Document:

Exhibit 10.4

 

EXCLUSIVE LICENSE AGREEMENT WITH EQUITY

 

This Agreement between THE BOARD OF TRUSTEES OF THE LELAND STANFORD
JUNIOR UNIVERSITY (“Stanford”), an institution of higher education having powers under the laws of the State of California,
and Aditx Therapeutics, Inc. (“Aditxt”), a corporation having a principal place of business at 11161 Anderson St.,
Suite 105-10014, Loma Linda, CA 92354, is effective on the 3rd day of February, 2020 (“Effective Date”).

 

		1.	BACKGROUND

 

Stanford has an assignment of an invention (insert marketing
description here). It is entitled “Flowspot: a Method for Detection and Measurement of Specific Cellular Responses,”
was invented in the laboratory of Drs. Dolly Tyan and Ge Chen and is described in Stanford Docket S13-350. Stanford wants to have
the invention perfected and marketed as soon as possible so that resulting products may be available for public use and benefit.

 

Stanford currently has a single non-exclusive license in effect
under the Licensed Patents. As of the Effective Date, Stanford OTL represents that to the knowledge of Stanford’s Office
of Technology Licensing representative and without conducting any further investigation, there are no other licensees.

 

		2.	DEFINITIONS

 

Whenever used in this Agreement
with an initial capital letter, the following terms, whether used in the singular or the plural, shall have the meanings specified
below.

 

		2.1	“Change of Control”
means the following, as applied only to the entirety of that part of Aditxt’s business that exercises all of
the rights granted under this Agreement:

 

		(A)	acquisition of ownership—directly or indirectly,
beneficially or of record—by any person or group (within the meaning of the Exchange Act and the rules of the SEC or equivalent
body under a different jurisdiction) of the capital stock of Aditxt representing more than 35% of either the aggregate ordinary
voting power or the aggregate equity value represented by the issued and outstanding capital stock of Aditxt; and/or

 

		(B)	the sale of all or substantially all Aditxt’s assets and/or business in one transaction or in a series of related transactions.

 

Notwithstanding the foregoing, a “Change of Control”
will not include an initial public offering or secondary public offering of Aditxt’s equity securities and/or a bona fide
equity financing with venture capital or private equity investors.

 

		2.2	“Exclusive”
means that, subject to Sections 3 and 5, Stanford will not grant further licenses under the Licensed Patents in the Licensed
Field of Use in the Licensed Territory.

  

Aditxt acknowledges that Stanford has already granted
a non-exclusive license in the Nonexclusive Field of Use, under the Licensed Patents in the Licensed Field of Use in the Licensed
Territory.

 

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		2.3	“Licensed Field
of Use” means:

 

		(A)	Exclusive Field of Use: All fields of use except for the Nonexclusive Field of Use;

 

		(B)	Nonexclusive Field of Use: In vitro medical diagnostics (outside of human transplantation) for diseases including cancer,
immunology, hematology, gene therapy and cell therapy (including CAR-T cell therapy, NK cell therapy, checkpoint inhibitor therapy,
antigen specific T cell therapy), and vaccine evaluation.

 

		2.4	“Licensed Patent”
means Stanford’s rights in U.S. Patent Application, Serial Number15/336,439, filed on October 27, 2016, and any divisional,
continuation, or reexamination application, extension, and each patent that issues or reissues from any of these patent applications.
Any claim of an unexpired Licensed Patent is presumed to be valid unless it has been held to be invalid by a final judgment of
a court of competent jurisdiction from which no appeal can be or is taken. “Licensed Patent” excludes any continuation-in-part
(CIP) patent application or patent. Neither party will file a CIP patent application without the other party’s prior written
consent.

 

		2.5	“Licensed Product”
means a product, method or service in the Licensed Field of Use, the making, having made, using, importing or selling of which,
absent this license, infringes, induces infringement, or contributes to infringement of a Licensed Patent.

 

		2.6	“Licensed Territory”
means anywhere worldwide where there is an enforceable Licensed Patent.

 

		2.7	“Net Sales”
means all gross revenue derived by Aditxt or sublicensees, their distributors or designees, from the sale, transfer or other
disposition of Licensed Product to an end user. Net Sales excludes the following items (but only as they pertain to the making,
using, importing or selling of Licensed Products, are included in gross revenue, and are separately billed):

 

		(A)	import, export, excise and sales taxes, and custom duties,
but only to the extent that these are not subsequently reimbursed;

 

		(B)	costs of insurance, packing, and transportation from the place of manufacture to the customer’s premises or point of installation;

 

		(C)	costs of installation at the place of use; and

 

		(D)	credit for returns, allowances, or trades.

 

For purposes of calculating Net Sales, transfers to
a sublicensee of Licensed Product under this Agreement for (i) end use (but not resale) by the sublicensee shall be treated as
sales by Aditxt at list price of Aditxt, or (ii) resale by a sublicensee shall be treated as sales at the list price of the sublicensee
upon sale or lease by such sublicensee.

 

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		2.8	“Nonroyalty Sublicensing
Consideration” means any consideration received by Aditxt from a sublicensee hereunder but excluding any consideration
for:

 

		(A)	royalties on products sales (royalties on product sales by sublicensees will be treated as if Aditxt made the sale of such
product);

 

		(B)	investments in Aditxt stock, but only if the investments are at market value;

 

		(C)	research and development expenses calculated on a fully burdened basis, incurred for development of the Licensed Product after
the effective date of the Sublicense; and

 

		(D)	debt

 

		2.9	“Stanford Indemnitees”
means Stanford, Stanford Health Care and Lucile Packard Children’s Hospital at Stanford and their respective trustees,
officers, employees, students, agents, faculty, representatives, and volunteers.

 

		2.10	“Sublicense” means any agreement between Aditxt and a third party that contains
a grant to Stanford’s Licensed Patents regardless of the name given to the agreement by the parties; however, an agreement
to make, have made, use or sell Licensed Products on behalf of Aditxt is not considered a Sublicense.

 

		3.	GRANT

 

Grant. Subject to the terms and conditions of
this Agreement, Stanford grants Aditxt a license to Stanford’s rights in the Licensed Patent in the Licensed Field of Use
to make, have made, use, import, offer to sell and sell Licensed Product in the Licensed Territory.

 

		3.1	Exclusivity. The license to the Licensed Patents is Exclusive, including the right to
sublicense under Section 4, in the Licensed Field of Use beginning on the Effective Date and ending when the last Licensed Patent
expires.

 

		3.2	Retained Rights. Stanford retains the right, on behalf of itself, Stanford Health Care,
Lucile Packard Children’s Hospital at Stanford and all other non-profit research institutions, to practice the Licensed Patent
for any non-profit purpose, including sponsored research and collaborations. Aditxt agrees that, notwithstanding any other provision
of this Agreement, it has no right to enforce the Licensed Patent against any such institution. Stanford and any such other institution
have the right to publish any information included in a Licensed Patent.

 

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		3.3	Specific Exclusion.
Stanford does not:

  

		(A)	grant to Aditxt any other licenses, implied or otherwise,
to any patents or other rights of Stanford other than those rights granted under Licensed Patent, regardless of whether the patents
or other rights are dominant or subordinate to any Licensed Patent, or are required to exploit any Licensed Patent;

 

		(B)	commit to Aditxt to bring suit against third parties for infringement, except as described in Section 14; and

 

		(C)	agree to furnish to Aditxt any technology or technological information or to provide Aditxt with any assistance.

 

		4.	SUBLICENSING

 

		4.1	Permitted Sublicensing. Aditxt may grant Sublicenses in the Licensed Field of Use and
Licensed Territory only during the Exclusive term and only if Aditxt is developing or selling Licensed Products. Sublicenses with
any exclusivity must include diligence requirements commensurate with the diligence requirements of Appendix A. Stanford agrees
that Aditxt may, by mutual agreement, apportion without discrimination between Aditxt patents and Stanford patents a commercially
reasonable percentage of sublicensing payments made to Stanford pursuant to Section 4.6. Negotiation of any Sublicense must be
an arms-length transaction.

 

		4.2	Required Sublicensing. If Aditxt is unable or unwilling to serve or develop a potential
market or market territory for which there is a company willing to be a sublicensee and which has adequate resources and (a) such
potential sublicensee has provided Stanford and Aditxt with a bona fide, detailed proposal to develop a Licensed Product for such
potential market, and (b) such proposed development is not within or detrimental to Aditxt’s current or planned Licensed
Products, as reasonably demonstrated by Aditxt in a material communication to third parties such as an investor presentation or
a public disclosure, Aditxt will, at Stanford’s request, negotiate in good faith a Sublicense within 6 months with any such company.
Stanford would like licensees to address unmet needs, such as those of neglected patient populations or geographic areas, giving
particular attention to improved therapeutics, diagnostics and agricultural technologies for the developing world.

 

		4.3	Sublicense Requirements.
Any Sublicense:

 

		(A)	is subject to this Agreement;

 

		(B)	will reflect that any sublicensee will not further sublicense;

 

		(C)	will prohibit sublicensee from paying royalties to an escrow or other similar account;

 

		(D)	will expressly include the provisions of Sections 8, 9, and 10 for the benefit of Stanford; and

 

		(E)	will include the provisions of Section 4.4 and require the transfer of all the sublicensee’s obligations to Aditxt, including
the payment of royalties specified in the Sublicense, to Stanford or its designee, if this Agreement is terminated. If the sublicensee
is a spin-out from Aditxt, Aditxt must guarantee the sublicensee’s performance with respect to the payment of Stanford’s
share of Sublicense royalties.

 

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		4.4	Litigation by sublicensee.
Any Sublicense must include the following clauses:

 

		(A)	In the event sublicensee brings an action seeking to invalidate any Licensed Patent:

 

		(1)	sublicensee will double the payment paid to Aditxt during
the pendency of such action. Moreover, should the outcome of such action determine that any claim of a patent challenged by the
sublicensee is both valid and infringed by a Licensed Product, sublicensee will pay triple times the payment paid under the original
Sublicense;

 

		(2)	sublicensee will have no right to recoup any royalties paid before or during the period challenge;

 

		(3)	any dispute regarding the validity of any Licensed Patent shall be litigated in the courts located in Santa Clara County, and
the parties agree not to challenge personal jurisdiction in that forum; and

 

		(4)	sublicensee shall not pay royalties into any escrow or other similar account.

 

		(B)	sublicensee will provide written notice to Stanford at least three months prior to bringing an action seeking to invalidate
a Licensed Patent. Sublicensee will include with such written notice an identification of all prior art it believes invalidates
any claim of the Licensed Patent.

 

		4.5	Copy of Sublicenses and sublicensee Royalty Reports. Aditxt will submit to Stanford copies
of each Sublicense within 30 days of signing, any subsequent amendments and all copies of sublicensees’ royalty reports.
The copies must be unredacted. Beginning with the first Sublicense, the Chief Financial Officer or equivalent will certify annually
regarding the name and number of sublicensees.

 

		4.6	Sharing of Nonroyalty Sublicensing Consideration. Aditxt will
pay to Stanford a portion of all Nonroyalty Sublicensing Consideration for the Sublicense of Licensed Patents, as provided below:

 

		(A)	35% for Sublicenses executed on or before the first commercial sale of a Licensed Product (RUO kit or service);

 

		(B)	25% for Sublicenses executed thereafter.

 

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		5.	GOVERNMENT RIGHTS

 

This Agreement may be subject to Title 35 Sections
200-204 of the United States Code. Among other things, these provisions provide the United States Government with nonexclusive
rights in the Licensed Patent. They also impose the obligation that Licensed Product sold or produced in the United States be “manufactured
substantially in the United States.” If applicable, Aditxt will ensure all obligations of these provisions are met.

 

		6.	DILIGENCE

 

		6.1	Milestones. Because the invention is not yet commercially viable as of the Effective Date,
Aditxt will diligently develop, manufacture, and sell Licensed Product and will diligently develop markets for Licensed Product.
In addition, Aditxt will meet the milestones shown in Appendix A, and notify Stanford in writing as each milestone is met.

 

		6.2	Progress Report. By March 1 of each year, beginning March 2021, Aditxt will submit a written
annual report to Stanford covering the preceding calendar year. The report will include information sufficient to enable Stanford
to satisfy reporting requirements of the U.S. Government and for Stanford to ascertain progress by Aditxt toward meeting this Agreement’s
diligence requirements. Each report will describe, where relevant: Aditxt’s progress toward commercialization of Licensed
Product, including work completed, key scientific discoveries, summary of work-in-progress, current schedule of anticipated events
or milestones, market plans for introduction of Licensed Product, and significant corporate transactions involving Licensed Product.
Aditxt will specifically describe how each Licensed Product is related to each Licensed Patent.

 

		6.3	Clinical Trial Notice. Aditxt will notify the Stanford University Office of Technology
Licensing prior to commencing any clinical trials at Stanford. If Aditxt does not notify Stanford University Office of Technology
Licensing at least 15 days prior to enrolling the first patient in a clinical trial at Stanford, Aditxt agrees that it will pay
$50,000 to Stanford within 30 days of being invoiced.

 

		7.	ROYALTIES

 

		7.1	License Issue Fee. Aditxt will pay to Stanford a noncreditable, nonrefundable license
issue fee of $25,000 within 60 days of signing this Agreement.

 

		7.2	Equity Interest. As further consideration, Aditxt will grant to Stanford 37,500 shares
of common stock in Aditxt. Aditxt agrees the shares are valued at US$2.00 and will provide Stanford with the capitalization table
upon which the above calculation is made. Aditxt will issue 28.34% of all shares granted to Stanford pursuant to this Section 7.2
directly to and in the name of the inventors listed below allocated as stated below:

 

	Dolly Tyan	5,313 shares
	 	 
	Ge Chen	5,313 shares

 

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		7.3	[Intentionally left
blank]

 

		7.4	Purchase Right.

 

		(A)	Stanford shall have the right, but not the obligation, to purchase for cash up to its Share of the securities issued in any
Qualifying Offering on the terms, and subject to the conditions, set forth in this Section 7.4 and Section 7.5 (the “Purchase
Right”). For purposes of this Section 7.4 and Section 7.5:

 

		(1)	“Adjustment Event” means the final closing of the first Threshold Qualifying Offering occurring after the date
of this Agreement.

