject to reported transactions or “bid”
or “asked” quotations as set forth above, the Fair Market Value per share shall be as determined by the Board.

 

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(c)           Option
Term. The Board shall determine the term of each Option. The term of any Option shall not exceed ten years from the date
of grant. However, an Incentive Stock Option that is granted to an Employee who, at the time of grant, owns stock possessing more
than 10% of the total combined voting power of all classes of stock of the Company, or any parent or subsidiary of the Company,
may not have a term that exceeds five years from the date of grant.

 

(d)           Exercisability
of Options.

 

(i)            Options
shall become exercisable in accordance with such terms and conditions, consistent with this Plan, as may be determined by the Board
and specified in the Grant Instrument. The Board may accelerate the exercisability of any or all outstanding Options at any time
for any reason.

 

(ii)            The
Board may provide in a Grant Instrument that the Grantee may elect to exercise part or all of an Option before it otherwise has
become exercisable. Any shares so purchased shall be restricted shares and shall be subject to a repurchase right in favor of the
Company during a specified restriction period, with the repurchase price equal to the lesser of (i) the Exercise Price or
(ii) the Fair Market Value of such shares at the time of repurchase, or such other restrictions as the Board deems appropriate.

 

(e)           Grants
to Non-Exempt Employees. Notwithstanding the foregoing, unless expressly approved by the Board, Options granted to persons
who are non-exempt employees under the Fair Labor Standards Act of 1938, as amended, (the “FLSA”) may not be exercisable
for at least six months after the date of grant (except that such Options may become exercisable, as determined by the Board, upon
the Grantee’s death, Disability (as defined in Section 5(f)(v)(C)) or Retirement (as defined in Section 5(f)(v)(E)),
or upon a Change of Control or other circumstances permitted by applicable regulations).

 

(f)           Termination
of Employment, Disability or Death.

 

(i)            Except
as provided below, an Option may be exercised only while the Grantee is employed by, or providing service to, the Employer (as
defined in Section 5(f)(v)(A)) as an Employee, Key Advisor or member of the Board. In the event that a Grantee ceases to be
employed by, or provide service to, the Employer for any reason other than Disability, death, Retirement or termination for Cause
(as defined in Section 5(f)(v)(D)), except as otherwise provided by the Board, any Option that is otherwise exercisable by
the Grantee shall terminate unless exercised within 90 days after the date on which the Grantee ceases to be employed by, or provide
service to, the Employer (or within such other period of time as may be specified by the Board), but in any event no later than
the date of expiration of the Option term. Except as otherwise provided by the Board, any of the Grantee’s Options that are
not otherwise exercisable as of the date on which the Grantee ceases to be employed by, or provide service to, the Employer shall
terminate as of such date.

 

(ii)           In
the event the Grantee ceases to be employed by, or provide service to, the Employer on account of a termination for Cause by the
Employer, any Option held by the Grantee shall terminate as of the date the Grantee ceases to be employed by, or provide service
to, the Employer. In addition, notwithstanding any other provisions of this Section 5, if the Board determines that the Grantee
has engaged in conduct that constitutes Cause at any time while the Grantee is employed by, or providing service to, the Employer
or after the Grantee’s termination of employment or service, any Option held by the Grantee shall immediately terminate,
and the Grantee shall automatically forfeit all shares underlying any exercised portion of an Option for which the Company has
not yet delivered the share certificates, upon refund by the Company of the Exercise Price paid by the Grantee for such shares.
Upon any exercise of an Option, the Company may withhold delivery of share certificates pending resolution of an inquiry that could
lead to a finding resulting in a forfeiture.

 

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(iii)          In
the event the Grantee ceases to be employed by, or provide service to, the Employer because of the Grantee’s Disability or
Retirement, any Option that is otherwise exercisable by the Grantee shall terminate unless exercised within one year after the
date on which the Grantee ceases to be employed by, or provide service to, the Employer (or within such other period of time as
may be specified by the Board), but in any event no later than the date of expiration of the Option term. Except as otherwise provided
by the Board, any of the Grantee’s Options that are not otherwise exercisable as of the date on which the Grantee ceases
to be employed by, or provide service to, the Employer shall terminate as of such date. In the event that an Incentive Stock Option
is exercised more than 90 days after Retirement, the Option shall lose its status as an Incentive Stock Option and shall be treated
as a Nonqualified Stock Option.

 

(iv)          If
the Grantee dies while employed by, or providing service to, the Employer or within 90 days after the date on which the Grantee
ceases to be employed or provide service on account of a termination specified in Section 5(f)(i) above (or within such
other period of time as may be specified by the Board), any Option that is otherwise exercisable by the Grantee shall terminate
unless exercised within one year after the date on which the Grantee ceases to be employed by, or provide service to, the Employer
(or within such other period of time as may be specified by the Board), but in any event no later than the date of expiration of
the Option term. Except as otherwise provided by the Board, any of the Grantee’s Options that are not otherwise exercisable
as of the date on which the Grantee ceases to be employed by, or provide service to, the Employer shall terminate as of such date.

 

(v)           For
purposes of this Section 5(f) and Section 6:

 

(A)         The
term “Employer” shall include the Company and its parent and subsidiary corporations, as determined by the Board.

 

(B)          “Employed
by, or provide service to, the Employer” shall mean employment or service as an Employee, Key Advisor or member of the Board
(so that, for purposes of exercising Options and satisfying conditions with respect to other Grants, a Grantee shall not be considered
to have terminated employment or service until the Grantee ceases to be an Employee, Key Advisor or member of the Board), unless
the Board determines otherwise.

 

(C)          “Disability”
shall mean a Grantee’s becoming disabled within the meaning of section 22(e)(3) of the Code, within the meaning of the
Employer’s long-term disability plan applicable to the Grantee, or as otherwise determined by the Board.

