Document:

Exhibit 10.10

 

EXCLUSIVE LICENSE AGREEMENT
BETWEEN

ST. JUDE CHILDREN’S RESEARCH
HOSPITAL, INC.

 

&

 

BLUE WATER VACCINES

 

 

ST. JUDE File No.: SJ-11-0001
and SJ-18-0045

 

 

 

 

     

     

    

 

LICENSE AGREEMENT

 

THIS
LICENSE AGREEMENT (the “Agreement”) is entered into as of January 27, 2020 (the “EFFECTIVE DATE”) by and
between ST. JUDE CHILDREN’S RESEARCH HOSPITAL, INC., a Tennessee not-for-profit corporation having an address at 262 Danny
Thomas Place, Memphis, TN 38105 (“ST. JUDE” or “LICENSOR”), and Blue Water Vaccines, Inc., a Delaware
corporation, having an address at 2014 Courtland Avenue, Cincinnati, OH 06830 (“COMPANY”) (ST. JUDE and COMPANY
hereinafter each referred to as a “PARTY”, or collectively referred to as the “PARTIES”) with respect to the
following:

 

RECITALS

 

WHEREAS, as
a center for research and education, ST. JUDE is interested in licensing PATENT RIGHTS (hereinafter defined) in a manner that will benefit
the public by facilitating the development of useful products; and

 

WHEREAS, the
valuable invention(s) titled “Live, Attenuated Streptococcus Pneumoniae Strain and Vaccine for Protection Against Pneumococcal
Disease” (ST. JUDE File No.: SJ-11- 0001) and “Vaccine Compositions and Methods for Reducing Transmission of Streptococcus
Pneumoniae” (ST. JUDE File No.: SJ-18-0045) were developed during the course of research conducted by Dr. Jason Rosch and other
members of ST. JUDE (all hereinafter referred to as “INVENTORS” and each individually referred to as an “INVENTOR”);
and

 

WHEREAS, LICENSOR
has acquired through assignment by each of the INVENTORS all rights, title and interest, with the exception of certain retained rights
by the United States Government, in their interest in said valuable inventions; and

 

WHEREAS, COMPANY
desires to obtain certain rights in such inventions as herein provided, and to provide funding for research related to such inventions
at ST. JUDE, if applicable, subject to the terms of a research collaboration agreement(s) to be negotiated by the PARTIES, and to commercially
develop, manufacture, use and/or distribute products based upon or embodying said valuable inventions throughout the world; and

 

NOW THEREFORE,
in consideration of the premises and the mutual promises and covenants contained in this Agreement, and for other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the PARTIES hereto agree as follows:

 

ARTICLE 1

DEFINITIONS

 

All references
to particular Exhibits, Articles or Paragraphs shall mean the Exhibits to, and Paragraphs and Articles of, this Agreement, unless otherwise
specified. For the purposes of this Agreement and the Exhibits hereto, the following words and phrases shall have the following meanings:

 

 1.1 “AFFILIATED COMPANY” as used herein in either singular or plural shall mean any corporation, company, partnership, joint venture or other entity, which controls, is controlled by or is under common control with COMPANY. For purposes of this Paragraph 1.1, control shall mean the direct or indirect ownership of at least fifty- percent (50%) of the voting or economic interest in said entity. Any AFFILIATED COMPANY that is exercising rights under this AGREEMENT shall provide a written acknowledgement to LICENSOR that they are bound by, and agree to abide by, the terms of this AGREEMENT.

 

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 1.2 “EFFECTIVE DATE” of this License Agreement shall mean the date set forth above.

 

 1.3 “EXCLUSIVE LICENSE” shall mean a grant by LICENSOR to COMPANY of their entire right and interest in the PATENT RIGHTS subject to the exceptions set forth in Article 2.

 

 1.4 “FIRST COMMERCIAL SALE” shall mean the first sale for use or consumption by the general public of LICENSED PRODUCT in a country after regulatory approval has been obtained for such LICENSED PRODUCT in such country.

 

 1.5 “IND” shall mean an Investigational New Drug application filed with the Food and Drug Administration for authorization to commence human clinical trials in the United States, and its equivalent in other countries or regulatory jurisdictions.

 

 1.6 “LICENSED FIELD” shall mean vaccines for use in humans.

 

 1.7 “LICENSED PRODUCT(S)” as used herein in either singular or plural shall mean any material, compositions, drug, or other product, the manufacture, use or sale of which would constitute, but for the license granted to COMPANY pursuant to this Agreement, an infringement of a VALID CLAIM of PATENT RIGHTS (infringement shall include, but is not limited to, direct, contributory, or inducement to infringe).

 

 1.8 “NET SALES” shall mean gross sales revenues and fees billed by COMPANY, AFFILIATED COMPANY and SUBLICENSEE(S) from the sale of LICENSED PRODUCT(S) less the following:

 

 (a) customary trade, quantity, or cash discounts to the extent actually allowed and taken;

 

(b) amounts repaid or credited by reason of rejection or return of LICENSED PRODUCTS;

 

(c) to the extent separately stated on purchase orders, invoices, or other documents of sale, any taxes or other governmental charges levied on the production, sale, transportation, delivery, or use of a LICENSED PRODUCT, which is paid by or on behalf of COMPANY or AFFILIATES; and

 

(d) outbound transportation costs prepaid or allowed and costs of insurance in transit.

 

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For purposes
of determining NET SALES, the LICENSED PRODUCT(S) shall be deemed to be sold when invoiced and a “sale” shall not include
transfers or dispositions for charitable, promotional, pre-clinical, clinical, regulatory or governmental purposes.

 

 1.9 “PATENT RIGHTS” shall mean U.S. provisional patent application no. 61/537,290, titled “Live, Attenuated Streptococcus Pneumoniae Strain and Vaccine for Protection Against Pneumococcal Disease” filed on September 21, 2011, which issued as US patent number 9,265,819 on February 23, 2016 and U.S. provisional patent application no. 62/817,748 filed March 13, 2019 owned by LICENSOR and all invention(s) disclosed and claimed therein (“INVENTION”), and any issued patents, divisions, continuations, continuations-in-part to the extent that the claims are directed to subject matter described in the above-referenced patent applications and are entitled to the priority date of the existing PATENT RIGHTS, reexaminations, substitutions, renewals, restorations, additions or registrations thereof, as well as non-United States counterparts thereof and extensions and supplementary protection certificates thereon.

 

 1.10 “PHASE I CLINICAL TRIAL” shall mean a human clinical trial, the principal purpose of which is a preliminary determination of safety in healthy individuals or patients as required in 21 C.F.R. §312, or a similar clinical study prescribed by the regulatory authorities in a country other than the United States.

 

 1.11 “PHASE II CLINICAL TRIAL” shall mean (i) a human clinical trial, for which a primary endpoint is a preliminary determination of efficacy or dose ranges in patients with the disease target being studied as required in 21 C.F.R. §312.21(b), as may be amended from time to time, or a similar clinical study prescribed by the regulatory authorities in a country other than the United States, or (ii) a combined Phase II and Phase III Clinical Trial which enrolls at least forty (40) patients, or any Phase III Clinical Trial performed in lieu of a Phase II study.

 

 1.12 “PHASE III CLINICAL TRIAL” shall mean a human clinical trial, the principal purpose of which is to establish safety and efficacy in patients with the disease target being studied as required in 21 C.F.R. §312, or similar clinical study prescribed by the regulatory authorities in a country other than the United States. A Phase III Clinical Trial shall also include any other human clinical trial intended as a pivotal study, whether or not such study is a traditional Phase III study.

 

 1.13 “SUBLICENSEE(S)” as used herein in either singular or plural shall mean any person or entity other than an AFFILIATED COMPANY to which COMPANY has granted a sublicense of PATENT RIGHTS under this Agreement.

 

 1.14 “VALID CLAIM” as used herein in either singular or plural shall mean a claim of any (i) issued and unexpired patent included within the PATENT RIGHTS unless the claim has been held unenforceable or invalid by the final, un-reversed, and un-appealable decision of a court or other government body of competent jurisdiction, has been irretrievably abandoned or disclaimed, or has otherwise been finally admitted or determined to be invalid, unpatentable or unenforceable, whether through reissue, reexamination, disclaimer or otherwise, or (ii) a pending claim of a patent application within the PATENT RIGHTS to the extent the claim continues to be prosecuted in good faith and has not been cancelled, withdrawn, abandoned or finally disallowed without the possibility of appeal or re-filing of such application.

 

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ARTICLE
2

 LICENSE GRANT

 

2.1 Grant.
Subject to the terms and conditions of this Agreement, LICENSOR hereby grants to COMPANY an EXCLUSIVE LICENSE to develop, make, have
made, use, import, offer for sale and sell the LICENSED PRODUCT(S) worldwide under the PATENT RIGHTS in the LICENSED FIELD. This
license grant shall apply to the COMPANY and any AFFILIATED COMPANY, except that any AFFILIATED COMPANY shall not have the right to
sublicense others as set forth in Paragraph 2.2 below. If any AFFILIATED COMPANY exercises rights under this Agreement, such
AFFILIATED COMPANY shall be bound by all terms and conditions of this Agreement, including, but not limited to, indemnity and
insurance provisions and royalty and other payment provisions, which shall apply to the exercise of the rights, to the same extent
as would apply had this Agreement been directly between LICENSOR and the AFFILIATED COMPANY. In addition, COMPANY shall remain fully
liable to LICENSOR for all acts and obligations of AFFILIATED COMPANY such that acts of the AFFILIATED COMPANY shall be considered
acts of the COMPANY.

 

 2.2 Sublicense. COMPANY may grant sublicenses under the PATENT RIGHTS to third parties under this Agreement, subject to the terms and conditions of this Paragraph 2.2. COMPANY shall provide LICENSOR with a redacted confidential copy of each sublicense agreement between COMPANY and a third party for the grant of rights under the PATENT RIGHTS within forty-five (45) days of its execution. Each sublicense agreement shall: (a) be consistent with the terms, conditions and limitations of this Agreement, (b) name LICENSOR as an intended third party beneficiary of the obligations of SUBLICENSEE without imposition of obligation or liability on the part of LICENSOR or the INVENTORS to the SUBLICENSEE, (c) specifically incorporate Paragraphs 6.2 “Representations by LICENSOR”, 7.1 “Indemnification”, 10.1 “Use of Name”, and 10.4 “Insurance” into the body of the sublicense agreement, and cause the terms used therein to have the same meaning as in this Agreement, and (d) permit the SUBLICENSEE to grant further sublicenses, provided that such sub-sublicensees shall be subject to all of the terms and conditions of this Paragraph 2.2. The redacted copy of each sublicense agreement or sub-sublicense agreement furnished to LICENSOR by COMPANY shall be the Confidential Information of COMPANY. COMPANY shall (a) be and remain responsible for the performance by such SUBLICENSEE, and such SUBLICENSEE’s sublicensees, with the terms of this Agreement, and any action by a SUBLICENSEE, and such SUBLICENSEE’s sublicensees, that would, if conducted by COMPANY, be a breach of this Agreement, shall be deemed a breach of this Agreement by COMPANY, and (b) ascertain, calculate, audit and collect all royalties that become payable by such SUBLICENSEE, and such SUBLICENSEE’s sublicensees, hereunder and take appropriate enforcement action against such SUBLICENSEE, and such SUBLICENSEE’s sublicensees, for any failure to pay or to properly calculate payments.

 

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For the avoidance of doubt, an agreement
between any of COMPANY, an AFFILIATED COMPANY or a SUBLICENSEE and
a third party granting rights (in the absence of consideration to COMPANY, AFFILIATED COMPANY, or SUBLICENSEE) to the third party to perform
research or development activities solely on behalf of COMPANY, AFFILIATED COMPANY, or SUBLICENSEE, but not rights to commercialize or
otherwise exploit LICENSED PRODUCTS, shall not be deemed to be a sublicense hereunder and shall not be subject to the terms of this Paragraph
2.2; provided, however, that COMPANY will remain solely responsible for such agreements and the actions of any party it contracts with
thereunder.

 

 2.3 Government Rights. The United States Government may have acquired a nonexclusive, nontransferable, irrevocable, paid-up license to practice or have practiced for or on behalf of the United States the INVENTIONS described in PATENT RIGHTS throughout the world. The rights granted herein are additionally subject to: (i) the requirement that any LICENSED PRODUCT(S) produced for use or sale within the United States shall be substantially manufactured in the United States (unless a waiver under 35 USC § 204 or equivalent is granted by the appropriate United States government agency), (ii) the right of the United States government to require LICENSORS, or their licensees, including COMPANY, to grant sublicenses under the PATENT RIGHTS to responsible applicants on reasonable terms when necessary to fulfill health or safety needs, and, (iii) other rights acquired by the United States government under the laws and regulations applicable to the grant/contract award under which the inventions were made.

 

 2.4 LICENSOR Retained Rights. LICENSOR retains the right to make, have made, provide and use for LICENSOR’S non-commercial research and clinical purposes, including the ability to distribute LICENSOR’S biological materials disclosed and/or claimed in PATENT RIGHTS for nonprofit academic research use to non-commercial entities as is customary in the scientific community and to sell the biological materials as research reagents for research use only by the scientific community.

 

ARTICLE 3

FEES, ROYALTIES, & PAYMENTS

 

 3.1 License Fee. COMPANY shall pay to LICENSOR within thirty (30) days of the EFFECTIVE DATE a license fee as set forth in Exhibit A. LICENSOR will not submit an invoice for the license fee, which is nonrefundable and shall not be credited against royalties or other fees.

 

 3.2 Annual Maintenance Fee. COMPANY shall pay to LICENSOR the annual maintenance fee as set forth in Exhibit A. These annual maintenance fees shall be due, without invoice from LICENSOR, within thirty (30) days each anniversary of the EFFECTIVE DATE beginning with the first anniversary. Running royalties and Milestone Payments accrued under, respectively, Paragraph 3.3 and Paragraph 3.5 and paid to LICENSOR during the preceding calendar year shall be credited against the minimum annual royalties due the following year. For example, running royalties and milestone payments accrued under and paid to LICENSOR during calendar year 2020 shall be credited against the annual maintenance fee due and payable no later than January 30, 2021.

 

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 3.3 Running Royalties. COMPANY shall pay to LICENSOR a running royalty as set forth in Exhibit A, for each LICENSED PRODUCT(S) sold by COMPANY, AFFILIATED COMPANIES and/or SUBLICENSEE(S), based on NET SALES for the term of this Agreement. Such payments shall be made quarterly. All non-US taxes related to LICENSED PRODUCT(S) sold under this Agreement shall be paid by COMPANY and shall not be deducted from royalty or other payments due to LICENSOR.

