Document:

Exhibit 10.16

 

RITTER PHARMACEUTICALS, INC.

 

2008 STOCK PLAN

 

STOCK OPTION AGREEMENT

 

Unless otherwise defined
herein, the terms defined in the 2008 Stock Plan (the “Plan”) shall have the same defined meanings in this Stock Option
Agreement (the “Option Agreement”).

 

I.            NOTICE
OF STOCK OPTION GRANT

 

	 	Name:	Ira E. Ritter
	 	 	 
	 	Address:	c/o Ritter Pharmaceuticals, Inc.
	 	 	1801 Century Park East, No. 1820
	 	 	Los Angeles, California 90067

 

The undersigned Participant has been granted
an Option to purchase Common Stock of the Company, subject to the terms and conditions of the Plan and this Option Agreement, as
follows:

 

	 	Date of Grant:	December 2, 2014 
	 	 	 
	 	Vesting Commencement Date:	September 1, 2014
	 	 	 
	 	Exercise Price per Share:	$0.82 for the first 1,089,284 shares exercised pursuant hereto; $1.30 for the next 1,001,311 shares exercised pursuant hereto; $1.85 for the remaining 1,001,310 shares exercised pursuant hereto (such exercise prices and number of shares are subject to proportionate adjustment as set forth below in this Option).
	 	 	 
	 	Total Number of Shares Granted:	3,091,905
	 	 	 
	 	Total Exercise Price:	$4,047,340.68
	 	 	 
	 	Type of Option:	NSO
	 	 	 
	 	Term/Expiration Date:	December 2, 2024, 5 p.m. Pacific time 

 

Vesting Schedule:

 

This Option shall be
exercisable, in whole or in part, according to the following vesting schedule: twenty five percent (25%) of the Shares subject
to the Option shall vest on the first anniversary of the Vesting Commencement Date and the remaining seventy five percent (75%)
of the Shares subject to the Option shall vest in 36 equal monthly installments beginning on the last day of the first full month
thereafter, subject to Participant continuing to be a Service Provider through each such date

 

    	 

    	 

    

 

Termination Period:

 

This Option shall be
exercisable for three (3) months after Participant ceases to be a Service Provider, unless such termination is due to Participant’s
death or Disability, in which case this Option shall be exercisable for twelve (12) months after Participant ceases to be a Service
Provider. Notwithstanding the foregoing sentence, in no event may this Option be exercised after the Term/Expiration Date as provided
above and may be subject to earlier termination as provided in Section 11(c) of the Plan.

 

II.           AGREEMENT

 

1.            Grant
of Option. The Administrator of the Company hereby grants to the Participant named in the Notice of Stock Option Grant in Part
I of this Agreement (“Participant”), an option (the “Option”) to purchase the number of Shares set forth
in the Notice of Stock Option Grant, at the exercise price per Share set forth in the Notice of Stock Option Grant (the “Exercise
Price”), and subject to the terms and conditions of the Plan, which is incorporated herein by reference. Subject to Section
19(c) of the Plan, in the event of a conflict between the terms and conditions of the Plan and this Option Agreement, the terms
and conditions of the Plan shall prevail.

 

If designated in the
Notice of Stock Option Grant as an Incentive Stock Option (“ISO”), this Option is intended to qualify as an
Incentive Stock Option as defined in Section 422 of the Code. Nevertheless, to the extent that it exceeds the $100,000 rule of
Code Section 422(d), this Option shall be treated as a Nonstatutory Stock Option (“NSO”).

 

2.            Exercise
of Option.

 

(a)          Right
to Exercise. This Option shall be exercisable during its term in accordance with the Vesting Schedule set out in the Notice
of Stock Option Grant and with the applicable provisions of the Plan and this Option Agreement.

 

(b)          Method
of Exercise. This Option shall be exercisable by delivery of an exercise notice in the form attached as Exhibit A (the
“Exercise Notice”) or in a manner and pursuant to such procedures as the Administrator may determine, which shall state
the election to exercise the Option, the number of Shares with respect to which the Option is being exercised, and such other representations
and agreements as may be required by the Company. The Exercise Notice shall be accompanied by payment of the aggregate Exercise
Price as to all Exercised Shares, together with any applicable tax withholding. This Option shall be deemed to be exercised upon
receipt by the Company of such fully executed Exercise Notice accompanied by the aggregate Exercise Price, together with any applicable
tax withholding.

 

No Shares shall be
issued pursuant to the exercise of an Option unless such issuance and such exercise comply with Applicable Laws. Assuming such
compliance, for income tax purposes the Shares shall be considered transferred to Participant on the date on which the Option is
exercised with respect to such Shares.

 

3.            Participant’s
Representations. In the event the Shares have not been registered under the Securities Act of 1933, as amended, at the time
this Option is exercised, Participant

 

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shall, if required by
the Company, concurrently with the exercise of all or any portion of this Option, deliver to the Company his or her Investment
Representation Statement in the form attached hereto as Exhibit B.

 

4.            Lock-Up
Period. Participant hereby agrees that Participant shall not 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, lend, or otherwise transfer
or dispose of, directly or indirectly, any Common Stock (or other securities) of the Company or enter into any swap, hedging or
other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any Common Stock
(or other securities) of the Company held by Participant (other than those included in the registration) for a period specified
by the representative of the underwriters of Common Stock (or other securities) of the Company not to exceed one hundred eighty
(180) days following the effective date of any registration statement of the Company filed under the Securities Act (or such other
period as may be requested by the Company or the underwriters to accommodate regulatory restrictions on (i) the publication or
other distribution of research reports and (ii) analyst ‘recommendations and opinions, including, but not limited to, the
restrictions contained in NASD Rule 2711(f)(4) or NYSE Rule 472(f)(4), or any successor provisions or amendments thereto).

 

Participant agrees
to execute and deliver such other agreements as may be reasonably requested by the Company or the underwriter which are consistent
with the foregoing or which are necessary to give further effect thereto. In addition, if requested by the Company or the representative
of the underwriters of Common Stock (or other securities) of the Company, Participant shall provide, within ten (10) days of such
request, such information as may be required by the Company or such representative in connection with the completion of any public
offering of the Company’s securities pursuant to a registration statement filed under the Securities Act. The obligations
described in this Section 4 shall not apply to a registration relating solely to employee benefit plans on Form S-1 or Form S-8
or similar forms that may be promulgated in the future, or a registration relating solely to a Commission Rule 145 transaction
on Form S-4 or similar forms that may be promulgated in the future. The Company may impose stop-transfer instructions with respect
to the shares of Common Stock (or other securities) subject to the foregoing restriction until the end of said one hundred eighty
(180) day (or other) period. Participant agrees that any transferee of the Option or shares acquired pursuant to the Option shall
be bound by this Section 4.

