Document:

Exhibit 10.15

 

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

 

PATENT LICENSE AGREEMENT

 

This license agreement (“Agreement”),
effective as of October 6th 2020 (the “Effective Date”), is by and between, OxSed Limited, an English corporation
(number 12600642), with a principal place of business at Ash Tree Farm, Faringdon Road, Cumnor, Oxfordshire, England, OX2 place of business
at 240 County Road, Ipswich, MA 01938-2723 (“NEB”). Each of Licensee and NEB may be referred to herein individually
as a “Party” or collectively as the “Parties.”

 

BACKGROUND

 

A.            NEB
owns or controls certain technologies for performing colorimetric loop-mediated isothermal amplification as set forth in the Licensed
Patents (as defined below);

 

B.            Licensee
desires to acquire certain rights under the Licensed Patents; and

 

C.            NEB
is willing to grant such rights to Licensee, subject to the terms and conditions set forth in this Agreement.

 

AGREEMENT

 

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

 

1.             Definitions.
For the purpose of this Agreement, and solely for that purpose, the terms set forth hereinafter shall be defined as follows:

 

1.1.          “Affiliate”
means, with respect to Licensee, any entity (i) Controlling, Controlled by, or under common Control with Licensee as of the Effective
Date and (ii) Controlled by Licensee at any time after the Effective Date. “Affiliate” means, with respect to NEB, any
entity Controlling, Controlled by, or under common Control with NEB at any time.

 

1.2.          “Control”
means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of an entity, whether
through the ownership of voting securities, by contract, or otherwise.

 

1.3.          “Confidential
Information” means any technical or business information furnished by one Party (the “Disclosing Party”)
to the other Party (the “Receiving Party”) in connection with this Agreement. Such Confidential Information may include,
without limitation, the trade secrets, know-how, inventions, formulations, compositions, technical data or specifications, business or
financial information, research and development activities, product and marketing plans, and customer and supplier information.

 

     

     

    

 

1.4.          “Distributor”
means a Third Party to whom Licensee or an Affiliate of Licensee sells Licensee’s products under Licensee’s label for resale
to end user customers. In no event shall any Third Party be deemed a Distributor unless the rights to resell Licensee’s products
are pursuant to a written and executed agreement which contains no terms that are inconsistent with this Agreement.

 

1.5.          “Field”
means [****].

 

1.6.          “Licensed
Patents” means only (1) those patents and patent applications listed in Schedule A, (2) any patent applications
which are continuations, continuations-in-part, divisions, reissues, reexaminations, extensions, and substitutions thereof, and (3) all
United States and foreign patents issuing from any of the foregoing.

 

1.7.          “Licensed
Product” means a product, the development, manufacture, use or sale of which: (a) is covered by a Valid Claim in a patent
within Licensed Patents; or (b) is covered by a Pending Claim which has not been pending for more than ten
(10) years in an application within Licensed Patents.

 

1.8.          “Licensee’s
Improvements” means improvements to the Licensed Patents which (a) are owned by Licensee, (b) are the subject of a
patent application by Licensee which is dominated by an issued patent within Licensed Patents, and (c) cannot be practiced without
use of the claims in Licensed Patents.

 

1.9.          “NEB
Products” means the NEB catalog products set out in Schedule C.

 

1.10.        “Net
Sales” means the gross receipts of Licensee and its Affiliates from the sale to Third Parties of each of Licensed Products,
less deductions, to the extent applicable, for (i) import, export, excise, sales, value added and use taxes, custom duties, freight
and insurance invoiced to and/or paid by the purchaser of such Licensed Products; (ii) trade discounts customarily and actually allowed
(other than advertising allowances, and fees or commissions to Licensee’s or its Affiliates employees); and (iii) credits for
returns, allowances or trades, actually granted (subsections (i)-(iii) will be collectively referred to as “Allowed Deductions”).

 

If the sale or transfer of
Licensed Products is not an arms-length transaction, Net Sales for those Licensed Products will be calculated [as if Licensee had sold
such Licensed Products for cash in an arms-length transaction, using the average gross amount invoiced for equivalent Licensed Products
in the applicable jurisdiction during the applicable reporting period, less applicable Allowed Deductions]. For the purposes of this Agreement,
an arm’s-length transaction is one in which (i) a Third Party does not enjoy any special course of dealing with Licensee or
its Affiliates, (ii) such Third Party does not provide any non-monetary consideration for a Licensed Product, and (iii) the
gross invoice price in such transaction of such Licensed Product is not affected by any other purchase of goods or services or any license
of intellectual property, other than the customer rights conveyed in Section 2 herein and Licensee’s [****].

 

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1.11.        “Pending
Claim” means a claim in a patent application that has not been (a) abandoned and not continued; or (b) finally rejected
by an appropriate administrative agency or court of competent jurisdiction from which no appeal can be or is taken.

 

1.12.        “Term”
has the meaning set forth in Section 5.1.

 

1.13.        “Territory”
means the world.

 

1.14.        “Third
Party” means any person or entity other than NEB, Affiliates of NEB, Licensee, and Affiliates of Licensee.

 

1.15.        “Valid
Claim” means a claim in an issued patent that has not lapsed, or an issued, unexpired patent that has not been held to be invalid
or unenforceable by a final judgment of a court of competent jurisdiction from which no appeal can be or is taken or that has not been
disclaimed.

 

2.             Grant.

 

2.1.          Grant
of Rights. Upon the terms and subject to the conditions of this Agreement, NEB hereby grants to Licensee, and Licensee hereby accepts,
a limited, royalty-bearing, nonexclusive, non-transferable, non-sublicensable license under NEB’s rights in the Licensed Patents
to use the NEB Products purchased from NEB or an NEB authorized distributor, as approved by NEB, to make, have made, use, offer to sell,
sell, have sold under Licensee’s label (through Licensee’s Affiliates and Distributors) and export the Licensed Products in
the Territory in the Field for the Term. Licensee has no rights to sublicense, assign or otherwise transfer or share its rights hereunder
except as expressly set forth herein. For the avoidance of doubt, Licensee may not sell, resell, exchange, assign or otherwise transfer
any NEB Product as a stand-alone product to any Third Party.

 

2.2.          Affiliates
and Distributors. Licensee may sell Licensed Products to customers through Affiliates and Distributors; provided that such right is
contingent upon Licensee reporting and paying royalties on the Net Sales of such sales as provided herein. Provided further, Licensee’s
Affiliates will be bound to the same extent as Licensee by all terms and conditions of this Agreement, including without limitation, the
audit and inspection rights of Section 3.4 and the indemnity provisions of Section 9. Licensee shall remain responsible
both for its and its Affiliates’ performance under this Agreement.

 

2.3.          Reservation
of Rights. Except as is specifically provided herein, this Agreement will not limit the rights of NEB or its Affiliates in any way.
It is specifically understood by the Parties that NEB reserves the right itself or through its Affiliates to practice under Licensed Patents
and to license, assign or otherwise transfer such rights to other parties for any purpose whatsoever. Notwithstanding anything else in
this Agreement, Licensee acknowledges that there may be proprietary rights owned by Third Parties that may be necessary for the commercialization
of Licensed Products, and Licensee agrees that (i) securing access to such Third Party rights is the responsibility of Licensee.
This Agreement confers no license or rights explicitly or by implication, estoppel or otherwise under any existing or future intellectual
property rights owned by or licensed to NEB or its Affiliates other than the Licensed Patents expressly set forth herein, regardless of
whether such intellectual property rights are dominant or subordinate to such Licensed Patents or relevant to or useful for Licensee’s
use of Licensed Patents as provided herein. NEB does not warrant or represent that the Licensed Patents include all intellectual property
rights owned by or licensed to NEB or its Affiliates that may pertain to the full breadth and scope of materials or methods that Licensee
or its customers may use with Licensed Products. Furthermore, Licensee and its Affiliates have not provided and will not provide, and
NEB and its Affiliates have not received and will not receive, any consideration except that which is expressly provided herein for the
specific rights expressly granted herein.

