Document:

Exhibit 10.7
​
Execution Version
NT SUEZ HOLDCO LLC
33 Benedict Place
Greenwich, CT 06830
​
​
March 30, 2021
CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK
as Administrative Agent, Collateral Agent and Lender
12, Place des Etats-Unis – CS 70052
92547 Montrouge Cedex
France
Attention: Clementine Costil
Clementine.Costil@ca-cib.com
Copy: George Gkanasoulis /Manon Didier
NYShipFinance@ca-cib.com / George.gkanasoulis@ca-cib.com / manon.didier@ca-cib.com
​
​
NIBC BANK N.V.
as Lender
Carnegieplein 4
2517 KJ, Den Haag
The Netherlands
Attn: Jan-Willem Schellingerhout / Thomas van Oorschot
maritime@nibc.com
​
​
Re:     Credit Agreement dated August 9, 2016 for a $66,000,000 Loan Facility
​
​
Dear Ladies and Gentlemen:
​
​
We refer to the credit agreement dated as of August 9, 2016 and made between, amongst others, (i) NT Suez Holdco LLC as borrower, (ii) the banks and financial institutions named therein as lenders, (iii) Crédit Agricole Corporate and Investment Bank as administrative agent, and (iv) the banks and financial institutions named therein as bookrunners and lead arrangers for a term loan facility in an aggregate principal amount of up to $66,000,000 (as amended through the date hereof, including by that certain consent letter dated November 27, 2018, the "Credit Agreement").  Words and expressions defined in the Credit Agreement shall have the same meanings when used in this letter (this “Consent and Amendment Letter”) unless otherwise defined.
	1
	BACKGROUND

We refer to our recent discussions in which we advised of the proposed transaction, pursuant to which International Seaways, Inc. (“INSW”) intends to acquire, in a “friendly” transaction, Diamond S Shipping Inc. (“DSSI”) by way of a merger of a newly-formed Marshall Islands corporation wholly-owned by INSW (“Merger Sub”) with and into DSSI, with DSSI continuing as the surviving entity of such merger and as a wholly-owned subsidiary of INSW (the “Merger”).  Immediately following the Merger, INSW will contribute all the shares of DSSI to International Seaways Operating Corporation (“ISOC”). The Merger, contribution of shares to ISOC, the waivers and amendments contemplated by this Consent & Amendment Letter, and all transactions related thereto are referred to herein as the “Transactions”.
​

	2
	CONSENT REQUEST

In accordance with the requirements of Section 11.13 (Amendment or Waiver; etc.) of the Credit Agreement, we hereby request consent of the Required Lenders to the following:
	(a)
	the proposed Transactions;

	(b)
	a waiver of the mandatory repayment under the Credit Agreement that would arise upon a Change of Control pursuant to Section 4.02(d) (Mandatory Repayments and Commitment Reductions) of the Credit Agreement as a result of (i) the Transactions and (ii) the replacement of the directors on the board of directors of DSSI by nominees of INSW on or about the date of the Merger;

	(c)
	a waiver of any other provision of the Credit Agreement or the other Finance Documents that may be breached or any Event of Default that may occur as a result of the Transactions; and

	(d)
	a waiver of any present or, prior to the Merger Effective Date, future Event of Default, resulting from the failure to make a mandatory prepayment pursuant to Section 4.02(d) (Mandatory Repayments and Commitment Reductions) of the Credit Agreement upon a Change of Control as a result of the Permitted Holders having ceased to own beneficially on a fully diluted basis, in the aggregate, at least 30% of the outstanding Equity Interests in DSSI (formerly, DSSH) prior to the date hereof.

	3
	AMENDMENTS ON CONSENT EFFECTIVE DATE

In accordance with the requirements of Section 11.13 (Amendment or Waiver; etc.) of the Credit Agreement, we hereby request consent of the Required Lenders to amend and restate the definition of “Change of Control” appearing in Section 1.01 (Defined Terms) of the Credit Agreement as follows:
““Change of Control” shall be deemed to occur on the date on which any of the following first occurs:
(a)[reserved], or
(b)any “person” or “group” (within the meaning of Section 13(d) and 14(d)(2) of the Exchange Act, as in effect on the Closing Date), other than the Permitted Holders, shall have (i) acquired (directly or indirectly) more than 35% of outstanding Equity Interests or voting rights in DSSH or (ii) obtained the power (whether or not exercised) to elect, appoint or remove a majority of DSSH’s managers or board of directors or similar body or executive committee thereof, or
(c)[reserved], or
(d)neither Ross nor Fearnley Advisors AS (each a “Required Party,” and together, the “Required Parties”) continues to act as an investment advisor of TRF, or
(e)any person or group of persons acting in concert (other than the Required Parties and each person directly or indirectly controlled by a Required Party (or either of them)) has acquired control of 50% of Starboard Recovery Associates, L.P., the general partner of TRF.”
​

	4
	AMENDMENTS FOLLOWING MERGER

In addition, and following the consummation of the Merger, an amendment will be required to reflect the ownership structure of INSW and its Subsidiaries, after giving effect to the Transactions. In accordance with the requirements of Section 11.13 (Amendment or Waiver; etc.) of the Credit Agreement, we hereby request that clauses (a) and (b) of the definition of “Change of Control” set forth in Section 1.01 (Defined Terms) of the Credit Agreement are amended as follows:
“(a)International Seaways, Inc., a Marshall Islands corporation (“Holdings”) at any time ceases to own, directly or indirectly 100% of the Equity Interests of DSSH or ceases to have the power to vote, or direct the voting of, any such Equity Interests, or
(b)any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act, but excluding any employee benefit plan of such person or group or its respective subsidiaries, and any person acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that, for purposes of this clause, such person or group shall be deemed to have “beneficial ownership” of all securities that such person or group has the right to acquire, whether such right is exercisable immediately or only after the passage of time (such right, an “option right”)), directly or indirectly, of (x) voting Equity Interests of Holdings representing 50% or more of the voting power of the total outstanding voting Equity Interests of Holdings, (y) 50% or more of the total economic interests of the Equity Interests of Holdings (in either case, taking into account in the numerator all such securities that such person or group has the right to acquire (whether pursuant to an option right or otherwise) and taking into account in the denominator all securities that any person has the right to acquire (whether pursuant to an option right or otherwise)) or (z) the power (whether or not exercised) to elect, appoint or remove a majority of Holdings’ managers or board of directors or similar body or executive committee thereof, or”.
The amendment set forth in this Section 4 shall take effect as of the Closing Date (as defined in that certain Agreement and Plan of Merger, to be dated on or about the date of this Consent & Amendment Letter (the “Merger Agreement”) by and among INSW, Merger Sub and DSSI) (the “Merger Effective Date”), subject to the payment of the fees set forth in Section 5 of this Consent & Amendment Letter.
	5
	CONSENT

Please indicate your consent to the waivers and amendments set forth in Section 2, Section 3 and Section 4 of this Consent & Amendment Letter by executing a counterpart page hereto not later than March 30, 2021.
Each Lender which provides their consent will receive a non-refundable consent fee equal to 0.20% of the aggregate principal amount of Loans of such Lender as of the Consent Effective Date (as defined below), which fee will be due and payable on the Merger Effective Date and paid by the Borrower to the Agent for distribution to each such Lender.
	6
	MISCELLANEOUS

	(a)
	This Consent & Amendment Letter shall become effective on the date (the “Consent Effective Date”) when the Lenders shall have signed a counterpart hereof and shall have delivered the same to the Administrative Agent.

​

	(b)
	In order to induce the Lenders to enter into this Consent & Amendment Letter, the Credit Parties hereby represent and warrant that (i) except as described herein no Default or Event of Default exists on the Consent Effective Date both before and after giving effect to this Consent & Amendment Letter and (ii) all of the representations and warranties contained in the Credit Agreement or the other Credit Documents are true and correct in all material respects on the Consent Effective Date after giving effect to this Consent & Amendment Letter, with the same effect as though such representations and warranties had been made on and as of the Required Consent Time (it being understood that any representation or warranty made as of a specific date shall be true and correct in all material respects as of such specific date).

	(c)
	(i) On and after the Consent Effective Date, the Credit Agreement shall be amended in accordance with Section 3 of this Consent & Amendment Letter and (ii) on and after the Merger Effective Date, the Credit Agreement shall be amended in accordance with Section 4 of this Consent & Amendment Letter, in each case, with the parties hereby agreeing that there is no novation of the Credit Agreement and from and after the effectiveness of such amendments, the rights and obligations of the parties under the Credit Agreement shall be subsumed and governed by the Credit Agreement, as amended thereby. From and after the Consent Effective Date with respect to the amendments set forth in Section 3 of this Consent & Amendment Letter and on and after the Merger Effective Date with respect to the amendments set forth in Section 4 of this Consent & Amendment Letter, (i) each reference in the Credit Agreement and the other Credit Documents to “the Credit Agreement”, “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import and each reference to the Credit Agreement in any other Credit Document shall be deemed a reference to the Credit Agreement, as amended hereby, and (ii) the “Obligations” and “Secured Obligations” under, and each as defined in, the Credit Agreement shall continue as Obligations and Secured Obligations under the Credit Agreement, as amended hereby.

	(d)
	This Consent & Amendment Letter may not be amended, modified or waived except in accordance with Section 11.13 of the Credit Agreement.

	(e)
	This Consent & Amendment Letter shall constitute a “Credit Document” for all purposes of the Credit Agreement and the other Credit Documents.

	7
	EFFECT OF AMENDMENT

	(a)
	Each Credit Party party hereto hereby consents to the terms and conditions of this Consent & Amendment Letter.

	(b)
	Each Credit Party that is party hereto hereby acknowledges that it has reviewed the terms and provisions of this Consent & Amendment Letter and consents to the amendments contained herein. Each Credit Party that is party hereto acknowledges and agrees that any of the Credit Documents to which it is a party or otherwise bound shall continue in full force and effect and that all of its obligations thereunder shall be valid and enforceable and shall not be impaired or limited by the execution or effectiveness of this Consent & Amendment Letter.

	(c)
	Each Credit Party hereby acknowledges and agrees that, after giving effect to the Consent Effective Date, all of its respective obligations and liabilities under the Credit Documents to which it is a party, as such obligations and liabilities have been amended by this Consent & Amendment Letter, are reaffirmed, and remain in full force and effect.

	(d)
	After giving effect to this Consent & Amendment Letter, each Credit Party reaffirms each Lien granted by it to the Collateral Agent for the benefit of the Secured Creditors under each of the Security Documents to which it is a party, which Liens shall continue in full force and effect during the term of the Credit Agreement, as amended by this Consent & Amendment Letter, and shall continue to secure the Secured Obligations (after giving effect to this Consent & Amendment Letter), in each case, on and subject to the terms and conditions set forth in the

​

Credit Agreement, as amended by this Consent & Amendment Letter, and the other Credit Documents.
	8
	EXECUTION IN COUNTERPARTS

This Consent & Amendment Letter may be executed by one or more of the parties hereto on any number of separate counterparts and all of said counterparts taken together shall be deemed to constitute one and the same instrument.  Delivery of an executed counterpart of a signature page of this Consent & Amendment Letter by facsimile or in electronic (i.e., “pdf” or “tif”) format shall be effective as delivery of a manually executed counterpart of this Consent & Amendment Letter. The words “execution,” “signed,” “signature,” and words of like import in this restatement agreement shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the federal electronic signatures in global and national commerce act, the New York State Electronic Signatures and Records Act, or any other similar applicable state laws based on the Uniform Electronic Transactions Act.
	9
	COSTS AND EXPENSES

The Credit Parties and INSW jointly and severally agree to reimburse the Administrative Agent for all reasonable out of pocket expenses incurred by it in connection with the negotiation, drafting and execution of the definitive documentation formalizing the Required Lenders’ consent and agreement to the waivers requested in paragraph 2 and the amendment requested in paragraph 3 including the reasonable out of pocket fees and disbursements of the Administrative Agent's counsel in connection therewith.
	10
	GOVERNING LAW

This Letter and the rights and obligations of the parties hereunder shall be governed by and construed in accordance with the laws of the State of New York.
​
​

​
CONSENTED TO AND AGREED this ____ day of March, 2021
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	​

	CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK,
as Administrative Agent, Collateral Agent and Lender
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	​
	​

	​
	​

	By
	/s/ Georgios Gkanasoulis
	​

	Name:
	Georgios Gkanasoulis
	​

	Title:
	Director
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	​

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	​
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	​
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	By
	/s/ Manon Didier
	​

	Name:
	Manon Didier
	​

	Title:
	Vice President
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CONSENTED TO AND AGREED this ____ day of March, 2021
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	NIBC BANK N.V.,
as Lender
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	​
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	By:
	/s/ Sven de Veij
	​

	Name:
	Sven de Veij
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	Title:
	Managing Director
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	​
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	By:
	/s/ Jan-Willem Schellingerhout
	​

	Name:
	Jan-Willem Schellingerhout
	​

	Title:
	Director
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Yours faithfully,
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	NT SUEZ HOLDCO LLC,
as Borrower
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	​
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	By
	/s/ Craig H. Stevenson, Jr.
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	Name:
	Craig H. Stevenson, Jr.
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	Title:
	President
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	NT SUEZ GP LLC,
as Corporate Guarantor
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	By
	/s/ Craig H. Stevenson, Jr.
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	Name:
	Craig H. Stevenson, Jr.
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	Title:
	President
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	NT SUEZ ONE LLC,
as Subsidiary Guarantor
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	By
	/s/ Craig H. Stevenson, Jr.
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	Name:
	Craig H. Stevenson, Jr.
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	Title:
	President
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	NT SUEZ TWO LLC,
as Subsidiary Guarantor
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	By
	/s/ Craig H. Stevenson, Jr.
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	Name:
	Craig H. Stevenson, Jr.
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	Title:
	President
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	INTERNATIONAL SEAWAYS, INC.
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	By
	/s/ Jeffrey D. Pribor
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	Name:
	Jeffrey D. Pribor
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	Title:
	Senior VP & Chief Financial Officer
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[Signature Page to CACIB 66 Consent Letter]Tonix Pharmaceuticals Holding Corp. 10-Q

 

Exhibit
10.1

 

EXECUTION
DRAFT

 

CERTAIN
IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM
TO THE REGISTRANT IF PUBLICLY DISCLOSED. THE OMISSIONS HAVE BEEN INDICATED BY “[***].”

 

	 

                                                                                                                                         LICENSE
                                         AGREEMENT

         

        by
        and between

         

        OYAGEN,
        INC.

         

        and

         

        TONIX
PHARMACEUTICALS, INC. 

        __________

         

        April
        14, 2021

         

     

     

    

TABLE
OF CONTENTS

 

PAGES

 

	ARTICLE
    1       DEFINITIONS	1
	ARTICLE
    2       LICENSE GRANT	13
	2.1   License
    Grant	13
	2.2   Non-Compete	14
	2.3   Technology
    Transfer	14
	2.4   Right
    of First Negotiation	14
	2.5   Samples	15
	2.6   Post-Effective
    Date Commitments	15
	ARTICLE
    3       DEVELOPMENT, MANUFACTURING AND COMMERCIALIZATION	16
	3.1   Responsibility	16
	3.2   Diligence	17
	3.3   Records	17
	3.4   Reports	17
	3.5   Compliance
    with Applicable Laws	17
	ARTICLE
    4       PAYMENTS	18
	4.1   Upfront
    Payments	18
	4.2   Milestone
    Payments	19
	4.3   Royalties	20
	4.4   Sublicense
    Fees	20
	4.5   Royalty
    Term	20
	4.6   Third
    Party Licenses	20
	4.7   Compulsory
    Licenses	21
	ARTICLE
    5       PAYMENT; RECORDS; AUDITS	21
	5.1   Payment;
    Reports	21
	5.2   Exchange
    Rate; Manner and Place of Payment	21
	5.3   Tax
    Withholding	21
	5.4   Audits	22
	ARTICLE
    6       CONFIDENTIALITY AND PUBLICATION	23
	6.1   Confidential
    Information	23
	6.2   Exceptions	23
	6.3   Authorized
    Disclosure	23
	6.4   Publications	24
	6.5   Publicity	25
	6.6   Prior
    Confidential Disclosure Agreement	26

    i 

     

    

CONFIDENTIAL

 

	ARTICLE
    7       REPRESENTATIONS AND WARRANTIES; CERTAIN COVENANTS	26
	7.1   Mutual
    Representations and Warranties	26
	7.2   OyaGen
    Representations and Warranties	26
	7.3   OyaGen
    Covenant	31
	7.4   Tonix
    Representations and Warranties	31
	7.5   Mutual
    Covenants	31
	7.6   Performance
    by Affiliates, Sublicensees and Subcontractors	32
	7.7   Limitation
    of Liability	32
	ARTICLE
    8       INTELLECTUAL PROPERTY	33
	8.1   Ownership	33
	8.2   Patent
    Prosecution and Maintenance	33
	8.3   Enforcement
    and Defense of Patent Rights	35
	8.4   Patent
    Term Extensions	37
	8.5   Infringement
    of Third Party Rights	38
	ARTICLE
    9       TERM AND TERMINATION	38
	9.1   Term	38
	9.2   Termination
    for Material Breach	38
	9.3   At-Will
    Termination by Tonix	39
	9.4   Effect
    of Expiration or Termination	39
	9.5   Accrued
    Obligations; Survival	39
	9.6   Return
    of Confidential Information	40
	9.7   Damages;
    Relief	40
	ARTICLE
    10       INDEMNIFICATION	40
	10.1   Indemnification
    by Tonix	40
	10.2   Indemnification
    by OyaGen	40
	10.3   Control
    of Defense	41
	10.4   Insurance	42
	ARTICLE
    11       DISPUTE RESOLUTION	42
	11.1   Disputes	42
	ARTICLE
    12       MISCELLANEOUS	42
	12.1   Rights
    Upon Bankruptcy	42
	12.2   Governing
    Law; Venue	43
	12.3   Entire
    Agreement; Amendments	43
	12.4   Non-Waiver	43
	12.5   Assignment	43
	12.6   Force
    Majeure	44
	12.7   Severability	44
	12.8   Notices	44
	12.9   Interpretation	45
	12.10   Relationship
    between the Parties	45
	12.11   Cumulative
    Remedies	46
	12.12   No
    Third Party Rights	46
	12.13   Further
    Assurances	46

 

    ii 

     

    

CONFIDENTIAL

 

	12.14   Compliance
    with Securities Laws	46
	12.15   Costs	46
	12.16   Counterparts	46

    iii 

     

    

LICENSE
AGREEMENT

 

This
License Agreement (“Agreement”),
effective as of April 14, 2021 (the “Effective Date”), is made by and between OYAGEN,
INC, a corporation organized and existing under the laws of the state of Delaware (“OyaGen”),
and TONIX PHARMACEUTICALS, INC., a corporation organized and existing under
the laws of the State of Delaware (“Tonix”).