 

5.            Method
of Payment. Payment of the aggregate Exercise Price shall be by any of the following, or a combination thereof, at the election
of the Participant:

 

(a)          cash;

 

(b)          check;

 

(c)          consideration
received by the Company under a formal cashless exercise program adopted by the Company in connection with the Plan; or

 

(d)          surrender
of other Shares which (i) if acquired either directly or indirectly from the Company, have been owned by Participant for at least
the period required to avoid a charge to the Company’s reported earnings, (ii) shall be valued at its Fair Market Value on
the

 

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date of exercise, and
(iii) must be owned free and clear of any liens, claims, encumbrances or security interests, if accepting such Shares, in the sole
discretion of the Administrator, shall not result in any adverse accounting consequences to the Company.

 

6.            Restrictions
on Exercise. This Option may not be exercised until such time as the Plan has been approved by the stockholders of the Company,
or if the issuance of such Shares upon such exercise or the method of payment of consideration for such shares would constitute
a violation of any Applicable Law.

 

7.            Non-Transferability
of Option. This Option may not be transferred in any manner otherwise than by will or by the laws of descent or distribution
and may be exercised during the lifetime of Participant only by Participant. The terms of the Plan and this Option Agreement shall
be binding upon the executors, administrators, heirs, successors and assigns of Participant.

 

8.            Term
of Option. This Option may be exercised only within the term set out in the Notice of Stock Option Grant, and may be exercised
during such term only in accordance with the Plan and the terms of this Option.

 

9.            Tax
Obligations.

 

(a)          Tax
Withholding. Participant agrees to make appropriate arrangements with the Company (or the Parent or Subsidiary employing or
retaining Participant) for the satisfaction of all federal, state, local and foreign income and employment tax withholding requirements
applicable to the Option exercise. Participant acknowledges and agrees that the Company may refuse to honor the exercise and refuse
to deliver the Shares if such withholding amounts are not delivered at the time of exercise.

 

(b)          Notice
of Disqualifying Disposition of ISO Shares. If the Option granted to Participant herein is an ISO, and if Participant sells
or otherwise disposes of any of the Shares acquired pursuant to the ISO on or before the later of (i) the date two (2) years after
the Date of Grant, or (ii) the date one (1) year after the date of exercise, Participant shall immediately notify the Company in
writing of such disposition. Participant agrees that Participant may be subject to income tax withholding by the Company on the
compensation income recognized by Participant.

 

(c)          Code
Section 409A. Under Code Section 409A, an Option that vests after December 31, 2004 that was granted with a per Share exercise
price that is determined by the Internal Revenue Service (the “IRS”) to be less than the Fair Market Value of a Share
on the date of grant (a “discount option”) may be considered “deferred compensation.” An Option that is
a “discount option” may result in (i) income recognition by Participant prior to the exercise of the Option, (ii) an
additional twenty percent (20%) federal income tax, and (iii) potential penalty and interest charges. The “discount option”
may also result in additional state income, penalty and interest tax to the Participant. Participant acknowledges that the Company
cannot and has not guaranteed that the IRS will agree that the per Share exercise price of this Option equals or exceeds the Fair
Market Value of a Share on the date of grant in a later examination. Participant agrees that if the IRS determines that the Option
was granted with a per Share exercise price that was less than the Fair Market Value of a Share on the date of grant, Participant
shall be solely responsible for Participant’s costs related to such a determination.

 

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10.          Entire
Agreement; Governing Law. The Plan is incorporated herein by reference. The Plan and this Option Agreement constitute the entire
agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements
of the Company and Participant with respect to the subject matter hereof, and may not be modified adversely to Participant’s
interest except by means of a writing signed by the Company and Participant. This Agreement is governed by the internal substantive
laws but not the choice of law rules of California.

 

11.          No
Guarantee of Continued Service. PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE VESTING OF SHARES PURSUANT TO THE VESTING SCHEDULE
HEREOF IS EARNED ONLY BY CONTINUING AS A SERVICE PROVIDER AT THE WILL OF THE COMPANY (OR THE PARENT OR SUBSIDIARY EMPLOYING OR
RETAINING PARTICIPANT) AND NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS OPTION OR ACQUIRING SHARES HEREUNDER. PARTICIPANT
FURTHER ACKNOWLEDGES AND AGREES THAT THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH
HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE PROVIDER FOR THE VESTING PERIOD, FOR
ANY PERIOD, OR AT ALL, AND SHALL NOT INTERFERE IN ANY WAY WITH PARTICIPANT’S RIGHT OR THE RIGHT OF THE COMPANY (OR THE PARENT
OR SUBSIDIARY EMPLOYING OR RETAINING PARTICIPANT) TO TERMINATE PARTICIPANT’S RELATIONSHIP AS A SERVICE PROVIDER AT ANY TIME,
WITH OR WITHOUT CAUSE.

 

Participant acknowledges
receipt of a copy of the Plan and represents that he or she is familiar with the terms and provisions thereof, and hereby accepts
this Option subject to all of the terms and provisions thereof. Participant has reviewed the Plan and this Option in their entirety,
has had an opportunity to obtain the advice of counsel prior to executing this Option and fully understands all provisions of the
Option. Participant hereby agrees to accept as binding,

 

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conclusive and final all decisions or interpretations
of the Administrator upon any questions arising under the Plan or this Option. Participant further agrees to notify the Company
upon any change in the residence address indicated below.

 

	PARTICIPANT	 	RITTER PHARMACEUTICALS, INC.
	 	 	 
	/s/ Ira E. Ritter	 	/s/ Michael D. Step
	Signature	 	By
	 	 	 
	Ira E. Ritter	 	Michael D. Step
	Print Name	 	Print Name
	 	 	 
	c/o Ritter Pharmaceuticals, Inc.	 	Chief Executive Officer
	1801 Century Park East, No. 1820	 	Title
	Los Angeles, CA 90067	 	 

 

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EXHIBIT A

 

2008 STOCK PLAN

 

EXERCISE NOTICE

 

Ritter Pharmaceuticals, Inc.

1801 Century Park East, No. 1820

Los Angeles, California 90067

 

Attention: Chief Executive Officer

 

1.            Exercise
of Option. Effective as of today, ______________, _____, the undersigned (“Participant”) hereby elects to exercise
Participant’s option (the “Option”) to purchase ___________ shares of the Common Stock (the “Shares”)
of Ritter Pharmaceuticals, Inc. (the “Company”) under and pursuant to the 2008 Stock Plan (the “Plan”)
and the Stock Option Agreement dated _________________, _____ (the “Option Agreement”).

 

2.            Delivery
of Payment. Participant herewith delivers to the Company the full purchase price of the Shares, as set forth in the Option
Agreement, and any and all withholding taxes due in connection with the exercise of the Option.