 

		(2)	“Board of Directors” means (i) if Aditxt is organized as a corporation, its board of directors, and (ii) if Aditxt
is organized as a limited liability company, Aditxt manager(s) or member(s) or both that have the power to direct the principal
management and activities of Aditxt, whether through ownership of voting securities, by agreement, or otherwise.

 

		(3)	“Qualifying Offering” means a private offering of Aditxt’s equity securities (or securities convertible into
or exercisable for Aditxt’s equity securities) for cash (or in satisfaction of debt issued for cash) having its final closing
on or after the date of this Agreement and which includes investment by one or more venture capital, professional angel, corporate
or other similar institutional investors other than Stanford. For the avoidance of doubt, if Aditxt is a limited liability company,
then “equity securities” means limited liability company interests in Aditxt.

 

		(4)	“Share” means:

 

		(i)	10% with respect to any Qualifying Offering having a closing on or before the date of an Adjustment Event; or

 

		(ii)	with respect to any Qualifying Offering having a closing after an Adjustment Event, but before a Termination Event, the percentage
necessary for Stanford to maintain its pro rata ownership interest in Aditxt on a Fully-Diluted Basis.

 

		(5)	“Threshold Qualifying Offering” means any Qualifying Offering which either (i) is at least $2,500,000 in size or
(ii) involves the sale to outside investors of at least 25% of the equity securities outstanding after such round on a Fully-Diluted
Basis.

 

		(6)	The parties shall construe the term “Fully-Diluted Basis” mutatis mutandis in the case where Aditxt is organized
as a limited liability company.

 

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		(B)	The Purchase Right shall terminate upon the earliest to occur of the following (each a “Termination Event”):

 

		(1)	Stanford’s execution of an investor rights agreement or similar agreement (each a “Rights Agreement”)
in connection with a Threshold Qualifying Offering so long the Rights Agreement satisfies the terms of this Section 7.4 and Section
7.5 below;

 

		(2)	Stanford purchases less than its entire Share of a Qualifying Offering;

 

		(3)	Stanford fails to give an election notice within the Notice Period for a Qualifying Offering which has its final closing within
90 days of the date such notice is received by Stanford and which is closed on terms that are the same or less favorable to the
investors as the terms stated in Aditxt’s notice to Stanford;

 

		(4)	The closing of a firm commitment underwritten public offering of Aditxt’s common stock; or

 

		(5)	The closing of the sale of all or substantially all of Aditxt’s assets to a company publicly traded on one of the major
recognized exchanges.

 

		(C)	The Purchase Right shall not apply to the issuance of securities: (i) to employees, individuals who are members of Aditxt’s
Board of Directors as of the time of issuance, and service providers to Aditxt pursuant to a plan approved by Aditxt’s Board
of Directors; or (ii) as additional consideration in lending or leasing transactions; or (iii) to an entity pursuant to an arrangement
that Aditxt’s Board of Directors determines in good faith is a strategic partnership or similar arrangement of Aditxt (i.e.,
an arrangement in which the entity’s purchase of securities is not primarily for the purpose of financing Aditxt); or (iv)
to owners of another entity in connection with the acquisition of that entity by Aditxt.

 

		(D)	For the avoidance of doubt: (i) any securities Stanford may acquire or have the right to acquire under Section 7.2 shall not
reduce the number of securities Stanford may purchase under this Section 7.4 or under any applicable Rights Agreement; and (ii)
Stanford shall not be obligated to purchase under this Section 7.4 any Aditxt securities it has the right to acquire under Section
7.2 above.

 

		(E)	If Aditxt has entered into more than one Exclusive (Equity) Agreement or other agreement to license intellectual property from
Stanford, and Stanford has fully exercised its right to purchase its Share in connection with a Qualifying Offering under any such
agreement, Stanford will waive its right to purchase its Share in connection with a Qualifying Offering under all other applicable
agreements. In the event that Stanford has not fully exercised its right to purchase its Share in connection with a Qualifying
Offering under any agreement, then Stanford may only exercise its right to purchase under a single agreement, and will waive its
right to purchase under all others.

 

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		7.5	Rights Agreements; Information
Rights; Notice; Elections.

 

		(A)	Aditxt shall ensure that each Rights Agreement executed by Stanford in connection with a Qualifying Offering will grant to
Stanford the same rights as all other investors who are parties to that Rights Agreement. In particular, Aditxt shall ensure that
each such Rights Agreement will grant to Stanford the same right to purchase additional securities in future offerings, the same
information rights, and the same registration rights as are granted to other parties thereto, including all such rights granted
to any investor designated as a “Major Investor” or other similar designation, even if Stanford is not so designated.

 

		(B)	Notwithstanding any terms to the contrary contained in any applicable Rights Agreement:

 

(1) Stanford
shall not have any representation on the Board of Directors or rights to attend meetings of the Board of Directors;

 

(2) In connection
with all Qualifying Offerings, Aditxt shall give Stanford notice of the terms of the offering, including: (i) the names of the
investors, the allocation of equity securities among them and the total amounts to be invested by each of them in such offering;
(ii) pre- and post- (projected) financing capitalization table; (iii) investor presentation (if available); (iv) an introduction
to the lead investor in such offering for the purpose of discussing the lead investor’s due diligence process; and (v) such
other documents and information as Stanford may reasonably request for the purpose of making an investment decision or verifying
the amount of equity securities it is entitled to purchase in such offering; and

 

(3) Stanford
may elect to exercise its Purchase Right, in whole or in part, by notice given to Aditxt within 5 Stanford business days (i.e.,
days other than Saturdays, Sundays, and holidays or other days on which Stanford is officially closed) after receipt of Aditxt’s
notice (“Notice Period”).

 

		(C)	If Stanford has no information rights under a Rights Agreement and to the extent that such information has been prepared by
Aditxt for other purposes, so long as Stanford holds Aditxt securities, Aditxt shall furnish to Stanford, upon request and as promptly
as reasonably practicable, Aditxt’s annual consolidated financial statements and annual operating plan, including an annual
report of the holders of Aditxt’s securities, and such other information as Stanford may reasonably request from time to
time for the purpose of valuing its interest in Aditxt.

 

		(D)	Notwithstanding any notice provision in this Agreement to the contrary, any notice given under this Agreement that refers or
relates to any of Section 7.4 above or this Section 7.5 shall be copied concurrently to pvfnotices@stanford.edu; provided,
however, that delivery of the copy will not by itself constitute notice for any purpose under this Agreement.

 

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		7.6	License Maintenance Fee. Beginning on the first anniversary
of the Effective Date and each anniversary thereafter, Aditxt will pay Stanford a yearly license maintenance fee as follows:

 

$40,000 / year in 2021, 2022, 2023 and 2024,

 

$60,000 / year starting in 2025 until the last Licensed
Patent expires.

 

Yearly maintenance payments are nonrefundable, but
they are creditable each year as described in Section 7.11.

 

		7.7	Milestone Payments.
Aditxt will pay Stanford the following milestone payments:

 

		(A)	$25,000 on the payment of a patent issue fee for a Licensed Patent after the Effective Date;

 

		(B)	$50,000 on the first commercial sales of a Licensed Product (RUO kit or service);

 

		(C)	$25,000 at the beginning of any clinical study for regulatory clearance of an in vitro diagnostic product developed as a potential
Licensed Product.

 

		7.8	Earned Royalty. In
addition to the annual license maintenance fee, Aditxt will pay Stanford earned royalties on Net Sales as follows:

 

4% of Net Sales for Net Sales less than or equal to
$5M annually;

 

6% of Net Sales for Net Sales great than $5M annually.

 

		7.9	Earned Royalty if Aditxt Challenges the Patent. Notwithstanding the above, should Aditxt
bring an action seeking to invalidate any Licensed Patent, Aditxt will pay royalties to Stanford at double the rates specified
under Section 7.8 during the pendency of such action. Moreover, should the outcome of such action determine that any claim of a
patent challenged by Aditxt is both valid and infringed by a Licensed Product, Aditxt will triple the rates specified under Section
7.8.

 

		7.10	Obligation to Pay Royalties. A royalty is due Stanford under this Agreement for any activity
conducted under the licenses granted. For convenience’s sake, the amount of that royalty is calculated using Net Sales. Nonetheless,
if certain Licensed Products are made, used, imported, or offered for sale before the date this Agreement terminates or expires,
and those Licensed Products are sold after the termination or expiration date, Aditxt and its sublicensees will pay Stanford an
earned royalty for their exercise of rights based on the Net Sales of those Licensed Products. Upon expiration or termination of
this agreement, Aditxt and its sublicensees will provide to Stanford an inventory listing of all Licensed Products on hand that
were manufactured prior to the expiration or termination date, and such listing to be certified and signed by an officer of Aditxt.
Aditxt and its sublicensees will be responsible for paying royalties on sales of such Licensed Products in accordance with Section
7.8 of this Agreement.

 

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		7.11	Creditable Payments. The license maintenance fee paid in a calendar year may be offset
against earned royalty payments due on Net Sales occurring in that year.

 

For example:

 

		(A)	if Aditxt pays Stanford a $10 maintenance payment for year Y, and according to Section 7.8 $15 in earned royalties are due
Stanford for Net Sales in year Y, Aditxt will only need to pay Stanford an additional $5 for that year’s earned royalties.

 

		(B)	if Aditxt pays Stanford a $10 maintenance payment for year Y, and according to Section 7.8 $3 in earned royalties are due Stanford
for Net Sales in year Y, Aditxt will not need to pay Stanford any earned royalty payment for that year. Aditxt will not be able
to offset the remaining $7 against a future year’s earned royalties.

 

		7.12	No Escrow. Aditxt
shall not pay royalties into any escrow or other similar account.

 

		7.13	Currency. Aditxt will calculate the royalty on sales in currencies other than U.S. Dollars
using the appropriate foreign exchange rate for the currency quoted by the Wall Street Journal on the close of business on the
last banking day of each calendar quarter. Aditxt will make royalty payments to Stanford in U.S. Dollars.

 

		7.14	Non-U.S. Taxes. Aditxt will pay all non-U.S. taxes related to royalty payments. These
payments are not deductible from any payments due to Stanford.

 

		7.15	Interest. Any payments not made when due will bear interest at the lower of (a) the Prime
Rate published in the Wall Street Journal plus 200 basis points or (b) the maximum rate permitted by law.

 

		8.	ROYALTY REPORTS, PAYMENTS, AND ACCOUNTING

 

		8.1	Earned Royalty Payment and Report. Beginning with the first sale of a Licensed Product
by Aditxt or a sublicensee, or with the first receipt of any Nonroyalty Sublicensing Consideration by Aditxt, Aditxt will submit
to Stanford a written report, an earned royalty payment and/or Nonroyalty Sublicensing Consideration payment due Stanford within
30 days after each calendar period, where the period is initially on a per-year basis, and changes to a per-quarter basis when
annual royalty payments to Stanford exceed $200,000. This report will be in the form of Appendix B and will state the number, description,
and aggregate Net Sales of Licensed Product during the completed calendar time period and details about any Sublicenses. The report
will include an overview of the process and documents relied upon to permit Stanford to understand how the earned royalties and
Nonroyalty Sublicensing Consideration are calculated. With each report, Aditxt will include any earned royalty payment and Nonroyalty
Sublicensing Consideration payment due Stanford for the completed time period (as calculated under Section 7.8 and Section 4.6).

 

		8.2	No Refund. In the event that a validity or non-infringement challenge of a Licensed Patent
brought by Aditxt is successful, Aditxt will have no right to recoup any royalties paid before or during the period challenge.

 

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		8.3	Termination Report. Aditxt will pay to Stanford all applicable royalties and submit to
Stanford a written report within 90 days after the license terminates or expires. Aditxt will continue to submit earned royalty
payments and reports to Stanford after the license terminates or expires, until all Licensed Products made or imported under the
license have been sold.

 

		8.4	Accounting. Aditxt will maintain records showing manufacture, importation, sale, and use
of a Licensed Product for 7 years from the date of sale of that Licensed Product. Records will include general-ledger records showing
cash receipts and expenses, and records that include: production records, customers, invoices, serial numbers, and related information
in sufficient detail to enable Stanford to determine the royalties payable under this Agreement.

 

		8.5	Audit by Stanford. Aditxt will allow Stanford to appoint a mutually agreed upon third
party to examine Aditxt’s records to verify payments made by Aditxt under this Agreement.

 

		8.6	Paying for Audit. Stanford will pay for any audit done under
Section 8.5. But if the audit reveals an underreporting of earned royalties due Stanford of 5% or more for the period being audited,
Aditxt will pay the audit costs.

 

		9.	EXCLUSIONS AND NEGATION OF WARRANTIES

 

		9.1	Negation of Warranties. Stanford provides Aditxt the rights granted in this Agreement
AS IS and WITH ALL FAULTS. Stanford makes no representations and extends no warranties of any kind, either express or implied.
Among other things, Stanford disclaims any express or implied warranty:

 

		(A)	of merchantability, of fitness for a particular purpose;

 

		(B)	of non-infringement; or

 

		(C)	arising out of any course of dealing.

 

		9.2	No Representation of
Licensed Patent. Aditxt also acknowledges that Stanford does not represent or warrant:

 

		(A)	the validity or scope of any Licensed Patent; or

 

		(B)	that the exploitation of Licensed Patent will be successful.

