Document:

EX-10.1

 Exhibit 10.1 

May 31, 2022 
 Donald Allan, Jr. 

Stanley Black & Decker, Inc. 
 1000 Stanley Drive 

New Britain, Connecticut 06053 
 Dear Don: 

The Board of Directors of Stanley Black & Decker, Inc. (the “Company”) has determined that it is in the best
interests of the Company and its shareholders for you to be appointed as the Company’s Chief Executive Officer (“CEO”). We are pleased to summarize the terms of your new position in this letter. 

1. You will become CEO, and a member of the Board of Directors of the Company (“Board”), on July 1, 2022. You will
also serve as President of the Company (“President”). 
 2. Your initial compensation as CEO will consist of the
following: 
  

	 	•	 	 Your annual salary rate will be increased to $1,250,000. 

 

	 	•	 	 Your total Management Incentive Compensation Plan (“MICP”) target bonus opportunity for fiscal
year 2022 will be 150% of the approved weighted average payout percentage based on all metrics specified in the 2022 MICP multiplied by your earned base salary during fiscal year 2022. Your annual cash bonus opportunities for subsequent fiscal years
will be determined by the Board. 

  

	 	•	 	 Within seven days of the effective date of your promotion, you will receive a special long term incentive grant
with an aggregate grant date value (as determined for financial reporting purposes) equal to $3.6 million pursuant to the Company’s 2022 Omnibus Award Plan or a successor thereto. Fifty percent (50%) of the grant value will be performance
share units, which will be governed by the terms and conditions of the Company’s 2022-2024 Long Term Incentive Program. Twenty-five percent (25%) of the grant value will be restricted stock units, and 25% of the grant value will be in other
stock options or other instruments determined by the Board in its sole discretion, all of which shall be governed by the Company’s 2022 Omnibus Award Plan or a successor thereto. 

 

	 	•	 	 Following your promotion, you will be eligible to receive annual equity compensation awards as determined by the
Board. Such annual equity compensation awards will be granted to you at the same time that annual equity grants are made to senior executives of the Company. In December 2022, you will receive awards under the Company’s 2022 Omnibus Award
Plan or a successor thereto that result in a total fiscal year 2022 grant date value (as determined for financial reporting purposes) of $6.75 million. 

  

	 	•	 	 With respect to fiscal year 2023, you will be eligible for a compensation review in February 2023 and a target
long term incentive award in respect of fiscal year 2023 of no less than $9.25 million. At least 50% of the grant date value of annual equity awards granted each year will consist of performance share units, while the balance will consist of a
mix of stock options and restricted stock units or other instruments determined by the Board in its sole discretion at the time of grant. 

 Donald Allan, Jr. 

May 31, 2022 
  Page
 2
 
  

	 	•	 	 With respect to fiscal year 2024, you will be eligible for a compensation review in February 2024 and a target
long term incentive award in respect of fiscal year 2024, which the Board will establish in good faith after consultation with you and consideration of Company performance and market practices. 

 

	 	•	 	 You will be eligible to participate in the employee benefit plans and perquisite programs (including paid time
off) provided to other senior executives in accordance with the Company’s plans and policies. In addition, you will continue to participate in the Company’s Supplemental Executive Retirement Plan. 

 

	 	•	 	 The benefits, policies and compensation programs referenced in this Section 2 may be terminated or
amended from time to time. 

  

	 	•	 	 Within 30 days following the date hereof, the Company will reimburse you for the aggregate amount of all
documented attorneys’ fees incurred by you in connection with the drafting, negotiation and finalization of this agreement. 

3. This agreement has a term of two (2) years, and will terminate on June 30, 2024, unless you and the Company mutually agree
in writing to extend it for a longer term. Your employment also is “at will” and may be terminated by the Company or you at any time for any reason. Upon your termination of employment, the Company will pay you any earned but unpaid base
salary, as well as any earned annual bonus with respect to a prior fiscal year that has not been paid. Except as otherwise provided in this agreement, any termination of your employment will be treated as a retirement for purposes of all Company
plans and policies and any applicable agreements between you and the Company, and will be subject to the claw back and forfeiture provisions of the Company’s plans and policies and any applicable agreements. 

If, before the expiration of the initial term, the Company terminates your employment for any reason other than for Cause (each capitalized
term used but not defined in this letter has the meaning given in Exhibit A), death or Disability, or you terminate your employment for Good Reason, then (A) on the sixtieth
(60th) day following your termination date, the Company will pay to you a lump sum in cash equal to two (2) (or, if such termination occurs after June 30, 2023, and before the expiration of
the initial term, one (1)) multiplied by the sum of (i) your then-current annual salary plus (ii) your annual bonus target amount for the year in which your termination occurs and (B) the Company will provide or arrange to provide you
and your eligible dependents, at no greater cost to you than if you were an active employee of the Company, medical, dental, life, vision and prescription drug insurance benefits no less favorable than those provided to senior executives of the
Company and their eligible dependents, in each case following your termination until you attain age 65, or, if sooner, until you become eligible for such benefits from a new employer (of which you will promptly notify the Company); provided,
however, that, if the Company determines at any time that the payments relating to health and welfare benefits may violate the applicable plan terms or any applicable nondiscrimination or other legal requirements, the Company may instead make cash
payments directly to you equal to the amounts it would have paid on your behalf for such benefits, plus an additional 50% of such amounts to approximate the amount of any incremental taxes owed by you thereon, and shall be subject to any applicable tax-related deductions and withholdings (the benefit described in this clause (B), the “Welfare Benefit”). 

 Donald Allan, Jr. 

May 31, 2022 
  Page
 3
 
  

 If your employment terminates because of the expiration of the initial term, the Company
shall provide the Welfare Benefit. 
 The severance benefits described above are subject to your (i) executing and delivering a
customary mutual waiver and release of claims specified by the Company, and such waiver and release becoming irrevocable, not later than 60 days after your date of termination and (ii) compliance with the noncompetition and other
restrictive covenants set forth in Exhibit B (the conditions described in clauses (i) and (ii) of this paragraph, the “Conditions to Payment.”) 

Notwithstanding anything herein to the contrary, unless your employment is earlier terminated by you or the Company, and unless you and the
Company mutually agree to extend the term of your employment hereunder, (A) you will be deemed to have given notice to the Board, on May 31, 2024, that you intend to retire from all positions with the Company and its subsidiaries on
June 30, 2024, and (B) your employment as CEO and President, along with all other positions that you hold with the Company and its subsidiaries and affiliates (including, unless otherwise mutually agreed by you and the Board, as a member
of the Board), will automatically terminate, effective as of June 30, 2024, without any further action on your part. 
 Upon
termination of your employment with the Company for any reason, you will be deemed to have resigned, effective as of your date of termination, from all positions with the Company and its subsidiaries (including, unless otherwise mutually agreed by
you and the Board, as a member of the Board), and you will execute any additional documentation that is requested by the Company. 