 

(D)          “Cause”
shall mean, except to the extent specified otherwise by the Board, a finding by the Board that the Grantee (i) has breached
his or her employment or service contract with the Employer in any material respect, (ii) has engaged in disloyalty to the
Company, including, without limitation, fraud, embezzlement, theft, commission of a felony or proven dishonesty, (iii) has
disclosed trade secrets or confidential information of the Employer to persons not entitled to receive such information, (iv) has
breached any written noncompetition or nonsolicitation agreement between the Grantee and the Employer or (v) has engaged in
such other behavior detrimental to the interests of the Employer as the Board determines.

 

(E)            “Retirement”
shall mean a termination of employment by reason of an Employee’s retirement at or after the Employee’s earliest permissible
retirement date pursuant to and in accordance with a regular retirement plan or the personnel practices of the Employer.

 

(g)           Exercise
of Options. A Grantee may exercise an Option that has become exercisable, in whole or in part, by delivering a notice of
exercise to the Company. The Grantee shall pay the Exercise Price for an Option as specified by the Board (w) in cash, (x) with
the approval of the Board, by delivering shares of Company Stock owned by the Grantee (including Company Stock acquired in connection
with the exercise of an Option, subject to such restrictions as the Board deems appropriate) and having a Fair Market Value on
the date of exercise equal to the Exercise Price or by attestation (on a form prescribed by the Board) to ownership of shares of
Company Stock having a Fair Market Value on the date of exercise equal to the Exercise Price, (y) payment through a broker
in accordance with procedures permitted by applicable regulations of the Board of Governors of the Federal Reserve System, or (z) by
such other method as the Board may approve. Shares of Company Stock used to exercise an Option shall have been held by the Grantee
for the requisite period of time to avoid adverse accounting consequences to the Company with respect to the Option. The Grantee
shall pay the Exercise Price and the amount of any withholding tax due (pursuant to Section 10) at the time of exercise.

 

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(h)           Limits
on Incentive Stock Options. Each Incentive Stock Option shall provide that, if the aggregate Fair Market Value of the stock
on the date of the grant with respect to which Incentive Stock Options are exercisable for the first time by a Grantee during any
calendar year, under this Plan or any other stock option plan of the Company or a parent or subsidiary, exceeds $100,000, then
the Option, as to the excess, shall be treated as a Nonqualified Stock Option. An Incentive Stock Option shall not be granted to
any person who is not an Employee of the Company or a parent or subsidiary (within the meaning of section 424(f) of the Code)
of the Company.

 

(i)            Limitation
on Repricing.  If the Company Stock is listed on an Exchange, unless such action is approved by the Company’s stockholders,
the Company may not (except as provided for under Section 3(d)): (A) amend any outstanding Option granted under this
Plan to provide an exercise price per share that is lower than the then-current exercise price per share of such outstanding Option,
(B) cancel any outstanding Option (whether or not granted under the Plan) and grant in substitution therefor new Grants under
this Plan (other than adjustments made pursuant to Section 3(d)) covering the same or a different number of shares of Company
Stock and having an exercise price per share lower than the then-current exercise price per share of the cancelled option, (C) cancel
in exchange for a cash payment any outstanding Option with an exercise price per share above the then-current Fair Market Value,
other than pursuant to Section 3(d), or (D) take any other action under this Plan that constitutes a “repricing”
within the meaning of the rules of the Exchange.

 

6.            Stock
Awards. The Board may issue shares of Company Stock to an Employee, Non-Employee Director or Key Advisor under a Stock
Award, upon such terms as the Board deems appropriate. The following provisions are applicable to Stock Awards:

 

(a)           General
Requirements. Shares of Company Stock issued or transferred pursuant to Stock Awards may be issued or transferred for cash
consideration or for no cash consideration, and subject to restrictions or no restrictions, as determined by the Board. The Board
may, but shall not be required to, establish conditions under which restrictions on Stock Awards shall lapse over a period of time
or according to such other criteria as the Board deems appropriate, including without limitation restrictions based on the achievement
of specific performance goals. The period of time during which the Stock Award will remain subject to restrictions will be designated
in the Grant Instrument as the “Restriction Period.”

 

(b)           Number
of Shares. The Board shall determine the number of shares of Company Stock to be issued or transferred pursuant to a Stock
Award and the restrictions applicable to such shares.

 

(c)           Requirement
of Employment or Service. Unless the Board determines otherwise, if the Grantee ceases to be employed by, or provide service
to, the Employer (as defined in Section 5(f)(v)(A)) during a period designated in the Grant Instrument as the Restriction
Period, or if other specified conditions are not met, the Stock Award shall terminate as to all shares covered by the Grant as
to which the restrictions have not lapsed, and those shares of Company Stock must be immediately returned to the Company. The Board
may, however, provide for complete or partial exceptions to this requirement as it deems appropriate.

 

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(d)           Restrictions
on Transfer and Legend on Stock Certificate. During the Restriction Period, a Grantee may not sell, assign, transfer, pledge
or otherwise dispose of the shares of the Stock Award except to a successor under Section 11(a). Each certificate representing
a Stock Award shall contain a legend giving appropriate notice of the restrictions in the Grant. The Grantee shall be entitled
to have the legend removed from the stock certificate covering the shares subject to restrictions when all restrictions on such
shares have lapsed. The Board may determine that the Company will not issue a certificate for a Stock Award until all restrictions
on such shares have lapsed, or that the Company will retain possession of certificates for Stock Awards until all restrictions
on such shares have lapsed.

 

(e)           Right
to Vote and to Receive Dividends. Unless the Board determines otherwise, during the Restriction Period, the Grantee shall
have the right to vote shares subject to Stock Awards and to receive any dividends or other distributions paid on such shares,
subject to any restrictions deemed appropriate by the Board, including without limitation the achievement of specific performance
goals.