 

In
order to insure LICENSOR the full royalty payments contemplated hereunder, COMPANY agrees that in the event any LICENSED PRODUCT(S) shall
be sold to a corporation, firm or association (the “PURCHASER”) with which COMPANY shall have any agreement, understanding
or arrangement with respect to consideration (such as, among other things, an option to purchase stock or actual stock ownership, or
an arrangement involving division of profits or special rebates or allowances) received by COMPANY with respect to sale of such LICENSED
PRODUCT(S), the royalties to be paid hereunder to LICENSOR for such LICENSED PRODUCT(S) shall be based upon the greater of: 1) the net
selling price (per NET SALES) at which the PURCHASER resells such LICENSED PRODUCT(S) to the end user, 2) the fair market value of the
LICENSED PRODUCT(S) as of the date that COMPANY receives such consideration from such PURCHASER, or 3) the net selling price (per NET
SALES) of LICENSED PRODUCT(S) paid by the PURCHASER.

 

 3.4 Sublicense Consideration. In addition to the running royalty as set forth under Paragraph 3.3, COMPANY shall pay to LICENSOR, as set forth on Exhibit A a percentage of consideration received for sublicenses (collectively, “SUBLICENSE CONSIDERATION” as further defined below in this Paragraph 3.4) under this Agreement, solely to the extent that such consideration relates to the value of a sublicense to the PATENT RIGHTS but (i) subject to the limitations set forth below and (ii) excluding consideration that relates to the value of other intellectual property rights licensed by COMPANY to such SUBLICENSEE. This SUBLICENSE CONSIDERATION shall be due, without the need for invoice from LICENSOR, within forty-five (45) days of the receipt of any SUBLICENSE CONSIDERATION payment made to COMPANY by a SUBLICENSEE under a sublicense agreement. Such SUBLICENSE CONSIDERATION shall mean consideration of any kind received by the COMPANY from a SUBLICENSEE(S) for the grant of a sublicense under this Agreement, such as upfront fees or milestone fees and including any premium paid by the SUBLICENSEE(S) over Fair Market Value (as such term is defined in Paragraph 3.3(c) below) for stock of the COMPANY in consideration for such sublicense. However, not included in such SUBLICENSE CONSIDERATION are:

 

		(a)	Support for research, development (product development, clinical
studies and regulatory), and/or manufacturing activities corresponding directly to the development of LICENSED PRODUCT(S), which do not
exceed the fully- burdened cost for undertaking such research, development, and/or manufacturing performed by or for the COMPANY or AFFILATED
COMPANY (including third parties on their behalf), each pursuant to a specific agreement including a performance plan and commensurate
budget;

 

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		(b)	Proceeds derived from debt financing, to the extent that
such financing is at market rates, and any loans to COMPANY or AFFILIATED COMPANY by SUBLICENSEE:

 

		(c)	Consideration received for the purchase of an equity interest
in COMPANY to the extent that the price per share for such equity does not exceed by more than twenty-five percent (25%) the Fair Market
Value of COMPANY’s stock. The term Fair Market Value shall mean the average price that the stock in question is publicly trading
at for twenty (20) days prior to the announcement of its purchase by the SUBLICENSEE(S) or if the stock is not publicly traded, the value
of such stock as determined by the most recent private financing through a financial investor (an entity whose sole interest in the COMPANY
or AFFILIATED COMPANY is financial) of the COMPANY or AFFILIATED COMPANY that issued the shares;

 

		(d)	As reimbursement of COMPANY’s patent costs related to
PATENT RIGHTS;

 

		(e)	Amounts paid to the COMPANY or AFFILIATED COMPANY by the SUBLICENSEE(S)
for royalties on Licensed Products which are subject to payments to LICENSOR under Paragraph 3.3.

 

3.5 Milestone
Payments. COMPANY shall pay to LICENSOR the milestone payments as set forth in Exhibit B for the term of this Agreement. All
non-US taxes (excluding any taxes based on LICENSOR’S income) related to milestone payments shall be paid by COMPANY and shall not
be deducted from payments due to LICENSOR.

 

 3.6 Patent Reimbursement. COMPANY will reimburse LICENSOR, within thirty

(30) days of the EFFECTIVE DATE
the amount of $ 32,430.05 for costs associated with the preparation, filing, maintenance, and prosecution of PATENT RIGHTS in the LICENSED
FIELD incurred by LICENSOR on or before January 27, 2020. In accordance with Paragraph

 

4.1 below,
COMPANY will reimburse LICENSOR, within thirty (30) days of the receipt of an invoice from LICENSOR, for all reasonable costs associated
with the preparation, filing, maintenance, and prosecution of PATENT RIGHTS in the LICENSED FIELD incurred by LICENSOR subsequent to January
28, 2020. Each invoice submitted to COMPANY by LICENSOR shall include copies of the actual invoices from LICENSOR’S patent counsel.

 

3.7 Form
of Payment. All payments under this Agreement shall be made in U.S. Dollars. Checks are to be made payable to “St. Jude Children’s
Research Hospital”. Wire transfers may be made using the following information:

 

Acct Name: St. Jude Children’s Research Hospital,
Master Concentration Account 

Acct Number: 00-0270040

Bank Name: First Tennessee Bank Bank Swift: FTNMUS44

Bank ABA #: 084-000026

Bank Address: Post Office Box 84

Memphis, TN 38101

USA

 

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COMPANY shall
be responsible for any and all costs associated with wire transfers and shall include a reference to this Agreement in any wire transfer
payment. Payments made by check should be sent to the following address:

 

St. Jude Children’s Research Hospital

P.O. Box 1000, Department # 516 

Memphis, TN 38148-0516

 

3.8 Late
Payments. In the event that any payment due hereunder is not made when due, the payment shall accrue interest beginning on the tenth
day following the due date thereof, calculated at the annual rate of the sum of (a) two percent (2%) plus (b) the prime interest rate
quoted by The Wall Street Journal on the date said payment is due, the interest being compounded on the last day of each calendar quarter,
provided however, that in no event shall said annual interest rate exceed the maximum legal interest rate for corporations. Each such
payment when made shall be accompanied by all interest so accrued. Said interest and the payment and acceptance thereof shall not negate
or waive the right of LICENSOR to seek any other remedy, legal or equitable, to which it may be entitled because of the delinquency of
any payment including, but not limited to termination of this Agreement as set forth in Paragraph 9.2.

 

ARTICLE 4

PATENT PROSECUTION, MAINTENANCE,
& INFRINGEMENT

 

4.1 Prosecution
& Maintenance. COMPANY will bear all expenses relating to the filing, prosecution, and maintenance of all PATENT RIGHTS after
the EFFECTIVE DATE. Upon approval of the law firm by LICENSOR, COMPANY may oversee future patent prosecution using its patent counsel
and pay patent expenses directly, so long as LICENSOR is copied on all correspondence and notified prior to any substantive actions. Title
to all patents and patent applications shall reside in LICENSOR. COMPANY shall (a) cause its patent counsel to timely copy LICNESOR on
all official actions and written correspondence with any patent office, and (b) allow LICENSOR and/or its counsel an opportunity and reasonably
sufficient time to comment and advise COMPANY with respect thereto. COMPANY shall consider in good faith and reasonably incorporate all
comments and advice from LICENSOR. At least thirty (30) days in advance of any filing or response deadline, or fee due date, COMPANY may
elect not to have a patent application filed in any particular country or not to pay expenses associated with prosecuting or maintaining
any patent application or patent within PATENT RIGHTS, provided that COMPANY pays for all costs incurred up to LICENSOR’S receipt
of such notification. Failure to provide such notification will be considered by LICENSOR to be COMPANY’s willingness to proceed
at COMPANY’s expense. Upon such notification, at LICENSOR’S own expense, LICENSOR may file, prosecute, and/or maintain such
patent applications or patent within the PATENT RIGHTS with respect to which COMPANY has made the foregoing decision(s) (collectively,
the “COMPANY-ABANDONED PATENTS”), and any rights or license granted hereunder
held by COMPANY, AFFILIATED COMPANIES or SUBLICENSEE(S) relating to COMPANY-ABANDONED PATENTS shall terminate.

 

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4.2 Notification.
Each PARTY will notify the other promptly in writing when any infringement by a third party is uncovered or suspected.

 

4.3 Infringement.
COMPANY shall have the first right to enforce any patent within PATENT RIGHTS against any infringement or alleged infringement thereof,
and shall at all times keep LICENSOR informed as to the status thereof. Before COMPANY commences an action with respect to any infringement
of such patents, COMPANY shall give careful consideration to the views of LICENSOR and to potential effects on the public interest in
making its decision whether or not to sue. Thereafter, COMPANY may, at its own expense, institute suit against any such infringer or alleged
infringer and control and defend such suit in a manner consistent with the terms and provisions hereof and recover any damages, awards
or settlements resulting therefrom, subject to Paragraph 4.5. However, no settlement, consent judgment or other voluntary final disposition
of the suit may be entered into without the prior written consent of LICENSOR, which consent shall not be unreasonably withheld. This
right to sue for infringement shall not be used in an arbitrary or capricious manner. LICENSOR shall reasonably cooperate in any such
litigation at COMPANY’s expense.

 

If COMPANY elects not to enforce
any patent within the PATENT RIGHTS, then it shall so notify LICENSOR in writing within ninety (90) days of receiving notice that an infringement
exists. LICENSOR may, in its sole judgment and at its own expense, take steps to enforce any patent and control, settle, and defend such
suit in a manner consistent with the terms and provisions hereof, and recover, for its own account, any damages, awards or settlements
resulting therefrom. Before LICENSOR commences an action with respect to any infringement of such patents, LICENSOR shall give careful
consideration to the views of COMPANY and to potential effects on COMPANY’S interests under this Agreement in making its decision
whether or not to sue and thereafter shall at all times keep COMPANY informed as to the status thereof, as long as COMPANY is licensed
under said patents.

 

4.4 Patent
Invalidity Suit. If a declaratory judgment action is brought naming COMPANY as a defendant and alleging invalidity of any of the PATENT
RIGHTS, LICENSOR may elect to take over the sole defense of the action at its own expense. COMPANY shall cooperate fully with LICENSOR
in connection with any such action. LICENSOR shall give careful consideration to the views of COMPANY and to potential effects on COMPANY’S
interests under this Agreement in any such defense and thereafter shall at all times keep COMPANY informed as to the status thereof, as
long as COMPANY is licensed under said patents.

 

4.5
Recovery. In any action taken pursuant to Section 4.3, COMPANY and LICENSOR shall recover their respective actual out-of-pocket
expenses (including attorneys’ fees), or equitable proportions thereof, associated with the action or settlement thereof from
any resulting recovery made by either PARTY with the PARTY controlling the action having first entitlement to recover its
out-of-pocket expenses if the recovery is insufficient to reimburse both PARTIES for their out-of-pocket expenses. Any excess amount
of such a recovery shall be shared and distributed as follows: the PARTY initiating such action, shall retain seventy-five percent
(75%) of such excess amount and twenty-five percent (25%) paid to the non-initiating PARTY.

 

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4.6 Concerns
regarding PATENT RIGHTS In the event COMPANY has concerns regarding the validity, patentability or enforceability of the PATENT RIGHTS,
COMPANY shall provide LICNESOR written notice of such concern. Within fourteen (14) days after receipt of such notice, a senior executive
officer of LICENSOR, and a senior executive officer of COMPANY shall meet in person or by teleconference and exchange written summaries
reflecting the nature and extent of the concern, and at this meeting they shall use their reasonable endeavors to resolve the dispute.
If, within a further period of thirty (30) days, or if in any event within ninety (90) days following initial receipt of the notice from
COMPANY, the concern has not been resolved, then the parties may pursue other dispute resolution mechanisms.

 

ARTICLE
5 

OBLIGATIONS OF THE PARTIES

 

5.1 Reports.
COMPANY shall provide to LICENSOR the following written reports, which reports shall be Confidential Information of COMPANY, according
to the following schedules.

 

(a) COMPANY
shall provide calendar quarterly royalty reports, substantially in the format of Exhibit C and due within thirty (30) days of the
end of each calendar quarter following the FIRST COMMERCIAL SALE of a LICENSED PRODUCT. Royalty Reports shall disclose the amount of LICENSED
PRODUCT(S) sold, the total NET SALES of such LICENSED PRODUCT(S), and the running royalties due to LICENSOR as a result of NET SALES by
COMPANY, AFFILIATED COMPANIES and SUBLICENSEE(S) thereof. Payment of any such royalties due shall accompany such Royalty Reports.

 

(b) Until
such time as COMPANY, an AFFILIATED COMPANY or a SUBLICENSEE(S) has achieved a FIRST COMMERCIAL SALE of a LICENSED PRODUCT, or received
FDA market approval, COMPANY shall provide annual diligence reports, due within thirty (30) days of the end of every December following
the EFFECTIVE DATE of this Agreement. These diligence reports shall describe COMPANY’s, AFFILIATED COMPANY’s or any SUBLICENSEE(S)’s
technical efforts towards meeting its obligations under the terms of this Agreement, particularly its progress toward achieving the developmental
milestones set forth in Exhibit B and shall explain any delays experienced in achieving such milestones relative to the projected
dates for achievement set forth in Exhibit B.

 

(c) COMPANY
shall further provide in conjunction with the annual report due in January pursuant to 5.1(b) or the quarterly royalty report due in the
last calendar quarter of each calendar year pursuant to Paragraph 5.1(a), the following information:

 

		(i)	evidence of insurance as required under Paragraph 10.4, or,
a statement of why such insurance is not currently required; and

 

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		(ii)	identification of all AFFILIATED COMPANIES which have exercised
rights pursuant to Paragraph 2.1, or, a statement that no AFFILIATED COMPANY has exercised such rights;

 

		(iii)	identification of (A) all SUBLICENSEE(S) with which COMPANY
has entered into an agreement pursuant to the terms of Paragraph 2.2 and all (B) sublicensee(s) of such SUBLICENSEE(S) with which such
SUBLICENSEE(S) have entered into agreements pursuant to the terms of Paragraph 2.2, in each case since the previous annual report; and

 

		(iv)	notice of all FDA approvals of any LICENSED PRODUCT(S) obtained
by COMPANY, AFFILIATED COMPANY or SUBLICENSEE, the patent(s) or patent application(s) licensed under this Agreement upon which such product
or service is based, and the commercial name of such product or service, or, in the alternative, a statement that no FDA approvals have
been obtained.

