Document:

Exhibit
10.1

 

SPONSORED
RESEARCH AGREEMENT

 

THIS
SPONSORED RESEARCH AGREEMENT is made and effective as of June 30, 2022 (the “Effective Date”) by and between Children’s
Hospital Medical Center, d/b/a Cincinnati Children’s Hospital Medical Center (“CHMC”) located at 3333 Burnet
Avenue, Cincinnati, Ohio 45229-3039, and Blue Water Vaccines, located at 201 E. Fifth Street, Suite 1900, Cincinnati, Ohio 45202, (“Sponsor”).

 

WHEREAS,
CHMC has developed proprietary knowledge related to norovirus P and S domain particles as carriers for viral antigen display and VLP
vaccine development;

 

WHEREAS,
the parties desire that CHMC conduct a research program funded by Sponsor titled “Production and Evaluation of the P24 and S60
Nanoparticles Displaying Antigens” described in Exhibit A (the “Research Program”); and

 

WHEREAS,
the Research Program contemplated by this Agreement is of mutual interest and benefit to CHMC and Sponsor and will further the instructional,
research and treatment objectives of CHMC in a manner consistent with its status as a non-profit, tax-exempt, educational and patient
care institution.

 

NOW,
THEREFORE, the parties hereto agree as follows:

 

1.
STATEMENT OF WORK. CHMC agrees to perform the Research Program in accordance with the research plan set forth in the statement of
work (the “Statement of Work”) attached hereto as Exhibit A. CHMC and PI (as defined below) will have the freedom
to conduct and supervise the Research Program in a manner consistent with CHMC’s research and patient care mission.

 

2.
PRINCIPAL INVESTIGATOR. The Research Program will be supervised and directed by Ming Tan, Ph.D. (the “PI”). If,
for any reason, s(he) is unable to continue to serve as PI and a successor acceptable to both CHMC and Sponsor is not available within
sixty (60) days of the beginning of such unavailability, this Agreement may be terminated by either party upon written notice without
liability to either party.

 

3.
REPORTS. PI will provide Sponsor with written summaries of Research Program progress every six (6) months. A final report will be
provided to Sponsor within ninety (90) days after the expiration or termination of this Agreement. Sponsor will have the non-exclusive
right to use the information in such summaries and final report for any reasonable purpose, provided that such use does not infringe
any of CHMC’s patents that are not expressly licensed to Sponsor pursuant to Paragraph 8(g). However, Sponsor may not charge fees
for such information or use it for advertising or promotional activities without CHMC’s prior written consent. Moreover, to the
extent that the reports contain any of CHMC’s Confidential Information, then Sponsor’s use will also be subject to the confidentiality
obligations set forth in Section 6, as well as the publication provisions set forth in Section 7A.

 

4.
REIMBURSEMENT OF COSTS AND PAYMENT. Sponsor will reimburse CHMC for all direct and indirect costs incurred in the performance of
the Research Program, which will not exceed the total estimated cost of Two hundred forty-seven thousand seven hundred five dollars ($247,705)
without written authorization from Sponsor. Sponsor acknowledges that this amount is a good faith estimate only and not a guarantee of
the cost to conduct the Research Program. If CHMC determines that it will require additional funds, it will provide Sponsor written notice
and an estimate of the additional amounts needed. Payments will be made to CHMC by Sponsor in U.S. Dollars (without setoff for any currency
conversions) drawn on a US bank, made payable by wire or electronic transfer to “Children’s Hospital Medical Center”
and sent to CHMC as follows:

 

Bank
Name: PNC Bancorp

Bank
Address: 201 East Fifth Street, Cincinnati, OH 45202

ABA#
041000124

Swift
Code: PNCCUS33

Account
Name: Children’s Hospital Medical Center

Account
Number: 4006905132

Ref:
ID/ Dr.Tan SRA0000297

 

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Such
payments will identify the Research Program (SRA0000297) and PI (Dr. Ming Tan) and will be paid as follows: 60% of the total budget within
30 days of receipt of an invoice upon execution; 20% at the midpoint of the term of the SRA within 30 days of receipt of an invoice;
and 20% within 30 days of receipt of an invoice after CHMC has provided the final report to the Sponsor. A final financial accounting
of all costs incurred and all funds received by CHMC hereunder together with a check for the amount of the unexpended balance, if any,
will be submitted to Sponsor within ninety (90) days following the completion of the Research Program or termination of this Agreement.
Both parties acknowledge and agree that the terms of this Agreement are commercially reasonable and the payments provided are consistent
with fair market value for general commercial purposes without regard, directly or indirectly, to the volume or value of any referrals
or other business generated or which could in the future be generated between the parties.

 

5.
TERM; TERMINATION.

 

A.
Term; Termination for Convenience. The term of this Agreement (“Term”) will begin on the Effective Date and
will continue for one (1) year thereafter and may renew or be extended only by mutual agreement of the parties. This Agreement may be
terminated upon sixty (60) days written notice by either party for convenience

 

B.
Termination For Breach. This Agreement may also be terminated by either party upon written notice for the other party’s
breach of its material obligations hereunder, provided that it will have first given written notice of such breach to the breaching party
in reasonable detail, and the breaching party will have failed to cure such breach within thirty (30) days after receipt of such notice.

 

C.
Termination for Insolvency or Bankruptcy. Either party may terminate this Agreement by written notice if the other party (i) becomes
insolvent or otherwise unable to pay its debts as they become due (unless it cures such condition within thirty (30) days after receipt
of written notice of a claim of insolvency from the other party); (ii) makes a general assignment for the benefit of its creditors; or
(iii) becomes the subject of a voluntary or involuntary petition in bankruptcy or any voluntary or involuntary proceeding relating to
receivership, liquidation, or composition for benefit of creditors under domestic or foreign bankruptcy or insolvency law.

 

D.
Effect of Termination. Upon expiration or termination for any reason, CHMC will be reimbursed in accordance with Section 4 for
all costs and non-cancelable commitments incurred in connection with the performance of the Research Program prior to expiration or termination.
The following provisions will survive expiration or termination of this Agreement: Articles 3-4, 6, 7, and 9-26, and Sections 5.D., 8.A.,
8.E. and 8.G. (to the extent that any Option Period extends through the expiration date of this Agreement).

 

6.
USE OF NAMES; PUBLICITY; CONFIDENTIAL INFORMATION.

 

A.
Names; Publicity. Neither party will make any commercial use of the names, logos, trademarks or service marks of the other party
or its affiliates or any of their officers, employees, students, investigators or board members, or make any press release or similar
public announcement or disclosure of this Agreement (other than merely the fact that it exists) without the prior written permission
of the other party. The disclosing party will provide copies of the proposed disclosure reasonably in advance (but in no event less than
fifteen (15) business days) before such proposed release or announcement for the non- disclosing party’s prior review and comment.
The non-disclosing party will provide its comments, if any, on such announcement as soon as practicable.

 

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B.
Confidential Information. For purposes of this Agreement, Confidential Information means any non-public information or materials
of a party hereto which the other party is provided or has access to hereunder that relate to the Research Program, Program Inventions,
Patents, Biological Materials, or the transmitting party’s research or business, and which are either identified as confidential
at the time of disclosure or should, under the circumstances, reasonably be expected to be confidential, such as test results, samples,
data, drawings, trade secrets, draft or non-filed final versions of filings or other correspondence with the United States Patent and
Trademark Office and other patent registration offices, and the terms of this Agreement. However, Confidential Information does not include
materials or information that the receiving party can substantiate by written documentation: (a) is explicitly approved for release by
the transmitting party; (b) was already known by the receiving party prior to receiving the information or material from the transmitting
party; (c) was lawfully disclosed to the receiving party by a third party having the right to disclose it without an obligation of confidentiality;
(d) was in the public domain at the time of disclosure or later become part of the public domain through no fault or breach of obligation
by the receiving party, its employees, agents or affiliates; or (e) was independently developed by the receiving party without use of
the disclosing party’s Confidential Information.

 

C.
Confidentiality Obligations. Each party agrees to maintain such Confidential Information received from the other party in strict
confidence, to use it only in a manner consistent with the purpose for which it was transmitted in connection with this Agreement and
to not disclose it to third parties except third parties who are counsel or who are employees, consultants or permitted contractors or
subcontractors of the receiving party who have a need to know, have been instructed that it is proprietary information and are under
binding obligations to maintain its confidentiality at least as stringent as those set forth herein. Each party agrees to take the same
measures to protect the Confidential Information of the other party that it takes to protect its own information of comparable sensitivity,
but in no event less than reasonable care. All materials transmitted between the parties or accessed hereunder and containing Confidential
Information will remain the property of the transmitting party and will, along with all copies, summaries and other tangible manifestations
thereof, be immediately returned upon termination or expiration of this Agreement or upon earlier reasonable request, unless previously
destroyed. Notwithstanding the foregoing, each party may keep one (1) copy of the other party’s Confidential Information to the
extent needed to confirm compliance with the terms of this Agreement. Each party will be responsible for any breach of confidentiality
hereunder by any of its affiliates, sublicensees, employees, consultants or other independent contractors. Each party will advise the
other immediately in the event that it learns or has reason to believe that any person under its reasonable control has disclosed or
used or intends to disclose or use such other party’s Confidential Information and the remedial or preventative actions being taken.