 

(f)            Lapse
of Restrictions. All restrictions imposed on Stock Awards shall lapse upon the expiration of the applicable Restriction
Period and the satisfaction of all conditions imposed by the Board. The Board may determine, as to any or all Stock Awards, that
the restrictions shall lapse without regard to any Restriction Period.

 

7.            Stock
Units. The Board may grant Stock Units representing one or more shares of Company Stock to an Employee, Non-Employee Director
or Key Advisor, upon such terms and conditions as the Board deems appropriate, provided, however, that all such grants shall comply
with section 409A of the Code. The following provisions are applicable to Stock Units:

 

(a)           Crediting
of Units. Each Stock Unit shall represent the right of the Grantee to receive an amount based on the value of a share of
Company Stock, if specified conditions are met. All Stock Units shall be credited to bookkeeping accounts established on the Company’s
records for purposes of this Plan.

 

(b)           Terms
of Stock Units. The Board may grant Stock Units that are payable if specified performance goals or other conditions are
met, or under other circumstances. Stock Units may be paid at the end of a specified performance period or other period, or payment
may be deferred to a date authorized by the Board. The Board shall determine the number of Stock Units to be granted and the requirements
applicable to such Stock Units.

 

(c)           Requirement
of Employment or Service. Unless the Board determines otherwise, if the Grantee ceases to be employed by, or provide service
to, the Employer during a specified period, or if other conditions established by the Board are not met, the Grantee’s Stock
Units shall be forfeited. The Board may, however, provide for complete or partial exceptions to this requirement as it deems appropriate.

 

(d)           Payment
with Respect to Stock Units. Payments with respect to Stock Units may be made in cash, in Company Stock, or in a combination
of the two, as determined by the Board.

 

8.            Stock
Appreciation Rights. The Board may grant SARs to an Employee, Non-Employee Director or Key Advisor separately or in tandem
with any Option. The following provisions are applicable to SARs:

 

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(a)           Base
Amount. The Board shall establish the base amount of the SAR at the time the SAR is granted. The base amount of each SAR
shall not be less than the Fair Market Value of a share of Company Stock on the date of Grant of the SAR.

  

(b)           Tandem
SARs. In the case of tandem SARs, the number of SARs granted to a Grantee that shall be exercisable during a specified
period shall not exceed the number of shares of Company Stock that the Grantee may purchase upon the exercise of the related Option
during such period. Upon the exercise of an Option, the SARs relating to the Company Stock covered by such Option shall terminate.
Upon the exercise of SARs, the related Option shall terminate to the extent of an equal number of shares of Company Stock.

 

(c)           Exercisability.
An SAR shall be exercisable during the period specified by the Board in the Grant Instrument and shall be subject to such vesting
and other restrictions as may be specified in the Grant Instrument. The Board may accelerate the exercisability of any or all outstanding
SARs at any time for any reason. SARs may only be exercised while the Grantee is employed by, or providing service to, the Employer
or during the applicable period after termination of employment or service as described in Section 5(f) above. A tandem
SAR shall be exercisable only during the period when the Option to which it is related is also exercisable.

 

(d)           Grants
to Non-Exempt Employees. Notwithstanding the foregoing, SARs granted to persons who are non-exempt employees under the
FLSA may not be exercisable for at least six months after the date of grant (except that such SARs may become exercisable, as determined
by the Board, upon the Grantee’s death, Disability or retirement, or upon a Change of Control or other circumstances permitted
by applicable regulations).

 

(e)           Value
of SARs. When a Grantee exercises SARs, the Grantee shall receive in settlement of such SARs an amount equal to the value
of the stock appreciation for the number of SARs exercised. The stock appreciation for an SAR is the amount by which the Fair Market
Value of the underlying Company Stock on the date of exercise of the SAR exceeds the base amount of the SAR as described in Section 8(a).

 

(f)            Form of
Payment. The appreciation in an SAR shall be paid in shares of Company Stock, cash or any combination of the foregoing,
as the Board shall determine. For purposes of calculating the number of shares of Company Stock to be received, shares of Company
Stock shall be valued at their Fair Market Value on the date of exercise of the SAR.

 

9.            Other
Equity Awards. The Board may grant Other Equity Awards, which are awards (other than those described in Sections 5, 6,
7 and 8 of this Plan) that are based on, measured by or payable in Company Stock, including, without limitation, stock appreciation
rights, to any Employee, Non-Employee Director or Key Advisor, on such terms and conditions as the Board shall determine. Other
Equity Awards may be awarded subject to the achievement of performance goals or other conditions and may be payable in cash, Company
Stock or any combination of the foregoing, as the Board shall determine.

 

10.          Withholding
of Taxes.

 

(a)           Required
Withholding. All Grants under this Plan shall be subject to applicable federal (including FICA), state and local tax withholding
requirements. The Employer may require that the Grantee or other person receiving or exercising Grants pay to the Employer the
amount of any federal, state or local taxes that the Employer is required to withhold with respect to such Grants, or the Employer
may deduct from other wages paid by the Employer the amount of any withholding taxes due with respect to such Grants.

 

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(b)           Election
to Withhold Shares. If the Board so permits, a Grantee may elect to satisfy the Employer’s tax withholding obligation
with respect to Grants paid in Company Stock by having shares withheld up to an amount that does not exceed the Grantee’s
minimum applicable withholding tax rate for federal (including FICA), state and local tax liabilities. The election must be in
a form and manner prescribed by the Board and may be subject to the prior approval of the Board.

 

11.          Transferability
of Grants.

 

(a)           Nontransferability
of Grants. Except as provided below, only the Grantee may exercise rights under a Grant during the Grantee’s lifetime.
A Grantee may not transfer those rights except (i) by will or by the laws of descent and distribution or (ii) with respect
to Grants other than Incentive Stock Options, if permitted in any specific case by the Board, pursuant to a domestic relations
order or otherwise as permitted by the Board. When a Grantee dies, the personal representative or other person entitled to succeed
to the rights of the Grantee may exercise such rights. Any such successor must furnish proof satisfactory to the Company of his
or her right to receive the Grant under the Grantee’s will or under the applicable laws of descent and distribution.