 

5.2 Records.
COMPANY shall make and retain, for a period of three (3) years following the period of each report required by Paragraph 5.1(a), true
and accurate records, files and books of account containing all the data reasonably required for the full computation and verification
of sales and other information required in Paragraph 5.1(a). Such books and records shall be in accordance with generally accepted accounting
principles consistently applied. COMPANY shall permit the inspection of such records, files and books of account by LICENSOR’S agent
(the “Auditor”), which Auditor shall be a nationally recognized auditor acceptable to COMPANY, such acceptance not to be unreasonably
withheld, and subject to obligations of confidentiality and nonuse reasonably acceptable to COMPANY. Any such inspection shall occur during
regular business hours upon ten (10) business days’ written notice to COMPANY. Such inspection shall not be made more than once each calendar
year. All costs of such inspection shall be paid by LICENSOR, provided that if any such inspection shall reveal that an error has been
made resulting in an underpayment equal to five percent (5%) or more of any payment due to LICENSOR, the costs of such inspection shall
be borne by COMPANY. As a condition to entering into any such agreement, COMPANY shall include in any agreement with its AFFILIATED COMPANIES
or its SUBLICENSEE(S) which permits such party to make, use, sell or import the LICENSED PRODUCT(S), a provision requiring such party
to retain records of sales of LICENSED PRODUCT(S) and other information as required in Paragraphs 5.1(a) and this Paragraph 5.2 and permit
the Auditor to inspect such records as required by this Paragraph 5.2. All information and records made available to the Auditor pursuant
to this Paragraph 5.2 shall be deemed to be and treated as Confidential Information of COMPANY pursuant to Article 8.

 

5.3
Commercially Reasonable Efforts. COMPANY shall exercise commercially reasonable efforts to develop and to introduce the LICENSED
PRODUCT(S) into the commercial market as soon as practicable, consistent with sound and reasonable business practice and judgment;
thereafter, until the expiration or termination of this Agreement, COMPANY shall endeavor to keep LICENSED PRODUCT(S) reasonably
available to the public. COMPANY shall also exercise commercially reasonable efforts to develop LICENSED PRODUCT(S) suitable for
different indications within the LICENSED FIELD, so that the PATENT RIGHTS can be commercialized as broadly and as speedily as good
scientific and business judgment would deem possible. Developmental milestones for a LICENSED PRODUCT are outlined in Exhibit
B. Should COMPANY fail to achieve the developmental milestones and COMPANY and LICENSOR fail to agree upon a mutually
satisfactory revised time line, LICENSOR shall be allowed to terminate this Agreement pursuant to Paragraph 9.2.

 

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5.4 Other
Products. After clinical evidence has been provided in writing by LICENSOR to COMPANY demonstrating the practicality of a particular
market or use of PATENT RIGHTS within the LICENSED FIELD which is not being developed or commercialized by COMPANY, COMPANY shall either
provide LICENSOR with a reasonable development plan and start commercially reasonable efforts to develop in that particular market or
use or make commercially reasonable efforts to sublicense the particular market or use to a third party. If within six (6) months of such
notification by LICENSOR, COMPANY has not initiated such development efforts or initiated efforts to sublicense that particular market
or use, LICENSOR may terminate this license for such particular market or use. This Paragraph 5.4 shall not be applicable if COMPANY reasonably
demonstrates to LICENSOR that commercializing such LICENSED PRODUCT(S) or granting such a sublicense in said market or use would have
a substantial adverse effect upon the ability of COMPANY to market or sell the LICENSED PRODUCT(S) being developed or being sold by COMPANY.

 

5.5 Patent
Acknowledgement. COMPANY agrees that all packaging containing individual LICENSED PRODUCT(S) sold by COMPANY, AFFILIATED COMPANIES
and SUBLICENSEE(S) of COMPANY will be marked with the number of the applicable patent(s) licensed hereunder in accordance with each country’s
patent laws.

 

ARTICLE
6 

REPRESENTATIONS

 

6.1 Duties
of the Parties. LICENSOR is an institute of research and education and not a commercial organization. Therefore, LICENSOR has no ability
to evaluate the commercial potential of any PATENT RIGHTS or LICENSED PRODUCT or other license or rights granted in this Agreement. It
is therefore incumbent upon COMPANY to evaluate the rights and products in question, to examine the materials and information provided
by LICENSOR and to determine for itself the validity of any PATENT RIGHTS, its freedom to operate, and the value of any LICENSED PRODUCTS
or other rights granted.

 

6.2
Representations by LICENSOR. LICENSOR warrants that it has good and marketable title to its interest in the PATENT RIGHTS with
the exception of certain retained rights of the United States Government, which may apply if any part of the research was funded in
whole or in part by the United States Government. LICENSOR does not warrant the validity of any patents or that practice under such
patents shall be free of infringement. EXCEPT AS EXPRESSLY SET FORTH IN THIS PARAGRAPH 6.2, COMPANY, AFFILIATED COMPANIES AND
SUBLICENSEE(S) AGREE THAT THE PATENT RIGHTS, ARE PROVIDED “AS IS”, AND THAT LICENSOR MAKES NO REPRESENTATION OR WARRANTY
WITH RESPECT TO THE PERFORMANCE OF LICENSED PRODUCT(S) INCLUDING THEIR SAFETY, EFFECTIVENESS, OR COMMERCIAL VIABILITY. LICENSOR
DISCLAIMS ALL WARRANTIES WITH REGARD TO PRODUCT(S) LICENSED UNDER THIS AGREEMENT, INCLUDING, BUT NOT LIMITED TO, ALL WARRANTIES,
EXPRESSED OR IMPLIED, OF MERCHANTABILITY AND FITNESS FOR ANY PARTICULAR PURPOSE. NOTWITHSTANDING ANY OTHER PROVISION OF THIS
AGREEMENT, LICENSOR ADDITIONALLY DISCLAIMS ALL OBLIGATIONS AND LIABILITIES ON THE PART OF LICENSOR AND INVENTORS, FOR DAMAGES,
INCLUDING, BUT NOT LIMITED TO, DIRECT, INDIRECT, SPECIAL, AND CONSEQUENTIAL DAMAGES, ATTORNEYS’ AND EXPERTS’ FEES, AND COURT COSTS
(EVEN IF LICENSORS HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, FEES OR COSTS), ARISING OUT OF OR IN CONNECTION WITH THE
MANUFACTURE, USE, OR SALE OF THE PRODUCT(S) LICENSED UNDER THIS AGREEMENT. COMPANY, AFFILIATED COMPANIES AND SUBLICENSEE(S) ASSUME
ALL RESPONSIBILITY AND LIABILITY FOR LOSS OR DAMAGE CAUSED BY A PRODUCT MANUFACTURED, USED, OR SOLD BY COMPANY, ITS SUBLICENSEE(S)
AND AFFILIATED COMPANIES WHICH IS A LICENSED PRODUCT(S) AS DEFINED IN THIS AGREEMENT.

 

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ARTICLE
7 

INDEMNIFICATION

 

7.1 Indemnification. COMPANY,
AFFILIATED COMPANY and SUBLICENSEE(S) shall indemnify, defend with counsel reasonably acceptable to LICENSOR, and hold LICENSOR, the American
Lebanese Syrian Associated Charities, Inc. (ALSAC; a non- profit, 501(c)(3) corporation which supports ST. JUDE), their present and former
trustees, directors, governors, officers, INVENTORS of PATENT RIGHTS, agents, faculty, employees and students harmless as against any
claims, demands, damages, judgments, fees (including reasonable attorneys fees), expenses, or other costs arising from or incidental to
a breach of any representation, warranty or covenant made by COMPANY in this Agreement, any product liability or other lawsuit, claim,
demand or other action brought by a third party as a consequence of the practice of the PATENT RIGHTS by COMPANY, AFFILIATED COMPANY and
SUBLICENSEE(S), whether or not LICENSORS or said INVENTORS, either jointly or severally, are named as a party defendant in any such lawsuit
and whether or not LICENSOR or the INVENTORS are alleged to be negligent or otherwise responsible for any injuries to persons or property.
Practice of the PATENT RIGHTS covering the LICENSED PRODUCT(S) by an AFFILIATED COMPANY or an agent or a SUBLICENSEE(S) or a third party
on behalf of or for the account of COMPANY or by a third party who purchases LICENSED PRODUCT(S) from COMPANY, shall be considered COMPANY’s
practice of said PATENT RIGHTS for purposes of this Paragraph. The obligation of COMPANY to defend, indemnify and hold harmless as set
out in this Paragraph shall survive the termination of this Agreement, shall continue even after assignment of rights and responsibilities
to an AFFILIATE COMPANY or SUBLICENSEE, and shall not be limited by any other limitation of liability elsewhere in this Agreement.

 

ARTICLE
8 

CONFIDENTIALITY

 

8.1 Confidentiality.
If necessary, the Parties will exchange information they consider to be confidential. The recipient of such information agrees to accept
the disclosure of said information, including but not limited to the terms of this Agreement and any reports or information provided by
COMPANY pursuant to Article 5 (“Confidential Information”). The recipient of Confidential Information agrees to employ all
reasonable efforts to maintain the Confidential Information secret and confidential, such efforts to be no less than the degree of care
employed by the recipient to preserve and safeguard its own confidential information. The Confidential Information shall not be disclosed
or revealed to anyone except employees of the recipient which employees (i) have a need to know the Confidential Information, (ii) are
subject to obligations of confidentiality and non-use substantially similar to those set forth in this Article 8, and (iii) have been
advised by the recipient of the confidential nature of the Confidential Information and that the Confidential Information shall be treated
accordingly.

 

COMPANY may disclose Confidential Information to the extent
that such disclosure is:

 

		(A)	Required by Governmental Order. Made in response to
a valid order of a court of competent jurisdiction or other supra-national, federal, national, regional, state, provincial or local governmental
or regulatory body of competent jurisdiction; provided, however, that COMPANY shall first have given notice to LICENSOR and given LICENSOR
a reasonable opportunity to quash such order and to obtain a protective order requiring that the Confidential Information and documents
that are the subject of such order be held in confidence by such court or agency or, if disclosed, be used only for the purposes for
which the order was issued; and provided further that if a disclosure order is not quashed or a protective order is not obtained, the
Confidential Information disclosed in response to such court or governmental order shall be limited to that information which is legally
required to be disclosed in response to such court or governmental order;

 

		(B)	Required by Law. Otherwise required by law; provided,
however, that COMPANY shall (a) provide LICENSOR with reasonable advance notice of and an opportunity to comment on any such required
disclosure, (b) if requested by LICENSOR, seek confidential treatment with respect to any such disclosure to the extent available, and
(c) use good faith efforts to incorporate the comments of LICENSOR in any such disclosure or request for confidential treatment;

 

		(C)	Required by Regulatory Authority. Made by COMPANY
to the regulatory authorities as required in connection with any filing, application or request for regulatory approval; provided, however,
that reasonable measures shall be taken to assure confidential treatment of such information;

 

		(D)	Required by Agreement. Made by COMPANY, in connection
with the performance of this Agreement, to AFFILIATED COMPANIES, SUBLICENSEES, research parties, employees, consultants, representatives
or agents, each of whom prior to disclosure must be bound by obligations of confidentiality and non-use at least equivalent in scope
to those set forth in this Paragraph 8.1; or

 

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		(E)	Required by Certain Third Parties. Made by COMPANY
to existing or potential acquirers or merger candidates; existing or potential SUBLICENSEES; investment bankers; existing or potential
investors, venture capital firms or other financial institutions or investors for purposes of obtaining financing; or AFFILIATED COMPANIES,
each of whom prior to disclosure must be bound by obligations of confidentiality and non-use at least equivalent in scope to those set
forth in this Paragraph 8.1.

 

The
obligations of this Paragraph shall also apply to AFFILIATED COMPANIES and/or SUBLICENSEE(S) that are provided such Confidential
Information by COMPANY. LICENSOR’S, COMPANY’s, AFFILIATED COMPANIES’, and SUBLICENSEES’ obligations under this Paragraph
shall extend until three (3) years after the termination of this Agreement.

 

8.2 Exceptions.
The recipient’s obligations under Paragraph 8.1 shall not extend to any part of the Confidential Information:

 

		a.	that can be demonstrated to have been in the public domain
or publicly known and readily available to the trade or the public prior to the date of the disclosure; or

 

		b.	that can be demonstrated, from written records to have been
in the recipient PARTY’s possession or readily available to the recipient PARTY from another source not under obligation of secrecy
to the disclosing PARTY prior to the disclosure; or

 

		c.	that becomes part of the public domain or publicly known
by publication or otherwise, not due to any unauthorized act by the recipient PARTY; or

 

		d.	that is demonstrated from written records to have been developed
by or for the receiving PARTY without reference to Confidential Information disclosed by the disclosing PARTY.

 

		e.	that is required to be disclosed by law, government regulation
or court order.

 

8.3 Right
to Publish. LICENSOR may publish manuscripts, abstracts or the like describing the PATENT RIGHTS and inventions contained
therein provided Confidential Information of COMPANY, as defined in Paragraph 8.1, is not included or without first obtaining
written approval from COMPANY to include such Confidential Information. Otherwise, LICENSOR and the INVENTORS shall be free to
publish manuscripts and abstracts or the like without prior approval. The text of the proposed manuscripts, abstracts or the like
containing any COMPANY Confidential Information must be provided to COMPANY at least sixty (60) days prior to the date of submission
for consideration for manuscripts, abstracts or the like in order to provide COMPANY an opportunity to comment on such proposed
manuscripts, abstracts or the like and determine if COMPANY Confidential Information is disclosed therein. In the event that COMPANY
so comments prior to such intended submission date, LICENSOR shall (x) delay submission of such manuscripts, abstracts or the like
thirty (30) days beyond such intended submission date and, during such thirty (30) day period, engage in good faith discussion of
such comments with COMPANY, and (y) consider in good faith the modification of such proposed manuscripts, abstracts or the like
pursuant to such comments. Upon the request of COMPANY, LICENSOR shall remove COMPANY Confidential Information from any proposed
manuscripts, abstracts or the like.

 

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ARTICLE
9 

TERM & TERMINATION

 

9.1 Term.
The term of this Agreement shall commence on the EFFECTIVE DATE and shall continue, in each country, until the date of expiration of the
last to expire VALID CLAIM included within PATENT RIGHTS in that country.

 

9.2 Termination
by Either PARTY. This Agreement may be terminated by either COMPANY or LICENSOR, in the event that the other PARTY (a) files or has
filed against it a petition under the Bankruptcy Act, makes an assignment for the benefit of creditors, has a receiver appointed for it
or a substantial part of its assets, or otherwise takes advantage of any statute or law designed for relief of debtors or (b) fails to
perform or otherwise breaches any of its obligations hereunder, if, following the giving of notice by the terminating PARTY of its intent
to terminate and stating the grounds therefor, the PARTY receiving such notice shall not have cured such failure or breach within sixty
(60) days. In no event, however, shall such notice or intention to terminate be deemed to waive any rights to damages or any other remedy
which the PARTY giving notice of breach may have as a consequence of such failure or breach.

 

9.3 Termination
by COMPANY. COMPANY may terminate this Agreement and the license granted herein, for any reason, upon giving LICENSOR thirty (30)
days written notice.

