Document:

AMENDMENT NO. 1 TO LICENSE AGREEMENT

 

This Amendment No. 1 to the License Agreement
(“Amendment”), having an effective , date of April 7, 2014 (“Amendment Effective Date”), is made and entered
by and between Ohio State Innovation Foundation, located at 1524 North High Street, Columbus, Ohio 43201 (“OSIF”) and
Microlin Bio, Inc., a New York based corporation located at 302A West 12th, New York, NY 10014 (“Licensee”).

 

BACKGROUND

 

OSIF and Licensee entered into a Patent
& Technology License Agreement dated September 6, 2013 (“License Agreement”) with respect to OSIF # A2014-0294;
and

 

OSIF and Licensee would like to amend and
modify the License Agreement as identified below and such amendment shall be incorporated as part of the License Agreement.

 

The parties agree as follows:

 

		1.	Definitions. All capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to
such terms in the License Agreement.

 

		2.	In Section 1, Patent Rights/Technology Rights shall be amended to include the information below:
	 	 	 

	
        App. No./

        Date of

        Filing

        [Tech ID#]
	 	Title	 	Inventor(s)	 	
        Jointly Owned?

        (Y/N; if Y, with

        whom?)
	 	Prosecution Counsel
	
        61/975,366

        April 4, 2014

        [2014-218]
	 	Lipid Nanoparticle Compositions and Methods of Making and Methods of Using the Same	 	R. Lee	 	x No	 	MacMillan, Sobanski, and Todd LLC

 

 

		3.	In Section 3.1(a), “Patent expenses due upon Effective Date” shall be amended to include the information below:
	 	 	 

	
        Patent expenses 

        due upon

        Effective Date
	 	Amount	 	
        based on invoices received 

        as of:

	Tech ID#2014-218	 	Current Estimate: $8,500 – invoice for 4/04/14 filing not yet received 	 	Reimbursement of past patent cost and future patent cost due upon Licensee receipt of invoice from OSIF

 

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		4.	Counterparts. This Amendment may be executed in any number of counterparts, each of which shall be deemed to be an original
and all of which together shall constitute an agreement, notwithstanding that all parties are not signatories to the same counterpart.

 

		5.	Continued Force and Effect. Except as provided in this Amendment, all terms, conditions, and provisions of the License
Agreement shall remain and continue in full force and effect as provided therein.

 

IN WITNESS WHEREOF, the parties hereto have
entered into this Amendment effective as of the Amendment Effective Date.

 

[AUTHORIZED SIGNATURES APPEAR ON THE FOLLOWING
PAGE]

 

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	OHIO STATE INNOVATION FOUNDATION	 	MICROLIN BIO, INC.
	 	 	 	 	 
	By:	/s/ Timothy R. Wright	 	By:	/s/ Joseph Hernandez
	 	 	 	 	 
	Name:	Timothy R. Wright	 	Name:	Joseph Hernandez
	 	 	 	 	 
	Title:	President	 	Title:	CEO & President
	 	 	 	 	 
	Date:	4-8-14	 	Date:	4-10-14

 

    	3 of 3May 22, 2014

 

Ohio
State Innovation Foundation Attn:
 Timothy R.
Wright,
President 1524 North
High Street

Columbus,
Ohio  43201

 

Re:License
Agreements/Upfront Fees

 

 

Dear Mr.Wright:

 

Reference
is made to
(1 ) the
Patent & Technology
License Agreement, Agt.
No. A2014-0165, entered into
as of September
6, 2013, by
and between Microlin Bio,
Inc. ("Microlin") and
Ohio State Innovation Foundation ("OSIF'),
as amended, (2) the
Patent & Technology
License Agreement, Agt. No. A2013- 2080,
entered into as of September
6, 2013, by and between Microlin
and OSIF, as amended, (3) the Patent
& Technology License Agreement, Agt.
No. A2013-2069, entered into as
of September 6, 2013, by and between
Microlin and OSIF, as amended, (4)
the Patent & Technology
License Agreement, Agt. No.A2014-0164, entered into as
of September 6, 2013,
by and between Microlin and OSIF, as
amended, and (5) the Patent &
Technology License Agreement. Agt.
No.A2014-0294, entered into as
of September 6, 2013, by and between Microlin
and OSIF, as amended (collectively, the
"Agreements ").

 

Each
of the Agreements
provide that Microlin
is to pay an
upfront fee to OSIF
on or before
May 31, 2014 for
the patents licensed from OSIF under the
Agreements. The upfront fees
payable to OSIF on or
before May 31, 2014
total $500,000 in the aggregate
(the "May 2014 Fee").

 

This
letter serves to
confirm our agreement
regarding
Microlin's
obligations
with respect to
the May 2014
Fee. Mkrolin acknowledges that
it owes OSIF $500,000
on or before May 31,
2014 pursuant to the Agreements
and OSIF agrees to defer
Microlin's obligation to pay
such amount on or before May 31,
2014 as set
forth below. Microlin and OSIF agree
that the May 2014 Fee
will be paid in full from Microlin
to OSIF via wire transfer
no later than
three (3) calendar days after the
day on which Microlin delivers
its registered securities to its underwriter(s) and receives payment for these
securities (the "Closing Date").
In the event that
the Closing Date does
not occur or occurs after
June 30, 2014, the parties will
agree to a commercially reasonable alternati ve payment
schedule.