 

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2.4.          Labeling
of Licensed Products. Licensee, and its Affiliates and Distributors, shall affix to each particular Licensed Product either on a
product insert accompanying the product or on the product itself, the label license(s) in the form set forth in Schedule B,
or such other label as NEB may direct from time to time. Such changes in labeling shall be subject to the approval of Licensee, which
approval shall not be unreasonably withheld. In regard to any changes in labels directed by NEB, Licensee shall have a reasonable time
period over which to make such changes, being no less than three (3) months.

 

2.5.          Exceeding
Scope of License. Without limiting NEB’s remedies or causes of action for the same, Licensee covenants not to infringe the Licensed
Patents licensed hereunder by exceeding the scope of license granted to Licensee pursuant to this Article 2.

 

2.6.          Improvements.
Licensee shall promptly disclose any Licensee Improvements to NEB. Any Licensee Improvements generated by Licensee shall be the sole and
exclusive property of Licensee. Licensee agrees to and does hereby grant to NEB a fully paid-up, worldwide, perpetual, royalty-free, non-exclusive,
fully sub-licensable license, under any and all such Licensee Improvements. Nothing in this paragraph grants either Party any rights,
either express or implied, in or to any other intellectual property generated, owned, controlled or licensed by the other.

 

2.7.          No
Challenge. Neither Licensee nor any of its Affiliates shall (i) directly or indirectly, by any express or implied act or omission,
do anything that would or might invalidate or be inconsistent with any intellectual property right of NEB related to the manufacture,
use, sale, offer for sale or import of any NEB Product or Licensed Product, including, but not limited, to the Licensed Patents; or (ii) directly
or indirectly issue a press release, public announcement, or news release alleging invalidity or unenforceability of any intellectual
property right of NEB related to the manufacture, use, sale, offer for sale or import of any NEB Product or Licensed Product, including,
but not limited to, the Licensed Patents.

 

3.             Fees,
Royalties, Records and Reports.

 

3.1.          Execution
Fee. In consideration for the grant of rights hereunder, Licensee will pay to NEB a one-time, non-refundable execution fee of [****]
([****]). The execution fee must be paid within thirty (30) days of Licensee’s
first sale of a Licensed Product or six (6) months from the Effective Date, whichever occurs first.

 

3.2.          Royalties.
Licensee shall pay royalties to NEB of [****] percent ([****]%)
of the Net Sales of Licensed Products from the Effective Date to the end of the Term.

 

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3.3.          Stacking.
If Licensee is a party to a patent license agreement with any Third Party, which Third Party patent(s) is/are employed in the manufacture,
use and/or sale of a Licensed Product, then Licensee may reduce the royalty rate applicable hereunder by [****]%
for each [****]% of royalty rate payable to such Third Party, provided, however, that in
no event with the royalty rate due to NEB be reduced to less than [****]% of the royalty
rate set forth in Section 3.2.

 

3.4.          Records.
Licensee shall keep full, true and accurate books of account containing all particulars which may be necessary for the purpose of showing
the amount payable by way of royalty or by way of any other provision under this Agreement for itself and shall require each of its Affiliates
to perform likewise. Such books and the supporting data shall be open at all reasonable times during normal business hours and upon reasonable
advance notice, for three (3) years following the end of the calendar quarter to which they
pertain (and access shall not be denied thereafter, if such records are reasonably available), to the inspection of an independent certified
public accountant retained by NEB and reasonably acceptable to Licensee for the purpose of verifying Licensee’s royalty statements
in respect of sales by Licensee and its Affiliates or Licensee’s and its Affiliates’ compliance in other respects with this
Agreement. Such inspection may take place no more often than once in any calendar year. If in dispute, such records shall be kept until
the dispute is settled. The inspection of records shall be at NEB’s sole cost unless the inspector concludes that royalties reported
by Licensee for the period being audited are understated by [****] percent ([****]%)
or more from actual royalties, in which case the underpayment will be due immediately and the costs and expenses of such inspection shall
be paid by Licensee.

 

3.5.          Reports.
Licensee shall, within thirty (30) days after the first day of January, April, July, and
October of each year, deliver to the addresses provided below a true and accurate royalty report. This report shall specify the
Net Sales in the Territory and shall give such particulars of the business conducted by Licensee and its Affiliates during the preceding
three (3) calendar months as are pertinent to an accounting for royalty under this Agreement
and shall include at least the following:

 

(a)            itemized
quantities and gross revenues of Licensed Products that are sold or otherwise transferred by or for Licensee or its Affiliates during
those three (3) months; and

 

		(b)	Net Sales of each Licensed Product, and the Allowed Deductions from gross revenues taken to generate such
Net Sales; and

 

		(c)	the calculation of royalties required under Article 3; and

 

		(d)	the royalties due.

 

If no royalties are due, it shall be so reported.

 

Simultaneously with the delivery of each royalty
report, Licensee shall pay to NEB the royalty and any other payments due under this Agreement for the period covered by such report.

 

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3.6.          Currency
Conversion. When a Licensed Product is sold for compensation for other than United States dollars, conversion of foreign currency
to United States dollars shall be made in the same manner as the Licensee converts all of its other revenues, provided that (a) such
manner is consistent with [****], and (b) the exchange rates employed are those quoted
by a reputable source, such as a recognized money center bank such as [****]. Such payments
will be made having deducted exchange, collection or other charges, provided said deductions do not exceed [****]
([****]) per transaction.

 

3.7.          Taxes.
Withholding tax, if any, levied on any royalty and/or on any other payments to be paid hereunder, will be paid by Licensee to the proper
taxing authority and proof of payment will be sent to NEB.

 

3.8.          Overdue
Payments. Any amount not being paid by Licensee when due will bear interest at a rate of [****]
percent ([****]%) over the prime rate then offered by [****]
from the due date until paid. The payment of such interest shall not foreclose NEB from exercising any other rights it may have as a consequence
of the lateness of any payment.

 

4.            Term
and Termination.

 

4.1.          Term.
Unless this Agreement is terminated earlier in accordance with this Section 4 or by the Licensee by giving NEB at least 4
weeks written notice, the license under this Agreement is granted to Licensee as of the Effective Date and will expire upon the expiration
of the last to expire of the patents within Licensed Patents, unless, in either case, this Agreement is earlier terminated in which case
the period will end at the date of such termination.

 

4.2.          Automatic
Termination. The license granted hereunder to Licensee, shall automatically terminate upon:

 

		(a)	an adjudication of Licensee as bankrupt or insolvent, or Licensee’s admission in writing of its
inability to pay its obligations as they mature; or

 

		(b)	an assignment by Licensee for the benefit of creditors; or

 

		(c)	Licensee’s applying for or consenting
to the appointment of a receiver, trustee or similar officer for any substantial part of its property or such receiver, trustee or similar
officer’s appointment without the application or consent of Licensee, if such appointment shall continue undischarged for a period
of ninety (90) days; or

 

		(d)	Licensee’s instituting (by petition, application, answer, consent or otherwise) any bankruptcy,
insolvency arrangement, or similar proceeding relating to Licensee under the laws of any jurisdiction; or

 

		(e)	the institution of any such proceeding
described above in subsection (d) (by petition, application or otherwise) against Licensee, if such proceeding shall remain undismissed
for a period of ninety (90) days or the issuance or levy of any judgment, writ, warrant
of attachment or execution or similar process against a substantial part of the property of Licensee, if such judgment, writ, or similar
process shall not be released, vacated or fully bonded within ninety (90) days after its
issue or levy; or

 

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		(f)	any filing in a court of competent jurisdiction by the Licensee or any Affiliate of the Licensee challenging
the validity or enforceability of the Licensed Patents, or any assistance given by Licensee or any Affiliate of the Licensee to a Third
Party who is challenging the Licensed Patents, provided that, Licensee and its Affiliates shall have the right to assert any defense or
counterclaim in an action for infringement of Licensed Patents brought against Licensee or its Affiliates or respond in any other manner
to such action.

 

In the event of any of (a) through (e) with
respect to any Affiliate of Licensee who is exercising any right under this Agreement, the rights conveyed to such Affiliate of Licensee
under this Agreement shall automatically terminate. In such case, the termination of rights to such Affiliate of Licensee shall not terminate
the licenses granted to Licensee hereunder.

