Document:

Exhibit 10.6

 

EXCLUSIVE
LICENSE AGREEMENT

Johns
Hopkins University and BullFrog AI Holdings, Inc.

JHU
Agreement Number A40219

 

This
AGREEMENT is entered into by and between the Johns Hopkins University (“JHU”), a Maryland corporation having an address at
3400 N. Charles Street, Baltimore, Maryland, 21218- 2695, and BullFrog AI Holdings, Inc., (“LICENSEE”), a Nevada corporation
having an address at 325 Ellington Blvd., #317, Gaithersburg, MD 20878, and is effective on the 22nd day of February, 2022
(“EFFECTIVE DATE”).

 

RECITALS

 

WHEREAS,
JHU owns, by assignment or otherwise from members of its faculty and staff, certain valuable inventions, know-how, and data as specified
in Exhibit A-1, which JHU desires to have commercialized to make useful products and services available for the benefit of the
public, including members of undeveloped countries and poor populations, as soon as possible, in accordance with JHU’s mission
and purpose;

 

WHEREAS,
LICENSEE and JHU entered into a Non-Disclosure Evaluation, and Option Agreement dated October 15, 2021 (“OPTION AGREEMENT”);
and

 

WHEREAS,
LICENSEE exercised the license option from JHU on November 22, 2021, and in accordance with the terms of the OPTION AGREEMENT, the parties
now wish to enter into an exclusive license agreement; and

 

WHEREAS,
LICENSEE desires to obtain certain rights in accordance with this AGREEMENT so that it may develop, manufacture, use and/or distribute
certain products and services for public use and benefit as soon as possible.

 

NOW
THEREFORE, the parties agree, with the intent to be legally bound, as follows:

 

	1.	DEFINITIONS
                                            AND SCOPE

 

Capitalized
terms have the meanings provided by Exhibit B or as defined in the body of this AGREEMENT.

 

	2.	GRANT
                                            OF LICENSES

 

		2.1.	Grant
                                            of Exclusive Patent License. Subject to this AGREEMENT, JHU grants LICENSEE an exclusive
                                            license under the LICENSED PATENTS to make, have made, use, import, export, offer to sell
                                            and sell LICENSED PRODUCTS in the LICENSED TERRITORY and FIELD OF USE and to grant SUBLICENSES
                                            subject to the limitations provided by this AGREEMENT.
	 	 	 
		2.2.	Grant
                                            of Non-Exclusive Right to Use Data, and Know-How. JHU grants LICENSEE a non-exclusive
                                            right to use the LICENSED DATA, or LICENSED KNOW-HOW, existing as of the EFFECTIVE DATE of
                                            this AGREEMENT and as identified in and subject to restrictions identified in Exhibit
                                            A-1. This right to use is granted solely to LICENSEE to permit LICENSEE to make, have
                                            made, use, import, export, offer to sell, sell, develop, and commercialize LICENSED PRODUCTS
                                            in the LICENSED TERRITORY in the FIELD OF USE, provided that LICENSEE may grant SUBLICENSES
                                            to LICENSED DATA and LICENSED KNOW-HOW, solely in connection with SUBLICENSES of the LICENSED
                                            PATENTS and solely to the extent needed to practice the LICENSED PATENTS and subject to the
                                            limitations provided by this AGREEMENT.

 

    	1

    	 

    

 

		2.3.	Affiliate
                                            Rights and Obligations. The LICENSED RIGHTS granted herein extend to AFFILIATES, except
                                            that AFFILIATES may not grant SUBLICENSES without JHU’s written consent. An AFFILIATE
                                            that exercises rights under this AGREEMENT shall automatically be bound by all terms and
                                            conditions of this AGREEMENT, including but not limited to indemnity and insurance provisions
                                            and the obligation to pay ROYALTIES. All acts or omissions by an AFFILIATE shall be considered
                                            acts or omissions of LICENSEE, which is, and shall remain, liable for them.
	 	 	 
		2.4.	Sublicense
                                            Notification. LICENSEE shall provide a complete and unredacted copy of each SUBLICENSE
                                            to JHU within thirty (30) days of execution. Each SUBLICENSE shall (i) expressly reference
                                            this AGREEMENT and declare void and unenforceable against JHU any terms contrary to this
                                            AGREEMENT; (ii) prohibit sublicensing by the SUBLICENSEE; (iii) expressly incorporate the
                                            Articles (inclusive of subsections) of this AGREEMENT numbered 4, 5, 6, 7, 8, 9, 10, 11,
                                            and 12 for the benefit of JHU; and (iv) acknowledge JHU as a third party beneficiary of the
                                            SUBLICENSE having the right to audit and enforce its terms and (v) expressly require SUBLICENSEE
                                            to provide LICENSEE diligence reports on an annual basis for the express purpose of providing
                                            those SUBLICENSEE diligence reports to JHU. In addition, each SUBLICENSE shall provide for
                                            its own immediate termination or expiration upon termination or expiration of this AGREEMENT,
                                            unless LICENSEE’s entire right and interest in such SUBLICENSE (including all rights
                                            to receive ROYALTIES and other payments) is assigned in writing to JHU with JHU’s consent,
                                            which shall not be unreasonably withheld or delayed. Failure to comply with the requirements
                                            of this Section 2.4 shall cause any purported SUBLICENSE to be void.
	 	 	 
		2.5.	Retained
                                            Research and Publication Rights. JHU retains the unrestricted right, on behalf of itself,
                                            its faculty and staff and non-profit academic or research institutions to whom JHU extends
                                            such rights, to practice and use any LICENSED RIGHTS described in Exhibit A-1 for
                                            any research or non-profit purpose, including sponsored research and collaborations with
                                            commercial entities and assessment and treatment of patients at Johns Hopkins Health System/JHU
                                            institutions. In addition, the right of JHU’s faculty and staff to publish all information
                                            concerning what is described in Exhibit A-1 shall not be restricted by this AGREEMENT.
	 	 	 
		2.6.	Government
                                            Rights. LICENSED PATENTS arising from research funded in whole or part by the United
                                            States government are subject to the Bayh Dole Act and its implementing regulations (35 U.S.C.
                                            §§ 200-204, 37 CFR Part 401) (collectively, “Bayh Dole Obligations”),
                                            including requirements to take effective steps in a reasonable time to achieve practical
                                            application of the LICENSED PATENTS in the FIELD OF USE and to assure LICENSED PRODUCTS sold
                                            or produced in the United States be “manufactured substantially in the United States.”
                                            LICENSEE shall comply with, and cooperate with, JHU in assuring compliance with the Bayh
                                            Dole Obligations. JHU’s obligations under Title 35 Sections 200-204 of the United States
                                            Code include the grant of an irrevocable, non-exclusive, nontransferable, royalty-free worldwide
                                            license to LICENSED PATENTS by JHU to the United States government, and a statement of United
                                            States government patent rights on all LICENSED PATENTS. All determinations of federal research
                                            funding involvement will be made solely by JHU, and JHU’s determination shall be honored
                                            by LICENSEE.

 

    	2

    	 

    

 

	 	2.7.	Humanitarian
                                            Rights and Obligations.

 

		2.7.1.	The
                                            parties will cooperate such that essential medicines developed under this AGREEMENT can be
                                            made available in LEAST DEVELOPED COUNTRIES. JHU agrees to consider reasonable requests of
                                            LICENSEE for a commensurate reduction of payment obligations to JHU to facilitate the availability
                                            of LICENSED PRODUCTS in such countries.
	 	 	 
		2.7.2.	Provided
                                            JHU first consults with LICENSEE, pursuant to this Section 2.7.2, JHU retains the right to
                                            grant rights to manufacture, use, distribute, sell and import the LICENSED RIGHTS described
                                            in Exhibit A-1 to a QUALIFIED HUMANITARIAN ORGANIZATION for HUMANITARIAN PURPOSES,
                                            provided that any such grant shall expressly prohibit the manufacture, use, distribution,
                                            sale or importation of any LICENSED PRODUCT in a country other than a LEAST DEVELOPED COUNTRY.
                                            Prior to granting such rights, JHU will notify LICENSEE, and LICENSEE shall have the first
                                            right to grant such rights to such QUALIFIED HUMANITARIAN ORGANIZATION.

 

		2.8.	Commercial
                                            Development Sublicenses. In the event LICENSEE is unable or unwilling to develop a LICENSED
                                            PRODUCT for an unserved market, use, indication or territory, upon JHU’s written request
                                            and LICENSEE’S failure to provide JHU with a reasonable development plan for such unserved
                                            market, use, indication, or territory within ninety (90) days of such written request, LICENSEE
                                            shall negotiate with one or more potential sublicensees identified by JHU to authorize development
                                            of such product. LICENSEE shall not, however, be obligated to enter into a sublicense that
                                            poses a material risk to the successful development and commercialization of LICENSED PRODUCTS
                                            by LICENSEE.
	 	 	 
		2.9.	Exclusions.
                                            Nothing in this AGREEMENT imposes obligations on JHU or grants rights in any JHU technology,
                                            intellectual property or other assets except as expressly identified in this AGREEMENT. Except
                                            as specifically provided in this AGREEMENT, JHU does not have any obligation to provide to
                                            LICENSEE any know how, inventions, data, materials, or assistance.

 

	3.	DILIGENCE
                                            AND DILIGENCE REPORTS

 

		3.1.	Milestones.
                                            LICENSEE shall achieve the MILESTONES set forth in Exhibit A-3 and shall notify
                                            JHU of the achievement of each MILESTONE within thirty (30) days of achieving them.
	 	 	 
		3.2.	Extension
                                            of Diligence Milestone. LICENSEE may request, in writing, an extension of the period
                                            for achieving a diligence MILESTONE set forth in Exhibit A-3 (each a MILESTONE) by
                                            up to six months. JHU will grant the requested extension provided (i) LICENSEE has diligently
                                            pursued achievement of the MILESTONE; and (ii) LICENSEE remits the milestone payment amount
                                            within thirty (30) days of achievement of the delayed MILESTONE. The extension of a MILESTONE
                                            shall automatically extend the deadline for subsequent MILESTONES of Exhibit A-3 respecting
                                            the same subject matter by like amount. LICENSEE may seek extensions for MILESTONES no more
                                            than twice during the term of this AGREEMENT.

 

    	3

    	 

    

 

		3.3.	Diligence
                                            Reports. Annually, on or before March 1 of each year, LICENSEE shall submit a Diligence
                                            Report for the prior calendar year to JHU substantially in the form attached as Exhibit
                                            D and in sufficient detail to facilitate JHU’s compliance with its Bayh Dole Obligations.

 

		4.	FEES,
                                            ROYALTIES, MILESTONES, AND EQUITY CONSIDERATION

 

		4.1.	Licensee’s
                                            Obligation to Pay Fees, Royalties and Other Payments. As partial consideration for the
                                            rights granted by JHU under this AGREEMENT, LICENSEE shall pay to JHU all ROYALTIES, fees,
                                            PAST PATENT COSTS, PATENT COSTS,SUBLICENSE
NON-ROYALTY CONSIDERATION, and other payments LICENSED PARTIES are required to pay JHU under this AGREEMENT. SALES, actions, or omissions
by any LICENSED PARTY are deemed to be SALES, actions, or omissions of LICENSEE.
	 	 	 
		4.2.	Upfront
                                            License Fee. LICENSEE shall pay to JHU a nonrefundable UPFRONT LICENSE FEE as specified
                                            in Exhibit A-2 within thirty (30) days of the EXECUTION DATE. The UPFRONT LICENSE
                                            FEE paid by LICENSEE to JHU shall
not be credited towards any other payments LICENSEE is required to pay JHU under this AGREEMENT.

 

		4.3.	Annual
                                            License Fee. LICENSEE shall pay to JHU annually on or before January 1 of each calendar
                                            year the ANNUAL LICENSE FEE as specified in Exhibit A-2.
	 	 	 
		4.4.	Patent
                                            Costs. LICENSEE shall reimburse JHU for all PAST PATENT COSTS specified in Exhibit
                                            A-2 according to the time schedule specified in Exhibit A-2. PATENT COSTS will be invoiced
                                            to LICENSEE on a rolling basis as processed by JHU or JHU’s patent counsel and are
                                            due and payable within thirty (30) days of receipt by LICENSEE.
	 	 	 
		4.5.	Minimum
                                            Annual Royalty. By January 1 of each calendar year, LICENSEE shall pay JHU the MINIMUM
                                            ANNUAL ROYALTY (“MAR”) specified in Exhibit A-2. MAR payments are non-refundable
                                            and will be credited against ROYALTIES incurred by LICENSEE for the calendar year in which
                                            the MAR was due. No MAR credits will be applied to ROYALTIES incurred in prior or subsequent
                                            calendar years.
	 	 	 
		4.6.	Royalties
                                            on Licensed Products and Reports. Within forty-five (45) days of the end of each calendar
                                            quarter following FIRST COMMERCIAL SALE, LICENSEE shall pay ROYALTIES in accordance with
                                            Exhibit A-2 and submit the electronic Excel Quarterly SALES & ROYALTY Report set
                                            forth in Exhibit C. ROYALTIES shall be paid on all SALES, use or manufacture of LICENSED
                                            PRODUCTS in the LICENSED TERRITORY by all LICENSED PARTIES.
	 	 	 
		4.7.	Milestone
                                            Payments. Within thirty (30) days of achieving a MILESTONE, LICENSEE shall pay the related
                                            milestone payment to JHU as specified in Exhibit A- 3.

 

    	4

    	 

    

 

		4.8.	Private
                                            Offering Purchase Rights. As partial consideration in addition to license fees, in the
                                            event of any private offering of the LICENSEE’s equity securities for cash (or in satisfaction
                                            of debt issued for cash)(also outline on Exhibit A-5):

 

		4.8.1.	JHU
                                            and/or its Assignee (as defined below) may purchase for cash up to one percent (1%) of the
                                            securities or interests issued in such offering.

 

		4.8.1.1.	“Assignee”
                                            means: (a) any entity to which JHU’s participation rights under this Section 1 have
                                            been assigned either by JHU or another entity; or (b) any entity that is controlled by JHU.

 

		4.8.2.	In
                                            any private offering subject to this AGREEMENT (“Offering”), JHU and/or its Assignee’s
                                            purchase right shall be at the same price and on the same terms as the most favored other
                                            investors, except that JHU and/or its Assignee shall not have any board representation or
                                            board meeting attendance rights.
	 	 	 
		4.8.3.	LICENSEE
                                            shall give JHU at least thirty (30) days advance written notice of the terms of each Offering,
                                            including the names of the investors and the amounts to be invested by each, and JHU may
                                            elect to exercise its right of purchase, in whole or in part, by written notice given to
                                            the LICENSEE within fifteen (15) business days after receipt of LICENSEE’S notice.
                                            To exercise this right, JHU must provide the written notice of its election to invest per
                                            the prior sentence and must sign all purchase and shareholder agreements that are signed
                                            by the other investors. If JHU and/or its Assignee elects not to purchase or fails to give
                                            an election notice within such period, JHU’s purchase right will not apply to the Offering
                                            if (and only if and to the extent) it is consummated within ninety (90) days on the same
                                            or less favorable (to the investor) terms as stated in LICENSEE’s notice to JHU.

 

All
rights under this Section 1.4 will not apply to the issuance of stock to employees and other service providers pursuant to a plan approved
by LICENSEE’s board of directors, or to shares issued as additional consideration in lending or leasing transactions. In the event
of the closing of a firm commitment underwritten public offering, the rights granted in Section 1.4 will terminate (in addition to any
earlier termination pursuant to their terms) immediately before such closing.

 

		4.8.4.	JHU’s
                                            rights respecting equity of or securities in LICENSEE are cumulative. In the event of a conflict,
                                            the provision of this AGREEMENT granting greater interests or purchase rights to JHU will
                                            govern.
	 	 	 
		4.8.5.	This
                                            Section 1 shall survive the termination of this AGREEMENT.

 

		4.9.	Patent
                                            Expiration and Royalty Adjustments.

 

		4.9.1.	Expiration
                                            of Valid Claims. Upon expiration of all VALID CLAIMS, LICENSEE’s ROYALTY obligation
                                            shall be reduced by 50%.

 

    	5

    	 

    

 

		4.9.2.	Royalty
                                            Stacking. In the event a LICENSEE pays royalties on one or more third party patents (“OTHER
                                            ROYALTIES”) as a requirement to make, use or sell a LICENSED PRODUCT, then the LICENSEE
                                            may deduct 50% of the amount paid for such OTHER ROYALTY from the ROYALTIES owed to JHU under
                                            this AGREEMENT. At no time, however, may the effective ROYALTY rate applicable to a LICENSED
                                            PRODUCT that requires OTHER ROYALTIES be less than 50% of the applicable ROYALTY rate as
                                            set forth in Exhibit A-2. No deduction under this Section 4.9.2 shall be made for
                                            OTHER ROYALTIES paid to an AFFILIATE, division, or corporation sharing a common business
                                            location or any corporate officer with LICENSEE or to any SUBLICENSEE.

 

		4.10.	Royalty
                                            Duration. LICENSEE’s obligation to pay ROYALTIES on SALES of each LICENSED PRODUCT
                                            shall remain in effect for the longer of (i) 10 years from date of FIRST COMMERCIAL SALE,
                                            or (ii) the expiration of all VALID CLAIMS, and thereafter LICENSEE shall no longer be obligated
                                            to pay ROYALTIES in connection with the SALES of each LICENSED PRODUCT.
	 	 	 
		4.10.1.	International
                                            Licensed Products. The duration of the LICENSEE’s obligation to pay ROYALTIES shall
                                            be determined on a country-by-country basis from the date of FIRST COMMERCIAL SALE to the
                                            date of expiration of all VALID CLAIMS.
	 	 	 
		4.11.	Sublicense
                                            Non-Royalty Consideration. LICENSEE shall pay to JHU the SUBLICENSE NON-ROYALTY CONSIDERATION
                                            as stated on Exhibit A-2 within sixty (60) days of receipt of SUBLICENSE NON-ROYALTY
                                            CONSIDERATION by LICENSEE.
	 	 	 
		4.12.	Assignment
                                            Fee. LICENSEE shall pay to JHU an assignment fee as provided for in Exhibit A-4
                                            within sixty (60) days of receipt of assignment consideration from its assignee.
	 	 	 
		4.13.	Currency.
                                            All payments by LICENSEE to JHU shall be made in U.S. Dollars. Computation of conversion
                                            to U.S. Dollars from foreign currency transactions shall be made on a quarterly basis using
                                            the exchange rate quoted by United States Federal Reserve Bank for the last business day
                                            of the calendar quarter for which payment is due.
	 	 	 
		4.14.	Non-U.S.
                                            Taxes. LICENSEE shall pay all non-U.S. taxes imposed on all amounts payable by LICENSEE
                                            under this AGREEMENT. Such tax payments are not deductible from any payments due to JHU.
	 	 	 
		4.15.	Invoicing
                                            by JHU. Payments shall be due in accordance with this AGREEMENT, and JHU shall invoice
                                            LICENSEE for each payment due. Should JHU send an invoice to LICENSEE, it may do so in electronic
                                            form via e-mail sent to the e-mail address supplied by LICENSEE from time to time, and will
                                            be deemed received by LICENSEE upon transmission.
	 	 	 
		4.16.	Purchase
                                            Orders. If at any time LICENSEE requires a Purchase Order to complete payment to JHU
                                            under this AGREEMENT or a new Purchase Order number is issued on an annual basis, LICENSEE
                                            shall provide Purchase Order No. with JHU Agreement AXXXXX to JHTVReports@JHU.edu
                                            or other email address provided by JHTV. Alternatively, LICENSEE may inform JHU of need for
                                            or change in Purchase Order number on the electronic Excel Quarterly Royalty and Sales Report

 

    	6

    	 

    

 

		4.17.	Payment
                                            Methods. All payments to JHU shall be made either by check or wire transfer,
in accordance with the payment instructions set forth in Exhibit A-2 as may be updated from time to time.
	 	 	 
		4.18.	Interest.
                                            Payments not received when due shall bear interest at the rate of six percent (6%) per annum
                                            (compounded monthly) from the date due until paid in full.

 

	5.	ROYALTY
                                            REPORTS AND ACCOUNTING

 

		5.1.	Royalty
                                            Reports. Beginning with the FIRST COMMERCIAL SALE of a LICENSED PRODUCT, LICENSEE shall
                                            thereafter submit to JHU a Quarterly Sales and Royalty Report thirty (30) days after the
                                            end of each calendar quarter (even if there are no sales during that quarter), along with
                                            royalty payment under Section 4.6. LICENSEE agrees to submit an electronic Excel royalty
                                            report using the electronic royalty report template provided by JHU. This report will be
                                            in the form of Exhibit C and will state the number, description, and aggregate SALES
                                            of LICENSED PRODUCTS during the completed calendar quarter. All indicated columns shall be
                                            populated as they pertain to the completed calendar quarter with adjustments and unusual
                                            occurrences documented.
	 	 	 
		5.2.	Accounting
                                            and Audit Rights. Each LICENSED PARTY shall maintain complete and accurate books and
                                            records, for no less than seven years, relating to the rights and obligations under this
                                            AGREEMENT and any amounts payable to JHU. Such books and records shall include information
                                            sufficient to permit JHU to confirm the accuracy and completeness of any payments and reports
                                            delivered to JHU and compliance in all other respects with this AGREEMENT. Upon 14 days’
                                            notice, a LICENSED PARTY shall make such books and records available for inspection by JHU
                                            or its designee (provided that such designee has signed a confidentiality agreement with
                                            terms consistent with those in Article 6 of this Agreement) during normal business hours,
                                            to verify any reports, accuracy and completeness of payments and/or compliance with this
                                            AGREEMENT. In the event the inspections shows an underpayment to JHU of 5% or more for any
                                            quarter during the period examined, LICENSEE shall bear the full cost of the inspection,
                                            which shall be due and payable (along with past due ROYALTY, ROYALTY shortfall and other
                                            payment amounts plus interest per Section 4.18 from the date that such payments should have
                                            been made to JHU) within thirty (30) days of receiving notice from JHU of the inspection
                                            results. JHU may exercise this inspection right not more than annually, unless prior inspections
                                            show consistent underpayment of 10% or more (in which case JHU may conduct follow up inspections
                                            at its discretion).
	 	 	 
		5.3.	Statute
                                            of Limitations. Notwithstanding any applicable statute of limitation, LICENSEE agrees
                                            that it shall pay JHU for any underpayments revealed by an inspection for a period of seven
                                            (7) years prior to the inspection.
	 	 	 
		5.4.	Final
                                            Royalty Report and Payment. Within ninety (90) days of termination of this AGREEMENT,
                                            each LICENSED PARTY shall submit a final written Sales and Royalty Report and pay all outstanding
                                            amounts due under this AGREEMENT.

 

    	7

    	 

    

 

	6.	CONFIDENTIAL
                                            INFORMATION

 

		6.1.	Term
                                            of Confidentiality. During the term of this AGREEMENT and for a period of three (3) years
                                            thereafter, the parties agree that all CONFIDENTIAL INFORMATION disclosed by a party shall
                                            be maintained in confidence by the receiving party and shall not be disclosed by the receiving
                                            party to any third party unless agreed to in writing by the disclosing party or compelled
                                            by a court of competent jurisdiction; nor shall any such CONFIDENTIAL INFORMATION be used
                                            by the receiving party for any purposes other than those contemplated by this AGREEMENT.
	 	 	 
		6.2.	Standard
                                            for Confidentiality. Each party shall maintain the security of CONFIDENTIAL INFORMATION
                                            it receives from the other party by employing reasonable safeguards that are no less secure
                                            than those used to protect its own confidential records.
	 	 	 
		6.3.	Permitted
                                            Disclosures. These obligations respecting CONFIDENTIAL INFORMATION do not preclude disclosures
                                            about this AGREEMENT and amounts paid by LICENSED PARTIES as part of routinely prepared summary
                                            documents or financial reports, nor do they impede or impair JHU’s exercise of retained
                                            research and publication rights pursuant to Section 2.5, provided that JHU not disclose LICENSEE’s
                                            CONFIDENTIAL INFORMATION in such publications.

 

		7.	DISCLAIMERS,
                                            LIABILITY LIMITATION

 

		7.1.	DISCLAIMER. JHU
                                            MAKES NO WARRANTIES UNDER THIS AGREEMENT. ALL TANGIBLE AND INTANGIBLE MATTER, INTELLECTUAL
                                            PROPERTY, TECHNOLOGY, RIGHTS, DATA, KNOW-HOW, AND MATERIALS (“DELIVERABLES”)
                                            LICENSED, GRANTED, OR PROVIDED BY JHU ARE “AS IS.” JHU MAKES NO REPRESENTATIONS
                                            WARRANTIES OF ANY KIND, EITHER EXPRESSED OR IMPLIED, AS TO ANY MATTER INCLUDING WARRANTY
                                            OF FITNESS FOR PARTICULAR PURPOSE, MERCHANTABILITY, USEFULNESS, TITLE, NONINFRINGEMENT, VALIDITY,
                                            ENFORCEABILITY, USE, UTILITY, SCOPE, OR SUCCESFUL OPERATION OF DELIVERABLES.
	 	 	 
