Document:

Exhibit 10.3

 

EXECUTIVE EMPLOYMENT AGREEMENT

  

THIS EXECUTIVE EMPLOYMENT
AGREEMENT (this “Agreement”) is entered into by and between ArTara Therapeutics, Inc. (the “Company”),
and Jacqueline Zummo, PhD, MPH, MBA (“Executive”) (collectively referred to as the “Parties”
or individually referred to as a “Party”).

 

R E C I T A L S

 

WHEREAS, the Company,
Proteon Therapeutics, Inc., and REM 1 Acquisition, Inc. have entered into that certain Agreement and Plan of Merger and Reorganization
(as amended, modified, or supplemented from time to time in accordance with its terms, the “Merger Agreement”).
The effective date of this Agreement will be the date upon which the Parties fully execute this Agreement (the “Effective
Date”). If the anticipated transactions contemplated in the Merger Agreement are not consummated, then this Agreement
will have no effect, will not be binding on the Company (or any of its affiliates) or on Executive, shall terminate as of the termination
of the Merger Agreement, and neither Executive nor the Company (or any of its affiliates) shall have rights or obligations hereunder;

 

WHEREAS, subject
to the foregoing, the Company desires to employ Executive as its Vice President, Clinical Operations & Medical Affairs, and
to enter into an agreement embodying the terms of such employment; and Executive desires to accept such employment and enter into
such an agreement.

 

A G R E E M E N T

 

NOW, THEREFORE,
in consideration of the premises and mutual covenants herein and for other good and valuable consideration, the Parties agree as
follows:

 

1.        Duties
and Scope of Employment.

 

(a)  Positions
and Duties. As of the Effective Date, Executive will serve as Senior Vice President, Operations of the Company. Executive will
render such business and professional services in the performance of Executive’s duties, consistent with Executive's position
within the Company, as shall reasonably be assigned to Executive by the Company’s Chief Executive Officer. The period of
Executive’s at-will employment under the terms of this Agreement is referred to herein as the “Employment Term.”

 

(b) Obligations.
During the Employment Term, Executive will perform Executive’s duties faithfully and to the best of Executive’s ability
and will devote Executive’s full business efforts and time to the Company. For the duration of the Employment Term, Executive
agrees not to actively engage in any other employment, occupation or consulting activity for any direct or indirect remuneration
without the prior approval of the Company’s Chief Executive Officer.

 

2.       At-Will Employment.
Subject to Sections 7, 8, and 9 below, the parties agree that Executive's employment with the Company will be “at-will”
employment and may be terminated at any time with or without cause or notice, for any reason or no reason. Executive understands
and agrees that neither Executive’s job performance nor promotions, commendations, bonuses or the like from the Company give
rise to or in any way serve as the basis for modification, amendment, or extension, by implication or otherwise, of Executive’s
employment with the Company.

 

     

     

    

  

3.       Compensation.

 

(a) Base
Salary. During the Employment Term prior to the Closing (as defined in the Merger Agreement), the Company will pay Executive
as compensation for Executive’s services a base salary at a rate of $305,000 per year, as modified from time to time at the
discretion of the Board or a duly constituted committee of the Board (the “Base Salary”). During the Employment
Term on and after the Closing Date, the Base Salary will increase to a rate of $325,000 per year, as modified from time to time
at the discretion of the Board or a duly constituted committee of the Board (the “Base Salary”). The Base Salary
will be paid in regular installments in accordance with the Company’s normal payroll practices (subject to required withholding).
Any increase in Base Salary (together with the then existing Base Salary) shall serve as the “Base Salary” for
future employment under this Agreement. The first and last payment will be adjusted, if necessary, to reflect a commencement or
termination date other than the first or last working day of a pay period.

 

(b)
Annual Bonus. During the Employment Term prior to the Closing (as defined in the Merger Agreement), Executive will be eligible
to earn an annual discretionary bonus with a target amount equal to 25% of the Base Salary. During the Employment Term on and
after the Closing Date, the target amount will increase to 30% of then current Base Salary. The amount of this bonus, if any,
will be determined in the sole discretion of the CEO with input from the Board and based, in part, on Executive’s performance
and the performance of the Company during the calendar year. The bonus may be greater or lesser than the Target Bonus and may
be zero based upon the achievement of agreed upon corporate and/or individual goals. The Company will pay Executive this bonus,
if any, on or about February 1st of the following calendar year. The bonus is not earned until paid and no pro-rated
amount will be paid if Executive’s employment terminates for any reason prior to the payment date except as specified in
Sections 7, 8 and 9.

 

(c) Equity.
As of the Closing Date, it will be recommended to the Board that the Company grants Executive an option to purchase the greater
of 45,500 shares or the number of shares equal to 1% of the Company’s fully-diluted pro-forma shares giving consideration
to the anticipated reverse split and adjustments to exchange ratio and closing cash, of the Company’s common stock at the
fair market value as determined by the Board as of the date of grant (the “Option”). To be eligible, Executive
must still be employed by the Company when the Board grants the Option. It is intended that the Option shall, to the extent it
so qualifies, be an incentive stock option as defined in Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”)
and any regulations promulgated thereunder. Subject to the accelerated vesting provisions set forth herein, the Option will vest
as to 25% of the shares subject to the Option one year after the date of grant, and as to 1/48th of the shares subject to the Option
monthly thereafter, so that the Option will be fully vested and exercisable four (4) years from the date of grant, subject to Executive’s
Continuous Service Status (as defined in the Plan) to the Company through the relevant vesting dates. The Option will be subject
to the terms, definitions and provisions of the Proteon Therapeutics, Inc. Amended and Restated 2014 Equity Incentive Plan or any
successor plan of the Company (the "Option Plan") and the stock option agreement by and between Executive and
the Company (the "Option Agreement"), both of which documents are incorporated herein by reference.

 

(i) Executive
will be eligible to receive awards of stock options, restricted stock or other equity awards pursuant to any plans or
arrangements the Company may have in effect from time to time. The Board or a committee of the Board shall determine in its
discretion and guided by market benchmarks whether Executive shall be granted any such equity awards and the terms of any
such award in accordance with the terms of any applicable plan or arrangement that may be in effect from time to time.

  

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4.           
Employee Benefits. During the Employment Term, Executive will be eligible to participate in the employee benefit plans currently
and hereafter maintained by the Company of general applicability to other senior executives of the Company, including, without
limitation, the Company’s group medical, dental, vision, disability, life insurance, and flexible-spending account plans.
The Company reserves the right to cancel or change the benefit plans and programs it offers to its employees at any time.

 

5.           
Business Expenses. During the Employment Term, the Company will reimburse Executive for reasonable business travel, entertainment
or other business expenses incurred by Executive in the furtherance of or in connection with the performance of Executive’s
duties hereunder, in accordance with the Company’s expense reimbursement policy as in effect from time to time.

 

		6.	Termination on Death or Disability.

 

(a) Effectiveness.
Executive’s employment will terminate automatically upon Executive’s Death or, upon fourteen (14) days prior written
notice from the Company, in the event of Disability.

 

(b) Effect
of Termination. Upon any termination for death or Disability, Executive or his or her dependents shall be entitled to:
(i) Executive’s Base Salary through the effective date of termination; (ii) the right to continue health care benefits
under Title X of the Consolidated Budget Reconciliation Act of 1985, as amended (“COBRA”), at the
Company’s expense for a period of six (6) months, to the extent required and available by law; (iii) reimbursement of
expenses for which Executive is entitled to be reimbursed pursuant to Section 5 above, but for which Executive has not yet
been reimbursed; and (iv) no other severance or benefits of any kind, unless required by law or pursuant to any other written
Company plans or policies, as then in effect.

 

7.             Involuntary
Termination for Cause; Resignation Without Good Reason.

 

(a) Effectiveness.
Notwithstanding any other provision of this Agreement, the Company may terminate Executive’s employment at any time for Cause
or Executive may resign from Executive’s employment with the Company at any time without Good Reason. Termination for Cause,
or Executive’s resignation without Good Reason, shall be effective on the date either Party gives notice to the other Party
of such termination in accordance with this Agreement unless otherwise agreed by the Parties. In the event that the Company accelerates
the effective date of a resignation, such acceleration shall not be construed as a termination of Executives employment by the
Company or deemed Good Reason for such resignation.

 

(b) Effect of Termination.
In the case of the Company’s termination of Executive’s employment for Cause, or Executive’s resignation without
Good Reason, Executive shall be entitled to receive: (i) Base Salary through the effective date of the termination or resignation,
as applicable; (ii) reimbursement of all business expenses for which Executive is entitled to be reimbursed pursuant to Section
5 above, but for which Executive has not yet been reimbursed; (iii) the right to continue health care benefits under COBRA, at
Executive’s cost, to the extent required and available by law; and (iv) no other severance or benefits of any kind, unless
required by law or pursuant to any other written Company plans or policies, as then in effect.

 

8.       Involuntary
Termination Without Cause; Resignation for Good Reason.

 

(a) Effect of Termination.
The Company shall be entitled to terminate Executive with or without Cause at any time, subject to the following:

 

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(i) If
Executive is terminated by the Company involuntarily without Cause (excluding any termination due to death or Disability) for
Executive resigns for Good Reason, then, subject to the limitations of Sections 8(b) and 25 below, Executive shall be
entitled to receive: (A) Executive’s Base Salary through the effective date of the termination or resignation; (B) a
lump sum severance pay equal to nine (9) months of Executive’s Base Salary; (C) a lump sum payment equal to nine (9)
months of Executive’s bonus at target; (D) reimbursement of all business expenses for which Executive is entitled to be
reimbursed pursuant to Section 5 above, but for which Executive has not yet been reimbursed; (E) reimbursement of any premium
costs paid by Executive for the same level of coverage Executive had during employment for nine (9) months; (F) pro-rata
vesting of any outstanding equity awards to the extent that Executive is not employed through the one-year anniversary of the
applicable grant date of such outstanding equity awards; (G) any unused and accrued vacation and (H) no other severance or
benefits of any kind, unless required by law or pursuant to any written Company plans or policies, as then in effect.

 

(b) Conditions
Precedent. Any severance payments contemplated by Section 8(a) above are conditional on Executive: (i) continuing to
comply with the terms of this Agreement and the Confidential Information Agreement; and (ii) signing and not revoking a
separation agreement and release of known and unknown claims in the form provided by the Company (including nondisparagement
and no cooperation provisions) (the “Release”) and provided that such Release becomes effective and
irrevocable no later than sixty (60) days following the termination date or such earlier date required by the release (such
deadline, the “Release Deadline”). If the Release does not become effective by the Release Deadline,
Executive will forfeit any rights to severance or benefits under this Section 8 or elsewhere in this Agreement. Any severance
payments or other benefits under this Agreement that would be considered Deferred Compensation Separation Benefits (as
defined in Section 25) will be paid on, or, in the case of installments, will not commence until, the sixtieth (60th) day
following Executive’s separation from service, or, if later, such time as required by Section 25(b). Except as required
by Section 25(b), any installment payments that would have been made to Employee during the sixty (60) day period immediately
following Executive’s separation from service but for the preceding sentence will be paid to Executive on the sixtieth
(60th) day following Executive’s separation from service and the remaining payments will be made as provided in this
Agreement, unless subject to the 6-month payment delay described herein. Any severance payments under this Agreement that
would not be considered Deferred Compensation Separation Benefits will be paid on, or, in the case of installments, will not
commence until, the first payroll date that occurs on or after the date the Release becomes effective and any
installment payments that would have been made to Executive during the period prior to the date the Release becomes effective
following Executive’s separation from service but for the preceding sentence will be paid to Executive on the first
payroll date that occurs on or after the date the Release becomes effective. Notwithstanding the foregoing, this Section 8(b)
shall not limit Executive’s ability to obtain expense reimbursements under Section 5 or any other compensation or
benefits otherwise required by law or in accordance with written Company plans or policies, as then in effect.

 

9.       Definitions.

 

(a) Cause.
For purposes of this Agreement, “Cause” shall mean: (i) Executive’s willful and continued failure to
substantially perform the material duties and obligations under this Agreement (for reasons other than death or Disability), which
failure, if curable within the discretion of the Company, is not cured to the reasonable satisfaction of the Company within thirty
(30) days after receipt of written notice from the Company of such failure; (ii) Executive’s failure or refusal to comply
with the policies, standards and regulations established by the Company from time to time which results in a material loss, damage
or injury directly to the Company, and if curable in the discretion of the Company, is not cured to the reasonable satisfaction
of the Company within thirty (30) days after receipt of written notice of such failure from the Company; (iii) any act of personal
dishonesty, fraud, embezzlement, misrepresentation, or other unlawful act committed by Executive that benefits Executive at the
expense of the Company; (iv) the Executive’s violation of a federal or state law or regulation applicable to the Company’s
business; (v) the Executive’s violation of, or a plea of nolo contendre or guilty to, a felony under the laws of
the United States or any state; or (vi) the Executive’s material breach of the terms of this Agreement or the Confidential
Information Agreement (defined below).