 

Recitals

 

Whereas,
OyaGen owns, controls or has exclusive rights
to certain assets, rights, intellectual property and know-how relating to the small molecule Compounds called Oya1 and Oya2, (as
defined below);

 

Whereas,
Tonix has experience in developing prescription pharmaceutical products;

 

Whereas,
Tonix desires to obtain, and OyaGen is willing to grant to Tonix, an exclusive license under the OyaGen Technology to discover,
develop, make, have made, use, sell, have sold, offer for sale, market, export, import and otherwise commercialize Products that
contain Oya1 and/or Oya2 in the Field in the Territory, on the terms and subject to the conditions set forth herein.

 

Now,
Therefore, in consideration of the foregoing
premises and the mutual covenants contained herein, the receipt and sufficiency of which are hereby acknowledged, the Parties
hereby agree as follows:

 

ARTICLE
1

DEFINITIONS

 

Unless
specifically set forth to the contrary herein, the following terms shall have the respective meanings set forth below:

 

1.1          “Accounting Standards” shall mean (a) U.S. generally accepted accounting principles, commonly known as GAAP,
or (b) international financial reporting standards; in either case, consistently applied throughout the organization of a
Party (or a Related Party, as applicable).

 

1.2          “Act” shall mean, as applicable, the United States Federal Food, Drug and Cosmetic Act, 21 U.S.C. §§301
et seq., and/or the Public Health Service Act, 42 U.S.C. §§262 et seq., as such may be amended from time to time.

 

1.3          “Affiliate” shall mean, with respect to any Person, any other Person that directly or indirectly controls, is
controlled by or is under common control with such Person. A Person shall be deemed to control another Person if such Person possesses
the power to direct or cause the direction of the management, business and policies of such Person, whether through the ownership
of fifty percent (50%) or more of the voting securities of such Person, by contract or otherwise.

     

     

    
CONFIDENTIAL

 

1.4             
“Agreement” shall mean this License Agreement, including all Schedules and Exhibits hereto, as it may be amended,
supplemented or modified from time to time in accordance with its terms.

 

1.5             
“Applicable Laws” shall mean the applicable laws and regulations of any jurisdiction, which are applicable to
any of the Parties or their respective Affiliates in carrying out activities hereunder or to which any of the Parties or their
respective Affiliates in carrying out the activities hereunder is subject, and shall include all statutes, enactments, acts of
legislature, laws, ordinances, rules, regulations, notifications, guidelines, policies, directions, directives and orders of any
statutory authority, tribunal, board, or court or any central or state government or local authority or other governmental entity
in such jurisdictions, including, without limitation, GCP, GLP and/or GMP.

 

1.6             
“Bankruptcy Laws” shall have the meaning provided in Section 12.1.

 

1.7             
“Claim” shall have the meaning provided in Section 10.1.

 

1.8             
“Combination Product” shall mean a Product which includes one or more Other Actives in combination with a Compound.
All references to Product in this Agreement shall be deemed to include Combination Product.

 

1.9             
“Commercially Reasonable Efforts” shall mean, with respect to the efforts to be expended by a Party with respect
to any objective, the level of reasonable, diligent, good faith efforts that biopharmaceutical companies typically devote to products
owned by them that are at a similar stage in their development or product life and are of similar market potential taking into
account efficacy, safety, approved labeling, the competitiveness of alternative products in the marketplace, the patent and other
proprietary position of the product, the likelihood of regulatory approval, the profitability of the product, and other relevant
factors, in each case, as reasonably determined by such Party in good faith. As used in this Section 1.9 “biopharmaceutical
companies” shall mean companies in the biopharmaceutical industry of a size and stage of development similar to that of
such Party, including having human pharmaceutical product candidates or products in a similar stage of development to the Products.
Commercially Reasonable Efforts shall be determined on a market-by-market and Product-by-Product basis, and it is anticipated
that the level of effort will be different for different markets, and will change over time, reflecting changes in the status
of the Product and the market(s) involved.

 

1.10         
“Competitive Infringement” shall have the meaning provided in Section 8.3.

    -2-

     

    
CONFIDENTIAL

 

1.11         
“Compound” shall mean Oya1 and/or Oya2 and (a) any derivatives, homologs, analogs, metabolites, prodrugs, conjugates,
complexes, salts, free acids, bases, solvates, enantiomers, isomers, hydrates, esters, racemates or polymorphs of either or both
Oya1 and Oya2 and/or any formulations thereof, in each case, existing as of the Effective Date or developed at any point during
the Term and (b) all Derivatives of any of the foregoing existing as of the Effective Date or developed at any point during the
Term. For the avoidance of doubt, OyaGen compounds (other than the Compounds), methods, leads and/or know how relating to any
other treatment and cure for HIV/AIDS and/or cancer are not Oyagen Technology or Compounds under this Agreement.

 

1.12         
“Confidential Information” shall mean any and all Information, whether communicated in writing or orally or by
any other method, which is provided by or on behalf of one Party to the other Party prior to, on or after the Effective Date in
connection with this Agreement or pursuant to that certain Confidential Disclosure Agreement between OyaGen and Tonix,
dated as of March 7, 2020.

 

1.13         
“Control”, “Controls” or “Controlled by” shall mean, with respect to any
Patent Rights, Information, Know-How or other intellectual property rights, the possession by Person of the ability (whether by
ownership, license or other right, other than pursuant to a license granted under this Agreement) to grant access
to, or a license or sublicense of, such Patent Rights, Know-How, Information or other intellectual property rights without violating
the terms of any agreement or other arrangement with any other Person.

 

1.14         
“Cover” means (a) with respect to Know-How, such Know-How was used in making, having made, using, selling,
offering to sell, importing, having sold, exporting or making improvements to the Product, and (b) with respect to Patent
Rights, a Valid Patent Claim (a patent claim, or a patent application claim if issued) would (absent a license thereunder or ownership
thereof) be Infringed by making, having made, using, selling, offering to sell, importing, having sold or exporting the Product
including research and development. Cognates of the word “Cover” shall have correlative meanings.

 

1.15         
“Data Room Documents” means the materials listed on Schedule 1.15 as included in the electronic documentation
site established by OyaGen on Box.com.

 

1.16         
“Derivative” means a compound that is derived from the scaffold of the Compound using chemical reactions on the
Compound or using de nova whole or partial molecule chemical synthesis.

 

1.17         
“Developmental Milestone” shall have the meaning provided in Section 4.2(a).

 

1.18         
“Dispute” shall have the meaning provided in Section 11.1.

    -3-

     

    
CONFIDENTIAL

 

1.19         
“Effective Date” shall have the meaning provided in the Preamble.

 

1.20         
“EMA” shall mean the European Medicines Agency or any successor entity thereto.

 

1.21         
“Export Control Laws” shall mean all applicable U.S. laws and regulations relating to (a) sanctions and embargoes
imposed by the Office of Foreign Assets Control of the U.S. Department of Treasury or (b) the export or re-export of commodities,
technologies, or services, including the Export Administration Act of 1979, 24 U.S.C. §§2401-2420, the International
Emergency Economic Powers Act, 50 U.S.C. §§1701-1706, the Trading with the Enemy Act, 50 U.S.C. §§1 et. seq.,
the Arms Export Control Act, 22 U.S.C. §§2778 and 2779, and the International Boycott Provisions of Section 999
of the U.S. Internal Revenue Code of 1986 (as amended).

 

1.22         
“FCPA” shall mean the U.S. Foreign Corrupt Practices Act (15 U.S.C. §§78dd-1, et. seq.) as amended.

 

1.23         
“FDA” shall mean the U.S. Food and Drug Administration and any successor entity thereto.

 

1.24         
“Field” shall mean any and all preventative, therapeutic and prophylactic uses in humans and/or animals.

 

1.25         
“First Commercial Sale” shall mean, with respect to a given Product that is at the time Covered by a Valid Patent
Claim and/or that has Regulatory Exclusivity in a given country, the first commercial transfer or disposition for value of such
Product by Tonix (or a Related Party) to a Third Party (other than a Related Party) for end use by a patient in such country after
receipt of Marketing Approval for such Product in such country, excluding, however, transfers or dispositions of Product
without consideration: (i) in connection with patient assistance programs; (ii) for charitable or promotional purposes;
(iii) for preclinical, clinical, regulatory or governmental purposes or under so-called “named patient” or other
limited access programs; or (iv) for use in any tests or studies reasonably necessary to comply with Applicable Law, regulation
or request by a Regulatory Authority. For clarity, First Commercial Sale shall be determined on a Product-by-Product and country-by-country
basis.

 

1.26         
“GCP” shall mean the then current “good clinical practices” as such term is defined from time to time
by the FDA, EMA or other Regulatory Authority of competent jurisdiction pursuant to its regulations, guidelines or otherwise,
as applicable.

 

1.27         
“GLP” shall mean the then current “good laboratory practices” as such term is defined from time to
time by the FDA, EMA or other Regulatory Authority of competent jurisdiction pursuant to its regulations, guidelines or otherwise,
as applicable.

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CONFIDENTIAL

 

1.28         
“GMP” shall mean the then current “good manufacturing practices” as such term is defined from time
to time by the FDA, EMA or other Regulatory Authority of competent jurisdiction pursuant to its regulations, guidelines or otherwise,
as applicable.

 

1.29         
“IND” shall mean an investigational new drug application, clinical study application, clinical trial exemption,
or similar application or submission for approval to conduct human clinical investigations filed with or submitted to a Regulatory
Authority in conformance with the requirements of such Regulatory Authority, including any such application filed with the FDA
pursuant to 21 CFR Part 312.

 

1.30         
“Indemnified Party” shall have the meaning provided in Section 10.3.

 

1.31         
“Indemnifying Party” shall have the meaning provided in Section 10.3

 

1.32         
“Indication” shall mean a separate and distinct disease or medical condition in humans: (a) which a Product is
intended to treat or prevent, as evidenced by the protocol for a clinical trial of such Product or by the proposed Product labeling
in an NDA filed with a Regulatory Authority for such Product; or (b) which is contained in a Product’s labeling approved
by a Regulatory Authority as part of the Marketing Approval for such Product.

 

1.33         
“Information” shall mean any and all proprietary data, information, materials and know-how (whether patentable
or not) that are not in the public domain, including: (a) ideas, discoveries, inventions, improvements, technology or trade
secrets; (b) pharmaceutical, chemical and biological materials, products, components or compositions; (c) methods, procedures,
formulas, processes, tests, assays, techniques, regulatory requirements and strategies; (d) biological, chemical, pharmacological,
toxicological, pharmaceutical, physical and analytical, clinical, safety, manufacturing and quality control data and information
related thereto; (e) technical and non-technical data and other information related to the foregoing; (f) drawings,
plans, designs, diagrams, sketches, specifications or other documents containing or relating to such information or materials;
and (g) business information, development plans, records and/or other information shared under or that is related to this Agreement
or Party’s exercise of its right hereunder. For clarification, “Information” also includes (i) any communication
or reports (including without limitation, royalty, development and/or progress reports) related to the subject matter of this
Agreement which by its nature is reasonably understood to be confidential and/or proprietary in nature, and (ii) all information
obtained by OyaGen and/or its representatives at board meetings through the exercise of its observer rights.

 

1.34         
“Infringe” or “Infringement” means any infringement as determined by Applicable Law, including,
without limitation, direct infringement, contributory infringement or any inducement to infringe.

    -5-

     

    
CONFIDENTIAL

 

1.35         
“Initiates” or “Initiation” shall mean, with respect to a human clinical trial, the administration
of the first dose to the first patient/subject in such trial.

 

1.36         
“Invention” shall mean each discovery, development, concept, idea, method, design, improvement, invention, formula,
process, technique, program and all know-how and data datum, whether or not patentable, made or developed during the Term that
is related to any Product or any Compound in the Field in the Territory, including, without limitation, any new Patent Rights
that Cover the Compound and/or the use, composition, manufacture and/or administration of any Compound in the Field in the Territory.

 

1.37         
“Joint Invention” shall have the meaning provided in Section 8.1.

 

1.38         
“Joint Patent Rights” shall have the meaning provided in Section 8.1.

 

1.39         
“Know-How” shall mean all know-how, show-how, technical and non-technical information, trade secrets, formulae,
techniques, sketches, drawings, materials, models, inventions, designs, specifications, processes, apparatus, equipment, databases,
research, experimental work, development, pharmacology and clinical data, software programs and applications, software source
documents, third-party licenses, and any related type of proprietary intellectual property right other than Patent Rights.

 

1.40         
“Losses” shall have the meaning provided in Section 10.1.

 

1.41         
“Marketing Approval” shall mean all approvals from the relevant Regulatory Authority in a given country necessary
to market and sell a pharmaceutical product in such country, including pricing and reimbursement approvals if required for marketing
or sale of such product in such country.

 

1.42         
“NDA” shall mean: (a) in the United States, a New Drug Application (as more fully defined in 21 CFR
314.5, et seq.) filed with the FDA, or any successor application thereto; or (b) in any other country or group of
countries, the equivalent application or submission for approval to market a pharmaceutical product filed with the governing Regulatory
Authority in such country.

 

1.43         
“Net Sales” shall mean the gross amounts invoiced for sales or other dispositions of Products in the Territory
by or on behalf of Tonix or any Related Party (each, a “Selling Party”) to Third Parties (other than
a Related Party), subject to the terms and conditions set forth in this Section 1.43, and less the following deductions actually
incurred, allowed, paid, accrued or otherwise specifically allocated to Products by the Selling Party, all in compliance with
applicable Accounting Standards, consistently applied by the Selling Party:

 

 (a)          trade discounts, including trade, cash and quantity discounts or rebates credits or refunds, actually allowed or taken;

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CONFIDENTIAL

 

(b)           credits or allowances granted or made for rejection of or return of previously sold Products, including recalls, or for retroactive
price reductions and billing errors or for stocking allowances;

 

(c)           governmental and other rebates (or credits or other equivalents thereof) actually granted to managed health care organizations,
commercial insurance companies, pharmacy benefit managers (or equivalents thereof), distributors, national, state/provincial,
local, and other governments, their agencies and purchasers, and reimbursers, or to trade customers;

 

(d)           fees paid to wholesalers, distributors, selling agents (excluding sales representatives of the Selling Party), group purchasing
organizations, Third Party payors, other contractees and managed care entities, in each case with respect to the Product;

 

(e)           charges for freight, insurance, transportation, postage and handling;

 

(f)            taxes, custom duties or other governmental charges (including any tax, such as a value added or similar tax or government
charge, but excluding what is commonly known as income tax) levied on or measured by the billing amount for Products, as adjusted
for rebates and refunds; and

 

(g)           bad debts or provision for bad debts deductions actually written off during the applicable accounting period following the
applicable Accounting Standards used by the Selling Party.

 

In
no event shall any particular amount identified above be deducted more than once in calculating Net Sales (i.e., no “double
counting” of deductions).

 

On
a country-by-country basis, if a Product under this Agreement is sold in the form of a Combination Product in a country, Net Sales
for the purpose of determining royalties due hereunder shall be calculated as follows:

 

(i)          Where all active ingredients in such Combination Product are sold separately in such country, Net Sales shall be calculated
by multiplying actual Net Sales of such Combination Product in such Country as determined under the first paragraph of this Section
1.43 by the fraction A/(A+B), where A is the net invoice price of the Product as sold separately in such country, and B is the
sum of the net invoice prices of the Other Active(s) in the combination.

 

(ii)         If the Product component of the Combination Product is sold separately in such country, but none of such Other Active(s) is
sold separately in such country, Net Sales shall be calculated by multiplying actual Net Sales of such Combination Product in
such country as determined under the first paragraph of this Section 1.43 by the fraction A/C, where A is the net invoice price
of such Product component as sold separately in such country, and C is the net invoice price of the Combination Product in such
country.

