Document:

Exhibit 4.11

 

Execution Copy

 

FIFTH
RESTATEMENT AND AMENDMENT

TO

PROMISSORY NOTE

 

Inhibikase Therapeutics, Inc.

Marietta, Georgia

 

THIS PROMISSORY NOTE IS THE FIFTH RESTATEMENT
AND AMENDMENT (THE “FIFTH RESTATED NOTE” OR “NOTE”) OF THAT CERTAIN REVOLVING DEMAND PROMISSORY NOTE ORIGINALLY
ISSUED BY MAKER TO PAYEE FOR THE SUM OF NOT TO EXCEED FIFTY THOUSAND DOLLARS ($50,000)(THE “ORIGINAL NOTE”), AS AMENDED
BY THAT (A) THE FIRST RESTATEMENT AND AMENDMENT FOR THE SUM OF NOT TO EXCEED ONE HUNDRED THOUSAND DOLLARS ($100,000)(THE “FIRST
RESTATED NOTE”), (B) SECOND RESTATEMENT AND AMENDMENT ISSUED IN THE PRINCIPAL AMOUNT OF $121,228.25 (THE “SECOND RESTATED
NOTE”), (C) THIRD RESTATEMENT ISSUED IN THE AMOUNT OF $98,418.54, (D) THE FOURTH RESTATEMENT AMOUNT OF $103,585.51 (THE ‘FOURTH
RESTATED NOTE”), WHICH ORIGINAL NOTE, FIRST RESTATED NOTE, SECOND RESTATED NOTE, THIRD RESTATED NOTE AND FOURTH RESTATED
NOTE ARE HEREBY AND SHALL BE MERGED WITH AND INTO THIS FIFTH RESTATED NOTE UPON ITS ISSUANCE. FOLLOWING THE ISSUANCE OF
THIS FIFTH RESTATED NOTE, PAYEE HEREBY AGREES TO RETURN TO MAKER THE FOURTH RESTATED NOTE WITH THE PHRASE “AMENDED AND RESTATED
AS OF THE 30th DAY OF JUNE 2020” MARKED ACROSS THE FACE THEREOF. Except as otherwise defined in the
text hereof, capitalized terms and phrases shall have the meaning ascribed thereto in Section 7 of this Note.

 

	$42,534.16	Issue Date: June 30th, 2020

 

Inhibikase Therapeutics,
Inc. (as successor to Inhibikase Therapeutics, LLC)(hereinafter “Maker”), a Delaware corporation with its principal
place of business in Atlanta, Georgia, promises to pay to McDaniel Law Firm, PC (hereinafter “Payee”), or order (Payee
and any subsequent holder(s) hereof are individually and collectively referred to as “Holder”), the principal amount
of Forty-two Thousand Five Hundred Thirty- four Dollars and Sixteen Cents ($42,534.16) (the “Principal”), together
with any interest as shall accrue on the Principal on and after the Issue Date hereof until paid in full. Inasmuch as the Principal
was incurred as a result of the performance of certain legal services performed by Payee, Maker hereby acknowledges that such services
were performed and indebtedness incurred pursuant to the terms of the Engagement Letter and Informed Consent, respectively.

 

1.                 
Payment of Principal and Interest.

 

(a)               Payment
in Cash. The Unpaid Balance of this Note is payable either in full or in part until paid in full, as the case may be,
without demand and in immediately available funds not later than the earlier to occur of either a Significant Transaction or
the 1st day of January 2021 (either such date, the “Maturity Date”); provided, however, that
upon and coincident with any one of the events described below, Maker shall make interim payments against (but not in excess
of) the Unpaid Balance on this Note in accordance herewith, with each of the following installment obligations constituting
an obligation for payment separate and independent from any other payment obligation hereunder:

 

     

     

    

 

(i)                
Sale of Division. Upon and coincident with the date on which Maker shall close on the sale, whether directly or indirectly
(e.g., the sale of a subsidiary, whether by sale of such subsidiary’s stock or other ownership interest therein or
all or part of any assets thereof), of any division or other line of business maintained or operated by it (a “Line of Business”),
Maker shall either cause to be paid directly to Holder from the proceeds paid at any such closing or pay to Holder upon and coincident
therewith, at the election of Holder, the greater of two percent (2%) of the gross sales price thereof or the amount of Twenty
Five Thousand Dollars ($25,000); or

 

(ii)             
Qualified Financing. Upon and coincident with the date on which Maker closes on a Qualified Financing, Maker shall either
cause to be paid directly to Holder from the proceeds paid at any such closing or pay to Holder upon and coincident therewith,
at the election of Holder, an amount equal to (A) two percent (2%) of gross proceeds up to Three Hundred Thousand Dollars ($300,000)
paid or otherwise made available to Maker from any such Qualified Financing; (B) ten percent (10%) of gross proceeds in excess
of Three Hundred Thousand Dollars ($300,000), but less than One Million Dollars ($1,000,000) paid or otherwise made available to
Maker from any such Qualified Financing; and (C) the remaining note balance if the gross proceeds exceed One Million Dollars ($1,000,000)
from any such Qualified Financing.

 

(b)              
Interest. Commencing with the Issue Date and continuing through and including the date on which this Note is paid
or otherwise discharged in full, the unpaid Principal amount of this Note shall bear simple interest at the rate of Five and One-Quarter
Percent (5.25%) per annum until paid in full, computed on the basis of a year of 360 days.

 

(c)              
Tender. All payments of the Unpaid Balance shall be made in lawful money of the United States of America and shall
be made to Holder via wire transfer to an account designated by Holder or, if no account is so designated, at Holder’s address
or at such other place as Holder may designate to Maker in writing in accordance with Section 12 of this Note.

 

2.                  Obligation
to Notify. Maker shall notify Holder in writing (a)(i) thirty (30) days in advance of any offer to sale or sale of a
Line of Business, Qualified Financing or Significant Transaction; (ii) coincident with either any notice delivered to or
received from Dr. Werner or the occurrence of any event relating to Dr. Werner’ termination as Maker’s President
or CEO, and (b) provide Holder with any and all documents relating thereto within 48 hours of being requested by Holder.
Additionally, Maker shall deliver to Holder any and all annual, quarterly and monthly financial statements, budgets and other
financial information reasonably requested by Holder, including, without limitation, “use of proceeds” from the
sale of any Line of Business, Qualified Financing or Significant Transaction. Commencing with the date on which Dr. Werner is
no longer Maker’s president and CEO or this Note otherwise is in default, Maker hereby grants Holder board observation
rights, pursuant to which Maker shall deliver to Holder a copy of any and all notices of its board meetings (including,
without limitation, the calling of any such meetings) coincident with the delivery thereof to its board members and attend
the same, either in person or via conference call, in the capacity of an observer and will permit Holder or its authorized
representative to visit and inspect the properties of Maker, including its corporate and financial records, and to discuss
its business and finances with its officers, during normal business hours following reasonable notice and as often as may be
reasonably requested. These rights set forth in this Section shall terminate upon the payment of this Note in full.

 

    - 2 -

     

    

 

3.                 
Prepayment. The Unpaid Balance of this Note may be prepaid prior to the Maturity Date at the option
of Maker in cash, without premium or penalty, together with interest accrued thereon to the date fixed for such prepayment.

 

4.                 
Payments Credited First Against Interest. Notwithstanding any provision in this Note to the contrary,
any payment on the Unpaid Balance of this Note, whether as a partial payment or in full, will be credited first against the interest
as shall have accrued in accordance with Section 1(b) of this Note, then the Accrued Unpaid Interest and lastly against the unpaid
Principal in reverse chronological order.

 

5.                 
Surrender of Note. Upon any such partial payment of the Unpaid Balance, this Note, at the election
of Maker, shall be either (a) surrendered to Maker in exchange for a new Note in a Principal amount equal to Unpaid Balance on
the Note surrendered, and otherwise having the same terms and provisions as this Note (and for purposes of the foregoing provisions
of this Section to be deemed to be the same Note and not a novation of the indebtedness represented thereby), or (b) made available
to Maker at the principal office of Maker for notation thereon of the portion thereof so prepaid. Upon payment in full of the amount
of the Unpaid Balance, this Note shall be surrendered to the Maker for cancellation.

 

6.                 
Definitions. For purposes of this Note, the following terms and phrases shall have the meaning
ascribed thereto:

 

(a)              
“Common Stock” shall have the meaning ascribed thereto in Maker’s Articles of Incorporation, as the same
shall have been or is amended from time to time.

 

(b)              
“Engagement Letter” shall mean that letter dated as of the 1st day of July 2009, pursuant to which
Holder has performed Corporate Legal Services for and on behalf of Maker.

 

(c)              
“Informed Consent” shall mean that letter dated as of the 18th day of August 2014, and approved by
Maker’s Board of Directors, pursuant to which Maker was informed of and waived certain conflicts of interest created by Maker’s
indebtedness and issuance of equity to Holder.

 

(d)              
“Initial Public Offering” means the first underwritten offering or listing of shares of Common Stock of Maker
or any successor to Maker when such shares are offered pursuant to an effective registration statement under the United States
Securities Act of 1933, as amended, and all rules and regulations promulgated thereunder.

 

(e)               “Qualified
Financing” shall mean any transaction (or the first tranche of any series of integrated transactions) with a third
party that results in the infusion, contribution or investment into or receipt by Maker or any affiliate thereof of capital
through a private placement of Maker’s securities, revenue or any other proceeds, without regard to the nature or type
of transaction, including, without limitation, from debt financing, private placement equity financing or the licensing or
sublicensing of all or any part of the technology (e.g., licensed patents, knowhow or materials) licensed by Maker under any
license agreement or otherwise owned by it; provided, however, that in no event shall a Qualified Financing
include a Significant Transaction.

 

    - 3 -

     

    

 

(f)               
“Person” means a business trust, corporation, estate, general partnership, individual, limited liability company,
limited liability partnership, limited partnership, sole proprietor, trust, or other entity.

 

(g)              
“Securities Market” means: (i) a national securities exchange that is registered under Section 6 of the Securities
Exchange Act of 1934, as amended; (it) a foreign national securities exchange that is officially recognized, sanctioned, or supervised
by a government body; or (iii) any over-the-counter market that uses an interdealer quotation system. An interdealer quotation
system is any system of general circulation to brokers and dealers that regularly disseminates quotations of stocks and securities
by identified brokers or dealers, other than by quotation sheets that are prepared and distributed by a broker or dealer in the
regular course of business and that contain only quotations of that broker or dealer.

 

(h)              
“Significant Transaction” shall mean any one of the following:

 

		i.	Any transaction (or the first tranche of any series of integrated transactions) pursuant to which
Maker sells, transfers, leases, exchanges or disposes of all or substantially all of its assets for cash or property, or for a
combination of cash and property, or for other consideration; or

 

		ii.	Any transaction, whether in a single or series of related steps, pursuant to which (1) any Person
(or group of Persons) acquires within a twelve (12) consecutive calendar month period by merger, consolidation, reorganization,
division or other business combination or transaction or by a purchase of an interest in Maker such that after any such transaction,
the holders of ownership interests of Maker immediately prior to such transaction no longer have a controlling interest in Maker
(or any successor-in-interest thereof); or (2) the shares of capital stock of Maker or any successor thereto are traded on a Securities
Market, whether as a result of an Initial Public Offering or via a reverse merger by Maker into a company the capital stock of
which is traded on a Securities Market; or

 

		iii.	The date on which Dr. Milton Werner ceases to serve in the capacity of Maker’s President
or CEO for any reason or no reason whatsoever, whether by resignation, termination, death or any other reason whatsoever.

 

(i)                
“Unpaid Balance” shall mean the amount of accrued and outstanding, but unpaid Principal, Accrued Unpaid Interest
and such amount of other interest as shall have accrued thereon as provided in Section 1(b) of this Note through and including
any date fixed for payment, whether in whole or in part, under this Note.

 

7.                  No
Impairment. Maker shall not, by amendment of its Articles of Incorporation or Bylaws, each as amended to date, or
through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other
voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Note, but shall at all
times in good faith assist in the carrying out of all such terms and in the taking of all such action as may be necessary or
appropriate in order to protect the rights of Holder against dilution or other impairment.

 

    - 4 -

     

    

 

8.                 
Events of Default. The occurrence or existence of any one of the following events or conditions
shall constitute an “Event of Default”:

 

(a)              
Maker shall fail to pay the Principal of, or interest on, this Note when the same becomes due and payable in accordance
with the terms hereof and such amount remains unpaid for ten (10) business days after the due date thereof;

 

(b)              
Maker fails to observe or perform any other covenant or agreement on the part of Maker contained in this Note which failure
continues for a period of thirty (30) days after the date of written notice thereof from Holder;

 

(c)              
Maker makes a general assignment for the benefit of its creditors or applies to any tribunal for the appointment of a trustee
or receiver of a substantial part of the assets of Maker, or commences any proceedings relating to Maker under any bankruptcy,
reorganization, arrangement, insolvency, readjustment of debts, dissolution or other liquidation law of any jurisdiction; or any
such application is filed, or any such proceedings are commenced against Maker and Maker indicates its consent to such proceedings,
or an order or decree is entered by a court of competent jurisdiction appointing such trustee or receiver, or adjudicating Maker
bankrupt or insolvent, or approving the petition in any such proceedings, and such order or decree remains unstayed and in effect
for ninety (90) days; or

 

(d)              
Any party to a material agreement notifies Maker that it is in default of the terms of any such agreement or otherwise exercises
any remedy it may have under such agreement on account of any default on the part of Maker that is claimed thereunder.

