Document:

Exhibit 10.55

 

LICENCE
AGREEMENT

 

between

 

UCL
Business Limited

 

and

 

Qualigen
Therapeutics, Inc.

 

Dated:
13/01/2022

 

Ref:

 

    	 

     

    

 

INDEX

 

	1.	Definitions	1
	 	 	 
	2.	Grant
    of Rights	10
	 	 	 
	3.	Know-how
    and other Confidential Information	15
	 	 	 
	4.	Payments	17
	 	 	 
	5.	Commercialisation	24
	 	 	 
	6.	Access
    to Medicines and Ethical Licensing	27
	 	 	 
	7.	Compliance
    with Laws	29
	 	 	 
	8.	Intellectual
    Property	31
	 	 	 
	9.	Warranties
    and Liability	33
	 	 	 
	10.	Duration
    and Termination	38
	 	 	 
	11.	General	42
	 	 	 
	Schedule
    1 Licensed Technology	47
	 	 
	Schedule
    2 Appointment of Expert	49
	 	 
	Schedule
    3 Development Plan	50
	 	 
	Schedule
    4 List of Countries and Territories for Patents	51
	 	 
	Schedule
    5 Royalty Statement	52

 

    	 

    	1

    

 

THIS
AGREEMENT is made the 13th day of January 2022

 

BETWEEN:

 

	(1)	UCL
    BUSINESS LIMITED, a company incorporated in England and Wales under company registration number 02776963 whose registered office
    is at University College London, Gower Street London WC1E 6BT (“UCLB”);
	 	 
	 	and
	 	 
	(2)	Qualigen
    Therapeutics, Inc., a Delaware (USA) corporation whose principal place of business is at 2042 Corte del Nogal, Carlsbad, California
    92011 USA (the “Licensee”).

 

WHEREAS:

 

	A.	University
    College London (“UCL”), through the Principal Investigator, has developed certain technology and owns certain intellectual
    property rights relating to G-Quadruplex binding molecules, including the Patents and the Know-how.
	 	 
	B.	UCLB
    hereby represents and warrants to the Licensee that UCL has assigned to UCLB all of its right, title and interest in and to such
    property.
	 	 
	C.	The
    Licensee wishes to acquire rights under the Patents and to use the Know-how for the development and commercialisation of Licensed
    Products in the Field and in the Territory, all in accordance with the provisions of this Agreement.
	 	 
	D.	The
    Licensee acknowledges that UCLB and UCL are committed to implementing effective technology transfer strategies that promote the availability
    of health-related technologies in developing countries for essential medical care, as set out in UCL’s Statement of Principles
    and Strategies for the Equitable Dissemination of Medical Technologies, and has agreed to work with UCLB and UCL to achieve this
    commitment with respect to the Patents and the Know-how.
	 	 
	E.	The
    Licensee also acknowledges that it is UCL’s and UCLB’s policy neither to support Tobacco Companies nor to accept funds
    from Tobacco Companies. Accordingly, UCLB is required to place certain restrictions on the Licensee in this Agreement in order to
    support this policy.

 

NOW
IT IS AGREED as follows:

 

	1.	DEFINITIONS

 

In
this Agreement:

 

Affiliate
in relation to a Party, means any entity or person that Controls, is Controlled by, or is under common Control with that Party.

 

    	 

    	2

    

 

At-Cost
Markets means those markets in Developing Countries where individual poverty and insufficient public funding prevent access to healthcare
at developed country prices.

 

Claims
means all demands, claims, and liability (whether criminal or civil, in contract, tort or otherwise) for losses, damages, costs and
expenses of any nature whatsoever and all costs and expenses (including legal costs) incurred in connection therewith, in each case which
are payable to third parties, incurred by Indemnitees in connection with any and all suits, actions, investigations, claims or demands
of a third party.

 

Commencement
Date means the date specified above.

 

Confidential
Information means:

 

	 	a)	the
    existence, subject matter and terms of this Agreement;
	 	 	 
	 	b)	the
    Know-how;
	 	 	 
	 	c)	any
    and all information that would qualify as a trade secret pursuant to the EU Trade Secrets Directive or equivalent law of the United
    States or of the applicable constituent State of the United States;
	 	 	 
	 	d)	any
    and all information which reasonably ought to have been understood (by a reasonable business person) to be confidential and/or non-public
    information at the time disclosed to the Receiving Party;
	 	 	 
	 	e)	any
    and all information which is identified as being confidential or otherwise designated to show expressly that it is imparted in confidence
    including information relating to:

 

	 	i)	the
    business, affairs, customers, clients, suppliers, or plans, intentions, or market opportunities of the Disclosing Party; or
	 	 	 
	 	ii)	the
    operations, specifications, research, inventions, processes, initiatives, product information, technology, know-how, designs, trade
    secrets or software of the Disclosing Party,

 

in
each case which is disclosed orally, visually (for example, in electronic form) or in writing by or on behalf of one Party to the other
Party, and shall include any information, analyses, compilations, studies, minutes of meetings, or other documents or physical materials
prepared by or on behalf of the Receiving Party which include or otherwise derive from information received (directly or indirectly)
from the Disclosing Party.

 

    	 

    	3

    

 

Control
means:

 

	 	(a)	holding
    the right by contract to require that the person under Control conducts its affairs in accordance with the wishes of the person who
    holds that right; or
	 	 	 
	 	(b)	in
    relation to a body corporate, the direct or indirect beneficial ownership of more than 50% (fifty percent) (or outside of a Party’s
    home territory, such lesser percentage as is the maximum permitted level of foreign investment) of the issued shares or securities
    of the other entity or the legal power to direct or cause the direction of the general management of the other entity in question,
    or its holding company or parent undertaking; and
	 	 	 
	 	(c)	in
    relation to a partnership, the right to a share of more than half the assets, or of more than half the income, of the partnership;

 

Cost-Based
Price means, in respect of each Licensed Product, a price not exceeding that which fairly reflects the direct cost of manufacture
of the Licensed Product plus a typical margin for a generic pharmaceutical product for the respective market.

 

Developing
Country or Developing Countries refers to those countries that are at the relevant time:

 

	 	a)	eligible
    for support from the Global Alliance for Vaccines and Immunization; and
	 	 	 
	 	b)	to
    the extent not included in a);

 

	 	i)	defined
    as of the relevant time by the World Bank as Low-Income and Lower- Middle-Income Countries, as such definitions may be amended from
    time to time by the World Bank; and
	 	 	 
	 	ii)	all
    other countries that may be mutually agreed to by UCLB and the Licensee from time to time.

 

Diligent
Efforts means exerting such efforts and employing such resources at least commensurate to the level of efforts and resources that
a reasonable third party entity would devote to a product of similar market potential at a similar stage of its product life, when utilizing
sound and reasonable scientific, medical and business practice and judgment in order to develop the product in a timely manner and maximize
the economic return to the Parties from its commercialisation.

 

Disclosing
Party has the meaning given in Clause 3.3.

 

Field
means development, manufacture, marketing and sale of human pharmaceuticals.

 

First
Commercial Sale means the first sale to a third party of a Licensed Product in a given regulatory jurisdiction after all regulatory
and marketing approvals have been obtained for such Licensed Product in such jurisdiction. A sale shall not be deemed to have occurred
if a Licensed Product is provided pursuant to an early access or compassionate use.

 

    	 

    	4

    

 

First
Indication means the first Indication in cancer for which a Licensed Product has been approved by a Regulatory Authority.

 

Historic
Patent Costs has the meaning given in Clause 4.2.

 

Indemnitees
has the meaning given in Clause 9.6.

 

Indication
means a separate, distinct and well-categorized class of human disease, syndrome or medical condition. For clarity, different stages
of the same disease or condition will not be different Indications, varying manifestations of the same disease or condition will not
be different Indications, different lines of treatment of the same disease or condition will not be different Indications, and the treatment
or prevention of the same disease or condition in different demographic groups (e.g., adult and pediatric) will not be different Indications.

 

Insolvency
Event in relation to a Party means:

 

	 	(a)	a
    notice is issued to convene a meeting for the purpose of a passing a resolution to wind it up, or such a resolution is passed other
    than a resolution for its solvent reconstruction or reorganisation;
	 	 	 
	 	(b)	a
    resolution is passed by its directors to seek a winding up or a petition for a winding up order is presented against it, or such
    an order is made;
	 	 	 
	 	(c)	a
    receiver, administrative receiver, receiver and manager, interim receiver, custodian, sequestrator, administrator or similar officer
    is appointed in respect of that Party or over a substantial part of its assets, or a notice of intention to appoint an administrator
    is filed in respect of that Party, or an encumbrancer enforces its security, or any distress, attachment, sequestration or execution
    or other similar process affects any of its assets and is not discharged within 60 days;
	 	 	 
	 	(d)	a
    proposal for a voluntary arrangement is made in relation to it under Part I of the Insolvency Act 1986;
	 	 	 
	 	(e)	any
    step or event is taken or arises outside the United Kingdom which is similar or analogous to any of the steps or events listed at
    (a) to (d) above including the case the Licensee files, in any court or agency pursuant to any applicable law, a petition in bankruptcy
    or insolvency or for reorganization or for an arrangement or for the appointment of a receiver or trustee of the Licensee or of its
    assets, or if the Licensee is served with an involuntary petition against it, filed in any proceeding of such sort, and such petition
    is not dismissed within 60 days after the filing thereof, or if the Licensee overtly proposes to dissolve or liquidate, or if the
    Licensee makes an assignment for the benefit of its creditors;

 

    	 

    	5

    

 

	 	(f)	it
    proposes or makes any general assignment, composition or arrangement with or for the benefit of all or some of its creditors (other
    than for the sole purpose of a solvent amalgamation or solvent reconstruction), or it suspends making payments to all or some of
    its creditors.

 

Know-how
means:

 

all
technical information and know-how developed in any UCL laboratory of the Principal Investigator relating directly to the inventions
claimed in the Patents (but which information/ know-how is not the subject of a Patent and is not in the public domain); and described
in the Part B of Schedule 1.

 

Laboratory
means any laboratory of the Principal Investigator at UCL.

 

Licensed
Products means any and all products that are developed, manufactured, used, or sold by or on behalf of the Licensee or its Affiliates
and which (a) are within (or are manufactured using a process described in a Valid Claim of) the Patents in the country where sold and/or
(b) incorporate, or their development or manufacture makes use of, any of the Know-how.

 

Licensed
Technology means the Patents and the Know-how.

 

Licensee
Improvements means all improvements, modifications, adaptations and new uses of the Patents and the Know-how (and all intellectual
property rights therein) generated by the Licensee, its Affiliates and its Sub-licensees during the period of this Agreement.

 

Marketing
Authorisation means those Regulatory Approval(s) required by applicable laws and regulations in a particular country or territory
in order to sell or commercially supply a medicinal product and/or device in that country or territory.

 

Net
Receipts means the amount of any cash consideration (excluding value added or other sales tax), and if there is any tangible non-cash
consideration, the relevant open market price for such non-cash consideration in the relevant country or territory or if the relevant
open market price is not ascertainable, a reasonable price, assessed on an arm’s length basis, received by or due to the Licensee
or its Affiliates, in relation to the development or sub-licensing (including the grant of any option over a sub-licence) of any of the
Patents and the Know-how, or the grant of any right (including an option to acquire a licence) to develop, manufacture, market, or sell
Licensed Products, and including any or all of the following (but all only where in relation to the development or sub-licensing (including
the grant of any option over a sub-licence) of any of the Patents and the Know-how, or the grant of any right (including an option to
acquire a licence) to develop, manufacture, market, or sell Licensed Products):

 

	 	a)	up-front,
    milestone (whether at the stage of development, marketing or otherwise), success, bonus, maintenance and periodic (including annual)
    payments, royalty and minimum royalty payments due under any sub-licence agreement;

 

    	 

    	6

    

 

	 	b)	payments
    in respect of the funding of research or development activities related to the Patents and the Know-how or any Licensed Product,
    to the extent that such payments exceed reimbursement of the actual costs and expenses incurred by the Licensee or its Affiliates
    in performing the relevant research or development activities without any mark-up being applied to those costs and expenses and without
    any overhead charges being applied;
	 	 	 
	 	c)	where
    any sub-licence is to be granted under cross-licensing arrangements, the value of any third party licence obtained under such arrangements;
	 	 	 
	 	d)	any
    premium paid over the fair market value of shares, options or other securities in respect of any of the share capital of the Licensee
    or its Affiliates issued as a component of such a transaction (such fair market value to be determined on the assumption that UCLB
    had not granted, nor agreed to grant, any rights to the Licensee in respect of any of the Patents and the Know-how);
	 	 	 
	 	e)	the
    extra benefit (above normal market terms) of any loan, guarantee or other financial benefit made or given other than on normal market
    terms, occurring as a component of such a transaction;
	 	 	 
	 	f)	any
    shares, options or other securities obtained from a third party in consideration for the grant of the relevant rights; and
	 	 	 
	 	g)	any
    other payments in respect of the Patents, including payments awarded by a court or arbitrator or other authorised body but excluding
    any damages awarded as compensation for lost sales which will be treated as Net Sales Value.

 

Net
Sales Value means:

 

	 	a)	the
    gross invoiced price of Licensed Products sold by or on behalf of the Licensee or its Affiliates in arm’s length transactions
    for a cash consideration; and/ or
	 	 	 
	 	b)	where
    the sale is not at arm’s length and/ or is for or includes a non-cash consideration, or if Licensed Products are disposed of
    for free by the Licensee or its Affiliates (except in the context of or subject to Clause 5.9), the relevant open market price for
    the Licensed Product in the country or territory in which the sale, use or disposal takes place or if the relevant open market price
    is not ascertainable, a reasonable price, assessed on an arm’s length basis therefor,

 

    	 

    	7

    

 

after
deduction of all documented:

 

	 	i)	normal
    trade rebates and discounts (but excluding early payment discounts) actually granted and any credits actually given for rejected
    or returned Licensed Products;
	 	 	 
	 	ii)	amounts
    invoiced for Licensed Product sales but actually written off in good faith as uncollectible bad debt (net of any recoveries on written-off
    debt);
	 	 	 
	 	iii)	costs
    of packaging, insurance, carriage and freight, provided in each case that the amounts are separately charged to the purchaser on
    the relevant invoice;
	 	 	 
	 	iv)	value
    added tax or other sales tax; and
	 	 	 
	 	v)	import
    and export duties or similar applicable government levies charged to the purchaser on the relevant invoice,

 

provided
that such deductions do not exceed reasonable and customary amounts in the markets in which such sales occurred. Sales of Licensed Products
between the Licensee and its Affiliates shall not be taken into account for the purposes of calculating “Net Sales Value”
unless there is subsequent sale to a third party in an arm’s length transaction for a cash consideration.

 

Parties
means UCLB and the Licensee, and “Party” shall mean either of them.

 

Patents
means any and all of the patents and patent applications referred to in Part A of Schedule 1, including any continuations, continuations
in part, extensions, reissues, divisions, and any patents, supplementary protection certificates and similar rights that are based on
or derive priority from the foregoing.

 

Person
means any individual, partnership, limited liability company, firm, corporation, association, trust, unincorporated organization
or other entity.

 

Phase
I Study means a human clinical trial of a product in any country, the principal purpose of which is a preliminary determination of
safety in healthy individuals or patients, that would satisfy
the requirements of 21 C.F.R. 312.21(a), or a similar clinical study prescribed by the relevant regulatory authority in a country other
than the United States.

 

    	 

    	8

    

 

Phase
II Study means a clinical study of an investigational product in patients with the primary objective of characterizing its activity
in a specific disease state as well as generating more detailed safety, tolerability, and pharmacokinetics information. The investigational
product can be administered to patients as a single agent or in combination with other investigational or marketed agents and shall be
deemed commenced when the first patient in such study has received his or her initial dose of a product. A “Phase II Study”
shall include any clinical trial that would satisfy the requirements of 21 C.F.R. § 312.21(b), or a comparable clinical study prescribed
by the relevant regulatory authority in a country other than the United States.

 

Phase
III Study means a clinical study of an investigational product in patients that incorporates accepted endpoints for confirmation
of statistical significance of efficacy and safety with the aim to obtain regulatory approval in any country as described in 21 C.F.R.
§ 312.21(c), or a comparable clinical study prescribed by the relevant regulatory authority in a country other than the United States.

 

Principal
Investigator means Stephen Neidle, who was an employee of UCL, when the Patents and the Know-how were developed.

 

Receiving
Party has the meaning given in Clause 3.3.

 

Registration
means any approvals required for the marketing and sale of products based on or which utilise the Patents and/or Know-how in a country
of the Territory.

 

Regulatory
Approval means any and all approvals (including any applicable supplements, amendments, pre and post approvals, and approvals of
applications for regulatory exclusivity), licenses, registrations, or authorisations of any federal, national, multinational, state,
provincial or local regulatory agency, department, bureau, commission, council or other governmental entity necessary for the manufacture,
distribution, use, testing, development, storage, import, export, transport, promotion, marketing and sale of a medicinal product and/or
device in a country or countries.

 

Regulatory
Authority means any regulatory authority or competent body in any jurisdiction as relevant to a Licensed Product and/or the manufacture,
approval, Registration and sale thereof.

 

Second
Indication means the second Indication in cancer for which a Licensed Product has been approved by a Regulatory Authority.

 

    	 

    	9

    

 

Sub-licensee
means any third party (other than an Affiliate) to whom the Licensee grants a sub-licence of its rights under this Agreement in accordance
with Clause 2.3.

 

Subsequent
Indication means any Indication in cancer subsequent to the Second Indication for which a Licensed Product has been approved by a
Regulatory Authority.

 

Territory
means worldwide.

 

Third
Party has the meaning as given in Clause 11.12.

 

Tobacco
Company means: (i) any person who develops, sells or manufactures tobacco products; and/ or (ii) any person which makes the majority
of its profits from the importation, marketing, sale or disposal of tobacco products. Furthermore, Tobacco Company shall include any
person that is Controlled by or under common Control with any of the persons referred to in (i) and/or (ii); and for the purposes of
this definition, “Control” means the possession (directly or indirectly) of fifty per cent (50%) or more of the voting stock
or other equity interest of a subject entity with the power to vote, or the power in fact to control the management decisions of such
entity through the ownership of securities or by contract or otherwise; and “Controlling” and “Controlled by”
shall be construed accordingly.

 

UCL
means University College London, having its principal place of business at Gower Street London WC1E 6BT.