 

3.            Representations
of Participant. Participant acknowledges that Participant has received, read and understood the Plan and the Option Agreement
and agrees to abide by and be bound by their terms and conditions.

 

4.            Rights
as Stockholder. Until the issuance of the Shares (as evidenced by the appropriate entry on the books of the Company or of a
duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder shall
exist with respect to the Common Stock subject to an Award, notwithstanding the exercise of the Option. The Shares shall be issued
to Participant as soon as practicable after the Option is exercised in accordance with the Option Agreement. No adjustment
shall be made for a dividend or other right for which the record date is prior to the date of issuance except as provided in Section
11 of the Plan.

 

5.            Company’s
Right of First Refusal. Before any Shares held by Participant or any transferee (either being sometimes referred to herein
as the “Holder”) may be sold or otherwise transferred (including transfer by gift or operation of law), the
Company or its assignee(s) shall have a right of first refusal to purchase the Shares on the terms and conditions set forth in
this Section 5 (the “Right of First Refusal”).

 

(a)          Notice
of Proposed Transfer. The Holder of the Shares shall deliver to the Company a written notice (the “Notice”) stating:
(i) the Holder’s bona fide intention to sell or otherwise transfer such Shares; (ii) the name of each proposed purchaser
or other transferee (“Proposed Transferee”); (iii) the number of Shares to be transferred to each Proposed Transferee;
and (iv) the bona fide cash price or other consideration for which the Holder proposes to transfer the Shares (the “Offered
Price”), and the Holder shall offer the Shares at the Offered Price to the Company or its assignee(s).

 

    	 

    	 

    

 

(b)          Exercise
of Right of First Refusal. At any time within thirty (30) days after receipt of the Notice, the Company and/or its assignee(s)
may, by giving written notice to the Holder, elect to purchase all, but not less than all, of the Shares proposed to be transferred
to any one or more of the Proposed Transferees, at the purchase price determined in accordance with subsection (c) below.

 

(c)          Purchase
Price. The purchase price (“Purchase Price”) for the Shares purchased by the Company or its assignee(s) under this
Section 5 shall be the Offered Price. If the Offered Price includes consideration other than cash, the cash equivalent value of
the non-cash consideration shall be determined by the Board of Directors of the Company in good faith.

 

(d)          Payment.
Payment of the Purchase Price shall be made, at the .option of the Company or its assignee(s), in cash (by check), by cancellation
of all or a portion of any outstanding indebtedness of the Holder to the Company (or, in the .case of repurchase by an assignee,
to the assignee), or by any combination thereof within thirty (30) days after receipt of the Notice or in the manner and at the
times set forth in the Notice.

 

(e)          Holder’s
Right to Transfer. If all of the Shares proposed in the Notice to be transferred to a given Proposed Transferee are not purchased
by the Company and/or its assignee(s) as provided in this Section 5, then the Holder may sell or otherwise transfer such
Shares to that Proposed Transferee at the Offered Price or at a higher price, provided that such sale or other transfer
is consummated within one hundred and twenty (120) days after the date of the Notice, that any such sale or other transfer is effected
in accordance with any applicable securities laws and that the Proposed Transferee agrees in writing that the provisions of this
Section 5 shall continue to apply to the Shares in the hands of such Proposed Transferee. If the Shares described in the Notice
are not transferred to the Proposed Transferee within such period, a new Notice shall be given to the Company, and the Company
and/or its assignees shall again be offered the Right of First Refusal before any Shares held by the Holder may be sold or otherwise
transferred.

 

(f)          Exception
for Certain Family Transfers. Anything to the contrary contained in this Section 5 notwithstanding, the transfer of any or
all of the Shares during Participant’s lifetime or on Participant’s death by will or intestacy to Participant’s
immediate family or a trust for the benefit of Participant’s immediate family shall be exempt from the provisions of this
Section 5. “Immediate Family” as used herein shall mean spouse, lineal descendant or antecedent, father, mother, brother
or sister. In such case, the transferee or other recipient shall receive and hold the Shares so transferred subject to the provisions
of this Section 5, and there shall be no further transfer of such Shares except in accordance with the terms of this Section 5.

 

(g)          Termination
of Right of First Refusal. The Right of First Refusal shall terminate as to any Shares upon the earlier of (i) the first sale
of Common Stock of the Company to the general public, or (ii) a Change in Control in which the successor corporation has equity
securities that are publicly traded.

 

6.            Tax
Consultation. Participant understands that Participant may suffer adverse tax consequences as a result of Participant’s
purchase or disposition of the Shares. Participant represents that Participant has consulted with any tax consultants Participant
deems advisable in connection with the purchase or disposition of the Shares and that Participant is not relying on the Company
for any tax advice.

 

    	 

    	 

    

 

7.            Restrictive
Legends and Stop-Transfer Orders.

 

(a)          Legends.
Participant understands and agrees that the Company shall cause the legends set forth below or legends substantially equivalent
thereto, to be placed upon any certificate(s) evidencing ownership of the Shares together with any other legends that may be required
by the Company or by state or federal securities laws:

 

THE SECURITIES REPRESENTED HEREBY
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”) AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED,
PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR, IN THE OPINION OF COUNSEL SATISFACTORY TO THE ISSUER OF THESE
SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS IN COMPLIANCE THEREWITH.

 

THE SHARES REPRESENTED BY THIS
CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND A RIGHT OF FIRST REFUSAL HELD BY THE ISSUER OR ITS ASSIGNEE(S)
AS SET FORTH IN THE EXERCISE NOTICE BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED
AT THE PRINCIPAL OFFICE OF THE ISSUER. SUCH TRANSFER RESTRICTIONS AND RIGHT OF FIRST REFUSAL ARE BINDING ON TRANSFEREES OF THESE
SHARES.

 

THE SHARES REPRESENTED BY THIS
CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER FOR A PERIOD OF TIME FOLLOWING THE EFFECTIVE DATE OF THE UNDERWRITTEN PUBLIC
OFFERING OF THE COMPANY’S SECURITIES SET FORTH IN AN AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES
AND MAY NOT BE SOLD OR OTHERWISE DISPOSED OF BY THE HOLDER PRIOR TO THE EXPIRATION OF SUCH PERIOD WITHOUT THE CONSENT OF THE COMPANY
OR THE MANAGING UNDERWRITER.

 

(b)          Stop-Transfer
Notices. Participant agrees that, in order to ensure compliance with the restrictions referred to herein, the Company may issue
appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the Company transfers its own
securities, it may make appropriate notations to the same effect in its own records.