 

4.3.          Termination
for Breach. Upon any material breach or default under this Agreement by a Party, including the failure to pay any money owed under
this Agreement, this Agreement may be terminated by the non-breaching Party upon sixty (60) days written notice to the breaching Party.
Said termination shall become effective at the end of the sixty (60) day period, unless within said sixty
(60) day period the breaching Party fully cures such breach or default and notifies the non-breaching Party of such cure.

 

4.4.          Consequences
of Termination.

 

		(a)	Upon termination of this Agreement as provided herein, Licensee shall immediately stop, and shall cause
its Affiliates to immediately stop, selling Licensed Products and all rights and licenses granted to Licensee by NEB hereunder shall automatically
terminate.

 

		(b)	Licensee’s obligations to report to NEB and to pay royalties as to the sale of Licensed Products
hereunder pursuant to this Agreement prior to termination or expiration of this Agreement shall survive such termination or expiration.

 

		(c)	Upon termination of this Agreement for
material breach or default by Licensee, Licensee and, if applicable, its Affiliates, shall destroy its and their inventory of Licensed
Products and confirm such destruction in writing within sixty (60) days of the effective
date of termination of this Agreement.

 

		(d)	In the event of any termination of this
Agreement, Licensee shall, within thirty (30) days of the effective date of said termination, notify each of its and its Affiliates’
customers who have, in the preceding twelve (12) months, purchased a Licensed Product that Licensee is no longer licensed under Licensed
Patents.

 

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5.            Infringement
of Licensed Patents; Third Party Claims. Each Party shall advise the other promptly upon becoming
aware of infringement or potential infringement by a Third Party or Third Parties of a patent within Licensed Patents in the Territory.
All decisions and rights to enforce Licensed Patents against infringing or allegedly infringing Third Parties reside with NEB, and nothing
in this Agreement shall be construed to require NEB to take any action to address any infringement or potential infringement or to otherwise
enforce Licensed Patents.

 

Licensee shall promptly notify NEB in writing
of any Third Party claim made against Licensee, its Affiliates, or its Distributors that any Licensed Product, including but not limited
to the way such Licensed Product is made, used, or sold, infringes any copyright, trademark, patent or similar proprietary right of any
Third Party, or misappropriates any trade secret or similar proprietary right of any Third Party. NEB shall determine, in its sole discretion,
an appropriate response to such claim. Licensee shall take no further actions with respect to any such Third Party claims without the
prior written consent of NEB.

 

6.             Confidentiality;
Publicity.

 

6.1.          Confidentiality.
The Receiving Party shall and shall cause its employees, Affiliates, agents and Distributors engaged in the performance of this Agreement
to: (a) maintain all Confidential Information in strict confidence, except that the Receiving Party may disclose or permit the disclosure
of any Confidential Information to its and its Affiliates’ directors, officers, employees, consultants, and advisors who are obligated
to maintain the confidential nature of such Confidential Information and who need to know such Confidential Information to perform this
Agreement; (b) use all Confidential Information solely for purposes performing this Agreement; and (c) reproduce the Confidential
Information only to the extent necessary to perform this Agreement, with all such reproductions being considered Confidential Information.

 

The obligations of the Receiving
Party under Section 6 shall not apply to Confidential Information to the extent that the Receiving Party can demonstrate by
written documentation that such applicable Confidential Information: (a) was in the public domain prior to the time of its disclosure
under this Agreement; (b) entered the public domain after the time of its disclosure under this Agreement through means other than
an unauthorized disclosure resulting from an act or omission by the Receiving Party; (c) was independently developed or discovered
by the Receiving Party or its Affiliate without use of or reference to such Confidential Information; (d) is or was disclosed to
the Receiving Party or its Affiliate at any time, whether prior to or after the time of its disclosure under this Agreement, by a Third
Party having no fiduciary relationship with the Disclosing Party and having no obligation of confidentiality with respect to such Confidential
Information; or (e) is required to be disclosed to comply with applicable laws or regulations, or with a court or administrative
order, provided that the Disclosing Party receives, to the extent practicable, prior written notice of such disclosure and that the Receiving
Party takes all reasonable and lawful actions to obtain confidential treatment for such disclosure and, if possible, to minimize the extent
of such disclosure, at the Disclosing Party’s cost.

 

Upon the termination by either Party of this Agreement,
the Receiving Party shall (at the Receiving Party’s discretion and request) return or destroy to the Disclosing Party all originals,
copies, and summaries of documents, materials, and other tangible manifestations of Confidential Information in the possession or control
of the Receiving Party, except for one copy which may be kept in the Receiving Party’s legal archives. The obligations set forth
in this Agreement shall remain in effect during the Term of this Agreement and for a period of five (5) years thereafter (unless
such Confidential Information constitutes a trade secret in which in which case, until it no longer constitutes a trade secret).

 

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6.2.          Publicity
and Terms of Agreement. The Parties agree that there shall be no public announcement of the execution of this Agreement. Except as
permitted by the foregoing provisions or as otherwise required by law, NEB and Licensee each agree not to disclose any terms or conditions
of this Agreement to any Third Party without the prior consent of the other Party.

 

7.            Assignment/Transferability.

 

7.1.          Assignment
by Licensee. The rights and licenses granted by NEB to Licensee in this Agreement are specific to Licensee and may not be assigned
or otherwise transferred to any Third Party without the prior written agreement of NEB, which agreement may be withheld at NEB’s
sole discretion. Any assignment or other transfer of this Agreement to a Third Party without the prior written agreement of NEB shall
be null and void.

 

7.2.          Assignment
by NEB. NEB may assign all or any part of its rights and obligations under this Agreement at any time without the consent of Licensee.
Licensee agrees to execute such further acknowledgments or other instruments as NEB may reasonably request in connection with such assignment.

 

8.             Representations
and Warranties.

 

8.1.          Representations.
Each Party represents and warrants to the other that (a) such Party is a company or corporation duly organized, validly existing
and in good standing under the laws of the jurisdiction in which it is organized; (b) such Party has the legal power and authority
to execute, deliver and perform this Agreement; (c) the execution, delivery and performance by such Party of this Agreement has been
duly authorized by all necessary corporate action; (d) this Agreement constitutes the legal, valid and binding obligation of such
Party, enforceable against such Party in accordance with its terms; and (e) the execution, delivery and performance of this Agreement
will not cause or result in a violation of any law, of such Party’s charter documents, or of any contract by which such Party is
bound.

 

8.2.          Negation
of Warranties. Nothing in this Agreement shall be construed as:

 

		(a)	a warranty or representation by NEB or its Affiliates as to the validity or scope of any patent included
within Licensed Patents; or

 

		(b)	a warranty or representation by NEB or its Affiliates that the practice of Licensed Patents is or will
be free from infringement of patents of Third Parties; or

 

		(c)	an obligation on NEB or its Affiliates to bring or prosecute actions or suits against Third Parties for
infringement; or

 

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		(d)	except as expressly set forth herein, conferring the right to use in advertising, publicity or otherwise
any trademark, trade name, or names, or any contraction, abbreviation, simulation or adaptation thereof, of NEB or its Affiliates; or

 

		(e)	conferring by implication, estoppel or otherwise any licenses, immunities or rights under any patents
or patent applications of NEB or its Affiliates other than those specified in Licensed Patents, regardless of whether such other patents
or patent applications are dominant or subordinate to those in Licensed Patents; or

 

		(f)	an obligation on NEB or its Affiliates to furnish any know-how not provided in Licensed Patents.

 

8.3.          No
Warranty. NEB AND ITS AFFILIATES HEREBY DISCLAIM ANY EXPRESS OR IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.
IN NO EVENT SHALL EITHER PARTY OR ITS AFFILIATES BE LIABLE HEREUNDER TO THE OTHER PARTY, ITS AFFILIATES, OR ANY OTHER PERSON OR ENTITY
FOR SPECIAL, INCIDENTAL, CONSEQUENTIAL, EXEMPLARY OR OTHER INDIRECT DAMAGES (INCLUDING, BUT NOT LIMITED TO, LOSS OF PROFITS OR LOSS
OF USE DAMAGES) INCURRED BY THE OTHER AND ARISING FROM ANY MANUFACTURE, USE, OR SALE OF LICENSED PRODUCTS EVEN IF SUCH PARTY HAS BEEN
ADVISED OF THE POSSIBILITY OF SUCH DAMAGES OR LOSSES.

