Document:

Exhibit
10.8.2

 

FIRST
AMENDMENT TO LICENSE AGREEMENT

between

Vanderbilt
University

and

NephroGenex,
Inc.

 

This
First Amendment to the License Agreement (“First Amendment”) dated January 11, 2006 (the “Agreement”)
is made effective as of the 30th day of April, 2007 (“First Amendment Effective Date”) by and between
Vanderbilt University, a Tennessee not-for-profit corporation (“VANDERBILT”), and NephroGenex, Inc., a Delaware corporation
(“LICENSEE”).

 

VANDERBILT
and LICENSEE entered into a License Agreement, dated January 11, 2006. The parties now wish to further amend the Agreement in
accordance with Paragraph 12.7 of such Agreement, and agree that the Agreement is hereby amended as set forth below. Capitalized
terms used in this First Amendment that are not otherwise defined herein, shall have the respective meanings set forth in the
Agreement.

 

	1.		Definitions.

 

	a.		In
                                                                                                                                                                                                                                               Paragraph
                                                                                                                                                                                                                                               1.2,
                                                                                                                                                                                                                                               delete
                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                               definition
                                                                                                                                                                                                                                               of
                                                                                                                                                                                                                                                Fair
                                                                                                                                                                                                                                               Market
                                                                                                                                                                                                                                               Value.

 

	b.		In
                                                                                                                                                                                                                                               Paragraph
                                                                                                                                                                                                                                               1.
                                                                                                                                                                                                                                               Definitions,
                                                                                                                                                                                                                                               add
                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                               following
                                                                                                                                                                                                                                               definitions
                                                                                                                                                                                                                                               after
                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                               definition
                                                                                                                                                                                                                                               for
                                                                                                                                                                                                                                               Affiliate:

 

Combined
Product shall mean a Licensed Product (as defined herein) sold in combination with another drug approved by the United States
Food and Drug Administration or its foreign equivalent (“Other Product”) for a
single price.

 

Commercially
Reasonable Efforts shall mean efforts and resources commonly used by a party for a product owned by it or to which it has
rights at a similar stage in its development or product life and of similar market potential taking into account efficacy, safety,
the anticipated regulatory authority approved labeling, the competitiveness of alternative products in the marketplace or under
development, the patent and other proprietary position of the product, the likelihood of regulatory approval, the profitability
of the product and other relevant factors.

 

	c.		Paragraph
                                                                                                                                                                                                                                                                 1.3
                                                                                                                                                                                                                                                                 is
                                                                                                                                                                                                                                                                 hereby
                                                                                                                                                                                                                                                                 deleted
                                                                                                                                                                                                                                                                 and
                                                                                                                                                                                                                                                                 replaced
                                                                                                                                                                                                                                                                 in
                                                                                                                                                                                                                                                                 its
                                                                                                                                                                                                                                                                 entirety
                                                                                                                                                                                                                                                                 with
                                                                                                                                                                                                                                                                 the
                                                                                                                                                                                                                                                                 following
                                                                                                                                                                                                                                                                 definition
                                                                                                                                                                                                                                                                 for
                                                                                                                                                                                                                                                                 Field
                                                                                                                                                                                                                                                                 of
                                                                                                                                                                                                                                                                 Use:

 

Field
of Use shall mean therapeutic applications of pyridoxamine in acute renal failure and other types of acute and
chronic critical illnesses where
the occurrence of increased oxidative stress and elevated level of ‘reactive oxygen
species’ (hereinafter referred to as ROS) or a reduced anti-oxidative status is
described including without limitation sepsis, trauma, bum injury, acute pancreatitis, liver injury, diabetes, acute
respiratory distress syndrome, AIDS and kidney failure.

 

    	 

    	 

    

 

		d.	Paragraph
                                                                                                                                                                                                                            1.6
                                                                                                                                                                                                                            is
                                                                                                                                                                                                                            hereby
                                                                                                                                                                                                                            deleted
                                                                                                                                                                                                                            and
                                                                                                                                                                                                                            replaced
                                                                                                                                                                                                                            in
                                                                                                                                                                                                                            its
                                                                                                                                                                                                                            entirety
                                                                                                                                                                                                                            with
                                                                                                                                                                                                                            the
                                                                                                                                                                                                                            following
                                                                                                                                                                                                                            definition
                                                                                                                                                                                                                            for
                                                                                                                                                                                                                            Licensed
                                                                                                                                                                                                                            Product(s):

 

Licensed
Product(s) shall mean any product, the manufacture, use, sale or importation of which would, but for the license granted in
Paragraph 2.1 hereof, infringe on an issued, unexpired claim or pending claim contained in the Licensed Patent Rights in the country
in which any such product is made, used or sold, or made in accordance with or by means of process claimed in the Licensed Patent
Rights, whether or not such Licensed Product is used as a single agent and/or a Combined Product.

 

		e.	In
                                                                                                                                                                                                                            Paragraph
                                                                                                                                                                                                                            1.
                                                                                                                                                                                                                            Definitions,
                                                                                                                                                                                                                            add
                                                                                                                                                                                                                            the
                                                                                                                                                                                                                            following
                                                                                                                                                                                                                            definitions
                                                                                                                                                                                                                            after
                                                                                                                                                                                                                            the
                                                                                                                                                                                                                            definition
                                                                                                                                                                                                                            for
                                                                                                                                                                                                                            Licensed
                                                                                                                                                                                                                            Product(s):

 

Major
Markets shall mean one of the following countries: Japan,
France, Germany, Italy, Spain and the United Kingdom.

 

		f.	Paragraph
                                                                                                                                                                                                                            1.7
                                                                                                                                                                                                                            is
                                                                                                                                                                                                                            hereby
                                                                                                                                                                                                                            deleted
                                                                                                                                                                                                                            and
                                                                                                                                                                                                                            replaced
                                                                                                                                                                                                                            in
                                                                                                                                                                                                                            its
                                                                                                                                                                                                                            entirety
                                                                                                                                                                                                                            with
                                                                                                                                                                                                                            the
                                                                                                                                                                                                                            following
                                                                                                                                                                                                                            definition
                                                                                                                                                                                                                            for
                                                                                                                                                                                                                            Net
                                                                                                                                                                                                                            Sales:

 

Net
Sales shall mean the gross amount invoiced by LICENSEE or its Affiliates or sublicensees on account of sales of a Licensed
Product to third parties (including without limitation third party distributors and wholesalers), less the total of

 

(a)    trade,
cash, quantity or other discounts not already reflected in the invoice price;

 

(b)    excise,
sales and other consumption taxes (including VAT on the sales of Licensed Products) and custom duties to the extent included in
the invoice price;

 

(c)    freight,
insurance and other transportation charges to the extent included in the invoice price;

 

(d)    amounts
prepaid or credited by reason of rejections, defects, recalls or returns or because of chargebacks retroactive price reductions,
refunds or billing errors;

 

(e)    compulsory
payments and rebates directly related to the sale of a Licensed Product, which are accrued, paid or deducted pursuant to reimbursement
agreements (including, but not limited to, managed care agreements) or governmental regulations; and

 

    	2

    	 

    

 

(f)    commissions
that are directly attributable to a given sale and to brokers or agents who are not employees of LICENSEE.

 

Use
of Licensed Products for promotional or sampling purposes and for use in clinical trials contemplated under the Agreement shall
not be considered in determining Net Sales. In the case of any transfer of a Licensed Product between or among LICENSEE and its
Affiliates or sublicensees for resale, Net Sales shall be calculated as above only on the value charged or invoiced on the first
arm’s length sale thereafter to a third party.

 

	g.		Paragraph 1.8
is hereby deleted and replaced in its entirety with the following definition for Non-Commercial Research Purposes:

 

Non-Commercial
Research Purposes shall mean use of the Licensed Patent Rights on non-human subjects (unless otherwise agreed by the parties
in writing) for academic, research or other not-for-profit scholarly purposes which are undertaken at a non-profit or governmental
institution that does not use the Licensed Patent Rights in the production or manufacture of products for sale or for the performance
of services for a fee.

 

	h.		In
                                                                                                                                                                                                                                               Paragraph
                                                                                                                                                                                                                                               1.
                                                                                                                                                                                                                                               Definitions,
                                                                                                                                                                                                                                               add
                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                               following
                                                                                                                                                                                                                                               definition
                                                                                                                                                                                                                                               after
                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                               definition
                                                                                                                                                                                                                                               for
                                                                                                                                                                                                                                               Non-Commercial
                                                                                                                                                                                                                                               Research
                                                                                                                                                                                                                                               Purposes:

 

Primary
Indication shall mean acute renal failure.

 

	2.		Grant.
  Paragraph 2.7 is hereby deleted and replaced in its entirety with the following:

 

2.7
  Sublicensing by LICENSEE.

 

(a)          LICENSEE
has the right to grant royalty-bearing sublicense to independent third parties. No such sublicenses shall contain any terms and
conditions that detract from the rights of VANDERBILT under this Agreement, including the right to receive payment of royalties
and fees as set forth in this Agreement. LICENSEE’s obligation to meet the diligence requirements of Paragraph 3.1 shall
not be waived by any grant of any sublicense. LICENSEE agrees to acknowledge this Agreement in each sublicense. Copies of all
sublicense agreements shall be provided to VANDERBILT with thirty (30) days of execution. LICENSEE shall be permitted to redact
from all such copies any financial information which it considers to be confidential and that do not impact payments VANDERBILT
or otherwise impair VANDERBILT’s ability to confirm LICENSEE’s compliance with this Paragraph 2.7(a).

 

(b)          VANDERBILT
shall provide written notice to all sublicensees of which it has been made aware by LICENSEE pursuant to Paragraph 2.7(a) above
of any

 

    	3

    	 

    

 

termination
of this Agreement by VANDERBILT pursuant to Paragraph 4.2(a) or 4.2(b), at the last known address for each sublicense. In the
event of any termination of this Agreement all sublicenses which LICENSEE may have granted shall be terminated on the 90th
day following VANDERBILT’s mailing to any sublicensee notice of such termination, provided however, that any sublicensee
holding an exclusive license from LICENSEE may elect to continue to hold an exclusive license in the field of use granted to sublicensee
by LICENSEE by advising VANDERBILT in writing, within sixty (60) days
of the sublicensee’s receipt of written notice of such termination,
of its election, and of its agreement to assume in respect
to VANDERBILT all the obligations (including obligations for payment) contained in this License Agreement with LICENSEE.

 

	3.		Diligence.

 

	a.		Paragraph
                                                                                                                                                                                                                                               3.1
                                                                                                                                                                                                                                               is
                                                                                                                                                                                                                                               hereby
                                                                                                                                                                                                                                               deleted
                                                                                                                                                                                                                                               and
                                                                                                                                                                                                                                               replaced
                                                                                                                                                                                                                                               in
                                                                                                                                                                                                                                               its
                                                                                                                                                                                                                                               entirety
                                                                                                                                                                                                                                               with
                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                               following:

 

3.1    LICENSEE
shall use Commercially Reasonable Efforts to bring at least one Licensed Product to market and following receipt of a marketing
approval to continue marketing efforts for at least one Licensed Product throughout the life of this Agreement.

 

	b.		Paragraphs
                                                                                                                                                                                                                                               3.2
                                                                                                                                                                                                                                               and
                                                                                                                                                                                                                                               3.3
                                                                                                                                                                                                                                               are
                                                                                                                                                                                                                                               hereby
                                                                                                                                                                                                                                               deleted
                                                                                                                                                                                                                                               in
                                                                                                                                                                                                                                               their
                                                                                                                                                                                                                                               entirety.

 

	c.		Paragraph
                                                                                                                                                                                                                                               3.4
                                                                                                                                                                                                                                               is
                                                                                                                                                                                                                                               hereby
                                                                                                                                                                                                                                               deleted
                                                                                                                                                                                                                                               and
                                                                                                                                                                                                                                               replaced
                                                                                                                                                                                                                                               in
                                                                                                                                                                                                                                               its
                                                                                                                                                                                                                                               entirety
                                                                                                                                                                                                                                               with
                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                               following:

 

Failure
to Perform. LICENSEE’s failure to market and, following receipt of a marketing approval, to continue to market, at least
one Licensed Product throughout the term of this Agreement shall be grounds for VANDERBILT to terminate or render this license
nonexclusive. In making this determination, VANDERBILT shall take into account the normal course of such programs conducted with
sound and reasonable business practices, LICENSEE’s commercially reasonable efforts, and the reports provided hereunder
by LICENSEE.

 

	4.	 	Term and Termination.

 

	a.	 	The
    following language is hereby added at the end of Paragraph 4.3(c):

 

In
the event LICENSEE materially breaches or defaults in its performance under this Agreement with respect to a particular country,
the VANDERBILT’s right to terminate shall be limited to termination of the rights granted hereunder in such country only.

 

	b.		Paragraph
                                                                                                                                                                                                                                        4.4
                                                                                                                                                                                                                                        is
                                                                                                                                                                                                                                        hereby
                                                                                                                                                                                                                                        deleted
                                                                                                                                                                                                                                        and
                                                                                                                                                                                                                                        replaced
                                                                                                                                                                                                                                        in
                                                                                                                                                                                                                                        its
                                                                                                                                                                                                                                        entirety
                                                                                                                                                                                                                                        with
                                                                                                                                                                                                                                        the
                                                                                                                                                                                                                                        following:

 

    	4

    	 

    

 

4.4        Paragraphs.
Paragraphs 1, 4.3, 4.4, 10.2, 10.3, 10.4, 10.5, 11, 12.2, 12.7 of this Agreement shall survive
termination of this Agreement for the Territory or on a country-by-country basis.