 

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(b) Change
in Control. For purposes of this Agreement, “Change in Control” shall have the meaning attributed to such term
in the Option Plan but shall not include the transaction contemplated by the Merger Agreement.

 

(c) Disability.
For purposes of this Agreement, “Disability” means that Executive, at the time notice is given, has been unable
to substantially perform Executive’s duties under this Agreement for not less than one-hundred and twenty (120) work days
within a twelve (12) consecutive month period as a result of Executive’s incapacity due to a physical or mental condition
and, if reasonable accommodation is required by law, after any reasonable accommodation.

 

(d) Good
Reason. For purposes of this Agreement, “Good Reason” means Executive’s written notice of
Executive’s intent to resign for Good Reason with a reasonable description of the grounds therefor within 10 days after
the occurrence of one or more of the following without Executive’s consent, and subsequent resignation within 30 days
following the expiration of any Company cure period (discussed below): (i) a material diminution of Executive’s duties,
position or responsibilities; (ii) a material diminution in Executive’s Base Salary (other than a reduction of not more
than 10% that is applicable to similarly situated executives of the Company); (iii) any other action or inaction that a
material breach of this Agreement by the Company; or (iv) a material change in the geographic location of Executive’s
primary work facility or location; provided, that a relocation of less than 50 miles from Executive’s then present
location will not be considered a material change in geographic location. Executive will not resign for Good Reason without
first providing the Company with written notice of the acts or omissions constituting the grounds for “Good
Reason” within 30 days of the initial existence of the grounds for “Good Reason” and a reasonable cure
period of not less than 30 days following the date of such notice if such act or omission is capable of cure.

 

10.         
Acceleration of Options; Change in Control. If within eighteen (18) months following a Change in Control (as defined
above) the Company or the successor corporation terminates Executive’s employment with the Company or successor corporation
for other than Cause, death or Disability, then Executive shall be entitled to acceleration of 100% of Executive’s then-unvested
and outstanding equity awards.

 

 11.          Company Matters.

 

(a) Proprietary
Information and Inventions. In connection with Executive’s employment with the Company, Executive will receive and have
access to Company confidential information and trade secrets. Accordingly, enclosed with this Agreement is an Employee Confidential
Information and Inventions Assignment Agreement (the “Confidential Information Agreement”) which contains restrictive
covenants and prohibits unauthorized use or disclosure of the Company’s confidential information and trade secrets, among
other obligations. Executive agrees to review the Confidential Information Agreement and only sign it after careful consideration.

 

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(b) Resignation
on Termination. On termination of Executive’s employment, regardless of the reason for such termination, Executive shall
immediately (and with contemporaneous effect) resign any directorships, offices or other positions that Executive may hold in the
Company or any affiliate, unless otherwise agreed in writing by the Parties.

 

(c) Notification
of New Employer. In the event that Executive leaves the employ of the Company, Executive grants consent to notification by
the Company to Executive’s new employer about Executive’s rights and obligations under this Agreement and the Confidential
Information Agreement.

 

12.          Arbitration.
To ensure the timely and economical resolution of disputes that may arise in connection with Executive’s employment
with the Company, Executive and the Company agree that any and all disputes, claims, or causes of action arising from or
relating to the enforcement, breach, performance, negotiation, execution, or interpretation of this Agreement,
Confidential Information Agreement, or Executive’s employment, or the termination of Executive’s employment,
including but not limited to all statutory claims, will be resolved pursuant to the Federal Arbitration Act, 9 U.S.C.
 §1-16, and to the fullest extent permitted by law, by final, binding and confidential arbitration by a single arbitrator
conducted in New York, New York by Judicial Arbitration and Mediation Services Inc.
(“JAMS”) under the then applicable JAMS rules (at the following web address:
https://www.jamsadr.com/rules-employment-arbitration/); provided, however, this arbitration provision shall not apply to
sexual harassment claims to the extent prohibited by applicable law. A hard copy of the rules will be provided to Executive
upon request. A hard copy of the rules will be provided to Executive upon request. By agreeing to this arbitration
procedure, both Executive and the Company waive the right to resolve any such dispute through a trial by jury or judge or
administrative proceeding. In addition, all claims, disputes, or causes of action under this Section, whether by
Executive or the Company, must be brought in an individual capacity, and shall not be brought as a plaintiff (or claimant) or
class member in any purported class or representative proceeding, nor joined or consolidated with the claims of any other
person or entity. The Arbitrator may not consolidate the claims of more than one person or entity, and may not preside over
any form of representative or class proceeding. To the extent that the preceding sentences regarding class claims or
proceedings are found to violate applicable law or are otherwise found unenforceable, any claim(s) alleged or brought on
behalf of a class shall proceed in a court of law rather than by arbitration. The Company acknowledges that Executive will
have the right to be represented by legal counsel at any arbitration proceeding. Questions of whether a claim is subject to
arbitration under this Agreement) shall be decided by the arbitrator. Likewise, procedural questions which grow out of the
dispute and bear on the final disposition are also matters for the arbitrator. The arbitrator shall: (a) have the authority
to compel adequate discovery for the resolution of the dispute and to award such relief as would otherwise be permitted by
law; (b) issue a written arbitration decision, to include the arbitrator’s essential findings and conclusions and a
statement of the award; and (c) be authorized to award any or all remedies that Executive or the Company would be entitled to
seek in a court of law. Executive and the Company shall equally share all JAMS’ arbitration fees. Except as modified in
the Confidential Information Agreement, each party is responsible for its own attorneys’ fees. Nothing in this
Agreement is intended to prevent either Executive or the Company from obtaining injunctive relief in court to prevent
irreparable harm pending the conclusion of any such arbitration. Any awards or orders in such arbitrations may be entered and
enforced as judgments in the federal and state courts of any competent jurisdiction. To the extent applicable law prohibits
mandatory arbitration of sexual harassment claims, in the event Executive intend to bring multiple claims, including a sexual
harassment claim, the sexual harassment may be publicly filed with a court, while any other claims will remain subject to
mandatory arbitration.

 

13.         
Assignment. This Agreement will be binding upon and inure to the benefit of (a) the heirs, executors and legal representatives
of Executive upon Executive's death and (b) any successor of the Company. Any such successor of the Company will be deemed substituted
for the Company under the terms of this Agreement for all purposes. For this purpose, “successor” means any person,
firm, corporation or other business entity which at any time, whether by purchase, merger or otherwise, directly or indirectly
acquires all or substantially all of the assets or business of the Company. None of the rights of Executive to receive any form
of compensation payable pursuant to this Agreement may be assigned or transferred except by will or the laws of descent and distribution.
Any other attempted assignment, transfer, conveyance or other disposition of

Executive’s right to compensation or other benefits will
be null and void.

 

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14. Notices.
All notices, requests, demands and other communications called for under this Agreement shall be in writing and shall be
delivered via e-mail, personally by hand or by courier, mailed by United States first-class mail, postage prepaid, or sent by
facsimile directed to the Party to be notified at the address or facsimile number indicated for such Party on the signature
page to this Agreement, or at such other address or facsimile number as such Party may designate by ten (10) days’
advance written notice to the other Parties hereto. All such notices and other communications shall be deemed given upon
personal delivery, three (3) days after the date of mailing, or upon confirmation of facsimile transfer or e-mail. Notices
sent via e-mail under this Section shall be sent to either the e-mail address in this Agreement, or for e-mails sent by the
Company to Executive, to the last e-mail address on file with the Company.

 

15.        
Severability. In the event that any provision hereof becomes or is declared by a court of competent jurisdiction to be illegal,
unenforceable or void, this Agreement will continue in full force and effect without said provision.

 

16.        
Integration. This Agreement, together with the Option Plan, Option Agreement, and the Confidential Information Agreement
represents the entire agreement and understanding between the parties as to the subject matter herein and supersedes all prior
or contemporaneous agreements whether written or oral. No waiver, alteration, or modification of any of the provisions of this
Agreement will be binding unless in writing and signed by duly authorized representatives of the parties hereto.

 

17.        
Tax Withholding. All payments made pursuant to this Agreement will be subject to withholding of applicable taxes.

 

18.        
Waiver. No Party shall be deemed to have waived any right, power or privilege under this Agreement or any provisions hereof
unless such waiver shall have been duly executed in writing and acknowledged by the Party to be charged with such waiver. The failure
of any Party at any time to insist on performance of any of the provisions of this Agreement shall in no way be construed to be
a waiver of such provisions, nor in any way to affect the validity of this Agreement or any part hereof. No waiver of any breach
of this Agreement shall be held to be a waiver of any other subsequent breach

 

19.        
Governing Law. This Agreement will be governed by the laws of the State of New York (with the exception of its conflict
of laws provisions).

 

20.        
Acknowledgment. Executive acknowledges that Executive has had the opportunity to discuss this matter with and obtain advice
from Executive’s legal counsel, has had sufficient time to, and has carefully read and fully understands all the provisions
of this Agreement, and is knowingly and voluntarily entering into this Agreement.

 

21.        
Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed to be an original,
and all such counterparts shall constitute but one instrument.

 

22.        
Effect of Headings. The section and subsection headings contained herein are for convenience only and shall not affect the
construction hereof.

 

23.        
Construction of Agreement. This Agreement has been negotiated by the respective Parties, and the language shall not be construed
for or against either Party.

 

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24. Parachute
Payments. If any payment or benefit Executive would receive from the Company or otherwise in connection with a Change in Control
or other similar transaction (a “280G Payment”) would (i) constitute a "parachute payment" within
the meaning of Section 280G of the Code, and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of
the Code (the “Excise Tax”), then any such 280G Payment (a "Payment") shall be equal to the
Reduced Amount. The “Reduced Amount” shall be either (x) the largest portion of the Payment that would result
in no portion of the Payment (after reduction) being subject to the Excise Tax or (y) the largest portion, up to and including
the total, of the Payment, whichever amount (i.e., the amount determined by clause (x) or by clause (y)), after taking into account
all applicable federal, state and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable
marginal rate), results in Executive’s receipt, on an after-tax basis, of the greater economic benefit notwithstanding that
all or some portion of the Payment may be subject to the Excise Tax. If a reduction in a Payment is required pursuant to the preceding
sentence and the Reduced Amount is determined pursuant to clause (x) of the preceding sentence, the reduction shall occur in the
manner (the “Reduction Method”) that results in the greatest economic benefit for Executive. If more than one
method of reduction will result in the same economic benefit, the items so reduced will be reduced pro rata (the “Pro
Rata Reduction Method”). Notwithstanding the foregoing, if the Reduction Method or the Pro Rata Reduction Method would
result in any portion of the Payment being subject to taxes pursuant to Section 409A of the Code that would not otherwise be subject
to taxes pursuant to Section 409A of the Code, then the Reduction Method and/or the Pro Rata Reduction Method, as the case may
be, shall be modified so as to avoid the imposition of taxes pursuant to Section 409A of the Code as follows: (A) as a first priority,
the modification shall preserve to the greatest extent possible, the greatest economic benefit for Executive as determined on an
after-tax basis; (B) as a second priority, Payments that are contingent on future events (e.g., being terminated without cause),
shall be reduced (or eliminated) before Payments that are not contingent on future events; and (C) as a third priority, Payments
that are “deferred compensation” within the meaning of Section 409A of the Code shall be reduced (or eliminated) before
Payments that are not deferred compensation within the meaning of Section 409A of the Code.

  

(a)
Unless Executive and the Company agree on an alternative accounting firm, the accounting firm engaged by the Company for
general tax compliance purposes as of the day prior to the effective date of the Change in Control transaction triggering the
Payment shall perform the foregoing calculations. If the accounting firm so engaged by the Company is serving as accountant
or auditor for the individual, entity or group effecting the Change in Control transaction, the Company shall appoint a
nationally recognized accounting firm to make the determinations required hereunder. The Company shall bear all expenses with
respect to the determinations by such accounting firm required to be made hereunder. The Company shall use commercially
reasonable efforts to cause the accounting firm engaged to make the determinations hereunder to provide its calculations,
together with detailed supporting documentation, to Executive and the Company within 15 calendar days after the date on which
Executive’s right to a 280G Payment becomes reasonably likely to occur (if requested at that time by Executive or the
Company) or such other time as requested by Executive or the Company.

 

(b) If Executive
receive a Payment for which the Reduced Amount was determined pursuant to clause (x) of the first paragraph of this Section and
the Internal Revenue Service determines thereafter that some portion of the Payment is subject to the Excise Tax, Executive shall
promptly return to the Company a sufficient amount of the Payment (after reduction pursuant to clause (x) of the first paragraph
of this Section so that no portion of the remaining Payment is subject to the Excise Tax. For the avoidance of doubt, if the Reduced
Amount was determined pursuant to clause (y) in the first paragraph of this Section, Executive shall have no obligation to return
any portion of the Payment pursuant to the preceding sentence.

 

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25.       Section
409A.

 

(a) Notwithstanding
anything to the contrary in this Agreement, no severance pay or benefits to be paid or provided to Executive, if any, pursuant
to this Agreement, when considered together with any other severance payments or separation benefits that are considered deferred
compensation under Section 409A (together, the “Deferred Compensation Separation Benefits”) will be paid or
otherwise provided until Executive has a “separation from service” within the meaning of Section 409A.