4. You agree to comply with the confidentiality, nonsolicitation and other restrictive covenants in Exhibit B. The
Section 409A compliance principles in Exhibit C will also apply to this letter. 
 5. The Company will
provide you with the indemnification protections described in Exhibit D. 
 6. You agree that (A) you will be subject
to the Company’s Stock Ownership Guidelines for Executive Officers, as amended from time to time (the “Stock Ownership Guidelines”) and (B) the initial target ownership requirement applicable to you under the Stock
Ownership Guidelines will be six (6) times your annual base salary (as in effect from time to time). The target ownership requirement applicable to you under the Stock Ownership Guidelines may be adjusted from time to time by the Board in its
sole discretion. 
 7. This letter will be governed by, and construed in accordance with, the laws of the State of Connecticut, without
reference to principles of conflict of laws. Except for the Company’s right to seek injunctive relief, all disputes arising in connection with this letter will be settled by expedited arbitration conducted before a panel of three
(3) arbitrators sitting in Hartford, Connecticut, in accordance with the rules of the American Arbitration Association then in effect. The decision of the arbitrators in that proceeding will be binding on you and the Company. Judgment may be
entered on the award of the arbitrators in any court having jurisdiction. 
 8. The Company and you acknowledge that this letter
(together with the Exhibits hereto) constitutes the entire understanding between the Company and you with respect to the subject matter hereof and supersedes any other prior agreement or other understanding, whether oral or written, express or
implied, concerning the same. This letter supersedes in its entirety any prior compensation or bonus agreements or understandings between the Company and you and the Stanley Black & Decker Employee Restrictive Covenant Agreement you signed
on June 26, 2012. It does not supersede your Change in 

 Donald Allan, Jr. 

May 31, 2022 
  Page
 4
 
  

 
Control Severance Agreement and any agreements or understandings relating to your outstanding long-term incentive awards, except as expressly stated herein. This letter is personal to you and is
not assignable by you, and will be binding upon the Company and its successors. 
  

	
	Sincerely,
	
	STANLEY BLACK & DECKER, INC.
	
	 /s/ Janet M. Link

	Janet M. Link
	Senior Vice President,
	General Counsel and Secretary

  

	
	Agreed, May 31, 2022:
	
	 /s/ Donald Allan, Jr.

	Donald Allan, Jr.

 [Signature Page to Letter] 

 EXHIBIT A 

DEFINITIONS 

“Cause” means (A) your willful and continued failure to substantially perform your duties with the Company (other than
any such failure resulting from your incapacity due to physical or mental illness) that has not been cured within thirty (30) calendar days after a written demand for substantial performance is delivered to you by the Board, which demand
specifically identifies the manner in which the Board believes that you have not substantially performed your duties, (B) the willful engaging by you in conduct which is demonstrably and materially injurious to the Company or its affiliates,
(C) your conviction of (or plea of nolo contendere to) any felony or any other crime involving dishonesty, fraud or moral turpitude, (D) any violation of the Company’s policies relating to compliance with applicable laws that has a
material adverse effect on the Company or its affiliates or (E) your material breach of any restrictive covenant set forth in this letter. 

“Change in Control Severance Agreement” means the Change in Control Severance Agreement, dated December 4, 2018, between
the Company and you. 
 “Disability” means you are disabled within the meaning of the Company’s long-term disability
policy for salaried employees (or any successor thereto) or, if there is no such policy in effect, if (A) you are unable to substantially perform your duties hereunder for 120 business days within a period of 180 consecutive business days as a
result of physical or mental illness or injury, and (B) a physician selected by the Company and you (or your estate) has determined that you are totally and permanently disabled. 

“Good Reason” means the occurrence, without your consent, of any of the following circumstances: (A) the assignment to
you of any duties materially inconsistent with your status as the Company’s Chief Executive Officer or a material adverse alteration in the nature or status of your responsibilities, unless the Company has cured such events within thirty
(30) calendar days after the receipt of written notice thereof, (B) failure of the Company to nominate you to, or your removal by the Company from, the Board (in each case, prior to the date you attain age 65), (C) a material breach
by the Company of this letter, (D) a reduction in your annual salary or annual bonus target amount, except for across-the-board salary reductions similarly
affecting all senior executives of the Company or (E) the Company’s election not to renew the Change in Control Severance Agreement; provided that, for the avoidance of doubt, the Company’s amendment of the Change
in Control Severance Agreement in a manner that does not materially and adversely affect your rights thereunder shall not constitute Good Reason. 

A termination of employment by you for Good Reason will be effectuated by giving the Company written notice of the termination, setting forth
in reasonable detail the specific conduct of the Company that constitutes Good Reason, except that no termination by you will be treated as a termination for Good Reason unless the notice is given within forty-five (45) calendar days following
the date you first have knowledge of the event or circumstance alleged to constitute Good Reason. A termination of employment by you for Good Reason will be effective thirty (30) calendar days following the date when the notice is given, unless
the event or circumstance constituting Good Reason is remedied by the Company in accordance with the foregoing. 

“Section 409A” means Section 409A of the Internal Revenue Code of 1986, as amended, and the Treasury
Regulation and other Internal Revenue Service guidance promulgated thereunder. 

 EXHIBIT B 

RESTRICTIVE COVENANTS 

(a) During your employment with the Company and its subsidiaries and at all times thereafter, you will hold in a fiduciary capacity for
the benefit of the Company any and all information of the Company and its subsidiaries that is not generally known by others with whom they compete or do business, or with whom they plan to compete or do business and any and all information not
readily available to the public, which, if disclosed by the Company or its subsidiaries could reasonably be of benefit to such person or business in competing with or doing business with the Company (“Confidential Information”).
Confidential Information includes, without limitation, such information relating to the (i) development, research, testing, manufacturing, operational processes, marketing and financial activities, including costs, profits and sales, of the
Company and its subsidiaries, (ii) techniques, know how, processes, strategies, systems, databases, applications, programs, software, products and all formulas therefor, (iii) costs, sources of supply, financial performance and strategic
plans of the Company and its subsidiaries, (iv) identity and special needs of actual and potential customers and suppliers of the Company and its subsidiaries, (v) people and organizations with whom the Company and its subsidiaries have
business relationships and those relationships and (vi) employee identity and lists, and employee compensation and benefits. “Confidential Information” also includes comparable information that the Company or any of its subsidiaries
have received belonging to others or which was received by the Company or any of its subsidiaries pursuant to an agreement by the Company that it would not be disclosed. 

You hereby acknowledge and agree that (A) Confidential Information is a valuable, special and unique asset of the Company and its
subsidiaries and (B) you will not, directly or indirectly, during or at any time after your employment with the Company and its subsidiaries, use or disclose Confidential Information or any part of such Confidential Information in a manner that
is inconsistent with your fiduciary responsibilities with respect to the Company and its subsidiaries. You also agree that you will not, at any time during or after your employment with the Company and its subsidiaries, render any services to any
person, business, or entity to which Confidential Information will inevitably be disclosed as a result of your rendering of such services. 

Notwithstanding the foregoing, this letter is not intended to and shall be interpreted in a manner that does not limit or restrict you from
exercising any legally protected whistleblower rights (including pursuant to Rule 21F under the U.S. Securities Exchange Act of 1934, as amended). 