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CONFIDENTIAL

 

(iii)         If the Product component of the Combination Product is not sold separately in such country, but the Other Active(s) are sold
separately in such country, Net Sales shall be calculated by multiplying actual Net Sales of such Combination Product in such
country as determined under the first paragraph of this Section 1.43 by the fraction (C-D)/C, where C is the net invoice
price of the Combination Product in such country, and D is the sum of the net invoice prices charged for the Other Active(s) in
the Combination Product in such country.

 

(iv)          If none of the Product component and the Other Active(s) are sold separately in such country, Net Sales for the purpose of
determining royalties due hereunder for the Combination Product shall be determined by mutual agreement of the Parties in good
faith taking into account the perceived relative value contributions of the Product portion of the Combination Product and the
Other Active(s) in the Combination Product. In case of disagreement, an independent expert agreed upon by both Parties or, failing
such agreement, designated by the International Chamber of Commerce, shall determine such relative value contributions and such
determination shall be final and binding upon the Parties.

 

In
the event Product is “bundled” for sale together with one or more other products in a country (a “Product
Bundle”), then Net Sales for such Product sold under such arrangement shall be determined on a country-by-country
basis by mutual agreement of the Parties in good faith taking into account the relative value contributions of the Product and
the other products in the Product Bundle, as reflected in their individual sales prices. In case of disagreement, an independent
expert agreed upon by both Parties or, failing such agreement, the a mutually acceptable panel of experts (with each party choosing
one expert, and those two experts choosing a third) shall determine such relative value contributions and such determination shall
be final and binding upon the Parties. In addition, if a Selling Party provides discounts or allowances with respect to a Product
Bundle, such discounts and allowances shall be allocated (for purposes of the deductions used in calculating Net Sales as above)
between the Product and the other products in the Product Bundle in a manner that does not unfairly or inappropriately bias the
level of discounting against the Product as compared to the other products in such Product Bundle.

 

For
clarification, sale of Product by a Selling Party to another Selling Party for resale by such entity to a Third Party (other than
a Related Party) shall not be deemed a sale for purposes of this definition of “Net Sales,” provided that the
subsequent resale is included in the computation of Net Sales. For instance, if Tonix sells Product to a distributor, the sale
to the distributor will be the sale included in Net Sales. But in the event that Tonix sells Product to a Sublicensee which then
sells Product to a distributor for resale, the Sublicensee’s sale to the distributor will be included in Net Sales. Further,
transfers or dispositions of Product without consideration: (A) in connection with patient assistance programs; (B) for
charitable or promotional purposes; (C) for preclinical, clinical, regulatory or governmental purposes or under so-called
“named patient” or other limited access programs; or (D) for use in any tests or studies reasonably necessary to comply
with Applicable Law, regulation or request by a Regulatory Authority, shall not, in each case of (A) through (D), be deemed
sales of such Product for purposes of this definition of “Net Sales.”

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1.44         
“Other Active” shall mean any active pharmaceutical ingredient that is not a Compound.

 

1.45         
“Oya1” means sangivamycin free base.

 

1.46         
“Oya2” means sangivamycin hydrochloride.

 

1.47         
“OyaGen” shall have the meaning provided in the Preamble.

 

1.48         
“OyaGen [***] Patent Rights” shall mean any OyaGen Patent Rights, existing as of the Effective Date or at any
point during the Term, that relate to or that Cover, in whole or part, the administration or use of any Compound or Product as
an antiviral agent against a virus in the [***] family, including, without limitation, the OyaGen Patent Rights included in Part
3 of Exhibit A, and/or any OyaGen Patent Rights that claim right of priority from or benefit to any of the patent applications
listed in Part 3 of Exhibit A.

 

1.49         
“OyaGen [***] Patent Rights” shall mean any OyaGen Patent Rights, existing as of the Effective Date or at any
point during the Term, that relate to or that Cover, in whole or part, the administration or use of any Compound or Product as
an antiviral agent against a virus in the [***] family, including, without limitation, the OyaGen Patent Rights included in Part
2 of Exhibit A, and/or any OyaGen Patent Rights that claim right of priority from or benefit to any of the patent applications
listed in Part 2 of Exhibit A.

 

1.50         
“OyaGen [***] Patent Rights” shall mean any OyaGen Patent Rights, existing as of the Effective Date or at any
point during the Term, that relate to or that Cover, in whole or part, the administration or use of any Compound or Product as
an antiviral agent against the [***] virus, including, without limitation, the OyaGen Patent Rights included in Part 1
of Exhibit A, and/or any OyaGen Patent Rights that claim right of priority from or benefit to any of the patent applications
listed in Part 1 of Exhibit A. The OyaGen [***] Patent Rights are jointly owned by OyaGen and The United States
of America as represented by The Secretary of Health and Human Services.

 

1.51         
“OyaGen Indemnitee” means each of OyaGen, its Affiliates, its and their respective officers, directors, agents,
employees, successors and assigns.

 

1.52         
“OyaGen Information” shall mean the data and other Information related to the Compounds that has been or that
could reasonably be expected to be used for the development of the Compounds, and/or that has been or will be publicly disclosed
in the process of registration of the Products in the Territory, that is owned by OyaGen or otherwise in the possession of, developed
by or on behalf of, or otherwise Controlled by OyaGen or any of its Affiliates as of the Effective Date, in each case,
that is necessary or useful for development by Tonix or any of its Related Parties of any Compound or commercialization of any
Product or that otherwise relates, in whole or in part, to the manufacture, development, composition, use, administration or formulation
of any Compound and/or any Product, including, without limitation, all clinical data, adverse event data, pharmaceutical development
reports, and other medical information.

    -9-

     

    
CONFIDENTIAL

 

1.53         
“OyaGen Know-How” shall mean all Know-How Controlled by OyaGen or any of its Affiliates as of the Effective Date
or at any point during the Term, in each case, that is specific for the Compounds and Products in the Field and/or that
is necessary or useful for development by Tonix of any Compound or commercialization of any Product or that otherwise relates,
in whole or in part, to Tonix’s manufacture, development, composition, use, administration or formulation of any Compound
and/or any Product, including, without limitation, all clinical data, adverse event data, pharmaceutical development reports,
and other medical information, including, without limitation, the OyaGen Information. For clarification “OyaGen Know-How”
includes the data, methods, reagents, clones, cell lines, Compound-related chemophores, patents, progress reports from the National
Institute of Allergy and Infectious Diseases (“NIAID”) and other documentation of OyaGen research and drug
discovery and/or development programs for use in prevention, as a therapeutic, as a prophylactic and/or as a research tool to
the extent that they specifically pertain to the Compounds and their current and future viral disease applications, as well as
all viral preventative, therapeutic and prophylactic indications where Oya1 and Oya2 or Compound-related chemophores that have
demonstrable antiviral activity as of the Effective Date or at any point during the Term. For further clarification “OyaGen
Know-How” does not include (a) the data, methods, reagents, clones, cell lines, hit and lead chemistries in OyaGen’s
strategic plan, pipeline or are, will or may be developed by OyaGen for hit and lead chemistries on viral diseases outside of
the scope viruses delineated in OyaGen’s patent applications, or (b) drug discovery for other disease indications such as
ageing, cancer immunologic, metabolic, neurologic or reproductive as these are within the scope of OyaGen’s ongoing business
operations (which include but are not limited to partnering with other technology leaders and/or entities to develop novel antiviral
drug leads stemming from internal ideations, development of methodologies and discoveries as part of preclinical development and
vetting), in each case of (a) – (b) that (i) are identified after the Effective Date and (ii) that are not Inventions
or otherwise specific to any Compound or any Product.

 

1.54         
“OyaGen Patent Rights” means any Patent Rights in the Territory that are Controlled by OyaGen or any of its Affiliates
that relate to or that Cover, in whole or part, the composition of matter, manufacture, composition, administration or use of
the Compounds and/or the Products, in each case, existing as of the Effective Date or at any point during the Term. OyaGen Patent
Rights include, but are not limited to, the OyaGen [***] Patent Rights, the OyaGen [***] Patent Rights, the OyaGen [***] Patent
Rights, the OyaGen [***] Patent Rights existing as of the Effective Date or at any point during the Term, and any other Patent
Rights listed in Exhibit A.

    -10-

     

    
CONFIDENTIAL

 

1.55         
“OyaGen Technology” shall mean (a) the OyaGen Patent Rights, (b) the OyaGen Know-How, (c) any Invention Controlled
by OyaGen at any time during the Term, and (d) OyaGen’s interest in any Joint Inventions and Joint Patent Rights.

 

1.56         
“OyaGen [***] Patent Rights” shall mean any OyaGen Patent Rights, existing as of the Effective Date or at any
point during the Term, that relate to or that Cover, in whole or part, the administration or use of any Compound or Product as
an antiviral agent against a virus in the [***] family, including, without limitation, the OyaGen Patent Rights included in Part
4 of Exhibit A, and/or any OyaGen Patent Rights that claim right of priority from or benefit to any of the patent applications
listed in Part 4 of Exhibit A.

 

1.57         
“OyaGen’s knowledge” means the actual knowledge, as of the Effective Date, of Dr. Harold C. Smith, CEO of
OyaGen, after due inquiry.

 

1.58         
“Party” shall mean Tonix and OyaGen, individually, and “Parties” shall mean Tonix and OyaGen,
collectively.

 

1.59         
“Patent Certification” shall have the meaning provided in Section 8.3.

 

1.60         
“Patent Rights” shall mean (i) patents and patent applications (which for the purposes of this Agreement
shall be deemed to include certificates of invention and applications for certificates of invention); (ii) any substitutions,
extensions, additions, reissues, reexaminations, renewals, divisions, continuations, continuations-in-part or supplementary protection
certificates thereof; and (iii) any and all foreign equivalents or counterparts of the foregoing.

 

1.61         
“Person” means any individual, partnership, joint venture, limited liability company, corporation, firm, trust,
association, unincorporated organization, governmental authority or agency, or any other entity not specifically listed herein.

 

1.62         
“Phase 2 Clinical Trial” shall mean a human clinical trial of Product, the principal purpose of which is a determination
of safety and an assessment of its efficacy in the target patient population, as described in 21 C.F.R. 312.21(b) (as amended
or replaced), or a similar clinical study prescribed by a Regulatory Authority in a country.

 

1.63         
“Product” shall mean any and all pharmaceutical compositions or preparations (in any and all dosage forms) in
final form containing a Compound as an active ingredient alone or in a Combination Product for use in the Field in the Territory.

 

1.64         
“Region” shall mean each of (i) United States, (ii) at least one country in the European Union, (iii) United
Kingdom, (iv) China and/or (v) Japan.

 

1.65         
“Regulatory Authority” shall mean any country, federal, regional, supranational, state or local regulatory agency,
department, bureau or other governmental or regulatory authority having the administrative authority to regulate the development
or marketing of pharmaceutical products in any country or jurisdiction.

    -11-

     

    
CONFIDENTIAL

 

1.66         
“Regulatory Documentation” shall mean all regulatory applications, registrations, licenses, authorizations and
approvals (including all INDs, NDAs and Marketing Approvals), all correspondence submitted to or received from Regulatory Authorities
(including minutes and official contact reports relating to any communications with any Regulatory Authority), and all reports
and documentation in connection with clinical studies and tests (including study reports and study protocols, and copies of all
interim study analyses), and all data contained in any of the foregoing, including all INDs, NDAs, advertising and promotion documents,
manufacturing data, drug master files, clinical data, adverse event files and complaint files, in each case related to
a Compound or a Product.

 

1.67         
“Regulatory Exclusivity” shall mean marketing or manufacturing exclusivity conferred by the applicable Regulatory
Authority in a country on the holder of a Marketing Approval for a pharmaceutical product in such country, including, by way of
example and not of limitation, regulatory data exclusivity, orphan drug exclusivity, new chemical entity exclusivity and pediatric
exclusivity.

 

1.68         
“Related Party” shall mean each of Tonix’s Sublicensees, Tonix’s Affiliates, and its and their respective
Sublicensees hereunder.

 

1.69         
“Relevant Patent Rights” shall have the meaning provided in Section 8.3(a).

 

1.70         
“Reversion” shall have the meaning set forth in Section 3.2.

 

1.71         
“Royalty Term” shall have the meaning provided in Section 4.5.

 

1.72         
“Samples” has the meaning given to such term in Section 2.4.

 

1.73         
“Secondary Indication” means any use of the Compounds or Products in the Field for viral treatments in humans
other than the first Indication.

 

1.74         
“Sublicensee” shall mean a Third Party sublicensee under the license granted by OyaGen to Tonix pursuant to Section 2.1,
whether such Third Party’s sublicense was granted to it directly by Tonix or its Affiliate or indirectly through one or
more tiers of sublicense.

 

1.75         
“Term” shall have the meaning provided in Section 9.1.

 

1.76         
“Term Sheet” means that certain Non-Binding Term Sheet, dated as of March 19, 2020 by and between the Parties.

 

1.77         
“Territory” shall mean the entire world.

    -12-

     

    
CONFIDENTIAL

 

1.78         
“Third Party” shall mean an entity other than Tonix and its Affiliates, and OyaGen and its Affiliates.

 

1.79         
“Tonix” shall have the meaning provided in the Preamble.

 

1.80         
“Tonix Common Stock” shall mean the common stock of the Parent.

 

1.81         
“Tonix Common Stock Five Day VWAP” means, for Tonix Common Stock as of any date, the volume weighted average price
per share of Tonix Common Stock as reported on the Nasdaq Global Market during the five (5) trading days subsequent to OyaGen’s
election to receive Tonix Common Stock under Section 4.2(a)(ii).

 

1.82         
“Tonix Indemnitee” means each of Tonix, its Affiliates, and its and their respective officers, directors, agents,
employees, successors, Sublicensees and assigns.

 

1.83         
“Tonix Patent Rights” shall mean all Patent Rights Controlled by Tonix or its Affiliates during the Term that
claim or cover the composition of matter, manufacture or use of any Compound and/or Product, but specifically excluding the OyaGen
Patent Rights.

 

1.84         
“Transaction” shall have the meaning provided in Section 2.4.

 

1.85         
“Valid Patent Claim” shall mean (a) a claim of any pending patent application or any issued and unexpired patent
included within the OyaGen Patent Rights, which claim has not been revoked or held unenforceable or invalid by a decision of a
court or other governmental agency of competent jurisdiction (which decision is not appealable or has not been appealed within
the time allowed for appeal), or which claim has not been disclaimed, denied or admitted to be invalid or unenforceable through
reissue, re-examination or disclaimer or otherwise; and (b) so long as there is Regulatory Exclusivity in the subject country
and/or jurisdiction, a claim of a pending patent application included within the OyaGen Patent Rights, which claim has not been
cancelled, disclaimed or abandoned, provided that if a claim of a pending patent application shall not have issued within seven
(7) years after the earliest filing date from which such claim takes priority or benefit, such claim shall not constitute a Valid
Patent Claim for the purposes of this Agreement unless and until a patent issues with such claim and the requirements of (a) are
otherwise satisfied.

 

ARTICLE
2

LICENSE GRANT

 

2.1             
License Grant. OyaGen hereby grants to Tonix an exclusive (even as to OyaGen and its Affiliates), sublicensable (including
through multiple tiers), transferrable (without consent) royalty-bearing license under the OyaGen Technology to discover, develop,
make, have made, import, export, use, offer for sale, have sold and sell and otherwise commercialize the Compounds and/or Products
in the Field in the Territory.

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2.2          Non-Compete.  OyaGen hereby covenants not to practice, and not to permit or cause any of its Affiliates to develop, use, make,
have made, sell, have sold, offer for sale, export, import or otherwise commercialize any compound or product that competes
with a Compound or Product in the Field in the Territory during the Term. For clarification, subject to its obligations under
Section 2.4, (i) this Section 2.2 does not prevent or restrict OyaGen from having possession of a Compound or for using a Compound
as a control, except as may subsequently be agreed between the Parties in a signed writing and (ii) OyaGen shall be permitted
to possess and use Compounds as controls in research activities unrelated to the use of a Compound or a Product in the Field in
the Territory during the Term.

 

2.3          Technology Transfer.

 

(a)           OyaGen Know-How. OyaGen represents and warrants that prior to the Effective Date, OyaGen has transferred and/or provided to
Tonix copies of: (i) all preclinical, clinical and other data and documentation that is included and/or that pertains to the OyaGen
Technology, including, without limitation, the OyaGen Information; (ii) all lab books and other research records, files, patent
office correspondence and other documentation reasonably necessary for Tonix to assume responsibility and control over prosecution,
maintenance, defense, and enforcement of OyaGen Patent Rights; and (iii) any and all other information and documentation reasonably
necessary to successfully transition the licensed OyaGen Technology to Tonix or its designee, including, but not limited to patent
prosecution histories, file wrappers and other information related to the maintenance of the OyaGen Patent Rights; in each case,
to the extent in OyaGen’s possession and Control or otherwise obtainable by OyaGen (whether generated by or on behalf of
OyaGen) and to the extent such data exists in electronic form, OyaGen has provided the same to Tonix in electronic form.

 

(a)           Post-Closing Obligations. In the event that after the Effective Date, either Party discovers that OyaGen has failed to transfer
and/or deliver any OyaGen Know-How, Regulatory Documentation and/or other data or information required to be delivered to Tonix
under the terms of this Agreement, OyaGen shall promptly deliver and/or transfer such OyaGen Know-How, Regulatory Documentation
and/or other information to Tonix and/or its designee.

