Document:

Document

Exhibit 10.6 

FIFTH AMENDMENT TO LEASE
This FIFTH AMENDMENT TO LEASE (this “Amendment”) is entered into as of September 3, 2021, by and among HARRAH’S JOLIET LANDCO LLC, a Delaware limited liability company (together with its successors and assigns, “Landlord”), DES PLAINES DEVELOPMENT LIMITED PARTNERSHIP, a Delaware limited partnership (together with its successors and assigns, “Tenant”) and, solely for the purposes of the last paragraph of Section 1.1 of the Lease (as defined below), Propco TRS LLC, a Delaware limited liability company (“Propco TRS”).
RECITALS
WHEREAS, Landlord, Tenant and, solely for the purposes of the last paragraph of Section 1.1 of the Lease, Propco TRS are parties to that certain Lease (Joliet), dated as of October 6, 2017, as amended by that certain First Amendment to Lease (Joliet), dated as of December 26, 2018, as amended by that certain Omnibus Amendment to Leases, dated as of June 1, 2020, as amended by that certain Second Amendment to Lease (Joliet), dated as of July 20, 2020, as amended by that certain Third Amendment to Lease, dated as of September 30, 2020, as amended by that certain Amended and Restated Omnibus Amendment to Leases, dated as of October 27, 2020, and as amended by that certain Fourth Amendment to Lease, dated as of November 18, 2020 (collectively, as amended, the “Lease”), pursuant to which Landlord leases to Tenant, and Tenant leases from Landlord, certain real property as more particularly described in the Lease;
WHEREAS, on December 28, 2020, Bluegrass Downs Property Owner LLC conveyed to McCracken County, Kentucky certain real property interests associated with the former gaming and entertainment facility known as Bluegrass Downs located in Paducah, Kentucky, which facility was (prior to such conveyance) subject to the “Regional Lease” (as defined in the Lease) (the “Bluegrass Downs Transaction”), and the Bluegrass Downs Leased Property (as defined in the amendment to the Regional Lease being entered into concurrently with this Amendment in connection with the Bluegrass Downs Transaction and the LAD Transaction (as defined below)) was severed from the Regional Lease as of such date;
WHEREAS, on the date hereof, CEOC, LLC and Roman Holding Company of Indiana LLC, collectively as sellers (collectively, “Sellers”), and EBCI MezzCo LLC, as purchaser, are closing a purchase and sale transaction under that certain Equity Purchase Agreement, dated as of December 24, 2020, with respect to Sellers’ aggregate one hundred percent (100%) equity interest in Caesars Riverboat Casino, LLC, which entity operates the gaming and entertainment facility known as Caesars Southern Indiana (formerly known as Horseshoe Southern Indiana), located in Elizabeth, Indiana (and, together with Roman Holding Company of Indiana LLC, leases such facility pursuant to the terms of the “Regional Lease” (as defined in the Lease)) (the “Southern Indiana Transaction”); and
WHEREAS, in connection with the Bluegrass Downs Transaction and the Southern Indiana Transaction, the parties hereto desire to amend the Lease as set forth herein.