(b) During your employment with the Company and its subsidiaries and for a period of two (2) years after the date you terminate such
employment for any reason (the “Restriction Period”), you will not, without the written consent of the Board, directly or indirectly, as employee, agent, consultant, stockholder, director, manager,
co-partner or in any other individual or representative capacity, own, operate, manage, control, engage in, invest in or participate in any manner in, act as consultant or advisor to, render services for
(alone or in association with any person, firm, corporation or entity), or otherwise assist any person or entity (other than the Company) that engages in or owns, invests in, operates, manages or controls any venture or enterprise that directly or
indirectly engages or proposes to engage in any Competitive Business. “Competitive Business” means any line of business that is (i) for purposes of the portion of the Restriction Period that occurs during your employment with
the Company and its subsidiaries, substantially the same as any line of any operating business that the Company and its subsidiaries are then engaged in and (ii) with respect to the portion of the Restriction Period that commences on your
termination of employment with the Company and its subsidiaries, substantially the same as any line of any operating business that the Company and its subsidiaries are engaged in on the date of termination, in the case of clause (ii), that during
the Company’s four preceding fiscal quarters constituted at least 10% of the “net sales” of the Company and its subsidiaries. 

 (c) During the Restriction Period, you will not, without the written consent of the
Board, directly or indirectly, (i) solicit, encourage or induce or attempt to solicit, encourage or induce, any person who provides services to the Company and its subsidiaries, whether as an employee, consultant, independent contractor or
agent, or any entity which provides services to the Company and its subsidiaries under an agency relationship, to terminate his, her or its employment, services or other relationship with the Company and its subsidiaries or affiliates;
(ii) hire or offer employment or retain the services of any person who was employed by, or provided services to, the Company or any of its subsidiaries within the six (6) month period preceding the date of such hiring or offer of
employment or offer to retain services; or (iii) solicit, entice, persuade or induce (in each case, other than pursuant to non-targeted, general advertisements) any person or entity doing business with
the Company and its subsidiaries or affiliates, to terminate such relationship or to refrain from extending or renewing the same. 

(d) During the Restriction Period, you will not, directly or indirectly, solicit or do business with or attempt to solicit or do business
with any customer or prospective customer of the Company and its subsidiaries, whether or not you knew of or had personal contact with such customer or prospective customer while employed by the Company, with respect to activities which compete in
whole or in part with the activities of the Company and its subsidiaries. For purposes of this clause (d), (i) “customer” means any person, business, or entity with whom the Company and its subsidiaries transacts business during your
employment with the Company or, for purposes of the portion of the Restriction Period occurring after your termination of employment with the Company and its subsidiaries, who transacted business with the Company and its subsidiaries within the
twelve (12) month period immediately preceding your date of termination and (ii) “prospective customer” means any person, business, or entity with whom the Company and its subsidiaries makes contact during your employment with the
Company and its subsidiaries or, for purposes of the portion of the Restriction Period occurring after your termination of employment with the Company and its subsidiaries, who made contact within the twelve (12) month period immediately
preceding your termination of employment for the purpose of soliciting the sale of goods and/or services of the Company and its subsidiaries. 

(e) You will be required to promptly return to the Company upon your date of termination or at any other time the Company may so request,
all notes, records, documents, files and memoranda (including in electronic format and all copies of such materials) constituting Confidential Information you may then possess or have under your control; provided, however, that you may
retain your personal correspondence, diaries and other items of a personal nature. You may not retain any copies of any Confidential Information or other Company property. You agree not to remove any Company Property or tangible Confidential
Information from the premises of the Company and its subsidiaries, except as required in the performance of your work for the Company and its subsidiaries. For purposes of this Agreement, “Company Property” means any property
(i) owned by the Company, (ii) situated on the Company’s premises, or (iii) provided to you by the Company and its subsidiaries. 

(f) You agree that, in addition to any other remedies available to the Company, the Company will be entitled to injunctive relief in the
event of any actual or threatened breach of the restrictive covenants in this Exhibit B without the necessity of posting any bond, it being acknowledged and agreed that any breach or threatened breach of such covenants will cause
irreparable injury to the Company and that money damages alone will not provide an adequate remedy to the Company. You also agree that the Company will be entitled to recover from you all attorney’s fees, expenses and costs incurred by the
Company in connection with your breach or threatened breach of the restrictive covenants in this Exhibit B. If a court of competent jurisdiction determines that any provision or restriction in

 
this Exhibit B unreasonable or unenforceable, the Company and you agree that such court will modify such restriction or provision so that it becomes a reasonable and enforceable
restriction on your activities. If any provision or restriction of this Exhibit B determined to be unenforceable, the remaining provisions and restrictions shall not be affected by such determination. 

 EXHIBIT C 

SECTION 409A COMPLIANCE 

(a) This letter shall be interpreted and administered so as to ensure that the payments contemplated hereby to be made by the Company are
exempt from, or comply with, Section 409A. A termination of employment will not be deemed to have occurred for purposes of any provision of this letter providing for the payment of any amounts or benefits subject to Section 409A upon or
following a termination of employment unless such termination is also a “separation from service” (within the meaning of Section 409A). 

(b) Notwithstanding anything to the contrary, if you are a “specified employee” (within the meaning of Section 409A
and determined pursuant to procedures adopted by the Company) at the time of your separation from service and if any portion of the payments or benefits to be received by you upon separation from service would be considered deferred compensation
under Section 409A, any such portion that would otherwise be payable pursuant to this letter during the six-month period immediately following your separation from service (the “Delayed
Payments”) or provided pursuant to this letter (the “Delayed Benefits”) during the six-month period immediately following your separation from service (such period, the “Delay
Period”) will instead be paid or made available on the earlier of (i) the first business day of the seventh month following the date of your separation from service or (ii) your death (the applicable date, the “Permissible
Payment Date”). Any Delayed Payments will bear interest at the United States 5-year Treasury Rate plus 2%, which accumulated interest will be paid to you on the Permissible Payment Date. 

(c) With respect to any amount of expenses eligible for reimbursement under this letter, such expenses will be reimbursed by the Company
within thirty (30) calendar days following the date on which the Company receives the applicable invoice from you but in no event later than December 31 of the year following the year in which you incur the related expenses. 

(d) Any amount of expenses eligible for reimbursement shall be made (A) in accordance with the reimbursement payment date set forth
in this letter or (B) where the applicable provision does not provide for a reimbursement date, thirty (30) calendar days following the date on which the expenses are incurred, but, in each case, no later than December 31 of the year
following the year in which you incur the related expenses; provided, that in no event will the reimbursements or in-kind benefits to be provided by the Company in one taxable year affect the amount of
reimbursements or in-kind benefits to be provided in any other taxable year, nor will your right to reimbursement or in-kind benefits be subject to liquidation or
exchange for another benefit. 
 (e) Each amount payable hereunder in one or more installments shall be considered a “separate
payment” and not a series of payments for purposes of Section 409A. The parties intend that each amount payable hereunder that qualifies for the exception from the definition of “deferred compensation” under Section 1.409A-1(b)(4) (concerning short-term deferrals) and/or 1.409A-1(b)(9) (concerning separation pay plans) shall be so treated as exempt, including for purposes of
paragraph (b) hereof. 
 (f) If the period during which you have discretion to execute or revoke a release straddles two calendar
years, the Company shall make the payments that are conditioned upon the release no earlier than January 1st of the second of such calendar years, regardless of which taxable year you actually deliver the executed release to the Company. 