 

(c)          Refusal
to Transfer. The Company shall not be required (i) to transfer on its books any Shares that have been sold or otherwise transferred
in violation of any of the provisions of this Exercise Notice, or (ii)
to treat as owner of such Shares or to accord the right to vote or pay dividends to any purchaser or other transferee to
whom such Shares shall have been so transferred.

 

8.            Successors
and Assigns. The Company may assign any of its rights under this Exercise Notice to single or multiple assignees, and this
Exercise Notice shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer
herein set forth, this Exercise Notice shall be binding upon Participant and his or her heirs, executors, administrators, successors
and assigns.

 

    	 

    	 

    

 

9.            Interpretation.
Any dispute regarding the interpretation of this Exercise Notice shall be submitted by Participant or by the Company forthwith
to the Administrator which shall review such dispute at its next regular meeting. The resolution of such a dispute by the Administrator
shall be final and binding on all parties,

 

10.          Governing
Law; Severability. This Exercise Notice is governed by the internal substantive laws but not the choice of law rules, of California.
In the event that any provision hereof becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable
or void, this Exercise Notice shall continue in full force and effect.

 

11.          Entire
Agreement. The Plan and Option Agreement are incorporated herein by reference. This Exercise Notice, the Plan, the Option Agreement
and the Investment Representation Statement constitute the entire agreement of the parties with respect to the subject matter hereof
and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject
matter hereof, and may not be modified adversely to the Participant’s interest except by means of a writing signed by the
Company and Participant.

 

	Submitted by:	 	Accepted by:
	 	 	 
	PARTICIPANT	 	RITTER PHARMACEUTICALS, INC.
	 	 	 
	 	 	 
	Signature	 	By
	 	 	 
	«Name»	 	 
	Print Name	 	Print Name
	 	 	 
	Address:	 	 
	 	 	Title
	«Address»	 	 
	 	 	Address:
	«City  State  Zip»	 	 
	 	 	1801 Century Park East, No. 1820
	 	 	Los Angeles, California 90067
	 	 	 
	 	 	 
	 	 	Date Received

 

    	 

    	 

    

 

EXHIBIT B

 

INVESTMENT REPRESENTATION STATEMENT

 

	PARTICIPANT	IRA E. RITTER
	 	 
	COMPANY	RITTER PHARMACEUTICALS, INC.
	 	 
	SECURITY	COMMON STOCK
	 	 
	AMOUNT	_______ SHARES

 

In connection with
the purchase of the above-listed Securities, the undersigned Participant represents to the Company the following:

 

(a)          Participant
is aware of the Company’s business affairs and financial condition and has acquired sufficient information about the Company
to reach an informed and knowledgeable decision to acquire the Securities. Participant is acquiring these Securities for investment
for Participant’s own account only and not with a view to, or for resale in connection with, any “distribution”
thereof within the meaning of the Securities Act of 1933, as amended (the “Securities Act”).

 

(b)          Participant
acknowledges and understands that the Securities constitute “restricted securities” under the Securities Act and have
not been registered under the Securities Act in reliance upon a specific exemption therefrom, which exemption depends upon, among
other things, the bona fide nature of Participant’s investment intent as expressed herein. In this connection, Participant
understands that, in the view of the Securities and Exchange Commission, the statutory basis for such exemption may be unavailable
if Participant’s representation was predicated solely upon a present intention to hold these Securities for the minimum capital
gains period specified under tax statutes, for a deferred sale, for or until an increase or decrease in the market price of the
Securities, or for a period of one year or any other fixed period in the future. Participant further understands that the Securities
must be held indefinitely unless they are subsequently registered under the Securities Act or an exemption from such registration
is available. Participant further acknowledges and understands that the Company is under no obligation to register the Securities.
Participant understands that the certificate evidencing the Securities shall be imprinted with any legend required under applicable
state securities laws.

 

(c)          Participant
is familiar with the provisions of Rule 701 and Rule 144, each promulgated under the Securities Act, which, in substance, permit
limited public resale of “restricted securities” acquired, directly or indirectly from the issuer thereof, in a non-public
offering subject to the satisfaction of certain conditions. Rule 701 provides that if the issuer qualifies under Rule 701 at the
time of the grant of the Option to Participant, the exercise shall be exempt from registration under the Securities Act. In the
event the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934,
ninety (90) days thereafter (or such longer period as any market stand-off agreement may require) the Securities exempt under Rule
701 may be resold, subject to the satisfaction of the applicable conditions specified by Rule 144, including in the case of affiliates
(1) the availability of certain public information about the Company, (2) the amount of Securities being sold during any three

 

    	 

    	 

    

 

(3) month period not
exceeding specified limitations, (3) the resale being made in an unsolicited “broker’s transaction”, transactions
directly with a “market maker” or “riskless principal transactions” (as those terms are defined under the
Securities Exchange Act of 1934) and (4) the timely filing of a Form 144, if applicable.

 

In the event that the
Company does not qualify under Rule 701 at the time of grant of the Option, then the Securities may be resold in certain limited
circumstances subject to the provisions of Rule 144, which may require (i) the availability of current public information about
the Company; (ii) the resale to occur more than a specified period after the purchase and full payment (within the meaning of Rule
144) for the Securities; and (iii) in the case of the sale of Securities by an affiliate, the satisfaction of the conditions set
forth in sections (2), (3) and (4) of the paragraph immediately above.

 

(d)          Participant
further understands that in the event all of the applicable requirements of Rule 701 or 144 are not satisfied, registration under
the Securities Act, compliance with Regulation A, or some other registration exemption shall be required; and that, notwithstanding
the fact that Rules 144 and 701 are not exclusive, the Staff of the Securities and Exchange Commission has expressed its opinion
that persons proposing to sell private placement securities other than in a registered offering and otherwise than pursuant to
Rules 144 or 701 shall have a substantial burden of proof in establishing that an exemption from registration is available for
such offers or sales; and that such persons and their respective brokers who participate in such transactions do so at their own
risk. Participant understands that no assurances can be given that any such other registration exemption shall be available in
such event.

