Document:

Exhibit

FEDERAL AGRICULTURAL MORTGAGE CORPORATION 
AMENDED AND RESTATED 2008 OMNIBUS INCENTIVE PLAN
RESTRICTED STOCK UNITS AWARD AGREEMENT  
(PERFORMANCE-BASED VESTING)

THIS AGREEMENT (the “Agreement”), effective as of [DATE] (the “Grant Date”), between Federal Agricultural Mortgage Corporation, a federally chartered instrumentality of the United States and an institution of the Farm Credit System (the “Company”), and [NAME] (the “Participant”).  
WHEREAS, the Participant is an employee of the Company and, pursuant to the terms of the Company’s Amended and Restated 2008 Omnibus Incentive Plan (the “Plan”), the Company desires to provide the Participant with an incentive to remain an employee of the Company and to align the Participant’s interests with the interests of the Company’s stockholders.
NOW, THEREFORE, in consideration of the covenants and agreements herein contained, the parties hereto agree as follows:
1.Definitions.  Capitalized terms used herein without definition shall have the meanings assigned to them in the Plan.  
2.    Grant of Restricted Stock Units.  Subject to the terms and conditions contained in this Agreement and in the Plan, the Company hereby grants to the Participant [ # ] target units of Restricted Stock (the “Target Amount”), which shall be subject to performance-based vesting as described in Section 3 of this Agreement.  
3.    Vesting and Settlement of the Restricted Stock Units.  Subject to the Company achieving the performance goals set forth in Appendix A and the terms and conditions contained in this Agreement and in the Plan, the Restricted Stock Units shall vest in an amount equal to the Vested Amount on [DATE] (the “Vesting Date”) and no longer be subject to cancellation pursuant to Section 4 or the transfer restrictions set forth in Section 6.  A certificate evidencing the appropriate number of Shares may be issued through the Deposit/Withdrawal at Custodian (DWAC), the automated system for deposits and withdrawals of securities from the Depository Trust Company (DTC).  Each Restricted Stock Unit that vests on the Vesting Date shall correspond to a Share to be issued by the Company.  The “Vested Amount” is the number of Restricted Stock Units that vest on the Vesting Date, adjusted upward or downward from the Target Amount based on the achievement of the goals described in Appendix A.
4.    Termination of Employment.  
a.Death; Disability.  If, after the Grant Date and prior to the Vesting Date (the “Restricted Period”), the Participant’s employment with the Company terminates due to the Participant’s death or Disability, the Restricted Stock shall immediately vest and be settled in Shares.  
b.Retirement.  If the Participant ceases to be employed by the Company during the Restricted Period due to the Participant’s Retirement: (i) unvested Restricted Stock shall remain 

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eligible for vesting pursuant to Section 3; and (ii) vested Restricted Stock shall be settled in Shares.  For purposes of this Agreement “Retirement” means the termination of the Participant’s employment without Cause (as defined in the Plan, in the Company’s Executive Officer Severance Plan, or in the Participant’s employment agreement, as applicable) after attaining (i) age fifty-five (55) and (ii) a combined age and years of employment at the Company of at least sixty-five (65).  
c.Other Terminations of Employment.  If the Participant’s employment with the Company terminates during the Restricted Period for any reason other than those set forth in Sections 4(a) and 4(b), any unvested Restricted Stock shall be cancelled immediately and the Participant shall have no rights with respect to the cancelled Restricted Stock.  
5.    Incorporation of Plan Terms.  This Agreement sets forth the general terms and conditions of the Restricted Stock granted on the Grant Date.  This Agreement and the Restricted Stock shall be subject to the Plan, the terms of which are hereby incorporated herein by reference.  A copy of the Plan may be obtained by contacting the General Counsel at Federal Agricultural Mortgage Corporation, 1999 K Street, N.W., 4th Floor, Washington, DC 20006.  In the event of any conflict or inconsistency between the Plan and this Agreement, the Plan shall govern unless the Plan specifically contemplates different terms being provided for in the Agreement.  By accepting the Restricted Stock the Participant acknowledges receipt of the Plan (in written or electronic form) and represents that he or she is familiar with its terms and provisions and hereby accepts the Restricted Stock subject to all of the terms and provisions of the Plan and all interpretations, amendments, rules, and regulations which may, from time to time, be promulgated and adopted pursuant to the Plan.  If the Participant receives or has received any other award under the Plan or any other equity compensation plan for any year, it shall be governed by the terms of the applicable award agreement, which may be different from those set forth herein. 
6.    Restrictions on Transfer of Restricted Stock.  The Restricted Stock may not be sold, transferred, assigned, pledged, or otherwise encumbered or disposed of to any third party without prior written consent of the Company except by will or the laws of descent and distribution or pursuant to a domestic relations order and during the Participant’s lifetime, the Shares with respect to the Restricted Stock shall be issued only to the Participant or his or her legal guardian or representative.  Notwithstanding the foregoing, the Committee may, in its sole discretion and subject to the terms and conditions it establishes from time to time, authorize the Participant to transfer the Restricted Stock to one or more Immediate Family Members (or to trusts, partnerships, or limited liability companies established exclusively for Immediate Family Members) provided that there is no consideration for such transfer.  Any attempt to assign, transfer, pledge, hypothecate, or otherwise dispose of the Restricted Stock contrary to the provisions of the Plan or this Agreement shall be null and void and without effect.  “Immediate Family Member” shall mean the Participant’s children, stepchildren, grandchildren, parents, stepparents, grandparents, spouse, siblings (including half-brothers and half-sisters), in-laws, and persons related by reason of legal adoption.  The Committee may cause a legend or legends to be put on certificates representing the Shares to make appropriate reference to the transfer restrictions under this Section 6.