		7.2.	LIMITS
                                            OF LIABILITY. NEITHER PARTY SHALL BE LIABLE TO THE OTHER FOR INDIRECT, SPECIAL, OR CONSEQUENTIAL
                                            DAMAGES, SUCH AS LOSS OF PROFITS OR INABILITY TO USE DELIVERABLES, HOWEVER ARISING, EVEN
                                            IF IT HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.
Under no circumstances shall JHU be liable for damages in excess amounts received by JHU under this AGREEMENT during the 12 months prior
to the event giving rise to the claim for damages.

 

	8.	INDEMNITY
                                            AND INSURANCE

 

		8.1.	Indemnification.
                                            LICENSEE and each applicable LICENSED PARTY (each an “Indemnitor” and collectively
                                            “Indemnitors”) shall protect, defend, and indemnify the JHU INDEMNITEES from
                                            and against any claims, losses, or damages of third parties (i)
allegedly arising from or related in any way to any act or omission of an Indemnitor performing or exercising rights granted under this
AGREEMENT, or (ii) allegedly caused by or arising in any way from LICENSED PRODUCTS. Indemnitors shall pay to defend the JHU INDEMNITIES
against any claim subject to this Section 8.1 with counsel reasonably acceptable to JHU, and shall pay and/or hold the JHU INDEMNITEES
harmless as against any judgments, fees, expenses, or other costs arising from or incidental to any such lawsuit, claim, demand or other
action, whether or not any JHU INDEMNITEE is named as a party defendant in any such lawsuit and whether or not the JHU INDEMNITEES are
alleged to be negligent or otherwise responsible for any injuries to persons or property.

 

    	8

    	 

    

 

		8.1.1.	Exclusions.
                                            The LICENSED PARTY Indemnification obligation as stated herein excludes: (i) claims arising
                                            solely from the practice by JHU of its retained rights under Section 2.5 of this AGREEMENT;
                                            and (ii) claims arising solely from the negligent use or administration by a JHU INDEMNITEE
                                            of a LICENSED PRODUCT (but any related claim of product liability or Indemnitor negligence
                                            shall remain subject to Indemnification).

 

		8.1.2.	Notice,
                                            Cooperation, and Participation. JHU or a JHU Indemnitee shall provide LICENSEE with prompt
                                            notice of any claims subject to indemnification, and will provide reasonable cooperation
                                            in the investigation and defense of such claims. JHU shall have the right to participate
                                            in the defense of any claim with counsel of its choice and at its own expense. JHU shall
                                            have the right to approve any settlement against JHU or that imposes any liability or obligation
                                            on JHU, such approval not to be unreasonably withheld. JHU shall not be entitled to indemnification
                                            if it concludes any settlement or compromise of a claim without the prior written consent
                                            of LICENSEE, which consent shall not be unreasonably withheld, delayed, or conditioned.

 

		8.2.	Insurance.
                                            LICENSEE shall, continuing throughout the term of this AGREEMENT and for a period of
                                            three years thereafter, obtain and maintain, in full force and effect and at LICENSEE’s
                                            sole cost and expense, the insurance coverage as set forth in Exhibit E. LICENSEE
                                            shall provide written proof of such insurance coverage to JHU within 30 days of EXECUTION
                                            DATE or initial coverage, whichever is later, and each renewal thereof. This AGREEMENT and
                                            the licenses granted herein shall immediately and automatically terminate in the event LICENSEE
                                            or a LICENSED PARTY (as applicable) fails to obtain the required insurance or if the insurance
                                            lapses or is cancelled.

 

		8.3.	Survival.
                                            The foregoing indemnification obligations shall survive termination or expiration of this
                                            AGREEMENT, and shall not be subject to any limitation of liability set forth in this AGREEMENT.

 

		9.	PATENTS

 

		9.1.	Title
                                            and Authority. JHU shall retain and hold title to all patents and patent applications
                                            included in the PATENT RIGHTS. JHU retains all decision-making authority with respect to
                                            patent filing and prosecution of the PATENT RIGHTS.

 

    	9

    	 

    

 

		9.2.	Domestic
                                            Filing and Prosecution. JHU shall have sole control over the selection of counsel, filing,
                                            prosecution, maintenance and management of all issued patents and pending and future patent
                                            applications in the United States that are subject to this AGREEMENT. JHU, at LICENSEE’s
                                            expense, shall have the right to file, prosecute and maintain all patents and patent applications
                                            included in the PATENT RIGHTS. JHU shall request its patent counsel to timely copy LICENSEE
                                            on all official actions and written correspondence with any patent office and to afford LICENSEE
                                            an opportunity to comment on prosecution matters. LICENSEE may elect to abandon its participation
                                            in, and rights to, a patent application or issued patent filed in the United States, provided
                                            that LICENSEE notifies JHU in writing at least ninety (90) days before any due date for any
                                            pending Office Action or matter or any maintenance fee due date in the case of an issued
                                            patent. Such election shall not relieve LICENSEE of the obligation to reimburse JHU for PATENT
                                            COSTS and PAST PATENT COSTS associated with such application that were incurred before JHU
                                            received actual notice of LICENSEE’s abandonment. Thereafter, JHU may file, prosecute,
                                            and/or maintain such patent applications or patents at its own expense and for its own benefit
                                            and any PATENT RIGHTS granted on such applications or patents shall be excluded from the
                                            LICENSED PATENTS. Failure to provide such notification may be considered by JHU to be LICENSEE’s
                                            authorization to proceed at LICENSEE’s expense.

 

		9.3.	Foreign
                                            Filing and Prosecution. Upon LICENSEE’s written request and at LICENSEE’s
                                            expense, JHU will file and prosecute PATENT RIGHTS in one or more foreign jurisdiction. JHU
                                            or its designee shall have sole control over the selection of counsel, filing, prosecution,
                                            maintenance and management of all foreign issued patents and pending and future patent applications
                                            that are subject to this AGREEMENT. Upon written notification to JHU and its patent counsel
                                            at least ninety (90) days in advance of any filing, response, or fee deadline, LICENSEE may
                                            elect to abandon its participation in, and rights to, a patent application filed in a foreign
                                            jurisdiction. Such election shall not relieve LICENSEE of the obligation to reimburse JHU
                                            for PATENT COSTS and PAST PATENT COSTS associated with such application that were incurred
                                            before JHU received actual notice of LICENSEE’s abandonment. Thereafter, JHU may file,
                                            prosecute, and/or maintain such foreign patent applications or patents at its own expense
                                            and for its own benefit and any PATENT RIGHTS granted on such applications or patents shall
                                            be excluded from the LICENSED PATENTS.

 

		9.4.	Common
                                            Interest. All non-public information exchanged between JHU and the LICENSED PARTIES or
                                            their respective counsel regarding preparation, filing, prosecution, and maintenance of the
                                            PATENT RIGHTS shall be deemed CONFIDENTIAL INFORMATION. In addition, the parties acknowledge
                                            and agree that, with respect to such preparation, filing, prosecution and maintenance of
                                            the PATENT RIGHTS, the interests of the parties are to obtain the strongest patent protection
                                            possible, and as such, are aligned and are legal in nature. The parties agree and acknowledge
                                            that they have not waived, and nothing in this AGREEMENT constitutes a waiver of, any legal
                                            privilege concerning the PATENT RIGHTS or the CONFIDENTIAL INFORMATION, including privilege
                                            under the common interest doctrine and similar or related doctrines.

 

		9.5.	INFRINGEMENT.

 

		9.5.1.	Notification
                                            of Infringement by third party. Each party will promptly notify the other in writing
                                            in the event it discovers, receives notice of, or otherwise reasonably suspects infringement
                                            by a third party.

 

    	10

    	 

    

 

		9.5.2.	Suits
                                            for Infringement. LICENSEE shall have the first right, at its own expense, to initiate
                                            and prosecute an infringement action against one or more third parties to enforce the LICENSED
                                            PATENTS in the FIELD OF USE in the LICENSED TERRITORY, provided that LICENSEE: (i) notifies
                                            JHU at least ninety (90) days in advance of any such suit; (ii) does not file said action
                                            without the prior written consent of JHU; and (iii) carefully considers the views of JHU
                                            and the public interest in making its decision whether or not to file suit. LICENSEE: (i)
                                            shall not initiate an infringement action in the absence of a good faith belief in the infringement,
                                            validity and enforceability of the asserted claims after reasonable investigation, (ii) shall
                                            at all times keep JHU informed as to the status of the action and shall consult with JHU
                                            throughout the action; and (iii) shall at all times carefully consider the views of JHU with
                                            respect to any infringement action, including, for example, choice of litigation counsel,
                                            venue, and litigation strategy. LICENSEE shall pay to JHU 20% of any monetary award, settlement
                                            or recovery, net of all reasonable LICENSEE and JHU attorneys’ fees and out-of-pocket costs and expenses paid to third parties by LICENSEE and/or JHU in connection
with each suit or settlement.
	 	 	 
		9.5.3.	Party
                                            Communications. All communications concerning a suit or potential suit against a third
                                            party between JHU and LICENSEE shall be treated as CONFIDENTIAL INFORMATION and are agreed
                                            to be subject to all available privileges and protections including the joint defense privilege
                                            and common interest privilege. Settlement or other voluntary final disposition of the suit
                                            may not be concluded without the prior written consent of JHU. JHU shall reasonably cooperate
                                            in any such litigation at LICENSEE’s expense.
	 	 	 
		9.5.4.	JHU’s
                                            Secondary Right to Enforce. LICENSEE understands and agrees that JHU has no obligation
                                            to bring suit against third parties for infringement of the LICENSED PATENTS. In the event
                                            LICENSEE does not initiate an infringement action within ninety (90) days after its discovery
                                            of or receiving notification of alleged infringement, JHU may initiate and prosecute such
                                            infringement action in its sole discretion and on its own behalf. LICENSEE shall reasonably
                                            cooperate in such litigation at JHU’s request, including as a co-plaintiff, and agrees
                                            to provide any evidence, witnesses or other support of litigation as needed at its own expense.
                                            Upon initiation of an infringement action by JHU, JHU shall have the sole right to seek resolution
                                            of the alleged infringement through litigation, settlement agreement or otherwise. After
                                            the ninety day period of discovery/notice has elapsed, LICENSEE shall not be permitted to
                                            transfer its rights or sublicense the LICENSED PATENTS or otherwise reach an agreement with
                                            any suspected infringer that would impact JHU’s action in any way. Any recovery from
                                            JHU’s action shall be for JHU’s sole benefit and account. All communications
                                            concerning a suit or potential suit against a third party between JHU and LICENSEE shall
                                            be treated as CONFIDENTIAL INFORMATION and are agreed to be subject to all available privileges
                                            and protections including the joint defense privilege and common interest privilege.

 

    	11

    	 

    

 

		9.6.	Third
                                            Party Invalidity Actions. LICENSEE shall defend at LICENSEE’s expense any declaratory
                                            judgment or other action brought by a third party naming LICENSEE and/or JHU as a defendant
                                            and alleging invalidity of any of the PATENT RIGHTS unless such action is brought as a counterclaim
                                            to a suit against the third party initiated by JHU pursuant to JHU’s secondary right
                                            to enforce. JHU may, in its sole discretion and at its own expense, assume control of the
                                            defense of any third party action naming JHU as a defendant, in which case LICENSEE shall
                                            cooperate fully with JHU in such defense at its own expense.
	 	 	 
		9.7.	Waiver
                                            of Invalidity Claims. LICENSEE, on behalf of itself, AFFILIATEs, and SUBLICENSEEs, understands
                                            and agrees that transfer of LICENSED RIGHTS under this AGREEMENT will confer substantial
                                            benefits to them, even in the absence of one of more VALID CLAIMS. Such benefits include
                                            “early mover” advantage. In addition, LICENSEE on behalf of itself, AFFILIATEs,
                                            and SUBLICENSEEs understands and agrees that the consideration paid for LICENSED RIGHTS reflects
                                            the nature and risks of early-stage technology, and the consideration required for a license
                                            to later stage technology would be significantly higher. Accordingly, each LICENSED PARTY
                                            agrees that it shall not initiate any action or proceeding to invalidate PATENT RIGHTS and
                                            hereby waives any rights they may have to do so.

 

		9.8.	Patent
                                            Challenges. Notwithstanding the foregoing, if a LICENSED PARTY initiates an action or
                                            proceeding challenging the validity or scope of PATENT RIGHTS or that a LICENSED PRODUCT
                                            practices the PATENT RIGHTS, the following shall apply:

 

		(a)	JHU
                                            may terminate this AGREEMENT upon written notice to LICENSEE and/or the LICENSED PARTY.
	 	 	 
		(b)	No
                                            payments or reports required by this AGREEMENT shall be suspended or delayed during any challenge
                                            to PATENT RIGHTS and no such payments shall be subject to refund or recoupment for any reason.
	 	 	 
		(c)	Not
                                            less than ninety (90) days prior to initiating any challenge to a PATENT RIGHTS, the party
                                            challenging PATENT RIGHTS (the “Challenging Party”) shall provide written notice
                                            of the expected challenge to JHU which shall include a clear statement of the factual and
                                            legal basis for the challenge, and an identification of all prior art, documents, products
                                            or other matter the Challenging Party believes to provide a basis for such challenge.
	 	 	 
		(d)	If
                                            such action or proceeding determines that at least one claim of the PATENT RIGHTS is a VALID
                                            CLAIM or practiced by a LICENSED PRODUCT, LICENSEE and the Challenging Party shall, thereafter,
                                            pay to JHU three times all payment amounts which LICENSEE and Challenging Party would otherwise
                                            be required to be paid under this AGREEMENT, other than PATENT COSTS. LICENSEE shall not
                                            be obligated to pay increased charges if it is not a party to the challenge to PATENT RIGHTS,
                                            has not assisted or facilitated the challenge, and has fully cooperated with JHU in the defense
                                            of such challenge.

 

		9.9.	Marking.
                                            All LICENSED PRODUCTS shall be marked with the number of the applicable licensed patent(s)
                                            in accordance with each country’s patent laws.

 

    	12

    	 

    

 

		10.	DISPUTES

 

		10.1.	Governing
                                            Law, Jurisdiction and Venue. This AGREEMENT shall be construed, and
legal relations between the parties shall be determined, in accordance with the laws of the State of Maryland applicable to contracts
executed and wholly to be performed within the State of Maryland without giving effect to the principles of conflicts of laws. Any disputes
between the parties to the AGREEMENT shall be brought in the state or federal courts located in Baltimore, Maryland. Both parties hereby
waive their right to a jury trial and consent to jurisdiction in such courts with respect to any disputes between them.

 

		10.2.	Resolution.
                                            The parties shall attempt in good faith to resolve all disputes through means other than
                                            litigation, such as mediation, arbitration, or structured negotiations. Each party agrees
                                            that, prior to initiating litigation, it will confer with other party about alternatives
                                            to litigation that may enable them to resolve the dispute fairly and efficiently.

 

	11.	TERM
                                            AND TERMINATION

 

		11.1.	Term.
                                            The term of this AGREEMENT shall commence on the EFFECTIVE DATE and shall continue until
                                            the date of expiration of the last to expire patent included within PATENT RIGHTS, or if
                                            no patents issue, then for 20 years from the EFFECTIVE DATE. LICENSEE shall not make, use,
                                            sell, import, export or offer for sale any LICENSED PRODUCTS after termination (but not expiration)
                                            of this AGREEMENT
	 	 	 
		11.2.	Licensee
                                            Termination for Convenience. LICENSEE may terminate this AGREEMENT upon ninety (90) days’
                                            advance written notice.
	 	 	 
		11.3.	JHU
                                            Termination for Cause. JHU may terminate this AGREEMENT upon thirty (30)
days’ written notice to LICENSEE in the event of any material breach hereof, provided that LICENSEE does not cure such breach prior
to expiration of such thirty (30)
day period. JHU may terminate this AGREEMENT immediately upon written notice to LICENSEE in the event of a material breach that is incapable
of cure. A material breach may include:

 

		(a)	LICENSEE’s
                                            delinquency with respect to payment or reporting;
	 	 	 
		(b)	Failure
                                            to timely achieve a MILESTONE specified in Exhibit A-3 or otherwise failing to diligently
                                            develop, commercialize, and sell LICENSED PRODUCTS throughout the term of this AGREEMENT;
	 	 	 
		(c)	Non-compliance
                                            with record keeping or audit obligations as stated in Articles 3 and 5 of this AGREEMENT;
	 	 	 
		(d)	Voluntary
                                            bankruptcy or insolvency of LICENSEE.
	 	 	 
		(e)	Non-compliance
                                            with LICENSEE’S insurance obligations.

 

		11.4.	Licensee
                                            Obligations Upon Termination or Expiration. Upon expiration or termination of this AGREEMENT
                                            for any reason, LICENSEE shall remit payment to JHU for all amounts due or incurred prior
                                            to the effective date of termination, and any non-cancellable expenses (such as PATENT COSTS)
                                            undertaken prior to termination.
	 	 	 
		11.5.	Effect
                                            of Termination. Upon termination of this AGREEMENT pursuant to 11.2 or 11.3, all rights
                                            and licenses granted by JHU to LICENSEE under this AGREEMENT shall terminate and all rights
                                            in, to, and under the LICENSED RIGHTS will revert to JHU.

 

    	13

    	 

    

 

		12.	MISCELLANEOUS

 

		12.1.	Use
                                            of Name. LICENSEE may not use the name, trademarks, logos, or trade dress of The Johns
                                            Hopkins University, The Johns Hopkins Health System, and any of their constituent parts,
                                            such as JHU, Johns Hopkins, Hopkins, the Johns Hopkins Hospital, Johns Hopkins Medicine or
                                            any contraction thereof or the name of INNOVATORS in any advertising, promotional literature,
                                            Web sites, electronic media applications, sales literature, fundraising documents, or press
                                            releases and other print or electronic communications without prior written consent from
                                            an authorized representative of JHU. Any request to make use of such names shall be made
                                            at least thirty (30) business days’ in advance of any proposed use and may be made
                                            by written request through JHTV. JHU shall have the right to list LICENSEE and display the
                                            logotype or symbol of LICENSEE on JHU’s website and on JHU publications as a licensee
                                            of JHU technology.
	 	 	 
		12.2.	Independent
                                            Parties. Nothing in this AGREEMENT shall be construed to create any agency, employment,
                                            partnership, joint venture or similar relationship between the parties other than that of
                                            a licensor/licensee. Neither party shall have any right or authority whatsoever to incur
                                            any liability or obligation (express or implied) or otherwise act in any manner in the name
                                            or on the behalf of the other, or to make any promise, warranty or representation binding
                                            on the other.
	 	 	 
		12.3.	Notice
                                            of Claim. Each party shall give the other party or its representative prompt notice of
                                            any suit or action filed, or of any claim made against them arising out of the performance
                                            of this AGREEMENT.
	 	 	 
		12.4.	No
                                            Assignment. Neither party may assign this AGREEMENT, in whole or in part, without the
                                            prior written consent of the other party. Notwithstanding the foregoing, LICENSEE may assign
                                            this AGREEMENT in accordance with the terms and transfer fee requirements set forth in Exhibit
                                            A-4.
	 	 	 
		12.5.	Notices.
                                            Any notice under any of the provisions of this AGREEMENT shall be deemed given when deposited
                                            in the mail, postage prepaid, registered or certified first class mail or by nationally-recognized
                                            private mail carrier and addressed to the applicable party at the address stated below, or
                                            such other address as such party shall specify for itself by like notice to other party.
                                            Transmission of notice by electronic mail is insufficient to meet the requirements of this
                                            provision.

 

If
to JHU:

 

Executive
Director

Johns
Hopkins Technology Ventures

1812 Ashland Avenue, Suite 110

Baltimore,
Maryland 21205

 

If
to LICENSEE:

 

BullFrog
AI Holdings, Inc.

325 Ellington Blvd., #317,

Gaithersburg,
MD 20878

 

    	14

    	 

    

 

LICENSEE
contacts by agreement function:

 

	 	Legal: Vin Singh, MS, MBA
	 	 	vin@bullfrogai.com
	 	Patent: Alan Alfano, PhD
	 	 	alan.a@bullfrogai.com
	 	Licensing: Alan Alfano, PhD
	 	 	alan.a@bullfrogai.com
	 	Billing: Vin Singh, MS, MBA
	 	 	vin@bullfrogai.com
	 	Insurance: Vin Singh, MS, MBA
	 	 	vin@bullfrogai.com
	 	Reporting: Vin Singh, MS, MBA
	 	 	vin@bullfrogai.com

 

		12.6.	Export
                                            Control. Certain of the LICENSED RIGHTS may be subject to United States laws and regulations
                                            (including the Arms Export Control Act, as amended, and the Export Administration Act of
                                            1979) controlling the export of technical data, computer software, laboratory prototypes,
                                            and other commodities. The transfer of certain technical data and commodities may require
                                            a license from the cognizant agency of the United States Government and/or written assurances
                                            that such transfers shall not be made to certain foreign countries without prior approval
                                            of such agency. LICENSEE or the applicable LICENSED PARTY shall fully comply with such export
                                            control laws. JHU makes no representation respecting the requirements for such a license,
                                            or that, if required, that such a license will be issued.
	 	 	 
		12.7.	Successors
                                            and Assigns. This AGREEMENT shall bind and inure to the benefit of the successors and
                                            permitted assigns of the parties.
	 	 	 
		12.8.	No
                                            Waivers; Severability. No waiver of any breach of any provision of this AGREEMENT shall
                                            constitute a waiver of any other breach of the same or other provision of this AGREEMENT,
                                            and no waiver shall be effective unless made in writing and signed by the party waiving.
                                            Any provision of this AGREEMENT prohibited by or unenforceable under any applicable law of
                                            any jurisdiction shall as to such jurisdiction be deemed ineffective and deleted without
                                            affecting any other provision of this AGREEMENT, which shall be interpreted so as to most
                                            fully achieve the intentions of the parties.
	 	 	 
		12.9.	Entire
                                            Agreement. This AGREEMENT supersedes all previous agreements and understandings relating
                                            to its subject matter, whether oral or in a writing, and constitutes the entire agreement
                                            of the parties and shall not be amended or altered in any respect except in a writing executed
                                            by the parties.
	 	 	 
		12.10.	No
                                            Agency. LICENSEE agrees that no representation or statement by any JHU employee shall
                                            be deemed to be a statement or representation by JHU, and that LICENSEE was not induced to
                                            enter this AGREEMENT based upon any statement or representation of JHU, or any employee of
                                            JHU. JHU is not responsible for any publications, experiments or results reported by any
                                            JHU employee prior to, or after, the EFFECTIVE DATE, including those reported by any of the
                                            INNOVATORS.

 

    	15

    	 

    

 

		12.11.	Binding
                                            Agreement. Exchange of this AGREEMENT in draft or final form between the parties shall
                                            not be considered a binding offer, and this AGREEMENT shall not be deemed final or binding
                                            on either party until the final AGREEMENT has been signed by both parties.
	 	 	 
		12.12.	Delays
                                            or Omissions. Except as expressly provided by this AGREEMENT, no delay or omission to
                                            exercise any right, power or remedy accruing to any party, shall impair any such right, power
                                            or remedy to such party nor shall it be construed to be a waiver of any such breach or default,
                                            or an acquiescence therein, or in any similar breach or default be deemed a waiver of any
                                            other prior or subsequent breach or default. Any waiver, permit, consent or approval of any
                                            kind or character on the part of any party of any breach or default under this AGREEMENT,
                                            or any waiver on the part of any party of any provisions or conditions of this AGREEMENT,
                                            must be in writing and shall be effective only to the extent specifically set forth in such
                                            writing. All remedies either under this AGREEMENT or by law or otherwise afforded to any
                                            party, shall be cumulative and not alternative.
	 	 	 
		12.13.	Survival.
                                            All representations, warranties, covenants and agreements made in this AGREEMENT and
                                            which by their express terms or by implication are to be performed or continue to apply after
                                            the execution and/or termination of this AGREEMENT or are prospective in nature shall survive
                                            such expiration and/or termination. In addition and for avoidance of doubt, the following
                                            articles shall survive any termination or expiration: Articles 5, 6, 7, 8, 9, 10, and 11.
	 	 	 
		12.14.	No
                                            Third-Party Beneficiaries. Nothing in this AGREEMENT shall be construed as giving any
                                            person, firm, corporation or other entity, other than the parties and their successors and
                                            permitted assigns, any right, remedy or claim under or in respect of this AGREEMENT or any
                                            provision hereof.
	 	 	 
		12.15.	Headings.
                                            Article headings are for convenient reference and are not a part of this AGREEMENT. All
                                            referenced Exhibits are part of this AGREEMENT.
	 	 	 
		12.16.	Electronic
                                            Signature. Any signature, including any electronic symbol or process affirmatively attached
                                            to or associated with this AGREEMENT and adopted by JHU or LICENSEE to sign, authenticate,
                                            or accept such contract or record acceptance of the AGREEMENT, hereto shall have the same
                                            legal validity and enforceability as a manually executed signature or use of a paper-based
                                            recordkeeping system to the fullest extent permitted by applicable law, including the Federal
                                            Electronic Signatures in Global and National Commerce Act or any state law based on the Uniform
                                            Electronic Transactions Act, and the parties hereby waive any objection to the contrary.