 

9.             Indemnity.
Licensee shall assume full responsibility for its, its Affiliates, and its Distributor’s use of the Licensed Patents hereunder and
for the manufacture, use, and/or sale or other transfer of Licensed Products hereunder. Licensee shall defend and indemnify NEB and its
Affiliates, and its and their respective officers, directors, agents, employees and stockholders, from and against any and all liability,
demands, damages, expenses (including reasonable attorneys’ and expert witness fees and expenses) and losses for death, personal
injury, illness or property damage, infringement or misappropriation of intellectual property, or any other injury or damage arising out
of the preparation, use, or sale of Licensed Products, including but not limited to, use or reliance upon such Licensed Products by customers
of Licensee, its Affiliates and/or its or their Distributors.

 

10.           General.

 

10.1.        Entire
Agreement. This Agreement and its Schedules (attached hereto) constitute the entire agreement between NEB and Licensee as to the subject
matter hereof, and all prior negotiations, representations, agreements, and understandings are merged into, extinguished by and completely
expressed by it. This Agreement may be modified or amended only by a writing executed by authorized officers of each of the Parties.

 

10.2.        Notices.
All communication concerning this Agreement, including payments, notices, demands or requests required or permitted hereunder shall be
given in writing in English and shall be considered to have been duly delivered: (a) at the time personally delivered; or (b) one
(1) day after transmission by facsimile, confirmed by registered or certified mail; or (c) ten (10) days after being deposited prepaid
in registered or certified mail; or (d) two (2) days after being deposited with a reputable private overnight mail courier service prepaid,
requesting delivery in the fastest manner available. The addresses to be used for all payments, notices, demands or requests shall be
as follows, unless and until changed by either Party by providing proper notice to the other Party:

 

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If to Licensee:

 

[****]

 

If to NEB:

 

[****]

 

10.3.        Export
Regulations. Licensee will not, directly or indirectly, sell, export, re-export, transfer, divert, or otherwise dispose of any Licensed
Products (including, but not limited to, samples, materials, equipment, information, and technical data) to any destination, entity, or
person prohibited by United States, European Union or local laws or regulations; and

 

10.4.        FCPA.
Licensee and its Affiliates will comply with the United States Foreign Corrupt Practices Act (“FCPA”) and will not take any
action that would cause NEB or any of its Affiliates to be in violation of the FCPA. As part of such compliance, Licensee represents that
it and its Affiliates will not offer or make any improper payments of money or anything of value to a non-United States government official
in connection with this Agreement. Licensee and its Affiliates will not offer or make improper payments to a Third Party knowing, or suspecting,
that the Third Party will give the payment, or a portion of it, to a government official.

 

10.5.        Governing
Law. This Agreement will be governed by and construed in accordance with, the laws of the England and Wales, without reference to
conflicts of laws principles; provided however, that those matters pertaining to the validity or enforceability of patent rights shall
be interpreted and enforced in accordance with the laws of the territory in which such patent rights exist.

 

10.6.        Unenforceability
of Terms. If any provision of this Agreement is held to be unenforceable for any reason, it shall be adjusted rather than voided,
if possible, in order to achieve the intent of the Parties to the extent possible. In any event, all other provisions of this Agreement
shall be deemed valid and enforceable to the full extent possible.

 

10.7.        Headings.
Headings used herein are for descriptive purposes only and shall not control or alter the meaning of this Agreement as set forth in the
text.

 

10.8.        Counterparts.
This Agreement may be signed in two or more counterparts, all of which together shall constitute one and the same Agreement, binding on
the Parties as if each had signed the same document.

 

10.9.        Relationship.
The relationship of the Parties is that of independent contractors, and nothing herein will be construed as establishing one Party or
any of its employees as the agent, legal representative, joint venturer, partner, employee, or servant of the other. Except as set forth
herein, neither Party will have any right, power or authority to assume, create or incur any expense, liability or obligation, express
or implied, on behalf of the other.

 

    11

     

    

 

10.10.      Dispute
Resolution. In the event any Party claims breach of this Agreement, the Parties will consult with each other in good faith on the
most effective means to cure the breach and to achieve any necessary restitution of its consequences. This consultation will be undertaken
within a period of ten (10) days following the receipt of a written request to consult, and the consultation period will not exceed thirty
(30) days. During the consultation period, neither litigation nor arbitration may be pursued until attempts at consultative dispute
resolution have been exhausted.

 

10.11.      Surviving
Provisions. All rights and obligations of the Parties set forth herein that expressly or by their nature survive the expiration or
termination of this Agreement, including, without limitation, Section 3.1 and 3.2 to the extent that payment obligations
existing before expiration or termination of this Agreement remain unmet upon expiration or termination of this Agreement, Articles
1, 6, 8, 9 10 and Section 4.5 shall continue in full force and effect subsequent to, and notwithstanding
the expiration or termination of this Agreement until they are satisfied or by their nature expire and shall bind the Parties and their
legal representatives, successors, and permitted assigns.

 

[Signature Page Follows]

 

    12

     

    

 

IN WITNESS WHEREOF, the Parties, intending to
be legally bound, have caused this Agreement to be executed by their respective duly authorized representatives as of the dates set forth
below. This Agreement is effective as of the Effective Date.

 

	New England Biolabs, Inc.	Licensee
	 	 
	By: [****]	By: [****]
	 	 
	Name: [****]	Name: [****]
	 	 
	Title: [****]	Title: [****]

 

	Date: 	October 14, 2020	 	Date: 	12 OCT 2020

 

    13

     

    

 

Schedule A

 

Licensed Patents

 

[****]

 

Schedule B

 

License statement for use on Licensed Products

 

[****]

 

Schedule C

 

NEB Products

 

[****]

 

    14Exhibit
10.16

 

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

 

PATENT LICENSE AGREEMENT

 

THIS PATENT LICENSE AGREEMENT
(this “Agreement”), dated as of this day of 12 Oct, 2020 (the “Effective Date”), by and between
Eiken Chemical Co., Ltd., a corporation organized and existing under the laws of Japan with its principal place of business at 19-9, Taito
4-chome, Taito-ku, Tokyo, Japan (hereinafter referred to as “Eiken”) and Oxsed Ltd., a corporation organized and existing
under the laws of the United Kingdom with its principal place of business at Ash Tree Farm, Farringdon, Cumnor, Oxford OX2 9QX, the United
Kingdom (hereinafter referred to as “Oxsed”).

 

RECITALS

 

Eiken has developed proprietary
technology relating to the nucleic acid amplification referred to as “Loop-mediated Isothermal Amplification” (the “LAMP”)
and owns and has rights under certain patents and patent applications in respect of the LAMP in various countries of the world.

 

Oxsed wishes to obtain licenses
under the LAMP Patents (as defined later) to develop, manufacture, use and sell certain products in the Field (as defined later) in the
Territory (as defined later).

 

Eiken is willing to grant
such license under the LAMP Patents under the terms and conditions hereinafter contained.

 

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

 

Article I

DEFINITIONS; INTERPRETATION

 

Section 1.01.     
As used in this Agreement, except as otherwise expressly provided herein or unless the context herein otherwise requires, the following
terms shall have the respective meanings indicated below:

 

“Additional License
Fee” has the meaning set forth in Section 3.02.

 

“Affiliate”
means any corporation, company, partnership or entity that directly or indirectly through one or more intermediaries, controls, is
controlled by or is under common control with, either Party. For purposes of this definition, control means the direct or indirect,
legal or beneficial ownership of greater than fifty percent (50%) of the outstanding shares of stock entitled to vote for the
election of directors or persons performing similar functions, or in the case of entity not having voting stock, equivalent
ownership or interest of greater than fifty percent (50%) of its outstanding shares, or of its net asset or net profit, provided
that such corporation, company, partnership or entity shall be deemed to be an Affiliate for purposes of this Agreement only so long
as such Party maintains such ownership or control.

 

     

     

    

 

“this Agreement”
has the meaning set forth in the preamble hereof and includes all Schedules, which may be amended, modified, revised or supplemented from
time to time upon agreement of the Parties.