NOW THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:
1.Definitions.  Except as otherwise defined herein, all capitalized terms used herein without definition shall have the meanings applicable to such terms, respectively, as set forth in the Lease.
2.Amendments to the Lease.
a.Annual Minimum Cap Ex Amount.  Article II of the Lease is hereby amended such that the definition of “Annual Minimum Cap Ex Amount” is hereby revised and modified to replace the reference therein to “One Hundred Fourteen Million Five Hundred Thousand and No/100 Dollars ($114,500,000.00)” with a reference to “One Hundred Eight Million Six Hundred Thousand and No/100 Dollars ($108,600,000.00)”.
b.Annual Minimum Per-Lease B&I Cap Ex Requirement.  Landlord and Tenant hereby acknowledge, for the avoidance of doubt, that the Net Revenue attributable to the Southern Indiana Facility (as defined in the amendment to the Regional Lease being entered into concurrently with this Amendment in connection with the Bluegrass Downs Transaction and the Southern Indiana Transaction) for the 2020 Fiscal Year and the 2021 Fiscal Year shall not be included for purposes of calculating the Capital Expenditures required under Section 10.5(a)(ii) of the Lease.
c.Triennial Allocated Minimum Cap Ex Amount B Floor.  Article II of the Lease is hereby amended such that the definition of “Triennial Allocated Minimum Cap Ex Amount B Floor” is hereby revised and modified to replace the reference therein to “Three Hundred Eleven Million and No/100 Dollars ($311,000,000.00)” with a reference to “Two Hundred Ninety Million and No/100 Dollars ($290,000,000.00)”.
d.Triennial Minimum Cap Ex Amount A.  Article II of the Lease is hereby amended such that the definition of “Triennial Minimum Cap Ex Amount A” is hereby revised and modified to replace the reference therein to “Five Hundred Sixty-Six Million Seven Hundred Thousand and No/100 Dollars ($566,700,000.00)” with a reference to “Five Hundred Thirty-Seven Million Five Hundred Thousand and No/100 Dollars ($537,500,000.00)”.
e.Triennial Minimum Cap Ex Amount B.  Article II of the Lease is hereby amended such that the definition of “Triennial Minimum Cap Ex Amount B” is hereby revised and modified to replace the reference therein to “Four Hundred Five Million Two Hundred Thousand and No/100 Dollars ($405,200,000.00)” with a reference to “Three Hundred Eighty-Four Million Three Hundred Thousand and No/100 Dollars ($384,300,000.00)”.
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f.Partial Periods.
i.Section 10.5(a)(v)(b) of the Lease is hereby amended to (a) replace the reference therein to “Five Hundred Sixty-Six Million Seven Hundred Thousand and No/100 Dollars ($566,700,000.00)” with a reference to “Five Hundred Thirty-Seven Million Five Hundred Thousand and No/100 Dollars ($537,500,000.00)” and (b) replace the reference therein to “One Hundred Eighty-Eight Million Nine Hundred Thousand and No/100 Dollars ($188,900,000.00)” with a reference to “One Hundred Seventy-Nine Million One Hundred Sixty-Six Thousand Six Hundred Sixty-Seven and No/100 Dollars ($179,166,667.00)”,
ii.Section 10.5(a)(v)(c) of the Lease is hereby amended to (a) replace the reference therein to “Four Hundred Five Million Two Hundred Thousand and No/100 Dollars ($405,200,000.00)” with a reference to “Three Hundred Eighty-Four Million Three Hundred Thousand and No/100 Dollars ($384,300,000.00)” and (b) replace the reference therein to “One Hundred Thirty-Five Million Sixty-Six Thousand Six Hundred Sixty-Six and 67/100 Dollars ($135,066,666.67)” with a reference to “One Hundred Twenty-Eight Million One Hundred Thousand and No/100 Dollars ($128,100,000.00)”, and
iii.The second sentence of Section 10.5(a)(v) of the Lease is hereby amended to (a) replace the reference therein to “Five Hundred Sixty-Six Million Seven Hundred Thousand and No/100 Dollars ($566,700,000.00)” with a reference to “Five Hundred Thirty-Seven Million Five Hundred Thousand and No/100 Dollars ($537,500,000.00)”, (b) replace the reference therein to “One Hundred Eighty-Eight Million Nine Hundred Thousand and No/100 Dollars ($188,900,000.00)” with a reference to “One Hundred Seventy-Nine Million One Hundred Sixty-Six Thousand Six Hundred Sixty-Seven and No/100 Dollars ($179,166,667.00)”, (c) replace the reference therein to “Four Hundred Five Million Two Hundred Thousand and No/100 Dollars ($405,200,000.00)” with a reference to “Three Hundred Eighty-Four Million Three Hundred Thousand and No/100 Dollars ($384,300,000.00)” and (d) replace the reference therein to “One Hundred Thirty-Five Million Sixty-Six Thousand Six Hundred Sixty-Six and 67/100 Dollars ($135,066,666.67)” with a reference to “One Hundred Twenty-Eight Million One Hundred Thousand and No/100 Dollars ($128,100,000.00)”.
g.Regional Lease Section 22.2(vii) Transfer.
i.Landlord and Tenant hereby acknowledge and agree that the Southern Indiana Transaction shall be deemed to be, and treated as, a transfer of a Regional Facility by Regional Tenant in accordance with Section 22.2(vii) of the Regional Lease (including, without limitation, for purposes of any determinations under clause (6) of Section 22.2(vii) of the Lease), irrespective of whether or not Section 22.2(vii) or Section 22.9 of the Regional Lease is 
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applicable to the Southern Indiana Transaction.  For the avoidance of doubt, after giving effect to the Southern Indiana Transaction, the percentage of the 2018 EBITDAR Pool that remains available for application to any and all subsequent transfers pursuant to Section 22.2(vii) of the Lease shall not exceed 18.4% in the aggregate.
ii.The amount of the 2018 EBITDAR Pool shall not be reduced as a result of the Southern Indiana Facility no longer being a Regional Facility under the Regional Lease, and, without limitation, Schedule 7 to the Lease (setting forth the 2018 Facility EBITDAR of Tenant and Regional Tenant) shall not be modified as a result of the Southern Indiana Transaction.
iii.The treatment of the Southern Indiana Transaction hereunder is not intended to serve as a precedent for the treatment of future dispositions (if any) which may be effectuated under any applicable provision of the Regional Lease.
h.Bluegrass Downs Transaction.
i.The amount of the 2018 EBITDAR Pool shall not be reduced as a result of the Bluegrass Downs Facility (as defined in the amendment to the Regional Lease being entered into concurrently with this Amendment in connection with the Bluegrass Downs Transaction and the Southern Indiana Transaction) no longer being a Regional Facility under the Regional Lease, and the removal of the Bluegrass Downs Facility from the Regional Lease shall not constitute a L1 Transfer or a L2 Transfer under the Regional Lease.
ii.The treatment of the Bluegrass Downs Transaction hereunder is not intended to serve as a precedent for the treatment of future dispositions (if any) which may be effectuated under any applicable provision of the Regional Lease.
3.No Other Modification or Amendment to the Lease.  The Lease shall remain in full force and effect except as expressly amended or modified by this Amendment.  From and after the date of this Amendment, all references in the Lease to the “Lease” shall be deemed to refer to the Lease as amended by this Amendment. 
4.Governing Law; Jurisdiction.  This Amendment shall be construed according to and governed by the laws of the jurisdiction(s) specified by the Lease without regard to its or their conflicts of law principles.  The parties hereto hereby irrevocably submit to the jurisdiction of any court of competent jurisdiction located in such applicable jurisdiction in connection with any proceeding arising out of or relating to this Amendment.
5.Counterparts.  This Amendment may be executed by one or more of the parties hereto on any number of separate counterparts, and all of such counterparts taken together shall be deemed to constitute one and the same instrument. Facsimile and/or .pdf signatures shall be deemed to be originals for all purposes.
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6.Effectiveness.  This Amendment shall be effective, as of the date hereof, only upon execution and delivery by each of the parties hereto.
7.Miscellaneous.  If any provision of this Amendment is adjudicated to be invalid, illegal or unenforceable, in whole or in part, it will be deemed omitted to that extent and all other provisions of this Amendment will remain in full force and effect. Neither this Amendment nor any provision hereof may be changed, modified, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against whom enforcement of such change, modification, waiver, discharge or termination is sought. The paragraph headings and captions contained in this Amendment are for convenience of reference only and in no event define, describe or limit the scope or intent of this Amendment or any of the provisions or terms hereof. This Amendment shall be binding upon and inure to the benefit of the parties and their respective heirs, legal representatives, successors and permitted assigns.

[Signature Page Follows]
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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their duly authorized representatives, all as of the date hereof. 