 

[The
Balance of This Page Intentionally Left Blank - Signature Page Follows]

 

    	16

    	 

    

 

IN
WITNESS WHEREOF, the parties have caused this AGREEMENT to be executed in duplicate counterparts, each of which shall be deemed to
constitute an original, effective as of EFFECTIVE DATE. The undersigned verify that they have the authority to bind to this AGREEMENT
the party on behalf of which they are executing.

 

This
AGREEMENT includes the following Exhibits:

 

Exhibit
A: Financial Terms

Exhibit
A-1: LICENSED RIGHTS, FIELD OF USE, and LICENSED TERRITORY

Exhibit
A-2: PATENT COSTS, Fees, ROYALTIES, and Payment Terms

Exhibit
A-3: MILESTONES

Exhibit
A-4: Permitted Assignment

Exhibit
A-5: Equity Consideration – Private Offering Purchase Rights

Exhibit
A-6: Table of LICENSED PATENTS

Exhibit
A-7: Publication List for LICENSED DATA and LICENSED KNOW-HOW

Exhibit
B: Definition of Terms

Exhibit
C. Quarterly Sales & Royalty Report Form

Exhibit
D: Diligence and Annual Report Form

Exhibit
E: Insurance

 

	Johns Hopkins University

	BullFrog AI Holdings, Inc.

	 	 	 	 
	By:

    		By:

    	
	 	 	 	 
	Name: 	Steven L. Kousouris	 Name: 	Vin Singh, MS, MBA
	 	 	 	 
	Title:
    	Executive Director, JHTV	Title:	Founder & CEO
	 	 	 	 
	Date: 	February 22, 2022 | 2:22 PM EST	Date: 	February
    22, 2022 | 8:22 AM PST

 

			 			 

 

    	17

    	 

    

 

Exhibit
A (A-1, A-2, A-3, A-4, A-5, A-6, A-7)

 

Exhibit
A-1: LICENSED RIGHTS, FIELD OF USE, and LICENSED TERRITORY

 

	

    JHU
    TECH ID, CASE TITLE, and INVENTORS
	JHU
                                            TECH ID #C13270 – “An Improved Formulation of Mebendazole and Drug Combination
                                            for Improved Cancer Therapy”

     

    INVENTORS:

    Gregory
    Riggins, Avadhut Joshi, Renyuan Bai, Tara Williamson, Verena Staedtke

	 	 
	LICENSED
    PATENTS	

                                                                                SEE
                                            PATENT TABLE BELOW (EXHIBIT A-6)

                                                                                

	 	 
	LICENSED
KNOW-HOW
	SEE
REFERENCE LIST BELOW FOR BOTH KNOW-HOWAND
    DATA (EXHIBIT A-7)

	 	 
	LICENSED
    DATA	SEE
REFERENCE LIST BELOW FOR BOTH KNOW-HOW AND DATA (EXHIBIT A-7)
	 	 
	FIELD
    OF USE	Treatment
of any human cancer or neoplastic disease, including in clinical trials
	 	 
	LICENSED
    TERRITORY	WORLDWIDE

 

    	18

     

    

 

Exhibit
A-2

 

PATENT
COSTS, Fees, ROYALTIES, and Payment Terms

 

	UPFRONT
    LICENSE FEE	Two
    hundred fifty thousand US Dollars (USD $250,000), payable as listed below:
	 	 
	 	(a)	Fifty
    (50) thousand US Dollars (USD $50,000) upon execution of this AGREEMENT, in partial consideration (due within 30 days of the EFFECTIVE
    DATE); and
	 	(b)	Two
    hundred (200) thousand US Dollars (USD $200,000) upon the earlier of (i) completion of BullFrog AI IPO, (ii) $10 million USD financing,
    or (iii) within nine (9) months of the EFFECTIVE DATE.
	 	 	 
	PAST
    PATENT COSTS	$116,903.53
    payable as follows:
	 	 
	 	(a)	$41,561.53
    within thirty (30) days of invoice after the Effective Date
	 	(b)	$37,671.00
    within four (4) months of the Effective Date
	 	(c)	$37,671.00
    within ten (10) months of the Effective Date
	 	 	 
	MINIMUM
    ANNUAL ROYALTY (“MAR”)	Due
                                            by January 1 of each calendar year:

 

	 	1st
                                            year: USD $5,000 due 1/1/2023

2nd
year: USD $10,000 due 1/1/2024

3rd
year: USD $20,000 due 1/1/2025

4th
year: USD $30,000 due 1/1/2026

5th
year, etc.: USD $50,000 due 1/1/2027 (until FIRST COMMERCIAL SALE)

 

Upon
FIRST COMMERCIAL SALE of a LICENSED PRODUCT the MAR shall be: $250,000 due on January 1 in the year after the FIRST COMMERCIAL
SALE.

	 	 	 
	ROYALTY	3.5%
    on LICENSED PRODUCTS
	 	 	 
	SUBLICENSE
    NON-ROYALTY CONSIDERATION	The
                                                                                          percent of all consideration, as outlined below, received by LICENSEE from a SUBLICENSEE in exchange for grant of SUBLICENSE rights
                                                                                          under this AGREEMENT, but excluding (i) any consideration received by LICENSEE for ROYALTIES on SUBLICENSEE SALES (ROYALTIES
                                                                                          on SALES by SUBLICENSEES will be treated as if LICENSEE made the SALE), and (ii) any payment of PAST PATENT COSTS or PATENT COSTS
                                                                                          made by SUBLICENSEE to LICENSEE.

	 	 
	 	a)	20%
                                            - Prior to dosing of the first patient in the first Phase II Clinical Trial

    

	 	b)	15%
    - After dosing of the first patient in the first Phase II Clinical Trial, but prior to dosing of a first patient in a Phase III or
    REGISTRATIONAL CLINICAL TRIAL
	 	c)	10%
    after dosing of the first patient in a Phase III or REGISTRATIONAL CLINICAL TRIAL

 

    	19

     

    

 

Payment
Instructions

 

Checks
are to be made payable to the “Johns Hopkins University.”

All check payments from LICENSEE to JHU shall be sent to:

 

Executive
Director

Johns
Hopkins Technology Ventures The Johns Hopkins University

1812
Ashland Avenue, Suite 110

Baltimore,
MD 21205

Attention:
JHU AGREEMENT No. A40219

 

or
such other addresses which JHU may designate in writing from time to time. .

 

Wire
transfers may be made through:

 

DOMESTIC
ACH & WIRE

 

Johns
Hopkins University – JHTV M&T Bank

1
M&T Plaza

Buffalo,
NY 14203

ABA
#022000046

Account
number: 9864226981 Type of account: depository

CTX
format is preferred; CCD+ is also accepted

Attention:
JHU AGREEMENT A40219

 

INTERNATIONAL
FED WIRE

 

Johns
Hopkins University – JHTV M&T Bank

1
M&T Plaza

Buffalo,
NY 14203

ABA
#022000046

Account
number: 9864226981 Type of account: depository

CHIPS
ABA number: N/A IBAN number: N/A

Attention:
JHU AGREEMENT A40219_

 

LICENSEE
shall be responsible for any and all costs associated with wire transfers.

 

    	20

     

    

 

Exhibit
A-3

 

MILESTONES

 

All
milestone payment fees are denoted in United States dollars (USD), unless otherwise noted

 

	Date or Deadline	 	Description of MILESTONE	 	Milestone 

Payment Fee	 
	Within 6 months of EFFECTIVE DATE	 	Financing of $10M in LICENSEE	 	NO FEE	 
	None	 	Validation of EU jurisdictions for granted EPO patent	 	NO FEE	 
	Within 6 months of EFFECTIVE DATE	 	Submission of Development Plan to JHU/JHTV	 	NO FEE	 
	Within 36 months of the EFFECTIVE DATE	 	Enrollment of a first patient in a first Phase 2 clinical trial for the first LICENSED PRODUCT	 	 
NO FEE
	 
	None	 	COMPLETION of the first Phase 2 clinical trial for each LICENSED PRODUCT	 	$250,000	 
	Within 36 months from the COMPLETION of the first Phase 2 study for the first LICENSED PRODUCT	 	Enrollment of a first patient in the first REGISTRATIONAL CLINICAL TRIAL	 	
NO FEE
	 
	None	 	COMPLETION of REGISTRATIONAL CLINICAL TRIAL for each LICENSED PRODUCT	 	$500,000 (if Phase 3);
 $250,000 (if Phase 2b)
	 
	None	 	MARKET APPROVAL for each LICENSED PRODUCT – US (FDA)	 	$750,000	 
	None	 	MARKET APPROVAL for each LICENSED PRODUCT – outside of US	 	$500,000	 
	None	 	FIRST COMMERCIAL SALE for the first LICENSED PRODUCT	 	NO FEE	 
	None	 	First twenty (20) million dollars (USD $20,000,000) NET SALES REVENUE of a LICENSED PRODUCT in the United States	 	$1,000,000	 
	None	 	First year cumulative NET SALES REVENUE of a LICENSED PRODUCT exceeds $100M	 	$2,000,000	 
	None	 	First year cumulative NET SALES REVENUE of a LICENSED PRODUCT exceeds $500M	 	$10,000,000	 
	None	 	First year cumulative NET SALES REVENUE of a LICENSED PRODUCT exceeds $1000M (i.e., $1B)	 	$20,000,000	 
	None	 	COMPLETION of each first-in-human trial for any indication other than Glioblastoma	 	$250,000	 

 

	 	a)	Pursuant
    to Section 3.1 of the AGREEMENT, milestone payment fees set forth in the above table shall be payable within thirty (30) days of
    each LICENSED PRODUCT achieving such MILESTONE.
	 	 	 
	 	b)	In
    the event that a Phase I, II and/or Phase III clinical trial is conducted at JHU, LICENSEE is excused from making the accrued related
    milestone payments fees to JHU until the earlier of, a clinical trial milestone is met where such sites include at least two (2)
    sites other than JHU or the milestone for the receipt of regulatory approval from the FDA (or marketing approval from a foreign equivalent
    of the FDA) (“MARKET APPROVAL”) is met. Under such circumstance, LICENSEE agrees that it will pay the accrued Phase I,
    II and/or Phase III milestone payments fees upon completion and when it submits milestone payment fee to JHU for MARKET APPROVAL.
    Further, in the event that a Phase I and/or Phase II and/or Phase III clinical trial is not required for MARKET APPROVAL, LICENSEE
    agrees that it will pay the accrued Phase I and/or Phase II and/or Phase III milestone payment fees otherwise due under Phase I through
    Phase III milestones when it submits milestone payment fee to JHU for MARKET APPROVAL.
	 	 	 
	 	c)	The
    milestones described above shall be deemed achieved if the objectives are met by LICENSEE or any SUBLICENSEE. Any amounts payable
    by LICENSEE hereunder may be assigned to, and payable by, a SUBLICENSEE.

 

    	21

     

    

 

Exhibit
A-4

 

Permitted
Assignment

 

	1.	LICENSEE
                                            may assign this AGREEMENT as part of a sale or merger of substantially all of LICENSEE’s
                                            business or assets, regardless of whether such a sale occurs through an asset sale, stock
                                            sale, merger or other combination, provided:

 

	 	(a)	LICENSEE
    provides written notice to JHU at least thirty (30) days in advance of such assignment;
	 	 	 
	 	(b)	The
    assignee agrees, in a writing delivered to JHU, to be bound by all provisions of this AGREEMENT; and
	 	 	 
	 	(c)	LICENSEE
    remits an assignment fee to JHU equal to

 

	 	i.	the
    greater of twice the MAR applicable to the year when the assignment will be completed; OR
	 	ii.	one
    hundred thousand US dollars (USD $100,000)

 

    	22

     

    

 

Exhibit
A-5

 

Equity
Consideration – Private Offering Purchase Rights

 

Private
Offering Purchase Rights. In the event of any private offering of the LICENSEE’s equity securities for cash (or in satisfaction
of debt issued for cash):

	1.	JHU
                                            and/or its Assignee (as defined below) may purchase for cash up to 1% of the securities or
                                            interests issued in such offering.

 

	 	1.1.	“Assignee”
                                            means: (a) any entity to which JHU’s participation rights under this Section 1 have
                                            been assigned either by JHU or another entity; or (b) any entity that is controlled by JHU

 

	2.	In
                                            any private offering subject to this AGREEMENT (“Offering”), JHU and/or its Assignee’s
                                            purchase right shall be at the same price and on the same terms as the most favored other
                                            investors, except that JHU and/or its Assignee shall not have any board representation or
                                            board meeting attendance rights.

 

	3.	Licensee
                                            shall give JHU at least thirty (30) days advance notice of the terms of each Offering, including
                                            the names of the investors and the amounts to be invested by each, and JHU may elect to exercise
                                            its right of purchase, in whole or in part, by written notice given to LICENSEE within fifteen
                                            (15) business days after receipt of LICENSEE’s notice. To exercise this right, JHU
                                            must provide the written notice of its election to invest per the prior sentence and must
                                            sign all purchase and shareholder agreements that are signed by the other investors. If JHU
                                            and/or its Assignee elects not to purchase or fails to give an election notice within such
                                            period, JHU’s purchase right will not apply to the Offering if (and only if and to
                                            the extent) it is consummated within ninety (90) days on the same or less favorable (to the
                                            investor) terms as stated in LICENSEE’s notice to JHU.

 

All
rights under this Section 1.4 will not apply to the issuance of stock to employees and other service providers pursuant to a plan approved
by LICENSEE’s board of directors, or to shares issued as additional consideration in lending or leasing transactions. In the event
of the closing of a firm commitment underwritten public offering, the rights granted in Section 1.4 will terminate (in addition to any
earlier termination pursuant to their terms) immediately before such closing.

 

	4.	JHU’s
                                            rights respecting equity of or securities in LICENSEE are cumulative. In the event of a conflict,
                                            the provision of this AGREEMENT granting greater interests or purchase rights to JHU will
                                            govern.

 

This
Section 1 shall survive the termination of this AGREEMENT.

 

    	23

     

    

 

Exhibit
A-6

 

Table
of LICENSED PATENTS

 

	JHU
    ID	 	Title	 	Serial
    Number	 	File
    Date	 	Application
    Type	 	Country	 	Status	 	Patent
    Number	 	Expiration
    Date	 	Composition,
    MoU
	P13270-
    01	 	An
    Improved Formulation of Mebendazole and Drug Combination to Improve Anti- cancer Activity	 	 

    62/112,706
	 	 

    06
    Feb

    2015
	 	 

    Provisional
	 	 

    US
	 	 

    Expired
	 	 	 	 	 	 
	P13270-
    02	 	An
    Improved Formulation of Mebendazole and Drug Combination to Improve Anti- cancer Activity	 	PCT/US2016/016968	 	08
    Feb 2016	 	PCT	 	PCT
    - Parent	 	Expired	 	 	 	11
    Aug 2016	 	Both
	P13270-
    03	 	MEBENDAZOLE
    POLYMORPH FOR TREATEMENT AND PREVENTION OF TUMORS	 	 

    15/548,959
	 	04
                                            Aug

    2017
	 	 

    PCT
	 	 

    US
	 	 

    GRANTED
	 	 

    11,110,079
	 	08
                                            Feb

    2036
	 	 

    Both

	P13270-
    04	 	Mebendazole
    Polymorph For Treatment And Prevention Of Tumors	 	 

    16747414.7
	 	08
                                            Feb

    2016
	 	 

    PCT
	 	 

    EPO
	 	 

    GRANTED
	 	 

    Pending
	 	08
                                            Feb

    2036
	 	 

    Both

	P13270-
    05	 	MEBENDAZOLE
    POLYMORPH FOR TREATMENT AND PREVENTION OF TUMORS	 	 

    253854
	 	08
                                            Feb

    2016
	 	 

    PCT
	 	 

    Israel
	 	 

    GRANTED
	 	 

    253854
	 	08
                                            Feb

    2036
	 	 

    Both

	P13270-	 	An
    Improved Formulation of	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	06	 	Mebendazole
                                            and Drug

    Combination
    to Improve Anti-
	 	2016800144274	 	08
                                            Feb

    2016
	 	PCT	 	China	 	GRANTED	 	1ZL20168-

    0014427.4
	 	08
                                            Feb

    2036
	 	Both
	 	 	cancer
    Activity	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	P13270-	 	An
    Improved Formulation of	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	07	 	Mebendazole
                                            and Drug

    Combination
    to Improve Anti-
	 	201717028684	 	08
                                            Feb

    2016
	 	PCT	 	India	 	GRANTED	 	352734	 	08
                                            Feb

    2036
	 	Both
	 	 	cancer
    Activity	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	P13270-
    08	 	Mebendazole
    Polymorph For Treatment And Prevention Of Tumors	 	 

    2017-541687
	 	08
                                            Feb

    2016
	 	 

    PCT
	 	 

    Japan
	 	 

    GRANTED
	 	 

    6796586
	 	08
                                            Feb

    2036
	 	 

    Both

	P13270-
    09	 	CONTINUATION:
    Mebendazole Polymorph For Treatment And Prevention Of Tumors	 	 

    17/402,131
	 	13
                                            Aug

    2021
	 	 

    CON
	 	United
    States	 	 

    PENDING
	 	 	 	 	 	 

    Both

 

    	24

     

    

 

Exhibit
A-7

 

Publication
List for LICENSED DATA and LICENSED KNOW-HOW

 

	1.	Gallia
    GL, Holdhoff M, et al. Mebendazole and temozolomide in patients with newly diagnosed high-grade gliomas: results of a phase 1 clinical
    trial. Neuro-Oncology Advances. 2021;3(1):1-8
	2.	Williamson
    T, Mendes TB, et al. Mebendazole inhibits tumor growth and prevents lung metastasis in models of advanced thyroid cancer. Endocrine-Related
    Cancer. 2020:27;123-136
	3.	Skibinski
    CG, Williamson T, Riggins GJ. Mebendazole and radiation in combination increase survival through anticancer mechanisms in an intracranial
    rodent model of malignant meningioma. J. Neuro-Oncology. 2018:140;529-538
	4.	Bai
    RY, Staedtke V, et al. Brain Penetration and Efficacy of Different Mebendazole Polymorphs in a Mouse Brain Tumor Model. Clin Cancer
    Res. 2015:21(15);3462-3470
	5.	Bai
    RY, Staedtke V, et al. Antiparasitic mebendazole shows survival benefit in 2 preclinical models of glioblastoma multiforme. Neuro-Oncology.
    2011:13(9);974-982
	6.	Bai
    RY, Staedtke V, et al. Effective treatment of diverse medulloblastoma models with mebendazole and its impact on tumor angiogenesis.
    Neuro-Oncology. 2014:0;1-10
	 	 
	7.	Williamson
    T, Bai RY, et al. Mebendazole and a non-steroidal anti-inflammatory combine to reduce tumor initiation in a colon cancer preclinical
    model. Oncotarget. 2016:7(42);68571- 68584

 

    	25

     

    

 

Exhibit
B

 

DEFINITIONS

 

“AFFILIATE”
means any corporation, licensee, partnership, joint venture or other entity, which controls, is controlled by or is under common control
with LICENSEE, as evidenced by the direct or indirect ownership of at least 50% of voting rights governing the entity or the contractual
power to control such rights.

 

“COMBINATION
PRODUCT” means a collection or group of products sold together (such as in a kit or package) that contains (i) a LICENSED PRODUCT
and (ii) one or more other functional products (“Other Products”) that has been sold separately for use without the LICENSED
PRODUCT and which is not essential to the use or practice of the LICENSED PRODUCT. For example, a diagnostic panel comprising a LICENSED
PRODUCT and an independent diagnostic biomarker.

 

“COMPLETION”
of a clinical trial milestone means first public release of TOP-LINE data.

 

“CONFIDENTIAL
INFORMATION” means information disclosed by a party (the “Disclosing Party”) to the other party (the “Receiving
Party”) in connection with performance of this AGREEMENT that (i) concern the LICENSED RIGHTS and has been maintained by the Disclosing
Party as nonpublic or proprietary information, and (ii) is marked Confidential or otherwise expressly designated as Confidential. To
be deemed CONFIDENTIAL INFORMATION, oral disclosures must (i) concern the LICENSED RIGHTS, have been maintained by the Disclosing Party
as nonpublic or proprietary information, and be described in writing as confidential by the Disclosing Party within fourteen (14) days
of disclosure to the Receiving Party. CONFIDENTIAL INFORMATION does not include information that (a) was already in the Receiving Party’s
possession before the disclosure by the Disclosing Party; (b) has been published or is later published, unless such publication is a
breach of this AGREEMENT; (c) is received by the Receiving Party from a third party not under an obligation of confidentiality; or (d)
is independently developed by the Receiving Party’s employees who did not have access to CONFIDENTIAL INFORMATION.

 

“DISCOVERED
PRODUCT” means a product, material, or service that is identified, selected or determined to have utility in whole or in part by
the use of a LICENSED PRODUCT, including the use of a screening method or assay covered by the LICENSED RIGHTS.

 

“EXECUTION
DATE” means the date that the last party to sign executes this AGREEMENT. “FIELD OF USE” is defined in Exhibit A-1.

 

“FIRST
COMMERCIAL SALE” means the first transfer by a LICENSEE to a third party for value of a LICENSED PRODUCT, with the exemption of
materials transferred for use in a clinical trial at a nominal cost to the recipient.

 

    	26

     

    

 

“HUMANITARIAN
PURPOSE” means practice of LICENSED RIGHTS in the prevention or treatment of disease in humans by or on behalf of any
QUALIFIED HUMANITARIAN ORGANIZATION (including, for clarity, practice of LICENSED RIGHTS by contractors, manufactures or
distributors acting for or on behalf of such QUALIFIED HUMANITARIAN ORGANIZATIONs on a fee-for-service, fee-for-product or
charitable basis): (i) to manufacture LICENSED PRODUCTS anywhere in the world for the sole and express purposes of distribution and
use of such LICENSED PRODUCTS in one or more LEAST DEVELOPED COUNTRIES, and (ii) to sell or otherwise distribute LICENSED PRODUCTS
for use solely in one or more LEAST DEVELOPED COUNTRIES; provided, however, that sales and distribution of LICENSED PRODUCTS shall
not be deemed made for humanitarian purposes unless products are distributed at locally-affordable prices.

 

“INNOVATORS”
means the individuals who invented, authored, or created the LICENSED RIGHTS as identified in in Exhibit A-1.

 

“JHU
INDEMNITEES” means JHU, The Johns Hopkins Hospital, The Johns Hopkins Health System Corporation, and their affiliated entities,
their present and former trustees, officers, INNOVATORS, agents, faculty, employees and students.

 

“LEAST
DEVELOPED COUNTRY” means those jurisdictions so defined by the United Nations Country Classification in the most recent United
Nations’ publication “Statistical Annex.”

 

“LICENSED
DATA” means the data specified in Exhibit A-1 that exists as of the EFFECTIVE DATE of this AGREEMENT.

 

“LICENSED
KNOW-HOW” means the know-how described in Exhibit A-1 that exists as of the EFFECTIVE DATE of this AGREEMENT.

 

“LICENSED
PARTIES” means LICENSEE, AFFILIATE, and/or SUBLICENSEE (as applicable).

 

“LICENSED
PATENTS” means the patents and patent applications listed on Exhibit A-1, and includes any foreign patent applications sharing
the same disclosure, and any divisional, continuation, or reexamination applications of the listed patents or applications, and every
patent that issues or reissues from such applications.

 

“LICENSED
PRODUCT” means any service, process, method, material, compositions, drug, or other product that (i) comprises, constitutes, or
embodies the LICENSED RIGHTS, (ii) requires use or practice of the LICENSED RIGHTS by LICENSED PARTIES or their customers, or (iii) is
a DISCOVERED PRODUCT.

 

“LICENSED
RIGHTS” means all rights respecting LICENSED PATENTS, LICENSED DATA, and LICENSED KNOW-HOW granted to LICENSEE in Article 2 of
this AGREEMENT.

 

“LICENSED
TERRITORY” means the territory specified in Exhibit A.-1. “MILESTONE” means a diligence milestone or event specified
in Exhibit A-3.

 

“NET
SALES REVENUE” means and includes the gross value of everything of value received by LICENSED PARTIES as consideration for the
SALE of LICENSED PRODUCTS or COMBINATION PRODUCTS, including the fair market value of equity, intangible rights, services and other things
of value directly provided in return for SALES except for SUBLICENSEE NON- ROYALTY CONSIDERATION, as that term is defined in Exhibit
A-2 of this AGREEMENT.

 

NET
SALES REVENUE generated from COMBINATION PRODUCTS shall be determined with the formula: COMBINATION PRODUCT NET SALES REVENUE = NET
SALES REVENUE*C/(C+D), where C is the total gross invoice price of the LICENSED PRODUCT when sold separately and D is the total
gross invoice price of the Other Product(s) when sold separately. In the event that no such separate sales are made of the LICENSED
PRODUCT or Other Product in such COMBINATION PRODUCT during the royalty paying period in question, NET SALES REVENUE, for the
purposes of determining ROYALTY payments shall be calculated using the above formula where C is the commercial value of the LICENSED
PRODUCT sold separately and D is the commercial value of the Other Product(s) active ingredients or components sold separately. Any
such estimates shall be determined using criteria to be mutually agreed upon by the parties. Such estimates shall be reported to JHU
with the reports to be provided pursuant to Section 5.1 hereof. The term “Other Products” does not include solvent,
diluents, excipients, buffers or the like used in formulating a product.