 

9.4 Obligations
and Duties upon Termination. If this Agreement is terminated, the PARTIES shall be released from all obligations and duties imposed
or assumed hereunder to the extent so terminated, except as expressly provided to the contrary in this Agreement. Upon termination, each
PARTY shall cease any further use of the Confidential Information received from the other PARTY. Termination of this Agreement, for whatever
reason, shall not affect the obligation of any PARTY to make any payments for which it is liable prior to or upon such termination. Termination
shall not affect LICENSOR’S right to recover unpaid royalties, fees, reimbursement for patent expenses, or other forms of financial
compensation incurred prior to termination. Upon termination, COMPANY shall submit a final royalty report to LICENSOR and any royalty
payments (if after first commercial sale of LICENSED PRODUCTS), fees, unreimbursed patent expenses and other financial compensation due
to LICENSOR shall become immediately payable. Furthermore, upon termination of this Agreement, all rights in and to the PATENT RIGHTS
shall revert immediately to LICENSOR at no cost to LICENSOR. Upon termination of this Agreement, any SUBLICENSEE(S) shall become with
such SUBLICENSEE(S)’ agreement a direct licensee of LICENSOR, provided that LICENSOR’S obligations to SUBLICENSEE(S) are no
greater than LICENSOR’S obligations to COMPANY under this Agreement. COMPANY shall provide written notice of such to each SUBLICENSEE(S)
with a copy of such notice provided to LICENSOR.

 

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ARTICLE 10 

MISCELLANEOUS

 

10.1 Use
of Name or Logo. COMPANY, AFFILIATED COMPANIES and SUBLICENSEE(S) shall not use the name or logo
of LICENSOR or American Lebanese Syrian Associated Charities, or any of their constituent parts, such as St. Jude Children’s Research
Hospital or ALSAC any contraction thereof or the name of INVENTORS in any advertising, promotional, sales literature or fundraising documents
without prior written consent from an authorized representative of ST. JUDE, as applicable. LICENSOR will not use publicly for publicity,
promotion, or otherwise, any logo, name, trade name, service mark, or trademark of COMPANY, its AFFILIATED COMPANIES, and SUBLICENSEE(S)
or any simulation, abbreviation, or adaptation of the same, or the name of any COMPANY employee or agent, without COMPANY’s prior, written,
express consent. COMPANY, AFFILIATED COMPANIES and SUBLICENSEE(S) shall allow at least seven (7) business days notice of any proposed
public disclosure for LICENSOR’S review and comment or to provide written consent. LICENSOR
shall allow at least seven (7) business days notice of any proposed public disclosure for COMPANY, AFFILIATED
COMPANIES or SUBLICENSEE(S) review and comment or to provide written consent.

 

10.2 No
Partnership. Nothing in this Agreement shall be construed to create any agency, employment, partnership, joint venture or similar
relationship between LICENSOR and COMPANY other than that of a licensor/licensee. Neither LICENSOR nor COMPANY 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.

 

10.3 Notice
of Claim. Each, LICENSOR and COMPANY, shall give the other 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 or arising out of the practice of the INVENTIONS
licensed hereunder.

 

10.4 Insurance.
 Prior to initial human testing or FIRST COMMERCIAL SALE of any LICENSED PRODUCT(S) as the case may be and thereafter so long as LICENSED
PRODUCTS are being sold in any particular country COMPANY and SUBLICENSEES shall establish and maintain appropriate insurance coverage
in the minimum amount of five million dollars ($5,000,000) per claim, with an aggregate of ten million dollars ($10,000,000), to cover
any liability arising from COMPANY’S indemnification obligations under Article 7 above with respect to such human testing or commercial
sale of LICENSED PRODUCT. Prior to initial human testing or FIRST COMMERCIAL SALE of any LICENSED PRODUCT(S) as the case may be and thereafter
so long as LICENSED PRODUCTS are being sold in any particular country, COMPANY and SUBLICENSEES shall establish and maintain, in each
country in which COMPANY, an AFFILIATED COMPANY or SUBLICENSEE(S) shall test or sell LICENSED PRODUCT(S), product liability or other appropriate
insurance coverage in the minimum amount of five million dollars ($5,000,000) per claim. COMPANY will annually present evidence, in the
form of a statement in the annual report to LICENSOR that such coverage is being maintained.
Upon LICENSOR’S request, COMPANY will furnish LICENSOR with a Certificate of Insurance of each insurance policy obtained. LICENSOR and
ALSAC shall be listed as additional insureds in COMPANY’s said insurance policies. If such insurance is underwritten on a ‘claims
made’ basis, COMPANY agrees that any change in underwriters during the term of this Agreement and thereafter so long as LICENSED
PRODUCTS are being sold will require the purchase of ‘prior acts’ coverage to ensure that coverage will be continuous throughout
the term of this Agreement and thereafter so long as LICENSED PRODUCTS are being sold.

 

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10.5 Governing
Law and Venue.  In the event that legal action is brought arising from this Agreement, it shall be brought in Memphis, Tennessee and
shall be governed by the laws of the State of Tennessee, without regard to conflicts of law provisions thereof.

 

10.6 Notice.
All notices or communication required or permitted to be given by either PARTY hereunder shall be deemed sufficiently given if mailed
by registered mail or certified mail, return receipt requested, or sent by overnight courier, such as Federal Express, to the other PARTY
at its respective address set forth below or to such other address as one PARTY shall give notice of to the others from time to time hereunder
or if sent by email to the other PARTY as provided below. Mailed notices shall be deemed to be received on the third business day following
the date of mailing. Notices sent by overnight courier shall be deemed received the following business day.

 

If to COMPANY:

 

Blue Water Vaccines 

2014 Courtland Avenue

Cincinnati, OH 06830 

Attn.: Joseph Hernandez

 Phone:

Email:jhernandez@bluewatervaccines.com

 

With a copy to:

Erin Henderson 

6308 SW 35th Way

Gainesville, FL 32608

404-405-6315

ehenderson@bluewatervaccines.com

 

If to ST. JUDE:

 

Office of Technology Licensing 

Attn. Associate Director

St. Jude Children’s Research Hospital 

262 Danny
Thomas Place

Memphis, Tennessee 

Phone: (901) 595-2751

Shawn.hawkins@stjude.org

 

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10.7 Compliance
with All Laws. In all activities undertaken pursuant to this Agreement, LICENSOR and COMPANY covenant and agree that each will in
all material respects comply with such Federal, state and local laws and statutes, as may be in effect at the time of performance and
all valid rules, regulations and orders thereof regulating such activities.

 

10.8 Successors
and Assigns. Neither this Agreement nor any of the rights or obligations created herein, except for the right to receive any remuneration
hereunder, may be assigned by either PARTY, in whole or in part, without the prior written consent of the other PARTIES, except that either
PARTY shall be free to assign this Agreement in connection with any sale of substantially all of its assets without the consent of the
other, but shall provide written notice of such assignment within thirty (30) days of its occurrence. This Agreement shall bind and inure
to the benefit of the successors and permitted assigns of the PARTIES hereto.

 

10.9 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. Any provision hereof prohibited by or unenforceable
under any applicable law of any jurisdiction shall as to such jurisdiction be deemed ineffective and deleted herefrom without affecting
any other provision of this Agreement. It is the desire of the PARTIES hereto that this Agreement be enforced to the maximum extent permitted
by law, and should any provision contained herein be held by any governmental agency or court of competent jurisdiction to be void, illegal
and unenforceable, the PARTIES shall negotiate in good faith for a substitute term or provision which carries out the original intent
of the PARTIES.

 

10.10 Entire
Agreement; Amendment. COMPANY and LICENSOR acknowledge that they have read this entire Agreement and that this Agreement, including
the attached Exhibits constitutes the entire understanding and contract between the PARTIES hereto and supersedes any and all prior or
contemporaneous oral or written communications with respect to the subject matter hereof. It is expressly understood and agreed that (i)
there being no expectations to the contrary between the PARTIES hereto, no usage of trade, verbal agreement or another regular practice
or method dealing within any industry or between the PARTIES hereto shall be used to modify, interpret, supplement or alter in any manner
the express terms of this Agreement; and (ii) this Agreement shall not be modified, amended or in any way altered except by an instrument
in writing signed by both of the PARTIES hereto.

 

10.11 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.

 

    19

     

    

 

10.12 Force
Majeure. If a PARTY fails to fulfill its obligations hereunder (other than an obligation for the payment of money), when such failure
is due to an act of God, or other circumstances beyond its reasonable control, including but not limited to fire, flood, civil commotion,
riot, war (declared and undeclared), revolution, epidemics, terrorism, earthquake or embargoes, then said failure shall be excused for
the duration of such event and for such a time thereafter as is reasonable to enable the parties to resume performance under this Agreement,
provided however, that in no event shall such time extend for a period of more than one hundred eighty (180) days.

 

10.13 Further
Assurances. Each PARTY shall, at any time, and from time to time, prior to or after the EFFECTIVE DATE of this Agreement, at reasonable
request of the other PARTY, execute and deliver to the other such instruments and documents and shall take such actions as may be required
to more effectively carry out the terms of this Agreement.

 

10.14 Survival.
All representations, warranties, covenants and agreements made herein and which by their express terms or by implication are to be performed
after the execution and/or termination hereof, or are prospective in nature, shall survive such execution and/or termination, as the case
may be. This shall include Paragraphs 3.8 (Late Payments), 5.2 (Records), and Articles 6, 7, 8, 9, and 10.

 

10.15 No
Third Party Beneficiaries. Nothing in this Agreement shall be construed as giving any person, firm, corporation or other entity, 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.

 

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

 

10.17 Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed an original and all of which when taken together shall be
deemed but one instrument.

 

    20

     

    

 

IN WITNESS WHEREOF, this Agreement
shall take effect as of the EFFECTIVE DATE when it has been executed below by the duly authorized representatives of the parties.

 

	BLUE WATER VACCINE, INC.	 	ST. JUDE CHILDREN’S RESEARCH HOSPITAL, INC.
	 	 	 
	Name: 	Joseph Hernandez	 	Name: 	J. Scott Elmer
	Title:	Director, Office of Technology	 	Title:	Chief Executive Officer Licensing

 

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	January 27, 2020	 	 
	(Date)	 	(Date)

 

EXHIBIT A. LICENSE FEE & ROYALITIES.

 

EXHIBIT B. DEVELOPMENTAL MILESTONES & MILESTONE PAYMENTS

 

EXHIBIT C. SALES & ROYALTY REPORT FORM.

 

    22

     

    

 

EXHIBIT
A

 

LICENSE FEE & ROYALTIES

 

		1.	License Fee: The initial license fee due under Paragraph
3.1 within thirty (30) days of the EFFECTIVE DATE is fifteen thousand US dollars ($15,000).

 

		2.	Annual Maintenance Fee: The annual maintenance fee
pursuant to Paragraph 3.2 is ten thousand US dollars ($10,000) per year, beginning on the first anniversary of the effective date of
the license, provided the annual maintenance fee shall be waived if all developmental milestones scheduled for completion before the
annual fee is due according to Exhibit B have been achieved.

 

		3.	Royalties: The running royalty rate payable under Paragraph
3.3 is four percent (4%).

 

In the event COMPANY is required to enter into one
or more third party license agreements to practice Patent Rights, the royalty payments due LICENSOR may be reduced by a percentage equal
to half of that paid to such third party. However, in no event shall the milestone payments due to LICENSOR be reduced by more than one
half of the original royalty percentage.

 

SUBLICENSE CONSIDERATION: COMPANY shall pay
LICENSOR Fifteen percent (15%) of any SUBLICENSE CONSIDERATION.

 

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EXHIBIT B

 

DEVELOPMENTAL MILESTONES &
MILESTONE PAYMENTS

 

		1.	Developmental Milestones: Developmental Milestones
by COMPANY for a LICENSED PRODUCT in accord with Paragraph 5.3 are as follows:

 

	Complete IND enabling study	 	2020
	Initiate animal toxicology study	 	last half 2020
	File IND	 	first half 2021
	Complete PHASE I CLINICAL TRIAL	 	first half of 2022
	Commence PHASE II CLINICAL TRIAL	 	2024
	Commence PHASE III CLINICAL TRIAL	 	2026
	Regulatory approval, US or foreign equivalent	 	2026

 

		2.	Milestone Payments: The Milestone Payments payable
under Paragraph 3.5 are as follows:

 

	Upon Commencement of PHASE III CLINICAL TRIAL	 	$	150,000	 
	Upon regulatory approval, US or foreign equivalent	 	$	300,000	 
	Upon FIRST COMMERCIAL SALE	 	$	500,000	 

 

“Commence” or “Commencement”
of either a PHASE I, PHASE II or PHASE III CLINCIAL TRIAL shall mean the dosing of the first patient in such PHASE I, PHASE II, or PHASE
III CLINICAL TRIAL.

 

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EXHIBIT C

 

SALES & ROYALTY REPORT

 

FOR LICENSE AGREEMENT BETWEEN
BLUE WATER VACCINES AND

ST. JUDE CHILDREN’S RESEARCH HOSPITAL DATED

 

 

  

FOR PERIOD OF             
TO             

 

TOTAL ROYALTIES DUE FOR THIS PERIOD $
 

 

	PRODUCT
 ID	 	 	PRODUCT OR 
 SERVICE 
 NAME	 	 	*ST. JUDE 
 REFERENCE	 	1st
 COMMERCIAL 
 SALE DATE	 	 	TOTAL
 GROS S 
 SALES	 	 	TOTAL 
 REDUCTIONS	 	 	TOTAL 
 NET 
 SALES	 	 	ROYALTY 
 RATE	 	 	AMOUNT 
 DUE	 
	 	     	 	 	 	    	 	 	SJ-11-0001	 	 	         	 	 	 	   	 	 	 	       	 	 	 	    	 	 	 	      	 	 	 	     	 
	 	 	 	 	 	 	 	 	SJ-18-0045	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

		*	Please provide the ST. JUDE Reference Number or Patent Reference

 

This report format is to be used
to report quarterly royalty statements to ST. JUDE. It should be placed on COMPANY letterhead and accompany any royalty payments due for
the reporting period. This report shall be submitted even if no sales are reported.

 

 

25Exhibit 10.18

 

EMPLOYMENT AGREEMENT

 

This EMPLOYMENT AGREEMENT (the
“Agreement”) is made and entered into as of July [●], 2021 by and between Blue Water Vaccines, Inc., a Delaware
corporation (the “Company”) and Jon Garfield (“Executive”).

 

WHEREAS, Executive is currently
employed by the Company as its Chief Financial Officer; and

 

WHEREAS, the Company desires
to employ Executive and to enter into this Agreement embodying the terms of such employment, and Executive desires to enter into this
Agreement and to accept such employment, subject to the terms and provisions of this Agreement.