 

(b) Notwithstanding anything to
the contrary in this Agreement, if Executive is a “specified employee” within the meaning of Section 409A at the
time of Executive’s termination (other than due to death), then the Deferred Compensation Separation Benefits that are
payable within the first six (6) months following Executive’s separation from service, will become payable on the first
payroll date that occurs on or after the date six (6) months and one (1) day following the date of Executive’s
separation from service. All subsequent Deferred Compensation Separation Benefits, if any, will be payable in accordance with
the payment schedule applicable to each payment or benefit. Notwithstanding anything herein to the contrary, if Executive
dies following Executive’s separation from service, but prior to the six (6) month anniversary of the separation from
service, then any payments delayed in accordance with this paragraph will be payable in a lump sum as soon as
administratively practicable after the date of Executive’s death and all other Deferred Compensation Separation
Benefits will be payable in accordance with the payment schedule applicable to each payment or benefit. Each payment and
benefit payable under this Agreement is intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of
the Treasury Regulations.

 

(c) Any amount paid under this
Agreement that satisfies the requirements of the “short-term deferral” rule set forth in Section 1.409A-1(b)(4)
of the Treasury Regulations will not constitute Deferred Compensation Separation Benefits for purposes of clause (a)
above.

 

(d)
Any amount paid under this Agreement that qualifies as a payment made as a result of an involuntary separation from service
pursuant to Section 1.409A-1(b)(9)(iii) of the Treasury Regulations that does not exceed the Section 409A Limit will not
constitute Deferred Compensation Separation Benefits for purposes of clause (a) above. For purposes of this Agreement,
 “Section 409A Limit” will mean the lesser of two (2) times: (i) Executive’s annualized compensation
based upon the annual rate of pay paid to Executive during the Executive’s taxable year preceding Executive’s
taxable year of Executive’s termination of employment as determined under Treasury Regulation Section
1.409A-1(b)(9)(iii)(A)(1) and any Internal Revenue Service guidance issued with respect thereto; or (ii) the maximum amount
that may be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Code for the year in which
Executive’s employment is terminated.

 

(e) The foregoing
provisions are intended to comply with the requirements of Section 409A so that none of the severance payments and benefits to
be provided hereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities herein will be interpreted
to so comply. The Company and Executive agree to work together in good faith to consider amendments to this Agreement and to take
such reasonable actions which are necessary, appropriate or desirable to avoid imposition of any additional tax or income recognition
prior to actual payment to Executive under Section 409A.

  

[Remainder of page is intentionally blank; Signature
page follows]

 

    -9-

     

    

 

IN WITNESS WHEREOF, each of the Parties
has executed this Agreement as of the day and year first above written.

  

	 	“COMPANY”
	 	 
	 	ArTara Therapeutics, Inc.
	 	 
	 	By:	/s/ Jesse Shefferman
	 	 
	 	Address:
	 	1 Little West 12th
    Street
	 	New York, NY 10014
	 	Attn:	Jesse Shefferman, CEO
	 	 
	 	“EXECUTIVE”
	 	 
	 	Jacqueline Zummo, PhD, MPH, MBA
	 	 
	 	/s/ Jacqueline Zummo 
	 	Executive Name

  

Enclosures

Duplicate Executive Employment Agreement

Employee Confidential Information and Inventions Assignment
Agreement

New York Wage Notice Form (LS 59)

New York City Pregnancy Notice

New York City Earned Safe and Sick Time Act – Notice of
Rights

New York City Notice Regarding Sexual Harassment

  

ARTARA THERAPEUTICS, INC.

EXECUTIVE EMPLOYMENT AGREEMENT

SIGNATURE PAGE

 

    -10-Exhibit 10.4

 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED
IN THIS DOCUMENT, MARKED BY [...***...], HAS BEEN OMITTED BECAUSE ARTARA THERAPEUTICS, INC. HAS DETERMINED THE INFORMATION
(I) IS NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM TO ARTARA THERAPEUTICS, INC. IF PUBLICLY DISCLOSED.

 

CHOLINE LICENSE AGREEMENT

 

This Choline License Agreement (this “Agreement”)
is entered into on the Effective Date by and between ALAN L. BUCHMAN, M.D. an individual with an address of [...***...]
(“LICENSOR”), and Artara Therapeutics, Inc., a Delaware corporation
located at 55 Jane Street, New York, NY 10014 (“LICENSEE”), each individually referred to as a “Party”
and collectively referred to as the “Parties.”

 

WHEREAS, LICENSOR has discovered the use
of intravenous choline as a treatment and preventative for choline deficiency in patients that require parenteral nutrition (PN)
and for Intestinal Failure Associated Liver Disease (IFALD), has obtained certain orphan designations and an IND therefore, and
has data and intellectual property rights therein.

 

WHEREAS, LICENSOR desires to grant to LICENSEE,
and LICENSEE desires to receive from LICENSOR, license rights in and to the Licensed Orphan Designations (as defined below), the
Licensed IND (as defined below), Existing Study Data (as defined below), and Licensed Know-How (as defined below) according to
the terms of this Agreement.

 

NOW, THEREFORE, in consideration of the
promises and mutual covenants set forth herein, the Parties agree as follows:

 

1. DEFINITIONS

 

1.1.         “Affiliate”
means, with respect to any Person, any other Person that directly or indirectly, controls, is controlled by, or is under common
control with such Person, including any partner, officer, director, or member of such Person. For purposes of this definition,
 “control” means the ability to vote greater than fifty percent (>50%) of the outstanding stock or other voting rights
entitled to elect directors of such Person.

 

1.2.         “Confidential
Information” has the meaning provided in Section 7.1.

 

1.3.         “Distributor”
means an unaffiliated third Person that purchases (directly or on consignment) Licensed Product from LICENSEE, for resale of such
Licensed Product to End-Users.

 

1.4.         “Effective
Date” means the latest date on which the Parties execute this Agreement.

 

1.5.         “End-User”
means a third Person that by sale, transfer, use, or disposition has received Licensed Product from LICENSEE or its Distributors
for that third Person’s use or consumption of the Licensed Product.

 

1.6.         “Equity
Agreement” has the meaning provided in Section 4.10.

 

1.7.         “Existing
Study Data” means all of LICENSOR’s collection of data, results and documents from previously performed research
relating to one or more of the Licensed Indications as further identified on Exhibit 1.7.

 

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1.8.         “FDA”
means the United States Food and Drug Administration or any successor or replacement entities thereof.

 

1.9.         “IND
Package” means the completed or partially completed package of documents, including the Licensed IND, Existing Study
Data, Licensed Know-How, and/or Licensed Orphan Designations, organized and packaged by LICENSEE for submission to the FDA.

 

1.10.       “Licensed
IND” means the investigative new drug application relating to one or more of the Licensed Indications number 38,022 filed
by LICENSOR with the FDA.

 

1.11.       “Licensed
Indications” means the use of intravenous choline chloride as a treatment and preventative for choline deficiency in
patients that require parenteral nutrition (PN) and for Intestinal Failure Associated Liver Disease (IFALD).

 

1.12.       “Licensed
Know-How” means any non-patentable (or unpatented) technical information, expertise, know-how and show-how developed
and/or discovered by LICENSOR prior to the Effective Date of this Agreement or after the Effective Date of this Agreement (if disclosure
of such Know-How developed or discovered after the Effective Date has been requested by LICENSEE), relating to one or more of the
Licensed Orphan Designations, the Licensed IND or that is useful for the development and/or commercial exploitation of the Licensed
Products (including, ideas, research, medical insights, technical data, technology, results, improvements, research protocols,
clinical trial designs, and other similar information) that is not in the public domain and is disclosed by LICENSOR to LICENSEE
or its Affiliates prior to or during the Term.

 

1.13.       “Licensed
Orphan Designations” means:

 

(a)           approved
Orphan Designations obtained by LICENSOR entitled:

 

(i)       Prevention
and/or Treatment of Choline Deficiency in Patients on Long-Term Parenteral Nutrition issued by the FDA on July 20, 2006, and

 

(ii)       Treatment
of Choline Deficiency, Specifically the Choline Deficiency, Hepatic Steatosis, and Cholestasis Associated with Long-Term Parenteral
Nutrition issued by the FDA on February 10, 1994;

 

(b)           applications
for Orphan Designation filed by LICENSOR entitled (with the understanding that title can change during approval process):

 

(i)       Choline
Chloride for the Prevention of Intestinal Failure Associated Liver Disease (EMA/OD/080/17), Choline Chloride for the Treatment
of Intestinal Failure Associated Liver Disease (EMA/OD/081/17), Choline Chloride for the Prevention of Choline Deficiency
(EMA/OD/082/17), and Choline Chloride for the Treatment of Choline Deficiency (EMA/OD/083/17), each received by the European
Medicines Agency on May 19, 2017; and

 

(ii)       an
application for orphan status filed by LICENSOR relating to the Licensed Indications and received by the Therapeutic Goods Administration
of Australia on May 11, 2017, and

 

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(c)       any
foreign and domestic, counterpart, supplementary, adult, pediatric, extension, substitution, and confirmation application or designation
for the designations of part (a) and the applications of part (b) which may be filed (at LICENSEE’s sole discretion) or approved
during the Term, including (i) applications and designations based on the designations of part (a) or applications of part (b),
(ii) new filings in other countries having an Orphan Designation program, or (iii) applications and designations incorporating
or based on Existing Study Data or Licensed Know-How, in all cases for the Licensed Indications.

 

1.14.       “Licensed
Product” means any active pharmaceutical compound or composition, biologic, medical food or device developed by
or on behalf of LICENSEE or its Sublicensees (i) within the scope of the Licensed IND, (ii) within the scope of the Licensed Orphan
Designations, or (iii) which uses or incorporates the Existing Study Data and/or LICENSOR Know-How for one or more of the
Licensed Indications. By way of non-limiting example, Licensed Product includes intravenous stand-alone choline chloride, choline
chloride included in a multi-vitamin intravenous solution, and choline chloride in combination with one or more independently active
ingredient(s) other than choline chloride, to the extent such Licensed Product (i) is within the scope of the Licensed IND
or Licensed Orphan Designations, or (ii) uses or incorporates the Existing Study Data and/or LICENSOR Know-How for one or more
of the Licensed Indications.

 

1.15.       “LICENSEE
Development Information” means all information, data (including, without limitation, testing, production, marketing and
sales data), results, and documents generated by or on behalf of LICENSEE after the Effective Date with respect to LICENSEE’s
development and commercialization of Licensed Products. For the avoidance of doubt, “LICENSEE Development Information”
shall not include any of the Existing Study Data, Licensed Know-How or Regulatory File as of the Effective Date.

 

1.16.       “Net
Sales” means the gross revenue received by LICENSEE (and Sublicensees, to the extent LICENSEE passes the royalty obligation
of Section 4.6. and the records and audit requirements of Section 5.4. and Section 5.5., respectively, to a Sublicensee pursuant
to Section 4.7.), from the bona fide arms-length sale, transfer, use, or disposition of Licensed Product to Distributors or End-Users,
including a fair monetary value for each sale, transfer, use or other disposition of a Licensed Product that is not a bona fide
arms-length transaction or that is for consideration other than monetary; in which case such consideration shall be valued at the
fair market value of the Licensed Product within the country of the End-User of such Product determined as of the date of such
sale, transfer, use or other disposition; less the following amounts to the extent they are usual, customary or acceptable
in the pharmaceutical industry, actually pertain to the sale, transfer, use or disposition of such Licensed Products by LICENSEE,
and are included in such gross revenue: (a) rebates or discounts based on volume, if any, allowed and actually granted in
bona fide arms-length transactions; (b) credits or allowances to the extent given and taken for actual rejections and returns;
and (c) any tax or governmental charge directly on sale or use of Licensed Products invoiced to and paid by LICENSEE, and
not recovered from the Distributor or End-User and that is not reimbursable, refundable or creditable under the tax authority of
any country. For the avoidance of doubt, resales of Licensed Products after the initial sale, transfer, use or disposition (that
is a bona fide arms-length transaction, or if not a bona fide arms-length transaction, or for consideration other than monetary,
then at a fair monetary value within the country of the End-User of such Product determined as of the date of such sale, transfer,
use or other disposition) of such Products to or by a Distributor or Sublicensee, as the case may be, shall be excluded from
the calculation of “Net Sales.” Sales of Licensed Products for use in conducting clinical trials of such Products in
a country in order to obtain the first regulatory approval of such Products in such country shall be excluded from the calculation
of “Net Sales” but solely to the extent such sales are at the selling party’s actual costs.

 

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1.17.       “Orphan
Designation” means orphan status provided to pharmaceuticals, biologics, medical devices and medical food intended for
the safe and effective treatment, diagnosis or prevention of rare diseases/disorders meeting certain criteria in the United States
specified in the Orphan Drug Act and FDA’s implementing regulations at 21 CFR Part 316, and including foreign equivalents
thereof, including, criteria provided by the European Medicine’s Agency’s Committee for Orphan Medicinal Products (COMP),
the Australian Government’s Department of Health, Therapeutic Goods Administration, and the Ministry of Health, Labour
and Welfare of Japan.