LANDLORD:
HARRAH’S JOLIET LANDCO LLC, 
a Delaware limited liability company

By:  /s/ David Kieske    
Name:  David Kieske
Title: Treasurer

[Signatures Continue on Following Pages]
[Signature Page to Fifth Amendment to Joliet Lease]

TENANT:
DES PLAINES DEVELOPMENT LIMITED PARTNERSHIP,
a Delaware limited partnership

By:     Harrah’s Illinois LLC,
    a Nevada limited liability company,
    its general partner

    By:  /s/ Bret D. Yunker    
Name:  Bret D. Yunker
Title: Chief Financial Officer

[Signatures Continue on Following Pages]
[Signature Page to Fifth Amendment to Joliet Lease]

Acknowledged and agreed, solely for the purposes of the last paragraph of Section 1.1 of the Lease:
PROPCO TRS LLC,
a Delaware limited liability company

By:  /s/ David Kieske    
Name:  David Kieske
Title: Treasurer 

[Signatures Continue on Following Pages]
[Signature Page to Fifth Amendment to Joliet Lease]

CEOC, LLC hereby acknowledges this Amendment and reaffirms its joinder attached to the Lease.
CEOC, LLC,
a Delaware limited liability company

By:  /s/ Bret D. Yunker    
Name:  Bret D. Yunker
Title: Chief Financial Officer
[Signature Page to Fifth Amendment to Joliet Lease]

ACKNOWLEDGMENT AND AGREEMENT OF GUARANTOR
The undersigned (“Guarantor”) hereby: (a) acknowledges receipt of the Fifth Amendment to Lease (the “Amendment”; capitalized terms used herein without definition having the meanings set forth in the Amendment), dated as of September 1, 2021, by and among Harrah’s Joliet Landco LLC, a Delaware limited liability company, as Landlord, Des Plaines Development Limited Partnership, a Delaware limited partnership, as Tenant, and the other parties party thereto; (b) consents to the terms and execution thereof; (c) ratifies and reaffirms Guarantor’s obligations to Landlord pursuant to the terms of that certain Guaranty of Lease, dated as of July 20, 2020 (the “Guaranty”), by and between Guarantor and Landlord, and agrees that nothing in the Amendment in any way impairs or lessens the Guarantor’s obligations under the Guaranty; and (d) acknowledges and agrees that the Guaranty is in full force and effect and is valid, binding and enforceable in accordance with its terms. 
    IN WITNESS WHEREOF, the undersigned has caused this Acknowledgment and Agreement of Guarantor to be duly executed as of September 1, 2021.

CAESARS ENTERTAINMENT, INC.

By:  /s/ Bret D. Yunker    
Name:  Bret D. Yunker
Title: Chief Financial OfficerExhibit 10.1

 

[*] Certain information in this document has
been omitted from this exhibit because it is both

(i) not material and (ii) would be competitively harmful if publicly disclosed.

 

SPONSORED RESEARCH AGREEMENT

 

AGREEMENT (Agreement), effective as of __________, between THE TRUSTEES
OF COLUMBIA UNIVERSITY IN THE CITY OF NEW YORK, a New York corporation (“Columbia”), and Silo Pharma Inc., a Delaware corporation
(“Company”)

 

WITNESSETH:

 

WHEREAS, the Company desires to receive from Columbia,
and Columbia is willing to grant (i) an exclusive option to obtain an exclusive, compensation bearing worldwide license to the Background
Patents and Inventions (as hereinafter defined) in the Field (as hereinafter defined), and (ii) subject to Section 1, a non-exclusive,
worldwide license to the Research Information (as hereinafter defined) in the Field (collectively, the “License”).

 

WHEREAS, Columbia has established a laboratory directed by Dr. Christine
Denny, to conduct certain scientific research in the public interest; and

 

WHEREAS, the Company wishes to provide financial support for such research,
described in Section 1, and in order to obtain certain rights with respect to the results of the research;

 

NOW, THEREFORE, in consideration of the mutual covenants herein contained,
the parties hereby agree as follows:

 

		1.	Option to Background Patents and Inventions.

 

(a) Subject
to the terms and conditions contained herein, Columbia hereby grants to Company an exclusive option to negotiate in good faith an exclusive
license agreement (the “License Agreement”) in the Field and in the Territory (each as defined in the Term Sheet) with respect
to Background Patents (as defined in this Section 1a) and Inventions (as defined in Section 4(a)) (the exclusive option, the “Option”)
based substantially on the terms set forth in Exhibit B hereto (the “Term Sheet”) and such other customary terms and conditions
as required by Columbia’s policies and regulations. “Background Patents” shall mean certain patents and patent applications
disclosed on Exhibit B attached hereto. This Agreement does not i) constitutes an agreement to enter into any transaction described in
the Term Sheet or ii) constitutes any duty or obligation to proceed with any of the proposed transactions described in the Term Sheet.

 

     

     

    

 

(b)
The term of the Option will commence on the Effective Date and will expire upon the earlier of (i) ninety (90) days after the date of
Company’s receipt of a Final Research Report (“Option Period”) for each specific research proposal outlined in Exhibit
A or (ii) termination of the Research. The Option Period may be extended by written agreement of Columbia and Company. The Option Period
may be earlier terminated as provided in Section 1(e) below.

 

(c) If
Company elects to exercise the Option, Columbia and Company will promptly commence negotiation of the License Agreement in good faith.
Subject to the provisions of Section 1(e)(ii), Company and Columbia will execute the License Agreement no later than three (3) months
after the date of the exercise of the Option (“Negotiation Period”). Such License Agreement will be based substantially on
the Term Sheet and such other customary terms and conditions as required by Columbia’s policies and regulations (save to the extent
the same are required to be revised in accordance with the subsequent sentence below). The License Agreement is to include a royalty on
net sales of products as set forth in the Term Sheet, provided that, with respect to Inventions, such royalty rate shall be revised at
the request of Columbia, effective when the resulting Inventions first becomes available for use, or if necessary to comply with Internal
Revenue Procedure Ruling 97-14 or successor IRS guidance for tax-exempt bond financed facilities (“RP 2007-47”).  The
parties understand and agree that the terms of consideration for such Inventions are intended to be competitive arm’s-length market-based
terms and, in order to comply with RP 2007-47, the appropriate terms of consideration will be validated (subject to revision) against
market rates at the time the resulting technology first becomes available for use. Columbia will not offer, sell, transfer, assign or
enter into any license or grant any rights to the Background Patents and Invention in the Field and in the Territory or negotiate the
same with any commercial third party during the Option Period and Negotiation Period.