 

	5.		Royalties
                                                                                                                                                                                                                                               and
                                                                                                                                                                                                                                               Milestones.

 

	a.		Paragraph
                                                                                                                                                                                                                                               6.1
                                                                                                                                                                                                                                               is
                                                                                                                                                                                                                                               hereby
                                                                                                                                                                                                                                               deleted
                                                                                                                                                                                                                                               and
                                                                                                                                                                                                                                               replaced
                                                                                                                                                                                                                                               in
                                                                                                                                                                                                                                               its
                                                                                                                                                                                                                                               entirety
                                                                                                                                                                                                                                               with
                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                               following:

 

	6.1		Payment
                                                                                                                                                                                                                                                Table.

 

	(a)		LICENSEE
                                                                                                                                                                                                                                                            will
                                                                                                                                                                                                                                                            pay
                                                                                                                                                                                                                                                            milestone
                                                                                                                                                                                                                                                            payments
                                                                                                                                                                                                                                                            and
                                                                                                                                                                                                                                                            royalties
                                                                                                                                                                                                                                                            according
                                                                                                                                                                                                                                                            to
                                                                                                                                                                                                                                                            the
                                                                                                                                                                                                                                                            following
                                                                                                                                                                                                                                                            table:

 

	 	(i)	Completion
    of first preclinical IND enabling studies that incorporates Licensed Product for the Primary Indication and the filing of
    an IND with the appropriate regulatory in the US or a Major Market country:	$25,000
	 	 	 	 
	 	(ii)	Commencement
    of the first Phase 1 clinical trial in the US or a Major Market country that incorporates the Licensed Product for the Primary
    Indication as demonstrated by filing and acceptance of a Phase I protocol with the appropriate regulatory agency and dosing
    of the first patient:	$50,000
	 	 	 	 
	 	(iii)	Commencement
    of the first Phase II clinical trial in the US or a Major Market country that incorporates the Licensed Product for the Primary
    Indication as demonstrated by filing and acceptance of a Phase II protocol with the appropriate regulatory agency and dosing
    of the first patient:	$100,000
    worth of common stock based on the preferred price at the most recent capital raise, provided, such stock is subject to the
    same terms and conditions as stock held by other shareholder invested in the same class of stock
	 	 	 	 
	 	(iv)	Commencement
    of the first Phase III clinical trial in the US or a Major Market country that incorporates the Licensed Product for the Primary	$350,000

 

    	5

    	 

    

  

	 	 	Indication
    as demonstrated by filing a Phase III protocol with the appropriate regulatory agency and dosing of the first patient:	 
	 	 	 	 
	 	(v)	First
    commercial sale of the first drug approved by the FDA that incorporates a Licensed Product:	$1,000,000
    half of which is directly creditable against the Royalty on Net Sales due to VANDERBILT under 6.1(a)(vi) below.
	 	 	 	 
	 	(vi)	Royalty
    on Net Sales	3%
    Royalty on Net Sales, subject to Paragraph 6.1(d) below

 

Licensed
Products shall be deemed sold when Licensee receives payment
therefor. For each milestone in Paragraph 6.1(a)(i) – (v), milestones will only
apply to the first Licensed Product
to achieve the applicable milestone and not to any subsequent Licensed Products or
other indications. All milestone payments will apply whether Licensed Products are single or Combined Products; provided,
however, that if a milestone has first been paid for a Licensed Product, the same milestone will not be payable for a
Combined Product which incorporates the Licensed Product.

 

(b)       In
the event that a Licensed Product is sold as a Combined Product, then the following will be used to determine the portion of the
combined Net Sales for the Combined Product that is attributable to the Licensed Product.

 

	(i)		If
                                                                                                                                                                                                                                                       the
                                                                                                                                                                                                                                                       Other
                                                                                                                                                                                                                                                       Product
                                                                                                                                                                                                                                                       and
                                                                                                                                                                                                                                                       the
                                                                                                                                                                                                                                                       Licensed
                                                                                                                                                                                                                                                       Product
                                                                                                                                                                                                                                                       both
                                                                                                                                                                                                                                                       have
                                                                                                                                                                                                                                                       bona fide
                                                                                                                                                                                                                                                       commercial
                                                                                                                                                                                                                                                       sales
                                                                                                                                                                                                                                                       in
                                                                                                                                                                                                                                                       such
                                                                                                                                                                                                                                                       country
                                                                                                                                                                                                                                                       on
                                                                                                                                                                                                                                                       a
                                                                                                                                                                                                                                                       standalone
                                                                                                                                                                                                                                                       basis,
                                                                                                                                                                                                                                                       then
                                                                                                                                                                                                                                                       the
                                                                                                                                                                                                                                                       following
                                                                                                                                                                                                                                                       will
                                                                                                                                                                                                                                                       apply.
                                                                                                                                                                                                                                                       For
                                                                                                                                                                                                                                                       purposes
                                                                                                                                                                                                                                                       of
                                                                                                                                                                                                                                                       the
                                                                                                                                                                                                                                                       following
                                                                                                                                                                                                                                                       equation,
                                                                                                                                                                                                                                                       “A”
                                                                                                                                                                                                                                                       will
                                                                                                                                                                                                                                                       mean
                                                                                                                                                                                                                                                       the
                                                                                                                                                                                                                                                       median
                                                                                                                                                                                                                                                       selling
                                                                                                                                                                                                                                                       price
                                                                                                                                                                                                                                                       of
                                                                                                                                                                                                                                                       the
                                                                                                                                                                                                                                                       Licensed
                                                                                                                                                                                                                                                       Product
                                                                                                                                                                                                                                                       in
                                                                                                                                                                                                                                                       the
                                                                                                                                                                                                                                                       applicable
                                                                                                                                                                                                                                                       country
                                                                                                                                                                                                                                                       over
                                                                                                                                                                                                                                                       the
                                                                                                                                                                                                                                                       previous
                                                                                                                                                                                                                                                       calendar
                                                                                                                                                                                                                                                       quarter.
                                                                                                                                                                                                                                                       “B”
                                                                                                                                                                                                                                                       will
                                                                                                                                                                                                                                                       mean
                                                                                                                                                                                                                                                       the
                                                                                                                                                                                                                                                       median
                                                                                                                                                                                                                                                       selling
                                                                                                                                                                                                                                                       price
                                                                                                                                                                                                                                                       of
                                                                                                                                                                                                                                                       the
                                                                                                                                                                                                                                                       Other
                                                                                                                                                                                                                                                       Product
                                                                                                                                                                                                                                                       in
                                                                                                                                                                                                                                                       the
                                                                                                                                                                                                                                                       applicable
                                                                                                                                                                                                                                                       country
                                                                                                                                                                                                                                                       over
                                                                                                                                                                                                                                                       the
                                                                                                                                                                                                                                                       previous
                                                                                                                                                                                                                                                       calendar
                                                                                                                                                                                                                                                       quarter,
                                                                                                                                                                                                                                                       provided
                                                                                                                                                                                                                                                       that
                                                                                                                                                                                                                                                       if
                                                                                                                                                                                                                                                       the
                                                                                                                                                                                                                                                       Other
                                                                                                                                                                                                                                                       Product
                                                                                                                                                                                                                                                       is
                                                                                                                                                                                                                                                       sold
                                                                                                                                                                                                                                                       as
                                                                                                                                                                                                                                                       a
                                                                                                                                                                                                                                                       generic
                                                                                                                                                                                                                                                       product,
                                                                                                                                                                                                                                                       then
                                                                                                                                                                                                                                                       the
                                                                                                                                                                                                                                                       price
                                                                                                                                                                                                                                                       used
                                                                                                                                                                                                                                                       for
                                                                                                                                                                                                                                                       the
                                                                                                                                                                                                                                                       foregoing
                                                                                                                                                                                                                                                       calculation
                                                                                                                                                                                                                                                       will
                                                                                                                                                                                                                                                       be
                                                                                                                                                                                                                                                       the
                                                                                                                                                                                                                                                       median
                                                                                                                                                                                                                                                       selling
                                                                                                                                                                                                                                                       price
                                                                                                                                                                                                                                                       for
                                                                                                                                                                                                                                                       the
                                                                                                                                                                                                                                                       generic
                                                                                                                                                                                                                                                       product.
                                                                                                                                                                                                                                                       In
                                                                                                                                                                                                                                                       such
                                                                                                                                                                                                                                                       an
                                                                                                                                                                                                                                                       instance,
                                                                                                                                                                                                                                                       the
                                                                                                                                                                                                                                                       portion
                                                                                                                                                                                                                                                       of
                                                                                                                                                                                                                                                       Net
                                                                                                                                                                                                                                                       Sales
                                                                                                                                                                                                                                                       attributable
                                                                                                                                                                                                                                                       to
                                                                                                                                                                                                                                                       the
                                                                                                                                                                                                                                                       Licensed
                                                                                                                                                                                                                                                       Product
                                                                                                                                                                                                                                                       will
                                                                                                                                                                                                                                                       equal
                                                                                                                                                                                                                                                       A/(A+B).

 

	(ii)		If
                                                                                                                                                                                                                                          the
                                                                                                                                                                                                                                          Licensed
                                                                                                                                                                                                                                          Product
                                                                                                                                                                                                                                          has
                                                                                                                                                                                                                                          bona fide
                                                                                                                                                                                                                                          commercial
                                                                                                                                                                                                                                          sales
                                                                                                                                                                                                                                          in
                                                                                                                                                                                                                                          such
                                                                                                                                                                                                                                          country
                                                                                                                                                                                                                                          on
                                                                                                                                                                                                                                          a
                                                                                                                                                                                                                                          standalone
                                                                                                                                                                                                                                          basis,
                                                                                                                                                                                                                                          but
                                                                                                                                                                                                                                          the
                                                                                                                                                                                                                                          Other
                                                                                                                                                                                                                                          Product
                                                                                                                                                                                                                                          does
                                                                                                                                                                                                                                          not,

 

    	6

    	 

    

  

			then
                                                                                                                                                                      the
                                                                                                                                                                      following
                                                                                                                                                                      will
                                                                                                                                                                      apply.
                                                                                                                                                                      “A”
                                                                                                                                                                      will
                                                                                                                                                                      mean
                                                                                                                                                                      the
                                                                                                                                                                      median
                                                                                                                                                                      selling
                                                                                                                                                                      price
                                                                                                                                                                      of
                                                                                                                                                                      the
                                                                                                                                                                      Licensed
                                                                                                                                                                      Product
                                                                                                                                                                      on
                                                                                                                                                                      a
                                                                                                                                                                      standalone
                                                                                                                                                                      basis
                                                                                                                                                                      in
                                                                                                                                                                      the
                                                                                                                                                                      applicable
                                                                                                                                                                      country
                                                                                                                                                                      over
                                                                                                                                                                      the
                                                                                                                                                                      previous
                                                                                                                                                                      calendar
                                                                                                                                                                      quarter.
                                                                                                                                                                      “C”
                                                                                                                                                                      will
                                                                                                                                                                      mean
                                                                                                                                                                      the
                                                                                                                                                                      Combined
                                                                                                                                                                      Product
                                                                                                                                                                      selling
                                                                                                                                                                      price.
                                                                                                                                                                      In
                                                                                                                                                                      such
                                                                                                                                                                      an
                                                                                                                                                                      instance,
                                                                                                                                                                      the
                                                                                                                                                                      portion
                                                                                                                                                                      of
                                                                                                                                                                      Net
                                                                                                                                                                      Sales
                                                                                                                                                                      attributable
                                                                                                                                                                      to
                                                                                                                                                                      the
                                                                                                                                                                      Licensed
                                                                                                                                                                      Product
                                                                                                                                                                      will
                                                                                                                                                                      equal
                                                                                                                                                                      A/C.