 

 

		
        Sincerely,

         

         

        /s/ Joseph Hernandez

        Joseph Hernandez

        Executive Chairman

 

 

[Acknowledgement
page follows]

    	 	 	 

     

    

ACKNOWLEDGED AND AGREED TO BY:

 

OHIO STATE INNOVATJON FOUNDATION

 

By: /s/ Erin Bender

Name: Erin Bender

Title: Vice President

    	 	2July 1, 2014

 

Ohio
State Innovation Foundation

Attn:
 Timothy R. Wright, President

1524
North High Street

Columbus, Ohio  43201

 

Re:License Agreements/Upfront Fees/Equity

  

 

Dear Mr. Wright:

 

Reference is made to (1)
the Patent & Technology License Agreement, Agt. No. A2014-0165, entered into as of September 6, 2013, by and between Microlin
Bio, Inc. ("Microlin") and Ohio State Innovation Foundation ("OSIF"), as amended, (2) the Patent & Technology
License Agreement, Agt. No. A2013- 2080, entered into as of September 6, 2013, by and between Microlin and OSIF, as amended, (3)
the Patent & Technology License Agreement, Agt. No. A2013-2069, entered into as of September 6, 2013, by and between Microlin
and OSIF, as amended, (4) the Patent & Technology License Agreement, Agt. No. A2014-0164, entered into as of September 6,
2013, by and between Microlin and OSIF, as amended, (5) the Patent & Technology License Agreement, Agt. No. A2014-0294, entered
into as of September 6, 2013, by and between Microlin and OSIF, as amended (collectively, the "Agreements"), and (6)
the letter agreement, entered into as of May 22, 2014, by and between Microlin and OSIF (the "May Letter Agreement").

 

This
letter serves to confirm our agreement regarding Microlin's obligations with respect to the fees and expenses due to OSIF for
the patents licensed from OSIF under the Agreements. The Agreements provide that Microlin is to pay OSIF an upfront fee (the "Upfront
Fee") for the licensed patents and to repay OSIF for past patent expenses (the "Patent Expenses").  The Agreements
further provide that the Patent Expenses become immediately due and payable to OSIF in the event that $I 0,000,000 of external
funding is obtained by Microlin.

 

Microlin
and OSIF agree that the entire unpaid balance of the Upfront Fee, which totals $500,000 in the aggregate, will be paid in full
by Microlin on or before August 1, 2014, $300,000 of which will be paid by Microlin to OSIF via wire transfer no later than three
(3) calendar days after the day on which Microlin delivers its registered securities to its underwriter(s) and receives payment
for such securities (the "Closing Date"), and $200,000 of which shall, on the date Microlin's registration statement
on Form S-1 filed in connection with the initial public offering of its common shares (the "Initial Public Offering")
is deemed effective (the "Effective Date"), automatically convert in whole, without any further action by OSIF, into
shares of common stock of Microlin (the "Common Stock"), with the same rights, obligations, preferences and privileges
as are received by the other holders of Common Stock (the "Upfront Fee Conversion"). Upon the Upfront Fee Conversion,
OSIF shall receive (1) the number of shares of Common Stock equal to the quotient of (x) $200,000 divided by (y) the initial public
offering price of the Common Stock and (2) warrants in the same proportion as issued to other investors in the initial public
offering. Microlin shall, promptly after the Upfront Fee Conversion, issue and deliver to OSIF a certificate or certificates evidencing
the shares of Common Stock to which OSIF shall be entitled. OSIF shall be treated for all purposes as the record holder of such
shares of Common Stock as of the date of the Upfront Fee Conversion.  In the event that the Effective Date does not occur or occurs
after August 1, 2014, the parties will agree to a commercially reasonable alternative payment schedule for the Upfront Fee. Microlin
and OSIF acknowledge that the foregoing agreement with respect to the Upfront Fee supersedes the May Letter Agreement.

    	 	 	 

     

    

 

In the event Microlin
raises in excess of $10,000,000 in its Initial Public Offering on or before August 1, 2014, the entire unpaid balance of the Patent
Expenses, which totals $2,446,000 in the aggregate, shall, on the Effective Date, automatically convert in whole, without any
further action by OSIF, into shares of Common Stock with the same rights, obligations, preferences and privileges as are received
by the other holders of Common Stock (the "Patent Expense Conversion"). Upon the Patent Expense Conversion, OSIF shall
receive ( 1) the number of shares of Common Stock equal to the quotient of (x) $2,446,000 divided by (y) the initial public offering
price of the Common Stock and (2) warrants in the same proportion as issued to other investors in the initial public offering.
 Microlin shall, promptly after the Patent Expense Conversion, issue and deliver to OSIF a certificate or certificates evidencing
the shares of Common Stock to which OSIF shall be entitled. OSIF shall be treated for all purposes as the record holder of such
shares of Common Stock as of the date of the Patent Expense Conversion. In the event that the Effective Date does not occur or
occurs after August 1, 2014, the parties will agree to a commercially reasonable alternative payment schedule for the Patent Expenses.

 

 

		Sincerely,

         

         

         

        /s/ Joseph Hernandez

        Executive Chairman

 

 

[Acknowledgement page follows]

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ACKNOWLEDGED  AND AGREED TO BY:

 

OHIO STATE INNOVATION FOUNDATION

 

By: /s/ Timothy R. Wright

Name: Timothy R. Wright

Title: President

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