 

		10.	INDEMNITY

 

		10.1	Indemnification. Aditxt will indemnify, hold harmless, and defend all Stanford Indemnitees
against any claim of any kind arising out of or related to the exercise of any rights granted Aditxt under this Agreement or the
breach of this Agreement by Aditxt.

 

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		10.2	No Indirect Liability. Stanford is not liable for any special, consequential, lost profit,
expectation, punitive or other indirect damages in connection with any claim arising out of or related to this Agreement, whether
grounded in tort (including negligence), strict liability, contract, or otherwise.

 

		10.3	Workers’ Compensation. Aditxt will comply with all statutory workers’ compensation
and employers’ liability requirements for activities performed under this Agreement.

 

		10.4	Insurance. During the term of this Agreement, Aditxt will maintain Commercial General
Liability Insurance with a reputable and financially secure insurance carrier to cover the activities of Aditxt and its affiliates
and sublicensees. The insurance will provide minimum limits of liability of $2,000,000 per occurrence and will include all Stanford
Indemnitees as additional insureds. Prior to any use of a Licensed Product in or for humans, the insurance coverage will be increased
to provide minimum limits of liability of $5,000,000 per occurrence. Prior to any clinical trial using the Licensed Product, the
insurance will include Clinical Trial Insurance in addition to the increased minimum limits of liability of $5M per occurrence.
Prior to any offering for sale of Licensed Product by Aditxt, or its affiliates or sublicensees, the insurance will include Product
Liability Insurance, and will have minimum limits of liability of $5,000,000 per occurrence. Insurance must cover claims incurred,
discovered, manifested, or made during or after the expiration of this Agreement and must be placed with carriers with ratings
of at least A- as rated by A.M. Best. Within 15 days of the Effective Date of this Agreement, and for each instance in which the
coverage is changed as per the requirements above, Aditxt will furnish a Certificate of Insurance evidencing primary coverage and
additional insured requirements. Aditxt will provide to Stanford 30 days prior written notice of cancellation or material change
to this insurance coverage. Aditxt will advise Stanford in writing that it maintains a combination of excess liability coverage
(following form) over primary insurance for at least the minimum limits set forth above. All insurance of Aditxt will be primary
coverage; insurance of Stanford Indemnitees will be excess and noncontributory.

 

		11.	EXPORT

 

Aditxt and its sublicensees
will comply with all applicable United States laws and regulations controlling the export of licensed commodities and technical
data relating to this Agreement. (For the purpose of this paragraph, “licensed commodities” means any article, material
or supply but does not include information; and “technical data” means tangible or intangible technical information
that is subject to U.S. export regulations, including blueprints, plans, diagrams, models, formulae, tables, engineering designs
and specifications, manuals and instructions.) These laws and regulations may include, but are not limited to, the Export Administration
Regulations (15 CFR 730-774), the International Traffic in Arms Regulations (22 CFR 120-130) and the various economic sanctions
regulations administered by the U.S. Department of the Treasury (31 CFR 500-600).

 

Among other things, these laws and regulations
may prohibit or require a license for the export or retransfer of certain commodities and technical data to specified
countries, entities and persons. Aditxt hereby gives written assurance that it will comply with, and will cause its
sublicensees to comply with all United States export control laws and regulations, that it understands it may be held
responsible for any violation of such laws and regulations by itself or its sublicensees, and that it will indemnify, defend
and hold Stanford harmless for the consequences of any such violation.

 

    Page 13 of 23

     

    

 

		12.	MARKING

 

Before any Licensed Patent issues, Aditxt will
mark Licensed Product with the words “Patent Pending.” Otherwise, Aditxt will mark Licensed Product with the
number of any issued Licensed Patent.

 

		13.	STANFORD NAMES AND MARKS

 

Aditxt will not use (i) Stanford’s name or other
trademarks, (ii) the name or trademarks of any organization related to Stanford, or (iii) the name of any Stanford faculty member,
employee, student or volunteer. This prohibition includes, but is not limited to, use in press releases, advertising, marketing
materials, other promotional materials, presentations, case studies, reports, websites, application or software interfaces, and
other electronic media. Notwithstanding the foregoing, Aditxt may include Stanford’s name in factual statements in legal
proceedings, patent applications and other regulatory filings. In addition, Aditxt may make a short factual statement that identifies
Stanford as the licensor of the rights granted under this Agreement to actual or potential investors or acquirers, as well as in
the “About Aditxt” or other similar section of the Aditxt website.

 

		14.	PROSECUTION AND PROTECTION OF PATENTS

 

		14.1	Patent Prosecution.

 

		(A)	Stanford will be responsible for preparing, filing, prosecuting and maintaining the Licensed Patents. As long as Aditxt
                                                               is current on all payments due under this Agreement, Stanford agrees to (i) instruct Stanford’s patent counsel to
                                                               furnish to Aditxt copies of material documents relevant to such
filing and prosecution prior to any deadlines, and (ii) allow Aditxt a reasonable opportunity to comment on material documents
filed with any patent office with respect to the Licensed Patents.

 

		(B)	In the event Aditxt decides that it no longer intends to pay for filing, prosecution, or maintenance of one or more Licensed
Patents, Aditxt shall give Stanford written notice at least three (3) months in advance of any applicable deadline for that Licensed
Patent. Stanford may in its discretion continue to prosecute and maintain such Licensed Patent(s) at its expense, in which case
such Licensed Patent(s) will no longer be covered by the license granted under this Agreement and Aditxt will have no further obligation
regarding patent expenses for such Licensed Patent(s).

 

    Page 14 of 23

     

    

 

		14.2	Patent Costs. Within 30 days after receiving a statement from Stanford, Aditxt will reimburse
Stanford:

 

		(A)	$22,635.02 to offset Licensed Patent’s patenting expenses, including but not limited to interference or reexamination
matters, inventorship disputes and opposition proceedings incurred by Stanford before the Effective Date; and

 

		(B)	for all Licensed Patent’s patenting expenses, including but not limited to interference or reexamination matters, inventorship
disputes and opposition proceedings incurred by Stanford after the Effective Date. Stanford will pay the fees prescribed for large/small
entities to the United States Patent and Trademark Office. If Aditxt requests that Stanford pay fees prescribed for a small entity,
then Aditxt will bear all responsibility for notifying Stanford if its status changes to large entity. Aditxt is herein notified
that the determination of entity size for the United States Patent and Trademark Office are set forth by the US federal government
as defined in 15 U.S.C. §632 (13 CFR 121.801 through 121.805).

 

		14.3	Infringement Procedure. Each party will promptly notify the other if it believes a third
party infringes a Licensed Patent or if a third party files a declaratory judgment action with respect to any Licensed Patent.
During the Exclusive term of this Agreement and if Aditxt is diligently developing Licensed Product, Aditxt may have the right
to institute a suit against or defend any declaratory judgment action initiated by this third party, but only within fields of
use where this Agreement is Exclusive, as provided in Section 14.4 through and including Section 14.8.

 

		14.4	Aditxt Suit. Aditxt has the first right to institute and prosecute a suit or defend any
declaratory judgment action, but only within fields of use where this Agreement is Exclusive. Aditxt agrees to use reasonable efforts
to settle with the third party without litigation. If reasonable efforts are unsuccessful and Aditxt:

 

		(A)	provides claim chart evidence of the infringement to Stanford, and

 

		(B)	is diligently developing, offering for sale, or selling Licensed Product.

 

then Aditxt may institute and prosecute a suit or defend
any declaratory judgment action so long as it conforms with the requirements of this Section. If Aditxt decides to institute suit,
it will notify Stanford in writing and give Stanford the opportunity to institute suit jointly as provided in Section 14.5. Aditxt
will diligently pursue the suit to the extent that and for so long as doing so is in its commercial interests, which shall be determined
by Aditxt in its sole judgment, and Aditxt will bear the entire cost of the litigation, including expenses and counsel fees incurred
by Stanford. Aditxt will keep Stanford reasonably apprised of all developments in the suit and will make a good faith effort to
incorporate Stanford’s input on any substantive submissions or positions taken in the litigation regarding the scope, validity
and enforceability of the Licensed Patent. Aditxt will not initiate, prosecute, settle or otherwise compromise any such suit in
a manner that adversely affects Stanford’s interests without Stanford’s prior written consent. Stanford may be named as a party
only if:

 

		(C)	Aditxt’s and Stanford’s respective counsel recommend that such action is necessary in their reasonable opinion to achieve standing;

 

    Page 15 of 23

     

    

 

		(D)	Stanford is not the first named party in the action; and

 

		(E)	the pleadings and any public statements about the action state that Aditxt is pursuing the action and that Aditxt has the right
to join Stanford as a party.

 

		14.5	Joint Suit. If Stanford and Aditxt so agree, they may institute suit or defend the declaratory
judgment action jointly. If so, they will:

 

		(A)	prosecute the suit in both their names;

 

		(B)	bear the out-of-pocket costs equally;

 

		(C)	share any recovery or settlement equally; and

 

		(D)	agree how they will exercise control over the action.

 

		14.6	Stanford Suit. If neither Section 14.4 nor 14.5 apply, Stanford has the right to institute
and prosecute a suit or defend any declaratory judgment action, and may name Aditxt as a party for standing purposes. If Stanford
decides to institute suit, it will notify Aditxt in writing. If Aditxt does not notify Stanford in writing that it desires to jointly
prosecute the suit within 15 days after the date of the notice, Aditxt will assign and hereby does assign to Stanford all rights,
causes of action, and damages resulting from the alleged infringement. Stanford will bear the entire cost of the litigation and
will retain the entire amount of any recovery or settlement.

 

		14.7	Recovery. Any recovery or settlement received in connection with any suit will first be
shared by Stanford and Aditxt equally to cover the litigation costs each incurred, and next shall be paid to Stanford or Aditxt
to cover any litigation costs it incurred in excess of the litigation costs of the other. In any suit initiated by Aditxt, any
recovery in excess of litigation costs will be shared between Aditxt and Stanford as follows: (i) for any recovery other than amounts
paid for willful infringement: (A) Stanford will receive fifteen percent (15%) of the recovery if Stanford was not a party in the
litigation; (B) Stanford will receive twenty-five percent (25%) of the recovery if Stanford was a party in the litigation, or (C)
Stanford will receive fifty percent (50%) of the recovery if Stanford incurred any litigation costs in connection with the litigation;
and (ii) for any recovery for willful infringement, Stanford will receive fifty percent (50%) of the recovery; and all other amounts
shall be retained by Aditxt. In any suit initiated by Stanford, any recovery in excess of litigation costs will belong to Stanford.
Stanford and Aditxt agree to be bound by all determinations of patent infringement, validity, and enforceability (but no other
issue) resolved by any adjudicated judgment in a suit brought in compliance with this Section 14.

 

		14.8	Abandonment of Suit. If either Stanford or Aditxt commences a suit and then wants to abandon
the suit, it will give timely notice to the other party. The other party may continue prosecution of the suit after Stanford and
Aditxt agree on the sharing of expenses and any recovery in the suit.

 

    Page 16 of 23

     

    

 

		15.	TERMINATION

 

		15.1	Termination by Aditxt. Aditxt may terminate this Agreement by giving Stanford written
notice at least 30 days in advance of the effective date of termination selected by Aditxt.

 

		15.2	Termination by Stanford.

 

		(A)	Stanford may also terminate this Agreement if Aditxt:

 

		(1)	is delinquent on any report or payment;

 

		(2)	is not diligently developing and commercializing Licensed Product;

 

		(3)	misses a milestone described in Appendix A;

 

		(4)	is in breach of any provision; or

 

		(5)	provides any false report.

 

		(B)	Termination under this Section 15.2 will take effect 30 days after written notice by Stanford unless Aditxt remedies the problem
in that 30-day period. To be clear, Aditxt will not be considered to be in breach absent its receipt of written notice by Stanford.

 

		15.3	Surviving Provisions.
Surviving any termination or expiration are:

 

		(A)	Aditxt’s obligation to make all payments, accrued or accruable, including but not limited to fees, royalties and patent costs;

 

		(B)	any claim of Aditxt or Stanford, accrued or to accrue, because of any breach or default by the other party; and

 

		(C)	the provisions of Sections 8, 9, and 10 and any other provision that by its nature is intended to survive.

 

		16.	CHANGE OF CONTROL, ASSIGNMENT AND NON-ASSIGNABILITY

 

		16.1	Change of Control. If there is a Change of Control or if this Agreement is assigned to
a third party, Aditxt will pay Stanford a $200,000 (“Change of Control/Assignment Fee”) per Section 16.2.

 

		16.2	Conditions of Assignment. Aditxt may assign this Agreement upon prior and complete performance
of the following conditions:

 

		(A)	Aditxt must give Stanford written notice of the assignment within 5 business days, including the new assignee’s contact
information; and

  

    Page 17 of 23

     

    

 

		(B)	the new assignee must agree in writing to Stanford to be bound by this Agreement; and

 

		(C)	Stanford must have received the full Change of Control/Assignment Fee.

 

		16.3	After the Assignment. Upon a permitted assignment of this Agreement pursuant to Section
16, Aditxt will be released of liability under this Agreement and the term “Aditxt” in this Agreement will mean the
assignee.

 

		16.4	Bankruptcy. In the event of a bankruptcy or insolvency, assignment is permitted only to
a party that can provide adequate assurance of future performance, including diligent development and sales of Licensed Product.

 

		16.5	Nonassignability of Agreement. Except in conformity with Section 16.2 and Section 16.4,
this Agreement is not assignable by Aditxt under any other circumstances and any attempt to assign this Agreement by Aditxt is
null and void.