 

“Arm’s Length
Customer” means any customer, purchaser or third party having no financial interest or capital investments in Oxsed or any of
its Affiliates sublicensed hereunder in the first bona-fide arm’s length sale from Oxsed or such Affiliate of the Licensed Products.
For the avoidance of doubt, the transfer or sales from any of Oxsed’ Affiliates to another Affiliate of Oxsed shall not be considered
to be sales to Arm’s Length Customer.

 

“Change of Control”
means any transaction or event (or series of transactions or events), whether by an acquisition of securities, merger, consolidation,
proxy contest or other transaction or event (or series of transactions or events), that results in Oxsed being controlled, directly or
indirectly, by a third person (whether alone or with others) that did not control Oxsed before such transaction or event (or series of
transactions or events), whether or not Oxsed survives such transaction or event (or series of transactions or events). For purposes of
this definition, “control” means possession of, or the power or right to acquire possession of, directly or indirectly, the
power to direct or cause the direction of the management, business affairs or policies of Oxsed (whether through ownership of securities,
partnership or other ownership interests, by contract or otherwise).

 

“Effective Date”
has the meaning set forth in the preamble hereof.

 

“Field”
means [****].

 

“IFRS”
means International Financial Reporting Standards in effect at the time of keeping books of accounts set forth in Section 4.08.

 

“Initial License
Fee” has the meaning set forth in Section 3.01.

 

“Interest Rate”
means, with respect to any amount, the interest rate of [****] percent
([****]) per annum subject to the maximum statutory rate of default interest
permissible under applicable law.

 

“LAMP”
has the meaning set forth in the first Recital.

 

“LAMP Patents”
means the patents set forth in Schedule I and any divisional, amendment, inter partes review, reexamination, renewal, re-issue,
revision and extension of any of the foregoing patents.

 

“Licensed Product(s)”
means any reagent, product, kit, device, equipment, instrument and/or system for nucleic acid in-vitro diagnostic tests for the detection
of a Target or Targets, whether for research or commercial purposes, the developing, manufacturing, selling, offering for sale, or otherwise
disposing of which would constitute, but for the license herein, an infringement of any of the LAMP Patents; [****].

 

    2

     

    

 

“Master Mix”
means the reagents to be produced and sold by New England Biolabs, Inc. (“NEB”) [****],
authorized licensee in the field of investigational or research use, under the license granted by Eiken, which Oxsed has purchased for
incorporation into the Licensed Product to be produced and sold by it hereunder.

 

“Net Sales”
means the gross invoice price actually invoiced (or if not invoiced, the gross price actually charged) for a Licensed Product sold by
Oxsed or any Affiliate to any Arm’s Length Customer (excluding a Licensed Product transferred, sold or otherwise disposed of by
Oxsed to any of its Affiliates or any of its Affiliates to another Affiliate thereof) minus

 

(i)              
any VAT, sales, consumption or excise tax where such tax is itemized in the invoice and actually included in such gross invoice
price or gross charge;

 

(ii)             
[****]

 

(iii)           
in the case of a Master Mix incorporated into a Licensed Product, the procurement cost of the Master Mix incorporated in such Licensed
Product from NEB (and from any successors and assigns of NEB if authorized by Eiken) as verified by evidence, to the extent and as long
as NEB remains a licensee of Eiken in the field of investigational or research use.

 

provided, however,
that (a) when a Licensed Product is used or otherwise disposed of without payment, the Net Sale of such Licensed Product shall be [****].

 

“Party”
means either Eiken or Oxsed, and “Parties” means collectively Eiken and Oxsed.

 

“Running Royalties”
has the meaning set forth in Section 3.03.

 

“Target”
means severe acute respiratory syndrome coronavirus 2, SARS-CoV-2, which causes coronavirus disease (COVID-19), the specific genomic sequences
of which are detected by a Licensed Product.

 

“Territory”
means (i) the United Kingdom only during the stage of the initial license set forth in Section 2.01 and (ii) (a) all countries
of the European Union, (b) the United States of America, (c) India and/or (d) all countries of the world other than the United Kingdom,
all countries of the European Union, the United States of America and India after exercising the relevant option set forth in Section
2.02.

 

Section 1.02.     
Interpretation

 

(a)              
The phrase “to use the Licensed Products” means to incorporate the Licensed Products into any other products.

 

(b)              
The term “including” means “including without limitation.”

 

    3

     

    

 

(c)              
 The words “herein,” “hereof,” “hereto” and “hereunder” refer to this Agreement
as a whole, and not to any particular Article, Section or Subsection in this Agreement.

 

(d)              
Headings and Recitals are inserted for convenience only and do not affect the construction hereof, words denoting the singular
include the plural and vice versa, and words denoting one gender include each gender and all genders.

 

(e)              
Where an expression is defined, another part of speech or grammatical form of that expression has a corresponding meaning.

 

(f)               
Unless the context otherwise requires, references herein to:

 

(i)             
a person include references to a natural person, firm, partnership, joint venture, company, corporation, association, organization,
trust, enterprise, government or department or agency of any government (in each case whether or not having a separate legal personality);

 

(ii)             
a month, quarter and year are references to a month, quarter and year of the Gregorian Calendar;

 

(iii)           
Recitals, Articles, Sections, Subsection or Schedule refer to the appropriate recitals, articles, sections, subsections or schedules
hereof;

 

(iv)            
a document, instrument and agreement are references to such document, instrument and agreement (including schedules thereto and,
where applicable, any of its provisions) as amended, modified, varied, supplemented, novated or replaced and in effect at the time any
such reference is operative;

 

(v)              
a Party include its permitted successors and assigns;

 

(vi)            
a statute or law are construed as references to such statute or law as modified, amended, consolidated, extended or re-enacted
and in effect at the time any such reference is operative, and include any administrative guidances, orders, regulations, instruments
or other subordinate legislation made under the relevant statute or law; and

 

(vii)         
an authority, association or body whether statutory or otherwise are, if and when any such authority, association or body ceases
to exist or is reconstituted, renamed or replaced or the powers or functions thereof are transferred to any other authority, association
or body, references respectively to the authority, association or body established or constituted in lieu thereof or as nearly as may
be succeeding to the powers or functions thereof.

 

Article II

GRANT OF LICENSE

 

Section 2.01.     
Subject to the terms and conditions set forth herein, during the effective term hereof, Eiken hereby grants to Oxsed, and Oxsed
hereby accepts, personal, nontransferable, non-assignable, non-exclusive licenses under the LAMP Patents to develop and make Licensed
Products in the Field to detect a Target in the Territory, and use, sell, offer for sale or otherwise dispose of the Licensed Products
so made under Oxsed’s own labels in the Field in the United Kingdom.

 

    4

     

    

 

Section 2.02.     
Subject to the terms and conditions set forth herein, during the effective term hereof, Eiken hereby grants to Oxsed, and Oxsed
hereby accepts options for personal, non-transferable, non-assignable, non-exclusive licenses under the LAMP Patents to expand the Territory
to (a) all countries of the European Union, (b) the United States of America, (c) India and/or (d) all countries of the world other than
the United Kingdom, all countries of the European Union, the United States of America and India, any option for (a), (b), (c) and/or (d)
above to be exercisable at any time during the effective term hereof upon written notice to Eiken together with the payment of the corresponding
Additional License Fee(s) set forth in Section 3.02.

 

Section 2.03.     
Subject to compliance with the terms and conditions hereof, Oxsed shall have the right to grant to its Affiliates sublicenses under
the license and rights granted to it hereunder but without any right to sublicense further. Oxsed shall give Eiken written notice as to
the names, addresses, shareholding ratio, and any other information reasonably requested by Eiken from time to time with respect to all
the Affiliates sublicensed hereunder that manufacture the Licensed Products. Such Affiliates shall be bound by the terms and conditions
hereof as if it were named herein in the place of Oxsed. The sublicense granted to an Affiliate shall automatically terminate on the date
the Affiliate ceases to be an Affiliate. Oxsed shall not have the right to grant a license to any person other than its Affiliates.