 

2.4          Right of First Negotiation. If at any time during the Term, OyaGen desires to sell, out license or otherwise transfer any
Patent Rights or Know-How that OyaGen identifies after the Effective Date that (a) was reduced to practice, conceived or otherwise
developed, in whole or in part, through use of a Compound (including, without limitation, as a positive control) or (b) relates
to the prevention and/or treatment of Covid-19 and/or any other coronavirus or coronaviruses or other viruses in humans or animals,
then in such instance, OyaGen shall provide Tonix with written notice of such intention, which notice will include a description
of the subject technology and such other information as Tonix may reasonably request. Tonix will have thirty (30) days from the
receipt of such written notice to review the opportunity and determine whether (a) to seek to negotiate to acquire and/or (b)
to license and/or (c) to collaborate on such technology (each, a “Transaction”). If Tonix determines to seek
to negotiate a Transaction, then the Parties shall exclusively negotiate in good faith for a period of sixty (60) days to reach
agreement on Transaction terms. If the Parties are unable to reach agreement with respect to a Transaction then in such instance,
OyaGen shall be free to negotiate an alternative transaction with a Third Party without any limitations whatsoever. For clarity,
any Patent Rights or Know-How that are developed on or after the Effective Date that relate to the Compounds are “Inventions”
that are automatically subject to the license grant in Section 2.1. Further, any Patent Rights or Know-How developed as a result
of the work referenced on Schedule 7.2(q) will be subject to this Section 2.4.

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2.5          Samples. At Tonix’s request, OyaGen shall provide, or cause to be provided to Tonix or its designee, samples (up to
the amount of its entire inventory) of each Compound in such amounts as reasonably requested by Tonix (“Samples”).
Tonix will reimburse OyaGen for all expenses related to delivering such Samples to Tonix at cost. All Samples will be shipped
to Tonix and/or its designee at Tonix’s expense and in accordance with all applicable laws. All Samples shall be provided
on an “as is, where is” basis, and without representations or warranties of any kind.

 

2.6          Post-Effective Date Commitments.

 

(a)          OyaGen will, at Tonix’s request, engage NIAID (at OyaGen’s expense) in discussions with the intent to enter into
an exclusive license of NIAID’s and/or NIH’s joint interest in the patent applications listed in Part 1 of
Exhibit A (i.e., the OyaGen [***] Patent Rights jointly owned by OyaGen and The United States of America as represented
by The Secretary of Health and Human Services) to OyaGen (the “NIAID License”). Tonix agrees that an NIAID/NIH
Interinstitutional Agreement—Institution Lead executed by NIAID/NIH and OyaGen (the “Interinstitutional
Agreement”) is an acceptable legal instrument to formalize the NIAID License. OyaGen will keep Tonix fully informed
with respect to the status of its negotiations with NIAID and/or NIH. The final version of the Interinstitutional Agreement must
be effective to enable OyaGen to exclusively sublicense NIAID’s rights to the OyaGen [***] Patent Rights to Tonix. In the
event that OyaGen or any of its Affiliates ultimately enters into the NIAID License, the licensed Patent Rights under such license
will be considered OyaGen Patent Rights as OyaGen Technology and subject to the license grant in Section 2.1. Tonix shall not
be responsible for the payment of any fees, royalties and/or other payments due to NIAID and/or NIH in connection with the NIAID
License which shall be the sole responsibility of OyaGen.

 

(b)          If during the course of the Term of this Agreement the US Government (by NIAID or NIH) is inserted as a joint owner of any
of the OyaGen [***] Patent Rights, OyaGen [***] Patent Rights, and/or OyaGen [***] Patent Rights as set forth in Exhibits A-2,
A-3, and A-4, respectively (collectively and separately the “New Joint Patent Rights”), OyaGen will
engage NIAID (at OyaGen’s expense) in discussions with the intent to enter into an exclusive license of NIAID’s and/or
NIH’s joint interest in the New Joint Patent Rights to OyaGen (the “Amended NIAID License”). Tonix agrees
that an amended or new Interinstitutional Agreement between NIAID/NIH and OyaGen to cover the New
Joint Patent Rights is an acceptable legal instrument to formalize the Amended NIAID License (the “Amended Interinstitutional
Agreement”). OyaGen will keep Tonix fully informed with respect to the status of its negotiations with NIAID and/or
NIH. The final version of the Amended Interinstitutional Agreement must be effective to enable OyaGen to exclusively sublicense
NIAID’s rights to the New Joint Patent Rights to Tonix. In the event that OyaGen or any of its Affiliates ultimately enters
into the Amended NIAID License, the licensed New Joint Patent Rights under such license will be considered OyaGen Patent Rights
as OyaGen Technology and subject to the license grant in Section 2.1. Tonix shall not be responsible for the payment of any fees,
royalties and/or other payments due to NIAID and/or NIH in connection with the Amended NIAID License which shall be the sole responsibility
of OyaGen. Notwithstanding anything to the contrary in this Section 2.6(b) or anywhere else in this Agreement, in the event that
NIAID and/or NIH has any right, title and/or interest in or to the OyaGen [***] Patent Rights, the OyaGen [***] Patent Rights
and/or the OyaGen [***] Patent Rights, in addition to any other remedies that Tonix may have under this Agreement, at law or in
equity, this Section 2.6(a) will apply to such Patent Rights as well.

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(c)           OyaGen will maintain the NIAID License and if applicable the Amended NIAID License in full force and effect from its effective
date through the remainder of the Term. OyaGen will make all payments when due and perform its obligations under the NIAID License
and if applicable the Amended NIAID License and will not fail to exercise its rights under the NIAID Licsne and if applicable
the Amended NIAID License in any manner that could reasonably be considered to be detrimental to Tonix or any of its Related Parties.
OyaGen will not amend the NIAID License or if applicable the Amended NIAID License without Tonix’s written consent. OyaGen
will use Commercially reasonable Efforts to ensure that the NIAID License and if applicable the Amended NIAID License provides
that in the event that such licensed is terminated for breach by Oyagen or otherwise, then Tonix will be entitled to a direct
license from NIAID.

 

ARTICLE
3

DEVELOPMENT, MANUFACTURING AND COMMERCIALIZATION

 

3.1          Responsibility. Tonix (itself and/or with or through a Related Party) shall be solely responsible, at its own expense, for,
and shall control all aspects of, worldwide development (including, without limitation, pre-clinical and clinical development),
manufacture, registration and commercialization (including, without limitation, marketing, promoting, selling, distributing and
determining pricing for) Products in the Territory. Without limiting the generality of the foregoing, Tonix (itself and/or with
or through a Related Party) shall be solely responsible for preparing and submitting all required regulatory filings in connection
with obtaining and maintaining Marketing Approvals with respect to Products in the Field in the Territory, including all INDs
and NDAs. All of such submissions and other regulatory filings relating to Products shall be submitted in the name of, and owned
by, Tonix (or a Related Party, as applicable).

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3.2          Diligence.

 

(a)          Tonix shall use Commercially Reasonable Efforts to develop and commercialize the Products in at least one Region. In the event
Tonix has not exercised Commercially Reasonable Efforts to commercialize a Product within thirty-six (36) months of the approval
of such Product within the Region in which it is first approved and provided that the failure to commercialize is not the
result of the failure of OyaGen to perform its obligations under the Agreement or a supply failure or other regulatory issues
in such Region then marketing and manufacturing rights to the OyaGen Technology for such Region (and only such Region) shall revert
to OyaGen.

 

(b)          In the event of a reversion of rights as described in 3.2(a) above, Tonix shall be entitled to receive fifty percent (50%)
of any consideration received by OyaGen or any of its Affiliates from any Third Party granted the right to commercialize the Product
in such Region (“Revenue Sharing”); provided that, Revenue Sharing shall be calculated net of commercially
reasonable and documented direct third party out-of-pocket costs incurred and actually paid by OyaGen related to the subject Third
Party agreement (“DOPC”). The terms and conditions of Article 5 of this Agreement, including, without limitation,
with respect to record maintenance, reporting, payment and audit rights, will be applicable to any and all Revenue Sharing payments
made by OyaGen, mutatis mutandis.

 

3.3          Records. Tonix shall maintain, or cause to be maintained, records of all development work conducted by or on behalf of Tonix
with respect to Products. All such records maintained shall be in sufficient detail and in good scientific manner appropriate
for patent and regulatory purposes.

 

3.4          Reports. On or before June 30th and December 31st of each year during the Term beginning on December
31, 2021, Tonix shall deliver to OyaGen a written progress report regarding, to the extent applicable, (i) the status of any Product
in development, (ii) any Product-related regulatory submissions and approvals, (iii) any Product-related commercialization efforts
in the Territory and (iv) progress toward each of the Developmental Milestones (to the extent that any are outstanding).

 

3.5          Compliance with Applicable Laws. Tonix shall conduct, and shall cause each Related Party to conduct, all development, regulatory,
manufacturing and commercialization activities with respect to Products anywhere in the world in compliance with all Applicable
Laws.

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ARTICLE
4

PAYMENTS

 

4.1          Upfront Payments.

 

(a)           Equity Issuance. In consideration for the rights and licenses granted to Tonix hereunder, Tonix shall (i) issue to OyaGen,
as soon as practicable following the Effective Date and in no event later than thirty (30) business days thereafter, such number
of shares of common stock, $.001 par value, with a value of $[***] (the “Tonix Common Stock - OyaGen”)
of Tonix Pharmaceuticals Holding Corp. (the “Parent”) and (ii) issue to Procela Partners Ltd. (“Procela”),
as soon as practicable following the Effective Date and in no event later than thirty (30) business days thereafter, such number
of shares of common stock, $.001 par value, with a value of $150,000, (the “Tonix Common Stock - Procela”),
and together with the Tonix Common Stock – OyaGen, the “Upfront Tonix Common Stock”) of Parent, in
each case, for all purposes the effective date of issuance (of record) with regard to Upfront Tonix Common Stock shall be
the Effective Date. Notwithstanding anything contained herein to the contrary, the number of shares of Upfront Common Stock shall
not exceed 5,000,000. The Upfront Tonix Common Stock will not be registered, and shall have no rights to registration, pursuant
to the terms of the Securities Act of 1933, as amended, shall not be transferrable for a period of six (6) months and shall bear
the restrictive legends in the form attached hereto as Exhibit B. The Upfront Tonix Common Stock shall be issued to OyaGen
and to Procela pursuant to the terms of Subscription Agreements in Parent’s customary form. Certain additional rights and
obligations with respect to the Upfront Tonix Common Stock will be set forth in a Voting Agreement in the form attached hereto
as Exhibit C).

 

(b)           Upfront Payment. In consideration for the rights and licenses granted to Tonix hereunder, within two (2) business days following
the Effective Date Tonix shall pay to OyaGen an amount equal to [***] dollars ($[***]) minus the amount of any payments
made to OyaGen (and/or placed in escrow) in connection with the Term Sheet which contemplates up to [***] dollars ($[***]) in
exclusivity payments. As of the Effective Date, OyaGen acknowledges and agrees that it has received $100,000 in exclusivity payments
which shall be deducted from the Upfront Payment hereunder.

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4.2          Milestone Payments.

 

(a)              
Milestone Events; Milestone Payments. Within sixty (60) days of the achievement of each of the milestone events set forth
in the table below (each, a “Milestone Event”) by Tonix or a Related Party, Tonix shall provide OyaGen with
written notice of such achievement (the date of issuance, being the “Notice Date”) and shall pay to OyaGen
the corresponding milestone payments set forth below (each a “Milestone Payment”):

 

	Milestone
Events
	Milestone
Payments 

	(i)
    [***]	$[***]
	(ii)
    [***]	$[***]
	(iii)
    [***]	$[***]
	(iv)
    [***]	$[***]per

 

(A)
The Milestone Payments in Section 4.2(a)(i), (ii) and (iii) shall only be paid once, for the first achievement of the corresponding
milestone event by any Product (regardless of the number of times such milestone event is achieved by a Product, the number of
Indications for which such milestone event is achieved by a Product, or the number of Products that achieve such milestone event,
and regardless of whether any such milestone event is achieved by the same Product that achieved any other milestone event or
by a different Product). No Milestone Payments will payable for an approval of a Product for animal use.

 

(B)
Each Milestone Payment will be payable, at OyaGen’s option, in cash or in Tonix Common Stock. In the event that OyaGen elects
to receive Tonix Common Stock, it will be subject to the terms of the Voting Agreement and will be issued pursuant to the terms
of a Subscription Agreement in Parent’s customary form. OyaGen’s written election of such option must be received
by Tonix within five (5) business days of the Notice Date, and, if a timely election not made the amount will be paid in cash.
Tonix shall make cash payments hereunder within the period required under Section 4.2(a). In the event that the payment is to
be made in Tonix Common Stock, it will be made at the Tonix Common Stock Five Day VWAP, as soon as practicable following date
Tonix received OyaGen’s written election and in no event later than the period contemplated by Section 4.2(a), in each
case, for all purposes the effective date of issuance (of record) with regard to such Tonix Common Stock shall be no later
than two (2) business days after the date Tonix received OyaGen’s written election. The Tonix Common Stock will not be registered,
and shall have no rights to registration, pursuant to the terms of the Securities Act of 1933, as amended, shall not be transferrable
for a period of six (6) months and shall bear the restrictive legends in the form attached hereto as Exhibit B. The Tonix Common
Stock shall be issued to OyaGen pursuant to the terms of Subscription Agreements in Parent’s customary form. Certain additional
rights and obligations with respect to the Tonix Common Stock will be set forth in a Voting Agreement in the form attached hereto
as Exhibit C).

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4.3             
Royalties. Subject to Sections 4.5, 4.6 and 4.7 below, as partial consideration for the licenses granted under this Agreement,
Tonix shall pay royalties to OyaGen on aggregate annual Net Sales during the Royalty Term at the applicable rate(s) set forth
below:

 

	Annual
Net Sales Increments 
	Royalty
                                         

        

        Rate 

	That
    portion of annual Net Sales that is less than or equal to US$[***]	[***]%
	That
    portion of annual Net Sales that is greater than US$100 million and less than or equal to US$[***]	[***]%

         

	That
    portion of annual Net Sales that is greater than US$[***]	[***]%

 

4.4             
Sublicense Fees. Tonix shall pay to OyaGen [***]percent ([***]%) of any non-sales based cash sublicense consideration paid
to and actually received Tonix or any of its Affiliates, including licensing fees and development based milestones but excluding
(i) any consideration based on account of royalties or milestones on Product sales, (ii) investments in Tonix equity, (iii) reimbursement
of direct research and development expenses incurred and required to be incurred by Tonix or loans to Tonix as part of the sublicense
(including, without limitation, payments for FTEs) except to the extent that such reimbursements or loans are forgiven, (iv) fees
payable to Tonix for bona fide services that are delivered in connection with the subject sublicense, (v) bona fide security investments,
debt or other types of investments in the Tonix, including the right to acquire Tonix securities in the future, such as warrants,
convertible debt and the like and (vi) reimbursement of fees or expenses incurred in connection with prosecution, maintenance,
defense and/or enforcement of intellectual property rights. Payments of sublicense consideration under this Section 4.4 shall
be made within sixty (60) days of the receipt of such consideration by Tonix, and shall be accompanied by a description of the
sublicense income giving rise to the payment obligation in reasonable detail.

 

4.5             
Royalty Term. Royalties under Section 4.3 shall be payable during the period of time commencing on the date of First Commercial
Sale and ending on a country-by-country basis with respect to each Product upon the later of: (a) expiration of the last-to-expire
Valid Patent Claim of the OyaGen Patent Rights Covering the manufacture, use or sale of such Product or the Compound contained
in such Product in such country and (b) the expiration of any Regulatory Exclusivity applicable to such Product in such country
(the “Royalty Term”). On a Product-by-Product and country-by-country basis, upon expiration of the Royalty
Term for a Product in a country, Tonix’s licenses under Section 2.1 with respect to such Product in such country shall
become fully-paid, irrevocable and perpetual.

 

4.6             
Third Party Licenses. In the event that Tonix determines that it is necessary to obtain one or more licenses to Patent Rights
of Third Parties in order to make, have made, use, offer to sell, sell or import a Product in a country (“Third Party
Patent Licenses”), fifty percent (50%) of the royalties actually paid to Third Parties under such Third Party Patent
Licenses by Tonix for the sale of such Product in such country for a calendar quarter shall be creditable against the royalty
payments due OyaGen by Tonix with respect to Net Sales of such Product in such country for such calendar quarter; provided, however,
that in no event shall the royalties otherwise owed by Tonix to OyaGen for such calendar quarter in such country be reduced by
more than fifty percent (50%) as a result of any and all such offsets in the aggregate and further provided that no such offset
will be permitted to the extent that such offset reduces the royalty payable to OyaGen below the royalty payable to the subject
third party.

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4.7             
Compulsory Licenses. If a compulsory license is granted to a Third Party with respect to Product in any country with a royalty
rate lower than the royalty rate under Section 4.3, then the royalty rate applicable to Net Sales of such Product in that country
under Section 4.3 shall be reduced to a rate which is two (2%) percentage points (i.e., 200 basis points) less than the rate paid
by the compulsory licensee; provided, however, that if the royalty rate payable by the compulsory licensee with respect to Net
Sales of such Product in such country is 2% or less, then Tonix shall pay to OyaGen 10% of the royalties received by Tonix or
its Affiliate with respect to Net Sales of such Product in such country by such compulsory licensee.