 

    	27

     

    

 

NET
SALES REVENUE excludes the following items, provided they are separately invoiced to and paid by a purchaser of LICENSED PRODUCTS and
thereafter paid or remitted by a LICENSED PARTY:

 

	 	●	import,
    export, excise and sales taxes, and custom duties;
	 	●	shipping
    charges and transportation from the place of manufacture to the customer’s premises or point of installation;
	 	●	cash,
    trade or quantity discounts actually granted to end users;
	 	●	patient
    assistance and co-pay programs;
	 	●	sales
    rebates actually paid or credited to end users including managed care rebates and chargebacks; and
	 	●	allowances
    or credits to end users because of rejections or returns.

 

For
clarity, NET SALES REVENUE shall not include SALES between LICENSED PARTY and its AFFILIATES or SUBLICENSES for the purpose of subsequent
resale to a third party, but shall include SALES by AFFILIATES or SUBLICENSEES to Third Parties. In the event that the LICENSED PRODUCT
is consumed, depleted or exhausted by the AFFILIATE or SUBLICENSEE, then such use shall be deemed a SALE.

 

“PATENT
COSTS” means all costs of prosecuting and maintaining any LICENSED PATENT, including reasonable attorneys’ fees and expenses,
and fees for patent filing(s), maintenance, annuities, translation, and defense against claims of infringement or invalidity, including
fees and costs incurred in administrative proceedings or disputes pursuant to the America Invents Act of 2011 (such as an Inter Partes
Review, Post Grant Review or Derivation Proceedings before the U.S. Patent Trial and Appeal Board), incurred by JHU. PATENT COSTS excludes
PAST PATENT COSTS.

 

“PAST
PATENT COSTS” means all PATENT COSTS that are incurred by JHU prior to the EXECUTION DATE of this AGREEMENT and are able to be
billed to LICENSEE on the EXECUTION DATE. For the avoidance of doubt, those PATENT COSTS incurred before the EXECUTION DATE but not available
for billing until after the EXECUTION DATE will be billed as PATENT COSTS.

 

“PATENT
RIGHTS” means the rights granted to LICENSEE in respect of the LICENSED PATENTS (and subject to the rights reserved or maintained
by JHU).

 

    	28

     

    

 

“QUALIFIED
HUMANITARIAN ORGANIZATION” means any governmental agency, non- governmental agency or other not-for-profit organization that
has as one of its bona fide missions to address the public health needs of underserved populations on a not-for-profit basis.
For clarity, QUALIFIED HUMANITARIAN ORGANIZATIONS do not include non-governmental agencies and not-for-profit organizations that are
formed or established for the benefit of any for-profit entity.

 

“REGISTRATIONAL
CLINICAL TRIAL” means, with respect to a given Product, either: (a) a Phase III Clinical Trial with such Product; or (b) a Phase
IIb Clinical Trial that, at the time of commencement, is expected to be the basis for initial Regulatory Approval of such Product.

 

“ROYALTIES”
means payments owed to JHU in consideration of the rights granted to LICENSED PARTIES under this AGREEMENT that are determined as a percentage
of NET SALES REVENUE as explicitly set forth in Exhibit A-2 of this AGREEMENT.

 

“SALE”
means a sale, license, lease, performance, transfer, delivery, contract to provide, or other disposition or conveyance for value of a
LICENSED PRODUCT.

 

“SUBLICENSE”
means an agreement in which LICENSEE (i) grants or otherwise transfers any of the LICENSED RIGHTS, (ii) agrees not to assert or seek
a legal remedy for the practice of LICENSED RIGHTS, or (iii) creates an obligation to grant, assign or transfer any LICENSED RIGHTS to
any other entity (other than an AFFILIATE).

 

“SUBLICENSEE”
means any person or entity to which LICENSEE has granted a SUBLICENSE under this AGREEMENT.

 

“SUBLICENSE
NON-ROYALTY CONSIDERATION” is defined in Exhibit A-2 of this AGREEMENT.

 

“TOP-LINE
DATA” means, with respect to a clinical study, a summary of patient demographic data, data for the primary endpoint, and safety
data derived from the unblinded, locked clinical trial database.

 

“VALID
CLAIM” means (i) any claim of an issued and unexpired patent within the LICENSED PATENTS that has not been (a) conclusively revoked
or held unenforceable, unpatentable or invalid by a competent court or tribunal and which is unappealable or unappealed in the time allowed
for appeal, and (b) irrevocably disclaimed, cancelled, withdrawn or abandoned or admitted to be invalid or unenforceable through reissue,
disclaimer or otherwise; or (ii) a pending claim of a pending patent application within the LICENSED PATENTS.

 

    	29

     

    

 

Exhibit
C

 

Quarterly
Sales and Royalty Report

 

 

    	30

     

    

 

Exhibit
D

 

Diligence
and Annual Report

 

LICENSEE
Name: _______________________________________________________________

 

JHU
Agreement Number: ___ A40219 __________________________________________________

 

JHU
Reference Number(s) C13270, _________ , __________ , __________ ,

 

Reporting
Period: From ______________         To  _______________

 

A
description of progress by LICENSED PARTIES toward commercialization of LICENSED PRODUCTS, including work completed, key scientific discoveries,
summary of work-in- progress, current schedule of anticipated events or MILESTONES, market plans (if any), significant corporate transactions
and documents sufficient to evidence each.

 

A
description and documentation of all FDA or other governmental filings and/or approvals regarding any LICENSED PRODUCT or LICENSED RIGHTS.

 

Certificate
of Insurance or other evidence of insurance

 

________is
attached

 

Identification
of all LICENSED PARTIES (AFFILIATE and SUBLICENSEE):

 

_________NONE

_________List
attached with description of rights exercised.

 

SUBLICENSE(s)
entered during the year:

 

_________NONE

(copy
of each SUBLICENSE attached)

 

A
description of any Material Event (e.g., change of control, name change or other significant change related to this AGREEMENT or LICENSEE:

 

_________NONE

 

Details:

 

    	31

     

    

 

SEND
DILIGENCE AND ANNUAL DILIGENCE REPORT TO:

 

	Via
    mail or private mail carrier:	Via
    email (Preferred):
	 	 
	Licensee
    Reporting Group	JHTVReports@JHU.EDU
	 	 
	Johns
    Hopkins Technology Ventures	Expect
    Auto-Reply
	 	 
	The
    Johns Hopkins University	No
    Auto-Reply?
	 	 
	1812
    Ashland Avenue, Suite 110	Contact:
	 	 
	Baltimore,
    MD 21205	Marlene
    Moore at
	 	 
	Telephone
    for overnight courier: 410-614-0300	mmoore26@jhmi.edu
    or 410-614-0300

 

Interested
in reporting via our Licensee Reporting Portal? Contact us at JHTVReports@JHU.edu to request details about this reporting option.

 

    	32

     

    

 

Exhibit
E

 

Required
Insurance Coverages

 

	1.	Assumption
                                            of Liability. LICENSEE hereby assumes full liability for any and all lawsuits, claims,
                                            demands, judgments, costs, fees (including attorney’s fees), expenses, injuries or
                                            losses arising from or relating to its use of the LICENSED PRODUCTS.

 

	2.	Insurance.
                                            LICENSEE will obtain and maintain Comprehensive General Liability Insurance with a reputable
                                            and financially secure insurance carrier acceptable to JHU. Prior to initial human testing
                                            or FIRST COMMERCIAL SALE of any LICENSED PRODUCT, LICENSEE will obtain and maintain in addition
                                            to the Comprehensive General Liability Insurance, Product Liability Insurance with a reputable
                                            and financially secure insurance carrier acceptable to JHU, to cover any liability arising
                                            from or relating to the LICENSED PRODUCTS. The insurance policy shall provide minimum coverage
                                            in the amounts and subject to the provisions below.

 

	3.	General.
                                            LICENSEE shall obtain and maintain, in full force and effect and at LICENSEE’s sole
                                            cost and expense insurance policies providing:

 

	 	a)	Commercial
    general liability insurance (including coverage and any necessary endorsements for products /completed operations as well as for
    clinical trials if any such trials are to be performed by or on behalf of LICENSEE) which provides, for each annual policy period,
    coverage of no less than the minimum limits specified below for injury, death and property damage resulting from each occurrence
    during the policy period; and
	 	 	 
	 	b)	If
    required by law, worker’s compensation insurance.

 

	4.	Initial
                                            Policy Limits. The commercial general liability and products liability coverages shall
                                            have the following minimum limits:

 

	 	a)	Commercial
    general liability: one million dollars ($1,000,000) each occurrence, two million dollars ($2,000,000) general aggregate. LICENSEE
    shall have thirty (30) days following the Effective Date to obtain such coverage.
	 	 	 
	 	b)	Products
    liability: From the date immediately prior to initial human testing or first Commercial SALE: $5,000,000 per claim and $10,000,000
    in the aggregate.
	 	 	 
	 	c)	JHU
    may periodically evaluate the adequacy of the minimum coverage of insurance and coverage limits specified in this AGREEMENT. JHU
    reserves the right to require LICENSEE to adjust the insurance coverage by modifying the types of required coverages, the limits
    and/or financial rating and/or the method of financial rating of LICENSEE’s insurers as such changes are required of JHU by
    its insurance carrier. JHU shall provide LICENSEE with reasonable notice, contingent on JHU receiving timely notice from its insurance
    carrier, of any proposed modification, and, if so requested by LICENSEE, discuss any proposed modifications in good faith.

 

	5.	Policy
                                            Requirements. Each policy of insurance required by this AGREEMENT shall:

 

	 	a)	be
    issued by reputable and financially secure insurance carriers having at least an A- rating (A- rating or above by A.M. Best) and
    an A.M. Best Class Size of at least VIII,
	 	 	 
	 	b)	list
    each of JHU, its trustees, officers, employees, faculty, staff, students, agents and their successors, heirs and assigns as additional
    insureds,

 

    	33

     

    

 

	 	c)	be
    endorsed to provide that the insurer waives all subrogation rights it has or may have against any additional insured, and
	 	 	 
	 	d)	be
    primary in respect of all additional insureds.

 

	6.	Evidence
                                            of Insurance. LICENSEE shall provide JHU with a Certificate of Insurance from each such
                                            insurer which evidences compliance by LICENSEE with its obligations under this AGREEMENT.
                                            Upon the request of JHU, LICENSEE shall provide JHU with a copy of the policy, status of
                                            claims and claims history respecting any of the insurance required to be maintained by LICENSEE
                                            under this AGREEMENT. Further, LICENSEE will not cancel or fail to renew the identified insurance
                                            without giving JHU at least thirty (30) days’ prior written notice of such cancellation.

 

	7.	Primary
                                            Coverage. All insurance of LICENSEE will be primary coverage; other insurance of JHU
                                            and JHU Indemnities will be excess and noncontributory.

 

	8.	Clarifications.
                                            For the avoidance of doubt, the minimum insurance coverage and limits set forth in this AGREEMENT
                                            do not constitute a limitation on LICENSEE’s liability or obligations to indemnify
                                            or defend JHU and the JHU INDEMNITEES and any other additional insured under this AGREEMENT.

 

    	34Exhibit
10.7

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

LICENSE
AGREEMENT

 

This
license agreement (the “Agreement”) is entered into and made effective as of July 8, 2022 (the “Effective
Date”) between The Johns Hopkins University Applied Physics Laboratory LLC, a Maryland limited liability company, having business
offices at 11100 Johns Hopkins Road, Laurel, Maryland 20723 (“APL”) and BullfrogAI, Inc., a Delaware corporation having
business offices at P.O. Box 336, Boyds, Maryland 20841 (“Licensee”). For purposes of this Agreement, APL and Licensee
may be individually referred to as a “Party,” and collectively referred to as the “Parties.”

 

This
Agreement includes attached Appendix A (APL Patent Rights), Appendix B (APL Copyrights), Appendix C (APL Know-how),
Appendix D (Stock Issuance Agreement), Appendix E (Fees and Payment Options), Appendix F (Form of Diligence and
Annual Report), and Appendix G (Form of Quarterly Sales and Royalty Report), the entire contents of which are incorporated herein
by reference.

 

BACKGROUND

 

WHEREAS,
The Johns Hopkins University (“JHU”) through APL has acquired or is entitled to acquire through assignment or otherwise
all right, title, and interest, with the exception of any applicable retained rights by the United States government, in certain intellectual
property, including patentable and non-patentable intellectual property as described in Appendices A, B, and C,
and JHU has granted APL responsibility for, as well as operating control and unencumbered use of, the intellectual property;

 

WHEREAS,
APL desires to have the APL IP (as defined below) perfected and marketed as soon as possible so that resulting products and services
may be available for public use and benefit; and

 

WHEREAS,
Licensee desires to acquire a license under the APL IP for the purposes of exploiting Licensed Products and Licensed Services in the
Territory and in the Field of Use, as set forth and defined below.

 

NOW,
THEREFORE, in consideration of the premises and mutual covenants herein contained, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Parties hereto agree as follows:

 

	1.	DEFINITIONS

 

Unless
otherwise specifically provided herein, the following defined terms shall have the following meanings:

 

	 	1.1	“Accounting
    Standards” shall mean the accounting standards applicable to Licensee, its Affiliates or Sublicensees as reported in their
    audited financial statements, and may include Generally Accepted Accounting Principles (GAAP) or International Financial Reporting
    Standards (IFRS).
	 	 	 
	 	1.2	“Affiliate”
    shall mean any corporation or other business entity controlled by, controlling, or under common control with, APL or Licensee. For
    this purpose, “control” shall mean direct or indirect beneficial ownership of at least a fifty percent (50%) of the equity
    interests of, or at least a fifty percent (50%) interest in the income of such corporation or other business entity, or any business
    entity that is more than fifty percent (50%) owned by a business entity that owns more than fifty percent (50%) of APL or Licensee,
    or such other relationship as in fact, constitutes actual control.

    

 

    	1

     

    

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

	 	1.3	“APL
    Copyrights” shall mean (a) APL’s copyrights in or related to the APL Know-How and APL Patent Rights, and (b) the
    copyrights specifically set forth in Appendix B.
	 	 	 
	 	1.4	“APL
    IP” shall mean collectively, the APL Patent Rights, the APL Copyrights, and the APL Know-How.
	 	 	 
	 	1.5	“APL
    Know-How” shall mean any Know-How (a) Controlled by APL as of the Effective Date and that is described in the APL Patent
    Rights or is uniquely necessary to practice the inventions claimed in the APL Patent Rights, or (b) described or specifically set
    forth in Appendix C, and in each case, not general know-how broadly applicable across multiple technologies.

 

	 	1.6	“APL
    Patent Rights” shall mean:
	 	 	 	 
	 	 	(a)	the
    patents and patent applications specifically set forth in Appendix A and any United States patents that issue therefrom or
    on inventions originally disclosed therein (including any and all divisionals, continuations, and continuations-in-part solely to
    the extent that all of the claims of any such continuations-in-part are wholly supported by the patents, patent applications, and/or
    invention disclosures set forth in Appendix A) together with re-examinations or reissues of such United States patents; and
	 	 	 	 
	 	 	(b)	any
    foreign (non-United States) patents and patent applications claiming priority to any patents or patent applications specifically
    set forth in Appendix A and any patents issuing therefrom or on inventions originally disclosed therein (including any and
    all divisionals, continuations, and continuations-in-part solely to the extent that all of the claims of any such continuations-in-part
    are wholly supported by the patents and/or patent applications set forth in Appendix A) together with any re-examinations
    or reissues of such foreign patents.

 

	 	1.7	“Calendar
    Quarter” shall mean a period of three (3) consecutive months ending on the last day of March, June, September, or December,
    respectively.
	 	 	 
	 	1.8	“Calendar
    Year” shall mean a period of twelve (12) consecutive months beginning on January 1 and ending on December 31.
	 	 	 
	 	1.9	“Control”
    shall mean, with respect to any intellectual property right, the possession of the right (whether by ownership, license, or otherwise
    (other than pursuant to a license granted under this Agreement)), to assign, or grant a license, sublicense, or other right to or
    under, such intellectual property right as provided for herein without violating the terms of any agreement or other arrangement
    with any Third Party.

 

    	2

     

    

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

	 	1.10	“Excluded
    Entity” shall mean (a) the United States government including any agency, department, commission, board, corporation, or
    instrumentality of the United States government, (b) any Person associated with the development or commercialization of alcohol,
    tobacco products, private prisons, military armaments, or pornography, or (c) any Person on any list of prohibited individuals or
    entities enacted under United States economic sanctions and anti-boycott Laws.
	 	 	 
	 	1.11	“Field
    of Use” shall mean analytical services for applications in biological and chemical derived pharmaceutical therapeutics,
    and application of analytics in the development and testing of pharmaceutical products.
	 	 	 
	 	1.12	“First
    Commercial Sale” shall mean, on a country-by-country and Licensed Product-by-Licensed Product or Licensed Service-by-Licensed
    Service basis, the first commercial transfer or disposition for value of such Licensed Product or Licensed Service in such country
    to a Third Party by Licensee, or any of its Affiliates or Sublicensees, in each case, after all necessary Governmental Approvals
    have been obtained for such country.
	 	 	 
	 	1.13	“Governmental
    Approval” shall mean, with respect to a Licensed Product or Licensed Service in a country or region, all approvals, licenses,
    registrations, and authorizations of the relevant Governmental Authority, if applicable, required for the commercialization of such
    Licensed Product or Licensed Service in such country.
	 	 	 
	 	1.14	“Governmental
    Authority” shall mean any: (a) nation, principality, state, commonwealth, province, territory, county, municipality, district,
    or other jurisdiction of any nature; (b) federal, provincial, state, local, municipal, foreign, or other government; (c) governmental
    or quasi-governmental authority of any nature (including any governmental division, subdivision, department, agency, bureau, branch,
    office, commission, council, board, instrumentality, officer, official, representative, organization, unit, body, or entity and any
    court or other tribunal); (d) multi-national or supranational organization or body; or (e) individual, entity, or body exercising,
    or entitled to exercise, any executive, legislative, judicial, administrative, regulatory, police, military, or taxing authority
    of any nature.
	 	 	 
	 	1.15	“Improvements”
    shall mean any and all Know-How, Patent Rights, copyrights, or other intellectual property conceived or created by APL or created
    by or on behalf of Licensee incorporating or based upon the APL IP on or after the Effective Date.
	 	 	 
	 	1.16	“Know-How”
    shall mean any proprietary results, data, inventions, trade secrets, and other information, in any tangible or intangible form, including
    databases, discoveries, practices, methods, tests, assays, techniques, specifications, processes, formulations, formulae, protocols,
    procedures, drawings, plans, designs, diagrams, sketches, documentation, and materials, including pharmaceutical, chemical, and biological
    materials and their sequences.
	 	 	 
	 	1.17	“Law”
    or “Laws” shall mean all applicable laws, statutes, rules, regulations, ordinances, and other pronouncements having
    the binding effect of Law of any Governmental Authority.

 

    	3

     

    

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

	 	1.18	“Licensed
    Product” shall mean any product or part thereof made, developed, discovered, used, or sold by Licensee or an Affiliate
    or Sublicensee of Licensee, which:
	 	 	 	 
	 	 	(a)	is
    covered in whole or in part by a Valid Claim; or
	 	 	 	 
	 	 	(b)	employs
    or incorporates the APL Know-How or APL Copyrights.

 

	 	1.19	“Licensed
    Analytic Product” shall mean any Licensed Product that includes software or data.
	 	 	 
	 	1.20	“Licensed
    Pharmaceutical Product” shall mean any Licensed Product that is a pharmaceutical.

 

	 	1.21	“Licensed
    Service” shall mean any process, method, or part thereof, made, developed, used, or sold by Licensee or an Affiliate or
    Sublicensee of Licensee, which:
	 	 	 	 
	 	 	(a)	is
    covered in whole or in part by a Valid Claim; or
	 	 	 	 
	 	 	(b)	employs
    or incorporates the APL Know-How or APL Copyrights.

 

	 	1.22	“Net
    Sales” shall mean and include everything of value received by Licensee, its Affiliates, and its Sublicensees for the sale,
    license, lease, or other transfer of Licensed Products and for the performance of Licensed Services, but does not include Non-Royalty
    Sublicensing Income or sublicensee end sales of Licensed Pharmaceutical Product. Net Sales include currency and the fair market value
    of equity, intangible rights, services, and other things of value provided to, or received by, Licensee, its Affiliates, and its
    Sublicensees for the sale, license, lease, or other transfer of Licensed Products and/or for the performance of Licensed Services,
    other than Non-Royalty Sublicensing Income. Net Sales may be calculated using the accrual or cash method, but such calculation must
    (a) be consistent from month to month and year to year and (b) use the same method used generally by Licensee in reporting its business
    activity for applicable Accounting Standards. The following items are excluded from Net Sales only to the extent that they are separately
    billed to purchasers of Licensed Products or Licensed Services: (i) import, export, excise and sales taxes, custom duties, and shipping
    charges; (ii) costs of packing, insurance covering damage during shipping, and transportation from the place of manufacture to the
    customer’s premises or point of installation; and (iii) credits (including credit card charge-backs) or allowances, refunds
    or discounts, if any, actually granted on account of price adjustments, recalls, rejection or return of services previously sold,
    leased or otherwise disposed of; provided, that such deductions or exclusions shall be determined in accordance with applicable Accounting
    Standards, consistently and strictly applied. If a Licensed Product is sold in combination with other products, services, ingredients,
    or substances or as part of a kit or package, Net Sales of such Licensed Product shall include revenues and fees received for the
    entire combination, kit, or package. If a Licensed Service is provided in combination with other products, services, ingredients,
    or substances or results in the production of a kit or package, Net Sales of such Licensed Service shall include revenues and fees
    received for the entire combination, kit, or package.

 

    	4

     

    

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

	 	1.23	“Non-Royalty Sublicensing Income” (“NRSI”) shall mean everything of value received by Licensee in consideration for any Sublicense; provided that the following shall be excluded from the gross amount received for the Sublicense when calculating NRSI:
	 	 	 	 
	 	 	(a)	the
    reasonable cost of research and development services to be performed thereafter by Licensee for or on behalf of Sublicensee, if Licensee
    is required to perform such services for Sublicensee, including under a written agreement to perform such services;
	 	 	 	 
	 	 	(b)	reimbursement
    of the amount paid for patent fees incurred by Licensee;
	 	 	 	 
	 	 	(c)	royalty
    payments to Licensee based on Sublicensee’s sale of Licensed Products or Licensed Services, where royalties are provided and
    will be paid to APL on Sublicensee’s Net Sales under this Agreement; and
	 	 	 	 
	 	 	(d)	the
    amount of any milestone payment made to APL under this Agreement as a result of activity of Licensee or Sublicensee, which results
    in a milestone payment by Sublicensee to Licensee under the Sublicense; provided that the difference between the milestone payment
    to be paid to APL and the milestone payment paid to Licensee by Sublicensee shall be considered NRSI.

 

	 	1.24	“Patent
    Rights” shall mean any of the following, whether existing now or in the future anywhere in the world: issued patents, including
    inventor’s certificates, substitutions, extensions, confirmations, reissues, re-examinations, renewals, or any like governmental
    grant for protection of inventions, and any pending provisional or non-provisional applications for any of the foregoing.
	 	 	 
	 	1.25	“Person”
    shall mean any natural person, corporation, firm, business trust, joint venture, association, organization, company, partnership,
    or other business entity, or any Governmental Authority or political subdivision thereof.
	 	 	 
	 	1.26	“Sublicense”
    shall mean an agreement entered into by Licensee and any Third Party including a license or option to obtain a license to research,
    develop, make, have made, use, sell, offer to sell, import, perform, or offer to perform a Licensed Product or Licensed Service,
    or including a covenant not to sue or any transfer of rights to the APL IP.
	 	 	 
	 	1.27	“Sublicensee”
    shall mean any Third Party to whom Licensee has entered into a Sublicense.
	 	 	 
	 	1.28	“Territory”
    shall mean worldwide.
	 	 	 
	 	1.29	“Third
    Party” shall mean any Person other than APL, Licensee, or any of their respective Affiliates.
	 	 	 
	 	1.30	“Valid
    Claim” shall mean a claim of (a) an issued, unexpired patent in the APL Patent Rights, which claim has not been revoked
    or held unenforceable or invalid by a decision of a court or Governmental Authority of competent jurisdiction from which no appeal
    can be taken, or with respect to which an appeal is not taken within the time allowed for appeal, and that has not been disclaimed
    or admitted to be invalid or unenforceable through reissue, disclaimer, or otherwise; or (b) a pending patent application in the
    APL Patent Rights, which claim has not been abandoned, disclaimed, allowed to lapse, or finally determined to be unallowable by the
    applicable Governmental Authority in a decision from which no appeal can be taken, or with respect to which an appeal is not taken
    within the time allowed for appeal.

    

 

    	5

     

    

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

The
definition of each of the following terms is set forth in the section of the Agreement indicated below.