 

1.18.       “Person”
means an individual, corporation, company, co-operative, partnership, organization or any similar entity.

 

1.19.       “PN
Indication” means any disease or condition for which a patient requires intravenous feeding.

 

1.20.       “Priority
Review Voucher” means a Regulatory Authority issued document directed to one or more of the Licensed Indications,
which is transferable, allowing LICENSEE or its bearer to have any one of its new drugs, biologics or other product reviewed under
any one of the FDA’s priority review systems or any counterpart voucher system of any other Regulatory Authority; including,
the tropical disease voucher system (Section 1102 of Food and Drug Administration Amendments Act (FDAAA) of 2007), the rare pediatric
voucher system (Food and Drug Administration Safety and Innovation Act (FDASIA) of 2012), and the medical countermeasures
voucher system (21st Century Cures Act of 2016).

 

1.21.       “Regulatory
Authority” means, in respect of a particular country or jurisdiction, the governmental authority (any court, agency,
department, authority or other instrumentality of any national, state, county, city or other political subdivision) having responsibility
for granting in such country or jurisdiction Orphan Drug Designations and any other necessary regulatory approval, authorization,
permit, or license to test, manufacture, market, sell, export, label, and for Medicare or insurance reimbursement of, Licensed
Product; including, the European Medicines Agency of the European Union (“EMA”), the Therapeutic Goods Administration
of Australia (“TGA”), and the Ministry of Health, Labour and Welfare of Japan.

 

1.22.       “Regulatory
File” means all completed or partially completed (a) data and results provided by LICENSOR according to this Agreement
and derived during the Term from or for: (i) the Licensed Orphan Designation; (ii) the Licensed IND or any other new IND application
for Licensed Product; (iii) any associated new drug application (NDA), biologic license application (BLA), investigational device
exemption (IDE) or other application required to be filed with a Regulatory Authority for a Licensed Product; and (iv) any preclinical
testing for a Licensed Product; and (b) all correspondence with, submissions to, and notices from Regulatory Authorities related
to the foregoing.

 

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1.23.       “Sublicensee”
means an unaffiliated third Person who enters into a written agreement with LICENSEE for the right to use the Licensed Orphan
Designations, the Licensed IND, Existing Study Data, or Licensed Know-How within the scope of rights granted according to this
Agreement to undertake development of Licensed Product (a) in place of LICENSEE in the United States and/or in any country
or jurisdiction outside of the United States, or (b) in conjunction with LICENSEE as part of a co-development agreement.

 

1.24.       “Term”
has the meaning provided in Section 11.1.

 

2.       LICENSES

 

2.1.       Grant.
For the consideration provided in Section 4., LICENSOR hereby grants to LICENSEE, and LICENSEE accepts, an exclusive, worldwide,
non-transferable (except as set forth in Section 2.3. and Section 13.1.) license in and to the Licensed Orphan Designations (as
implemented according to Section 2.1.1.), the Licensed IND (as implemented according to Section 2.1.2.), the Existing Study
Data (as implemented according to Section 2.1.3.), and the Licensed Know-How (as implemented according to Section 2.1.4.), to develop,
make, use, sell, offer for sale, and import Licensed Product for the Term. This license grant includes the right of LICENSEE (a)
to contract with third Persons (for contracted services or consulting) to assist LICENSEE to develop Licensed Product for and on
behalf of LICENSEE (excluding Sublicensees), (b) to make Licensed Product for and on behalf of LICENSEE, and (b) to engage Distributors
to sell and import Licensed Product for and on behalf of LICENSEE; in each case of (a) through (c) subject to obligations of confidentiality
according to Section 7. Notwithstanding the foregoing, the license granted hereunder shall be subject to any applicable right of
the United States Government to claim a non-exclusive, non-transferable, royalty-free license to use the inventions developed with
the support of the United States Government funding of the Existing Study Data as contemplated by the Licensed Orphan Designations
or Licensed IND for limited governmental purposes, as required under applicable provisions of 35 U.S.C. §§ 200-212.

 

		2.1.1.	Licensed Orphan Designations.

 

2.1.1.1.       Within
[...***...] after the Effective Date and LICENSOR’s receipt of payment from LICENSEE of the amount due in Section
4.1.1., LICENSEE may initiate and file with the FDA, according to 21 CFR 316.27, sponsor change of name documentation for
the issued Licensed Orphan Designations referenced in Section 1.13.(a) from LICENSOR to LICENSEE for the Term and for the purpose
of this Agreement. LICENSEE shall prepare any necessary document for such change of name. LICENSOR shall cooperate and assist
LICENSEE to effect the change in sponsor name of the Licensed Orphan Designations from LICENSOR to LICENSEE for the Term.

 

2.1.1.2.       Within
[...***...] after the applicable Regulatory Authority issues a Licensed Orphan Designation for any application referenced
in Section 1.13.(b), LICENSEE may initiate and file with the appropriate Regulatory Authority sponsor change of name documentation
for the issued Licensed Orphan Designations from LICENSOR to LICENSEE for the Term and for the purpose of this Agreement. LICENSEE
shall prepare any necessary document for such change of name. LICENSOR shall cooperate and assist LICENSEE to effect the change
in sponsor name of the Licensed Orphan Designations from LICENSOR to LICENSEE for the Term.

 

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2.1.1.3.       LICENSEE
may initiate and file for the purpose of this Agreement, in which case, within [...***...] after the appropriate Regulatory
Authority issues a Licensed Orphan Designation for any application referenced in Section 1.13.(c), LICENSEE may initiate and file
with the applicable Regulatory Authority sponsor change of name documentation for the issued Licensed Orphan Designations from
LICENSOR to LICENSEE for the Term and for the purpose of this Agreement. LICENSEE shall prepare any necessary document for such
change of name. LICENSOR shall cooperate and assist LICENSEE to effect the change in sponsor name of the Licensed Orphan
Designations from LICENSOR to LICENSEE for the Term.

 

2.1.2. Licensed
IND. If the Licensed IND is active or able to be reactivated, within [...***...] after the Effective Date and LICENSOR’s
receipt of payment from LICENSEE of the amount due in Section 4.1.1., LICENSEE may initiate and file with the FDA change of name
of the sponsor for the Licensed IND according to 21 CFR 312 and 21 CFR 314.72 from LICENSOR to LICENSEE for the Term and for
the purpose of this Agreement. LICENSEE shall prepare any document necessary for such change of name. LICENSOR shall cooperate
and assist LICENSEE in completing the change in sponsor name of the Licensed IND from LICENSOR to LICENSEE.

 

2.1.3. Existing
Study Data. Within [...***...] after the Effective Date and LICENSOR’s receipt of payment from LICENSEE of
the amount due in Section 4.1.1., LICENSOR shall transfer a copy of the Existing Study Data to LICENSEE for the Term and for the
purpose of this Agreement. LICENSEE and its Affiliates shall maintain Existing Study Data as Confidential Information of LICENSOR
according to the terms of Section 7. and in accordance with all applicable law, including HIPAA.

 

2.1.4. Licensed
Know-How. During the Term, LICENSOR shall disclose to LICENSEE Licensed Know-How. LICENSEE and its Affiliates shall maintain
Licensed Know-How as Confidential Information of LICENSOR according to the terms of Section 7.

 

2.1.5. Regulatory
File. Within [...***...] after the Effective Date and LICENSOR’s receipt of payment from LICENSEE of the amount
due in Section 4.1.1., LICENSOR shall transfer a copy of the Regulatory File to LICENSEE for the Term and for the purpose
of this Agreement. LICENSEE and its Affiliates shall maintain the Regulatory File as Confidential Information of LICENSOR according
to the terms of Section 7.

 

2.2.         Affiliates
and Third Person Contractors. If pursuant to Section 2.1. LICENSEE’s Affiliate or a LICENSEE contracted third Person
is engaged to develop or make Licensed Product for and on behalf of LICENSEE, or a Distributor is engaged to offer for sale
and sell Licensed Product for and on behalf of LICENSEE:

 

2.2.1. No LICENSEE’s
Affiliate, contracted third Person or Distributor permitted by Section 2.1. is entitled to grant, directly or indirectly, to any
other Person any right of whatever nature with respect to, or permitting any use or exploitation of, any of the Licensed Orphan
Designations, Licensed IND, Existing Study Data, Licensed Know-How or Regulatory File;

 

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2.2.2. Any undertaking
by LICENSEE’s Affiliate, LICENSEE contracted third Person, or Distributor permitted by Section 2.1. does not release
LICENSEE of any of its obligations under this Agreement;

 

2.2.3. As between
LICENSOR and LICENSEE, any act or omission taken or made by LICENSEE’s Affiliate, LICENSEE contracted third Person, or Distributor
permitted by Section 2.1., which, if taken by LICENSEE, would constitute a breach under this Agreement, is an act or omission by
LICENSEE under this Agreement; and

 

2.2.4. If LICENSEE
shall fail to act with respect to an act or omission attributed to it under Section 2.2.3., then LICENSOR may proceed directly
against LICENSEE and the applicable LICENSEE’s Affiliate, LICENSEE contracted third Person and Distributor permitted
by Section 2.1. for any such act or omission taken or made by such LICENSEE’s Affiliate, LICENSEE contracted third Person,
or Distributor.

 

2.3.         Sublicenses.
LICENSEE has the right during the Term to grant sublicenses to Sublicensees within the scope of the license grant of Section
2.1. and consistent with the terms of this Agreement, on the condition that: (a) LICENSEE shall cause compliance by the Sublicensees with
the terms and conditions of this Agreement to the same extent as LICENSEE itself, (b) any act or omission of the Sublicensees shall
constitute an act or omission of LICENSEE, and (c) the Sublicensees shall agree in writing that they are subject to the terms
and conditions of this Agreement and that LICENSOR shall have a right of action against the Sublicensees to the same extent as
LICENSEE itself if any breach by a Sublicensee is not remedied by LICENSEE within [...***...] after notice from LICENSOR.
Any sublicense must be in writing and LICENSEE shall provide LICENSOR with a copy of each sublicense promptly following its execution.
Sublicensees shall be precluded from granting any further sublicense except as necessary to engage Distributor(s) for the sale
of Licensed Products. Any sublicense shall be assignable to LICENSOR upon the termination of this Agreement (if such termination
shall not have been made by LICENSEE pursuant to Section 11.2.6.), subject to the conditions that LICENSOR have sole discretion
to determine whether or not it desires to become a party to any such sublicense, LICENSOR shall not assume any obligations accruing
prior to actual assignment to LICENSOR, LICENSEE shall remain solely liable to LICENSOR for any obligations accruing prior to assignment
of the sublicense, and the assignment of any sublicense to LICENSOR shall be without prejudice to any rights or obligations that
have arisen or accrued prior to the effective date of the assignment.

 

3. DILIGENCE

 

3.1.         General.
From the Effective Date, LICENSEE shall use commercially reasonable efforts to proceed with the development, manufacture, production,
marketing, use, distribution, sale, and exploitation of Licensed Product. The Parties recognize that the efforts to commercialize
Licensed Products will differ as to each Licensed Product and as to each country, depending upon the nature of each Licensed
Product and upon the stage of research and development to date of each Licensed Product, and as to the cost of market entry
and potential revenues in a particular country. LICENSOR shall reasonably assist LICENSEE in its efforts to commercialize Licensed
Products at LICENSEE’s request and expense.

 

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3.2.         Responsibilities.
Without limiting the generality of the commitment to diligence set forth in Section 3.1., LICENSEE shall undertake and cause its
Sublicensees to undertake the following responsibilities of LICENSEE, and:

 

3.2.1. Commencing
as of the date that the Licensed Orphan Designations are in LICENSEE’s name as sponsor (per Section 2.1.1.) and through the
Term, LICENSEE shall maintain the Licensed Orphan Designations and carry out all sponsor obligations and requirements according
to 21 CFR 316 and counterpart regulations of foreign Regulatory Authorities; including preparation and filing of all annual reports
due to Regulatory Authorities for the Licensed Orphan Designations.

 

3.2.2. In the
case of the Licensed IND, commencing as of the date that the Licensed IND is in LICENSEE’s name as sponsor (per Section 2.1.2.)
and through the Term, and in the case of any new IND application required for Licensed Product, LICENSEE shall direct and carry
out all sponsor IND obligations and requirements according to 21 CFR 312 and counterpart regulations of foreign Regulatory Authorities;
including preparation and filing of all annual reports due to Regulatory Authorities for the Licensed IND and Licensed Product.
LICENSEE shall have [...***...] by [...***...].

 

3.2.3. LICENSEE
shall use commercially reasonable efforts to direct and carry out appropriate non-clinical testing and clinical trials necessary
to obtain Licensed Orphan Designations and any other necessary regulatory approval from the Regulatory Authorities in the United
States, [...***...], and [...***...] as LICENSEE shall determine in its sole discretion.

