Document:

Exhibit 10.59

 

LICENSE
AGREEMENT

 

This
License Agreement (this “Agreement”)
is made this 17th day of December, 2018 (the “Effective Date”) between Advanced Cancer Therapeutics,
LLC, a Kentucky limited liability company (“ACT”), and Qualigen, Inc., a Delaware corporation (inclusive of
its Controlled Affiliates, if any, “Company”). Each Controlled Affiliate, if any, is also a party to this Agreement.
ACT and Company are hereinafter individually referred to (in the singular) as a “Party” and collectively as
the “Parties.”

 

In
consideration of the following promises and other good and valuable consideration, the receipt and sufficiency of which are acknowledged,
the Parties, intending to be legally bound, agree as follows:

 

1.
Definitions.

 

For
the purposes of this Agreement, the following terms shall have the meanings as defined below:

 

“Affiliate”
means, with respect to any Party, any entity controlling, controlled by, or under common control with such Party, during and for
such time as such control exists. For these purposes, “control” shall refer to the ownership, directly or indirectly,
of at least 50% of the voting securities or other ownership interest of the relevant entity or having the actual power, either
directly or indirectly through one or more intermediaries, to direct the management and policies of the relevant entity (e.g.,
by contract or otherwise).

 

“Claim”
has the meaning specified in Section 9.1.

 

“Company
Indemnitees” has the meaning specified in Section 9.1.

 

“Confidential
Information” has the meaning specified in Section 7.1.

 

“Controlled
Affiliate” means an Affiliate of Company which Company has actual authority to, by signing a contract (i.e., this Agreement)
on behalf of such Affiliate, bind such Affiliate as a party to the contract. The Parties agree that if a Person is not a Controlled
Affiliate on the date of this Agreement but thereafter becomes a Controlled Affiliate, such Person shall be deemed to have automatically
become a party to this Agreement as a Controlled Affiliate without any need for any execution and delivery of a joinder or a counterpart
signature page. Company shall notify ACT whenever a Person hereafter becomes a Controlled Affiliate. In addition, if any Affiliate
of Company which would not otherwise be deemed to be a Controlled Affiliate hereafter executes and delivers to ACT a joinder (in
a form reasonably satisfactory to ACT) to this Agreement in which such Person expressly undertakes all the burdens and obligations
of a Controlled Affiliate under this Agreement, such Person shall thereby be deemed to have become included within the definition
of “Controlled Affiliate.”

 

“ACT
Indemnitees” has the meaning specified in Section 9.2.

 

“Designated
Executives” means (a) for ACT, Randall Riggs, and (b) for Company, Michael Poirier.

 

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“Disclosing
Party” has the meaning specified in Section 7.1.

 

“Discovery”
has the meaning specified in Section 11.1(b).

 

“FDA”
means the United States Food and Drug Administration, or any successor thereto.

 

“Field”
means any and all fields of use.

 

“First
Commercial Sale” means, with respect to a Licensed Product in any country, the first commercial transfer or disposition
for value of such Licensed Product in such country to a Third Party by Company (or by a Sublicensee). For avoidance of doubt:
“IND treatment sales,” “compassionate use sales” or “named patient sales” in a country before
Approval in such country shall not be deemed to constitute a First Commercial Sale in such country provided that Company (or the
Sublicensee) charges therefor an amount, if any, which does not exceed the direct cost to cover such Licensed Product “IND
treatment sales,” “compassionate use sales” or “named patient sales.”

 

“Indemnified
Party” has the meaning specified in Section 9.4.

 

“Indemnifying
Party” has the meaning specified in Section 9.4.

 

“Know-How”
means all scientific and technical information and knowhow, trade secrets, data and technology, including inventions (whether
patentable or not), discoveries, trade secrets, specifications, instructions, processes, formulae, materials, expertise and other
technology applicable to compounds, formulations, compositions or products or to their manufacture, development, registration,
use or commercialization or methods of assaying or testing them or processes for their manufacture, formulations containing them,
compositions incorporating or comprising them and including all biological, chemical, pharmacological, biochemical, toxicological,
pharmaceutical, physical and analytical, safety, quality control, manufacturing, preclinical and clinical data, instructions,
processes, formulae, expertise and information. Notwithstanding the foregoing, the defined term Know-How (and derivative defined
terms thereof) shall not include Licensed Patents or inventions claimed thereby.

 

“Licensed
Intellectual Property” means the Licensed Patents and the Licensed Know-How Rights.

 

“Licensed
Know-How Rights” means, collectively, all trade secret and Know-How rights of ACT at the Effective Date or during the
Term as necessary or useful to practice the inventions described in Licensed Patents for the purpose hereof.

 

“Licensed
Patents” means the United States patents set forth on Exhibit A hereto, including any and all extensions or restorations
by existing or future extension or restoration mechanisms, and also including any and all renewals, continuations, substitutions,
continuations-in-part, divisionals, patents-of-addition, revalidations, reissues, re-examinations and extensions (including any
supplementary protection certificates and the like) of such patents – and, in each case, all foreign counterparts thereof.

 

“Licensed
Product” means any product within the Field, that is covered by or developed through the use of any of the Licensed
Intellectual Property.

 

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“Losses”
has the meaning specified in Section 9.1.

 

“Net
Sales” means the gross amount invoiced by Company (and Sublicensees) to Third Parties for the sale or other disposition
of a Licensed Product, less the following deductions to the extent actually allowed or incurred with respect to such sales:

 

	 	a.	Trade,
    cash and quantity discounts;
	 	 	 
	 	b.	Discounts,
    refunds, rebates actually taken, chargebacks, retroactive price adjustments, and any other allowances which effectively reduce
    the net selling price (other than such which have already diminished the gross amount invoiced), including, without limitation,
    those granted to Medicaid, managed health care organizations, pharmacy benefit managers (or equivalents thereof), federal,
    state, national, provincial, local or other governments, their agencies and purchasers and reimbursers or to trade customers
    (in each case, other than such which have already diminished the gross amount invoiced);
	 	 	 
	 	c.	Credits
    or allowances actually granted for defective or damaged Licensed Product, or for returns or rejections of Licensed Product
    (including allowances for spoiled, outdated or withdrawn Licensed Product);
	 	 	 
	 	d.	Amounts
    invoiced for Licensed Product sales but actually written off in good faith as uncollectible (net of any recoveries on written-off
    debt); 
	 	 	 
	 	e.	Shipping,
    handling, freight, postage, insurance and transportation charges, but all only to the extent included as a separate line item
    in the gross amount invoiced; and
	 	 	 
	 	f.	Any
    tax imposed in relation to the production, sale, delivery, importation or use of the Licensed Product, including, without
    limitation, import, export, sales, use, excise or value added taxes and customs, tariffs and duties, and other equivalent
    charges, but all only to the extent included as a separate line item (e.g., “taxes”) in the gross amount invoiced.

 

Such
amounts shall be determined from the books and records of Company and its Sublicensees, maintained in accordance with United States
GAAP, consistently applied, or, in the case of foreign entities, similar accounting principles, consistently applied. Company
further agrees that in determining such amounts with respect to sales and/or expenses not denominated in United States Dollars,
conversion from the applicable foreign currency in which such sales and/or expenses were recorded to United States Dollars shall
be performed at the exchange rate reported in The Wall Street Journal, Eastern U.S. Edition, for the last trading day of the applicable
calendar quarter; based on the resulting Net Sales in United States Dollars, the then applicable royalties shall be calculated.

 

In
the event that a Licensed Product is commercialized in combination with one or more services and/or with one or more products
which are themselves not Licensed Products for a mutually related price (e.g., buy one and get a discount on or a coupon for the
other) or for a single price, the Net Sales for such Licensed Product shall be calculated by multiplying the gross amount invoiced
for such combination sale by the fraction A/(A+B) where A is the fair market value of the Licensed Product and B is the fair market
value of the other product(s) and/or service(s) in the combination sale, and allocating applicable “Net Sales” deductions
in the same proportion.

 

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Sales
of Licensed Products between Company and a Sublicensee (or between Company and a Company Affiliate, or between two Company Affiliates,
or between a (non-Sublicensee) Company Affiliate and a Sublicensee) shall not be included in the calculation for Net Sales.

 

“Notice
of Termination” has the meaning specified in Section 12.3.

 

“Receiving
Party” has the meaning specified in Section 7.1.

 

“Sublicense”
has the meaning specified in Section 2.3.

 

“Sublicensee”
means the sublicensee party to a Sublicense.

 

“Term”
has the meaning specified in Section 12.1.

 

“Territory”
means the entire world, other than countries which United States law forbids United States companies to license intellectual property
of the tenor of the Licensed Intellectual Property for or to supply products such as Licensed Products to.

 

“Third
Party” means any person or entity or authority other than Company or ACT or an Affiliate of Company or ACT.

 

“Third
Party Infringement” has the meaning specified in Section 11.3.

 

“Valid
Claim” means a claim which, but for the license granted hereunder, would be infringed by Company’s use, manufacture
or sale of a Licensed Product in the applicable country, and which is contained in an issued and unexpired patent in such country
included within the Licensed Patents which has not lapsed or been revoked, abandoned or held unenforceable or invalid by a final
decision of a court or governmental authority of competent jurisdiction, unappealable or unappealed within the time allowed for
appeal, and which has not been disclaimed, denied or admitted to be invalid, canceled or unenforceable by the owner through re-issue,
re-examination or disclaimer, opposition procedure, nullity suit, or otherwise.

 

2.
Grant of rights.

 

2.1
License Grant from ACT to Company. Subject to the terms and conditions of this Agreement, including but not limited to timely
payment of the amounts set forth in Section 3 below, ACT hereby grants to Company an exclusive, sublicensable, nontransferable
(except with respect to the assignment provision in Section 13.13) license during the Term under the Licensed Intellectual
Property, solely to develop, make, have made, use, sell, offer for sale, import and otherwise commercially exploit the Licensed
Products in the Territory in and for the Field.

 

2.2
Sublicensing. Company shall have the right to grant sublicenses with terms consistent with those of this Agreement (collectively
“Sublicenses”) under the license granted to Company pursuant to Section 2.1; provided, however, that
the granting by Company of a Sublicense shall not relieve Company of any of its obligations hereunder. Any Sublicense shall automatically
terminate upon the expiration or earlier termination of this Agreement but ACT shall then in good faith reasonably consider, upon
any Sublicensee’s written request, whether to enter into a direct license from ACT to such Sublicensee upon terms and conditions
of like tenor as are set forth in this Agreement.

 

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2.3
United States Bankruptcy Code. All rights
and licenses granted under or pursuant to this Agreement by ACT to Company are, and shall otherwise be deemed to be, for purposes
of Section 365(n) of the United States Bankruptcy Code, licenses of rights to “intellectual property” as defined under
Section 101 of the United States Bankruptcy Code. The Parties agree that Company, as a licensee of such rights under this Agreement,
shall retain and may fully exercise all of its rights and elections under the United States Bankruptcy Code. 

 

3.
Compensation.

 

3.1
Fees and Royalties. 

 

 (a) One-Time Fee. Company shall execute and deliver to ACT a $25,000 promissory note in the form attached hereto as Exhibit B.

  

(b)
Royalties.

 

(i)
In addition to the consideration payable pursuant to Sections 3.1(a) above and 3.1(c) below, Company shall for
all Net Sales within the Term (in excess of cumulative worldwide Net Sales of $3,000,000) pay to ACT, on a calendar quarterly
basis, 2% royalties on worldwide Net Sales. (It is understood that no royalties are payable for the first $3,000,000 of cumulative
worldwide Net Sales.) Notwithstanding the foregoing, as a royalty-rate step-down which takes into account the use of Licensed
Know-How Rights, Company shall pay to ACT, on a calendar quarterly basis, 1% royalties on the Net Sales within the Term (but only
from and after achievement of the threshold of cumulative worldwide Net Sales of $3,000,000) of a Licensed Product in a country
during the time period in which there is not, not yet or no longer any Licensed Patent containing a Valid Claim that would in
the absence of the license granted herein be infringed by the use, manufacture or sale of such Licensed Product in such country
or by the importation of such Licensed Product into such country (or during the entire Term, if there is never is any Licensed
Patent containing a Valid Claim that would in the absence of the license granted herein be infringed by the use, manufacture or
sale of such Licensed Product in such country or by the importation of such Licensed Product into such country).

 

(ii)
Such royalties shall be payable on Net Sales made through the 15th anniversary of the Effective Date.

 

(iii)
All royalties payable to ACT pursuant to Section 3.1(b) shall be paid on a quarterly basis. These royalties shall be
paid together with and in strict compliance with the amounts defined in the final written royalty report sent by Company for the
preceding calendar quarter, as set forth in Section 4.2 below. Within 45 calendar days after the conclusion of its fiscal
year, Company may provide notice to ACT of any adjustments necessary to account for any royalties which were overpaid or underpaid
for such prior fiscal year’s calendar quarters (as determined from Company’s end of fiscal year external audit), and
the Parties shall promptly true-up for any such adjustments which are mutually determined in good faith to be correct; provided
however, the lapse of such 45-day period shall not impact the right of a Party to credit or recover any overpayments or underpayments
discovered during an audit under Section 4.3.