 

UCLB
Improvements means all improvements, modifications, adaptations and new uses of the Patents and the Know-how (and all intellectual
property rights therein) which are:

 

	 	a)	in
    the Field;
	 	 	 
	 	b)	generated
    by the Principal Investigator in any UCL laboratory and/or any other employees of UCL under the Principal Investigator’s supervision
    in any UCL laboratory during the period of twenty four (24) months following the Commencement Date;
	 	 	 
	 	c)	free
    (as of the time of creation, discovery or acquisition of the improvement, modification, adaptation or new use) from any ownership
    rights of or other obligations to third parties which would prevent UCLB from granting a licence thereof to the Licensee pursuant
    to Clause 2.5.2.

 

For
clarity, any employee of UCL who is in good faith named as a principal investigator with the Principal Investigator on any grant application
will not for the purposes of any research conducted pursuant to such grant be regarded as being under the supervision of the Principal
Investigator.

 

    	 

    	10

    

 

Valid
Claim means a claim of a patent or patent application that has not been abandoned or allowed to lapse or expired or been rejected
or revoked without a right of appeal in the relevant country or territory or been held invalid or unenforceable by a court of competent
jurisdiction in a final and non-appealable judgment.

 

	2.	GRANT
    OF RIGHTS

 

	2.1	Licences.

 

UCLB
hereby grants to the Licensee and its Affiliates, and the Licensee hereby accepts on its own behalf and on behalf of its Affiliates,
subject to the provisions of this Agreement:

 

	 	2.1.1	an
    exclusive licence under the Patents, with the right to sub-license, subject to Clause 2.3, to develop, have developed, manufacture,
    have manufactured, import, use, sell and have sold Licensed Products only in the Field and in the Territory; and
	 	 	 
	 	2.1.2	a
    non-exclusive licence to use the Know-how, with the right to sub-license, subject to Clause 2.3, to develop, have developed, manufacture,
    have manufactured, import, use, sell and have sold Licensed Products only in the Field and in the Territory.

 

	2.2	Formal
    Licences.

 

UCLB
shall at the Licensee’s request and cost execute such formal licences as may be necessary or appropriate to enable the Licensee
to register the licences granted to it under this Agreement with the patent offices in the Territory. If there is a conflict in meaning
between any formal licence and this Agreement, this Agreement shall prevail wherever possible. The Licensee shall use its best endeavours
to ensure that this Agreement shall not form part of any public record.

 

	2.3	Sub-Licensing.

 

The
Licensee shall be entitled to grant sub-licences of its rights under this Agreement to any third party, provided that:

 

	 	2.3.1	the
    Licensee receives UCLB’s permission (which shall not be unreasonably withheld, conditioned or delayed) prior to the grant of
    the sub-licence;
	 	 	 
	 	2.3.2	the
    Licensee notifies UCLB promptly of the grant of the sub-licence and shall enter into a written sub-licence agreement with such third
    party;

 

    	 

    	11

    

 

	 	2.3.3	such
    sub-licence agreement shall include obligations on the Sub-licensee which are consistent with the obligations on the Licensee under
    this Agreement (but it is understood that the Sub-licensee shall not be required to make payments to UCLB corresponding to the Licensee’s
    payment obligations under Clause 4);
	 	 	 
	 	2.3.4	such
    sub-licence agreement shall prohibit the Sub-licensee from granting further sub- licences of its rights under the Patents and to
    use the Know-how;
	 	 	 
	 	2.3.5	the
    proposed sub-licensee is not a Tobacco Company or an Affiliate of such a company or a Person involved as its primary business in
    arms dealing, gambling operations, or the promotion of violence or an Affiliate of such Person, or if the proposed sub-licensee is
    a Person regularly involved in child labour or an Affiliate of such Person;
	 	 	 
	 	2.3.6	each
    sub-licence shall terminate automatically upon termination of this Agreement for any reason (but not expiry of this Agreement under
    Clause 10.1) except where:

 

	 	(a)	the
    Sub-licensee was not implicated in or at fault in any circumstances which led to the termination of this Agreement;
	 	 	 
	 	(b)	the
    benefit (but not the burden) of the sub-licence agreement is validly assigned to UCLB in writing by the Licensee within seven (7)
    days following the date of termination of this Agreement; and
	 	 	 
	 	(c)	following
    such assignment, the Sub-licensee observes in full the terms of the sub-licence agreement including paying all sums due to the Licensee
    under the sub-licence agreement directly to UCLB in a timely manner,

 

in
which case the Sub-licensee’s rights to use (to the full extent of and with the full benefit of whatever exclusivity which UCLB
herein grants to the Licensee, had been afforded by the Licensee to the Sub-licensee in the sub-license) the Patents and the Know-how
shall continue in full force and effect in accordance with the terms of the relevant sub-licence agreement;

 

	 	2.3.7	the
    Licensee shall provide a certified true copy of each sub-licence agreement and of any subsequent amendments to it to UCLB within
    thirty (30) days following execution; and
	 	 	 
	 	2.3.8	the
    Licensee shall ensure that each Sub-licensee complies fully with the terms of the relevant sub-licence agreement. The Licensee shall
    be responsible for any breach of or non-compliance with a sub-licence agreement by its Sub-licensees as if the breach or non-compliance
    had been a breach of or non-compliance with this Agreement by the Licensee, and the Licensee shall indemnify each of the Indemnitees
    against any Claims which are awarded against or suffered by any of the Indemnitees as a result of any such breach or non-compliance
    by its Sub-licensees.

 

    	 

    	12

    

 

The
Licensee acknowledges that a breach of Clauses 2.3.1 to 2.3.5 (inclusive) shall be considered a material breach of this Agreement for
the purpose of Clause 10.2.1.

 

	2.4	Reservation
    of Rights.

 

	 	2.4.1	UCLB
    reserves for itself and its non-commercial Affiliates the non-exclusive, irrevocable, worldwide, royalty-free right to (but only
    to):

 

	 	(a)	use
    the Patents in the Field for its or their own internal non-commercially funded research (including conducting clinical trials), academic
    purposes, publication and teaching;
	 	 	 
	 	(b)	license
    other academic institutions to use the Patents in the Field solely for their own internal non-commercially funded research (including
    conducting clinical trials), academic purposes, publication and teaching; and
	 	(c)	grant
    licences to use the Patents in the Field to post graduate students of UCL for the sole purpose of conducting a wholly non-commercial
    programme of post graduate academic research.

 

	 	2.4.2	Except
    for the licences expressly granted by this Clause 2, UCLB grants no rights to the Licensee and its Affiliates to or under any intellectual
    property or know-how other than the Patents and the Know-how, and UCLB hereby expressly reserves all rights under the Patents and
    the Know-how outside the Field.

 

	2.5	Access
    to Improvements

 

	 	2.5.1	Licensee
    Improvements

 

	 	(a)	the
    Licensee shall notify UCLB of each Licensee Improvement, in sufficient detail to allow UCLB to make use thereof, as soon as reasonably
    practicable following the creation, discovery or acquisition of the relevant Licensee Improvement.
	 	 	 
	 	(b)	the
    Licensee hereby grants to UCLB and its wholly non-commercial Affiliates, and UCLB hereby accepts on its own behalf and on behalf
    of its wholly non- commercial Affiliates, subject to the provisions of this Agreement a non-exclusive, transferable, sub-licensable,
    royalty-free, irrevocable and perpetual licence under the Licensee Improvements:

 

	 	(i)	to
    use the Licensee Improvements solely for its or their own internal non-commercially funded research (including conducting clinical
    trials), academic purposes, publication and teaching;

 

    	 

    	13

    

 

	 	(ii)	to
    license other academic institutions to use the Licensee Improvements solely for their own internal non-commercially funded research
    (including conducting clinical trials), academic purposes, publication and teaching; and
	 	 	 
	 	(iii)	to
    grant licences of the Licensee Improvements to post graduate students of UCL for the sole purpose of conducting a wholly non- commercial
    programme of post graduate academic research.

 

	 	2.5.2	UCLB
    Improvements

 

	 	(a)	UCLB
    shall notify the Licensee of each UCLB Improvement, in sufficient detail to allow the Licensee to make use thereof, as soon as reasonably
    practicable following the creation, discovery or acquisition of the relevant UCLB Improvement being brought to UCLB’s knowledge.
	 	 	 
	 	(b)	UCLB
    hereby grants to the Licensee an exclusive option to obtain a licence of any UCLB Improvements, such licence to be on commercial
    terms to be negotiated between the Parties.
	 	 	 
	 	(c)	The
    Licensee shall have a period of three (3) months from the date of UCLB’s notification to review and evaluate each UCLB Improvement
    (the “Evaluation Period”). The Licensee may exercise its option over each UCLB Improvement at any time during
    the relevant Evaluation Period by serving a written notice upon UCLB.
	 	 	 
	 	(d)	If
    the Licensee exercises its option over any UCLB Improvement in accordance with sub-clause (c) above, the Licensee and UCLB will use
    their reasonable endeavours to negotiate in good faith and agree the terms of a licence for the relevant UCLB Improvement within
    a period of twelve (12) months from the date of UCLB’s receipt of the Licensee’s written notice (the “Negotiation
    Period”), provided that neither Party will be obliged to enter into such a licence.

 

    	 

    	14

    

 

	 	(e)	UCLB
    shall not enter into a licence agreement (whether exclusive or non- exclusive) with a third party in respect of any UCLB Improvement
    during the relevant Evaluation Period and if the Licensee exercises its option in accordance with sub-clause (c) above, during the
    relevant Negotiation Period. If the Licensee does not exercise its option in relation to any UCLB Improvement within the relevant
    Evaluation Period or if the Licensee does exercise its option, but the Parties cannot agree upon the licence terms within the relevant
    Negotiation Period, UCLB shall be at liberty to use the relevant UCLB Improvement for any purpose whatsoever and to enter into any
    licence or other agreements or arrangements with any third party or parties to exploit the UCLB Improvement at its sole discretion.

 

	2.6	Affiliates.

 

The
Licensee shall:

 

	 	2.6.1	ensure
    that its Affiliates comply fully with the terms of this Agreement;
	 	 	 
	 	2.6.2	be
    responsible for any breach of or non-compliance with this Agreement by its Affiliates as if the breach or non-compliance had been
    a breach of or non-compliance with this Agreement by the Licensee;
	 	 	 
	 	2.6.3	indemnify
    each of the Indemnitees against any Claims which are awarded against or suffered by any of the Indemnitees as a result of any breach
    of or non-compliance with this Agreement by its Affiliates; and
	 	 	 
	 	2.6.4	ensure
    that if any Affiliate ceases to be an Affiliate as a result of a change of Control or otherwise, that former Affiliate immediately
    upon such cessation:

 

	 	(a)	ceases
    developing, manufacturing, having manufactured, importing, using, selling and/ or having sold Licensed Products and ceases all, use
    or exploitation of each Valid Claim of an issued Patent within the Licensed Technology, for as long as the applicable patent claim
    continues to be a Valid Claim of an issued Patent within the Licensed Technology, and ceases all use or exploitation of each item
    of Know-how within the Licensed Technology, for as long as the applicable item of Know-how remains confidential;
	 	 	 
	 	(b)	returns
    to the Licensee or destroys any documents or other materials in the former Affiliate’s possession or under its control and
    that contain UCLB’s Confidential Information or any confidential information of the Licensee relating to the Licensed Technology
    and/ or Licensed Products;
	 	 	 
	 	(c)	delivers
    to the Licensee a copy of all technical and clinical data relating to Licensed Products generated by the former Affiliate;

 

    	 

    	15

    

 

	 	(d)	discloses
    to the Licensee full details of all and any Licensee Improvements generated by the former Affiliate; and
	 	 	 
	 	(e)	to
    the extent possible, takes all action necessary to have any former Affiliate’s product licences, marketing authorisations,
    pricing and/ or reimbursement approvals (and any applications for any of the foregoing) which relate to Licensed Products transferred
    into the name of the Licensee.

 

	3.	KNOW-HOW
    AND OTHER CONFIDENTIAL INFORMATION

 

	3.1	Provision
    of Know-how.

 

Within
thirty (30) days following the Commencement Date, UCLB shall deliver to the Licensee (electronically or on other appropriate media) a
copy of the Know-how. UCLB shall instruct the Principal Investigator to answer all reasonable queries received from the Licensee regarding
the Know-how, provided that if in order to answer any such queries the Principal Investigator is required to:

 

	 	3.1.1	work
    more than in aggregate two (2) man days of seven and a half (7.5) hours each, the Licensee shall pay the Principal Investigator a
    fee for providing such assistance, such fee to be agreed between the Licensee and the Principal Investigator; and/ or
	 	 	 
	 	3.1.2	attend
    the Licensee’s premises, the Licensee shall reimburse the Principal Investigator promptly on demand for all travel (at business
    class rates), accommodation and subsistence costs incurred in so doing.

 

	3.2	Confidentiality
    of Know-how.

 

The
Licensee undertakes that for so long as the Know-how remains confidential, it shall (and shall ensure that its Affiliates and Sub-licensees)
take all reasonable precautions to prevent unauthorised access to the Know-how and protect the Know-how in the same manner as it (or
they) protect(s) its (or their) own proprietary information, and shall not (and shall ensure that its Affiliates and Sub-licensees do
not) use the Know-how for any purpose, except as expressly licensed hereby and in accordance with the provisions of this Agreement.

 

	3.3	Confidentiality
    Obligations.

 

Each
Party (“Receiving Party”) undertakes:

 

	 	3.3.1	to
    maintain as secret and confidential all Confidential Information obtained from the other Party (“Disclosing Party”)
    in the course of or in anticipation of this Agreement and to respect the Disclosing Party’s rights therein;

 

    	 

    	16

    

 

	 	3.3.2	to
    use such Confidential Information only for the purposes of or as permitted by this Agreement;
	 	 	 
	 	3.3.3	not
    to engage in any conduct which would be regarded as infringing conduct under the EU Trade Secrets Directive; and
	 	 	 
	 	3.3.4	to
    disclose such Confidential Information only to those of its employees, contractors, Affiliates, and Sub-licensees (if any) to whom,
    and to the extent that, such disclosure is reasonably necessary for the purposes of this Agreement, provided however that the Licensee
    shall have the right to disclose Confidential Information received from UCLB to potential or actual customers of Licensed Products
    to the extent reasonably necessary to promote the sale or use of Licensed Products and provided that such customer has agreed to
    confidentiality provisions at least as restrictive as those set forth herein.

 

	3.4	Exceptions
  to Obligations.

 

The
provisions of Clause 3.3 shall not apply to Confidential Information which the Receiving Party can demonstrate by reasonable written
evidence:

 

	 	3.4.1	was,
    prior to its receipt by the Receiving Party from the Disclosing Party, in the possession of the Receiving Party and at its free disposal;
    or
	 	 	 
	 	3.4.2	is
    subsequently disclosed to the Receiving Party by a third party without any obligations of confidence; or
	 	 	 
	 	3.4.3	is
    or becomes generally available to the public through no act or default of the Receiving Party or its agents, employees, Affiliates
    or Sub-licensees;
	 	 	 
	 	3.4.4	is
    rightfully received by the Receiving Party on a non-confidential basis from a Third Party who is entitled to disclose it without
    breaching any confidentiality obligation (directly or indirectly) to the Disclosing Party and who, to the Receiving Party’s
    best knowledge, did not obtain such information, directly or indirectly, from the Disclosing Party;
	 	 	 
	 	3.4.5	is
    independently developed by or for the Receiving Party, in either case solely by personnel without any access to or use of the Confidential
    Information provided by the Disclosing Party;
	 	 	 
	 	3.4.6	the
    Receiving Party is required to disclose to patent offices in furtherance of the Patents;

 

    	 

    	17

    

 

	 	3.4.7	the
    Receiving Party is required to disclose by or to the courts of any competent jurisdiction, or to any government regulatory agency
    or financial authority, provided that the Receiving Party shall:

 

	 	(a)	inform
    the Disclosing Party as soon as is reasonably practicable of such requirement; and
	 	 	 
	 	(b)	at
    the Disclosing Party’s request and cost seek to persuade the court, agency or authority to have the information treated in
    a confidential manner, where this is possible under the court, agency or authority’s procedures; or

 

	 	3.4.8	which
    a Party is advised in good faith by its information officer that it is required to disclose under the Freedom of Information Act
    2000 or the Environmental Information Regulations 2004 or equivalent laws of the United States or of another country.

 

	3.5	Disclosure
    to Employees and others.

 

The
Receiving Party shall procure that all of its employees, contractors, Affiliates and Sub- licensees who have access to any of the Disclosing
Party’s Confidential Information to which Clause 3.3 applies, shall be made aware of the obligations of confidence and enter into
written undertakings of confidentiality at least as restrictive as those set forth herein.

 

	4.	PAYMENTS

 

	4.1	Initial
    Payment.

 

On
or before or within seven (7) days after the Commencement Date, the Licensee shall pay to UCLB a non-refundable, non-deductible licensing
fee of $150,000 (one fifty thousand US dollars).

 

	4.2	Historic
    Patent Costs.

 

On
or before or within thirty (30) days after the Commencement Date, the Licensee shall reimburse all of the costs and expenses incurred
by UCLB in respect of drafting, applying for and prosecuting the Patents prior to the Commencement Date, which are estimated to be in
the region of $160,384.22 (one hundred sixty thousand three hundred and eighty-four point twenty-two US dollars) (“Historic
Patent Costs”).

 

	4.3	Milestone
    Payments.

 

	 	4.3.1	Within
    15 days following achievement of each of the following milestone events by the Licensee or any of its Affiliates or Sub-licensees,
    the Licensee shall notify UCLB in writing that the relevant milestone event has been achieved and, subject to Clause

 

    	 

    	18

    

 

	 	4.3.2	below, pay to UCLB the amount(s) set out next to such milestone
event in the table below within 30 days after receipt of UCLB’s invoice therefor:

 

	 		 	Amount to be paid
	 	Milestone
    Event	 	First
    Indication	 	Second
    Indication and each Subsequent Indication
	 	First
    patient dosed in Phase I Study, for a Licensed Product which has a first patient dosed in a Phase I Study	 	$100,000
    (one hundred thousand US dollars)	 	n/a
	 	First
    patient dosed in Phase II Study, for a Licensed Product which has a first patient dosed in a Phase II Study	 	$200,000
    (two hundred thousand US dollars)	 	n/a
	 	First
    patient dosed in Phase III Study, for a Licensed Product which has a first patient dosed in a Phase III Study	 	$500,000
    (five hundred thousand US dollars)	 	n/a
	 	Approval
    of a New Drug Application (NDA) in the United States by the Food and Drug Administration (FDA), for a Licensed Product which has
    a NDA (or, as the case may be, for a Second or Subsequent Indication) approved by the FDA in the United States	 	$1,000,000
    (one million US dollars)	 	$1,000,000
    dollars) (one million US
	 	Approval
    of Marketing Authorization Application in the European Union or in the United Kingdom, for aLicensed Product which has a Marketing

    Authorization
    Application (or,
	 	$1,000,000
    (one million US dollars)	 	$1,000,000
    dollars) (one million US
	 	as
    the case may be, for a Second or Subsequent Indication) approved in the European Union or in the United Kingdom	 	 	 	 
	 	Net
    Sales Value hitting a target figure of $500M (five hundred million US dollars) or above during a calendar year	 	$5,000,000
    (five million US dollars)	 	n/a

 

    	 

    	19

    

 

If,
for any reason, any of the milestones set out above are achieved without all or any of the preceding milestones having been achieved
by the Licensee or its Affiliates or Sub-licensees, then upon achievement of the relevant milestone, the milestone payments for the preceding
milestones which have not been achieved shall also be due and payable. By way of example only, if the second milestone is achieved without
the Licensee or its Affiliates or Sub-licensees having achieved the first milestone, then upon achievement of the second milestone, the
payment for the first milestone which has not been achieved shall also be due and payable. (Provided, however, that this rule shall not
apply to deem the milestone of FDA approval of a NDA to have been achieved upon approval of a MAA, and this rule shall not apply to deem
the milestone of FDA approval of a NDA or the milestone of approval of a MAA to have been achieved upon Net Sales Value hitting a target
figure of $500M during a calendar year.)