 

D.
Required Disclosures. Notwithstanding the foregoing, CHMC and Sponsor may disclose each other’s Confidential Information
to the extent that it is required to be disclosed by law or regulation or is reasonably required to be disclosed to enforce rights under
the Agreement, provided that the receiving party will, if reasonably possible, notify the other party of the intended disclosure in advance,
reasonably cooperate with the disclosing party’s effort to seek a protective order contesting or limiting the disclosure and limit
its disclosure to that which is required for the foregoing purpose. CHMC may also disclose the terms and conditions of this Agreement
to federal, state and local government(s) and non-profit research funding agencies and their agents as necessary in connection with any
funding related to the Research Program, Program Inventions, Technology or Patents.

 

E.
Injunctive Relief. The parties each acknowledge and agree that a breach of this Section 6 may cause irreparable harm to the non-breaching
party for which the award of money damages may be inadequate. The parties therefore agree that in the event of any breach of this provision,
the non-breaching party may be entitled to seek injunctive relief in addition to any other remedy provided in this Agreement or available
at law.

 

F.
Duration. The party’s respective confidentiality obligations will remain in effect for five (5) year(s) after the expiration
or termination of this Agreement.

 

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7.
PUBLICATIONS; OUTSIDE ACTIVITIES.

 

A.
Publications. CHMC reserves the right for itself and its affiliates and investigators to present, publish or otherwise disseminate
the results of the Research Program and information regarding the Program Inventions. However, during the Term, CHMC agrees to submit
to Sponsor copies of any abstract or manuscript proposed for written or oral presentation or publication at least thirty (30) days in
advance of the submission or presentation or seven (7) days in the case of an abstract. If Sponsor does not, within thirty (30) days
after receipt of the manuscript or seven (7) days in the case of an abstract, object in writing as set forth below, CHMC may proceed
with the presentation or publication. However, if Sponsor notifies CHMC in writing within such period that it has a reasonable belief
that such presentation or publication would reveal Sponsor’s Confidential Information or a potentially patentable invention for
which patent applications are to be filed under Section 8, it will provide a written request to CHMC specifically identifying the information
giving rise to the belief. CHMC will consider Sponsor’s request in good faith. If it agrees with Sponsor, it will, as applicable,
remove Sponsor’s Confidential Information or not publish or present the information so identified by Sponsor until such time as
a patent application has been filed or the expiration of sixty (60) days after the date of submission of the manuscript or abstract to
Sponsor, whichever occurs first. Sponsor will keep all submissions made by CHMC hereunder confidential in accordance with Section 6 until
such time as CHMC or its affiliates or investigators make the applicable publication or presentation.

 

B.
Outside Activities. Nothing in this Agreement will be construed to limit either party’s right to independently develop products
and processes or conduct and share the results of its own independent research without the use of the other party’s Confidential
Information. Moreover, nothing in this Agreement will preclude CHMC from entering into sponsored research agreements with third parties
that may be related to, but are otherwise outside the scope of, the Research Program set forth on the Statement of Work, provided that
it does not use Sponsor’s Confidential Information. For purposes of this Agreement, all of the foregoing will be considered “Outside
Activities.”

 

8.
PROGRAM INVENTIONS; OPTION.

 

A.
Ownership. For purposes of this Agreement, “Program Inventions” means any invention(s) conceived and first
actually or constructively reduced to practice during the Term in the course of, and directly arising from, the Research Program, solely
or jointly by the PI or CHMC’s other investigators participating in the Research Program. However, Program Inventions will not
include any improvements to CHMC’s Background Inventions or improvements to CHMC’s Outside Activity Inventions unless such
improvements are expressly specified to be developed and delivered under the Research Program Statement of Work. Title to all Program
Inventions, and all patent applications, resulting patents, copyrights, trademarks, trade secrets or other intellectual property
rights therein, will be and remain solely with CHMC. The parties do not intend that any of the foregoing be considered jointly created
with Sponsor or any of its investigators. Sponsor agrees to execute and cause any of its employees and independent contractors to execute
any additional assignments or other documents and do all things necessary or appropriate, during and after the Term of this Agreement,
to vest and confirm all such rights in CHMC to any of the foregoing and to facilitate the obtaining by CHMC of any desired legal protection
for the same in any countries. Any documents or actions described in the preceding sentence will be prepared, filed or taken at CHMC’s
expense, but Sponsor will sign or cause to be signed such documents and otherwise cooperate at no cost to CHMC.

 

B.
Invention Disclosures. PI and any other CHMC investigators involved in the Research Program will report all Program Inventions
to CHMC and will assign all of their right, title and interest in such Program Inventions to CHMC. CHMC will promptly make a written
disclose of such Program Inventions to Sponsor (each an “Invention Disclosure”). All Invention Disclosures and any
related information provided to Sponsor under this Section 8 will be part of CHMC’s Confidential Information until the publication
of such information by PI or until CHMC has provided Sponsor written verification that all desirable patent applications have been filed,
whichever occurs first.

 

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C.
Patent Filings. Sponsor will, within thirty (30) days after it receives the Invention Disclosure, notify CHMC in writing of all
of the countries in which it is interested in having CHMC file patent applications with respect to the applicable Program Invention (the
“Filing Request”). Failure by Sponsor to notify CHMC in a Filing Request of any particular country or countries within
such thirty (30) day period will constitute Sponsor’s decision that it is not interested in filing in such countries, in which
case CHMC will be free to file and prosecute patent applications with respect to such Program Invention at its own expense in such countries
and license the patent application and any resulting patent rights issuing therefrom in such countries to any other party and retain
all proceeds therefrom. With respect to patent applications in countries requested by Sponsor in its Filing Requests, CHMC will use reasonable
efforts to deliver to Sponsor drafts of all material submissions to patent authorities relating to such patent applications, and, to
the extent feasible, to give Sponsor a reasonable opportunity to comment on such documents prior to their filing. Sponsor will provide
any such comments promptly. CHMC will consider Sponsor’s comments in good faith; however, the final decision with respect to such
matter will remain with CHMC. All patent costs pertaining to any such patent applications, including all out-of-pocket, preparation,
filing, prosecution, issuance and maintenance costs, will be borne by Sponsor.

 

D.
Patents. For purposes of this Agreement, “Patents” will mean the patent application(s) filed at Sponsor’s
expense and request under Section 8.C. above, together with any patents maturing therefrom and any divisionals, continuations and continuations-in-part
(solely to the extent that the claims in such continuations-in-part are directed to subject matter specifically claimed in the initial
applications and they have the same priority date of such applications, but not including any additional or different claims), and the
resulting patents therefrom.

 

E.
Non-Exclusive License. Sponsor will automatically have a perpetual, worldwide, non- exclusive, non-commercial, non-transferable,
non-sublicenseable, royalty-free license to practice the Patents for Sponsor’s internal non-commercial research purposes only.

 

F.
Option. Subject to Sponsor’s fulfillment of its payment obligations under this Agreement, Sponsor will also have an option
(the “Option”) to negotiate a royalty-bearing, limited-term exclusive license (subject to third party rights, if any)
under the Patents to develop, make, lease, sell, license, or otherwise distribute (in a designated field of use agreed to by the parties)
products covered by at least a single claim of the Patents or developed, tested, screened or made in whole or part using a process covered
by at least a single claim of the Patents.

 

G.
Exercise of Option. Sponsor may exercise its Option by providing written notice to CHMC within sixty (60) days from the date on
which the Invention Disclosure was made to Sponsor (the “Option Period”) that it is exercising the Option. Sponsor
will be deemed to have declined to exercise the Option if it declines it in writing within the Option Period, or if it fails to provide
notice of its exercise within the Option Period. The exercise of this Option is subject to the negotiation in good faith by the parties
and execution of a license agreement with mutually acceptable terms and conditions (including, without limitation, with respect to royalties
and other payments, due diligence obligations, field of use restrictions, limitations of liability and insurance obligations). The parties
will endeavor to negotiate and execute the license agreement within six (6) months after exercise of the Option by Sponsor, although
this period may be extended by mutual agreement of the parties. Neither party will be bound to any exclusive license obligations unless
and until such license agreement is executed by both parties, and neither party will be liable for any failure to come to mutually agreeable
terms within the above timeframe despite good faith negotiations, in which case CHMC will have the right to negotiate and enter into
exclusive licenses to the Patents in the same field of use with third parties.