 

	(iii)		If
                                                                                                                                                                                                                                           the

                                                                                                                                                                                                                                           Other
                                                                                                                                                                                                                                           Product
                                                                                                                                                                                                                                           has
                                                                                                                                                                                                                                           bona
                                                                                                                                                                                                                                           fide
                                                                                                                                                                                                                                           commercial
                                                                                                                                                                                                                                           sales
                                                                                                                                                                                                                                           in
                                                                                                                                                                                                                                           such
                                                                                                                                                                                                                                           country
                                                                                                                                                                                                                                           on
                                                                                                                                                                                                                                           a
                                                                                                                                                                                                                                           standalone
                                                                                                                                                                                                                                           basis,
                                                                                                                                                                                                                                           but
                                                                                                                                                                                                                                           the
                                                                                                                                                                                                                                           Licensed
                                                                                                                                                                                                                                           Product
                                                                                                                                                                                                                                           does
                                                                                                                                                                                                                                           not,
                                                                                                                                                                                                                                           then
                                                                                                                                                                                                                                           the
                                                                                                                                                                                                                                           following
                                                                                                                                                                                                                                           will
                                                                                                                                                                                                                                           apply.
                                                                                                                                                                                                                                           “B”
                                                                                                                                                                                                                                           will
                                                                                                                                                                                                                                           mean
                                                                                                                                                                                                                                           the
                                                                                                                                                                                                                                           median
                                                                                                                                                                                                                                           selling
                                                                                                                                                                                                                                           price
                                                                                                                                                                                                                                           of
                                                                                                                                                                                                                                           the
                                                                                                                                                                                                                                           Other
                                                                                                                                                                                                                                           Product
                                                                                                                                                                                                                                           in
                                                                                                                                                                                                                                           the
                                                                                                                                                                                                                                           applicable
                                                                                                                                                                                                                                           country
                                                                                                                                                                                                                                           over
                                                                                                                                                                                                                                           the
                                                                                                                                                                                                                                           previous
                                                                                                                                                                                                                                           calendar
                                                                                                                                                                                                                                           quarter,
                                                                                                                                                                                                                                           provided
                                                                                                                                                                                                                                           that
                                                                                                                                                                                                                                           if
                                                                                                                                                                                                                                           the
                                                                                                                                                                                                                                           Other
                                                                                                                                                                                                                                           Product
                                                                                                                                                                                                                                           is
                                                                                                                                                                                                                                           sold
                                                                                                                                                                                                                                           as
                                                                                                                                                                                                                                           a
                                                                                                                                                                                                                                           generic
                                                                                                                                                                                                                                           product,
                                                                                                                                                                                                                                           then
                                                                                                                                                                                                                                           the
                                                                                                                                                                                                                                           price
                                                                                                                                                                                                                                           used
                                                                                                                                                                                                                                           for
                                                                                                                                                                                                                                           the
                                                                                                                                                                                                                                           following
                                                                                                                                                                                                                                           calculation
                                                                                                                                                                                                                                           will
                                                                                                                                                                                                                                           be
                                                                                                                                                                                                                                           the
                                                                                                                                                                                                                                           median
                                                                                                                                                                                                                                           selling
                                                                                                                                                                                                                                           price
                                                                                                                                                                                                                                           for
                                                                                                                                                                                                                                           the
                                                                                                                                                                                                                                           generic
                                                                                                                                                                                                                                           product.
                                                                                                                                                                                                                                           “C”
                                                                                                                                                                                                                                           will
                                                                                                                                                                                                                                           equal
                                                                                                                                                                                                                                           the
                                                                                                                                                                                                                                           Combined
                                                                                                                                                                                                                                           Product
                                                                                                                                                                                                                                           selling
                                                                                                                                                                                                                                           price.
                                                                                                                                                                                                                                           In
                                                                                                                                                                                                                                           such
                                                                                                                                                                                                                                           an
                                                                                                                                                                                                                                           instance,
                                                                                                                                                                                                                                           the
                                                                                                                                                                                                                                           portion
                                                                                                                                                                                                                                           of
                                                                                                                                                                                                                                           Net
                                                                                                                                                                                                                                           Sales
                                                                                                                                                                                                                                           attributable
                                                                                                                                                                                                                                           to
                                                                                                                                                                                                                                           the
                                                                                                                                                                                                                                           Licensed
                                                                                                                                                                                                                                           Product
                                                                                                                                                                                                                                           will
                                                                                                                                                                                                                                           equal
                                                                                                                                                                                                                                           1-(B/C).

 

(c)          From
the First Amendment Effective Date, through the time a claim in the Licensed Patent Rights issues in a Major Market Country, LICENSEE
shall pay to VANDERBILT an annual license maintenance fee of $10,000. After the time such a claim issues and until the first commercial
sale of a Licensed Product in the United States or a Major Market country, LICENSEE shall pay to VANDERBILT an annual license
maintenance fee of $25,000, provided that if any of the milestone payments set forth in Paragraph 6.1(a)(i) – (v) are made in
the twelve month period prior to the annual license maintenance fee due date, no annual license maintenance fee shall be paid.
Annual license maintenance fees shall be payable no later than December 31 of each calendar year following the First Amendment
Effective Date. No annual maintenance fees shall be due after the first commercial sale of a Licensed Product in a Major Market
Country.

 

(d)          If
in order to develop or commercialize Licensed Products hereunder, it is necessary or desirable for LICENSEE to license rights
from third parties and LICENSEE pays any royalties on Net Sales to such third parties, then LICENSEE shall be entitled to deduct
fifty percent (50%) of such royalties paid to third parties from the Royalties due under Section 6.1(a)(vi), provided that the
royalty paid to VANDERBILT shall in no event be less than two percent (2%) of Net Sales.

 

(e)  VANDERBILT
may not assign, transfer or otherwise delegate its rights to royalties or any other payment under this Agreement without the prior
written consent of LICENSEE.

 

	b.		Paragraph
                                                                                                                                                                                                                                        6.2
                                                                                                                                                                                                                                        is
                                                                                                                                                                                                                                        hereby
                                                                                                                                                                                                                                        deleted
                                                                                                                                                                                                                                        and
                                                                                                                                                                                                                                        replaced
                                                                                                                                                                                                                                        in
                                                                                                                                                                                                                                        its
                                                                                                                                                                                                                                        entirety
                                                                                                                                                                                                                                        with
                                                                                                                                                                                                                                        the
                                                                                                                                                                                                                                        following:

 

    	7

    	 

    

 

In
the event that LICENSEE or a sublicensee of Licensed Product marketing rights grants a subsequent sublicense for development and/or
commercialization of a Licensed Product for acute renal failure (the “Acute Renal Failure Licensed Product Sublicense”),
then LICENSEE shall pay VANDERBILT (a) twenty-five percent (25%) of any Non-Royalty Sublicense Fees (defined below), including
any Acute Renal Failure Licensed Product Sublicense granted by Affiliates of LICENSEE (the “Non-royalty Sublicense Fees”),
if the Acute Renal Failure Licensed Product Sublicense is granted before IV formulation is complete, (b) twenty percent (20%)
of the Non-royalty Sublicense Fees if the Acute Renal Failure Licensed Product Sublicense is granted after IV formulation is complete
but before completion of the Phase I Clinical Trial with the IV formulation, (c) fifteen percent (15%) of the Non-royalty Sublicense
Fees if the Acute Renal Failure Licensed Product Sublicense is granted after the Phase I Clinical Trial is complete with the IV
formulation but before completion of the Phase II Clinical Trial with the IV formulation, (d) ten percent (10%) of the Non-royalty
Sublicense Fees if the Acute Renal Failure Licensed Product Sublicense is granted after the Phase II Clinical Trial is complete
with the IV formulation but before complete of the Phase III Clinical Trial with the IV formulation, and (e) five percent (5%)
of the Non-royalty Sublicense Fees if the Acute Renal Failure Licensed Product Sublicense is granted after completion of the Phase
III Clinical Trial is complete with the IV formulation. “Non-royalty Sublicense Fees” means any upfront cash payments
or forgivable loans received upon execution of a Sublicense, but shall not include milestone payments; bona fide equity investments;
research, development, or other funding of clinical development, regulatory filings, manufacturing, sales or marketing; advances
against milestones or royalties; non-cash consideration; barter exchanges; royalties and other like payments. Notwithstanding
the foregoing, in the event that LICENSEE is required to pay other licensors a percentage of the Upfront Sublicense Fees, the
amounts payable hereunder shall be reduced such that the cumulative payment by LICENSEE to all licensors shall not be more than
the percentage specified above, provided that the percentage due to VANDERBILT shall in no event be less than the percentage specified
above divided by the total number of licensors to which such payments are due. For example,

 

	6.		Equity.

 

	a.		Clause
                                                                                                                                                                                                                                        (A)
                                                                                                                                                                                                                                        of
                                                                                                                                                                                                                                        Paragraph
                                                                                                                                                                                                                                        6.7(ii)(A)
                                                                                                                                                                                                                                        of
                                                                                                                                                                                                                                        the
                                                                                                                                                                                                                                        Agreement
                                                                                                                                                                                                                                        is
                                                                                                                                                                                                                                        hereby
                                                                                                                                                                                                                                        deleted
                                                                                                                                                                                                                                        and
                                                                                                                                                                                                                                        replaced
                                                                                                                                                                                                                                        in
                                                                                                                                                                                                                                        its
                                                                                                                                                                                                                                        entirety
                                                                                                                                                                                                                                        with
                                                                                                                                                                                                                                        the
                                                                                                                                                                                                                                        following
                                                                                                                                                                                                                                        new
                                                                                                                                                                                                                                        clause
                                                                                                                                                                                                                                        (A)
                                                                                                                                                                                                                                        of
                                                                                                                                                                                                                                        Paragraph
                                                                                                                                                                                                                                        6.7(ii)(A):

 

(A)                    
 shares of Common Stock (which number
of shares equals, as of the first closing of the Qualified Private Financing (as defined below), two percent (2.0%) of
the aggregate number of then outstanding shares of Common Stock of LICENSEE, calculated on a fully-diluted basis assuming the
exercise and/or conversion of all then outstanding securities exercisable for or convertible into

 

    	8

    	 

    

 

Common
Stock, whether or not such securities are currently exercisable or convertible, and assuming that such conversions and/or exercises
are effected for the maximum number of shares exercisable under all such then outstanding securities) minus. As used herein, “Qualified
Private Financing” means LICENSEE’s sale of its Series A Preferred Stock pursuant to that certain Series A
Preferred Stock Purchase Agreement, dated on or about                  
                  ,
2007, between LICENSEE and the purchasers named therein.

 

		b.	Paragraph
                                                                                                                                                                                                                     6.7(ii)(B)
                                                                                                                                                                                                                     of
                                                                                                                                                                                                                     the
                                                                                                                                                                                                                     Agreement
                                                                                                                                                                                                                     is
                                                                                                                                                                                                                     hereby
                                                                                                                                                                                                                     deleted
                                                                                                                                                                                                                     and
                                                                                                                                                                                                                     replaced
                                                                                                                                                                                                                     in
                                                                                                                                                                                                                     its
                                                                                                                                                                                                                     entirety
                                                                                                                                                                                                                     with
                                                                                                                                                                                                                     the
                                                                                                                                                                                                                     following
                                                                                                                                                                                                                     new
                                                                                                                                                                                                                     Paragraph
                                                                                                                                                                                                                     6.7(ii)(B):

 

Without
further action by either LICENSEE or VANDERBILT, the Warrant shall automatically be deemed to have been exercised in full on the
date on which LICENSEE consummates the first closing of the Qualified Private Financing for the maximum number of shares then
acquirable thereunder (giving effect to LICENSEES sale of its Series A Preferred Stock at, and only at, such first closing of
the Qualified Private Financing).

 

		c.	Paragraph
                                                                                                                                                                                                                     6.7(ii)(C)
                                                                                                                                                                                                                     of
                                                                                                                                                                                                                     the
                                                                                                                                                                                                                     Agreement
                                                                                                                                                                                                                     is
                                                                                                                                                                                                                     hereby
                                                                                                                                                                                                                     is
                                                                                                                                                                                                                     hereby
                                                                                                                                                                                                                     deleted
                                                                                                                                                                                                                     and
                                                                                                                                                                                                                     replaced
                                                                                                                                                                                                                     in
                                                                                                                                                                                                                     its
                                                                                                                                                                                                                     entirety
                                                                                                                                                                                                                     with
                                                                                                                                                                                                                     the
                                                                                                                                                                                                                     following
                                                                                                                                                                                                                     new
                                                                                                                                                                                                                     Paragraph
                                                                                                                                                                                                                     6.7(ii)(C):

 

For
the avoidance of doubt, it is the parties’ intent that the interest in LICENSEE acquired by VANDERBILT under Paragraphs
6.7(i) and (ii) not be diluted below 2.0% of the aggregate number of then outstanding shares of Common Stock of LICENSEE, calculated
on a fully-diluted basis assuming the exercise and/or conversion of all then outstanding securities exercisable for or convertible
into Common Stock then outstanding as of and after giving effect to, and only to, the first closing of the Qualified Private Financing,
whether or not such securities are currently exercisable or convertible. Following the first closing of the Qualified Private
Financing no further dilution adjustment shall be made to the shares of Common Stock acquired by VANDERBILT under Paragraphs 6.7(i)
and (ii) and VANDERBILT shall thereafter be subject to dilution in the same manner as any other holder of Common Stock.

 

	d.		Paragraph
                                                                                                                                                                                                                                               6.7(iii)
                                                                                                                                                                                                                                               of
                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                               Agreement
                                                                                                                                                                                                                                               is
                                                                                                                                                                                                                                               hereby
                                                                                                                                                                                                                                               deleted
                                                                                                                                                                                                                                               in
                                                                                                                                                                                                                                               its
                                                                                                                                                                                                                                               entirety.

 

	7.		Prosecution.
  The following language is added to the end of Paragraph 7.1:

 

VANDERBILT
may, in its discretion, decline to apply for, prosecute or maintain any Licensed Patent Rights in any country, but shall give
timely (in light of any applicable filing deadlines) notice to LICENSEE of any such determination, whereupon LICENSEE may (but
shall not be obligated to) undertake such action, in the name and on behalf of VANDERBILT, at it own expense. VANDERBILT

 

    	9

    	 

    

 

agrees
to cooperate with LICENSEE as reasonably necessary to permit LICENSEE to be able to prosecute or maintain any Licensed Patent
Rights in those countries that VANDERBILT declines to undertake action.

 

	8.		Infringement.

 

	a.		The
                                                                                                                                                                                                                                               following
                                                                                                                                                                                                                                               language
                                                                                                                                                                                                                                               is
                                                                                                                                                                                                                                               added
                                                                                                                                                                                                                                               to
                                                                                                                                                                                                                                               Paragraph
                                                                                                                                                                                                                                               9.2:

 

If
required by law, VANDERBILT shall permit any such action to be brought in its name, including being joined as a party-plaintiff.