 

9.                 
Remedies. If an Event of Default occurs and is continuing, Holder may, by notice in writing to
Maker, declare the entire Unpaid Balance of this Note to be due and payable immediately, and upon any such declaration, the entire
Unpaid Balance of this Note shall become and be immediately due and payable, and Holder may thereupon proceed to protect and enforce
its rights either by suit in equity or by action at law or by other appropriate proceedings, whether for specific performance (to
the extent permitted by law) of any covenant or agreement contained herein or in aid of the exercise of any power granted herein,
or proceed to enforce the payment of this Note or to enforce any other legal or equitable right of Holder. In the event this Note
is placed in the hands of an attorney for collection or for enforcement, or in the event that Holder incurs any costs incident
to the collection of any indebtedness evidenced hereby, Maker agrees to pay all reasonable attorneys’ fees and expenses,
all court and other costs and the reasonable costs of any other collection efforts. Forbearance to exercise the remedies set forth
herein with respect to any failure or breach of Maker shall not constitute a waiver by Holder of any of such remedies.

 

10.              Expenses.
Except as otherwise provided in this Note, each of Maker and Holder shall bear its own costs incurred in connection with the
negotiation, documentation and execution of this Note, the closing of the transactions contemplated herein, and any
amendment, waiver, consent, supplement or modification hereto.

 

    - 5 -

     

    

 

11.             
Notices. All notices, requests, consents and other communications required or permitted under this
Note shall be in writing and shall be deemed to have been delivered three (3) days after the date mailed, postage prepaid, by certified
mail, return receipt requested, or on the date personally delivered:

 

	
        If to Maker, to:

         

        Inhibikase Therapeutics, Inc.

        Attn: Chief Executive Officer

        3350 Riverwood Parkway

        Suite 1900

        Atlanta, Georgia 30339

         
	
        If to Payee, to:

         

        McDaniel Law Firm, PC

        Attn: Frank McDaniel, Esq.

        PO Box 681235

        Marietta, Georgia 30068-0021

         

 

If to any Holder other than Payee, to such
address as may have been designated by notice given Maker by such Holder. Maker, Payee or any other Holder may designate a different
address by notice given in accordance with the foregoing.

 

12.             
Maker’s Representations and Warranties. Maker hereby represents and warrants to each Holder
that the statements contained in this Section are true, correct and complete as of the execution date of this Note: (a) Maker is
duly organized, validly existing, and in good standing under the laws of the jurisdiction of its incorporation; (b) Maker has full
power and authority (including full corporate power and authority) to execute and deliver this Note and to perform its obligations
hereunder; (c) this Note constitutes the valid and legally binding obligation of Maker, enforceable in accordance with its terms
and conditions; (d) the execution, delivery and performance of this Note and all other agreements contemplated hereby have been
duly authorized by Maker; (e) neither the execution and delivery of this Note, nor the consummation of the transactions contemplated
hereby, will (i) violate any constitution, statute, regulation, rule, injunction, judgment, order, decree, ruling, charge, or other
restriction of any government, governmental agency, or court to which Maker is subject or any provision of its charter, bylaws,
or other governing documents, (ii) conflict with, result in a breach of, constitute a default under, result in the acceleration
of, create in any party the right to accelerate, terminate, modify, or cancel, or require any notice under any agreement, contract,
lease, license, instrument, or other arrangement to which Maker is a party or by which it is bound or to which any of its assets
is subject, (iii) result in the imposition or creation of a lien upon or with respect to its assets or (iv) require the prior written
consent of any third party.

 

13.             
Waiver and Amendment. Any provision of this Note may be amended, waived or modified upon the written
consent of Maker and Holder.

 

14.              Assignment;
Binding Effect. Maker shall neither be entitled to assign nor assign all or any portion of its performance
obligations under this Note and any attempted assignment hereof shall be void and of no effect. Holder may assign this Note
and its right to receive payment hereunder. Subject to the preceding sentences, this Note shall be binding upon and shall
inure to the benefit of the parties hereto and their respective heirs, executors, administrators, successors and assigns.

 

    - 6 -

     

    

 

15.             
Governing Law and Waiver of Jury Trial. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF GEORGIA WITHOUT GIVING EFFECT TO CONFLICTS OF LAWS PRINCIPLES. THE PARTIES HERETO WAIVE ALL RIGHTS
TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE, WHETHER ARISING IN CONTRACT, TORT, OR OTHERWISE
BETWEEN THE PARTIES ARISING OUT OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED BETWEEN THEM IN CONNECTION
WITH THIS NOTE, THE ENGAGEMENT LETTER OR MATTERS RELATED HERETO.

 

16.             
Venue. MAKER HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE
JURISDICTION OF THE COURTS OF THE STATE OF GEORGIA SITTING IN COBB COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE DISTRICT
OF GEORGIA, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT,
OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREES
THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH STATE OR, TO THE EXTENT PERMITTED
BY LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE
CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN
THIS AGREEMENT SHALL AFFECT ANY RIGHT THAT HOLDER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT
AGAINST MAKER OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. MAKER AND HOLDER HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES,
TO THE FULLEST EXTENT IT MAY LEGALLY AND EFFECTIVELY DO SO, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE
OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT IN ANY COURT REFERRED TO IN THIS SECTION. EACH OF
THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE
MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT. EACH PARTY TO THIS AGREEMENT IRREVOCABLY CONSENTS TO SERVICE OF PROCESS
IN THE MANNER PROVIDED FOR NOTICES IN SECTION 12 OF THIS NOTE. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY TO
THIS AGREEMENT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.

 

    - 7 -

     

    

 

	 	MAKER
	 	 	 
	 	Inhibikase
    Therapeutics, Inc.
	 	 	 
	 	By:	/s/
    Milton Werner
	 	 	Milton Werner, Ph.D.
	 	 	Chief Executive Officer
	 	 	Dated: 06/30/2020

 

	ACCEPTED AND AGREED TO:	 
	 	 	 
	PAYEE	 
	 	 	 
	McDaniel Law Firm, PC	 
	 	 	 
	By:	/s/ Frank
    McDaniel	 
	 	Frank McDaniel, Esq.	 
	 	President	 
	 	Dated: 06/30/2020	 

 

 

    - 8 -Exhibit 10.1

 

  

 

LICENSE
AGREEMENT

 

by
and between

 

EMORY
UNIVERSITY

 

and

 

INHIBIKASE
THERAPEUTICS, INC.

 

     

     

    

 

TABLE
OF CONTENTS

 

	Article 1	DEFINITIONS	1
	 	 	 
	Article 2	GRANT OF LICENSE	5
	 	 	 
	Article 3	CONSIDERATION
    FOR LICENSE	7
	 	 	 
	Article 4	REPORTS
    AND ACCOUNTING	10
	 	 	 
	Article 5	PAYMENTS	12
	 	 	 
	Article 6	DILIGENCE
    AND COMMERCIALIZATION	12
	 	 	 
	Article 7	PATENT
    PROSECUTION	13
	 	 	 
	Article 8	INFRINGEMENT	15
	 	 	 
	Article 9	LIMITED
    WARRANTY AND EXCLUSION OF WARRANTIES	16
	 	 	 
	Article 10	DAMAGES, INDEMNIFICATION
    AND INSURANCE	16
	 	 	 
	Article 11	CONFIDENTIALITY	18
	 	 	 
	Article 12	TERM
    AND TERMINATION	19
	 	 	 
	Article 13	ASSIGNMENT	21
	 	 	 
	Article 14	ARBITRATION	21
	 	 	 
	Article 15	MISCELLANEOUS	21
	 	 	 
	Article 16	NOTICES	23

 

    	 	-i-	 

     

    

 

THIS LICENSE AGREEMENT is made and
entered into as of the 8th day of June 2010 (hereinafter referred to as the “Effective Date”) by and between EMORY
UNIVERSITY, a nonprofit Georgia corporation with offices located at 1599 Clifton Road NE, 4th Floor, Mailstop 1599/001/lAZ Atlanta,
Georgia 30322 (hereinafter referred to as “EMORY”) and INHIBIKASE THERAPEUTICS, INC., a Delaware corporation having
a principal place of business located at 3375 Spring Hill Parkway, Suite 811, Smyrna, GA (hereinafter referred to as “COMPANY”).
EMORY and COMPANY shall be hereinafter referred to singularly as “Party” and together as “Parties.”

 

WHEREAS,
EMORY and Milton Werner have previously entered into an Option Agreement (EMORY agreement number OPT.09.003)
having an effective date of February 6th, 2009;and

 

WHEREAS, Milton Werner
has assigned his Option Agreement to COMPANY; and

 

WHEREAS, COMPANY
would like to exercise its right under the Option Agreement to take an Exclusive License to the technology covered in the Option
Agreement; and

 

WHEREAS, EMORY wishes
to grant COMPANY such rights in accordance with the terms and conditions of this Agreement.

 

NOW, THEREFORE, for
and in consideration of the mutual covenants and the promises herein
contained, the Parties, intending to be legally bound, hereby agree as follows:

 

I.              DEFINITIONS

 

The following terms as used
herein shall have the following meaning:

 

1.            “Affiliate”
shall mean any corporation or non-corporate business entity which controls, is controlled by, or is under common control with a
Party. A corporation or non-corporate business entity shall be regarded as in control of another
corporation if it owns, or directly or indirectly controls, at least fifty (50%) percent of the voting stock of the other corporation,
or (i) in the absence of the ownership of at least fifty percent (50%) of the voting stock of a corporation or (ii) in
the case of a non- corporate business entity, or non-profit corporation, if it, directly or indirectly, the power to direct, or
cause the direction of, the management or policies of such corporation or non-corporate business entity, as applicable.

 

2.            “Agreement”
or “License Agreement” shall mean this Agreement, including all APPENDICES attached to this Agreement.

 

3.            “Commercialization”
or “Commercialize” shall mean activities directed to the manufacturing, obtaining pricing and reimbursement approvals,
marketing, promoting, distributing, importing or selling a Licensed Product.

 

4.            “Development”
or “Develop” shall mean all activities related to non-clinical and clinical research and development, including, without
limitation, toxicology, pharmacology and other discovery efforts, test method development and stability testing, process development,
formulation development, delivery system development, quality assurance and quality control development, statistical analysis,
clinical studies or trials (including pre- and post-approval studies and investigator sponsored clinical studies or trials), regulatory
affairs, and regulatory approval and clinical study or trial regulatory activities (excluding, however, regulatory activities directed
to obtaining pricing and reimbursement approvals).

 

     

     

    

 

5.            “Development
Information” shall mean toxicology, pharmacokinetic, efficacy, clinical and other technical data and all correspondence to
and from regulatory agencies relating to approval of such Licensed Products generated by COMPANY and/or its Affiliates, contractors
and agents in the course of COMPANY's efforts to develop such Licensed Products and/or obtain government approval for the Sale
of such Licensed Products.

 

6.            “Development
Plan” shall mean that initial plan in which the milestones are set forth for the Development of such Licensed Products as
are generally understood and contemplated as of the Effective Date, which plan is described in APPENDIX A as attached hereto and
incorporated herein by reference.

 

7.            “Dollars”
shall mean United States dollars.

 

8.            “Field
of Use” shall include the prevention, diagnosis, treatment or control of human and animal infectious diseases or related
conditions other than Tuberculosis.

 

9.            “Fixed
Dose” shall mean a specific, unchanging amount of medicine.

 

10.            “Founder”
shall mean Milton Werner, PhD and Daniel Kalman, PhD.

 

11.            “Option
Invention” shall mean any patentable addition, enhancement, modification, development, alteration, technical advance to Licensed
Patents or Licensed Technology to the extent any such improvement is owned or controlled by EMORY and developed by either (a) Daniel
Kalman, Ph.D. while employed by EMORY or (b) any other individual who has an obligation to assign his or her rights to inventions
to EMORY and who is under such Inventor's direct supervision or working in his or her respective laboratory or collaborating with
any of the foregoing.

 

12.            “lndemnitees”
shall mean the Inventors, EMORY, its directors, officers, employees and students, and their heirs, executors, administrators, successors
and legal representatives.

 

13.            “Inventors”
shall mean the named inventors of the Licensed Patents.

 

14.            “Know
How” shall mean any knowledge, information and materials, whether proprietary or not and whether patentable or not, including,
without limitation, ideas, concepts, formulas, methods, processes, techniques, technical information, specifications, standard
operating procedures, research or studies and any results thereof, tests or testing and any results thereof, designs, compositions,
plans, data, inventions, discoveries, works of art or authorship, materials (including, without limitation, organic and inorganic
materials, to include chemicals, compounds and biological materials); and any and all derivative technology or inventions and records
(whether in document or electronic form) relating thereto.

 

    	 	-2-	 

     

    

 

15.            “Licensed
Patents” shall mean the patent applications identified in APPENDIX B, together with any and all patents issuing thereon and
any and all additions, renewals, patents of additions, supplemental protection certificates, reexaminations, substitutions, extensions,
divisionals, continuations, continuations-in-part (to the extent that the claimed subject matter of such continuations-in-part
are disclosed and enabled in the parent patent application), foreign counterparts of such patent applications and patents that
issue thereon anywhere in the world, including reexamined and all extensions, reexaminations and reissuances of patents.

 

16.            “Licensed
Product(s)” shall mean any process, service or product, within the Field of Use, the manufacture, use, or sale of which is
covered by any Valid Claim or incorporates, relies upon or otherwise uses any Licensed Technology.

 

17.            “Licensed
Technology” shall mean the Know How developed by the Inventors to the extent that (i) such Know-How is required for
or otherwise necessary in the practice of the Licensed Patents for the manufacture, use, development, testing, marketing, export,
import, offer for sale or sale or other Development or Commercialization of any Licensed Product and (ii) EMORY possesses
the right to license such use.

 

18.            “Licensed
Territory” means the world.

 

19.            “Net
Selling Price” shall mean the gross selling price paid by a Third Party to COMPANY or any Affiliate or sublicensee thereof
for the Sale of Licensed Products, less the following deductions:

 

i.            Customary
trade, quantity and cash discounts actually allowed and taken;

 

ii.            Pricing
adjustments, replacements, rebates relating to or other credits actually given for damaged, rejected, recalled or returned Licensed
Products or billing errors;

 

iii.            Freight,
transportation and insurance costs, if separately itemized on the invoice paid by the purchaser; and

 

iv.            Import,
export or other customs duties; excise, turnover, inventory, value- added, sales or use taxes or other governmental charges (but
excluding what are commonly known as income taxes.