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7.    Rights as a Stockholder.  During the Restricted Period, the Participant shall have no voting or other ownership rights in the Company arising from the award of the Restricted Stock Units, except that in the event of any cash or stock dividend prior to the Vesting Date, cash dividend equivalents (“Dividend Equivalents”) shall accrue on the Shares underlying Restricted Stock Units, whether such Restricted Stock Units are vested or unvested, which Dividend Equivalents shall be subject to vesting and forfeiture on the same terms and conditions as the underlying Restricted Stock Units. Such Dividend Equivalents shall be in an amount of cash or stock per Restricted Stock Unit equal to the cash or stock dividend paid with respect to each outstanding Share and shall be credited on the declaration date applicable to Shares. The Dividend Equivalents accrued prior to the Vesting Date shall be paid to the Participant with respect to all vested Restricted Stock Units on or as soon as reasonably practicable following the Vesting Date. The Dividend Equivalents accrued on Shares underlying Restricted Stock Units that do not vest and are forfeited shall be forfeited for no consideration on the date such Restricted Stock Units are forfeited.  
8.    Entire Agreement.  This Agreement and the Plan constitute the entire agreement and understanding between the parties with regard to the subject matter hereof.  They supersede all other agreements, representations, or understandings (whether oral or written and whether express or implied) that relate to the Restricted Stock Units granted pursuant to this Agreement.  By accepting the Restricted Stock Units, the Participant shall be deemed to accept all of the terms and conditions of the Plan and this Agreement.  
9.    Amendments.  The Committee shall have the power to alter, amend, modify, or terminate the Plan or this Agreement at any time; provided, however, that no such termination, amendment, or modification may adversely affect, in any material respect, the Participant’s rights under this Agreement without the Participant’s consent.  Notwithstanding the foregoing, the Company shall have broad authority to amend this Agreement without the consent of the Participant to the extent it deems necessary or desirable (i) to comply with or take into account changes in or interpretations of, applicable tax laws, securities laws, employment laws, accounting rules, and other applicable laws, rules and regulations, (ii) to take into account unusual or nonrecurring events or market conditions, or (iii) to take into account significant acquisitions or dispositions of assets or other property by the Company.  Any amendment, modification, or termination shall, upon adoption, become and be binding on all persons affected thereby without requirement for consent or other action with respect thereto by any such person.  The Committee shall give written notice to the Participant in accordance with Section 12(h) of any such amendment, modification, or termination as promptly as practicable after the adoption thereof.  The foregoing shall not restrict the ability of the Participant and the Company by mutual consent to alter or amend the terms of the Restricted Stock Units in any manner that is consistent with the Plan and approved by the Committee.
10.    Adjustments.  Notwithstanding anything to the contrary contained herein, the Committee will make or provide for such adjustments to the Restricted Stock Units as are equitably required to prevent dilution or enlargement of the rights of the Participant that would otherwise result from (a) any stock dividend, extraordinary dividend, stock split, combination of shares, recapitalization, or other change in the capital structure of the Company, or (b) any change 

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of control, merger, consolidation, spin-off, split-off, spin-out, split-up, reorganization, partial or complete liquidation, or other distribution of assets, or issuance of rights or warrants to purchase securities, or (c) any other corporate transaction or event having an effect similar to any of the foregoing.  Moreover, in the event of any such transaction or event, the Committee, in its discretion, may provide in substitution for the Award such alternative consideration (including, without limitation, cash or other equity awards), if any, as it may determine to be equitable in the circumstances and may require in connection therewith the surrender of the Restricted Stock Units. 
11.    Listing.  Notwithstanding anything to the contrary contained herein, the Restricted Stock Units may not vest, and the Shares issued with respect to the Restricted Stock Units may not be purchased, sold, assigned, transferred, pledged, hypothecated, or otherwise disposed of or encumbered in any way, unless such transaction is in compliance with (a) the requirements of any securities exchange, securities association, market system, or quotation system on which securities of the Company of the same class as the Shares are then traded or quoted, (b) any restrictions on transfer imposed by the Company’s charter legislation or bylaws, and (c) any policy or procedure the Company has adopted with respect to the trading of its securities, in each case as in effect on the date of the intended transaction.  
12.    Miscellaneous.  
a.No Right to Future Grants.  Grants of Restricted Stock Units are discretionary awards.  Neither the Plan nor the grant of the Restricted Stock Units or any other awards confers on the Participant any right or entitlement to receive another award under the Plan or any other plan at any time in the future or with respect to any future period.
b.No Right of Employment.  Grants of Restricted Stock Units are awarded by virtue of the Participant’s employment with, and services performed for, the Company.  Neither the Plan nor this Agreement constitute an employment agreement, and nothing in this Agreement shall modify the terms of the Participant’s employment, including, without limitation, the Participant’s status as an “at will” employee, if applicable.  Nothing in the Plan or this Agreement shall interfere with or limit in any way the right of the Company or its Subsidiaries to terminate the Participant’s employment at any time or for any reason not prohibited by law, nor confer upon the Participant any right to continued employment for any specified period of time. 
c.Assignment.  The Participant may not assign any of his or her rights hereunder except as permitted by the Plan or by will or the laws of descent and distribution.  Whenever in this Agreement any of the parties hereto is referred to, such reference shall be deemed to include the heirs and permitted successors and assigns of such party.  All agreements herein by or on behalf of the Company, or by or on behalf of the Participant, shall bind and inure to the benefit of the heirs and permitted successors and assigns of such parties hereto.  The Company shall have the right to assign any of its rights and to delegate any of its duties under this Agreement to any of its Subsidiaries or affiliates.

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d.Tax Withholding.  The Company shall have the right to require the Participant to remit to the Company, prior to the issuance of Shares, an amount sufficient to satisfy any federal, state, or local tax withholding requirements.  Prior to the Company’s determination of such withholding liability, the Participant may, if permitted by the Committee, make an irrevocable election to satisfy, in whole or in part, such obligation to remit taxes by directing the Company to withhold Shares valued at Fair Market Value that would otherwise be received by such individual upon vesting of the Restricted Stock Units.  The Company and its affiliates shall also have the right to deduct from all cash payments made to the Participant (whether or not such payment is in connection with the Restricted Stock Units) any federal, state, or local taxes required to be withheld with respect to such payments.
e.Severability.  In the event any provision of this Agreement shall be held illegal or invalid for any reason, the illegality shall not affect the remaining parts of this Agreement, and this Agreement shall be construed and enforced as if the illegal or invalid provision had not been included. 
f.Waiver.  The waiver by either party of compliance with any provision of this Agreement by the other party shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by such party of a provision of this Agreement.
g.Headings.  The headings of sections and subsections herein are included solely for convenience of reference and shall not affect the meaning of any of the provisions of this Agreement.  
h.Notices.  Any notice required by the terms of the Plan or this Agreement shall be given in writing and shall be deemed effective upon personal delivery, sending, or posting of electronic communications or upon deposit in the mail, by registered or certified mail.  Notice to the Company shall be delivered to: 
General Counsel
Federal Agricultural Mortgage Corporation
1999 K Street, N.W., 4th Floor
Washington, DC 20006
Notice to the Participant shall be delivered at either (i) the address that most recently provided to the Company or (ii) by Company email, Company intranet postings, or other electronic means that are generally used for Company employee communications. 
i.No Advice.  Nothing in the Plan or this Agreement should be construed as providing the Participant with financial, tax, legal or other advice with respect to the Restricted Stock Units.  The Company recommends that the Participant consult with his or her financial, tax, legal, and other advisors to provide advice in connection with the Restricted Stock Units. 