 

NOW, THEREFORE, in consideration
of the promises and mutual covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which
are mutually acknowledged, the Company and Executive hereby agree as follows:

 

Section 1. Definitions.
Capitalized terms not otherwise defined in this Agreement shall have the meaning set forth on Appendix A, attached hereto.

 

Section 2. Acceptance
and Term of Employment.

 

The Company agrees to employ
Executive, and Executive agrees to serve the Company, on the terms and conditions set forth herein. Executive’s employment under
the terms of this Agreement shall commence on the date hereof and continue until terminated as provided in Section 7 hereof (the “Term
of Employment”), except where terms are expressly effective upon the closing date of the underwritten public offering of the
Company’s common stock (the “IPO Date”).

 

Section 3. Position, Duties,
and Responsibilities; Place of Performance.

 

(a) Position,
Duties, and Responsibilities. During the Term of Employment, Executive shall be employed and serve as the Chief Financial Officer
of the Company, reporting directly to the Board of Directors of the Company, and having such duties and responsibilities commensurate
with such position. Executive also agrees to serve as an officer and/or director of any member of the Company Group, in each case without
additional compensation, and, without limiting the foregoing, will serve as a member of the Board at all times Executive serves as the
Company’s Chief Financial Officer.

 

     

     

    

 

(b) Performance.
Executive shall be employed with the Company on a part-time basis, but shall devote an appropriate portion of his business time, attention,
skill, and best efforts sufficient to assure the satisfactory performance of Executive’s duties under this Agreement (excluding
periods of vacation and sick leave). Except as provided below, Executive shall not engage in any other business or occupation during the
Term of Employment, including, without limitation, any activity that (x) conflicts with the interests of the Company or any other member
of the Company Group, (y) interferes with the proper and efficient performance of Executive’s duties for the Company, or (z) interferes
with Executive’s exercise of judgment in the Company’s best interests. Notwithstanding the foregoing, nothing herein shall
preclude Executive from (i) serving, with the prior written consent of the Board, as a member of the board of directors or advisory board
(or the equivalent in the case of a non-corporate entity) of non-competing for-profit businesses and charitable organizations (ii) serving
as an officer or managing member of the of the non-competing for-profit businesses listed on Appendix B to this Agreement, (iii)
engaging in charitable activities and community affairs, and (iv) managing Executive’s personal investments and affairs; provided,
however, that the activities set out in clauses (i), (ii), and (iii) shall be limited by Executive so as not to materially interfere,
individually or in the aggregate, with the performance of Executive’s duties and responsibilities hereunder.

 

(c) Principal
Place of Employment. The Company will permit Executive to work remotely from Executive’s personal residence, although Executive
understands and agrees that Executive may be required to work from, or travel to, the Company’s offices from time to time as needed
in connection with the performance of Executive’s duties and responsibilities hereunder. Executive understands and agrees that Executive
may be required to travel from time to time for business reasons

 

Section 4. Compensation.

 

During the Term of Employment,
Executive shall be entitled to the following compensation:

 

(a) Base
Salary. Executive shall be paid an annualized Base Salary (the “Base Salary”), payable in accordance with the regular
payroll practices of the Company, of $[435,000] per year, with such additional increases, if any, as may be approved in writing by the
Compensation Committee. The Compensation Committee will review Executive’s Base Salary for increases not less than annually.

 

(b) Annual
Bonus. Executive shall be eligible for an annual incentive bonus award determined by the Compensation Committee in respect of each
fiscal year during the Term of Employment (the “Annual Bonus”). The target Annual Bonus for each fiscal year ending
on or after the IPO Date shall be [50]% of Base Salary (the “Target Annual Bonus”), with the actual Annual Bonus payable
being based upon the level of achievement of annual Company and individual performance objectives for such fiscal year, as determined
by the Compensation Committee and communicated to Executive. The Annual Bonus shall otherwise be subject to the terms and conditions of
the annual bonus plan adopted by the Board or the Compensation Committee under which bonuses are generally payable to senior executives
of the Company, as in effect from time to time. The Annual Bonus shall be paid to Executive at the same time as annual bonuses are generally
payable to other senior executives of the Company subject to Executive’s continuous employment through the applicable payment date
(subject to Section 7 below).

 

(c) Equity
Participation. In connection with Executive’s employment hereunder, Executive shall be entitled to participate in the Company’s
equity incentive plan, as in effect from time to time, pursuant to the terms of such plan, an award agreement and such other documents
Executive is required to execute pursuant to the terms of such plan (the plan, the award agreement, and such other documents collectively,
the “Equity Documents”). Executive’s equity participation shall be exclusively governed by the terms of the Equity
Documents.

 

    2

     

    

 

Section 5. Employee Benefits.

 

During the Term of Employment,
Executive shall be entitled to participate in health, insurance, retirement, and other benefits provided generally to senior executives
of the Company as subject to any applicable eligibility requirements (including such wait periods and other minimum service requirements
as may be imposed by the terms of such benefit plans). Executive shall also be entitled to the same number of holidays, vacation days,
and sick days, as well as any other benefits, in each case as are generally allowed to similarly situated senior executives of the Company
in accordance with the Company policy as in effect from time to time. Nothing contained herein shall be construed to limit the Company’s
ability to amend, suspend, or terminate any employee benefit plan or policy at any time, and the right to do so is expressly reserved.

 

Section 6. Reimbursement
of Business Expenses.

 

Executive is authorized to incur
reasonable business expenses in carrying out Executive’s duties and responsibilities under this Agreement, and the Company shall
promptly reimburse Executive for all such reasonable business expenses, subject to documentation in accordance with the Company’s
policy, as in effect from time to time. In addition, to the extent Executive primarily works remotely from Executive’s personal
residence, the Company shall reimburse Executive for reasonable travel expenses incurred by Executive in connection with Executive’s
travel to and from the Company’s offices in connection with carrying out Executive’s duties and responsibilities under this
Agreement subject to documentation in accordance with the Company’s policy, as in effect from time to time. The Company shall be
entitled to impute income to Executive in connection with any reimbursements or other benefits provided under this Section 4, and withhold
from any and all amounts payable under this Section 4 as may be required to be withheld pursuant to any applicable law or regulation.

 

Section 7. Termination
of Employment.

 

(a) General.
The Term of Employment, and Executive’s employment hereunder, shall terminate upon the earliest to occur of (i) Executive’s
death, (ii) a termination by reason of a Disability, (iii) a termination by the Company with or without Cause, and (iv) a termination
by Executive with or without Good Reason. Except as otherwise expressly required by law (e.g., COBRA) or as specifically provided herein,
all of Executive’s rights to Base Salary, Annual Bonus, employee benefits and other compensatory amounts hereunder (if any) shall
cease upon the termination of Executive’s employment hereunder.

 

(b) Deemed
Resignation. Upon any termination of Executive’s employment for any reason, except as may otherwise be requested by the Company
in writing and agreed upon in writing by Executive, Executive shall be deemed to have resigned from any and all directorships, committee
memberships, and any other positions Executive holds with the Company or any other member of the Company Group.

 

    3

     

    

 

(c) Termination
Due to Death or Disability. Executive’s employment shall terminate automatically upon Executive’s death. The Company may
terminate Executive’s employment immediately upon the occurrence of a Disability, such termination to be effective upon Executive’s
receipt of written notice of such termination. Upon Executive’s death or in the event that Executive’s employment is terminated
due to Executive’s Disability, Executive or Executive’s estate or Executive’s beneficiaries, as the case may be, shall
be entitled to:

 

(i) The
Accrued Obligations;

 

(ii) Any
unpaid Annual Bonus in respect of any completed fiscal year that has ended prior to the date of such termination, which amount shall be
paid at such time annual bonuses are paid to other senior executives of the Company, but in no event later than the date that is 21⁄2
months following the last day of the fiscal year in which such termination occurred;

 

(iii) An
amount equal to (A) the Target Annual Bonus multiplied by (B) a fraction, the numerator of which is the number of days elapsed from the
commencement of the fiscal year in in which such termination occurs through the date of such termination and the denominator of which
is 365 (or 366, as applicable), which amount shall be paid within thirty (30) days of Executive’s termination date; and

 

(iv) To
the extent the Company maintains a group health plan subject to the continuation health coverage requirements of Sections 601 through
609 of the Employee Retirement Income Security Act of 1974, as amended (“COBRA”), Executive is enrolled for coverage under
such group health plan and subject to an election of COBRA continuation coverage by Executive (or Executive’s covered dependents
in the case of Executive’s death), on the first regularly scheduled payroll date of each month during the twelve (12) month period
immediately following the date Executive’s termination occurred, payment of an amount equal to the difference between the monthly
COBRA premium cost and the monthly contribution paid by active employees for the same coverage.

 

Following Executive’s death or a termination
of Executive’s employment by reason of a Disability, except as set forth in this Section 7(c), Executive shall have no further rights
to any compensation or any other benefits under this Agreement.

 

(d) Termination
by the Company for Cause.

 

(i) The
Company may terminate Executive’s employment at any time for Cause, effective upon delivery to Executive of written notice of such
termination; provided, however, that with respect to any Cause termination relying on clause (ii), (vi) or (vii) of the
definition of Cause, to the extent that such act or acts or failure or failures to act are curable, Executive shall be given not less
than ten (10) business days’ written notice by the Board of the Company’s intention to terminate Executive for Cause, such
notice to state in detail the particular act or acts or failure or failures to act that constitute the grounds on which the proposed termination
for Cause is based, and such termination shall be effective at the expiration of such ten (10) business day notice period unless Executive
has fully cured such act or acts or failure or failures to act that give rise to Cause during such period.

 

    4

     

    

 

(ii) In
the event that the Company terminates Executive’s employment for Cause, Executive shall be entitled only to the Accrued Obligations.
Following such termination of Executive’s employment for Cause, except as set forth in this Section 7(d)(ii), Executive shall have
no further rights to any compensation or any other benefits under this Agreement.

 

(e) Termination
by the Company without Cause. The Company may terminate Executive’s employment at any time without Cause, effective upon delivery
to Executive of written notice of such termination. In the event that Executive’s employment is terminated by the Company without
Cause (other than due to death or Disability), Executive shall be entitled to:

 

(i) The
Accrued Obligations;

 

(ii) Any
unpaid Annual Bonus in respect of any completed fiscal year that has ended prior to the date of such termination, which amount shall be
paid at such time annual bonuses are paid to other senior executives of the Company, but in no event later than the date that is 21⁄2
months following the last day of the fiscal year in which such termination occurred;

 

(iii) Subject
to satisfaction of the applicable performance objectives applicable for the fiscal year in which such termination occurs, an amount equal
to (A) the Target Annual Bonus otherwise payable to Executive for the fiscal year in which such termination occurred, assuming Executive
had remained employed through the applicable payment date, multiplied by (B) a fraction, the numerator of which is the number of days
elapsed from the commencement of such fiscal year through the date of such termination and the denominator of which is 365 (or 366, as
applicable), which amount shall be paid at such time annual bonuses are paid to other senior executives of the Company, but in no event
later than the date that is 21⁄2 months following the last day of the fiscal year in which such termination occurred;

 

(iv) An
amount equal to twelve (12) months of Base Salary, such amount to be paid in substantially equal payments over the [12]-month period following
Executive’s termination of employment (such period, the “Severance Term”), and payable in accordance with the
Company’s regular payroll practices; provided, however, if such termination occurs on or following any Change in Control
(as defined in the equity documents), such amount shall instead be payable in a single lump sum within five (5) days of such termination;
and

 

(v) To
the extent the Company maintains a group health plan subject to the continuation health coverage requirements of Sections 601 through
609 of the Employee Retirement Income Security Act of 1974, as amended (“COBRA”), Executive is enrolled for coverage under
such group health plan and subject to an election of COBRA continuation coverage by Executive (or Executive’s covered dependents
in the case of Executive’s death), on the first regularly scheduled payroll date of each month during the Severance Term, payment
of an amount equal to the difference between the monthly COBRA premium cost and the monthly contribution paid by active employees for
the same coverage; provided, that the payments described in this clause (v) shall cease earlier than the expiration of the Severance
Term in the event that Executive becomes eligible to receive any health benefits as a result of subsequent employment or service during
the Severance Term;

 

    5

     

    

 

Notwithstanding the foregoing, the payments and
benefits described in clauses (ii) through (v) above shall immediately terminate, and the Company shall have no further obligations to
Executive with respect thereto, in the event that Executive breaches any provision set forth in Section 9 hereof. Following such termination
of Executive’s employment by the Company without Cause, except as set forth in this Section 7(e), Executive shall have no further
rights to any compensation or any other benefits under this Agreement.

 

(f) Termination
by Executive with Good Reason. Executive may terminate Executive’s employment with Good Reason by providing the Company thirty
(30) days’ written notice setting forth in reasonable specificity the event that constitutes Good Reason, which written notice,
to be effective, must be provided to the Company within sixty (60) days of the occurrence of such event. During such thirty (30) day notice
period, the Company shall have a cure right (if curable), and if not cured within such period, Executive’s termination will be effective
upon the expiration of such cure period, and Executive shall be entitled to the same payments and benefits as provided in Section 7(e)
hereof for a termination by the Company without Cause, subject to the same conditions on payment and benefits as described in Section
7(e) hereof. Following such termination of Executive’s employment by Executive with Good Reason, except as set forth in this Section
7(f), Executive shall have no further rights to any compensation or any other benefits under this Agreement.

 

(g) Termination
by Executive without Good Reason. Executive may terminate Executive’s employment without Good Reason by providing the Company
sixty (60) days’ written notice of such termination. In the event of a termination of employment by Executive under this Section
7(g), Executive shall be entitled only to the Accrued Obligations. In the event of termination of Executive’s employment under this
Section 7(g), the Company may, in its sole and absolute discretion, by written notice accelerate such date of termination without changing
the characterization of such termination as a termination by Executive without Good Reason. Following such termination of Executive’s
employment by Executive without Good Reason, except as set forth in this Section 7(g), Executive shall have no further rights to any compensation
or any other benefits under this Agreement.

 

(h) Release.
Notwithstanding any provision herein to the contrary, the payment of any amount or provision of any benefit pursuant to subsection (e)
or (f) of this Section 7 other than the Accrued Obligations (collectively, the “Severance Benefits”) shall be conditioned
upon Executive’s execution, delivery to the Company, and non-revocation of the Release of Claims (and the expiration of any revocation
period contained in such Release of Claims) within sixty (60) days following the date of Executive’s termination of employment hereunder
(the “Release Execution Period”). If Executive fails to execute the Release of Claims in such a timely manner so as
to permit any revocation period to expire prior to the end of such sixty (60) day period, or timely revokes Executive’s acceptance
of such release following its execution, Executive shall not be entitled to any of the Severance Benefits. No portion of the Severance
Benefits (other than Accrued Obligations) shall be paid until the Release of Claims has become effective and all such amounts shall commence
to be paid on the first regular payroll date of the Company after the Release of Claims has become effective; provided, that, if
the Release Execution Period overlaps two calendar years, the first payment shall not be made sooner than the first day of the second
year, and shall include any missed payments.