 

    	 	-3-	 

     

    

 

Where a Sale is deemed consummated by a gift, use, or other
disposition of Licensed Products for other than a selling price stated in cash, the gross selling price for purposes of determining
the “Net Selling Price” shall be determined based on the average gross selling price billed by COMPANY for comparable
Licensed Products during the three (3) month period immediately preceding such Sale, without reduction of any kind. If no
Sales of Licensed Products have occurred in the preceding three (3) months, then the parties shall, in good faith, negotiate
the cash value of such Sale. In the event that the parties cannot agree on the Net Selling Price within ninety
(90) days of beginning such negotiations, the Net Selling Price shall be determined by a mutually agreeable qualified appraiser.
Notwithstanding any provision in this Agreement to the contrary, in no event shall the phrase “Net Sales Price” include
any Licensed Products (i) used internally by COMPANY or any Affiliate or sublicensee thereof( , for research, clinical trials
or other Development purposes); or (ii) the Sale or other transfer of Licensed Product to Emory or the United States Government
or any agency thereof under reservation or rights retained by either such institution under this Agreement. Notwithstanding the
foregoing in this Section, amounts received by COMPANY, its Affiliates or sublicensees of COMPANY or its Affiliates for the sale
of Licensed Products among COMPANY, its Affiliates and sublicensees for resale shall not be included in the computation of Net
Selling Price hereunder.

 

20.            “Per
Share Fair Market Value” of COMPANY's equity shall be the per share amount paid by an investor to COMPANY in the most recent
round of financing within the six (6) month period immediately preceding an equity purchase by
a Sublicensee. If no round of financing occurred in the immediately preceding six (6) month period, the Per Share Fair Market
Value of COMPANY's equity shall be agreed upon by the parties. In the event that COMPANY and EMORY cannot agree on the Per Share
Fair Market Value within thirty (30) days of COMPANY's receipt of such Premium Equity Payments, said price shall be determined
by a mutually agreeable qualified appraiser. In the event COMPANY owes EMORY a portion of such Premium Equity Payment, COMPANY
shall have the option of remitting payment to EMORY in the form of equity in COMPANY, based on the Per Share Fair Market Value.

 

21.            “Person”
shall mean any individual, partnership, limited partnership, limited liability partnership, limited liability company, corporation,
trust, association, non-profit or charitable organization or other entity, or an unincorporated organization, a governmental entity
or any department or agency thereof.

 

22.            “Premium
Equity Payments” shall mean the positive difference, if any, between the gross amount paid for equity in COMPANY by a Sublicensee
and the Per Share Fair Market Value (as defined below) of said equity multiplied by the number of shares purchased by the Sublicense.

 

23.            “Sale”
or “Sold” shall mean the sale, transfer, exchange, use or other disposition of Licensed Products, whether by gift or
otherwise, by COMPANY or any Affiliates or Sublicenses thereof to any Third Party; provided, however, that in no event shall such
term include (i) the sale, payment, transfer, exchange or disposition to or other use by EMORY under its reservation of rights
provided in Section 2.3 of this Agreement or the U.S government under its rights described under Section 2.2 of this
Agreement, including, without limitation, the U.S. Government Licenses, or (ii) the use during or for clinical trials or other
research relating to the Licensed Products. For purposes of this definition, “Sales” of Licensed Products shall be
deemed consummated upon the first to occur of: (a) receipt of payment from a purchaser for such Licensed Products; or (b) if
for commercial purposes, then upon the transfer, exchange, use or other disposition, whether by gift or otherwise, for which payment
is not made by a purchaser of any such Licensed Products.

 

    	 	-4-	 

     

    

 

24.            ”Term”
shall have the meaning ascribed thereto in Section 12.1 of this Agreement.

 

25.            “Third
Party” shall mean any Person other than a Party or any of its Affiliates.

 

26.            “U.S.
Government Licenses” shall mean the non-exclusive license to the U.S. Government or agencies thereof pursuant to NIH grant
No.  AI056067copies of which are attached hereto as APPENDIX C.

 

27.            “Valid
Claim” shall mean a claim in an unexpired patent or pending patent application included in the Licensed Patents so long as
such patent shall not have been irrevocably abandoned or held invalid in an unappealable decision of a court or other authority
of competent jurisdiction.

 

II.            GRANT
OF LICENSE

 

1.            License
Grant. EMORY hereby grants COMPANY and its Affiliates an exclusive right and license to practice under the Licensed Patents and
Licensed Technology to make, have made, develop, promote, market, import, export, distribute, offer for sale and sell and otherwise
use the Licensed Products in the Field of Use within the Licensed Territory during the Term of this Agreement, with rights to Sublicense
any and all of such rights to Sublicensees in accordance with the terms of this Agreement.

 

2.            Government
Rights. The Licensed Patents, Licensed Technology or portions thereof were developed with financial or other assistance through
grants or contracts funded by the United States government. COMPANY acknowledges that in accordance with Public Law 96-517 and
other statues, regulations, and Executive Orders as now exist or may be amended or enacted, the United States government has certain
rights in, including the U.S. Government Licenses attached hereto in APPENDIX C, and EMORY and COMPANY have certain obligations
under the Licensed Patents and Licensed Technology. COMPANY shall take all actions reasonably necessary to assist EMORY in it satisfying
its obligations relating to the Licensed Patents or Licensed Technology. If the United States government should take action that
renders it impossible or impractical for EMORY to grant the rights and license herein, or which conditions or reduces the rights
and licenses granted herein to COMPANY under this Agreement, EMORY and COMPANY may agree to terminate (in case of such impracticality
or impossibility) the pertinent provisions of this Agreement or cause the Agreement to be equitably reformed (in case of such conditioning
or reduction) to reflect such conditioned or reduced rights and licenses (including without limitation with respect to the value
and price of such rights and licenses). COMPANY shall not have any right to the return of any payments of any kind made by it to
EMORY prior to the date of such action. Company's right to challenge the United States Government claim is not surrendered by this
Agreement.

 

    	 	-5-	 

     

    

 

3.            EMORY'S
Retained License. The license granted in Section 2.1 above is further conditioned upon and subject to a right and license
retained by EMORY on behalf of itself, and EMORY research collaborators to make, use and transfer Licensed Products and practice
Licensed Technology solely for noncommercial research, educational or clinical purposes only. EMORY shall use commercially reasonable
efforts to transfer Licensed Products or materials included in Licensed Technology to third parties outside of EMORY; provided,
however, that any such use by Emory research collaborators not otherwise employed by Emory shall be subject to the terms of a
Material Transfer Agreement (hereinafter, “MTA”), the form of which is included as Exhibit B as part of the License.
The form of such MTA shall be negotiated by and between the Parties within sixty (60) days of the effective date of License. If,
during the Term of this Agreement, any such use by EMORY or any Emory research collaborator of the Licensed Technology and Licensed
Patents pursuant to the rights reserved under this Section results in Option Invention, then EMORY shall promptly disclose
any such Option Invention to COMPANY and offer first to COMPANY the right to license such Option Invention in accordance with
the Section 2.5.

 

4.            Sublicenses.
COMPANY may grant sublicenses to sublicensees, who may in tum grant sub-sublicenses so long as and on the condition that any such
sublicensee or sub-sublicensee, as the case may be, be approved in advance and in writing by EMORY following notice and request
of any such approval by Licensee or sublicensee, which approval shall not be unreasonably denied or delayed; provided further,
that any delay in responding to any such request for approval beyond thirty (30) days shall be deemed an approval of such Person
for such purpose. All such sublicenses (and sub-sublicenses) shall be further conditioned on each such agreement being consistent
with the terms and conditions of this Agreement, provided that COMPANY shall remain responsible for the operations of its sublicensees
that are relevant to this Agreement as if such operations were carried out by COMPANY, including, but not limited to, the payment
of all fees and royalties due under this Agreement, whether or not such payments are made to COMPANY by its sublicensees. COMPANY
shall (a) use commercially reasonable efforts to enforce the terms of any such agreement against the sublicensee, (b) require
the sublicensee to indemnify EMORY and maintain liability coverage to the same extent that COMPANY is so required pursuant to Section 10.2
of this Agreement and (c) retain the right for EMORY to audit any such sublicensee to the same extent that COMPANY is so required
pursuant to Section 4.5 of this Agreement. COMPANY may also grant any such sublicensee the right to cure any payment default
on the part of COMPANY under this Agreement. COMPANY shall provide EMORY with copies of all sublicense agreements within thirty
(30) days of their execution date. In the event of any termination of this Agreement by EMORY, EMORY shall deemed the “licensor”
under any and all sublicenses having been entered into or otherwise granted by COMPANY so long as any such sublicense conforms
to the requirements of this Agreement and such Sublicensee shall not otherwise be in default under the terms of its Sublicense,
in which case EMORY shall be bound to the terms of any such sublicense as if it were a party thereto, unless mutually agreed in
writing otherwise by EMORY and Sublicensee. Such Sublicensee shall not become a direct licensee of EMORY should the Sublicensee
challenge the validity or enforceability of any Licensed Patent.

 

5.            Right
of First Offer. Subject to the rights of a third party under a sponsored research agreement, Emory hereby agrees to grant COMPANY
a Right of First Offer with respect to Option Inventions during the Term of this Agreement in accordance with the terms and conditions
set forth in Appendix I. Further,. subject to the rights of a third party under a sponsored research agreement, Emory hereby also
agrees to grant COMPANY a Right of First Offer with respect to the field of use of Tuberculosis during the Term of this Agreement
in accordance with the terms and conditions set forth in Appendix I and, should COMPANY deliver an Acceptance Notice with respect
to the field of Tuberculosis within thirty (30) days, then COMPANY and EMORY agree to enter into an amendment of this Agreement
within one hundred twenty (120) days of the Acceptance Notice in which     the
 “Field of Use” shall be expanded to include Tuberculosis.

 

    	 	-6-	 

     

    

 

6.            No
Implied License. The license and rights granted in this Agreement shall not be construed to confer any rights upon COMPANY by implication,
estoppel, or otherwise as to any technology not specifically identified in this Agreement as Licensed Patents or Licensed Technology.

 

III.            CONSIDERATION
FOR LICENSE

 

1.            Equity.

 

a)            In
General. As partial consideration for the license granted to COMPANY under this Agreement, in lieu of a cash license fee, the COMPANY
shall issue upon and coincident with the Effective Date to EMORY, that number of shares of COMPANY common stock as shall be described
on Appendix D.

 

b)            Supplemental
Grant. Upon and coincident with the date on which this Agreement is amended in accordance with Section 2.5 to add Tuberculosis
to the Field of Use, Company shall issue to Emory an additional 50,000 shares of Company common stock.

 

c)            Subscription
Agreement. Shares of such common stock shall be distributed by COMPANY to EMORY in accordance with a Subscription Agreement, a
form of which is attached to this Agreement, which shall be made and entered into by COMPANY and EMORY as of the Effective Date
of this License Agreement. In such Subscription Agreement, COMPANY will (i) distribute stock to EMORY, which shares shall
be subsequently transferred by COMPANY as directed by EMORY to non-FOUNDER INVENTORS, and (ii) grant the right to EMORY and
non-FOUNDER INVENTORS to transfer and assign its shares of the COMPANY's common stock in accordance with applicable securities
laws, which shall include, without limitation, the right to transfer and assign a portion of the shares to Inventors, and any other
person who may be identified at a later time and named on the Licensed Patents; and (iii) grant the right to obtain such registration
rights as may be granted from time to time to Milton Werner, Ph.D.

 

2.            Running
Royalties.

 

a)            In
General. As partial consideration for the license granted to COMPANY under this Agreement, COMPANY shall pay EMORY a running royalty
equal to the percentage set forth on APPENDIX E attached hereto multiplied by the Net Selling Price of all Licensed Products Sold
during the Term of this Agreement by COMPANY, its Affiliates, its Sublicensees or any third party authorized by COMPANY to Sell
Licensed Products on a country-by-country and Licensed Product-by-Licensed Product basis.

 

    	 	-7-	 

     

    

 

b)            Supplemental
Royalty re: Tuberculosis. Upon and coincident with and following the date on which the Field of Use is expanded to include Tuberculosis,
the running royalty to which EMORY is entitled under Section 3.2(a) above, shall be increased by one quarter of one
percent (0.25%).

 

c)            Payment.
Royalties shall be due and payable on a quarterly basis (March 31, June 30, September 30 and December 31 in
accordance with Section 5.1 of this Agreement).

 

d)            Failure
of Valid Claim. Notwithstanding any provision in this License Agreement to the contrary, if a Licensed Product is no longer protected
by a Valid Claim in any particular country, then all payments required thereafter for the Sale of any such Licensed Product in
that particular country under this License Agreement shall be reduced to zero (0).

 

3.            Royalty
Stacking and Combination Products.

 

a)            COMPANY
is not obligated to pay multiple royalties to EMORY based on the fact that any Licensed Product or the manufacture, use, lease
or sale thereof is covered by more than one Licensed Patent under this Agreement.

 

b)            If,
in order to practice the rights granted to it under this Agreement, COMPANY or any Affiliate
or sublicensee thereof is required or otherwise determines from advice from competent counsel to enter into or to utilize one or
more other licenses or technologies with Third Parties for which royalties or other license-related payments are also paid (“Other
Royalties”), then the amounts to be paid under this Agreement may be reduced by an amount equal to one-half of such Other
Royalties, but in no event shall the royalties payable under Sections 3.2 and 3.5 of this Agreement be reduced by more than fifty
percent (50%) of any such royalty otherwise payable thereunder, as the case may be. Such determination of reduction of royalty
payments due EMORY shall be made on a country-by-country and Licensed Product-by- Licensed Product basis.