 

		17.	DISPUTE RESOLUTION

 

		17.1	Dispute Resolution by Arbitration. Any dispute between the parties regarding any payments
made or due under this Agreement will be settled by arbitration in accordance with the JAMS Arbitration Rules and Procedures, provided
that in the case of a good faith dispute as to the amount due, the cure period under Section 15.2 will be tolled until the amount
due has been finally determined in such an arbitration. The parties are not obligated to settle any other dispute that may arise
under this Agreement by arbitration.

 

		17.2	Request for Arbitration. Either party may request such arbitration. Stanford and Aditxt
will mutually agree in writing on a third-party arbitrator within 30 days of the arbitration request. The arbitrator’s decision
will be final and nonappealable and may be entered in any court having jurisdiction.

 

		17.3	Discovery. The parties will be entitled to discovery as if the arbitration were a civil
suit in the California Superior Court. The arbitrator may limit the scope, time, and issues involved in discovery.

 

		17.4	Place of Arbitration. The arbitration will be held in Stanford, California unless the
parties mutually agree in writing to another place.

 

		17.5	Patent Validity. Any dispute regarding the validity of any Licensed Patent shall be litigated
in the courts located in Santa Clara County, California, and the parties agree not to challenge personal jurisdiction in that forum.

 

		18.	NOTICES

 

		18.1	Legal Action. Aditxt will provide written notice to Stanford at least three months prior
to bringing an action seeking to invalidate any Licensed Patent or a declaration of non-infringement. Aditxt will include with such written
notice an identification of all prior art it believes invalidates any claim of the Licensed Patent.

 

    Page 18 of 23

     

    

 

		18.2	All Notices. All notices under this Agreement are deemed fully given when written, addressed,
and sent as follows:

 

All general notices to Aditxt are mailed or emailed
to:

 

	 	Name:	Amro Albanna	 
	 	 	11161 Anderson Street, Suite 105-	 
	 	Address:	10014	 
	 	 	Loma Linda, CA 92354	 
	 	Email:	aalbanna@aditxt.com	 

 

All financial invoices to Aditxt (i.e., accounting
contact) are e-mailed to:

 

	 	Name:	Accounts payable	 
	 	 	 	 
	 	Email:	accounting@aditxt.com	 

 

All patent prosecution related notices are e-mailed
to both addresses below:

 

	 	Name:	Patent Notices	 
	 	 	 	 
	 	Email:	patentinfo@aditxt.com	 
	 	 	 	 
	 	Name:	Seed IP	 
	 	 	 	 
	 	Email:	patentinfo@SeedIP.com	 
	 	 	 	 

All general notices to Stanford are e-mailed or mailed
to:

 

Office of Technology Licensing

415 Broadway Street

2nd Floor, MC 8854

Redwood City, CA 94063

info@otlmail.stanford.edu

 

    Page 19 of 23

     

    

 

All payments to Stanford are mailed to:

 

Stanford University

Office of Technology Licensing

Department #44439

P.O. Box 44000

San Francisco, CA 94144-4439

 

All progress reports to Stanford are e-mailed or mailed
to:

 

Office of Technology Licensing

415 Broadway Street

2nd Floor, MC 8854

Redwood City, CA 94063

info@otlmail.stanford.edu

 

Any notice related to Section 7.4 or Section 7.5 (Stanford
Purchase Rights) shall be copied concurrently to pvfnotices@stanford.edu.

 

Either party may change its address with written notice
to the other party.

 

		19.	MISCELLANEOUS

 

		19.1	Waiver. No term of this Agreement can be waived except by the written consent of the party
waiving compliance.

 

		19.2	Choice of Law. This Agreement and any dispute arising under
it is governed by the laws of the State of California, United States of America, applicable to agreements negotiated, executed,
and performed within California.

 

		19.3	Entire Agreement. The parties have read this Agreement and agree to be bound by its terms,
and further agree that it constitutes the complete and entire agreement of the parties and supersedes all previous communications,
oral or written, and all other communications between them relating to the license and to the subject hereof. The parties agree
that this Agreement supersedes all previous and future purchase orders. This Agreement may not be amended except by writing executed
by authorized representatives of both parties. No representations or statements of any kind made by either party, which are not
expressly stated herein, will be binding on such party.

 

		19.4	Exclusive Forum. The state and federal courts having jurisdiction over Stanford, California,
United States of America, provide the exclusive forum for any court action between the parties relating to this Agreement. Aditxt
submits to the jurisdiction of such courts, and waives any claim that such a court lacks jurisdiction over Aditxt or constitutes
an inconvenient or improper forum.

 

		19.5	Headings. No headings
in this Agreement affect its interpretation.

 

    Page 20 of 23

     

    

 

		19.6	Electronic Copy. The parties to this document agree that a copy of the original signature
(including an electronic copy) may be used for any and all purposes for which the original signature may have been used. The parties
further waive any right to challenge the admissibility or authenticity of this document in a court of law based solely on the absence
of an original signature.

 

The parties execute this Agreement in duplicate originals by
their duly authorized officers or representatives.

 

	 	THE BOARD OF TRUSTEES OF THE LELAND STANFORD JUNIOR UNIVERSITY	 
	 	 	 
	 	Signature:	 /s/ Mona Wan (Feb 3,
    2020)	 

	 	Name:	Mona Wan	 
	 	Title:	Associate Director	 
	 	Date:	Feb 3, 2020	 

 

	 	ADITX THERAPEUTICS, INC.	 
	 	 	 	 
	 	Signature:	/s/ Amro Albanna (Feb 3, 2020)	 

	 	Name:	Amro Albanna	 
	 	Title:	CEO	 
	 	Date:	Feb 3, 2020	 

 

    Page 21 of 23

     

    

 

Appendix A - Milestones

 

		1.	Aditxt has already provided Stanford a preliminary business plan. By June 30, 2020, Aditxt will provide Stanford a detailed
document covering Aditxt’s plans as to projected product development, markets and sales forecasts, manufacturing and operations,
and financial forecasts until at least $10,000,000 (“Business Plan”). Stanford will treat this Business Plan as confidential
information and to protect it as Stanford would its own confidential information.

		2.	By March 31, 2020, Aditxt will provide to Stanford a listing of the management team or a schedule for the recruitment of key
management positions.

		3.	By September 30, 2020, Aditxt will conduct validation studies.

		4.	By September 30, 2020, Aditxt will hold a pre-submission meeting with FDA.

		5.	By December 31, 2020, Aditxt will submit a 510(k) application to FDA.

		6.	By December 31, 2021, Aditxt will obtain FDA approval.

		7.	By December 31, 2021, Aditxt will complete a prototype assay kit.

		8.	By December 31, 2021 Aditxt and Stanford will agree on further development and commercialization milestones for specific fields
of use in writing.

 

    Page 22 of 23

     

    

 

Appendix B - Sample Reporting Form

 

Stanford Docket No. SXX-YYY

 

This report is provided pursuant to the license agreement between
Stanford University and (Aditxt Name)

 

License Agreement Effective Date:

 

Name(s) of Licensed Products being reported:

 

	Report Covering Period	 	 	 
	Yearly Maintenance Fee	 	$	 	 
	Number of Sublicenses Executed	 	 	 	 
	Gross Revenue	 	 	 	 
	U.S. Gross Revenue	 	$	 	 
	Non-U.S. Gross Revenue	 	$	 	 
	Net Sales	 	 	 	 
	U.S. Net Sales	 	$	 	 
	Non-U.S. Net Sales	 	$	 	 
	Royalty Calculation	 	 	 	 
	Royalty Subtotal	 	$	 	 
	Credit	 	$	 	 
	Royalty Due	 	$	 	 

 

Name(s) of Sublicenses being reported:

 

Calculation of Nonroyalty Sublicensing Consideration:

 

Comments:

 

 

Page
23 of 23Exhibit 10.5

 

PATENT & TECHNOLOGY
LICENSE AGREEMENT

 

This Patent and Technology License Agreement
(“Agreement”) is effective on March 15, 2018 (the “Effective Date”) and is entered by and
between Loma Linda University (“LLU”), a California Religious Institution, whose address is 24887 Taylor Street,
Suite 201, Loma Linda, California 92354, and ADiTx Therapeutics, Inc., a Delaware C Corporation, with its principal place of business
at 11161 Anderson St., Suite 105-10014, Loma Linda, CA 92354 (“Licensee”) (collectively, “Parties”,
or singly, “Party”).

 

No binding agreement between the Parties
will exist until this Agreement has been signed by both Parties. Unsigned drafts of the Agreement shall not be considered offers.

 

Background

 

LLU owns Licensed Subject Matter (defined
below). LLU has determined that development and commercialization of the Licensed Subject Matter is in the public’s best
interest and is consistent with LLU’s educational and research missions and goals. LLU desires to have the Licensed Subject
Matter developed and commercialized for the benefit of Licensee, the Inventors, LLU and the public.

 

WHEREAS, the Licensed Subject Matter was
licensed to Sekris Biomedical Corporation (“Sekris”) under the Patent & Technology License Agreement (the “Prior
Agreement”) between Sekris and LLU effective May 25, 2011, the First Amendment to the Prior Agreement effective June 24,
2011, the Second Amendment to the Prior Agreement effective July 16, 2012, the Third Amendment to the Prior Agreement effective
December 27, 2012 (collectively “Amendments to the Prior Agreement”);

 

WHEREAS, Sekris assigned to Licensee on
March 8, 2018 all rights and interests pursuant to Section 12.2 of the Prior Agreement and Amendments to the Prior Agreement;
and

 

WHEREAS, Licensee desires to amend and
restate the license from LLU to practice the Licensed Subject Matter, which license will supersede any prior agreement entered
between LLU and Licensee, and the Prior Agreement and Amendments to the Prior Agreement between LLU and Sekris, as provided herein.

 

NOW, THEREFORE, for and in consideration
of mutual covenants and agreements contained herein, and the other good and valuable consideration, the receipt and legal sufficiency
of which are hereby acknowledged, the Parties hereby agree as follows:

 

		1.	Definitions: When capitalized,
                                         the following terms will have the following meanings:

 

“Affiliate”
means any business entity more than fifty percent (50%) owned by Licensee, any business entity which owns more than fifty percent
(50%) of Licensee, or any business entity that is more than 50% owned by a business entity that owns more than fifty percent (50%)
of Licensee.

 

“Contract Quarter”
means the three-month periods ending on March 31, June 30, September 30 and December 31, or any stub period thereof at the commencement
of this Agreement or the expiration or termination of this Agreement.

 

“Contract Year” means the 12-month
period ending on December 31, or any stub period thereof at the commencement of this Agreement or the expiration or termination
of this Agreement.

 

“FDA” means United States Food
and Drug Administration.

 

“Field” means research and clinical
use for all uses.

 

    1

     

    

 

“Government”
means any branch, department, agency, or other unit of the United States of America or the State of California.

 

“Gross Consideration” means all
cash and non-cash consideration (e.g., securities).

 

“Inventors” (or singly, “Inventor”)
means the individuals listed on Exhibit A.

 

“Licensed Process”
means a method or process whose practice or use is covered by a Valid Claim and/or incorporates or uses Patent Rights or Technology
Rights.

 

“Licensed Product”
means any product or component (a) the manufacture, use, sale, offer for sale or import of which is covered by a Valid Claim,
and/or incorporates or uses any Patent Rights or Technology Rights, or (b) which is made using a Licensed Process.

 

“Licensed Service”
means performance of a service using a Licensed Product, or the practice of a Licensed Process. For clarity, non-profit research
and development of Licensed Products by Licensee, its Affiliates, or Sublicensees do not constitute a Licensed Service.

 

“Licensed Subject Matter” means
Patent Rights and/or Technology Rights.

 

“Milestone Fees” means all fees
identified as Milestone Fees in Section 3.1(c).

 

“Net Product Sales”
means the Gross Consideration from the Sale of Licensed Products less the following items directly attributable to the Sale of
such Licensed Products that are specifically identified on the invoice for such Sale and borne by the Licensee, Affiliates, or
Sublicensees as the seller: (a) discounts and rebates actually granted; (b) sales, value added, use and other taxes and government
charges actually paid, excluding income taxes; (c) import and export duties actually paid; (d) freight, transport, packing and
transit insurance charges actually paid or allowed; and (e) other amounts actually refunded, allowed or credited due to rejections
or returns, but not exceeding the original invoiced amount. Net Product Sales exclude a reasonable quantity used internally by
Licensor, its Affiliates or Sublicensees solely for testing or quality control purposes, marketing or demonstration purposes,
or seeking governmental approval (e.g., FDA clinical trials).

 

“Net Service Sales”
means the Gross Consideration received from the Sale of Licensed Services less the following items, directly attributable to the
Sale of such Licensed Services that are specifically identified on the invoice for such Sale and borne by the Licensee, Affiliates,
or Sublicensees as the seller: (a) discounts and rebates actually granted; (b) sales, value added, use and other taxes and government
charges actually paid, excluding income taxes; and (c) other amounts actually refunded, allowed or credited due to rejections
or re-works, but not exceeding the original invoiced amount.

 

“Non-Royalty Sublicensing
Consideration” means the Gross Consideration received by the Licensee or its Affiliate from a Sublicensee in consideration
of the grant of a sublicense under the Licensed Subject Matter (including, without limitation, license or option or distribution
fees, fees to maintain license rights, and bonus/milestone payments), but excluding amounts received as running royalties or other
revenue sharing based on Net Product Sales or Net Service Sales for which LLU receives a running royalty under Section 3.2.
For the avoidance of doubt, Non-Royalty Sublicensing Consideration shall not include bona fide: (a) running royalties received
by Licensee or an Affiliate based on Net Product Sales or Net Service Sales that are royalty-bearing to LLU under Section 3.2,
(b) purchase price for Licensee’s stock or other securities not in excess of fair market value, and (c) amounts paid and
used exclusively for research and development of Licensed Products or Licensed Services by Licensee.