 

	b.		Paragraph
                                                                                                                                                                                                                                               9.4
                                                                                                                                                                                                                                               is
                                                                                                                                                                                                                                               deleted
                                                                                                                                                                                                                                               and
                                                                                                                                                                                                                                               replaced
                                                                                                                                                                                                                                               with
                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                               following:

 

9.4.        Damages.        In
any legal proceeding brought by LICENSEE, VANDERBILT or jointly by LICENSEE and VANDERBILT pursuant to this Article 9, any recovery
or proceeds of such proceeding, whether characterized as damages, costs, attorneys’ fee awards or otherwise, shall be distributed
as follows: (a)    each
party shall first be reimbursed pro rata for its reasonable
attorneys’ fees and out-of-pocket expenses actually incurred in
connection with the proceeding; (b)   VANDERBILT shall then be entitled to collect
any amounts deducted from LICENSEE’s royalties pursuant to the royalty reduction in Paragraph 9.5 herein; and (c) the balance,
if any, will be divided (i) seventy-five percent (75%) to the party undertaking the proceeding or settlement and (ii) twenty-five
percent (25%) to the other party.

 

	c.		Paragraph
                                                                                                                                                                                                                                               9.5
                                                                                                                                                                                                                                               is
                                                                                                                                                                                                                                               revised
                                                                                                                                                                                                                                               as
                                                                                                                                                                                                                                               follows:

 

9.5        Reduction
of Royalties. If LICENSEE initiates legal proceeding under Paragraph 9.4 in any country and VANDERBILT does not voluntarily
join the proceeding after being offered the opportunity to do so, LICENSEE may deduct one half of LICENSEE’s documented
costs and expenses of the proceeding (including reasonable attorney fees) from running royalties payable to VANDERBILT under Paragraph
6.1 of this Agreement from sales of Licensed Products covered by the patent(s)-in-suit. LICENSEE’s right to reduce royalty
payments to VANDERBILT under this Paragraph 9.5 applies only for so long as the legal proceeding continues. Any reduction of Royalties
described above in this Paragraph 9.5 does not apply if VANDERBILT is involuntarily forced to join a legal proceeding in under
Paragraph 9.4.

 

	9.		Warranties
                                                                                                                                                                                                                                               and
                                                                                                                                                                                                                                               Indemnities.                                                                                                                                                                                                                                           Paragraph
                                                                                                                                                                                                                                               10.3(a)
                                                                                                                                                                                                                                               is
                                                                                                                                                                                                                                               hereby
                                                                                                                                                                                                                                               deleted
                                                                                                                                                                                                                                               and
                                                                                                                                                                                                                                               replaced
                                                                                                                                                                                                                                               in
                                                                                                                                                                                                                                               its
                                                                                                                                                                                                                                               entirety
                                                                                                                                                                                                                                               with
                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                               following:

 

(a)  LICENSEE
shall indemnify, defend and hold harmless VANDERBILT and its trustees, officers, faculty, staff, employees, students, agents and
representatives

 

    	10

    	 

    

 

and
their respective successors, heirs and assigns (the “Indemnitees”) against any third party liability, damage, loss
or expenses (including reasonable attorney’s fees and expense of litigation) incurred by or imposed upon the Indemnitees
or any one of them in connection with any third party claims, suits, actions, demands or judgment arising out of any theory of
law (including but not limited to, actions in the form of tort, warranty, liability or strict liability) concerning any product,
process or service made, used or sold pursuant to any right or license granted under this Agreement. Such indemnity obligations
shall include claims and expenses related to infringement of a third party’s rights by the Licensed Product. Notwithstanding
the foregoing, in no event shall LICENSEE be obligated to indemnify any Indemnitee for any amount to the extent that such amount
arises from the willful misconduct of any Indemnitee.

 

	10.		Use
                                                                                                                                                                                                                                                of
                                                                                                                                                                                                                                                Vanderbilt’s
                                                                                                                                                                                                                                                Name.                                                                                                                                                                                                                                               Delete
                                                                                                                                                                                                                                                the
                                                                                                                                                                                                                                                following
                                                                                                                                                                                                                                                language
                                                                                                                                                                                                                                                from
                                                                                                                                                                                                                                                Paragraph
                                                                                                                                                                                                                                                11.1:

 

in
a business plan.

 

	11.		Terms
                                                                                                                                                                                                                                                and
                                                                                                                                                                                                                                                Conditions.

 

	a.		Paragraph
                                                                                                                                                                                                                                               12.6
                                                                                                                                                                                                                                               is
                                                                                                                                                                                                                                               hereby
                                                                                                                                                                                                                                               deleted
                                                                                                                                                                                                                                               and
                                                                                                                                                                                                                                               replaced
                                                                                                                                                                                                                                               in
                                                                                                                                                                                                                                               its
                                                                                                                                                                                                                                               entirety
                                                                                                                                                                                                                                               with
                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                               following:

 

12.6     Assignments.
This Agreement may not be assigned by either party without the written prior consent of the other party, which consent
shall not be unreasonably withheld. The parties hereto agree that each is acting as an independent contractor and not as an
agent of the other or as joint venturers. Notwithstanding the foregoing, LICENSEE may, without VANDERBILT’s consent,
assign this Agreement or any rights and obligations contemplated herein to
an Affiliate of LICENSEE or to a successor of LICENSEE in connection with a sale of
all or substantially all of the assets of LICENSEE to which this Agreement relates, merger, acquisition or other
corporate reorganization, upon giving written notice thereof to VANDERBILT.

 

	b.		The
                                                                                                                                                                                                                                        following
                                                                                                                                                                                                                                        new
                                                                                                                                                                                                                                        Paragraphs
                                                                                                                                                                                                                                        are
                                                                                                                                                                                                                                        hereby
                                                                                                                                                                                                                                        inserted
                                                                                                                                                                                                                                        after
                                                                                                                                                                                                                                        Paragraph
                                                                                                                                                                                                                                        12.10:

 

12.11   Stockholder
Agreements.       VANDERBILT acknowledges that, notwithstanding anything further contained in
the Agreement or the Warrant, as a condition to the issuance of Common Stock to VANDERBILT, it shall be required to become party
as a “Common Holder” to that certain Voting Agreement,
dated on or about                               ,
2007, between LICENSEE and the stockholders named therein, and that certain First Refusal and
Co-Sale Agreement, dated on or about                               , 2007,
between LICENSEE and the stockholders named therein.

 

12.13   Market
Stand-Off Agreement.

 

    	11

    	 

    

 

(a)  VANDERBILT
acknowledges and agrees with respect to all shares of Common Stock held by it that it will not, without the prior written
consent of the managing underwriter, during the period commencing on the date of the final prospectus relating to LICENSEE’s
initial public offering and ending on the date specified by LICENSEE and the managing underwriter (such period not to exceed 180
days) (A) lend, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract
to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any shares
of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock held immediately prior to the
effectiveness of the registration statement for such offering, or (B) enter into any swap or other arrangement that transfers
to another, in whole or in part, any of the economic consequences of ownership of the Common Stock, whether any such transaction
described in clause (A) or .(B) above is to be settled by delivery of Common Stock or other securities, in cash or otherwise.
The foregoing provisions of this market stand-off agreement shall apply only to the LICENSEE’s initial offering of equity
securities, shall not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement, and shall only
be applicable to VANDERBILT if all officers, directors and greater than one percent (1%) stockholders of LICENSEE enter into similar
agreements. The underwriters in connection with LICENSEE’s initial public offering are intended third-party beneficiaries
of this market stand-off agreement and shall have the right, power and authority to enforce the provisions hereof as though they
were a party hereto. VANDERBILT further agrees to execute such agreements as may be reasonably requested by the underwriters in
LICENSEE’s initial public offering that are consistent with this market stand-off agreement or that are necessary to give
further effect thereto.

 

In
order to enforce the foregoing covenant, LICENSEE may impose stop-transfer instructions with respect to the Common Stock subject
to the foregoing restriction until the end of such period.

 

(b)  VANDERBILT
agrees that a legend reading substantially as follows shall be placed on all certificates representing the shares of Common Stock
issued to it pursuant to this Agreement and the Warrant:

 

“THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A LOCK-UP PERIOD OF UP TO 180 DAYS AFTER THE EFFECTIVE DATE OF THE ISSUER’S
REGISTRATION STATEMENT FILED UNDER THE ACT, AS AMENDED, AS SET FORTH IN AN AGREEMENT BETWEEN THE COMPANY AND THE ORIGINAL HOLDER
OF THESE

 

    	12

    	 

    

 

SECURITIES,
A COPY OF WHICH MAY BE OBTAINED AT THE ISSUER’S PRINCIPAL OFFICE. SUCH LOCK-UP PERIOD IS BINDING ON TRANSFEREES OF
THESE SHARES.”

 

	12.		Warrant
to Purchase Stock.

 

	a.		Clause
                                                                                                                                                                                                                                                      (A)
                                                                                                                                                                                                                                                      of
                                                                                                                                                                                                                                                      Section
                                                                                                                                                                                                                                                      1
                                                                                                                                                                                                                                                      of
                                                                                                                                                                                                                                                      the
                                                                                                                                                                                                                                                      Warrant,
                                                                                                                                                                                                                                                      issued
                                                                                                                                                                                                                                                      by
                                                                                                                                                                                                                                                      LICENSEE
                                                                                                                                                                                                                                                      to
                                                                                                                                                                                                                                                      VANDERBILT
                                                                                                                                                                                                                                                      on
                                                                                                                                                                                                                                                      or
                                                                                                                                                                                                                                                      about
                                                                                                                                                                                                                                                      February
                                                                                                                                                                                                                                                      11,
                                                                                                                                                                                                                                                      2006
                                                                                                                                                                                                                                                      (the
                                                                                                                                                                                                                                                      “Warrant”),
                                                                                                                                                                                                                                                      is
                                                                                                                                                                                                                                                      hereby
                                                                                                                                                                                                                                                      deleted
                                                                                                                                                                                                                                                      and
                                                                                                                                                                                                                                                      replaced
                                                                                                                                                                                                                                                      in
                                                                                                                                                                                                                                                      its
                                                                                                                                                                                                                                                      entirety
                                                                                                                                                                                                                                                      with
                                                                                                                                                                                                                                                      the
                                                                                                                                                                                                                                                      following
                                                                                                                                                                                                                                                      new
                                                                                                                                                                                                                                                      clause
                                                                                                                                                                                                                                                      (A)
                                                                                                                                                                                                                                                      of
                                                                                                                                                                                                                                                      Section
                                                                                                                                                                                                                                                      1:

 

(A)     ___________
  shares of Company’s Common Stock (which number of
shares equals, as of the first closing of the Qualified Private Financing (as defined below), two percent
(2.0%) of the aggregate number of then outstanding shares of Company’s Common Stock, calculated on a fully-diluted basis
assuming the exercise and/or conversion of all then outstanding securities exercisable for or convertible into Company’s
Common Stock, whether or not such securities are currently exercisable or convertible, and assuming the such conversions and/or
exercises are effected for the maximum number of shares exercisable under all such then, outstanding securities) minus.

 

	b.		The
                                                                                                                                                                                                                                               last
                                                                                                                                                                                                                                               sentence
                                                                                                                                                                                                                                               of
                                                                                                                                                                                                                                               Section
                                                                                                                                                                                                                                               1
                                                                                                                                                                                                                                               of
                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                               Warrant
                                                                                                                                                                                                                                               is
                                                                                                                                                                                                                                               hereby
                                                                                                                                                                                                                                               deleted
                                                                                                                                                                                                                                               and
                                                                                                                                                                                                                                               replaced
                                                                                                                                                                                                                                               in
                                                                                                                                                                                                                                               its
                                                                                                                                                                                                                                               entirety
                                                                                                                                                                                                                                               with
                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                               following:

 

If
Company shall hold a “Qualified Private Financing” (as defined in the License Agreement), then, without, further action
by either Company or Holder, this Warrant shall automatically be deemed to have been exercised in full on the date of the first
closing of such Qualified Private Financing for the maximum number of shares then acquirable hereunder (giving effect to Company’s
sale of its Series A Preferred Stock, at, and only at, such first closing of the Qualified Private Financing).