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j.Governing Law.  This Agreement shall be governed by and construed in accordance with federal law.  To the extent federal law incorporates state law, that state law shall be the laws of the District of Columbia excluding any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of the Plan or this Agreement to the substantive law of another jurisdiction.  By accepting the Restricted Stock Units the Participant hereby submits to the exclusive jurisdiction and venue of the federal courts in the District of Columbia, to resolve any and all issues that may arise out of or relate to the Plan or this Agreement. 

k.Recoupment. Amounts payable to the Participant under this Agreement shall be subject to any recoupment or “clawback” policy as may be implemented and interpreted by the Company from time to time, including, but not limited to, any recoupment or “clawback” policy that may be implemented by the Company to comply with the Dodd-Frank Wall Street Reform and Consumer Protection Act, or any other applicable law and regulation.

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IN WITNESS WHEREOF, the Company has executed this Agreement as of the Grant Date.

FEDERAL AGRICULTURAL MORTGAGE CORPORATION
                
By: 
Name: 
Title:   

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Appendix A – Performance Goals 

The vesting and settlement of the Restricted Stock Units shall be subject to the Company achieving the following performance goals:  

[Performance goals will be specified in each award agreement and if applicable, reported in a Current Report on Form 8-K at the time of the award.]

A-1Exhibit 10.1

 

RESEARCH AGREEMENT

 

This Agreement is made as of the 3rd day
of March, 2020, by and between

 

RenovaCare Inc,
a company whose registered office is at 94 Hundred Corporate Center, 9375 E Shea Blvd., Suite 107-A Scottsdale, AZ 85260 (USA)
(the ‘Company’)

 

and

 

King’s College London of Strand,
London WC2R 2LS, United Kingdom (the ‘College’),

 

which are also referred to individually
herein as a ‘Party’ or collectively as the ‘Parties’.

 

WHEREAS the Company and the College wish to collaborate
together to undertake a research project on [***] non-invasive, patient-friendly mode of delivery” (and, as more fully detailed
in the proposal for the Research, which is attached hereto as Schedule 1, the ‘Research’);

 

WHEREAS the College provides expertise in the development
of a revolutionary gene therapy for Recessive Dystrophic Epidermolysis Bullosa (RDEB).

 

WHEREAS the Company provides the expertise of an ultra-gentle
cell delivery device, (the ‘SkinGunTM’) to accelerate wound healing.

 

IT IS HEREBY AGREED AS FOLLOWS:-

 

		1	THE RESEARCH

 

		1.1	The College’s contact for the Research shall be Dr. Su Lwin in its School of Genetics &
Molecular Medicine (the ‘Investigator’). If Dr. Su Lwin is unable or unwilling to continue the supervision of the Research
on behalf of the College, the College shall promptly notify the Company, and advise it of a suitable successor within 60 days thereafter;
the Company shall not unreasonably decline to accept the choice of a successor selected in this way but if it can demonstrate reasonable
grounds for not wishing to accept the choice, then the Company may terminate this Agreement in accordance with the terms set out
in clause 8 below.

 

		1.2	The Company’s contact for the Research shall be Dr. Roger Esteban-Vives. If Dr. Roger Esteban-Vives
is unable or unwilling to continue the supervision of the Research on behalf of the Company, the Company shall promptly notify
the College, and advise it of a suitable successor within 60 calendar days thereafter; the College shall not unreasonably decline
to accept the choice of a successor selected in this way but if it can demonstrate reasonable grounds for not wishing to accept
the choice, then the College may terminate this Agreement in accordance with the terms set out in clause 8 below. The parties
must give notice as soon as is practicable to the other party should there be any changes to the Company or College staff so that
the Research will not be negatively affected by such unforeseen changes

 

		1.3	Each Party undertakes to supply the levels of data, manpower, materials, resources and commitment
identified as its contribution to the Research in Schedule 1, and shall endeavour to ensure the accuracy of all such data and promptly
to correct any error therein of which it becomes aware. For the avoidance of doubt, any data, information or materials which one
Party supplies to the other in the course of the Research shall represent Confidential Information and/or Background IP (as each
such term is defined elsewhere herein) belonging to that Party. The College has received funding from DEBRA U.K. for the project.
The funding and budget for the Research does not include the costs of the SkinGunTM, the disposable attachments, the Company’s
expertise and assistance in anything related to the cell delivery. The College does not have any publishing, patent, or intellectual
property obligations to DEBRA U.K. which may affect this Research.

 

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		1.4	If either Party reasonably believes that the Research or the way in which a Party is undertaking
the Research is deficient, it shall notify the other Party in writing at the earliest possible opportunity, giving full details
of the perceived deficiencies. The Parties shall then discuss the matter in good faith to establish where any deficiencies may
lie and an appropriate course of action to deal with them, as part of which the defaulting Party shall remedy any agreed faults
within an agreed, reasonable period which shall generally not exceed 21 working days. If the Parties are unable to agree on a course
of action, including a reasonable period for the defaulting Party to remedy any agreed faults, or should the defaulting Party not
remedy any agreed faults within the agreed period, the Parties shall deal with the matter by using the dispute resolution process
set out in clause 10.7.