 

c)            In
the event a Licensed Product is sold in a Fixed Dose in combination with one or more other active pharmaceutical ingredients that
are not the subject of Licensed Patents, then the Net Selling Price for that Licensed Product shall be calculated by multiplying
the Net Selling Price for such combination product by the fraction A/(A+B), where “A” is the Net Selling Price for
the Licensed Product sold separately and “B” is the Net Selling Price for the other active ingredient(s) sold
separately. In the event that the other active ingredient is not sold separately, then the Net Selling Price for that Licensed
Product shall be calculated by multiplying the Net Selling Price for the combination product by the fraction A/C, where “A”
is the gross invoice amount for the Licensed Product, if sold separately, and “C” is the gross invoice amount for the
combination product. In the event that no such separate sales are made, the Net Sales Price for royalty determination shall be
mutually agreed by the Parties in good faith.

 

4.            Minimum
Annual Royalties. In the event that the aggregate royalties paid to EMORY during any calendar year pursuant to Sections 3.2 and
3.5 hereof do not equal or exceed the minimum annual royalty for such calendar year in accordance with the schedule set forth
in APPENDIX F, COMPANY shall pay to EMORY no later than sixty (60) days following the last day of such calendar year a dollar
amount equal to the difference between such minimum royalty amount and the actual accrued and paid royalties.

 

    	 	-8-	 

     

    

 

5.            Sublicensee
Payments. Within sixty (60) days of receipt by COMPANY, COMPANY shall pay EMORY that amount as shall equal the applicable sublicense
percentage multiplied by any fees or payments paid to COMPANY by a sublicensee as consideration for a sublicense granted under
this Agreement as set forth in APPENDIX G, including, but not limited to, any initial licensing fees, milestone fees, maintenance
fees, minimum royalty payments and Premium Equity Payments, to the extent any such Premium Equity Payment is directly attributable
to the sublicense of the Licensed Patents and Licensed Technology, but excluding restricted funding for use by COMPANY solely for
research and development, payments made for or on account of running royalty payments and fees otherwise due and payable to EMORY
under this Agreement for Net Sales, and costs and other payments made in connection with the filing, maintenance, prosecution and
defense of the Licensed Patents.

 

6.            Milestone
Payments. COMPANY shall pay EMORY milestone payments (the “Milestone Payments”) in the amount specified in APPENDIX
H attached hereto no later than sixty (60) days after the first occurrence of the corresponding event designated in such APPENDIX.

 

7.            Annual
Maintenance Fees. COMPANY shall pay EMORY an annual license maintenance fee of $5,000. The first payment is due within sixty (60)
days of the first anniversary of the Effective Date of this License Agreement and will continue until the first commercial Sale
of a Licensed Product, after which such payment obligation shall terminate and obligations under Sections 3.2 and 3.4 apply.

 

8.            Reimbursement
for Patent Expenses.

 

a)            Pre-existing
Patent Fees and Costs. Upon the earlier to occur of COMPANY having raised $1,000,000 in equity financing or the first
anniversary of the Effective Date, COMPANY shall reimburse EMORY for all reasonable and actually incurred external out-of-
pocket fees, costs, and expenses paid by EMORY prior to the Effective Date for the filing, prosecution and maintenance of the
Licensed Patents (current estimate: $159,296.01).

 

b)            After
the Effective Date. Subject to the provisions of Article 7 below, COMPANY shall reimburse EMORY for all reasonably and
actually incurred external out-of- pocket fees, costs and expenses paid by EMORY after the Effective Date, during the Term
of this Agreement, in filing, prosecuting, and maintaining the Licensed Patents in the Licensed Territory. COMPANY shall
reimburse EMORY within sixty (60) days after EMORY, from time to time, notifies COMPANY in writing of the amount of such
fees, costs, and expenses paid by EMORY and provides COMPANY with copies of any and all invoices, with backup supporting
documentation.

 

9.            Tax
Payments. All payments made to EMORY under this Article 3 of this Agreement shall be made free and clear of any tax, withholding
or other governmental charge or levy (other than taxes imposed on the net income of EMORY), all such non-excluded amounts being
 “Taxes.” Should the COMPANY be obligated by law to withhold any Taxes on such payments, the payment due hereunder shall
be increased such that after the withholding of the appropriate amount EMORY receives the amount that would have been paid but
for the Taxes withheld. Should EMORY be obligated to pay such Taxes, and such Taxes were not satisfied by way of withholding, COMPANY
shall promptly reimburse EMORY for such payment, in an amount such that after the payment of the Taxes, EMORY has received the
same amount that it would have received had such Taxes not been payable.

 

    	 	-9-	 

     

    

 

IV.            REPORTS
AND ACCOUNTING

 

1.            Progress
Reports. Within sixty (60) days after June 30 and December 31 of each calendar year, COMPANY shall provide EMORY with
a written semi-annual progress report detailing in all material respects the activities of the COMPANY relevant to the COMPANY's
Development Plan and Commercialization of the Licensed Products.

 

2.            Royalty
Reports. During the Term of this Agreement, COMPANY shall furnish, or cause to be furnished to EMORY, written reports for each
of COMPANY and each Affiliate and Sublicensee thereof showing (the “Royalty Reports”):

 

i.            The
gross selling price and the number of units of all Licensed Products (identified by product number/name) Sold by COMPANY and each
of its Affiliates and sublicensees, in each country of the Licensed Territory during the reporting period, together with the calculations
of Net Selling Price in accordance with Section 1.19;

 

ii.            Lease
or rental revenue (if applicable) from the Sale of the Licensed Products;

 

iii.            The
royalties payable in Dollars, which shall have accrued hereunder in respect to such Sales;

 

iv.            The
exchange rates, if any, in determining the amount of Dollars;

 

v.            A
summary of all reports provided to COMPANY by COMPANY'S sublicensees, including the names and addresses of all sublicensees and
distributors;

 

vi.            The
amount of any consideration received by COMPANY from sublicensees and an explanation of the contractual obligation satisfied by
such consideration; and

 

vii.            The
occurrence of any event triggering a Milestone Payment or any other payment in accordance with Article 3.

 

Royalty Reports shall be made semiannually
until the first Sale of a Licensed Product by COMPANY or its Affiliates and sublicensees and quarterly thereafter. Semiannual
reports shall be due within sixty (60) days of the close of every second and fourth COMPANY fiscal quarter. Quarterly reports
shall be due within sixty (60) days of the close of every COMPANY fiscal quarter. COMPANY shall keep accurate records in sufficient
detail to enable royalties and other payments payable hereunder to be determined. COMPANY shall be responsible for all royalties
and late payments that are due to EMORY that have not been paid by COMPANY'S Affiliates and sublicensees. COMPANY'S sublicensees
shall have, and shall be notified by COMPANY that they have, the option of making any royalty payment directly to EMORY, with
any such payment being treated as if made directly by and credited to COMPANY.

 

    	 	-10-	 

     

    

 

3.            Fund
Raising Reports. Within sixty (60) days of the close of every COMPANY fiscal quarter, COMPANY shall provide reports to EMORY on
all activities and results of those activities related to the acquisition of funding for the Development of Licensed Products (the
 “Fund Raising Reports”). Such reports are due until the payment of all funds owed EMORY identified in Section 3.7
herein.

 

4.            Records.
During the Term of this Agreement and for a period of three (3) years thereafter, COMPANY shall keep at its principal
place of business true and accurate in all material respects records of all Sales in accordance with generally accepted accounting
principles in the respective country where such Sales occur and in such form and manner so that all royalties owed to EMORY may
be readily and accurately determined.

 

5.            Right
to Audit. EMORY shall have the right, upon prior notice to COMPANY, not more than once in each COMPANY fiscal year and the calendar
year immediately following termination of the Agreement, through an independent certified public accountant selected by EMORY,
to have access during normal business hours of COMPANY as may be reasonably necessary to examine all financial and accounting records
of COMPANY related to the Licensed Products, to include, but not be limited to, sales invoice registers, sales analysis reports,
original invoices, inventory records, price lists, sublicense and distributor agreements, accounting general ledgers, and sales
tax returns, in order to verify the accuracy of the of the calculation of any payment due under this Agreement. COMPANY shall include
in any sublicenses granted pursuant to this Agreement, a provision requiring the sublicensee to keep and maintain records of Sales
made pursuant to such sublicense and to grant access to such records by EMORY'S independent public accountant. If such independent
public accountant's report shows any underpayment of royalties by COMPANY or its Affiliates or sublicensees, within thirty (30)
days after COMPANY'S receipt of such report, COMPANY remit or shall cause its Affiliates or sublicensees to remit to EMORY:

 

i.            the
amount of such underpayment; and

 

ii.            if
such underpayment exceeds five (5%) percent of the total royalties owed for the fiscal year then being reviewed, the reasonably
and actually incurred necessary fees and expenses of such independent public accountant performing the audit. Otherwise, EMORY's
accountant's fees and expenses shall be borne by EMORY.

 

In no event shall any such payment constitute
waive of COMPANY'S right to dispute the determination made by any such accountant.

 

    	 	-11-	 

     

    

 

 

V.            PAYMENTS

 

1.            Payment
Due Dates. Royalties and sublicense fees payable to EMORY as a result of activities occurring during the period covered by each
royalty report provided for under Article 4 of this Agreement shall be due and payable on the date such royalty report is
due. Payments of royalties in whole or in part may be made in advance of such due date. All other payments required under this
Agreement, if not specified otherwise in this Agreement, shall be payable within sixty (60) days of the due date for each payment.
All payments due to EMORY under this Agreement shall be made in person or via the United States mail or private carrier to the
following address:

 

Emory University

Attn: Director, Office of Technology Transfer

1599 Clifton Road NE, 4th Floor

Mailstop 1599-001-IAZ

Atlanta, Georgia 30322

Facsimile: (404) 727-1271

 

Any payment in excess of one hundred thousand ($100,000.00)
dollars or originating outside of the United States shall be made by wire transfer to an account of EMORY designated by EMORY from
time to time and royalty reports shall be sent by facsimile or express courier to the Director, Office of Technology Transfer on
the same date.

 

2.            Currency
Conversion. Except as hereinafter provided in this Section, all royalties shall be paid in U.S. Dollars. If
any Licensed Products are Sold for consideration other than Dollars, the Net Selling Price of such Licensed Products shall
first be determined in the foreign currency of the country in which such Licensed Products are Sold and then converted to Dollars
at a ninety (90)-day trailing average published by the Wall Street Journal (U.S. editions) for conversion of the foreign currency
into Dollars on the last day of the quarter for which such payment is due.

 

3.            Interest.
Royalties and other payments required to be paid by COMPANY pursuant to this Agreement shall, if overdue, bear simple interest
until payment is received by EMORY at a per annum rate of one percent (I%) above the average of the prime rate as published in
the Wall Street Journal during the ninety (90) days immediately preceding the due date of such overdue payment. The payment of
such interest shall not foreclose EMORY from exercising any other rights it may have because any payment is overdue.

 

VI.            DILIGENCE
AND COMMERCIALIZATION

 

1.            Diligence
and Commercialization. COMPANY shall use its commercially reasonable efforts, either directly or through Affiliates or sublicensees,
throughout the Term of this Agreement to comply with COMPANY's Development Plan and Commercialize at least one Licensed Product.
COMPANY's reasonable efforts to commercialize Licensed Products using no less than that which is customary in COMPANY's industry.

 

    -12-

     

    

 

2.            Development
Milestones. COMPANY, either directly or indirectly through its Affiliates and sublicensees, shall adhere to the schedule of Development
milestones and dates set forth in the Development Plan. If COMPANY,
either directly or indirectly through its Affiliates or sublicensees, fails to achieve in all material respects any such Development
milestone set forth in the Development Plan by the date associated therewith, EMORY may, upon at least ninety (90) days' prior
written notice, terminate or partially terminate this Agreement and grant Third Parties identical or lesser rights in the Licensed
Patents and Licensed Technology as granted to COMPANY hereunder, unless within such ninety (90) day period, COMPANY achieves in
all material respects any such milestone. COMPANY may submit to EMORY revisions to its Development milestones, which revisions
EMORY shall have the right to approve.. MORY shall not unreasonable withhold, delay, condition or deny its consent to any such
rev1s1on of such Development milestones when requested in writing in advance by COMPANY or any Affiliate or sublicensee thereof,
if (i) the request is reasonably supported by credible evidence of scientific or technical difficulties or delays, including,
if any, in the clinical studies or regulatory process that are outside of the control of COMPANY or any affiliate or sublicensee;
(ii) COMPANY (either directly or indirectly through any applicable Affiliate or sublicensee thereof) is proposing and agrees
to implement reasonably satisfactory and effective means of addressing such difficulties or delays, including utilizing its available
commercially reasonable financial and technical resources or raising or securing additional resources; and (iii) COMPANY or
any Affiliate or Sublicensee thereof has in good faith made commercially reasonable efforts to meet said objective(s) and
continue to do so. In making any such determination, EMORY shall take into account the normal course of such programs conducted
with sound and reasonable business practices and judgment and shall take into account the reports provided hereunder by COMPANY
or any Affiliate or sublicensee thereof. Satisfaction of a later-in-time milestone shall be deemed to constitute satisfaction of
any prior-in-time milestone.

 

3.            Sublicensee
Performance. EMORY agrees that performance by an Affiliate or sublicensee of Company's diligence or milestone obligations as set
forth herein or as may be amended from time to time, shall be deemed to be performance by COMPANY of its diligence or milestone
obligations under this License Agreement, including, but not limited to, those set forth in this Article 6.

 

VII.            PATENT
PROSECUTION

 

1.            EMORY
Responsible for Licensed Patents. Except for infringement claims as otherwise provided in Article 8 below, the preparation,
filing, prosecution and maintenance of the Licensed Patents shall be the primary responsibility of EMORY. EMORY shall provide COMPANY
with copies of all filings and correspondence pertaining to such activities so as to give COMPANY reasonable opportunities to advise
EMORY and cooperate with EMORY in such prosecution and maintenance. EMORY and COMPANY agree to retain current patent counsel; should
current patent counsel become disagreeable to a Party, such Party shall inform the other of its desire to transfer prosecution
and new patent counsel shall be retained by EMORY, such patent counsel retained by EMORY to be mutually agreeable to both Parties.
In the event EMORY or COMPANY desires to transfer the prosecution of any of the Licensed Patents to new patent counsel, consent
shall be obtained from the other Party prior to the commencement of such transfer, which consent shall not be unreasonably withheld.
EMORY shall consult with COMPANY as to the preparation, filing, prosecution and maintenance of such Licensed Patents and Licensed
Patent applications, with all such consultation and copies being made reasonably in advance of any filing or other action to permit
COMPANY to review and offer comments thereto. With the advice and counsel of COMPANY, EMORY shall prepare and file appropriate
patent applications, responses to office actions and the like.