 EXHIBIT D 

INDEMNIFICATION 
 To the fullest
extent permitted by the Company’s certificate of incorporation and by-laws, or, if greater, by the laws of the State of Connecticut, the Company will promptly indemnify and hold you harmless for all
amounts (including, without limitation, judgments, fines, settlement payments, losses, damages, costs, expenses (including reasonable attorneys’ fees), ERISA excise taxes, or other liabilities or penalties and amounts paid or to be paid in
settlement) incurred or paid by you in connection with any action, proceeding, suit or investigation (a “Proceeding”) to which you are made a party, or are threatened to be made a party, by reason of the fact that you are or were a
director, officer or employee of the Company or you are or were serving at the request of the Company as a director, officer, member, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, including service
with respect to employee benefit plans, programs or arrangements, whether or not the basis of such Proceeding is your alleged action in an official capacity. Such indemnification will continue even if you have ceased to be a director, employee or
agent of the Company or other affiliated entity and will inure to the benefit your heirs, executors and administrators. The Company will advance to you all reasonable costs and expenses incurred by you in connection with a Proceeding within fifteen
(15) calendar days after receipt by the Company of a written request from you for such advance. Such request shall include an undertaking by you to timely repay the amount of such advance if it shall ultimately be determined that you are not
entitled to be indemnified against such costs and expenses. The Company also agrees to maintain a director’s and officers’ liability insurance policy covering you to the extent the Company provides such coverage for its other senior
executive officers. Following your employment with the Company, the Company shall continue to maintain a directors’ and officers’ liability insurance policy for your benefit which is no less favorable than the policy covering other senior
officers of the Company.Exhibit 10.1

 

 

DATED

 

 

 

 

 

THE CHANCELLORMASTERS AND
SCHOLARS OF THE UNIVERSITY OF OXFORD

 

and

 

BLUE WATER VACCINES

 

 

 

 

 

 

 

 

 

AGREEMENT FOR THE SPONSORSHIP
OF A RESEARCH PROJECT

 

relating to BWV Influenza
Vaccine

 

University reference:
R52438CN002

 

 

 

    1

     

    

 

 

THIS AGREEMENT is made BETWEEN

 

	(1)	THE CHANCELLOR MASTERS AND SCHOLARS OF THE UNIVERSITY OF OXFORD, whose administrative offices are at Wellington
Square, Oxford OX1 2JD (the “University”); and

 

	(2)	BLUE WATER VACCINE, a company whose registered office is at 1013 Centre Rd, Suite 403-B New Castle
Wilmington, Delaware, 19805, USA (the “Sponsor”),

 

each a
“Party” and together the “Parties”.

 

BACKGROUND

 

	(A)	The Sponsor wishes to sponsor the Project (as defined below), and the University is willing to undertake
the Project, all in accordance with this Agreement.

 

	(B)	The Parties intend that the Project will further the University’s pursuit of its charitable objects:
the advancement of learning by teaching and research and its dissemination by every means.

 

AGREED TERMS

 

	1.	DEFINITIONS AND INTERPRETATION

 

	1.1.	In this Agreement, the. following words shall have the following meanings:

 

	 	“Arising Intellectual Property” 	 	means all Intellectual Property that is identified or first reduced to practice or writing or developed in the course of the Project; 
	 	 	 	 
	 	“Background Intellectual Property” 	 	means all Intellectual Property except any Arising Intellectual Property that is (i) owned by, or licensed to, a Party; and (ii) provided by that Party for use by the other Party as part of the Project;
	 	 	 	 
	 	“Confidential Information” 	 	means all technical, scientific or commercial information that is either:

 

	 	 	(a)	 provided by one Party to the other in connection with the Project and at the time of provision is marked or otherwise designated to show expressly that it is imparted in confidence; or
	 	 	 	 
	 	 	(b)	generated as part of the Project;

 

	 	“Clinical Patient Care”	 	Means diagnosing, treating and/or managing the health of persons under the care of an individual having the right to use the Arising IP in the event that such Arising IP is capable of applications in a healthcare setting without further development.
	 	 	 	 
	 	“Control”	 	the ability to direct the affairs of another person, whether by virtue of the ownership of shares, by contract, or in any other way
	 	 	 	 
	 	“Field”	 	The development, manufacture and commercialisation of Influenza A Group 2 and Influenza B vaccines. 
	 	 	 	 
	 	“Group Company”	 	any undertaking which for the time being Controls, or is Controlled by, the Sponsor or which for the time being is Controlled by a third person which also Controls the Collaborator 
	 	 	 	 
	 	“Intellectual Property”	 	means patents, utility models, rights to inventions, plant variety rights, copyright and related rights, trade marks, business names and domain names, goodwill and the right to sue for passing off, rights in designs, rights in computer software, semi-conductor topography rights, database rights, rights to use, and protect the confidentiality of, confidential information (including know-how) and all other intellectual property rights, in each case whether registered or unregistered and including all applications and rights to apply for and be granted, renewals or extensions of, and rights to claim priority from, such rights and all similar or equivalent rights or forms of protection which subsist or will subsist now or in the future in any part of the world; 

 

    2

     

    

 

	 	“Noncommercial Use”	 	Means Academic and Research purpose and the purposes of Clinical Patient Care. This includes the right for the University to license the Arising IP to any of its collaborators in connection with and solely for the University’s Academic and Research Purposes; but does not include the right to grant to commercially exploit the Arising IP. 
	 	 	 	 
	 	“License Agreement”	 	Means the Agreement dated 16th July 2019 between Oxford University Innovation Limited and Blue Water Vaccines Inc. 
	 	 	 	 
	 	“Principal Investigators”	 	means Craig Thompson and Sunetra Gupta, or a successor appointed with the prior written agreement of the Parties;
	 	 	 	 
	 	“Project”	 	means the project described in Schedule 1, as amended from time to time with the prior written agreement of the Parties; 
	 	 	 	 
	 	“Project Start Date”	 	means 01 January 2020; 
	 	 	 	 
	 	“Publish” or “Publication”	 	means the publication of an abstract, article or paper
in a journal qr an electronic repository, or its presentation at a conference or seminar;
	 		 	 
	 	“Research Purposes”	 	acts done for experimental purposes or to obtain regulatory approval for any generic or innovative medicinal product (including any clinical trial) 
	 	 	 	 
	 	“Results”	 	all information, data, techniques, know-how, results, inventions, discoveries, software and materials (regardless of the form or medium in which they are disclosed or stored) identified or first reduced to practice or writing or developed in the course of the Project 
	 	 	 	 
	 	“Sponsor’s Results” 	 	the Results to the extent that they are directly related to the composition, characteristics, manufacture, development, enhancement or use of the Sponsor’s Background, the Sponsor’s Materials or the Sponsor’s Confidential Information. 
	 	 	 	 
	 	“Territory”	 	Worldwide. 
	 	 	 	 