 

		1.5	The Parties acknowledge that no human subjects are included in the Research. Each Party undertakes
to secure all necessary approvals from the competent local or national research ethics committee/s that such Party is obligated
to obtain before undertaking any part of the Research which requires research ethics committee and other applicable approvals.

 

		2	DURATION

 

		2.1	Subject to earlier termination as provided in clause 8 below, the effective period of this
Agreement shall initially be for two (2) years from 3rd of March, 2020 (the ‘effective period’).

 

		2.2	The Parties shall review the progress of the Research and any possible renewal of this Agreement
no later than one month before the end of the effective period. If at that time it is decided to extend the Research and renew
this Agreement, this shall be the subject of a formal amendment to this Agreement.

 

		3	REPORTING AND MEETINGS

 

		3.1	The College shall share, at the Company’s request, the relevant summary data deriving from
the Research that relates to the use of the SkinGunTM, on a confidential basis, as described in clause 4 below. The Investigator
will make [***]

 

		4	CONFIDENTIALITY AND PUBLICATION

 

		4.1	The Parties shall ensure that information supplied to or deriving from the Research is exchanged
between themselves on a confidential basis.

 

		4.2	(a)     In the event of one Party making available to the other Party (the ‘Receiving Party’)
Confidential Information (as defined below) relating to its business, scientific or other activities in the course of the Research
(‘Confidential Information’), the Receiving Party shall maintain the secrecy of such Confidential Information
and that it shall not use, disclose or grant use of such Confidential Information to any third Person, including, (i) in the case
of the Company to its staff, employees, and third party consultants, except, and only to the extent required to conduct the Research
pursuant to this Agreement (‘Company Research Personnel’); and, (ii) in the case of the College , to members
of its administrative and scientific staff, its teachers and students (the ‘College Staff’), except, and only
to the extent required to conduct the Research pursuant to this Agreement, to (a) members of the College Staff directly involved
in the conduct of the Research pursuant to this Agreement, to (the ‘College Research Staff’), and (b) third
party sub-contractors, consultants or other third party research collaborators engaged to work on, advise on or manage any aspect
of the Research, including but not limited to, INSERM (Institut national de la santé et de la recherche médicale
at the French National Institute of Health and Medical Research) (collectively, ‘Third Party Research Consultants’)
or as otherwise authorized in advance by the other Party in writing. Neither Party shall include any of the other Party’s
Confidential Information in the published results of the Research without the prior written permission of that other Party. Each
Party shall ensure that the full confidentiality of all data relating to human subjects participating in the Research is fully
maintained. The College Research Staff and the Third Party Research Consultants are collectively herein referred to as the ‘College
Research Personnel’. The Company Research Personnel and the College Research Personnel are collectively sometimes herein
referred to as the ‘Research Personnel’.

 

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(b) A Party that receives products,
devices or material samples from the other Party shall not reverse engineer such products, devices or analyze samples for chemical
or structural composition without the prior written consent of the disclosing Party. The results of all analyses of samples will
be regarded as Confidential Information of the disclosing Party and will be treated by the receiving Party with the same strict
confidentiality and restrictions on limited-use and disclosure as the other Confidential Information referred to above. The receiving
Party will provide the disclosing Party with a written summary of these analyses.

 

		4.3	As used herein, Confidential Information includes, without limitation, any technical or commercial
information or data, trade secrets, materials, devices (including, those described in clause 4.5) know-how, etc., of either
Party, or their respective affiliates, whether or not marked or stamped as confidential, including without limitation, Background
IP (as defined in clause 5.1) and any samples of products, devices, materials or formulations the chemical identity and
any properties or specifications related to the foregoing. Research IP shall be Confidential Information of the Party that owns
the subject matter under the terms set forth in this Agreement

 

		4.4	Each Party shall ensure that all Research Personnel shall maintain the secrecy of the other Party’s
Confidential Information, and if either Party intends to use the services of sub-contractors, consultants or other third parties
to work on, advise on or manage any aspect of the Research, or intends to reveal any of the results of the Research to any such
persons or organisations, that such Party shall first ensure that all Research Personnel, Third Party Research Consultants, or
other third parties sign legally-binding agreements undertaking to abide by the same conditions of confidentiality regarding the
Confidential Information as are set out in this Agreement mutatis mutandis.

 

		4.5	The SkinGunTM device(s) and any accessories of the device(s), as well as use of the device(s)
and instructions for using the device(s), constitute Confidential Information and such device(s) and accessories held by the College
will be kept in a secure location. Photos or images of the SkinGunTM device constitute Confidential Information belonging
to the Company. The Company is willing to provide images and/or illustrations of the gun for the purpose of scientific publications
and presentations (as described in clause 4.9, below) but these must be approved for such use by the Company prior to publication.
Any SkinGunTM device(s), accessories, photos, or images in the possession of the College that are provided by the Company
or its affiliates remain the property of the Company and shall be returned to the Company upon request or termination of the Agreement.
Disposables such as the spray solutions provided by the Company or made using Company formulas or instructions will also be returned
or destroyed to the Company’s satisfaction. None of the devices, accessories, other materials, or instructions will be photographed,
sketched, copied, or reproduced by the College without prior written consent by the Company.

 

		4.6	The Parties agree that the existence of this Agreement and its terms will also be considered Confidential
Information and agree not to disclose the terms of this Agreement to a third Person without the prior written consent of the other
Party, except (i) as required to enforce the terms of this Agreement, (ii) to financial institutions, accountants, advisors
and counsel to the Parties or (iii) as required by statute, regulation, regulatory agencies or the order of a court of competent
jurisdiction. A disclosure of any Confidential Information (i) in response to a valid order by a court or other governmental
body or (ii) as otherwise required by law will not be considered to be a breach of this Agreement or a waiver of confidentiality
for other purposes; thereof to the owner Party to enable the owner Party to seek a protective order or otherwise prevent such disclosure.