 

(c)
Milestone Payments. Within 60 days following the achievement of a respective milestone event listed below, Company shall,
in further consideration of the rights granted Company hereunder, provide written notice to ACT of the achievement of such milestone
event, accompanied by payment to ACT of the applicable non-refundable cash milestone fee listed next to such event. Each type
of milestone payment can be earned only one time.

 

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	Milestone	 	Milestone 
 Payment	 
	Upon Company raising a cumulative total of $2,000,000 in new equity financing beginning from the Effective Date	 	$	100,000	 
	Upon any AS1411-based Licensed Product receiving the CE Mark or similar FDA status	 	$	100,000	 
	Upon cumulative worldwide Net Sales reaching $3,000,000	 	$	500,000	 

 

3.2
Payments; Taxes. 

 

(a)
Accrual and payment of interest shall not be deemed to excuse or cure breaches of contract arising from late payment or nonpayment.

 

(b)
All payment amounts and purchase prices due hereunder are stated in, and shall be paid in, United States Dollars.

 

(c)
Payment of ACT’s invoices (as deemed, if applicable, to be automatically revised to state only the amounts which have
not been disputed in good faith by written notice) hereunder shall be made within 45 days after Company’s receipt of the
invoice.

 

(d)
All payment amounts and purchase prices hereunder exclude and shall, as far as legally possible, be paid in full to ACT without
reduction for all applicable sales, use, and other taxes and duties in respect of the transactions contemplated by this Agreement.

 

(e)
Company shall be responsible for payment of all taxes (other than taxes based on ACT’s income), duties, fees, and charges,
and any related penalties and interest, arising from the payment of amounts due hereunder.

 

(f)
The Parties agree to cooperate with one another and use reasonable efforts to avoid or reduce tax withholding or similar obligations
in respect of royalties and other payments made by Company to ACT under this Agreement. To the extent Company is required to withhold
taxes on any payment to ACT under this Agreement, Company shall pay the amounts of such taxes to the proper governmental authority
in a timely manner and promptly transmit to ACT official receipts issued by the appropriate taxing authority and/or an official
tax certificate, or such other evidence as ACT may reasonably request, to establish that such taxes have been paid. ACT shall
in due time provide Company any tax forms that may be reasonably necessary in order for Company to not withhold tax or to withhold
tax at a reduced rate under an applicable bilateral income tax treaty with respect to such payment, and Company shall utilize
such forms to such effect. Each Party shall provide the other with reasonable assistance to enable the recovery, as permitted
by applicable law, of withholding taxes, value added taxes, or similar obligations resulting from payments made under this Agreement,
such recovery to be for the benefit of the Party bearing such withholding tax or value added tax. ACT shall indemnify and hold
Company harmless from and against any liability for taxes arising from any failure by Company to withhold required taxes, and
against any penalties or interest arising from any failure by Company (at the express request of ACT) to withhold or by Company
reduction (at the express request of ACT) in its withholding.

 

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4.
Records; Reports; Audit.

 

4.1
Records. During the Term and until the end of the third calendar year after the calendar year during which the Term ends,
Company shall, and shall require its Sublicensees to, maintain accurate books and records relating to Net Sales and to clinical
study subject enrollment for Studies. Without limitation, for three years after the calendar year in which each respective sale
of a Licensed Product (whether covered by a Valid Claim or not) occurs, Company shall keep (and shall ensure that its Sublicensees
shall keep) complete and accurate records of such sale in sufficient detail to confirm the accuracy of the royalty calculations
hereunder.

 

4.2
Royalty Reports. Within 45 calendar days after the conclusion of the calendar quarter in which a First Commercial Sale first
occurs anywhere in the Territory and after the conclusion of each successive calendar quarter until the end of the first full
calendar quarter after the end of the Term, Company shall deliver to ACT a final written royalty report. Each final written royalty
report shall provide, on a Licensed Product-by-Licensed Product (and specifying whether covered by a Valid Claim or not, as applicable)
and country-by-country basis, (a) gross invoiced (or otherwise charged) amounts of sales, by Company and its Sublicensees, of
Licensed Products subject to royalty payments for such calendar quarter, (b) amounts deducted by category (following the definition
of Net Sales) from such gross invoiced amounts to calculate Net Sales, (c) Net Sales subject to royalty payments for such calendar
quarter and calendar year to date, (d) the applicable royalty rate and (e) the corresponding royalty amount due hereunder. Such
reports shall be deemed “Confidential Information” of Company and shall be subject to the obligations of Section
7 of this Agreement.

 

4.3
Audit. Upon at least 30 days’ advance written notice by ACT, Company shall permit, and shall cause its Sublicensees
to permit, an independent certified public accounting firm of nationally recognized standing selected by ACT (who has not been
engaged by ACT to provide any material services in any other capacity at any time during the three-year period before such selection),
and reasonably acceptable to Company or such Sublicensee, to have access to and to review, during normal business hours on business
days upon reasonable prior written notice, the applicable records of Company and its Sublicensees to verify the accuracy of the
royalty payments pursuant to Section 3. Such review may cover: (a) the records for sales made in any calendar year ending
not more than three years before the date of such request, and (b) only those periods that have not been subject to a prior audit.
Except as described hereafter, all such audits shall be conducted at the expense of ACT. Such audits shall be conducted not more
than once in each calendar year and not more than once for each audited period. In the event such accountant concludes that additional
payments of any kind as required by this Agreement were owed to ACT during such period, the additional amounts shall be paid within
30 days after the date of the corresponding invoice sent by ACT and delivered to Company with copy of the aforementioned accountant’s
written report so concluding, unless Company disputes the results of such audit in accordance with Section 13.3. The fees
charged by such accountant shall be paid by ACT, unless the audit discloses that the amounts payable by Company for the audited
period are more than 110% of the amounts actually paid for such period, in which case Company shall pay the reasonable fees and
expenses charged by the accountant for such audit (pending the results of any dispute initiated by either Party pursuant to Section
13.3 with respect to the same). In the event such accountant concludes that there was an overpayment by Company to ACT during
such period, at Company’s option, the overpayment shall be paid by ACT to Company within 30 days after the date of the corresponding
invoice sent by Company to ACT, unless ACT disputes the results of such audit in accordance with Section 13.3. ACT shall
cause the independent certified public accountant to keep confidential any information obtained during such inspection in accordance
with the provisions set forth in Section 7 hereof. The Parties agree that all information subject to review under this
Section 4.3 or under any Sublicense agreement is, as between the Parties, the Confidential Information of Company.

 

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5.
Development and Commercialization by Company.

 

5.1
Development.
As between ACT and Company, from and after the Effective Date Company shall be responsible for all non-clinical and clinical development
of each respective Licensed Product, and all commercialization of each respective Licensed Product.

 

5.2
Costs and Expenses. Subject
to the other terms of this Agreement and ACT’s obligations hereunder, Company shall be solely responsible for all decision-making,
compliance with law, costs and expenses related to its development, manufacturing and commercialization of the Licensed Products,
including without limitation costs and expenses associated with all preclinical activities and clinical trials, and all regulatory
filings and proceedings relating to the Licensed Products, and all commercialization of Licensed Products.

 

5.3
Global Safety Database. Company shall set up, hold, and maintain (at Company’s sole cost and expense) the global safety
database for the Licensed Products.

 

5.4
Trademarks. As between ACT and Company, Company shall have the sole authority to select trademarks for Licensed Products and
shall own all such trademarks. ACT does not grant Company the right to use any trademarks of ACT or its Affiliates.

 

5.5
Insurance. During the Term and for three years thereafter, both Parties shall obtain and maintain, at their respective cost
and expense, commercial general liability insurance and product liability insurance in amounts that are appropriate with respect
to its indemnification obligations hereunder. It is understood and agreed that this insurance shall not be construed to limit
each Party’s liability with respect to its indemnification obligations hereunder. Each Party shall provide upon request
the other Party with a certificate evidencing the insurance it is required to obtain and keep in force under this Section 5.5,
and shall provide the other Party at least 30 days’ prior written notice of any cancellation or material modification of
such insurance.

 

5.6
Technical Assistance. Upon request by Company, ACT shall provide technical assistance to Company as a consultant with regard
to the Licensed Patents and Licensed Products, in exchange for compensation to be mutually agreed.

 

6.
Regulatory Matters.

 

6.1
Certification under Drug Price Competition and Patent Restoration Act. Company shall immediately give written notice to ACT
of any certification of which Company becomes aware filed pursuant to 21 U.S.C. Section 355(b)(2)(A) (or any amendment or successor
statute thereto) claiming that any Licensed Patents covering the Compound or a Licensed Product, or the manufacture or use of
each of the foregoing, are invalid or unenforceable, or that infringement will not arise from the manufacture, use or sale of
a Licensed Product in the United States.

 

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7.
Confidentiality.

 

7.1
Definition. Company and ACT each recognizes that during the Term, it may be necessary or advisable for a Party (the “Disclosing
Party”) to provide Confidential Information (as defined herein) to the other Party (the “Receiving Party”).
Neither Company nor ACT shall disclose or use the other’s Confidential Information except as expressly permitted in this
Agreement. For purposes of this Agreement, “Confidential Information” means all information disclosed by the
Disclosing Party to the Receiving Party and which reasonably ought to have been understood to be confidential and/or non-public
information at the time disclosed to the Receiving Party, or which is designated in writing by the Disclosing Party as “Confidential”
(or equivalent), or which when disclosed orally or visually to the Receiving Party is declared to be confidential by the Disclosing
Party and is so confirmed in a writing delivered to the Receiving Party within 30 days after such oral or visual disclosure, including
but not limited to product specifications, data, know-how, formulations, product concepts, sample materials, study results, analyses,
protocols, business and technical information, financial data, batch records, inventions, works of authorship, Know-How, trade
secrets, processes, techniques, algorithms, programs, designs, drawings, and any other information related to a Party’s
present or future products, technology, sales, suppliers, customers, employees, investors or business.

 

7.2
Obligation. ACT and Company agree that they may disclose the other Party’s Confidential Information to its own (or its
Sublicensees’) officers, employees, consultants, attorneys, accountants, bankers, Contract Manufacturers, lenders and agents
only if and to the extent necessary to carry out their respective responsibilities under this Agreement, or in accordance with
the exercise of their rights under this Agreement, and such disclosure shall be limited to the maximum extent possible consistent
with such responsibilities and rights. Except as set forth in the foregoing sentence, no Party shall disclose Confidential Information
of the other to any person or entity without the other’s prior written consent. In all events, however, any and all disclosure
to any such persons or entities shall also be pursuant to the terms of a non-disclosure/nonuse agreement no less restrictive than
this Section 7 (or, in the case of attorneys, to a duty and obligation of nondisclosure/nonuse pursuant to the applicable
rules of the profession). The Party which disclosed Confidential Information of the other to any such team member or Third Party
(or to any such Sublicensee) shall be responsible and liable for any disclosure or use by such team member or Third Party or Sublicensee
(or its disclosees) which would have violated this Agreement if committed by the Party itself. No Party shall use Confidential
Information of the other except as expressly allowed by and for the purposes of this Agreement. Each Party shall take such action
to preserve the confidentiality of each other’s Confidential Information as it would customarily take to preserve the confidentiality
of its own Confidential Information (but in no event less than a reasonable standard of care). Upon expiration or termination
of this Agreement, each Party, upon the other’s request, shall promptly return or destroy (at Disclosing Party’s discretion)
all the Confidential Information disclosed to the other Party pursuant to this Agreement, including without limitation all documents
in its possession or control which constitute copies, embodiments, reflections, analyses or extracts of such Confidential Information,
except for (a) one archival copy (and such electronic copies that exist as part of the Receiving Party’s computer systems,
network storage systems and electronic backup systems) of such materials solely to be able to monitor its obligations that survive
under this Agreement and (b) any archival copy that the Receiving Party determines, acting reasonably, is necessary or required
by applicable law or regulations or to support regulatory, safety, quality, or compliance matters.

 

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7.3
Exceptions. The non-use and non-disclosure obligations set forth in this Section 7 shall survive the expiration or
earlier termination of this Agreement. The non-use and non-disclosure obligations set forth in this Section 7 shall not
apply to any Confidential Information, or portion thereof, that was first disclosed by the Disclosing Party to the Receiving Party
after the expiration or earlier termination of this Agreement or that the Receiving Party can demonstrate by competent evidence:

 

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

 

(b)
after disclosure, becomes part of the public domain, by publication or otherwise, through no fault of and or without violation
of any duty of confidentiality of the Receiving Party or its disclosees;

 

(c)
at the time of disclosure is already in the Receiving Party’s possession with no duty of confidentiality;

 

(d)
is rightfully received by the Receiving Party from an independent Third Party without obligation of confidentiality; provided,
however, that to the Receiving Party’s best knowledge, such information was not obtained by said Third Party, directly or
indirectly, from the Disclosing Party; or

 

(e)
is independently developed by or expressly for the Receiving Party, in either case solely by personnel without any access
to or use of the Disclosing Party’s information as shown by Receiving Party’s competent, contemporaneous written evidence.