 

		13.	Scope
                                                                                                                                                                               of
                                                                                                                                                                               Amendment.
                                                                                                                                                                               This
                                                                                                                                                                               First
                                                                                                                                                                               Amendment
                                                                                                                                                                               supersedes
                                                                                                                                                                               all
                                                                                                                                                                               proposals,
                                                                                                                                                                               oral
                                                                                                                                                                               or
                                                                                                                                                                               written,
                                                                                                                                                                               all
                                                                                                                                                                               negotiations,
                                                                                                                                                                               conversations,
                                                                                                                                                                               or
                                                                                                                                                                               discussions
                                                                                                                                                                               between
                                                                                                                                                                               or
                                                                                                                                                                               among
                                                                                                                                                                               parties
                                                                                                                                                                               relating
                                                                                                                                                                               to
                                                                                                                                                                               the
                                                                                                                                                                               subject
                                                                                                                                                                               matter
                                                                                                                                                                               of
                                                                                                                                                                               this
                                                                                                                                                                               First
                                                                                                                                                                               Amendment
                                                                                                                                                                               and
                                                                                                                                                                               all
                                                                                                                                                                               past
                                                                                                                                                                               dealing
                                                                                                                                                                               or
                                                                                                                                                                               industry
                                                                                                                                                                               custom.
                                                                                                                                                                               This
                                                                                                                                                                               First
                                                                                                                                                                               Amendment
                                                                                                                                                                               shall
                                                                                                                                                                               be
                                                                                                                                                                               integrated
                                                                                                                                                                               in
                                                                                                                                                                               and
                                                                                                                                                                               form
                                                                                                                                                                               part
                                                                                                                                                                               of
                                                                                                                                                                               the
                                                                                                                                                                               Agreement
                                                                                                                                                                               upon
                                                                                                                                                                               execution,
                                                                                                                                                                               All
                                                                                                                                                                               terms
                                                                                                                                                                               and
                                                                                                                                                                               conditions
                                                                                                                                                                               of
                                                                                                                                                                               the
                                                                                                                                                                               Agreement
                                                                                                                                                                               shall
                                                                                                                                                                               remain
                                                                                                                                                                               unchanged
                                                                                                                                                                               except
                                                                                                                                                                               as
                                                                                                                                                                               modified
                                                                                                                                                                               in
                                                                                                                                                                               this
                                                                                                                                                                               First
                                                                                                                                                                               Amendment;
                                                                                                                                                                               and
                                                                                                                                                                               the
                                                                                                                                                                               terms
                                                                                                                                                                               of
                                                                                                                                                                               the
                                                                                                                                                                               Agreement,
                                                                                                                                                                               as
                                                                                                                                                                               modified
                                                                                                                                                                               by
                                                                                                                                                                               this
                                                                                                                                                                               First
                                                                                                                                                                               Amendment,
                                                                                                                                                                               are
                                                                                                                                                                               hereby
                                                                                                                                                                               ratified
                                                                                                                                                                               and
                                                                                                                                                                               confirmed.
                                                                                                                                                                               Where
                                                                                                                                                                               the
                                                                                                                                                                               terms
                                                                                                                                                                               of
                                                                                                                                                                               the
                                                                                                                                                                               Agreement
                                                                                                                                                                               conflict
                                                                                                                                                                               with
                                                                                                                                                                               those
                                                                                                                                                                               of
                                                                                                                                                                               this
                                                                                                                                                                               First
                                                                                                                                                                               Amendment,
                                                                                                                                                                               however,
                                                                                                                                                                               the
                                                                                                                                                                               terms
                                                                                                                                                                               of
                                                                                                                                                                               this
                                                                                                                                                                               First
                                                                                                                                                                               Amendment
                                                                                                                                                                               shall
                                                                                                                                                                               control.
                                                                                                                                                                               This
                                                                                                                                                                               First
                                                                                                                                                                               Amendment
                                                                                                                                                                               may
                                                                                                                                                                               be
                                                                                                                                                                               executed
                                                                                                                                                                               in
                                                                                                                                                                               one
                                                                                                                                                                               or
                                                                                                                                                                               more
                                                                                                                                                                               counterparts,
                                                                                                                                                                               each
                                                                                                                                                                               of
                                                                                                                                                                               which
                                                                                                                                                                               shall
                                                                                                                                                                               be
                                                                                                                                                                               deemed
                                                                                                                                                                               an
                                                                                                                                                                               original,
                                                                                                                                                                               but
                                                                                                                                                                               all
                                                                                                                                                                               of
                                                                                                                                                                               which
                                                                                                                                                                               together
                                                                                                                                                                               shall
                                                                                                                                                                               constitute
                                                                                                                                                                               one
                                                                                                                                                                               and
                                                                                                                                                                               the
                                                                                                                                                                               same
                                                                                                                                                                               agreement.

 

    	13

    	 

    

 

IN
WITNESS HEREOF this First Amendment has been executed as of the First Amendment Effective Date by the parties hereto by their
respective duly authorize representatives.

 

	LICENSEE	 	VANDERBILT UNIVERSITY
	 	 	 	 
	/s/
    J. Wesley Fox	 	/s/
                                                                                                                                                 Janis
                                                                                                                                                 Elsner

	(signature)	 	(signature)	 
	J. Wesley Fox 
 President, CEO	 	JANIS ELSNER	
Associate
        Director

        Office of Technology Transfer

        and Enterprise Development
	(print
    name and title)	 	(print name and title)
	 	 	 
	May
    1, 2007	 	May 1, 2007
	(date)	 	(date)

 

    	14Exhibit
10.8.3

 

RESTATED
and AMENDED

LICENSE AGREEMENT

Between 

VANDERBILT
UNIVERSITY 

and

NEPHROGENEX,
INC.

 

THIS Agreement, by and between VANDERBILT UNIVERSITY, a
not-for-profit corporation, organized and existing under the laws of the state of Tennessee (“VANDERBILT”), and NephroGenex,
a corporation, having a principal place of business at 79 T.W. Alexander Drive, Building 4401, Suite 290, PO Box 14188, Research
Triangle Park, North Carolina, 27709 (“NEPHROGENEX”) is effective as of the 1st day of July, 2012 (the
“Effective Date”).

 

RECITALS

 

WHEREAS, VANDERBILT and NEPHROGENEX entered into an exclusive
license agreement dated January 11, 2006 (the “Prior License”);

 

WHEREAS, VANDERBILT was issued Common Stock under such
agreement and holds equity in NEPHROGENEX;

 

WHEREAS, VANDERBILT and NEPHROGENEX desire to amend and
restate the Original License Agreement in its entirety to consolidate changes into one agreement and to add new intellectual property;
WHEREAS, VANDERBILT represents that it holds title by assignment to the patent rights listed in Appendix A (the “Licensed
Patent Rights” as further defined herein below), and VANDERBILT is willing to grant a license to such Licensed Patent Rights
to NEPHROGENEX;

 

WHEREAS, VANDERBILT further represents that it owns certain
unpatented know-how related to the Licensed Patent Rights, and VANDERBILT is willing to grant a license to such know-how to NEPHROGENEX;

 

WHEREAS, NEPHROGENEX desires to acquire, and VANDERBILT
desires to grant to NEPHROGENEX, a license to make, use and sell “Licensed Products,” as hereinafter defined, under
any and all Licensed Patent Rights and using related know-how, and to grant sublicenses upon the terms and conditions hereinafter
set forth;

 

NOW, THEREFORE, in consideration of the mutual covenants
and agreements herein contained, it is agreed by the parties as follows:

 

1.  DEFINITIONS

 

1.1         Affiliate
shall mean, when used with reference to NEPHROGENEX, any entity directly or indirectly controlling, controlled by or
under common control with NEPHROGENEX. For purposes of this Agreement, “control” means the direct or indirect ownership
of over fifty percent

 

    	 

    	 

    

 

(50%) of the outstanding voting securities of an entity,
or the right to receive over fifty percent (50%) of the profits or earnings of an entity, or the right to control the policy decisions
of an entity.

 

1.2         Fair
Market Value shall mean the cash consideration which NEPHROGENEX or its sublicensee would realize from an unaffiliated,
unrelated buyer in an arm’s length sale of an identical item sold in the same quantity and at the same time and place of
the transaction, less any cash consideration actually paid by NEPHROGENEX or its sublicensee as purchase price for such non-cash
consideration.

 

1.3         Field
of Use shall mean the therapeutic applications of pyridoxamine in acute renal failure, acute renal injury, as a radiation-protectant
and a chemotherapy-protectant.

 

1.4         Licensed
Know-How shall mean all unpublished technical information, research and development information, know-how, trade secrets,
proprietary information, procedures, methods, designs, reports, unpatented processes and the like in the possession of VANDERBILT
as of the Effective Date, which are necessary for, or are material to, the production of Licensed Products.

 

1.5         Licensed
Patent Rights shall mean United States patent applications and issued patents as listed in Appendix A, which is attached
hereto and made a part hereof, the inventions described and claimed therein, any divisions, continuations, continuations in part
to the extent the claims are directed to subject matter specifically described in such patents and patent applications, patents
issuing thereon or reissues, reexaminations or extensions thereof; and any and all foreign patents and patent applications corresponding
thereto, all to the extent owned or controlled by VANDERBILT.

 

1.6         Licensed
Product(s) shall mean any product or part thereof, the manufacture, use, sale or importation of which would, but for
the license granted in Section 2.1 hereof, infringe on an issued, unexpired claim or a pending claim contained in the Licensed
Patent Rights in the country in which any such product or part thereof is made, used or sold, or made in accordance with or by
means of process claimed in the Licensed Patent Rights.

 

1.7         Net
Sales shall mean the amount billed or invoiced for sales of Licensed Products by NEPHROGENEX or its sublicensees during
the term of this agreement, computed quarter-by-quarter, less allowances for:

 

(a)   cash,
trade or quantity discounts;

 

(b)   credits,
returns and replacements;

 

(c)   to
the extent separately stated on purchase orders, invoices or other documents of sale, taxes levied on and/or other governmental
charges made as to sale or transportation and paid by or on behalf of NEPHROGENEX or sublicensees; and

 

(d)   reasonable
charges or allowances for delivery or transportation provided by third parties, if separately stated; and

 

    	2

    	 

    

 

(e)   Commissions
that are directly attributable to a given sale paid to brokers’ or agents’ who are not employees of NEPHROGENEX.

 

1.8         Non-Commercial
Research Purposes shall mean use of Licensed Patent Rights for academic research or other not-for-profit scholarly
purposes which are undertaken at a non-profit or governmental institution that does not use the Licensed Patent Rights in the
production or manufacture of products for sale or the performance of services for a fee.

 

1.9         Territory shall mean worldwide.

 

1.10       The
Inventor(s) shall mean the named inventor(s) on the Patent Application set forth in Appendix A.

 

2.  GRANT

 

2.1         Exclusive
License.      VANDERBILT hereby grants to NEPHROGENEX and NEPHROGENEX hereby accepts from VANDERBILT, upon the terms and
conditions herein specified, an exclusive, nontransferable (except as permitted in Paragraph 12.6) royalty-bearing, commercial
license in the Territory under the Licensed Patent Rights for the purpose of making, having made, using, offering to sell, selling
and importing Licensed Product(s) in the Field of Use and for granting sublicenses, consistent with Paragraph 2.7 of this Agreement.
VANDERBILT agrees it will not grant licenses under Licensed Patent Rights to others except as required by VANDERBILT’s obligations
in Paragraph 2.4 or as permitted in Paragraph 2.5.

 

2.2         Nonexclusive
License.      VANDERBILT hereby grants to NEPHROGENEX and NEPHROGENEX hereby accepts from VANDERBILT, upon the terms and
conditions herein specified, a nonexclusive, nontransferable (except as permitted in Paragraph 13.6), royalty-free, commercial
license in the Territory to use the Licensed Know-How in the Field of Use for the purposes of and in connection with: (a) making,
having made, using, offering to sell, selling and importing Licensed Product(s) in the Field of Use; and (b) granting sublicenses
consistent with Paragraph 2.7 of this Agreement.

 

2.3         NEPHROGENEX
shall have the right to extend the license granted herein to any of its Affiliates, upon the terms and conditions of this Agreement.
NEPHROGENEX agrees to be responsible for the performance by such Affiliates of all of NEPHROGENEX’s obligations hereunder,
including the payment of royalties set forth in Paragraph 6.1 herein on Net Sales of the Licensed Product by the Affiliates to
whom the license has been extended.

 

2.4         Federal
Government Rights Reserved.  Notwithstanding the exclusive license granted herein, the Federal Government shall receive
all the rights to the Invention required by law or regulation to be reserved to the government. The NEPHROGENEX acknowledges that
the Federal Government has been granted, pursuant to U.S.C. Section 202(c)(4), a non-exclusive, non-transferable, irrevocable,
royalty free license to practice or have practiced on its behalf throughout the world the Invention. All rights granted in this
Agreement are expressly granted subject to the rights of the Federal Government and such rights are specifically reserved to the
Government by this Agreement.

 

    	3

    	 

    

 

2.5         Reservation
of Rights.  VANDERBILT reserves the right to:

 

(a)   make,
use and further develop the Licensed Patent Rights for its own Non-Commercial Research Purposes;

 

(b)   grant
to other academic, governmental or not-for-profit organizations non-exclusive, non-transferable licenses, without the right to
sublicense, to make and use the Licensed Patent Rights for Non-Commercial Research Purposes; provided, however, that such licenses
shall not be for use in human subjects, clinical trials or for diagnostic purposes involving human subjects, and provided further
that upon the request of NEPHROGENEX, VANDERBILT shall provide a list of those academic, governmental or not-for-profit organizations
to whom it has granted licenses to Licensed Patent Rights in the Field of Use;

 

(c)   grant
licenses to third parties outside the Field of Use expressly granted herein; and

 

(d)   use
the Licensed Know-How as it sees fit.

 

2.6          Other
Territory or Field.  A license in any other territory or Field of Use in addition to the Territory and/or field shall
be the subject of a separate agreement.

 

2.7          Sublicensing
by NEPHROGENEX.

 

(a)      NEPHROGENEX
has the right to grant royalty-bearing sublicenses to independent third parties. NEPHROGENEX agrees to give VANDERBILT reasonable
notice of NEPHROGENEX’s intent to grant any such sublicense, including the proposed terms thereof. No such sublicenses shall
contain any terms and conditions that detract from the rights of VANDERBILT under this Agreement, including the right to receive
payment of royalties and fees as set forth in this Agreement. NEPHROGENEX’s obligation to meet the diligence requirements
of Paragraphs 3.1 and 3.2 shall not be waived by the grant of any sublicense. NEPHROGENEX agrees to acknowledge this Agreement
in each sublicense. Copies of all sublicense agreements shall be provided to VANDERBILT within thirty (30) days of execution.