 

		4.7	The obligations in this clauses 4.1, 4.2 and 4.4 above shall not apply to data or information
which the Receiving Party can clearly demonstrate:-

	 	(i)	was known to the Receiving Party prior to disclosure;
    or
	 	(ii)	was or becomes part of the public domain through no fault of the
    Receiving Party; or
	 	(iii)	becomes lawfully available to the Receiving Party from an unconnected
    third party who is under no obligation of confidentiality in respect thereof, or with the lawful right to make such disclosure;
    or
	 	(iv)	has been independently developed or conceived for or by it without
    reference to the other Party’s Confidential Information; or

 

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	 	(v)	it is required to disclose by law or a regulatory body, in which
    circumstances the Receiving Party shall wherever practicable give reasonable advance notice of the intended disclosure to
    the other Party, and the relaxation of the obligations of confidentiality shall apply only for as long as is necessary to
    comply with the relevant law or regulatory requirement and solely for the purposes of such compliance.

 

		4.8	The obligations of confidentiality set forth herein shall survive expiry or termination of this
Agreement until and including the date of the fifth anniversary of such expiry or termination date.

 

		4.9	The Parties recognise that as required by the College’s legal status as an ‘Exempt
Charity’ and by its own regulations, the results of the Research shall be publishable in accordance with normal academic
practice, which for the avoidance of doubt refers to: peer-reviewed scientific journal publications, poster presentations, oral
presentations and the College’s and [***] self-published articles. Both Parties agree that any thesis written by staff or
students of the College undertaking the Research shall be submitted in accordance with the College’s regulations for higher
degrees. In addition, the results of the Research, including but not limited to methodology developments shall be kept confidential
to the extent necessary to protect the potential commercial value of any patentable inventions or other intellectual property rights
generated during the Research, and any publication or disclosure of the results of the Research by a Party shall not include any
of the other Party’s Confidential Information. Unless a joint publication is envisaged, each Party shall send the other Party
a draft of all intended publications at least thirty (30) days in advance of submission for publication for it to review them for
the possible inclusion of any such Confidential Information. Each Party shall review any such proposed publications sent to it
by the other Party within a period of 30 working days of their receipt and notify the other Party if a proposed publication contains
any of its Confidential Information within the review period. In such an event, the Party wishing to make the publication shall
delete, genericise or otherwise adapt any such Confidential Information prior to the publication being made, as agreed with other
Party at the other Party’s discretion. Both Parties shall acknowledge the support received from the other Party in any publications
arising from the Research, unless requested to the contrary by that party.

 

		5	INTELLECTUAL PROPERTY

 

		5.1	Nothing in this Agreement shall affect the ownership of intellectual property rights of either
Party existing prior to this Agreement or generated outside the Research (‘Background IP’). Neither Party shall
knowingly make Background IP available to the other Party (i) which it does not have the right to make available to that Party,
(ii) where it does not have the right to grant the licences to use such Background IP set out in this clause or, (iii) where to
do so would cause an infringement of the rights of a third party. For the avoidance of doubt, Background IP belonging to the Company
(the ‘Company Background IP’) includes but is not limited to; the cell delivery device (SkinGunTM),
methods and solutions for spraying cells using the device, any and all accessories for the SkinGunTM (including disposable
parts, spray solutions provided by the Company or made using Company formulas or instructions) and the technology contained within
the device and accessories. Background IP belonging to the College (the ‘College Background IP’) includes but
is not limited to: all cellular material, cell manipulation or genetic manipulation information, material and methodology and descriptions
of the same.

 

		5.2	If one Party makes any of its Background IP available to
the other Party in the course of the Research, the Party receiving such Background IP shall treat it as Confidential Information
disclosed under clause 4.2 above, and shall not disclose it to a third party nor use it for any purposes other than that
for which it was made available to that Party. Neither Party has an obligation to provide Background IP that they do not wish to
provide. Except as otherwise expressly provided in this Agreement, under no circumstances shall a Party, as a result of this Agreement,
obtain any ownership interest, license or other right, title, or interest in or to any Background IP or other intellectual property
or Confidential Information of the other Party, including Research IP, whether by implication, estoppel, or otherwise, including
any items controlled or developed by the other Party, or delivered by the other Party, at any time pursuant to this Agreement.

 

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		5.3	Should one Party become aware of any infringement of any Background IP, it shall notify the other
Party as soon as is reasonably practicable upon such infringement coming to its notice, and the Party owning such Background IP
shall have the sole conduct of any proceedings with relation to its own Background IP. Each Party shall indemnify and hold harmless
the other Party against all liability for any loss, damages, costs, claims or demands of any nature whatsoever incurred or suffered
by it in respect of any claim or action stating that the use of the such Background IP infringes the intellectual property rights
of any third party (‘Intellectual Property Infringement’) in the course of the Research, with the exception
of the exclusions set out in clause 7.1, provided that the other Party:-

 

(i)       gives
it notice of any Intellectual Property Infringement promptly upon becoming aware thereof;

 

(ii)       gives
it the sole conduct of the defence of any claim or action in respect of an Intellectual Property Infringement and does not at any
time admit liability or otherwise settle or compromise the said claim or action except upon the express instructions of the Party
owning the Background IP in question; and

 

(iii)       acts
in accordance with the reasonable instructions of the Party owning the said Background IP and gives it such assistance as it shall
reasonably require with regard to the conduct of such defence.

 

		5.4	(a)     Each Party shall disclose to the other Party all Research IP, including copies of all invention
disclosures and other similar documents created in the ordinary course of its business that disclose any conception or reduction
to practice of any intellectual property constituting Research IP. A Party shall make all such disclosures to the other Party at
least thirty (30) Business Days before any public disclosure of such Research IP or any required submission to government agencies
in compliance with the requirements of government supported research. Each Party shall maintain contemporaneous, complete, and
accurate written records of its (or its Research Personnel or Third Party Research Consultants) activities concerning Research
IP that provide proof of the conception date and reduction to practice date of any Research IP for which any of its Research Personnel
claim inventorship status.

 

	 	 	(b)     For purposes of this Agreement, ‘Research IP’ means all intellectual property made, invented,
developed, created, conceived, or reduced to practice by any Party, Research Personnel or any affiliate of any of the
foregoing (i) as a result of work conducted pursuant to this Agreement, or by a Party in its evaluation, use, or
implementation of its own or the other Party's Background IP, or (ii) by a Party resulting from or derived from or based
on its own or the other Party's Confidential Information, in each case, including all rights in any patents or patent
applications, copyrights, trade secrets, and other intellectual property rights relating thereto.
	 	 	 