 

3.2.4. LICENSEE
shall direct and be responsible for, as applicable, the filing, obtaining and maintaining Licensed Orphan Designations of Section
1.13.(c) in the United States, [...***...] and [...***...] and carryout all sponsor obligations and requirements
according to 21 CFR 316 and counterpart regulations of foreign Regulatory Authorities; including preparation and filing of all
annual reports due to Regulatory Authorities for the Licensed Orphan Designations.

 

3.2.5. LICENSEE
shall direct and be responsible for the filing, obtaining and maintaining required NDAs, BLAs, IDEs, any other required regulatory
approval, and Priority Review Vouchers (if available) from applicable Regulatory Authority(ies) for Licensed Product in the United
States, the European Union, and other countries where appropriate markets exist.

 

3.2.6. Following
regulatory approval to market a Licensed Product in a country where approval is required, LICENSEE shall use or shall cause its
Sublicensees to use commercially reasonable efforts to commercialize and market Licensed Product within such country.

 

3.2.7. Notwithstanding
the information concerning the commercialization of the Licensed Products which LISENSOR may receive through his service on
LICENSEE’s Scientific Advisory Board as provided in Section 4.3., LICENSEE shall submit to LICENSOR annual progress
reports, due [...***...] days after the end of each calendar year during the Term, setting forth LICENSEE’s, or
its Sublicensees’ activities related to the development, testing, manufacture, marketing, use and sale of all Licensed Products
and obtaining regulatory approval from a Regulatory Authority for marketing in the United States and elsewhere during the contract year
just ended. These progress reports (which shall remain the property and Confidential Information of LICENSEE) shall be made
for all Licensed Products until the first commercial sale occurs in the United States.

 

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3.3.         Regulatory Annual Reports.
LICENSEE shall provide to LICENSOR a copy of each annual report (which shall remain the property and Confidential Information
of LICENSEE) filed with the FDA and counterpart Regulatory Authorities for the Licensed Orphan Designations, the Licensed
IND and any other necessary regulatory approval by a Regulatory Authority for a Licensed Product.

 

3.4.         Contractors. Subject
to the terms of Section 2. and Section 7., LICENSEE has the right, at LICENSEE’s sole discretion, to contract with its
Affiliates and third Persons for the performance of work, or the provision of consulting, distribution or any other services, in
connection with fulfilling LICENSEE’s due diligence obligations of this Section 3.

 

3.5.         Expenses. From the Effective
Date and as between the Parties, LICENSEE is solely responsible for and shall pay all of the fees and expenses relating to the
exercise by LICENSEE and its Affiliates, Sublicensees, Distributors or third Person contractors of the license rights set forth
in Section 2., for undertaking obligations of this Agreement including the due diligence obligations of Section 3.; including,
Regulatory Authority fees, attorney fees, and consulting fees.

 

4.  CONSIDERATION

 

4.1. Upfront Payments. In
consideration for the rights and licenses granted in Section 2. regardless of whether development or commercialization is undertaken
by LICENSEE or its Sublicensees, LICENSEE shall pay to LICENSOR the following initial non-refundable payments:

 

4.1.1. Payment
#1: U.S. $50,000.00 not later than seven (7) days after the Effective Date.

 

4.1.2. Payment
#2:

 

4.1.2.1.       As
applicable if LICENSEE has not scheduled an initial meeting with the FDA by [...***...], U.S. $[...***...]
not later than [...***...] after the [...***...], U.S. $[...***...] not later than [...***...]
after the [...***...], and U.S. $[...***...] not later than [...***...] after the [...***...],
and

 

4.1.2.2.       As
applicable if, after scheduling an initial meeting with FDA, the initial FDA meeting is not held by [...***...], U.S.
$[...***...] not later than [...***...] after the [...***...], and U.S. $[...***...] not later
than [...***...] after [...***...].

 

For the avoidance of doubt, LICENSEE shall
not be required to make any further payment pursuant to this Section 4.1.2. after such initial FDA meeting has been scheduled
or has been held, as the case may be, other than payment(s) then already due with respect to the scheduling of the meeting
or the meeting itself.

 

4.1.3. Payment
#3: A one-time payment of U.S. $[...***...] due [...***...].

 

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4.2.         Milestone
Payments. Provided LICENSEE shall not have earlier terminated the Agreement pursuant to Section 11.2.2., in consideration for
the rights and licenses granted in Section 2. regardless of whether development or commercialization is undertaken by LICENSEE
or its Sublicensees, LICENSEE shall pay to LICENSOR the following non-refundable milestone payments:

 

4.2.1. Upon
LICENSEE having received at least $5,000,000 (inclusive of expenses relating to any transaction) in working capital (excluding
all amounts received before January 1, 2018), from any source or in any manner (including, but not limited to, a debt or equity
financing, joint venture, business partner, shareholder contribution, asset sale, licensing, or other transaction) LICENSEE
shall pay either:

 

(i).        Payment #4: A
one-time payment of U.S. $400,000.00 on April 15, 2019, or

 

(ii).       Payment #5:
A one-time payment of U.S. $600,000.00 on October 15, 2019 or on such later date during the Term that the $5,000,000 in working
capital is achieved; and if at least $5,000,000 in working capital has not been achieved as of October 15, 2019, then LICENSEE
shall pay LICENSOR U.S. $50,000.00 on October 15, 2019 and on each six-month anniversary date thereafter, which $50,000.00 payments
are credible against the U.S. $600,000.00 payment when due.

 

4.2.2. Payment
#6: A one-time payment of U.S. $[...***...] [...***...] after [...***...].

 

4.2.3. Payment
#7: A one-time payment of U.S. $[...***...] [...***...] after [...***...].

 

4.2.4. Payment
#8: A one-time payment of U.S. $[...***...] [...***...] after [...***...].

 

4.2.5. Payment
#9: A one-time payment of U.S. $[...***...] [...***...] after [...***...].

 

4.2.6. Payment
#10: A one-time payment of U.S. $[...***...] [...***...] after [...***...].

 

4.2.7. Payment
#11: A one-time payment of U.S. $[...***...] [...***...] after [...***...].

 

4.2.8. Payment
#12: A one-time payment of U.S. $[...***...] [...***...] after [...***...].

 

4.2.9. Payment
#13: A one-time payment of U.S. $[...***...] [...***...] after [...***...].

 

4.3.         Scientific
Advisory Board. Upon LICENSEE’s payment in Section 4.2.1., LICENSEE shall invite LICENSOR to head, and LICENSOR shall
head, LICENSEE’s Scientific Advisory Board, so long as LICENSEE’s primary focus shall be the development of the Licensed
Products.  The Scientific Advisory Board will meet once annually, either in person, by telephone, or electronically as
LICENSEE shall determine; LICENSEE shall also pay LICENSOR U.S. $[...***...] per in-person meeting plus travel expenses.
In consideration for LICENSEE’s service on the Scientific Advisory Board, LICENSEE shall grant to LICENSOR additional equity
representing one percent (1%) of LICENSEE’s issued and reserved equity as of the time of the grant according to the terms
of the Equity Agreement (as defined in Section 4.10.); provided that, such equity grant shall be forfeited automatically if LICENSEE
shall terminate the Agreement pursuant to Section 11.2.2. and pay the Termination Fee as provided in Section 11.3.7.(i). LICENSEE
shall retain the services of LICENSOR as a member of a Scientific Advisory Board or equivalent advisory capacity until such time
as the additional equity representing 1% vests with LICENSOR and becomes nonforfeitable. Notwithstanding the foregoing, nothing
in this Section 4.3 shall require LICENSEE to maintain the Scientific Advisory Board or retain the services of LICENSOR as a member
of such Board after all of the additional equity to be granted to LICENSOR for such service shall have vested and become nonforfeitable.

 

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4.4.         Minimum
Annual Royalties. In consideration for the rights and licenses granted in Section 2. and regardless of whether development
or commercialization is undertaken by LICENSEE or its Sublicensees, commencing on the fourth anniversary of the initial FDA Meeting referenced
in 4.1.2. and during the Term LICENSEE shall pay to LICENSOR a minimum annual royalty, which shall be in the amount of U.S.
$25,000.00 for the annual period [...***...], U.S. $[...***...] for the annual period [...***...],
and U.S. $75,000.00 for each annual period thereafter. Such royalty shall be payable within [...***...] after the applicable
anniversary of the Effective Date. Minimum annual royalty payments shall be creditable against actual royalties due to LICENSOR
on sales royalties pursuant to Section 4.6. in the same year that the respective minimum annual royalty was due.

 

4.5.         In
any case, the Parties will agree to review timelines from time to time to ensure that the timelines as laid out in this Agreement
remain realistic and achievable, given the uncertainties germane to drug development. Should the Parties jointly conclude that
timelines be adjusted, this Agreement will be amended to reflect that timeline adjustment.

 

4.6.         Sales
Royalties. In consideration for the rights and licenses granted in Section 2., LICENSEE shall pay to LICENSOR the following
royalties on Net Sales commencing upon the first commercial sale of a Licensed Product:

 

	Net Sales U.S. $	Royalty Rate
	[...***...]	5.0%
	[...***...]	[...***...]%
	[...***...]	[...***...]%
	[...***...]	[...***...]%
	[...***...]	[...***...]%
	[...***...]	[...***...]%
	[...***...]	[...***...]%
	[...***...]	[...***...]%
	[...***...]	10.5%

 

LICENSEE shall make royalty payments on
a calendar quarterly basis. Royalty payments are due and payable within [...***...] after respective calendar quarter
close on March 31, June 30, September 30, and December 31 of each calendar year, and each payment shall be accompanied by
a royalty report as set forth in Section 5.3. The royalty rate applied to determine royalty payments shall be determined based
on the aggregate Net Sales for that calendar quarter and the previous three calendar quarters. By way of example, the royalty rate
applied to determine the royalty payment for Q1 will be based on aggregate Net Sales for Q1 and Q4, Q3 and Q2 of the
previous year. If total Net Sales over the previous four calendar quarters at the end of a given Q1 are $[...***...]
(with Q1 sales of $[...***...] and previous year sales of $[...***...] in Q4, $[...***...] in
Q3, and $[...***...] in Q2) then the actual royalty rate applicable for that Q1 royalty payment is [...***...]%
determined by the sum of Q1, previous year Q4, Q3 and Q2 sales (equal to $[...***...]) and applying the applicable
royalty rate in the table above). The royalty payment due for Q1 is calculated as:

 

([...***...]) x [...***...]%
= $[...***...]

 

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At the end of the calendar quarter in which
the U.S. Orphan Drug Designation expires, then the royalty rate applicable to all Net Sales, irrespective of geography shall be
[...***...] percent ([...***...]%) of Net Sales.

 

LICENSEE shall be entitled to a credit
of [...***...] percent ([...***...]%) against the royalty rate for each of the first [...***...]
percentage points and [...***...] percent ([...***...]%) against the royalty rate for each of the next [...***...]
percentage points that LICENSEE must pay to an unaffiliated third Person licensor (excluding LICENSEE’s Affiliates, Sublicensees
and Distributors) for the right to practice Valid Claim(s) covering the use and sale of choline chloride for the Licensed
Indications in a Licensed Product; which credit shall not reduce the applicable royalty rate (set out in the table above)
by more than [...***...] percent ([...***...]%). LICENSEE is not entitled to a credit on the royalty rate
for any royalties that LICENSEE pays to a third Person for any component of Licensed Product, other than choline chloride.
By way of example, if the royalty rate payable to LICENSOR for the sale of Licensed Products before the application of this provision
of Section 4.6. is [...***...] percent ([...***...]%) and the royalty rate payable to such unaffiliated third
Person licensor is [...***...] percent ([...***...]%), then the actual royalty rate payable to LICENSOR shall
be reduced to [...***...] percent ([...***...]%).

 

As used in this Section, “Valid
Claim” shall mean means: (a) an issued claim of an issued patent which has not (i) expired or been canceled, (ii) been
declared invalid by an unreversed and unappealable decision of a court or other appropriate body of competent jurisdiction, (iii)
been admitted to be invalid or unenforceable through reissue, disclaimer or otherwise, and/or (iv) been abandoned. Notwithstanding
the foregoing, LICENSEE may offset future royalty payments to LICENSOR from the date of issue of any third Person licensor’s
patent by the amount by which historical payments to LICENSOR under this Section 4.6 would have been reduced if the royalty rate
for the provisional rights royalties paid to the third Person licensor as provided under 35 U.S.C. §154(d) up to the
issue date of such Person’s patent had been applied to reduce LICENSOR’s royalty rate as provided above.

 

4.7.         Sublicense
Revenues. In consideration for the rights and licenses granted in Section 2. And if any development or commercialization
of Licensed Products is undertaken by one or more Sublicensees, LICENSEE shall pay to LICENSOR (except in the case where LICENSEE
passes through to a Sublicensee the royalty obligations of Sections 4.6. (in which case, the definition of Net Sales includes Sublicensees)
and the royalty report/audit provisions of Sections 5.3. and 5.4.) [...***...] percent ([...***...]%) of (i)
net cash receipts after payment of taxes received by LICENSEE from Sublicensees for their sales of Licensed Products, and (ii)
any other consideration received by LICENSEE from Sublicensees; in each case, including a fair monetary value for any transaction
that is not a bona fide arms-length transaction or that is for consideration other than monetary; in which case such consideration
shall be valued at the fair market value determined as of the date of such transaction.