 

In
addition, in the event that the Receiving Party or any of its Representatives is required by law, rule, regulation, court order
or in any regulatory, judicial or governmental process having jurisdiction over the Receiving Party to disclose the Confidential
Information, the Receiving Party hereby agrees to notify the Disclosing Party of the request or requirement immediately and to
make a reasonable effort to obtain, or to assist the Disclosing Party in obtaining, confidential treatment or a protective order
or any other reasonable measure preventing or limiting the disclosure (to the greatest possible extent and for the longest possible
period), and/or requiring that the Confidential Information so disclosed be used only for the purposes for which the law or regulation
required, or for which the order was issued, which the Disclosing Party deems necessary to protect the confidentiality of the
Confidential Information (or as much as possible of the Confidential Information). In any event, should the Receiving Party be
required by such compulsion to in the end disclose Confidential Information to the requiring authority (and, if so required thereby,
to the public), (x) the Receiving Party hereby agrees to take reasonable steps to seek such confidential treatment for the Confidential
Information (or as much as possible of the Confidential Information); (y) the Receiving Party may provide the Confidential Information
to the appropriate requiring authority (and, if so required thereby, to the public) as ultimately so compelled without such disclosure
being deemed a violation of this Agreement; and (z) such disclosure to the requiring authority as ultimately so compelled shall
not deprive the disclosed information of Confidential Information status for any other purposes of this Agreement.

 

7.4
Third Party Information. The Parties acknowledge that the defined term “Confidential Information” shall include
not only a Disclosing Party’s own Confidential Information but also Confidential Information of a Third Party or the Disclosing
Party’s Affiliates which is in the possession of the Disclosing Party. Both Parties agree not to disclose to the other Party
any Confidential Information of a Third Party which is in the possession of such Party, unless the other Party has given an express
prior written consent (which specifies the owner of such Confidential Information) to receive such particular Confidential Information.

 

7.5
Public Announcements. The Parties shall mutually agree on any press release to be issued upon execution of this Agreement.
Neither Party shall make any subsequent public announcement concerning this Agreement or the terms hereof not previously made
public without the prior written approval of the other Party with regard to the form, content, and precise timing of such announcement,
except as may be required to be made by either Party in order to comply with applicable law, regulations, court orders, or tax
returns, securities filings, financing arrangements, acquisitions, or sublicenses. Such consent shall not be unreasonably withheld,
conditioned or delayed by such other Party. Before any such public announcement, the Party wishing to make the announcement shall
submit a draft of the proposed announcement to the other Party sufficiently in advance of the scheduled disclosure to afford such
other Party a reasonable opportunity to review and comment upon the proposed text and the timing of such disclosure, and shall
consider all reasonable comments of the other Party regarding such disclosure. (Provided, that neither Party shall use the trademark
or logo of the other Party or its Affiliates in any publicity, promotion, news release or public disclosure relating to this Agreement
or its subject matter, except as may be required by law or required by the rules of an applicable US national securities exchange
or except with the prior express written permission of such other Party, such permission not to be unreasonably withheld, conditioned
or delayed.) Notwithstanding the above, once a public disclosure has been made, either Party shall be free to disclose to Third
Parties any information contained in said public disclosure, without further pre-review or pre-approval.

 

    	10

    	 

    

 

8.
Representations and Warranties.

 

8.1
Mutual Representations and Warranties. Each Party represents and warrants to the other that, as of the Effective Date:

 

(a)
it is a corporation or limited liability company duly organized and validly existing under the laws of the state of its incorporation
or formation;

 

(b)
it has the full power and right to enter into this Agreement and to perform its obligations hereunder;

 

(c)
this Agreement has been duly authorized, executed and delivered by such Party and constitutes a legal, valid and binding obligation
of such Party enforceable against such Party in accordance with its terms, except as enforceability may be limited by applicable
bankruptcy, insolvency, reorganization, receivership, moratorium, fraudulent transfer, or other similar laws affecting the rights
and remedies of creditors generally and by general principles of equity;

 

(d)
the execution, delivery and performance of this Agreement by such Party does not and will not conflict with, breach or create
in any Third Party the right to accelerate, terminate or modify any agreement or instrument to which such Party is a party or
by which such Party is bound;

 

(e)
all consents, approvals and authorizations from all governmental authorities or other Third Parties required to be obtained
by such Party in connection with the execution and delivery of this Agreement have been obtained; and the execution, delivery
and performance of this Agreement by such Party does not and will not violate any order, law or regulation of any court, governmental
body or administrative or other agency having authority over such Party;

 

(f)
no person or entity has or will have, as a result of the transactions contemplated by this Agreement, any right, interest
or valid claim against or upon the (other) Party for any commission, fee or other compensation as a finder or broker because of
any act by such (representing) Party or its Affiliates or agents, or in addition, with respect to Company, because of any act
by its Sublicensees; and

 

    	11

    	 

    

 

(g)
it has not entered and shall not enter into any agreement with any Third Party that is in conflict with the rights granted
to the other Party pursuant to this Agreement.

 

8.2
Additional Representations and Warranties. ACT
hereby represents and warrants to Company that, as of the Effective Date:

 

(a)
ACT has no knowledge of any unsettled past or current, and has not received notice of
any threatened, patent, trade secret or other intellectual property dispute with any Third Party that actually or is reasonably
likely to have a material adverse effect on the Licensed Intellectual Property;

 

(b)
the Licensed Intellectual Property is not subject to any outstanding injunction, judgment, order or ruling which challenges
the validity, legality, enforceability or use of the Licensed Intellectual Property;

 

(c)
to ACT’s knowledge, there is no pending or threatened claim or action which challenges the validity, legality, enforceability
or use of the Licensed Intellectual Property;

 

(d)
ACT has the full right, power and authority to grant all of the licenses granted to Company under this Agreement;

 

(e)
ACT has not granted to any Third Party any license to any of the Licensed Intellectual Property which conflicts with the license
granted to Company hereunder;

 

(f)
ACT is taking the promissory note referred to in Section 3.1(a) (and would take any securities issued in conversion
thereof/exchange therefor) for its own account for investment purposes only, and not with a view to any distribution which would
be in violation of applicable securities laws; and

 

(g)
this Agreement has been approved by a vote of ACT’s members as well as by ACT’s board of directors/manager/similar
governing body.

 

Company
hereby represents and warrants to ACT that as of the Effective Date Company
is not prohibited from making any payment under the promissory note referred to in Section 3.1(a) under the terms of its
existing Senior Indebtedness (as defined in the form of promissory note attached hereto as Exhibit B) absent an event of default
under such Senior Indebtedness, and Company hereby covenants
to ACT that the Company will not enter into any agreements with respect to future Senior Indebtedness, the terms of which
would prohibit the payment of the promissory note referred to in Section 3.1(a) absent an event of default under such Senior
Indebtedness.

 

8.3
Disclaimer. Notwithstanding the representations and warranties set forth in this Section 8, Company acknowledges and
accepts the risks inherent in attempting to develop and commercialize any medical product. There is no implied representation
that any Licensed Products can be successfully developed or commercialized. The express
warranties set forth in this Section 8 and elsewhere in this Agreement are provided in lieu of, and EACH PARTY HEREBY
DISCLAIMS, all other warranties, express and implied, relating to the subject matter of this Agreement, the Licensed Intellectual
Property, or the Licensed Products, including but not limited to the implied warranties of
merchantability and of fitness for a particular purpose.

 

    	12

    	 

    

 

9.
Indemnification.

 

9.1
By ACT.  ACT shall defend, indemnify and hold Company and its directors, officers, managers, employees and agents (collectively,
the “Company Indemnitees”), harmless from and against any and all judgments, damages, liabilities, settlements,
penalties, fines, costs and expenses (including the reasonable costs and expenses of attorneys and other professionals) (collectively,
“Losses) incurred by the Company Indemnitees as a result of any claim, demand, action or other proceeding (each,
a “Claim”) by a Third Party, to the extent such Losses arise out of (a) ACT’s breach of this Agreement,
including without limitation any of its covenants, representations and warranties set forth herein; (b) any breach or violation
of any applicable law, regulation or court order by ACT or its Affiliates or contractors, or any of their respective directors,
officers, managers, employees or agents, in connection with the activities contemplated by this Agreement, or (c) the grossly
negligent or willful misconduct of ACT or its Affiliates or any of their respective directors, officers, managers, employees or
agents; or (d) infringement or unauthorized use by ACT or its Affiliates or contractors, or any of their respective directors,
officers, managers, employees or agents, of any Third Party patents or other intellectual property rights, including in the granting
of the rights listed in Section 2 above, but only to the extent that any such infringement Claim is related to the Licensed
Intellectual Property; and, for each of subsections (a)-(d), all except to the extent that such Losses are primarily caused by
a Company Indemnitee’s breach of applicable law, breach of this Agreement, gross negligence or willful misconduct.

 

9.2
By Company. Company shall defend, indemnify and hold ACT and its Affiliates, and each of their respective directors, officers,
managers, employees and agents (collectively, the “ACT Indemnitees”), harmless from and against any and all
Losses incurred by the ACT Indemnitees as a result of any Claim by a Third Party, to the extent such Losses arise out of: (a)
Company’s breach of this Agreement, including without limitation any of its covenants, representations and warranties herein;
(b) any breach or violation of any applicable law, regulation or court order by Company, its sublicensees or contractors, or any
of their respective directors, officers, managers, employees or agents, in connection with the activities contemplated by this
Agreement including but not limited to those listed in subsections (c) and (d) below, (c) any study conducted by or on behalf
of Company; (d) the research, development, manufacture, use, handling, promotion, marketing, distribution, importation, sale or
offering for sale (in each case, whether or not authorized by or in compliance with this Agreement) of Licensed Products by Company
or its Sublicensees (for clarity, such terms shall not include ACT in any event); (e) the grossly negligent or willful misconduct
of Company or its Sublicensees or any of their respective directors, officers, managers, employees or agents; or (f) actual or
alleged infringement of a Third Party’s intellectual property rights in the making, having made, using, selling, offering
for sale and importing (in each case, whether or not authorized by or in compliance with this Agreement) of Licensed Products,
but only to the extent that any such infringement Claim is unrelated to the Licensed Intellectual Property; and, for each of subsections
(a)-(f), all except to the extent that such Losses are primarily caused by an ACT Indemnitee’s breach of applicable law,
breach of this Agreement, gross negligence or willful misconduct.

 

9.3
Expenses. The indemnification obligation of each Party under this Section 9 shall include, where applicable, reasonable
attorney costs and expenses incurred by the other Party (or an applicable Company Indemnitee or ACT Indemnitee) to successfully
enforce any provision of this Section 9.

 

    	13

    	 

    

 

9.4
Procedure. The Party or other Indemnitee intending to claim indemnification under this Section 9 (an “Indemnified
Party”) shall promptly notify the other Party (the “Indemnifying Party”) of any Claim in respect
of which the Indemnified Party intends to claim such indemnification (provided, that no delay or deficiency on the part of the
Indemnified Party in so notifying the Indemnifying Party will relieve the Indemnifying Party of any liability or obligation under
this Agreement except to the extent the Indemnifying Party has suffered actual prejudice directly caused by the delay or other
deficiency), and the Indemnifying Party shall assume the defense thereof (with counsel selected by the Indemnifying Party and
reasonably satisfactory to the Indemnified Party) whether or not such Claim is rightfully brought; provided, however, that
an Indemnified Party shall have the right to retain its own counsel and to participate in the defense thereof, with the fees and
expenses to be paid by the Indemnified Party; but provided further, however, that if a representation of both the Indemnified
Party and the Indemnifying Party by the same counsel would be inappropriate due to the actual or potential differing interests
between them, then the Indemnifying Party shall pay (as incurred and on demand) the reasonable fees and expenses of counsel retained
by the Indemnified Party and all other expenses of investigation and litigation. (Provided, that in no event shall the Indemnifying
Party be required to pay for more than one separate counsel for the Indemnified Party(s) no matter the number or circumstances
of all Indemnified Parties.) If the Indemnifying Party shall fail to timely assume the defense of and reasonably defend such Claim,
the Indemnified Party shall have the right to retain or assume control of such defense and the Indemnifying Party shall pay (as
incurred and on demand) the reasonable fees and expenses of counsel retained by the Indemnified Party and all other expenses of
investigation and litigation. The Indemnifying Party shall not be liable for the indemnification of any Claim settled (or resolved
by consent to the entry of judgment) without the written consent of the Indemnifying Party. Also, if the Indemnifying Party shall
control the defense of any such Claim, the Indemnifying Party shall have the right to settle such Claim; provided, that
the Indemnifying Party shall obtain the prior written consent (which shall not be unreasonably withheld, conditioned or delayed)
of the Indemnified Party before entering into any settlement of (or resolving by consent to the entry of judgment upon) such Claim
unless (a) there is no finding or admission of any violation of law or any violation of the rights of any person or entity by
an Indemnified Party, no requirement that the Indemnified Party admit fault or culpability, and no adverse effect on any other
claims that may be made by or against the Indemnified Party and (b) the sole relief provided is monetary damages that are paid
in full by the Indemnifying Party and such settlement does not require the Indemnified Party to take (or refrain from taking)
any action.