 

    6

     

    

 

Section 8. Change of Control.

 

 (a) If, during the
Term of Employment and during the period commencing three months prior to a Change in Control and ending on the eighteen (18)-month anniversary
of the Change in Control (the “Change in Control Period”), Executive’s employment is terminated by the Company
without Cause or Executive resigns for Good Reason, then, in lieu of the payments and benefits described in Section 7(e)(ii) through (iv)
above and subject to Executive’s delivery to the Company of a Release that becomes effective and irrevocable in accordance with
Section 7(h) hereof:

 

(i) Any
unpaid Annual Bonus in respect of any completed fiscal year that has ended prior to the date of such termination, which amount shall be
paid at such time annual bonuses are paid to other senior executives of the Company, but in no event later than the date that is 21⁄2
months following the last day of the fiscal year in which such termination occurred;

 

(ii) Subject
to satisfaction of the applicable performance objectives applicable for the fiscal year in which such termination occurs, an amount equal
to (A) the Target Annual Bonus otherwise payable to Executive for the fiscal year in which such termination occurred, assuming Executive
had remained employed through the applicable payment date, multiplied by (B) a fraction, the numerator of which is the number of days
elapsed from the commencement of such fiscal year through the date of such termination and the denominator of which is 365 (or 366, as
applicable), which amount shall be paid at such time annual bonuses are paid to other senior executives of the Company, but in no event
later than the date that is 21⁄2 months following the last day of the fiscal year in which such termination occurred;

 

(iii) An
amount equal to [18] months of Base Salary, such amount to be paid in substantially equal payments over the [18]-month period following
Executive’s termination of employment (such period, the “Severance Term”), and payable in accordance with the Company’s
regular payroll practices; provided, however, if such termination occurs on or following any Change in Control (as defined in the equity
documents), such amount shall instead be payable in a single lump sum within five (5) days of such termination;

 

(iv) To
the extent the Company maintains a group health plan subject to the continuation health coverage requirements of Sections 601 through
609 of the Employee Retirement Income Security Act of 1974, as amended (“COBRA”), Executive is enrolled for coverage under
such group health plan and subject to an election of COBRA continuation coverage by Executive (or Executive’s covered dependents
in the case of Executive’s death),, on the first regularly scheduled payroll date of each month during the Severance Term, payment
of an amount equal to the difference between the monthly COBRA premium cost and the monthly contribution paid by active employees for
the same coverage; provided, that the payments described in this clause (v) shall cease earlier than the expiration of the Severance Term
in the event that Executive becomes eligible to receive any health benefits as a result of subsequent employment or service during the
Severance Term: and

 

    7

     

    

 

(v) The
Company shall cause any unvested equity awards (including any stock options and restricted stock awards) subject to time-based vesting
held by Executive as of the date of termination, to become fully vested and, if applicable, exercisable with respect to all of the shares
of the Company’s Common Stock subject thereto

 

(b) In
the event that (a) Executive is entitled to receive any payment, benefit or distribution of any type to or for the benefit of Executive,
whether paid or payable, provided or to be provided, or distributed or distributable, pursuant to the terms of this Agreement or otherwise
(collectively, the “Payments”), and (b) the net after-tax amount of such Payments, after Executive has paid all taxes
due thereon (including, without limitation, taxes due under Section 4999 of the Code) is less than the net after-tax amount of all such
Payments otherwise due to Executive in the aggregate, if such Payments were reduced to an amount equal to 2.99 times Executive’s
“base amount” (as defined in Section 280G(b)(3) of the Code), then the aggregate amount of such Payments payable to Executive
shall be reduced to an amount that will equal 2.99 times Executive’s base amount. To the extent such aggregate “parachute
payment” (as defined in Section 280G(b)(2) of the Code) amounts are required to be so reduced, the parachute payment amounts due
to Executive (but no non-parachute payment amounts) shall be reduced in the following order: (i) the parachute payments that are payable
in cash shall be reduced (if necessary, to zero) with amounts that are payable last reduced first; (ii) payments and benefits due in respect
of any equity, valued at full value (rather than accelerated value), with the highest values reduced first (as such values are determined
under Treasury Regulation Section 1.280G-1, Q&A 24); and (iii) all other non-cash benefits not otherwise described in clause (ii)
of this Section 8 reduced last.

 

Section 9. Restrictive
Covenants

 

(a) General.
Executive acknowledges and recognizes the highly competitive nature of the business of the Company Group, that access to Confidential
Information renders Executive special and unique within the industry of the Company Group, and that Executive will have the opportunity
to develop substantial relationships with existing and prospective clients, accounts, customers, consultants, contractors, investors,
and strategic partners of the Company Group during the course of and as a result of Executive’s employment with the Company. In
light of the foregoing, as a condition of Executive’s employment by the Company, and in consideration of Executive’s employment
hereunder and the compensation and benefits provided herein, Executive acknowledges and agrees to the covenants contained in this Section
9. Executive further recognizes and acknowledges that the restrictions and limitations set forth in this Section 9 are reasonable and
valid in geographical and temporal scope and in all other respects and are essential to protect the value of the business and assets of
the Company Group.

 

    8

     

    

 

(b) Confidential
Information.

 

(i) Executive
acknowledges that, during the Term of Employment, Executive will have access to information about the Company Group and that Executive’s
employment with the Company shall bring Executive into close contact with confidential and proprietary information of the Company Group.
In recognition of the foregoing, Executive agrees, at all times during the Term of Employment and thereafter, to hold in confidence, and
not to use, except for the benefit of the Company Group, or to disclose to any Person without written authorization of the Company, any
Confidential Information.

 

(ii) Nothing
in this Agreement shall prohibit or impede Executive from communicating, cooperating or filing a complaint with any U.S. federal, state
or local governmental or law enforcement branch, agency or entity (collectively, a “Governmental Entity”) with respect
to possible violations of any U.S. federal, state or local law or regulation, or otherwise making disclosures to any Governmental Entity,
in each case, that are protected under the whistleblower provisions of any such law or regulation, provided that in each case such communications
and disclosures are consistent with applicable law. Executive understands and acknowledges that an individual shall not be held criminally
or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that is made (A) in confidence to a
Federal, State, or local government official or to an attorney solely for the purpose of reporting or investigating a suspected violation
of law, or (B) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Executive understands
and acknowledges further that an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of
law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the
individual files any document containing the trade secret under seal; and does not disclose the trade secret, except pursuant to court
order. Notwithstanding the foregoing, under no circumstance will Executive be authorized to disclose any information covered by attorney-client
privilege or attorney work product of any member of the Company Group without prior written consent of Company’s Board or other
officer designated by the Board, unless otherwise permitted by the applicable whistleblower provisions of any law or regulation. Executive
does not need the prior authorization of (or to give notice to) any member of the Company Group regarding any communication, disclosure,
or activity permitted by this subsection.

 

(c) Assignment
of Intellectual Property.

 

(i) Executive
agrees that Executive will, without additional compensation, promptly make full written disclosure to the Company, and will hold in trust
for the sole right and benefit of the Company all developments, original works of authorship, inventions, concepts, know-how, improvements,
trade secrets, and similar proprietary rights, whether or not patentable or registrable under copyright or similar laws, which Executive
may (or have previously) solely or jointly conceive or develop or reduce to practice, or cause to be conceived or developed or reduced
to practice, during the Term of Employment, whether or not during regular working hours, provided they either (i) relate at the time of
conception or reduction to practice of the invention to the business of any member of the Company Group, or actual or demonstrably anticipated
research or development of any member of the Company Group; (ii) result from or relate to any work performed for any member of the Company
Group; or (iii) are developed through the use of equipment, supplies, or facilities of any member of the Company Group, or any Confidential
Information, or in consultation with personnel of any member of the Company Group (collectively referred to as “Developments”).
Executive further acknowledges that all Developments made by Executive (solely or jointly with others) within the scope of and during
the Term of Employment are “works made for hire” (to the greatest extent permitted by applicable law) for which Executive
is, in part, compensated by Executive’s Base Salary, unless regulated otherwise by law, but that, in the event any such Development
is deemed not to be a work made for hire, Executive hereby assigns to the Company, or its designee, all Executive’s right, title,
and interest throughout the world in and to any such Development.

 

    9

     

    

 

(ii) Executive
agrees to assist the Company, or its designee, at the Company’s expense, in every way to secure the rights of the Company Group
in the Developments and any copyrights, patents, trademarks, service marks, database rights, domain names, mask work rights, moral rights,
and other intellectual property rights relating thereto in any and all countries, including the disclosure to the Company of all pertinent
information and data with respect thereto, the execution of all applications, specifications, oaths, assignments, recordations, and all
other instruments that the Company shall deem necessary in order to apply for, obtain, maintain, and transfer such rights and in order
to assign and convey to the Company Group the sole and exclusive right, title, and interest in and to such Developments, and any intellectual
property and other proprietary rights relating thereto. Executive further agrees that Executive’s obligation to execute or cause
to be executed, when it is in Executive’s power to do so, any such instrument or papers shall continue after the termination of
the Term of Employment until the expiration of the last such intellectual property right to expire in any country of the world; provided,
however, that the Company shall reimburse Executive for Executive’s reasonable expenses incurred in connection with carrying
out the foregoing obligation and, following termination of employment of the Term of Employment, shall compensate Executive for Executive’s
time incurred in connection with carrying out Executive’s obligations under this Section 6(c)(ii) following such termination of
at an hourly rate based upon Executive’s Base Salary as of immediately prior to Executive’s termination of employment. If
the Company is unable because of Executive’s mental or physical incapacity or unavailability for any other reason to secure Executive’s
signature to apply for or to pursue any application for any United States or foreign patents or copyright registrations covering Developments
or original works of authorship assigned to the Company as above, then Executive hereby irrevocably designates and appoints the Company
and its duly authorized officers and agents as Executive’s agent and attorney in fact to act for and in Executive’s behalf
and stead to execute and file any such applications or records and to do all other lawfully permitted acts to further the application
for, prosecution, issuance, maintenance, and transfer of letters patent or registrations thereon with the same legal force and effect
as if originally executed by me. Executive hereby waives and irrevocably quitclaims to the Company any and all claims, of any nature whatsoever,
that Executive now or hereafter have for past, present, or future infringement of any and all proprietary rights assigned to the Company.

 

(d) Non-Solicitation.
During the Term of Employment and the Post-Termination Restricted Period, Executive will not directly or indirectly (i) solicit from any
Protected Customer any business that is comparable or similar to any products or services provided by the Company; (ii) request or advise
any Protected Customer to curtail, cancel, or withdraw its business from the Company; (iii) aid in any way any other entity in obtaining
business from Protected Customer that is comparable or similar to any products or services provided by the Company; or (iv) otherwise
interfere with any transaction, agreement, business relationship, and/or business opportunity between the Company and any customer or
potential customer of the Company. “Protected Customer” means any person or entity who was or is a customer or potential customer
of the Company at any time during Executive’s employment with the Company and (a) with whom Executive dealt on behalf of the Company
or a Company affiliate; (b) whose dealings with the Company or a Company affiliate were coordinated or supervised by Executive; (c) about
whom Executive obtained Proprietary Information as a result of Executive’s association with the Company or a Company affiliate;
(d) to whom Executive provided services or (e) who received products or services the sale or provision of which resulted in compensation,
commissions or earnings for Executive.

 

    10

     

    

 

(e) Non-Interference.
During the Term of Employment and the Post-Termination Restricted Period, Executive shall not, directly or indirectly for Executive’s
own account or for the account of any other Person, engage in Interfering Activities.

 

(f) Return
of Documents. In the event of Executive’s termination of employment hereunder for any reason, Executive shall deliver to the
Company (and will not keep in Executive’s possession, recreate, or deliver to anyone else) any and all Confidential Information
and all other documents, materials, information, and property developed by Executive pursuant to Executive’s employment hereunder
or otherwise belonging to the Company Group.

 

(g) Independence;
Severability; Blue Pencil. Each of the rights enumerated in this Section 9 shall be independent of the others and shall be in addition
to and not in lieu of any other rights and remedies available to the Company Group at law or in equity. If any of the provisions of this
Section 9 or any part of any of them is hereafter construed or adjudicated to be invalid or unenforceable, the same shall not affect the
remainder of this Section 9, which shall be given full effect without regard to the invalid portions. If any of the covenants contained
herein are held to be invalid or unenforceable because of the duration of such provisions or the area or scope covered thereby, each of
the Company and Executive agree that the court making such determination shall have the power to reduce the duration, scope, and/or area
of such provision to the maximum and/or broadest duration, scope, and/or area permissible by law, and in its reduced form said provision
shall then be enforceable.

 

(h) Injunctive
Relief. Executive expressly acknowledges that any breach or threatened breach of any of the terms and/or conditions set forth in this
Section 9 may result in substantial, continuing, and irreparable injury to the members of the Company Group. Therefore, Executive hereby
agrees that, in addition to any other remedy that may be available to the Company, any member of the Company Group shall be entitled to
seek injunctive relief, specific performance, or other equitable relief by a court of appropriate jurisdiction in the event of any breach
or threatened breach of the terms of this Section 9. Notwithstanding any other provision to the contrary, Executive acknowledges and agrees
that the Post-Termination Restricted Period shall be tolled during any period of violation of any of the covenants in this Section 9 and
during any other period required for litigation during which the Company or any other member of the Company Group seeks to enforce such
covenants against Executive if it is ultimately determined that Executive was in breach of such covenants.

 

(i) Disclosure
of Covenants. As long as it remains in effect, Executive will disclose the existence of the covenants contained in this Section 9
to any prospective employer, partner, co-venturer, investor, or lender prior to entering into an employment, partnership, or other business
relationship with such Person or entity.

 

    11

     

    

 

Section 10. Representations
and Warranties of Executive.

 

Executive represents and warrants
to the Company that:

 

(a) Executive
is entering into this Agreement voluntarily and that Executive’s employment hereunder and compliance with the terms and conditions
hereof will not conflict with or result in the breach by Executive of any agreement to which Executive is a party or by which Executive
may be bound;

 

(b) Executive
has not violated, and in connection with Executive’s employment with the Company will not violate, any non-solicitation, non-competition,
or other similar covenant or agreement with any Person by which Executive is or may be bound;

 

(c) In
connection with Executive’s employment with the Company, Executive will not use any confidential or proprietary information Executive
may have obtained in connection with employment or service with any prior service recipient; and

 

(d) Executive
has not been terminated from any prior employer or service recipient, or otherwise disciplined in connection any such relationship, in
connection with, or as a result of, any claim of workplace sexual harassment or sex or gender discrimination, and to Executive’s
knowledge, Executive has not been the subject of any investigation, formal allegation, civil or criminal complaint, charge, or settlement
regarding workplace sexual harassment or sex or gender discrimination.