	 	 	(c)     Regardless of inventorship,
as between the Parties: [***]

 

		5.5	[***] Each Party shall further ensure that any Research Personnel who works on or provides services
in connection with the Research on behalf of such Party, is legally bound by written agreement requiring such Research Personnel
to:

 

(i) follow
that Party’s policies and procedures for reporting any inventions, discoveries or other Research IP invented, conceived,
developed, derived, discovered, generated, identified, or otherwise made by the Participating Individual that arises from access
to Confidential Information of either Party and that relates to the Research or the Background IP;

 

(ii) assign
to the Company or the College, as the case may be, all of their right, title, and interest in and to any Research IP constituting
[***], as the case may be, under this Agreement, including all intellectual property rights relating thereto; and, during and after
such Research Personnel’s engagement with such Party, agrees to agrees to reasonably cooperate, wherever practicable, with
such Party to (a) apply for, obtain, perfect, and transfer to such Party any and all intellectual property rights and interests
into the Research IP in any jurisdiction in the world; and (b) cooperate in maintaining , protecting , defending and enforcing
the same, including, without limitation, executing and delivering to such Party any and all applications, oaths, declarations,
affidavits, waivers, assignments, and other documents and instruments as shall be requested by such Party in connection with the
filing and enforcement of any patent or other rights in the Research IP

 

    	 	5	 

     

    

(iii) perform
all acts and sign, execute, acknowledge, and deliver any and all papers, documents, and instruments required to fulfill the obligations
and purposes of that agreement; and,

 

(iv) be
bound by obligations of confidentiality and non-use no less restrictive than those set out in this Agreement.

 

		5.6	In addition, (i) the College shall ensure, that any of its employees, contractors, subcontractors,
collaborators, consultants, and students involved or engaged in any aspect of the Research, including, but not limited to the Research
Personnel, by legally binding agreement, [***] and (ii) the Company shall ensure, that any of its employees, contractors, subcontractors,
collaborators, consultants, and students involved or engaged in any aspect of the Research, including, by legally binding agreement,
[***].

 

		6	LIABILITIES AND INDEMNITIES

 

		6.1	Neither Party shall hold the other liable for any damages, dispute or injury arising during the
undertaking of the Research unless caused by the wilful act, negligence or default of an employee, student, director, representative,
consultant or agent of that Party. Nor shall one Party be liable to the other for any claims or demands arising out of this Agreement
or the Research for loss of income, profits, turnover, business, opportunity, reputation, goodwill, economic loss, indirect loss
or consequential loss, no matter how arising and whether by breach or by negligence and whether in contract, tort or otherwise.
The provisions of this clause 6.1 notwithstanding, the College undertakes that its Research Personnel, including but not
necessarily limited to INSERM (Institut national de la santé et de la recherche médicale at the French National Institute
of Health and Medical Research) are in compliance with the confidentiality provisions in this Agreement, and shall not have any
rights to any IP related to this agreement.

 

		6.2	Each Party shall fully and effectively indemnify the other Party and its employees, students, directors,
consultants, representatives and agents and keep them fully and effectively indemnified for liabilities arising from its own acts,
omissions or defaults under this Agreement, including but not limited to, all liabilities arising from actions by third parties
participating in the Research and the use to which it or a third party puts Research IP or Background IP belonging to the other
Party. Notwithstanding any other provision of this Agreement, each Party shall use its reasonable endeavours to mitigate losses
it may incur that are covered by indemnities provided by the other Party.

 

		6.3	The Parties shall carry out the Research in accordance with accepted scientific and/or academic
principles and standards and shall endeavour to ensure the accuracy of the results of the Research. However, the Parties recognise
that this Agreement provides for the carrying out of experimental research and that Research IP or Background IP may contain experimental
materials, data or processes whose properties and safety may not have been established. Therefore the Parties do not undertake
that the Research will provide specific results or provide data which can be used for a particular purpose, and any Research IP,
Background IP, information or materials which a Party provides under this Agreement are supplied ‘as is’ and without
any express or implied warranties, representations or undertakings. A Party shall not be liable for the consequences or effects
of any use to which the other Party or any third party may put Research IP, except to the extent that such claims arise from the
proven negligence or default of the providing Party or its employees, students, representatives, consultants or agents.

 

		6.4	The Parties undertake to make no claim in connection with this Agreement or its subject matter
against any employees, students, agents or appointees of the other Party (apart from claims based on fraud or wilful misconduct).
This undertaking is intended to give protection to individual researchers and officers, and does not prejudice any right which
the Parties might have to claim against the other Party.

 

    	 	6	 

     

    

		6.5	To the fullest extent permitted by law the terms and conditions in this Agreement are agreed to
be in place of any warranties, obligations or conditions implied by law, trade usage, custom or otherwise as to the merchantable
quality or the fitness for any particular purpose of the services or items being supplied hereunder. Nothing in this Agreement
limits or excludes either the liability of either of Party for death or personal injury, any fraud or for any sort of liability
that by law cannot be limited or excluded, or any loss or damage caused by a deliberate breach of this Agreement.

 

		7.	FORCE MAJEURE

 

		7.1.	In the event that either Party is delayed, prevented or hindered from performing any of its obligations
in this Agreement by any circumstances beyond its reasonable and direct control, the affected Party shall be excused from that
performance for as long as such circumstances reasonably persist, but shall take all reasonable steps to minimise the effects of
such circumstances on the performance of this Agreement. Should a Party be so delayed, prevented or impeded, it shall promptly
inform the other Party of the nature of the relevant cause and of the expected duration of the delay or impediment. If such circumstances
persist for three months or longer, either Party may terminate this Agreement forthwith by giving notice in writing to that effect
to the other Party.

 

		8	TERMINATION

 

		8.1.	This Agreement may be terminated by either Party by giving reasonable prior notice of such termination
of not less than thirty (30) calendar days to the other Party, except as otherwise provided in clause 7.1 or clause 8.2.