 

	Defined
    Term	 	Section
	2018
    License	 	4.5(a)(i)
	Achievement
    Date	 	3.2(a)
	Agreement	 	Preamble
	APL	 	Preamble
	APL
    Indemnitees	 	8.1
	Confidential
    Information	 	10.1
	Diligence
    Milestone	 	3.2(a)
	Diligence
    Report	 	5.1(a)
	Disclosing
    Party	 	10.1
	Effective
    Date	 	Preamble
	Federal
    Laws	 	2.2(b)(i)
	Government	 	2.2(b)(i)
	Independent
    Accountant	 	5.4
	JHU	 	Recitals
	JHU
    Names	 	12.3(b)
	Key
    Employees	 	12.1
	Liabilities	 	8.1
	License	 	2.1
	Licensee	 	Preamble
	Milestone	 	4.2(b)
	Milestone
    Payment	 	4.2(b)
	New
    Securities	 	4.5(d)
	Non-Sales
    Fees	 	4.3(a)(ii)
	Notice	 	4.5(d)
	Party	 	Preamble
	Parties	 	Preamble

 

    	6

     

    

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

	Defined
    Term	 	Section
	Patent
    Costs	 	7.2
	Performance
    Milestone	 	4.2(a)
	Performance
    Milestone Payment	 	4.2(a)
	Receiving
    Party	 	10.1
	Royalty	 	4.3(a)
	Royalty
    Report	 	5.2(a)
	Royalty
    Term	 	4.3(d)
	Sale
    of the Company	 	4.5(f)
	Sales
    Milestone	 	4.2(b)
	Sales
    Milestone Payment	 	4.2(b)
	Shares	 	4.5(a)
	Term	 	11.1
	Third
    Party IP	 	4.3(c)(i)

 

All
terms defined in this Agreement may be used in the singular or plural, and a reference to the singular includes the plural and vice versa.

 

	2.	LICENSE
    GRANT

 

	 	2.1	License
    Grants. APL hereby grants to Licensee and Licensee hereby accepts an exclusive license in the Territory for the Field of Use,
    under the APL IP, to research, develop, make, have made, use, sell, offer to sell, import, perform, and offer to perform the Licensed
    Products and/or Licensed Services (the “License”).

 

	 	2.2	Retained
    Rights.

 

	 	(a)	Retained
    Rights. APL retains on behalf of itself and its Affiliates a non- exclusive, royalty-free, perpetual, irrevocable, worldwide
    right to practice, make, and use, or allow others to practice, make, and use, APL IP for any research and development use for its
    non-profit purposes, including educational, clinical, and government purposes, and research purposes including sponsored research
    and collaborations with commercial entities outside of the Field of Use.
	 	 	 	 
	 	(b)	Government
    Rights; Related Licensee Obligations.
	 	 	 	 
	 	 	(i)	APL
    IP arising from research funded in whole or in part by United States government (the “Government”) research funding
    may be subject to Title 35 U.S.C. Sections 200-212, the Federal Acquisition Regulation (FAR), the Defense Federal Acquisition Regulation
    Supplement (DFARS) or other supplements to the FAR, and other federal laws and regulations (collectively, the “Federal Laws”).
    Any action taken by APL to fulfill its obligations thereunder shall be and hereby is deemed to be consistent with APL’s obligations
    hereunder.

    

 

    	7

     

    

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

	 	 	(ii)	APL’s
    obligations under the Federal Laws may include the grant of a non-exclusive, nontransferable, irrevocable, paid-up worldwide license
    to APL IP by APL to the Government, and a statement of Government patent rights on certain APL Patent Rights.
	 	 	 	 
	 	 	(iii)	Any
    and all determinations of Government funding will be made solely by APL, and APL’s determination shall be final and binding
    on Licensee, its Affiliates, and its Sublicensees.
	 	 	 	 
	 	 	(iv)	Any
    Licensed Products embodying, or produced through the use of, APL IP, arising from research funded in whole or in part by the Government,
    that are used or sold in the United States must be manufactured substantially in the United States for so long as the License remains
    exclusive, unless Licensee obtains a prior written waiver from the Government, if required, specifically authorizing the manufacture
    of Licensed Products outside of the United States.

 

	 	(c)	Right
    to Refuse. APL shall at all times retain the right to refuse to accept any subcontract or other agreement to perform any work
    under any such subcontract or other agreement between APL and Licensee in APL’s sole discretion. APL has a technical direction
    agent relationship with the Government, which requires that APL refrain from performing any work under any contract or agreement
    that would jeopardize its or its employees’ ability to act for the Government as an impartial or neutral evaluator.

 

	 	(d)	Exclusions.
	 	 	 	 
	 	 	(i)	Except
    for those rights specifically granted by APL to Licensee under this Agreement, APL does not grant to Licensee any other rights, implied,
    or otherwise, regardless of whether any other rights are or may be required to exploit any APL IP.
	 	 	 	 
	 	 	(ii)	Except
    as otherwise specifically provided in this Agreement, APL does not have any obligation to provide to Licensee any additional information,
    know how, inventions, data, results, materials, or other assistance after the Effective Date hereof.
	 	 	 	 
	 	 	(iii)	Notwithstanding
    the License grant, Licensee shall not have the right to use the APL IP to solicit or conduct research or development with or for
    the benefit of Excluded Entities, unless Licensee has obtained the prior written approval of APL.

 

	 	2.3	Sublicensing.
	 	 	 	 
	 	 	(a)	Right
    to Sublicense. Subject to the terms and conditions of this Section 2.3 and otherwise as set forth in the Agreement, Licensee
    may grant Sublicenses to Third Parties without any right to sublicense further; provided, that Licensee has requested and obtained
    the prior written approval of APL for Licensed Analytic Product or Licensed Services, which approval shall not be unreasonably withheld
    (provided, that it shall not be unreasonable to withhold consent if the applicable Third Party is an Excluded Entity). APL
    shall provide a response to a request for a sublicense within 30 business days.

     

 

    	8

     

    

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

	 	(b)	Mandatory
    Terms of Sublicenses. Each and every Sublicense granted by Licensee to Sublicensees (as permitted under Section 2.3(a)
    above) for Licensed Analytic Product or Licensed Services must comply with all of the following requirements:
	 	 	 	 
	 	 	(i)	the
    Sublicense shall be made specifically subject to all of the terms and conditions of this Agreement;
	 	 	 	 
	 	 	(ii)	the
    Sublicense shall specifically provide that the Sublicensee is not permitted to further sublicense;
	 	 	 	 
	 	 	(iii)	the
    Sublicense shall specifically include for the benefit of APL the provisions of Section 5 (“Reports and Records”),
    Section 8 (“Indemnification, Assumption of Liability, Limitation of Liability, Disclaimers, and Insurance”), Section
    9 (“Marking and Standards”), Section 10 (“Confidentiality”), and Section 12.3 (“Use
    of Name”) of this Agreement, and APL shall expressly be made a third party beneficiary of all such provisions;
	 	 	 	 
	 	 	(iv)	the
    Sublicense shall provide that upon the expiration or earlier termination of this Agreement (pursuant to Section 11 hereof)
    all of Licensee’s rights in such Sublicense shall, at APL’s sole discretion, be transferred to APL, including the right
    to receive all royalty payments owed by Sublicensee under the terms thereof, without offset for debts or obligations owed by Licensee
    to Sublicensee; and
	 	 	 	 
	 	 	(v)	the
    Sublicense shall not be valid against APL as to terms, conditions, obligations, or limitations that exceed or conflict with the terms
    and conditions of this Agreement as applicable to APL.

 

	 	(c)	Licensee
    shall provide APL with a copy of each Sublicense agreement and any other agreement that transfers intellectual property rights granted
    hereunder to a Third Party, within five (5) business days following the execution of such agreement.
	 	 	 
	 	(d)	Notwithstanding
    the Sublicensee’s payment obligation to Licensee, Licensee shall be directly responsible for all Royalties and payments due
    pursuant to Section 4.

 

	 	2.4	Delivery
    of APL IP. APL shall deliver Licensee requested physical or tangible APL IP, existing on the Effective Date, to Licensee within
    thirty (30) days of the Effective Date.

 

    	9

     

    

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

	3.	DILIGENCE
	 	 	 
	 	3.1	Diligence.
    Licensee shall use commercially reasonable efforts to develop, manufacture, market, and sell Licensed Products and Licensed Services
    in the Territory.
	 	 	 
	 	3.2	Diligence
    Milestones.

 

	 	(a)	Licensee,
    at its sole expense, shall achieve each event listed below (each, a “Diligence Milestone”) by the corresponding
    achievement date (each, an “Achievement Date”):

 

	Diligence
    Milestone	 	Achievement
    Date
	First
    service contract, memorandum of understanding (MOU), or equivalent	 	June
    30, 2022
	Raise
    $5,000,000 or initial public offering	 	December
    31, 2022
	Company
    reaches $50,000 net sales	 	December
    31, 2022
	Company
    reaches $300,000 net sales	 	December
    31, 2023
	Company
    reaches $1,000,000 net sales	 	December
    31, 2024

 

	 	(b)	Licensee,
    upon written request to and approval from APL, may be granted an extension of one or more of the above Diligence Milestones by six
    (6) months up to two (2) times for a total possible extension of twelve (12) months; provided, that Licensee pays APL five thousand
    dollars ($5,000.00) per extension. If APL agrees to extend a particular Diligence Milestone, all subsequent Diligence Milestones
    will be extended by the same time period.

 

	4.	FEES,
    MILESTONE PAYMENTS, ROYALTIES, AND OTHER CONSIDERATION
	 	 	 
	 	4.1	Annual
    License Fees.

 

Licensee
shall pay APL annual license fees as follows:

 

	Payment
    Date	 	Amount
    Due
	Within
    90 days of Effective Date	 	$10,000
	First
    anniversary of the Effective Date and each year thereafter	 	$1,500

 

	 	4.2	Intentionally
    Omitted.
	 	 	 
	 	4.3	Royalties.

 

	 	(a)	Royalty.
    As further consideration for the License, during the Royalty Term, Licensee shall pay to APL a non-refundable, non-creditable royalty
    (the “Royalty”) equal to:
	 	 	 	 
	 	 	(i)	Eight
    percent (8%) of quarterly Net Sales of Licensed Services or Licensed Analytic Products, on a Licensed Service-by-Licensed Service
    or Licensed Analytic Product-by-Licensed Analytic Product basis, regardless of whether sold by Licensee or a Sublicensee or Affiliate
    of Licensee,

     

 

    	10

     

    

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

	 	(ii)	Three
    percent (3%) of quarterly Net Sales of Licensed Pharmaceutical Products, on a Licensed Pharmaceutical Product- by-Licensed Pharmaceutical
    Product basis, regardless of whether sold by Licensee or an Affiliate of Licensee, and
	 	 	 
	 	(iii)	Eight
    percent (8%) of quarterly profit or fees realized on each contract performed by Licensee, its Affiliates, and its Sublicensees using
    any Licensed Service or Licensed Analytic Product, but excluding any amounts otherwise included in Net Sales of Licensed Services
    or License Analytic Product (the “Non-Sales Fees”).

 

Notwithstanding
Licensee’s obligation to pay to APL the Royalties as specified in this Section 4.3(a), Licensee shall pay to APL minimum
annual royalty payments (each, a “Minimum Annual Royalty Payment”) in the amounts and by the dates indicated below:

 

	Payment
    Date	 	Minimum
    Annual Royalty Payment
	December
    31, 2022	 	$30,000
	December
    31, 2023	 	$80,000
	December
    31, 2024	 	$300,000
	December
    31 of each year after 2024 during the Royalty Term	 	$300,000

 

For
the avoidance of doubt, Licensee shall pay a Minimum Annual Royalty Payment for a calendar year even if the Royalties for that calendar
year do not reach the amount of the Minimum Annual Royalty Payment.

 

	 	(b)	Licensee
    shall make quarterly payments to APL of all Royalties due under this Section 4.3 on a quarterly basis as set forth in Section
    4.7. If Licensed Products are made, used, imported, or offered for sale by Licensee, any Affiliate and/or any Sublicensee on
    or before the date of expiration or termination of any Valid Claim or APL Copyright, then Licensee shall pay to APL the full Royalty
    payment required under this Section 4.3 based on Net Sales earned by Licensee, its Affiliate and/or its Sublicensee from the
    sale of such Licensed Products, even if such Licensed Products are sold after the date of expiration or termination of this Agreement.

 

    	11

     

    

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

	 	(c)	Royalty
    Reduction.
	 	 	 	 
	 	 	(i)	Notwithstanding
    anything in this Section 4.3, if a Third Party Controls a patent relating to a Licensed Product or Licensed Service, a license
    or other right to which is necessary for the use, manufacture, sale, import, export, performance, or other exploitation of such Licensed
    Product or Licensed Service without infringing that intellectual property, then Licensee shall have the right (but not the obligation)
    to obtain a license to such Third Party intellectual property (the “Third Party IP”). In the event Licensee obtains
    such license, fifty percent (50%) of the royalties that Licensee actually pays to such Third Party for the exploitation of such Licensed
    Product or Licensed Service in a country during a Calendar Quarter may be credited against Royalties otherwise payable by Licensee
    to APL under Section 4.3(a) for such Licensed Product or Licensed Service in such country in such Calendar Quarter.
	 	 	 	 
	 	 	(ii)	The
    maximum aggregate reduction in the Royalty otherwise payable by Licensee to APL under Section 4.3(a) with respect to any Licensed
    Product or Licensed Service in any country during a given Calendar Quarter during the applicable Royalty Term pursuant to Section
    4.3(d) shall be fifty percent (50%).
	 	 	 	 
	 	(d)	Royalty
    Term. Unless prohibited by Applicable Law, Licensee’s obligation to pay Royalties with respect to a Licensed Product or
    Licensed Service in a particular country in the Territory, even if reduced as provided in this Section 4.3, shall commence
    upon the First Commercial Sale of such Licensed Product or Licensed Service in such country and shall expire on a country-by-country
    and Licensed Product-by-Licensed Product and Licensed Service-by-Licensed Service basis on the later of (i) the expiration of the
    last to expire Valid Claim that covers (in whole or in part) a Licensed Product or Licensed Service (if applicable) in such country
    or (ii) the date that is twenty (20) years after First Commercial Sale of such Licensed Product or Licensed Service in such country
    (the “Royalty Term”). Upon expiration of the Royalty Term with respect to a Licensed Product or Licensed Service
    in a country, the License shall become fully paid-up, royalty-free, perpetual, and irrevocable for such Licensed Product or Licensed
    Service in such country. If a Licensed Product or Licensed Service is not covered by a Valid Claim or APL Copyright at any period
    during a Royalty Term, then the Royalty otherwise payable shall be reduced by 50%.

 

	 	4.4	Non-Royalty
    Sublicensing Income.
	 	 	 	 	 
	 	 	(a)	Licensee
    shall pay APL on the following graduated scale for NRSI received from each sublicensee, on a per sublicensee basis, for any NRSI
    that includes an Licensed Analytic Product or Licensed Service:
	 	 	 	 	 
	 	 	 	(i)	Fifty
    percent (50%) of the first five-hundred thousand dollars ($500,000) of NRSI received from each sublicensee;
	 	 	 	 	 
	 	 	 	(ii)	Twenty-Five
    percent (25%) of NRSI over five-hundred thousand dollars ($500,000) received from each sublicensee.
	 	 	 	 	 
	 	 	(b)	Licensee
    shall pay APL three percent (3%) of NRSI received from licensees for NRSI on Licensed Pharmaceutical Products.

 

    	12

     

    

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

	 	4.5	Equity.

 

		(a)	Equity
                                            Grant.

 

		(i)	Licensee
                                            confirms that Licensee previously issued to APL a warrant to acquire that number of shares
                                            of common stock of Licensee equal to five percent (5%) of the outstanding shares of stock
                                            of Licensee as of March 31, 2019 (the “2019 Shares”), pursuant to the Stock Purchase
                                            Agreement executed in connection with the previous license effective February 27, 2018 between
                                            APL and Licensee (the “2018 License”). To the extent that the terms of
                                            section 4.5 under this Agreement are inconsistent with the terms of Section 6.2 (b) of the
                                            2018 License, the terms of Section 4.5 under this Agreement shall control.

 

		(ii)	As
                                            further consideration for this License, Licensee shall additionally issue to APL that number
                                            of shares of common stock of Licensee equal to one percent (1%) of the outstanding shares
                                            of stock of Licensee as of the Effective Date (collectively with the 2019 Shares known hereinafter
                                            as the “Shares”), pursuant to the Stock Issuance Agreement attached hereto
                                            as Appendix D.

 

		(b)	Anti-Dilution.
                                            If at any time after the Effective Date and prior to an initial public offering, and before
                                            Licensee receives a total of five million dollars ($5,000,000) cash in exchange for the issuance
                                            of Licensee’s equity securities and/or debt securities that are convertible into or
                                            exercisable or exchangeable for Licensee’s equity securities, Licensee issues any (i)
                                            shares of Licensee’s common stock or (ii) securities that are convertible into or exercisable
                                            for shares of Licensee’s common stock, then Licensee shall issue additional shares
                                            of common stock to APL such that immediately after such issuance to APL the total number
                                            of shares of common stock issued to APL under this Section 4.5 remains and constitutes
                                            one percent (1%) of the outstanding shares of stock of Licensee.

 

		(c)	Information
                                            Rights. If, at any time, prior to an initial public offering, and as long as APL owns
                                            any Shares (including any issued pursuant to Section 4.5(b)), Licensee shall promptly
                                            provide to APL annual and quarterly financial statements, annual operating plan, and quarterly
                                            capitalization table updates. Additionally, Licensee shall provide to APL such other information
                                            respecting the business, affairs, and financial condition of Licensee as APL may reasonably
                                            request from time to time.

 

		(d)	Preemptive
                                            Rights. If, at any time, prior to an initial public offering, if Licensee proposes to
                                            offer and sell any equity securities (other than pursuant to an equity incentive plan) (“New
                                            Securities”), Licensee shall offer APL its pro rata share (on a fully-diluted,
                                            as converted, basis) of such New Securities. Licensee will provide written notice to APL
                                            of the anticipated date of the closing of the sale of such New Securities (the “Notice”),
                                            which date shall be no less than twenty (20) days after the date of the Notice. APL may exercise
                                            its right to purchase all or any of its pro rata portion of the New Securities by providing
                                            written notice to Licensee no less than ten (10) days prior to the proposed closing date
                                            of the sale of such New Securities. Except as otherwise agreed by the Parties, the equity
                                            securities purchased by APL shall be issued under the same terms and subject to the same
                                            conditions as those offered to the other purchasers of the New Securities.

 

    	13

     

    

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

	 	(e)	Registration
    Rights. Until such time as APL is permitted to sell all of its shares in the Licensee pursuant to Rule 144 under Securities Act
    of 1933, as amended (the “Securities Act”), if Licensee at any time proposes to register any of its securities
    under the Securities Act for sale to the public, whether for its own account or for the account of other security holders or both
    (except with respect to registration statements on Forms S-4, S-8 or another form not available for registering the registrable securities
    for sale to the public), each such time it will give prompt written notice to APL of its intention to do so. Upon the written request
    of APL, received by Licensee within thirty (30) days after giving of any such notice by Licensee, to register any of the Shares (including
    any issued pursuant to Section 4.5(b)), Licensee will use its commercially reasonable efforts to effect such registration,
    cause it to become effective promptly and maintain it as effective for at least thirty six (36) months (or less if all the shares
    of capital stock included therein are sooner sold). If so requested by APL, Licensee shall enter into an underwriting agreement in
    customary form with any underwriter selected by Licensee with respect to such registration. Notwithstanding any other provision of
    this Section 4.5(e), if the underwriter(s) advise(s) Licensee in writing that marketing factors require a limitation on the
    number of shares to be underwritten, then Licensee shall so advise APL, and the number of Shares that may be included in the underwriting
    shall be allocated among stockholders that have notified Licensee of their intention to include shares in the registration, including
    APL, in proportion (as nearly as practicable) to the number of shares owned by each such stockholder. Notwithstanding anything in
    this Section, Licensee shall have the right to terminate or withdraw any registration initiated by it before the effective date of
    such registration, whether or not APL has elected to include Shares in such registration. All expenses incurred by Licensee and APL
    in connection with any registration hereunder for the Shares (including any issued pursuant to Section 4.5(b)), including
    reasonable fees and disbursements of accountants and counsel for APL, but excluding underwriting discounts and commissions and transfer
    taxes, shall be borne solely by Licensee.
	 	 	 
	 	(f)	Drag-Along
    Rights. If, at any time, prior to an initial public offering, the holders of at least a majority of the then-outstanding capital
    stock of Licensee and the Board of Directors of Licensee approve a sale, in any one transaction or a series of related private transactions
    (irrespective of how structured), of capital stock of Licensee which, in the aggregate, represents more than fifty percent (50%)
    of the outstanding capital stock of Licensee on a fully-diluted basis (a “Sale of the Company”), then Licensee
    has the right to require APL to participate in such Sale of the Company with respect to the Shares (including any issued pursuant
    to Section 4.5(b)), on a pro rata basis for the same consideration per share and otherwise on the same terms as the other
    shareholders who are disposing their shares of the same class. APL shall not be required to comply with the foregoing sentence in
    connection with any proposed Sale of the Company unless:

 

    	14

     

    

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

	 	(i)	any
    representations and warranties to be made by APL in connection with such transaction are limited to those related to authority, ownership,
    and ability to convey title to the Shares;
	 	 	 
	 	(ii)	APL
    shall not be liable for the inaccuracy of any representation or warranty made by any other Person other than Licensee (except to
    the extent that funds may be paid out of an escrow established to cover breach of representations, warranties and covenants of Licensee
    as well as breach by any stockholder of any identical representations, warranties, and covenants provided by all stockholders);
	 	 	 
	 	(iii)	liability
    shall be limited to APL’s applicable share of a negotiated aggregate indemnification amount that applies equally to all stockholders
    (not to exceed the amount of consideration payable to the stockholders);
	 	 	 
	 	(iv)	upon
    the consummation of the proposed Sale of the Company each holder of each class or series of capital stock will receive the same amount
    of consideration per share as is received by other holders in respect of their shares of such class or series of capital stock; and
	 	 	 
	 	(v)	subject
    to clause (iv) above, if any holders of any capital stock of Licensee are given an option as to the form and amount of consideration
    to be received as a result of the proposed Sale of the Company, all holders of such class or series of capital stock will be given
    the same option.

 

	 	(g)	Tag-Along
    Rights. If, at any time, prior to an initial public offering, any of the shareholders of Licensee propose to sell in any one
    or more private transactions, capital stock of Licensee which, in the aggregate, represents more than fifty percent (50%) of the
    outstanding capital stock of Licensee on a fully-diluted basis (other than in a reorganization of Licensee employees) and have not
    required APL to sell a pro rata portion of its Shares in such transaction, then APL shall have the right to participate in such sale
    with respect to the Shares (including any issued pursuant to Section 4.5(b)), on a pro rata basis for the same consideration
    per share and otherwise on the same terms as the other shareholders who are disposing their shares of the same class.

 

	 	4.6	Currency.
    All payments hereunder shall be made in U.S. dollars. Royalties in dollars shall be computed by converting the Royalty in the currency
    of the country in which the sales were made at the exchange rate for dollars prevailing at the close of the last business day of
    the relevant calendar quarter for which Royalties are being calculated, as quoted by the United States Federal Reserve Bank.

 

    	15

     

    

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

	 	4.7	Payment
                                            Terms.

 

		(a)	All
                                            payments due hereunder are payable by check or wire transfer to the address listed in Section
                                            12.6 or using the wiring instructions provided by APL, as applicable, and shall be deemed
                                            received when the complete payment is credited to APL’s bank account. Until all funds
                                            are received by APL, the payment by Licensee is not considered to be complete. No transfer,
                                            exchange, collection, or other charges, including any wire transfer fees, shall be deducted
                                            from such payments.

 

		(b)	Royalties
                                            shall be paid by Licensee to APL, in amounts set forth in Section 4.3, for each Calendar
                                            Quarter within sixty (60) days of the end of such Calendar Quarter, until the applicable
                                            Royalty Term expires. If this Agreement terminates before the end of a Calendar Quarter and
                                            the obligation to pay Royalties does not survive such termination, the payment for that terminal
                                            fractional portion of a Calendar Quarter shall be made within sixty (60) days after the date
                                            of termination of this Agreement.

 

		(c)	All
                                            payments (including Royalties and Milestone Payments) payable hereunder that are overdue
                                            shall bear interest until paid at a rate equal to one and one half percent (1.5%) per month,
                                            but in no event to exceed the maximum rate of interest permitted by Applicable Law. This
                                            provision for interest shall not be construed as a waiver of any rights APL has as a result
                                            of Licensee’s failure to make timely payment of any amounts.

 

		4.8	Taxes.

 

		(a)	In
                                            the event that any taxes, withholding or otherwise, are levied by any taxing authority of
                                            any Governmental Authority in connection with accrual or payment of any Royalties or other
                                            payments payable to APL under this Agreement, Licensee shall be solely responsible to pay
                                            such taxes to the local tax authorities on behalf of APL, as a nonprofit, tax-exempt organization
                                            as defined in Section 501(c)(3) of the Internal Revenue Code.