 

	 	PARTICIPANT
	 	 
	 	 
	 	Signature
	 	 
	 	 
	 	Print Name
	 	 
	 	 
	 	DateExhibit 10.17

 

RESEARCH AND DEVELOPMENT AGREEMENT &
LICENSE

 

This is a RESEARCH AND
DEVELOPMENT AGREEMENT and LICENSE dated as of November 30, 2010 (as modified, amended or restated from time-to-time, the “Agreement”)
by and among: KOLU POHAKU TECHNOLOGIES, LLC, a Delaware limited liability company, with its principal place of business
and mailing address at 73-4460 Queen Kaahumanu Highway, #121, Kailua-Kona, Hawaii, 96740 (together with its successors and assigns,
“Kolu Pohaku”); KOLU POHAKU MANAGEMENT, LLC, a Delaware limited liability company, with its principal
place of business and mailing address at 236 Third Street, Baton Rouge, Louisiana 70801 (together with its successors and assigns,
“KPM”); and RITTER PHARMACEUTICALS, INC., a Delaware corporation, with its principal place of
business and mailing address at 1880 Century Park East, No. 1100, Los Angeles, California 90067 (together with its successors and
assigns, “Researcher”). Kolu Pohaku, KPM and Researcher are referred to collectively as the “Parties”
and individually as a “Party” to this Agreement. In consideration of their mutual promises and with the
intention to be legally bound, the Parties hereby agree as follows:

 

1.          Background.

 

1.1           Researcher
is not a Qualified High Technology Business (“QHTB”) within the meaning of Hawaii Revised Statutes (“HRS”)
section 235-110.9(e). However, Researcher has the experience and ability to engage in “Qualified Research” as that
term is defined in HRS section 235-7.3(c). Specifically, Researcher is a development stage pharmaceutical company with a Phase
II drug candidate for the treatment of lactose intolerance, RP-G28, preparing to conduct Phase II clinical trials involving RP-G28
(the “Research Project”). Researcher has not commercialized the results of its Research Project.

 

1.2           It
is a condition of this Agreement that the portion of the Research Project conducted in Hawaii shall constitute “Qualified
Research” as that term is defined in HRS section 235-7.3(c), and Researcher agrees that for each calendar year during
which this Agreement is in effect, through December 31, 2014 (each such calendar year “Project Year”
and, together, the “Project Years”), it will continue to engage in the Research Project, including enhancements
or expansions of that project, and that, with respect to the KP Research (as defined below), such research shall constitute Qualified
Research. In order to verify compliance with this requirement, Researcher will provide the information for and fully cooperate
with the preparation of a report (the “Agreed Upon Procedures Report”) to be prepared for each Project
Year at Kolu Pohaku’s expense by an independent accountant designated by Kolu Pohaku. The Agreed Upon Procedures Report shall
confirm that with respect to the KP Research (as defined below), such research shall constitute Qualified Research. Researcher
will provide Kolu Pohaku with a certificate of the Chief Financial Officer certifying that the financial information provided by
Researcher for preparation of each such Agreed Upon Procedures Report is true and correct in all material respects, and will provide
to Kolu Pohaku an annual financial statement for Researcher for each such year that fully and fairly presents the financial condition
of the Researcher, not later than March 15 of each immediately subsequent year.

 

1.3           Kolu
Pohaku desires to engage Researcher to perform certain research and development activities in Hawaii (the “KP Research”)
consistent with the Research Project in

 

    	 

    	 

    

  

exchange for Kolu Pohaku’s
payment of a research and development fee to Researcher. The description of and five year budget for the KP Research on behalf
of and for the benefit of Kolu Pohaku is detailed in Exhibit A (the “Budget”). The KP Research
and this Agreement is for the initial phase of research including the conduct of Phase II clinical trials for the drug candidate
RP-G28 in Hawaii. Subsequent phases of research may be performed by Researcher for Kolu Pohaku depending on the results of this
initial stage. In exchange for the irrevocable, perpetual, exclusive, worldwide right and license to the results of the KP Research
as they are generated hereunder, which Kolu Pohaku grants below and Researcher hereby accepts (the “License”),
Researcher will pay to Kolu Pohaku a royalty fee based on the results of the KP Research, as described in Section 9. The foregoing
License includes, without limitation, Researcher’s right to sublicense the KP Research and to make, have made, use, sell,
offer for sale and import products based, in whole or in part, on the KP Research. To the extent permitted by applicable law, improvements
to any such products shall be owned exclusively by licensee. If this provision for improvements is not legal or practicable, Kolu
Pohaku agrees to, and hereby does, assign, license (on an irrevocable, worldwide perpetual, royalty-free, exclusive basis) or take
such other actions as may be necessary in order to secure Researcher’s interest in any improvements hereunder. It is a condition
of this Agreement that the KP Research shall constitute “Qualified Research” as that term in defined in HRS section
235-7.3(c), and shall be performed exclusively by or for the Researcher and exclusively in the State of Hawaii. Researcher acknowledges
that Kolu Pohaku intends that (i) the KP Research will constitute “Qualified Research” as that term is defined in HRS
section 235-7.3(c), (ii) Kolu Pohaku will maintain its status as a QHTB from 2010 through December 31, 2014, by continuing to satisfy
the Activity Test for each such year, and (iii) Kolu Pohaku will verify its status as a QHTB in part, in reliance upon the Agreed
Upon Procedures Reports provided for in Section 1.1, above.

 

2.          Certain
Definitions.

 

2.1           “Activity
Test” means more than 50% of its total business activities are Qualified Research and more than 75% of the Qualified
Research is conducted in Hawaii pursuant to HRS 235-10.9.

 

2.2           “Agreement”
means this Research and Development Agreement & License as described in introduction to the Agreement, and any exhibits hereto.

 

2.3           “Confidential
Information” includes scientific, business, or financial information pertaining to the KP Research and/or the Research
Project that is designated as confidential by Provider (defined below). Confidential Information does not include information that:
(i) is in the public domain other than as a result of a disclosure by Recipient (defined below) or any of Recipient’s representatives
in violation of this Agreement; (ii) was in the possession of Recipient before disclosure by the Provider; (iii) is acquired by
Recipient from a third party having no obligation of confidentiality to Provider; (iv) is hereafter independently developed by
Recipient, without reference to Confidential Information received from Provider; or (v) Provider expressly authorizes Recipient
to disclose.

 

2.4           “HRS”
means Hawaii Revised Statutes.

 

2.5           “Investment”
means investment as described in HRS section 235-1.

 

    	-2-

    	 

    

  

2.6           “Invention”
means any invention or discovery that is or may be patentable or protectable under applicable laws.

 

2.7           “Kolu
Pohaku” means Kolu Pohaku Technologies, LLC as described in introduction to the Agreement.

 

2.8           “KP
Research” means that portion of the Research Project funded by the R&D Fees paid by Kolu Pohaku to Researcher as
described in Section 1.3 and Exhibit A hereto.

 

2.9           “Material
Market Event” means an event described in Section 9.3 herein.

 

2.10         “Party”
means “Party” or “Parties” as described in introduction to the Agreement.

 

2.11         “Provider”
means the Party that provides Confidential Information to the other Party under this Agreement.

 

2.12         “QHTB”
means Qualified High Technology Business as described in HRS section 235-110.9.

 

2.13         “QHTB
Credits” means the High Technology Business Investment Tax credits as described in HRS section 235-110.9.

 

2.14         “Qualified
Research” means qualified research as that term is defined in HRS section 235-7.3.