 

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9.
MATERIALS. CHMC will own all right, title and interest in any copyright protected materials (whether or not registered with the United
States Copyright Office or other copyright authorities) first produced or composed during the Term during and as a result of the Research
Program. If the parties execute a license agreement under Section 8,, then CHMC will grant to Sponsor a limited, royalty-free, non-transferable,
non-sublicenseable, non-exclusive license to use such materials solely for Sponsor’s own internal use in connection with the licensed
Patents during the term of such license agreement. However, the foregoing license will not apply to any software or related documentation
unless they are expressly specified to be developed and delivered under the Research Program Statement of Work. Nor will it apply to
any improvements made to materials of CHMC that were in existence before the Research Program. The license to any copyright protected
Biological Materials will be subject to Section 10 below.

 

10.
BIOLOGICAL MATERIALS. In the event that CHMC develops any patented or unpatented biological or chemical materials during and as a
result of the Research Program, such as, without limitation, chemical compounds, animal models, cell lines, cells, nucleic acids, receptors
and reagents (collectively, “Biological Materials”), and the parties enter into a license agreement under Section
8 above, CHMC will grant Sponsor a limited, non-transferable, non-commercial, non-exclusive license to use such Biological Materials
in connection with the license to the Patents through a separate written non-exclusive license agreement governing the ownership and
usage rights of such Biological Materials and any progeny thereof and substances replicated or derived therefrom.

 

11.
RESERVATION OF RIGHTS; GOVERNMENT RIGHTS.

 

A.
Reservation of Rights. Notwithstanding the execution of any license agreement under Section 8, CHMC reserves on behalf of itself
and its affiliates and investigators the right to utilize any Program Inventions and Patents for clinical and non-clinical non-commercial
research, testing, educational or patient care purposes and to license them to other non-profit organizations at no charge for their
own non-commercial research, testing, educational or patient care purposes, provided that they have agreed in writing to limit their
use in the applicable countries and field of use to such non-commercial purposes.

 

B.
Government Rights. If federal, state or local funding supports the Program Invention, Sponsor’s license may be subject to
the rights, conditions and limitations imposed by U.S. federal and/or state or local law, including, without limitation, a royalty-free
non-exclusive license granted to the U.S. government and other rights under 35 U.S.C. Section 200 et. seq. and any regulations
pertaining thereto (or any successor statutes or regulations), and the requirement that any Product produced for sale in the United States
will be manufactured substantially in the United States. If any term of this Agreement fails to conform with the foregoing statutes and
regulations, such term will be unenforceable and subject to the severability provisions in Section 23.

 

12.
BACKGROUND INVENTIONS AND INVENTIONS FROM OUTSIDE ACTIVITIES. The parties acknowledge and agree that all right, title and interest
in and to any proprietary inventions or technology conceived of or reduced to practice by the respective parties either (a) prior to
the Effective Date (“Background Inventions”) or (b) pursuant to any Outside Activities (“Outside Activity
Inventions”), and all present and future patents, copyrights, trade secrets or other intellectual property rights in any of
the foregoing, are and will remain the sole and exclusive property of CHMC or Sponsor, respectively, and that neither party will have
any rights or licenses whatsoever, whether by implication, estoppel or otherwise, to the other party’s Background Inventions or
Outside Activity Inventions.

 

13.
INDEMNIFICATION; INSURANCE.

 

A.
Indemnification. Sponsor will, at its sole expense, defend CHMC and its affiliates, and its and their agents, directors,
trustees, officers, contractors and employees (or anyone of them) against all claims, suits, actions, demands, judgments, or investigations
asserted by third parties (both governmental and non-governmental), and will indemnify and hold them harmless from and against any and
all losses, costs, damages, fees, liabilities, penalties or expenses (including, without limitation, reasonable attorneys’ fees)
assessed, awarded or incurred under any theory of liability, including without limitation, tort, warranty or strict liability, arising
out of or related to this Agreement, the Research Program, Patents, Program Inventions, Biological Materials, or any products or processes
used or sold pursuant to any license granted under this Agreement. However, the foregoing will not apply to the extent that any of the
foregoing are caused by the gross negligence or willful misconduct of CHMC.

 

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B.
Insurance. Sponsor will, throughout the Term and for three (3) years thereafter, maintain in force at its sole cost and expense,
with reputable insurance companies, insurance in an amount and type reasonably sufficient to protect against liability hereunder, but
in no event less than at least One Million Dollars ($1,000,000) per occurrence and Three Million Dollars ($3,000,000) annual aggregate.
Such policy will name CHMC as an additional insured and require at least fifteen (15) days notice to CHMC prior to any cancellation or
material change. CHMC will have the right from time to time to request the appropriate certificates of insurance from Sponsor for the
purpose of ascertaining the sufficiency of such coverage. The amounts of insurance coverage required herein will not be construed as
creating any limitation on Sponsor’s indemnification obligations above.

 

14.
WARRANTY DISCLAIMER. Nothing in this Agreement will be construed as a warranty or representation that any Program Inventions, Patents
or anything made, used, sold or otherwise disposed of under any license entered into by the parties under Section 8 is or will be free
from infringement of patents, copyrights, trade secrets or other intellectual property of third parties. Moreover, Sponsor understands
that the research is experimental in nature and that its outcome is inherently uncertain and unpredictable. CHMC MAKES NO, AND HAS NOT
MADE ANY, REPRESENTATIONS OR WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY
OR FITNESS FOR A PARTICULAR PURPOSE OR ANY OTHER WARRANTY, EXPRESS OR IMPLIED, AND ASSUMES NO RESPONSIBILITIES WHATSOEVER WITH RESPECT
TO, THE RESEARCH PROGRAM, PATENTS, PROGRAM INVENTIONS, BIOLOGICAL MATERIALS, OR ANY OTHER MATERIALS FURNISHED BY CHMC UNDER THIS AGREEMENT,
OR THE SALE OR OTHER DISPOSITION OF PRODUCTS OR PROCESSES INCORPORATING ANY OF THE FOREGOING. THE FOREGOING ARE ALL PROVIDED AS IS.

 

15.
EXCLUSION OF DAMAGES; LIMITATION OF LIABILITY. NEITHER CHMC NOR ITS AFFILIATES SHALL BE LIABLE TO ANY PARTY FOR SPECIAL, EXEMPLARY,
INDIRECT, CONSEQUENTIAL OR PUNITIVE DAMAGES, WHETHER IN CONTRACT, WARRANTY, TORT, STRICT LIABILITY OR OTHERWISE, ARISING OUT OF OR IN
CONNECTION WITH THIS AGREEMENT, THE RESEARCH PROGRAM, PATENTS, PROGRAM INVENTIONS, BIOLOGICAL MATERIALS, OR ANY OTHER MATERIALS FURNISHED
BY CHMC UNDER THIS AGREEMENT,OR THE SALE OR OTHER DISPOSITION OF PRODUCTS OR PROCESSES INCORPORATING ANY OF THE FOREGOING, INCLUDING
BUT NOT LIMITED TO DAMAGES MEASURING LOST PROFITS, GOODWILL OR BUSINESS OPPORTUNITIES, EVEN IF ADVISED IN ADVANCE OF THE POSSIBILITY
OF SUCH DAMAGES. IN NO EVENT WILL CHMC’S AND ITS AFFILIATES’ TOTAL AND CUMULATIVE LIABILITY TOGETHER OF ANY KIND, EVEN FOR
DIRECT DAMAGES, ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT, THE RESEARCH PROGRAM, THE RESULTS THEREOF, PROGRAM INVENTIONS, PATENTS
AND THE BIOLOGICAL MATERIALS EXCEED THE TOTAL AMOUNT OF COSTS ACTUALLY REIMBURSED UNDER SECTION 4.

 

16.
ASSIGNMENT; SUBLICENSING. This Agreement will be binding upon and inure to the benefit of the parties hereto and their permitted
successors and assigns. This Agreement will not be assignable, sublicenseable or otherwise transferable in whole or part by either party,
whether by contract, change of control, operation of law or otherwise (other than the right to receive payments), without the prior written
consent of the other party, and any attempted transfer without such consent will be void and of no effect.

 

17.
GOVERNING LAW; VENUE. This Agreement and all matters related thereto will be construed and interpreted under and governed by the
laws of the State of Ohio (other than its conflicts of laws provisions) and the patent, trademark, copyright and other applicable federal
laws of the United States of America, and CHMC and Sponsor submit to the exclusive personal jurisdiction of the federal and state courts
located in Hamilton County, Ohio for the resolution of any dispute, claim or legal proceeding arising out of or related to this Agreement,
waive any objection to such jurisdiction on the grounds of venue, forum non conveniens, or similar ground, and agree that any such dispute,
claim or proceeding will be brought exclusively in one of those courts.