 

		8.2	Further, either Party may terminate this Agreement by giving notice in writing to that effect to
the other Party if:

 

 

	 	(a)	the other Party is in breach of its obligations under this Agreement and fails to remedy such breach within thirty working days of receiving notice from the Party not in breach which clearly identifies and gives details of the breach; or
	 	(b)	the other Party enters into bankruptcy or liquidation, has a receiver, liquidator or administrator appointed over the whole or any part of its assets, becomes insolvent or is otherwise unable to pay its debts as they fall due (with the exception of liquidation for the specific purpose of an amalgamation, reconstruction or other reorganisation such that the body resulting from the reorganisation agrees to be bound by and to assume the obligations imposed on the Company herein mutatis mutandis); or
	 	(c)	lack of progress; or
	 	(d)	entry into a licence agreement by either party where such agreement might be in conflict with or supersede the present agreement or create a conflict of interest.

 

		8.3	In
such circumstances, the Party in receipt of notice of termination shall cease to use, and shall promptly return, all technical
and scientific information, materials and devices (including Confidential Information and Background IP) supplied to it hereunder
in connection with the Research by the other Party, together with all copies thereof in its possession, or in the possession of
any of its related companies, affiliates, successors in title, assigns or sub-licensees. The rights, benefits and licences granted
or agreed to be granted hereunder to the Party in receipt of such notice shall automatically be deemed terminated or cease forthwith
upon such termination and any rights assigned or agreed to be assigned [***] shall automatically be reassigned to the Party that
owns them. Nothing in this clause shall affect any rights or licences granted or agreed to be granted under this Agreement by one
Party to the other Party. Anything in this clause 8 to the contrary notwithstanding the provisions of clauses termination or expiry
of this Agreement shall not affect the survival of any clauses or provisions herein which are stated, or which by their nature
are intended, to continue after such termination or expiry.

 

 

 

    	 	7	 

     

    

		9	NOTICES

 

		9.1	All notices, requests, consents, claims, demands, waivers, and other communications hereunder shall
be in writing and shall be deemed to have been given in accordance with this clause 9:-

 

For
the Company

 

RenovaCare, Inc.

9375 East Shea Blvd.,

Suite 107-A

Scottsdale, AZ 85260

Attention: Alan L. Rubino

Facsimile: 604-866-5432

Email Address: arubino@renovacareinc.com

 

With a copy to
Joseph Sierchio (which shall not be deemed notice hereunder)

 

Sierchio Law, LLP

430 Park Avenue

Suite 702

New York, New York
10022

Email: joseph@sierchiolaw.com

 

For the College

 

Head of Contracts

King’s College London

3rd, 5-11 Lavington Street

London SE1 ONZ

 

Tel: 0207 848 6781

Fax: 0207 848 3193

 

Email:

 

Notices sent in accordance with
this clause 9 shall be deemed effectively given: (a) when received, if delivered by hand (with written confirmation of receipt);
(b) when received, if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by facsimile
or e-mail (in accordance with clause 10.10), in each case, with confirmation of transmission, if sent during normal business
hours of the recipient, and on the next Business Day if sent after normal business hours of the recipient; or (d) on the fifth
(5th ) Business Day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid.

 

		10	GENERAL

 

		10.1	This Agreement, including its Schedule, supersedes and terminates all other agreements, terms,
understandings and representations regarding the Research whether written, oral, express or implied between the Parties and constitutes
the entire agreement between the Parties concerning the Research and the sole basis on which they have entered into this Agreement.
However, this clause shall not exclude a Party’s liability for any fraudulent representation or concealment made prior to
the execution of this Agreement. In the event of any conflict or contradiction between the terms in the main body of this Agreement
and Schedule 1, the terms in the main body of this Agreement shall prevail.

 

    	 	8	 

     

    

		10.2	Each Party shall ensure that its work on the Research complies fully with all applicable local,
government and international laws, regulations and guidelines which are effective during the period of this Agreement, including
those governing health and safety, data protection and equal opportunities matters such as race and gender equality, disability,
age, religion and sexual orientation. In the event that a necessary ethical approval (if any) for the use of any material in the
Proposal (Schedule 1) expires, is revoked or is not approved, the Parties agree that that they would not be able to make use of
that material and the Parties would discuss alternatives.

 

		10.3	If any part or any provision of this Agreement proves to any extent to be invalid, illegal or unenforceable,
the remainder of such provision and all other provisions of this Agreement shall remain valid and enforceable to the fullest extent
permissible by law and regulation, and such provision shall be deemed to be omitted from this Agreement to the extent of such invalidity,
illegality or unenforceability. The remainder of this Agreement shall continue in full force and effect and the Parties shall negotiate
in good faith to replace the invalid, illegal or unenforceable provision with a valid, legal and enforceable provision which has
an effect as close as possible to the provision or terms being replaced.

 

		10.4	No failure to exercise or delay in the exercise of any right or remedy which any Party may have
under this Agreement or in connection with this Agreement shall operate as a waiver thereof, and nor shall any single or partial
exercise of any such right or remedy prevent any further or other exercise thereof or of any other such right or remedy.

 

		10.5	This Agreement is not intended to establish, and shall not be construed by any Party as establishing,
any form of business partnership or joint venture between themselves or to have created the relationship of principal and agent,
a membership or any other legal entity between the Parties, and accordingly no Party shall have any right or authority to act on
behalf of another nor to bind another by contract or otherwise in connection with the Research.

 

		10.6	Except as provided for herein, neither Party shall use the other’s name, crest, logo or trademarks,
or the name of any of its staff or students, nor imply their identity, without the express written permission of that Party or
individual, except that nothing in this clause shall restrict, delay, impede or prevent a Party from using the other Party’s
name when making disclosures under the Freedom of Information Act 2000 or any subsequent re-enactment or modification thereof,
or in its own reports or internal literature. The content and timing of any internet or press releases regarding the Research shall
be agreed by both Parties, such agreement not unreasonably to be withheld.

 

		10.7	In the event of any difference, dispute or question, arising from this Agreement, the Parties will
endeavour to settle such matters amicably between themselves in good faith. Should they be unable to do so within a period of 35
Business Days, except as provided for elsewhere herein, the matter shall then be settled finally by referring it promptly to the
‘Model Mediation Procedure’ promoted by the Centre for Effective Dispute Resolution for resolution using Alternative
Dispute Resolution techniques. Any decision reached in this way shall be final and binding upon the Parties. Nothing in this clause
shall prevent or impede a Party from being free to apply for interim relief in a court of competent jurisdiction seeking to require
the other Party to cease a particular activity in the event of a material or unremedied breach of this Agreement.