 

    2

     

    

 

“Patent Rights”
means the LLU’s rights in: (a) the patents and patent applications listed in Exhibit A to this Agreement; (b) all
non-provisional patent applications that claim priority to any of the provisional applications listed in Exhibit A provided
that the claims of such non-provisional applications are entitled to claim priority to such provisional applications; (c) all
divisionals, continuations and continuations-in-part of the non-provisional patent applications identified in (a) and (b), above
provided that the claims of such continuations-in-part are entitled to claim priority to at least one of the patent applications
identified in (a) or (b), above; (d) all reissues, reexaminations, extensions, and foreign counterparts of any of
the patents or patent applications identified in (a), (b) or (c), above; and (e) any patents that issue with
respect to any of the patent applications listed in (a), (b), (c) or (d), above.

 

“Prosecution Counsel”
means the law firm or attorney who is handling the prosecution of the Patent Rights. U.S. Prosecution Counsel as of the Effective
Date is identified in Exhibit A to this Agreement.

 

“Quarterly Payment
Deadline” means the day that is thirty (30) days after the last day of any particular Contract Quarter.

 

“Regulatory Approval”
means the approval by the Regulatory Authority needed for a particular national jurisdiction to market, Sell and use a Licensed
Product or Licensed Service in that national jurisdiction.

 

“Regulatory Authority”
means the governmental authority responsible for granting any necessary licenses or approvals for the marketing, Sale and use
of a Licensed Product or Licensed Service in a particular national jurisdiction, including without limitation, the FDA, European
Medicines Agency or Koseisho (i.e. the Japanese Ministry of Health and Welfare).

 

“Sell, Sale or Sold” means any transfer or other disposition of Licensed Products or Licensed Services for which consideration is received
by Licensee, its Affiliates or Sublicensees. A Sale of Licensed Products or Licensed Services will be deemed completed at the
time Licensee or its Affiliate or its Sublicensee receives such consideration.

 

“Sublicense Agreement”
means any agreement or arrangement pursuant to which Licensee (or an Affiliate or Sublicensee) grants to any third party any of
the license rights granted to the Licensee under this Agreement.

 

“Sublicense Fees” means the fees
specified in Section 3.1(d).

 

“Sublicensee”
means any entity to whom an express sublicense has been granted under the Patent Rights and/or Technology Rights. For clarity,
a third party wholesaler or distributor who has no significant responsibility for marketing and promotion of the Licensed Product
or Licensed Services within its distribution territory or field (i.e., the third party simply functions as a reseller), and who
does not pay any consideration to Licensee or an Affiliate for such wholesale or distributor rights, shall not be deemed a Sublicensee
and the resale by such a wholesaler or distributor shall not be treated as royalty bearing Net Sales by a Sublicensee, provided
that a royalty is being paid by Licensee for the initial transfer to the wholesaler or distributor pursuant to Section 3.2.
This definition does not limit Licensee’s rights to grant or authorize sublicenses under this Agreement.

 

“Technology Rights”
means LLU’s rights in technical information, know-how, processes, procedures, compositions, devices, methods, formulas,
protocols, techniques, designs, drawings or data created before the Effective Date by Inventors while employed at LLU and within
the Field which are not covered by a Valid Claim but which are necessary for practicing inventions claimed in patents and/or patent
applications listed in the definition of Patent Rights.

 

    3

     

    

 

“Territory” means worldwide.

 

“Valid Claim”
means a claim of (a) an issued and unexpired patent included within the Patent Rights unless the claim has been held unenforceable
or invalid by the final, un-reversed, and un-appealable decision of a court or other governmental body of competent jurisdiction,
has been irretrievably abandoned or disclaimed, or has otherwise been finally admitted or finally determined by the relevant governmental
authority to be invalid, un-patentable or unenforceable, whether through reissue, reexamination, disclaimer or otherwise, or (b)
a pending patent application within the Patent Rights to the extent the claim continues to be prosecuted in good faith.

 

		2.	License Grant and Commercialization

 

		2.1	Grant

 

		(a)	LLU grants to Licensee
                                         a royalty-bearing exclusive license under Patent Rights to manufacture, have manufactured,
                                         use, offer for Sale, Sell and/or import Licensed Products in the Field in the Territory
                                         and to perform Licensed Services in the Field in the Territory.

 

		(b)	LLU grants to Licensee a royalty-bearing
                                         exclusive license under Technology Rights to manufacture, have manufactured, use, offer
                                         for Sale, Sell and/or import Licensed Products in the Field in the Territory and to perform
                                         Licensed Services in the Field in the Territory.

 

		(c)	This grant is subject to (i) the
                                         payment by Licensee to LLU of all consideration required under this Agreement, (ii) any
                                         rights of, or obligations to, the Government as set forth in Section 11.2 (Government
                                         Rights), and (iii) rights retained by LLU to:

 

		(1)	Publish the scientific findings from research
                                         related to the Patent Rights; and

 

		(2)	Use the Licensed Subject Matter for teaching, research, education,
                                         and other educationally-related purposes; and

 

		(3)	Grant rights to, and transfer material
                                         embodiments of, the Licensed Subject Matter to other academic institutions or non-profit
                                         research institutions for the purposes identified in Sections 2.1(c)(1) and 2.1(c)(2)(b),
                                         above.

 

		(d)	LLU reserves all rights not expressly granted in this Agreement
                                         and disclaims the grant of any implied rights to Licensee.

 

		2.2	Affiliates

 

Licensee may extend the license
granted herein to any Affiliate provided that the Affiliate agrees in writing to be bound by this Agreement to the same extent
as Licensee. For the sake of clarity, any specific reference to “Licensee” in any provision of this Agreement
shall include such Affiliate regardless of whether a specific reference to an “Affiliate” is made in such provision.
Licensee shall deliver such Affiliate’s written agreement to LLU within thirty (30) calendar days following execution.

 

    4

     

    

 

		2.3	Sublicensing

 

Licensee has the right to grant
Sublicense Agreements under the Licensed Subject Matter consistent with the terms of this Agreement, subject to the following:

 

		(a)	A Sublicense Agreement
                                         shall not exceed the scope and rights granted to Licensee hereunder. Sublicensee must
                                         agree in writing to be bound by the applicable terms and conditions of this Agreement
                                         and shall agree that LLU is a third party beneficiary of the Sublicense Agreement. In
                                         the event of termination of this Agreement, continued sublicense rights shall be governed
                                         by Section 7.5(a). Licensee may grant a Sublicensee the right to grant further
                                         sub-Sublicense Agreements consistent with this Agreement, in which case such sub-Sublicense
                                         Agreements shall be treated as “Sublicense Agreements” and such sub-Sublicensees
                                         shall be treated as “Sublicensees” for purposes of this Agreement.

 

		(b)	Licensee shall deliver to LLU a true,
                                         complete, and correct copy of each Sublicense Agreement granted by Licensee, Affiliate
                                         or Sublicensee, and any modification or termination thereof, within thirty (30) days
                                         following the applicable execution, modification, or termination of such Sublicense Agreement.
                                         If the Sublicense Agreement is not in English, Licensee shall provide LLU an accurate
                                         English translation in addition to a copy of the original agreement.

 

		(c)	Notwithstanding
                                         any such Sublicense Agreement, Licensee will remain primarily liable to LLU for all of
                                         the Licensee’s duties and obligations contained in this Agreement, including without
                                         limitation the payment of running royalties due under Section 3.2 whether or not
                                         paid to Licensee by a Sublicensee. Any act or omission of a Sublicensee that would be
                                         a breach of this Agreement if performed by Licensee will be deemed to be a breach by
                                         Licensee, provided that, if Licensee cures Sublicensee’s breach within ninety (90) days
                                         of Sublicensee’s breach, then the Sublicensee’s breach will be considered cured and no
                                         longer considered a breach. Each Sublicense Agreement will contain a right of termination
                                         by Licensee in the event that the Sublicensee breaches the payment or reporting obligations
                                         affecting LLU or any other terms and conditions of the Sublicense Agreement that would
                                         constitute a breach of this Agreement if such acts were performed by Licensee.

 

		2.4	Diligent
                                         Commercialization

 

Licensee by itself or through
its Affiliates and Sublicensees will use diligent efforts to make Licensed Products and/or Licensed Services (as applicable) commercially
available in the Field within the Territory. Without limiting the foregoing, Licensee will:

 

		(a)	maintain a bona
                                         fide, funded, ongoing and active research, development, manufacturing, regulatory, marketing
                                         or sales program (all as commercially reasonable) to make License Products and/or Licensed
                                         Services commercially available in the Field to the public as soon as commercially practicable
                                         within the Territory, and

 

    5

     

    

 

		(b)	achieve the following Diligence Milestone events by the deadlines
                                         indicated:

 

	Diligence
    Milestone Events	 	Deadlines
	 	 	 
	Completion of financing round	 	July 31, 2018 
	 	 	 
	Regulatory approval of IND application to initiate first-in-human clinical trials	 	March 31, 2020
		 	 
	Completion of
    first-in-human (phase I/II) clinical trials	 	March 31, 2022
		 	 
	Completion of
    Phase III clinical trials	 	March 31, 2024
	 	 	 
	Biologic Licensing
    Approval by FDA	 	March 31, 2025

 

		(c)	If the obligations under Sections 2.4 (a) and 2.4(b)
                                         are not fulfilled, LLU may treat such failure as a breach in accordance with Section
                                         7.3(b).

 

		(d)	Licensee may extend any of the deadlines for
                                         achieving the Diligence Milestones set forth in Section 2.4(b) above, up to a maximum
                                         of three (3) times, upon written notice to LLU requesting an extension and full payment
                                         of the Extension Fee, as defined below prior to expiration of the deadline. For purposes
                                         of this Agreement, the term “Extension Fee” shall mean one hundred thousand
                                         dollars ($100,000) for each extension request. Upon payment of each Extension Fee with
                                         respect to any of the Diligence Milestones, an additional year will be added to the time
                                         for completion of such Diligence Milestone and all other as yet unmet Diligence Milestones.
                                         It is understood and agreed that time is of the essence with respect to payment of the
                                         Extension Fee, and failure to timely pay an Extension Fee shall not be subject to any
                                         cure period.

 

		3.	Compensation

 

In consideration of rights granted
to Licensee, Licensee will pay LLU the following fees and royalties. All fees and royalties are not refundable and are not creditable
against other fees and royalties. Payments shall be made as specified in Section 18.2.

 

		3.1	Non-Royalty Payments due from Licensee

 

		(a)	Patent Expenses. Licensee will pay all Patent Expenses
                                         in accordance with Article 6.

 

		(b)	Scheduled License Fees. Licensee will pay license fees
                                         in the following amounts and in accordance with the following schedule.

 

		(i)	Upfront License
                                         Fee: Licensee shall pay an Upfront License Fee of twenty five thousand dollars ($25,000)
                                         due (without invoice) within thirty (30) days of either the Effective Date or the date
                                         this Agreement has been fully executed by all Parties, whichever is later (“Upfront
                                         License Fee”). Licensee’s obligations to pay all future patent expenses
                                         pursuant to Article 6 (Patent Expenses and Prosecution) will not be limited by
                                         such amount. The Upfront License Fee shall not be subject to the thirty (30) day cure
                                         period set forth in Section 7.3(a), below.

 

		(ii)	Annual Fees: Licensee shall pay the following Annual Fees:

 

Twenty five thousand dollars ($25,000) due on March
31, 2020, and every anniversary thereafter until the termination of this agreement.

 

    6

     

    

 

		(c)	Milestone Fees. Licensee will pay Milestone Fees within thirty
                                         (30) days of achieving the following milestone events:

 

	Milestone
    Events	 	Milestone
    Fees
	Completion of financing round (estimated in
    Section 2.4(b) to be on or before July 31, 2018)	 	Two hundred thousand dollars ($200,000)
	 	 	 
	Regulatory  approval  of  IND  application  to
    initiate first-in-human clinical trials (estimated in Section 2.4(b) to be on or before March 31, 2020)	 	One hundred seventy five thousand dollars ($175,000)
	 	 	 
	Completion  of  first-in-human  (phase  I/II)
    clinical trials (estimated in Section 2.4(b) to be on or before March 31, 2022)	 	One hundred thousand dollars ($100,000)
	 	 	 
	Completion  of  Phase  III  clinical  trials
    (estimated in Section 2.4(b) to be on or before March 31, 2024)	 	Five hundred thousand dollars ($500,000)
	 	 	 
	Biologic Licensing Approval by FDA (estimated
    in Section 2.4(b) to be on or before March 31, 2025)	 	Five hundred thousand dollars ($500,000)
	 	 	 
	One time success fee when the combined total
    of Net Product Sales and Net Service Sales are at least fifteen million dollars ($15,000,000) within any single Contract Year	 	Two hundred fifty thousand dollars ($250,000)

 

Licensee shall promptly notify LLU that the milestone
has been achieved as provided in Section 4.1(f).

 

		(d)	Sublicense Fees. Licensee will pay Sublicense
                                         Fees in an amount equal to twenty five percent (25%) of Non-Royalty Sublicensing Consideration
                                         on or before the Quarterly Payment Deadline for the Contract Quarter during which Licensee
                                         receives such consideration.

 

		(e)	Past Patent Fees. Licensee
                                         shall pay LLU two hundred thousand dollars ($200,000) in partial compensation for expenses
                                         incurred by LLU for filing, prosecuting, defending and maintaining Patent Rights. This
                                         payment shall be due on a quarterly basis in three (3) installments, beginning at the
                                         end of the September 2018 and continuing through to the end of March 2019. made in the
                                         amounts of seventy thousand dollars ($70,000) due at the end of September 2018, seventy
                                         thousand dollars ($70,000) due at the end of December 2018, and a final payment of sixty
                                         thousand dollars ($60,000) due at the end of March 2019.