 

Section 2.04.     
The license to “make” the Licensed Products granted in Section 2.01 includes the right under the LAMP Patents
to have a third party manufacturer designated by Oxsed or its Affiliates sublicensed hereunder and approved in advance by Eiken in writing,
such approval not to be unreasonably withheld or delayed (except for the third party manufacturers set forth in Schedule III which
are hereby approved), make the Licensed Products either in finished or semi-finished form in accordance with the designs, drawings and
specifications and manufacturing and/or assembling drawings or specifications, all originated and owned by Oxsed or such Affiliates, provided
that Oxsed or such Affiliates shall purchase and take over from such third party manufacturer all of the Licensed Products manufactured
and/or all portions thereof assembled by the third party manufacturer and shall not directly or indirectly re-transfer them to such third
party manufacturer or any related parties of such third party manufacturer. For the avoidance of doubt, a drop shipment (including invoicing
and collection of payment) of the Licensed Products by such third party manufacturer to Oxsed’s or its Affiliates’ customers
shall not be considered to be in violation of this Section 2.04 and shall be deemed to be a sale of Licensed Products by Oxsed
or its Affiliates (as applicable) for the purposes of this Agreement.

 

Section 2.05.     
For the avoidance of doubt, the licenses to use, sell, offer for sale or otherwise dispose of the Licensed Products under Oxsed’s
own labels does not include the right to use, sell, offer for sale or otherwise dispose of any parts or components of such License Products
except for the warranty or after services for such Licensed Products sold hereunder.

 

Section 2.06.      Except
for the licenses and rights expressly granted hereunder, no right, title or interest in any discovery, invention or technology, data
or information or any patent, copyright, trademark or other intellectual property right owned by Eiken or its Affiliate shall be
granted to Oxsed hereunder, by implication or otherwise. Eiken shall not be under any obligation to grant to Oxsed any additional
licenses and rights other than those granted hereby.

 

    5

     

    

 

Article III

LICENSE FEES AND ROYALTIES

 

Section 3.01.     
In consideration of the licenses and rights granted by Section 2.01, Oxsed shall pay to Eiken a non-refundable initial license
fee (the “Initial License Fee”), which shall be made in the following two installments;

 

(a)               [****]
to be due and payable within thirty (30) days after the Effective Date; and

 

(b)               [****]
to be due and payable within six (6)  months after the Effective Date.

 

Section 3.02.     
In consideration of the licenses and rights granted by Section 2.02, Oxsed shall pay to Eiken non-refundable additional
license fee (“Additional License Fee”) set out opposite each applicable territory to be expanded in the following table
to be due and payable upon exercise of the corresponding option in accordance with Section 2.02:

 

	 	Territory to be expanded	Additional License Fee
	(a)	all countries of the European Union 	[****]
	(b)	The United States of America	[****]
	(c)	India	[****]
	(d)	all countries of the world other than the United Kingdom, all countries of the European Union, the United States of America and India 	[****]

 

Section 3.03.     
In consideration of the licenses and rights granted herein, Oxsed shall further pay to Eiken the following non-refundable running
royalties (the “Running Royalties”) of the total Net Sales of all the Licensed Products made, used, sold or otherwise
disposed of by Oxsed or any of its Affiliates in the Field in the Territory:

 

(a)              
[****]% on the Net Sales aggregated at any time during the effective
term of this Agreement being up to [****] or less;

 

(b)              
[****]% on the Net Sales aggregated at any time during the effective
term of this Agreement exceeding [****] and less than [****];
and

 

(c)              
 [****]% on the Net Sales aggregated at any time during the effective
term of this Agreement exceeding [****].

 

Section 3.04.      Running
Royalties shall accrue at the time when any Licensed Product is first sold, used, or otherwise disposed of (as evidenced by the
applicable invoice or bill), whether or not payment is received by Oxsed or its Affiliates sublicensed hereunder. No Running
Royalties shall accrue at the time of the transfer, sale or disposal of the Licensed Products by Oxsed to any of its Affiliates or
any of its Affiliates to another Affiliate. In such event, Running Royalties shall accrue at the time of the use, sale or disposal
of the Licensed Products in the Field in the Territory by such other Affiliate.

 

    6

     

    

 

Section 3.05.     
For the avoidance of doubt, any portion of the Initial License Fee and Additional License Fees paid to Eiken shall not be credited
against any Running Royalties due and payable to Eiken hereunder.

 

Article IV

PAYMENT AND ROYALTY REPORTS

 

Section 4.01.      Running
Royalties accrued during each quarter (any part in the first or last quarter) during the term of this Agreement shall be paid to
Eiken or any other person designated by Eiken in writing from time to time within thirty (30) days after the end of such
quarter.

 

Section 4.02.      Each
Running Royalty payment shall be accompanied by a royalty report, substantially in the form attached hereto as Schedule II
covering the immediately preceding quarter showing the computation of Running Royalties for such quarter. Each royalty report shall
set out by product name, model and type of each of the Licensed Products used, sold or otherwise disposed of during the relevant
quarter, the name of the manufacturer (whether Oxsed or any of its Affiliates sublicensed hereunder or third party subcontractor
pursuant to Section 2.04), the unit price, the quantities, the country of use, sale or disposal, the relevant royalty rate,
the gross amount received, the relevant currency, the deductible items and total amount set forth in the definition of the Net Sales
and the total Net Sales of the Licensed Products. The royalty report shall also contain a calculation of the Running Royalties in Japanese
Yen due under this Agreement and the exchange rates used therefor. The royalty report shall be certified by an authorized
officer of Oxsed to be correct to the best knowledge and information of Oxsed. If no Running Royalties have accrued during a
quarter, the royalty report shall so state.

 

Section 4.03.      The
Initial License Fee, Additional License Fees, Running Royalties and any other amount payable to Eiken hereunder shall be payable to
Eiken in Japanese Yen without any deduction of any remitting bank
commission or fee or otherwise at the following bank account of Eiken or any other bank account Eiken notifies Oxsed in writing from
time to time:

 

Bank Name: [****]

Branch Name: [****]

Bank Address: [****]

Type of Bank Account: [****]

Bank Account Number: [****]

Name of the Bank Account holder: [****]

 

Section 4.04.     
For sales of Licensed Products made in currencies other than Japanese
Yen during a quarter, Running Royalties shall be computed by converting the Net Sales into Japanese Yen at the wire transfer selling
rate of exchange in effect on the closing of the last banking day during such quarter as quoted by [****].

 

Section 4.05.      [****].
The Parties agree that the payments due to Eiken hereunder constitute “royalties” as that term is defined in Article 12,
paragraph 2 of the Convention between Japan and the United Kingdom of Great Britain and Northern Ireland for the Avoidance of Double
Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income and on Capital Gains (the “Treaty”)
and, as such, are exempt from British withholding tax under Article 12, paragraph 1 of the Treaty. Pursuant to such exemption, Oxsed
shall not withhold any tax from any payments due to Eiken hereunder, and Eiken shall not be liable for any withholding taxes
involved in this transaction. Eiken shall, in addition to providing a certificate of Japanese residency, complete all forms required
for Oxsed to obtain such exemption and provide Oxsed with such forms.

 

    7

     

    

 

Section 4.06.      Within
thirty (30) days after expiration or termination of this Agreement, Oxsed shall furnish to Eiken a royalty report as set forth in Section
4.02 covering the Net Sales of the Licensed Products used, sold or otherwise disposed of prior to the expiration or termination
date but as to which no Running Royalties were previously paid, which report also shall set forth the total quantity of
Oxsed’s and its Affiliates’ inventory (including work-in-process) of the Licensed Products existing as of the expiration
or termination date and in possession of Oxsed and all of its Affiliates, and Oxsed shall simultaneously pay Running Royalties to
Eiken with respect to the Licensed Products made, used or sold in the Territory and inventory thereof. The Running Royalties with
respect to Oxsed’s and its Affiliates’ inventory existing as of the expiration or termination date shall be determined
as if such inventory were sold in the Territory immediately prior to the expiration or termination date.

 

Section 4.07.     
In the event that any amount due Eiken by Oxsed hereunder is not paid when due, Oxsed shall pay on demand to Eiken interest on
the overdue amount at the Interest Rate from the due date of such amount until the date such overdue amount is paid in full.