 

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18.
GOVERNING LANGUAGE. In the event that a translation of this Agreement is prepared and signed by the parties for the convenience of
Sponsor, this English language version will be the official version and will govern if there is a conflict between the two. All notices
and other correspondence between the parties will also be provided in English.

 

19.
EXPORT CONTROLS. It is understood that this Agreement is subject to United States laws and regulations controlling the export of
technical data, computer software, laboratory prototypes, and other commodities, and that CHMC’s obligations hereunder are contingent
upon compliance with all such export laws and regulations (including the Arms Export Control Act, as amended, and the Export Administration
Act of 1979). The transfer of certain technical data and commodities (including, without limitation, Biological Materials and related
information) may require a license from the applicable agency of the United States Government and/or written assurances by Sponsor that
Sponsor will not re-export data or commodities to certain foreign countries without prior approval of the cognizant government agency.
While CHMC agrees to reasonably cooperate with Sponsor in Sponsor’s efforts to secure any license which the applicable agency deems
necessary in connection with this Agreement, CHMC cannot guarantee that such licenses will be granted. In any event, Sponsor specifically
agrees not to export or re-export any information and/or technical data and/or products in violation of any applicable laws and/or regulations.
Sponsor agrees to provide notice to and obtain written approval from the CHMC prior to transferring, directly or indirectly, anything
enumerated on the Commerce Control List or United States Munitions List. CHMC reserves the right to not accept the item, software, or
technology/technical data. Any such decision will not result in breach of contract. Sponsor does not need to provide notice to or obtain
written approval from CHMC prior to transferring anything classified as EAR99 or exempt from export control regulations.

 

20.
FORCE MAJEURE. CHMC will not be responsible to Sponsor for any delay or failure to perform any of the obligations imposed by this
Agreement occasioned by fire, flood, explosion, lightning,windstorm, earthquake, subsidence of soil, failure or destruction, in whole
or in part, of machinery or equipment or failure of supply of materials, discontinuity in the supply of power, governmental interference,
civil commotion, riot, war, strikes, labor disturbance, transportation difficulties, labor shortage, acts of God or any other cause beyond
the reasonable control of CHMC (a “Force Majeure Event”). Upon any such Force Majeure Event, CHMC will advise Sponsor
of anticipated duration of the non-performance and will take reasonable steps to resume performance when the Force Majeure Agreement
has ended.

 

21.
NOTICES. All notices to be given hereunder will be in writing and personally delivered or sent by postage pre-paid first class mail,
airmail if not domestic, (except that payments and notices of breach or that otherwise materially affect the parties’ rights hereunder
must be sent postage pre-paid by international certified mail, return receipt requested or international Federal Express or other similar
reputable [international] courier or postal services)providing a tracking or return receipt delivery) addressed to the addresses first
set forth above, or such other address as a party will designate in writing for such purpose. All notices to CHMC will be sent to the
attention of the Legal Department, with a copy to Director of Portfolio Management, Innovation Ventures, ML 7032. All notices to Company
will be sent to the attention of:

 

Erin
Henderson

Chief
Business Officer

Blue
Water Vaccines, Inc.

201
E. Fifth Street, Suite 1900

Cincinnati,
Ohio 45202

ehenderson@bluewatervaccines.com

 

Invoices
will be sent to:

 

Blue
Water Vaccines, Inc.

Accounts
Payable

201
E. Fifth Street, Suite 1900

Cincinnati,
Ohio 45202

brose@bluewatervaccines.com

 

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22.
ENTIRE AGREEMENT; HEADINGS; JOINT DRAFTING. Except as otherwise expressly specified herein, this Agreement, together with its Exhibits,
which are hereby incorporated by reference, embodies the entire understanding between CHMC and Sponsor with respect to its subject matter,
and any prior or contemporaneous representations, either oral or written, are hereby superseded. No amendments or changes to this Agreement,
including without limitation, changes in the Statement of Work, will be effective unless made in writing and signed by authorized representatives
of the parties. Headings used herein are for reference purposes only and neither limit nor amplify the terms and conditions herein. For
purposes of construction, this Agreement will be deemed to have been jointly drafted by the parties and their counsel, and the rule of
construction of contracts that ambiguities are construed against the drafting party will not be applied against either party.

 

23.
SEVERABILITY. The provisions set forth in this Agreement will be considered to be severable and independent of each other. In the
event that any provision of this Agreement will be determined to be unenforceable by a court of competent jurisdiction, such determination
will not be deemed to affect the enforceability of any other provision and the parties agree that any court making such a determination
is hereby requested and empowered to modify such provision and to substitute for such unenforceable provision such limitation or provision
of a maximum scope as the court then deems reasonable and in accordance with the parties’ initial intent, and the parties agree
that such substitute provision will be as enforceable as if set forth initially in this Agreement.

 

24.
WAIVER. The waiver by either party of a breach of any provisions of this Agreement by the other party must be in written form and
signed by the party against whom it is charged and will not be construed as a waiver of any succeeding breach of the same or any other
provision.

 

25.
INDEPENDENT CONTRACTORS. The relationship between CHMC and Sponsor created by this Agreement is solely that of independent contractors.
This Agreement does not create any agency, distributorship, employee-employer, partnership, joint venture or similar business relationship
between the parties. No party is a legal representative of another party, and no party has the right to assume or create any obligation,
representation, warranty or guarantee, express or implied, on behalf of another party for any purpose whatsoever. Each party will use
its own discretion and will have complete and authoritative control over its employees and the details of performing its obligations
under this Agreement.

 

26.
COUNTERPARTS. This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original copy of
the Agreement, and all of which, when taken together, will be deemed to constitute one and the same Agreement. Signatures to this Agreement
transmitted by fax, by electronic mail in “portable document format” (“.pdf”), or by any other electronic means
intended to preserve the original graphic and pictorial appearance of the Agreement, will have the same effect as physical delivery of
the paper document bearing the original signature.

 

    Page 9 of 15

     

    

 

IN
WITNESS WHEREOF, the parties have executed this Agreement as of the Effective Date.

 

	Children’s Hospital Medical
    Center	 	SPONSOR
	 	 	 	 	 
	By	/s/
    Abram S. Gordon	 	By	/s/
    Joseph Hernandez
	Name:	Abram S. Gordon	 	Name:	Joseph Hernandez
	Title:	Vice President,	 	Title:	_CEO
	 	Innovation Ventures	 	 	 

 

    Page 10 of 15

     

    

 

Exhibit
A

 

Research
Plan/ Scope of Work

 

P24
nanoparticles

 

		●	Three
                                            OREO sequences will be cloned into each of the three presentation loops for one P24 nanoparticle
                                            construct (P24-3o)

 

DNA
sequences encoding the three P- OREO fusion proteins will be synthesized de novo via a commercial company with codon optimization
for E. coli. We will typically add a short liker sequence, usually a GGG (three glycines) to each end of the OREO sequences to
provide certain flexibility for better success likelihood.

 

		●	One
                                            additional OREO sequence will be cloned into a second VLP construct (P24-1o).

 

DNA
sequences encoding the one P-OREO fusion proteins will be synthesized de novo with codon optimization for E. coli. Similar
liker sequence will be added (see above).

 

		●	Blue
                                            Water will provide the DNA sequences for each of the four OREO peptides and indicate which
                                            of the three sequences will be used to create P24-1o.

 

Blue
Water provides the Wild type H11 HA sequences and the sequences of FIVE OREOs

 

Oreo
sequences:

 

		H11
                              wild type:	146GVTAACKFGSSNSF159

		Blue:	144NKGVTAACPHAGAK157

		Red:	144T-GVTAACSHNGKS157

		Orange:	144TKGVTAACSHNGKS157

		Green:	144TRGVTAACSHKGKS157

		Hazel:	144NIGVTAACSHAGKS157

 

Three
of these Oreo will be selected to be inserted to the three surface loops of the P24 particle.

 

		●	The
                                            P24-3o and P24-1o nanoparticles will be expressed in E. coli and purified by techniques
                                            previously developed by CCHMC.

 

Based
on our previous success experiences, both P-3o and P-1o fusion proteins will be expressed via the E. coli system as GST-fusion
proteins. The proteins will be purified using the GST-binding resin. The GST-tag will be removed from the target proteins to allow self-formation
of the P24-3o and P24-1o particles.

 

		●	The
                                            P24-3o and P24-1o nanoparticles will be characterized using techniques (gel filtration, EM,
                                            etc.) as determined by CCHMC.

 

    Page 11 of 15

     

    

 

The
P24-3o and P24-1o nanoparticle formation and their efficiencies will be shown by gel filtration chromatography and EM observation.

 

		●	A
                                            group of 20 mice will be immunized with a formulation to be discussed on days 0 and day 21.
                                            Animals will be bled on day 35. NOTE: We opted for 20 animals per test group to ensure
                                            sufficient sera for analysis.