 

    -13-

     

    

 

2.            COMPANY'S
 “Step-In-Rights”. In the event that EMORY shall elect to either forgo the preparation, filing, prosecution or maintenance
as requested by COMPANY or any Affiliate or sublicensee thereof or otherwise abandon any Licensed Patents, EMORY shall as soon
as reasonably practicable, but in no event less than thirty (30) prior to the date on which any such action would be timely required,
give written notice thereof to COMPANY. Upon receipt of any such notice or to the extent any such determination becomes actually
known to COMPANY, COMPANY (or as delegated thereto, any Affiliate or sublicensee thereof) shall have the option, but not obligation
to prepare, file, prosecute or maintain, as the case may be, the Licensed Patents.

 

3.            Notice
of Matters Affecting Licensed Products. Each Party shall provide to the other prompt notice as to all matters that come to its
attention and which may affect the preparation, filing, prosecution or maintenance of any such patent applications or patents.
COMPANY (or as delegated thereto, any Affiliate or sublicensee thereof) shall notify EMORY in writing of the countries in which
COMPANY wishes additional patent applications to be filed, including, but not limited to, national phase filings and registrations
in countries from regional filings. EMORY and COMPANY (and any such Affiliate or sublicensee thereof) shall cooperate fully in
determining, in a timely manner, the countries in which patent protection shall be pursued and maintained. EMORY shall, at COMPANY's
expense, file, prosecute and maintain all such additional patent applications.

 

4.            EMORY
may, at its own expense, file patent applications in those countries in which COMPANY elects not to file such applications and
such applications shall not be subject to any license granted to COMPANY hereunder. If COMPANY should fail to timely make reimbursement
for patent expenses as required in Section 3.8 (b) of this Agreement, EMORY, in addition to its other remedies under
the Agreement, shall have no further obligation to prosecute or maintain such Licensed Patents for which COMPANY failed to make
timely reimbursement. COMPANY, upon ninety (90) days advance written notice to EMORY, may advise EMORY that it no longer wishes
to pay expenses for filing, prosecuting or maintaining one or more Licensed Patents. EMORY may, at its option, elect to pay such
expenses or permit such Licensed Patents to become abandoned or lapsed . If
EMORY elects to pay such expenses, such patents/patent applications shall not be subject to any license granted to COMPANY
hereunder.

 

    -14-

     

    

 

5.            Extension
of Licensed Patents. COMPANY may request that EMORY have the normal term of any Licensed Patents extended or restored under a country's
procedure of extending patent term for time lost in government regulatory approval processes, and the expense of the same shall
be borne in accordance with the terms of Section 3.8. COMPANY shall assist EMORY to take whatever action is necessary to obtain
such extension. In the case of such extension, royalties pursuant to Article 3 hereof
shall be payable until the end of the extended term of the Licensed Patent. In the event that COMPANY does not elect to extend
Licensed Patents, EMORY may, at its own expense, affect the extension of such Licensed Patents. If
EMORY elects to pay such expenses, such extended Licensed Patents shall not be subject to any license granted to COMPANY
hereunder subsequent to the non-extended expiration date of such Licensed Patents.

 

VIII.            INFRINGEMENT

 

1.            Notification.
COMPANY shall promptly notify EMORY, and EMORY shall promptly notify COMPANY, of any suspected infringement of any Licensed Patents.
During the Term of this Agreement, EMORY and COMPANY shall have the right to institute an action for infringement of the Licensed
Patents against a Third Party in accordance with the following:

 

i.            Enforcement.
COMPANY shall have the right to enforce in its own name any Licensed Patents against such infringement and shall bear the entire
cost of such action, including defending any counterclaims brought against EMORY for any such infringement and paying any judgments
rendered against EMORY for which COMPANY has an obligation to indemnify EMORY under this Agreement. EMORY shall cooperate with
COMPANY in such effort, at COMPANY'S expense, including being joined as a party to such action, if necessary.

 

After reimbursement or reduction for all
fees and costs relating thereto, any recovery or settlement received for punitive or exemplary damages shall be shared between
EMORY and COMPANY on the basis of an allocation in which Company receives seventy (70%) percent of such proceeds and divides the
remaining thirty (30%) percent of such proceeds between the owners of the infringed patents licensed to COMPANY in a percentage
relative to the number of such patent owners, and any other recovery or settlement received, including compensatory damages or
damages based on a loss of revenues that exceeds the out-of-pocket costs and expenses incurred by COMPANY (hereinafter “Net
Recovery”), shall be deemed to be the proceeds of Sales of Licensed Products in the fiscal quarter received by COMPANY and
COMPANY shall pay to EMORY an amount representing the royalty which would have been paid by COMPANY in accordance with the provisions
of Article 3 had such Net Recovery been accrued by COMPANY as Sales.

 

ii.            Failure
to Enforce. If COMPANY shall fail, within one hundred twenty (120) days after receiving notice from
EMORY of a potential infringement or to provide EMORY with notice of such infringement, to either (a) terminate such infringement
or institute an action to prevent continuation thereof and, thereafter to prosecute such action diligently, or if COMPANY
notifies EMORY that it does not plan to terminate the infringement or institute such action, then EMORY shall have the right to
do so at its own expense. COMPANY shall cooperate with EMORY in such effort including being joined as a party to such action if
necessary, with ninety-five (95) percent of any such damages or costs awarded to EMORY and five (5) percent of any such damages
or costs awarded to Company.

 

    -15-

     

    

 

2.            Abandonment
of Infringement Claims. Should either EMORY or COMPANY commence a suit under the provisions of this Article and thereafter
elect to abandon such suit, the abandoning Party shall give timely notice to the other Party who may, if it so desires, continue
prosecution of such suit, provided that the sharing of expenses and any recovery in such suit shall be as agreed upon between EMORY
and COMPANY.

 

IX.            LIMITED
WARRANTY AND EXCLUSION OF WARRANTIES

 

1.            Limited
Warranty. EMORY represents and warrants to COMPANY that: (i) it has the right and authority to enter into, execute, deliver
and perform its obligations under this Agreement, (ii) except as and to the extent limited by the U.S. Government License,
and to the best of its knowledge, it owns exclusively the Licensed Patents and Licensed Technology, (iii) to the best of its
knowledge, neither the execution of this Agreement nor the performance of its obligations hereunder will constitute a breach of
the terms and provisions of any other agreement to which EMORY is a party, (iv) except for the Licensed Patents licensed to
COMPANY hereby, and as of the Effective Date of this Agreement, EMORY neither owns or controls any patent or patent application
whose claims would necessarily be infringed by the practice of the Licensed Patents or Licensed Technology, and (v) EMORY
(1) has not received any written notice from a Third Party alleging that the practice of the Licensed Patents or Licensed
Technology infringes any patent or other intellectual property right of such Third Party, and (2) has no knowledge of any
infringement or, to the knowledge of Emory's Technology Transfer Office, possible infringement by a third party of the Licensed
Patents as of the Effective Date of this Agreement. Except as otherwise provided in this Agreement, including, without limitation,
this Section 9.1, EMORY does not warrant the validity of the Licensed Patents licensed hereunder and makes no representation
whatsoever with regard to the scope of the Licensed Patents or that such Licensed Patents or Licensed Technology may be exploited
by COMPANY or its Affiliates or sublicensees without infringing other patents.

 

EXCEPT AS OTHERWISE PROVIDED IN THIS AGREEMENT, EMORY DOES NOT
MAKE ANY REPRESENTATION OR WARRANTY OF ANY KIND WITH RESPECT TO THE LICENSED PATENTS, LICENSED TECHNOLOGY OR LICENSED PRODUCTS
AND EXPRESSLY DISCLAIMS ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE AND ANY OTHER IMPLIED WARRANTIES
WITH RESPECT TO THE CAPABILITIES, SAFETY, UTILITY, OR COMMERCIAL APPLICATION OF THE LICENSED PATENTS, LICENSED TECHNOLOGY OR LICENSED
PRODUCTS.

 

X.            DAMAGES, INDEMNIFICATION
AND INSURANCE

 

1.            No
Liability. EMORY shall not be liable to COMPANY or COMPANY'S Affiliates, or customers and/or sublicensees of COMPANY or COMPANY'S
Affiliates, for compensatory, special, incidental, indirect, consequential or exemplary damages resulting from the manufacture,
testing, design, labeling, use or sale of Licensed Products. COMPANY shall have no liability to or duty to indemnify EMORY for
any clinical activity that is authorized by EMORY without COMPANY's knowledge or participation.

 

    -16-

     

    

 

2.            Indemnification.
COMPANY shall defend, indemnify, and hold harmless the Indemnitees, from and against any and all claims, demands, losses, liabilities,
expenses or damages (including reasonably and actually incurred investigative costs, court costs and attorneys' fees) Indemnitees
may suffer, pay, or incur as a result of claims, demands or actions brought by a Third Party against any of the Indemnitees arising
or alleged to arise by reason of, or in connection with, any and all personal injury (including death) and property damage (a “Claim”)
caused or contributed to, in whole or in part, by COMPANY'S or COMPANY'S Affiliates, contractors, agents, or sublicensees manufacture,
testing, design, use, Sale, or labeling of any Licensed Products; provided, however, that in no event shall COMPANY have any obligation
under this Section whatsoever with respect to any Claim based on any act or omission on the part of any Indemnitee constituting
or arising under (i) the reservation of rights by EMORY under Section 2.3 of this Agreement, or (ii) any manufacture,
testing, design, labeling, use or sale of Licensed Products that occurred prior to the Effective Date. COMPANY'S obligations
under this Article shall survive the expiration or termination of this Agreement for any reason.

 

3.            Insurance.
Without limiting COMPANY'S indemnity obligations under the preceding Section, COMPANY shall, prior to any clinical trial or Sale
of any Licensed Product, cause to be m force, an “occurrence based type” liability insurance policy or, if COMPANY
is unable to obtain “occurrence based type” liability insurance, a “claims made type” (with at least 10
years tail coverage) liability insurance policy which:

 

i.            insures
Indemnitees for all claims, damages, and actions mentioned in Section 10.2 of this Agreement;

 

ii.           includes
a contractual endorsement providing coverage for all liability which may be incurred by lndemnitees in connection with this Agreement;
and

 

iii.          requires
the insurance carrier to provide EMORY with no less than thirty (30) days' written notice of any change in the terms or coverage
of the policy or its cancellation; and

 

iv.          provides
lndemnitees product liability coverage in an amount no less than Two Million Dollars ($2,000,000.00) per occurrence for bodily
injury and One Million Dollars ($1,000,000.00) per occurrence for property damage, subject to a reasonable aggregate amount.

 

4.            Notification.
COMPANY shall notify EMORY, prior to its first clinical trial or commercial Sale of any Licensed Product, of all insurance coverage
and other assets available to COMPANY to meet COMPANY'S obligations under Sections 10.2 and 10.3 of this Agreement.

 

5.            Notice
of Claims. COMPANY shall promptly notify EMORY of all claims involving the Indemnitees and shall advise EMORY of the policy amounts
that might be needed to defend and pay any such claims. EMORY shall promptly notify COMPANY of any and all claims brought to its
attention relating to COMPANY's indemnity obligations under this Agreement.

 

    -17-

     

    

 

XI.          CONFIDENTIALITY

 

1.            Treatment
of Confidential Information. Except as otherwise provided hereunder, during the term of this Agreement and for a period of five
(5) years thereafter:

 

i.            COMPANY
and its Affiliates and sublicensees shall retain in confidence and use only for purposes of this Agreement, any written information
and data supplied by EMORY to COMPANY under this Agreement and marked as proprietary;

 

ii.            EMORY
shall retain in confidence and use only for purposes of this Agreement any written information and data supplied by COMPANY or
on behalf of COMPANY to EMORY and marked as proprietary under this Agreement.

 

For purposes of this Agreement, all such information and data
which a party is obligated to retain in confidence shall be called “Information.”

 

2.            Right
to Disclose. To the extent that it is reasonably necessary to fulfill its obligations or exercise its rights under this Agreement,
or any rights which survive termination or expiration hereof, each party may disclose Information to its Affiliates, sublicensees,
consultants, outside contractors, governmental regulatory authorities and clinical investigators on condition that such entities
or persons agree:

 

i.            to
keep the Information confidential for at least the same time periods and to the same extent as each party is required to keep the
Information confidential; and

 

ii.            to
use the Information only for such purposes as such parties are authorized to use the Information.

 

Each party or its Affiliates or sublicensees may disclose Information
to the government or other regulatory authorities to the extent that such disclosure is necessary for the prosecution and enforcement
of patents, or authorizations to conduct clinical trials or commercially market Licensed Products, provided that such party is
otherwise entitled to engage in such activities under this Agreement.

 

3.            Release
from Restrictions. The obligation not to disclose Information shall not apply to any part of such Information that:

 

i.            is
or becomes patented, published or otherwise part of the public domain, other than by unauthorized acts of a party obligated not
to disclose such Information;

 

ii.            is
disclosed to the receiving party or its Affiliates or sublicensees by a third party provided that such Information was not obtained
by such third party directly or indirectly from the other party under this Agreement; or

 

    -18-

     

    

 

iii.            prior
to disclosure under this Agreement, was already in the possession of the receiving party, its Affiliates or sublicensees, provided
that such Information was not obtained directly or indirectly from the other party under this Agreement; or

 

iv.            results
from research and development by the receiving party or its Affiliates or sublicensees, independent of disclosures from the other
party of this Agreement, provided that the persons developing such information have not had exposure to the information received
from the disclosing party; or

 

v.            is
required by law to be disclosed by the receiving party, provided that the receiving party uses its best efforts to notify the other
party immediately upon learning of such requirement in order to give the other party reasonable opportunity to oppose such requirement;
or

 

vi.            COMPANY
and EMORY agree in writing may be disclosed.