 

(b)           Transfer
of Nonqualified Stock Options. Notwithstanding the foregoing, the Board may provide, in a Grant Instrument, that a Grantee
may transfer Nonqualified Stock Options to family members, or one or more trusts or other entities for the benefit of or owned
by family members, consistent with applicable securities laws, according to such terms as the Board may determine; provided that
the Grantee receives no consideration for the transfer of an Option and the transferred Option shall continue to be subject to
the same terms and conditions as were applicable to the Option immediately before the transfer.

 

12.          Change
of Control of the Company.

 

(a)           Change
of Control. As used herein, a “Change of Control” shall be deemed to have occurred if:

 

(i)            Any
“person,” as such term is used in sections 13(d) and 14(d) of the Exchange Act becomes a “beneficial
owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing
more than 50% of the voting power of the then outstanding securities of the Company; provided that a Change of Control shall not
be deemed to occur as a result of (A) a transaction in which the Company becomes a subsidiary of another corporation and in
which the stockholders of the Company, immediately prior to the transaction, will beneficially own, immediately after the transaction,
shares entitling such stockholders to more than 50% of all votes to which all stockholders of the parent corporation would be entitled
in the election of directors, or (B) the acquisition of securities of the Company by an investor of the Company in a capital-raising
transaction; or

 

(ii)           The
consummation of (A) a merger or consolidation of the Company with another corporation where the stockholders of the Company,
immediately prior to the merger or consolidation, will not beneficially own, immediately after the merger or consolidation, shares
entitling such stockholders to more than 50% of all votes to which all stockholders of the surviving corporation would be entitled
in the election of directors, (B) a sale or other disposition of all or substantially all of the assets of the Company, or
(C) a liquidation or dissolution of the Company.

 

(b)           Other
Definition. The Board may modify the definition of Change of Control for a particular Grant as the Board deems appropriate
to comply with section 409A of the Code or otherwise.

 

    9

     

    

 

13.          Consequences
of a Change of Control.

 

(a)           Acceleration.
In the event of a Change of Control, the Board may determine whether and to what extent (i) outstanding Options and SARs shall
accelerate and become exercisable, and (ii) outstanding Stock Awards, Stock Units and Other Equity Awards shall vest and shall
be payable. The Board may condition any such acceleration on such terms as the Board determines.

 

(b)           Other
Alternatives. In the event of a Change of Control, the Board may take any of the following actions with respect to any
or all outstanding Grants: the Board may (i) determine that all outstanding Options and SARs that are not exercised shall
be assumed by, or replaced with comparable options by the surviving corporation (or a parent or subsidiary of the surviving corporation),
and other outstanding Grants that remain in effect after the Change of Control shall be converted to similar grants of the surviving
corporation (or a parent or subsidiary of the surviving corporation), (ii) require that Grantees surrender their outstanding
Options and SARs in exchange for one or more payments, in cash or Company Stock as determined by the Board, in an amount, if any,
equal to the amount by which the then Fair Market Value of the shares of Company Stock subject to the Grantee’s unexercised
Options and SARs exceeds the Exercise Price or base amount of the Options and SARs, on such terms as the Board determines, or (iii) after
giving Grantees an opportunity to exercise their outstanding Options and SARs, terminate any or all unexercised Options and SARs
at such time as the Board deems appropriate. Such assumption, surrender or termination shall take place as of the date of the Change
of Control or such other date as the Board may specify.

 

14.          Limitations
on Issuance or Transfer of Shares.

 

(a)           Stockholders
Agreement/Voting Agreement. The Board may require that a Grantee execute a stockholders agreement and/or a voting agreement,
in each case, with such terms as the Board deems appropriate, with respect to any Company Stock issued or transferred pursuant
to this Plan. If such stockholders agreement or voting agreement contains any lock-up or market standoff provisions that differ
from the provisions of Section 14(c) of this Plan, for as long as the provisions of such agreement are in effect, the
provisions of Section 14(c) shall not apply to such Company Stock, unless the Board determines otherwise.

 

(b)           Limitations
on Issuance or Transfer of Shares. No Company Stock shall be issued or transferred in connection with any Grant hereunder
unless and until all legal requirements applicable to the issuance or transfer of such Company Stock have been complied with to
the satisfaction of the Board. The Board shall have the right to condition any Grant made to any Grantee hereunder on such Grantee’s
undertaking in writing to comply with such restrictions on his or her subsequent disposition of such shares of Company Stock as
the Board shall deem necessary or advisable, and certificates representing such shares may be legended to reflect any such restrictions.
Certificates representing shares of Company Stock issued or transferred under this Plan will be subject to such stop-transfer orders
and other restrictions as may be required by applicable laws, regulations and interpretations, including any requirement that a
legend be placed thereon.

 

(c)           Lock-Up
Period. If so requested by the Company or any representative of the underwriters (the “Managing Underwriter”)
in connection with any underwritten offering of securities of the Company under the Securities Act, and subject to Section 14(a) of
this Plan, a Grantee (including any successor or assigns) shall not sell or otherwise transfer any shares or other securities of
the Company during the 30-day period preceding and the 180-day period following the effective date of a registration statement
of the Company filed under the Securities Act for such underwriting (or such shorter period as may be requested by the Managing
Underwriter and agreed to by the Company) (the “Market Standoff Period”). If so requested by the Company or the Managing
Underwriter, the Grantee shall enter into a separate written agreement to such effect in form and substance requested by the Company
or the Managing Underwriter. The Company may impose stop-transfer instructions with respect to securities subject to the foregoing
restrictions until the end of such Market Standoff Period.