 

Notwithstnding
anything stated in Clause 4.3.1 to the contrary, where the Licensee has already paid against a milestone event (for an Indication, as
stated above) in respect of a Licensed Product, it shall not be required to pay again against the same milestone event (for the same
Indication, as stated above) with respect to a subsequent Licensed Product.

 

	 	4.3.2	The
    Licensee shall be entitled to deduct (without duplicative deducting) an amount equal to the cumulative Minimum Royalty(ies) paid
    by it pursuant to Clause 4.8 from any milestone payment due against a milestone event stated in Clause 4.3.1 that immediately follows
    such Minimum Royalty(ies) payment.

 

	4.4	Royalties
    on Net Sales Value.

 

The
Licensee shall pay to UCLB a royalty being a percentage of the Net Sales Value of all Licensed Products or any part thereof used, sold
or disposed of by or on behalf of the Licensee or its Affiliates as follows:

 

	 	4.4.1	3.5%
    (three and a half percent) in case cumulative Net Sales Value is equal to or less than $250,000,000 (two fifty million US dollars);
    and

 

    	 

    	20

    

 

	 	4.4.2	4.5%
    (four and a half percent) in case cumulative Net Sales Value is above $250,000,000
    (two fifty million US dollars).

 

	4.5	Royalties
    on Net Receipts.

 

The
Licensee shall pay to UCLB a royalty of 15% (fifteen percent) of Net Receipts.

 

	4.6	Combination
    Products.

 

If
any Licensed Products are incorporated in or bundled with any other product (“Combination Product”) sold by the Licensee
or its Affiliates and the Licensed Product is not priced separately from the Combination Product, the Net Sales Value of such Licensed
Product shall be deemed to be the fair market value of the Licensed Product in the country of sale when sold separately or if not sold
separately in the country of sale, in comparable countries and territories or if neither of the foregoing apply, a reasonable amount
which fairly reflects the value of the Licensed Product within the Combination Product assuming the Licensed Product is not being sold
as a loss leader. For avoidance of doubt, a single medical product which incorporates both a Licensed Product and a non-Licensed Product
active pharmaceutical ingredient would be an instance of a Combination Product. Notwithstanding the foregoing, in no event shall the
Net Sales Value of such Licensed Product be less than 50% (fifty percent) of the Net Sales Value of the Combination Product (where the
Net Sales Value of the Combination Product is calculated mutatis mutandis with the references to the Licensed Products (in the definition
of “Net Sales Value”) and such references to Licensed Products treated as if they were references to the Combination Product)..

 

	4.7	Valuation
    of Non-Monetary Consideration; Referral to Expert.

 

If
at any time a dispute arises or the Parties are unable to reach agreement in relation to the open market value of any non-cash consideration
received by the Licensee for a Licensed Product or the value of any non-cash consideration which forms part of Net Receipts or the reasonable
value for a Licensed Product when incorporated within a Combination Product and the Parties are not able to resolve such dispute within
thirty (30) days following the dispute first arising, such disagreement shall be referred to an independent expert who shall be appointed
and act in accordance with the provisions of Schedule 2 and whose decision shall be final and binding on the Parties.

 

    	 

    	21

    

 

	4.8	Minimum
    Royalties.

 

If
the royalties payable under Clause 4.4 to Clause 4.5 (inclusive) are less than the amounts described in the Table below (“Minimum
Royalty”) with respect to the corresponding calendar year (i.e., 1 January to 31 December) indicated in the Table below, the
Licensee shall for the avoidance of doubt in addition to the royalties payable pursuant to Clause 4.4 to 4.5, pay to UCLB the amount
by which such royalties are less than the Minimum Royalty within thirty (30) days following the end of the relevant calendar year, failing
which UCLB shall be entitled to terminate this Agreement and all licences granted under this Agreement by notice in writing to the Licensee
given at any time after the expiry of the said thirty (30) day period. If this Agreement ends on any day other than the last day of a
calendar year, the Minimum Royalty due for that year shall be reduced pro-rata calculated on the basis of the number of days of the final
calendar year during which this Agreement was in force.

 

	Calendar Year	 	Minimum Royalty	 
	2025	 	$	20,000	 
	2026	 	$	20,000	 
	2027	 	$	50,000	 
	2028 and any subsequent calendar year	 	$	100,000	 

 

For
the avoidance of doubt, where no royalties under Clauses 4.4 and/or 4.5 are generated by the Licensee, its Affiliates or Sub-licensees
for a calendar year (as stated in the Table above), the Minimum Royalty set out in the above Table shall be payable in its entirety in
respect of the relevant calendar year.

 

	4.9	Royalties
    to Third Parties.

 

If,
during the term of this Agreement, the Licensee has taken appropriate professional advice from its patent agents and is advised in a
written opinion by its patent agents that it is necessary to obtain a licence from any third party (“Third Party Licence”)
in order to avoid infringing such third party’s patent(s) in the course of manufacture or sale of Licensed Products and provided
that the Licensee has, acting reasonably, consulted with UCLB, and has taken into account any representations made to it by UCLB, in
relation to the necessity of obtaining such Third Party Licence, the royalties payable under this Agreement shall be reduced by 50% (fifty
percent) of the amount of royalties paid by the Licensee under the Third Party Licence. Notwithstanding the foregoing, the amount of
royalty payable by the Licensee to UCLB in any quarterly period in respect of each country and territory within the Territory shall not
be reduced by more than 50% (fifty percent) of the amount which would have otherwise been payable in the absence of this Clause. The
reduction referred to in this Clause shall only be made where the infringement of the third party patent arises from the use of the inventions
claimed in the Patents in accordance with the provisions of this Agreement, and not from the use of any other intellectual property that
the Licensee chooses to use in the manufacture or sale of any Licensed Product. The Licensee shall use its commercially reasonable efforts
to avoid having to pay royalties, and to minimise the amount of any such royalties which it agrees to pay, to any Third Party. Where
the Parties disagree as to the necessity of a Third Party Licence, and the Parties are not able to resolve such dispute within thirty
(30) days following the dispute first arising, then such dispute shall be referred to an expert who shall be appointed in accordance
with the provisions of Schedule 2 and whose decision shall be final and binding on the Parties.

 

    	 

    	22

    

 

	4.10	Payment
    Frequency.

 

Royalties
due under this Agreement shall be paid within thirty (30) days following the end of each calendar quarter ending on 31 March, 30 June,
30 September and 31 December in each year, in respect of sales of Licensed Products made and Net Receipts generated during such quarter
and within thirty (30) days following the termination of this Agreement.

 

	4.11	Payment
    terms.

 

All
sums due under this Agreement:

 

	 	4.11.1	are
    exclusive of Value Added Tax which where applicable will be paid by the Licensee to UCLB in addition;
	 	 	 
	 	4.11.2	shall
    be paid in US dollars in cash by transferring an amount in aggregate to the following account number: 47039033, sort code: 20-10-79,
    account name UCL Business Ltd., held with Barclays Bank plc, Leicester, Leicestershire, LE87 2BB, and in the case of income or amounts
    received by the Licensee or its Affiliates in a currency other than US dollars, the royalty shall be calculated in the other currency
    and then converted into equivalent US dollars at the relevant daily spot rate for that currency as quoted in the Financial Times
    newspaper on the last business day of the period in relation to which the royalties are payable;
	 	 	 
	 	4.11.3	will
    be made without any set-off, deduction or withholding except as may be required by law. If the Licensee is required by law to make
    any deduction or to withhold any part of any amount due to UCLB under this Agreement, the Licensee will give to UCLB proper evidence
    of the amount deducted or withheld and payment of that amount to the relevant taxation authority, and will do all things in its power
    to enable or assist UCLB to claim exemption from or, if that is not possible, to obtain a credit for the amount deducted or withheld
    under any applicable double taxation or similar agreement from time to time in force; and

 

    	 

    	23

    

 

	 	4.11.4	shall
    be made by the due date, failing which UCLB may charge interest on any outstanding amount on a daily basis until such payment is
    made at a rate equivalent to 3% above the Barclays Bank plc base lending rate then in force in London.

 

	4.12	Royalty
    Statements.

 

The
Licensee shall send to UCLB at the same time as each royalty payment is made in accordance with Clauses 4.4 to 4.5 (inclusive) a statement
setting out for the relevant calendar quarter the detail included at Schedule 5.

 

	4.13	Records.

 

	 	4.13.1	The
    Licensee shall keep at its normal place of business detailed and up to date records and accounts showing the quantity, description
    and invoiced price or non- cash consideration for all Licensed Products sold by it or its Affiliates or on its or its Affiliates’
    behalf, and the amount of Net Receipts, broken down in each case on a country by country basis, and being sufficient to ascertain
    the payments due to UCLB under this Agreement.
	 	 	 
	 	4.13.2	The
    Licensee shall make such records and accounts available, on reasonable notice, for inspection during business hours by an independent
    chartered accountant nominated by UCLB for the purpose of verifying the accuracy of any statement or report given by the Licensee
    to UCLB under Clause 4.13.1. The Licensee shall co- operate reasonably with any such accountant, and shall promptly provide all information
    and assistance reasonably requested by such accountant. The accountant shall be required to keep confidential all information learnt
    during any such inspection, and to disclose to UCLB only such details as may be necessary to report on the accuracy of the Licensee’s
    statement or report. UCLB shall be responsible for the accountant’s charges unless the accountant certifies that there is an
    inaccuracy of more than 5% (five percent) in any royalty statement, in which case the Licensee shall pay his charges in respect of
    that inspection.
	 	 	 
	 	4.13.3	Such
    records and accounts, and the accountant’s reports, shall be deemed to be Confidential Information of the Licensee.
	 	 	 
	 	4.13.4	The
    Licensee shall ensure that UCLB has the same rights as those set out in this Clause 4.13 in respect of the Licensee’s Affiliates.

 

    	 

    	24

    

 

The
Licensee shall co-operate with UCLB in good faith to resolve any discrepancies identified during any such inspection and shall pay any
shortfall in the amounts paid to UCLB under this Agreement, together with interest on late payment as specified in Clause 4.11.4, within
thirty (30) days following receipt of a copy of the independent chartered accountant’s report.

 

	4.14	Accounting
    Standards.

 

Where
this Agreement requires a financial calculation to be made or an action to be taken, such calculation or action will be made or taken
in accordance with the generally accepted accounting principles (consistently applied) from time to time approved by the United Kingdom’s
Accounting Standards Board, or any successor body, applicable as at the date on which such calculation or action is made or taken.

 

	5.	COMMERCIALISATION

 

	5.1	General
    Diligence.

 

The
Licensee shall use Diligent Efforts to develop and commercialise Licensed Products in the Territory (including obtaining regulatory approvals
which may be required to market and sell the Licensed Products) and to maximise sales for the benefit of both Parties.

 

	5.2	[reserved.]

 

	5.3	Development
    Plan.

 

The
Licensee’s initial plan for developing and commercialising Licensed Products is set out in Schedule 3 (the “Development
Plan”). The Licensee shall provide to UCLB on each anniversary of the Commencement Date a written update to the Development
Plan that shall:

 

	 	5.3.1	report
    on all activities conducted under this Agreement by the Licensee and its Affiliates and Sub-licensees since the Commencement Date
    or the date of the previous update (as appropriate);
	 	 	 
	 	5.3.2	set
    out the milestone events achieved since the Commencement Date or the date of the previous update (as appropriate) and the Licensee’s
    best estimate of the dates for achieving any future milestone events;
	 	 	 
	 	5.3.3	set
    out the current and projected activities being taken or planned to be taken by the Licensee and its Affiliates and Sub-licensees
    to bring Licensed Products to market, and to maximise the sale of Licensed Products in the Territory and in the Field; and

 

    	 

    	25

    

 

	 	5.3.4	set
    out the Licensee’s and its Affiliates’ and Sub-licensees’ projected sales of Licensed Products (based on the Licensee’s
    current forecasts) for each of the next three (3) years following the date of the report.

 

UCLB’s
receipt or approval of any update to the Development Plan shall not be taken to waive or qualify the Licensee’s obligations under
Clause 5.1. The Development Plan shall be deemed to be Confidential Information of the Licensee.

 

	5.4	Annual
    Meeting.

 

The
Licensee will on UCLB’s request meet with UCLB at least once per calendar year, following the submission of the update to the Development
Plan pursuant to Clause 5.3, to discuss progress with regard to the development and commercialisation of the Licensed Technology and
the Licensee’s efforts to maximise sales of Licensed Products in the Territory and in the Field.

 

	5.5	Reporting
    of First Commercial Sale.

 

The
Licensee will promptly notify UCLB in writing of the First Commercial Sale of each Licensed Product in each country within the Territory.

 

	5.6	Reporting
    for Impact Purposes.

 

	 	5.6.1	The
    Licensee acknowledges that part of UCLB’s purpose in licensing the Patents, the and the Know-how to the Licensee pursuant this
    Agreement is to ensure that the Patents and the Know-how are made available for use and commercial exploitation with the intention
    of benefitting society and the economy. In order to enable UCLB and UCL to monitor the benefit that they are providing, and to enable
    UCL to demonstrate the impact of its research activities, to society and the economy, the Licensee will provide to UCLB on each anniversary
    of the Commencement Date during the period of this Agreement and for a period of three (3) years thereafter a written report describing
    in reasonable detail how it has used the Patents and the Know-how and the societal and economic benefits generated therefrom.
	 	 	 
	 	5.6.2	Such
    reports shall be deemed to be Confidential Information of Licensee. The Licensee acknowledges that UCLB and UCL shall be entitled
    to make use of any written reports received from the Licensee (and the information contained therein) pursuant to Clause 5.6.1 in
    confidential applications for research or other grant related funding and in confidential submissions to Higher Education funding
    bodies such as HEFCE and/ or HEIF (or any replacements for either of those entities) and like entities, and to use the Licensee’s
    name and the fact that the Licensed Technology have been provided to the Licensee hereunder in their general publicity materials.

 

    	 

    	26

    

 

	5.7	Quality.

 

The
Licensee shall ensure that all of the Licensed Products marketed by it and its Affiliates are of satisfactory quality and comply with
all applicable laws and regulations in each part of the Territory, and shall use commercially reasonable efforts to ensure that all of
the Licensed Products marketed by its Sub-licensees are of satisfactory quality and comply with all applicable laws and regulations in
each part of the Territory.

 

	5.8	Marking
    of Licensed Products.

 

To
the extent permitted under the laws of any country, the Licensee shall mark and cause its Affiliates and Sub-licensees to mark each Licensed
Product with the number of each issued Patent in the applicable country which applies to the Licensed Product and a statement that such
Licensed Products are sold under licence from UCL Business Ltd.

 

	5.9	Disposals
    of Licensed Products for Free.

 

Notwithstanding
the terms of Clause 5.1, the Licensee shall be entitled to supply a reasonable number of Licensed Products to third parties free of charge:

 

	5.9.1	for
    use in clinical trials;
	 	 
	5.9.2	for
    use in an early access scheme, patient access scheme or market access scheme approved by regulatory authorities in the relevant territories;
	 	 
	5.9.3	as
    promotional items for the purpose of establishing a market for the Licensed Products in the relevant country or territory; and/or
	 	 
	5.9.4	for
    evaluation and testing purposes,

 

provided
that in the case of sub-clause 5.9.3 and 5.9.4, the Licensee shall be entitled to supply Licensed Products free of charge for a
maximum of eight (8) years following the grant of the first marketing authorisation for the Licensed Product and that the quantity
of Licensed Products supplied for free in each country in each twelve (12) month period is no more than ten percent (10%) of the
total sales volume of Licensed Products in such country during the same period, and in all cases, the quantity of Licensed Products
supplied for free in each country or territory is not excessive and is in line with normal industry practice in such country or
territory. Any Licensed Products disposed of to third parties free of charge in accordance with this Clause 5.9 shall not be taken
into account for the purposes of calculating Net Sales Value. For the avoidance of doubt, Licensed Products disposed of to third
parties free of charge, in each country, in excess of ten percent (10%) of the total sales volume for that country, in each twelve
(12) month period, shall be taken into account for the purposes of calculating Net Sales Value.

 

    	 

    	27

    

 

	5.10	Referral
    to Expert.

 

If
UCLB considers at any time during the period of this Agreement that the Licensee has without legitimate reason failed to comply with
its obligations under Clause 5.1, UCLB shall be entitled to refer to an independent expert the following questions:

 

	5.10.1	whether
    the Licensee has complied with its obligations under Clause 5.1; and if not
	 	 
	5.10.2	what
    specific action the Licensee should have taken (“Specific Action”) in order to have so complied.

 

The
independent expert shall be appointed in accordance with the provisions of Schedule 2 and his decision shall be final and binding on
the Parties.

 

	5.11	Consequences
    of Expert’s Decision.

 

If
the expert determines that the Licensee has failed to comply with its obligations under Clause 5.1, and if the Licensee fails to take
the Specific Action within six (6) months after the expert giving his decision in accordance with Schedule 2, UCLB shall be entitled,
by giving, at any time within four (4) months after the end of that six (6) month period, not less than three (3) months’ notice,
to terminate this Agreement.

 

	6.	ACCESS
    TO MEDICINES AND ETHICAL LICENSING

 

	6.1	Acknowledgements

 

	 	6.1.1	The
    Licensee acknowledges that UCLB and UCL are committed to implementing effective technology transfer strategies that promote the availability
    of health-related technologies in developing countries for essential medical care, as set out in UCL’s Statement of Principles
    and Strategies for the Equitable Dissemination of Medical Technologies.
	 	 	 