 

2.15         “R&D
Fee” means the installment payments by Kolu Pohaku described in Section 7.

 

2.16         “Recipient”
means the Party that receives Confidential Information from the other Party under this Agreement.

 

2.17         “Researcher”
means Ritter Pharmaceuticals, Inc. as described in introduction to the Agreement.

 

2.18         “Research
Project” means the portion of the Researcher’s overall and ongoing research project described in Section 1.1 above,
performed for and on its own behalf.

 

2.19         “Royalty
Payments” means the quarterly royalty payments by Researcher to Kolu Pohaku described in Section 9 herein.

 

2.20         “State”
shall mean the State of Hawaii.

 

2.21         “Term”
means term of this agreement as described in Section 4.

 

3.          Engagement.
Kolu Pohaku hereby engages Researcher to perform the KP Research in connection with and in addition to Researcher’s ongoing
Research Project activities. The KP Research shall be performed in Hawaii from the effective date set forth above through December
31, 2014, provided that this Agreement remains in effect. Nothing in this Agreement shall be

 

    	-3-

    	 

    

  

construed to limit the freedom
of either Party from engaging in similar research with other parties, providing the research does not create a conflict with the
Parties’ obligations under this Agreement. Researcher shall begin the Research Project in 2010 and perform the portion of
the KP Research in 2010 more specifically described in Exhibit A. In each of the four subsequent years, provided that this
Agreement remains in effect, Researcher shall perform a portion of the KP Research. During the term of this Agreement, Researcher
shall not accept any other research and development funding pursuant to any transaction in Hawaii without the prior written consent
of Kolu Pohaku granted in the exercise of its sole discretion.

 

4.          Term.
The term of this Agreement shall be from the effective date first set forth above through December 31, 2035, unless sooner terminated
in accordance herewith (the “Term”).

 

5.          Development.
Researcher shall use Hawaii facilities, personnel and expertise to conduct the KP Research. From time to time, Researcher shall
provide Kolu Pohaku with written updates of the results of its research and development efforts, but at least once every calendar
quarter, so that Kolu Pohaku can evaluate the progress being made by Researcher. Any material change to the timing, activities
or budget for the KP Research more fully described in Exhibit A, must be approved in writing in advance by Kolu Pohaku,
which approval shall not be withheld to the extent such change constitutes Qualified Research and complies with the minimum annual
expenditures set forth in Exhibit B, provided further that if the Parties do not agree that the change constitutes Qualified Research,
Researcher may elect, at its cost, to provide Support (as defined below) and, upon providing such Support, the requested change
shall be approved. “Support” shall mean a ruling from the Hawaii Department of Taxation or an opinion
from a Hawaii law firm or accounting firm (with a practice that includes transactions based on HRS section 235-100.9) that the
change should qualify as Qualified Research.

 

6.          Control.
Researcher shall have sole and exclusive control over the manner in which Researcher and its employees and contractors perform
the KP Research, and Researcher shall engage and employ such persons as it deems necessary in connection therewith, it being understood
and agreed that such person(s) shall be considered to be solely the employees and contractors of Researcher. Researcher shall at
all times remain primarily responsible for the satisfactory performance of all work and services and may not transfer or assign
such responsibility without the prior written consent of Kolu Pohaku. Researcher acknowledges and agrees that Researcher is an
independent contractor. Researcher acknowledges and agrees that neither Researcher nor any of its employees are employees, partners
or agents of Kolu Pohaku for any purpose including but not limited to, the application of the Federal Insurance Contribution Act,
the Social Security Act, the Federal Unemployment Tax Act, the provisions of the Internal Revenue Code, Hawaii’s Income tax
laws relating to income tax withholding at the source of income, the Hawaii Workers Compensation Code, the Hawaii Prepaid Healthcare
Act, and the Hawaii Temporary Disability Insurance Act.

 

7.          R&D
Fee. Kolu Pohaku shall pay to the Researcher Seven Hundred and Fifty Thousand Dollars ($750,000.00) as the research and development
fee (“R&D Fee”) for performing the KP Research in 2010 through 2014. Two Hundred Fifty Thousand Dollars
($250,000.00) of the R&D Fee shall be payable upon signing of the Agreement (the “2010 R&D Fee Installment”)
and Five Hundred Thousand Dollars ($500,000.00) shall be paid no later than January 10, 2011, provided that the conditions set
forth in Section 8 have been satisfied (the “2011 R&D Fee 

 

    	-4-

    	 

    

  

Installment”).
Researcher agrees that the R&D Fee will be disbursed to Researcher in amounts corresponding to, and within five (5) business
days of the receipt of, each request for a disbursement from Researcher unless Kolu Pohaku objects in writing to such request in
such time period (each such amount, an “R&D Disbursement”). Notwithstanding the foregoing sentence,
the Parties agree that the 2010 R&D Fee Installment shall be disbursed upon execution of this Agreement and shall be considered
an R&D Disbursement for all purposes hereunder. Researcher agrees that a minimum amount of KP Research will be performed in
each year of the Agreement as provided in Exhibit B. Researcher further agrees that the payments set forth in this Agreement shall
be full and complete compensation for all obligations and deliverables by Researcher under this Agreement and for all inventions,
developments and improvements assigned under this Agreement, if any. Researcher specifically agrees that Kolu Pohaku shall not
be responsible for any costs of overhead, salaries, materials or other expenses, except as set forth herein. Not later than March
15 of each year, Researcher shall deliver to Kolu Pohaku a certificate of the Chief Financial Officer of Researcher (i) setting
forth in reasonable detail the application of the R&D Fee performed to date pursuant to the funding of the KP Research, (ii)
demonstrating that not less than 100% of such funding was applied toward the KP Research, and (iii) certifying that the KP Research
has not been funded from the proceeds of any other third party agreement such that the third party has ownership of any of the
results of the KP Research.

 

8.          Conditions
Precedent to Payment of the 2011 R&D Fee Installment. The payment of the 2011 R&D Fee Installment shall be subject
to the satisfaction (or written waiver thereof by Kolu Pohaku) of the following conditions precedent:

 

8.1           Location.
Verification in the form of a certificate from an authorized officer of Researcher that at least Fifty Thousand Dollars ($50,000.00)
of the KP Research activity corresponding to the 2010 R&D Fee Installment was performed in 2010 in Hawaii in conjunction with
the Research Project for the benefit of and on behalf of Kolu Pohaku, in accordance with the Budget;

 

8.2           Operations
and Funding. Verification in the form of a certificate from an authorized officer of Researcher, supported and accompanied
by receipts for each expenditure, that any portion of the 2010 R&D Fee Installment beyond the initial Fifty Thousand Dollars
($50,000.00) of the Research Project that was performed prior to January 10, 2011, was performed in Hawaii, in accordance with
the Budget.