 

    10

     

    

 

15.          Amendment
and Termination.

 

(a)           Amendment
of This Plan. The Board may amend, suspend or terminate this Plan or any portion thereof at any time provided that (i) to
the extent required by section 162(m) of the Code, no Grant that is intended to comply with section 162(m) after the
date of such amendment shall become exercisable, realizable or vested, as applicable to such Grant, unless and until the Company’s
stockholders approve such amendment in the manner required by section 162(m); and (ii) if shares of the Company’s capital
stock are listed on the Exchange, no amendment that would require stockholder approval under the rules of the Exchange may
be made effective unless and until the Company’s stockholders approve such amendment. In addition, if at any time the approval
of the Company’s stockholders is required as to any other modification or amendment under section 422 of the Code or any
successor provision with respect to Incentive Stock Options, the Board may not effect such modification or amendment without such
approval. Unless otherwise specified in the amendment, any amendment to this Plan adopted in accordance with this Section 15(a) shall
apply to, and be binding on the holders of, all Grants outstanding under this Plan at the time the amendment is adopted, provided
the Board determines that such amendment, taking into account any related action, does not materially and adversely affect the
rights of Grantees under this Plan. No Grant shall be made that is conditioned upon stockholder approval of any amendment to this
Plan unless the Grant provides that (i) it will terminate or be forfeited if stockholder approval of such amendment is not
obtained within no more than 12 months from the date of grant and (ii) it may not be exercised or settled (or otherwise result
in the issuance of Company Stock) prior to such stockholder approval.

 

(b)           Termination
of This Plan. This Plan shall terminate on the day immediately preceding the tenth anniversary of its effective date, unless
this Plan is terminated earlier by the Board or is extended by the Board with the approval of the stockholders.

 

(c)           Termination
and Amendment of Outstanding Grants. The Board may amend, modify or terminate any outstanding Grant, including but not
limited to substituting therefor another Grant of the same or a different type, changing the date of exercise or realization, and/or
converting an Incentive Stock Option into a Nonqualified Stock Option. A termination or amendment of this Plan that occurs after
a Grant is made shall not materially impair the rights of a Grantee unless the Grantee consents or unless the Board acts under
Section 21(b). The termination of this Plan shall not impair the power and authority of the Board with respect to an outstanding
Grant. The Board may at any time provide that any Grant shall become immediately exercisable in whole or in part, free of some
or all restrictions or conditions, or otherwise realizable in whole or in part, as the case may be.

 

(d)           Governing
Document. This Plan shall be the controlling document. No other statements, representations, explanatory materials or examples,
oral or written, may amend this Plan in any manner. This Plan shall be binding upon and enforceable against the Company and its
successors and assigns.

 

16.          Funding
of This Plan. This Plan shall be unfunded. The Company shall not be required to establish any special or separate fund
or to make any other segregation of assets to assure the payment of any Grants under this Plan.

 

17.          Rights
of Participants. Nothing in this Plan shall entitle any Employee, Key Advisor, Non-Employee Director or other person to
any claim or right to be granted a Grant under this Plan. Neither this Plan nor any action taken hereunder shall be construed as
giving any individual any rights to be retained by or in the employ of the Employer or any other employment rights.

 

    11

     

    

 

18.          No
Fractional Shares. No fractional shares of Company Stock shall be issued or delivered pursuant to this Plan or any Grant.
The Board shall determine whether cash, other awards or other property shall be issued or paid in lieu of such fractional shares
or whether such fractional shares or any rights thereto shall be forfeited or otherwise eliminated.

 

19.          Headings.
Section headings are for reference only. In the event of a conflict between a title and the content of a Section, the content
of the Section shall control.

 

20.          Effective
Date of This Plan. This Plan shall be effective on the date on which this Plan is approved by the Company’s stockholders.

 

21.          Miscellaneous.

 

(a)           Grants
in Connection with Corporate Transactions and Otherwise. Nothing contained in this Plan shall be construed to (i) limit
the right of the Board to make Grants under this Plan in connection with the acquisition, by purchase, lease, merger, consolidation
or otherwise, of the business or assets of any corporation, firm or association, including Grants to employees thereof who become
Employees, or for other proper corporate purposes, or (ii) limit the right of the Company to grant stock options or make other
awards outside of this Plan. Without limiting the foregoing, the Board may make a Grant to an employee, director or advisor of
another corporation who becomes an Employee, Non-Employee Director or Key Advisor by reason of a corporate merger, consolidation,
acquisition of stock or property, reorganization or liquidation involving the Company, the Parent or any of their subsidiaries
in substitution for a stock option or stock award grant made by such corporation. The terms and conditions of the substitute grants
may vary from the terms and conditions required by this Plan and from those of the substituted stock incentives. The Board shall
prescribe the provisions of the substitute grants.

 

(b)           Compliance
with Law. This Plan, the exercise of Options and the obligations of the Company to issue shares of Company Stock under
Grants shall be subject to all applicable laws and to approvals by any governmental or regulatory agency as may be required. With
respect to persons subject to section 16 of the Exchange Act, it is the intent of the Company that this Plan and all transactions
under this Plan comply with all applicable provisions of Rule 16b-3 or its successors under the Exchange Act and section 162(m) of
the Code. It is the intent of the Company that this Plan and applicable Grants under this Plan comply with the applicable provisions
of section 422 of the Code and that, to the extent applicable, Grants made under this Plan comply with the requirements of section
409A of the Code and the regulations thereunder. To the extent that any legal requirement set forth in this Plan ceases to be required
under applicable law, the Board may determine that such Plan provision shall cease to apply. The Board may revoke any Grant if
it is contrary to law or modify a Grant or this Plan to bring the Grant or this Plan into compliance with any applicable law or
regulation.