 

		3.2	Royalties

 

Licensee will pay running royalties
on Net Product Sales and Net Service Sales during each Contract Quarter on or before the Quarterly Payment Deadline for such Contract
Quarter, as follows: (a) one and one-half percent (1.5%) of Net Product Sales and Net Service Sales in each Contract Quarter for
Licensed Products and Licensed Services covered by one or more Valid Claims; and (b) three quarter percent (0.75%) of Net Product
Sales and Net Service Sales in each Contract Quarter for Licensed Products and Licensed Services not covered by a Valid Claim
for Technology Rights and know-how for three (3) years beyond the expiration of all applicable Valid Claims. No royalty shall
be payable under this Section 3.2 with respect to (i) Sales to an Affiliate or Sublicensee of a particular unit of Licensed
Product that is used by such Affiliate or Sublicensee to perform a Licensed Service if LLU is paid a royalty on the Sale of such
Licensed Service, (ii) the Sale of Licensed Products between or among Licensee, its Affiliates, and Sublicensees for re-sale purposes,
provided LLU is paid a royalty with respect to the re-sale, or (iii) payments that constitute Non-Royalty Sublicensing Consideration.

 

    7

     

    

 

		3.3	Non-cash
                                         Consideration

 

If Licensee receives or anticipates
receipt of non-cash consideration from Sales or Sublicenses, the manner in which LLU will receive its compensation under this
Agreement with respect to such non-cash consideration will be negotiated in good faith and timely agreed to by the Parties.

 

		3.4	Equity

 

Licensee shall pay fifty thousand
(50,000) of its common shares within thirty (30) days of either the Effective Date or the date this Agreement has been fully executed
by all Parties, whichever is later.

 

		4.	Reports and Plans

 

The reports specified in this
Article 4 will be sent to LLU’s contact identified in Section 18.1. If LLU requests the submission of information
in a particular format, Licensee will use reasonable efforts to comply with such request.

 

		4.1	Quarterly Payment and Milestone Reports

 

On or before each Quarterly Payment
Deadline, Licensee will deliver to LLU a true and accurate report, certified by an officer of Licensee, giving such particulars
of the business conducted by Licensee, its Affiliates and its Sublicensees (including copies of reports provided by Sublicensees
and Affiliates to Licensee) during the preceding Contract Quarter under this Agreement as necessary for LLU to account for Licensee’s
payments, including royalties, hereunder, even if no payments are due. The reports shall continue to be delivered after the termination
or expiration of this Agreement until such time as all Licensed Products permitted to be Sold, if any, have been Sold or destroyed.
The report shall include:

 

		(a)	The name of the
                                         Licensee, the title and date of this Agreement, and the period covered by the report;

 

		(b)	The name of any Affiliates and Sublicensees
                                         whose activities are also covered by the report;

 

		(c)	Identification of each Licensed Product and Licensed Service
                                         for which any royalty payments have become payable;

 

		(d)	Net Product Sales and Net Service
                                         Sales segregated on a product-by-product, service-by service, and a country-by-country
                                         basis, or an affirmative statement that no Sales were made. The report shall also itemize
                                         the permitted deductions from the Gross Consideration used to arrive at the resulting
                                         Net Product Sales and Net Service Sales, on a product-by-product, service-by service,
                                         and country-by-country basis;

 

		(e)	The applicable royalty rate;

 

		(f)	An affirmative statement of whether
                                         any milestones with deadlines in that Contract Quarter under Section 2.4 and any
                                         milestones under Section 3.1(c) were achieved or not achieved, and the resulting
                                         Milestone Fee payable;

 

    8

     

    

 

		(g)	Non-Royalty Sublicensing Consideration
                                         received by Licensee segregated on a Sublicense-by-Sublicense basis, or an affirmative
                                         statement that none was received;

 

		(h)	If any consideration was received in currencies other than U.S.
                                         dollars, the report shall describe the currency exchange calculations; and

 

		(i)	Any changes in accounting methodologies used to account for and
                                         calculate the items included in the report since the previous report.

 

		4.2	Annual
                                         Written Progress Report and Commercialization Plan

 

Within forty-five (45) days following
the end of each Contract Year, Licensee will deliver to LLU a true and accurate signed written progress report that summarizes
(a) Licensee’s efforts and accomplishments during the Contract Year to diligently commercialize Licensed Products and Licensed
Services, and (b) Licensee’s development and commercialization plans with respect to Licensed Products and Licensed Services
for the next Contract Year. The report shall also cover such activities by Affiliates and Sublicensees. The report shall contain
the following information to the extent relevant to the activities under this Agreement:

 

		(i)	The name of the Licensee, the title
                                         and date of this Agreement, the names of any Affiliates and Sublicensees, and the products
                                         and services being developed and/or commercialized;

 

		(ii)	The progress toward completing and the plans for completing
                                         the applicable milestone events pursuant to Sections 2.4 and 3.1(c); and

 

		(iii)	The research and development activities,
                                         including status and plans for obtaining any necessary Regulatory Approvals, performed
                                         during the past year, and the plans for research and development activities for the next
                                         year.

 

		5.	Payment, Records, and Audits

 

		5.1	Payments

 

All amounts
referred to in this Agreement are expressed in U.S. dollars without deductions for taxes, assessments, fees, or charges of any
kind. All payments to LLU will be made in U.S. dollars by check or wire transfer (Licensee to pay all wire transfer fees) as specified
in Section 18.2.

 

		5.2	Sales Outside the U.S.

 

If any currency conversion shall
be required in connection with the calculation of payments hereunder, such conversion shall be made using the rate used by Licensee
for its financial reporting purposes in accordance with Generally Accepted Accounting Principles (or foreign equivalent) or, in
the absence of such rate, using the average of the buying and selling exchange rate for conversion between the foreign currency
and U.S. Dollars, for current transactions as reported in The Wall Street Journal on the last business day of the Contract
Quarter to which such payment pertains.

 

		5.3	Late Payments

 

Amounts that are not paid by Licensee
when due will accrue a late charge from the due date until paid, at a rate equal to one percent (1.0%) per month (or the maximum
allowed by law, if less). If Licensee is more than thirty (30) days in arrears on any payment or obligation due under this Agreement,
LLU and Prosecution Counsel shall have no obligation to confer or otherwise communicate with, or provide any information to, Licensee
under Article 6 of this Agreement, until Licensee becomes current on all payments and obligations under this Agreement.

    9

     

    

 

		5.4	Records

 

For a period of six (6) years
after the Contract Quarter to which the records pertain, Licensee shall keep, and shall cause its Affiliates and each Sublicensees
to keep, complete and accurate records of their Sales, Net Product Sales, Net Service Sales, Milestone Fees, and Non-Royalty Sublicensing
Consideration in sufficient detail to enable such payments to be determined and audited.

 

		5.5	Auditing

 

Licensee and its Affiliates will
permit LLU or its representatives, at LLU’s expense, to periodically examine books, ledgers, and records during regular
business hours, at Licensee’s or its Affiliate’s place of business, on at least thirty (30) days advance notice, to
the extent necessary to verify any payment or report required under this Agreement. For each Sublicensee, Licensee shall obtain
such audit rights for LLU or itself. If Licensee obtains such audit rights for itself, Licensee will promptly conduct an audit
of the Sublicensee’s records upon LLU’s request, and Licensee will furnish to LLU a copy of the findings from such
audit. No more than one audit of Licensee, each Affiliate, and each Sublicensee shall be conducted under this Section 5.5
in any calendar year. If any amounts due LLU have been underpaid, then Licensee shall immediately pay LLU the amount of such underpayment
plus accrued interest due in accordance with Section 5.3. If the amount of underpayment is equal to or greater than five
percent (5%) of the total amount due for the records so examined, Licensee will pay the cost of such audit. Such audits may, at
LLU ’s sole discretion, consist of a self-audit conducted by Licensee at Licensee’s expense and certified in writing
by an authorized officer of Licensee. All information examined pursuant to this Section 5.5 shall be deemed to be the Confidential
Information of the Licensee.

 

		6.	Patent Expenses and Prosecution

 

		6.1	Patent Expenses

 

Licensee shall pay for filing,
prosecuting, defending and maintaining Patent Rights and related patent searches, for so long as and in such countries as this
Agreement remains in effect (“Patent Expenses”).

 

		6.2	Patent Prosecution

 

Licensee shall instruct Prosecution
Counsel directly for the prosecution and maintenance of the Patent Rights, although Licensee must remain in good standing with
this Agreement for this permission to instruct Prosecution Counsel to remain in place. Upon filing, Licensee will provide LLU
with copies of all applications for all such Patent Rights, and all other material submissions and correspondence with any patent
authorities regarding such Patent Rights, in sufficient time for review and comment prior to filing, to the extent practicable
under the circumstances. In addition, Licensee will provide LLU and its counsel with an opportunity to consult with Licensee and
its counsel regarding prosecution and maintenance of any such Patent Rights, and Licensee will not unreasonably refuse to address
all reasonable comments timely made by or on behalf of LLU. In the event of any breach of this Agreement by Licensee, LLU may
elect to take over the prosecution and maintenance of the Patent Rights at any time. The Parties agree that they share a common
legal interest to get valid enforceable patents and that Licensee will maintain as privileged all information received pursuant
to this Section 6.2. Notwithstanding Section 18.1, the Parties may, at their own discretion, provide (or instruct Prosecution
Counsel to provide) documents and communications regarding patent prosecution and maintenance to the other Party or the other
Party’s designee by email or regular U.S. mail.

 

    10

     

    

 

		6.3	Ownership

 

All patent applications and patents
directly related and capable of claiming priority to the Patent Rights will be in the name of LLU and owned by LLU. No payments
due under this Agreement will be reduced as the result of co-ownership interests in the Patent Rights by Licensee or any other
party, wherein ownership or co-ownership is established by inventorship as determined in accordance with United States patent
law.

 

		6.4	Non-Pursued
                                         Patent Rights

 

If Licensee does not choose to
pursue patent rights in a particular jurisdiction and LLU chooses to do so, then in each such case Licensee shall so notify LLU,
promptly in writing and in good time to enable LLU to meet any deadlines by which an action must be taken, but no less than thirty
(30) days of such deadlines, to preserve such patent rights in such jurisdiction, Licensee shall so notify LLU and thereafter
said patent rights on the basis of any particular claim, patent application or patent, as appropriate, shall no longer be included
in the Patent Rights and Licensee shall have no further rights thereto.

 

		6.5	Withdrawal
                                         from Paying Patent Expenses

 

If at any time Licensee wishes
to cease paying Patent Expenses for a particular Patent Right or for patent prosecution or maintenance for a patent or patent
application in a particular jurisdiction, Licensee must give LLU at least sixty (60) days prior written notice and Licensee will
continue to be obligated to pay for the Patent Expenses which reasonably accrue with respect thereto during said notice period.
Thereafter, said particular Patent Right, patent application, or patent shall no longer be included in the Patent Rights and Licensee
shall have no further rights thereto.

 

		6.6	U.S.
                                         Patent and Trademark Office Entity Size Status

 

Licensee represents that as of
the Effective Date the entity size status of Licensee in accordance with the regulations of the U.S. Patent and Trademark Office
is as set forth in Exhibit A. Licensee will inform LLU in writing on a timely basis of any change in its U.S. Patent and
Trademark Office entity size status.

 

		7.	Term and Termination

 

		7.1	Term

 

Unless earlier terminated as provided
herein, the term of this Agreement is from the Effective Date until the last to occur of: (a) the expiration of all patents issued
under Patent Rights (if any) and the cancellation, withdrawal, or express abandonment of all patent applications under Patents
Rights (if any), or (b) the date required for Licensee to pay any Milestone Fees in Section 3.1(c) or running royalties
in Section 3.2(b).

 

		7.2	Termination by Licensee

 

Licensee,
at its option, may terminate this Agreement, provided Licensee is not in default on any of its obligations under this Agreement,
by providing LLU written notice of intent to terminate, which such termination will be effective ninety (90) days following receipt
of such notice by LLU.

 

    11

     

    

 

		7.3	Termination by LLU

 

LLU may immediately
terminate this Agreement, or Licensee’s rights with respect to any part of Licensed Subject Matter, or any part of Field, or any
part of Territory, or the exclusive nature of the license grant, upon delivery of written notice to Licensee of LLU’s decision
to terminate, if any of the following occur:

 

		(a)	Licensee becomes in arrears
                                         in any payments due under this Agreement and Licensee fails to make the required payment
                                         within ninety (90) days after delivery of written notice from LLU (except for the Upfront
                                         License Fee in Section 3.1(b)(i), for which no cure period applies); or

 

		(b)	Licensee is in breach of any
                                         non-payment provision of this Agreement, and does not cure such breach within ninety
                                         (90) days after delivery of written notice from LLU; or

 

		(c)	LLU delivers notice to Licensee
                                         of three or more actual breaches of this Agreement in any twelve- (12-) month period,
                                         even in the event that Licensee cures such breaches in the allowed period, provided that
                                         this Section 7.3(c) does not apply to Sublicensee breaches cured by Licensee under
                                         Section 2.3(c); or

 

		(d)	Licensee or its Affiliate or
                                         Sublicensee initiates any proceeding or action to challenge the validity, enforceability,
                                         or scope of one or more of the Patent Rights, or assists a third party in pursuing such
                                         a proceeding or action.