 

Section 11. Indemnification.

 

The Company agrees during and
after Executive’s employment to indemnify and hold harmless Executive to the fullest extent permitted by the organizational documents
of the Company, or if greater, in accordance with applicable law regarding indemnification, for actions or inactions of Executive in accordance
with Executive’s performance of his duties under this Agreement, as an officer, director, employee or agent of the Company or any
affiliate thereof or as a fiduciary of any benefit plan of any of the foregoing. The Company also agrees to provide Executive with directors’
and officers’ liability insurance coverage both during and after Executive’s employment with regard to matters occurring during
employment, or while serving on the governing body of the Company, or any affiliate thereof, which coverage will be at a level at least
equal to the greatest level being maintained at such time for any current officer or director and shall continue until such time as suits
can no longer be brought against Executive as a matter of law. Executive will be entitled to advancement of expenses from the Company
or its applicable subsidiaries in connection with any claim in the same manner and to the same extent to which any other officer or director
of the Company is entitled.

 

    12

     

    

 

Section 12. Taxes.

 

The Company may withhold from
any payments made under this Agreement or otherwise made in connection with Executive’s employment hereunder, all applicable taxes,
including but not limited to income, employment, and social insurance taxes, as shall be required by law. If any such taxes are paid or
advanced by the Company on behalf of Executive, Executive shall remain responsible for, and shall repay, such amounts to the Company,
promptly following notice thereof by the Company. Executive acknowledges and represents that the Company has not provided any tax advice
to Executive in connection with this Agreement and that Executive has been advised by the Company to seek tax advice from Executive’s
own tax advisors regarding this Agreement and payments that may be made to Executive pursuant to this Agreement, including specifically,
the application of the provisions of Section 409A of the Code to such payments.

 

Section 13. Set Off; Mitigation.

 

The Company’s obligation
to pay Executive the amounts provided and to make the arrangements provided hereunder shall not be subject to set-off, counterclaim, or
recoupment of amounts owed by Executive to the Company or its affiliates Executive shall not be required to mitigate the amount of any
payment provided pursuant to this Agreement by seeking other employment or otherwise, and the amount of any payment provided for pursuant
to this Agreement shall not be reduced by any compensation earned as a result of Executive’s other employment or otherwise.

 

Section 14. Additional
Section 409A Provisions.

 

Notwithstanding any provision
in this Agreement to the contrary:

 

(a) Any
payment otherwise required to be made hereunder to Executive at any date as a result of the termination of Executive’s employment
shall be delayed for such period of time as may be necessary to meet the requirements of Section 409A(a)(2)(B)(i) of the Code (the “Delay
Period”). On the first business day following the expiration of the Delay Period, Executive shall be paid, in a single cash
lump sum, an amount equal to the aggregate amount of all payments delayed pursuant to the preceding sentence, and any remaining payments
not so delayed shall continue to be paid pursuant to the payment schedule set forth herein.

 

(b) Each
payment in a series of payments hereunder shall be deemed to be a separate payment for purposes of Section 409A of the Code.

 

(c) Notwithstanding
anything herein to the contrary, the payment (or commencement of a series of payments) hereunder of any nonqualified deferred compensation
(within the meaning of Section 409A of the Code) upon a termination of employment shall be delayed until such time as Executive has also
undergone a “separation from service” as defined in Treas. Reg. 1.409A-1(h), at which time such nonqualified deferred compensation
(calculated as of the date of Executive’s termination of employment hereunder) shall be paid (or commence to be paid) to Executive
on the schedule set forth in Section 7 as if Executive had undergone such termination of employment (under the same circumstances) on
the date of Executive’s ultimate “separation from service.”

 

    13

     

    

 

(d) To
the extent that any right to reimbursement of expenses or payment of any benefit in-kind under this Agreement constitutes nonqualified
deferred compensation (within the meaning of Section 409A of the Code), (i) any such expense reimbursement shall be made by the Company
no later than the last day of the taxable year following the taxable year in which such expense was incurred by Executive, (ii) the right
to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, and (iii) the amount of expenses
eligible for reimbursement or in-kind benefits provided during any taxable year shall not affect the expenses eligible for reimbursement
or in-kind benefits to be provided in any other taxable year; provided, however, that the foregoing clause shall not be
violated with regard to expenses reimbursed under any arrangement covered by Section 105(b) of the Code solely because such expenses are
subject to a limit related to the period the arrangement is in effect.

 

(e) While
the payments and benefits provided hereunder are intended to be structured in a manner to avoid the implication of any penalty taxes under
Section 409A of the Code, and shall be interpreted in accordance therewith, in no event whatsoever shall any member of the Company Group
be liable for any additional tax, interest, or penalties that may be imposed on Executive as a result of Section 409A of the Code or any
damages for failing to comply with Section 409A of the Code (other than for withholding obligations or other obligations applicable to
employers, if any, under Section 409A of the Code).

 

Section 15. Successors
and Assigns; No Third-Party Beneficiaries.

 

(a) The
Company. This Agreement shall inure to the benefit of the Company and its respective successors and assigns. Neither this Agreement
nor any of the rights, obligations, or interests arising hereunder may be assigned by the Company to a Person (other than another member
of the Company Group, or its or their respective successors) without Executive’s prior written consent (which shall not be unreasonably
withheld, delayed, or conditioned); provided, however, that in the event of a sale of all or substantially all of the assets
of the Company or any direct or indirect division or subsidiary thereof to which Executive’s employment primarily relates, the Company
may provide that this Agreement will be assigned to, and assumed by, the acquiror of such assets, division or subsidiary, as applicable,
without Executive’s consent.

 

(b) Executive.
Executive’s rights and obligations under this Agreement shall not be transferable by Executive by assignment or otherwise, without
the prior written consent of the Company; provided, however, that if Executive shall die, all amounts then payable to Executive
hereunder shall be paid in accordance with the terms of this Agreement to Executive’s devisee, legatee, or other designee, or if
there be no such designee, to Executive’s estate.

 

(c) No
Third-Party Beneficiaries. Except as otherwise set forth in Section 7(c) or Section 15(b) hereof, nothing expressed or referred to
in this Agreement will be construed to give any Person other than the Company, the other members of the Company Group, and Executive any
legal or equitable right, remedy, or claim under or with respect to this Agreement or any provision of this Agreement.

 

    14

     

    

 

Section 16. Waiver and
Amendments.

 

Any waiver, alteration, amendment,
or modification of any of the terms of this Agreement shall be valid only if made in writing and signed by each of the parties hereto;
provided, however, that any such waiver, alteration, amendment, or modification must be consented to on the Company’s
behalf by the Board. No waiver by either of the parties hereto of their rights hereunder shall be deemed to constitute a waiver with respect
to any subsequent occurrences or transactions hereunder unless such waiver specifically states that it is to be construed as a continuing
waiver.

 

Section 17. Severability.

 

If any covenants or such other
provisions of this Agreement are found to be invalid or unenforceable by a final determination of a court of competent jurisdiction, (a)
the remaining terms and provisions hereof shall be unimpaired, and (b) the invalid or unenforceable term or provision hereof shall be
deemed replaced by a term or provision that is valid and enforceable and that comes closest to expressing the intention of the invalid
or unenforceable term or provision hereof.

 

Section 18. Governing
Law; Waiver of Jury Trial; Arbitration.

 

THIS AGREEMENT IS GOVERNED BY
AND IS TO BE CONSTRUED UNDER THE LAWS OF THE STATE OF OHIO. EACH PARTY TO THIS AGREEMENT ALSO HEREBY WAIVES ANY RIGHT TO TRIAL BY JURY
IN CONNECTION WITH ANY SUIT, ACTION, OR PROCEEDING UNDER OR IN CONNECTION WITH THIS AGREEMENT. Except as permitted under Section 9 hereof,
any controversy or claim arising out of or relating to this Agreement (or the breach thereof) shall be settled by final, binding and non-appealable
arbitration in Cincinnati, Ohio by three arbitrators. The arbitration shall be conducted by JAMS pursuant to its Employment Arbitration
Rules and Procedures and subject to JAMS Policy on Employment Arbitration in accordance with its Employment Arbitration Rules and Procedures
then in effect. Judgment on the award rendered by the arbitrators may be entered in any court having jurisdiction thereof. The arbitrators
shall have the authority to award any remedy or relief that a court of competent jurisdiction could order or grant, including, without
limitation, the issuance of an injunction. However, either party may, without inconsistency with this arbitration provision, apply to
any court having jurisdiction over such dispute or controversy and seek interim provisional, injunctive or other equitable relief until
the arbitration award is rendered or the controversy is otherwise resolved, or permanent injunctive relief. Except as necessary in court
proceedings to enforce this arbitration provision or an award rendered hereunder, to obtain interim relief or as otherwise required by
law, neither a party nor an arbitrator may disclose the content or results of any arbitration hereunder without the prior written consent
of the Company and Executive, other than general statements. The fees charged by JAMS and any arbitrator shall be split equally between
the parties to the arbitration.

 

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Section 19. Notices.

 

All notices and other communications
required or permitted under this Agreement which are addressed as provided in this Section 19, (A) if delivered personally against proper
receipt shall be effective upon delivery and (B) if sent (x) by certified or registered mail with postage prepaid or (y) by Federal Express
or similar courier service with courier fees paid by the sender, shall be effective upon receipt. The parties hereto may from time to
time change their respective addresses for the purpose of notices to that party by a similar notice specifying a new address, but no such
change shall be deemed to have been given unless it is sent and received in accordance with this Section 19.

 

If to the Company: 

 

Blue Water Vaccines, Inc.

201 E Fifth Street, Suite 1900

 

Cincinnati, Ohio 45202

Attn: Corporate Secretary

 

With copy to:

 

If to Executive:

 

To the most recent address of Executive set forth in the personnel
records of the Company.

 

Section 20. Section Headings.

 

The headings of the sections
and subsections of this Agreement are inserted for convenience only and shall not be deemed to constitute a part thereof or affect the
meaning or interpretation of this Agreement or of any term or provision hereof.

 

Section 21. Entire Agreement.

 

This Agreement, together with
any exhibits attached hereto, constitutes the entire understanding and agreement of the parties hereto regarding the employment of Executive.
This Agreement supersedes all prior negotiations, discussions, correspondence, communications, understandings, and agreements between
the parties relating to the subject matter of this Agreement.

 

Section 22. Survival of
Operative Sections.

 

Upon any termination of Executive’s
employment, the provisions of Section 7 through Section 23 of this Agreement (together with any related definitions set forth on Appendix
A) shall survive to the extent necessary to give effect to the provisions thereof.

 

Section 23. Counterparts.

 

This Agreement may be executed
in two or more counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same
instrument. The execution of this Agreement may be by actual or facsimile signature.

 

[Signatures to appear on the following page.

 

    16

     

    

 

IN WITNESS WHEREOF, the undersigned
have executed this Agreement as of the date first above written.

 

	 	BLUE WATER VACCINES, INC.
	 	 
	 	By:	 
	 	Title:	Chief Executive Officer
	 	 
	 	EXECUTIVE
	 	 
	 	Jon Garfield

 

Signature Page

 

     

     

    

 

APPENDIX A

Definitions

 

(a) “Accrued
Obligations” shall mean (i) all accrued but unpaid Base Salary through the date of termination of Executive’s employment,
(ii) any unpaid or unreimbursed expenses incurred in accordance with Section 6 hereof, (iii) an amount equal to Executive’s accrued,
but unused vacation days, multiplied by the quotient of Executive’s Annual Salary divided by 2,087 hours) in accordance with the
Company’s vacation policies in effect from time to time, and (iv) any benefits provided under the Company’s employee benefit
plans upon a termination of employment, including rights with respect to equity participation under the Equity Documents, in accordance
with the terms contained therein.

 

(b) “Board”
shall mean the Board of Directors of the Company.

 

(c) “Business”
shall mean any business activities related to the Company Group’s research and development of
transformational vaccines to address significant health challenges, including but not limited to a universal influenza vaccine,
or any other current or demonstrably planned business activities of the Company Group.

 

(d) “Business
Relation” shall mean any current or prospective client, customer, licensee, supplier, or other business relation of the Company
Group, or any such relation that was a client, customer, licensee or other business relation within the prior six (6) month period, in
each case, with whom Executive transacted business or whose identity became known to Executive in connection with Executive’s employment
hereunder.

 

(e) “Cause”
shall mean (i) Executive’s act(s) of gross negligence or willful misconduct in the course of Executive’s employment
hereunder, (ii) willful failure or refusal by Executive to perform in any material respect Executive’s duties or
responsibilities, (iii) misappropriation (or attempted misappropriation) by Executive of any assets or business opportunities of the
Company or any other member of the Company Group, (iv) embezzlement or fraud committed (or attempted) by Executive, or at
Executive’s direction, (v) Executive’s conviction of, indictment for, or pleading “guilty” or “no
contest” to, (x) a felony or (y) any other criminal charge that has, or could be reasonably expected to have, an adverse
impact on the performance of Executive’s duties to the Company or any other member of the Company Group or otherwise result in
material injury to the reputation or business of the Company or any other member of the Company Group, (vi) any material violation
by Executive of the policies of the Company, including but not limited to those relating to sexual harassment or business conduct,
and those otherwise set forth in the manuals or statements of policy of the Company, or (vii) Executive’s material breach of
this Agreement.