 

(d) Consideration
for the Option.

 

 (i) Option Fee. Columbia has agreed to waive the option fee.

 

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(ii)
Patent Prosecution. During the Option Period and the Negotiation Period, Columbia, by counsel it selects and who shall be reasonably acceptable
to the Company, will prepare, file, prosecute and maintain Background Patents in Columbia’s name in the Territory, and in Columbia’s
reasonable discretion and will consider any reasonable comments or suggestions by Company with respect to the same. As consideration for
the Option, Company will reimburse Columbia for the expenses incurred by Columbia for the filing, prosecuting and maintaining the Background
Patents in the Territory during the Option Period and Negotiation Period.

 

(iii)
Support of Research at Columbia. As further consideration for the Option, the Company shall sponsor research at Columbia in accordance
with the terms set forth in Sections 2 and 3 of this Agreement.

 

(e) Termination
for Cause; Expiration of Option; Effect of Termination or Expiration of Option.

 

i. This
Option shall automatically terminate if Columbia terminates this Agreement during the Option Period or the Negotiation Period due to Company’s
uncured material breach pursuant to Section 10.

 

ii. This
Option will automatically terminate and be of no further force or effect if (i) the Company fails to exercise the Option within the Option
Period or (ii) if the Company exercises the Option within the Option Period but the parties fail to execute the License Agreement prior
to the expiration of the Negotiation Period.

 

iii. Upon
termination or expiration of the Option in accordance with this Section 1(a) or Section 1(e), Columbia shall have no obligation to Company
with respect to the Background Patents, Inventions and Research Information (the “Technology”) and will be free to negotiate
with, and license, such Technology to any party on any terms Columbia so desires.

 

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f. During
the Negotiation Period, and as a condition to Columbia entering into the License Agreement:

 

i. Columbia
shall have received satisfactory responses to its reasonable requests for information from Company, and Columbia shall have completed
its due diligence review to its satisfaction, acting reasonably and in good faith;

 

ii. Each
party shall have received all necessary internal approvals for the transactions contemplated under the Option; and

 

iii.  Company
shall have submitted to Columbia a complete development plan acceptable to Columbia, acting reasonably and in good faith.

 

2. Conduct of Research.
Columbia shall conduct research in a laboratory at its CUIMC campus, under the direction of Dr. Christine Denny (“Principal Investigator”)
in accordance with the proposals set forth in Exhibit A to this Agreement (“Research”).

 

3. Support
for the Laboratory. During a one year period (the “Research Period”) beginning on the date of this Agreement, the
Company shall pay a total of $ [*] US to Columbia for the support of the Research, payable to Columbia according to payment schedule in
Exhibit A, in advance. The first payment will be due within ten (10) days after the date of this Agreement, with subsequent payments due
according to the payment schedule in Exhibit A. Checks shall be drawn to the account of The Trustees of Columbia University in the City
of New York and mailed to the following address. Please indicate the sponsor’s name, the investigator’s name, and the sponsored
project account, if known.

 

The Company shall remit payments as follows:

 

The Company shall send checks to the following:

 

THE TRUSTEES OF COLUMBIA UNIVERSITY

IN THE CITY OF NEW YORK

Sponsored Projects Finance

PO Box 29789

General Post Office

New York, NY 10087-9789

Email address: [*]

 

The Company shall wire funds to the following:

  

Account Number #: [*]

Swift #: [*]

Account Name: [*]

Other identifying info: [*]

ACH Routing/Transit (ABA) #: [*]

Duns#: [*]

 

Columbia shall discuss, if the Company so requests, budgetary matters
with the Company but reserves the sole right to make the final determination regarding the allocation of resources and expenditures under
the research project. Columbia may reallocate the amounts under each category in Exhibit A, provided the total remains the same.

 

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4. Reports of Research;
Confidentiality.

 

a. Columbia, through its office of Columbia Technology
Ventures, shall make a report (“Invention Disclosure Report”) to the Company for any new and useful invention, process,
machine, manufacture or composition of matter conceived of or first reduced to practice during the term of this Agreement in the performance
of Research under this Agreement (“Invention”) that the Principal Investigator, or an individual working under his
or her direction, reports to Columbia Technology Ventures.

 

b. Columbia,
through its Principal Investigator, shall furnish the Company periodically, subject to the reasonable discretion of the Principal Investigator,
with a written report summarizing Research activity not previously reported to the Company under Section 3(a) of this Agreement (“Research
Information Report”), which will include a summary of information and materials developed in the course of Research under this
Agreement, but which does not constitute an Invention (“Research Information”). Columbia, through the Principal Investigator,
shall furnish the Company with a final report of the Research within ninety (90) days following the end of the Research Period.

 

c. The
Company shall treat as confidential all Invention Disclosure Reports and Research Information Reports, as well as any other reports, information,
and materials furnished under this Agreement that Columbia has designated as “Confidential.” Except to the extent permitted
under a license agreement entered into under Section 4 of this Agreement, for the term of this Agreement and five (5) years after that,
the Company shall not disclose or make available any information disclosed in the Invention Disclosure Reports and Research Information
Reports and other confidential reports, information, and materials to any third party without Columbia’s written permission and
shall use Inventions and Research Information only to evaluate its interest in licensing the Inventions or Research Information.

 

d. Columbia
may, but is not obligated to, receive confidential information from the Company. Columbia shall not disclose or make available confidential
information received from the Company to third parties without the Company’s written permission for the term of this Agreement and
five (5) years after that. Columbia’s obligations under this paragraph apply only to information which the Company has designated
in writing as “Confidential” and which the Company submits so marked to Columbia Technology Ventures.

 

e. The
obligations of confidentiality under this Section 3 do not apply to any information which: was known to the party receiving the information
before receipt of the information from the other party, was or becomes a matter of public information or publicly available through no
act or failure to act on the part of the party receiving the information, is acquired by the party receiving the information from a third
party entitled to disclose the information to it, or either party develops independently as evidenced by that party’s contemporaneous
written documentation.