 

		(b)	Should
                                            Licensee be required under any Law of any Governmental Authority to withhold or deduct any
                                            portion of the payments on Royalties or other payments due to APL, then the sum payable to
                                            APL shall be increased by the amount necessary to yield to APL an amount equal to the sum
                                            it would have received had no withholdings or deductions been made. No such withholdings
                                            or deductions shall be creditable against any payments Licensee makes or is required to make
                                            to APL. APL shall cooperate reasonably with Licensee in the event Licensee elects to assert,
                                            at its own expense, any exemption from any such tax or deduction.

 

		4.9	Payments
                                            and Reports Due During Pendency of Any Dispute. All payments and obligations accrued
                                            and owing hereunder shall be and remain due and owing notwithstanding any dispute between
                                            the Parties hereto, and any such dispute shall not suspend any obligations of the Parties
                                            under this Agreement. Licensee understands and agrees that all payments made by Licensee
                                            to APL shall be non- refundable even if the APL IP is later determined by a court of competent
                                            jurisdiction to be invalid or not applicable to any particular Licensed Product or Licensed
                                            Service. In addition, during the pendency of any dispute Licensee must continue to submit
                                            all reports required hereunder.

 

    	16

     

    

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

	5.	REPORTS
                                            AND RECORDS

 

		5.1	Diligence
                                            Reports.

 

		(a)	During
                                            the Term, Licensee shall deliver to APL a written annual diligence report (each, a “Diligence
                                            Report”) within thirty (30) days of the end of each Calendar Year. Each Diligence
                                            Report will cover Licensee’s (and any of its Affiliates’ and Sublicensees’)
                                            activities related to the development and commercialization of all Licensed Products and
                                            Licensed Services and obtaining any Governmental Approvals necessary for commercialization
                                            of Licensed Products and Licensed Services.

 

		(b)	Each
                                            Diligence Report shall be in the same form and substance as the Form of Diligence and Annual
                                            Report set forth in Appendix F, and will include information to demonstrate the progress
                                            made in the development and commercialization of Licensed Products and Licensed Services
                                            during the applicable year, and at a minimum shall include the following to the extent applicable:

 

		(i)	summary
                                            of development and commercialization conducted during such period;

 

		(ii)	key
                                            scientific and technical discoveries;

 

		(iii)	summary
                                            of work in progress;

 

		(iv)	good
                                            faith estimate of resources (dollar value) spent by or on behalf of Licensee, its Affiliates
                                            and its Sublicensees in the reporting period on the development and commercialization of
                                            Licensed Products and Licensed Services; and

 

current
schedule of anticipated events or milestones, including anticipated timeline for achievement of the Diligence Milestones.

 

Royalty
Reports are Confidential Information of Licensee.

 

		5.2	Royalty
                                            Reports.

 

		(a)	No
                                            later than sixty (60) days after the end of each Calendar Quarter, Licensee shall provide
                                            to APL a written report (each, a “Royalty Report”) covering all sales
                                            of Licensed Products and Licensed Services in the Territory by Licensee, its Affiliates,
                                            and Sublicensees, all profits or fees realized on contracts performed by Licensee, its Affiliates,
                                            and Sublicensees using Licensed Products or Licensed Services, as well as all NRSI received
                                            by Licensee, its Affiliates, and Sublicensees.

 

    	17

     

    

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

		(b)	Each
                                            such Royalty Report shall be in the same form and substance as the Form of Quarterly Sales
                                            and Royalty Report as set forth in Appendix G, and at a minimum shall set forth in
                                            reasonable detail:

 

		(i)	the
                                            total gross sales (including all service, implementation, maintenance and other related fees)
                                            for each Licensed Product and Licensed Service on a country-by-country basis;

 

		(ii)	the
                                            calculation of the amount of Net Sales for each Licensed Product and Licensed Service on
                                            a country-by-country basis;

 

		(iii)	the
                                            Non-Sales Fees on a Licensed Product-by-Licensed Product and Licensed Service-by-Licensed
                                            Service basis;

 

		(iv)	pursuant
                                            to Section 4.3, the calculation of the amount of Royalties due on such Net Sales for
                                            each Licensed Product and Licensed Service on a country-by-country basis, and the Non-Sales
                                            Fees for each Licensed Product and Licensed Service, including any exchange rate used and
                                            any offsets against or decreases in Royalties due pursuant to Section 4; and

 

		(v)	the
                                            NRSI on a Licensed Product-by-Licensed Product and Licensed Service-by-Licensed Service basis.

 

Royalty
Reports are Confidential Information of Licensee.

 

		5.3	Books
                                            and Records. For a period of five (5) years from the date of each report pursuant to
                                            Section 5.2, Licensee shall maintain accurate books and records adequate to verify
                                            the Royalties and Milestone Payments due and payable under this Agreement. Such books and
                                            records shall be maintained at Licensee’s principal place of business and shall be
                                            available for inspection in accordance with Section 5.4.

 

		5.4	Audit.
                                            Licensee shall make available its books and records for audit by an independent certified
                                            public accountant or accounting firm selected by APL and reasonably acceptable to Licensee
                                            (the “Independent Accountant”), on reasonable notice (but not less than
                                            five (5) business days) during regular business hours, not to exceed once per calendar year,
                                            and following the initial public offering, not during the period in which the independent
                                            public accounting firm engaged by Licensee is conducting its annual audit of Licensee’s
                                            financial statements. Licensee’s acceptance of APL’s selection of said Independent
                                            Accountant shall not be unreasonably withheld. Such Independent Accountant shall not disclose
                                            to APL any information other than that information relating solely to the accuracy of, or
                                            necessity for, the reports and payments made hereunder. The fees and expense of the Independent
                                            Accountant performing such verification shall be borne by APL, unless the audit reveals an
                                            underpayment of Royalty by more than five percent (5%), in which case the cost of the audit
                                            shall be paid by Licensee.

 

    	18

     

    

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

		5.5	Licensee
                                            Self-audit. Prior to an initial public offering Licensee will conduct an independent
                                            audit of sales, Non-Sales Fees, NRSI, and Royalties paid and payable to APL at least once
                                            every two (2) years if the cumulative sum of annual sales of Licensed Products and Licensed
                                            Services, annual Non-Sales Fees, and annual NRSI exceeds Ten Million Dollars ($10,000,000).
                                            The audit will address the amount of gross sales and gross profits for contracts, by or on
                                            behalf of Licensee, its Affiliates, and Sublicensees during the audit period, the amount
                                            of funds owed to APL under this Agreement, and whether the amount owed has been paid to APL,
                                            as reflected in the records of Licensee, its Affiliates, and Sublicensees. Licensee shall
                                            pay all self-audit costs and shall submit the auditor’s report promptly to APL upon
                                            completion. The independent certified public accountant or accounting firm may include the
                                            accounting firm that Licensee engages to audit its financial statements.

 

	6.	COMPLIANCE
                                            WITH LAWS

 

		6.1	Compliance
                                            with Applicable Laws. Licensee shall at all times during the Term and for so long as
                                            it shall exercise its rights to the APL IP under the License comply with all Laws that may
                                            apply with respect to the import, export, manufacture, use and other commercial exploitation
                                            of the APL IP or any other activity undertaken pursuant to this Agreement.

 

		6.2	Government
                                            Rights. Licensee understands that the APL IP may have been developed under a funding
                                            agreement with the Government and, if so, that the Government may have certain rights relative
                                            thereto. This Agreement is explicitly made subject to the Government’s rights under
                                            any funding agreement and any applicable Law. If there is a conflict between a funding agreement
                                            with the Government, applicable Law, and this Agreement, the terms of the funding agreement
                                            with the Government or applicable Law shall prevail. Specifically, this Agreement may be
                                            subject to terms and conditions specified in the Federal Laws, and Licensee agrees to take
                                            all reasonable action necessary on its part to enable APL to satisfy its obligations thereunder,
                                            relating to the APL IP.

 

		6.3	Export
                                            Control Regulations. It is understood that APL and Licensee are subject to United States
                                            Laws controlling the export of technical data, computer software, laboratory prototypes and
                                            other commodities (including the Arms Export Control Act, as amended and the Export Administration
                                            Act of 1979), and that the obligations of APL hereunder are contingent on compliance with
                                            applicable United States export Laws. The transfer of certain technical data and commodities
                                            may require a license from the cognizant agency of the Government and/or written assurances
                                            by Licensee that Licensee shall not export data or commodities to certain foreign countries
                                            without prior approval of such agency. APL neither represents that a license shall or shall
                                            not be required nor that, if required, it shall be issued. Licensee represents and warrants
                                            that it will comply with, and will cause its Sublicensees and Affiliates to comply with all
                                            United States export control Laws, rules, and regulations. Licensee is solely responsible
                                            for any violation of such Laws by itself or its Affiliates or Sublicensees, and it will indemnify,
                                            defend, and hold APL and its Affiliates harmless for the consequences of any such violation.

 

    	19

     

    

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

		6.4	Committee
                                            on Foreign Investment in the United States. The regulations of the Government require
                                            submission of a declaration or notice to the Committee on Foreign Investment in the United
                                            States forty-five (45) days before consummation of certain transactions with a foreign person.
                                            In order to facilitate the exchange of technical information under this Agreement, Licensee
                                            shall not, without appropriate prior notice to the Committee on Foreign Investment in the
                                            United States and simultaneous prior written notice to APL, pursue or complete any covered
                                            transaction as defined under 31 CFR 800.207 or 31 CFR 801.210. Failure by Licensee to provide
                                            such prior written notice to APL or appropriate prior notice to the Committee on Foreign
                                            Investment in the United States shall constitute a material breach of this Agreement. APL,
                                            at its sole discretion, may allow Licensee to cure such material breach in accordance with
                                            Section 11.2(b). APL neither represents that notice to the Committee on Foreign Investment
                                            in the United States of any particular transaction is required, nor that, if required, any
                                            such transaction will be permitted to proceed by the Government.

 

	7.	INTELLECTUAL
                                            PROPERTY

 

		7.1	Improvements.

 

		(a)	Licensee
                                            hereby grants to APL a non-exclusive, fully paid up, perpetual, irrevocable, and worldwide
                                            license under Licensee-owned Improvements for internal research and development use for its
                                            non-profit purposes, including educational, clinical, public service, and government purposes.

 

		(b)	APL
                                            hereby grants to Licensee a non-exclusive, fully paid up, perpetual, irrevocable, and worldwide
                                            license, within the Field of Use and Territory, for any APL-owned Improvements created by
                                            one or more APL employees where said Improvements were fully funded by License under a separate
                                            research and development agreement, wherein this section 7.1(b) is subject to the terms and
                                            conditions of said separate research and development agreement.

 

		(c)	APL
                                            grants to Licensee an exclusive option to negotiate a license, within the Field of Use and
                                            Territory and subject to any contractual or statutory restrictions, for any APL-owned Improvements
                                            created by one or more APL employees and not funded by Licensee. Licensee may exercise said
                                            option within ninety (90) days of Licensee’s notice of said Improvement by informing
                                            APL in writing. Upon exercise of said option, and for a reasonable period not to exceed sixty
                                            (60) calendar days, APL and Licensee agree to negotiate in good faith to establish the terms
                                            of a new license agreement or an amendment to this License.

 

		(d)	Upon
                                            request by APL or Licensee, the other party shall provide a report of available Improvements
                                            within the field of use to the requesting party within sixty (60) days. Upon request, Improvements
                                            subject to Section 7.1(a) or Section 7.1(b), shall be provided within ninety
                                            (90) days, subject to the terms of this agreement.

 

    	20

     

    

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

		7.2	Patent
                                            Costs. The Parties shall each pay for X percent (X%) of the costs of patent preparation,
                                            filing, prosecution, maintenance, and management, including all interferences, reissues,
                                            re-examinations, oppositions, or requests for patent term extensions, including reasonable
                                            attorneys’ fees (collectively, “Patent Costs”), for each APL Patent
                                            Right. Licensee shall reimburse APL for X percent (X%) of all past Patent Costs for each
                                            APL Patent Right within thirty (30) days of receipt of an invoice from APL, which will indicate
                                            the total number of licensees for each APL Patent Right. For each APL Patent Right, Licensee
                                            agrees to pay to APL X percent (X%) of all future Patent Costs incurred after the Effective
                                            Date and throughout the Term hereof. For these purposes, X is 1 divided by the total number
                                            of licensees (including APL) of the APL Patent Rights times 100. For example, if there are
                                            4 licensees, each licensee is responsible for 1⁄4 or 25% of the Patent Costs. Licensee
                                            may terminate its obligation with respect to future Patent Costs for a particular APL Patent
                                            Right in any particular country upon three (3) months advance written notice to APL. Upon
                                            APL’s receipt of such notice, Licensee’s rights under any license to such APL
                                            Patent Rights shall terminate immediately. APL may elect to maintain such APL Patent Rights
                                            at its sole discretion and expense and shall be free to license any such rights to Third
                                            Parties without further obligation to Licensee with respect to such terminated APL Patent
                                            Rights.

 

		7.3	Patent
                                            Prosecution and Maintenance. APL or its designee shall have sole control over the filing,
                                            prosecution, maintenance, and management of all issued patents and pending and future patent
                                            applications encompassing the APL Patent Rights. During the Term of this Agreement, APL shall
                                            keep Licensee reasonably informed, at Licensee’s expense, of substantive official actions
                                            and written correspondence with any patent office regarding APL Patent Rights. APL will provide
                                            Licensee with draft copies of any nonprovisional patent applications claiming inventions(s)
                                            included in the materials listed in Appendices A, B, or C, at least
                                            seven (7) days in advance of filing. Licensee shall provide any feedback to APL within five
                                            (5) days. If no feedback is received, or if filing deadlines require, APL will proceed with
                                            the filing in order to meet such deadlines. APL will be under no obligation to incorporate
                                            feedback provided by Licensee into the patent applications prior to filing.

 

		7.4	Third
                                            Party Infringement and Invalidity.

 

		(a)	Notification.
                                            Each Party will notify the other promptly in writing when any actual, alleged or threatened
                                            infringement of APL IP by another is discovered or reasonably suspected.

 

		(b)	Licensee’s
                                            First Right to Enforce. Licensee shall have the first right, at its own expense, to enforce
                                            the APL IP licensed under Section 2.1 against any infringement or alleged infringement
                                            thereof in the Field of Use. Licensee shall not initiate an infringement action without the
                                            prior written consent of APL, which consent shall not be unreasonably withheld or delayed,
                                            and without a good faith belief in the validity of the asserted claims of infringement after
                                            reasonable investigation. Licensee shall consult with and keep APL informed of the status
                                            of any action. Licensee may, at its own expense, control and defend such action in a manner
                                            consistent with the terms of the Agreement.

 

		(c)	No
                                            Final Disposition Without APL Consent. No settlement, consent judgment or other voluntary
                                            final disposition of an infringement suit may be concluded without the prior written consent
                                            of APL, which consent shall not be unreasonably withheld or delayed. APL shall reasonably
                                            cooperate in any such litigation at Licensee’s sole expense.

 

    	21

     

    

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

		(d)	APL’s
                                            Secondary Right to Enforce. Licensee understands and agrees that APL has no obligation
                                            to bring suit against Third Parties for infringement of APL IP. However, if Licensee does
                                            not initiate an infringement action with respect to the APL IP licensed under Section
                                            2.1 within ninety (90) days after notification of the alleged infringement, then APL
                                            may, at its sole option and expense, take whatever steps APL deems necessary (consistent
                                            with the terms hereof) to enforce any APL IP, to control, settle, and defend any patent infringement
                                            suit APL may bring in any court of competent jurisdiction, and to recover for APL’s
                                            own account any resulting damages, awards, or settlements. Upon initiation of any action
                                            to enforce the APL IP by APL, Licensee shall thereafter have no right to enter into a sublicense
                                            or otherwise reach an agreement with the alleged infringer that would have the effect of
                                            settling, terminating, or foreclosing APL’s action.

 

		(e)	Patent
                                            Invalidity Suit. Licensee shall defend at Licensee’s expense any declaratory judgment
                                            or other action brought by a Third Party naming Licensee or APL, or their respective Affiliates,
                                            as a defendant and alleging invalidity of any APL IP licensed under Section 2.1; provided,
                                            however, Licensee shall not defend such action to the extent that such action resulted
                                            from the gross negligence or willful misconduct of such APL Indemnitee or material breach
                                            of this Agreement by APL; and , and provided further that APL notifies Licensee promptly
                                            of any such lawsuit, claim, demand or other action. APL in its discretion may elect to solely
                                            defend any such action at its own expense, in which case Licensee shall cooperate fully with
                                            APL in connection therewith.

 

		(f)	Recovery.
                                            Licensee shall pay to APL a share of forty percent (40%) of any infringement recovery by
                                            Licensee in connection with each suit or settlement, less reasonable attorneys’ fees
                                            and out-of-pocket expenses paid to Third Parties, which shall be equally apportioned between
                                            Licensee and APL.

 

	8.	INDEMNIFICATION,
                                            ASSUMPTION OF LIABILITY, LIMITATION OF LIABILITY, DISCLAIMERS, AND INSURANCE

 

		8.1	Indemnification.
                                            Licensee will defend, with counsel reasonably acceptable to APL, indemnify, and hold
                                            harmless APL and its Affiliates, and its and their trustees, officers, faculty, employees,
                                            and students (the “APL Indemnitees”) against any and all losses, expenses,
                                            claims, actions, lawsuits, and judgments thereon (including attorney’s fees through
                                            the appellate levels) (collectively “Liabilities”) which may be brought
                                            against APL Indemnitees by Third Parties as a result of or arising out of: (a) any negligent
                                            act or omission of Licensee, its Sublicensees or Affiliates, or its or their agents or employees;
                                            (b) any breach of this Agreement; or (c) the manufacture, use, production, sale, offer for
                                            sale, lease, importation, consumption, or advertisement by Licensee, its Sublicensees or
                                            Affiliates, or its or their agents or employees of any Licensed Products, Licensed Services,
                                            or APL IP licensed under Section 2.1; provided, however, Licensee shall not
                                            defend, indemnify, or hold harmless any APL Indemnitee from any Liabilities to the extent
                                            that such Liabilities are finally determined to have resulted from the gross negligence or
                                            willful misconduct of such APL Indemnitee. APL and Licensee shall promptly notify the other
                                            Party of any lawsuit, claim, demand, or other action related to the APL IP. Licensee’s
                                            obligation to indemnify APL Indemnitees shall survive the expiration or termination of this
                                            Agreement, and shall continue after any assignment of this Agreement by Licensee under Section
                                            12.2.

 

    	22

     

    

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

		8.2	Assumption
                                            of Liability. Licensee hereby assumes full liability for any and all lawsuits, claims,
                                            demands, judgments, costs, fees (including attorney’s fees), expenses, injuries, or
                                            losses arising from or relating to the Licensed Products, Licensed Services, or any APL IP
                                            licensed under Section 2.1 provided, however, Licensee shall not be responsible
                                            for any Liabilities to the extent that such Liabilities are finally determined to have resulted
                                            from the gross negligence or willful misconduct of APL.

 

		8.3	Limitation
                                            of Liability.

 

		(a)	APL
                                            and its Affiliates shall have no liability to Licensee for any loss or damages Licensee may
                                            incur as a result of the invalidity of any of the APL Patent Rights.

 

		(b)	APL
                                            and its Affiliates shall have no responsibility with respect to Licensee’s own trademarks
                                            and trade name, and Licensee in respect to the use thereof will defend, indemnify, and hold
                                            harmless APL and its Affiliates against any and all Third Party claims.

 

		(c)	NOTWITHSTANDING
                                            ANYTHING TO THE CONTRARY IN THIS AGREEMENT, NEITHER PARTY NOR ITS AFFILIATES SHALL BE LIABLE
                                            FOR ANY SPECIAL, LOST PROFIT, EXPECTATION, INCIDENTAL, CONSEQUENTIAL, PUNITIVE, EXEMPLARY,
                                            OR OTHER INDIRECT DAMAGES IN CONNECTION WITH ANY CLAIM ARISING OUT OF OR RELATED TO THIS
                                            AGREEMENT, WHETHER GROUNDED IN TORT (INCLUDING NEGLIGENCE), STRICT LIABILITY, CONTRACT, OR
                                            OTHERWISE. EXCEPT WITH RESPECT TO EITHER PARTY’S CONFIDENTIALITY OBLIGATIONS, APL’S
                                            TOTAL LIABILITY FOR ANY AND ALL CLAIMS OR ACTIONS ARISING FROM OR RELATED TO THIS AGREEMENT
                                            WILL IN NO EVENT EXCEED THE TOTAL AMOUNT PAID BY LICENSEE TO APL.

 

		8.4	DISCLAIMER
                                            OF WARRANTIES. APL AND ITS AFFILIATES MAKE NO WARRANTIES, EXPRESS OR IMPLIED, AND HEREBY
                                            DISCLAIM ALL SUCH WARRANTIES, AS TO ANY MATTER WHATSOEVER, INCLUDING THE CONDITION OF ANY
                                            APL IP, LICENSED PRODUCT OR LICENSED SERVICE, WHETHER TANGIBLE OR INTANGIBLE, LICENSED UNDER
                                            THIS AGREEMENT; OR OF MERCHANTABILITY, OR FITNESS FOR A PARTICULAR PURPOSE, OF SUCH APL IP,
                                            LICENSED PRODUCT OR LICENSED SERVICE. APL PROVIDES LICENSEE THE RIGHTS GRANTED UNDER THIS
                                            AGREEMENT AS IS AND WITH ALL FAULTS, AND MAKES NO WARRANTY OR REPRESENTATION (A) REGARDING
                                            THE VALIDITY OR SCOPE OF THE APL IP; (B) THAT EXPLOITATION OF THE APL IP WILL NOT INFRINGE
                                            ANY PATENTS OR OTHER INTELLECTUAL PROPERTY RIGHTS OF A THIRD PARTY; OR (C) THAT ANY THIRD
                                            PARTY IS NOT CURRENTLY INFRINGING OR WILL NOT INFRINGE THE PATENT RIGHTS.

 

    	23

     

    

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

		8.5	Insurance.

 

		(a)	Prior
                                            to First Commercial Sale of any Licensed Product or Licensed Service, Licensee shall obtain
                                            and maintain comprehensive general liability insurance, including insurance for product liability,
                                            professional liability, worker’s compensation, and umbrella coverage with a reputable
                                            and financially secure insurance carrier, to cover any liability arising from or relating
                                            to the Licensed Products or Licensed Services. Such insurance policy shall also name the
                                            APL Indemnitees as additional insureds. Licensee shall furnish a Certificate of Insurance
                                            or other evidence of compliance with this insurance requirement upon APL’s request.
                                            All insurance obtained by Licensee shall be primary coverage; any other insurance that may
                                            be obtained by APL or APL Indemnitees will be excess and noncontributory.

 

		(b)	Licensee
                                            shall not cancel such insurance without thirty (30) days prior notice to APL. Unless replaced
                                            by comparable insurance, such cancellation shall be cause for termination of this Agreement.

 

	9.	MARKING
                                            AND STANDARDS

 

		9.1	Licensee
                                            agrees to mark and have its Sublicensees mark any and all Licensed Products (or their containers
                                            or labels) that are made, sold, or otherwise disposed of by Licensee or Sublicensees under
                                            the License, in accordance with any applicable marking statute; provided, that Licensee does
                                            not need to mark Licensed Products (or their containers or labels) if such Licensed Products
                                            are used solely for Licensee’s own internal research purposes and/or used for validation
                                            studies on Licensee’s behalf.

 

		9.2	Licensee
                                            shall act in good faith to maintain satisfactory standards in respect to the nature of the
                                            Licensed Product or Licensed Service manufactured and/or sold by Licensee. Licensee shall
                                            act in good faith to ensure that all Licensed Products or Licensed Services manufactured
                                            and/or sold by it shall be of a quality that is appropriate to products or processes of the
                                            type here involved. Licensee agrees that similar provisions shall be included in all Sublicenses.

 

    	24

     

    

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

	10.	CONFIDENTIALITY

 

		10.1	Confidential
                                            Information. From time to time during the Term, a Party (the “Disclosing Party”)
                                            may disclose or make available to the other Party (the “Receiving Party”)
                                            information about its business affairs, confidential intellectual property, trade secrets,
                                            Know-How, copyrights, trademarks, designs, data, algorithms, code, patent applications and
                                            oral communications relating to the Disclosing Party’s IP, Third Party confidential
                                            information, and other sensitive or proprietary information, with such information indicated
                                            and/or marked by the Disclosing Party to be “Confidential” or “Proprietary”
                                            (collectively, “Confidential Information”). Confidential Information shall
                                            not include information that, at the time of disclosure and as established by documentary
                                            evidence:

 

		(a)	is
                                            or becomes generally available to and known by the public other than as a result of, directly
                                            or indirectly, any breach of this Section 10 by the Receiving Party or any of its
                                            employees, agents or representatives;

 

		(b)	is
                                            or becomes available to the Receiving Party on a non-confidential basis from a Third Party
                                            source, provided, that such Third Party is not and was not prohibited from disclosing such
                                            Confidential Information;

 

		(c)	was
                                            known by or in the possession of the Receiving Party or its employees, agents or representatives
                                            prior to being disclosed by or on behalf of the Disclosing Party; or

 

		(d)	was
                                            or is independently developed by the Receiving Party without reference to or use of, in whole
                                            or in part, any of the Disclosing Party’s Confidential Information.