	 	6.1.2	UCLB
    recognises the early stage nature of the Licensed Technology and acknowledges that a substantial investment will be required by the
    Licensee to develop Licensed Products and to bring those Licensed Products to market in Developing Countries.

 

    	 

    	28

    

 

	6.2	General
                                            Diligence.

 

The
Licensee agrees to use Diligent Efforts to ensure effective and affordable access to Licensed Products in Developing Countries.

 

	6.3	Supply
                                            to Developing Countries.

 

The
Licensee shall use Diligent Efforts to supply or to procure the supply of the Licensed Products to customers in At-Cost Markets at a
Cost-Based Price and to meet market demand for the Licensed Products in those markets. UCLB shall waive its entitlement to royalties
on all Licensed Products sold in to customers in At-Cost Markets at a Cost-Based Price and such sales shall not count toward the $500M
milestone.

 

	6.4	Reporting
                                            and Consultation.

 

	 	6.4.1	The
    Licensee shall keep UCLB regularly updated regarding the Licensee’s efforts to supply the Licensed Products in accordance with
    the requirements outlined in Clauses 6.2 and 6.3. Such updates shall be deemed to be Confidential Information of Licensee.
	 	 	 
	 	6.4.2	The
    Licensee shall consult with UCLB prior to filing any patent application which claims priority from or is based on any of the Patents
    or in relation to Licensed Products in any Developing Countries, and shall take into account any comments received from UCLB with
    respect to the potential effect of such patent applications on facilitating access to healthcare related technologies in such countries
    and territories. Where such patent applications are filed in Developing Countries, the Licensee shall reasonably consider any request
    from UCLB not to assert such patents and patent applications in such countries.
	 	 	 
	 	6.4.3	The
    Licensee shall consider in good faith all reasonable requests received from UCLB to negotiate and agree from time to time such amendments
    to this Agreement as UCLB, acting reasonably, may deem necessary or appropriate to ensure effective and affordable access to Licensed
    Products in Developing Countries.

 

	6.5	Step
                                            In Rights.

 

	 	6.5.1	If
    at any time UCLB acting reasonably considers that the Licensee is not meeting its obligations under Clauses 6.2 and 6.3., UCLB may
    by written notice require the Licensee:

 

	 	 	(a)	to
    seek one or more third parties to develop, commercialise and supply the Licensed Products to customers in At-Cost Markets; or

 

    	 

    	29

    

 

	 	 	(b)	to
    negotiate with UCLB in respect of reasonable global access terms.

 

	 	6.5.2	If
    the Licensee following a written requirement from UCLB refuses to grant a sublicense to or is unable to identify a third party to
    develop, commercialise and supply the Licensed Products to customers in At-Cost Markets or the parties are unable to negotiate reasonable
    global access terms, then UCLB notwithstanding the rights granted to the Licensee under this Agreement shall have the right to seek
    a third party to, and/ or to grant to a third party a licence to, manufacture, have manufactured, use, sell, offer for sale and import
    the Licensed Products for supply in (but only in and for) the At-Cost Market on such terms as UCLB may in its sole discretion determine
    as being appropriate to ensure effective and affordable access to Licensed Products in Developing Countries.

 

	7.	COMPLIANCE
                                            WITH LAWS

 

	7.1	General
                                            Compliance with Laws.

 

The
Licensee will at all times comply (and will ensure its Affiliates comply) in all material respects with all legislation, rules, regulations
and statutory requirements applying to and obtain any consents necessary for its use of the Patents and the Know-how, the development,
manufacture, and sale of Licensed Products in any country or territory, and the Licensee will at all times use commercially reasonable
efforts to ensure its Sub-licensees comply in all material respects with all legislation, rules, regulations and statutory requirements
applying to and obtain any consents necessary for its use of the Patents and the Know-how, the development, manufacture, and sale of
Licensed Products in any country or territory.

 

	7.2	Bribery
                                            Act.

 

The
Licensee shall (and shall procure that any persons associated with it engaged in the performance of this Agreement including its Affiliates
shall), and the Licensee shall use commercially reasonable efforts to procure that its Sub-licensees shall:

 

	 	7.2.1	comply
    with all applicable laws and codes of practice relating to anti-bribery and anti- corruption including the Bribery Act 2010 and without
    prejudice to the foregoing generality, shall not engage in any activity, practice or conduct which would constitute an offence under
    sections 1, 2 or 6 of the Bribery Act 2010 or do or omit to do any act that will cause or lead UCLB to be in breach of the Bribery
    Act 2010;
	 	 	 
	 	7.2.2	comply
    with UCLB’s ethics, anti-bribery and anti-corruption policies as available on UCL’s website from time to time and maintain
    in place and enforce throughout the term of this Agreement adequate procedures to ensure compliance with Clause 7.2.1; and

 

    	 

    	30

    

 

	 	7.2.3	promptly
    report to UCLB any request or demand for any undue financial or other advantage of any kind received in connection with the performance
    of this Agreement.

 

For
the purpose of this Clause 7.2, the meaning of adequate procedures and whether a person is associated with another person shall be determined
in accordance with the Bribery Act 2010 (and any guidance issued under section 9 of that Act). Breach of this Clause 7.2 shall be deemed
a material breach of this Agreement entitling UCLB to terminate under Clause 10.2.1.

 

	7.3	Modern
                                            Slavery Act

 

The
Licensee shall (and shall procure that any persons associated with it engaged in the performance of this Agreement including its Affiliates
shall), and the Licensee shall use commercially reasonable efforts to procure that its Sub-licensees shall, comply with all applicable
laws and codes of practice relating to anti-slavery including the Modern Slavery Act 2015. Such compliance shall include ensuring that
all reasonable steps are taken to ensure that all parties associated with the development, manufacture and commercialisation of the Licensed
Products comply with all applicable laws and codes of practice relating to anti-slavery including the Modern Slavery Act 2015.

 

	7.4	Export
                                            Control Regulations.

 

The
Licensee shall ensure that, in using the Patents or the Know-how and in selling Licensed Products, it and its Affiliates, employees,
sub-contractors and Sub-licensees shall comply fully with any United Nations trade sanctions or UK legislation or regulation, from time
to time in force (as applicable), which impose arms embargoes or control the export of goods, technology or software, including weapons
of mass destruction and arms, military, paramilitary and security equipment and dual-use items (items designed for civil use but which
can be used for military purposes – but excluding drugs) and certain drugs and chemicals.

 

	7.5	Tobacco
                                            Companies and Restricted Enterprises

 

The
Licensee shall notify UCLB immediately in writing if:

 

	 	7.5.1	a
    Tobacco Company or an Affiliate of such a company or a Person involved as its primary business in arms dealing, gambling operations,
    or the promotion of violence or an Affiliate of such Person, or a Person regularly involved in child labour or an Affiliate of such
    Person, acquires ownership or Control of the Licensee; or

 

    	 

    	31

    

 

	 	7.5.2	the
    Licensee acquires ownership or Control of a Tobacco Company or an Affiliate of such a company or a Person involved as its primary
    business in arms dealing, gambling operations, or the promotion of violence or an Affiliate of such Person, or a Person regularly
    involved in child labour or an Affiliate of such Person.

 

	8.	INTELLECTUAL
                                            PROPERTY
	 	 
	8.1	Obtain
                                            and Maintain the Patents.

 

	 	8.1.1	The
    Licensee shall be responsible for the drafting, filing, prosecution and maintenance of the Patents at its own cost and expense.
	 	 	 
	 	8.1.2	The
    Patents will be filed, prosecuted and maintained in the countries and territories set out in Schedule 4. The Licensee shall consult
    with UCLB in making any material decisions relating to the Patents such as which (if any) additional countries to file and maintain
    Patents in, and whether to elect to reject or submit to the competence of the Unitary Patent Court in respect of any Patent pursuant
    to Article 83(3) of the Agreement on a Unified Patent Court (2013/C 175/01) or to validate any of the Patents as a patent that has
    unitary effect by virtue of Regulation (EU) No 1257/2012, although the Licensee shall have the final decision.
	 	 	 
	 	8.1.3	The
    Licensee will obtain prior written approval of UCLB (which shall not be unreasonably withheld, conditioned or delayed) in relation
    to all changes to patent claims or specifications that would have the effect of reducing or limiting the extent of the patent coverage.
	 	 	 
	 	8.1.4	The
    Licensee will ensure that UCLB receives copies of all material correspondence to and from patent offices in respect of the Patents,
    including copies of all documents generated in or with such correspondence, and where practicable shall be given reasonable notice
    of and the opportunity to participate in any material conference calls or meetings with the Licensee’s patent attorneys in
    relation to the drafting, filing, prosecution and maintenance of the Patents, so that UCLB may be continuously informed of progress
    with the drafting, filing, prosecution and maintenance of the Patents.
	 	 	 
	 	8.1.5	The
    Licensee shall promptly notify UCLB of the grant of each patent comprised within the Patents.
	 	 	 
	 	8.1.6	If
    the Licensee wishes to abandon any application contained with the Patents or not to maintain any Patent, it shall give three (3)
    months’ prior written notice to UCLB and on the expiry of such notice period the licence of such Patent granted to the Licensee
    under this Agreement shall cease.

 

    	 

    	32

    

 

	8.2	Infringement
                                            of the Patents and the Know-how.

 

	 	8.2.1	Each
    Party shall inform the other Party promptly if it becomes aware of any infringement or potential infringement of any of the Patents
    in the Field or any unauthorised use of the Know-how or any challenge to the validity or ownership of the Patents or the Know-how
    and the Parties shall consult with each other to decide the best way to respond to such infringement, unauthorised use or challenge.
	 	 	 
	 	8.2.2	The
    Licensee shall have the primary right to take action against any third party alleged to be infringing the Patents or making unauthorised
    use of the Know-how in the Field and to defend the Patents against challenges to validity or ownership at its expense, provided that:

 

	 	 	(a)	UCLB
    shall on the Licensee’s request cooperate with the Licensee in such action and the Licensee shall reimburse UCLB for any reasonable
    expenses incurred by UCLB in relation to such cooperation; and
	 	 	 	 
	 	 	(b)	subject
    to Clauses 8.2.3 and 8.2.5, the Licensee shall be solely responsible for the conduct of the action or for settlement thereof and
    shall be entitled to all damages received from such action, subject to Clause 8.2.4.

 

	 	8.2.3	Before
    starting or defending or settling any legal action under Clause 8.2.2, the Licensee shall consult with UCLB as to the advisability
    of the action or defence or settlement, its effect on the good name of UCLB, the public interest, and how the action or defence should
    be conducted. If the alleged infringement or unauthorised use is both within and outside the Field or if there is a challenge to
    the validity or ownership of the Licensed Technology, the Parties shall also co-operate with UCLB’s other licensees (if any)
    in relation to any such action or defence.
	 	 	 
	 	8.2.4	The
    Licensee shall reimburse UCLB for any reasonable expenses incurred in assisting it in such action or defence. The Licensee shall
    pay to UCLB royalties, in accordance with Clause 4, on any damages received from such action as if the amount of such damages after
    deduction of both Parties’ reasonable expenses in relation to the action were Net Sales Value.
	 	 	 
	 	8.2.5	UCLB
    shall if reasonably requested by the Licensee agree to be joined in any suit to enforce such rights or take such action in its own
    name (subject to being indemnified and secured by the Licensee in a reasonable manner as to any costs (including internal costs),
    damages, expenses or other liability which may be incurred as a result of so doing) and shall have the right to be separately represented
    by its own counsel at its own expense, except where such separate counsel is necessary because Licensee’s counsel declines
    or is unable to act for or represent UCLB due to conflict of interest (such conflict to be determined by Licensee’s counsel
    acting reasonably) or any other reason, in which case Licensee shall pay the reasonable costs for UCLB to be separately represented.

 

    	 

    	33

    

 

	 	8.2.6	Notwithstanding
    the foregoing, UCLB shall not be obliged to join any suit or to take any action in its own name if UCLB has reasonable grounds to
    believe that the action is inadvisable or is likely to damage the good name of UCLB, provided that where UCLB notifies the Licensee
    that it declines to join any suit or take any action in its own name on the foregoing grounds and the Licensee considers that it
    cannot effectively enforce such rights or obtain effective relief in the relevant jurisdiction without the joinder of UCLB, then
    the Parties will work together in good faith to try to identify a way for the Licensee to enforce such rights or obtain such relief
    in another manner.
	 	 	 
	 	8.2.7	If,
    within six (6) months of the Licensee first becoming aware of any potential infringement of the Patents, the Licensee is unsuccessful
    in persuading the alleged infringer to desist or fails to initiate an infringement action, UCLB shall have the right, at its sole
    discretion, to prosecute such infringement under its sole control and at its sole expense, and any damages or other payments recovered
    shall belong solely to UCLB.

 

	8.3	Infringement
                                            of Third Party Rights.

 

	 	8.3.1	If
    any warning letter or other notice of infringement is received by a Party, or legal suit or other action is brought against a Party,
    alleging infringement of third party rights in the manufacture, use or sale of any Licensed Product or use of any Patents and/or
    the Know-how, that Party shall promptly provide full details to the other Party, and the Parties shall discuss the best way to respond.

 

	9.	WARRANTIES
                                            AND LIABILITY
	 	 
	9.1	Warranties
                                            by UCLB.

 

UCLB
warrants and undertakes to the Licensee as follows:

 

	 	9.1.1	it
    is the registered proprietor of, or applicant for, the Patents and Know-how and has caused all of UCL’s employees who are named
    as inventors on such Patents to execute such assignments of the Patents as may be necessary to pass all of their right, title and
    interest in and to the Patents to UCLB;

 

    	 

    	34

    

 

	 	9.1.2	it
    has the full power and authority to grant the licences contained in this Agreement;
	 	 	 
	 	9.1.3	so
    far as it is aware (having made no enquiry of any third parties or conducted any freedom to operate searches), the use and exploitation
    of the Licensed Technology will not infringe the intellectual property rights of any third party.

 

	9.2	Warranties
                                            by the Licensee.

 

The
Licensee warrants and undertakes to UCLB that:

 

	 	9.2.1	it
    has the right to enter into this Agreement;
	 	 	 
	 	9.2.2	is
    duly organised and existing under laws of Delaware (USA) and has all necessary authority, power and capacity to perform its obligations
    under this Agreement;
	 	 	 
	 	9.2.3	it
    is not, and each of its Affiliates and Sub-licensees is not, at the Commencement Date, a Tobacco Company or an Affiliate of such
    a company or a Person involved as its primary business in arms dealing, gambling operations, or the promotion of violence or an Affiliate
    of such Person, or a Person regularly involved in child labour or an Affiliate of such Person;
	 	 	 
	 	9.2.4	the
    Licensed Technology shall not at any time be used by the Licensee or its Affiliates or Sub-licensees in connection with any activities
    that are known by the Licensee to be privately funded for the purpose by a Tobacco Company or an Affiliate of such a company or a
    Person involved as its primary business in arms dealing, gambling operations, or the promotion of violence or an Affiliate of such
    Person, or a Person regularly involved in child labour or an Affiliate of such Person; and
	 	 	 
	 	9.2.5	so
    far as it is aware (having made no enquiry of any third parties or conducted any freedom to operate searches), use and exploitation
    of the Patents will not infringe the intellectual property rights of any third party.

 

	9.3	Acknowledgements.

 

The
Licensee acknowledges that:

 

	 	9.3.1	the
    inventions claimed in the Patents and the Know-how are at an early stage of development. Accordingly, specific results cannot be
    guaranteed and any results, materials, information or other items (together “Delivered Items”) provided under this Agreement
    are provided “as is” and without any express or implied warranties, representations or undertakings. As examples, but
    without limiting the foregoing, UCLB does not give any warranty that Delivered Items are of merchantable or satisfactory quality,
    are fit for any particular purpose, comply with any sample or description, or are viable, uncontaminated, safe or non-toxic.

 

    	 

    	35

    

 

	 	9.3.2	UCLB
    has not performed any searches or investigations into the existence of any third party rights that may affect any of the Patents
    or the Know-how or the use and exploitation of any of the Patents or the Know-how.

 

	9.4	No
                                            Other Warranties.

 

	 	9.4.1	Each
    of the Parties acknowledges that, in entering into this Agreement, it does not do so in reliance on any representation, warranty
    or other provision except as expressly provided in this Agreement, and any conditions, warranties or other terms implied by statute
    or common law are excluded from this Agreement to the fullest extent permitted by law.
	 	 	 
	 	9.4.2	Without
    limiting the scope of Clause 9.4.1, UCLB does not make any representation nor give any warranty or undertaking:

 

	 	 	(a)	as
    to the efficacy or usefulness of the Patents or the Know-how; or
	 	 	 	 
	 	 	(b)	as
    to the scope of any of the Patents or that any of the Patents is or will be valid or (in the case of an application) will proceed
    to grant; or
	 	 	 	 
	 	 	(c)	that
    the use of any of the Patents or the Know-how, the manufacture, sale or use of the Licensed Products, or the exercise of any of the
    rights granted under this Agreement will not infringe any intellectual property or other rights of any other person; or
	 	 	 	 
	 	 	(d)	that
    the Know-how or any other information communicated by UCLB to the Licensee under or in connection with this Agreement will produce
    Licensed Products of satisfactory quality or fit for the purpose for which the Licensee intended or that any product will not have
    any defect, latent or otherwise, and whether or not discoverable by inspection; or
	 	 	 	 
	 	 	(e)	as
    imposing any obligation on UCLB to bring or prosecute actions or proceedings against third parties for infringement or to defend
    any action or proceedings for revocation of any of the Patents; or
	 	 	 	 
	 	 	(f)	as
    imposing any liability on UCLB in the event that any third party (which is not authorized by or under UCLB or UCL) supplies Licensed
    Products (i.e., products which would be Licensed Products if sold by the Licensee or its Affiliates) to customers located in the
    Territory; or
	 	 	 	 
	 	 	(g)	that
    there will be no similar or competitive products manufactured, used, sold or supplied by any third party in the Territory.

 

    	 

    	36

    

 

	9.5	Responsibility
                                            for Development of Licensed Products.

 

The
Licensee shall be exclusively responsible for its and its Affiliates’ and Sub-licensees’ use of the Patents and the Know-how,
the technical and commercial development and manufacture of Licensed Products and for incorporating any modifications or developments
thereto that may be necessary or desirable, for all Licensed Products sold or supplied, notwithstanding any consultancy services or other
contributions that UCLB may provide in connection with such activities.