	 	“University’s Results”	 	the Results not directly related to the Field to the extent that they are directly related to the composition, characteristics, manufacture, development, enhancement or use of the University’s Background or the University’s Confidential Information

 

	1.2.	Clause and Schedule headings shall not affect the interpretation of this Agreement.

 

	1.3.	A person includes a natural person, corporate or unincorporated body (whether or not having separate
legal personality).

 

	1.4.	The Schedules form part of this Agreement and shall have effect as if set out in full in the body of
this Agreement. Any reference to this Agreement includes the Schedules.

 

    3

     

    

 

	1.5.	If there is an inconsistency between any of the provisions in the main body of this Agreement and the
Schedules, the provisions in the main body of this Agreement shall prevail.

 

	1.6.	Unless the context otherwise requires, words in the singular shall include the plural and in the plural
shall include the singular.

 

	1.7.	A reference to a statute or statutory provision is a reference to it as amended, extended .or re-enacted
from time to time and shall include all subordinate legislation made from time to time under that statute or statutory provision;

 

	1.8.	A reference to writing or written does not include e-mail.

 

	1.9.	References to clauses and Schedules are to the clauses and Schedules of this Agreement.

 

	1.10.	Any words following the terms including, include, in particular, for example or any similar expression
shall be construed as illustrative and shall not limit the sense of the words, description, definition, phrase or term preceding those
terms.

 

	2.	THE PROJECT

 

	2.1.	The Project will begin on the Project Start Date and shall continue until 31st
December 2022 or until any later date agreed by the Parties in writing, or until this Agreement is terminated in accordance with its provisions
(the “Project Period”). If this Agreement is entered into after the Project Start
Date, it shall apply retrospectively to work carried out in relation to the Project on or after the Project Start Date.

 

	2.2.	The University shall carry out the Project within the scope allowed by the Sponsor’s funding, but the
University does not undertake that any research will lead to any particular result nor guarantee a successful outcome to the Project.

 

	2.3.	The Project shall be carried out under the supervision of the Principal Investigators.

 

	2.4.	The University shall provide the Sponsor with:

 

		(a)	quarterly reports summarising the progress of the Project; and

 

		(b)	a final written report on the Project within three months of expiry of this Agreement.

 

	3.	FUNDING BY THE SPONSOR

 

	3.1.	The Sponsor shall pay the University payments in respect of the Project on the dates and in the amounts
set out at Schedule 2.

 

    4

     

    

 

	3.2.	All payments due under this Agreement:

 

		(a)	are exclusive of value added tax, which where applicable shall be paid by the Sponsor to the University
in addition;

 

		(b)	shall be paid in pounds sterling (unless otherwise agreed by the Parties in writing) and to a bank account
notified in writing by the University to the Sponsor; and

 

		(c)	shall be made on the due date, failing which the University may charge interest on any outstanding amount
on a daily basis at a rate equivalent to four per cent. (4%) per annum above the Barclays Bank pie base lending rate then in force in
London.

 

	3.3.	Unless otherwise agreed by the Parties in writing, the University shall own all equipment purchased
or constructed using the funding provided by the Sponsor under this Agreement.

 

	4.	CONFIDENTIALITY

 

	4.1.	Neither Party shall, either during the Project Period or for three (3) years after the end of the Project
Period:

 

		(a)	except as provided for in this clause 4 (Confidentiality) and in clause 5 (Publication), disclose Confidential
Information generated as part of the Project to a third party if such a disclosure would prejudice
the rights of the other Party under this Agreement in relation to any Arising Intellectual Property; or

 

		(b)	except as provided for in this clause 4 (Confidentiality) or as otherwise agreed in writing by the disclosing
Party, disclose any other Confidential Information of the djsclosing Party to a third party, or use such Confidential Information for
any purpose except carrying out the Project.

 

	4.2.	The receiving Party may disclose any Confidential Information received from the disclosing Party to
those of its officers, employees, agents, advisers and (in relation to the University) students who:

 

		(a)	reasonably need to receive that Confidential Information for the purpose of carrying out the Project;
and

 

		(b)	have been informed by the receiving Party (i) of the confidential
nature of the Confidential Information; and (ii) that the disclosing Party disclosed the Confidential Information to the receiving Party
subject to written confidentiality obligations..

 

The receiving
Party shall be liable to the disclosing Party for any breach of this Agreement by the receiving Party’s officers, employees, agents, advisers
and students.

 

    5

     

    

 

	4.3.	The provisions of clause 4.1 shall not apply to Confidential Information that:

 

		(a)	is or becomes generally available to the public (other than as a result of its disclosure by the receiving
Party in breach of this clause 4 (Confidentiality));

 

		(b)	was available to the receiving Party on a non-confidential basis before disclosure by the disclosing
Party;

 

		(c)	was, is or becomes available to the receiving Party on a non-confidential basis from a person who, to
the receiving Party’s knowledge, is not bound by a confidentiality agreement with the disclosing Party or otherwise prohibited from disclosing
the information to the receiving Party;

 

		(d)	the Parties agree in writing is not confidential or may be disclosed;

 

		(e)	is developed by or for the receiving Party independently of the information disclosed by the disclosing
Party; or

 

		(f)	the receiving Party is required by law, a court of competent jurisdiction or any governmental or regulatory
authority to disclose.

 

	4.4.	If a receiving Party receives a request under the Freedom
of Information Act 2000 or the Environmental Information Regulations 2004 to disclose any information that, under this Agreement, is
the disclosing Party’s Confidential Information, the receiving Party shall notify the disclosing Party and shall consult with the disclosing
Party promptly and before making any such disclosure. The disclosing Party shall respond to the receiving Party within ten (10) days
after receiving the receiving Party’s notice if that notice requests the disclosing Party to provide information to assist the receiving
Party to determine whether or not the requested information is exempt from disclosure under the Freedom of Information Act 2000 or an
exception to disclosure under the Environmental Information Regulations 2004 applies.

 

	5.	PUBLICATION

 

	5.1.	Any employee or student of the University (whether or not involved in the Project) may, provided a
Confidentiality Notice under this clause 5 (Publication) has not been given:

 

		(a)	provided the procedure set out in clause 5.2 is followed, Publish the results of the Project including:

 

		i.	any Background Intellectual Property of the Sponsor (unless it is the Sponsor’s Confidential Information);
and

 

		ii.	any of the Arising Intellectual Property; and

 

		(b)	discuss work undertaken as part of the Project in University seminars, tutorials and lectures.

 

    6

     

    

 

	5.2.	During the Project Period and (unless this Agreement is terminated by the University for the Sponsor’s
breach or insolvency) for twelve (12) months after the expiry or termination of this Agreement, the University shall submit to the Sponsor,
in writing, details of any results of the Project that any employee or student of the University intends to Publish, at least thirty (30)
days before the date of the proposed submission for Publication.

 

	5.3.	The Sponsor may, by giving written notice (a “Confidentiality Notice”) to the University:

 

		(a)	require the University to delay the proposed Publication for a maximum of three (3) months after receipt
of the Confidentiality Notice if, in the Sponsor’s reasonable opinion, that delay is necessary in order to seek patent protection for
any Arising Intellectual Property; or

 

		(b)	require the University to delete from the proposed Publication any Confidential Information not generated
as part of the Project and provided to the University by the Sponsor.