 

This Article 11 shall be construed as an agreement ancillary
to the other provisions of this Agreement, and the existence of any claim or cause of action of one party against the other, whether
predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement of Article 11, except that either
Party has a right to disclose Information to any panel or court in a proceeding against the other Party under Article 14 of
this Agreement

 

XII.          TERM
AND TERMINATION

 

1.            Term.
Unless sooner terminated as otherwise provided in this Agreement, the term of this Agreement shall commence on the Effective Date
and shall continue in full force and effect until the expiration of the last to expire of the Licensed Patents. If no Valid Claim
should issue within ten (10) years of the date of this Agreement, this Agreement shall terminate on the tenth (10th) anniversary
of its Effective Date.

 

2.            Termination.
Subject to Section 12.3 herein, EMORY shall have the right to terminate this Agreement upon the occurrence of any one or more
of the following:

 

i.            failure
of COMPANY to make any payment required pursuant to this Agreement when due; or

 

ii.           failure
on the part of COMPANY to satisfy when due its diligence obligations as set forth in Article 6 herein; or

 

iii.          failure
of COMPANY to render reports to EMORY as required by this Agreement; or

 

iv.         the
institution of any proceeding by COMPANY under any bankruptcy, insolvency or moratorium law; or

 

v.          any
assignment by COMPANY of substantially all of its assets for the benefit of creditors; or

 

    -19-

     

    

 

vi.            placement
of COMPANY'S assets in the hands of a trustee or a receiver unless the receivership or trust is dissolved within thirty (30) days
thereafter; or

 

vii.            a
decision of which EMORY is notified in writing by COMPANY or COMPANY'S assignee of rights under this Agreement to quit the business
of developing or selling Licensed Products; or

 

viii.            the
breach by COMPANY of any other material term of this Agreement; or

 

ix.            failure
to execute the Subscription Agreement within sixty (60) days of the Effective Date of this Agreement; or

 

x.            institution
of any proceedings by COMPANY, an Affiliate or sublicensee that challenges the validity or enforceability (but not scope) of any
Licensed Patent.

 

3.            Exercise.
EMORY may exercise its right of termination under this Agreement by giving COMPANY, its trustees, receivers or assigns, ninety
(90) days' prior written notice of EMORY's election to terminate. Any such notice of default or breach shall state in reasonable
detail the nature of the defaults claimed by the non-breaching party. If in the event COMPANY disputes the alleged default or breach,
then such cure period shall be tolled for the period during which any such dispute remains pending and this Agreement shall remain
in full force and effect. Should it be finally determined that COMPANY was in default or breach under this Agreement, then COMPANY
shall have the remainder of the cure period to cure the same. Upon the expiration of such period, this Agreement shall automatically
terminate unless COMPANY has removed the condition of termination. Such notice and termination shall not prejudice EMORY's right
to receive royalties or other sums due hereunder and shall not prejudice any cause of action or claim of EMORY accrued or to accrue
on account of any breach or default by COMPANY. The failure of either Party, at any time, or for any period of time, to enforce
any of the provisions of this Agreement, shall not be construed as a waiver of such provisions or as a waiver of the right of such
Party thereafter to enforce each and every such provision of this Agreement.

 

4.            Termination
by COMPANY. COMPANY shall have the right to terminate this Agreement at its sole discretion upon ninety (90) days written notice
to EMORY.

 

5.            Regulatory
Data. Upon termination of this Agreement for any reason, in the event EMORY provides notice to COMPANY of the existence of a Third
Party with a bona fide interest in thereafter licensing any of the Licensed Products for which COMPANY possesses Development Information,
COMPANY shall make Development Information available to EMORY and such Third Party for review and for a reasonable time period
under a confidentiality agreement. In the event EMORY enters into a license for such Licensed Products with a Third Party, and
to the extent that such Development Information remains in the control of COMPANY, COMPANY shall use commercially reasonable efforts
to negotiate a license between COMPANY and such Third Party to grant such Third Party the right to make use of Development Information.

 

    -20-

     

    

 

6.            Effect.
If this Agreement is terminated for any reason whatsoever, COMPANY shall return, or at EMORY's direction, destroy, all plans, drawings,
papers, notes, data, writings and other documents, samples, organisms, biological materials, models and other tangible materials
covered by the License Patents or the Licensed Technology supplied to COMPANY by EMORY, retaining one archival paper copy in its
corporate legal department as required so that compliance with any continuing obligations may be determined. Upon termination of
this Agreement, COMPANY shall cease manufacturing, processing, producing, using, importing or Selling Licensed Products; provided,
however, that COMPANY may continue to Sell in the ordinary course of business for a period of six (6) months reasonable quantities
of Licensed Products which are fully manufactured and in COMPANY's normal inventory at the date of termination if (a) all
monetary obligations of COMPANY to EMORY have been satisfied and (b) royalties on such Sales are paid to EMORY in the amounts
and in the manner provided in this Agreement. However, nothing herein shall be construed to release either party of any obligation
that matured prior to the effective date of any such termination.

 

XIII.         ASSIGNMENT

 

COMPANY may grant, transfer, convey, or
otherwise assign any or all of its rights and obligations under this Agreement in conjunction with the transfer of all, or substantially
all, of the business assets or interests of COMPANY, whether by merger or otherwise, to which this Agreement relates. EMORY's written
consent, which shall not be unreasonably withheld, shall be required prior to any other assignment of COMPANY'S rights or obligations
under this Agreement. This Agreement shall be assignable by EMORY to a nonprofit Emory-controlled corporation which promotes the
research purposes of EMORY, provided, however, that Emory shall remain obligated and any such assignment is conditioned on the
assignee assuming the duties and obligations of Emory under the terms of this Agreement and EMORY notifies COMPANY of any such
assignment in writing.

 

XIV.         ARBITRATION

 

Any dispute related to this License Agreement
shall be settled by arbitration. Arbitration shall be conducted under the Commercial Arbitration Rules of
the American Arbitration Association by three arbitrators, one to be appointed by EMORY, one to be appointed by COMPANY, and one
to be appointed by the two arbitrators appointed by EMORY and COMPANY. Arbitration shall take place in Atlanta, Georgia, and the
decision of the arbitrators shall be enforceable, but not appealable, in any court of competent jurisdiction. Each Party shall
bear its own fees and expenses incurred in connection with such arbitration, which shall be subject to reimbursement by the party
which does not prevail in such proceeding promptly upon the termination thereof in the event that the Party initiating such proceeding
is the prevailing party. Notwithstanding the forgoing, each Party has the right before or, if the arbitrator(s) cannot hear
the matter within an acceptable period, during the arbitration to seek from the appropriate court provisional remedies such as
attachment, preliminary injunction and replevin, to avoid irreparable harm, maintain the status quo, or preserve the subject matter
of the arbitration, subject to all legally applicable requirements.

 

    -21-

     

    

 

 

XV.            MISCELLANEOUS

 

1.            Export
Controls. COMPANY acknowledges that Licensed Products and Licensed Technology may be subject to United States laws and regulations
controlling the export of technical data, biological materials, chemical compositions, computer software, laboratory prototypes
and other commodities and agrees to comply in all material respects with any and all such applicable United States export laws
and regulations. The transfer of technical data and commodities may require a license from the cognizant agency of the United States
government or written assurances by COMPANY that COMPANY shall not export data or commodities to certain foreign countries without
the prior approval of certain United States agencies. EMORY neither represents that an export license shall not be required nor
that, if required, such export license shall issue.

 

2.            Legal
Compliance. COMPANY shall comply in all material respects with all laws and regulations applicable
to its manufacture, processing, producing, using, importing Selling, labeling or distribution of Licensed Products and Licensed
Technology and shall not knowingly take any action which would cause EMORY or COMPANY to so violate any such laws or regulations.

 

3.            Independent
Contractor. COMPANY'S relationship to EMORY shall be that of a licensee only. COMPANY shall not be the agent of EMORY and shall
have no authority to act for, or on behalf of, EMORY in any matter. Persons retained by COMPANY as employees or agents shall not,
by reason thereof, be deemed to be employees or agents of EMORY.

 

4.            Patent
Marking. COMPANY shall mark Licensed Products Sold in the United States with United States patent numbers. Licensed Products manufactured
or Sold in other countries shall be marked in material compliance with the intellectual property laws in force in such foreign
countries.

 

5.            Use
of Names. COMPANY shall obtain the prior written approval of EMORY or the Inventors prior to making use of their names for any
commercial purpose, except as required by law. As an exception to the foregoing, both COMPANY and EMORY shall have the right to
publicize the existence of this Agreement; provided, however, that neither COMPANY nor EMORY shall disclose the terms and conditions
of this Agreement, except as otherwise permitted in accordance with Article 11.

 

6.             Place
of Execution. This Agreement and any subsequent modifications or amendments hereto shall be deemed to have been executed in the
State of Georgia, U.S.A.

 

7.            Governing
Law. This Agreement and all amendments, modifications, alterations, or supplements hereto, and the rights of the parties hereunder,
shall be construed under and governed by the laws of the State of Georgia and the United States of America. Only courts in the
State of Georgia, U.S.A., shall have jurisdiction to hear and decide any controversy or claim between the parties arising under
or relating to this Agreement.

 

8.            Entire
Agreement. This Agreement constitutes the entire agreement between EMORY and COMPANY with respect to the subject matter hereof
and shall not be modified, amended or terminated, except as herein provided or except by another agreement in writing executed
by the parties hereto.

 

    -22-

     

    

 

9.            Survival.
Section 2.4, Article 9, Article 10, Article 11, Sections 12.5 and 12.6, Article 14, Section 15.7
and Article 16 shall survive termination of this Agreement for any reason. Upon expiration of this Agreement, COMPANY shall
have a fully paid up license to use the Licensed Technology.

 

10.            Severability.
All rights and restrictions contained herein may be exercised and shall be applicable and binding only to the extent that they
do not violate any applicable laws and are intended to be limited to the extent necessary so that they will not render this Agreement
illegal, invalid or unenforceable. If any provision or portion of any provision of this Agreement, not essential to the commercial
purpose of this Agreement, shall be held to be illegal, invalid or unenforceable by a court of competent jurisdiction, it is the
intention of the parties that the remaining provisions or portions thereof shall constitute their agreement with respect to the
subject matter hereof, and all such remaining provisions, or portions thereof, shall remain in full force
and effect. To the extent legally permissible, any illegal, invalid or unenforceable provision of this Agreement shall be replaced
by a valid provision which shall implement the commercial purpose of the illegal, invalid, or unenforceable provision. In the event
that any provision essential to the commercial purpose of this Agreement is held to be illegal, invalid or unenforceable and cannot
be replaced by a valid provision which will implement the commercial purpose of this Agreement, this Agreement and the rights granted
herein shall terminate.

 

11.            Force
Majeure. Any delays in, or failure of performance of any party to this Agreement, shall not constitute a default hereunder, or
give rise to any claim for damages, if and to the extent caused by occurrences beyond the control of the party affected, including,
but not limited to, acts of God, strikes or other concerted acts of workmen, civil disturbances, fires, floods, explosions, riots,
war, rebellion, sabotage, acts of governmental authority or failure of governmental authority to issue licenses or approvals which
may be required.

 

12.            Counterparts.
This Agreement may be executed by facsimile and in counterparts, each of which is deemed an original, but all of which together
shall constitute one and the same instrument

 

XVI.            NOTICES

 

All notices, statements,
and reports required to be given by one Party to the other shall be in writing and shall be hand delivered, sent by private overnight
mail service, or sent by registered or certified U.S. mail, postage prepaid, return receipt requested and addressed as follows:

 

	If to EMORY:	
        Emory University

        Office of Technology Transfer 1599
        Clifton Road NE, 4th Floor

        Mailstop 1599/001/lAZ
        Atlanta, Georgia 30322

        Attn: Director

        Facsimile: (404) 727-1271

 

    -23-

     

    

 

	If to COMPANY:	
        Inhibikase Therapeutics, Inc.

        3375 Spring Hill Parkway Suite 811

        Smyrna, GA 30080
        Attn: CEO

         

	With a copy to:	
        McDaniel Law Group, PC

        PO Box 681235

        Marietta, Georgia 30068

        Attn: Mr. Frank
        McDaniel, Esq.

 

Such
notices or other communications shall be effective upon receipt by an employee, agent or representative of the receiving Party
authorized to receive notices or other communications sent or delivered in the manner set forth
above. Either Party hereto may change the address
to which notices to
such Party are to be sent by giving
notice to the other Party at the address and in the manner
provided above. Any notice may be
given, in addition
to the manner set forth above
by facsimile provided that the party giving
such notice obtains acknowledgement by facsimile
that such notice has been received by the Party to be notified. Notice made in this manner
shall be deemed to have been given when such acknowledgement
has been transmitted.

 

IN WITNESS WHEREOF,
EMORY and COMPANY have caused this Agreement to be signed by their duly authorized representatives as of the day and
year indicated below.

 

	EMORY UNIVERSITY	 	COMPANY
	By: 	/s/ Todd T. Sherer	 	 	By:	/s/ Milton Werner	 
	 	 	 	 	 	 	 
	Name: 	Todd T. Sherer, Ph.D	 	 	Name:	Milton Werner, PhD	 
	 	 	 	 	 	 	 
	Title: Associate Vice President for Research and Director Office of Technology Transfer	 	Title: President & CEO
	 	 	 
	Date:	June 8, 2010	 	 	Date: 	June 8, 2010	 
	 	 	 
	 	 	 
	READ AND UNDERSTOOD	 	 
	 	 	 
	By:	/s/ Dan Kalman	 	 	 
	 	 	 	 	 
	Name:	Dan Kalman, Ph.D.	 	 	 
	 	 	 	 	 
	Title: Associate Professor	 	 

 

	Date:	June 8, 2010	 
	 
	LIC.09.024

 

 

    -24-

     

    

 

APPENDIX
A

COMPANY'S DEVELOPMENT PLAN

 

i)            Three
(3) years to first IND filing on a product or service covered by any Licensed Patent or Licensed Technology.