 

Regardless
of who controls the defense, the other Party hereto shall reasonably cooperate in the defense as may be requested. Without limitation,
the Party hereto which is not the Indemnifying Party, and its directors, officers, managers, employees, agents and advisers, and
the Indemnified Party, and its directors, officers, managers, employees, agents and advisers, shall cooperate fully with the Indemnifying
Party and its legal representatives in the investigations of any Claim.

 

9.5
Other Scenarios. Subject to Section 10, this Section 9 shall not be construed to suggest that a Party has no
remedy other than under this Section 9 (or does not have any particular remedy) for Losses and diminutions in value which
arise from breaches of this Agreement but which are not incurred as a result of a Claim.

 

10.
Limitation of Liability.

 

EXCEPT
FOR (a) INDEMNIFICATION OBLIGATIONS IN CONNECTION WITH THIRD PARTY CLAIMS PURSUANT
TO SECTION 9 HEREOF, AND/OR (b) DAMAGES
ARISING FROM OR IN CONNECTION WITH A BREACH OF CONFIDENTIALITY OBLIGATIONS HEREUNDER, AND/OR (c)
INTENTIONAL MISCONDUCT OR WILLFUL AND KNOWING BREACH, AND/OR (d) PROVISIONS OF THIS AGREEMENT WHICH EXPRESSLY REQUIRE PAYMENTS
OF SPECIFIED AMOUNTS OR PAYMENTS CALCULATED USING A SPECIFIED FORMULA, IN NO EVENT SHALL
EITHER PARTY’S TOTAL AGGREGATE LIABILITY TO THE OTHER PARTY UNDER THIS AGREEMENT EXCEED $150,000.

 

    	14

    	 

    

 

EXCEPT
FOR THE SCENARIOS SET FORTH IN (a) THROUGH (d) OF THE PRECEDING SENTENCE, NEITHER PARTY SHALL (UNDER ANY THEORY) BE LIABLE TO
THE OTHER FOR ANY INCIDENTAL, CONSEQUENTIAL, SPECIAL OR INDIRECT DAMAGES OR FOR ANY LOST PROFITS, LOST SAVINGS OR INTERRUPTIONS
OF BUSINESS, REGARDLESS OF THE FORM OF ACTION OR LEGAL THEORY AND WHETHER IN CONTRACT, TORT, STRICT LIABILITY OR OTHERWISE, AND
REGARDLESS OF WHETHER THE PERSON MAY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGE.

 

NO
ACTION, REGARDLESS OF FORM, ARISING OUT OF OR RELATED TO THIS AGREEMENT MAY BE BROUGHT BY EITHER PARTY (a) MORE THAN TWO YEARS
AFTER SUCH PARTY HAS KNOWLEDGE OF BOTH THE OCCURRENCE AND THE CONSEQUENCES OF SAID OCCURRENCE THAT GAVE RISE TO THE CAUSE OF ACTION
OR (b) AFTER EXPIRATION OF THE APPLICABLE
STATUTORY LIMITATIONS PERIOD, WHICHEVER IS SOONER.

 

11.
Management of Intellectual Property.

 

11.1
Ownership.

 

(a)
Existing and Acquired Rights. Each Party shall remain the owner of intellectual property rights owned or controlled by such
Party before the Effective Date. Each Party shall own any intellectual property acquired by such Party outside of this Agreement
after the Effective Date.

 

(b)
New Rights. The ownership of discoveries, inventions, improvements and other technology, whether or not patentable (each,
a “Discovery”), made by Company’s and/or ACT’s personnel and related to the subject matter of this
Agreement, will (except to the extent otherwise provided in a subsequent agreement between the Parties) be determined in accordance
with United States patent laws and ownership shall follow inventorship. The Party other than the owning Party agrees to cooperate
fully in protecting the owning Party’s rights and interests in to such Discovery.

 

11.2
Maintenance of Licensed Patents. During the Term ACT shall take all actions necessary to maintain and preserve, at its sole
cost and expense, the Licensed Patents, and to defend the Licensed Patents against any claims that that a Licensed Patent is invalid
or unenforceable. ACT shall at all times keep Company informed of all maintenance requirements and deadlines and all actions and
payments by ACT with regard thereto, as well as all claims of invalidity or unenforceability and the defense actions being taken
by ACT.

 

11.3
Infringement by Third Parties.

 

(a)
Notification of Third Party Infringement. Each Party shall promptly notify the other Party in writing of any actual or threatened
infringement, misappropriation or other violation by a Third Party of any Licensed Intellectual Property in the Field (“Third
Party Infringement”) of which it becomes aware.

 

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(b)
Existing Rights (Licensed Patents). Company shall (to the exclusion of any and all rights on the part of ACT to enforce directly)
have the right (but not the obligation), at its own expense, to initiate and control any action to enforce the Licensed Patents
against any Third Party Infringement and may name ACT as a party plaintiff solely to the extent required to maintain standing.
ACT shall provide to Company reasonable assistance in such enforcement, at Company’s request and expense. Company shall
control the direction of and any settlement of any such action. Any recoveries resulting from an action relating to a claim of
Third Party Infringement of the Licensed Patents (including any recoveries resulting from settlement) shall be retained by Company
and the excess, if any of such recoveries over the direct cost of enforcement shall be deemed to constitute Net Sales.

 

11.4
Alleged Infringement of Third Parties Rights.

 

(a)
Notification. Each Party shall promptly notify the other Party in writing of any threat, allegation or claim of infringement
received from a Third Party in relation to any of that Third Party’s intellectual property rights, in relation with the
development, manufacture, use, sale, offer for sale, importation or commercial exploitation of any Licensed Product.

 

(b)
Control. Company shall control the defense of any litigation mentioned in subsection (a) above, at its own expense and by
counsel of its own choice, and ACT agrees that it shall furnish to Company, upon request, all evidence and information in its
possession relating to or reasonably necessary for such defense.

 

12.
Term and Termination.

 

12.1
Term. Subject to any early termination pursuant to this Section 12, the term of this Agreement (the “Term”)
shall commence on the Effective Date and shall continue in effect thereafter until the 15th anniversary of the Effective Date.
The Parties confirm that subject to this Section 12.1, this Agreement shall not be terminated or invalidated solely as
a result of a future determination that any or all of the Licensed Patents have expired or been invalidated.

 

12.2
Termination for Breach. If either Party should materially breach or violate or fail to perform any material term or covenant
of this Agreement, then the other Party may give written notice of such default to the first Party. If such Party should fail
to cure such default within 60 days (or 30 days with respect to any payment obligation) of the date of such notice, the other
Party shall have the right to terminate this Agreement by a second written notice (a “Notice of Termination”)
to the first Party. If Notice of Termination is sent to such first Party, this Agreement shall automatically terminate on the
effective date of such notice. The Parties agree that any failure by Company to pay when due (subject to the 30-day cure period)
100% of any amount of money owing from Company to ACT as is not disputed in good faith by Company (or, if some portion of the
amount of money owing from Company to ACT is not disputed in good faith by Company and the remaining portion is disputed in good
faith by Company, 100% of the portion which is not disputed in good faith by Company) shall conclusively be deemed to constitute
a “material” breach.

 

12.3
Termination for Bankruptcy. To the extent permitted under applicable laws, either Party may terminate this Agreement in its
entirety if, at any time, the other Party: (a) files in any court or agency pursuant to any statute or regulation of any state
or country, a petition in bankruptcy or insolvency or for reorganization or for an arrangement or for the appointment of a receiver
or trustee of such other Party or of its assets, (b) is served with an involuntary petition against it, filed in any bankruptcy
or insolvency proceeding, and such petition is not dismissed within 60 days after the filing thereof, (c) commences any dissolution
or liquidation, or (d) makes a general assignment for the benefit of its creditors.

 

    	16

    	 

    

 

12.4
Survival. Notwithstanding any other provisions of this Agreement, any liability or obligation of either Party to the other
(or to the other’s Indemnitees) for or arising from acts or omissions before the termination or expiration of this Agreement
shall survive the termination or expiration of this Agreement. Such termination or expiration shall not relieve either Party from
obligations that are expressly indicated or obviously intended to survive termination or expiration of this Agreement, nor shall
any termination or expiration of this Agreement relieve Company of its obligation to pay ACT, subject to the terms herein, royalties
for all Licensed Products sold by Company or its Sublicensees. Sections 1 (Definitions), 3.2 (Payments; Taxes),
4 (Records; Reports; Audit), 5.3 (Global Safety Database), 5.5 (Insurance), 7 (Confidentiality), 8.3
(Disclaimer), 9 (Indemnification), 10 (Limitation of Liability), 11 (Management of Intellectual Property),
12 (Term and Termination), and 13 (General Provisions) and any other obligations that are expressly indicated or
obviously intended to survive shall survive termination or expiration of this Agreement.

 

12.5
Effect of Termination. 

 

(a)
Subject to the survival of certain provisions pursuant to Section 12.4 and/or this Section 12.5, following the
termination of this Agreement all rights granted to Company herein shall immediately terminate and each Party shall promptly return
all relevant records and materials in its possession or control containing the other Party’s Confidential Information with
respect to which the former Party does not retain rights hereunder, except for (i) one archival copy (and such electronic copies
that exist as part of the Receiving Party’s computer systems, network storage systems and electronic backup systems) of
such materials solely to be able to monitor its obligations that survive under this Agreement and (ii) any archival copy that
the Receiving Party is required to keep by applicable law or regulations.

 

(b)
The licenses granted in Section 2.1 shall become perpetual, fully paid-up and royalty-free as to all countries of the
Territory if and when (i) the Company terminates this Agreement under Section 12.2 for ACT’s (not-cured-or-not-timely-cured)
breach and (ii) either (A) ACT expressly acquiesces to such termination in writing or (B) the rightfulness of such termination
has been confirmed by a final judgment of the appropriate USA federal or California state court pursuant to Section 13
and no further appeal from such court’s final judgment is possible, either because the applicable time for filing any further
appeal has expired or because an appellate court of final jurisdiction has affirmed such final judgment.

 

(c)
Upon the natural expiration of the Term as to a country, the licenses granted in Section 2.1 shall become perpetual,
fully paid-up and royalty-free as to such country.

 

13.
General Provisions.

 

13.1
Relationship of Parties. Each of the Parties hereto is an independent contractor and nothing in this Agreement is intended
or shall be deemed to constitute a partnership, agency, employer-employee or joint venture relationship between the Parties. No
Party shall have the right to, and each Party agrees not to purport to, incur any debts or make any commitments or contracts for
the other. During the Term of this Agreement and for a period of one year thereafter, Company shall not solicit, induce, encourage
or attempt to induce or encourage any employee of ACT to terminate his or her employment with ACT; provided, that this sentence
is not meant to encompass general solicitations such as may be found in newspaper advertisements and the like.

 

    	17

    	 

    

 

13.2
Compliance with Law. Company agrees that in the use of the Licensed Intellectual Property by Company (and its Sublicensees),
and the development, study, manufacture, handling, marketing, sale, distribution, importation and use of Licensed Products, Company
(and its Sublicensees) shall comply in all material respects with all applicable international, national, federal, state and local
laws, rules and regulations, including, but not limited to, import/export restrictions, laws, rules and regulations governing
use and patent, copyright and trade secret protection.

 

13.3
Dispute Resolution.

 

(a)
Elevation of Issues for Resolution. In the event of any dispute or disagreement between the Parties in connection with this
Agreement, the construction hereof, or the rights, duties or liabilities of either Party hereunder (each, a “Dispute”),
the Parties shall endeavor to resolve such Dispute in accordance with the terms of this Section 13.3(a). The Parties shall
promptly refer such matter to, as appropriate, the Parties’ respective Designated Executives, who shall use good faith efforts
to resolve such matter. If agreement on a mutually acceptable resolution of such Dispute is not reached by the Designated Executives
within 15 business days after a Party gives written notice to refer such Dispute to them, then such Dispute shall be subject to
resolution in accordance with Section 13.3(b).