 

(b)      VANDERBILT
shall provide written notice to all sublicensees of which it has been made aware by LICENSEE pursuant to Section 2.7(a) above
of any termination of this Agreement, at the last known address for such sublicensee. In the event of termination of this Agreement
all sublicenses which NEPHROGENEX may have granted shall be terminated on the 90th day following VANDERBILT’s
mailing to any sublicensee notice of such termination, provided however, that any sublicensee holding an exclusive license from
NEPHROGENEX may elect to continue to hold an exclusive license in the field of use granted to sublicensee by NEPHROGENEX by advising
VANDERBILT in writing, within sixty (60) days of the sublicensee's receipt of written notice of such termination, of its election,
and of its agreement to assume in respect to VANDERBILT all the obligations (including obligations for payment) contained in this
License Agreement with NEPHROGENEX.

 

2.8          Subsidiaries
and Distributors.  License rights granted hereunder shall enable NEPHROGENEX to make, use, sell or otherwise distribute
Licensed Product through any of its

 

    	4

    	 

    

 

subsidiaries
and to sell Licensed Products through any of its normal channels including its subsidiaries, distributors and agents.

 

3.  DILIGENCE

 

3.1          NEPHROGENEX
shall use its commercially reasonable efforts to bring one or more Licensed Products to market through a thorough and diligent
program for exploitation of the Licensed Patent Rights and to continue marketing efforts for one or more Licensed Products throughout
the life of this Agreement.

 

3.2          NEPHROGENEX
shall have been deemed to have fulfilled its diligence obligations under Paragraph 3.1 above if NEPHROGENEX uses commercially
reasonable efforts, consistent with sound and reasonable business practices and judgment, to adhere to the following milestones:

 

(i)   NEPHROGENEX
shall use commercially reasonable efforts to maintain issued patents and prosecute pending patent applications, continuations,
continuations in part, divisionals, continued prosecution applications, or reissued thereof, and any foreign counterpart consistent
with NEPHROGENEX’s business development plan for the commercialization of the Products;

 

(ii)  NEPHROGENEX
shall use commercially reasonable efforts to establish a research program within one year of the date of this agreement to support
efforts to further characterize the action of pyridoxamine in radiation protection and chemo-resistant applications, and acute
renal failure;

 

(iii)   NEPHROGENEX
shall complete IND enabling preclinical studies on either the radiation protection, chemo-resistant or acute renal failure applications
within a commercially reasonable time, but no longer than three (3) years from the date of this Agreement, that incorporates the
use of the Licensed Product; and

 

(iv)   NEPHROGENEX
shall initiate a Phase I or Phase IIa clinical trial within one (1) year after filing an IND that incorporates the use of the
Licensed Product for indications in the Field.

 

For
the purposes of this Paragraph 3.2, VANDERBILT will consider the efforts of Affiliates and sublicensees of NEPHROGENEX as the
efforts of NEPHROGENEX.

 

3.3          The
milestones set forth in Paragraph 3.2 above may be adjusted by mutual agreement by the parties, which agreement will not be unreasonably
withheld by VANDERBILT, if NEPHROGENEX can demonstrate that good faith efforts were made to achieve the milestones and that the
failure to achieve the milestones was due to scientific, technical or regulatory reasons beyond the reasonable control of NEPHROGENEX.

 

3.4          Failure
to Perform.  NEPHROGENEX’s failure to perform in accordance with Paragraphs 3.1 and 3.2 above, subject to any
adjustments pursuant to Paragraph 3.3 above, shall be grounds for VANDERBILT to terminate this license and such termination shall
occur according to Section 4.2 below. In making this determination
VANDERBILT shall take into account the normal course

 

    	5

    	 

    

 

of
such programs conducted with sound and reasonable business practices and judgment and shall take into account the reports provided
hereunder by NEPHROGENEX.

 

4.  TERMS
AND TERMINATION

 

4.1          Term.  
Unless previously terminated as herein provided, this Agreement shall become effective as of the Effective Date and shall continue
until the last to expire of the Licensed Patent Rights in any country in which a patent within the Licensed Patent Rights may
have issued. NEPHROGENEX shall not be required to pay royalties by reason of the manufacture, use or sale of a product after the
Licensed Patent Rights have expired. This Agreement supersedes the Prior License and the Prior License is hereby rendered terminated.

 

4.2         Termination.
  This Agreement may be terminated by written notice to the other party:

 

(a)        Other
than as stated in Paragraph 4.2(b), in the event that one party commits any substantial breach of this Agreement, (including,
but not limited to, breach or default under Paragraphs 3.1 ,3.2 or outstanding payments or royalties due to VANDERBILT), the non-breaching
party at its option, may terminate this Agreement by giving the breaching party written notice of its election to terminate as
of a stated date, not less than forty-five (45) days from the date of the notice, except for a breach or default under Paragraphs
3.1 or 3.2, in which case the stated date must be not less than ninety (90) days from the date of the notice. Such notice shall
state the nature of the defaults claimed by the non-breaching party. The breaching party during said forty-five (45) or ninety
(90) day period, or such longer period as may be indicated by the other, may correct any default stated in said notice and if
such default is corrected to the satisfaction of the non-breaching party, this Agreement shall continue in full force and effect
as if such notice had not been given. Failure by NEPHROGENEX to meet the requirements of Paragraph 3.2 or to pay earned or annual
minimum payments or royalties to VANDERBILT in a timely manner shall be deemed a substantial breach of the Agreement.

 

(b)        In
the event NEPHROGENEX shall become insolvent or shall suspend business, or shall file a voluntary petition or an answer admitting
the jurisdiction of the court and the material allegations of, or shall consent to, involuntary petition pursuant to or purporting
to be pursuant to any reorganization or insolvency law of any jurisdiction, or shall make an assignment for the benefit of creditors,
or shall apply for or consent to the appointment of a receiver or trustee of a substantial part of its property, then NEPHROGENEX
shall notify VANDERBILT promptly upon NEPHROGENEX first having knowledge of any of the aforementioned circumstances and, at the
option of either party, this Agreement may be terminated immediately by either party and shall be subject to Paragraph 4.3.

 

(c)        NEPHROGENEX
may terminate either this Agreement in full or may terminate a portion of its exclusive license in any given country (or with
respect to any given patent with the Licensed Patent Rights) at any time during the term of this Agreement upon sixty (60) days
written notice to VANDERBILT, and such termination shall become effective at the end said notice period. Such termination with
respect to any Licensed Patent Rights in any

 

    	6

    	 

    

 

country
or countries shall have no effect on NEPHROGENEX’s license with respect to such Licensed Patent Rights in any other country
or countries or any other Licensed Patent Rights licensed hereunder.

 

4.3         Effect
of Termination.  Upon termination, but not expiration, of this Agreement:

 

(a)        NEPHROGENEX
shall cease all production and sale of Licensed Products except for the production and sale of Licensed Products on which production
had begun prior to notice of such termination. NEPHROGENEX may continue to sell such Licensed Products for up to one year after
such notice upon payment of royalties accruing thereon, and shall render an accounting to VANDERBILT of any royalties which may
be due; and

 

(b)        any
sublicenses granted by NEPHROGENEX shall terminate in accordance with Paragraph 2.7(b) herein. Notwithstanding anything herein
to the contrary, upon termination of this Agreement NEPHROGENEX shall cease granting sublicenses, and VANDERBILT will assume no
obligation or liability under any agreement between NEPHROGENEX and a sublicensee of NEPHROGENEX unless expressly agreed to in
a separate written agreement executed by VANDERBILT; and

 

(c)        all
rights of NEPHROGENEX, except as expressly stated in Paragraph 2.7(b), this Paragraph 4.3 and Paragraph 4.2(c), shall revert to
VANDERBILT.

 

4.4         Paragraphs.
Paragraphs 1, 4.3, 4.4, 10.2, 10.3, 10.4, 10.5, 11, 12.2, 12.7 of this Agreement shall survive termination.

 

5.  CONSULTING
AND RESEARCH AGREEMENTS

 

5.1         Consulting
Agreements.  In the event NEPHROGENEX desires to have a Consulting Agreement with the Inventor, any such Consulting
Agreement will be separate and apart from this Agreement, and in accord with VANDERBILT policy and procedures.

 

5.2         Sponsored
Research Agreements.  In the event NEPHROGENEX desires to fund research at VANDERBILT, such research agreements shall
be separate and apart from this Agreement, and in accord with standard VANDERBILT policy and procedures.

 

6.  ROYALTIES
AND MILESTONES

 

6.1         Payment
Table.  NEPHROGENEX will pay milestone payments and royalties according to the following table:

 

    	7

    	 

    

 

	(i)	An upfront payment of
    $40,000 shall be due at the signing of this agreement, and a payment of $20,000 shall be due at the close of a transaction
    between NephroGenex and a corporate partner for the further commercialization of Pyridorin for the Field or for diabetic nephropathy.	 	$40,000
	 	 	 	 
	(ii)	Completion of preclinical IND enabling
    studies that incorporates Licensed Product and the filing of an IND with the appropriate regulatory agency for the Field of
    Use:	 	$75,000
	 	 	 	 
	(ii)	Commencement of the first Phase I
    clinical trial that incorporates the Licensed Product as demonstrated by filing and acceptance of a Phase I protocol with
    the appropriate regulatory agency and dosing of the first patient for an indication covered by the Field of Use:	 	$100,000
	 	 	 	 
	(iii)	Commencement of the first Phase II
    clinical trial that incorporates the Licensed Product as demonstrated by filing and acceptance of a Phase II protocol with
    the appropriate regulatory agency and dosing of the first patient for an indication covered by the Field of Use:	 	$150,000
	 	 	 	 
	(iv)	Commencement of the first Phase III
    clinical trial that incorporates the Licensed Product as demonstrated by filing a Phase III protocol with the appropriate
    regulatory agency and dosing of the first patient for an indication covered by the Field of Use:	 	$250,000
	 	 	 	 
	(v)	Approval of the first New Drug Application
    by the FDA that incorporates the Licensed Product for an indication covered by the Field of Use:	 	$500,000, half of which is directly
    creditable against the Royalty on Net Sales due to VANDERBILT under 6.1(vi) below.
	 	 	 	 
	(vi)	Royalty on Net Sales made by NEPHROGENEX
    or Sub licensees	 	5% royalty on Net
    Sales

 

    	8

    	 

    

 

Licensed
Products shall be deemed sold when paid for. Net Sales also includes the Fair Market Value of any non-cash consideration received
by NEPHROGENEX or sub licensees as a royalty on Net Sales for the sale of Licensed Products.

 

6.2        Non-Royalty
Sublicense Payments. In addition to the other obligations under this Paragraph 6, and with exception to 6.1 (i) NEPHROGENEX, Affiliates,
and Sublicensees agrees to pay to VANDERBILT one-fourth (25%) of any licensing fees, milestone payments or similar consideration
that is not based on the invoice price of sales of Licensed Product (such payments referred to as “Non-Royalty Sublicense
Payments”). The Fair Market Value of any non-cash consideration received by NEPHROGENEX as a licensing fee, milestone payment
or similar consideration for sublicensing any portion of the Licensed Patent Rights to a sublicensee that is not an Affiliate
shall be deemed to be Non-Royalty Sublicense Payments.

 

6.3        Schedule
and Form of Payment/Taxes.

 

(a)        NEPHROGENEX
shall pay due royalties on a quarterly basis based on NEPHROGENEX’s fiscal quarter and payments shall be due within thirty
(30) days after the completion of the NEPHROGENEX’s fiscal quarter. Each payment shall be accompanied by a report for the
period covered by such royalties showing gross sales, total number or volume of Licensed Products sold and identified as Net Sales
on a country by country basis, the exchange rate used to convert any payments into U.S. dollars or Euros, and total royalties
and fees due. This statement is to be certified as accurate by an authorized officer of NEPHROGENEX.

 

(b)        In
no event shall NEPHROGENEX be required to pay to VANDERBILT multiple royalties under Paragraph 6.1 above for sales of the same
Licensed Product based on the fact that such Licensed Product is covered by multiple patent applications or issued patents within
the Licensed Patent Rights.

 

(c)        All
amounts payable to VANDERBILT hereunder shall be payable in United States funds without deductions for taxes, assessments, fees
or charges of any kind. NEPHROGENEX shall be responsible for the payments of all withholding taxes imposed by any country on any
royalty or other payment payable to VANDERBILT hereunder and the percentage or other amounts payable to VANDERBILT hereunder shall
not be reduced to reflect the payment of any such withholding tax

 

(d)        If
any currency conversion is required in connection with any payments to VANDERBILT hereunder, Net Sales shall first be calculated
in the relevant foreign currency and then converted to Dollars against the currency in question on the rate of exchange applicable
using the currency exchange rates quoted by Bloomberg Professional,
a service of Bloomberg L.P., during the period of such Net Sales, or in the event Bloomberg
Professional is not available, then International Financial
Statistics (publisher, International Monetary Fund) during the period of such Net Sales, for the currency of the country
in which the sale is made at the average rate of exchange during the Royalty period of such Net Sales.

 

    	9

    	 

    

 

(e)        In
the event that NEPHROGENEX obtains, subsequent to the Effective Date, from any third party any licenses and/or sublicenses for
patent rights in order to practice Licensed Patent Rights in the Field of Use or in order to develop, make, have made, use, offer
for sale, sell, import, export or provide Licensed Product(s), then VANDERBILT and NEPHROGENEX (and/or appertaining sublicensee
of NEPHROGENEXs, as the case may be) shall negotiate, in good faith, a reduction of the royalty obligation on Net Sales set forth
in Paragraph 6.1 above.