 

Three
groups of Balb/C mice:

 

Group
1: P24-3o (n=20)

 

Group
2: P24-1o (n=20)

 

Group
3: wild type P24 w/o OREO as a control (n=20)

 

Mice
will be immunized twice on days 0 and day 21. Formulation, dose, and route will be determined by Blue Water Vaccines.

 

To
be able to measure the OREO peptide-specific antibody responses, we will need to synthesize the corresponding OREO peptides and conjugate
them to KLH, respectively, as capture antigens to be used in antibody detecting ELISAs.

 

S60
nanoparticles

 

		●	One
                                            OREO sequence will be cloned into the H7 “scaffold” protein fragment previously
                                            used by CCHMC. Blue Water will provide the OREO sequence and location for insertion into
                                            the H7 fragment.

 

This
construct is referred as S60-H7-HA1-OREO. DNA sequences encoding the S-H7- HA1-OREO fusion proteins will be synthesized de novo via
a commercial company with codon optimization for E. coli. The DNA fragment will then be cloned into our plasmid to be the expression
construct.

 

		●	The
                                            same OREO sequence cloned into H7 will also be cloned into H11. Blue Water will provide the
                                            H11 DNA sequence and location for insertion into the H11 fragment.

 

This
construct is referred as S60-H11-HA1-OREO. DNA sequences encoding the S-H11- HA1-OREO fusion proteins will be synthesized de novo
with codon optimization for E. coli. The DNA fragment will then be cloned into our plasmid to be the expression construct.

 

		●	Both
                                            S60-H7-HA1-OREO and S60-H11-HA1-OREO proteins will be expressed in E. coli and purified
                                            by techniques previously developed by CCHMC.

 

    Page 12 of 15

     

    

 

Both
S60-H7-HA1-OREO and S60-H11-HA1-OREO proteins will be first expressed via the E. coli system as His-tagged proteins and purified using
Hisx6-binding resin. His-tag will not be removed from the final product. For the S60-H7-HA1-OREO we are confident that soluble protein
will be made directly. For the S60-H11-HA1-OREO, we may or may not be able to make soluble protein directly. If soluble protein cannot
be made directly, a denature/renature approach will be used.

 

Blue
Water provides the Wild type H11 HA sequences and the sequences of FIVE OREOs

 

Oreo
sequences:

 

		H11
                              wild type:	146GVTAACKFGSSNSF159

		Blue:	144NKGVTAACPHAGAK157

		Red:	144T-GVTAACSHNGKS157

		Orange:	144TKGVTAACSHNGKS157

		Green:	144TRGVTAACSHKGKS157

		Hazel:	144NIGVTAACSHAGKS157

 

Two
OREOs will be used for S60 particle presentation, one will be used on the H7 scaffold and one will used on the H11 scaffold.

 

		●	Both
                                            S60-H7-HA1-OREO and S60-H11-HA1-OREO will be characterized using techniques (gel filtration,
                                            EM, etc.) as determined by CCHMC.

 

Both
generated S60-H7-HA1-OREO and S60-H11-HA1-OREO proteins will be characterized using by gel filtration chromatography and EM observation.
In addition, hemagglutination test can also be performed to further prove the structural and functional integrity of the S60-H7-HA1-OREO
and S60-H11-HA1-OREO particles.

 

		●	A
                                            group of 20 mice will be immunized with a formulation to be discussed using the H7 construct
                                            on day 0 and the H11 construct on day 21. Animals will be bled on day 35.

 

Two
groups of Balb/C mice:

 

Group
1: n=20, immunization at day 0 with the S60-H7-HA1-OREO particle, and day 21 with the S60-H11-HA1-OREO H11 construct.

 

Group
2: n=20, immunized first with wild type S60-H7-HA1 particle w/o OREO and followed by a second immunization with wild-type S60-H11-HA1
w/o OREO.

 

Formulation,
dose, and route will be determined by Blue Water Vaccines.

 

    Page 13 of 15

     

    

 

Exhibit
B

 

Budget

 

Budget
and its justification

 

Laboratory
supplies and reagents: $ 19,000

 

The
requested fund will be used to purchase various supplies and reagents that will be necessary for the proposed work, including 1) constructions
of various plasmids, production and evaluation of recombinant P24 and S60-HA1 fusion proteins with various OREO sequences, 2) characterization
of the nanoparticle formation and their structural integrity, 3) immunization of mice with the nanoparticles and control immunogens,
and 4) determination of OREO-specific antibody titers of the mouse sera after immunization of the nanoparticles and controls.

 

Kits
and reagent: Plasmid DNA isolation kits ($300/kit, 250 preps), DNA gel extraction kit ($100/kit, 50 preps), Talon his-tag purification
resin ($300/25ml), GST-binding resin ($300/25ml), size-exclusion columns ($2400/each), endotoxin detection and removal system ($250/kit);
high-fidelity polymerase, restriction enzymes, secondary antibodies for EIAs, other reagents/plastic wares for experiments of molecular
biology and E. coli cultures.

 

Other
expenses:

 

DNA
synthesis: $ 4,000

 

Funds
requested will be used to pay for synthesis of 1) DNA fragments encoding the P domain protein with insertions of three given OREO sequences
in the surface loops; and 2) DNA fragments encoding the S domain-HA1 (H7 and H11 type) fusion proteins w/o and with given OREO to replace
the wild type ones. These DNA fragments are for constructions of various expression constructs to produce corresponding recombinant fusion
proteins and their nanoparticles. The DNA syntheses will be conducted through a commercial company.

 

Peptide
syntheses and KLH conjugations: $ 3,000

 

Funds
requested will be used to pay for synthesis of the given OREO peptides. These peptides will then be conjugate to KLH (keyhole limpet
hemocyanin) and purified for polyvalent presentations of the OREO peptides. These conjugates will be used as capture antigens in ELISA
assays to determine the OREO-specific antibody titers. These will be done through a commercial company.

 

    Page 14 of 15

     

    

 

Animal
purchase and housing: $ 6,000

 

Funds
requested will be used to pay for purchasing mice, as well as their housing cost at the animal facility at CCHMC. These mice are for
immunization study to determine the OREO-specific immune responses.

 

Electron
microcopy core: $ 3000

 

Funds
requested will be used to pay for the service at the electron microcopy core facility at CCHMC. This is to evaluate the P24-OREO and
S60-HA1(H7/H11)-nanoparticle formation.

 

Personnel
effort: $ 120,789

 

		1.	Ming
                                            Tan, PhD, the PI (effort=3.6 calendar months), will be responsible for the overall research
                                            design and performance of this work. In addition, Dr. Tan will perform gel filtration chromatography
                                            and electron microscopy to evaluate the nanoparticle formation. He will help the team members
                                            for data analyses, interpretations, and trouble-shootings. Dr. Tan will be responsible for
                                            summarizing research data and preparing the final progress reports of this work.

 

		2.	Ming
                                            Xia, PhD, a research associate (effort=6.0 calendar months), will be responsible for
                                            daily experiment performance, including 1) plasmid construction and protein production of
                                            individual P24, and S60-HA1 nanoparticles displaying the given OREOs, 2) quality characterization
                                            of the P24-OREO and S60-HA1-OREO nanoparticles; 3) immunization of mice with the nanoparticle
                                            and various controls, and 4) assessment of the immune responses of the OREO. He will work
                                            with Pengwei Huang to complete these tasks.

 

		3.	Pengwei
                                            Huang, PhD, a research associate (effort=4.2 calendar months), will be working to together
                                            with Ming Xia to complete the listed task above.

 

Total
direct cost: $155,789

 

    Page 15 of 15EX-10.1

 Exhibit 10.1 

FORM OF 
 SPONSOR
AGREEMENT 
 THIS SPONSOR AGREEMENT (this “Sponsor
Agreement”) is dated as of July 25, 2022, by and among DHC SPONSOR, LLC, a Delaware limited liability company (“Sponsor”), DHC ACQUISITION
CORP, a Cayman Islands exempted company (together with its successors, including after the Domestication) (“Acquiror”), WITH PURPOSE, INC.,
a Delaware corporation (the “Company”) and, solely for purposes of Section 1.8 hereof, each of the undersigned designated as “Insiders” on the signature pages hereto (the “Insiders”).
Capitalized terms used but not defined herein shall have the respective meanings ascribed to such terms in the Business Combination Agreement (as defined below). 