 

(b)
Dispute Settlement. If any Dispute is not resolved by mutual agreement of the Parties in accordance with Section 13.3(a)
above within 15 business days after a Party giving notice to refer such Dispute to the Parties’ Designated Executives
under Section 13.3(a), then either Party may submit such Dispute (and any related claims or other disputes arising out
of or relating hereto or to the transactions contemplated hereby or to the inducement of any Party to enter herein, whether for
breach of contract, tortious conduct or otherwise and whether predicated on common law, statute or otherwise) for final settlement
by the competent federal or state court located in the county of San Diego, California, notwithstanding plurality of defendants,
summary proceedings or impleader. Each Party hereby irrevocably consents to the personal jurisdiction of such federal or California
state court and agrees that venue is appropriate in such court, and agrees not to assert that such court is an inconvenient forum.
The Parties agree that the jurisdiction of such court located in the county of San Diego, California shall be exclusive.

 

(c)
Interim Equitable Relief. Each Party shall, in addition to all other remedies accorded by law (or in equity) and permitted
by this Agreement, be entitled to interim equitable relief. Neither Party shall commence any court proceeding or action against
the other to resolve any dispute, except for such interim injunctive relief or upon compliance with Section 13.3(a) and
Section 13.3(b).

 

13.4
Costs and Expenses. Except as otherwise expressly provided in this Agreement, each Party shall bear all costs and expenses
associated with the performance of such Party’s obligations under this Agreement.

 

13.5
Further Assurances. The Parties hereby covenant and agree, without the necessity of any further consideration, to execute,
acknowledge and deliver any and all such other documents and instruments and take any such other action as may be reasonably necessary
or appropriate to carry out the intent and purposes of this Agreement.

 

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13.6
Force Majeure. Neither Party shall be liable or in breach for failure to perform, or delay in the performance of, its obligations
under this Agreement (other than payment obligations) when such failure or delay is caused by an event of force majeure. The corresponding
obligations of the other Party shall be suspended to the same extent. For purposes of this Agreement, an event of force majeure
means any event or circumstance beyond the reasonable control of the affected Party and not reasonably preventable using industry
standard practices, including but not limited to, war, insurrection, riot, fire, flood or other unusual weather condition, explosion,
act of God, peril of the sea, sabotage, embargo, act of governmental authority, compliance with governmental order on national
defense requirements, or inability due to general industry wide shortages to obtain fuel, power, raw materials, labor or transportation
facilities. If, due to any event of force majeure, either Party shall be unable to fulfill its obligations under this Agreement
(other than payment obligations), the affected Party shall immediately notify the other Party of such inability and of the period
during which such inability is expected to continue, shall use reasonable commercial efforts to cure and remedy such non-performance
and the time for performance shall be extended for a number of days equal to the duration of the force majeure, and the Parties
shall meet promptly to determine an equitable solution to the effects of such event.

 

13.7
Notices. Any notice, request, approval, consent or other such communication required or permitted to be given under this Agreement
shall be in writing and shall be deemed to have been sufficiently given if and only if delivered in person, by email or by internationally
recognized overnight courier service to the Party to which it is directed at its physical or email address shown below or such
other physical or email address as such Party shall have last given by such written notice to the other Party in accordance with
this Section 13.7:

 

	If
        to ACT, to:

                                                                      

        Advanced
        Cancer Therapeutics, LLC

        300
        East Market Street, Suite 280

        Louisville,
        KY 40202

        Attention:
        CEO

        Email:
        rriggs@advancedact.com
	If
        to Company or a Controlled Affiliate, to:

                                                                      

        Qualigen,
        Inc.

        2042
        Corte del Nogal

        Carlsbad,
        CA 92011

        Attention:
        CEO

        Email:
        mpoirier@qualigeninc.com

 

If
sent by email, the date on which such notice, request, approval or consent shall be deemed delivered is the date of transmission,
if such notice, request, approval or consent is sent via email to such email address before 5:00 p.m. at the location of receipt
on a business day, or the first business day after the date of transmission, if such notice, request, approval or consent is sent
via email to such email address at or after 5:00 p.m. at the location of receipt on a business day or on a day that is not a business
day. If sent by internationally recognized overnight courier, the date on which such notice, request, approval or consent shall
be deemed delivered is the next business day after the date of deposit with such courier (by the courier’s stated time for
enabling next-business-day delivery), and if delivered after such stated time shall be deemed to be the second business day after
the date of deposit.

 

13.8
Governing Law. This Agreement, and all claims or causes of action (whether in contract, tort or statute) that may be based
upon, arise out of or relate to this Agreement or the negotiation, execution or performance of this Agreement (including any claim
or cause of action based upon, arising out of or related to any representation or warranty made in or in connection with this
Agreement or as an inducement to enter into this Agreement), shall be governed by, construed in accordance with and enforced in
accordance with the internal laws of the State of California (including its statutes of limitations and of repose, and without
giving effect to any conflicts of law principles that require the application of the law of a different state or country).

 

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13.9
Entire Agreement. This Agreement and all Exhibits attached thereto contain the entire agreement of the Parties relating to
the subject matter hereof and supersede any and all prior or contemporaneous agreements, written or oral, between ACT and Company
relating to the subject matter hereof. Notwithstanding the foregoing, it is understood and agreed that neither Party shall
be relieved from any liability for any past breach of any previous written agreements. In addition, any confidential information
which was disclosed under such previous written agreements shall remain confidential and shall be subject to the nondisclosure
and nonuse provisions set forth in Section 7 of this Agreement. ACT has made no promises, representations, warranties,
covenants, or undertakings, other than those expressly set forth herein, to induce Company to execute and deliver this Agreement,
and Company acknowledges that Company has not executed or delivered this Agreement in reliance upon any such promise, representation,
or warranty, covenant or undertaking not contained herein.

 

13.10
Amendment. This Agreement may not be amended unless agreed to in writing by both Parties.

 

13.11
Waiver. No waiver of any breach of a term, provision or condition of this Agreement shall be deemed to have been made by either
Party unless such waiver is in writing and signed by an authorized representative of that Party. The failure of either Party to
insist upon the strict performance of any of the terms, provisions or conditions of this Agreement, or to exercise any option
contained in this Agreement, shall not be construed as a waiver or relinquishment for the future of any such term, provision,
condition or option or the waiver or relinquishment of any other term, provision, condition or option. The rights of either Party
under this Agreement may be exercised from time to time, singularly or in combination, and the exercise of one or more such rights
shall not be deemed to be a waiver of any one or more of the others.

 

13.12
Severability. This Agreement is severable. When possible, each provision of this Agreement will be interpreted in such manner
as to be effective and valid under applicable law; but if any provision of this Agreement is determined by a final and binding
court or arbitration judgment to be invalid, illegal or unenforceable to any extent, such provision shall not be not affected
or impaired up to the limits of such invalidity, illegality or unenforceability; the validity, legality and enforceability of
the remaining provisions of this Agreement shall not be affected or impaired in any way; and the Parties agree to make a good
faith effort to replace such invalid, illegal and unenforceable provision (or portion of provision) with a valid, legal and enforceable
provision that achieves, to the greatest lawful extent under this Agreement, the economic, business and other purposes of such
invalid, illegal or unenforceable provision (or portion of provision).

 

13.13
Assignment. Either Party may assign in whole or in part its rights and/or delegate in whole or in part its obligations under
this Agreement, without prior written consent. Provided, however, that as a condition to any such permitted assignment hereunder,
the assignor must guarantee the performance of the terms and obligations of this Agreement by any assignee, and the assignee must
expressly assume (for the express benefit of the Party hereto which is not the assignor) the performance of the terms and obligations
of this Agreement by such assignee. Except as provided herein, neither Party may assign its rights or delegate its obligations
under this Agreement, in whole or in part, by operation of law or otherwise, to any Third Party without the prior written consent
of the other Party, which consent shall not be unreasonably withheld, conditioned or delayed. Any assignment not in accordance
with this Section 13.13 shall be void.

 

    	20

    	 

    

 

13.14
Binding Effect. This Agreement shall be binding upon, and the rights and obligations hereof shall apply to ACT and Company
and any successor(s) and permitted assigns. The name of a Party appearing herein shall be deemed to include the names of such
Party’s successors and permitted assigns to the extent necessary to carry out the intent of this Agreement.

 

13.15
No Implied License. No right or license is granted to either Party hereunder by implication, estoppel, or otherwise to any
Know-How, patent or other intellectual property right now or hereafter owned or controlled by such Party or its Affiliates, except
by an express license granted hereunder.

 

13.16
Remedies Cumulative. Except as provided in Section 10, any enumeration of a Party’s rights and remedies in this
Agreement is not intended to be exclusive, and a Party’s rights and remedies are intended to be cumulative to the extent
permitted by law and include any rights and remedies authorized in law or in equity.

 

13.17
Equitable Relief. Each Party recognizes that the covenants and agreements herein and their continued performance as set forth
in this Agreement are necessary and critical to protect the legitimate interests of the other Party, that the other Party would
not have entered into this Agreement in the absence of such covenants and agreements and the assurance of continued performance
as set forth in this Agreement, and that a Party’s breach or threatened breach of such covenants and agreements may cause
the opposed Party irreparable harm and significant injury, the amount of which will be extremely difficult to estimate and ascertain,
thus potentially making any remedy at law or in damages inadequate. Therefore, each Party agrees that an opposed Party shall be
entitled to seek specific performance, an order restraining any breach or threatened breach of Section 7 and any or all
other provisions of this Agreement, and any other equitable relief (including but not limited to temporary, preliminary and/or
permanent injunctive relief), all without need to post any bond or security, and (except as provided in Section 10) in
addition to and not exclusive of any other remedy available to such other Party at law or in equity.

 

13.18
Interpretation. The language used in this Agreement is the language chosen by the Parties to express their mutual intent,
and no provision of this Agreement shall be interpreted for or against any Party because that Party or its attorney drafted the
provision.

 

13.19
Headings. The descriptive headings of this Agreement are for convenience only, and shall be of no force or effect in construing
or interpreting any of the provisions of this Agreement.

 

13.20
Construction. Any reference in this Agreement to an Article, Section, subsection, paragraph or clause shall be deemed to be
a reference to an Article, Section, subsection, paragraph or clause of this Agreement, unless otherwise indicated. Unless the
context of this Agreement otherwise requires, (a) words of any gender include each other gender, (b) words such as “herein”,
“hereof”, and “hereunder” refer to this Agreement as a whole and not merely to the particular provision
in which such words appear, (c) words using the singular shall include the plural, and vice versa, and (d) the words “include,”
“includes” and “including” shall be deemed to be followed by the phrase “but not limited to”,
“without limitation”, “inter alia” or words of similar import.

 

13.21
Language. The English language version of this Agreement shall control over any version in any other language.

 

13.22
Counterparts. This Agreement may be executed and delivered in counterparts (portable document format (.pdf)/electronic transmission
included), each of which shall constitute an original document, but both of which shall constitute one and the same instrument.

 

    	21

    	 

    

 

IN
WITNESS WHEREOF, the Parties have executed this License Agreement as of the Effective Date. By its signature below, Company
is signing on its own behalf in order to bind itself and also on behalf of its current and future Controlled Affiliates, if any,
in order to bind them.

 

	ADVANCED
    CANCER THERAPEUTICS, LLC	 
	 	 	 
	By:	/s/
    Randall B. Riggs	 
	Name:	Randall
    B. Riggs	 
	Title:	Board
    Member	 

 

QUALIGEN,
INC. (on its own behalf and on behalf of its current and future Controlled Affiliates, if any)

 

	By:	/s/
    Michael S. Poirier	 
	Name:	Michael
    S. Poirier	 
	Title:	President
    and CEO	 

 

    	 

    	 

    

 

EXHIBIT
A

 

PATENTS

 

	US
    Patent 8,114,850	 	Issued
January 1, 2008	 	Antiproliferative
    activity of G-rich oligonucleotides and method of using same to bind to nucleolin	 	Trent
    et al.
	US
Patent 7,960,540	 	Issued
    June 14, 2011	 	Antiproliferative
    activity of G-rich oligonucleotides and method of using same to bind to nucleolin	 	Trent
    et al.
	US
Patent 7,314,926 	 	Issued
    January 1, 2008	 	Antiproliferative
    activity of G-rich oligonucleotides and method of using same to bind to nucleolin	 	Miller
    et al.
	US
Patent 8,648,051	 	Issued
    February 11, 2014	 	Antiproliferative
    activity of G-rich oligonucleotides and method of using same to bind to nucleolin	 	Miller
    et al.

 

    	 

    	 

    

 

EXHIBIT
B

 

FORM
OF NOTE

 

THIS
NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THIS NOTE MAY
NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THIS NOTE UNDER
SAID ACT AND APPLICABLE STATE SECURITIES LAWS OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION
IS NOT REQUIRED.

 

TRANSFER
OF THIS NOTE IS NOT VALID EXCEPT TO THE EXTENT THAT SUCH TRANSFER HAS BEEN MADE IN COMPLIANCE WITH THE PROVISIONS REGARDING TRANSFER
CONTAINED HEREIN.

 

QUALIGEN,
INC.