 

ARTICLE
5

PAYMENT; RECORDS; AUDITS

 

5.1             
Payment; Reports. Royalties under Section 4.3 shall be calculated and reported for each calendar quarter during the Royalty
Term and shall be paid within sixty (60) days after the end of the calendar quarter. Each payment of royalties shall be accompanied
by a report of Net Sales of Products by Tonix and Related Parties in sufficient detail to permit confirmation of the accuracy
of the payment made, including gross sales and Net Sales of Products on a Product-by-Product and country-by-country basis, the
deductions from gross sales (by major category as set forth in the definition of Net Sales), details of any royalty credits taken
pursuant to Section 4.6 on a Third Party Patent License-by-Third Party Patent License basis, any applicable reductions or
adjustments made pursuant to ARTICLE 4, the royalty payable, and the exchange rates used.

 

5.2             
Exchange Rate; Manner and Place of Payment. All payment amounts in this Agreement are expressed in U.S. dollars, and all payments
hereunder shall be payable in U.S. dollars. When conversion of payments from any foreign currency is required, such conversion
shall be calculated using an exchange rate equal to the average of the interbank rates of exchange for such currency as reported
at OANDA.com, or should such rates cease to be published by OANDA, a successor or replacement agreed upon by the parties, during
the calendar quarter for which payment is due. All payments owed under this Agreement shall be made by wire transfer in immediately
available funds to the bank and account designated in writing by OyaGen.

 

5.3             
Tax Withholding. OyaGen will pay any and all taxes levied on account of any payments made to it under this Agreement. If Tonix
is advised in writing by its attorneys or accountant that Tonix is required to withhold any portion of any payment made to OyaGen
under this Agreement, Tonix shall (a) deduct such taxes from the payment made to OyaGen, (b) timely pay the taxes to
the proper taxing authority, (c) send proof of payment to OyaGen and certify its receipt by the taxing authority within thirty
(30) days following such payment, (d) reasonably cooperate with OyaGen, if requested, to obtain available reductions,
credits or refunds of such taxes and (e) provide OyaGen a copy of such written advisement or instructions at least thirty (30)
days, or such shorter period as reasonably practicable given the timing of the subject advice or instructions received by Tonix,
in advance of such withholding. Without limiting the generality of the foregoing, upon request by OyaGen, Tonix shall provide
OyaGen such information in Tonix’s possession as may be reasonably necessary for OyaGen to obtain the benefit of any present
or future treaty against double taxation which may apply to payments made to OyaGen under this Agreement.

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5.4             
Audits. Tonix shall keep (and shall cause its Affiliates and Sublicensees to keep) complete and accurate records pertaining
to the sale or other disposition of Products in sufficient detail to permit OyaGen to confirm the accuracy of all royalty payments
due hereunder for at least three (3) full calendar years following the end of the calendar year to which they pertain. OyaGen
shall have the right, once annually, to cause an independent, certified public accountant reasonably acceptable to Tonix to audit
such records solely to confirm Net Sales and royalties for a period covering not more than the preceding three (3) full calendar
years. No calendar year shall be subject to audit under this section more than once. Such audits may be exercised during normal
business hours upon reasonable prior written notice of not less than sixty (60) days to Tonix in the location where the records
are maintained. The auditor will execute a confidentiality agreement in a form acceptable to Tonix with Tonix and will disclose
to OyaGen only such information as is reasonably necessary to provide OyaGen with information regarding any actual or potential
discrepancies between amounts reported and actually paid and amounts payable under this Agreement. The auditor will send a copy
of the report to Tonix at the same time it is sent to OyaGen. The report sent to both Parties will include the methodology and
calculations used to determine the results. Prompt adjustments shall be made by the Parties to reflect the results of such audit.
OyaGen shall bear the full cost of such audit unless such audit discloses an underpayment by Tonix of more than five percent (5%)
of the amount due for any calendar quarter (a “Material Underpayment”) under this Agreement, in which case,
Tonix shall bear the full cost of such audit and shall promptly remit to OyaGen the amount of such Material Underpayment. If such
audit discloses an overpayment by Tonix, then Tonix will deduct the amount of such overpayment from future amounts otherwise owed
to OyaGen under this Agreement.

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ARTICLE
6

CONFIDENTIALITY AND PUBLICATION

 

6.1          Confidential Information. Except to the extent expressly authorized by this Agreement, each Party (in such capacity, the “Receiving
Party”) agrees that, during the Term and for seven (7) years thereafter, it shall keep confidential and shall
not publish or otherwise disclose to any Third Party, and shall not use for any purpose other than as expressly provided for in
this Agreement or any other written agreement between the Parties, any Confidential Information furnished or made available to
it by or on behalf of the other Party (in such capacity, the “Disclosing Party”). The Receiving Party
shall use at least the same standard of care as it uses to protect proprietary or confidential information of its own (but in
no event less than reasonable care) to ensure that it, and its and its Affiliates’, employees, agents, consultants and other
representatives, for clarification also including each Related Party, do not disclose or make any unauthorized use of the Confidential
Information. The Receiving Party shall promptly notify the Disclosing Party upon discovery of any unauthorized use or disclosure
of the Disclosing Party’s Confidential Information. The OyaGen Technology, to the extent subject to the licenses to Tonix
under this Agreement, shall be deemed the Confidential Information of Tonix notwithstanding the fact that it was furnished by
OyaGen to Tonix in the first instance.

 

6.2          Exceptions. Confidential Information shall not include any information which the Receiving Party can prove by competent evidence:
(a) is now, or hereafter becomes, through no act or failure to act on the part of the Receiving Party, generally known or
available; (b) is known by the Receiving Party and/or any of its Affiliates at the time of receiving such information, as
evidenced by its records; (c) is hereafter furnished to the Receiving Party and/or any of its Affiliates by a Third Party,
as a matter of right and without restriction on disclosure; or (d) is independently discovered or developed by the Receiving
Party and/or any of its Affiliates, without the use of or reference to the Confidential Information of the Disclosing Party. Any
combination of features or disclosures shall not be deemed to fall within the exclusions set forth in the preceding clauses (a)
and (b) merely because individual features are published or available to the general public or in the rightful possession of the
Receiving Party unless the combination itself and principle of operation are published or available to the general public or in
the rightful possession of the Receiving Party.

 

6.3          Authorized Disclosure. Notwithstanding the provisions of Section 6.1, the Receiving Party may disclose Confidential Information
of the Disclosing Party as expressly permitted by this Agreement, or if and to the extent such disclosure is reasonably necessary
in the following instances:

 

(a)              
filing or prosecuting Patents as permitted by this Agreement;

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(b)              
enforcing such Party’s rights under this Agreement (including registering the licenses granted hereunder with applicable
authorities) and in performing its obligations under this Agreement.

 

(c)               
prosecuting or defending litigation as permitted by this Agreement;

 

(d)              
complying with applicable court orders, applicable laws, rules or regulations, or the listing rules of any exchange on which
the Receiving Party’s securities are traded;

 

(e)              
disclosure to Affiliates, actual and potential licensees and sublicensees, employees, consultants or agents of the Receiving
Party who have a need to know such information in order for the Receiving Party to exercise its rights or fulfill its obligations
under this Agreement, provided, in each case, that any such Affiliate, actual or potential licensee or sublicensee,
employee, consultant or agent agrees to be bound by terms of confidentiality and non-use comparable in scope to those set forth
in this ARTICLE 6; and

 

(f)                
disclosure to Third Parties in connection with due diligence or similar investigations by such Third Parties, and disclosure
to potential Third Party investors or acquirers in confidential financing documents, provided, in each case, that
any such Third Party agrees to be bound by reasonable obligations of confidentiality and non-use.

 

Notwithstanding
the foregoing, in the event the Receiving Party is required to make a disclosure of the Disclosing Party’s Confidential
Information pursuant to Section 6.3(c) or 6.3(d), it will, except where impracticable, give reasonable advance notice to the Disclosing
Party of such disclosure and use efforts to secure confidential treatment of such information at least as diligent as the Receiving
Party would use to protect its own confidential information, but in no event less than reasonable efforts. In any event, the Receiving
Party agrees to take all reasonable action to avoid disclosure of Confidential Information hereunder.

 

6.4          Publications. Tonix and its Affiliates shall have the right to publish the results of their development activities, including
clinical trials, with respect to Compounds and/or Products in the Field. OyaGen shall have the right to review and comment on
any material proposed for disclosure or publication by Tonix or its Affiliate, such as by oral presentation, manuscript or abstract
that includes Confidential Information of OyaGen. Before any such material is submitted for publication or disclosure (other than
oral presentation materials and abstracts, which are addressed below), Tonix shall deliver a complete copy to OyaGen at least
thirty (30) days prior to submitting the material to a publisher or initiating such other disclosure, and OyaGen shall review
any such material and give its comments to Tonix within ten (10) days of the delivery of such material to OyaGen which comments
shall be considered by Tonix in good faith. With respect to oral presentation materials and abstracts, Tonix shall deliver a complete
copy to OyaGen at least ten (10) business days prior to the anticipated date of the presentation, and OyaGen shall make reasonable
efforts to expedite review of such materials and abstracts, and shall return such items as soon as practicable to Tonix with appropriate
comments, if any, but in no event later than five (5) business days from the date of delivery to OyaGen which comments shall be
considered by Tonix in good faith. Tonix shall comply, or cause its Affiliate to comply (as applicable), with OyaGen’s requests
to delete references to OyaGen’s Confidential Information in any such material and, if applicable, agrees to delay any submission
for publication or other public disclosure for a period of up to an additional sixty (60) days for the purpose of preparing and
filing appropriate patent applications. OyaGen shall not publish or otherwise disseminate, including, but not limited to, in articles,
posters, oral presentations or other formats, any information relating to Compounds and/or Products without the prior written
consent of Tonix. Notwithstanding the preceding sentence, the article described on Schedule 6.4 which was submitted for publication
prior to the Effective Date may be published subsequent to the Effective Date without Tonix’s consent.

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6.5           Publicity.

 

(a)          Press Releases. The Parties shall jointly issue a press release acceptable to each Party to be released at an agreed upon
time. Except as required by the applicable securities laws or the listing rules of any stock exchange on which securities issued
by a Party or its Affiliates are traded, neither Party shall make any other public announcement concerning this Agreement or the
subject matter hereof without the prior written consent of the other, which shall not be unreasonably withheld or delayed; provided
that each Party may make any public statement in response to questions by the press, analysts, investors or those attending
industry conferences or financial analyst calls, respond to queries by any exchange on which such Party’s securities are
traded, or issue press releases, so long as any such public statement, response, or press release is not inconsistent with prior
public disclosures or public statements made in accordance with this Section 6.5 and which do not reveal non-public information
about the other Party. In the event of a required public announcement, to the extent practicable under the circumstances, the
Party making such announcement shall use reasonable efforts to provide the other Party with a copy of the proposed text of such
announcement sufficiently in advance of the scheduled release to afford such other Party a reasonable opportunity to review and
comment upon the proposed text, unless the proposed text is substantially the same as that used in any prior public disclosure,
press release or public statement made in accordance with this Section 6.5.

 

(b)          Filing of this Agreement. The Parties shall coordinate in advance with each other in connection with the filing of this Agreement
(including redaction of certain provisions of this Agreement) with any securities authority or with any stock exchange on which
securities issued by a Party or its Affiliate are traded, and each Party will use reasonable efforts to seek confidential treatment
for the terms proposed to be redacted; provided that each Party will ultimately retain control over what information to
disclose to any securities authority or stock exchange, as the case may be, and provided further that the Parties will
use their reasonable efforts to file redacted versions with any governing bodies which are consistent with redacted versions previously
filed with any other governing bodies. Other than such obligation, neither Party (nor any of its Affiliates) will be obligated
to consult with or obtain approval from the other Party with respect to any filings to any securities authority or stock exchange.
OyaGen hereby consents to Tonix’s use of its name in any filing with a Regulatory Authority as well as any private placement
memorandum or other investment document related to Tonix or its securities.

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6.6          Prior Confidential Disclosure Agreement. As of the Effective Date, the terms of this ARTICLE 6 shall supersede any prior non-disclosure,
secrecy or confidentiality agreement between the Parties (or their Affiliates) dealing with the subject of this Agreement, including
the Confidential Disclosure Agreement between OyaGen and Tonix dated March 7, 2020. Any information disclosed by a Party
pursuant to any such prior agreement shall be deemed Confidential Information of such Party for purposes of this Agreement.

 

ARTICLE
7

REPRESENTATIONS AND WARRANTIES; CERTAIN COVENANTS

 

7.1          Mutual Representations and Warranties. Each Party represents and warrants to the other that, as of the Effective Date: (a) it
is duly organized and validly existing under the laws of its jurisdiction of incorporation or formation, and has full corporate
or other power and authority to enter into this Agreement and to carry out the provisions hereof; (b) it is duly authorized
to execute and deliver this Agreement and to perform its obligations hereunder, and the person or persons executing this Agreement
on its behalf has been duly authorized to do so by all requisite corporate or partnership action; and (c) this Agreement
is legally binding upon it, enforceable in accordance with its terms, and does not conflict with any agreement, instrument or
understanding, oral or written, to which it is a party or by which it may be bound, nor violate any material law or regulation
of any court, governmental body or administrative or other agency having jurisdiction over it; (d) it is not under any obligation,
contractual or otherwise, to any party that conflicts with or is inconsistent in any material respect with the terms of this Agreement,
or that would impede the diligent and complete fulfillment of its obligations hereunder; (e) there are no claims or investigations,
pending or, to the knowledge of the representing Party, threatened against the representing Party or any of its Affiliates, at
law or in equity, or before or by any governmental authority relating to the matters contemplated under this Agreement or that
would materially adversely affect such representing Party’s ability to perform its obligations hereunder.

 

7.2          OyaGen Representations and Warranties. OyaGen represents and warrants to Tonix that as of the Effective Date of this Agreement:

 

(a)              
Exhibit A attached hereto contains a true and complete list of the OyaGen Patent Rights existing on the Effective Date,
each jurisdiction in which such OyaGen Patent Rights have been filed and the filing date in each such jurisdiction. The OyaGen
Patent Rights listed in Exhibit A include all of the Patent Rights Controlled by OyaGen as of the Effective Date that
Cover either Compound and/or any Product, or the manufacture, use, sale, offer for sale or import of the foregoing;

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(b)          to OyaGen’s knowledge, the OyaGen Patent Rights listed in Exhibit A are being diligently prosecuted in accordance
with Applicable Law in each jurisdiction in which they are filed;

 

(c)          the OyaGen Patent Rights listed in Exhibit A have been filed and maintained properly and correctly in all jurisdictions
in which they are filed and all applicable fees have been paid on or before the due date for payment;

 

(d)          no reexamination, interference, invalidity, opposition, inter partes review, post grant review, nullity or similar claim or
proceeding is pending, or, to OyaGen’s knowledge, threatened with respect to any OyaGen Patent Right listed in Exhibit
A;

 

(e)          neither OyaGen, nor any of its Affiliates, has provided any Third Party written notice that such Third Party infringes or
has infringed the OyaGen Patents Rights listed in Exhibit A or misappropriated or used, without authorization, the OyaGen
Know-How;

 

(f)           to OyaGen’s knowledge, the manufacture, use, sale, offer for sale or import of a Compound, a Product or the practice
under any OyaGen Patent Rights or OyaGen Know-How does not Infringe any issued patent, and neither OyaGen nor, any of its Affiliates
has received written notice from any Third Party claiming that the manufacture, use, sale, offer for sale or import of a Compound,
a Product or the practice under any OyaGen Patent Rights and/or OyaGen Know-How would Infringe the patent or other intellectual
property rights of any Third Party; if OyaGen or any of its Affiliates receives any such written notice during the term of this
Agreement, OyaGen shall promptly provide such written notice to Tonix;

 

(g)          OyaGen (i) has the right to grant the licenses that it purports to grant in Section 2.1 (including, without limitation, that
neither OyaGen nor any of its Affiliates have entered into any undertaking that limits, nor is subjected to any constraints that
limit, its rights or freedom to grant the licenses); and (ii) has not, and neither has any of its Affiliates, granted to any Third
Party any license or other right with respect a Compound, a Product, OyaGen Patent Rights and/or OyaGen Know-How that conflicts
with the license and rights granted to Tonix herein;

 

(h)          there are no licenses, sublicenses and other agreements to which OyaGen or any of its Affiliates is a party and pursuant to
which any Third Party grants to OyaGen or any of its Affiliates (i) any license or other right to exploit a Compound or a Product,
(ii) any covenant not to assert/sue or other immunity from suit under any intellectual property rights Covering a Compound or
a Product, (iii) any ownership right or title, whether actual or contingent, to any intellectual property rights Covering a Compound
or a Product, or (iv) an option or right of first refusal relating to any intellectual property rights Covering the exploitation
of a Compound or a Products;

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(i)           there are no licenses, sublicenses and other agreements requiring OyaGen or any of its Affiliates to license, assign or otherwise
grant rights to any Third Party for any additions, modifications or improvements made by or for OyaGen or its Affiliates to any
OyaGen Patents Rights;

 

(j)           neither OyaGen nor any of its Affiliates is a party to (i) any license, sublicense or other agreement to which and pursuant
to which any Third Party is granted any license or other right to make, have made, use, sell, have sold, offer for sale, import
or otherwise distribute or exploit a Compound or a Product, (ii) any covenant not to assert/sue or other immunity from suit under
or any other rights to, any OyaGen Patent Rights and/or OyaGen Know-How, (iii) any ownership right or title, whether actual or
contingent, to any OyaGen Patent Rights and/or OyaGen Know-How, or (iv) an option or right of first refusal relating to any OyaGen
Patent Rights and/or OyaGen Know-How.