 

		7.4	Other
                                         Conditions of Termination

 

This Agreement will terminate:

 

		(a)	Immediately without the necessity of any action being
taken by LLU or Licensee: (i) if Licensee becomes bankrupt or insolvent; (ii) Licensee’s board of directors elects
to liquidate its assets or dissolve its business; (iii) Licensee ceases its business operations; (iv) Licensee makes an assignment
for the benefit of creditors; or (v) if the business or assets of Licensee are otherwise placed in the hands of a receiver, assignee
or trustee, whether by voluntary act of Licensee or otherwise; or

 

		(b)	At any time by mutual written agreement between Licensee and
                                         LLU; or

 

		(c)	Immediately, upon written notice from LLU to Licensee, if
                                         the Upfront License Fee specified in Section 3.1(b)(i) is not timely paid.

 

		7.5	Effect
                                         of Termination

 

If this Agreement is terminated for any reason:

 

		(a)	All rights and licenses of Sublicensees
                                         shall terminate upon termination of this Agreement; provided however, if the Sublicense
                                         Agreement is for all of the Field for all of the Territory, and the Sublicensee is in
                                         good standing and agrees in writing to assume all of the obligations of Licensee and
                                         provides LLU with written notice thereof within thirty (30) days after termination of
                                         this Agreement, then such Sublicense Agreement shall survive; and

 

		(b)	Licensee (and any Affiliates
                                         or Sublicensees) shall cease making, having made, distributing, having distributed, using,
                                         selling, offering to sell, leasing, loaning and importing any Licensed Products and performing
                                         Licensed Services by the effective date of termination; and

 

		(c)	Licensee shall tender payment
                                         of all accrued royalties and other payments due to LLU as of the effective date of termination
                                         within thirty (30) days thereafter; and

    12

     

    

 

		(d)	Nothing in this Agreement will be construed to release either
                                         Party from any obligation that matured prior to the effective date of termination; and

 

		(e)	The provisions of Articles
                                         8 (Confidentiality), 9 (Infringement and Litigation), 11 (Representations
                                         and Disclaimers), 12 (Limit of Liability), 13 (Indemnification), 14
                                         (Insurance), 17 (Use of Name), 18 (Notices), and 19 (General
                                         Provisions) shall survive any termination or expiration of this Agreement. In addition,
                                         the provisions of Article 3 (Compensation), Section 4.1 (Quarterly Payment
                                         and Milestone Reports), Article 5 (Payment, Records and Audits), and Section
                                         6.1 (Patent Expenses) shall survive with respect to all activities and payment obligations
                                         accruing prior to the termination or expiration of this Agreement.

 

		8.	Confidentiality

 

		8.1	Definition

 

“Confidential Information”
means all information that is of a confidential and proprietary nature to LLU or Licensee and provided by one party (the “Disclosing
Party”) to the other party (the “Receiving Party”) under this Agreement.

 

		8.2	Protection and Marking

 

All Confidential Information
disclosed by Disclosing Party in tangible form, and marked “confidential” and forwarded to the Receiving Party,
or if disclosed orally, is designated as confidential at the time of disclosure: (i) is to be held in strict confidence by
the Receiving Party, (ii) is to be used by the Receiving Party only as authorized in this Agreement, and (iii) shall not be
disclosed by the Receiving Party, its agents or employees without the prior written consent of the Disclosing Party or as
authorized in this Agreement. Licensee has the right to use and disclose Confidential Information of LLU reasonably in
connection with the exercise of its rights under this Agreement, including without limitation disclosing to Affiliates,
Sublicensees, potential investors, acquirers, and others on a need to know basis, if such Confidential Information is
provided under conditions which reasonably protect the confidentiality thereof. The Receiving Party’s obligation of
confidence hereunder includes, without limitation, using at least the same degree of care with the Disclosing Party’s
Confidential Information as Receiving Party uses to protect its own Confidential Information, but always at least a
reasonable degree of care.

 

		8.3	Confidentiality of Terms of Agreement

 

Neither Party shall disclose to
any third party the terms of this Agreement without the prior written consent of the other Party hereto, except each Party may
disclose the terms of this Agreement: (a) to advisors, actual or potential Sublicensees, acquirers or investors, and others on
a need to know basis, in each case, under appropriate confidentiality obligations substantially similar to those of this Article
8. LLU may disclose the existence of this Agreement and the Field to other potential third party licensees for uses outside
the Field. In addition, LLU may disclose relevant non-financial terms (such as patent prosecution, infringement and litigation
obligations) in confidence to other potential third party licensees. Notwithstanding the foregoing, the existence of this Agreement
shall not be considered Confidential Information.

 

		8.4	Disclosure Required by Court Order or
                                         Law

 

If the Receiving Party is required
to disclose Disclosing Party’s Confidential Information, or any terms of this Agreement, pursuant to the order or requirement
of a court, administrative agency, or other governmental body or applicable law, the Receiving Party may disclose such Confidential
Information or terms to the extent required, provided that the Receiving Party shall use reasonable efforts to provide the Disclosing
Party with reasonable advance notice thereof to enable the Disclosing Party to seek a protective order and otherwise seek to prevent
such disclosure. To the extent that Confidential Information so disclosed does not become part of the public domain by virtue
of such disclosure, it shall remain Confidential Information protected pursuant to Article 8.

 

    13

     

    

 

		8.5	Copies

 

The Receiving Party shall not
copy or record any of the Confidential Information of the Disclosing Party, except as reasonably necessary to exercise its rights
or perform its obligations under this Agreement, and for archival and legal purposes.

 

		8.6	Continuing
                                         Obligations

 

Subject to the exclusions listed
in Section 8.7, the Parties’ confidentiality obligations under this Agreement will survive termination of this Agreement
and will continue for a period of five years thereafter.

 

		8.7	Exclusions

 

Information shall not be considered
Confidential Information of a Disclosing Party under this Agreement to the extent that the Receiving Party can establish by competent
written proof that such information:

 

		(a)	Was in the public domain at the time of disclosure; or

 

		(b)	Later became part of the public
                                         domain through no act or omission of the Receiving Party, its employees, agents, successors
                                         or assigns in breach of this Agreement; or

 

		(c)	Was lawfully disclosed to the Receiving Party by a third
                                         party having the right to disclose such information not under an obligation of confidentiality;
                                         or

 

		(d)	Was already known by the Receiving Party at the time of
                                         disclosure; or

 

		(e)	Was independently developed by the Receiving Party without
                                         use of the Disclosing Party’s Confidential Information.

 

		8.8	Copyright
                                         Notice

 

The placement of a copyright notice
on any Confidential Information will not be construed to mean that such information has been published and will not release the
other Party from its obligation of confidentiality hereunder.

 

		8.9	No
                                         Limitation on LLU’s Publication Rights

 

Nothing in this Article 8
shall be construed to limit LLU’s reserved right to publish the scientific findings from research related to Licensed Subject
Matter, as set forth in Section 2.1(c).

 

		9.	Infringement and Litigation

 

		9.1	Notification

 

If LLU’s office for technology
transfer or Licensee becomes aware of any infringement or potential infringement of Patent Rights in the Field, each Party shall
promptly notify the other of such in writing.

 

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		9.2	Licensee’s
                                         Enforcement Rights

 

Licensee shall enforce the Patent
Rights against any infringement by a third party in the Field. Licensee shall provide LLU with written notice of its intent to
file an infringement lawsuit at least twenty (20) days before filing. Licensee shall be responsible for payment of all fees and
expenses associated with such enforcement incurred by Licensee and incurred by LLU in providing cooperation or joining as a party
as provided in Section 9.4. Any monetary recovery for actual damages or punitive or enhanced damages in excess of Licensee’s
documented, third-party expenses in enforcing the Patent Rights and amounts actually reimbursed by Licensee to LLU under this
Section 9.2 shall be shared by Licensee with LLU as follows: twenty-five percent (25%) of such monetary recovery shall
be paid to LLU and seventy-five percent (75%) shall be retained by Licensee.

 

		9.3	LLU’s
                                         Enforcement Rights

 

If Licensee does not file suit
within six months after a written request by LLU to initiate an infringement action against an infringer in the Field, then LLU
shall have the right, in its sole discretion, to bring suit to enforce any Patent Right licensed hereunder against the infringing
activities, with LLU retaining all recoveries from such enforcement. If LLU pursues such infringement action, LLU may, as part
of the resolution thereof, grant non-exclusive license rights to the alleged infringer notwithstanding Licensee’s exclusive
license rights.

 

		9.4	Cooperation
                                         between the Parties

 

In any infringement suit or dispute,
the Parties shall cooperate fully with each other. At the request of the Party bringing suit, the other Party will permit reasonable
access, after reasonable advance notice and subject to any confidentiality obligations (including but not limited to restrictions
on access to patient information), to all relevant personnel, records, papers, information, samples, specimens, etc., during regular
business hours. If it is necessary to name LLU as a party in such action, then Licensee must first obtain LLU’s prior written
permission, which permission shall not be unreasonably withheld, provided that LLU shall have reasonable prior input on choice
of counsel on any matter where such counsel represents LLU, and Licensee and such counsel agree to follow all required procedures
requested by LLU General Counsel.

 

		10.	Export Compliance

 

Licensee understands that the
Arms Export Control Act (AECA), including its implementing International Traffic In Arms Regulations (ITAR), and the Export Administration
Act (EAA), including its Export Administration Regulations (EAR), are some (but not all) of the laws and regulations that comprise
the U.S. export laws and regulations. Licensee further understands that the U.S. export laws and regulations include (but are
not limited to): (a) ITAR and EAR product/service/data-specific requirements; (b) ITAR and EAR ultimate destination-specific requirements;
(c) ITAR and EAR end user-specific requirements; (d) Foreign Corrupt Practices Act; and (e) anti-boycott laws and regulations.
Licensee will comply with all then-current applicable export laws and regulations of the U.S. Government (and other applicable
U.S. laws and regulations) pertaining to the Licensed Products and Licensed Services (including any associated products, items,
articles, computer software, media, services, technical data, and other information). Licensee certifies that it will not, directly
or indirectly, export (including any deemed export), or re-export (including any deemed re-export) the Licensed Products and Licensed
Services (including any associated products, items, articles, computer software, media, services, technical data, and other information)
in violation of applicable U.S. laws and regulations. Licensee will include a provision in its agreements, substantially similar
to this Article 10, with its Sublicensees, third party wholesalers and distributors, and physicians, hospitals or other
healthcare providers who purchase a Licensed Product, requiring that these parties comply with all then-current applicable U.S.
export laws and regulations and other applicable U.S. laws and regulations.

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		11.	Representations and Disclaimers

 

		11.1	LLU Representations

 

LLU makes no representations or
warranties, express or implied, as to any matter whatsoever including, without limitation: (a) the condition of the Licensed Subject
Matter, the Licensed Product, the Licensed Services or results derived therefrom; or (b) the ownership, merchantability, or fitness
for a particular purpose of the Licensed Subject Matter, the Licensed Product, the Licensed Services or results derived therefrom;
or (c) the scope of the licensed Patent Rights or Technology Rights or that such Patent Rights or Technology Rights may be exploited
by the Licensee without infringing other patents.

 

LLU warrants that it has not previously
granted any rights that would conflict with the rights granted by this Agreement.

 

Licensee, by execution hereof,
acknowledges, covenants and agrees that it has not been induced in any way by the University or its employees to enter into this
Agreement, and further warrants and represents that: (a) it has conducted sufficient due diligence with respect to all items and
issues pertaining to this Article 11 and all other matters pertaining to this Agreement; and (b) the Licensee has adequate
knowledge and expertise, or has utilized knowledgeable and expert consultants, to adequately conduct the due diligence, and agrees
to accept all risks inherent herein.

 

		11.2	Government
                                         Rights

 

Licensee understands that Licensed
Subject Matter may have been developed under a funding agreement with Government and, if so, that Government may have certain
rights relative thereto. This Agreement is made subject to the Government’s rights under any such agreement and under any
applicable Government law or regulation. To the extent that there is a conflict between any such agreement, such applicable law
or regulation and this Agreement, the terms of such Government agreement, and applicable law or regulation, shall prevail. Licensee
shall assure that, to the extent required by U.S. laws and regulations, Licensed Products used or Sold in the U.S. will be manufactured
substantially in the U.S., unless a written waiver is obtained in advance from the U.S. Government.

 

		11.3	LLU
                                         Entity Disclaimers

 

EXCEPT AS SPECIFICALLY SET FORTH
IN SECTION 11.1, LICENSEE UNDERSTANDS AND AGREES THAT NEITHER LLU MAKES ANY REPRESENTATIONS OR WARRANTIES OF ANY KIND,
EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, AS TO THE LICENSED PRODUCTS OR LICENSED SERVICES, OR AS TO THE OPERABILITY
OR FITNESS FOR ANY USE OR PARTICULAR PURPOSE, MERCHANTABILITY, SAFETY, EFFICACY, APPROVABILITY BY REGULATORY AUTHORITIES, TIME
AND COST OF DEVELOPMENT, PATENTABILITY, AND/OR BREADTH OF PATENT RIGHTS. NEITHER LLU MAKES ANY REPRESENTATION AS TO WHETHER ANY
PATENT WITHIN PATENT RIGHTS IS VALID, OR AS TO WHETHER THERE ARE ANY PATENTS NOW HELD, OR WHICH WILL BE HELD, BY OTHERS OR BY
LLU THAT MIGHT BE REQUIRED FOR USE OF PATENT RIGHTS IN FIELD. LLU MAKES NO REPRESENTATION THAT THE INVENTIONS CONTAINED IN PATENT
RIGHTS DO NOT INFRINGE ANY OTHER PATENTS NOW HELD OR THAT WILL BE HELD BY OTHERS OR BY LLU. NOTHING IN THIS AGREEMENT WILL BE
CONSTRUED AS CONFERRING BY IMPLICATION, ESTOPPEL OR OTHERWISE ANY LICENSE OR RIGHTS TO ANY PATENTS OR TECHNOLOGY OF LLU OTHER
THAN THE PATENT RIGHTS, WHETHER SUCH PATENTS ARE DOMINANT OR SUBORDINATE TO THE PATENT RIGHTS, OR THE TECHNOLOGY RIGHTS SPECIFICALLY
DESCRIBED HEREIN.