 

 

 

“CONVERTIBLE”
BRIDGE PROMISSORY NOTE

 

	$25,000	November
    26, 2018

 

FOR
VALUE RECEIVED, Qualigen, Inc., a Delaware corporation (the “Company”), hereby promises to pay in a single cash payment
on the Maturity Date to the order of Advanced Cancer Therapeutics, LLC, a Kentucky limited liability company (the “Investor”;
and any registered transferee of this Note shall thereupon be the defined “Investor”) the principal amount of $25,000
plus accrued but unpaid interest, if any. Simple interest on this Note shall accrue daily at 8% per annum. The “Maturity
Date,” as referred to in this Note, means the earliest of the following dates: (i) the second anniversary of the date set
forth above; (ii) the closing date of a Liquidation Event (as defined below); or (iii) the effective time of a Reverse Merger
(as defined below). Notwithstanding any other provision of this Note, the Investor does not intend to charge and the Company shall
not be required to pay any interest or other fees or charges in excess of the maximum permitted by applicable law; any payments
in excess of such maximum shall be refunded to the Company or credited to reduce principal hereunder.

 

Payment
of principal and interest will be made by check or wire transfer in immediately available United States funds sent to the Investor
at the address furnished to the Company for that purpose. There shall be no interim payments of principal or payments of accrued
interest before the Maturity Date. This Note is not prepayable.

 

This
Note will be registered on the books of the Company. Any transfer of this Note will be effected only by surrender of this Note
to the Company and reissuance of a new note to the transferee in accordance with the terms herein.

 

1.
Liquidation Event. In the event that this Note remains outstanding at the time of a sale or liquidation of the Company
or substantially all of the Company’s assets or a merger (other than a Reverse Merger or a reincorporation merger) in which
the Company is acquired (each a “Liquidation Event”), the Company shall pay in cash to the Investor on such accelerated
Maturity Date, in addition to the principal balance of and accrued but unpaid interest on this Note, an amount equal to 20% of
the principal balance of this Note (in respect of the acceleration of the Maturity Date and the corresponding truncation of the
potentially available “convertibility” (actually exchangeability) period).

 

    	 

    	 

    

 

2.
Automatic “Conversion” (Exchange). If and when the Company closes a Reverse Merger, if this Note is still then
outstanding the principal of this Note and accrued interest thereon shall be “converted” into (actually, exchanged
for), automatically and without any election on the part of the Investor, shares of the equity securities and other securities
issued by the public-company surviving company/parent company to holders of Company common stock in such Reverse Merger transaction
(the “Reverse Merger Securities”), on the additional terms and conditions applicable generally to Company shareholders
receiving such Reverse Merger Securities in the Reverse Merger. The number of Reverse Merger which this Note shall be “converted”
into (exchanged for) shall be equal to the product of

 

(a)
the outstanding principal balance of and accrued but unpaid interest on this Note as of the effective time of the Reverse Merger,
times

 

(b)
a fraction

 

(i)
the denominator of which is the number of Reverse Merger Securities issued per one share of Company common stock pursuant to the
Reverse Merger and

 

(ii)
the numerator of which is the product of 70% times the fair market value (determined by the last closing sale price of shares
of the public-company surviving company/parent company before the effective time of the Reverse Merger, if applicable, and otherwise
determined in good faith by the Board of Directors of the public-company surviving company/parent company), as of the effective
time of the Reverse Merger, of the number of Reverse Merger Securities issued per one share of Company common stock pursuant to
the Reverse Merger.

 

In
connection with such “conversion” (exchange) of this Note, the Investor shall (and by acceptance of this Note agrees
to) execute and deliver all agreements, certificates and other documents that are executed by Company shareholders generally in
the Reverse Merger, including a market standoff agreement.

 

The
term “Reverse Merger” means the merger of the Company with a public company (i.e., one with a class of equity securities
registered under the Securities Exchange Act of 1934), or with a wholly owned subsidiary of a public company, in which the holders
of the shares of the Company receive, as such, Reverse Merger Securities representing (on a post-transaction basis) more than
50% of the post-transaction outstanding shares of the public company.

 

3.
Covenant. The Company covenants not to enter into any Reverse Merger unless the public-company surviving company/parent
company in the Reverse Merger transaction has agreed in writing, for the benefit of the Investor, to issue its shares to the investor
as required by Section 2 above.

 

4.
Transfer. The Investor may, before the Maturity Date, surrender this original manually-executed Note (accompanied by a
duly signed instrument of transfer in appropriate form) at the principal office of the Company for transfer. Within a reasonable
time and without expense to the Investor, except for any transfer or similar tax which may be imposed on the transfer, the Company
shall issue in exchange therefor another note or notes (each, a “Transferee Note”) for the same aggregate principal
amount as the unpaid principal amount of the Note so surrendered, having the same maturity and rate of interest, containing the
same provisions and subject to the same terms and conditions as the Note so surrendered. Each Transferee Note shall be made payable
to such person or persons, or transferees, as the holder of such surrendered Note may designate, and such transfer shall be made
in such a manner that no gain or loss of principal or interest shall result therefrom. The Company may elect not to permit a transfer
of the Note if it has not obtained satisfactory assurance that such transfer (a) is exempt from the registration requirements
of, or covered by an effective registration statement under, the Securities Act of 1933, as amended, and the rules and regulations
thereunder, and (b) is in compliance with all applicable state securities laws, and the assurances required may include without
limitation receipt of an opinion of counsel for the Investor (or other holder, as the case may be), which opinion is satisfactory
to the Company. In addition, the Investor (by acceptance of this Note) agrees not to sell, assign, transfer, pledge or otherwise
dispose of any securities of the Company, or any beneficial interest therein, to any person (other than the Company) unless and
until the proposed transferee confirms to the reasonable satisfaction of the Company that neither the proposed transferee nor
any of its directors, executive officers, other officers that may serve as a director or officer of any company in which it invests,
general partners or managing members nor any person that would be deemed a beneficial owner of those securities (in accordance
with Rule 506(d) of the Securities Act) is subject to any of the “bad actor” disqualifications described in Rule 506(d)(1)(i)
through (viii) under the Securities Act, except as set forth in Rule 506(d)(2)(ii) or (iii) or (d)(3) under the Securities Act;
and the Company shall not permit a transfer of all or any portion of this Note to any such person.

 

    	B-2

    	 

    

 

5.
New Note. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation
of this Note, the Company will issue a new Note, of like tenor and amount, in lieu of such lost, stolen, destroyed or mutilated
Note, upon receipt from the Investor (or other holder, as the case may be) of a binding agreement to indemnify and hold harmless
the Company in respect of any such lost, stolen, destroyed or mutilated Note or the issuance of the new Note.

 

6.
Surrender Against Payment or Automatic “Conversion”. The Investor shall (and by acceptance of this Note agrees
to) deliver this original manually-executed Note at the principal office of the Company for cancellation before or forthwith after
payment of all principal and accrued interest on or after the Maturity Date, or issuance of the applicable amount of automatic-“conversion”/exchange
Reverse Merger Securities on the closing of a Reverse Merger. The Investor shall (and by acceptance of this Note agrees to) indemnify
and hold harmless the Company in respect of any failure to so deliver this original manually-executed Note.

 

7.
Subordination.

 

7.1
“Senior Indebtedness” means the principal of (and premium, if any) and unpaid interest on indebtedness of the
Company or with respect to which the Company is a guarantor to banks, insurance companies, lease financing institutions or other
lending institutions regularly engaged in the business of lending money that is for money borrowed (or purchase or lease of equipment
in the case of lease financing) by the Company, or which is owed under obligations to the Company’s strategic alliance partners,
whether or not secured.

 

7.2
This Note shall be subordinate and junior in right of payment to any Senior Indebtedness of the Company outstanding from time
to time. No cash payment shall be made in respect of the principal of or interest on this Note unless consistent with the terms
of any such Senior Indebtedness. Subject to the rights, if any, of the holders of Senior Indebtedness under this Section to receive
cash, securities or other property otherwise payable or deliverable to the Investor, nothing contained in this Section shall impair,
as between the Company and the Investor, the obligation of the Company, subject to the terms and conditions hereof, to pay to
the Investor the principal hereof and interest hereon as and when the same become due and payable on the Maturity Date.

 

7.3
By the Investor’s acceptance of this Note and as a condition to the Investor’s rights hereunder, the Investor agrees to execute
and deliver one or more subordination agreements (which include the material terms of this Section and other terms and conditions
which are customarily included in subordination agreements) for the benefit of holders of Senior Indebtedness, and such other
documents as may be reasonably requested from time to time by the Company or the lender of any Senior Indebtedness.

 

8.
Events of Default. Upon the occurrence of any Event of Default (defined below) and so long as any Event of Default
is continuing, the Investor may declare the principal and accrued interest on this Note to be immediately due and payable. Each
of the following events shall constitute an “Event of Default:”

 

(a)
Failure to Make Payment. Failure to make full payment to the Investor of all principal and accrued interest due under this
Note on the Maturity Date.

 

(b)
Breach. The Company being in material breach of any of its obligations under this Note and such material breach is not
cured within 30 days after notice of breach is given by the Investor to the Company.

 

    	B-3

    	 

    

 

(c)
Bankruptcy, etc. Commenced by the Company. If the Company:

 

(i)
shall commence any proceeding or any other action relating to it in bankruptcy or seek reorganization, arrangement, readjustment
of its debts, dissolution, liquidation, winding-up, composition or any other relief under the United States Bankruptcy Act, as
amended, or under any other insolvency, reorganization, liquidation, dissolution, arrangement, composition, readjustment of debt
or any other similar act or law, of any jurisdiction, domestic or foreign, now or hereafter existing;

 

(ii)
shall admit its inability to pay its debts generally as they mature in any petition or pleading in connection with any such proceeding;

 

(iii)
shall apply for, or consent to or acquiesce in, an appointment of a receiver, conservator, trustee or similar officer for it or
for all or substantially all of its assets and properties; or

 

(iv)
shall make a general assignment for the benefit of creditors.

 

(d)
Bankruptcy, etc. Commenced Against the Company. If any proceedings are commenced or any other action is taken against the
Company in bankruptcy or seeking reorganization, arrangement, readjustment of its debts, dissolution, liquidation, winding-up,
composition or any other relief under the United States Bankruptcy Act, as amended, or under any other insolvency, reorganization,
liquidation, dissolution, arrangement, composition, readjustment of debt or any other similar act or law, of any United States
jurisdiction, now or hereafter existing; or a receiver, conservator, trustee or similar officer for the Company or for all or
substantially all of its assets and properties is appointed; and in each such case, such event continues for 90 days undismissed,
unbonded and undischarged.

 

9.
Waiver. The Company waives presentment, notice of dishonor, protest and notice of protest in connection with the delivery,
acceptance, performance or enforcement of this Note.

 

10.
Amendment. This Note may be amended or modified by and only by a writing signed by the Company and by the holder of
this Note.

 

11.
Expenses of Collection. The Company agrees, subject only to limitations imposed by applicable law, to pay the Investor’s
reasonable costs in collecting this Note, including reasonable attorney’s fees.

 

12.
Notice. Any notice required or permitted under this Note shall be in writing (including email communications) and shall
be addressed as follows:

 

if to the Company, at

 

	 	Qualigen, Inc.	 
	 	Attn: Michael Poirier	 
	 	2042 Corte Del Nogal 	 
	 	Carlsbad, CA 92011	Email: mpoirier@qualigeninc.com

 

with a copy to (which shall
not constitute notice):

 

	 	Hayden Trubitt, Esq. 	 
	 	Stradling Yocca Carlson & Rauth, a Professional Corporation 
	 	4365 Executive Drive, Suite 1500 	 
	 	San Diego, CA 92121 	Email: htrubitt@sycr.com

 

 

    	B-4

    	 

    

 

if
to the Investor, at the most recent address provided to the Company by the Investor for such purpose;

 

or,
in each case, to the most recent address, specified by written notice, given to the sender pursuant to this Section.

 

Any
such written notice shall be deemed to have been given on the earliest of (a) actual receipt, or (b) if personally delivered to
the party to whom notice is to be given, the date of delivery, or (c) if sent by email, the date of transmission, if sent to such
email address before 5:00 p.m. at the location of receipt on a business day, or the first business day after the date of transmission,
if sent to such email address at or after 5:00 p.m. at the location of receipt on a business day or on a day that is not a business
day, or (d) if sent by overnight courier and addressed as set forth above, the next business day after the date of deposit with
such courier (by the courier’s stated time for enabling next-business-day delivery), or if deposited after such stated time
shall be deemed to be the second business day after the date of deposit, or (e) if sent in the United States by United States
certified mail, return receipt requested, postage prepaid and addressed as set forth above, on the fifth business day after such
mailing.

 

13.
Governing Law. This Note shall be governed by and construed in accordance with the internal laws of the State of Delaware
without giving effect to the conflicts of laws principles thereof.

 

14.
Severability. In the event any one or more of the provisions of this Note shall for any reason be held to be invalid,
illegal or unenforceable, in whole or in part or in any respect, or in the event that any one or more of the provisions of this
Note operate or would prospectively operate to invalidate this Note, then and in any such event, such provision(s) only shall
be construed or reformed so as to realize the parties’ intention to the maximum extent possible while still being valid,
legal and enforceable, and in all events the remaining provisions of this Note shall remain operative and in full force and effect
and in no way shall be affected, prejudiced, or disturbed thereby.