 

		10.2	Receiving
                                            Party Obligations. The Receiving Party shall:

 

		(a)	protect
                                            and safeguard the confidentiality of the Disclosing Party’s Confidential Information
                                            with at least the same degree of care as the Receiving Party would protect its own Confidential
                                            Information, but in no event with less than a commercially reasonable degree of care;

 

		(b)	not
                                            use the Disclosing Party’s Confidential Information, or permit it to be accessed or
                                            used, for any purpose other than to exercise its rights or perform its obligations under
                                            this Agreement;

 

		(c)	not
                                            disclose any such Confidential Information to any Person, except to the Receiving Party’s
                                            its Affiliates’ employees, agents or representatives who need to know the Confidential
                                            Information to assist the Receiving Party (or its Affiliates), or act on its behalf, to exercise
                                            its rights or perform its obligations under this Agreement and who are bound by written obligations
                                            of confidentiality and restrictions on use that cover such Confidential Information and are
                                            at least as stringent as those set forth in this Agreement; and

 

		(d)	immediately
                                            notify the Disclosing Party upon discovery of an unauthorized disclosure or use of such Confidential
                                            Information, cooperate with the Disclosing Party to retrieve such Confidential Information,
                                            and take reasonable steps to prevent any further unauthorized disclosure or use of such Confidential
                                            Information.

 

    	25

     

    

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

		10.3	Court
                                            or Government Order. Notwithstanding anything in this Agreement to the contrary, the
                                            Receiving Party may make disclosures of Confidential Information of the Disclosing Party
                                            to the extent required to be disclosed pursuant to applicable federal, state or local Law
                                            or a valid order issued by a court or governmental agency of competent jurisdiction; provided,
                                            that (a) the Receiving Party gives the Disclosing Party prompt written notice of such requirement
                                            prior to disclosure, (b) the Receiving Party reasonably cooperates with the Disclosing Party’s
                                            efforts to limit the scope of the information to be provided or to obtain an order protecting
                                            the information from public disclosure, and (c) the Receiving Party discloses only that portion
                                            of the Confidential Information that is legally required to be disclosed.

 

		10.4	Return
                                            Of Confidential Information. Upon expiration or termination of this Agreement, the Receiving
                                            Party and its employees, agents and representatives shall promptly return to the Disclosing
                                            Party all copies, whether in written, electronic or other form or media, of the Disclosing
                                            Party’s Confidential Information, or destroy all such copies and, at the Disclosing
                                            Party’s written request, certify in writing to the Disclosing Party that such Confidential
                                            Information has been destroyed.

 

		10.5	APL
                                            Right to Publish. APL may publish manuscripts, abstracts or the like describing any APL
                                            IP, provided that such publications do not contain any of Licensee’s Confidential Information,
                                            unless APL obtains the prior written approval of Licensee to include Licensee’s Confidential
                                            Information in any such publications. APL shall provide thirty (30) days written notice to
                                            Licensee for Licensee’s review and comments of each proposed publication that contains
                                            Licensee’s Confidential Information.

 

		10.6	Remedies.
                                            The Receiving Party shall be responsible for any breach of this Section 10 caused
                                            by any of its employees, agents, or representatives. The Disclosing Party may seek equitable
                                            relief (including injunctive relief) against the Receiving Party to prevent the breach or
                                            threatened breach of this Section 10 and to secure its enforcement, in addition to all other
                                            remedies available at Law.

 

		10.7	Survival.
                                            The provisions of this Section 10 shall survive the expiration or termination of this
                                            Agreement for ten (10) years, except that the provisions of this Section 10 shall
                                            be perpetual with respect to trade secrets.

 

	11.	TERM;
                                            TERMINATION

 

		11.1	Term.
                                            This Agreement shall commence as of the Effective Date and remain in force until the expiration
                                            of all applicable Royalty Terms unless terminated earlier as provided herein (the “Term”).

 

		11.2	Termination.

 

		(a)	For
                                            Convenience. Licensee shall have the right to terminate this Agreement upon sixty (60)
                                            days prior written notice to APL; provided, that Licensee ceases (i) using the License, (ii)
                                            developing, making, using, selling or otherwise exploiting Licensed Products or Licensed
                                            Services, and (iii) certifies that it has returned or destroyed all proprietary and confidential
                                            Know-How in its (and its Affiliates’ and Sublicensees’) possession.

 

    	26

     

    

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

		(b)	For
                                            Material Breach. APL and Licensee shall each have the right to terminate this Agreement
                                            if the other Party commits a material breach of an obligation under this Agreement and fails
                                            to cure any such breach within sixty (60) days of receipt of written notice from the non-breaching
                                            Party. If the material breach is not curable, or if not cured within such period, the non-
                                            breaching Party may terminate this Agreement effective immediately. A material breach shall
                                            include but not be limited to the following: (i) failure to deliver to APL any payment at
                                            the time such payment is due under this Agreement, (ii) failure to meet or achieve a Diligence
                                            Milestone by the applicable Achievement Date (and any permitted extension), (iii) failure
                                            to possess and maintain required insurance coverage, and (iv) delivery of a false report
                                            to APL. Such termination shall be effective upon further written notice to the breaching
                                            Party after failure by the breaching Party to cure. If Licensee commits a material breach
                                            of an obligation under this Agreement and fails to cure any such breach within sixty (60)
                                            days of receipt of written notice from APL, APL, instead of terminating this Agreement, may,
                                            in its sole discretion, elect to convert the License into a non-exclusive license.

 

		(c)	For
                                            Insolvency. The License and rights granted in this Agreement have been granted on the
                                            basis of the special capability of Licensee to perform research and development work leading
                                            to the manufacture and commercialization of the Licensed Product(s) or Licensed Service(s).
                                            Accordingly, Licensee covenants and agrees that in the event any proceedings under Title
                                            11, United States Code or any amendment thereto, be commenced by or against Licensee, and,
                                            if against Licensee, said proceedings shall not be dismissed with prejudice before either
                                            an adjudication in bankruptcy or the confirmation of a composition, arrangement, or plan
                                            of reorganization, or in the event Licensee shall be adjudged insolvent or make an assignment
                                            for the benefit of its creditors, or if a writ of attachment or execution be levied upon
                                            the License hereby created and not be released or satisfied within ten (10)
days thereafter, or if a receiver be appointed in any proceeding or action to which Licensee is a party with authority to exercise any
of the rights or privileges granted hereunder and such receiver be so discharged within a period of forty-five (45) days after his appointment,
any such event shall be deemed to constitute a breach of this Agreement by Licensee and, APL, at the election of APL, but not otherwise,
ipso facto, and without notice or other action by APL, may terminate this Agreement and all rights of Licensee hereunder and all rights
of any and all persons claiming under Licensee.

 

		(d)	For
                                            Patent Challenge. APL may terminate this Agreement immediately if Licensee or any of
                                            its Sublicensees or Affiliates directly or indirectly initiate or prosecute any lawsuit or
                                            any other civil or administrative proceeding making any claim or counterclaim, of any kind
                                            in any court, tribunal, agency, or governmental entity anywhere in the world, challenging
                                            the validity or enforceability of the APL Patent Rights. Licensee or any of its Sublicensees
                                            or Affiliates shall provide advance written notice to APL before Licensee or any of its Sublicensees
                                            or Affiliates initiates such challenge, and shall pay royalties to APL at the rate of two
                                            (2) times the rates provided for in Section 4.3(a) during the pendency of the challenge.
                                            Should the outcome of such challenge determine that any claim of APL Patent Rights is both
                                            valid and infringed, Licensee or any of its Sublicensees or Affiliates shall thereafter pay
                                            royalties to APL at the rate of three (3) times the rates provided for in Section 4.3(a).
                                            Licensee or any of its Sublicensees or Affiliates shall pay APL directly all royalties due
                                            under this Section 11.2(d) instead of paying such royalties into an escrow or other
                                            similar account. In the event that the challenge brought by Licensee or any of its Sublicensees
                                            or Affiliates is successful, Licensee or any of its Sublicensees or Affiliates will not have
                                            the right to recover or recoup any royalties paid before or during the pendency of the challenge.
                                            Whether the challenge brought by the Licensee or any of its Sublicensees or Affiliates is
                                            successful or unsuccessful, Licensee or any of its Sublicensees or Affiliates shall be required
                                            to pay for all reasonable costs and attorney fees incurred by APL as a result of the challenge.

 

    	27

     

    

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

		11.3	Effects
                                            of Termination.

 

		(a)	Upon
                                            termination of this Agreement for any reason, Licensee shall remain responsible to pay to
                                            APL any amounts accrued and due to APL under this Agreement as of the effective date of such
                                            termination. Any termination of this Agreement shall be without prejudice to APL’s
                                            right to recover all amounts accruing to APL prior to the effective date of termination.
                                            Except as otherwise provided, should this Agreement be terminated for any reason, Licensee
                                            shall have no rights, express or implied, under any intellectual property rights which are
                                            the subject matter of this Agreement, nor have the right to recover any Royalties, fees,
                                            payments, or costs paid to APL hereunder.

 

		(b)	Upon
                                            termination, except under Section 11.2(a), Licensee shall have the right to dispose
                                            of Licensed Products then in its possession and to complete existing contracts for such Licensed
                                            Products, so long as contracts are completed within six (6) months from the date of termination,
                                            and subject to the payment of Royalties to APL as provided in Section 4 hereof. Licensee
                                            agrees to destroy progeny and derivatives thereof remaining in Licensee’s possession
                                            after six (6) months from the date of termination. Failure to terminate on any basis shall
                                            not prejudice or impact APL’s rights and ability to subsequently terminate for the
                                            same or a related basis.

 

		(c)	Termination
                                            of this Agreement shall not preclude either Party from pursuing all rights and remedies it
                                            may have hereunder or at Law or in equity with respect to any breach of this Agreement nor
                                            prejudice either Party’s right to obtain performance of any obligation. Licensee agrees
                                            that breach of terms of this Agreement would immediately and irreparably damage APL in a
                                            way not capable of being fully compensated by monetary damages and accordingly, APL is entitled
                                            to seek injunctive relief in addition to such other relief to which it may be entitled at
                                            Law or in equity.

 

		11.4	Survival.
                                            All representations, warranties, covenants, and agreements made herein and which by their
                                            express terms or by implication are to be performed or continue to apply after the execution
                                            and/or termination hereof, or are prospective in nature, shall survive such execution and/or
                                            termination, as the case may be. In addition and for avoidance of doubt, the following sections
                                            shall survive any termination or expiration: Sections 1 (Definitions), 4.3(b) (Royalty Upon
                                            Termination or Expiration), 4.5 (Equity), 4.7 (Payment Terms), 5.3 (Books and Records), 8
                                            (Indemnification, Assumption of Liability, Limitation of Liability, Disclaimers, and Insurance),
                                            10 (Confidentiality), 11 (Term; Termination), and 12 (Miscellaneous Provisions). In addition,
                                            if Licensee is required to continue to pay Royalties on Net Sales after termination or expiration,
                                            then all of the terms and conditions of this Agreement shall remain in full force and effect
                                            other than Sections 2 (License Grant), 3 (Diligence), 4.1 (Annual License Fees), 4.2 (Milestone
                                            Payments), 5.1 (Diligence Reports), and 7 (Intellectual Property).

 

    	28

     

    

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

	12.	MISCELLANEOUS
                                            PROVISIONS

 

		12.1	Restrictive
                                            Covenant. Certain employees of APL possess knowledge, expertise, or skills that are related
                                            to the APL IP that is licensed hereunder to Licensee (“Key Employees”). During
                                            the Term and for a period of two (2) years thereafter, neither Licensee nor any of its Affiliates
                                            or its or their representatives, will solicit, recruit, or hire any Key Employee of APL to
                                            work for another party other than APL, or engage in any activity that would cause any Key
                                            Employee of APL to violate any agreement with APL.

 

		12.2	Assignment.

 

		(a)	Licensee
                                            may assign or delegate its rights or obligations under this Agreement only under the following
                                            circumstances:

 

		(i)	by
                                            providing APL with written notice of the proposed assignment, including the proposed assignee’s
                                            contact information, at least thirty (30)
days prior to the date of assignment, and obtaining APL’s express written consent to the proposed assignment, which consent shall
not be unreasonably withheld; or

 

		(ii)	as
                                            part of a sale or change of control, regardless of whether such a sale or change of control
                                            occurs by operation of Law or through an asset sale, stock sale, merger or other combination,
                                            or any other transfer of Licensee’s entire business.

 

		(b)	Prior
                                            to any assignment (including an assignment by operation of Law), (i) the proposed assignee
                                            must agree in writing to APL to be bound by this Agreement, and (ii) Licensee must pay APL
                                            an assignment fee in the amount of twenty thousand dollars ($20,000) due within thirty (30)
                                            days of assignment agreement execution.

 

		(c)	Any
                                            attempt by Licensee to assign this Agreement that fails to comply with Section 12.2(a)
                                            and 12.2(b) is null and void.

 

		(d)	This
                                            Agreement shall extend to and be binding upon the successors and legal representatives and
                                            permitted assigns of APL and Licensee.

 

    	29

     

    

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

		12.3	Use
                                            of Name.

 

		(a)	Except
                                            as specifically provided in this Section 12.3, nothing contained in this Agreement
                                            confers any right to either party hereto to use in advertising, publicity, or other promotional
                                            activities any name, trade name, trademark, or other designation of the other party hereto
                                            (including any contraction, abbreviation, or simulation of any of the foregoing).

 

		(b)	The
                                            name of The Johns Hopkins University Applied Physics Laboratory LLC, The Johns Hopkins University
                                            or any of its constituent parts, or any contraction thereof (collectively, the “JHU
                                            Names”), shall not be used for any purpose in any advertising, promotional literature,
                                            Web sites, electronic media applications, sales literature, fundraising documents, press
                                            releases, or other print or electronic communications, without prior written consent from
                                            an authorized representative of APL, or the respective institution, as applicable. Any request
                                            to make use of any names under the JHU Names shall be made at least fifteen (15) business
                                            days’ in advance of any proposed use and shall be made by written request.

 

		(c)	APL
                                            may disclose to all APL inventors or creators of APL IP licensed under Section 2.1
                                            the terms and conditions of this Agreement upon their request.

 

		(d)	APL
                                            may acknowledge to Third Parties the existence of this Agreement and the extent of the Licenses
                                            granted to Licensee under Section 2.1, but APL shall not disclose the financial terms
                                            of this Agreement to Third Parties, except where APL is required by law to do so. Licensee
                                            hereby grants APL permission to include Licensee’s name and a link to Licensee’s
                                            website in APL’s annual reports and on APL’s website to showcase technology transfer-related
                                            stories.

 

		(e)	Licensee
                                            may acknowledge to Third Parties the existence of this Agreement and the extent of the Licenses
                                            granted to Licensee under Section 2.1, but Licensee shall not disclose the financial
                                            terms of this Agreement to Third Parties, except where APL is required by law to do so or
                                            to potential investors that have executed confidentiality agreements with terms at least
                                            as stringent as those in Section 10.

 

		(f)	APL
                                            shall have the right to list Licensee and display the logotype or symbol of Licensee on APL’s
                                            website and on APL publications.

 

		12.4	Independent
                                            Parties. Nothing in this Agreement shall be construed to create any agency, employment,
                                            partnership, joint venture, or similar relationship between the Parties other than that of
                                            a licensor/licensee. Neither Party shall have any right or authority whatsoever to incur
                                            any liability or obligation (express or implied) or otherwise act in any manner in the name
                                            or on the behalf of the other, or to make any promise, warranty, or representation binding
                                            on the other.

 

		12.5	Notice
                                            of Claim. Each Party shall give the other Party or its representative immediate notice
                                            of any suit or action filed, or prompt notice of any claim made, against them arising out
                                            of the performance of this Agreement.

 

    	30

     

    

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

		12.6	Notices.
                                            Any notice, request, approval, or consent required or permitted to be given under this
                                            Agreement shall be in writing and directed to a Party at its address or e- mail address shown
                                            below or such other address or e-mail address as such Party shall have last given by notice
                                            to the other Party. A notice will be deemed received: if delivered personally, on the date
                                            of delivery; if mailed, five (5) days after deposit in the United States mail; if sent via
                                            overnight courier, one (1) business day after deposit with the courier service; or if sent
                                            via e-mail, upon confirmation of receipt by the intended recipient.

 

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

 

The
Johns Hopkins University

Applied
Physics Laboratory LLC

Attn:
Office of Technology Transfer

11100
Johns Hopkins Road

Laurel,
MD 20723-6099

E-mail:

 

Royalty
and other payments to APL shall be

addressed
as follows:

 

The
Johns Hopkins University

Applied
Physics Laboratory

Attention:
Accounting & Finance Group

Development
Fund Accountant

MS:
MP1-S186

11100
Johns Hopkins Road

Laurel,
MD 20723-6099

 

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

 

Bullfrog
AI, Inc.

P.O.
Box 336

Boyds,
Maryland 20841

E-Mail:
vin@bullfrogai.com

 

		12.7	No
                                            Waivers; Severability. No waiver of any breach of this Agreement shall constitute a waiver
                                            of any other breach of the same or other provision of this Agreement, and no waiver shall
                                            be effective unless made in writing and signed by the Party waiving. Any provision hereof
                                            prohibited by or unenforceable under any applicable Law of any jurisdiction shall as to such
                                            jurisdiction be deemed ineffective and deleted without affecting any other provision of this
                                            Agreement, which shall be interpreted so as to most fully achieve the intentions of the Parties.

 

		12.8	Entire
                                            Agreement. Except for the 2018 License, this Agreement supersedes all previous agreements
                                            and understandings relating to the subject matter hereof, whether oral or in a writing, and
                                            constitutes the entire agreement of the Parties hereto and shall not be amended or altered
                                            in any respect except in a writing executed by the Parties. In the event of conflicting terms
                                            between this License and the 2018 License, the terms of this License will control.

 

    	31

     

    

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

		12.9	No
                                            Agency. Licensee agrees that no representation or statement by any APL employee shall
                                            be deemed to be a statement or representation by APL, and that Licensee was not induced to
                                            enter this Agreement based upon any statement or representation of APL, or any employee of
                                            APL. APL is not responsible for any publications, experiments, or results reported by any
                                            APL employee prior to, or after, the Effective Date.

 

		12.10	Binding
                                            Agreement. Exchange of this Agreement in draft or final form between the Parties shall
                                            not be considered a binding offer, and this Agreement shall not be deemed final or binding
                                            on either Party until the final Agreement has been signed by both Parties.

 

		12.11	Delays
                                            or Omissions. Except as expressly provided herein, no delay or omission to exercise any
                                            right, power, or remedy accruing to any Party hereto, shall impair any such right, power,
                                            or remedy to such Party nor shall it be construed to be a waiver of any such breach or default,
                                            or an acquiescence therein, or in any similar breach or default be deemed a waiver of any
                                            other breach or default theretofore or thereafter occurring. Any waiver, permit, consent,
                                            or approval of any kind or character on the part of any Party of any breach or default under
                                            this Agreement, or any waiver on the part of any Party of any provisions or conditions of
                                            this Agreement, must be in writing and shall be effective only to the extent specifically
                                            set forth in such writing. All remedies either under this Agreement or by Law or otherwise
                                            afforded to any Party, shall be cumulative and not alternative.

 

		12.12	No
                                            Third Party Beneficiaries. Nothing in this Agreement shall be construed as giving any
                                            Person, other than the Parties hereto and their successors and permitted assigns, any right,
                                            remedy or claim under or in respect of this Agreement or any provision hereof.

 

		12.13	Headings.
                                            Article headings are for convenient reference and not a part of this Agreement. All Exhibits
                                            are incorporated herein by this reference.

 

		12.14	Interpretation.
                                            All references to particular Exhibits, Articles, or Sections shall mean the Exhibits
                                            to, and Sections and Articles of, this Agreement, unless otherwise specified. Any reference
                                            herein to any defined term shall include both the singular and the plural, whether or not
                                            both forms are included in the reference. The words “including,” “include,”
                                            and “includes” and the phrases “such as,” and “for example,”
                                            and the equivalents of such words and phrases shall be deemed to be followed by “without
                                            limitation.” Unless otherwise specified, any action requiring the consent of a Party
                                            shall be read to mean that such Party is expected to act reasonably in considering whether
                                            to provide consent and that consent, if provided, shall be provided without unreasonable
                                            delay. As used herein, any calculation of an equity interest on a “fully diluted basis”
                                            shall be performed assuming the conversion of all outstanding shares of preferred stock into
                                            common stock and the exercise, conversion and/or exchange of all outstanding stock options
                                            and warrants to acquire shares of capital stock or any other securities exercisable, convertible
                                            and/or exchangeable into shares of capital stock. Except as otherwise expressly provided
                                            herein, all terms of an accounting or financial nature shall be construed in accordance with
                                            GAAP, as in effect from time to time. Unless the context otherwise requires, countries shall
                                            include territories. References to any specific Law or article, section or other division
                                            thereof shall be deemed to include the applicable then-current amendments or any replacement
                                            Law or article, section or other division thereof.

 

		12.15	Governing
                                            Law. The laws of the State of Maryland, without giving effect to its choice of law provisions,
                                            shall govern all matters arising out of or relating to this Agreement, including its interpretation,
                                            construction, performance, and enforcement. Any legal suit, action, or proceeding arising
                                            out of or relating to this Agreement shall be brought in the Circuit Court for Baltimore
                                            City or in the United States District Court for the District of Maryland. Each of the Parties
                                            waives, to the fullest extent permitted by law, any objection which it may now or later have
                                            to the exclusive jurisdiction of or the laying of venue in the Circuit Court for Baltimore
                                            City, Maryland or the United States District Court for the District of Maryland, including
                                            any objections based upon inconvenient forum. The Parties agree that a final judgment in
                                            any such suit, action, or proceeding may be enforced in other jurisdictions as provided by
                                            law. As specifically provided by Md. COMMERCIAL LAW Code Ann. § 22-104, APL and Licensee
                                            agree that this Agreement shall not be governed by the Maryland Uniform Computer Information
                                            Transactions Act as adopted in Maryland under Title 22 of the Commercial Law Article of the
                                            Maryland Annotated Code, as may be amended from time to time.

 

[Signature
Page Follows]

 

    	32

     

    

 

APL
PROPRIETARY/CONFIDENTIAL

BullfrogAI Prometheus License, July 2022

 

IN
WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed by their respective officers thereunto duly authorized
to be effective as of the Effective Date.

 

	Bullfrog
    AI, Inc	 	The
    Johns Hopkins University

    Applied
    Physics Laboratory LLC

	 	 	 
	 	 	 
	Signature
    	 	Signature
	 	 	 
	Vininder
    Singh	 	Jim
    Broskow
	Printed
    Name	 	Printed
    Name
	 	 	 
	CEO	 	Tech
    Transfer AGS
	Printed
    Title	 	Printed
    Title

 

    	33

     

    

 

APPENDIX
A

 

APL
Patent Rights

 

	APL
    ID#	 	US
    Patent App. No.	 	Filing/Issue
    Date	 	Title
	3591-SPL	 	U.S.
    Patent No. 10,146,801	 	12/04/2018	 	“Apparatus
    and Method for Distributed Graph Processing”
	4097-SPL	 	U.S.
    Patent No. 10,936,965	 	03/02/2021	 	“Method
    and Apparatus for Analysis and Classification of High Dimensional Data Sets”
	4601-SPL	 	U.S.
    Patent No. 10,839,256	 	11/17/2020	 	“Generalized
    Model” Low Entropy Mixture

 

    	 

     

    

 

APPENDIX
B

 

APL
Copyrights

 

	APL
    ID#	 	IP
    Protection	 	Title
	6191-SPL	 	Copyright	 	Software
    and documentation for the PROMETHEUS software package for correlation, probabilistic, and network analysis
	5863-SPL	 	Copyright	 	Software
    and documentation for the SEAGULL software package for time-series analysis
	5849-SPL	 	Copyright	 	Software
    and documentation for Clique Tree Mixture Model for probabilistic analysis within the PROMETHEUS analytic software package
	6644-SPL	 	Copyright	 	Software
    and documentation for the Minimum Subspace for Maximum Information algorithm within the PROMETHEUS analytic software package
	6645-SPL	 	Copyright	 	Software
    and documentation for the Unsupervised Determination of Maximum Information Spaces algorithm within the PROMETHEUS analytic software
    package
	3591-SPL	 	Copyright	 	Software
    and documentation for “Socrates: Scalable Graph Analytics”
	3592-SPL	 	Copyright	 	Software
    and documentation for “Activity Pattern Exploration – APEX”
	4097-SPL	 	Copyright	 	Software
    and documentation for “Clique Tree”; as implemented within Socrates
	4601-SPL	 	Copyright	 	Software
    and documentation for “Generalized Low Entropy Mixture Model (Galileo)”
	4463-SPL	 	Copyright	 	Software
    and documentation for “Scalable Correlation Engine”
	5850-SPL	 	Copyright	 	Software
    and documentation for “Random Subspace Mixture Model”

 

    	 

     

    

 

APPENDIX
C

 

APL
Know-How

 

	APL
    ID#	 	IP
    Protection	 	Title
	6191-SPL	 	Confidential
    Information	 	Know-how
    associated with the PROMETHEUS software package for correlation, probabilistic, and network analysis
	5863-SPL	 	Confidential
    Information	 	Know-how
    associated with the SEAGULL software package for time-series analysis
	5849-SPL	 	Confidential
    Information	 	Know-how
    associated with the Clique Tree Mixture Model for probabilistic analysis within the PROMETHEUS analytic software package
	6644-SPL	 	Confidential
    Information	 	Know-how
    associated with the Minimum Subspace for Maximum Information algorithm within the PROMETHEUS analytic software package
	6645-SPL	 	Confidential
    Information	 	Know-how
    associated with the Unsupervised Determination of Maximum Information Spaces algorithm within the PROMETHEUS analytic software package
	3591-SPL	 	Confidential
    Information	 	Know-how
    associated with “Socrates: Scalable Graph Analytics”
	3592-SPL	 	Confidential
    Information	 	Know-how
    associated with “Activity Pattern Exploration – APEX”
	4097-SPL	 	Confidential
    Information	 	Know-how
    associated with “Clique Tree”; as implemented within Socrates
	4601-SPL	 	Confidential
    Information	 	Know-how
    associated with “Generalized Low Entropy Mixture Model (Galileo)”
	4463-SPL	 	Confidential
    Information	 	Know-how
    associated with “Scalable Correlation Engine”
	5850-SPL	 	Confidential
    Information	 	Know-how
    associated with “Random Subspace Mixture Model”

 

    	 

     

    

 

APPENDIX
D

 

Stock
Issuance Agreement

 

This
Stock Issuance Agreement (this “Agreement”) is entered into and made effective as of July 8, 2022 (the “Effective
Date”) between The Johns Hopkins University Applied Physics Laboratory LLC, a Maryland limited liability company, having business
offices at 11100 Johns Hopkins Road, Laurel, Maryland 20723 (“APL”) and BullfrogAI Holdings, Inc., a Nevada corporation,
having business offices at 325 Ellington Blvd. #317, Gaithersburg, MD 20878 (the “Company”). For purposes of this
Agreement, each of APL and Company may be individually referred to as a “Party,” and collectively referred to as the
“Parties.”