 

    A-1

     

    

 

(f) “Change
in Control” shall mean the occurrence, in a single transaction or in a series of related transactions, of any one of the following
events; provided, however, to the extent necessary to avoid adverse personal income tax consequences to Executive also constitutes a “Change
in Control Event” under Treasury Regulation 1.409A-3(i)(5)(i):

 

(i) any
Person becomes the owner, directly or indirectly, of securities of the Company representing more than 50% of the combined voting power
of the Company’s then outstanding securities other than by virtue of a merger, consolidation or similar transaction. Notwithstanding
the foregoing, a Change in Control shall not be deemed to occur (A) on account of the acquisition of securities of the Company directly
from the Company, (B) on account of the acquisition of securities of the Company by an investor, any affiliate thereof or any other Person
that acquires the Company’s securities in a transaction or series of related transactions the primary purpose of which is to obtain
financing for the Company through the issuance of equity securities, or (C) solely because the level of ownership held by any Person (the
“Subject Person”) exceeds the designated percentage threshold of the outstanding voting securities as a result of a repurchase
or other acquisition of voting securities by the Company reducing the number of shares outstanding, provided that if a Change in Control
would occur (but for the operation of this sentence) as a result of the acquisition of voting securities by the Company, and after such
share acquisition, the Subject Person becomes the Owner of any additional voting securities that, assuming the repurchase or other acquisition
had not occurred, increases the percentage of the then outstanding voting securities Owned by the Subject Person over the designated percentage
threshold, then a Change in Control shall be deemed to occur;

 

(ii) there
is consummated a merger, consolidation or similar transaction involving (directly or indirectly) the Company and, immediately after the
consummation of such merger, consolidation or similar transaction, the stockholders of the Company immediately prior thereto do not own,
directly or indirectly, either (A) outstanding voting securities representing more than 50% of the combined outstanding voting power of
the surviving Entity in such merger, consolidation or similar transaction or (B) more than 50% of the combined outstanding voting power
of the parent of the surviving Entity in such merger, consolidation or similar transaction, in each case in substantially the same proportions
as their ownership of the outstanding voting securities of the Company immediately prior to such transaction;

 

(iii) the
stockholders of the Company approve or the Board approves a plan of complete dissolution or liquidation of the Company, or a complete
dissolution or liquidation of the Company shall otherwise occur, except for a liquidation into a parent corporation;

 

(iv) there
is consummated a sale, lease, exclusive license or other disposition of all or substantially all of the consolidated assets of the Company
and its subsidiaries, other than a sale, lease, license or other disposition of all or substantially all of the consolidated assets of
the Company and its subsidiaries to an Entity, more than 50% of the combined voting power of the voting securities of

 

(g) “Code”
shall mean the Internal Revenue Code of 1986, as amended, and the rules and regulations promulgated thereunder.

 

(h) “Company
Group” shall mean the Company together with any of its direct or indirect subsidiaries.

 

(i) 
“Compensation Committee” shall mean the Compensation Committee of the Board.

 

    A-2

     

    

 

(j) “Confidential
Information” means information that the Company Group has or will develop, acquire, create, compile, discover, or own, that
has value in or to the business of the Company Group that is not generally known and that the Company wishes to maintain as confidential.
Confidential Information includes, but is not limited to, any and all non-public information that relates to the actual or anticipated
business and/or products, research, or development of the Company Group, or to the Company Group’s technical data, trade secrets,
or know-how, including, but not limited to, research, plans, or other information regarding the Company Group’s products or services
and markets, customer lists, and customers (including, but not limited to, customers of the Company on whom Executive called or with whom
Executive may become acquainted during the Term of Employment), software, developments, inventions, processes, formulas, technology, designs,
drawings, engineering, hardware configuration information, marketing, finances, and other business information disclosed by the Company
either directly or indirectly in writing, orally, or by drawings or inspection of premises, parts, equipment, or other Company Group property.
Notwithstanding the foregoing, Confidential Information shall not include any of the foregoing items that have become publicly and widely
known through no unauthorized disclosure by Executive or others who were under confidentiality obligations as to the item or items involved.

 

(k) “Disability”
shall mean any physical or mental disability or infirmity of Executive that prevents the performance of Executive’s duties for a
period of (i) ninety (90) consecutive days or (ii) one hundred eighty (180) non-consecutive days during any twelve (12) month period.
Any question as to the existence, extent, or potentiality of Executive’s Disability upon which Executive and the Company cannot
agree shall be determined by a qualified, independent physician selected by the Company and approved by Executive (which approval shall
not be unreasonably withheld, delayed or conditioned). The determination of any such physician shall be final and conclusive for all purposes
of this Agreement

 

(l) 
“Good Reason” shall mean, without Executive’s consent, (i) a material demotion in Executive’s title, duties,
or responsibilities as set forth in Section 3 hereof, (ii) a material reduction in Base Salary set forth in Section 4(a) hereof or Target
Annual Bonus opportunity set forth in Section 4(b) hereof (other than pursuant to an across-the-board reduction applicable to all similarly
situated executives), or (iii) any other material breach of a provision of this Agreement by the Company (other than a provision that
is covered by clause (i) or (ii) above). Executive acknowledges and agrees that Executive’s exclusive remedy in the event of any
breach of this Agreement shall be to assert Good Reason pursuant to the terms and conditions of Section 7(f) hereof. Notwithstanding the
foregoing, during the Term of Employment, in the event that the Board reasonably believes that Executive may have engaged in conduct that
could constitute Cause hereunder, the Board may, in its sole and absolute discretion, suspend Executive from performing Executive’s
duties hereunder, and in no event shall any such suspension constitute an event pursuant to which Executive may terminate employment with
Good Reason or otherwise constitute a breach hereunder; provided, that no such suspension shall alter the Company’s obligations
under this Agreement during such period of suspension.

 

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(m) “Interfering
Activities” shall mean (A) recruiting, encouraging, soliciting, or inducing, or in any manner attempting to recruit, encourage,
solicit, or induce, any Person employed by, or providing consulting services to, any member of the Company Group to terminate such Person’s
employment or services (or in the case of a consultant, materially reducing such services) with the Company Group, (B) hiring, or engaging
any individual who was employed by or providing services to the Company Group within the six (6) month period prior to the date of such
hiring or engagement, or (C) encouraging, soliciting, or inducing, or in any manner attempting to encourage, solicit, or induce, any Business
Relation to cease doing business with or reduce the amount of business conducted with the Company Group, or in any way interfering with
the relationship between any such Business Relation and the Company Group.

 

(n) “Person”
shall mean any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust
(charitable or non-charitable), unincorporated organization, or other form of business entity.

 

(o) “Post-Termination
Restricted Period” shall mean the period commencing on the date of the termination of the Employment Period for any reason and
ending on the [●] month anniversary of such date of termination.

 

(p) “Release
of Claims” shall mean the Release of Claims in substantially the same form attached hereto as Exhibit A (as the same
may be revised from time to time by the Company upon the advice of counsel).

 

    A-4

     

    

 

Appendix B

 

Permitted Activities

 

The Company acknowledges and
agrees that Executive has notified the Company that he serves as an officer, director, member or manager of the following business entities,
and agrees that Executive may continue to do so during the Term of this Agreement, notwithstanding anything in Section 3(b) or other provisions
of the Agreement to the contrary:

 

[Insert
list]

 

    B-1

     

    

 

EXHIBIT A

 

RELEASE OF CLAIMS

 

As used in this Release of Claims
(this “Release”), the term “claims” will include all claims, covenants, warranties, promises, undertakings,
actions, suits, causes of action, obligations, debts, accounts, attorneys’ fees, judgments, losses, and liabilities, of whatsoever
kind or nature, in law, in equity, or otherwise.

 

For and in consideration of
the Severance Benefits, and other good and valuable consideration, I, [Executive] for and on behalf of myself and my heirs, administrators,
executors, and assigns, effective the date on which this release becomes effective pursuant to its terms, do fully and forever release,
remise, and discharge each of the Company and each of its direct and indirect subsidiaries and affiliates, together with their respective
officers, directors, partners, shareholders, employees, and agents (collectively, the “Group”) from any and all claims
whatsoever up to the date hereof that I had, may have had, or now have against the Group, for or by reason of any matter, cause, or thing
whatsoever, including any claim arising out of or attributable to my employment or the termination of my employment with the Company,
whether for tort, breach of express or implied employment contract, intentional infliction of emotional distress, wrongful termination,
unjust dismissal, defamation, libel, or slander, or under any federal, state, or local law dealing with discrimination based on age, race,
sex, national origin, handicap, religion, disability, or sexual orientation. This release of claims includes, but is not limited to, all
claims arising under the Age Discrimination in Employment Act (“ADEA”), Title VII of the Civil Rights Act, the Americans
with Disabilities Act, the Civil Rights Act of 1991, the Family Medical Leave Act, and the Equal Pay Act, each as may be amended from
time to time, and all other federal, state, and local laws, the common law, and any other purported restriction on an employer’s
right to terminate the employment of employees. The release contained herein is intended to be a general release of any and all claims
to the fullest extent permissible by law.

 

I acknowledge and agree that
as of the date I execute this Release, I have no knowledge of any facts or circumstances that give rise or could give rise to any claims
under any of the laws listed in the preceding paragraph.

 

By executing this Release, I
specifically release all claims relating to my employment and its termination under ADEA, a United States federal statute that, among
other things, prohibits discrimination on the basis of age in employment and employee benefit plans.

 

Notwithstanding any provision
of this Release to the contrary, by executing this Release, I am not releasing (i) any claims relating to my rights under Section 7 of
the Employment Agreement, (ii) any claims that cannot be waived by law, or (iii) my right of indemnification as provided by, and in accordance
with the terms of, the Company’s by-laws or a Company insurance policy providing such coverage, as any of such may be amended from
time to time.

 

I expressly acknowledge and
agree that I –

 

		●	Am
                                            able to read the language, and understand the meaning and effect, of this Release;

 

		●	Have no physical or mental impairment of any kind that has interfered with my ability to read and understand
the meaning of this Release or its terms, and that I am not acting under the influence of any medication, drug, or chemical of any type
in entering into this Release;

 

    E-1

     

    

 

		●	Am specifically agreeing to the terms of the release contained in this Release because the Company has
agreed to pay me the Severance Benefits in consideration for my agreement to accept it in full settlement of all possible claims I might
have or ever had, and because of my execution of this Release;

 

		●	Acknowledge that, but for my execution of this Release, I would not be entitled to the Severance Benefits;

 

		●	Understand that, by entering into this Release, I do not waive rights or claims under ADEA that may arise
after the date I execute this Release;

 

		·	Had or could have [twenty-one (21)][forty-five (45)]1
days from the date of my termination of employment (the “Release Expiration Date”) in
which to review and consider this Release, and that if I execute this Release prior to the Release Expiration Date, I have voluntarily
and knowingly waived the remainder of the review period;

 

		●	Have not relied upon any representation or statement not set forth in this Release or my Employment Agreement
made by the Company or any of its representatives;

 

		●	Was advised to consult with my attorney regarding the terms and effect of this Release; and

 

		●	Have signed this Release knowingly and voluntarily.

 

I represent and warrant that
I have not previously filed, and to the maximum extent permitted by law agree that I will not file, a complaint, charge, or lawsuit against
any member of the Group regarding any of the claims released herein. If, notwithstanding this representation and warranty, I have filed
or file such a complaint, charge, or lawsuit, I agree that I shall cause such complaint, charge, or lawsuit to be dismissed with prejudice
and shall pay any and all costs required in obtaining dismissal of such complaint, charge, or lawsuit, including without limitation the
attorneys’ fees of any member of the Group against whom I have filed such a complaint, charge, or lawsuit. This paragraph shall
not apply, however, to a claim of age discrimination under ADEA or to any non-waivable right to file a charge with the United States Equal
Employment Opportunity Commission (the “EEOC”); provided, however, that if the EEOC were to pursue any
claims relating to my employment with Company, I agree that I shall not be entitled to recover any monetary damages or any other remedies
or benefits as a result and that this Release and the Severance Benefits will control as the exclusive remedy and full settlement of all
such claims by me.

 

Nothing in this Release shall
prohibit or impede me from communicating, cooperating or filing a complaint with any Governmental Entity with respect to possible violations
of any U.S. federal, state or local law or regulation, or otherwise making disclosures to any Governmental Entity, in each case, that
are protected under the whistleblower provisions of any such law or regulation; provided, that in each case such communications and disclosures
are consistent with applicable law. I understand and acknowledge that an individual shall not be held criminally or civilly liable under
any federal or state trade secret law for the disclosure of a trade secret that is made (1) in confidence to a federal, state, or local
government official or to an attorney solely for the purpose of reporting or investigating a suspected violation of law, or (2) in a complaint
or other document filed in a lawsuit or other proceeding, if such filing is made under seal. I understand and acknowledge further that
an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret
to the attorney of the individual and use the trade secret information in the court proceeding, if the individual files any document containing
the trade secret under seal; and does not disclose the trade secret, except pursuant to court order. Except as otherwise provided in this
paragraph or under applicable law, under no circumstance am I authorized to disclose any information covered by the Company’s attorney-client
privilege or attorney work product, or the Company’s trade secrets, without the prior written consent of the Company’s Board
or another executive officer designated by the Board. I do not need the prior authorization of (or to give notice to) any member of the
Company Group regarding any communication, disclosure, or activity permitted by this paragraph.

 

 

		1	To be selected based on whether applicable termination was “in
connection with an exit incentive or other employment termination program” (as such phrase is defined in the Age Discrimination
in Employment Act of 1967).

 

    E-2

     

    

 

I hereby agree to waive any
and all claims to re-employment with the Company or any other member of the Company Group (as defined in my Employment Agreement) and
affirmatively agree not to seek further employment with the Company or any other member of the Company Group.

 

Notwithstanding anything contained
herein to the contrary, this Release will not become effective or enforceable prior to the expiration of the period of seven (7) calendar
days following the date of its execution by me (the “Revocation Period”), during which time I may revoke my acceptance
of this Release by notifying the Company and the Board of Directors of the Company, in writing, delivered to the Company at its principal
executive office, marked for the attention of its Chair. To be effective, such revocation must be received by the Company no later than
11:59 p.m. on the seventh (7th) calendar day following the execution of this Release. Provided that the Release is executed
and I do not revoke it during the Revocation Period, the eighth (8th) day following the date on which this Release is executed
shall be its effective date. I acknowledge and agree that if I revoke this Release during the Revocation Period, this Release will be
null and void and of no effect, and neither the Company nor any other member of the Company will have any obligations to pay me the Severance
Benefits.

 

The provisions of this Release
shall be binding upon my heirs, executors, administrators, legal personal representatives, and assigns. If any provision of this Release
shall be held by any court of competent jurisdiction to be illegal, void, or unenforceable, such provision shall be of no force or effect.
The illegality or unenforceability of such provision, however, shall have no effect upon and shall not impair the enforceability of any
other provision of this Release.

 

EXCEPT WHERE PREEMPTED BY FEDERAL
LAW, THIS RELEASE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH FEDERAL LAW AND THE LAWS OF THE STATE OF OHIO, APPLICABLE TO AGREEMENTS
MADE AND TO BE PERFORMED IN THAT STATE WITHOUT GIVING EFFECT TO THE PRINCIPLES OF CONFLICTS OF LAWS. I HEREBY WAIVE ANY RIGHT TO TRIAL
BY JURY IN CONNECTION WITH ANY SUIT, ACTION, OR PROCEEDING UNDER OR IN CONNECTION WITH THIS RELEASE.

 

Capitalized terms used, but
not defined herein, shall have the meanings ascribed to such terms in my Employment Agreement, dated July ___, 2021, with the Company
(the “Employment Agreement”).

 

	 	 
	[Executive]	 
	Date:	 

 

 

E-3

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