 

(k)          except for the US Government’s joint interest in the Patent Rights set forth on Exhibit A-1, OyaGen is the sole
owner of all right, title and interest in and to the OyaGen Patent Rights and OyaGen Know-How, and no Third Party (including,
but not limited to any governmental authority) has any rights in or to a Compound, a Product or any OyaGen Patent Rights and/or
OyaGen Know-How for any reason, including, but not limited to as a result of development work performed by such Third Party or
funding provided by such Third Party. For clarification, OyaGen represents that it is the sole owner of the OyaGen [***] Patent
Rights, the OyaGen [***] Patent Rights, and the OyaGen [***] Patent Rights as set forth in Exhibits A-2, A-3, and A-4,
respectively.;

 

(l)           the Data Room Documents contain copies of all material and relevant information (including all material agreements) with respect
to the OyaGen Patent Rights and/or OyaGen Know-How, in each case in the possession and Control of OyaGen, and such information
is true, complete and correct;

 

(m)         all current and former officers, employees, agents, advisors, consultants, contractors or other representatives of OyaGen
or any of its Affiliates who are inventors of or have otherwise contributed in a material manner to the creation or development
of any OyaGen Patent Rights and/or OyaGen Know-How have executed and delivered to OyaGen or any such Affiliate an assignment or
other agreement regarding the protection of proprietary Confidential Information and the assignment to OyaGen or any such Affiliate
of any OyaGen Patent Rights and/or OyaGen Know-How, the current form of which has been made available for review by Tonix. To
OyaGen’s knowledge, no current officer, employee, agent, advisor, consultant or other representative of OyaGen or any of
its Affiliates is in violation of any term of any assignment or other agreement regarding the protection of OyaGen Patent Rights
and/or OyaGen Know-How or of any employment contract or any other contractual obligation relating to the relationship of any such
Person with OyaGen or any such Affiliate;

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(n)          (i) there are no claims, judgments or settlements against or owed by OyaGen or any of its Affiliates with respect to the OyaGen
Patent Rights and/or OyaGen Know-How, and neither OyaGen nor any of its Affiliates is a party to any legal action, suit or proceeding
relating to a Compound, a Product or any OyaGen Patent Rights and/or OyaGen Know-How, and (ii) nor has OyaGen or any of its Affiliates
received any written communication from any Third Party, including, without limitation, any Regulatory Authority or other government
agency, threatening such action, suit or proceeding;

 

(o)          all tangible or recorded information and data provided by or on behalf of OyaGen or any of its Affiliates to Tonix related
to a Compound, a Product, any OyaGen Patent Rights and/or OyaGen Know-How on or before the Effective Date in contemplation of
this Agreement has been provided through the Data Room Documents and was and is true, accurate and complete in all material respects,
and neither OyaGen nor any of its Affiliates have failed to disclose, or failed to cause to be disclosed, any such information
or data related to a Compound, a Product, any OyaGen Patent Rights and/or OyaGen Know-How in its possession and Control that would
cause the information and data that has been disclosed to be misleading in any material respect;

 

(p)          neither OyaGen nor any of its Affiliates has obtained, or filed for, any INDs, NDAs or Marketing Approvals for any Compound
and/or Product, and, to the best of OyaGen’s knowledge, no other Person has obtained, or filed for, any INDs, NDAs or Marketing
Approvals for any Compound and/or Product in the Field in the Territory;

 

(q)          except as set forth on Schedule 7.2(q), there are no ongoing research or development activities (including, without limitation,
any clinical trials) being conducted by or on behalf of OyaGen or any of its Affiliates with respect to Compounds or Products;

 

(r)          (i) all research and development (including, without limitation, non-clinical studies and clinical trials) conducted by or
on behalf of OyaGen or any of its Affiliates related to a Compound, a Product and/or the OyaGen Patent Rights and/or OyaGen Know-How
prior to the Effective Date was conducted in compliance in all material respects with all Applicable Laws and, as applicable,
GLP, GCP and/or GMP; and (ii) to OyaGen’s knowledge, all research and development (including non-clinical studies and clinical
trials) conducted related to a Compound, a Product and/or the OyaGen Patent Rights and/or OyaGen Know-How prior to the Effective
Date was conducted in compliance in all material respects with all Applicable Laws and, as applicable, GLP, GCP and/or GMP;

 

(s)          neither OyaGen nor any of its Affiliates, or its or their employees, officers, subcontractors or consultants who have rendered
or shall render services relating to the Compound or Product (i) has ever been debarred or is subject to debarment or convicted
of a crime for which an entity or person could be debarred under 21 U.S.C. Section 335a or any foreign equivalent thereof or (ii)
has ever been under indictment for a crime for which a person or entity could be debarred under said Section 335a or any foreign
equivalent thereof;

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(t)            neither OyaGen nor any of its Affiliates, directors, officers, employees, or any agent, representative, subcontractor or other
third party acting for or on such its behalf, has, directly or indirectly, offered, paid, promised to pay, or authorized such
offer, promise or payment, of anything of value, to any Person for the purposes of obtaining or retaining business through any
improper advantage in connection with the development, commercialization or exploitation of a Compound or a Product, or that would
otherwise violate any applicable Laws, rules and regulations concerning or relating to public or commercial bribery or corruption,
and OyaGen’s books, accounts, records and invoices related to the Compounds, the Products and the OyaGen Patent Rights and/or
OyaGen Know-How are complete and accurate;

 

(u)           with respect to any and all confidential information and any and all other materials used in development of a Compound, a
Product and/or the OyaGen Patent Rights and/or OyaGen Know-How, OyaGen has the right under each such agreements to transfer such
confidential information or other materials to Tonix and to grant Tonix the right to use such confidential information or other
materials in the in accordance with the terms of this Agreement;

 

(v)            the OyaGen Know-How has been kept confidential or has been disclosed to Third Parties only under terms of confidentiality
and to the knowledge of OyaGen and its Affiliates, no breach of such confidentiality has been committed by any Third Party;

 

(w)           neither OyaGen nor any of its Affiliates has violated the FCPA or Export Control Laws in connection with the development of
a Compound, a Product and/or the OyaGen Patent Rights and/or OyaGen Know-How;

 

(x)            OyaGen is a party to that certain Research Collaboration Agreement (the “Collaboration Agreement”), by
and between the National Institute of Allergy and Infectious Diseases (“NIAID”), dated as of November 22, 2016,
as amended pursuant to which NIAID performed certain screenings related to the Compounds effectiveness against SARS-COV-2, Lassa
Virus and Vaccinia Virus and and the resulting data formed the basis for certain of the OyaGen Patent Rights included within the
OyaGen [***] Patent Rights, the OyaGen [***] Patent Rights and the OyaGen [***] Patent Rights (the “Screening Data”).

 

(y)            OyaGen is authorized to transfer the Screening Data to Tonix and has obtained any necessary consents from NIAID for such transfer.
OyaGen has the right to use any data generated under the Collaboration Agreement relating to the effectiveness of the Compounds
against SARS-CoV-2, including, without limitation, in any patent applications, scientific articles, or other publications.to Tonix
Pharmaceutical Holding Corp.;

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(b)            OyaGen owns all right, title and interest, and no Third Party, including, without limitation, the NIAID, the NIH or any other
governmental authority, has any right title or interest in or to or any basis to claim that it or any of its staff is or should
be an inventor with respect to the OyaGen [***] Patent Rights, the OyaGen [***] Patent Rights and/or the OyaGen [***] Patent Rights.
If during the course of the Term of this Agreement the US Government (by NIAID or NIH) is inserted as a joint owner of any of
the OyaGen [***] Patent Rights, OyaGen [***] Patent Rights, and/or OyaGen [***] Patent Rights as set forth in Exhibits A-2,
A-3, and A-4, respectively, OyaGen will negotiate in accordance with Section 2.6(b) so as to exclusively sublicense
NIAID or NIH’s portion of any such Patent Rights to Tonix; and

 

EXCEPT
AS SPECIFICALLY SET FORTH IN THIS AGREEMENT, OYAGEN IS LICENSING THE OYAGEN PATENT RIGHTS AND OYAGEN KNOW-HOW ON AN “AS
IS” BASIS, AND OYAGEN MAKES NO WARRANTIES EITHER EXPRESS OR IMPLIED OF ANY KIND, AND HEREBY EXPRESSLY DISCLAIMS ANY WARRANTIES,
REPRESENTATIONS OR GUARANTEES OF ANY KIND AS TO THE OYAGEN PATENT RIGHTS AND OYAGEN KNOW-HOW AND/OR ANYTHING DISCOVERED, DEVELOPED,
MANUFACTURED, USED, SOLD, OFFERED FOR SALE, IMPORTED, EXPORTED, DISTRIBUTED, RENTED, LEASED OR OTHERWISE DISPOSED OF UNDER ANY
LICENSE GRANTED HEREUNDER, INCLUDING BUT NOT LIMITED TO THE FOLLOWING: ANY WARRANTIES OF MERCHANTABILITY, TITLE, FITNESS, ADEQUACY
OR SUITABILITY FOR A PARTICULAR PURPOSE, USE OR RESULT; ANY WARRANTIES AS TO THE VALIDITY OF ANY PATENT; AND, ANY WARRANTIES OF
FREEDOM FROM INFRINGEMENT OF ANY DOMESTIC OR FOREIGN PATENTS, COPYRIGHTS, TRADE SECRETS OR OTHER PROPRIETARY RIGHTS OF ANY PARTY.

 

7.3          OyaGen Covenant. In addition to any covenants made by OyaGen elsewhere in this Agreement, OyaGen hereby covenants to Tonix
that during the Term, OyaGen will not grant any Third Party any license or other right with respect to any Compound, the OyaGen
Patent Rights and/or the OyaGen Know-How, in each case for use in the Field in the Territory, in derogation of the license
and rights granted to Tonix hereunder.

 

7.4          Tonix Representations and Warranties. Tonix represents and warrants to OyaGen that as of the Effective Date of this Agreement
neither Tonix nor any of its Affiliates is debarred or disqualified under the Act or comparable Applicable Laws outside the United
States.

 

7.5          Mutual Covenants. In addition to any covenants made by a Party elsewhere in this Agreement, each Party hereby covenants to
the other as follows:

 

(a)            neither such Party nor any of its Affiliates will knowingly employ or use the services of any Person who is debarred or disqualified
under United States law, including 21 U.S.C. §335a, or any foreign equivalent thereof, in connection with activities relating
to any Product; and in the event that such Party becomes aware of the debarment or disqualification or threatened debarment or
disqualification of any Person providing services to such Party or any of its Affiliates with respect to any activities relating
to any Product, such Party will immediately notify the other Party in writing and such Party will cease, or cause its Affiliate
to cease (as applicable), employing, contracting with, or retaining any such Person to perform any services relating to any Product;

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(b)            neither such Party nor any of its Affiliates will, in connection with the exercise of its rights or performance of its obligations
under this Agreement, directly or indirectly through Third Parties, knowingly pay, promise or offer to pay, or authorize the payment
of, any money or give any promise or offer to give, or authorize the giving of anything of value to a public official or entity
or other Person for purpose of obtaining or retaining business for or with, or directing business to, any Person, including such
Party and its Affiliates, nor will such Party or any of its Affiliates directly or indirectly knowingly promise, offer or provide
any corrupt payment, gratuity, emolument, bribe, kickback, illicit gift or hospitality or other illegal or unethical benefit to
a public official or entity or any other Person in connection with the exercise of such Party’s rights or performance of
such Party’s obligations under this Agreement; and

 

(c)            neither such Party nor any of its Affiliates (or any of their respective employees and contractors), in connection with the
exercise of such Party’s rights or performance of such Party’s obligations under this Agreement, shall knowingly cause
the other Party to be in violation of the FCPA or Export Control Laws.

 

7.6          Performance by Affiliates, Sublicensees and Subcontractors. The Parties recognize that each Party may perform some or all
of its obligations or exercise some or all of its rights under this Agreement through one or more Affiliates, subcontractors,
or, in the case of Tonix, a Related Party; provided, in each case, that (a) none of the other Party’s
rights hereunder are diminished or otherwise adversely affected as a result of such delegation or subcontracting, (b) each such
Affiliate, subcontractor or Related Party undertakes in writing obligations of confidentiality and non-use regarding Confidential
Information and ownership of Inventions which are substantially the same as those undertaken by the Parties pursuant to ARTICLE
6 and Section 8.1, and (c) notwithstanding the foregoing or anything to the contrary in this Agreement, such Party shall at all
times be fully responsible for the performance and payment obligations of its Affiliate, subcontractor or Related Party.

 

7.7          Limitation of Liability. EXCEPT FOR LIABILITY FOR BREACH OF ARTICLE 6, A PARTY’S INDEMNIFICATION OBLIGATIONS UNDER ARTICLE
10, OR IN THE CASE OF GROSS NEGLIGENCE OR WILLFUL MISCONDUCT, FRAUD OR ILLEGAL ACTIVITY, OR IN THE CASE OF OYAGEN, A BREACH OF
SECTION 2.2 OR 7.3, NEITHER PARTY SHALL BE ENTITLED TO RECOVER FROM THE OTHER PARTY ANY SPECIAL, INCIDENTAL, CONSEQUENTIAL OR
PUNITIVE DAMAGES IN CONNECTION WITH THIS AGREEMENT OR ANY LICENSE GRANTED HEREUNDER.

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THE
PARTIES HERETO ACKNOWLEDGE THAT THE LIMITATIONS AND EXCLUSIONS OF LIABILITY AND DISCLAIMERS OF WARRANTY IN THIS AGREEMENT FORM
AN ESSENTIAL BASIS OF THE BARGAIN BETWEEN THE PARTIES.

 

ARTICLE
8

INTELLECTUAL PROPERTY

 

8.1          Ownership. As between the Parties, OyaGen is and shall at all times be the sole and exclusive owner of all right, title and
interest in and to the OyaGen Technology, other than the OyaGen [***] Patent Rights jointly owned by OyaGen and The United States
of America as represented by The Secretary of Health and Human Services, and other than Joint Inventions and Joint Patent Rights,
and Tonix is and shall at all times be the sole and exclusive owner of all right, title and interest in and to the Tonix Technology,
other than Joint Inventions and Joint Patent Rights. A Party shall have and retain all right, title and interest in any Invention
made solely by one or more employees or agents of such Party and or its Affiliates or other persons acting under its authority.
The Parties shall jointly own rights in any Invention made jointly by one or more employees or agents of each Party and/or such
Party’s Affiliates or other persons acting under its authority (“Joint Inventions”) and Patent
Rights therein (“Joint Patent Rights”). For clarity, Inventions developed exclusively by one Party and
such Party’s Affiliates shall not be considered Joint Inventions. Subject to the rights and licenses granted under this
Agreement, each Party shall have the right to practice and use, and grant licenses to practice and use, any Joint Inventions and
Joint Patent Rights without the other Party’s consent and has no duty to account to the other Party for such practice, use
or license, and each Party hereby waives any right it may have under the laws of any country to require any such consent or accounting.
Each Party shall be liable with respect to its own employees for compliance with any applicable legislation and its own policies
concerning employee inventions, including payment of employee invention awards (if any).

 

8.2          Patent Prosecution and Maintenance.

 

(a)              
OyaGen Patent Rights. Prior to the Effective Date, OyaGen shall control the preparation, filing, prosecution and maintenance
of the OyaGen Patent Rights at its expense. After the Effective Date, Tonix shall have the right, but not the obligation to control
the preparation, filing, prosecution and maintenance including inter partes review or post-grant review proceedings, oppositions,
nullity proceedings and the like of OyaGen Patent Rights at Tonix’s sole expense and by counsel of Tonix’s choice,
in consultation with OyaGen and counsel of OyaGen’s choice (which shall be at OyaGen’s expense). Tonix shall keep
OyaGen informed of progress with regard to the preparation, filing, prosecution and maintenance of such OyaGen Patent Rights and
shall provide to OyaGen copies of all official communications issued by a patent office (including but not limited to pre-examination
notices, restriction requirements, and office actions) within fifteen (15) business days of Tonix’s receipt thereof, and
shall provide to OyaGen copies of all patent office submissions within thirty (30) days of filing. The Parties intend that consultation
under this Section 8.2(a) between the Parties relating to the OyaGen Patent Rights will be in accordance with a common interest
in the validity, enforceability, and scope of the OyaGen Patent Rights. Each Party shall treat such consultation, along with any
information disclosed by each Party in connection therewith (including any information concerning patent expenses), on a confidential
and attorney-client privilege basis and shall not disclose such consultation or information to any Party without the other Party’s
prior written consent. Except to the extent required by applicable law, under no circumstances shall Tonix or Tonix’s counsel
amend the claims of any of the patent applications or patents which are part of the OyaGen Patent Rights in a manner that would
change ownership from OyaGen as the sole owner with respect to the OyaGen [***] Patent Rights, the OyaGen [***] Patent Rights,
and/or the OyaGen [***] Patent Rights. In the event that Tonix desires to abandon or cease prosecution or maintenance of any OyaGen
Patent Right in any country or jurisdiction (such country or jurisdiction, the “Abandoned Territory”), Tonix
shall provide written notice to OyaGen of such intention to abandon no later than thirty (30) days prior to the next deadline
for any action that must be taken with respect to such OyaGen Patent Right in the relevant patent office (the “Abandonment
Notice”). In such case, upon receipt of a written request by OyaGen delivered no later than fifteen (15) days after
receipt of the Abandonment Notice to assume responsibility for prosecution and maintenance of such OyaGen Patent Right, Tonix
shall allow OyaGen at its sole cost and expense and by counsel of its own choice, to assume such responsibility or at its sole
discretion abandon or cease the prosecution or maintenance of such application or patent at issue. Tonix shall reimburse OyaGen
any extension fees required to keep any such OyaGen Patent Right pending that were due at the time of delivery of such OyaGen
Patent Right to OyaGen.