 

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4.8.         Priority
Review Voucher. In consideration for the rights and licenses granted in Section 2. and regardless of whether development
or commercialization is undertaken by LICENSEE or its Sublicensees, LICENSEE shall pay to LICENSOR [...***...] percent
([...***...]%) of (i) net cash receipts after payment of taxes and (ii) any other consideration; in each case, received
by LICENSEE, its Affiliates and Sublicensees from its/their sale or transfer of a Priority Review Voucher, including a fair monetary
value for any transaction that is not a bona fide arms-length transaction or that is for consideration other than monetary; in
which case such consideration shall be valued at the fair market value determined as of the date of such transaction.

 

4.9.         Reimbursable
Expenses. LICENSEE shall reimburse LICENSOR for LICENSOR’s expenses related to travel, lodging, meals and associated
expenses, regulatory, research or other activities, and consumables related to the development of Licensed Product, if undertaken
at LICENSEE’ s request.

 

4.10.       Equity.
In consideration of the rights and licenses granted in Section 2. and regardless of whether development or commercialization is
undertaken by LICENSEE or its Sublicensee, LICENSEE shall grant to LICENSOR One and One-half percent (1.5%) equity in LICENSEE
upon the Effective Date of the separately executable Equity Agreement entered into by LICENSEE and LICENSOR on even date of
this Agreement and attached hereto as Exhibit 4.10 (“Equity Agreement”). In consideration of LICENSOR’s
service on the Scientific Advisory Board, LICENSEE shall grant to LICENSOR additional equity of One percent (1%) as set forth therein.

 

5. PAYMENT, RECORDS AND REPORTS

 

5.1.         Payment.
LICENSEE shall make all payments in United States Dollars, at such place as LICENSOR may designate reasonably in writing. If the
conversion of foreign currency is required in connection with a payment hereunder, the conversion shall be made by using the
foreign exchange selling rate applicable to trading among banks in amounts of $1 million or more, as published in The Wall
Street Journal on the last business day of the calendar quarterly reporting period to which such payment relates.

 

5.2.         Interest.
If any payment due under this Agreement is overdue, LICENSEE shall pay interest to LICENSOR at a rate per annum equal to the lesser
of the prime rate of interest, as reported by Bloomberg on the due date, or the highest rate permitted by applicable law, calculated on
the number of days such payment is paid after the date such payment is due. Payment of interest shall not excuse timely payment
of the principal amount due.

 

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5.3.    Royalty Reports. Commencing
upon the first commercial sale of a Licensed Product, LICENSEE shall render to LICENSOR on a quarterly basis a written account
of the Net Sales of Licensed Product as of the close of business on March 31, June 30, September 30, and December 31 of each
calendar year. The reports are due to LICENSOR within thirty (30) days following the end of the applicable calendar quarter. LICENSEE
shall make such reports even if there have been no Net Sales or if no royalties are due to LICENSOR for a calendar quarter. Reports
shall include at least the following information on a country-by-country basis:

 

5.3.1. Gross
revenues of Licensed Product from LICENSEE, its Affiliates, Sublicensees and Distributors;

 

5.3.2. Net Sales
of Licensed Product including supporting data;

 

5.3.3. Royalty
base calculations and supporting data;

 

5.3.4. Gross
and net receipts (after payment of taxes) and other consideration from Sublicensees;

 

5.3.5. Gross
and net receipts (after payment of taxes) and other consideration from sale or transfer of Priority Review Voucher;

 

5.3.6. Royalties,
including minimum annual royalties, due to LICENSOR and supporting data and calculations; and

 

5.3.7. Names
and addresses of Sublicensees and Distributors (in only the first quarterly report following entry into a sublicense or distributor
agreement).

 

5.4.         Records
and Books. LICENSEE and its Affiliates shall keep full, true, and accurate books of accounts and other records of sufficient
detail necessary to ascertain and verify properly the Net Sales of Licensed Product.

 

5.5.         Audit.
Upon LICENSOR’S request, LICENSEE shall permit an independent Certified Public Accountant selected by LICENSOR to have access
not more than once a year during ordinary business hours to audit LICENSEE’s and its Affiliates records and books to determine,
with respect to any calendar quarter, the correctness of royalty reports made under this Agreement; provided, however, that
LICENSOR’S rights of access are limited to records [...***...] and provided further that LICENSOR and its designee
(if any) agree to maintain such records as Confidential Information of LICENSEE according to the terms of Section 7. In the event
of any deficiency in payment, in addition to paying the deficiency, if the audit determines that any amounts paid to LICENSOR were
deficient by more than [...***...] percent ([...***...]%), LICENSEE shall also pay the costs of the audit,
all within [...***...] following written notice of such deficiency.

 

5.6.         Taxes.
Unless otherwise required by law, LICENSEE shall not withhold LICENSOR’S personal income tax or amounts due for social security,
nor any other taxes normally to be paid by a LICENSOR upon personal income. LICENSEE shall provide to LICENSOR all documentation
that may be needed from time to time to facilitate LICENSOR’S ability to report income and pay applicable taxes. For the
avoidance of doubt, LICENSOR shall be solely responsible for any taxes due with respect to any amounts paid to him under this Agreement.

 

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		6.	COMPLIANCE WITH LAW, GOVERNMENT CLEARANCE, EXPORT AND DUTIES

 

6.1.      In
exercising its rights and licenses under this Agreement, LICENSEE and its Affiliates shall always comply with applicable laws including
but not limited to those of the United States of America, the EU, [...***...] and [...***...]. Without limiting
the generality of the foregoing, the Parties agree that LICENSEE and its Affiliates are not required to export or deliver any technical
information, data, product or services if the same is then prohibited or restricted by any such laws.  LICENSEE accepts
all responsibility for exporting and importing any such information, data and product, shall be the exporter and importer of record,
and is responsible for filing any documents, obtaining any licenses, and paying all export and import duties, taxes and other charges,
as required under such laws. LICENSEE shall not export, re-export, import, sell or lease any LICENSOR Confidential Information,
or Licensed Product without full compliance with all such laws, whether to a prohibited person or a prohibited country or for a
prohibited use, as prohibited under such laws or otherwise.

 

		7.	CONFIDENTIALITY AND EXCLUSIVITY

 

7.1.      Use
and Maintenance. Each Party acknowledges that performance under this Agreement may require the disclosure by one Party to the
other Party of technically or commercially sensitive or proprietary information including, information from or about a third Person
which a Party is authorized to disclose to the other Party for purposes of this Agreement, (“Confidential Information”).
Without limiting the foregoing, the Existing Study Data and Licensed Know-How shall be deemed Confidential Information of
LICENSOR and the LICENSEE Development Information shall be deemed the Confidential Information of LICENSEE. Each Party shall regard and
preserve the Confidential Information of the other Party as secret and confidential, and neither Party shall publish nor disclose
nor use Confidential Information of the other Party in any manner not specifically provided for herein without the prior written
consent of the other Party.  Neither Party shall use the Confidential Information of the other Party for their own benefit or
for the benefit of third Persons except as expressly permitted in this Agreement. Each Party shall use the same level of care to
prevent the disclosure of Confidential Information of the other Party that it exercises in protecting its own Confidential Information
and shall in any event take reasonable precautions to prevent the disclosure of Confidential Information to a third Person.

 

7.2.      Exclusions
to Confidential Information. Confidential Information does not include information, and the restrictions of Section 7.1. do
not apply to Confidential Information, to the extent that such information as evidenced by contemporaneous documentation (a) is
publicly known or which becomes publicly known through no fault of the receiving Party; (b) is lawfully obtained by the receiving
Party from a third Person (which itself lawfully obtained information with no obligation of confidentiality); and (c) is in the
lawful possession of the receiving Party prior to such information having been initially disclosed by the disclosing Party which
is.

 

7.3.      Permitted
Disclosures. While maintaining the status of LICENSOR Confidential Information as confidential, LICENSEE may disclose such
Information on a need-to-know basis:

 

7.3.1. which
is required to be disclosed to Regulatory Authorities in connection with obtaining and maintaining the Licensed Orphan Designations
and the Licensed IND or any new IND application for Licensed Product;

 

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7.3.2. which
is required to be disclosed to Regulatory Authorities in seeking, obtaining or maintaining regulatory approvals to test, manufacture,
market, sell, export, label, and for Medicare or insurance reimbursement of, Licensed Product;

 

7.3.3. which
is reasonably necessary to disclose to LICENSEE’s Affiliates and third Person contractors for purposes of developing and
manufacturing Licensed Product or to disclose to Distributors as set forth in Section 2.; provided that, LICENSEE shall have executed
prior to disclosure a written confidentiality agreement with the relevant Persons at least as stringent as those of this Section
7.;

 

7.3.4. which
is disclosed to Sublicensees, prospective Sublicensees, investors, or purchasers and prospective purchasers of the business or
assets of LICENSEE in the context of Section 13.1.; provided that, LICENSEE shall have executed prior to disclosure a written confidentiality
agreement with the relevant Persons at least as stringent as those of this Section 7.; and

 

7.3.5. to the
extent required by applicable law of any governmental entity that has jurisdiction over LICENSEE; on the condition that, prior
to making any such legally required disclosure, LICENSEE shall give LICENSOR as much prior notice of the requirement for and contents
of such disclosure as is practicable under the circumstances, LICENSEE shall consult with LICENSOR about the disclosure; LICENSEE
shall use all reasonable efforts to minimize the scope of the disclosure and prevent any further disclosure or dissemination of
Confidential Information so disclosed, and, if lawfully able to do so, LICENSEE shall permit LICENSOR a reasonable opportunity
to pursue legal remedies to maintain the confidentiality or limit the dissemination of such Confidential Information.

 

7.3.6. Anything
to the contrary in this Section 7.3. notwithstanding, LICENSEE may disclose summaries of the Existing Study Data excluding Confidential
Information (unless agreed to in writing by LICENSOR) in connection with non-confidential presentations to prospective investors,
Sublicensees, strategic partners or purchasers.

 

7.4.         Return.
Upon expiration or termination of this Agreement, each Party shall immediately return – and, in the case of LICENSEE, cause
its permitted disclosees under Sections 7.3.3 and 7.3.4 -- to return to the other Party all documents, samples and other materials
in any form containing or reflecting any of the other Party’s Confidential Information. Each Party shall promptly certify
in writing such complete return. Each Party may retain one written archival copy in its confidential legal files solely for
purposes of verifying compliance with this Agreement.  Notwithstanding the return of the other Party’s Confidential
Information, each Party will continue to be bound by its obligations of confidentiality hereunder.

 

7.5.         Term.
The obligations pursuant to this Section 7. remain in full force and effect and continue to be binding on each Party — and,
in the case of LICENSEE, the permitted recipients under Section 7.3. -- for a period of five (5) years from the date of expiration
or termination of this Agreement. Neither Party — and, in the case of LICENSEE, the permitted recipients under Section 7.3.
-- shall not acquire any right to use any of the other Party’s Confidential Information solely by reason of the expiration
or termination of the five (5) year period.

 

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7.6.       Exclusivity;
Right of First Refusal.

 

7.6.1. During
the Term, LICENSOR shall not work with a third Person on any product competing with Licensed Product. Nothing in this Section 7.6.
shall limit or prevent LICENSOR from engaging in the practice of medicine or publishing peer-reviewed journal articles (provided
such articles disclosing inventions for which LICENSEE shall have a right to negotiate a license therefor under Section 7.6.2.
shall have been made available to LICENSEE prior to publication to enable LICENSEE to take any action available for the intellectual
property protection of such invention).

 

7.6.2. LICENSOR
shall promptly disclose to LICENSEE any inventions discovered during the Term (unless preempted by an agreement with LICENSOR’s
employer), relating to the diagnosis or treatment of patients presenting with a PN Indication; any such inventions shall be
the Confidential Information of LICENSOR subject to the obligations of confidentiality of this Section 7. From such disclosure,
LICENSEE shall have [...***...] to request that the Parties enter into good faith negotiations to enter into a license
for such invention(s). If LICENSEE shall have made a timely request to conduct such negotiations, LICENSEE shall then have
a further [...***...] to negotiate the terms of and enter into such license with LICENSOR. During such [...***...]
period, LICENSOR shall not offer such invention to any third Person or otherwise make such invention available to the public.

 

8. INFRINGEMENT OF THIRD-PARTY RIGHT

 

8.1.         Notice.
Each Party shall notify the other Party of any claim of infringement received by, or an action, suit or proceeding brought against,
such party (including, in the case of LICENSEE, its Affiliates, LICENSEE contracted third Persons, Sublicensees and Distributors),
alleging infringement of a patent right or other intellectual property right of any third Person by reason of the development,
testing, manufacture, marketing, use, or commercialization of Licensed Product.