 

f. Defend
Trade Secrets Act. Notwithstanding the preceding, under 18 U.S.C. §1833(b), “An individual shall not be held criminally or
civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to
a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting
or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding,
if such filing is made under seal.” Nothing in this Agreement or any Columbia policy is intended to conflict with this statutory
protection, and no Columbia trustee, director, officer, or member of management has the authority to impose any practice to the contrary.

 

5. Company Licenses; Indemnification.

 

a. Columbia
will have sole right, title, and interest to any Inventions and Research Information. Ownership of any new and useful invention, process,
machine, manufacture or composition of matter conceived of or first reduced to practice during the term of this Agreement and in the performance
of the Research hereunder will be determined according to the obligations of each inventor to their respective institution or employer.
Inventorship of inventions shall be determined according to U.S. patent law. The parties agree to negotiate in good faith any decisions
regarding the filing, prosecution and commercialization of any jointly owned intellectual property developed under this Agreement, which
shall be memorialized in a separate document executed by both parties.

 

b. Subject
to the Company’s rights described in Sections 5(a) and 5(b) and except for the purpose of evaluating its interest in licensing the
Inventions and Research Information, the Company will have no right to use Inventions and Research Information for any other purpose whatsoever,
and will indemnify, defend and hold Columbia harmless from and against any and all actions, suits, claims, demands, prosecutions, liabilities,
costs, expenses, damages, deficiencies, losses or obligations (including attorneys fees) based on or arising out of its use of Inventions
and Research Information. The Company will reimburse Columbia for the cost of enforcing this provision.

 

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6  Patent Prosecution.

 

a. Within
thirty (30) days of receiving an Invention Disclosure Report under Section 4(a), the Company shall advise Columbia in writing whether
it wants a patent application to be made for that Invention and in which countries within the Territory. However, in no event shall that
patent applications, or Company’s written advisement, constitute, nor be deemed to constitute, any grant of right to Company to
exploit or otherwise make, use, or sell that Invention in the absence of the execution of a License Agreement.

 

b. If
the Company agrees that it wants applications for patents to be made, Columbia will prepare, file and prosecute such applications in Columbia’s
name and in the selected countries within the Territory.

 

c. The
Company understands that the Company shall promptly reimburse Columbia for all the reasonable expenses Columbia has incurred and shall
pay expenses incurred in the future (until the Company no longer retains its right to negotiation under Section 1) in so filing and prosecuting
those applications, including attorneys’ fees, taxes, annuities, issue fees, working fees, maintenance fees, and renewal charges,
plus a five percent processing fee.

 

d. If
the Company does not wish to have a patent application filed or prosecution continued for an Invention in a particular country or countries
within the Territory, Columbia may file that application or continue prosecution at its own expense, and Columbia will be free to enter
into a licensing agreement for or otherwise dispose of its patent rights in that Invention for the countries within the Territory for
which Columbia has filed those applications or continued the prosecution at its own expense with any other person or entity on any terms.

 

7. Columbia Governance
of the Research; Title to Property; Company, an Independent Contractor. Columbia will be solely responsible for the governance of
the Research conducted under this Agreement. Professional and other staff working on the Research will be employees of Columbia appointed
under and subject to Columbia’s policies and procedures for faculty and other personnel. Title to all equipment acquired by Columbia
to perform the Research and all equipment, materials, and other tangible results of the Research will vest in Columbia upon acquisition.
The Company is not an agent, joint venturer, or partner of Columbia.

 

8. Project Disclosure;
Freedom of Publication. Columbia shall require all individuals conducting Research under this Agreement and working under the supervision
of the Principal Investigator, including the Principal Investigator (“Researchers”), to comply with the project disclosure
and publication conditions described in this Agreement. Columbia, through its Principal Investigator, shall use its reasonable efforts
to deliver to the Company copies of the scientific articles, papers and abstracts it receives from Researchers (in addition to any Invention
Disclosure Reports and Research Information Reports, as provided in Sections 4(a) and 4(b) of this Agreement, respectively), and the Company
shall have thirty (30) days from the date drafts of proposed abstracts of scientific articles and papers are sent to the Company before
the Researcher(s) submit those proposed abstracts of scientific articles and papers for publication. The Company may review the proposed
publications and, if it can do so without compromising its present or potential patent rights, shall waive all or a portion of the review
period set forth in this Agreement. The Company will review portions of proposed publications, as they are made available, and will conduct
its review of those portions in a manner comparable to its review of complete proposed publications. At the end of the review period under
this Section 8, the authors will have the right, in their sole discretion, to submit for publication the scientific articles, papers,
and abstracts. If Columbia desires to publish a scientific article, paper, and abstract before the expiration of the review period under
this Agreement, it may do so provided that it files for a patent before its publication. If the Company later elects to license such patent
pursuant to Section 1, it will reimburse Columbia for the expenses incurred in filing for the patents.

 

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The Company acknowledges that Columbia is dedicated
to the free scholarly exchange and to the public dissemination of the results of its scholarly activities. Except for Columbia’s
obligations under Sections 4 and 8, nothing in this Agreement shall restrict the right of Columbia and its faculty and other employees
to publish, disseminate or otherwise disclose the Research.

 

 8. Export Control Laws

 

a.  Exports
and Imports and International Trade Compliance. Each party agrees not to take any action, directly or indirectly, that would violate
or cause the other party to violate United States laws and regulations, including, without limitation, regulations and rules regarding
sponsored research, trade and import and export controls (the “Export Laws”).   In that connection, the Company
confirms it is each of the following:

 

(i) not
a Restricted Party and that no agency of the U.S. Government has denied, suspended, or otherwise abridged the Company’s export or
import privileges.  A “Restricted Party” means any  company or individual on the Department of Treasury Office
of Foreign Assets Control list of Specially Designated Nationals and Blocked Persons or List of Foreign Sanctions Evaders, on the Denied
Persons List, the Entity List, or the Unverified List maintained by the U.S. Department of Commerce’s Bureau of Industry and Security
or on any other list maintained by any governmental agency restricting the export of any items to or other transactions with specific
individuals, companies or other entities;

 

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(ii)
not directly or indirectly owned or controlled by or acting on behalf of others whose interests in the Company taken in the aggregate
make the Company subject to U.S. trade sanctions or restrictions;

 

(iii) not
directly or indirectly owned or controlled by or acting on behalf of a government of or entity located in a country subject to economic
sanctions programs that are or may be maintained by the U.S. Government; and

 

(iv) not
otherwise restricted, embargoed, or prohibited under applicable law from entering into agreements with U.S. entities and individuals.  