 

Section 4.08.      Oxsed
shall keep, and Oxsed shall cause its Affiliates to keep, accurate and complete records and books of account containing regular
entries in accordance with the IFRS consistently applied for the purpose of calculating Running Royalties and making royalty reports
pursuant to Section 4.02. All the records and books of account relating to a particular fiscal year of Oxsed and such
Affiliates shall be retained for a period of five (5) years following the close of such fiscal year. All records and books of
account shall contain all information necessary to calculate Running Royalties hereunder and to determine the accuracy of the
royalty reports. Eiken shall have the right (which it may not exercise more than once for each year) to cause such records and books
of account to be audited by an independent public accounting firm and a law firm selected by Eiken for the sole purpose of
determining the accuracy of reports and calculations of Running Royalties. Such audits shall be made during normal business hours of
Oxsed or such Affiliates and with at least fifteen (15) day prior
notice. All information disclosed to or obtained by the independent public accounting firm and the law firm during such audit shall
not be disclosed to anyone including Eiken (except as required by law or by any governmental agency or tribunal, and except as may
be necessary or proper in connection with any dispute or proceeding relating to this Agreement) and shall be held in strictest
confidence, except that the independent public accounting firm and the law firm may disclose to Eiken whether a discrepancy in
Running Royalty payments has been found, the amount of the discrepancy involved, and the circumstance of the discrepancy, including
the basis upon which the discrepancy is determined. In the event that such audit reveals that Oxsed underpaid or under-reported
Running Royalties due Eiken, Oxsed shall promptly upon demand pay to Eiken the deficiency and interest thereon under Section
4.07, and if such deficiency is in excess of [****] percent
([****]%) of the amount actually due, Oxsed shall also upon demand
from Eiken reimburse Eiken for the costs and expenses incurred in conducting such audit.

 

    8

     

    

 

Section 4.09.     
Oxsed shall faithfully respond with reasonable additional information to what Eiken may reasonably request from time to time to
enable Eiken to ascertain a specific model or type of Licensed Products used, sold or otherwise disposed of by Oxsed or the Affiliates
is subject to the payment of Running Royalties, and the amount of such Running Royalties due.

 

Article V

PATENT MARKING

 

Oxsed shall mark, and shall
cause its Affiliates sublicensed hereunder to mark, (i) each of the Licensed Products made, used, offered for sale or sold, (ii) its containers,
and the product brochures and promotional and sales materials for the Licensed Products, or (iii) each such Licensed Products in the form
of “virtual marking” on a free-to-access web page, with the patent numbers of the LAMP Patents utilized therefor, and shall
furnish to Eiken samples of each of the Licensed Products or their containers and each copy of those product brochures and materials.

 

Article VI

GRANT BACK

 

Oxsed hereby agrees to grant
and causes its Affiliates to grant to Eiken and its Affiliates, at no charge,
non-exclusive, world-wide perpetual right and license to make, have made, use, sell, offer for sale or otherwise dispose of any
product utilizing any Oxsed Improvement, where “Oxsed Improvement” means any discovery, invention or improvements, whether
patentable or not, on the LAMP including any patent application prosecuted by Oxsed or its Affiliates or any patent issued therefrom that
cannot be practiced without a license to the LAMP Patents. Promptly after Oxsed becomes aware of any such discovery, invention or improvements,
Oxsed shall inform Eiken of such discovery, invention or improvements in writing in such reasonable manner and details as Eiken will be
able to review, make further inquiries and utilize the same. For the avoidance of doubt, the foregoing specifically does not apply to
the cases where any such discovery, invention or improvement on the LAMP made
by Oxsed or Oxford University, any patent application thereof or any patent issued therefrom does not constitute any infringement
of the LAMP Patents.

 

Article VII

NO WARRANTIES

 

Section 7.01.     
Nothing in this Agreement shall be construed as:

 

(a)              
a warranty, representation or promise by Eiken relating to any of the LAMP Patents or the Licensed Products, including the validity,
scope or suitability for any purpose of the LAMP Patents; or

 

(b)              
an obligation on the part of Eiken to furnish any manufacturing or technical information to Oxsed or its Affiliates; or

 

    9

     

    

 

(c)              
 an obligation to bring or prosecute actions or suits against third parties, defend actions or suits brought against Oxsed, its
Affiliates, their customers or third parties, or indemnify Oxsed, its Affiliates, their customers or third parties for any reason; or

 

(d)              
imposing any liability on Eiken with respect to the manufacture, use, sale or disposal of the Licensed Products by Oxsed, its Affiliates,
their customers or third parties; or

 

(e)              
imposing an obligation on Eiken to maintain the continued existence of any of the LAMP Patents or to file applications for any
patent or other industrial or intellectual property right or to take any action with respect to filed applications for any patent or other
industrial or intellectual property rights; or

 

(f)               
conferring upon Oxsed or its Affiliates the right to use in advertising, publicity or otherwise, any trademark, service mark or
trade name of Eiken, except in the case of Article V; or

 

(g)              
an obligation upon Eiken to make any determination as to the applicability of any of the LAMP Patents to any products of Oxsed
or its Affiliates.

 

Section 7.02.     
EIKEN MAKES NO WARRANTIES, REPRESENTATIONS OR PROMISES THAT THE USE OR PRACTICE OF THE LAMP PATENTS OR THE DEVELOPMENT, MANUFACTURE,
USE, OFFER FOR SALE OR SALE OF THE LICENSED PRODUCTS DOES NOT AND WILL NOT INFRINGE ANY PATENT OR OTHER INDUSTRIAL OR INTELLECTUAL PROPERTY
RIGHT OR OTHER RIGHT OWNED BY THIRD PARTIES. THE LICENSES AND RIGHTS PROVIDED FOR HEREIN ARE GRANTED WITHOUT WARRANTIES OF ANY KIND, EITHER
EXPRESS OR IMPLIED, INCLUDING THOSE OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.

 

Article VIII

TERM AND TERMINATION

 

Section 8.01.     
This Agreement shall become effective on the Effective Date.

 

Section 8.02.     
Except as otherwise provided for in this Article VIII, this Agreement, the licenses and rights granted pursuant hereto shall
remain in effect until the last to expire of the LAMP Patents.

 

Section 8.03.     
Eiken shall have the right forthwith to terminate this Agreement upon written notice to Oxsed in any of the following events:

 

(a)               if
Oxsed or any of its Affiliates sublicensed hereunder has defaulted in the performance or observance of any provision, covenant,
condition or agreement contained in this Agreement and has failed to cure such default within thirty
(30) days  of written notice complaining thereof to Oxsed;

 

(b)              
if Oxsed becomes insolvent or admits in writing its inability to pay its debts as the same nature or makes an assignment for the
benefit of creditors;

 

    10

     

    

 

(c)              
 if any proceeding is instituted by or against Oxsed seeking to adjudicate it bankrupt or insolvent, or seeking dissolution, liquidation,
winding up, reorganization, arrangement, adjustment, protection, relief or composition of Oxsed or its debts or seeking the entry of an
order for relief or the appointment of a receiver, trustee, custodian or other similar official for Oxsed or for any substantial part
of its property and assets;

 

(d)              
if Oxsed assigns or attempts to assign this Agreement or any part thereof in violation of Section 9.01; and

 

(e)              
if Oxsed or any of its Affiliates files any declaratory judgment or similar action to obtain the invalidity of any of the LAMP
Patents or the non-infringement of any Licensed Product upon any of the LAMP Patents.

 

Section 8.04.     
In the event that Oxsed or any of its Affiliates for itself or through any third party contests the validity of any of the LAMP
Patents or assists any third party in contesting the validity of any of the LAMP Patents, to the extent permissible by applicable law,
Eiken shall have the right forthwith to terminate this Agreement or the specific licenses and rights granted hereunder in respect of such
LAMP Patent upon written notice to Oxsed, and the corresponding sublicenses shall likewise terminate without any notice to its Affiliates.