 

8.2.         Defending
Against Infringement. If, as a result of development, testing, manufacture, marketing, use, or commercialization of Licensed
Product by LICENSEE (including by or through its Affiliate or LICENSEE contracted third Person), Sublicensee or Distributor,
LICENSOR or LICENSEE is charged or threatened to be charged by a third Person with infringement of a patent or other intellectual
property right of a third Person or is made or is threatened to be made a party to a civil or criminal action or proceeding involving
claims of such infringement, LICENSEE shall have the right, but not the obligation, to defend and settle, at its expense, such
action or proceeding without LICENSOR’S consent; on the condition that, LICENSEE shall not settle any action, suit or proceeding
without LICENSOR’s prior written consent if it adversely affects any right of or imposes any obligation on LICENSOR independent
of the obligations under this Agreement. LICENSEE shall cover all expenses of LICENSOR’s cooperation and assistance in any
action, suit or proceeding and defend, indemnify and hold harmless LICENSOR according to Section 10. LICENSEE is entitled to retain
any recovered costs and expenses in defending and settling such claims of infringement.

 

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9. REPRESENTATIONS

 

9.1.         LICENSEE
hereby represents and warrants to LICENSOR as of the Effective Date that:

 

9.1.1. LICENSEE
has the corporate power and authority to execute and deliver this Agreement and to perform its obligations hereunder, and the execution,
delivery and performance of this Agreement has been duly and validly authorized and approved by proper corporate action, and
LICENSEE has taken all other action required by its certificate of incorporation, by-laws or other organizational documents or
any agreement to which it is a party or to which it may be subject to authorize such execution, deliver and performance, and this
Agreement constitutes a legal, valid and binding obligation, enforceable against LICENSEE.

 

9.1.2. LICENSEE
shall cause its Affiliates, Sublicensees and Distributors to comply with the terms of this Agreement; any undertaking by its Affiliate,
Sublicensee or Distributor shall not release LICENSEE of any of its obligations under this Agreement; and any breach of this Agreement
by its Affiliate, Sublicensee or Distributor is a breach by LICENSEE.

 

9.2. LICENSOR to its knowledge represents
and warrants to LICENSEE as of the Effective Date that:

 

9.2.1. LICENSOR
is the Regulatory Authority-listed sponsor of the Licensed Orphan Designations of Sections 2.1.1.1. and 2.1.1.2., and as of the
effective date of the transfers contemplated in Section 2.1.1., LICENSOR’s rights or interests in the Licensed Orphan Designations
will have been transferred to LICENSEE subject to Section 11.3.3.

 

9.2.2. LICENSOR
is the Regulatory Authority-listed sponsor of the Licensed IND to the extent the Licensed IND is active or reactivated, and as
of the effective date of the transfers set forth in Section 2.1.2., LICENSOR’s rights or interests in the Licensed IND will
have been transferred to LICENSEE subject to Section 11.3.3.

 

9.2.3. There
are no threatened or outstanding claims or licenses or other encumbrances upon the Licensed Orphan Designations, the Licensed IND
(except that the Licensed IND may not be active or capable of reactivation), the Existing Study Data, or the Licensed Know-How
and, to the knowledge of LICENSOR no grounds exist that could reasonably be anticipated to give rise to any such claim or license,
except for applicable rights of the U.S. Government.

 

9.2.4. LICENSOR
has no knowledge of any adverse reactions or other side effects related to the use of choline chloride other than those reported
in the scientific literature for — or has any other reason to believe that choline chloride is not suitable for the treatment
of -- the Licensed Indications or in PN generally other than those which are already known to the medical or pharmaceutical community
at large or that have been previously disclosed to LICENSEE in writing.

 

9.2.5. LICENSOR
has the authority to execute and deliver this Agreement and to perform its obligations hereunder.

 

9.2.6. LICENSOR,
subject to any applicable rights of the U.S. Government, owns all right, title and interest in and to the Existing Study
Data, Licensed IND, Licensed Orphan Designations and Regulatory File.

 

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9.2.7. LICENSOR
has not received any claim or notice that the use of choline chloride for the Licensed Indication infringes the rights of
any unaffiliated third Person, and LICENSOR, without separate inquiry, is not aware that the use of choline chloride for the Licensed
Indication infringes the rights of any unaffiliated third Person as of the Effective Date.

 

9.2.8. The Existing
Study Data was generated in compliance with applicable laws.

 

9.2.9. No material
information concerning LICENSOR’s interactions with Regulatory Authorities concerning the Existing Study Data, Licensed IND,
or Licensed Orphan Designations has been withheld from LICENSEE or has otherwise been redacted from the Regulatory File.

 

9.2.10. There
have not been any material omissions from LICENSOR’s presentation to LICENSEE of LICENSOR’s development of the Existing
Study Data, Licensed IND, Licensed Orphan Designations and Regulatory File.

 

9.2.11. To the
extent LICENSOR has previously licensed any of the Existing Study Data, Licensed IND, Licensed Orphan Designations or Regulatory
File to any third Person, no such third Person (other than the United States Government, as provided in Section 2.1.) retains
any right to have or use the Existing Study Data, Licensed IND, Licensed Orphan Designations and Regulatory File.

 

9.2.12. LICENSOR
has not been: (i) debarred pursuant to sections 306(a), (b)(1) and (b)(2) of the FD&C Act (21 U.S.C. 335(a), (b)(1), and
(b)(2)); (ii) excluded, debarred, suspended, proposed for exclusion or debarment, or otherwise determined to be ineligible
to participate in Federal health care programs (as defined in 42 U.S.C. § 1320a-7b(f)); or (iii) convicted of a criminal offense
related to the provision of health care items or services, or currently the subject of any investigation by the Office of
Inspector General of the Department of Health and Human Services (collectively, an “Adverse Enforcement Action”).
LICENSOR shall notify Company within 24 hours if LICENSOR becomes the subject of an Adverse Enforcement Action.

 

9.3.       Disclaimer.
EXCEPT AS EXPRESSLY SET FORTH IN SECTION 9.2., LICENSOR MAKES NO OTHER AND HEREBY DISCLAIMS ANY OTHER REPRESENTATIONS OR WARRANTIES,
WHETHER ORAL, WRITTEN, EXPRESS OR IMPLIED, INCLUDING WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT,
VALIDITY OR ANY WARRANTIES THAT MAY ARISE FROM COURSE OF PERFORMANCE, COURSE OF DEALING OR USAGE OF TRADE.

 

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10. INDEMNITY; INSURANCE; LIABILITY

 

10.1. LICENSEE shall defend, indemnify,
and hold harmless LICENSOR and his successors, heirs, assigns, representatives and agents (“LICENSOR Indemnitees”)
from and against any damages, losses, expenses and liabilities, including reasonable attorney fees and expenses, (“Losses”)
incurred in connection with a claim, suit, action, litigation or proceeding brought by a third Person (excluding LICENSOR successors,
heirs, assigns, representatives and agents) to the extent resulting from:

 

10.1.1. LICENSEE’s
material breach of any representation or warranty it has given in this Agreement;

 

10.1.2. the
negligent acts and omissions, fraud or willful misconduct of LICENSEE (including by or through its Affiliates and LICENSEE contracted
third Persons), Sublicensees, and Distributors in connection with its or their, as the case may be, performance of any duties or
exercise of any rights under this Agreement;

 

10.1.3. the
development, testing, manufacture, marketing, use and commercialization of Licensed Product by LICENSEE (including by or through
its Affiliates and LICENSEE contracted third Persons), Sublicensees, and Distributors, including claims of product liability
and claims of infringement of third Person intellectual property rights;

 

10.1.4. accrued
liabilities and obligations of LICENSEE (including by or through its Affiliates and LICENSEE contracted third Persons), Sublicensees,
and Distributors prior to termination of this Agreement; and

 

10.1.5. the
unauthorized use of Licensed Orphan Designations, the Licensed IND, Existing Study Data or Licensed Know-How after the same
shall have been transferred to LICENSEE as provided in Section 2.

 

10.2. LICENSOR shall defend, indemnify,
and hold harmless LICENSEE and its/their employees, officers, directors and agents (“LICENSEE Indemnitees”)
from and against any Losses incurred in connection with a claim, suit, action, litigation or proceeding brought by a third
Person (excluding LICENSEE’s Affiliates, Sublicensees, Distributors and its/their employees, officers, directors and agents)
to the extent resulting from:

 

10.2.1. LICENSOR’s
material breach of any representation or warranty it has given in this Agreement; and

 

10.2.2. the
negligent acts and omissions, fraud or willful misconduct of LICENSOR in connection with its performance of any duties or exercise
of any rights under this Agreement.

 

10.3.      Indemnification Procedure.
Any member of the LICENSOR Indemnitees or LICENSEE Indemnitees seeking defense or indemnification according to Section 10.1. or
Section 10.2. respectively, shall notify the respective other indemnifying Party in writing, shall cooperate with the indemnifying
Party, and may, at its option, be represented by counsel of its choosing. Neither LICENSOR nor LICENSEE, as the indemnifying
Party, shall settle or permit to be settled any claim, suit, action, litigation or proceeding that is the subject of its indemnity
obligations of this Section 10. if such settlement would require an admission of fault on the part of the Indemnitee or in any
way adversely impact the Indemnitee without obtaining the prior written consent of such Indemnitee.

 

10.4       .Insurance.

 

10.4.1. LICENSEE
shall maintain, and cause its Affiliates, Sublicensees and Distributors to maintain during the Term and for three (3) years thereafter,
at its respective sole cost and expense, a policy or policies of comprehensive general liability insurance (including coverage
against personal injury and property damage), with per occurrence liability coverage of at least $[...***...], and annual
aggregate liability coverage of at least $[...***...], written by an insurance company or companies lawfully doing business
in the United States with an A.M. Best rating of B plus or better.

 

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10.4.2. LICENSOR
shall maintain during the Term and for [...***...] thereafter, at its sole cost, a general umbrella insurance policy
in the amount of $[...***...] annual aggregate coverage, written by an insurance company or companies lawfully doing
business in the United States with an A.M. Best rating of B plus or better. LICENSOR’s liability under this Agreement for
any claim whatsoever, including for indemnification pursuant to Section 10.1., shall not exceed, and LICENSOR shall not be liable
to LICENSEE or LICENSEE Indemnitees under this Agreement for any amount, in the aggregate, more than the greater of: [...***...],
or [...***...].

 

11. TERM AND TERMINATION

 

11.1. The term of this Agreement
shall commence on the Effective Date and continue until the last sale of the Licensed Product, unless otherwise sooner terminated
as set forth in Section 11.2. (the “Term”).

 

11.2. This Agreement may be terminated:

 

11.2.1. By LICENSOR
automatically and effective immediately on the two (2) week anniversary of the Effective Date if LICENSEE has not made the upfront
payment of Section 4.1.1.

 

11.2.2. By LICENSEE
not later than sixty (60) days after LICENSEE shall have received the FDA’s written minutes regarding its initial FDA meeting
concerning the development of the first Licensed Product for one or more of the Licensed Indications.

 

11.2.3. Until
LICENSEE shall have made its first sale of a Licensed Product, by LICENSOR according to Section 3.2.6 upon thirty (30) days prior
written notice if nonperformance of LICENSEE thereunder has not been cured within the thirty (30) day notice period, subject to
the Dispute Resolution mechanism detailed in Section 12.

 

11.2.4. By LICENSEE
for convenience upon ninety (90) days prior written notice only after expiration of LICENSEE’ s right to terminate in Section
11.2.2.

 

11.2.5. By LICENSOR
effective immediately for non-payment of any payment due under Section 4. that has not been cured within fifteen (30) days after
the date of written notice, subject to accrued interest according to Section 5.2., subject to the Dispute Resolution mechanism
detailed in Section 12.

 

11.2.6. By either
Party effective immediately if the other Party is in breach of any material obligation under this Agreement and has not cured
such breach within sixty (60) days after the date of written notice setting forth the act or omission constituting a breach of
a material obligation of this Agreement, subject to the Dispute Resolution mechanism detailed in Section 12.

 

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11.2.7. By LICENSOR
effective immediately upon sixty (60) days prior written notice if (a) LICENSEE ceases or threatens to cease to carry on its business,
or (b) a petition or resolution for the making of an administration order or for the bankruptcy, winding-up or dissolution of LICENSEE
is presented or passed, or (c) LICENSEE files a voluntary petition in bankruptcy or insolvency, or (d) a receiver or administrator
takes possession of or is appointed over the whole or any part of the assets of LICENSEE, or (e) any analogous procedure is commenced
against or by LICENSEE in the United States.

 

11.3. Effects of Expiration and
Termination. Upon expiration or termination of this Agreement:

 

11.3.1. All
rights and licenses granted to LICENSEE, its Affiliates, Sublicensees and Distributors terminate, subject to Section 11.3.2. LICENSOR
at its sole discretion may choose to novate a sublicense by replacing LICENSEE as the party to a sublicense with LICENSOR according
to the conditions of Section 2.3.