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(b)           Joint Patent Rights. Tonix shall have the first right, but not the obligation, to prepare, file, prosecute and maintain all
Joint Patent Rights, at Tonix’s sole expense and by counsel of Tonix’s choice. Tonix shall keep OyaGen reasonably
informed of progress with regard to the preparation, filing, prosecution and maintenance of the Joint Patent Rights, and shall
provide to OyaGen copies of all official communications issued by a patent office (including but not limited to pre-examination
notices, restriction requirements, and office actions) relating to the Joint Patent Rights within fifteen (15) business days of
Tonix’s receipt thereof, and shall provide to OyaGen copies of all material patent office submissions within a reasonable
amount of time following submission thereof by Tonix. In the event that Tonix desires to abandon or cease prosecution or maintenance
of any Joint Patent Right, Tonix shall provide written notice to OyaGen of such intention to abandon promptly after Tonix makes
such determination, which notice shall be given no later than thirty (30) days prior to the next deadline for any action that
must be taken with respect to such Joint Patent Right in the relevant patent office. In such case, OyaGen shall have the right,
in its discretion, exercisable upon written notice to Tonix delivered no later than fifteen (15) days after receipt of notice
from Tonix, to assume responsibility for prosecution and maintenance of such Joint Patent Right, at its sole cost and expense
and by counsel of its own choice. Tonix shall reimburse OyaGen any extension fees required to keep any such Joint Patent Right
pending that were due at the time of delivery of such Joint Patent Right to OyaGen.

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(c)           Tonix Patent Rights. Except as provided in Section 8.2(b) with respect to Tonix’s interest in Joint Patent Rights, Tonix
shall have the sole right, but not the obligation, to control the preparation, filing, prosecution and maintenance of Tonix Patent
Rights at Tonix’s sole expense and by counsel of its choice.

 

(d)           Cooperation of the Parties. Each Party agrees to cooperate fully in the preparation, filing, prosecution and maintenance of
Patent Rights under this Agreement and in the obtaining and maintenance of any patent term extensions, supplementary protection
certificates and the like with respect to any Patent Right as well as in registering the licenses granted hereunder with the applicable
authorities. Such cooperation includes, but is not limited to: (i) executing all papers and instruments, or requiring its employees
or contractors to execute such papers and instruments, so as to effectuate the joint ownership of Joint Inventions and Joint Patent
Rights set forth in Section 8.1, and to enable the other Party to apply for and to prosecute patent applications in any country
in accordance with the foregoing provisions of this Section 8.2; and (ii) promptly informing the other Party of any matters coming
to such Party’s attention that may affect the preparation, filing, prosecution or maintenance of any such patent applications.

 

8.3          Enforcement and Defense of Patent Rights. Each Party shall notify the other Party in writing within 10 Business Days (except
as expressly set forth below) of becoming aware of any alleged or threatened infringement by a Third Party of any of the OyaGen
Patent Rights and/or Joint Patent Rights (“Infringement”), including (x) any such alleged or threatened
Infringement on account of a Third Party’s manufacture, use or sale of a Product in the Field, (y) any certification filed
in the United States under 21 U.S.C. §355(b)(2) or 21 U.S.C. §355(j)(2) or similar provisions in other jurisdictions
in connection with an ANDA (an Abbreviated New Drug Application in the United States or a comparable application for Marketing
Approval under Applicable Law in any country other than the United States) or other request for approval or marketing authorization
for a Product in the Field (a “Patent Certification”), and (z) any declaratory judgment action filed by a Third
Party related to a Product in the Field alleging the invalidity, unenforceability or non-infringement of any of the OyaGen Patent
Rights or Joint Patent Rights ((x)-(z), collectively, “Competitive Infringement”); provided, however, that
each Party shall notify the other Party of any Patent Certification regarding any OyaGen Patent Right or Joint Patent Right that
it receives, and such Party shall provide the other Party with a copy of such Patent Certification, within five (5) days of receipt.

 

(a)           Competitive Infringement. Tonix shall have the first right, but not the obligation, to bring (or defend) and control any action
or proceeding with respect to Competitive Infringement of a OyaGen Patent Right or a Joint Patent Right, in each case that
Covers a Product (collectively, the “Relevant Patent Rights”), at Tonix’s own expense and by counsel
of its own choice. Tonix will be permitted to name OyaGen as a co-party in any such action and shall furnish OyaGen with copies
of any documents related to such proceedings. If Tonix fails to bring any such action or proceeding with respect to Competitive
Infringement of any Relevant Patent Right within ninety (90) days following the notice of alleged Competitive Infringement, OyaGen
shall have the right, but not the obligation, to bring (or defend) and control any such action at its own expense and by counsel
of its own choice, and Tonix shall have the right, at its own expense, to be represented in any such action by counsel of its
own choice.

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(b)              
Other Infringement. The Parties shall mutually agree on a case-by-case basis (A) whether to bring (or defend) and control
any action or proceeding with respect to Competitive Infringement of any Patent Right that is not a Relevant Patent Right, (B)
which Party would bring (or defend) and control such action, and (C) how the expenses of, and any recovery from, any such action
would be allocated.

 

(c)               
Tonix Patent Rights. Tonix shall have the sole right, but not the obligation, to bring (or defend) and control any action
or proceeding with respect to infringement of any Tonix Patent Right at its own expense and by counsel of its own choice.

 

(d)              
Cooperation. In the event a Party brings (or defends) an Infringement action in accordance with this Section 8.3, or in the
event a Party is entitled to bring (or defend) an infringement action in accordance with this Section 8.3 but lacks standing to
do so, the other Party shall cooperate fully, including, if required to bring (or defend) such action, the furnishing of a power
of attorney or being named as a party. Neither Party shall enter into any settlement or compromise of any action under this Section
8.3 which would in any manner alter, diminish, or be in derogation of the other Party’s rights under this Agreement without
the prior written consent of such other Party, which shall not be unreasonably withheld. In any infringement suit as either Party
may institute to enforce the OyaGen Patent Rights or in any declaratory judgment action alleging invalidity or non-infringement
of any OyaGen Patent Rights brought against OyaGen or Tonix, the other Party shall, at the request and expense of the Party initiating
or defending the suit or action, cooperate in all reasonable respects and make reasonable requests to have its employees testify
when requested and make available relevant records, papers, information, specimens and the like.

 

(e)              
Expenses. In the event that Tonix undertakes the enforcement or defense of the OyaGen Patent Rights or Joint Patent Rights
by litigation or settlement action, from the date of Tonix’s filing of a litigation pleading, notice of appearance or other
litigation initiating document, Tonix may withhold up to fifty percent (50%) of the royalties otherwise thereafter due OyaGen
under Section 4.3 and apply the same toward reimbursement of its expenses, including reasonable attorney’s fees in connection
therewith.

 

(f)                
Recovery. Except as otherwise agreed by the Parties in connection with a cost-sharing arrangement, any recovery realized by
a Party as a result of any action or proceeding pursuant to this Section 8.3, whether by way of settlement or otherwise, shall
be applied first to reimburse the documented out-of-pocket legal expenses and costs of the Party that brought (or defended) and
controlled such action or proceeding incurred in connection with such action or proceeding, and second to reimburse the documented
out-of-pocket legal expenses and costs of the other Party incurred in connection with such action or proceeding, and any remaining
amounts shall be retained by the Party that brought (or defended) and controlled such action; provided, however, that:

    -36-

     

    
CONFIDENTIAL

 

(i)           any recovery realized by Tonix as a result of any action brought (or defended) and controlled by Tonix pursuant to Section
8.3(a) or Section 8.3(b) (after reimbursement of the Parties’ documented out-of-pocket legal expenses and costs relating
to the action or proceeding) shall be allocated as follows: (1) compensatory damages shall, if awarded, be treated as Net Sales
of Products in the quarter in which such damages are received for purposes of Section 4.3, but only to the extent that OyaGen
has not been directly awarded such damages in the litigation; and (2) non-compensatory damages shall be divided 80% to Tonix and
20% to OyaGen; and

 

(ii)          any recovery realized by OyaGen as a result of any action brought and controlled by OyaGen pursuant to Section 8.3(a) or Section
8.3(b) (after reimbursement of each Party’s documented out-of-pocket legal expenses and costs relating to the action or
proceeding) shall be allocated 80% to OyaGen and 20% to Tonix.

 

8.4          Patent Term Extensions.

 

(a)           OyaGen Patent Rights. Tonix shall have the right to determine the OyaGen Patent Rights for which it will apply for extension
of patent term (including, without limitation, a supplementary protection certificate) in any country and/or jurisdiction for
any Product in the Field. Tonix shall file for any such extension at Tonix’s cost and expense. OyaGen shall provide all
reasonable assistance to Tonix in connection with such filings, including allowing Tonix to file for the extension or supplementary
protection certificate in Oyagen’s name. In the event that Tonix desires to not apply for such patent extension, Tonix shall
provide written notice to OyaGen of such intention not to file no later than thirty (30) days prior to the next deadline for any
action that must be taken with respect to such OyaGen Patent Right in the relevant patent office. In such case, upon receipt of
a written request by OyaGen to assume responsibility for prosecution and maintenance of such patent extension, Tonix shall allow
OyaGen at its sole cost and expense and by counsel of its own choice, delivered no later than fifteen (15) days after receipt
of notice from OyaGen to assume such responsibility.

 

(b)           Joint Patent Rights. Tonix shall have the right to determine the Joint Patent Rights for which it will apply for patent term
extension (including, without limitation, a supplementary protection certificate) in any country and/or jurisdiction for any Product
in the Field, and Tonix shall file for any such extension at Tonix’s cost and expense. Each Party shall provide all reasonable
assistance to the other Party in connection with such filings including allowing the Party filing the request to file in the other
Party’s name alone or jointly provided that the Party filing for any such extension shall pay or reimburse any out-of-pocket
costs incurred by the other Party in providing such assistance.

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CONFIDENTIAL

 

(c)          Tonix Patent Rights. Tonix shall have the sole right to apply for extension of term for any Tonix Patent Right in any country
and/or jurisdiction for any product, including, without limitation, any Product in the Field, at Tonix’s sole cost and expense.

 

8.5          Infringement of Third Party Rights. Each Party shall promptly notify the other in writing of any allegation by a Third Party
that the activity of either Party pursuant to this Agreement infringes or may infringe the intellectual property rights of such
Third Party. Neither Party shall have the right to settle any patent infringement litigation under this Section 8.5 in a
manner that diminishes the rights or interests of the other Party without the written consent of such other Party (which shall
not be unreasonably withheld).

 

ARTICLE
9

TERM AND TERMINATION

 

9.1          Term. The term of this Agreement shall commence on the Effective Date and, unless earlier terminated in accordance with this
ARTICLE 9, continue until the expiration of the Royalty Term (the “Term”).

 

9.2          Termination for Material Breach.

 

(a)           Each Party shall have the right to terminate this Agreement in its entirety upon written notice to the other Party if such
other Party is in material breach of this Agreement and has not cured such breach within ninety (90) days after notice from
the terminating Party indicating the nature of such breach (however such cure period shall be reduced to thirty (30) days in the
event of a payment breach), or if such other Party is dissolved or liquidated or takes any corporate action for such purpose;
makes a general assignment for the benefit of creditors; or has a receiver, trustee, custodian or similar agent appointed by order
of any court of competent jurisdiction to take charge of or sell any material portion of its property or business. Any such termination
shall become effective at the end of the above-stated cure period unless the breaching Party has cured such breach prior to the
end of such period. Any right to terminate under this Section 9.2(a) shall be stayed and the cure period tolled in the event
that, during any cure period, the Party alleged to have been in material breach shall have initiated dispute resolution in accordance
with ARTICLE 11 with respect to the alleged breach, which stay and tolling shall continue until such dispute has been resolved
in accordance with ARTICLE 11.

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CONFIDENTIAL

 

(b)           For clarity, in the event of material breach of this Agreement by OyaGen that is not cured within the applicable notice period
set forth in Section 9.2(a), Tonix, at its sole discretion, may either:

 

(i)          terminate this Agreement in accordance with Section 9.2(a) (in addition to pursuing any remedy that may be available
to Tonix at law or in equity as a result of OyaGen’s breach of this Agreement); or

 

(ii)         elect (A) not to terminate this Agreement, (B) to retain the license granted under Section 2.1, subject to
all terms and conditions hereof, and (C) pursue any remedy that may be available to Tonix at law or in equity as a result
of OyaGen’s breach of this Agreement, without prejudice to Tonix’s right to terminate this Agreement at a later date
pursuant to Section 9.2 (for that uncured material breach or any other uncured material breach of this Agreement by OyaGen)
or pursuant to Section 9.3.

 

9.3          At-Will Termination by Tonix. Tonix shall have the right to terminate this Agreement on a country-by-country basis for any
reason or for no reason at any time upon sixty (60) days’ prior written notice to OyaGen, provided Tonix’s termination
shall not be deemed to cure any breach existing as of the date of such termination.

 

9.4          Effect of Expiration or Termination.

 

(a)           Expiration. Upon expiration (but not on earlier termination) of this Agreement, all licenses granted by OyaGen to Tonix that
were in effect immediately prior to such expiration shall survive on a non-exclusive, fully-paid, royalty-free basis.

 

(b)           Any Termination. Upon any termination of this Agreement prior to its expiration, (i) the license (on a country-by-country
basis in the event of partial termination by Tonix under Section 9.3) granted to Tonix pursuant to Section 2.1 shall
automatically terminate and revert to OyaGen, (ii) all other rights and obligations of the Parties under this Agreement shall
terminate, except as expressly provided below in Section 9.5, and (iii) all intellectual property, ownership, marketing and manufacturing
rights with respect to the OyaGen Technology shall revert to OyaGen without limitation (on a country-by-country basis in the event
of partial termination by Tonix under Section 9.3).

 

9.5          Accrued Obligations; Survival. Neither expiration nor any termination of this Agreement shall relieve either Party of any
obligation or liability accruing prior to such expiration or termination, nor shall expiration or any termination of this Agreement
preclude either Party from pursuing all rights and remedies it may have under this Agreement, at law or in equity, with respect
to breach of this Agreement. In addition, the Parties’ rights and obligations under Sections 3.2(b), 8.1, Sections 8.2 –
8.5 (inclusive, but in each case, only with respect to Joint Patent Rights), 9.4, 9.6, 9.7, 10.1, 10.2, 10.3 and ARTICLES
6, 7, 11 and 12 and this Section 9.5 of this Agreement, along with any other terms or conditions that would be required to survive
to give effect to the enumerated surviving provisions, shall survive expiration or any termination of this Agreement.

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CONFIDENTIAL

 

9.6             
Return of Confidential Information. Within thirty (30) days following the expiration or termination of this Agreement,
except to the extent that a Party retains a license from the other Party as provided in this ARTICLE 9, each Party shall promptly
return to the other Party, or delete or destroy, all relevant records and materials in such Party’s possession or control
containing Confidential Information of the other Party; provided that such Party may keep one copy of such materials for
archival purposes only subject to a continuing confidentiality obligations.

 

9.7             
Damages; Relief. Termination of this Agreement shall not preclude either Party from claiming any other damages, compensation
or relief that it may be entitled to hereunder.

 

ARTICLE
10

INDEMNIFICATION

 

10.1         
Indemnification by Tonix. Tonix shall indemnify, defend, and hold harmless each OyaGen Indemnitee from and against any and
all actions, suits, claims, demands, prosecutions, liabilities, costs, expenses, damages, deficiencies, losses or obligations
(including reasonable and documented legal expenses and attorneys’ fees) (“Losses”) based on, arising
out of, or relating to claims by any Third Party (a “Claim”) arising in connection with this Agreement to the
extent arising out of (a) the gross negligence, willful misconduct, fraud or illegal activity of the Tonix Indemnitees and
their subcontractors, (b) the breach by the Tonix Indemnitees and their subcontractors of the confidentiality obligations
set forth in ARTICLE 6, (c) the breach by the Tonix Indemnitees and their subcontractors of Section 3.5, (d) the breach by Tonix
of the representations, warranties and covenants set forth in ARTICLE 7, and (e) the use by Tonix Indemnitees and their subcontractors
of the OyaGen Technology, to the extent subject to the licenses to Tonix under this Agreement, or any Product, in each case
including but not limited to the exploitation, development, manufacture, use, sale, offer for sale or other disposition thereof;
except, in each case of (a) – (e), to the extent such Losses result from any Claim for which OyaGen is obligated
to indemnify the Tonix Indemnitees under Section 10.2. Further, in the event that OyaGen or any of its Affiliates becomes a subcontractor
of Tonix or any Tonix Indemnitee, the acts and omissions of OyaGen and/or such Affiliate(s) will not be indemnifiable under this
Section 10.1.