 

(c)           Employees
Subject to Taxation Outside the United States. With respect to Grantees who are subject to taxation in countries other
than the United States, the Board may make Grants on such terms and conditions as the Board deems appropriate to comply with the
laws of the applicable countries, and the Board may create such procedures, addenda and subplans and make such modifications as
may be necessary or advisable to comply with such laws.

 

(d)           Governing
Law. The validity, construction, interpretation and effect of this Plan and Grant Instruments issued under this Plan shall
be governed and construed by and determined in accordance with the laws of the State of Delaware, without giving effect to the
conflict of laws provisions thereof.

 

    12Exhibit 10.7

 

UNIVERSITY OF ALABAMA KNOW-HOW LICENSE AGREEMENT

 

This Agreement
dated June 1, 2012 ("Effective Date") is made by and between The Board of Trustees of The University of Alabama
for and on behalf of its component institution The University of Alabama ("UA") and Innovative Med Concepts, LLC ("Company").

 

		1	- DEFINITIONS

 

		1.1	"Affiliate" means any business, corporation, or other legal entity organized in any country that controls, is controlled
by, or is under common control with Company. Control means the direct or indirect ownership of at least 50% of the voting securities
having the right to elect directors.

 

		1.2	"Company's Inventions" means all inventions covered by provisional and final patents owned by the Company, including
without limitation all inventions covered by the Company's provisional patent filing no. 16210- 000004/US/PS1 relating to pharmaceutical
compositions useful for treating chronic pain, fibromyalgia, and other functional somatic syndromes in a subject, together with
all supplemental, final, and amended patents covered by such provisional patent filing.

 

		1.3	"Company Products" means products made, used, or sold by Company that incorporate or make use of the Technical Information.

 

		1.4	"Confidential Information" means -

 

		a.	the Technical Information to the extent required to be kept confidential by this Agreement; and

 

		b.	the terms of this Agreement.

 

		1.5	"Field" means knowledge pertaining to herpesvirus biology including herpesvirus replication mechanisms, modes of
action of anti-herpesvirus medications, sensitivity and accuracy of herpesvirus diagnostic tests.

 

		1.6	"Improvements" means any and all inventions and/or discoveries, whether patentable or not, that are necessary to
allow the Company to make, have made, use, sell, have sold, and import a Licensed Invention or that constitute enhancements, improvements,
or modifications of a Licensed Invention and any other inventions, whether patentable or not, invented by or on behalf of UA relating
to any Licensed Invention or a Company's Invention.

 

		1.7	"License" means the licenses with respect to the Technical Information granted Company by this Agreement.

 

		1.8	"License Rights" means Company's rights or interest under the License.

 

     

     

    

 

		1.9	"Research" means identification and quantification of herpesviruses present in diseased GI tissue biopsies from patients
with fibromyalgia and chronic GI disorders, as further described in Appendix A, "Statement of Research."

 

		1.10	"SRA" means that certain Sponsored Research
Agreement between UA and Company related to the Research.

 

		1.11	"Technical Information" means the know-how, technical information, and data related to the Field developed by UA
under the direction of Dr. Carol Duffy before the Effective Date of this Agreement and does not include the Company's Inventions.

 

		1.12	"Territory" means worldwide.

 

		2	- NON-EXCLUSIVE LICENSE GRANT

 

		2.1	Except as provided by Section 4 and subject to the terms and conditions of this Agreement, UA hereby grants to Company
and its Affiliates, and Company and its Affiliates hereby accept from UA, the non-exclusive, worldwide, royalty-free right and
license to copy, present, display, translate, use, and otherwise commercially exploit the Technical Information and to make derivative
works thereof, including, but not limited to, the right and license to make, have made, use, and sell Company Products and to sublicense
any and all such rights as further discussed below.

 

		2.2	This License is expressly made subject to UA's reservation, on behalf of itself and all other non-profit academic and research
institutions, of the right to use the Technical Information solely for educational, research, clinical, or other non-commercial
purposes, provided all UA's confidentiality obligations under this Agreement and the SRA are complied with.

 

		2.3	Company is solely responsible for the payment and discharge of any taxes, duties, or other fees relating to any transaction
of Company, its employees, contractors, agents, in connection with the manufacture, use, or sale in any country of Company's Products.

 

		2.4	All rights not specifically granted herein are reserved to UA.

 

		3	- SUBLICENSES

 

		3.1	The License granted above includes the right to grant sublicenses, which may be further sublicensed as part of research, development,
or commercialization arrangements with or on behalf of the Company, its Affiliates, or sublicensees in furtherance of this Agreement.

 

    	 	 	2

     

    

 

		3.2	Any sublicense granted by the Company shall include terms that are no less favorable to UA than this Agreement and shall not
conflict with this Agreement.

 

		3.3	The Company will remain responsible for the performance of all sublicensees under any such sublicense as if such performance
were carried out by the Company itself.

 

		3.4	Any sublicense may provide that any sublicensee may further sublicense the License consistent with the terms of this Agreement;

 

		3.5	The Company and sublicensees shall not pay any royalties or other financial consideration to UA on License or sublicense income
except as provided in Section 4 -.

 

		4	- FINANCIAL CONSIDERATION

 

	 	 	In consideration
for the license granted in this Agreement, Company will issue a nonvoting membership interest in Company to UA equal to 10% of
all outstanding units of Company, after issuance of UA units, as of the Effective Date of this Agreement. As a condition to the
Company's issuance of a non-voting membership interest to UA, UA must execute the Company's Operating Agreement and Subscription
Agreement. The transfer of the membership interest in the Company to UA shall be completed within 45 days.

 

		5	- CONFIDENTIAL INFORMATION

 

		5.1	UA and Company shall -

 

		a.	protect any and all Confidential Information of the other party from disclosure to third parties and

 

		b.	use Confidential Information of the other party solely for the purpose of performing under this Agreement and the SRA.