 

	5.4.	The Sponsor must give any Confidentiality Notice within thirty (30) days after the Sponsor receives
details of the proposed Publication. If the University does not receive such a Confidentiality Notice within that period, its employee
or student may proceed with the proposed Publication, provided that, whether or not a Confidentiality Notice has been given, any Confidential
Information not generated as part of the Project and provided to the University by the Sponsor may not be Published.

 

	5.5.	Nothing in this Agreement shall prevent:

 

		(a)	the submission for a degree of the University of a thesis or dissertation based on the results of the
Project and the examination of such a thesis or dissertation by examiners appointed by the University; nor

 

		(b)	the deposit of such a thesis or dissertation in the University’s libraries.

 

	5.6.	The Sponsor acknowledges that the quality of the research conducted by the University is subject to
assessment by Research England under the Research Excellence Framework (the “REF”). The Sponsor agrees to provide any information
and/or materials in relation to the Project reasonably requested by the University for inclusion in its submissions as part of the REF
(or any equivalent assessment exercise that replaces it).

 

	6.	INTELLECTUAL
                                            PROPERTY

 

	6.1.	Nothing in this Agreement shall affect the ownership of either
Party’s Background Intellectual Property or in any other technology, design, work, invention, software, data, technique, Know-how, or
materials which are not Results. No licence to use any Intellectual Property is granted or implied by this Agreement except the rights
expressly granted in this Agreement, and those rights granted to Sponsor in the License Agreement.

 

    7

     

    

  

	6.2.	Each Party also hereby grants to the other a royalty-free, non-exclusive licence to use any Background
Intellectual Property provided by a Party for use in the Project, solely for the purpose of carrying out the Project. Neither Party may
grant any sub-licence to use the other’s Background except: that the Sponsor may allow any Group Company and any person working for or
on behalf of the Sponsor or any Group Company to use the University’s Background for the purpose of carrying out the Project, and except
those rights • granted by University under the License Agreement associated with the Applications (Schedule 3).

 

	6.3.	The University will own the Intellectual Property Rights in the University’s Results, and the Sponsor
will own the Arising Intellectual Property Rights in the Results.

 

	6.4.	The University hereby grants to the Sponsor an exclusive option (the “Option”)
to negotiate a licence to commercially exploit the University’s Results. The terms of the Option are as follows:

 

		(a)	The Option shall be exerciseable at any time after the start of the Project Period and before the earlier
of: (i) the date six months after the date on which the University notifies the Sponsor in writing of any patentable Arising Intellectual
Property that is the subject of a filed patent application; (ii) the date six (6) months after the end of the Project Period (or a different
date agreed by the Parties in writing); and (iii) the effective date of any termination of this Agreement (the “Option
Period”).

 

		(b)	The Option shall be exercised by the Sponsor giving notice in writing to the University. Following
that notice, the Parties shall negotiate for a period of up to ninety (90) days (the “Negotiation
Period”) in good faith the terms of a licence of the Arising Intellectual Property including any agreed royalty and other
payment provisions.’

 

		(c)	If the Parties are unable to agree the terms of a licence agreement during the Negotiation Period,
despite negotiating in good faith, the Option shall lapse.

 

		(d)	During the Option Period and any Negotiation Period, the University shall not license any third party
to commercially exploit the Arising Intellectual Property without the prior written consent of the Sponsor.

 

    8

     

    

 

		(e)	If the Option Period expires or the Option lapses without a licence to commercially exploit the Arising
Intellectual Property being granted to the Sponsor, the University shall be entitled to licence any third party to commercially exploit
the Arising Intellectual Property.

 

	6.5.	The University may fulfil its obligations under this clause 6 (Intellectual Property) through its technology
transfer company Oxford University Innovation Limited.

 

	6.6.	Notwithstanding anything else in this Agreement or any licence entered into pursuant to the Option Agreement,
but subject to clause 6.8:

 

		(a)	the University shall have the irrevocable right in perpetuity to:

 

		i.	use the Arising Intellectual Property for research (including research funded by any third party) and
teaching; and

 

		ii.	license the Arising Intellectual Property for use in research and teaching undertaken in collaboration
with the University; and

 

		(b)	each University employee and student who works on the Project shall have the irrevocable right in perpetuity
to use the Arising Intellectual Property for research, teaching and clinical care, even if their employment by or studies at the University
comes to an end. The benefit conferred by this sub-clause is intended to be enforceable by the persons referred to in it.

 

	7.	ANTI-BRIBERY

 

	7.1.	Each Party shall comply with all applicable laws relating to anti-bribery and anti-corruption, including
the Bribery Act 2010, in connection with its conduct under this Agreement.

 

	8.	LIMITATION
                                            OF LIABILITY

 

	8.1.	Neither of the Parties makes any representation or gives any warranty to the other that any advice
or information given by it or any of its officers, employees, agents, advisers and students who Work or have worked on the Project, or
the content or use of any Background Intellectual Property, Arising Intellectual Property, or materials, works or information provided
in connection with the Project, will not constitute or result in any infringement of third party rights.

 

	8.2.	Subject to clause 8.6, The Sponsor agrees to indemnify, and hold University harmless from and against
any and all claims, damages and liabilities:

 

		8.2.1.	Asserted by third parties (including claims for negligence) which arise directly or indirectly from
the use of the Results by Sponsor; and/or

 

		8.2.2.	Arising directly or indirectly from any breach by the Sponsor of this Agreement.

 

    9

     

    

 

	8.3.	Sponsor undertakes to make no claim in connection with this
Agreement or its subject matter against the Principal Investigators or any other officer, employee, agent, adviser and student of the
University (apart from claims based on fraud or de_liberate default). This undertaking is intended to give protection to those individuals
and is intended to be enforceable by each of them, but it does not affect any right which the Sponsor might have to claim against the
University.

 

	8.4.	Subject to clause 8.6, the liability of each Party to the other for any breach of this Agreement, any
negligence, or arising in any other way out of the subject matter of this Agreement, the Project, and the results of the Project, will
not extend to:

 

		(a)	any indirect damages or losses; or

 

		(b)	any loss of profits, loss of revenue, loss of data, loss of contracts or opportunity, whether direct
or indirect,

 

even, in
any such case, if the Party bringing the claim has advised the other of the possibility of those losses, or if they were within the other
Party’s contemplation.

 

	8.5.	Subject to clause 8.6, the aggregate liability of each Party to the other for all and any breaches of
this Agreement, any negligence or arising in any other way out of the subject matter of this Agreement, the Project, and the results of
the Project, will not exceed in total the funding to be provided by the Sponsor under clause 3 (Funding by the Sponsor).

 

	8.6.	Nothing in this Agreement limits or excludes either Party’s liability for:

 

		(a)	death or personal injury caused by negligence; or

 

		(b)	any fraud or for any sort of other liability that, by law, cannot be limited or excluded.

 

	9.	TERM AND TERMINATION

 

	9.1.	This Agreement shall commence on the date when it has been signed by all the Parties and shall continue,
unless terminated earlier in accordance with this clause 9 (Term and Termination), until the end of the Project Period.