 

6.4         Reports.
  NEPHROGENEX shall provide written annual reports within thirty (30) days after December 31 of each calendar year which shall include
but not be limited to: reports of progress on research and development regulatory approvals, manufacturing, sublicensing, marketing
and sales during the preceding twelve (12) months as well as plans for the coming year. If no payments are due, NEPHROGENEX shall
so report. NEPHROGENEX shall promptly notify VANDERBILT if any changes in the marketplace or in NEPHROGENEX’s financial
condition or business aims suggest commercialization will not occur within the due diligence milestones set forth in Paragraph
3.2 herein. NEPHROGENEX shall report to VANDERBILT the date of first commercial sale of Licensed Products in each country within
thirty (30) days of its occurrence.

 

6.5         Records.
  NEPHROGENEX shall maintain complete and accurate records sufficient to enable accurate calculation of royalties and other fees
due VANDERBILT under this Agreement. NEPHROGENEX shall, at VANDERBILT’s request and expense, provide certified statements
from NEPHROGENEX’s auditors, concerning royalties and other fees due pursuant to this Agreement. Once a calendar year, VANDERBILT
shall have the right to select a certified public accountant, reasonably acceptable to NEPHROGENEX, such acceptance not to be
unreasonably withheld, to inspect, on reasonable notice and during regular business hours, the records of NEPHROGENEX to verify
NEPHROGENEX’s statements and royalty payments due pursuant to this Agreement. The entire cost for such inspection shall
be borne by VANDERBILT, unless there is a discrepancy of under-reporting or underpayment greater than 5% in any 12 month period,
in which case NEPHROGENEX shall bear the entire cost of the inspection as well as any additional sum that would have been payable
to VANDERBILT had the NEPHROGENEX reported correctly. Records shall be preserved by NEPHROGENEX for five (5) years for inspection
by VANDERBILT.

 

6.6         Interest.
In the event that any payment due hereunder is not made when due, the payment shall accrue interest beginning on the first day
following the calendar quarter to which such payment relates calculated at the annual rate of the sum of (a) two percent (2%)
plus (b) the prime interest rate quoted by CITICORP BANK (NEW YORK) on the date said payment is due, or on the date the payment
is made, whichever is higher, the interest being compounded on the last day of each calendar quarter, provided that in no event
shall said annual rate exceed the maximum interest rate permitted by law in regard to such payments. Such payment when made shall
be accompanied by all interest so accrued. Said interest and the payment and acceptance thereof shall not negate or waive the
right of VANDERBILT to any other remedy, legal or equitable, to which it may be entitled because of the delinquency of the payment.

 

    	10

    	 

    

 

7  PROSECUTION
AND MAINTENANCE OF LICENSED PATENT RIGHTS

 

7.1         Prosecution.
Upon execution of this License Agreement, NEPHROGENEX agrees to pay for all past and ongoing patenting costs incurred for the
preparation and filing, prosecution and maintenance of the Licensed Patent Rights, including past amounts which is approximately
$9,943.46 as of May 1, 2012, and shall reimburse VANDERBILT for all such expenses promptly upon receipt of invoices from VANDERBILT.
VANDERBILT shall have control over prosecution and maintenance of patent applications and patents related to the Invention, provided
however that: (a) VANDERBILT uses patent counsel agreed upon by both parties; and (b) NEPHROGENEX shall have reasonable opportunities
to advise VANDERBILT and shall cooperate with VANDERBILT as to the filing, prosecution and maintenance of such patent applications
and patents. VANDERBILT and NEPHROGENEX shall agree on patent counsel. VANDERBILT shall furnish to NEPHROGENEX copies of documents
relevant to any such filing, prosecution or maintenance, including without limitation all applications, filings and correspondence
related to the patent applications, continuations, continuations-in-part to the extent claims are directed to subject matter specifically
described in the Licensed Patent Rights, and reissue applications within the Licensed Patent Rights and respecting the maintenance
and validity of all Licensed Patent Rights. Without limiting the generality of the foregoing, NEPHROGENEX shall have: (i) the
right to review patent applications within the Licensed Patent Rights and make recommendations regarding the prosecution of such
patent applications, (ii) the right to receive such patent applications and related official documentation at such time as to
allow a reasonable period for review thereof prior to any applicable deadline for filing or responding, and (iii) the right to
request amendments of any such patent applications to include claims or arguments as may be appropriate for obtaining a patent
claiming commercially relevant inventions. NEPHROGENEX shall be obligated to make timely payment of all maintenance fees following
the issuance of the patent(s) within the Licensed Patent Rights. If NEPHROGENEX elects to no longer pay any expenses of a patent
application or patent included within the Licensed Patent Rights, NEPHROGENEX shall notify VANDERBILT not less than sixty (60)
days prior to such action or deadline required to preserve the Licensed Patent Rights and shall thereby surrender its rights under
such patent or patent application. Following such notification, NEPHROGENEX shall have no further obligation to pay any patent
expenses for the patents or patent applications that it surrendered. NEPHROGENEX’s election to relinquish its license with
respect to any Licensed Patent Rights in any country or countries shall have no effect on its license with respect to such Licensed
Patent Rights in any other country or countries or any other Licensed Patent Rights licensed hereunder.

 

7.2         Markings.
NEPHROGENEX shall comply with all applicable United States and foreign statutes related to the marking of Licensed Product(s)
and Licensed Product(s) packaging with patent pending or patent number(s) relevant to the Licensed Patent Rights.

 

8.  CONFIDENTIALITY

 

8.1         Confidential
Information.  It may be necessary for one party to disclose to the other party certain confidential or proprietary information.
In such event, the receiving party agrees to preserve such identified information as confidential. The obligation of confidentiality
in this Paragraph shall apply to any and all information contained in any patent application or draft

 

    	11

    	 

    

 

thereof
provided by VANDERBILT to NEPHROGENEX, including those applications confidentially provided to NEPHROGENEX prior to the Effective
Date of this Agreement. For the purposes of this Article 8, all reports delivered by NEPHROGENEX to VANDERBILT pursuant to this
Agreement shall be considered the confidential information of NEPHROGENEX. The obligation of confidentiality shall not apply to
information which:

 

(a)    is
not in the public domain or which becomes generally available to the public through no fault of the receiving party; or

 

(b)    is
already known to, or in the possession of, the receiving party prior to disclosure by the disclosing party as can be demonstrated
by documentary evidence; or

 

(c)    is
disclosed on a non-confidential basis from a third party having the right to make such a disclosure; or

 

(d)    is
independently developed by the receiving party (by activity not associated with the Licensed Patent Rights) as can be demonstrated
by documentary evidence; or

 

(e)    is
required to be disclosed by law or government authority.

 

8.2          Term.
The confidentiality obligations of this Paragraph shall continue for a period of five (5) years beyond the termination of this
Agreement.

 

9.  INFRINGEMENT

 

9.1          Third
Party Infringement of Licensed Patent Rights.  NEPHROGENEX and VANDERBILT shall promptly provide written notice, to
the other party, of any alleged infringement by a third party of the Licensed Patent Rights and provide such other party with
any available evidence of such infringement. In the event there is good reason to believe infringement of any of the Licensed
Patents is occurring, NEPHROGENEX will take prompt action to abate or settle such infringement. NEPHROGENEX shall have the right
to institute an action in its own name, in so far as permitted by law, to abate the infringement and may join VANDERBILT as a
party plaintiff, only if without cost to VANDERBILT.

 

9.2          Enforcement.
During the term of this Agreement, NEPHROGENEX shall have the first right, but not the obligation, to prosecute, at its own expense
and utilizing counsel of its choice, any infringement of the Licensed Patent Rights. NEPHROGENEX shall promptly provide VANDERBILT
copies of all litigation pleadings and other documents submitted to the court. No settlement, consent judgment or other voluntary
final disposition of any such suit may be entered into without the written consent of VANDERBILT, which consent shall not unreasonably
be withheld.

 

9.3          Control
of Third Party Enforcement Actions.  If within six (6) months after receiving notice of any alleged infringement of
the Licensed Patent Rights by a third party, NEPHROGENEX shall have been unsuccessful in persuading the alleged infringer to desist,
and shall not have brought and shall not be diligently prosecuting an infringement action, or if NEPHROGENEX shall notify

 

    	12

    	 

    

 

VANDERBILT,
at any time prior thereto, of its intention not to bring suit against the alleged infringer, then VANDERBILT shall have the right,
but not the obligation, to prosecute, at its own expense and utilizing counsel of its choice, any infringement of the Licensed
Patent Rights, and VANDERBILT may, for such purposes, join the NEPHROGENEX as a party plaintiff.

 

9.4          Damages.
  In any legal proceeding brought by NEPHROGENEX, VANDERBILT or jointly by NEPHROGENEX and VANDERBILT pursuant to this Article 9,
any recovery or proceeds of such proceeding, whether characterized as damages, costs, attorneys’ fee awards or otherwise,
shall be distributed as follows: (a) each party shall first be reimbursed pro rata for its reasonable attorneys’ fees and
out-of-pocket expenses actually incurred in connection with the proceeding; (b) VANDERBILT shall second recover a sum equivalent
to the total amount of royalties deducted by NEPHROGENEX under Paragraph 9.5, if any; (c) NEPHROGENEX shall third recover an amount
equal to its lost profits or a reasonable royalty (whichever measure of damages has been applied in the legal proceeding or settlement
thereof); (d) VANDERBILT shall then receive the amount for royalties that NEPHROGENEX would have owed to VANDERBILT under this
Agreement if NEPHROGENEX had made the infringer’s sales directly, to the extent such award compensates NEPHROGENEX for such
sales, provided that the amount of such royalties shall not exceed the amount of any lost profits or reasonable royalty award
(whichever measure of damages has been applied in the legal proceeding or settlement thereof); and (e) the balance, if any, will
be divided on a pro rata basis between the parties according to their respective percentage contributions to the total documented
cost and expense of the proceeding, including each party’s reasonable attorney’s fees.

 

9.5          Reduction
of Royalties.  If NEPHROGENEX initiates legal proceedings under Paragraph 9.4 in any country and VANDERBILT does not
voluntarily join the proceeding after being offered the opportunity to do so, NEPHROGENEX may deduct up to fifty percent (50%)
of NEPHROGENEX’s documented costs and expenses of the proceeding (including reasonable attorney fees) from running royalties
payable to VANDERBILT under Paragraph 6.1 of this Agreement from sales of Licensed Products covered by the patent(s)-in-suit.
However, NEPHROGENEX may not reduce VANDERBILT’s royalty payments by more than fifty percent (50%) of the amount otherwise
due under Article 6. If NEPHROGENEX’s costs and expenses exceed fifty percent (50%) of the amount of royalties deducted
by NEPHROGENEX for any calendar year, NEPHROGENEX may, to that extent, reduce the royalties due to VANDERBILT in succeeding calendar
quarters for so long as NEPHROGENEX is actively engaged in legal proceedings to terminate the infringement. However, NEPHROGENEX
may not reduce total royalties due to VANDERBILT in a given calendar quarter by more than fifty percent (50%). NEPHROGENEX’s
right to reduce royalty payments to VANDERBILT under this Paragraph 9.5 applies only for so long as the legal proceeding continues.
Any reduction of Royalties described above in this Paragraph 9.5 does not apply if Vanderbilt is involuntarily forced to join
a legal proceeding under Paragraph 9.4.

 

9.6          Cooperation.
  In any suit to enforce and/or defend the Licensed Patent Rights pursuant to this License Agreement, the party not in control of
such suit shall, at the request and expense of the controlling party, cooperate in all respects and, to the extent reasonably
possible, have its employees testify when requested and make available relevant records, papers, information, samples, specimens
and the like.

 

    	13

    	 

    

 

9.7          Licensed
Products Infringing Rights of Third Parties.  Each party shall promptly notify the other if any legal proceedings are
commenced or threatened against either party or any purchaser of a Licensed Product sold by NEPHROGENEX on the ground that the
manufacture, use, sale or possession of the Licensed Product is an infringement of a third party’s patent or other intellectual
property rights. NEPHROGENEX shall, at its own expense, defend all suits brought against it as a result of the exercise of the
rights granted hereunder, and VANDERBILT shall, at the request and expense of NEPHROGENEX, give NEPHROGENEX all reasonable assistance
in any such proceedings. Payment of any amounts which may be recovered by such third party by way of judgment, award, decree or
settlement, that resulted from infringement of third party patent rights by a Licensed Product, including attorney’s fees
and other costs, shall be the sole responsibility of NEPHROGENEX. NEPHROGENEX agrees not to settle or compromise any action, suit
or proceeding in a manner that would materially or adversely affect VANDERBILT or the Licensed Patent Rights.

 

10.  WARRANTIES
AND INDEMNITIES

 

10.1        Disclaimer
of Warranties.  Nothing in this Agreement shall be construed as:

 

(a)        a
warranty or representation by VANDERBILT as to the validity or scope of the Licensed Patent Rights;

 

(b)        a
warranty or representation by VANDERBILT that anything made, used, sold or otherwise disposed of through the license granted herein
is or will be free from infringement of patents, copyrights, trademarks or other proprietary rights of third parties;

 

(c)        granting
by implication, estoppel or otherwise any licenses under patents of VANDERBILT or other persons other than Licensed Patent Rights,
regardless of whether such Patents are dominant or subordinate to any Licensed Patent Rights.