RECITALS 

WHEREAS, as of the date hereof, Sponsor is the holder of record and the “beneficial owner”
(within the meaning of Rule 13d-3 of the Exchange Act) of Acquiror Founders Stock and Acquiror Warrants as set forth on Schedule I attached hereto; 

WHEREAS, prior to the Closing Date, and subject to the conditions of the Business Combination Agreement, the Acquiror
will migrate to and domesticate as a Delaware corporation; 
 WHEREAS, in connection with the
Domestication, all of the shares of Acquiror Founders Stock held by Sponsor will be converted into shares of Acquiror Founders Class B Common Stock (such shares, the “Acquiror Sponsor Shares” and such conversion, the
“Acquiror Sponsor Share Conversion”) and all of the Acquiror Warrants held by Sponsor will be converted into Domesticated Acquiror Warrants (such warrants, the “Acquiror Sponsor Warrants” and such
conversion, the “Acquiror Sponsor Warrant Conversion”); 
 WHEREAS,
contemporaneously with the execution and delivery of this Sponsor Agreement, Acquiror, Glory Merger Subsidiary Corp., a Delaware corporation and a direct wholly owned subsidiary of Acquiror (“Merger Sub”), and the Company
have entered into a Business Combination Agreement and Plan of Reorganization, dated as of the date hereof (as amended, supplemented or modified from time to time, the “Business Combination Agreement”), pursuant to which,
among other transactions, on the terms and conditions set forth therein, Merger Sub will merge with and into the Company (the “Merger”), with the Company surviving the Merger as a wholly owned subsidiary of Acquiror and
Acquiror will change its name to GloriFi, Inc. or such other name mutually agreed by Acquiror and the Company (the Merger, together with the other transactions contemplated by the Business Combination Agreement, the
“Transactions”); and 
 WHEREAS, as an inducement to Acquiror and the Company
to enter into the Business Combination Agreement and to consummate the Transactions, the parties hereto desire to agree to certain matters as set forth herein. 

  
 1 

 NOW, THEREFORE, in consideration of the
foregoing and the mutual agreements contained herein, and intending to be legally bound hereby, the parties hereto hereby agree as follows: 

AGREEMENT 
 ARTICLE I

 SPONSOR AGREEMENT; COVENANTS 

Section 1.1    Binding Effect of Business Combination Agreement. Sponsor hereby
acknowledges that it has read the Business Combination Agreement and this Sponsor Agreement and has had the opportunity to consult with its tax and legal advisors. Sponsor shall be bound by, and comply with, Sections 7.01 (No Solicitation)
and 7.09 (Public Announcement) of the Business Combination Agreement (and any relevant definitions contained in any such Sections) as if Sponsor was an original signatory to the Business Combination Agreement with respect to such provisions.

 Section 1.2    No Transfer. During the period commencing on the date hereof and
ending on the earliest to occur of (a) the Effective Time, (b) such date and time as the Business Combination Agreement shall be terminated in accordance with Section 9.01 (Termination) thereof (the earlier of (a) and (b),
the “Expiration Time”) and (c) the liquidation of Acquiror, Sponsor shall not (i) sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase or otherwise dispose of or agree to
dispose of, directly or indirectly, file (or participate in the filing of) a registration statement with the SEC (other than the Proxy Statement and Registration Statement) or establish or increase a put equivalent position or liquidate or decrease
a call equivalent position within the meaning of Section 16 of the Exchange Act, with respect to any Acquiror Sponsor Shares or Acquiror Sponsor Warrants owned by Sponsor (“Subject Securities”), (ii) enter into any swap
or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any Acquiror Sponsor Shares or Acquiror Sponsor Warrants owned by Sponsor (clauses (i) and (ii) collectively,
“Transfer”) or (iii) publicly announce any intention to effect any Transfer, other than pursuant to this Agreement and with the consent of the Company; provided, however, that the foregoing shall not
prohibit Transfers (A) by Sponsor to any of its affiliates (and any of Sponsor’s and its affiliates’ respective executive officers and directors), so long as, prior to and as a condition to the effectiveness of any such Transfer, such
affiliate or person executes and delivers to the Company a joinder to this Agreement in a form reasonably acceptable to the Company, (B) Transfers to any third party unaffiliated with Sponsor (a “Third Party”) (1) if
such Third Party is a shareholder of Acquiror, such Third Party agrees in writing not to exercise his, her or its Redemption Rights with respect to any shares of Acquiror Common Stock owned by such Third Party, (2) in connection with any
purchase or commitment to purchase by such Third Party of any Acquiror Common Stock, Company Stock or other equity interests or securities of Acquiror or the Company, including convertible securities and/or (C) Transfers to any of the Backstop
Investors. Any action attempted to be taken in violation of the preceding sentence will be null and void. The Sponsor agrees with, and covenants to, Acquiror and the Company that the Sponsor shall not request that Acquiror register the Transfer (by
book-entry or otherwise) of any certificated or uncertificated interest representing any of the Subject Securities other than Transfers permitted by the foregoing proviso. 

Section 1.3    New Shares. In the event that (a) any Acquiror Sponsor Shares,
Acquiror Sponsor Warrants or other equity securities of Acquiror are issued to Sponsor after the date of this 

  
 2 

 
Sponsor Agreement, including pursuant to any stock dividend, stock split, recapitalization, reclassification, combination or exchange of Acquiror Sponsor Shares or Acquiror Sponsor Warrants of,
on or affecting the Acquiror Sponsor Shares or Acquiror Sponsor Warrants owned by Sponsor or otherwise, (b) Sponsor purchases or otherwise acquires beneficial ownership of any Acquiror Sponsor Shares, Acquiror Sponsor Warrants or other equity
securities of Acquiror after the date of this Sponsor Agreement, or (c) Sponsor acquires the right to vote or share in the voting of any Acquiror Sponsor Shares or other equity securities of Acquiror after the date of this Sponsor Agreement
(such Acquiror Sponsor Shares, Acquiror Sponsor Warrants or other equity securities of Acquiror, collectively, the “New Securities”), then such New Securities shall be subject to the terms of this Sponsor Agreement to the
same extent as if they constituted the Acquiror Sponsor Shares or Acquiror Sponsor Warrants owned by Sponsor as of the date hereof. 

Section 1.4    Closing Date Deliverables. On the Closing Date, Sponsor shall deliver to
Acquiror and the Company a duly executed copy of that certain Amended and Restated Registration Rights Agreement, by and among Acquiror, the Company, Sponsor, the Key Company Stockholders, and the other parties thereto, in substantially the form
attached as Exhibit D to the Business Combination Agreement. 
 Section 1.5    Sponsor
Agreements. 
 (a)    At any meeting of the shareholders of Acquiror, however called, or at any adjournment
thereof, or in any other circumstance in which the vote, consent or other approval of the shareholders of Acquiror is sought, Sponsor shall (i) appear at each such meeting or otherwise cause all of its Acquiror Sponsor Shares to be counted as
present thereat for purposes of calculating a quorum and (ii) vote (or cause to be voted), or execute and deliver a written consent (or cause a written consent to be executed and delivered) covering, all of its Acquiror Sponsor Shares: 

(i)    in favor of each Acquiror Proposal; 

(ii)    against any Alternative Transaction or any proposal relating to an Alternative Transaction; 

(iii)    against any merger agreement or merger (other than the Business Combination Agreement or the Merger),
scheme or arrangement, consolidation, combination, sale of substantial assets, reorganization, recapitalization, dissolution, liquidation or winding up of or by Acquiror; 

(iv)    against any change in the business, management or Acquiror Board (other than in connection with the
Acquiror Proposals) that would reasonably be expected to prevent, impede, interfere with, delay, postpone or adversely affect the Acquiror Proposals in any material respect; 

(v)    against any change in any manner to the voting rights of any class of the Acquiror’s capital stock,
other than an amendment to the Acquiror’s organizational documents contemplated by the Business Combination Agreement; and 

(vi)    against any proposal, action or agreement that would (A) impede, frustrate, prevent or nullify any
provision of this Sponsor Agreement, the Business Combination 

  
 3 

 
Agreement or the Merger, (B) result in a breach in any respect of any covenant, representation, warranty or any other obligation or agreement of Acquiror or the Merger Sub under the Business
Combination Agreement, (C) result in any of the conditions set forth in Article VIII of the Business Combination Agreement not being fulfilled or (D) change in any manner the dividend policy or capitalization of, including the voting
rights of any class of capital stock of, Acquiror. 
 Sponsor hereby agrees that it shall not commit or agree to take any action
inconsistent with the foregoing. 
 (b)    Sponsor shall comply with, and fully perform all of its obligations,
covenants and agreements set forth in the Letter Agreement, as amended by this Agreement, including the obligations of Sponsor pursuant to Section 3 therein to not redeem any Acquiror Sponsor Shares owned by Sponsor in connection with the
transactions contemplated by the Business Combination Agreement. 
 (c)    During the period commencing on the
date hereof and ending on the earlier of the consummation of the Closing and the termination of the Business Combination Agreement pursuant to Article IX thereof, Sponsor shall not modify or amend any contract between or among Sponsor, anyone
related by blood, marriage or adoption to Sponsor or any Affiliate of Sponsor (other than Acquiror or any of its Subsidiaries), on the one hand, and Acquiror or any of Acquiror’s Subsidiaries, on the other hand, including, for the avoidance of
doubt, the Letter Agreement, as amended by this Agreement. 
 Section 1.6    No
Inconsistent Agreement. Sponsor hereby represents and covenants that Sponsor has not entered into, and shall not enter into, any agreement that would restrict, limit or interfere with the performance of Sponsor’s obligations hereunder. 