 

9.          License
and Royalty Payments.

 

9.1           Grant
of License. In exchange for Researcher’s commitment to pay the Royalty Payments set forth in Section 9.2, Kolu Pokaku
hereby grants the License to Researcher.

 

9.2           Quarterly
Royalty Payment. Commencing with an initial payment on March 31, 2015, and continuing through December 31, 2035, at the expiration
of each calendar quarter (i.e., March 31, June 30, September 30, December 31, etc.), Researcher, shall pay to Kolu Pohaku a royalty
payment of Fifteen Thousand Dollars ($15,000.00) (each a “Royalty Payment”) for the license and use of
the results of the KP Research. In the event any Royalty Payment is not paid on or before its due date, interest shall accrue on
such amount at the rate of 12% per annum compounded annually.

 

    	-5-

    	 

    

  

10.         Exchange
of Information. During the Term the Parties shall consult as necessary and shall exchange any information reasonably necessary
to achieve the purposes of this Agreement. Kolu Pohaku and Researcher will, upon the reasonable request of the other Party, arrange
meetings of their respective personnel, at reasonable times and places, to review the progress of the KP Research and Researcher’s
research and development efforts in the Research Project as a whole.

 

11.         Disclosure
and Ownership of Developments.

 

11.1         KP
Research. Researcher shall disclose and transfer to Kolu Pohaku all inventions, developments and/or improvements (a) arising
out of the performance of this Agreement, or (b) arising out of the KP Research and conceived by Researcher’s employees,
consultants, independent contractors, agents or other personnel. Kolu Pohaku shall own the results of the KP Research, as set forth
herein.

 

11.2         Research
Project. Except for the results of the KP Research, Researcher shall own the results of the Research Project.

 

11.3         Inventions.
Any inventions, developments or improvements (a) arising out of the performance of this Agreement or (b) arising out of the KP
Research and conceived by employees, consultants, independent contractors, agents or other personnel of Researcher during this
Agreement or within six (6) months after termination or expiration of this Agreement, shall be the property of Kolu Pohaku. Researcher
shall have all its employees, consultants, independent contractors, agents and other personnel with access to such inventions,
developments or improvements sign agreements to transfer all their rights in and to such inventions, developments or improvements
to Researcher prior to having such personnel work under this Agreement. All expenses involved in obtaining any such patent shall
be borne by Researcher. Researcher agrees that none of its personnel who will perform work under this Agreement will be under any
obligation to transfer, assign or license any inventions, developments or improvements to any third parties. Notwithstanding the
foregoing, in the event of a material breach of this Agreement by Researcher, Kolu Pohaku shall be granted a royalty free and exclusive
perpetual license of the work product of Researcher relating to the KP Research, in addition to any other remedies provided for
herein.

 

12.         Confidential
Information. It is understood that any Confidential Information owned by either Party prior to this Agreement and transmitted
to the other Party prior to this Agreement shall remain the property of the Provider. It is further understood that any inventions,
developments, improvements or other information conceived or developed pursuant to this Agreement shall be “Confidential
Information” and shall be the sole property of Kolu Pohaku. Both Parties shall take all reasonable precautions to maintain
the Confidential Information in the strictest confidence, including restricting access to the Confidential Information to those
persons in their respective organizations with a need to know the Confidential Information. Both Parties shall also take all reasonable
precautions to advise their employees, consultants, independent contractors, agents and other personnel who have access to the
Confidential Information of this confidentiality obligation and to require that they execute appropriate agreements to protect
the confidentiality of the Confidential Information.

 

    	-6-

    	 

    

  

13.         Miscellaneous.

 

13.1         Notices.
Notices required under this Agreement shall be in writing and shall be sent to by overnight courier, hand delivery, mail, telecopier
or other reliable electronic means to the intended recipient of such notice at the address previously provided by such person.
Any such notice so sent shall be deemed to have been given (i) upon delivery if given by overnight couriers or hand delivery, (ii)
three business days after depositing the notice in the U.S. mails, or (iii) upon confirmation if given by telecopier or other reliable
electronic means.

 

13.2         Application
of Hawaii Law; Venue. This Agreement shall be construed and enforced in accordance with the laws of the State of Hawaii. Any
dispute between the parties arising out of or in connection with this Agreement will be resolved exclusively by the State and Federal
courts located in the State of Hawaii and having appropriate jurisdiction over the Parties.

 

13.3         Litigation
Expenses. If a Party resorts to litigation to remedy a breach of this Agreement by the other Party, then the prevailing Party
in the litigation, in addition to any other remedies available to said Party under this Agreement or by law, may collect its attorneys’
fees and other costs and expenses of such litigation.

 

13.4         Amendments.
This Agreement may not be amended except by the written agreement of all Parties.

 

13.5         Headings.
The headings in this Agreement are inserted for convenience only and are in no way intended to describe, interpret, define, or
limit the scope, extent, or intent of this Agreement or any provision hereof.

 

13.6         Severability.
If any provision of this Agreement or the application thereof to any Party or circumstance shall be invalid, illegal, or unenforceable
to any extent, the remainder of this Agreement and the application thereof shall not be affected and shall be enforceable to the
fullest extent permitted by law.

 

13.7         Counterparts.
This Agreement may be executed in one or more counterparts each of which shall for all purposes be deemed an original and all of
such counterparts, taken together, shall constitute one and the same Agreement.

 

13.8         Gender.
Words used herein, regardless of the number or gender specifically used, shall be deemed and construed to include any other number,
singular or plural, and any other gender, masculine, feminine or neuter, as the context requires.

 

13.9         Successors,
and Assigns. Each and all of the covenants, terms, provisions, and agreements herein contained shall be binding upon and inure
to the benefit of the parties hereto and, to the extent permitted by this Agreement and by applicable law, their respective successors
and assigns.

 

13.10         Creditors
and Other Third Parties. None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditors
of a Party or by other third parties.

 

    	-7-

    	 

    

  

13.11         No
Party Deemed Drafter. The Parties agree that no Party shall be deemed to be the drafter of this Agreement and further that
in the event that this Agreement is ever construed by a court of law, such court shall not construe this Agreement or any provision
of this Agreement against any Party as the drafter of the Agreement.

 

13.12         Assignment.
No assignment of this Agreement or the rights and obligations hereunder shall be valid without the specific written consent of
both Parties hereto.