 

ii)           Seven
(7) years to first proof-of-concept clinical trial for a product or service covered by any Licensed Patent or Licensed Technology.

 

iii)          Eleven
(11) years to first Phase III trial for a product or service covered by any Licensed Patent or Licensed Technology.

 

iv)          Fifteen
(15) years to first NOA filing for a product or service covered by any licensed patent or technology.

 

    

     

    

 

APPENDIX
B

 

(TM)
LICENSED PATENTS

 

Emory
technology references 04088, 06121, 09038 and 09039 shall be included in this exclusive license. Current patent(s) and applications
associated with these technologies are listed below.

 

	
        Emory Tech ID 04088

        Compositions and Methods of
        Use of Tyrosine Kinase Inhibitors to Treat Infections caused by HIV-1, by Mycobacterium Tuberculosis, and by Polyoma and Related
        Viruses

	Emory Ref.	Country	Serial No	File Date	Patent No	Issue Date	Status
	04088 Prov	United States	60/614,203	09/29/2004	 	 	Expired
	04088 us	United States	10/586,382	01/20/2005	 	 	Pending
	04088 PCT	PCT	PCT/US2005/0l710	01/20/2005	 	 	Pending
	04088 EPO	EPO	0570591.6	01/20/2005	 	 	Pending
	04088 CAN	Canada	2,554,201	01/20/2005	 	 	Pending
	04088 AUS	Australia	2005209231	01/20/2005	 	 	Pending
	04088 JPN	Japan	2006-551238	01/20/2005	 	 	Pending

 

	
        Emory Tech ID 06121

        Development of Novel Tyrosine Kinase Inhibitors for
        Treating Infectious Diseases

	Emory Ref.	Country	Serial No	File Date	Patent No	Issue Date	Status
	06121 Prov	United States	60/824,540	09/05/2006	 	 	Expired
	06121 PCT	PCT	PCT/US2007 /77578	09/05/2007	 	 	Pending

 

	Emory Tech ID 09038

                                                                                Use of Tyrosine Kinase Inhibitors to Treat Mycobacterium Tuberculosis and Related Infections

	Emory Ref.	Country	Serial No	File Date	Patent No	Issue Date	Status
	09038	United States	TBD	TBD	 	 	Pending

 

 

    

     

    

 

	
        Emory Tech ID 09039

        Use of Tyrosine Kinase Inhibitors as Therapeutics
        for Polyomavirus Infections

	EMORY Ref.	Country	Serial No	File Date	Patent No	Issue Date	Status
	09039	United States	TBD	TBD	 	 	Pending

 

    

     

    

 

 

APPENDIX
C (TK)

 

U.S.
GOVERNMENT LICENSE(S)

 

License to the United States Government

 

    

     

    

 

APPENDIX
D

 

INHIBIKASE
THERAPEUTICS, INC.

CAPITALIZATION TABLE

 

Post-Emory University and Duke University License
Execution

 

	Inhibikase

                                                                        Shareholders
	Number of

                                                                                Inhibikase common

                                                                                shares
	Fully -Diluted

                                                                                Percentage

                                                                                Ownership as of the _ 

                                                                                day
                                         of May 2010

	Milton H. Werner, Ph.D.	5,900,000	59.0%
	Milton H. Werner, Ph.D.	100,000	1%
	Frank McDaniel	200,000	2%
	Burkhard Blank, MD	100,000	1%
	EMORY University -License 10.021	500,0001	5%
	EMORY University - License 09.024	450,0001	4.5%
	EMORY University - License 09.024	50,0002	0.5%
	Dan Kalman, PhD	2,000,000J	20%
	Duke University	700,0004	7%
	Total	10,000,000	100%

 

1Shares shown for issuance is based on agreed-upon
percentage calculated taking into account the assumption that Company will successfully enter into license with Duke University
and, thus, issue to Duke the shares referenced, and resolution of agreement with Dan Kalman, Ph.D.

 

2In addition to the reservation under (1), above,
shares shown are subject to TB being added to scope of EU license

 

3Shares shown are contingent upon Company reaching
agreement with Dr. Kalman, to include, among other things, being granted in accordance with a consulting agreement.

 

4Sharesshown are contingent on execution of a License
Agreement with Duke University for complementary technology. Failure of any of the foregoing contingencies will require an adjustment
in the number of shares proposed to be issued under the above-referenced chart.

 

    

     

    

 

APPENDIXE

 

RUNNING
ROYALTY PERCENTAGES

 

All Licensed Products covered by a Valid Claim, except as noted
in Article 3.3.

 

Percentage of Net Selling Price            3.75
%

 

    

     

    

 

 

APPENDIX
F

 

MINIMUM
ANNUAL ROYALTIES

 

	Calendar Year after First Sale	 	Minimum Annual Royalty	 
	Year 1	 	$	10,000	 
	Year2	 	$	20,000	 
	Year 3 and subsequent years	 	$	40,000	 

 

 

    

     

    

 

APPENDIX
G (TM)

 

Sublicense
Revenue

 

	Sublicense Executed	 	Percentage	 
	Prior to completion of first Phase I Clinical Trial	 	 	12	%
	After initiation of first Phase II Clinical Trial until initiation of first Phase III Clinical Trial	 	 	8	%
	After initiation of first Phase III Clinical Trial until first License Product Regulatory Approval	 	 	6	%
	After first Licensed Product Regulatory Approval	 	 	4	%

 

    

     

    

 

Appendix
H

 

MILESTONE
PAYMENTS

 

	Event	 	Milestone Payment	 
	Commencement of first Phase I Clinical Trial	 	$	40,000	 
	Commencement of first Phase III Clinical Trial	 	$	80,000	 
	FDA Acceptance of first Licensed Product NDA	 	$	160,000	 

 

    

     

    

 

APPENDIX
I

 

RIGHT
OF FIRST OFFER AGREEMENT

 

In the event EMORY desires to license a technology that is an
Option Invention or to license the field of Tuberculosis (the “Offered Technology”), EMORY shall deliver written notice
thereof (the “First Offer Notice”) to COMPANY. The First Offer Notice shall describe with reasonable specificity the
Offered Technology. The First Offer Notice shall constitute an offer by EMORY to license such Offered Technology to COMPANY, and
COMPANY, if it desires to accept such offer, shall, within thirty (30) days after delivery of the First Offer Notice, give EMORY
written notice to such effect (the “Acceptance Notice”). Such technology shall be added to this Agreement by way of
an amendment thereto.

 

If COMPANY
shall fail to deliver or otherwise declines the Acceptance Notice within the time period provided, COMPANY shall be deemed to have
waived its right to accept the offer reflected in the First Offer Notice as to the Offered Technology, but not as to other technology
covered by the Option Invention, and EMORY may thereafter offer to license the Offer Technology without any further obligation
whatsoever thereunder to COMPANY.

 

In the event that COMPANY gives EMORY an Acceptance Notice,
then, on such business day as COMPANY shall set forth in the Acceptance Notice, which shall be not less than thirty (30) days nor
more than one hundred twenty (120) days after the giving of the Acceptance Notice, COMPANY and EMORY shall enter into an amendment
of this Agreement for the license of the Offered Technology.

 

    

     

    

EXHIBIT “A”

 

COMPANY'S
FORM OF

 

STOCK
SUBSCRIPTION AGREEMENT

 

INHIBIKASE
THERAPEUTICS, INC. SUBSCRIPTION AGREEMENT

 

		To:	Milton Werner, Ph.D.

President & CEO

Inhibikase Therapeutics, Inc.

 

From: Emory University

 

Emory University (the “Subscriber”) hereby irrevocably
agrees to acquire from Inhibikase Therapeutics, Inc. (the “Company”) the number of shares of Common Stock of the
Company (the “Shares”) shown beside the duly authorized signature below in partial consideration of the license granted
to Company for certain intellectual property rights of the Subscriber, on the following terms and conditions (the “Subscription”).

 

To induce Subscriber to make this Subscription and acquire the
Shares from Company, Company hereby represents and warrants that it has all requisite authority to sell and issue the Shares.

 

To induce Company to accept this Subscription and issue the
Shares to Subscriber, I, the Subscriber, hereby represent, warrant, covenant to and agree with Company as follows:

 

i)             Subscriber
has had a reasonable opportunity to ask questions of and receive answers from the Company concerning the terms and conditions of
the offering of Shares, and to obtain additional information, to the extent possessed or obtainable without unreasonable effort
or expense by the Company, necessary to verify the accuracy of the information provided. All such questions have been answered
to the full satisfaction of Subscriber. Subscriber acknowledges that in making its decision to acquire Shares, Subscriber is relying
solely on the information provided by the Company to Subscriber in writing. Subscriber understands that no offering statement,
prospectus or offering circular containing information with respect to the Company or the Shares has been or is to be prepared,
and Subscriber has made its own inquiry and analysis with respect to the Company and the Shares. Subscriber acknowledges that neither
the Company nor any of its representatives have made any representation or warranty to Subscriber concerning the tax consequences
of Subscriber's acquisition of, or subsequent disposition of, the Shares

 

ii)            Subscriber
has such knowledge and experience in financial and business matters as to enable Subscriber to (a) utilize the information
made available to it in connection with the offering of Shares, (b) evaluate the merits and risks associated with an acquisition
of the Shares, and (c) make an informed decision with respect thereto.

 

    

     

    

 

iii)           Subscriber
(a) has adequate means of providing for its current needs and possible contingencies, (b) has no need for liquidity in
connection with its acquisition of the Shares, (c) is able to bear the economic risks for an indefinite period and has the
capacity to protect its own interests in connection with an acquisition of the Shares, (d) can afford the complete loss of
the price for the Shares subscribed for hereunder, and (e) is subscribing for the acquisition of the Shares based on its personal
relationship and acquaintance with Company's management.

 

iv)           Subscriber
recognizes that the acquisition of the Shares involves certain risks.

 

v)            Subscriber
understands that (a) neither the offering nor the sale of the Shares has been registered under the securities laws of any
state or the Securities Act of 1933, as amended (the “Act”), in reliance upon exemptions from the registration provisions
of the Act and such laws, (b) the Shares acquired by Subscriber must be held indefinitely unless the sale or transfer thereof
is subsequently registered under the Act and such laws, or an exemption from such registration is available, (c) Subscriber
is an “accredited investor” as that term is defined in the Act, and (d) Company and the President will rely upon
the representations and warranties made by Subscriber in this Subscription in order to establish such exemption from the registration
provisions of the Act and applicable state securities laws.

 

vi)           Subscriber
will not transfer any Shares without registration under the Act and applicable state securities laws unless the transfer is exempt
from registration under the Act and such laws.

 

vii)           The
Shares are being acquired solely for Subscriber's own account and not for the account of any other person or entity, and no other
person or entity has or will have a direct or indirect beneficial interest in such Shares. The Shares are being acquired for investment
purposes only, and not for distribution, assignment, sale or transfer to others.

 

viii)         Subscriber
realizes that Subscriber may not be able to sell or dispose of its Shares because there will be no public market for such Shares
in the foreseeable future.

 

ix)           The
foregoing representations, warranties and covenants, and all other information that Subscriber has provided to the Company concerning
Subscriber and Subscriber's financial condition are true, complete and accurate as of the date hereof. If in any respect such information,
representations, warranties and covenants are not true and accurate at any time prior to the date of the issuance of Shares to
Subscriber, Subscriber will give written notice of such fact to the President specifying which information, representations, warranties
or covenants are not true and accurate and the reasons therefore.

 

    

     

    

 

x)            Subscriber
understands that the stock certificates representing the Shares subscribed to hereby will contain substantially the following restrictive
legends:

 

“The
shares evidenced by this Certificate have been acquired for investment and have not been registered under any state securities
act or under the Securities Act of 1933 (the “1933 Act”) pursuant to and in reliance on the exemption contained in
Sections 4(2) of the 1933 Act, as amended, and Rule 506, Regulation D promulgated by the SEC thereunder as not involving
any public offering. These securities cannot be sold, transferred or pledged in the absence of such registration unless the company
receives an opinion of counsel reasonably acceptable to the company stating that such sale or transfer is exempt from the registration
and prospectus delivery requirements of all applicable state and federal securities acts.”

 

11.            This
Agreement is enforceable against Subscriber in accordance with its terms.

 

Subscriber shall not transfer or assign
this Subscription, or any of Subscriber's interests herein, to any other person; shall not cancel, terminate or revoke this Subscription
(except as otherwise specifically permitted under applicable state securities laws), and this Subscription shall be binding upon
Subscriber's administrators, heirs, successors and assigns. This Subscription constitutes the entire
agreement between the parties hereto with respect to the subject matter hereof, and this Subscription may be amended only by a
writing executed by both of the parties hereto. This Subscription shall be enforced, governed and construed in all respects in
accordance with the laws of the State of Georgia, without regard to its conflicts of law principles. Within five (5) days
after the receipt of a written request from the President, Subscriber shall provide such information, and execute and deliver
such documents, as reasonably may be necessary to comply with any and all laws, ordinances and regulations to which Company is
subject. The representations and warranties of Subscriber set forth herein shall survive the sale of the Shares to Subscriber
pursuant to this Subscription.

 

Upon receipt
and subject to its acceptance of this Subscription, Company will forward to Subscriber an Acceptance of Subscription in writing
or otherwise by notification.

 

IN WITNESS WHEREOF, Subscriber
has executed and acknowledged this Subscription as of the date set forth below.

 

EMORY UNIVERSITY

 

By:

 

Print Name:

 

Title:

 

Number of Shares:

 

Employer ID Number:

 

Address:

 

Executed at: Atlanta, Georgia
this _ day of _     2010.