 

The Company shall not export, re-export or otherwise transfer to any
individuals or entities identified in items (i)-(iv) above any hardware, software, technology or services provided by Columbia under this
Agreement.  The Company confirms that it does not intend for the hardware, software, technology or services that Columbia provides
under this Agreement to be used for any purposes prohibited by U.S. export control laws and regulations, including without limitation
nuclear, chemical, or biological weapons proliferation, or for military end-uses or military end-users.  The provisions of this section
will remain in full force and effect during the term of this Agreement, and the Company will immediately notify Columbia of any events
or changes that may conflict with the assurances and statements provided hereunder.

 

b. The Company
understands that sharing controlled technical data with non-U.S. persons is an export to that person’s country of citizenship that
is subject to U.S. export laws and regulations, even if the transfer occurs in the United States. The Company shall obtain any necessary
U.S. government license or other authorization required under the U.S. export control laws and regulations for the export or re-export
of any commodity, service or technical data covered by this Agreement, including technical data acquired from Columbia under this Agreement
and products created as a result of that data.

 

9. Prohibition Against
Use of Name. The Company shall not use the name, insignia, or symbols of Columbia, its faculties or departments, or any variation
or combination thereof, or the name of any trustee, faculty member, or any other employee, or student of Columbia for any purpose whatsoever
without Columbia’s prior written consent.

 

10. Term of Agreement.

 

a. Subject
to federal, state, local, or Columbia’s internal compliance requirements, this Agreement shall be effective as of the date first
set forth above and shall continue in full force and effect, unless earlier terminated as provided in this Agreement, for the Research
Period. Columbia does not warrant that the Research will be completed by the end of the Research Period. Upon expiration of this Agreement,
Columbia may utilize the unexpended and/or uncommitted funding as it deems appropriate, including continuing work on the Research.

 

b. Upon
30 days prior written notice, either party may terminate this Agreement for a material breach of the Agreement by the other party if that
breach has not been cured within 30 days after written notice of the breach has been given.

 

c. This
Agreement shall automatically terminate if either party commits any act of bankruptcy, becomes insolvent, is unable to pay its bills as
they become due, files a petition under any bankruptcy or insolvency act, or has any such petition filed against it.

 

d. The
Company’s obligations under Sections 4(c), 4(d), 5(b), 9, 10(d), 10e, 11, and 14 shall survive the termination of this Agreement.
On termination of this Agreement because of the Company’s default, the Company will have no further rights under this Agreement,
and all licenses granted under Section 4 shall automatically terminate on the date of termination of this Agreement.

 

e. Under no circumstances whatsoever shall the
liability of Columbia together with the liability of any of its faculty, officers, employees, students or agents exceed the payments made
to Columbia by the Company under this Agreement.

 

    8

     

    

 

11. Notices. Any notice
required or permitted under this Agreement is sufficient if in writing and is considered given (a) when mailed by certified mail (return
receipt requested), postage prepaid, or (b) on the date of actual delivery by hand or overnight delivery, with receipt acknowledged, or
(c) when mailed by email (delivery receipt requested and read receipt requested) if to an email address provided below, as follows:

 

	if to Columbia, to:	Executive Director
	 	Columbia Technology Ventures
	 	Columbia University
	 	80 Claremont Avenue, #4F, Mail Code 9606
	 	New York, NY  10027-5712
	 	 
	 	email: [*]
	 	 
	copy to:	General Counsel
	 	Columbia University
	 	412 Low Memorial Library
	 	535 West 116th Street,
    Mail Code 4308
	 	New York, New York 10027
	 	 
	 	email: [*]
	 	 
	if to the Company, to:	Silo Pharma Inc.
	 	560 Sylvan Ave.
	 	Suite 560
	 	Englewood Cliffs, NJ 07632
	 	 
	 	email:  eric@silopharma.com
	copy to:	 
	 	Sheppard Mullin
	 	30 Rockefeller Plaza
	 	New York, NY 10112
	 	 
	 	email: rafriedman@sheppardmulllin.com

 

or to another address, as a party may specify
by notice under this Agreement.

 

Provided, however, except for notices of breach,
Columbia may send invoices related to license fees and patent expenses to the following email address eric@silopharma.com; provided, further,
except for notices of breach, Columbia may send invoices related to the Patents in accordance with Section 5 to the following email address:
eric@silopharma.com.

 

12. Assignment. This
Agreement and all rights and obligations under this Agreement shall not be assigned (whether through merger or consolidation, by operation
of law, or otherwise) without the written consent of the other party, and any attempt to assign without that consent shall be void.

 

13. Entire Agreement; Amendment.
This Agreement sets forth the entire agreement between the parties and supersedes all previous agreements, written or oral. This Agreement
may be amended only by an instrument in writing duly executed on behalf of the parties.

 

14. Governing Law; Miscellaneous.
This Agreement is governed by New York law applicable to agreements made and to be performed in New York. Nothing
in this Agreement will be construed as a promise or represEntation by Columbia to achieve any specific or usable research RESULT. 
In the event of a conflict between this Agreement and any attachment to this Agreement, the terms of this Agreement will govern.

 

15. Execution in Counterparts;
Fax or Electronic Transmission. This Agreement may be executed in counterparts and by fax or electronic transmission.

 

    9

     

    

 

IN WITNESS WHEREOF, Columbia and the Company have
caused this Agreement to be executed by their duly authorized representatives as of the day and year that is first written above.

 

	THE TRUSTEES OF COLUMBIA UNIVERSITY IN 

THE CITY OF NEW YORK	 	Silo Pharma Inc.
	 	 	 	 