Section 1.7     Waiver of Anti-Dilution. Sponsor, who is holder of all of the Acquiror
Sponsor Shares outstanding as of the date hereof, hereby waives, pursuant to and in compliance with the provisions of the Acquiror Organizational Documents, any adjustment to the Initial Conversion Ratio (as defined in the Acquiror Articles of
Association) set forth in Section 17 of the Acquiror Articles of Association and Article IV of the Acquiror Certificate of Incorporation, and any rights to other anti-dilution protections with respect to Acquiror Sponsor Shares, that may result
from any Backstop Financings, Equity Financing Facilities, other private placements of equity linked securities of Acquiror and/or the consummation of the Transactions and/or the consummation of the Transactions. 

Section 1.8     Amendment to Lock-up in Letter
Agreement. Acquiror, Sponsor and the Insiders hereby agree that Section 5(a) of the Letter Agreement, dated March 4, 2021, by and among Acquiror, Sponsor and the Insiders, is hereby amended and restated in its entirety and replaced
with the following language: 
 “(a)    The Sponsor and the Insiders that during the
Lock-up Period (as defined below), each of the Sponsor and the Insiders irrevocably agree that it, he or she will not (i) sale, offer to sell, contract or agree to sell, hypothecate, pledge, grant any
option to purchase or otherwise dispose of or enter into any agreement to dispose of, directly or indirectly, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of

  
 4 

 
Section 16 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the rules and regulations of the Securities and Exchange Commission
promulgated thereunder, in each case with respect to any Founder Shares, (ii) enter into any swap, hedge or other arrangement that transfers to another, in whole in part, any of the economic consequences of ownership of any security, whether
any such transaction is to be settled by delivery of any Founder Shares, in cash or otherwise, or engage in any Short Sales (as defined below) with respect to any Founder Shares or (iii) publicly disclose the intention to effect any transaction
specified in clauses (i) or (ii). For purposes of this Section 5(a), (i) “Short Sales” include, without limitation, all “short sales” as defined in Rule 200 promulgated under
Regulation SHO under the Exchange Act, and all types of direct and indirect stock pledges, forward sale contracts, options, puts, calls, swaps and similar arrangements (including on a total return basis), and sales and other transactions through non-US broker dealers or foreign regulated brokers and (ii) “Lock-Up Period” means earlier of (A) the date this is 180 days following the closing
of Acquiror’s initial Business Combination (the “Closing Date”), (ii) the date on which the last reported sale price of Ordinary Shares or shares of Class A common stock of Acquiror, $0.0001 per share, equals or
exceeds $12.50 per share for twenty (20) of any thirty (30) consecutive trading days commencing after the Closing Date on the Nasdaq Capital Market (or the exchange on which the shares of Acquiror Class A Common Stock are then
listed), and (iii) the date specified in a written waiver of the provisions of this Agreement duly executed by the Sponsor and the Company.” 

ARTICLE II 

REPRESENTATIONS AND WARRANTIES 

Section 2.1    Representations and Warranties of Sponsor. Sponsor represents and warrants
as of the date hereof to Acquiror and the Company as follows: 
 (a)    Organization; Due Authorization.
Sponsor is duly organized, validly existing and in good standing under the Laws of the jurisdiction in which it is incorporated, formed, organized or constituted, and the execution, delivery and performance of this Sponsor Agreement and the
consummation of the transactions contemplated hereby are within Sponsor’s corporate, limited liability company or organizational powers and have been duly authorized by all necessary corporate, limited liability company or organizational
actions on the part of Sponsor. This Sponsor Agreement has been duly executed and delivered by Sponsor and, assuming due authorization, execution and delivery by the other parties to this Sponsor Agreement, this Sponsor Agreement constitutes a
legally valid and binding obligation of Sponsor, enforceable against Sponsor in accordance with the terms hereof (subject to the Remedies Exceptions). 

(b)    Governmental Approvals. No consent of or with any Governmental Authority on the part of the Sponsor
is required to be obtained or made in connection with the execution, delivery, or performance by the Sponsor of this Agreement or the consummation by the Sponsor of the transactions contemplated hereby, other than (i) applicable requirements,
if any, of the Securities Act, the Exchange Act, and/or any state “blue sky” securities Laws, and the rules and regulations thereunder and (ii) where the failure to obtain or make such Consents or to make such filings or notifications
has not had, and would not reasonably be expected to have, individually or in the aggregate, a material adverse effect on the ability of the Sponsor to enter into and perform this Agreement and to consummate the transaction contemplated hereby. 

  
 5 

 (c)    Ownership. As of the date hereof, Sponsor is the
record and beneficial owner (as defined in the Securities Act) of, and has good title to, all of the Acquiror Sponsor Shares and Acquiror Sponsor Warrants set forth on Schedule I, and there exists no Liens or any other limitation or
restriction (including any restriction on the right to vote, sell or otherwise dispose of such Acquiror Sponsor Shares or Acquiror Sponsor Warrants) affecting any such Acquiror Sponsor Shares or Acquiror Sponsor Warrants and none of Sponsor’s
Acquiror Sponsor Shares or Acquiror Sponsor Warrants are subject to any proxy, voting trust or other agreement or arrangement with respect to the voting of such Acquiror Sponsor Shares or Acquiror Sponsor Warrants, other than (i) pursuant to
(A) this Sponsor Agreement, (B) the Acquiror Organizational Documents, (C) the Business Combination Agreement, (D) the Letter Agreement, as amended by this Agreement or (E) any applicable securities Laws or (ii) that
would not, individually or in the aggregate, reasonably be expected to prevent, delay or impair the ability of Sponsor to perform its obligations under this Agreement. Sponsor’s Acquiror Sponsor Shares and Acquiror Sponsor Warrants are the only
equity securities in Acquiror owned of record or beneficially by Sponsor on the date of this Sponsor Agreement. Other than the Acquiror Sponsor Warrants, Sponsor does not hold or own any rights to acquire (directly or indirectly) any equity
securities of Acquiror or any equity securities convertible into, or which can be exchanged for, equity securities of Acquiror. 

(d)    No Conflicts. The execution and delivery of this Sponsor Agreement by Sponsor, does not, and the
performance by Sponsor of its obligations hereunder will not, (i) conflict with or result in a violation of the organizational documents of Sponsor, (ii) conflict with or violate any Law or Governmental Order, (iii) require any
consent or approval that has not been given or other action that has not been taken by any person (including under any contract binding upon Sponsor or Sponsor’s Acquiror Sponsor Shares or Acquiror Sponsor Warrants), (iv) result in the
termination, withdrawal, suspension, cancellation, or modification of any contract binding upon Sponsor or Sponsor’s Acquiror Sponsor Shares or Acquiror Sponsor Warrants, (v) accelerate the performance required by the Sponsor under any
contract binding upon Sponsor or Sponsor’s Acquiror Sponsor Shares or Acquiror Sponsor Warrants, (vi) result in a right of termination or acceleration under any contract binding upon Sponsor or Sponsor’s Acquiror Sponsor Shares or
Acquiror Sponsor Warrants, (vii) give rise to any obligation to make payments or provide compensation under any contract binding upon Sponsor or Sponsor’s Acquiror Sponsor Shares or Acquiror Sponsor Warrants, (viii) result in the
creation of any Lien (other than Permitted Lien) upon any of the properties or assets of Sponsor, (ix) give any person the right to declare a default, exercise any remedy, accelerate the maturity or performance, cancel, terminate, or modify any
right, benefit, or obligation or other term under, any of the terms, conditions, or provisions of, any contract binding upon Sponsor or Sponsor’s Acquiror Sponsor Shares or Acquiror Sponsor Warrants, in each case of clauses (ii) through
(ix), to the extent any such conflict or violation, lack of any such consent, approval, termination, withdrawal, suspension, cancellation, modification, acceleration, obligation, creation or other action has not had, and would not reasonably be
expected to have, individually or in the aggregate, a material adverse effect on the ability of Sponsor to enter into and perform this Agreement and to consummate the transaction contemplated hereby. 

(e)    No Redemption. The Sponsor irrevocably and unconditionally agrees that, from the date hereof and
until the termination of this Agreement, Sponsor shall not elect to cause Acquiror to redeem any Acquiror Sponsor Shares now or at any time legally or beneficially owned by Sponsor or elect to redeem any of its Acquiror Sponsor Shares in connection
with the transactions contemplated by the Business Combination Agreement. 

  
 6 

 (f)    Litigation. There are no Actions pending against
Sponsor, or to the knowledge of Sponsor threatened against Sponsor, before (or, in the case of threatened Actions, that would be before) any arbitrator or any Governmental Authority, which in any manner challenges or seeks to prevent, enjoin or
materially delay the performance by Sponsor of its obligations under this Sponsor Agreement. 