 

11.3.2. LICENSEE,
Distributors and Sublicensees have the right to sell-off any existing inventory of Licensed Product for sixty (60) days following
termination, on the condition that LICENSEE pay all royalties and other amounts due to LICENSOR pursuant to Section 4.

 

11.3.3. LICENSEE
shall immediately initiate and file with the applicable Regulatory Authorities sponsor change of name documentation for the Licensed
Orphan Designations and the Licensed IND (to the extent sponsor change of name took place according to Section 2.1.2.) from LICENSEE
to LICENSOR, and shall prepare and submit any necessary document and provide all necessary assistance to effect transfer of sponsor
name back to LICENSOR.

 

11.3.4. LICENSEE
shall and cause its permitted disclosees under Sections 7.3.3. and 7.3.4. to return Existing Study Data, and LICENSOR Confidential
Information according to Section 7.4., LICENSEE shall provide to LICENSOR a complete copy of the Regulatory File existing as of
the Effective Date. Except as provided in Sections 11.3.5. and 11.3.6., no termination of this Agreement will give rise to any
right of LICENSOR to have -- or any obligation of LICENSEE to deliver to LICENSOR or any third Person -- any of the LICENSEE
Development Information.

 

11.3.5. If this
Agreement is terminated by LICENSEE prior to the initial FDA meeting, at LICENSOR’s sole discretion, LICENSEE shall either:

 

11.3.5.1. provide
to LICENSOR a complete and true copy of the IND Package and LICENSEE Development Information existing as of the effective date
of termination with the exclusive license right to use same for development and commercialization purposes with third Persons,
in consideration for LICENSOR’s waiver of the termination fee of Section 11.3.7.(i) up to the amount LICENSEE had paid as
of the effective date of termination for preparing the IND Package; or

 

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11.3.5.2. pay to
LICENSOR the termination fee of Section 11.3.7.(i) had the initial FDA meeting taken place in addition to any other
termination fees due under Section 11.3.7. Promptly following the effective date of termination, LICENSEE shall provide to
LICENSOR as reasonably necessary or useful for LICENSOR to evaluate the option described in this Section 11.3.5, including a
true accounting, with supporting documentation, of the costs to date to prepare the IND Package. LICENSOR shall have thirty
(30) days to evaluate its option, and to notify LICENSEE of LICENSOR’s election.

 

11.3.6. If this
Agreement is terminated by LICENSEE after the initial FDA meeting, promptly following the effective date of termination LICENSEE
shall provide to LICENSOR as reasonably necessary or useful for LICENSOR to evaluate its interest in licensing or purchasing the
IND Package and LICENSEE Development Information. LICENSOR shall have thirty (30) days to evaluate its interest in, and to notify
LICENSEE of LICENSOR’s intent to negotiate for, the IND Package and LICENSEE Development Information. Upon receipt of LICENSOR’s
notice of intent to negotiate, LICENSEE shall negotiate solely and in good faith with LICENSOR for a period of sixty
(60) days, which may be extended by the mutual agreement of the Parties (the “ROFN Period”). If the Parties are unable
to agree on substantive terms within the ROFN Period, LICENSOR shall not enter into any agreement with any third Person without
providing LICENSOR at least twenty one (21) days to enter into an agreement for the IND Package and LICENSEE Development Information
on the same terms as a third Person is willing to agree to contractually.

 

11.3.7. Termination
Fees.

 

(i).If LICENSEE shall
terminate this Agreement pursuant to Section 11.2.2., LICENSEE shall pay to LICENSOR a one-time termination fee in the amount of
U.S. $25,000.00 within ten (10) days after the effective date of termination.

 

(ii).If this Agreement
is terminated by either party for any reason, other than by LICENSEE pursuant to 11.2.6., LICENSEE shall pay to LICENSOR any
milestone payment of Section 4.2. that is triggered within the sixty (60) day period after the effective date of termination of
this Agreement as if this Agreement had not been terminated. With respect to the payments under 4.2.1, if a termination occurs
any time after Payment #4’s due date on April 15, 2019, then LICENSEE shall be liable for the payment #5 in 4.2.1.(ii).

 

11.4.       Survival.
Expiration or Termination of this Agreement will not relieve either Party of any right or obligation accruing before such
expiration or termination, including, any payment due under this Agreement. Provisions of this Agreement which by are expressly
or by implication to come into or continue in force and effect after expiration or termination of this Agreement remain in
effect and shall be fully enforceable until by their terms they are fulfilled or expire.

 

12. DISPUTE
RESOLUTION

 

12.1.       In the case of a dispute,
controversy or claim arising out of, or related to, the execution, delivery, performance, validity or interpretation of this Agreement,
or the applicability, scope or limitation of this article (each a “Dispute”), a Party may notify the other Party in
writing of the Dispute and the Parties shall consult with each other to resolve the Dispute in a friendly manner. The written notice
of dispute shall set forth the nature and content of the Dispute in detail. If the Dispute is not resolved within sixty (60) days
after issuance of the notice the period to resolve the dispute can be extended by mutual agreement of the Parties. If the dispute
is not resolved after mutually agreed extensions then the Dispute shall be resolved pursuant to Section 12.2.

 

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12.2.       If a Dispute cannot be amicably
resolved within sixty (60) days as set forth in Section 12.1. the Dispute shall be settled by binding arbitration. This agreement
to submit to binding arbitration shall be specifically enforceable under the prevailing arbitration law. A Party desiring to invoke
this arbitration provision shall serve written notice upon the other of its intention to do so and the name of an impartial individual
who is knowledgeable in matters pertaining to the pharmaceutical industry to serve as an arbitrator. If the other Party objects
within fifteen (15) days to the arbitrator proposed, and the Parties fail to agree on an arbitrator within thirty (30) days thereafter,
then the arbitrator shall be appointed by the arbitration tribunal. The arbitration shall be administered by the American Arbitration
Association under its Commercial Arbitration Rules, which Rules are deemed to be incorporated by reference into this clause. The
place of the arbitration shall be Alexandria, Virginia, and all proceedings shall be in English. All awards granted by the arbitrator
are final and binding on the Parties, and shall include interest from the date of any breach or default and from the date of the
award until paid in full. Judgment may be entered on any award or decision of the arbitration panel by either Party in a court
of competent jurisdiction. The arbitrator may grant emergency interim relief according to the applicable arbitration rules, and
shall award costs, fees and other expenses of the arbitration, including reasonable attorneys’ fees, to the Party not in
default.

 

12.3.       All proceedings under this
Section 12. and evidence given or discovered pursuant hereto shall be regarded and preserved as secret and confidential by Parties
as set forth in Section 7. and by the arbitrator(s).

 

13. MISCELLANEOUS

 

13.1.       Assignment.
This Agreement, and the rights and obligations hereunder, are not assignable by LICENSEE without the prior written consent
of LICENSOR, except that LICENSEE may assign its rights and obligations under this Agreement to an unaffiliated third Person in
connection with the sale or transfer of its business or all of the assets of LICENSEE relating to the Licensed Products with prior
written notice to LICENSOR and on the condition that any such assignee is bound by written agreement to the terms of this
Agreement as if it were LICENSEE. LICENSOR may assign to a trust, his estate, a Person, or to a charitable organization the
then-existing or future proceeds due under this Agreement (along with the all rights afforded LICENSOR under this Agreement to
receive reports according to Section 5.3. and to review LICENSEE’s and its Affiliates’ books and records according
to Section 5.5.); provided that LICENSOR shall remain obligated to perform all obligations of LICENSOR under this Agreement. This
Agreement, and the rights and obligations hereunder, are binding upon, and inure to the benefit of, any transferees, successors-in-interest,
and permitted assignees of the Parties hereto. Any assignment or transfer not in accordance with this Section 13.1. is void.

 

13.2.       Choice
of Law. This Agreement is governed and construed according to the laws of the Commonwealth of Virginia without regard to the
conflicts of law provisions. The UN Convention on Contracts for the International Sale of Goods does not apply to this Agreement.
Each Party hereby consents to and will not contest personal jurisdiction in the local and federal courts of Alexandria, Virginia.

 

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13.3.       Entire
Agreement; Amendment. The terms of this Agreement and the Equity Agreement constitute the complete and exclusive agreement
between LICENSOR and LICENSEE as to the subject matter of this Agreement, and supersede all other prior and contemporaneous discussions,
agreements and writing in respect hereto; except for the April 21, 2017 Confidential Disclosure Agreement [Mutual Disclosure
of Confidential Information Agreement] which shall remain in full force with respect to disclosures thereunder. There are no other
understandings, promises, terms or obligations, oral or written, expressed or implied, as to the subject matter of this Agreement.
Any amendment, modification or replacement to this Agreement shall be made in writing and signed by an authorized officer of each
Party.

 

13.4.       Independent
Contractors. Both Parties are independent contractors. Nothing herein contained creates an employment, agency, joint venture
or partnership relationship between the Parties. Neither Party has any express or implied power to enter any commitments or to
incur any liabilities in the name of, or on behalf of, the other Party, or to bind the other Party in any respect whatsoever.

 

13.5.       Interpretation.
The definitions of terms herein apply equally to the singular and plural forms of the terms defined. Whenever the context may require,
any pronoun includes the corresponding masculine, feminine and neuter forms. Except where expressly stated otherwise in this
Agreement, the following rules of interpretation apply to this License: (i) the words “include”, “includes”
and “including” are not limiting and mean include, includes and including, but not limited to; (ii) the words “herein”,
 “hereof’ and “hereunder”, and words of similar import, are construed to refer to this Agreement and
not to any particular provision, (iii); references to a “Section” or “Schedule” refer to a Section
of, or Schedule to, this Agreement unless otherwise indicated; and (iv) the word “any” means “any and all”
unless otherwise indicated by context. The headings used throughout are for convenience only and are not given any legal effect.
This Agreement has been prepared jointly and is not to be strictly construed against either Party.

 

13.6.       No Third-Party Beneficiary.
No term or condition is intended for the benefit of any third Person, and LICENSOR and LICENSEE do not intend any term or condition
to be enforceable by a third Person, including any Affiliate, Distributor, Sublicensee or End-User of the Licensed Product.

 

13.7.       Notices.
All notices and other communications hereunder must be in writing and addressed as follows (or such other address for a Party
as specified by like notice):

 

	To LICENSOR:	Alan
    Buchman, M.D.
	 	[...***...]
	 	 
	To LICENSEE:	Artara Therapeutics,
    Inc.
	 	55 Jane Street
	 	New York, NY 10014
	 	 
	 	Attn: Jesse Shefferman,
    CEO

 

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All such notices or communications will
be deemed to have been delivered and received (i) if delivered in person, on the day of such delivery, (ii) if sent by nationally
recognized overnight delivery service, on the second business day after sending thereof, (iii) if sent by registered or certified
mail, return receipt requested and postage prepaid, on the seventh business day after the mailing thereof, or (iv) if sent by facsimile
transmission or electronic mail, on the day which such facsimile or electronic mail was sent is personally confirmed by telephone,
or the day on which a transmission report or read receipt confirms receipt.

 

13.8.       Press
Release. Except as otherwise required by law, neither Party shall issue a press release or make any other public disclosure
with regard to the existence of this Agreement or the terms hereof without the prior approval of the other Party of such press
release or public disclosure. Each Party shall submit any anticipated press release or public disclosure to the other Party, and
the receiving Party shall expeditiously review and approve any such press release or public disclosure, which approval shall not
be unreasonably withheld or delayed. If the receiving Party does not respond within ten (10) business days, the press release or
public disclosure shall be deemed approved.

 

13.9.       Revision;
Severability. If any provision of this License, or any part thereof, is found by any court or governmental agency of competent
jurisdiction to be invalid or unenforceable for any reason whatsoever, then such provision will be reformed to comply with applicable
law to the maximum extent or stricken if not so conformable, and such invalidity or unenforceability does not affect the remainder
of such provision or any other provision here which remains in full force and effect.

 

13.10.    Waiver.
No provision of the Agreement will be waived by any act, omission or knowledge of a Party or its agents or employees except
by an instrument in writing expressly waiving such provision and signed by a duly authorized officer of the waiving Party. The
failure of any Party to insist on the performance of any obligation hereunder shall not be deemed to be a waiver of such obligation.
Waiver of any breach of any provision hereof shall not be deemed to be a waiver of any other breach of such provision or any other
provision.

 

13.11.     Counterparts.
This Agreement may be executed in two (2) counterparts and by facsimile or electronic signature, each of which counterparts, when
so executed and delivered, will be deemed to be an original, and all of which counterparts, taken together, will constitute one
and the same instrument.

 

 

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IN WITNESS WHEREOF, the Parties have executed
this Agreement as of the Effective Date.

 

	Alan Buchman	 	Artara Therapeutics, Inc.
	 	 	 
	By:	/s/ Alan Buchman, M.D.	 	By:	 /s/Jesse Shefferman
	 	 	 
	Name:	Alan Buchman	 	Name:	Jesse Shefferman
	 	 	 
	Title:	 	 	Title:	C.E.O.

 

	 	9/27/2017

 

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Exhibit 1.7

 

Existing Study Data

 

[...***...]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00303-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00303-of-00352.parquet"}]]