 

	9.6	Indemnity.

 

The
Licensee shall indemnify each of UCLB and UCL, and each of their respective officers, directors, Council members, employees and representatives,
including the Principal Investigator (together, the “Indemnitees”) against all Claims that may be asserted against or suffered
by any of the Indemnitees and which relate to:

 

	 	9.6.1	the
    use by the Licensee or any of its Affiliates or Sub-licensees of any of the Patents or Know-how; or
	 	 	 
	 	9.6.2	the
    development, manufacture, use, marketing or sale of, or any other dealing in, any of the Licensed Products, by or on behalf of the
    Licensee or any of its Affiliates or Sub-licensees, or subsequently by any customer or any other person, including claims based on
    product liability laws.

 

The
indemnity given by the Licensee to each Indemnitee under this Clause 9.6 will not apply to any Claim to the extent that it is attributable
to the negligent act or omission, reckless misconduct or intentional misconduct of UCLB or UCL or of that Indemnitee.

 

	9.7	Limitations
                                            of Liability.

 

	 	9.7.1	To
    the extent that any Indemnitee has any liability to the Licensee or its Affiliates in contract, tort, or otherwise under or in connection
    with this Agreement, including any liability for breach of warranty, their liability shall be limited in accordance with the following
    provisions of this Clause 9.7.
	 	 	 
	 	9.7.2	The
    aggregate liability of the Indemnitees shall be limited to one hundred thousand pounds (£100,000) sterling.
	 	 	 
	 	9.7.3	In
    no circumstances shall either Party or any Indemnitee be liable for:

 

		 	(a)	any
                                            loss of profits (whether direct or indirect);

 

    	 

    	37

    

 

	 	 	(b)	any
    loss of revenue (other than revenue due under this Agreement), business opportunity or goodwill; or
	 	 	(c)	any
    loss, damage, cost or expense of any nature that is of an indirect, special or consequential nature, in each case, which arises directly
    or indirectly from that Party’s breach or non- performance of this Agreement, or negligence in the performance of this Agreement
    or from any liability arising in any other way out of the subject matter of this Agreement even if the Party bringing the claim has
    advised the other Party or the relevant Indemnitee of the possibility of those losses arising, or if such losses were within the
    contemplation of the Parties or the Indemnitee.

 

	 	9.7.4	The
    relevant Indemnitee shall provide prompt written notice to the Licensee of the initiation of any action or proceeding that may reasonably
    lead to a claim for indemnification. Upon such notice and subject to confirming that the indemnity will apply, the Licensee shall
    have the right to assume the defence and settlement of such action or proceeding, provided that it shall not settle any action or
    proceeding without the Indemnitee’s written consent (which shall not be unreasonably withheld, conditioned or delayed) unless
    (a) there is no finding or admission of any violation of applicable law or any violation of the rights of any Person by an Indemnitee,
    no requirement that the Indemnitee admit fault or culpability, and no adverse effect on any other claims that may be made by or against
    the Indemnitee and (B) the sole relief provided is monetary damages that are paid in full by the Licensee and such settlement does
    not require the Indemnitee to take (or refrain from taking) any action. The Indemnitee shall co-operate with the Licensee in the
    defence of such claim.
	 	 	 
	 	9.7.5	Nothing
    in this Agreement excludes either Party’s liability to the extent that it may not be so excluded under applicable law, including
    any such liability for death or personal injury caused by that Party’s negligence, or liability for fraud or fraudulent misrepresentation.

 

	9.8	Insurance.

 

	 	9.8.1	The
    Licensee shall take out with a reputable insurance company and maintain at all times during the term of this Agreement and for a
    further six (6) years after the end of the term of this Agreement, public and product liability and professional indemnity insurance
    including against all loss of and damage to property (whether real, personal or intellectual) and injury to persons including death
    arising out of or in connection with this Agreement and the Licensee’s and its Affiliates’ and Sub-licensees’ use
    of the Patents or the Know-how and use, sale of or any other dealing in any of the Licensed Products. Such insurances may be limited
    in respect of one claim provided that such limit must be at least:

 

	 	 	(a)	one
    million pounds (£1,000,000) in respect of any one claim and in aggregate at all times before commencement of clinical trials
    for any Licensed Product;

 

    	 

    	38

    

 

	 	 	(b)	three
    million pounds (£3,000,000) in respect of any one claim and in aggregate at all times following the commencement of the first
    clinical trial for any Licensed Product; and
	 	 	 	 
	 	 	(c)	five
    million pounds (£5,000,000) in respect of any one claim and in aggregate at all times following the first commercial sale of
    the first Licensed Product.

 

	 	9.8.2	The
    Licensee will produce to UCLB at all times upon demand proof that the insurance cover required pursuant to Clause 9.8.1 is in force
    and evidence that all premiums have been paid up to date. If UCLB becomes aware that the Licensee has failed to maintain the insurance
    required pursuant to Clause 9.8.1 UCLB may effect such insurance and the Licensee will reimburse UCLB for the reasonable cost of
    effecting and maintaining such insurance on demand.

 

	10.	DURATION
                                            AND TERMINATION
	 	 
	10.1	Commencement
                                            and Termination by Expiry.

 

This
Agreement, and the licences granted hereunder, shall come into effect on the Commencement Date and, unless terminated earlier in accordance
with this Clause 10 or Clause 11.1.2, the licences granted hereunder shall continue in force on a country by country basis until the
later of:

 

	 	10.1.1	the
    date on which all the Patents have been abandoned or allowed to lapse or expired or been rejected or revoked without a right of further
    appeal in the relevant country or territory or been held invalid or unenforceable by a court of competent jurisdiction in a final
    and non-appealable judgment; and
	 	 	 
	 	10.1.2	the
    tenth (10th) anniversary of the First Commercial Sale of Licensed Products in the relevant country;

 

upon
which the licences granted hereunder shall terminate automatically by expiry in such country or territory.

 

    	 

    	39

    

 

This
Agreement shall terminate when all of the licences granted hereunder have terminated in all countries and territories within the Territory.

 

	10.2	Early
                                            Termination.

 

	 	10.2.1	Each
    Party may terminate this Agreement at any time by notice in writing to the other Party (“Other Party”), such notice
    to take effect as specified in the notice, if the Other Party is in material breach of this Agreement and, in the case of a breach
    capable of remedy within thirty (30) days, the breach is not remedied within thirty (30) days of the Other Party receiving notice
    specifying the breach and requiring its remedy, or where the breach relates to non-payment of a sum due under this Agreement, the
    sum is not paid in full within fourteen (14) days following the Other Party receiving notice specifying the non-payment and requiring
    payment in full.
	 	 	 
	 	10.2.2	UCLB
    may terminate this Agreement by giving written notice to the Licensee, such termination to take effect forthwith or as otherwise
    stated in the notice:

 

	 	 	(a)	in
    accordance with the provisions of Clause 2.3; or
	 	 	 	 
	 	 	(b)	in
    accordance with the provisions of Clause 5.11; or
	 	 	 	 
	 	 	(c)	if
    UCLB receives notification from the Licensee pursuant to Clause 7.5, or is otherwise made aware that there has been an acquisition
    of the type referred to in Clause 7.5;
	 	 	(d)	if
    UCLB is made aware that the Licensee has breached either of the warranties in Clause 9.2.3 or Clause 9.2.4, or
	 	 	 	 
	 	 	(e)	the
    Licensee is in persistent breach of this Agreement and where the Parties have failed to agree a mechanism to remedy the persistent
    nature of such breaches within a reasonable period following UCLB notifying the Licensee of the persistent breach and requesting
    that the Licensee enters into discussions with UCLB as to mechanisms for remedying the persistent breaches or if the Parties have
    agreed a mechanism to remedy the persistent breach but that mechanism if not fully complied with by the Licensee; or
	 	 	 	 
	 	 	(f)	if
    the Licensee suffers an Insolvency Event.

 

	 	10.2.3	The
    Licensee may terminate this Agreement at any time by giving written notice to UCLB, such termination to take effect within 45 (forty-five)
    days of the receipt of the notice by UCLB.

 

    	 

    	40

    

 

	 	10.2.4	A
    Party’s right of termination under this Agreement, and the exercise of any such right, shall be without prejudice to any other
    right or remedy (including any right to claim damages) that such Party may have in the event of a breach of contract or other default
    by the other Party.

 

	10.3	Consequences
                                            of Termination.

 

		10.3.1	Upon
                                            expiry of the term of this Agreement in accordance with Clause 10.1, and subject to all royalties
                                            and any other sums due to UCLB under this Agreement having been duly paid, the Licensee shall
                                            have a fully paid up licence to the Patents and the Know-how of the same scope as set forth
                                            in Clause 2.1.1 and 2.1.2 without any further obligation to pay any further sums to UCLB
                                            under Clause 4. Notwithstanding the foregoing the Licensee acknowledges that once each Patent
                                            expires or is abandoned or withdrawn or allowed to lapse in any country or territory, third
                                            parties in that country or territory will be entitled to use the inventions claimed in the
                                            Patent and that accordingly the licence granted to the Licensee under Clause 2.1 will no
                                            longer be exclusive in that country or territory.
	 	 	 
		10.3.2	Upon
                                            termination of this Agreement for any reason other than as set forth in Clause 10.1:

 

		 	(a)	the
                                            Licensee and its Affiliates and Sub-licensees shall be entitled to sell, use or otherwise
                                            dispose of (subject to payment of royalties under Clause 4) any unsold or unused stocks of
                                            the Licensed Products for a period of six (6) months following the date of termination;
	 	 	 	 
		 	(b)	subject
                                            to paragraph (a) above, any licence that has not become fully paid- up in accordance with
                                            Clause 10.3.1 shall terminate and the Licensee and its Affiliates (and subject to Clause
                                            2.3.6, its Sub-licensees) shall no longer be licensed to use or otherwise exploit the Patents
                                            and/or the Know-how, in so far and for as long as any of the Patents remain in force and
                                            the Know-how remains confidential;
	 	 	 	 
		 	(c)	the
                                            Licensee shall consent to the cancellation of any formal licence granted to it, or of any
                                            registration of it in any register, in relation to any of the Patents;
	 	 	 	 
		 	(d)	the
                                            Licensee will, promptly on UCLB’s request, provide (and will ensure that its patent
                                            agents provide) to UCLB all information, documentation and assistance (including executing
                                            documents) which UCLB may reasonably require to enable it to take over with the drafting,
                                            filing, prosecution and maintenance of the Patents;

 

    	 

    	41

    

 

		 	(e)	except
                                            as set out in Clause 2.3.6, all sub-licences of the Patents and/ or the Know-how granted
                                            by the Licensee pursuant to this Agreement will automatically terminate;
	 	 	 	 
		 	(f)	each
                                            Party shall upon the written request of the other Party, return or destroy any documents
                                            or other materials that are in its or its Affiliates or (where applicable) its Sub-licensees’
                                            possession or under its or their control and that contain the other Party’s Confidential
                                            Information;
	 	 	 	 
		 	(g)	in
                                            order that UCLB may have the opportunity to exercise an option to continue either itself
                                            or through an appropriate third party to develop, manufacture and commercialise Licensed
                                            Products:

 

		(i)	the
                                            Licensee shall promptly on UCLB’s request:

 

		(A)	deliver
                                            to UCLB (as the Licensee’s Confidential Information and solely for the purpose of evaluation
                                            by UCLB) a copy of all technical and clinical data relating to Licensed Products generated
                                            by it or its Affiliates and/or Sub-licensees; and
	 	 	 
		(B)	disclose
                                            to UCLB (as the Licensee’s Confidential Information and solely for the purpose of evaluation
                                            by UCLB) full details of all and any improvements, modifications, adaptations and new uses
                                            of the Licensed Technology generated by it or its Affiliates and Sub-licensees; and
	 	 	 
		(C)	to
                                            the extent possible, and subject to the prior execution and delivery of the agreement contemplated
                                            by Clause 10.3.2(ii) below) take all action necessary to have its right, title and interest
                                            in and to any clinical trial authorisations, product licences, marketing authorisations,
                                            pricing and/ or reimbursement approvals (and any applications for any of the foregoing) which
                                            relate to Licensed Products transferred into the name of UCLB or its nominee;

 

		(ii)	UCLB
                                            shall have the option to acquire an exclusive, worldwide licence, with the rights to grant
                                            sub-licences, to use and commercialise any technical and clinical data, and any Licensee
                                            Improvements relating, and any product names and trademarks which have been applied, to Licensed
                                            Products which are owned or controlled by the Licensee or its Affiliates or Sub-licensees
                                            for the purpose of developing, manufacturing and commercialising Licensed Products on terms
                                            to be negotiated between the parties acting reasonably;

 

    	 

    	42

    

 

		(iii)	subject
                                            to the prior execution and delivery of the agreement contemplated by Clause 10.3.2(ii) above,
                                            the Licensee hereby appoints (and will ensure that each of its Affiliates and Sub-licensees
                                            appoints) UCLB as its attorney to execute such documents and do such things in its name as
                                            may be necessary to effect the transfer to UCLB or UCLB’s nominee of its right, title
                                            and interest in and to all regulatory approvals, and in the case of applications for regulatory
                                            approvals the status of applicant under such applications, for Licensed Products obtained
                                            or submitted by the Licensee or its Affiliates or Sub-licensees if the Licensee or any of
                                            its Affiliates or Sub-licensees (as the case may be) does not execute such documents and/
                                            or do such acts within a period of seven (7) days following UCLB’s written request
                                            pursuant to this paragraph, provided however that all of the foregoing obligations will only
                                            apply in relation to Sub-licensees whose rights are terminating under paragraph (e) above.

 

		10.3.3	Upon
                                            termination of this Agreement for any reason the provisions of Clauses 1, 2.3.8, 2.5, 3.2
                                            to 3.5, 4 (in respect of amounts paid and payable to UCLB in respect of the period up to
                                            and including the date of termination), 5.6, 7, 9.6, 9.7, 9.8, 10.3 and 11 shall remain in
                                            force.

 

	11.	GENERAL
	 	 
	11.1	Force
                                            Majeure.

 

		11.1.1	Any
                                            delays in or failure of performance by either Party under this Agreement will not be considered
                                            a breach of this Agreement if and to the extent that such delay or failure is caused by occurrences
                                            beyond the reasonable control of that Party and could not have been avoided or mitigated
                                            by contingency planning including acts of God; acts, regulations and laws of any government;
                                            strikes or other concerted acts of workers; epidemics; fire; floods; explosions; riots; wars;
                                            rebellion; and sabotage; and any time for performance hereunder will be extended by the actual
                                            time of delay caused by any such occurrence.

 

    	 

    	43

    

 

		11.1.2	If
                                            either Party is prevented from carrying out its obligations under this Agreement for a continuous
                                            period of six (6) months the other Party may terminate this Agreement on giving thirty (30)
                                            days’ prior written notice provided always that at the date upon which termination
                                            becomes effective the Party which was prevented from carrying out its obligations under this
                                            Agreement remains so prevented.

 

	11.2	Amendment.

 

This
Agreement may only be amended in writing signed by duly authorised representatives of UCLB and the Licensee.

 

	11.3	Assignment
                                            and Third Party Rights.

 

		11.3.1	Subject
                                            to Clause 11.3.2, neither Party shall assign, mortgage, charge or otherwise transfer or deal
                                            with any rights or obligations under this Agreement, nor any of the Patents or the Know-how,
                                            without the prior written consent of the other Party.
	 	 	 
		11.3.2	Each
                                            Party may, subject to obtaining the consent of the other Party which shall not be unreasonably
                                            withheld, delayed or conditioned, transfer all its rights and obligations under this Agreement
                                            together with its rights in the Patents and the Know- how to any company to which it transfers
                                            all or substantially all of its assets or business in the Field, provided that the assignee
                                            undertakes to the other Party to be bound by and perform the obligations of the assignor
                                            under this Agreement. However a Party shall not have such a right to transfer this Agreement
                                            if it is insolvent or any other circumstance described in Clause 10.2.2(f) applies to it
                                            or if the proposed assignee is a Tobacco Company or an Affiliate of such a company or a Person
                                            involved as its primary business in arms dealing, gambling operations, or the promotion of
                                            violence or an Affiliate of such Person, or if the proposed assignee is a Person regularly
                                            involved in child labour or an Affiliate of such Person.

 

	11.4	Waiver.

 

Any
waiver given under or in relation to this Agreement shall be in writing and signed by or on behalf of the relevant Party. No failure
or delay on the part of either Party to exercise any right or remedy under this Agreement shall be construed or operate as a waiver thereof
or of any other provision hereof, nor shall any single or partial exercise of any right or remedy preclude the further exercise of such
right or remedy or of any other right or remedy.

 

	11.5	Invalid
                                            Clauses.

 

If
any provision or part of this Agreement is held to be invalid, amendments to this Agreement may be made (by the mutual agreement of the
parties if possible, but if not then by a court or arbitrator who shall be appointed with mutual consent of the Parties) by the addition
or deletion of wording as appropriate to remove the invalid part or provision but otherwise retain the provision and the other provisions
of this Agreement to the maximum extent permissible under applicable law.

 

    	 

    	44

    

 

	11.6	No
                                            Agency.

 

Neither
Party shall act or describe itself as the agent of the other, nor shall it make or represent that it has authority to make any commitments
on the other’s behalf.

 

	11.7	Interpretation.

 

In
this Agreement:

 

		11.7.1	the
                                            headings are used for convenience only and shall not affect its interpretation;
	 	 	 
		11.7.2	references
                                            to persons shall include incorporated and unincorporated persons; references to the singular
                                            include the plural and vice versa; and references to the masculine include the feminine;
	 	 	 
		11.7.3	references
                                            to Clauses and Schedules mean clauses of, and schedules to, this Agreement;
	 	 	 
		11.7.4	references
                                            in this Agreement to termination shall include termination by expiry;
	 	 	 
		11.7.5	where
                                            the word “including” is used it shall be understood as meaning “including
                                            without limitation”;
	 	 	 
		11.7.6	any
                                            reference to any English law term for any action, remedy, method or judicial proceeding,
                                            legal document, legal status, court, official or any legal concept or thing shall in respect
                                            of any jurisdiction other than England be deemed to include what most nearly approximates
                                            in that jurisdiction to the English law term;
	 	 	 
		11.7.7	time
                                            shall be of the essence in relation to the performance of the Licensee’s obligations
                                            under this Agreement; and
	 	 	 
		11.7.8	any
                                            reference to the sale of a Licensed Product by the Licensee or its Affiliates or Sub-licensees
                                            will be taken to include any supply or other disposal of Licensed Products, and the term
                                            sold shall be construed accordingly.