 

    

     

    

 

ACCEPTANCE
OF SUBSCRIPTION

 

The
undersigned, as President and Chief Executive Officer of Inhibikase Therapeutics, Inc. (“Company”), hereby
accepts and agrees to on behalf of Company the foregoing Subscription of Emory University (the “Subscriber”)
for _____shares of Company's Common Stock for and in consideration for the consideration
described therein. Subject to applicable securities laws and this Subscription, Company will transfer the Common Stock issued
to Emory hereunder as directed by EMORY to transferees, which may include, without limitation, the Inventors (as such term is
defined in that certain License Agreement entered into by and between Company and Emory as of even date herewith (the
 “License Agreement”)) and any other person who may be identified at a later time and named on the Licensed
Patents (the “License Agreement”); and agrees grant the right to obtain such registration rights as may be
granted from time to time to Milton Werner, Ph.D.

 

IN WITNESS WHEREOF, the undersigned,
as President, has accepted such Subscription on behalf of Company as of the_ day of March 2010.

 

	 	Inhibikase Therapeutics, Inc.

 

	 	By:	 

 

	 	Name: Milton Werner, Ph.D.
	 	 
	 	Title: President & CEO

 

    

     

    

 

EXHIBIT “B”

 

EMORY'S
FORM OF

 

MATERIAL
TRANSFER AGREEMENT

 

The following form of MTA has not been reviewed by
Company and remains subject to its review, comment and agreement during the 60 day period following the Effective Date.

 

MATERIALS
TRANSFER AGREEMENT

 

THIS AGREEMENT is
made and entered into as of this _ day of __________by and between Emory University, a non-profit
Georgia corporation with offices located at 1599 Clifton Road N.E., 4th Floor,
Atlanta, Georgia 30322 USA (hereinafter referred to as “EMORY”) and a
non-profit institution with offices located
at                     (hereinafter
referred to as “INSTITUTION”).

 

INSTITUTION, through its below identified Scientist (hereinafter
INSTITUTION's Scientist''), has requested that EMORY, through its below identified Scientist (hereinafter “EMORY's Scientist'')
provide INSTITUTION the below described MATERIAL. INSTITUTION's Scientist shall use the MATERIAL solely in connection with INSTITUTION's
Research Project as described with specificity below.

 

INSTITUTION's Scientist:

 

Email address:

 

Phone:

 

Fax:

 

INSTITUTION Scientist's Shipping Address:

 

INSTITUTION Scientist's Shipping Carrier and Account Number:

 

Shipping Carrier:     _

 

Shipping Account Number:  _

 

EMORY's Scientist:

 

For the purposes of this Agreement, MATERIAL shall mean:

 

For
the purposes of this Agreement, INSTITUTION's Research Project shall mean:

 

    

     

    

 

 

I.            Definitions:

 

i)            MATERIAL:
ORIGINAL MATERIAL, PROGENY, and UNMODIFIED DERIVATIVES. The MATERIAL shall not include: (a) MODIFICATIONS, or (b) other
substances created by the INSTITUTION through the use of the MATERIAL which are not MODIFICATIONS, PROGENY, or UNMODIFIED DERIVATIVES.

 

ii)           PROGENY:
Unmodified descendant from the MATERIAL, such as virus from virus, cell from cell, or organism from organism.

 

iii)          UNMODIFIED
DERIVATIVES: Substances created by the INSTITUTION which constitute an unmodified functional subunit or product expressed by the
ORIGINAL MATERIAL. Some examples include: subclones of unmodified cell lines, purified or fractionated subsets of the ORIGINAL
MATERIAL, proteins expressed by DNA/RNA supplied by EMORY, or monoclonal antibodies secreted by a hybridoma cell line.

 

iv)          MODIFICATIONS:
Substances created by the INSTITUTION which contain/incorporate the MATERIAL.

 

v)           COMMERCIAL
PURPOSES: The sale, lease, license, or other transfer of the MATERIAL or MODIFICATIONS to a for-profit organization. COMMERCIAL
PURPOSES shall also include uses of the MATERIAL or MODIFICATIONS by any organization, including INSTITUTION, to perform contract
research, to screen compound libraries, to produce or manufacture products for general sale, or to conduct research activities
that result in any sale, lease, license, or transfer of the MATERIAL or MODIFICATIONS to a for-profit organization. However, industrially
sponsored academic research shall not be considered a use of the MATERIAL or MODIFICATIONS for COMMERCIAL PURPOSES per se, unless
any of the above conditions of this definition are met.

 

vi)          NONPROFIT
ORGANIZATION(S): A university or other institution of higher education or an organization of the type described in section 50l(c)(3) of
the Internal Revenue Code of 1954 (26

 

vii)         U.S.C.
50l(c)) and exempt from taxation under section 50l(a) of the Internal Revenue Code (26 U.S.C. 50l(a)) or any nonprofit
scientific or educational organization qualified under a state nonprofit organization statute. As used herein, the term also
includes government agencies.

 

II.          Terms
and Conditions of this Agreement:

 

i)            EMORY
retains ownership of the MATERIAL, including any MATERIAL contained or incorporated in MODIFICATIONS.

 

ii)           The
INSTITUTION retains ownership of: (a) MODIFICATIONS (except that, EMORY retains ownership rights to the MATERIAL included
therein), and (b) those substances created through the use of the MATERIAL or MODIFICATIONS, but which are not PROGENY, UNMODIFIED
DERIVATIVES or MODIFICATIONS (i.e., do not contain the ORIGINAL MATERIAL, PROGENY, UNMODIFIED DERIVATIVES). If either 2 (a) or
2 (b) results from the collaborative efforts of EMORY and the INSTITUTION, joint ownership may be negotiated.

 

     

     

    

 

iii)         The
INSTITUTION and the INSTITUTION SCIENTIST agree that the MATERIAL:

 

a)            is
to be used solely for teaching and academic research purposes;

 

b)            will
not be used in human subjects, in clinical trials, or for diagnostic purposes involving human subjects without the written consent
of EMORY;

 

c)            is
to be used only at the INSTITUTION organization and only in the INSTITUTION SCIENTIST's laboratory under the direction of the INSTITUTION
SCIENTIST or others working under his/her direct supervision; and

 

d)            will
not be transferred to anyone else within the INSTITUTION organization without the prior written consent of EMORY.

 

iv)         The
INSTITUTION and the INSTITUTION SCIENTIST agree to refer to EMORY any request for the MATERIAL from anyone other than those persons
working under the INSTITUTION SCIENTIST's direct supervision. To the extent supplies are available, EMORY or EMORY SCIENTIST agrees
to make the MATERIAL available, another agreement having terms consistent with the terms of this Agreement, to other scientists
(at least those at NONPROFIT ORGANIZATION(S)) who wish to replicate the INSTITUTION SCIENTIST's research; provided that such other
scientists reimburse EMORY for any costs relating to the preparation and distribution of the MATERIAL.

 

v)          (a) The
INSTITUTION and/or the INSTITUTION SCIENTIST shall have the right, without restriction, to distribute substances created by the
INSTITUTION through the use of the ORIGINAL MATERIAL only if those substances are not PROGENY, UNMODIFIED DERIVATIVES, or MODIFICATIONS.

 

b)           Under
a separate agreement at least as protective of EMORY's rights), the INSTITUTION may distribute MODIFICATIONS to NONPROFIT ORGANIZATION(S) for
research and teaching purposes only.

 

c)            Without
written consent from EMORY, the INSTITUTION and/or the INSTITUTION SCIENTIST may NOT provide MODIFICATIONS for COMMERCIAL PURPOSES.
It is recognized by the INSTITUTION that such COMMERCIAL PURPOSES may require a commercial license from EMORY and EMORY has no
obligation to grant a commercial license to its ownership interest in the MATERIAL incorporated in the MODIFICATIONS. Nothing in
this paragraph, however, shall prevent the INSTITUTION from granting commercial licenses under the INSTITUTION's intellectual property
rights claiming such MODIFICATIONS, or methods of their manufacture or their use.

 

     

     

    

 

vi)         The
INSTITUTION acknowledges that the MATERIAL is or may be the subject of a patent application. Except as provided in this Agreement,
no express or implied licenses or other rights are provided to the INSTITUTION under any patents, patent applications, trade secrets
or other proprietary rights of EMORY, including any altered forms of the MATERIAL made by EMORY. In particular, no express or implied
licenses or other rights are provided to use the MATERIAL, MODIFICATIONS, or any related patents of EMORY for COMMERCIAL PURPOSES.

 

vii)         If
the INSTITUTION desires to use or license the MATERIAL or MODIFICATIONS for COMMERCIAL PURPOSES, the INSTITUTION agrees, in advance
of such use, to negotiate in good faith with EMORY to establish the terms of a commercial license. It is understood by the INSTITUTION
that EMORY shall have no obligation to grant such a license to the INSTITUTION, and may grant exclusive or non-exclusive commercial
licenses to others, or sell or assign all or part of the rights in the MATERIAL to any Third Party(ies), subject to any pre-existing
rights held by others and obligations to the Federal Government.

 

viii)       The
INSTITUTION is free to file patent application(s) claiming inventions made by the INSTITUTION through the use of the MATERIAL
but agrees to notify EMORY upon filing a patent application claiming MODIFICATIONS or method(s) of manufacture or use(s) of
the MATERIAL.

 

ix)          Any
MATERIAL delivered pursuant to this Agreement is understood to be experimental in nature and may have hazardous properties. EMORY
MAKES NO REPRESENTATIONS AND EXTENDS NO WARRANTIES OF ANY KIND, EITHER EXPRESSED OR IMPLIED. THERE ARE NO EXPRESS OR IMPLIED WARRANTIES
OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, OR THAT THE USE OF THE MATERIAL WILL NOT INFRINGE ANY PATENT, COPYRIGHT,
TRADEMARK, OR OTHER PROPRIETARY RIGHTS.

 

x)           Except
to the extent prohibited by law, the INSTITUTION assumes all liability for damages which may arise from its use, storage or disposal
of the MATERIAL. EMORY will not be liable to the INSTITUTION for any loss, claim or demand made by the INSTITUTION, or made against
the INSTITUTION by any other party, due to or arising from the use of the MATERIAL by the INSTITUTION, except to the extent permitted
by law when caused by the gross negligence or willful misconduct of EMORY.

 

xi)          This
agreement shall not be interpreted to prevent or delay publication of research findings resulting from the use of the MATERIAL
or the MODIFICATIONS. The INSTITUTION SCIENTIST agrees to provide appropriate acknowledgement of the source of the MATERIAL in
all publications.

 

     

     

    

 

xii)         The
INSTITUTION agrees to use the MATERIAL in compliance with all applicable statutes and regulations, including Public Health Service
and National Institutes of Health regulations and guidelines such as, for example, those relating to research involving the use
of animals or recombinant DNA.

 

xiii)         This
Agreement will terminate on the earliest of the following dates: (a) when the MATERIAL becomes generally available from third
parties, for example, though reagent catalogs or public depositories or (b) on completion of the INSTITUTION's current research
with the MATERIAL, or (c) on thirty (30) days written notice by either party to the other, or (d) on the following date;
provided that:

 

(i)            if
termination should occur under 13(a), the INSTITUTION shall be bound to EMORY by the least restrictive terms applicable to the
MATERIAL obtained from the then- available resources; and

 

(ii)           if
termination should occur under 13(b) or (d) above, the INSTITUTION will discontinue its use of the MATERIAL and will,
upon direction of EMORY, return or destroy any remaining MATERIAL. The INSTITUTION, at its discretion, will also either destroy
the MODIFICATIONS or remain bound by the terms of this agreement as they apply to MODIFICATIONS; and

 

(iii)          in
the event EMORY terminates this Agreement under 13(c) other than for breach of this Agreement or for cause such as an imminent
health risk or patent infringement, EMORY will defer the effective date of termination for a period of up to one year, upon request
from the INSTITUTION, to permit completion of research in progress. Upon the effective date of termination, or if requested, the
deferred effective date of termination, INSTITUTION will discontinue its use of the MATERIAL and will, upon direction of EMORY,
return or destroy any remaining MATERIAL. The INSTITUTION, at its discretion, will also either destroy the MODIFICATIONS or remain
bound by the terms of this agreement as they apply to MODIFICATIONS.

 

xiv)        Paragraphs
6, 9, and 10 and 16 shall survive termination.

 

xv)        The
MATERIAL is provided at no cost, or with an optional transmittal fee solely to reimburse EMORY for its preparation and distribution
costs. If a fee is requested by EMORY, the amount will be_.,$     ,....

 

xvi)        INSTITUION
and INSTITUTION SCIENTIST acknowledge their understanding that the MATERIAL and MODIFICATIONS may be subject to export control
laws and regulations of the United States of America, including the Export Administration Regulations (EAR), the International
Traffic in Arms Regulations (ITAR), and the Foreign Assets Control regulations. Further, INSTITUTION shall be responsible
for obtaining the appropriate licenses or other authorizations, if required, for exports or reexports of the MATERIAL or MODIFICATIONS
and, if applicable, for the provision of technology related to the MATERIAL or MODIFICATIONS, including the provision of such technology
to a foreign national in the United States or abroad.

 

     

     

    

 

[Signature Page Follows]

 

     

     

    

 

	AGREED BY:	 	 
	 	 	 
	EMORY UNIVERSITY	 	INSTITUTION
	 	 	 
	By:	               	 	By:	         
	 	 	 
	Name:	 	 	Name:	 
	 	 	 
	Title:	 	 	Title:	 
	 	 	 
	Date:	 	 	Date:	 
	 	 	 	 	 
	 	 	Address:	 
	 	 	
	 	 	
	 	 	
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	Email:	 
	 	 	 	 
	 	 	Phone:	 
	READ AND UNDERSTOOD BY:	 	 
	 	 	 
	EMORY’S SCIENTIST	 	INSTITUTION’s SCIENTIST
	 	 	 
	By:	 	 	By:	         
	 	 	 	 
	Name:	 	 	Name:	 
	 	 	 	 
	Title:	 	 	Title:	 
	 	 	 	 
	Date:	 	 	Date:	                 

 

 

Please return two (2) signed execution copies to:

 

Attention: MTA Specialist

Emory University

Office of Technology Transfer

1599 Clifton Road N.E., 41h Floor

Atlanta, Georgia 30322

Email: mta@emory.edu

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