 

10.2         
Indemnification by OyaGen. OyaGen shall indemnify, defend, and hold harmless each Tonix Indemnitee from and against any and
all Losses based on, arising out of, or relating to claims by any Third Party arising in connection with this Agreement to the
extent arising out of (a) the gross negligence, willful misconduct, fraud or illegal activity of any OyaGen Indemnitee, (b)
patent infringement arising out of the exercise of rights under the OyaGen Patent Rights, (c) misappropriation of trade secrets
arising out of the exercise of rights under the OyaGen Know-How, (d) the breach by any OyaGen Indemnitee of the confidentiality
obligations set forth in ARTICLE 6; and (e) the breach by OyaGen of the representations, warranties and covenants set forth in
Section 2.2 and ARTICLE 7; except, in each case of (a) – (e), to the extent such Losses result from any Claim for
which Tonix is obligated to indemnify the OyaGen Indemnitees under Section 10.1.

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CONFIDENTIAL

 

10.3         
Control of Defense. In the event a Party (the “Indemnified Party”) seeks indemnification under Section 10.1
or 10.2, it shall inform the other Party (the “Indemnifying Party”) of a claim as soon as reasonably practicable
after it receives notice of the claim (it being understood and agreed, however, that the failure by an Indemnified Party
to give notice of a claim as provided in this Section 10.3 shall not relieve the Indemnifying Party of its indemnification
obligation under this Agreement except and only to the extent that such Indemnifying Party is actually damaged as a result of
such failure to give notice), shall permit the Indemnifying Party to assume direction and control of the defense of the claim
(including the right to settle the claim solely for monetary consideration) using counsel reasonably satisfactory to the Indemnified
Party, and shall cooperate as requested (at the expense of the Indemnifying Party) in the defense of the claim. If the Indemnifying
Party does not assume control of such defense within 15 days after receiving notice of the claim from the Indemnified Party,
the Indemnified Party shall control such defense and, without limiting the Indemnifying Party’s indemnification obligations,
the Indemnifying Party shall reimburse the Indemnified Party for all costs, including reasonable and documented attorney fees,
incurred by the Indemnified Party in defending itself within thirty (30) days after receipt of any invoice therefor from
the Indemnified Party. The Party not controlling such defense may participate therein at its own expense. The Party controlling
such defense shall keep the other Party advised of the status of such action, suit, proceeding or claim and the defense thereof
and shall consider recommendations made by the other Party with respect thereto. The Indemnified Party shall not agree to any
settlement of such action, suit, proceeding or claim without the prior written consent of the Indemnifying Party, which shall
not be unreasonably withheld, delayed or conditioned. The Indemnifying Party shall not agree to any settlement of such action,
suit, proceeding or claim or consent to any judgment in respect thereof that does not include a complete and unconditional release
of the Indemnified Party from all liability with respect thereto, that imposes any liability or obligation on the Indemnified
Party or that acknowledges fault by the Indemnified Party without the prior written consent of the Indemnified Party. If the Parties
cannot agree as to the application of Section 10.1 or 10.2 to any claim, pending resolution of the dispute pursuant to ARTICLE
11 the Parties may conduct separate defenses of such claims, with each Party retaining the right to claim indemnification from
the other Party in accordance with Section 10.1 or 10.2, as applicable, upon resolution of the underlying claim.

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CONFIDENTIAL

 

10.4         
Insurance. Each Party shall procure and maintain adequate levels of insurance that are consistent with industry standards
for similarly situated companies, including comprehensive or commercial general liability insurance (including contractual liability
and product liability). Such insurance shall include commercially reasonable levels of insurance as may be customary in light
of status of activities being conducted. It is understood that such insurance shall not be construed to create a limit of either
Party’s liability with respect to its indemnification obligations under this ARTICLE 10 or otherwise. Each Party shall provide
the other Party with written evidence of such insurance upon request. Each Party shall provide the other Party with written notice
at least 30 days prior to the cancellation, non-renewal or material change in such insurance which materially adversely affects
the rights of the other Party hereunder.

 

ARTICLE
11

DISPUTE RESOLUTION

 

11.1         
Disputes. Any claim, dispute, or controversy as to the breach, enforcement, interpretation or validity of this Agreement (each,
a “Dispute”) that cannot be resolved by the Parties within thirty (30) days that a Party is notified
of such Dispute, will be referred to the Chief Executive Officer of OyaGen and the Chief Executive Officer of Tonix for attempted
resolution, with each party exercising good faith in such attempt. In the event such executives are unable to resolve such Dispute
within thirty (30) days of such Dispute being referred to them, then, the Parties shall be free to pursue legal remedies
in accordance with the terms of this Agreement. This Section 11.1 shall not prohibit either Party from seeking equitable relief
in any court of competent jurisdiction.

 

ARTICLE
12

MISCELLANEOUS

 

12.1         
Rights Upon Bankruptcy. All rights and licenses granted under or pursuant to this Agreement are, and shall otherwise be deemed
to be, for purposes of Section 365(n) of Title 11 of the United States Code and other similar laws in any jurisdiction
outside the U.S. (collectively, the “Bankruptcy Laws”), licenses of rights to be “intellectual
property” as defined under the Bankruptcy Laws. If a case is commenced during the Term by or against a Party under Bankruptcy
Laws then, unless and until this Agreement is rejected as provided in such Bankruptcy Laws, such Party (in any capacity, including
debtor-in-possession) and its successors and assigns (including a trustee) shall perform all of the obligations provided in this
Agreement to be performed by such Party. If a case is commenced during the Term by or against a Party under the Bankruptcy Laws,
and this Agreement is rejected as provided in the Bankruptcy Laws and the other Party elects to retain its rights hereunder as
provided in the Bankruptcy Laws, then the Party subject to such case under the Bankruptcy Laws (in any capacity, including debtor-in-possession)
and its successors and assigns (including a Title 11 trustee), shall provide to the other Party copies of all Information
necessary for such other Party to prosecute, maintain and enjoy its rights under the terms of this Agreement promptly upon such
other Party’s written request therefor. All rights, powers and remedies of the non-bankrupt Party as provided herein are
in addition to and not in substitution for any and all other rights, powers and remedies now or hereafter existing at law or in
equity (including, without limitation, the Bankruptcy Laws) in the event of the commencement of a case by or against a Party under
the Bankruptcy Laws.

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CONFIDENTIAL

 

12.2         
Governing Law; Venue. This Agreement shall be governed by and construed in accordance with the laws of the State of New York,
excluding its conflicts of laws principles, except as to any issue which depends upon the validity, scope or enforceability of
any Patent, which issue shall be determined in accordance with the laws of the country in which such patent was issued. Each Party
submits to the exclusive jurisdiction of the state and Federal courts in New York County, New York with respect to any action
brought in connection with this Agreement.

 

12.3         
Entire Agreement; Amendments. This Agreement (including the Exhibits and Schedules hereto) is both a final expression of the
Parties’ agreement and a complete and exclusive statement with respect to all of its terms. This Agreement supersedes all
prior and contemporaneous agreements and communications, whether oral, written or otherwise, concerning any and all matters contained
herein, including but not limited to the Term Sheet. The Exhibits and Schedules to this Agreement are incorporated herein by reference
and shall be deemed a part of this Agreement. This Agreement may be amended, or any term hereof modified, only by a written instrument
duly executed by authorized representatives of both Parties hereto.

 

12.4         
Non-Waiver. The failure of a Party to insist upon strict performance of any provision of this Agreement or to exercise any
right arising out of this Agreement shall neither impair that provision or right nor constitute a waiver of that provision or
right, in whole or in part, in that instance or in any other instance. Any waiver by a Party of a particular provision or right
shall be in writing, shall be as to a particular matter and, if applicable, for a particular period of time and shall be signed
by such Party.

 

12.5         
Assignment. Except as expressly provided hereunder, neither this Agreement nor any rights or obligations hereunder may be
assigned or otherwise transferred by either Party without the prior written consent of the other Party (which consent shall not
be unreasonably withheld). Tonix shall have the right to assign, license or otherwise transfer or encumber all or any portion
of its rights and/delegate any of its obligations under this Agreement without consent. The rights and obligations of the Parties
under this Agreement shall be binding upon and inure to the benefit of the successors and permitted assigns of the Parties, and
the name of a Party appearing herein will be deemed to include the name of such Party’s successors and permitted assigns
to the extent necessary to carry out the intent of this section. Any assignment not in accordance with this Agreement shall be
void.

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CONFIDENTIAL

 

12.6         
Force Majeure. Each Party shall be excused from liability for the failure or delay in performance of any obligation under
this Agreement by reason of any event beyond such Party’s reasonable control, including but not limited to Acts of God,
fire, flood, explosion, earthquake, pandemic, epidemic or other natural forces, war, civil unrest, acts of terrorism, accident,
destruction or other casualty, any lack or failure of transportation facilities, any lack or failure of supply of raw materials,
any strike or labor disturbance, or any other event similar to those enumerated above. Such excuse from liability shall be effective
only to the extent and duration of the event(s) causing the failure or delay in performance and provided that the Party
has not caused such event(s) to occur. The affected Party shall notify the other Party of such force majeure circumstances as
soon as reasonably practical, and shall promptly undertake all reasonable efforts necessary to cure such force majeure circumstances.

 

12.7         
Severability. If any one or more of the provisions contained in this Agreement is held invalid, illegal or unenforceable in
any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected
or impaired thereby, unless the absence of the invalidated provision(s) adversely affects the substantive rights of the Parties.
The Parties shall in such an instance use their best efforts to replace the invalid, illegal or unenforceable provision(s) with
valid, legal and enforceable provision(s) which, insofar as practical, implement the purposes of this Agreement.

 

12.8         
Notices. All notices which are required or permitted hereunder shall be in writing and sufficient if delivered personally,
sent by facsimile or electronic mail (in each case, if promptly confirmed by personal delivery, registered or certified
mail or overnight courier), sent by nationally-recognized overnight courier or sent by registered or certified mail, postage prepaid,
return receipt requested, addressed as follows:

 

	If to OyaGen, to:	OyaGen, Inc.

77
Ridgeland Rd.

Rochester,
NY 14623

Attn:
Dr. Harold C. Smith – CEO

 

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

 

FisherBroyles
LLP 

510
Clinton Square

Rochester,
NY 14604

Attn: Andrew
K. Gonsalves

E-Mail:
andrew.gonsalves@fisherbroyles.com

Facsimile
No.: +1 585-486-7083

    -44-

     

    
CONFIDENTIAL

 

	If to Tonix, to:	Tonix Pharmaceuticals, Inc.

26
Main Street

Suite
101

Chatham
NJ 07928

Attn:
Seth Lederman, MD – Chief Executive Officer

 

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

 

Lowenstein
Sandler, LLP

One
Lowenstein Drive

Roseland,
New Jersey 07068

Attn: Michael
J. Lerner

E-Mail:
mlerner@lowenstein.com

Facsimile
No.: +1 973-597-6395

 

or
to such other address(es) as the Party to whom notice is to be given may have furnished to the other Party in writing in accordance
herewith. Any such notice shall be deemed to have been given: (a) when delivered, if personally delivered, or if sent by
facsimile on a business day (or if delivered or sent on a non-business day, then on the next business day); (b) when delivery
is acknowledged if sent by e-mail; (c) on the business day after dispatch, if sent by nationally-recognized overnight courier;
or (d) on the third (3rd) business day following the date of mailing, if sent by mail.

 

12.9         
Interpretation. The headings of clauses contained in this Agreement preceding the text of the sections, subsections and paragraphs
hereof are inserted solely for convenience and ease of reference only and shall not constitute any part of this Agreement, or
have any effect on its interpretation or construction. All references in this Agreement to the singular shall include the plural
where applicable. The term “including” or “includes” as used in this Agreement means including, without
limiting the generality of any description preceding such term, and the word “or” has the inclusive meaning represented
by the phrase “and/or.” Unless otherwise specified, references in this Agreement to any section shall include all
subsections and paragraphs in such section and references in this Agreement to any subsection shall include all paragraphs in
such subsection. All references to days in this Agreement shall mean calendar days, unless otherwise specified. Ambiguities and
uncertainties in this Agreement, if any, shall not be interpreted against either Party, irrespective of which Party may be deemed
to have caused the ambiguity or uncertainty to exist. This Agreement has been prepared in the English language, and the English
language shall control its interpretation. In addition, all notices required or permitted to be given hereunder, and all written,
electronic, oral or other communications between the Parties regarding this Agreement shall be in the English language.

 

12.10     
Relationship between the Parties. The Parties’ relationship, as established by this Agreement, is solely that of independent
contractors. This Agreement does not create any partnership, joint venture or similar business relationship between the Parties.
Neither Party is a legal representative of the other Party, and neither Party may assume or create any obligation, representation,
warranty or guarantee, express or implied, on behalf of the other Party for any purpose whatsoever.

    -45-

     

    
CONFIDENTIAL

 

12.11     
Cumulative Remedies. No remedy referred to in this Agreement is intended to be exclusive, but each shall be cumulative and
in addition to any other remedy referred to in this Agreement or otherwise available under law.

 

12.12     
No Third Party Rights. The provisions of this Agreement are for the exclusive benefit of the Parties, and no other person
or entity shall have any right or claim against any Party by reason of these provisions or be entitled to enforce any of these
provisions against any Party.

 

12.13     
Further Assurances. Each Party agrees to do and perform all such further acts and things and will execute and deliver such
other agreements, certificates, instruments and documents necessary or that the other Party may deem advisable in order to carry
out the intent and accomplish the purposes of this Agreement and to evidence, perfect or otherwise confirm its rights hereunder.

 

12.14     
Compliance with Securities Laws. OyaGen hereby acknowledges that it is aware, and OyaGen shall advise its Affiliates’,
employees, agents, consultants and other representatives who are informed of the matters that are the subject of the Subscription
Agreement, that United States securities laws place certain restrictions on any person who has material, non-public information
concerning an issuer, with respect to purchasing or selling securities of such issuer or from communicating such information to
any other person when it is reasonably foreseeable that such other person is likely to purchase or sell such securities. OyaGen
acknowledges its obligation to comply with all applicable securities laws in connection with the ownership of the Tonix Common
Stock and receipt of any Confidential Information of Tonix.

 

12.15     
Costs. Except as specifically provided in this Agreement, each Party shall be solely responsible for all costs, fees and other
expenses incurred in connection with this Agreement.

 

12.16     
Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original document, and all
of which, together with this writing, shall be deemed one instrument. This Agreement may be executed by facsimile or PDF signatures,
which signatures shall have the same force and effect as original signatures.

 

[Remainder
of this page intentionally left blank.]

 

    -46-

     

    

In
Witness Whereof, the parties hereto have duly
executed this License Agreement as of the Effective Date.

 

	TONIX
    PHARMACEUTICALS, INC.
	 
	By:	/s/ Seth Lederman	 
	Name:
    Seth Lederman
	Title:
    Chief Executive Officer
	 
	OYAGEN,
    INC.
	 
	By: 	/s/ Harold C. Smith	 
	Name:
    Harold C. Smith
	Title:
    Chief Executive Officer

 

    -47-

     

    
CONFIDENTIAL

 

EXHIBIT
A

 

OyaGen
Patent Portfolio (As of March 23, 2021)

 

[***]

    A-1

     

    

Exhibit
B

 

THE
SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED UNLESS REGISTERED UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL,
SATISFACTORY TO THE CORPORATION, IS OBTAINED TO THE EFFECT THAT SUCH SALE, TRANSFER OR ASSIGNMENT IS EXEMPT FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT.

 

THE
SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO ALL THE TERMS OF A SUPPORT AGREEMENT ENTERED INTO AS OF APRIL __, 2020,
BY AND AMONG TONIX PHARMACEUTICALS HOLDING CORP. (THE “CORPORATION”), AND THE HOLDER, A COPY OF WHICH AGREEMENT IS
ON FILE AT THE PRINCIPAL OFFICE OF THE CORPORATION. SUCH AGREEMENT, AMONG OTHER THINGS, LIMITS THE RIGHT OF THE HOLDER OR ANY
TRANSFEREE TO VOTE THE SHARES REPRESENTED HEREBY.

 

THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A LOCK-UP PERIOD OF SIX MONTHS AFTER THE CLOSING OF THE LICENSING TRANSACTION,
AS SET FORTH IN AN AGREEMENT BETWEEN THE COMPANY AND THE ORIGINAL HOLDER OF THESE SECURITIES, A COPY OF WHICH MAY BE OBTAINED
AT THE ISSUER’S PRINCIPAL OFFICE.  SUCH LOCK-UP PERIOD IS BINDING ON TRANSFEREES OF THESE SHARES.

 

    B-1

     

    

Exhibit
C

 

Voting
Agreement

 

    C-1

     

    

Schedule
1.15

 

Data
Room Documents List

 

[***]

     

     

    

Schedule
6.4

 

Publication

 

[***]

     

     

    

Schedule
7.2(q)

 

OyaGen

 

		1.	University
                                         of Alberta	In
                                         vitro Demonstration of Sangivamycin Mechanism of Action Using Recombinant RNA-dependent,
                                         RNA polymerases. 
	 	 	 	Investigator
                                         is Dr. Matthias Gotte.

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