 

Section 8.05.     
In the event that Oxsed becomes subject to a Change of Control, and unless Oxsed delivers to Eiken, in writing within sixty
(60) days of the Change of Control, a legally binding undertaking from the third person thereafter in Control of Oxsed (including the
entity, if any, that ultimately Controls such third person) (on behalf of itself and entities that would constitute Affiliates) to be
bound by the terms and conditions of this Agreement to the same extent as if such third person (or such Controlling entity) were the
party to this Agreement subject to the consent of Eiken, then Eiken shall have the right to terminate this Agreement upon written notice
to Oxsed, and the corresponding sublicenses shall likewise terminate without any notice to its Affiliates.

 

Section 8.06.     
All licenses and rights granted to Oxsed hereunder in respect of the LAMP Patents shall cease forthwith as of the date of expiration
or termination of this Agreement. In the event that this Agreement is terminated for whatever reason or expired, all the corresponding
sublicenses granted to the Affiliates of Oxsed shall likewise terminate without any notice to such Affiliates.

 

Section 8.07.     
Any expiration or termination of this Agreement pursuant to this Article VIII shall not relieve Oxsed of any of its obligations
or liabilities accrued hereunder prior to the date of expiration or termination of this Agreement, and the expiration or termination shall
not affect in any manner any rights of Eiken arising under this Agreement prior thereto.

 

Section 8.08.     
The rights and remedies set forth in this Article VIII are not exclusive and are in addition to any other rights and remedies
available to Eiken under this Agreement or at law or in equity.

 

Section 8.09.     
For the convenience of the Parties, this Agreement is made for patent licenses under a certain group of patents owned by Eiken.
Any judgment, adjudication, determination or order by a competent court or a regulatory authority or governmental agency which finds
one or more of the LAMP Patents invalid or unenforceable shall not give rise to a right of termination hereof or reduction of the Initial
License Fee, Additional License Fees or Running Royalties by Oxsed, as long as one or more of the LAMP Patents remain valid.

 

    11

     

    

 

Section 8.10.     
The provisions of Articles I, III, VI and VII and Sections 4.02 through 4.09, 8.07,
8.08, 9.03, 9.08, 9.10, 9.11, 9.13 and 9.15 and this Section 8.10 shall survive
the expiration or termination of this Agreement.

 

Article IX

MISCELLANEOUS

 

Section 9.01.     
This Agreement and the licenses and rights granted herein shall be binding upon and inure to the benefit of Eiken, Oxsed and their
respective permitted successors and assigns. Oxsed shall not assign or transfer any of its rights, privileges or obligations hereunder
without prior written consent of Eiken. For the purpose of this Agreement, any consolidation or merger by any third party with Oxsed where
the third party is the surviving entity or any sale of all or substantially all of the assets of Oxsed relating to the business contemplated
by this Agreement to any third party shall be construed to be an assignment hereunder. Any assignment or transfer in violation of this
Section 9.01 shall be null and void ab initio.

 

Section 9.02.     
This Agreement does not in any way create a relationship of principal and agent, partnership or joint venture between the Parties.
Neither Party shall under any circumstances act as, or represent itself to be, the other Party.

 

Section 9.03.      Any
notice, report or other document required or permitted hereunder shall be written in English, and shall be sufficiently given when
personally delivered, telecommunicated, delivered by overnight courier or mailed prepaid first class registered or certified mail
and addressed to the Party for whom it is intended at its record address, and such notice shall be effective upon receipt, if
delivered personally, telecommunicated, or delivered by overnight courier, or shall be effective five
(5) days after it is deposited in the mail, if mailed. The record addresses and facsimile numbers of the Parties are set
forth below:

 

Eiken: [****]

 

Oxsed: [****]

 

Either Party, at any time, may change its previous
record address or facsimile number by giving written notice of the substitution in accordance with the provision of this Section 9.03.

 

Section 9.04.     
Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement or portion thereof, or the application thereof to any person or circumstance or in any country
contravenes a law of any country (or political subdivision thereof) in which this Agreement is effective or is held to any extent invalid
or unenforceable, the remaining provisions of this Agreement (or of such provision) and the application thereof to other persons or circumstances
or in other countries shall not be affected thereby, and this Agreement shall be modified with respect to its application in such jurisdiction,
but not in jurisdictions where such provision is valid, to conform with such law.

 

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Section 9.05.     
No modification or amendment hereof shall be valid or binding upon the Parties, unless made in writing and duly executed on behalf of
the Parties by their respective duly authorized officers.

 

Section 9.06.     
Any failure of either Party to insist upon the strict performance of any provision hereof or to exercise any right or remedy shall
not be deemed a waiver of any right or remedy with respect to any existing or subsequent breach or default.

 

Section 9.07.     
This Agreement constitutes the entire understanding and agreement of the Parties with respect to the subject matter hereof and
supersedes all prior agreements, express or implied, and oral or written.

 

Section 9.08.     
This Agreement shall be construed, and the legal relations between the Parties shall be determined, in accordance with the laws
of Japan without regard to what laws might otherwise govern under applicable principles of conflict or choice of laws.

 

Section 9.09.     
This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all of which together
shall constitute a single instrument.

 

Section 9.10.     
Any dispute, controversy or difference arising out of, in relation to or in connection with, this Agreement shall be settled in
good faith between the Parties. If the Parties fail to resolve such dispute, controversy or difference through the good faith negotiations,
it shall be finally settled by arbitration in Tokyo, Japan in accordance with the Rules of Arbitration of the International Chamber of
Commerce for the time being in force by a panel of three (3) arbitrators. The prevailing Party shall be entitled to receive from the losing
Party reimbursement for all costs incurred in such arbitration proceedings, including reasonable attorneys’ fees. The decision and
award of the arbitration shall be final and binding, and shall be enforceable in any court of competent jurisdiction.

 

Section 9.11.     
The Parties shall maintain the confidentiality of the terms of this Agreement, and shall not disclose or transfer, without the
prior written consent of the other Party, such terms or any part thereof to any third party, except

 

(a) as otherwise may
be required by law, order or regulation; or

 

(b) to any competent
court, regulatory authority or governmental agency which has ordered the same to be produced; provided, however, that the Party who has
been so ordered shall promptly notify the other Party of such order and use its best efforts to preserve the confidentiality thereof to
the extent possible in compliance with such order including obtaining a protective order.

 

Section 9.12.     
Neither Party shall issue any press release or other public announcement relating to this Agreement without obtaining the other
Party’s written approval.

 

Section 9.13.      The
Parties hereby acknowledge that there are circumstances in which it would be impossible to measure in money the injury that would be
suffered by Eiken or Oxsed, as relevant, by reason of the other Party’s breach of its obligations hereunder, and the breaching
Party consents to the granting by any court in any applicable jurisdiction of an injunction or other equitable relief. The foregoing
shall be in addition to all other rights and remedies available to the non-breaching Party under this Agreement or at law or in
equity.

 

    13

     

    

 

Section 9.14.     
Oxsed shall fully comply with all laws, ordinances and regulations applicable to it with respect to the development, manufacture,
use or sale of the Licensed Products hereunder or any other performance to be made by Oxsed hereunder.

 

Section 9.15.     
Oxsed hereby agrees to defend, indemnify and hold harmless Eiken, its Affiliates, and their respective directors, officers, employees
and agents from and against any and all claims, actions, suits, liabilities, damages or judgments resulting from or relating to the activities
of Oxsed and its Affiliates sublicensed hereunder or the manufacture, use, sale or other disposal of the Licensed Products by Oxsed, its
Affiliates or any other person (including claims, actions, suits, liabilities, damages or judgments related to product liability). Oxsed
shall assume responsibility for all costs and expenses related to any such claims, actions, suits, liabilities, damages or judgments including
reasonable attorneys’ fees and other litigation costs and expenses.

 

IN WITNESS WHEREOF, each of
the Parties has caused this Agreement to be executed by its duly authorized officer as of the date and year first above written.

 

	EIKEN CHEMICAL CO., LTD.	 	OXSED LTD.
	 	 	 
	By: 	 	 	By:	 
	 	Name:	[****]			Name:	[****]
		Title:	[****]	 		Title:	[****]
		Date:	 	 		Date:	12 OCT 2020

 

    14

     

    

 

Schedule I

 

LAMP Patents

 

[****]

 

Schedule II

 

Form of Royalty Report

 

[****]

 

Schedule III

 

Pre-Approved third party manufacturers

 

[****]

 

    15

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