 

13.13         Remedies
in Equity. The rights and remedies of any Party hereunder shall not be mutually exclusive, and the exercise of one or more
of the provisions hereof shall not preclude the exercise of any other provisions hereof. Each Party confirms that damages at law
may be an inadequate remedy for a breach or threatened breach of this Agreement and agrees that, in the event of a breach or threatened
breach of any provision hereof, the respective rights and obligations hereunder shall be enforceable by specific performance, injunction
or equitable remedy, but nothing herein contained is intended to, nor shall it, limit or affect any rights at law or by statute
or otherwise of any Party aggrieved as against the other for a breach or threatened breach of any provisions hereof, it being the
intention by this Section to make clear the agreement of the parties that the respective rights and obligations of the parties
hereunder shall be enforceable in equity as well as at law or otherwise.

 

13.14         Authority
to Enter into Agreement. By execution of this Agreement below, each Party represents and covenants that it has all necessary
legal right, power, and authority to enter into and perform this Agreement. The execution and delivery by each Party of this Agreement
and the performance by the Party of its obligations hereunder have been duly authorized and approved by all requisite corporate
action or otherwise. This Agreement has been executed and delivered by a duly authorized officer or representative of the Party,
and constitutes a valid and legally binding obligation of the Party, enforceable against the Party in accordance with its terms
(except to the extent that enforcement may be affected by laws relating to bankruptcy, reorganization, insolvency and creditors’
rights and by the availability of injunctive relief, specific performance, and other equitable remedies). Neither the execution
and delivery of this Agreement by the Party, nor the consummation by the Party of the transaction contemplated hereby, will conflict
with or result in a breach of any of the terms, conditions or provisions of the Party’s governing documents or of any statute
or administrative regulation, or of any order, writ, injunction, judgment, or decree of any court or governmental authority or
of any arbitration award to which the Party is a party or by which the Party is bound.

 

13.15         Survival.
The Parties’ obligations under Sections 11, 12 and 13 shall survive termination of this Agreement for any reason.

 

[Signature page to follow]

 

    	-8-

    	 

    

  

IN WITNESS WHEREOF, the
parties have caused this agreement to be executed in duplicate by their duly authorized representatives.

 

	 	KOLU POHAKU TECHNOLOGIES, LLC
	 	 	 
	 	By	/s/ Thomas Adamek
	 	Its 	 President
	 	 	 
	 	KOLU POHAKU MANAGEMENT, LLC
	 	 	 
	 	By	/s/ Thomas Adamek
	 	Its	 President
	 	 	 
	 	RITTER PHARMACEUTICALS, INC.
	 	 	 
	 	By	/s/ Andrew J. Ritter
	 	 	Its

 

    	 

    	 

    

    

Exhibit A

 

Description of KP Research
to be performed on behalf of and for the benefit of Kolu Pohaku

 

[Description of Annual R&D
Activities (2010-2014) and Budgets attached hereto]

 

The KP Research that the
Researcher will perform pursuant to the Agreement will be based on and add to or supplement the Research Project described above.
The KP Research will be maintained and conducted separately. The details and scope of the research that will constitute KP Research
will be provided to Kolu Pohaku in Researcher’s regular reporting and the scope will be directed and further defined based
on the results that are achieved.

 

    	 

    	 

    

 

 

Description of Annual R&D
Activities (2010-2014) and Budgets

 

	 	 	2010	 	 	2011	 	 	Total	 
	 	 	$	 	 	$	 	 	$	 
	 	 	 	 	 	 	 	 	 	 
	Clinical Supply	 	$	60,000	 	 	$	15,000	 	 	$	75,000	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Clinic	 	$	37,555	 	 	$	365,200	 	 	$	402,755	 
	Subject Cost (Attachment A)	 	$	10,000	 	 	$	265,000	 	 	$	275,000	 
	Parking Hawaii	 	$	1,000	 	 	$	6,000	 	 	$	7,000	 
	Screen Failure	 	$	5,000	 	 	$	47,000	 	 	$	52,000	 
	IRB Fees	 	$	1,155	 	 	$	-	 	 	$	1,155	 
	Recruitment Allowance	 	$	10,000	 	 	$	23,000	 	 	$	33,000	 
	Start-up Fees	 	$	5,400	 	 	$	-	 	 	$	5,400	 
	HBT Machines	 	$	-	 	 	$	1,200	 	 	$	1,200	 
	Validation Study	 	$	5,000	 	 	$	20,000	 	 	$	25,000	 
	Archiving Fees	 	$	-	 	 	$	3,000	 	 	$	3,000	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Clinical Research Organization	 	$	14,500	 	 	$	229,000	 	 	$	243,500	 
	Project Management	 	$	5,000	 	 	$	60,000	 	 	$	65,000	 
	Trial Master File	 	$	-	 	 	$	-	 	 	$	-	 
	Data Management (Attachment B)	 	$	5,000	 	 	$	17,500	 	 	$	22,500	 
	Statistical Programming (Attachment B)	 	$	-	 	 	$	-	 	 	$	-	 
	Statistical Programming (Attachment B)	 	$	2,000	 	 	$	22,000	 	 	$	24,000	 
	Clin Study Report (Attachment B)	 	$	-	 	 	$	8,000	 	 	$	8,000	 
	Teleconferences/Team Meetings (Attachment B)	 	$	1,000	 	 	$	2,000	 	 	$	3,000	 
	Medical Monitor (Jon Ruckle)	 	$	-	 	 	$	25,000	 	 	$	25,000	 
	Clinical Monitoring	 	$	-	 	 	$	96,000	 	 	$	96,000	 
	Administrative Set-up/Site Management	 	$	1,500	 	 	$	10,100	 	 	$	11,600	 
	Initiation Visit	 	$	-	 	 	$	12,000	 	 	$	12,000	 
	Process Monitoring Visit	 	$	-	 	 	$	12,800	 	 	$	12,800	 
	Routine Monitoring Visit	 	$	-	 	 	$	30,400	 	 	$	30,400	 
	Close-Out Visit	 	$	-	 	 	$	11,200	 	 	$	11,200	 
	Pass-through Estimates	 	$	-	 	 	$	18,000	 	 	$	18,000	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	General Expenses	 	$	-	 	 	$	33,000	 	 	$	33,000	 
	Liability Insurance	 	$	-	 	 	$	18,000	 	 	$	18,000	 
	Travel	 	$	-	 	 	$	15,000	 	 	$	15,000	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals	 	$	112,055	 	 	$	642,200	 	 	$	754,255	 

 

*Expenses based on estimated
performed work

 

    	 

    	 

    

  

Exhibit B

 

Minimum Annual KP Research

 

	Calendar Year	 	Annual Minimum KP Research to be performed	 
	 	 	 	 
	2010	 	$	50,000	 
	 	 	 	 	 
	2011	 	$	400,000	 
	 	 	 	 	 
	2012	 	$	37,500	 
	 	 	 	 	 
	2013	 	$	37,500	 
	 	 	 	 	 
	2014	 	$	37,500

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