    16

     

    

 

		11.4	Licensee
                                         Representations

 

By execution of this Agreement,
Licensee represents, warrants, acknowledges, covenants and agrees (a) that Licensee has not been induced in any way by LLU or
its employees to enter into this Agreement, and (b) that Licensee has been given an opportunity to conduct sufficient due diligence
with respect to all items and issues pertaining to this Article 11 (Representations and Disclaimers) and all other matters
pertaining to this Agreement; and (c) that Licensee has adequate knowledge and expertise, or has utilized knowledgeable and expert
consultants, to adequately conduct the due diligence, and (d) that Licensee accepts all risks inherent herein. Licensee represents
that it is a duly organized, validly existing entity of the form indicated in the preamble to this Agreement, and is in good standing
under the laws of its jurisdiction of organization as indicated in the preamble of this Agreement, and has all necessary corporate
or other appropriate power and authority to execute, deliver and perform its obligations hereunder.

 

		12.	Limit of Liability

 

IN NO EVENT SHALL LLU, ITS MEMBER
INSTITUTIONS, OR THEIR RESPECTIVE INVENTORS, MEMBERS OF THE BOARD OF TRUSTEES, OFFICERS, EMPLOYEES, STUDENTS, AGENTS OR AFFILIATED
ENTERPRISES, BE LIABLE FOR ANY INDIRECT, SPECIAL, CONSEQUENTIAL, INCIDENTAL, EXEMPLARY, OR PUNITIVE DAMAGES (INCLUDING, WITHOUT
LIMITATION, DAMAGES FOR LOSS OF PROFITS OR REVENUE) ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR ITS SUBJECT MATTER,
REGARDLESS OF WHETHER THE FOREGOING OR ANY PARTY HERETO KNOWS OR SHOULD KNOW OF THE POSSIBILITY OF SUCH DAMAGES. OTHER THAN FOR
CLAIMS AGAINST LICENSEE FOR INDEMNIFICATION (ARTICLE 13) OR FOR MISUSE OR MISAPPROPRIATION OR INFRINGEMENT OF LLU’S INTELLECTUAL
PROPERTY RIGHTS OR BREACH OF DUTY TO MAINTAIN CONFIDENTIAL INFORMATION, LICENSEE WILL NOT BE LIABLE TO LLU FOR ANY INDIRECT, SPECIAL,
CONSEQUENTIAL OR PUNITIVE DAMAGES (INCLUDING, WITHOUT LIMITATION, DAMAGES FOR LOSS OF PROFITS OR REVENUE) ARISING OUT OF OR IN
CONNECTION WITH THIS AGREEMENT OR ITS SUBJECT MATTER, REGARDLESS OF WHETHER LICENSEE KNOWS OR SHOULD HAVE KNOWN OF THE POSSIBILITY
OF SUCH DAMAGES.

 

		13.	Indemnification

 

		13.1	Indemnification Obligation

 

SUBJECT TO SECTION 13.2,
LICENSEE SHALL HOLD HARMLESS, DEFEND AND INDEMNIFY LLU, ITS MEMBER INSTITUTIONS, AND THEIR RESPECTIVE MEMBERS OF THE BOARD OF
TRUSTEES, OFFICERS, EMPLOYEES, STUDENTS AND AGENTS (“INDEMNIFIED PARTIES”) FROM AND AGAINST ANY LIABILITIES,
DAMAGES, CAUSES OF ACTION, SUITS, JUDGMENTS, LIENS, PENALTIES, FINES, LOSSES, COSTS AND EXPENSES (INCLUDING, WITHOUT LIMITATION,
REASONABLE ATTORNEYS’ FEES AND OTHER EXPENSES OF LITIGATION) (COLLECTIVELY “LIABILITIES”) RESULTING FROM
CLAIMS OR DEMANDS BROUGHT BY THIRD PARTIES AGAINST AN INDEMNIFIED PARTY ON ACCOUNT OF ANY INJURY OR DEATH OF PERSONS, DAMAGE TO
PROPERTY, OR ANY OTHER DAMAGE OR LOSS ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR THE EXERCISE OR PRACTICE BY OR UNDER
AUTHORITY OF LICENSEE, ITS AFFILIATES OR THEIR SUBLICENSEES, OR THIRD PARTY WHOLESALERS OR DISTRIBUTORS, OR PHYSICIANS, HOSPITALS
OR OTHER HEALTHCARE PROVIDERS WHO PURCHASE A LICENSED PRODUCT OR LICENSED SERVICE, OF THE RIGHTS GRANTED BY LLU UNDER THIS AGREEMENT.

 

    17

     

    

 

		13.2	Conditions
                                         of Indemnification

 

Licensee shall have no responsibility or obligation
under Section 13.1 for any Liabilities to the extent caused by the gross negligence or willful misconduct of LLU.

 

		14.	Insurance

 

		14.1	Insurance Requirements

 

Prior to any Licensed Product
being used or Sold (including for the purpose of obtaining Regulatory Approval), and prior to any Licensed Service being performed
by Licensee, an Affiliate, or by a Sublicensee, and for a period of five years after this Agreement expires or is terminated,
Licensee shall, at its sole cost and expense, procure and maintain commercial general liability insurance in commercially reasonable
and appropriate amounts for the Licensed Product being used or Sold or the Licensed Service being performed. Licensee shall use
commercially reasonable efforts to have the LLU, its member institutions, and their respective Regents, officers, employees, and
Inventors named as additional insureds. Such commercial general liability insurance shall provide, without limitation: (a) product
liability coverage; (b) broad form contractual liability coverage for Licensee’s indemnification under this Agreement; and
(c) coverage for litigation costs.

 

		14.2	Evidence of Insurance and Notice of Changes

 

Upon request by LLU, Licensee
shall provide LLU with written evidence of the insurance referenced in Section 14.1 above. Additionally, Licensee shall
provide LLU with written notice of at least sixty (60) days prior to Licensee cancelling, not renewing, or materially changing
such insurance.

 

		15.	Assignment

 

This Agreement may not be assigned
by Licensee without the prior written consent of LLU, which consent will not be unreasonably withheld, except Licensee may assign
this Agreement, without such consent, to any of its Affiliates and/or to an entity that acquires all or substantially all of its
business or assets to which this Agreement pertains, whether by merger, reorganization, acquisition, sale, or otherwise.. A merger
or other transaction in which the equity holders of Licensee prior to such event hold less than a majority of the equity of the
surviving or acquiring entity shall be considered an assignment of this Agreement. For any permitted assignment to be effective,
Licensee must be in good standing under this Agreement, and the assignee must assume in writing (a copy of which shall be promptly
provided to LLU) all of Licensee’s interests, rights, duties and obligations under this Agreement and agree to comply with
all terms and conditions of this Agreement as if assignee were an original Party to this Agreement.

 

		16.	Marking and Compliance

 

		16.1	Patent Markings

 

Licensee shall assure that all
Licensed Products Sold by Licensee, Affiliates, or Sublicensees will be legibly marked with the number of any applicable patent(s)
licensed hereunder as part of the Patent Rights in accordance with each country’s patent marking laws, including Title
35, U.S. Code, or if such marking is not practicable, that the accompanying outer box or product insert for Licensed Products
is marked accordingly.

 

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		16.2	Governmental Approvals and Marketing
                                         of Licensed Products and or Licensed Services

 

Licensee will be responsible for
obtaining all necessary governmental approvals for the development, production, distribution, Sale, and use of any Licensed Product
or performance of any Licensed Service, at Licensee’s expense, including, without limitation, any safety studies. Licensee
will have sole responsibility for any warning labels, packaging and instructions as to the use and the quality control for any
Licensed Product or Licensed Service.

 

		16.3	Foreign
                                         Registration and Laws

 

Licensee shall register this Agreement
with any foreign governmental agency that requires such registration and Licensee will pay all costs and legal fees in connection
with such registration. Licensee is responsible for compliance with all foreign laws affecting this Agreement or the Sale of Licensed
Products and Licensed Services to the extent there is no conflict with United States law, in which case United States law will
control.

 

		17.	Use of Name

 

Licensee will not use the name,
trademarks or other marks of LLU, or any of its respective employees or Regents, without the advance written consent of LLU. LLU
may use Licensee’s name and logo for annual reports, brochures, website and internal reports without prior consent.

 

		18.	Notices and Payments

 

		18.1	Any notice of the Parties required or permitted
                                         to be given or made under this Agreement will be in writing and will be deemed effective
                                         when sent in a manner that provides confirmation or acknowledgement of delivery and received
                                         at the mailing address or Fax number set forth below (unless changed by written notice
                                         pursuant to this Section 18.1).

 

	Licensee
    Contact Information	 	LLU
    Contact Information
	Contact for Notice	 	Contact for Notice
	Attn: Amro Albanna, CEO	 	Attn: Kent Hansen, General Counsel
	11161 Anderson St., Suite 105-10014	 	Loma Linda University Health
	Loma Linda, CA 92354	 	24890 Tulip Avenue
	Tel: (951) 316-9002	 	Loma Linda, California 92354
	Email: aalbanna@aditxt.com	 	Fax: 909-558-2655
	 	 	khansen@llu.edu

 

Each Party shall update the other Party in writing
with any changes in its contact information.

 

		18.2	All amounts payable hereunder
                                         by Licensee will be paid in United States funds without deductions for taxes, assessments,
                                         fees, or charges of any kind. Payments are to be made to Loma Linda University Health
                                         by wire transfer to:

 

[_____________]

 

    19

     

    

 

REFERENCE: include title and Effective Date of Agreement
and type of payment.

 

		19.	General Provisions

 

		19.1	Binding Effect

 

This Agreement is binding upon
and inures to the benefit of the Parties hereto, their respective executors, administrators, heirs, permitted assigns, and permitted
successors in interest.

 

		19.2	Construction of Agreement

 

Headings are included for convenience
only and will not be used to construe this Agreement. The Parties acknowledge and agree that both Parties substantially participated
in negotiating the provisions of this Agreement; therefore, both Parties agree that any ambiguity in this Agreement shall not
be construed more favorably toward one Party than the other Party, regardless of which Party primarily drafted this Agreement.

 

		19.3	Counterparts and Signatures

 

This Agreement may be executed
in multiple counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and
the same instrument.

 

		19.4	Compliance with Laws

 

Licensee will comply with all applicable federal, state
and local laws and regulations, including, without limitation, all export laws and regulations.

 

		19.5	Governing Law

 

This Agreement will be construed
and enforced in accordance with laws of the U.S. and the State of California, without regard to any choice of law and/or conflicts
of law principles that would otherwise refer to and apply the laws of another jurisdiction.

 

		19.6	Modification

 

Any modification of this Agreement
will be effective only if it is in writing and signed by duly authorized representatives of both Parties. No modification will
be made by email communications.

 

		19.7	Severability

 

If any provision hereof is held
to be invalid, illegal or unenforceable in any jurisdiction, the Parties hereto shall negotiate in good faith a valid, legal and
enforceable substitute provision that most nearly reflects the original intent of the Parties, and all other provisions hereof
shall remain in full force and effect in such jurisdiction and shall be construed in order to carry out the intentions of the
Parties hereto as nearly as may be possible. Such invalidity, illegality or unenforceability shall not affect the validity, legality
or enforceability of such other provisions in any other jurisdiction, so long as the essential essence of this Agreement remains
enforceable.

 

		19.8	Third Party Beneficiaries

 

Nothing in this Agreement, express
or implied, is intended to confer any benefits, rights or remedies on any entity, other than the Parties and their permitted successors
and assigns.

 

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		19.9	Waiver

 

Neither Party will be deemed to
have waived any of its rights under this Agreement unless the waiver is in writing and signed by such Party. No delay or omission
of a Party in exercising or enforcing a right or remedy under this Agreement shall operate as a waiver thereof.

 

		19.10	Entire
                                         Agreement

 

This Agreement constitutes the
entire agreement between the Parties regarding the subject matter hereof, and supersedes all prior written or verbal agreements,
representations and understandings relative to such matters.

 

		19.11	Grant
                                         of Security Interest

 

Licensee hereby grants to LLU
a security interest in and to Licensee’s rights under this Agreement, as collateral security for the payment by Licensee of any
and all sums that may be owed from time to time by Licensee to LLU. LLU shall have all rights of a secured party as specified
in the California Uniform Commercial Code relative to this security interest and the enforcement thereof. Licensee hereby authorizes
LLU to file with the appropriate governmental agencies appropriate UCC-1 financing statements to evidence this security interest.

 

		20.	No Other Promises and Agreements;
                                         Representation by Counsel.

 

Licensee hereby expressly states,
warrants and represents that no promise or agreement which is not herein expressed has been made to Licensee in executing this
Agreement except those explicitly set forth herein, and that Licensee is not relying upon any statement or representation of LLU
or its representatives. Licensee is relying on Licensee’s own judgment and has had the opportunity to be represented by
legal counsel. Licensee hereby warrants and represents that Licensee understands and agrees to all terms and conditions set forth
in this Agreement.

 

IN WITNESS WHEREOF, the Parties hereto have
caused their duly authorized representatives to execute this Agreement.

 

	LOMA LINDA UNIVERSITY HEALTH	 	ADITX THERAPEUTICS INC
	 	 	 
	By	/s/ Rodney
    Neal	 	By	/s/ Amro
    Albanna
	 	 	 
	Printed Name: Rodney Neal	 	Printed Name: Amro Albanna
	 	 	 
	Title: Sr. Vice Pres., Finance	 	Title: CEO
	 	 	 
	Date: 3/15/2018	 	Date: 3/15/2018

 

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EXHIBIT A

 

PATENT RIGHTS

 

 

 

 

 

22

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