 

(d)        an
obligation by VANDERBILT to bring or prosecute actions or suits against third parties for infringement;

 

10.2        Representations.
VANDERBILT MAKES NO REPRESENTATIONS AND EXTENDS NO WARRANTIES OF ANY KIND EXPRESS OR IMPLIED. THERE ARE NO EXPRESS OR IMPLIED
WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, OR REPRESENTATIONS THAT USE OF A LICENSED PRODUCT WILL NOT
INFRINGE ANY PATENT, COPYRIGHT, TRADEMARK OR OTHER RIGHTS OF THIRD PARTIES.

 

10.3        Indemnification.

 

(a)         NEPHROGENEX
shall indemnify, defend and hold harmless VANDERBILT and its trustees, officers, faculty, staff, employees, students, agents and
representatives and their respective successors, heirs and assigns (the “Indemnitees”) against any liability, damage,
loss or expenses (including reasonable attorney’s fees and expense of litigation) incurred by or imposed upon the Indemnitees
or any one of them in connection with any claims,

 

    	14

    	 

    

 

suits,
actions, demands or judgments arising out of any theory of law (including, but not limited to, actions in the form of tort, warranty
or strict liability) concerning any product, process or service made, used or sold pursuant to any right or license granted under
this Agreement. Such indemnity obligation shall include claims and expenses related to infringement of a third party’s rights
by the Licensed Product. Notwithstanding the foregoing, in no event shall NEPHROGENEX be obligated to indemnify any Indemnitee
for any amount to the extent that such amount arises from the willful misconduct of any Indemnitee.

 

(b)         NEPHROGENEX
agrees, at its own expense, to provide attorneys reasonably acceptable to VANDERBILT to defend against any claims or actions brought
or filed against any party indemnified hereunder with respect to the subject of indemnity contained herein, whether or not such
actions are rightfully brought.

 

(c)         Regarding
the indemnity and hold harmless provisions under Paragraph 10.3, VANDERBILT shall give prompt written notice to NEPHROGENEX of
the commencement of any action, suit or proceeding for which indemnification may be sought, and NEPHROGENEX, through counsel reasonably
satisfactory to VANDERBILT, shall assume the defense thereof; provided, however, that VANDERBILT shall be entitled to participate
in any such action, suit or proceeding with counsel of its own choice, but at its own expense. If NEPHROGENEX fails to assume
the defense within a reasonable time, VANDERBILT may assume such defense and the reasonable fees and expenses of its attorneys
will be covered by the indemnity provided for in Paragraph 10.3. No such action, suit or proceeding shall be compromised or settled
in any manner without the prior written consent of VANDERBILT. Notwithstanding anything in this Paragraph to the contrary, NEPHROGENEX
shall not, without the written consent of VANDERBILT, which consent shall not be unreasonably withheld:

 

(ii)        settle
or compromise any action, suit or proceeding or consent to the entry of any judgment which does not include as an unconditional
term thereof the delivery by the claimant or plaintiff to VANDERBILT of a written release from all liability in respect of such
action, suit or proceeding; or

 

(i)         settle or compromise any action, suit or proceeding in any manner which may adversely affect VANDERBILT.

 

10.4        Insurance.

 

(a)         Beginning
at the time as any Licensed Product is first used in humans in commerce or in clinical trials by NEPHROGENEX or by a sublicensee,
or agent of NEPHROGENEX, NEPHROGENEX or such other, shall procure and maintain comprehensive general product liability and tort
liability insurance in amounts not less than $2,000,000 per incident and $5,000,000 annual aggregate and name the Indemnitees
as additional insureds. Such comprehensive general liability insurance shall provide (i) product liability coverage and (ii) broad
form contractual liability coverage for NEPHROGENEX’s indemnification under this Agreement. If NEPHROGENEX elects to self-insure
all of part of the limits described above, such self-insurance program must be

 

    	15

    	 

    

 

reasonably
acceptable to VANDERBILT. NEPHROGENEX agrees that no amount greater than the sum of $250,000 shall be deductible under NEPHROGENEX’s
primary coverage for VANDERBILT and NEPHROGENEX against any claims or suits arising from alleged defects in Licensed Products.
The minimum amounts of insurance coverage required shall not be construed to create or limit NEPHROGENEX’s liability with
respect to its indemnification under this Agreement.

 

(b)        NEPHROGENEX
represents and warrants that its product liability and general tort liability is of the occurrence-based rather than claims-made
type. Within thirty (30) days after the date of the first commercial sale of a Licensed Product hereunder, NEPHROGENEX shall provide
VANDERBILT with a certificate or certificates of insurance evidencing that VANDERBILT has been named as an additional insured
party and evidencing that the insurer(s) is required to notify VANDERBILT in writing at least thirty (30) days in advance of any
termination of the policy or certificate, or any modification that would cause NEPHROGENEX no longer to be in compliance with
the provisions of this Paragraph, or would cause the representation and warranties set forth above in this Paragraph no longer
to be true, such written notification to specify the reason for such termination, the nature of the proposed modification, as
the case may be. It is expressly agreed by the parties that the provisions of this Paragraph regarding insurance shall in no way
limit NEPHROGENEX’s indemnity obligations, except to the extent that NEPHROGENEX’s insurer(s) actually pays VANDERBILT
amounts for which VANDERBILT is entitled to be indemnified under this Agreement, nor shall VANDERBILT have any obligation to pursue
any insurer as a precondition to its rights to be indemnified by NEPHROGENEX. As used in this Paragraph, the term “VANDERBILT”
shall include VANDERBILT, and its officers, directors, agents and employees. If NEPHROGENEX does not obtain replacement insurance
within such thirty (30) day period specified above, VANDERBILT shall have the right to terminate this Agreement effective at the
end of such thirty (30) day period without notice or any additional waiting periods.

 

(c)        NEPHROGENEX
shall maintain such comprehensive general product liability and tort liability insurance or self-insurance beyond the expiration
or termination of this Agreement during (i) the period that any product relating to, or developed pursuant to, this Agreement
is being commercially distributed or sold by NEPHROGENEX or by a sublicensee or agent of NEPHROGENEX and (ii) a period not less
than the statute of limitations for product liability claims in the state in which the product is being used.

 

10.5        Limitation
of Liability.  Neither party shall be liable in contract, tort, warranty or otherwise for any special, indirect incidental
or consequential damages of any kind, including, without limitation, economic damage, injury to property or lost profits, regardless
of whether such party has been advised, has other reason to know, or, in fact, knows of the possibility of any of the foregoing;
provided, however, that the foregoing shall not limit the obligation of NEPHROGENEX to indemnify VANDERBILT as provided in Paragraph
10.3 for any claim relating to personal injury or death arising from the use of a Licensed Product.

 

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11.  USE
OF VANDERBILT’S NAME

 

11.1        Identification
of VANDERBILT, NEPHROGENEX agrees not to identify VANDERBILT or to use the name of VANDERBILT, its faculty, trustees,
officers employees or students or any trademark, service mark, trade name or symbol of VANDERBILT, or that is associated with
any of them, in promotional advertising, marketing or other similar materials without VANDERBILT’s prior written consent,
except as required by governmental authority. NEPHROGENEX may, without prior consent, refer to VANDERBILT as LICENSOR of Licensed
Patent Rights in a business plan. Other uses of VANDERBILT’s name shall be made only after prior approval.

 

11.2        Identification
of NEPHROGENEX.  VANDERBILT agrees not to identify NEPHROGENEX or to use the name of NEPHROGENEX’s officers, employees
or any trademark, service mark, trade name or symbol of NEPHROGENEX without the written consent of NEPHROGENEX, except as may
be required by governmental authority or law.

 

12.  TERMS
AND CONDITIONS

 

12.1        Compliance
with Law.  NEPHROGENEX shall comply with and shall insure that any Affiliate or Sublicensee complies with all government
statutes and regulations that relate to Licensed Products, including, but not limited to, Food and Drug Administration statutes
and regulations and the Export Administration Act of 1979 (50 App. U.S.C. §2401 et seq.), as amended, and the regulations
promulgated thereunder, and any applicable similar laws and regulations of any other country. Without limiting the generality
of the foregoing, NEPHROGENEX agrees that all Licensed Products used or sold in the United States shall be manufactured substantially
in the United States to the extent required by Federal law.

 

12.2        Violation
of Laws.  Nothing in this Agreement shall be construed so as to require the violation of any law, and wherever there
is any conflict between any provision of this Agreement and any law the law shall prevail, but in such event the affected provision
of this Agreement shall be affected only to the extent necessary to bring it within the applicable law.

 

12.3        Notices.
Any notice may be initially given by facsimile with confirmation required or permitted to be given by this License by postpaid,
first class, registered or certified mail addressed as set forth below unless changed by notice so given:

 

	For NEPHROGENEX:	 	For VANDERBILT:
	 	 	 
	J. Wesley Fox, Ph.D.	 	Center for Technology Transfer and
	President and CEO	 	Commercialization
	NephroGenex, Inc.	 	Vanderbilt University
	79 T.W. Alexander Drive	 	1207 17th Avenue S., Suite
    105
	P.O. Box 14188	 	Nashville, TN 37212
	Building 4401, Suite 290	 	FAX:   615/343-4410
	Research Triangle
    Park, NC 27709	 	 
	FAX: 609/275-5610	 	 

 

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Such
notice shall be effective upon receipt by the party to whom notice is sent.

 

12.4        Dispute
Resolution.  The parties acknowledge and agree that they have entered into this Agreement with the expectation of a
long-term, mutually beneficial relationship. However, should disagreement arise regarding obligations imposed on the parties by
this Agreement, it is agreed that the parties will, in good faith, promptly attempt to reach an amicable resolution of such disagreement.

 

12.5        Force
Majeure.  Neither party to this Agreement shall be liable for delay or failure in the performance of any of its obligations
hereunder if such delay or failure is due to causes beyond its reasonable control, including, without limitation, acts of God,
fires, earthquakes, strikes and labor disputes, acts of war, civil unrest or intervention of any governmental authority, but any
such delay or failure shall be remedied by such party as soon as is reasonably possible. Failure to make timely royalty payments
shall not be excused by Force Majeure.

 

12.6        Assignments.
This Agreement may not be assigned by either party without the written prior consent of the other party, which consent shall not
be unreasonably withheld. The parties hereto agree that each is acting as an independent contractor and not as an agent of the
other or as joint venturers. Notwithstanding the foregoing, NEPHROGENEX may, without VANDERBILT’s consent, assign this Agreement
or any rights and obligations contemplated herein to an Affiliate of NEPHROGENEX or to a company acquiring all or substantially
all of the assets of NEPHROGENEX to which this Agreement relates, upon giving written notice thereof to VANDERBILT.

 

12.7        Waivers
and Modifications.  The failure of any party to insist on the performance of any obligation hereunder shall not act
as a waiver of such obligation. No waiver, modification, release or amendment of any obligation under this Agreement shall be
valid or effective unless in writing and signed by both parties hereto.

 

12.8        Successors
in Interest.  This Agreement shall inure to the benefit of and be binding on the parties’ permitted assigns, successors
in interest and subsidiaries.

 

12.9        Choice
of Law and Jurisdiction.  This Agreement is subject to and shall be construed and enforced in accordance with the laws
of the U.S.A. and Tennessee. Any action on any dispute arising out of this Agreement shall be tried in Davidson County, and the
parties consent to the jurisdiction of the state and federal courts there.

 

12.10      Entire
Agreement.  This Agreement constitutes the entire agreement between the parties as to the subject matter hereof, and
all prior negotiations, representations, agreements and understandings, explicitly including the Prior License, are merged into,
extinguished by and completely expressed by this Agreement.

 

    	18

    	 

    

 

IN WITNESS WHEREOF, the parties have duly executed this
Agreement on the date(s) written below.

 

	NEPHROGENEX	 	VANDERBILT UNIVERSITY
	 	 	 
	By:	/s/ J.
    Wesley Fox	 	By:	/s/ John
    Manning
	Name:	J. Wesley Fox, Ph.D.	 	Name:	John Manning
	Title: 	President and CEO, NephroGenex, Inc.	 	Title:	Associate Vice Chancellor for
	 	 	 	 	Health Affairs and Chief
	 	 	 	 	Administration Officer
	 	 	 	 	 
	Date:	7-18-12	 	Date:	7-16-12
	 	 	 
	 	 	By:	/s/ Gordon Bernard
	 	 	Name:	Gordon Bernard
	 	 	Title:	Associate Vice Chancellor for Research
	 	 	 	 
	 	 	Date:	7/16/12

 

	UNDERSTOOD AND ACKNOWLEDGED BY:	 	 
	 	 	 
	By:	/s/ Billy G. Hudson	 	Date:	7-10-2012
	 	Billy G. Hudson, Ph.D.	 	 
	 	Principal Investigator	 	 

 

    	19

    	 

    

 

APPENDIX A

 

LICENSED TECHNOLOGY

 

U.S.
Patent Application - Serial No 12/775,641 Publication No:20100240710.

USE OF PYRIDOXAMINE TO TREAT AND/OR PREVENT DISEASE PROCESSES

 

U.S. Patent Application - Serial
12/384,902

METHODS OF USING PYRIDOXAMINE AS A RADIOPROTECTOR

 

U.S. Patent Application - Serial
12/384,832

METHODS OF USING PYRIDOXAMINE FOR TREATING ADVERSE HEALTH
EFFECTS OF CHEMOTHERAPY

 

U.S. Patent Application – Serial
61/508466 

METHODS FOR TREATING INFLAMMATION

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