 

    10

     

    

 

	9.2.	Without affecting any other right or remedy available to it, either Party may terminate this Agreement
with immediate effect by giving written notice to the other Party if:

 

		(a)	the other Party fails to pay any amount due under this Agreement on the due date for payment and remains
in default not less than thirty (30) days after being notified in writing to make such payment;

 

		(b)	the other Party commits a material breach of any other term of this Agreement which breach is irremediable
or (if such breach is remediable) fails to remedy that breach within a period of ninety (90) days after being notified in writing to do
so;

 

		(c)	the other Party repeatedly breaches any of the terms of this Agreement in such a manner as to reasonably
justify the opinion that its conduct is inconsistent with it having the intention or ability to give effect to the terms of this Agreement;
or

 

		(d)	the other Party becomes insolvent; an order is made or a resolution is passed for the winding up of
the other Party (other than voluntarily for the purpose of solvent amalgamation or reconstruction); an administrator, administrative receiver
or receiver is appointed in respect of the whole or any part of the other Party’s assets or business; the other Party makes any composition
with its creditors; or the other Party takes or suffers any similar or analogous action in consequence of debt.

 

	9.3.	The University shall notify the Sponsor promptly in writing if at any time the Principal Investigators
or any other key individual is unable or unwilling to continue to be involved in the Project. Within sixty (60) days after the date of
that notice, the University shall be entitled to nominate a successor. The Sponsor shall not unreasonably decline to accept a nominated
successor. Either Party may terminate this Agreement by giving ninety (90) days’ written notice to the other Party if no successor is
nominated by the University or if the Sponsor has reasonably declined to accept a nominated successor.

 

	10.	CONSEQUENCES
                                            OF TERMINATION

 

	10.1.	On termination of this Agreement, the Sponsor shall (i) pay the University for all work done before
termination; and (ii) reimburse the University for (a) all costs incurred and falling due for payment up to the date of the termination;
and (b) all
expenditure falling due for payment after the date of termination that arises from commitments reasonably and necessarily incurred by
the University for the performance of the Project before the date of the notice of termination.

 

	10.2.	On termination of this Agreement for any reason apart from the University’s breach or insolvency, the
Sponsor will continue to reimburse the actual direct employment costs of employees who were appointed by the University to work on the
Project before the service of the notice of termination, provided that the University takes all reasonable steps to minimise those costs.
Reimbursement will continue until the effective date of termination of each staff contract or the date on which the Project was to have
ended (whichever is the earlier). Those direct employment
costs will include a proportion of any redundancy costs that have been incurred by the University as a direct result of the termination
of this Agreement, that proportion to be calculated by dividing the individual’s involvement in the Project by the duration of their employment
by the University.

 

    11

     

    

 

	10.3.	Termination of this Agreement by a Party shall not affect the rights and obligations of the Parties
accrued before termination. The rights and obligations of the Parties set out in clauses 1 (Definitions and Interpretation), 3 (Funding
by the Sponsor), 4 (Confidentiality), 5 (Publication), 6 (Intellectual Property), 7 (Limitation of liability), 9 (Termination), 10 (Consequences
of termination) and 11 (General) shall survive termination or expiry of this Agreement.

 

	11.	GENERAL

 

	11.1.	Force majeure. Neither Party shall be in breach of this
Agreement nor liable for delay in performing, or failure to perform, any of its obligations under this Agreement (other than an obligation
to make a payment) if such delay or failure results from events, circumstances or causes beyond its reasonable control. In such circumstances,
the affected Party shall be entitled to a reasonable extension of the time for performing such obligations. If the period of delay or
non-performance continues for six (6) months, the Party not affected may terminate this Agreement by giving thirty (30) days’ written
notice to the affected Party.

 

	11.2.	Assignment. Neither Party shall assign, delegate, sub-contract
or otherwise transfer or deal in any or all of its rights and obligations under this Agreement without the prior written consent of the
other Party.

 

	11.3.	Announcements. Neither Party shall make, or permit any
person to make, any public announcement concerning this Agreement without the prior written consent of the other Party (such consent not
to be unreasonably withheld or delayed), except as required by law, any governmental or regulatory authority, any court or other authority
of competent jurisdiction.

 

	11.4.	No use of names or logos. Neither Party shall use the name
or any logo of the other Party in any press release or product advertisement, or for any other promotional purpose, without the other
Party’s prior written consent.

 

	11.5.	Entire Agreement. This Agreement constitutes the entire
agreement between the Parties in relation to its subject matter and supersedes and extinguishes any prior oral or written agreement between
them relating to that subject matter. Without limiting either Party’s liability for fraudulent misrepresentation or fraudulent concealment,
each Party acknowledges that it has not entered into this Agreement on the basis of any representation, agreement, term or condition which
is not set out in this Agreement.

 

    12

     

    

 

	11.6.	Costs. Except as expressly provided in this Agreement, each
Party shall pay its own costs incurred in connection with the negotiation, preparation and execution of this Agreement.

 

	11.7.	Variation. No variation of this Agreement shall be effective
unless it is in writing and signed by the Parties.

 

	11.8.	Waiver. No failure or delay by a Party to exercise any right
or remedy provided under this Agreement or by law shall constitute a waiver of that or any other right or remedy, nor shall it prevent
or restrict the further exercise of that or any other right or remedy. No single or partial exercise of such right or remedy shall prevent
or restrict the further exercise of that or any other right or remedy.

 

	11.9.	Severance. If any provision or part-provision of this Agreement
is or becomes invalid, illegal or unenforceable, it shall, to the minimum extent required, be deemed deleted from this Agreement without
affecting the validity and enforceability of the rest of this Agreement. In the event of any such deletion, the Parties shall negotiate
in good faith in order to agree the terms of an alternative provision that, to the greatest extent possible, achieves the intended commercial
result of the deleted provision.

 

	11.10.	Language. This Agreement is drafted in the English language.
If this Agreement is translated into any other language, the English language version shall prevail.

 

	11.11.	No partnership or agency. Nothing in this Agreement creates,
implies or evidences any partnership or joint venture between the Parties, or the relationship between them of principal and agent. Neither
Party has any authority to make any representation or commitment, or to incur any liability, on behalf of the other P;irty.

 

	11.12.	Further assurance. At its own expense, each Party shall,
and shall use all reasonable endeavours to procure that any necessary third party shall, execute and deliver such documents and perform
..such acts as may reasonably be required for the purpose of giving full effect to this Agreement.

 

	11.13.	Notices. Any notice given to a Party under or in connection
with this Agreement shall be: in writing and in English; sent by email and by post; and deemed to be received on the day of hand delivery,
the business day after recorded delivery or the second business day after posting by first class post. Notices shall be addressed as follows:

 

		(a)	Notices
                                            to the University: Head of Team Research Services, Science Team, 2nd
                                            Floor Robert Hooke Building, OX1 3PR, Oxford, with a copy to each of the Principal
                                            Investigators, Zoology Research and Administration Building, 11a Mansfield Rd,.Oxford OX1
                                            3SZ, and the Director,’ Research Services, University Offices, Wellington Square, Oxford
                                            OX1 2JD; email: research.services@admin.ox.ac.uk (using in each case the following University
                                            reference: R52438CN002).