 

WHEREAS,
concurrent with the execution of this Agreement, the Parties are entering into a License Agreement dated as of the Effective Date (the
“License Agreement”), pursuant to which APL is granting the Company a license to certain intellectual property owned
or controlled by APL; and

 

WHEREAS,
in partial consideration for the execution and delivery by APL of the License Agreement and the grant of the license therein by APL to
the Company thereunder, the Parties hereto agreed to enter into this Agreement in order to provide for, among other things, the issuance
by the Company to APL of shares of common stock of the Company in accordance with the terms and subject to the conditions of this Agreement.

 

NOW,
THEREFORE, in consideration of the foregoing and the mutual promises, covenants and agreements contained herein and for other good and
valuable consideration, the receipt and sufficiency of which the Parties hereby acknowledge, the Parties agree as follows:

 

	1.	ACQUISITION
    OF SHARES.

 

(a)
Equity Issuance. Pursuant to Section 4.5 of the License Agreement, the Company hereby issues to APL 279,159 shares (the “Shares”)
of the common stock, par value $0.00001 per share, of the Company (the “Common Stock”).

 

(b)
Consideration. APL agrees to grant the Company a license to certain intellectual property pursuant to the License Agreement in
exchange for, among other consideration, the Shares. The Company and APL agree that the Fair Market Value of such consideration is at
least $270,000, or $0.96 per Share, based on a valuation of at least $27,000,000 for the Company.

 

(c)
Closing. The issuance of the Shares will occur contemporaneously with the execution and delivery of this Agreement at the closing
(the “Closing”) held at a time and place, or via the exchange of documents and signatures, as mutually agreed upon by the
Parties. At the Closing, each Party will deliver an executed copy of this Agreement and such other documents as the Parties may mutually
agree.

 

(d)
Defined Terms. Capitalized terms not defined above are defined in Section 7(a) of this Agreement.

 

    	 

     

    

 

	2.	RIGHT
    OF FIRST REFUSAL.

 

(a)
Right of First Refusal. In the event that APL proposes to sell, pledge or otherwise transfer to a third party any Shares prior
to the earlier of the IPO or one year from the date hereof the “Transfer Shares”), the Company shall have the right of first
refusal to purchase all (and not less than all) of such Transfer Shares (the “Right of First Refusal”). If APL desires to
transfer the Transfer Shares, APL shall promptly deliver to the Company a written notice describing fully the proposed transfer, including
the number of Transfer Shares, the proposed transfer price, the name and address of the proposed Transferee and proof satisfactory to
the Company that the proposed sale or transfer will not violate any applicable federal, state or foreign securities laws (the “Transfer
Notice”). The Transfer Notice shall be signed both by APL and the proposed Transferee and must constitute a binding commitment
of both parties to the transfer of the Transfer Shares. The Company shall have the right to purchase all, and not less than all, of the
Transfer Shares on the terms of the proposal described in the Transfer Notice (subject, however, to any change in such terms permitted
under Section 2(b) below) by delivery of a notice of exercise of the Right of First Refusal within thirty (30) days after the date when
the Transfer Notice was received by the Company.

 

(b)
Transfer of Transfer Shares. If the Company fails to exercise its Right of First Refusal within thirty (30) days after receiving
the Transfer Notice, APL may, not later than ninety (90) days after the Company received the Transfer Notice, conclude a transfer of
the Transfer Shares subject to the Transfer Notice to the proposed Transferee on the terms and conditions described in the Transfer Notice;
provided that any such sale is made in compliance with applicable federal, state and foreign securities laws and not in violation of
any other contractual restrictions to which APL is bound. Any proposed transfer on terms and conditions different from those described
in the Transfer Notice, as well as any subsequent proposed transfer by APL after the ninety (90) day period described above, shall again
be subject to the Right of First Refusal and shall require compliance with the procedure described in Section 2(a) above. If the Company
exercises its Right of First Refusal, the Parties shall consummate the sale of the Transfer Shares on the terms set forth in the Transfer
Notice within sixty (60) days after the Company notifies APL of its intent to exercise the Right of First Refusal (or within such longer
period as may have been specified in the Transfer Notice); provided, however, that in the event the Transfer Notice provided that payment
for the Transfer Shares was to be made in a form other than cash or cash equivalents paid at the time of transfer, the Company shall
have the option of paying for the Transfer Shares with cash or cash equivalents equal to the present value of the consideration described
in the Transfer Notice.

 

(c)
Permitted Transfers. This Section 2 shall not apply to a transfer to an Affiliate of APL.

 

	3.	APL
    REPRESENTATIONS; OTHER RESTRICTIONS ON TRANSFER.

 

(a)
APL Representations. In connection with the issuance and acquisition of Shares under this Agreement, APL hereby represents and
warrants to the Company as follows:

 

(i)
APL is acquiring and will hold the Shares for investment for its account only and not with a view to, or for resale in connection with,
any “distribution” thereof within the meaning of the Securities Act.

 

    	 

     

    

 

(ii)
APL understands that the Shares have not been registered under the Securities Act by reason of a specific exemption therefrom and that
the Shares must be held indefinitely, unless they are subsequently registered under the Securities Act or APL obtains an opinion of counsel,
in form and substance satisfactory to the Company and its counsel, that such registration is not required. APL further acknowledges and
understands that the Company is under no obligation to register the Shares.

 

(iii)
APL is aware of the adoption of Rule 144 by the Securities and Exchange Commission under the Securities Act, which permits limited public
resales of securities acquired in a non-public offering, subject to the satisfaction of certain conditions, including (without limitation)
the availability of certain current public information about the issuer, the resale occurring only after the holding period required
by Rule 144 has been satisfied, the sale occurring through an unsolicited “broker’s transaction,” and the amount of
securities being sold during any three-month period not exceeding specified limitations. APL acknowledges and understands that the conditions
for resale set forth in Rule 144 have not been satisfied and that the Company has no plans to satisfy these conditions in the foreseeable
future.

 

(iv)
APL will not sell, transfer or otherwise dispose of the Shares in violation of the Securities Act, the Securities Exchange Act of 1934,
or the rules promulgated thereunder, including Rule 144 under the Securities Act. APL agrees that it will not dispose of the Shares unless
and until he or she has complied with all requirements of this Agreement applicable to the disposition of Shares and he or she has provided
the Company with written assurances, in substance and form satisfactory to the Company, that (A) the proposed disposition does not require
registration of the Shares under the Securities Act or all appropriate action necessary for compliance with the registration requirements
of the Securities Act or with any exemption from registration available under the Securities Act (including Rule 144) has been taken
and (B) the proposed disposition will not result in the contravention of any transfer restrictions applicable to the Shares under state
securities law.

 

(v)
APL is an “accredited investor” as defined in Rule 501(a) under the Securities Act.

 

(b)
Securities Law Restrictions. Regardless of whether the offering and sale of Shares under this Agreement have been registered under
the Securities Act or have been registered or qualified under the securities laws of any State, the Company at its discretion may impose
restrictions upon the sale, pledge or other transfer of the Shares (including the placement of appropriate legends on stock certificates
or the imposition of stop-transfer instructions) if, in the judgment of the Company, such restrictions are necessary or desirable in
order to achieve compliance with the Securities Act, the securities laws of any State or any other law.

 

(c)
Rights of the Company. The Company shall not be required to (i) transfer on its books any Shares that have been sold or transferred
in contravention of this Agreement or (ii) treat as the owner of Shares, or otherwise to accord voting, dividend or liquidation rights
to, any Transferee to whom Shares have been transferred in contravention of this Agreement.

 

    	 

     

    

 

	4.	COMPANY
    REPRESENTATIONS AND WARRANTIES.

 

The
Company hereby represents, warrants, acknowledges and agrees as follows:

 

(a)
Organization and Corporate Power. The Company is a corporation duly organized, validly existing and in good standing under the
laws of the State of Maryland and has all requisite corporate power and authority to carry on its business as presently conducted.

 

(b)
Authorization. All corporate action required to be taken by the Company’s Board of Directors and stockholders in order to
authorize the Company to enter into this Agreement and the License Agreement, and to issue the Shares hereunder, has been taken. All
action on the part of the officers of the Company necessary for the execution and delivery of the Transaction Agreements, the performance
of all obligations of the Company under the Transaction Agreements, and the issuance and delivery of the Shares has been taken. The Transaction
Agreements, when executed and delivered by the Company, shall constitute valid and legally binding obligations of the Company, enforceable
against the Company in accordance with their respective terms except (i) as limited by applicable bankruptcy, insolvency, reorganization,
moratorium, fraudulent conveyance, or other laws of general application relating to or affecting the enforcement of creditors’
rights generally, and (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable
remedies.

 

(c)
Capitalization.

 

(i)
The authorized capital of the Company consists, as of the date hereof and immediately prior to the issuance of the Shares, of (A) 100,000,000
shares of Common Stock, 27,915,863 shares of which are issued and outstanding, and (B) 10,000,000 shares of preferred stock, par value
$0.00001 per share (“Preferred Stock”), none of which are issued and outstanding. All of the outstanding shares of Common
Stock have been duly authorized, are fully paid and nonassessable and were issued in compliance with all applicable federal and state
securities laws.

 

(ii)
As of the date hereof and immediately following the issuance of the Shares, except for up to 15% of the Company’s outstanding common
stock which may be granted from time to time in accordance with the Company’s to be adopted Equity Incentive Plan and the securities
identified on Schedule 4(c)(ii) below , there are no outstanding options, warrants, rights (including conversion or preemptive rights
and rights of first refusal or similar rights) or agreements, orally or in writing, to purchase or acquire from the Company any shares
of Common Stock, or any securities convertible into or exchangeable for shares of Common Stock.

 

The
table below reflects BullFrog AI Holdings, Inc. capital table including shares reserved for option, warrant exercises and convertible
debt conversions. The last three items are estimates of the shares that would be issued for debt conversion based on the anticipated
IPO.

 

    	 

     

    

 

	BullFrog
    AI Holdings

    Capital
    Table @
	 	5/31/2022	 	 
	 	 	 	 	 
	BullFrog
    Security	 	 	 	Number
    Shares
	Outstanding
    Common Stock	 	 	 	27,915,863
	Options	 	 	 	579,525
	Warrants	 	 	 	5,183,097
	Convertible
    Debt	 	 	 	178,409
	New
    Bridge - Inv & Fee Warrants	 	 	 	319,917
	New
    Bridge - Debt	 	 	 	271,806
	Fully
    diluted Share base	 	 	5/31/2022	34,448,617

 

(d)
Valid Issuance of Shares. The Shares, when issued, sold and delivered in accordance with the terms and for the consideration set
forth in this Agreement, will be validly issued, fully paid and nonassessable and free of restrictions on transfer other than restrictions
on transfer under the Transaction Agreements, applicable state and federal securities laws and liens or encumbrances created by or imposed
by APL. Assuming the accuracy of the representations of APL in Section 3 of this Agreement and subject to required federal and state
securities filings, the Shares will be issued in compliance with all applicable federal and state securities laws.

 

(e)
Company Documents. The Company has furnished to APL true, correct and complete copies of (i) the Certificate of Incorporation
and (ii) the Bylaws of the Company, which remain in full force and effect as of the date hereof.

 

	5.	ASSIGNMENT.

 

Except
as otherwise expressly provided to the contrary, the provisions of this Agreement shall inure to the benefit of, and be binding upon,
the Company and its successors and assigns and be binding upon APL and its legal representatives, heirs, legatees, distributees, assigns
and transferees by operation of law, whether or not any such person has become a party to this Agreement or has agreed in writing to
join herein and to be bound by the terms, conditions and restrictions hereof.

 

	6.	LEGENDS.

 

All
certificates evidencing Shares shall bear the following legends:

 

“THE
SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND A RIGHT OF FIRST REFUSAL AS SET FORTH IN THE
STOCK ISSUANCE AGREEMENT BETWEEN THE COMPANY AND THE REGISTERED HOLDER WITH RESPECT TO THESE SHARES, A COPY OF WHICH IS ON FILE AT THE
PRINCIPAL OFFICE OF THE COMPANY.”

 

“THE
SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED OR APPLICABLE STATE SECURITIES
LAWS. THESE SHARES HAVE NOT BEEN ACQUIRED WITH A VIEW TO DISTRIBUTION OR RESALE, AND MAY NOT BE SOLD, MORTGAGED, PLEDGED, HYPOTHECATED
OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT FOR SUCH SHARES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND
ANY APPLICABLE STATE SECURITIES OR AN OPINION OF COUNSEL, SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT
REQUIRED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER APPLICABLE STATE SECURITIES LAWS.”

 

    	 

     

    

 

If
required by the authorities of any State in connection with the issuance of the Shares, the legend or legends required by such State
authorities shall also be endorsed on all such certificates.

 

	7.	MISCELLANEOUS.

 

	 	(a)	Definitions.
Capitalized terms used herein shall have the meanings set forth below. 

 

“Agreement” has the meaning set forth
    in the Preamble.

 

“APL”
has the meaning set forth in the Preamble.

 

“Board
of Directors” means the Board of Directors of the Company, as constituted from time to time.

 

“Closing”
has the meaning set forth in Section 1(c).

 

“Common Stock” has the meaning set forth in Section 1(a).

 

“Company”
has the meaning set forth in the Preamble.

 

“Effective Date” has the meaning set forth in the Preamble.

 

“Fair
Market Value” means the fair market value of a Share, as determined by the Board of Directors in good faith. Such determination
shall be conclusive and binding on all persons.

 

“License
Agreement” has the meaning set forth in the Recitals.

 

“Party” or “Parties” has the meaning
set forth in the Preamble.

 

“Preferred Stock” has the meaning set forth in Section 4(c)(i).

 

“Right of First
Refusal” has the meaning set forth in Section 2(a).

 

“Securities Act” means the Securities Act of 1933, as
amended.

 

“Shares” has the meaning set forth in Section 1(a).

 

“Transferee”
means any person to whom APL has directly or indirectly transferred any Share.

 

    	 

     

    

 

“Transfer
Notice” has the meaning set forth in Section 2(a).

 

“Transfer Shares” has the meaning set forth in Section
2(a).

 

(b)
Entire Agreement. This Agreement contains the entire agreement of the Parties and there are no other promises or conditions in
any other agreement between the Parties, whether oral or written, concerning the subject matter hereof. This Agreement supersedes any
prior written or oral agreements between the Parties concerning the subject matter hereof.

 

(c)
Governing Law. The laws of the State of Maryland, without giving effect to its choice of law provisions, shall govern all matters
arising out of or relating to this Agreement, including, without limitation, its interpretation, construction, performance, and enforcement.
Any legal suit, action, or proceeding arising out of or relating to this Agreement shall be brought in the Circuit Court for Baltimore
City or in the United States District Court for the District of Maryland. Each of the parties waives, to the fullest extent permitted
by law, any objection which it may now or later have to the exclusive jurisdiction of or the laying of venue in the Circuit Court for
Baltimore City, Maryland or the United States District Court for the District of Maryland, including any objections based upon inconvenient
forum. The parties agree that a final judgment in any such suit, action, or proceeding may be enforced in other jurisdictions as provided
by law.

 

(d)
Amendment; Waiver. No amendment, alteration or modification of any of the provisions of this Agreement shall be valid or effective
unless made in writing and signed by the duly authorized representatives of the Parties hereto. No waiver of any provision of this Agreement
shall be valid or effective unless made in writing and signed by a duly authorized representative of the Party to be bound by such waiver.
Failure of a Party to exercise any right to enforce any provision, or to require strict performance by the other Party of any provision,
shall not release any Party of its obligations under this Agreement and shall not operate as a waiver of any right to insist upon strict
performance, or of any Party’s rights or remedies under this Agreement or at law.

 

(e)
Notices. All notices, requests and other communications hereunder must be in writing and delivered personally, by facsimile transmission
(receipt verified), or by overnight courier (signature required) or by e-mail to the Parties at the following addresses or facsimile
numbers:

 

    	 

     

    

 

	For
    APL:	 	with
    a copy (which shall not constitute notice) to:
	 	 	 
	The
    Johns Hopkins University

    Applied
    Physics Laboratory, LLC

    Attn:
    Office of Technology Transfer

    11100
    Johns Hopkins Road

    Laurel,
    MD 20723-6099

    E-mail:
	 	 
	 	 	 
	For
    Company:	 	with
    a copy (which shall not constitute notice) to
	 	 	 
	Bullfrog
    AI Holdings, Inc.

    325
    Ellington Blvd. #317

    Gaithersburg,
    Maryland 20878

     

    E-Mail:
    vin@bullfrogai.com
	 	Sichenzia
    Ross Ference LLP

    1185
    Avenue of Americas, 31st Floor

    New
    York, NY 10036

 

(f)
Severability. If any provision of this Agreement is held invalid by any law, rule, order, or regulation of any government or by
the final determination of any court of competent jurisdiction, such invalidity shall not affect the enforceability of any other provisions
and such provisions shall be interpreted so as to best accomplish the objectives of such invalid provisions within the limits of applicable
law or court decision.

 

(g)
Counterparts. This Agreement may be executed in one or more counterparts, including by electronic (PDF) transmission, each of
which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

[Signature
Page Follows]

 

    	 

     

    

 

IN
WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed by their respective officers thereunto duly authorized
to be effective as of the Effective Date.

 

	BullfrogAI
    Holdings, Inc.	 	The
    Johns Hopkins University

    Applied
    Physics Laboratory LLC

	 	 	 
		 	
	Signature	 	Signature
	 	 	 
	Vininder
    Singh	 	Jim
    Broskow
	Printed
    Name	 	Printed
    Name
	 	 	 
	CEO	 	Tech
    Transfer AGS
	Printed
    Title	 	Printed
    Title

 

    	 

     

    

 

APPENDIX
E

 

Fees
and Payment Options 

 

Automated
Clearing House (ACH) for payments through U.S. banks only

 

APL
encourages its licensees to submit electronic funds transfer payments through the Automated Clearing House (ACH).

 

Electronic
Funds Wire Transfers

 

The
following account information is provided for wire payments. In order to process payment via Electronic Funds Wire Transfer sender MUST
supply the following information within the transmission:

 

Wiring
Information (Domestic):

 

	Company:	 	The
    Johns Hopkins University Applied Physics Laboratory LLC 
	Bank:	 	PNC
    Bank
	Bank
    Address:	 	One
    East Pratt Street Baltimore, MD 21201
	Bank
    POC:	 	Marcella
    (Marcy) Kraus (410)237-5736
	Bank
    Account:	 	Checking
	Bank
    Account #:	 	5300445194
    
	Routing
    Number:	 	031000053

 

Wiring
Information with Swift Code (foreign):

 

	Company:	 	The
    Johns Hopkins University Applied Physics Laboratory LLC 
	Bank:	 	PNC
    Bank
	Bank
    Address:	 	One
    East Pratt Street

    Baltimore,
    MD 21201

	Bank
    POC:	 	Marcella
    (Marcy) Kraus (410)237-5736
	Bank
    Account:	 	Checking
	Bank
    Account #:	 	5300445194
	Routing
    Number:	 	031000053
    
	Swift
    Code:	 	PNCCUS33

 

Checks

 

All
checks should be made payable to “JHU/APL” and sent by US Postal Service to the following address:

 

Johns
Hopkins University

Applied
Physics Laboratory LLC

11100
Johns Hopkins Road

Laurel,
MD 20723-6099

Attn:
Accounting/Finance Group, DevFund Acct MS: MP1-S186

 

    	 

     

    

 

APPENDIX
F

 

Form
of Diligence and Annual Report 

 

	DATED:
    	 	 

 

	PERIOD:	 	From
    	 	 	To
    	 	 

 

A.
Progress made by Licensee, Affiliates and/or Sublicensees toward commercialization of Licensed Products and/or Licensed Services, including
completed work, key scientific discoveries, summary of work- in-progress, current schedule of anticipated events or milestones, market
plans (if any) for introduction of Licensed Products and/or Licensed Services, and significant transactions by Licensee, Affiliates and/or
Sublicensees involving or relevant to Licensed Products and/or Licensed Services:

 

B.
Notice of all FDA and other relevant governmental filings and/or approvals regarding any Licensed Products and/or Licensed Services made
or obtained by Licensee, Affiliates and/or Sublicensees, the APL IP pertaining thereto, and the commercial names thereof:

 

C.
A Certificate of Insurance or other evidence of insurance (copy attached):

 

D.
Affiliates and Sublicensees which have exercised any rights to any APL IP:

 

	 	NONE
	 	List attached with description of rights exercised.

 

E.
Diligence and other milestones achieved:

 

F.
Diligence and other milestones expected to be achieved this year:

 

G.
Sublicenses entered into during this year:

 

	 	NONE

 

Identification
of Sublicensees (copy of each Sublicense attached):

 

H.
Equity funding received:

 

I.
Change of control, name change or other significant change in Licensee, Affiliates, and/or Sublicensees relevant to the Agreement or
Licensee:

 

	 	NONE

Details:

 

J.
Awards, grants and other non-equity funding received:

 

    	 

     

    

 

APPENDIX
G

 

Form
of Quarterly Sales and Royalty Report

 

	DATED:
    	 	 

 

Period
Covered: From:      /    /      Through     /    /      

 

TOTAL
ROYALTIES DUE FOR THIS PERIOD $ ____________________

 

TOTAL
NON-ROYALTY SUBLICENSING INCOME (NRSI) DUE FOR THIS PERIOD $_______________________

 

If
the licenses granted in the Agreement cover several product/service lines, or several contracts performed using APL IP, please prepare
a separate report for each Licensed Product/Licensed Service line and/or contract; then combine all Licensed Product lines, Licensed
Service lines, and contracts into a summary report.

 

If
units were sold, or contracts performed, by any Affiliates, Sublicensees or any party other than Licensee, clearly identify the responsible
party or parties and the extent to which each such party was responsible for each such activity.

 

	Report
    type:	 	☐	 	Single
    Licensed Product/Licensed Service Report. 
	 	 	 	 	Trademark
    of Licensed Product or Licensed Service
	 	 	 	 	 
	 	 	☐	 	Single
    Contract Report
	 	 	 	 	 
	 	 	☐	 	Multi-product/service/contract
    Summary Report
	 	 	 	 	Licensee’s
    Tradenames for Licensed Product/Licensed Service Lines

    

 

	Country	 	Units

                                                                                Sold
	 	Gross

                                                                                Sales
	 	*Less

                                                                                Allowances
	 	Net

                                                                                Sales
	 	Profits/

                                                                                Fees
	 	Royalty

                                                                                Rate
	 	Conv.
    Rate	 	Period Royalty

                                                                                Amount in U.S. dollars

	U.S.A	 	 	 	 	 	 	 	 	 	 	 	 	 	1.0	 	 
	Canada	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Europe:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Japan	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Other:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	TOTAL	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

*
On a separate page, please indicate the reasons for any significant adjustment. Also note any unusual occurrences that affected royalty
payment amounts during this period.

 

I
hereby certify, as a duly authorized officer of Licensee, that the information set forth above is correct and complete and meets all
of the reporting requirements set forth in the Agreement.

 

	By
    (please sign):	 	 	Date:	 

 

	Printed
    Name and Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00351-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00351-of-00352.parquet"}]]