	By: 	 	 	By: 
	Printed Name: 	 	 	Eric Weisblum
	Position Title: 	 	 	 
	TTS#s: [*]	 	 	Title: 
	RASCAL#: [*]	 	 	CEO
	 	 	 	 
	 	 	 	 
		 	 
	Michael Shelanski, MD, PhD	 	 
	Senior Vice Dean For Research	 	 
	 	 	 	 
	 	 	 	 
	 	 	 
	[Dean of School, if the school is not the College of P & S]	 	 
	 	 	 	 
	I have read the above Agreement and agree to comply with the provisions as they apply to me.	 	 
	 	 	 	 
	 	 	 
	[Chair of Department]	 	 
	 	 	 
	By:	 	 
	Principal Investigator	 	 
	

 

    10

     

    

 

EXHIBIT A

 

Research Proposals

 

Proposal 1: ALZHEIMER’S DISEASE PROJECTS WITH COMBINED DRUGS
TARGETING NDMARS AND 5-HT4RS 

 

Experimental assays

 

		1.	Working Memory (WM): NOR
	 	 	 

		2.	Short-term Memory (STM): 3-shock CFC
	 	 	 

		3.	Long-term Memory (LTM): 3-shock CFC
	 	 	 

		4.	Spatial Memory: Morris Water Maze

 

Immunohistochemistry assays (ex vivo analysis)

 

		1.	Does (R,S)-ketamine + prucalopride alter plaque burden in the aforementioned mouse models of Alzheimer’s disease?
	 	 	 

		2.	Does (R,S)-ketamine + prucalopride alter inflammatory markers (e.g., Iba1) in the aforementioned mouse models of Alzheimer’s
disease?
	 	 	 

		3.	Does (R,S)-ketamine + prucalopride alter senescent markers in the aforementioned mouse models of Alzheimer’s disease?

 

Budget

 

		1.	Direct Costs: $[*]
	 	 	 

		2.	CU [*%]: $[*]
	 	 	 

		3.	Total: $[*]

 

Proposal 2: DEPRESSION / PTSD / STRESS PROJECTS WITH COMBINED DRUGS
TARGETING NDMARS AND 5-HT4RS 

 

Experimental assays

 

		5.	Contextual Fear Conditioning (CFC): Does (R,S)-ketamine + prucalopride improve a moderate stressor phenotype?
	 	 	 

		a.	129S6/SvEv mice
	 	 	 

		6.	Learned Helplessness (LH): Does (R,S)-ketamine + prucalopride improve a severe stressor phenotype?
	 	 	 

		a.	129S6/SvEv mice
	 	 	 

		7.	Stress-enhanced fear learning (SEFL) (PTSD Model): Does (R,S)-ketamine + prucalopride improve PTSD-related phenotypes
when administered following induction of stress?
	 	 	 

		a.	129S6/SvEv mice
	 	 	 

		8.	CORT (Relapse/Recurrence): Does (R,S)-ketamine + prucalopride improve stress-related phenotypes when administered following
bouts of depression?
	 	 	 

		a.	C57Bl/6J mice

 

    11

     

    

 

Immunohistochemistry assays (ex vivo analysis)

 

		1.	We can assay for inflammation.
	 	 	 

		2.	We can assay for neural activity using c-fos.
	 	 	 

		3.	More detailed analyses are included in each tab of xls file.

 

Budget

 

		4.	Direct Costs: $[*]
	 	 	 

		5.	CU [*%]: $[*]
	 	 	 

		6.	Total: $[*]

 

Payment Schedule: 

 

[*%] at [*] - $[*] 

[*%] at [*] - $[*]

[*%] at [*] - $[*]

[*%] at [*] - $[*]

 

    12

     

    

 

EXHIBIT B

TERM SHEET

 

TERM SHEET BOILERPLATE

 

	Parties	The Trustees of Columbia University in the City of New York (“Columbia”) and Silo  (the “Company”).  
	Field of Use	All uses of ketamine or it’s metabolites in combination with Prucalopride. 
	Patents	“Patent” or “Patents” shall mean Columbia’s rights in the United States and foreign patents and/or patent applications listed in Exhibit A; any and all patents issuing from the patent applications listed in Exhibit A and from any divisionals and continuations of such patent applications, and any reissues, re-examinations, renewals, substitutions and extensions of such patents, that claim priority to the patents and/or patent applications listed in Exhibit A (“Patents”), including any and all claims of continuation-in-part applications that claim priority to the United States patent applications listed in Exhibit  A, but provided only where such claims are directed to inventions disclosed in the manner provided in the first paragraph of 35 U.S.C. Section 112 in the United States patent applications listed in Exhibit  A, and such claims in any patents issuing from such continuation-in-part applications; Patents shall not include any patents or patent applications based on research conducted after the Effective Date of the license, except as otherwise agreed in a separate writing.
	Technical Information	Know-how, technical information, and data provided by Columbia related to the Patents.
	Materials	The tangible physical material, if any, delivered to the Company. 
	Territory	Worldwide
	Patent Products	Any product or service (or component thereof) the discovery, development, manufacture, use, sale, offering for sale, importation, exportation, distribution, rental, or lease of which is covered by a claim of a Patent.
	Enabled Products (or Services)	Any product or service (or component thereof) the discovery, development, manufacture, use, sale, offering for sale, importation, exportation, distribution, rental or lease of which involves the use of or incorporation, in whole or in part, of Technical Information and/or Materials.

 

    13

     

    

 

	Products (and Services)	Products shall mean a Patent Product and/or Enabled Product (and/or Service).
	Grant of Rights	
    ● Exclusive
license under the Patents to discover, develop, manufacture, have made, use, sell, offer to sell, have sold, import, export, distribute,
rent or lease Products in the Field and throughout the Territory;

     

    ● Non-exclusive
    license to use Technical Information to discover, develop, manufacture, have made, use, sell, offer to sell, have sold, import, export,
    distribute, rent or lease Products in the Field and throughout the Territory;

     

    ● Exclusive
    license to use Materials to discover, develop, manufacture, have made, use, sell, offer to sell, have sold, import, export, distribute,
    rent or lease Products in the Field and throughout the Territory;

     

    ● Right
to sublicense Patents under certain conditions. 