 

    	 

    	45

    

 

	11.8	Notices;
                                            Addresses for Service.

 

		11.8.1	Any
                                            notice to be given under this Agreement shall be in English, in writing and shall be delivered
                                            by Royal Mail signed for first class mail (if sent to an inland address) or by international
                                            courier, or by email (confirmed by Royal Mail signed for first class mail or international
                                            courier, as appropriate) to the address of the relevant Party set out at the head of this
                                            Agreement or to the address of the Licensee specified for service within the jurisdiction
                                            of the courts of England and Wales, or to the relevant email address set out below, or such
                                            other address or email address as that Party may from time to time notify to the other Party
                                            in accordance with this Clause 11.8. The email addresses of the Parties are as follows:

 

UCLB
– legal@uclb.com

 

Licensee
– mpoirier@qualigeninc.com

 

		11.8.2	Notices
                                            sent as above shall be deemed to have been received three (3) working days after the day
                                            of posting in the case of delivery inland by Royal Mail signed for first class mail, or three
                                            (3) working days after the date of collection by the international courier, or in the case
                                            of email notifications, at the time the email is sent provided that, within twenty-four (24)
                                            hours of sending the email, a hard copy of the email and any attachments thereto are sent
                                            by Royal Mail signed for first class mail or international courier, as appropriate, or delivered
                                            by hand, to the address of the relevant Party set out at the head of this Agreement.
	 	 	 
		11.8.3	Either
                                            Party may, by notice given pursuant to this Cause 11.8, change its address- for-notice.

 

	11.9	Dispute
                                            Resolution

 

		11.9.1	If
                                            a dispute (a “Dispute”) arises out of or in connection with this Agreement
                                            (including in relation to any non-contractual obligations) each Party may during the term
                                            of this Agreement serve a written notice (a “Referral Notice”) on the
                                            other Party. Each Party will procure that its representatives referred to in Clauses 11.9.2
                                            and 11.9.3 will comply with the provisions of this Clause 11.9.
	 	 	 
		11.9.2	Following
                                            service of a Referral Notice in relation to a Dispute, that Dispute will be referred for
                                            resolution to the Chief Executive Officer for the time being on behalf of UCLB and the Chief
                                            Executive Officer or other senior manager for the time being on behalf of the Licensee. Those
                                            representatives will meet at the earliest convenient time and in any event within forty-five
                                            (45) days of the date of service of the relevant Referral Notice and will attempt to resolve
                                            the Dispute.
	 	 	 
		11.9.3	Subject
                                            to Clause 11.9.4, the procedures set out in Clauses 11.9.1 to 11.9.3 (inclusive) will be
                                            followed prior to the commencement of any proceedings by each party in relation to a Dispute.
                                            However, if a Dispute is not resolved within forty-five (45) days of the meeting of the representatives
                                            in accordance with Clause 11.9.2 each Party may commence proceedings in accordance with Clause
                                            11.10.

 

    	 

    	46

    

 

		11.9.4	Nothing
                                            in this Clause 11.9 will prevent or delay either party from:

 

		(a)	seeking
                                            orders for specific performance, interim or final injunctive relief;
	 	 	 
		(b)	exercising
                                            any rights it has to terminate this Agreement; and/or
	 	 	 
		(c)	commencing
                                            any proceedings where this is necessary to avoid any loss of a claim due to the rules on
                                            limitation of actions.

 

	11.10	Law
                                            and Jurisdiction.

 

The
validity, construction and performance of this Agreement, and any contractual and non- contractual claims arising hereunder, shall be
governed by English law and shall be subject to the exclusive jurisdiction of the English courts to which the parties hereby submit.

 

	11.11	Entire
                                            Agreement.

 

This
Agreement, including its Schedules, sets out the entire agreement between the Parties relating to its subject matter and supersedes all
prior oral or written agreements, arrangements or understandings between them relating to such subject matter; provided that any prior
written nondisclosure/non-use provisions are not superseded and shall remain in force. Subject to Clause 9.7.5, the Parties acknowledge
that they are not relying on any representation, agreement, term or condition which is not set out in this Agreement.

 

	11.12	Third
                                            Parties.

 

Except
for the rights of UCL as provided in Clause 2.4, all rights expressly provided herein to Affiliates of a Party, the rights of the Indemnitees
as provided in Clause 9.6 and the limitations of liability afforded to the Indemnitees pursuant to Clause 9.7, who may in their own right
enforce and rely on the provisions of those Clauses, this Agreement does not create any right enforceable by any person who is not a
party to it (“Third Party”) under the Contracts (Rights of Third Parties) Act 1999, but this Clause does not affect any right
or remedy of a Third Party which exists or is available apart from that Act. The Parties may amend, renew, terminate or otherwise vary
all or any of the provisions of this Agreement, including Clauses 2.4, 9.6 and 9.7, without the consent of UCL and/ or the Indemnitees
and/or any such Affiliate.

 

	11.13	Non-use
                                            of Names; Announcements.

 

		11.13.1	The
                                            Licensee shall not use, and shall ensure that its Affiliates and Sub-licensees do not use,
                                            the name, any adaptation of the name, any logo, trademark or other device of UCLB, nor of
                                            the inventors named on the Patents nor the Principal Investigator, in any advertising, promotional
                                            or sales materials without prior, express written consent obtained from UCLB in each case,
                                            except that the Licensee may state that it is licensed by UCLB under the Patents.
	 	 	 
		11.13.2	Except
                                            as permitted under Clause 5.6 or Clause 11.3.1, neither Party shall make any press or other
                                            public announcement concerning any aspect of this Agreement, or make any use of the name
                                            or trademarks of the other Party in connection with or in consequence of this Agreement,
                                            without the prior, express written consent of the other Party (which shall not be unreasonably
                                            refused, if required by applicable law).

 

    	 

    	47

    

 

SCHEDULE
1

LICENSED TECHNOLOGY

 

Part
A: The Patents

 

	Patent
    Application No.	 	Priority
    Date	 	Description
	US
    8,796,456 B2	 	29/11/2007	 	Naphthalene
    Diimide Compounds
	US
    9,493,460 B2	 	13/03/2013	 	Diimide
    Compounds
	PCT/GB2020/051195	 	16/05/2019	 	Substituted
    naphthalene diimides and their use

 

Part
B: The Know-how

 

The
description of the Know-how is as follows:

 

	Data
    asset number	 	Experiment
    description and notes
	1	 	84
    compounds structures and synthesis
	2	 	Basic
    properties of CM03 and SOP1812
	 	Mol
    wt
	 	clogP
	 	Fluorescence
    excitation and emission max, in nm
	 	Formulation
    of free base, for cellular and in vivo studies, up to MTD
	 	Salt
    and aqueous solubility
	 	Stability
    in saline at 0° C
	 	t1/2
    mouse microsomal stability, min
	 	Plasma
    protein binding % in vitro
	 	In
    vitro blood/plasma partitioning
	 	FRET
    ΔTm, °C with GQ
	 	KD
    (nM)
	 	Duplex
    DNA binding
	3	 	Cell
    growth inhibition data:
	 	Pancreatic
    cancer lines:
	 	MIAPaCa-2
	 	PANC-1
	 	CAPAN-1
	 	Bx-PC3
	 	MIAPaCa-2gemR
	 	Prostate
    cancer lines:
	 	PC-3
	 	DU145
	 	LNCaP
	 	VCaP
	 	22RV1

 

    	 

    	48

    

 

	4	 	Cellular
    synergy studies on with MIAPaCa-2 and MIAPaCa-2gemR:
	 	 	Suberanilohydroxamic
    acid (SAHA)
	 	Gemcitabine
	 	Panobinostat
	 	Romidepsin
	5	 	Confocal
    microscopy study on BG4 (GQ-specific) antibody staining in PANC-1 cells following short-term treatment with CM03 and SOP1812.
	6	 	RNA-seq
    of MIAPaCa-2 (UCL) and PANC-1 (Cambridge) treated with CM03, SOP1812 and gemcitabine and number of putative GQs per gene
	7	 	Pharmacokinetics:
	 	Pharmacokinetic
    data in vivo with female athymic nude mice with single doses
	 	Pharmacokinetics
    in tumour (MIAPaCa-2) bearing mice with SOP1812 and CM03
	 	Pharmacokinetics
    in female Sprague Dawley rats with SOP1812 and CM03
	8	 	Tolerability
    (Maximum Tolerated Dose) and efficacy studies using the MIAPaCa-2 xenograft model for SOP1812 and CM03 with following data:
	 	Animal
    bodyweight, behaviour and appearance daily
	 	Blood
    sampling at Tmax after first dose and final dose to confirm plasma exposure of compound
	 	Animal
    heart rate monitored in vivo
	 	Complete
    blood counts and blood biochemistry at terminal sampling
	 	Tumour
    size and T/C value (treated to control value)
	9	 	Kaplan–Meier
    plots (and other data) for KPC genetic model for pancreatic cancer with SOP1812, CM03 and gemcitabine
	10	 	Kaplan–Meier
    plot, hLINE-1 circulating tumour DNA qPCR, bodyweight, final pancreas weight and blood analysis for orthotopically implanted pancreatic
    Bx-PC3 cells in female athymic nude mice with SOP1812 and gemcitabine
	11	 	in
    vivo xenograft study with MIAPaCa-2gemR cells inoculated into nude mice with CM03 and gemcitabine
	12	 	Comparative
    transcriptome analysis on MIAPaCa-2 cell line +/- CM03 and on the MIAPaCa-2gemR cell line +/- CM03
	13	 	Receptor
    binding assays screened in vitro against a CEREP Safety Panel for CM03
	14	 	ELISA
    on plasma samples to quantify receptor and enzyme levels for CM03 and SOP1812
	15	 	Effect
    of CM03 and SOP1812 on murine heart rates in vivo
	16	 	Blood
    and tumour concentration of CM03 and SOP1812 in female athymic nude mice bearing MIAPaCa-2 tumours
	17	 	Histopathology
    studies on kidney, heart and brain from xenograft animals treated with CM03, SOP1812 or gemcitabine (including new data from Champion)
	18	 	Western
    blots and qPCR analysis of proteins encoded by GQ-containing genes from tumour of MIAPaCa-2 xenograft animals treated with CM03,
    SOP1812 or gemcitabine
	20	 	PDX
    xenograft mouse models with CM03, SOP1812 and gemcitabine (if all available):
	 	a.
    All relevant data for the below PDX xenografts, including Tumour status, Diagnosis, Disease stage, gender any RNA-Seq (see point
    19.) and any data collected from the experiments as outline in point 8.
	 	CTG-1128
	 	CTG-2184
	 	CTG-0851
	 	CTG-1462
	 	 	CTG-0952
	 	CTG-0492
	 	b.
    Correlations with disease staging and GQ gene expression in these PDX models (from slide 74 of CRUK presentation).
	21	 	Evaluation
    of CM03 and SOP1812 in the NCI 60 cell line panel.
	22	 	Dosing
    with SOP1812 using the PC-3 prostate xenograft model (head-to-head with Abiraterone).
	23	 	Oral
    bioavailability data (preliminary)
	24	 	Liver
    histopathology data on CM03
	25	 	Salt
    preparation and formulation on CM03

 

The
above Know-how is stored in the following documents/places: https://www.dropbox.com/home/UCLTF%20data%20201 (acces to be granted
upon signing this licence agreement).

 

    	 

    	49

    

 

SCHEDULE
2

APPOINTMENT OF EXPERT

 

If
either Party wishes to appoint an independent expert (the “Expert”) to determine any matter pursuant to any Clause of this
Agreement, the following procedures will apply:

 

	1.	The
                                            Party wishing to appoint the Expert (“the Appointing Party”) will serve a written
                                            notice on the other Party (“the Responding Party”). The written notice will specify
                                            the Clause pursuant to which the appointment is to be made and will contain reasonable details
                                            of the matter(s) which the Appointing Party wishes to refer to the Expert for determination.
	 	 
	2.	The
                                            Parties shall within thirty (30) days following the date of the Appointing Party’s
                                            written notice use all reasonable efforts to agree who is to be appointed as the Expert to
                                            determine the relevant matter(s). If the Parties are unable to agree upon the identity of
                                            the Expert within that timescale, the Expert shall be appointed by the President (for the
                                            time being) of the Licensing Executives Society Britain and Ireland upon written request
                                            of either Party.
	 	 
	3.	Each
                                            Party will within thirty (30) days following appointment of the Expert, prepare and submit
                                            to the Expert and the other Party a detailed written statement setting out its position on
                                            the matter(s) in question and including any proposals which it may wish to make for settlement
                                            or resolution of the relevant matter.
	 	 
	4.	Each
                                            Party will have fourteen (14) days following receipt of the other Party’s written statement
                                            to respond in writing thereto. Any such response will be submitted to the other Party and
                                            the Expert.
	 	 
	5.	The
                                            Expert will if he/ she deems appropriate be entitled to seek clarification from the Parties
                                            as to any of the statements or proposals made by either Party in their written statement
                                            or responses. Each Party will on request make available all information in its possession
                                            and shall give such assistance to the Expert as may be reasonably necessary to permit the
                                            Expert to make his/ her determination.
	 	 
	6.	The
                                            Expert will issue his/ her decision on the matter(s) referred to him/ her in writing as soon
                                            as reasonably possible, but at latest within three (3) months following the date of his/
                                            her appointment. The Expert’s decision shall (except in the case of manifest error)
                                            be final and binding on the Parties.
	 	 
	7.	The
                                            Expert will at all times act as an independent and impartial expert and not as an arbitrator.
	 	 
	8.	Each
                                            Party shall bear its own costs in relation to the appointment of the Expert.

 

    	 

    	50

    

 

SCHEDULE
3

DEVELOPMENT PLAN

 

	2022	Q1	Pilot
    API (200g)

    In
    vivo efficacy - PDAC

	Q2	Pilot
    API (200g)

    Formulation
    Development

    DMPK,
    including CYP and metabolite ID (as needed)

    In
    vivo efficacy - PDAC

	Q3	Formulation
    Development

    DMPK,
    including CYP and metabolite ID (as needed)

    Exploratory
    Toxicology, rats

	Q4	GMP
    API (1kg)

    GLP
    Toxicology, monkeys

    IND
    Preparation

	2023

    
	Q1	GMP
    API (1kg)

    GMP
    Drug Product

    GLP
    Toxicology, hERG

    Pre-IND

	Q2	GMP
    Drug Product

    Site
    selection

    IND
    Submission

	Q3	Phase
    1a for PDAC initiated
	Q4	Phase
    1a patient recruitment complete
	2024	H1	Phase
    1a on-going
	H2	Phase 1b initiated
	2025	H1	Phase
    1b complete

    Phase
    2a for PDAC initiated

	H2	Phase
    2a recruitment complete
	2026	H1	Phase
    2a on-going
	H2	Phase
    2a complete

    Phase
    2b initiated

	2027	H1	Phase
    2b complete
	H2	Phase
    3 initiated (with partner)
	2028	H1	Phase
    3 on-going (with partner)
	H2	Phase
    3 complete (with partner)

 

    	 

    	51

    

 

SCHEDULE
4

LIST
OF COUNTRIES AND TERRITORIES FOR PATENTS

 

		●	NA:
                                            US, Canada
		●	EU:
                                            Germany, UK, Italy, France, Spain, Switzerland, Netherlands, Russia
		●	Asia/Pac:
                                            Greater China (includes Mainland China, Hong Kong, Macau), Japan, South Korea, India, Australia

 

    	 

    	52

    

 

SCHEDULE
5

ROYALTY STATEMENT

 

The
Royalty Statement shall include the following information, in each case expressed both in local currency and pounds sterling and showing
the conversion rates used, during the period to which the royalty payment relates.

 

	1.	In
                                            respect of each territory or region in which Licensed Products are sold:

 

		1.1	the
                                            types of Licensed Product sold (including details of any Combination Products sold);
	 	 	 
		1.2	the
                                            quantity of each type of Licensed Product sold (including details of any Combination Products
                                            sold);
	 	 	 
		1.3	the
                                            total invoiced price for each type of Licensed Product sold (including details of any Combination
                                            Products sold);
	 	 	 
		1.4	confirmation
                                            for each type of Licensed Product sold (including details of any Combination Products sold)
                                            as to whether that Licensed Product falls within a Valid Claim and details of the relevant
                                            royalty rate which applies to the Net Sales Value for such Licensed Product pursuant to Clause
                                            4.4;
	 	 	 
		1.5	where
                                            relevant, details of any Licensed Products that have been sold other than on arm’s
                                            length terms for a cash consideration, including the relevant open market price or (if not
                                            available) the reasonable price attributed thereto;
	 	 	 
		1.6	the
                                            amounts deducted from the Net Sales Value as referred to in paragraph (i) to (iv) of that
                                            definition (broken down on a product by product and category by category basis); and
	 	 	 
		1.7	the
                                            aggregate royalties on Net Sales Value due to UCLB.

 

	2.	A
                                            breakdown of all Net Receipts, including where relevant, details of any tangible non-cash
                                            consideration received by or due to the Licensee or its Affiliates in relation to the development
                                            or sub-licensing (including the grant of any option over a sub-licence) of any of the Licensed
                                            Technology, or the grant of any right (including an option to acquire a licence) to develop,
                                            manufacture, market, or sell Licensed Products, and including the relevant open market price
                                            or the reasonable price attributed thereto, and including specifically details of any payments
                                            of the type referred to in a) to g) of the definition of Net Receipts.
	 	 
	3.	Details
                                            of the cumulative sales of Licensed Products by the Licensee, its Affiliates and Sub- licensees.
	 	 
	4.	A
                                            breakdown of all royalties paid to third parties in the current royalty period and details
                                            of any reductions for the relevant royalty period pursuant to Clause 4.9.
	 	 
	5.	Details
                                            of the Minimum Royalty for the current year, and the amount (if any) due to UCLB pursuant
                                            to Clause 4.8.
	 	 
	6.	A
                                            breakdown of all Licensed Products supplied by the Licensee or its Affiliates to third parties
                                            free of charge during the royalty period (except in the context of or subject to Clause 5.9
                                            and except for marketing samples provided in the ordinary course of business without violation
                                            of applicable law).

 

    	 

    	53

    

 

EXECUTED
AND DELIVERED on the date set out at the head of this Licence Agreement.

 

	For
    and on behalf of	 	For
    and on behalf of
	 	 	 
	UCL
    Business Limited	 	Qualigen
    Therapeutics, Inc.
		 	
		 	
	signed	 	signed
	 	 	 
	Dr
    Anne Lane	 	Michael
    Poirier
	print
    name	 	print
    name
	 	 	 
	CEO	 	CEO
	title	 	title
	 	 	 
	13/1/2022	 	13/1/2022
	date	 	dateExhibit 4.5

 

DESCRIPTION
OF SECURITIES

 

Pursuant to our second amended
and restated certificate of incorporation, our authorized capital stock consists of 100,000,000 shares of Class A common stock, $0.0001
par value, 10,000,000 shares of Class B common stock, $0.0001 par value, and 1,000,000 shares of undesignated preferred stock, $0.0001
par value. The following description summarizes the material terms of our capital stock.