 

No such disclosure shall be made
by a party without the written permission of the other party; provided, however, that Company may disclose this Agreement and its
terms (including providing a copy hereof, redacted as appropriate) in its financing documents, to its investors and potential investors,
to lenders and potential lenders, to any bona fide potential sublicensee, to any successor or potential successor to Company's
interest under this Agreement, to its consultants, counsel, and accountants, to bona fide potential collaborators in connection
with development or commercialization of the License, or to any legal, governmental, or regulatory authority for the purposes of
developing and/or commercializing the License. In all such cases, Company shall take commercially reasonable steps to protect Confidential
Information of the UA consistent with steps Company
takes to protect its own confidential information, including commercially reasonable safeguards to protect against loss of patent
rights for UA inventions disclosed to Company.

 

    	 	 	3

     

    

 

		5.2	All written documents containing Confidential Information under this Agreement shall remain the property of the disclosing
party. Upon request of the disclosing party, the other party shall return such documents to the disclosing party without retaining
a copy of any kind or else provide evidence of their destruction.

 

		5.3	Confidential Information shall not include -

 

		a.	information which at the time of disclosure had been previously published or was otherwise in the public domain through no
fault of recipient;

 

		b.	information which becomes public knowledge after disclosure unless such knowledge results from a breach of this Agreement;

 

		c.	information which was already in recipient's possession prior to the time of disclosure as evidenced by written records kept
in the ordinary course of business or by proof of actual use thereof;

 

		d.	information that is independently developed without use of the Confidential Information; and

 

		e.	information which is required to be disclosed by law, court order, or government regulation.

 

		5.4	In the event that information
is required to be disclosed pursuant to subsection 5.03e, the party required to make disclosure shall promptly notify the other
in writing to allow that party to assert whatever exclusions or exemptions may be available to it under such law or regulation.

 

		6	- TERMINATION

 

		6.1	This Agreement becomes effective upon the Effective Date and, unless sooner terminated in accordance with any of the provisions
herein, remains in full force and effect for a period of 25 years.

 

		6.2	Company may at any time terminate this Agreement by giving UA written notice at least 90 days before such termination, and
thereupon terminate the manufacture, use, or sale of Company's Products insofar as they use the Technical Information in any manner.
Any termination of the Agreement shall not affect UA's membership interest in Company.

 

		6.3	If Company fails to fulfill any of its obligations under this Agreement, UA may terminate this Agreement by providing written
notice to Company, as provided below. Such notice shall
contain a description of the grounds constituting a breach of the Agreement. Company will have the opportunity to cure that breach
within 120 days of receipt of notice. If the breach is not cured within that time, the termination will be effective as of the
120th day after receipt of notice.

 

    	 	 	4

     

    

 

		7	- INDEMNITY, INSURANCE, NO REPRESENTATIONS, LIMITATION OF LIABILITY

 

		7.1	Company shall indemnify, defend, and hold UA, its trustees, officers, employees, and affiliates harmless against all claims,
liabilities, and expenses, including legal expenses and reasonable attorneys' fees, arising from Company's utilization of the License
Rights in the production, manufacture, sale, use, lease, consumption, or advertisement of the Company's Products, including without
limitation the death of or injury to any person or persons or any damage to property.

 

		7.2	UA MAKES NO REPRESENTATIONS AND EXTENDS NO WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED
TO, WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. FURTHER, UA MAKES NO REPRESENTATIONS AND EXTENDS NO WARRANTIES
OF ANY KIND, EITHER EXPRESS OR IMPLIED, THAT THE USE OF ANY RIGHTS GRANTED HEREUNDER WILL NOT INFRINGE ANY PATENT OR OTHER PROPRIETARY
RIGHT OF A THIRD PARTY.

 

		7.3	In no event shall UA, or its trustees, officers, faculty members, students, employees, and agents have any liability to Company
or any third party arising out of the use, operation, or application of the Technical Information, Company Products, or anything
discovered, developed, manufactured, used, sold, offered for sale, imported, exported, distributed, rented, leased or otherwise
disposed of under any License Rights by Company or any third party for any reason, including, but not limited to, the unmerchantability,
inadequacy, or unsuitability of the License Rights, including fitness for any particular purpose or to produce any particular result,
or for any patent or latent defects therein.

 

		7.4	In no event will UA, or its trustees, officers, faculty members, students, employees and agents be liable to Company or any
third party for any consequential, incidental, special, or indirect damages (including, but not limited to, from any destruction
to property or from any loss of use, revenue, profit, time, or good will) based on activity arising out of or related to this Agreement,
whether pursuant to a claim of breach of contract or any other claim of any type.

 

    	 	 	5

     

    

 

		7.5	The parties hereto acknowledge that the limitations and exclusions of liability and disclaimers of warranty set forth in this
Agreement form an essential basis of the bargain between the parties.

 

		8	- PUBLICITY

 

	 	 	Either party may reference the
other in a press release or any other oral or written statement in connection with the Agreement or its results intended for use
in the public media, as mutually agreed to by the parties. University, however, may acknowledge Sponsor's support of the Research
in internal reports to University officials, and in scientific or academic publications or communications without Sponsor's prior
approval. In any permitted statements, the parties shall describe the scope and nature of their participation accurately and appropriately.

 

		9	- NON-ASSIGNABILITY

 

	 	 	This Agreement
may not be assigned by either party without the prior written consent of the other party; provided, however, that Company may assign
this Agreement to any purchaser or transferee of all or substantially all of the Company's assets of the line of business to which
this Agreement relates upon prior written notice to University.