 

		(b)	Notices to the Sponsor: Mr. Joe Hernandez, 1013Centre Rd, Suite 403- B New Castle Wilmington, Delaware,
19805, USA.

 

    13

     

    

 

	11.14.	Counterparts. This Agreement may be executed in any number of counterparts, each of which when
executed shall constitute a duplicate original, but all the counterparts shall together constitute the one agreement. No counterpart shall
be effective until each Party has executed at least one counterpart.

 

	11.15.	Third party rights. Unless this Agreement expressly provides otherwise, no one except a Party
has any right to prevent the amendment or termination of, or to enforce any benefit conferred by, this Agreement.

 

	11.16.	Dispute Resolution. If the Parties are unable to reach agreement on any issue concerning this
Agreement or its subject matter with fourteen (14) days after one Party has notified the other Party of that issue, they shall refer the
matter to the Director of Research Services in the case of the University, and to Mr. Joe.Hernandez in the case of the Sponsor in an attempt
to resolve the issue within fourteen (14) days after the referral. A Party may bring proceedings in accordance with clause 11.18 (Jurisdiction)
if the matter has not been resolved within that fourteen (14) day period, and a Party may ap)Jly to the court for an injunction, whether
or not any issue has been referred for resolution under this clause 11.15 (Dispute Resolution).

 

	11.17.	Governing law. This Agreement and any dispute or claim arising out of or in connection with
it or its subject matter or formation (including non-contractual disputes or claims) shall be governed by and construed in accordance
with the laws of England and Wales.

 

	11.18.	Jurisdiction. Each Party irrevocably agrees that the
courts of England and Wales shall have exclusive jurisdiction to settle any dispute or claim arising out of or in connection with this
Agreement or its subject matter or formation (including non-contractual disputes or claims), except that either Party may seek an interim
injunction in any court of competent jurisdiction.

 

    14

     

    

 

This Agreement has been entered Into on the date stated
at the beginning of II.

 

	SIGNED for and on behalf of 

THE
    CHANCELLOR MASTERS AND 
 SCHOLARS OF THE UNIVERSITY OF OXFORD		 

 

	Name:	 	/s/ Dr. Dan Blakov

	 	 	the Principal Investigators

	 	 	
	 	 	Dr Dan Blakoy
		 	Head of Research Services
	Title:	 	(Science Area, Human111es. social Sitences-and-GbAM)
	 	 	University of Oxford

	 	 	 
	Date:	 	18. Dec. 2019

 

	SIGNED for and on behalf of	)	 
	BLUE WATER VACCINES	)	 
	 	 	 
	Name:	 	 
	 	 	 
	Title:	 	 
	 	 	 
	Date:	 	 

 

	ACKNOWLEDGED by	 	/s/ Sunetra Gupta
	the Principal Investigators 	 	 
	 	 	 
	Name:	 	SUNETRA GUPTA
	 	 	 
	Title:	 	PROFESSOR
	 	 	 
	Date:	 	8. Dec. 2019

 

	ACKNOWLEDGED by	 	/s/ Craig Thompson

		 	 
	 	 	 
	Name:	 	Craig Thompson

	 	 	 
	Title:	 	 
	 	 	 
	Date:	 	8/12/19

 

    15

     

    

 

This Agreement has been entered into on the date stated
at the beginning of it.

 

	SIGNED for and on behalf of 

THE CHANCELLOR MASTERS AND 

SCHOLARS
OF THE UNIVERSITY OF OXFORD		 
			 
	Name:	 	/s/ Dr. Dan Blakov
	 	 	 
	 	 	Dr Dan Blakoy
	 	 	Head of Research Services
	Title:	 	(Science Area, Humarnilas,
    Suc!atsclenceoan<tG!cAM)
	 	 	University of Oxford
	 	 	 
	Date:	 	18. Dec. 2019

 

	SIGNED for and on behalf of	)	 
	BLUE WATER VACCINES	)	 
	 	 	 
	Name:	 	/s/ Joe Hernandez
	 	 	 
	Title:	 	 
	 	 	 
	Date:	 	12/19/2019

 

	ACKNOWLEDGED by	 	 
	the Principal Investigators 	 	 
	 	 	 
	Name:	 	 
	 	 	 
	Title:	 	 
	 	 	 
	Date:	 	 
	 	 	 
	ACKNOWLEDGED by	 	 
	the Principal Investigators	 	 
	 	 	 
	Name:	 	 
	 	 	 
	Title:	 	 
	 	 	 
	Date:	 	 

 

    16

     

    

 

Schedule 1: the Project

 

The funding
over a three-year period will allow Dr Thompson to finalise the pre-clinical studies of the influenza vaccine.

 

The pre-clinical
studies will involve analysis of the effect of the influenza vaccine in mice with and without artificial immunity. Dr Thompson
will also optimise vaccine production using the Escherichia coli Rosetta 2 (DE3) strain and a multiple protein express system in
a research laboratory environment. Dr. Thompson will analyse the VLP complex formed using size exclusion fractionation, and if possible,
electron microscopy. Once complete, the influenza vaccine studies will be written up for submission to high impact journals. Research
into the vaccines protection against potential pandemic avian and swine influenza strains will also be conducted over the three
year period, which will help to further define and demonstrate the scope of the vaccine.

 

Pursuant to
a separate agreement, Dr Thompson will liaise with Dr Brian Price (COO of Blue Water Vaccines) and the GMP production facility, Ology
on a regular basis. Key issues to be determine will involve (i) identifying quality control assays to assess the production of the VLP
at Ology, and (ii) assisting with the establishment of vaccine production specifically by assisting with ordering the cell line for production,
DNA synthesis of protein sequences and expression constructs.

 

Dr Thompson will also provide
the board with updates of vaccine development progress by liaising with Dr Price. Furthermore, Dr Thompson will also attend meetings and
conferences relating to the business development of the company and commercialisation of the influenza vaccine as well as provide expertise
in the licencing of new vaccine candidates.

 

    17

     

    

 

Schedule 2: the Payment Schedule

 

The Sponsor
shall pay £420,242.50 to University within 30 days of full execution of this Agreement, and/or no later than 31st of
December 2019. The sum is exclusive of VAT, if applicable.

 

Payment by Sponsor shall be made to the account below,
quoting reference

R52438CN002

 

	Barclays Bank PLC, 54 Cornmarket Street, Oxford, OX1 3HS
	 
	Sort Code: 20 65 46
	 
	Account: 50051675
	 
	IBAN: GB37BARC20654650051675
	 
	SWIFT/BIG: BARCGB22

 

    18

     

    

 

Schedule 3: Applications

 

Applications means:

 

		A.	The patent applications OUI project 13709, the International Patent Application No. PCT GB2017/052510,
OUI project 16867, OUI Project 16879 and OUI Project 16872.

 

		B.	Any further applications in the Field that name the Principal Investigator as inventor to those applications.

 

		C.	Any patents granted in response to those applications.

 

		D.	Any addition, continuation, continuation in-part, division, re-issue, renewal or extension based on the
Applications.

 

 

19

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