	Upfront Payment (also known as License Issue Fee)	$[*]nonrefundable.
	Annual License Maintenance Fee	
    ● $[*]
    payable on the [*] and [*] anniversaries of the license agreement, creditable [to earned royalties and/or milestone payments] in the
    same calendar year;

     

    ● $[*]
payable on the [*] and each subsequent anniversary of the license agreement, creditable to earned royalties [and/or milestone payments]
in the same calendar year. 

	Milestone Payments 	
    ● $[*]
    acceptance of IND submission

     

    ● $[*]
    upon completion of Phase II

     

    ● $[*]
    upon completion of pivotal trial 

     

    ● $[*]
upon Regulatory approval  

	Royalty Rate	
    [*%] of Net Sales on Patent Products; [*%] of Net Sales on Enabled
    Products (% of Services).

     

    Such royalty rate shall apply to Products sold by the Company,
its sublicensees, affiliates, and to any entity that acquires Company. No stacking of royalties. Net Sales shall mean the greater
of gross invoice or contract price charged OR actual consideration paid by customers for the Product, less [*]% (in lieu of all other
deductions such as taxes, shipping charges, allowances, etc.) prior to calculating royalties due. 

	Minimum Annual Royalty	●  $[*],
    in year[*] after the [*] commercial sale of a Product, and each year thereafter, creditable to earned royalties in the same calendar
    year.
	Sublicensing	
    Full pass-through royalty and a percentage (%) of other cash and non-cash
    consideration received for sublicensing by Company according to the following schedule, regardless of whether the sublicense relates to
    Columbia assets in whole or in part:

     

    ● [*%]
    prior to submission of an IND

     

    ● [*%]after
    acceptance of an IND but prior to completion of Phase II

     

    ● [*%]
    upon completion of Phase II but prior to Regulatory Approval

     

    ● [*%]
    upon Regulatory Approval and thereafter

     

	Sale of License	[*%]of Sale price on the event of the license is sold, assigned or otherwise transferred to a third party. 

 

    14

     

    

 

	Best Efforts/Diligence Requirements	
    Company shall achieve the following by the dates specified:

     

    ● Adhering
    to its executive summary/business plan/development plan, a current version of which is attached as Exhibit B;

     

    If the Company does not achieve any of the diligence requirements
above by the dates specified, Columbia can convert to a non-exclusive license or terminate at Columbia’s discretion. 

	Patent Prosecution	Columbia will prepare, file, prosecute, and maintain the Patents using counsel selected by Columbia to which Company has no reasonable objection.  Company will reimburse Columbia for all reasonable expenses it has incurred prior to the effective date of the license agreement, plus a [*] processing fee, and will pay all reasonable expenses incurred in the future in so preparing, filing, prosecuting and maintaining the Patents, plus a five percent processing fee.
	Term	The longer of the statutory duration of the Patents or 20 years from the first commercial sale of a Product on a country-by-country basis.
	Global Social Responsibility	Company and Columbia shall take into consideration the principle of “Global Social Responsibility” when executing the full license agreement. “Global Social Responsibility” means facilitating the availability of Licensed Products in Developing Countries (i.e., The World Bank’s listing of “Low-Income Economies”) at locally affordable prices to improve access to such Products in Developing Countries.

 

	●	Please
note additional terms, including the following: indemnification and insurance requirements; disclaimer of representations and warranties
by Columbia; control of patent enforcement by Columbia; rate adjustment on challenge of Columbia patents; prohibition on the use of Columbia
name; reservation of rights by Columbia to use technology for research purposes and to permit others to use the same for non-commercial
research purposes.

 

The parties agree that no binding obligations will be created until
a written definitive agreement has been duly executed and delivered by authorized representatives of the parties. Subject to the foregoing,
it is understood that the parties are free to terminate the discussions at any time for any reason prior to the execution of such a written
definitive agreement.

 

    15

     

    

 

EXHIBITS

 

Exhibit C – Licensed Patents

 

	IR #	Country	Filing 

Date	Application Number	Patent Title	Status
	[*]	[*]	[*]	[*]	[*]	[*]
	[*]	[*]	[*]	[*]	[*]
	[*]	[*]	[*]	[*]	[*]	[*]
	[*]	[*]	[*]	[*]	[*]	[*]
	[*], [*]	[*]	[*]	[*]/[*]/[*]	[*]	[*]
	[*]	[*]	[*]	[*]/[*],[*]	[*]	[*]
	[*]	[*]	[*]	[*]/[*],[*]  	[*]	[*]

 

Exhibit
D – Company’s Business Plan

 

	Stage	Activity	Approximate Duration	Total Timeline
	Preclinical: Proof of Concept	Dose ranging study in a PTSD animal model (eg, contextual fear discrimination mouse study) to evaluate dose, duration of administration, and timing after acute event	[*]	[*]
	Preclinical: IND Enabling	
    Initial Formulation development:

    ● API
Sourcing, method development, stability

    ● Excipient blend for
    injection solution

    ●  Short
    term stability

    ● Formulation selection
	[*]	[*]
	
    Type B Pre-IND Meeting with FDA

    Meeting materials can be generated in parallel with formulation development
	[*]	[*]
	
    GLP Toxicology Studies:

    ●
    Studies are contingent on the target dose, route of administration, and duration of treatment compared to Ketalar
	[*]	[*]
	GMP Drug Development for Phase 2 Study	[*]	[*]
	US IND Submission/Approval	[*]	[*]
	Clinical Phase [Note: this is a minimal expectation pending agreement with FDA]	Phase 2 dose ranging, placebo-controlled and proof of concept efficacy study in patients experiencing acute trauma or severe PTSD	[*]	[*]
	Pivotal Randomized, Phase 3, placebo-controlled study in patients experiencing acute trauma or severe PTSD	[*]	[*]
	Marketing Authorization	505(b)(2) NDA (US)	[*]	[*]

 

 

16

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