 

IN
WITNESS WHEREOF, the undersigned has caused this “Convertible” Bridge Promissory Note to be executed by its duly authorized
officer as of the date first above written.

 

	 	QUALIGEN, INC.
	 	 	 
	 	By:	 
	 	Name:	Michael
    Poirier 
	 	Title:	CEO
    and President

 

    	B-5Exhibit
10.60

 

August
22, 2018

 

Michael
Poirier

Qualigen,
Inc.

2042
Corte Del Nogal

Carlsbad,
CA 92009

 

	 	Re:	AMENDED
    AND RESTATED LETTER OF INTENT-LICENSE OF FASTPACK 2.0

 

Dear
Michael:

 

Reference
is made is to a Letter of Intent (“Original LOI”) by and between Sekisui Diagnostics LLC (“Sekisui”) and
Qualigen, Inc. (“Qualigen”) dated as of March 16, 2018 setting forth certain business terms relating to a potential
worldwide license between Qualigen as Licensor and Sekisui as Licensee relating to a certain point of care, rapid quantitative
immunoassay analyzer, as well as all associated intellectual property and technology, including, but not limited to, any assays,
plasma separation devices, dispensers, and pouches related thereto (collectively known as the “FastPack 2.0 System”)
currently under development by Qualigen. Qualigen and Sekisui are sometimes individually herein referred to as a “Party”
and collectively as the “Parties.”

 

Whereas
the Parties have agreed to amend and extend the Original LOI and agree to replace the Original LOI in its entirety by this Letter
of Intent (“LOI”), which LOI shall supersede and replace the Original LOI in its entirety.

 

The
portions of this LOI which are specified herein to be non-binding shall be non-binding, and the portions of this LOI which are
specified herein to be binding shall be binding. Specifically, this LOI is not intended to be and will not create any legal binding
obligation on the Parties, except as specifically set out in Part B below. In particular, and for avoidance of doubt: the concurrence
in this LOI, and/or during the Negotiating Term, upon material terms for the “License Agreement” (as defined below)
does not create a binding license agreement or other contractually binding agreement between the Parties as to such material terms;
there shall be no binding license agreement unless and until the Parties execute and deliver a definitive License Agreement negotiated
following execution of this LOI. Qualigen expressly acknowledges that any proposed License Agreement must be approved by necessary
levels of Sekisui corporate authority before it is executed and delivered by Sekisui. It is further mutually acknowledged that
the License Agreement would need to contain additional terms and conditions which are appropriate for transactions of this type,
including, but not limited to, representations, warranties, and covenants concerning title to the intellectual property, authority
to execute and perform the License Agreement, no infringement, and other customary provisions.

 

Recitals

 

WHEREAS,
Qualigen is the owner of all right, title and interest in and to the “FastPack 2.0 System” including all intellectual
property, including all of Qualigen’s patent rights (“Patent Rights”) and know-how (“Know-How”)
related thereto as more fully described herein; and

 

WHEREAS,
Qualigen and Sekisui are parties to that certain Distribution and Development Agreement dated as of May 1, 2016, as amended (the
“Distribution Agreement”); and

 

WHEREAS,
Sekisui anticipates that its sales of Qualigen FastPack IP System instruments and Qualigen FastPack IP System and FastPack “1.0”
System reagent test kits pursuant to the Distribution Agreement may increase in the future, subject to the release of the 2.0
System and changes to the competitive landscape; and

 

WHEREAS,
pursuant to the Distribution Agreement Sekisui has heretofore provided substantial sums of monies to Qualigen to help fund the
development of the FastPack 2.0 System, with a view to obtaining all necessary regulatory approvals to permit the marketing and
commercialization of the FastPack 2.0 System in the United States and worldwide; and

 

    	 	 	 

     

    

 

Michael
Poirier

Page
2

 

WHEREAS,
the development and manufacture of the FastPack 2.0 System has been subject to material delays; and

 

WHEREAS,
Sekisui has determined that the costs of development of the FastPack 2.0 System have substantially escalated, and the future research
and development costs are currently projected by Sekisui to cost in excess of five million dollars ($5,000,000); and

 

WHEREAS,
Qualigen does not possess the resources to continue the development of the FastPack 2.0 System without Sekisui financial assistance;
and

 

WHEREAS,
Sekisui desires to negotiate and enter into a definitive license agreement with Qualigen granting to Sekisui an exclusive worldwide
assignable license to use, manufacture, develop, make, sell, distribute, export and import the FastPack 2.0 System on the material
terms hereinafter described (the “License Agreement”); and

 

WHEREAS,
Qualigen desires to negotiate and enter into the License Agreement; and

 

WHEREAS,
Qualigen needs to assure, regularize and rationalize its cash inflows and outflows, in order to maintain a stable and secure financial
position; and

 

WHEREAS,
for the purposes of this LOI, “Negotiating Term” shall mean the period from March 16, 2018 to and including January
31, 2020; and

 

WHEREAS,
Sekisui has provided to Qualigen a $500,000 lump-sum cash payment for research and development (the “R&D Payment”),
which R&D Payment will be repaid in full to Sekisui as set forth in this LOI if the Parties are unable to arrive at a binding
License Agreement on or prior to the expiration of the Negotiating Term.

 

Part
A – Non-Binding Business Terms

 

(1)
During the Negotiating Term, Qualigen and Sekisui shall in good faith promptly proceed to negotiate a definitive License Agreement
containing, among other things, the material terms substantially in accordance with this LOI. The LOI shall terminate if a definitive
License Agreement mutually satisfactory to the Parties has not been entered into by 6:01 p.m. (California time) on January 31,
2020, as such time and date may be extended by the Parties by a writing signed by each of the Parties.

 

(2)
The Parties contemplate the definitive License Agreement would include the following material terms:

 

(a)
The License Agreement shall provide that Qualigen shall grant to Sekisui and its affiliates:

 

(i)
an exclusive (including with respect to Qualigen), all-fields, worldwide, assignable license, including the rights to sublicense
through multiple tiers of sublicense, under all Qualigen FastPack 2.0 Patent Rights and Qualigen Know-How (except for Qualigen
intellectual property that pertains to FastPack “1.0”/IP as well as to the FastPack 2.0 System). Qualigen FastPack
2.0 Patent Rights include without limitation the patents and pending patent applications listed in Schedule A and any patent or
patent application claiming priority thereto; and

 

    	 	 	 

     

    

 

Michael
Poirier

Page
3

 

(ii)
an exclusive (including with respect to Qualigen), worldwide, assignable license, including the rights to sublicense through multiple
tiers of sublicense, under all Qualigen Patent Rights and Qualigen Know-How not included in the license grant described in Section
A2(a)(i) above, limited to the field of use consisting of developing, making, having made, using, manufacturing, offering for
sale, selling, having sold, exporting and importing all products (“Licensed Products”) related to the FastPack 2.0
System and future developments/ improvements/ enhancements thereof (i.e., FastPack 2.1, FastPack 3.0, etc.). Qualigen Patent Rights
include all patents and pending patent applications, and any patents and patent applications claiming priority thereto, owned
in whole or in part by Qualigen, necessary or appropriate for the aforesaid field of use, including without limitation point of
care, quantitative immunoassay analyzers, including, but not limited to, any assays, reagents, plasma separation devices, dispensers,
and pouches related thereto, and all methods, processes, systems, and kits related thereto.

 

(b)
The term of the License Agreement (“Term”) shall be as agreed to in the License Agreement, but at a minimum shall
(subject to Section 2(g) below) remain in effect until the expiration of the last to expire patent issued with respect to Qualigen’s
Patent Rights or such shorter period as Sekisui may determine during the Negotiating Term.

 

(c)
The License Agreement shall provide that all further research/development of, clinical trials of and other seeking of regulatory
approval for Licensed Products shall be performed by Sekisui (or by Sekisui contractors). Simultaneously with the signing of the
License Agreement, the Distribution Agreement shall be thereby amended to terminate any further research/development of, clinical
trials of and other seeking of regulatory approval for Licensed Products by Qualigen. Qualigen shall fully cooperate in the transition
of such responsibilities to Sekisui, including by (i) technology transfer of all Qualigen documentation, designs, plans, bills
of materials, etc., as well as of other Qualigen trade secrets, (ii) delivering (at Sekisui’s expense) all physical FastPack
2.0 System-specific items as instructed by Sekisui, and (iii) signing all necessary filings, or allowing same to be filed, as
necessary, in Qualigen’s name. It is understood that such cooperation obligation shall not be construed to require Qualigen
to incur any material cost. During the Negotiating Term, the parties will also discuss which Qualigen employees, if any, Sekisui
may wish to hire, and an arrangement for providing upon Sekisui request the services (billed at Qualigen’s standard hourly
rates) of certain Qualigen employees.

 

(d)
Except as set forth in the immediately following sentence, the License Agreement shall provide that all manufacturing of Licensed
Products shall be performed for the benefit and at the cost of Sekisui by a manufacturer or manufacturers selected by Sekisui,
including without limitation, any affiliate of Sekisui, on such terms as Sekisui in its sole discretion shall determine, and that
Sekisui shall not use any Qualigen marks for the Licensed Products except for any products currently containing any of Qualigen’s
marks. Notwithstanding the foregoing, during the Negotiating Term, the Parties will negotiate a contract manufacturing agreement
on terms mutually satisfactory to both Parties, which contract manufacturing agreement shall be signed by the Parties simultaneously
with the signing of the License Agreement, which contract manufacturing agreement shall provide that Qualigen will manufacture
for Sekisui the pouches necessary for Vitamin D assays for the FastPack 2.0 analyzer, on the FPIP manufacturing equipment owned
by Qualigen, for a period not to exceed two (2) years from the execution date of the contract manufacturing agreement.

 

(e)
During the Term of the License Agreement, Sekisui shall pay Qualigen on a quarterly basis a 3.25% royalty on “Net Sales”
(as defined with a customary meaning in the License Agreement) of Licensed Products the manufacture, sale or use of which is covered
by valid unexpired Qualigen Patent Rights claims and a 1.75% royalty on Net Sales of Licensed Products the manufacture, sale and
use of which are covered only by Qualigen Know-How (e.g., the last applicable Qualigen Patent Rights claim has expired or the
Net Sales are in a country where no applicable Qualigen Patent Rights claim has yet been granted).

 

(f)
Simultaneously with the signing of the License Agreement, the Distribution Agreement shall be amended to provide that should Sekisui
subsequently acquire in a voluntary transaction substantially all of the assets or of the capital stock of Qualigen (by merger
or otherwise) there shall be credited against the purchase price of such acquisition, any unrepaid amounts of the R&D Payment
and any Financing Payments amounts (as defined in the Distribution Agreement) paid to Qualigen per the Distribution Agreement.

 

    	 	 	 

     

    

 

Michael
Poirier

Page
4

 

(g)
Sekisui shall use its commercially reasonable efforts to, subject only to “force majeure” delays, within two (2) years
of the execution date of the License Agreement file at least one 510-K application with the US FDA for the FastPack 2.0 System
with respect to reagents for Vitamin D immunoassays or reagents for assays for any other target. Subject only to force majeure
delays, if Sekisui fails to file any 510-K application for the FastPack 2.0 System with the US FDA with respect to reagents for
Vitamin D immunoassays or reagents for assays for any other target within two years of the execution date of the License Agreement,
(i) the License Agreement shall automatically terminate, (ii) Qualigen shall have the right to purchase from Sekisui at a fair
market value price certain specific physical items exclusively used as part of the FastPack 2.0 System-as agreed between Qualigen
and Sekisui, and (iii) Qualigen shall forthwith reimburse and repay the R&D Payment in full to Sekisui in or within six (6)
months from the date of termination of the License Agreement. Following the termination of the License Agreement, Sekisui agrees
to negotiate in good faith a grant to Qualigen of a non-exclusive worldwide license under certain of Sekisui’s Patent Rights
developed exclusively as part of the FastPack 2.0 System that were made during the term of the License Agreement, limited to the
field of use consisting of developing, making, having made, using, manufacturing, offering for sale, selling, having sold, exporting
and importing Licensed Products, including the length of the license term thereof and royalties payable in respect thereto.

 

(h)
During the Term of the License Agreement, Qualigen at its expense, shall be responsible for preparing, filing, and maintaining
all patent applications and patents included (as of the date of the License Agreement) in the Qualigen Patent Rights in the jurisdictions
in which Qualigen Patent Rights have heretofore been filed, and shall consult with and provide copies thereof to Sekisui. During
the Term, Qualigen will not allow any of the Qualigen Patent Rights to expire early, go abandoned, or otherwise allow the loss
of rights in any such jurisdiction (but not including claim limitation, etc., as recommended by Qualigen patent counsel). Qualigen
will notify Sekisui a minimum of 60 days prior to the loss of any rights and Sekisui will have the option, at its sole discretion,
to prevent the loss of rights. During the Term, Sekisui shall have the option, at its expense, to prepare, file, prosecute, and
maintain Qualigen Patent Rights in one or more additional jurisdictions. Sekisui shall have the option, at its expense, to prepare,
file, prosecute, and maintain Sekisui Patent Rights in any jurisdiction(s).