 

		10	- NOTICES

 

	 	 	Any notice
required or permitted to be given under this Agreement shall be sufficient if in writing and shall be considered given (i) when
mailed by certified mail (return receipt requested), postage prepaid, or (ii)  on the date of actual delivery by hand or overnight
delivery, with receipt acknowledged,

 

	 	if to UA, to:	Office for Technology Transfer 

The University of Alabama 201

 AIME Building

  Box 870207

  Tuscaloosa, Alabama 35487-0207
	 	 	 
	 	if to Company, to:	William L. Pridgen, M.D. Innovative

 Med Concepts, LLC 1837

 Commons North Drive Tuscaloosa, 

AL 35406
	 	 	 
	 	copy (which shall not constitute notice) to:
	 	 	Jay F. Guin

  Tanner & Guin, LLC

 Counselors at Law Capitol

 Park Center

 

    	 	 	6

     

    

 

2711 University Blvd.

Tuscaloosa, AL 35401

 

or to such other address as a party may specify by
notice hereunder.

 

		11	- MISCELLANEOUS

 

		11.1	Waiver and Election of Remedies. The failure of any party to insist upon strict adherence to any term of this Agreement
on any occasion shall not be considered a waiver or deprive that party thereafter of the right to insist upon strict adherence
to that term or any other term of this Agreement. All waivers must be in writing and signed by an authorized representative of
the party against which such waiver is being sought. The pursuit by either party of any remedy to which it is entitled at any time
or continuation of the Agreement despite a breach by the other shall not be deemed an election of remedies or waiver of the right
to pursue any other remedies to which it may be entitled.

 

		11.2	Binding on Successors. This Agreement shall be binding upon and inure to the benefit of the parties and their respective
successors and assigns to the extent assignment is permitted under this Agreement.

 

		11.3	Relationship. It is the express intention of the parties that they shall not be agents, partners, or joint venturers.
Nothing in this Agreement is intended or shall be construed to permit or authorize either party to incur, or represent that it
has the power to incur, any obligation or liability on behalf of the other party.

 

		11.4	Entire Agreement; Amendment. This Agreement, together with the Appendices, sets forth the entire agreement between the
parties concerning the subject matter hereof and supersedes all previous agreements, written or oral, concerning such subject matter.
This Agreement may be amended only by written agreement duly executed by the parties.

 

		11.5	Severability:. In the event that any provision of this Agreement is held by a court of competent jurisdiction to be
unenforceable because it is invalid, illegal or unenforceable, the validity of the remaining provisions shall not be affected,
and the rights and obligations of the parties shall be construed and enforced as if the Agreement did not contain the particular
provisions held to be unenforceable, unless such construction would materially alter the meaning of this Agreement.

 

		11.6	No Third-Party Beneficiaries. Except as expressly set forth herein, the parties hereto agree that there are no third-party
beneficiaries of any kind to this Agreement.

 

    	 	 	7

     

    

 

		11.7	Governing Law. The validity and interpretation of this Agreement, and legal relations of the parties to it, shall be
governed by the laws of the State of Alabama.

 

		11.8	Execution in Counterparts; Facsimile or Electronic Transmission. This Agreement may be executed in counterparts, and
by facsimile or electronic transmission.

 

    	 	 	8

     

    

 

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

 

THE
BOARD OF TRUSTEES
OF THE UNIVERSITY OF
ALABAMA FOR

 AND
ON BEHALF OF THE UNIVERSITY OF ALABAMA

 

Authorized
Signature

 

	By: 	  /s/ Donald J. Benson	 
	 	Donald J. Benson, Ph.D.	 
	 	Vice President for Research	 

 

Date: 12/5/12

 

Reviewed and Approved as to Form

 

	By:	   /s/ Michael I. Spearing	 
	 	Michael I. Spearing, UA Office of Counsel	 

 

Date: 12/5/12

 

INNOVATIVE MED CONCEPTS, LLC

 

Authorized Signature

 

	By:	   /s/ William Pridgen	 
	 	William Pridgen, MD, Its Manager	 

 

Date: 12/5/12

 

    	 	 	9

     

    

 

APPENDIX A 

STATEMENT OF RESEARCH

 

Identification and quantification of
herpesviruses present in diseased GI tissue biopsies from patients with fibromyalgia and chronic GI disorders

 

The overall goal of the research proposed
herein is to identify the herpesvirus associated with chronic GI disorders co-morbid with fibromyalgia as a means to provide objective
and quantitative data regarding the role of herpesviruses in fibromyalgia and its associated GI disorders.

 

Study Purpose, Rationale, and Approach

 

Purpose:
Identify and quantify the herpesvirus present in diseased GI tissue from patients presenting with fibromyalgia.

 

Rationale: Fibromyalgia is often
co-morbid with chronic gastrointestinal disorders. We hypothesize from Dr. Pridgen's success treating this patient population
using anti-herpesviral medications that a herpesvirus may be involved in the development and/or progression of these diseases.
Definitively identifying the herpesvirus will provide evidence that a herpesvirus is present and may be a causative agent of fibromyalgia
and associated GI disorders.

 

Approach: In collaboration with
Dr. Pridgen, tissue samples will be obtained from 30 patients presenting with fibromyalgia and 15 control patients during
routine endoscopic workup for GI disorders. These samples will be studied in 2-3 ways. First, using universal herpesvirus
primers, herpesvirus DNA will be amplified from these tissue samples. Amplified DNA will be sequenced to determine which herpesvirus(es)
are associated with diseased GI tissue in fibromyalgia patients. Second, once the specific herpesvirus(es) involved are
determined, primers can be designed for quantitative polymerase chain reaction (qPCR). By quantifying relative levels of herpesvirus
DNA in the tissue samples from test vs. control subjects, we will show that the virus is present in fibromyalgia patients at levels
well above those in a normal population. Third, if tissue sample size permits, electron microscopy (EM) will be performed
to look for the presence of herpes virus particles. This technique will not tell us which herpesvirus is present in the tissue
sample as all herpesviruses look similar by EM, but will confirm the presence of virus particles in the samples.

 

Budget

 

Direct costs $89,926.00 Indirect costs $35,386.00

 

Total        $125,312.00

 

Study period is one year.

 

    	 	 	10

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