(g)    Brokerage Fees. Except as described on Section 5.12 of the Acquiror Disclosure Schedule, no
broker, finder, investment banker or other person is entitled to any brokerage fee, finders’ fee or other commission in connection with the transactions contemplated by the Business Combination Agreement based upon arrangements made by Sponsor,
for which Acquiror or any of its Affiliates may become liable. 
 (h)    Acknowledgment. Sponsor
understands and acknowledges that each of Acquiror and the Company is entering into the Business Combination Agreement in reliance upon Sponsor’s execution and delivery of this Sponsor Agreement. 

ARTICLE III 

MISCELLANEOUS 

Section 3.1    Termination. This Sponsor Agreement and all of its provisions shall
terminate and be of no further force or effect upon the earliest of (a) the Expiration Time, (b) the liquidation of Acquiror and (c) the written agreement of Sponsor, Acquiror, and the Company. Upon such termination of this Sponsor
Agreement, all obligations of the parties under this Sponsor Agreement will terminate, without any liability or other obligation on the part of any party hereto to any person in respect hereof or the transactions contemplated hereby, and no party
hereto shall have any claim against another (and no person shall have any rights against such party), whether under contract, tort or otherwise, with respect to the subject matter hereof; provided, however, that the termination of this
Sponsor Agreement shall not relieve any party hereto from liability arising in respect of any breach of this Sponsor Agreement prior to such termination. This ARTICLE III shall survive the termination of this Sponsor Agreement. 

Section 3.2    Governing Law. This Sponsor Agreement shall be governed by, and construed
in accordance with, the laws of the State of Delaware applicable to contracts executed in and to be performed in that State. All legal actions and proceedings arising out of or relating to this Sponsor Agreement shall be heard and determined
exclusively in any Delaware Chancery Court; provided, that if jurisdiction is not then available in the Delaware Chancery Court, then any such legal Action may be brought in any federal court located in the State of Delaware or any other Delaware
state court. The parties hereto hereby (a) irrevocably submit to the exclusive jurisdiction of the aforesaid courts for themselves and with respect to their respective properties for the purpose of any Action arising out of or relating to this
Sponsor Agreement brought by any party hereto, and (b) agree not to commence any Action relating thereto except in the courts described above in Delaware, other than Actions in any court of competent jurisdiction to enforce any judgment, decree
or award rendered by any such court in Delaware as described herein. Each of the parties further agrees that notice as provided herein shall constitute sufficient service of process and the parties further waive any argument that such service is
insufficient. Each of the parties hereby irrevocably and unconditionally waives, and agrees not to assert, by way of motion or as a defense, counterclaim or otherwise, in any Action arising out of or relating to this Sponsor Agreement or

  
 7 

 
the Transactions, (i) any claim that it is not personally subject to the jurisdiction of the courts in Delaware as described herein for any reason, (ii) that it or its property is
exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts (whether through service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise)
and (iii) that (A) the Action in any such court is brought in an inconvenient forum, (B) the venue of such Action is improper or (C) this Sponsor Agreement, or the subject matter hereof, may not be enforced in or by such courts. 

Section 3.3    Waiver of Jury Trial. Each of the parties hereto hereby waives to the
fullest extent permitted by applicable Law any right it may have to a trial by jury with respect to any litigation directly or indirectly arising out of, under or in connection with this Sponsor Agreement or the Transactions. Each of the parties
hereto (a) certifies that no representative, agent or attorney of any other party has represented, expressly or otherwise, that such other party would not, in the event of litigation, seek to enforce that foregoing waiver and
(b) acknowledges that it and the other parties hereto have been induced to enter into this Sponsor Agreement and the Transactions, as applicable, by, among other things, the mutual waivers and certifications set forth in this
Section 3.3. 
 Section 3.4    Specific Performance. The
parties agree that irreparable damage would occur if any provision of this Sponsor Agreement were not performed in accordance with the terms hereof, and, accordingly, that the parties shall be entitled to an injunction or injunctions to prevent
breaches of this Sponsor Agreement or to enforce specifically the performance of the terms and provisions hereof in the Court of Chancery of the State of Delaware, County of Newcastle, or, if that court does not have jurisdiction, any court of the
United States located in the State of Delaware without proof of actual damages or otherwise, in addition to any other remedy to which they are entitled at Law or in equity (as expressly prohibited in this Sponsor Agreement). Each of the parties
hereby further waives (i) any defense in any action for specific performance that a remedy at Law would be adequate and (ii) any requirement under any Law to post security or a bond as a prerequisite to obtaining equitable relief. 

Section 3.5    Amendment; Waiver. This Sponsor Agreement may not be amended, changed,
supplemented, waived or otherwise modified or terminated, except upon the execution and delivery of a written agreement executed by Acquiror, the Company and Sponsor. 

Section 3.6    Severability. If any term or other provision of this Sponsor Agreement is
invalid, illegal or incapable of being enforced by any rule of law, or public policy, all other conditions and provisions of this Sponsor Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the
Transactions is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this
Sponsor Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the Transactions be consummated as originally contemplated to the fullest extent possible. 

Section 3.7    Notices. All notices, requests, claims, demands and other communications
hereunder shall be in writing and shall be given (and shall be deemed to have been duly given upon receipt) by delivery in person, by email or by registered or certified mail (postage prepaid, return

  
 8 

 
receipt requested) to the respective parties at the following addresses (or at such other address for a party as shall be specified in a notice given in accordance with this
Section 3.7): 
 If to Acquiror: 

DHC Acquisition Corp. 

535 Silicon Drive, Suite 100 

Southlake, TX 76092 

Attention: Christopher Gaertner 

Email: chris@integrity.partners 

If to the Company: 

With Purpose, Inc. 

11700 Preston Road, Suite 660-394 

Dallas, TX 75230 

Attention: Toby Neugebauer 

Email: toby@glorifi.com 

with copies to (which shall not constitute notice): 

Winston & Strawn LLP 

800 Capitol Street, Suite 2400 

Houston, Texas 77002 

Attention: Michael J. Blankenship 

Email: mblankenship@winston.com 

If to Sponsor: 

To Sponsor’s address set forth in Schedule I 

Section 3.8    Counterparts. This Sponsor Agreement may be executed and delivered
(including by facsimile or portable document format (pdf) transmission) in one or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken
together shall constitute one and the same agreement. 
 Section 3.9    Entire Agreement;
Assignment. This Sponsor Agreement and the agreements referenced herein constitute the entire agreement among the parties with respect to the subject matter hereof and supersede all prior agreements and undertakings, both written and oral, among
the parties, or any of them, with respect to the subject matter hereof. This Sponsor Agreement shall not be assigned (whether pursuant to a merger, by operation of Law or otherwise) by any party without the prior express written consent of the other
parties hereto. 
 [THE REMAINDER OF THIS PAGE
IS INTENTIONALLY BLANK] 

  
 9 

 IN WITNESS WHEREOF,
Sponsor, Acquiror, and the Company have each caused this Sponsor Agreement to be duly executed as of the date first written above. 
  

			
	SPONSOR:
	
	DHC SPONSOR, LLC
		
	By:	 	
                     

		 	Name:
		 	Title:
	
	INSIDERS:
	
	      

	Christopher Gaertner
	
	      

	Thomas Morgan, Jr.
	
	      

	Joseph DePinto
	
	      

	Richard Dauch
	
	      

	Kathleen Hildreth

  

SIGNATURE PAGE TO SPONSOR AGREEMENT 

 IN WITNESS WHEREOF,
Sponsor, Acquiror, and the Company have each caused this Sponsor Agreement to be duly executed as of the date first written above. 
  

			
	ACQUIROR:
	
	DHC ACQUISITION CORP.
		
	By:	 	
                     
                    

		 	Name:
		 	Title:

  

SIGNATURE PAGE TO SPONSOR AGREEMENT 

 IN WITNESS WHEREOF,
Sponsor, Acquiror, and the Company have each caused this Sponsor Agreement to be duly executed as of the date first written above. 
  

			
	COMPANY:
	
	WITH PURPOSE, INC.
		
	By:	 	              

		 	Name:
		 	Title:

  

SIGNATURE PAGE TO SPONSOR AGREEMENT 

 SCHEDULE I 

ACQUIROR SPONSOR SHARES AND ACQUIROR SPONSOR WARRANTS 
  

									
	 Sponsor
	  	Acquiror
Sponsor
Shares	 	  	Acquiror
Sponsor
Warrants	 
	 DHC Sponsor, LLC

c/o DHC Acquisition Corp.

535 Silicon Drive, Suite 100, Southlake, TX 76092
	  	 	7,736,268	 	  	 	6,126,010	 

  

SCHEDULE I TO SPONSOR AGREEMENT

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