 

(i)
All rights and licenses granted under or pursuant to the License Agreement by Qualigen are, and will otherwise be deemed, for
all purposes of Section 365(n) of the U.S. Bankruptcy Code, license of rights to “intellectual property” as defined
in Section 101 of the U.S. Bankruptcy Code.

 

(j)
The existing letter agreement between Sekisui and Qualigen regarding discretionary prepayments of certain instrument purchase
orders by Sekisui shall remain in effect.

 

Part
B – Binding Terms

 

The
provisions of this Part B shall be legally binding upon both Parties immediately upon their joint execution of this LOI, and shall
survive the termination or expiration of this LOI.

 

(3)
Simultaneously with the execution of this LOI by both Parties, the Distribution Agreement is amended by adding the following sentence
at the end of Section 1.23 thereof: “Notwithstanding the forgoing, there shall be excluded from the definition of a “Sale
Transaction” (a) any “reverse merger”, share exchange or similar transaction in which the existing holders of
Qualigen receive equity or equity linked securities in a “shell company” (a “Reverse Merger”) but only
as long as (1) the existing holders of Qualigen equity securities on the date hereof and immediately upon the consummation of
the Reverse Merger hold, by virtue of such transaction, at least 67% of the equity or voting securities of the surviving or parent
entity (on either an “as issued” or “as converted” basis), including any equity or equity linked financing
completed concurrently with the Reverse Merger, (2) Qualigen provides a detailed description to Sekisui of the proposed Reverse
Merger transaction and Sekisui grants its consent to such proposal, which consent shall not to be unreasonably withheld or delayed,
and (3) such Reverse Merger transaction does not adversely impact Sekisui’s rights under this Distribution and Development
Agreement (including, without limitation, the surviving or parent entity agreeing in writing for the benefit of Sekisui that until
the expiration or termination of this Distribution and Development Agreement Sekisui’s rights under Section 9.3 and 9.4
of this Distribution and Development Agreement shall continue to apply to Qualigen and also (mutatis mutandis) apply to any such
Sale Transaction involving such surviving or parent entity rather than formally involving Qualigen itself) and (b) any sale or
license of any rights to any product, now or hereafter existing, which is exclusively used in the field of therapeutics, including
the use of such therapeutic product exclusively for diagnostic imaging.”

 

    	 	 	 

     

    

 

Michael
Poirier

Page
5

 

(4)
Simultaneously with the signing of this LOI by both Parties, the Distribution Agreement is amended by adding the following sentences
at the end of Section 2.2 thereof: “Upon the closing of a “Sale Transaction” (as that term is defined in this
Distribution and Development Agreement) which involves an acquirer, Sekisui’s exclusive distribution rights as set forth
in Section 2.1 of this Distribution and Development Agreement shall automatically be extended for an additional period of three
(3) years following the closing of a Sale Transaction upon all the same terms and conditions thereof, and following the expiration
of such additional three-year period, shall be extended for an additional two (2) year extension period on all the same terms
and conditions except that during such additional two (2) year extension period, Sekisui’s distribution rights shall be
non-exclusive. Qualigen shall, as a condition of any such Sale Transaction, require the acquirer to assume this Distribution and
Development Agreement, as amended through the date of the Sale Transaction.”

 

(5)
Simultaneously with the signing of this LOI by both parties, the Distribution Agreement is amended by adding the following sentence
at the end of Section 1.18 thereof: “Notwithstanding the foregoing, “Product” shall exclude any current or future
product which is exclusively used in the field of therapeutics, including the use of such therapeutic product exclusively for
diagnostic imaging.”

 

(6)
During the Negotiating Term, as the same may be extended, Qualigen shall provide and make available to Sekisui (under NDA) copies
of all Qualigen’s Patent Rights, Qualigen’s Know-How, as well as all records, plans, designs, communications, regulatory
filings and all other writings or information relating to the FastPack 2.0 System, Qualigen’s Patent Rights and Qualigen’s
Know-How, as well as all results or reports of any clinical trials or filings or communications with the FDA involving the FastPack
2.0 System. Upon reasonable advance notice, Qualigen shall also make available to Sekisui, or its representatives, access to its
employees and/ or contractors who have participated in or who have knowledge concerning the FastPack 2.0 System.

 

(7)
Sekisui has upon joint execution of the Original LOI provided to Qualigen a $500,000 lump-sum cash R&D Payment (the “R&D
Payment”). If for any reason the Parties are unable or unwilling to execute and deliver a binding License Agreement by the
expiration or termination of the Negotiating Term, Qualigen shall repay the R&D Payment in full to Sekisui in or within one
hundred and eighty (180) days after the expiration or termination of the Negotiating Term. Notwithstanding anything to the contrary
herein contained, if Sekisui shall at any time during the Negotiating Term determine not to proceed with the negotiation or execution
of a definitive License Agreement, it shall notify Qualigen in writing of its determination and the Negotiating Term shall thereupon
terminate immediately upon such written notification. If the R&D Payment is not repaid when due, interest shall thereafter
accrue at the rate of twelve (12%) percent per annum on the amount of the R&D Payment remaining unpaid until all sums are
paid in full, and in addition Sekisui shall be entitled to all costs and expenses (including reasonable attorney’s fees)
incurred in connection with the enforcement and repayment and/or collection of said R&D Payment. Additionally, simultaneously
with the execution and delivery of the Original LOI, Qualigen and Sekisui executed and delivered a Security Agreement dated as
of March 16, 2018, granting to Sekisui a security interest in all of Qualigen’s assets to secure the repayment in full of
the R&D Payment in accordance with the terms of Section B(4) of the Original LOI (equivalent to this Section B (7) of this
LOI), which Security Agreement shall survive the termination or expiration of this LOI. Such Security Agreement provides that
the priority of such security interest will be subordinated to the security interest of Qualigen’s existing working capital
revolving line of credit and any future working capital revolving line of credit that replaces in its entirety Qualigen’s
existing working capital revolving line of credit.

 

(8)
During the Negotiating Term, and until a License Agreement is mutually executed and delivered by the Parties, Qualigen shall continue
to perform all its obligations as set forth in the Distribution Agreement.

 

    	 	 	 

     

    

 

Michael
Poirier

Page
6

 

(9)
Whether or not a License Agreement is executed, Qualigen and Sekisui shall each be solely responsible for and bear their own respective
costs and expenses (including, without limitation, expenses of legal counsel, accountants, other representatives and advisors)
of pursuing or consummating a License Agreement and the transactions contemplated thereby.

 

(10)
Except as may be required by law, neither Sekisui nor Qualigen shall make any public statement with respect to the existence of
this LOI or the transactions contemplated hereby without the consent of the other. If any public statement is required by law,
the Party required to make such statement will consult with the other Party in connection therewith but such consultation shall
not prevent a Party from meeting such legal obligations.

 

(11)
Qualigen’s repayment of the McKesson 2016 marketing fee of $190,000 previously paid directly to McKesson by Sekisui on behalf
of Qualigen shall be repaid by Qualigen to Sekisui as follows: (a) $100,000 shall be paid by September 30, 2018 and (b) $90,000
shall be paid by March 31, 2019.

 

(12)
Except as, if and when specifically modified by the terms of the License Agreement or an amendment of the Distribution Agreement
simultaneously with the signing of this LOI, the Distribution Agreement does and shall remain in full force and effect upon all
its same terms.

 

(13)
The terms of this LOI shall be governed by and construed in accordance with the laws of Delaware, without regard to principles
of conflict of laws.

 

(14)
This LOI cannot be amended or waived except in an express writing signed by both Parties.

 

(15)
Notwithstanding anything herein or in the Distribution Agreement to the contrary, during the Negotiating Term, Sekisui will in
good faith continue to develop the Vitamin D assay and shall pay all of its own labor costs and all of its own out-of-pocket development
and pre-clinical study costs (“Sekisui Vitamin D Costs”) beginning on and after July 1, 2018. During the Negotiating
Term, Qualigen shall continue to cooperate and assist Sekisui in developing the Vitamin D assay, and Qualigen shall be responsible
for paying all of its costs and expenses (including its own labor costs) in contributing to the project to develop the Vitamin
D assay (“Vitamin D Project”), including paying all costs and expenses of the clinical trial. If the costs of the
clinical trial will exceed $400,000, the parties will in good faith discuss the funding of any excess amounts. For purposes hereof,
the Vitamin D Project shall be deemed successful as described in Exhibit A attached hereto.

 

(16)
Subject to the last sentence in this Section 16, if for any reason the Parties are unable or unwilling to execute and deliver
a binding License Agreement by the expiration or termination of the Negotiating Term, Qualigen shall repay the Sekisui Vitamin
D Costs (in addition to the R&D Payment described above) in full to Sekisui in or within one hundred and eighty (180) days
after the expiration or termination of the Negotiating Term. If the Sekisui Vitamin D Costs (in addition to the R&D Payment)
is not repaid when due, interest shall thereafter accrue at the rate of twelve (12%) percent per annum on the amount of the Sekisui
Vitamin D Costs ( as well as the R&D Payment) remaining unpaid until all sums are paid in full, and in addition Sekisui shall
be entitled to all costs and expenses (including reasonable attorney’s fees) incurred in connection with the enforcement
and repayment and/or collection of said Sekisui Vitamin D Costs (as well as the R&D Payment). Additionally, promptly following
the execution and delivery of this LOI, Qualigen and Sekisui shall mutually execute and deliver an amendment, in form and substance
reasonably satisfactory to Sekisui, to that certain Security Agreement dated as of March 16, 2018, granting to Sekisui a security
interest in all of Qualigen’s assets to secure the repayment in full of the Sekisui Vitamin D Costs (as well as the R&D
Payment) in accordance with the terms of B Sections 7 and 16 of the LOI, which security agreement (as so amended) shall survive
the termination or expiration of this LOI. Such security agreement (as so amended) shall continue to provide that the priority
of such security interest will be subordinated to the security interest of Qualigen’s existing working capital revolving
line of credit and any future working capital revolving line of credit that replaces in its entirety Qualigen’s existing
working capital revolving line of credit. Notwithstanding anything to the contrary herein contained, if the Vitamin D Project
is successful as described in Exhibit A prior to the expiration or termination of the Negotiating Term, Qualigen will have no
further obligation to repay the Sekisui Vitamin D Costs (but shall remain liable for repayment of the R&D Payment).

 

    	 	 	 

     

    

 

Michael
Poirier

Page
7

 

(17)
During the Negotiating Term, if Qualigen receives a CLIA waiver with respect to the Vitamin D assay, Sekisui shall pay Qualigen
a one-time milestone payment of $560,000. Notwithstanding anything in this LOI or in the Distribution Agreement to the contrary,
except for the milestone payment described in this Section 17, all other existing milestone payment opportunities of any kind
or description are hereby terminated, and shall not be due and payable.

 

(18)
Sekisui will pay for certain capital equipment reasonably needed to add the port to the FastPack 2.0 pouch to allow Qualigen to
manufacture FastPack 2.0 pouches using the FPIP manufacturing equipment. Such equipment will be purchased at such time that the
Vitamin D assay has received or is reasonably projected to receive 510-K clearance from the US FDA. Additionally, Sekisui will
purchase capital equipment reasonably needed to produce the FastPack 2.0 pouch (i.e., beyond the capital equipment reasonably
needed to add the port to the FastPack 2.0 pouch) once the CLIA waiver with respect to the Vitamin D assay has been received and
the License Agreement has been executed.

 

(19)
The provisions of Sections 3 – 19 shall survive the expiration or termination of the Negotiating Term.

 

Please
sign this Letter of Intent in the space indicated below to confirm our mutual understanding as set forth herein and return a signed
copy to the undersigned. This Letter of Intent may be signed in counterparts.

 

	 	Very
    truly yours,
	 	 
	 	Sekisui
    Diagnostics, LLC
	 	 	 
	 	By:	/s/
    Robert T. Schruender
	 	 	Robert
    T. Schruender
	 	 	President
    & CEO

 

	ACCEPTED AND AGREED:	 
	 	 	 
	Qualigen, Inc.	 
	 	 	 
	By:	/s/
    Michael Poirier	 
	 	Michael
    Poirier	 
	 	President
    & CEO	 

 

    	 	 	 

     

    

 

EXHIBIT
A

 

Vitamin
D Criteria

 

The
Vitamin D Project will be considered successful as follows;

 

	 	1.	The
    Product meets the criteria described in the Design Input document DC 16-001 ; and
	 	 	 
	 	2.	Performance
    shows greater than 95% of method comparison samples meet the ATE criteria versus LC/MS

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