 

Units

 

Each unit has an offering
price of $10.00 and consists of one share of Class A common stock and one-half of one redeemable warrant. Each whole warrant entitles
the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share. Pursuant to the warrant agreement,
a warrant holder may exercise its warrants only for a whole number of shares of Class A common stock. This means that only a whole
warrant may be exercised at any given time by a warrant holder. No fractional warrants will be issued upon separation of the units and
only whole warrants will trade. Accordingly, unless you purchase at least two units, you will not be able to receive or trade a whole
warrant.

 

We expect the Class A
common stock and warrants comprising the units will begin separate trading on the 52nd day following the closing of our
initial public offering unless B. Riley Securities, Inc. (“B. Riley”) informs us of its decision to allow earlier separate
trading, subject to our having filed the Current Report on Form 8-K described below and having issued a press release announcing
when such separate trading will begin. Once the shares of Class A common stock and warrants commence separate trading, holders will
have the option to continue to hold units or separate their units into the component securities. Holders will need to have their brokers
contact our transfer agent in order to separate the units into shares of Class A common stock and warrants.

 

In no event will the Class A
common stock and warrants be traded separately until we have filed with the SEC a Current Report on Form 8-K which includes an audited
balance sheet reflecting our receipt of the gross proceeds at the closing of our initial public offering.

 

Common Stock

 

12,500,000 shares of our
common stock are outstanding consisting of:

 

	 	·	10,000,000 shares of our Class A common stock underlying the units being offered in our initial public offering; and

 

	 	·	2,500,000 shares of Class B common stock held by our initial stockholders.

 

Common stockholders of record
are entitled to one vote for each share held on all matters to be voted on by stockholders. Holders of the Class A common stock and
holders of the Class B common stock will vote together as a single class on all matters submitted to a vote of our stockholders,
except as required by law. Unless specified in our second amended and restated certificate of incorporation or bylaws, or as required
by applicable provisions of the DGCL or applicable stock exchange rules, the affirmative vote of a majority of our shares of common stock
that are voted is required to approve any such matter voted on by our stockholders. Our board of directors will be divided into two classes,
each of which will generally serve for a term of two years with only one class of directors being elected in each year. There is no cumulative
voting with respect to the election of directors, with the result that the holders of more than 50% of the shares voted for the election
of directors can elect all of the directors. Our stockholders are entitled to receive ratable dividends when, as and if declared by the
board of directors out of funds legally available therefor.

 

Because our second amended
and restated certificate of incorporation authorizes the issuance of up to 100,000,000 shares of Class A common stock, if we were
to enter into an initial business combination, we may (depending on the terms of such an initial business combination) be required to
increase the number of shares of Class A common stock which we are authorized to issue at the same time as our stockholders vote
on the initial business combination to the extent we seek stockholder approval in connection with our initial business combination.

 

     

     

    

 

In accordance with Nasdaq
corporate governance requirements, we are not required to hold an annual meeting until no later than one year after our first fiscal year
end following our listing on Nasdaq. Under Section 211(b) of the DGCL, we are, however, required to hold an annual meeting of
stockholders for the purposes of electing directors in accordance with our bylaws, unless such election is made by written consent in
lieu of such a meeting. We may not hold an annual meeting of stockholders to elect new directors prior to the consummation of our initial
business combination, and thus we may not be in compliance with Section 211(b) of the DGCL, which requires an annual meeting.
Therefore, if our stockholders want us to hold an annual meeting prior to the consummation of our initial business combination, they may
attempt to force us to hold one by submitting an application to the Delaware Court of Chancery in accordance with Section 211(c) of
the DGCL.

 

We will provide our stockholders
with the opportunity to redeem all or a portion of their public shares upon the completion of our initial business combination at a per-share
price, payable in cash, equal to the aggregate amount then on deposit in the trust account as of two business days prior to the consummation
of our initial business combination including interest earned on the funds held in the trust account and not previously released to us
to pay our franchise and income taxes, divided by the number of then outstanding public shares, subject to the limitations described herein.
Our sponsor, initial stockholders, officers and directors have entered into a letter agreement with us, pursuant to which they have agreed
to waive their redemption rights with respect to any founder shares and any public shares held by them in connection with the completion
of our initial business combination. Unlike many blank check companies that hold stockholder votes and conduct proxy solicitations in
conjunction with their initial business combinations and provide for related redemptions of public shares for cash upon completion of
such initial business combinations even when a vote is not required by law, if a stockholder vote is not required by law and we do not
decide to hold a stockholder vote for business or other legal reasons, we will, pursuant to our second amended and restated certificate
of incorporation, conduct the redemptions pursuant to the tender offer rules of the SEC, and file tender offer documents with the
SEC prior to completing our initial business combination. Our second amended and restated certificate of incorporation requires these
tender offer documents to contain substantially the same financial and other information about the initial business combination and the
redemption rights as is required under the SEC’s proxy rules. If, however, a stockholder approval of the transaction is required
by law, or we decide to obtain stockholder approval for business or other legal reasons, we will, like many blank check companies, offer
to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules.
If we seek stockholder approval, we will complete our initial business combination only if a majority of the outstanding shares of common
stock voted are voted in favor of the initial business combination. A quorum for such meeting will consist of the holders present in person
or by proxy of shares of outstanding capital stock of the company representing a majority of the voting power of all outstanding shares
of capital stock of the company entitled to vote at such meeting.

 

However, the participation
of our sponsor, initial stockholders, officers, directors, advisors or their affiliates in privately-negotiated transactions, if any,
could result in the approval of our initial business combination even if a majority of our public stockholders vote, or indicate their
intention to vote, against such business combination. For purposes of seeking approval of the majority of our outstanding shares of common
stock voted, non-votes will have no effect on the approval of our initial business combination once a quorum is obtained. We intend to
give approximately 30 days (but not less than 10 days nor more than 60 days) prior written notice of any such meeting, if required, at
which a vote shall be taken to approve our initial business combination. These quorum and voting thresholds, and the voting agreements
of our initial stockholders, may make it more likely that we will consummate our initial business combination.

 

If we seek stockholder approval
of our initial business combination and we do not conduct redemptions in connection with our initial business combination pursuant to
the tender offer rules, our second amended and restated certificate of incorporation provides that a public stockholder, together with
any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as
defined under Section 13 of the Exchange Act), will be restricted from redeeming its shares with respect to more than an aggregate
of 15% of the shares of common stock sold in our initial public offering, which we refer to as the Excess Shares. However, we would not
be restricting our stockholders’ ability to vote all of their shares (including Excess Shares) for or against our initial business
combination. Our stockholders’ inability to redeem the Excess Shares will reduce their influence over our ability to complete our
initial business combination, and such stockholders could suffer a material loss in their investment if they sell such Excess Shares on
the open market. Additionally, such stockholders will not receive redemption distributions with respect to the Excess Shares if we complete
the initial business combination. And, as a result, such stockholders will continue to hold that number of shares exceeding 15% and, in
order to dispose such shares would be required to sell their stock in open market transactions, potentially at a loss.

 

     

     

    

 

If we seek stockholder approval
in connection with our initial business combination, pursuant to the letter agreement our sponsor, initial stockholders, officers and
directors have agreed to vote their founder shares and any public shares purchased during or after our initial public offering (including
in open market and privately negotiated transactions) in favor of our initial business combination. As a result, in addition to our initial
stockholders’ founder shares, we would need only 625,001, or 6.25%, of the 10,000,000 public shares sold in our initial public offering
to be voted in favor of an initial business combination (assuming a quorum is present at the meeting and only a majority of shares are
required to approve the business combination) in order to have our initial business combination approved (assuming the over-allotment
option is not exercised). Additionally, each public stockholder may elect to redeem its public shares irrespective of whether they vote
for or against the proposed transaction (subject to the limitation described in the preceding paragraph).

 

Pursuant to our second amended
and restated certificate of incorporation, if we are unable to complete our initial business combination within 15 months from the closing
of our initial public offering, which is extendable at our option to up to 21 months from the closing of our initial public offering,
we will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than
ten business days thereafter subject to lawfully available funds therefor, redeem the public shares, at a per-share price, payable in
cash, equal to the aggregate amount then on deposit in the trust account including interest earned on the funds held in the trust account
and not previously released to us to pay our franchise and income taxes (less up to $100,000 of interest to pay dissolution expenses),
divided by the number of then outstanding public shares, which redemption will completely extinguish public stockholders’ rights
as stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as
promptly as reasonably possible following such redemption, subject to the approval of our remaining stockholders and our board of directors,
dissolve and liquidate, subject in each case to our obligations under Delaware law to provide for claims of creditors and the requirements
of other applicable law. Our sponsor, initial stockholders, officers and directors have entered into a letter agreement with us, pursuant
to which they have agreed to waive their rights to liquidating distributions from the trust account with respect to any founder shares
held by them if we fail to complete our initial business combination within 15 months from the closing of our initial public offering,
which is extendable at our option to up to 21 months from the closing of our initial public offering. However, if our initial stockholders
acquire public shares in or after our initial public offering, they will be entitled to liquidating distributions from the trust account
with respect to such public shares if we fail to complete our initial business combination within the prescribed time period.

 

In the event of a liquidation,
dissolution or winding up of the company after an initial business combination, our stockholders are entitled to share ratably in all
assets remaining available for distribution to them after payment of liabilities and after provision is made for each class of stock,
if any, having preference over the common stock. Our stockholders have no preemptive or other subscription rights. There are no sinking
fund provisions applicable to the common stock, except that we will provide our stockholders with the opportunity to redeem their public
shares for cash equal to their pro rata share of the aggregate amount then on deposit in the trust account, upon the completion of our
initial business combination, subject to the limitations described herein.

 

Founder Shares

 

The founder shares are identical
to the shares of Class A common stock included in the units being sold in our initial public offering, and holders of founder shares
have the same stockholder rights as public stockholders, except that (i) the founder shares are subject to certain transfer restrictions,
as described in more detail below, (ii) our sponsor, initial stockholders, officers and directors have entered into a letter agreement
with us, pursuant to which they have agreed (A) to waive their redemption rights with respect to any founder shares and any public
shares held by them in connection with the completion of our initial business combination, (B) to waive their redemption rights with
respect to their founder shares and public shares in connection with a stockholder vote to approve an amendment to our second amended
and restated certificate of incorporation (x) to modify the substance or timing of our obligation to redeem 100% of our public shares
if we do not complete our initial business combination within 15 months from the closing of our initial public offering, which is extendable
at our option to up to 21 months from the closing of our initial public offering, or (y) with respect to any other provision relating
to stockholders’ rights or pre-initial business combination activity and (C) to waive their rights to liquidating distributions
from the trust account with respect to any founder shares held by them if we fail to complete our initial business combination within
15 months from the closing of our initial public offering, which is extendable at our option to up to 21 months from the closing of our
initial public offering, although they will be entitled to liquidating distributions from the trust account with respect to any public
shares they hold if we fail to complete our initial business combination within such time period, (iii) the founder shares are shares
of our Class B common stock that will automatically convert into shares of our Class A common stock at the time of our initial
business combination, or at any time prior thereto at the option of the holder, on a one-for-one basis, subject to adjustment, and (iv) are
entitled to registration rights. If we submit our initial business combination to our public stockholders for a vote, our sponsor, initial
stockholders, officers and directors have agreed pursuant to the letter agreement to vote any founder shares held by them and any public
shares purchased during or after our initial public offering (including in open market and privately negotiated transactions) in favor
of our initial business combination.

 

     

     

    

 

The shares of Class B
common stock will automatically convert into shares of Class A common stock at the time of our initial business combination on a
one-for-one basis (subject to adjustment for stock splits, stock dividends, reorganizations, recapitalizations and the like), and subject
to further adjustment as provided herein. In the case that additional shares of Class A common stock, or equity-linked securities,
are issued or deemed issued in excess of the amounts offered in our initial public offering and related to the closing of the initial
business combination, the ratio at which shares of Class B common stock shall convert into shares of Class A common stock will
be adjusted (unless the holders of a majority of the outstanding shares of Class B common stock agree to waive such adjustment with
respect to any such issuance or deemed issuance) so that the number of shares of Class A common stock issuable upon conversion of
all shares of Class B common stock will equal, in the aggregate, on an as-converted basis, 20% of the sum of the total number of
all shares of common stock outstanding upon completion of our initial public offering plus all shares of Class A common stock and
equity-linked securities issued or deemed issued in connection with the initial business combination (excluding any shares or equity-linked
securities issued, or to be issued, to any seller in the initial business combination, any private placement-equivalent securities issued
to our sponsor or its affiliates upon conversion of loans made to us). We cannot determine at this time whether a majority of the holders
of our Class B common stock at the time of any future issuance would agree to waive such adjustment to the conversion ratio. They
may waive such adjustment due to (but not limited to) the following: (i) closing conditions which are part of the agreement for our
initial business combination, (ii) negotiation with Class A stockholders on structuring an initial business combination, or
(iii) negotiation with parties providing financing which would trigger the anti-dilution provisions of the Class B common stock.
If such adjustment is not waived, the issuance would not reduce the percentage ownership of holders of our Class B common stock,
but would reduce the percentage ownership of holders of our Class A common stock. If such adjustment is waived, the issuance would
reduce the percentage ownership of holders of both classes of our common stock. Holders of founder shares may also elect to convert their
shares of Class B common stock into an equal number of shares of Class A common stock, subject to adjustment as provided above,
at any time. The term “equity-linked securities” refers to any debt or equity securities that are convertible, exercisable
or exchangeable for shares of Class A common stock issues in a financing transaction in connection with our initial business combination,
including but not limited to a private placement of equity or debt. Securities could be “deemed issued” for purposes of the
conversion rate adjustment if such shares are issuable upon the conversion or exercise of convertible securities, warrants or similar
securities.

 

Our initial stockholders
have agreed not to transfer, assign or sell any of their founder shares until the earlier to occur of (i) one year after the date
of the consummation of our initial business combination, or (ii) the date on which we consummate a liquidation, merger, stock exchange
or other similar transaction which results in all of our stockholders having the right to exchange their shares of Class A common
stock for cash, securities or other property. Any permitted transferees will be subject to the same restrictions and other agreements
of our initial stockholders with respect to any founder shares. Notwithstanding the foregoing, if the closing price of our shares of Class A
common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and
the like) for any 20 trading days within any 30-trading day period commencing 150 days after our initial business combination, the founder
shares will no longer be subject to such transfer restrictions.

 

     

     

    

 

Preferred Stock

 

Our second amended and restated
certificate of incorporation provides that shares of preferred stock may be issued from time to time in one or more series. Our board
of directors will be authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional
or other special rights and any qualifications, limitations and restrictions thereof, applicable to the shares of each series. Our board
of directors will be able to, without stockholder approval, issue preferred stock with voting and other rights that could adversely affect
the voting power and other rights of the holders of the common stock and could have anti-takeover effects. The ability of our board of
directors to issue preferred stock without stockholder approval could have the effect of delaying, deferring or preventing a change of
control of us or the removal of existing management. We have no preferred stock outstanding at the date hereof. Although we do not currently
intend to issue any shares of preferred stock, we cannot assure you that we will not do so in the future. No shares of preferred stock
are being issued or registered in our initial public offering.

 

Public Stockholders’ Warrants

 

No warrants are currently
outstanding. Each whole warrant entitles the registered holder to purchase one share of Class A common stock at a price of $11.50
per share, subject to adjustment as discussed below, at any time commencing 30 days after the completion of our initial business combination.
However, no warrants will be exercisable for cash unless we have an effective and current registration statement covering the shares of
Class A common stock issuable upon exercise of the warrants and a current prospectus relating to such shares of Class A common
stock. Notwithstanding the foregoing, if a registration statement covering the shares of Class A common stock issuable upon exercise
of the public warrants is not effective within a specified period following the consummation of our initial business combination, warrant
holders may, until such time as there is an effective registration statement and during any period when we shall have failed to maintain
an effective registration statement, exercise warrants on a cashless basis pursuant to the exemption provided by Section 3(a)(9) of
the Securities Act, provided that such exemption is available. If that exemption, or another exemption, is not available, holders will
not be able to exercise their warrants on a cashless basis. In the event of such cashless exercise, each holder would pay the exercise
price by surrendering the warrants for that number of shares of Class A common stock equal to the quotient obtained by dividing (x) the
product of the number of shares of Class A common stock underlying the warrants, multiplied by the difference between the exercise
price of the warrants and the “fair market value” (defined below) by (y) the fair market value. The “fair market
value” for this purpose will mean the average reported last sale price of the shares of Class A common stock for the 5 trading
days ending on the trading day prior to the date of exercise. The warrants will expire on the fifth anniversary of our completion of an
initial business combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.

 

Any warrants underlying additional
units we issue to our sponsor, officers, directors, initial stockholders or their affiliates in payment of working capital loans made
to us, will be identical to the warrants underlying the units sold in our initial public offering.

 

We may call the warrants
for redemption, in whole and not in part, at a price of $0.01 per warrant,

 

	 	·	at any time after the warrants become exercisable,

 

	 	·	upon not less than 30 days’ prior written notice of redemption to each warrant holder,

 

	 	·	if, and only if, the reported last sale price of the shares of Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations), for any 20 trading days within a 30 trading day period commencing at any time after the warrants become exercisable and ending on the third business day prior to the notice of redemption to warrant holders; and

 

	 	·	if, and only if, there is a current registration statement in effect with respect to the shares of Class A common stock underlying such warrants.

 

The right to exercise will
be forfeited unless the warrants are exercised prior to the date specified in the notice of redemption. On and after the redemption date,
a record holder of a warrant will have no further rights except to receive the redemption price for such holder’s warrant upon surrender
of such warrant.

 

     

     

    

 

The redemption criteria for
our warrants have been established at a price which is intended to provide warrant holders a reasonable premium to the initial exercise
price and provide a sufficient differential between the then- prevailing share price and the warrant exercise price so that if the share
price declines as a result of our redemption call, the redemption will not cause the share price to drop below the exercise price of the
warrants.

 

If we call the warrants for
redemption as described above, our management will have the option to require all holders that wish to exercise warrants to do so on a
 “cashless basis.” In such event, each holder would pay the exercise price by surrendering the warrants for that number of
shares of Class A common stock equal to the quotient obtained by dividing (x) the product of the number of shares of Class A
common stock underlying the warrants, multiplied by the difference between the exercise price of the warrants and the “fair market
value” (defined below) by (y) the fair market value. The “fair market value” for this purpose shall mean the average
reported last sale price of the shares of Class A common stock for the 5 trading days ending on the third trading day prior to the
date on which the notice of redemption is sent to the holders of warrants.