 

		10.8	Except as otherwise expressly provided for in the main body on this Agreement, nothing in this
Agreement shall confer or purport to confer on any third party any benefit or any right to enforce any term of this Agreement and
it shall not require the permission of any third party for it to be amended or terminated.

 

		10.9	The clause headings in this Agreement are used for convenience only and shall not affect its interpretation
or construction. For purposes of this Agreement, (a) the words "include," "includes," and "including"
shall be deemed to be followed by the words "without limitation"; (b) the word "or" is not exclusive; and (c)
the words "herein," "hereof," "hereby," "hereto," and "hereunder" refer to this
Agreement as a whole. This Agreement shall be construed without regard to any presumption or rule requiring construction or interpretation
against the party drafting an instrument or causing any instrument to be drafted. Any Schedules referred to herein shall be construed
with, and as an integral part of, this Agreement to the same extent as if they were set forth verbatim herein.

 

    	 	9	 

     

    

		10.10	In this Agreement, the expressions ‘in writing’ or ‘written’ do not include e-mail, but may include
scanned or electronically created documents transmitted electronically.

 

		10.11	This Agreement shall be binding upon and shall inure to the benefit of the Parties and their respective
successors in title in title and assigns, and any amendments to this Agreement shall be agreed in writing by all Parties, their
successors in title or their assigns.

 

		10.12	In this Agreement the following terms shall have the meaning ascribed thereto below:

 

(i)       ‘Business Day’
means a day other than a Saturday, Sunday, or other day on which commercial banks in London, England are authorized or required
by Law to be closed for business.

(ii)       ‘Law’
means any statute, law, ordinance, regulation, rule, code, order, constitution, treaty, common law, judgment, decree, other requirement
or rule of law of any federal, state, local, or foreign government or political subdivision thereof, or any arbitrator, court,
or tribunal of competent jurisdiction.

(iii)       ‘Person’ means an individual, corporation, partnership, joint venture, limited liability entity, governmental
authority, unincorporated organization, trust, association, or other entity.

(iv)       ‘Prosecuting
Party’ means, the party owning [***].

 

		10.13	EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN THIS AGREEMENT, NEITHER PARTY MAKES ANY REPRESENTATION
OR WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR
PURPOSE, OR NON-INFRINGEMENT WITH RESPECT TO THE SUBJECT MATTER OF THIS AGREEMENT INCLUDING, WITHOUT LIMITATION, CONFIDENTIAL INFORMATION,
INTELLECTUAL PROPERTY RIGHTS, TECHNOLOGY, RESEARCH IP, INDEPENDENT TECHNOLOGY, MATERIALS, PRODUCTS AND THE LIKE, OR ANY PORTION
OF COMPONENT THEREOF.

 

 

		10.14	This Agreement is made and shall be interpreted in accordance with English Law, and except as provided
for elsewhere herein the Parties shall submit to the jurisdiction of the English Courts.

 

[SIGNATURES
APPEAR ON THE FOLLOWING PAGE]

[BALANCE
OF THIS PAGE WAS LEFT INTENTIONALLY BLANK]

 

    	 	10	 

     

    

	Signed for and on behalf of	Signed for and on behalf of
	King’s College London	RenovaCare Inc
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	....................................	 	....................................	 
	Head of Contracts	Chief Operating Officer
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	Date March 3, 2020	Date. March 4, 2020.
	 	 	 	 

 

 

 

 

 

 

 

 

 

    	 	11	 

     

    

Schedule 1

 

 

PROPOSAL OUTLINE FOR THE RESEARCH

 

 

Project Title: Spray-on gene therapy
for recessive dystrophic epidermolysis bullosa (RDEB): Preclinical studies of lentiviral-mediated COL7A1-supplemented spray-on
gene therapy

 

Investigators: Dr Su Lwin,
Dr Michael Antoniou and Professor John McGrath

 

Institution: St. John’s Institute
of Dermatology, Department of Medical and Molecular Genetics, Kings College London, UK

 

Project start date: 01/06/2019 for
2 years

 

Proposed Experiments: In vitro
and in vivo proof-of-concept studies to develop spray-on autologous gene/cell therapy for RDEB

 

Funder: DEBRA UK

 

 

Lay Summary

 

Patient-friendly effective therapies
for RDEB are desperately needed. This group proposes to address this challenge by developing a spray-on gene therapy for RDEB designed
for longer-lasting therapeutic benefit including prevention of scarring. 

 

The recent gene therapy clinical trial
[***] conducted by Dr Su Lwin and led by Professor John McGrath, demonstrated that [***] Additionally, the team has noted [***]
therapeutically relevant findings that will optimise therapeutic longevity, reduced scarring and patient-friendly mode of delivery
for gene therapy. The vision for this research is to build on these observations by developing state-of-the-art gene/cell therapy
spray consisting of RDEB patient’s own skin cells supplemented with functional copies of COL7A1 gene, thereby ensuring
improved therapeutic efficacy and longevity.

 

Aims and Objectives involving SkinGunTM
(Work package WP1 only during the first two years)

In vivo assessment [***]
by sprayed on cells

 

(Timescale: [***])

 

    	 	12	 

     

    

	Goals	[***]sprayed cells [***]
	Risks	[***]
	Contingency plan	[***]

 

WP1 will include in vitro
and in vivo components and will be conducted at [***].

 

 

 

In vitro experiment: [***]

 

 

 

In vivo experiment: [***]
using SkinGunTM spray-on device from RenovaCare Inc., with their expertise. [***]

 

[***]

 

 

 

In summary, the proposed project will generate
the data of spray-on gene therapy required for human applications that can be made more easily available for clinical use in the
future, thus benefiting a wider population of individuals with RDEB. Subject to pre-clinical data, the human clinical trial stage
is anticipated to commence in [***]. No human subjects are included in this Research.

 

 

 

[***]

 

 

 

 

 

 

13

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