 

The warrants will be issued
in registered form under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant agent, and us. The
warrant agreement provides that the terms of the warrants may be amended without the consent of any holder (i) to cure any ambiguity
or correct any mistake, including to conform the provisions of the warrant agreement to the description of the terms of the warrants and
the warrant agreement, or to cure, correct or supplement any defective provision, or (ii) to add or change any other provisions with
respect to matters or questions arising under the warrant agreement as the parties to the warrant agreement may deem necessary or desirable
and that the parties deem to not adversely affect the interests of the registered holders of the warrants. The warrant agreement requires
the approval, by written consent or vote, of the holders of at least 50% of the then outstanding public warrants in order to make any
change that adversely affects the interests of the registered holders.

 

The exercise price and number
of shares of Class A common stock issuable on exercise of the warrants may be adjusted in certain circumstances including in the
event of a stock dividend, extraordinary dividend or our recapitalization, reorganization, merger or consolidation. However, except as
described below, the warrants will not be adjusted for issuances of shares of Class A common stock at a price below their respective
exercise prices.

 

In addition, if (x) we
issue additional shares of Class A common stock or equity-linked securities for capital raising purposes in connection with the closing
of our initial business combination at a Newly Issued Price of less than $9.20 per share of Class A common stock (with such issue
price or effective issue price to be determined in good faith by our board of directors, and in the case of any such issuance to our sponsor,
initial stockholders or their affiliates, without taking into account any founder shares held by them prior to such issuance), (y) the
aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for
the funding of our initial business combination on the date of the consummation of our initial business combination (net of redemptions),
and (z) the Market Value is below $9.20 per share, then the exercise price of the warrants will be adjusted (to the nearest cent)
to be equal to 115% of the greater of (i) the Market Value or (ii) the Newly Issued Price, and the $18.00 per share redemption
trigger price of the warrants will be adjusted (to the nearest cent) to be equal to 180% of the greater of (i) the Market Value or
(ii) the Newly Issued Price.

 

The warrants may be exercised
upon surrender of the warrant certificate on or prior to the expiration date at the offices of the warrant agent, with the exercise form
on the reverse side of the warrant certificate completed and executed as indicated, accompanied by full payment of the exercise price,
by certified or official bank check payable to us, for the number of warrants being exercised. The warrant holders do not have the rights
or privileges of holders of shares of Class A common stock and any voting rights until they exercise their warrants and receive shares
of Class A common stock. After the issuance of shares of Class A common stock upon exercise of the warrants, each holder will
be entitled to one vote for each share held of record on all matters to be voted on by stockholders.

 

Warrant holders may elect
to be subject to a restriction on the exercise of their warrants such that an electing warrant holder would not be able to exercise their
warrants to the extent that, after giving effect to such exercise, such holder would beneficially own in excess of 9.8% of the shares
of Class A common stock outstanding.

 

No fractional shares will
be issued upon exercise of the warrants. If, upon exercise of the warrants, a holder would be entitled to receive a fractional interest
in a share, we will, upon exercise, round up to the nearest whole number the number of shares of Class A common stock to be issued
to the warrant holder.

 

     

     

    

 

We have agreed that, subject
to applicable law, any action, proceeding or claim against us arising out of or relating in any way to the warrant agreement, including
under the Securities Act, will be brought and enforced in the courts of the State of New York or the United States District Court
for the Southern District of New York, and we irrevocably submit to such jurisdiction, which jurisdiction will be the exclusive forum
for any such action, proceeding or claim. This exclusive forum provision shall not apply to suits brought to enforce a duty or liability
created by the Exchange Act, any other claim for which the federal district courts of the United States of America are the sole and
exclusive forum.

 

Private Placement Warrants

 

The private placement warrants
(including the Class A common stock issuable upon exercise of the private placement warrants) will not be transferable, assignable
or salable until 30 days after the completion of our initial business combination except, among other limited exceptions, to our officers
and directors and other persons or entities affiliated with our sponsor or the underwriters). The private placement warrants have terms
and provisions that are identical to those of the warrants being sold as part of the units in our initial public offering, except that
the private placement warrants won’t trade and they (including the Class A common stock issuable upon exercise of these warrants)
may not, subject to certain limited exceptions, be transferred, assigned or sold by our sponsor until 30 days after the completion of
our initial business combination. For so long as the private placement warrants are held by B. Riley or 272 Capital, they will not be
exercisable more than five years from the commencement of sales of our initial public offering in accordance with FINRA Rule 5110(g)(8)(A).
In addition, because 272 Capital is an affiliate of B. Riley, the private placement warrants will be deemed to be compensation for B.
Riley under FINRA Rule 5110(e) and may not be sold, transferred, assigned, pledged, or hypothecated, or be the subject of any
hedging, short sale, derivative, put or call transaction that would result in the economic disposition of the securities by any person
for a period of 180 days immediately following commencement of sales of the public offering, except to any underwriter or selected dealer
participating in the offering, their bona fide officers or partners, associated persons or affiliates, provided that all securities so
transferred remain subject to the lockup restriction above for the remainder of the time period.

 

In order to finance transaction
costs in connection with an intended initial business combination, our sponsor or an affiliate of our sponsor or certain of our officers
and directors may, but are not obligated to, loan us funds as may be required. Up to $1,500,000 of such working capital loans may be convertible
into private placement-equivalent warrants at a price of $1.00 per warrant, at the option of the lender. Such warrants would be identical
to the private placement warrants, including as to exercise price, exercisability and exercise period. The terms of such working capital
loans by our sponsor or its affiliates, or our officers and directors, if any, have not been determined and no written agreements exist
with respect to such loans.

 

In addition, holders of our
private placement warrants are entitled to certain registration rights.

 

Our initial stockholders
have agreed not to transfer, assign or sell any of the private placement warrants (including the underlying securities and the Class A
common stock issuable upon exercise of any of the private placement warrants) until the date that is 30 days after the date we complete
our initial business combination, except, among other limited exceptions, to our officers and directors and other persons or entities
affiliated with our sponsor.

 

Dividends

 

We have not paid any cash
dividends on our common stock to date and do not intend to pay cash dividends prior to the completion of an initial business combination.
The payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements and general
financial conditions subsequent to completion of an initial business combination. The payment of any cash dividends subsequent to an initial
business combination will be within the discretion of our board of directors at such time. Further, if we incur any indebtedness, our
ability to declare dividends may be limited by restrictive covenants we may agree to in connection therewith.

 

     

     

    

 

Our Transfer Agent and Warrant Agent

 

The transfer agent for our
common stock and the warrant agent for our warrants is Continental Stock Transfer & Trust Company. We have agreed to indemnify
Continental Stock Transfer & Trust Company in its roles as transfer agent and warrant agent, its agents and each of its stockholders,
directors, officers and employees against all claims and losses that may arise out of acts performed or omitted for its activities in
that capacity, except for any liability due to any gross negligence, willful misconduct or bad faith of the indemnified person or entity.

 

Our Second Amended and Restated Certificate
of Incorporation

 

Our second amended and restated
certificate of incorporation contains certain requirements and restrictions relating to our initial public offering that will apply to
us until the completion of our initial business combination. These provisions cannot be amended without the approval of the holders of
65% of our common stock. Our initial stockholders, who will collectively beneficially own 20% of our common stock upon the closing of
our initial public offering, will participate in any vote to amend our second amended and restated certificate of incorporation and will
have the discretion to vote in any manner they choose. Specifically, our second amended and restated certificate of incorporation provides,
among other things, that:

 

	 	•	If we are unable to complete our initial business combination within 15 months from the closing of
our initial public offering, which is extendable at our option to up to 21 months from the closing of our initial public offering, we
will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than
ten business days thereafter subject to lawfully available funds therefor, redeem 100% of the public shares, at a per-share price, payable
in cash, equal to the aggregate amount then on deposit in the trust account including interest earned on the funds held in the trust
account and not previously released to us to pay our franchise and income taxes (less up to $100,000 of interest to pay dissolution expenses),
divided by the number of then outstanding public shares, which redemption will completely extinguish public stockholders’ rights
as stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as
promptly as reasonably possible following such redemption, subject to the approval of our remaining stockholders and our board of directors,
dissolve and liquidate, subject in each case to our obligations under Delaware law to provide for claims of creditors and the requirements
of other applicable law;

 

	 	•	Prior to our initial business combination,
we may not issue additional shares of capital stock that would entitle the holders thereof to (i) receive funds from the trust account,
or (ii) vote on any initial business combination;

 

	 	•	Although we
do not intend to enter into an initial business combination with a target business that is affiliated with our sponsor, our directors
or our officers, we are not prohibited from doing so. In the event we enter into such a transaction, we, or a committee of independent
directors, will obtain an opinion from an independent investment banking firm that is a member of FINRA or an independent accounting
firm that such an initial business combination is fair to our company from a financial point of view;

 

	 	•	If a stockholder vote on our initial business combination is not required by law and we do not decide
to hold a stockholder vote for business or other legal reasons, we will offer to redeem our public shares pursuant to Rule 13e-4 and
Regulation 14E of the Exchange Act, and will file tender offer documents with the SEC prior to completing our initial business combination
which contain substantially the same financial and other information about our initial business combination and the redemption rights
as is required under Regulation 14A of the Exchange Act; whether or not we maintain our registration under the our Exchange
Act or our listing on Nasdaq, we will provide our public stockholders with the opportunity to redeem their public shares by one
of the two methods listed above;

 

	 	•	So long as we obtain and maintain a listing for our securities on Nasdaq, Nasdaq rules require
that we must complete one or more business combinations having an aggregate fair market value of at least 80% of the value of the assets
held in the trust account (excluding the taxes payable on the interest earned on the trust account) at the time of our signing a definitive
agreement in connection with our initial business combination;

 

     

     

    

 

	 	•	If our stockholders
approve an amendment to our second amended and restated certificate of incorporation (i) to modify the substance or timing of our
obligation to redeem 100% of our public shares if we do not complete our initial business combination within 15 months from the closing
of our initial public offering, which is extendable at our option to up to 21 months from the closing of our initial public offering,
or (ii) with respect to any other provision relating to stockholders’ rights or pre-business combination activity, we will
provide our public stockholders with the opportunity to redeem all or a portion of their shares of Class A common stock upon such
approval at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest
earned on the funds held in the trust account and not previously released to us to pay our franchise and income taxes, divided by the
number of then outstanding public shares; and

  

	 	•	We will not effectuate our initial business combination with another blank check company or a
similar company with nominal operations.

 

In addition, our second amended
and restated certificate of incorporation provides that we will only redeem our public shares so long as (after such redemption) our net
tangible assets will be at least $5,000,001 either immediately prior to or upon consummation of our initial business combination and after
payment of underwriters’ fees and commissions.

 

Certain Anti-Takeover Provisions of Delaware
Law and our Second Amended and Restated Certificate of Incorporation and Bylaws

 

We are subject to the provisions
of Section 203 of the DGCL regulating corporate takeovers. This statute prevents certain Delaware corporations, under certain circumstances,
from engaging in a “business combination” with:

 

	 	•	a stockholder who owns 15% or more of our outstanding voting stock (otherwise known as an “interested stockholder”);

 

	 	•	an affiliate of an interested stockholder; or

 

	 	•	an associate of an interested stockholder, for three years following the date that the stockholder became an interested stockholder.

 

A “business combination”
includes a merger or sale of more than 10% of our assets. However, the above provisions of Section 203 do not apply if:

 

	 	•	our board of directors approves the transaction that made the stockholder an “interested stockholder,” prior to the date of the transaction;

 

	 	•	after the completion of the transaction that resulted in the stockholder becoming an interested stockholder, that stockholder owned at least 85% of our voting stock outstanding at the time the transaction commenced, other than statutorily excluded shares of common stock; or

 

	 	•	on or subsequent to the date of the transaction, the initial business combination is approved by our board of directors and authorized at a meeting of our stockholders, and not by written consent, by an affirmative vote of at least two-thirds of the outstanding voting stock not owned by the interested stockholder.

 

Our second amended and restated
certificate of incorporation provides that our board of directors will be classified into two classes of directors. As a result, in most
circumstances, a person can gain control of our board only by successfully engaging in a proxy contest at two or more annual meetings.

 

Our authorized but unissued
common stock and preferred stock are available for future issuances without stockholder approval and could be utilized for a variety of
corporate purposes, including future offerings to raise additional capital, acquisitions and employee benefit plans. The existence of
authorized but unissued and unreserved common stock and preferred stock could render more difficult or discourage an attempt to obtain
control of us by means of a proxy contest, tender offer, merger or otherwise.

 

     

     

    

 

Exclusive forum for certain
lawsuits

 

Our second amended and restated
certificate of incorporation requires, to the fullest extent permitted by law, that derivative actions brought in our name, actions against
directors, officers and employees for breach of fiduciary duty and certain other actions may be brought only in the Court of Chancery
in the State of Delaware, except any action (i) as to which the Court of Chancery in the State of Delaware determines that there
is an indispensable party not subject to the jurisdiction of the Court of Chancery (and the indispensable party does not consent to the
personal jurisdiction of the Court of Chancery within ten days following such determination), (ii) which is vested in the exclusive
jurisdiction of a court or forum other than the Court of Chancery, (iii) for which the Court of Chancery does not have subject matter
jurisdiction, or (iv) which arises under the Securities Act, as to which the Court of Chancery and the federal district court
for the District of Delaware shall have concurrent jurisdiction. If an action is brought outside of Delaware, the stockholder bringing
the suit will be deemed to have consented to service of process on such stockholder’s counsel. Although we believe this provision
benefits us by providing increased consistency in the application of law in the types of lawsuits to which it applies, a court may determine
that this provision is unenforceable, and to the extent it is enforceable, the provision may have the effect of discouraging lawsuits
against our directors and officers.

 

Our second amended and restated
certificate of incorporation provides that the exclusive forum provision will be applicable to the fullest extent permitted by applicable
law, subject to certain exceptions. Section 27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought
to enforce any duty or liability created by the Exchange Act or the rules and regulations thereunder. As a result, the
exclusive forum provision will not apply to suits brought to enforce any duty or liability created by the Exchange Act or any
other claim for which the federal courts have exclusive jurisdiction. In addition, our second amended and restated certificate of incorporation
provides that, unless we consent in writing to the selection of an alternative forum, the federal district courts of the United States
of America shall, to the fullest extent permitted by law, be the exclusive forum for the resolution of any complaint asserting a cause
of action arising under the Securities Act, or the rules and regulations promulgated thereunder. We note, however, that there
is uncertainty as to whether a court would enforce this provision and that investors cannot waive compliance with the federal securities
laws and the rules and regulations thereunder. Section 22 of the Securities Act creates concurrent jurisdiction for state and
federal courts over all suits brought to enforce any duty or liability created by the Securities Act or the rules and regulations
thereunder.

 

Special meeting of stockholders

 

Our bylaws provide that special
meetings of our stockholders may be called only by a majority vote of our board of directors, by our Chief Executive Officer or by our
Chairman.

 

Advance notice requirements for
stockholder proposals and director nominations

 

Our bylaws provide that stockholders
seeking to bring business before our annual meeting of stockholders, or to nominate candidates for election as directors at our annual
meeting of stockholders, must provide timely notice of their intent in writing. To be timely, a stockholder’s notice will need to
be received by the company secretary at our principal executive offices not later than the close of business on the 52nd day
nor earlier than the opening of business on the 120th day prior to the anniversary date of the immediately preceding annual
meeting of stockholders. Pursuant to Rule 14a-8 of the Exchange Act, proposals seeking inclusion in our annual proxy statement
must comply with the notice periods contained therein. Our bylaws also specify certain requirements as to the form and content of a stockholders’
meeting. These provisions may preclude our stockholders from bringing matters before our annual meeting of stockholders or from making
nominations for directors at our annual meeting of stockholders.

 

Action by written consent

 

Subsequent to the consummation
of the offering, any action required or permitted to be taken by our common stockholders must be effected by a duly called annual or special
meeting of such stockholders and may not be effected by written consent of the stockholders other than with respect to our Class B
common stock.

 

     

     

    

 

Classified Board of Directors

 

Our board of directors will
initially be divided into two classes, Class I and Class II, with members of each class serving staggered two-year terms. Our
second amended and restated certificate of incorporation provides that the authorized number of directors may be changed only by resolution
of the board of directors. Subject to the terms of any preferred stock, any or all of the directors may be removed from office at any
time, but only for cause and only by the affirmative vote of holders of a majority of the voting power of all then outstanding shares
of our capital stock entitled to vote generally in the election of directors, voting together as a single class. Any vacancy on our board
of directors, including a vacancy resulting from an enlargement of our board of directors, may be filled only by vote of a majority of
our directors then in office.

 

Class B Common Stock Consent Right

 

For so long as any shares
of Class B common stock remain outstanding, we may not, without the prior vote or written consent of the holders of a majority of
the shares of Class B common stock then outstanding, voting separately as a single class, amend, alter or repeal any provision our
certificate of incorporation, whether by merger, consolidation or otherwise, if such amendment, alteration or repeal would alter or change
the powers, preferences or relative, participating, optional or other or special rights of the Class B common stock. Any action required
or permitted to be taken at any meeting of the holders of Class B common stock may be taken without a meeting, without prior notice
and without a vote, if a consent or consents in writing, setting forth the action so taken, shall be signed by the holders of the outstanding
Class B common stock having not less than the minimum number of votes that would be necessary to authorize or take such action at
a meeting at which all shares of Class B common stock were present and voted.

 

Securities Eligible for Future Sale

 

We have 12,500,000 shares of common stock outstanding.
Of these shares, the 10,000,000 are freely tradable without restriction or further registration under the Securities Act, except
for any shares purchased by one of our affiliates within the meaning of Rule 144 under the Securities Act. All of the remaining
2,500,000 shares of Class B common stock are restricted securities under Rule 144, in that they were issued in private transactions
not involving a public offering. In addition, the shares of Class B common stock, and the securities underlying the foregoing and
2,500,000 (or 2,875,000 if the underwriters’ over-allotment opinion is exercised in full) shares are restricted securities under
Rule 144, in that they were issued in private transactions not involving a public offering, and the shares of Class B common
stock and private placement warrants, and the securities underlying the foregoing, are subject to transfer restrictions.

 

Rule 144

 

Pursuant to Rule 144,
a person who has beneficially owned restricted shares of our common stock or warrants for at least six months would be entitled to sell
their securities provided that (i) such person is not deemed to have been one of our affiliates at the time of, or at any time during
the three months preceding, a sale, and (ii) we are subject to the Exchange Act periodic reporting requirements for at
least three months before the sale and have filed all required reports under Section 13 or 15(d) of the Exchange Act during
the 12 months (or such shorter period as we were required to file reports) preceding the sale.

 

Persons who have beneficially
owned restricted shares of our common stock or warrants for at least six months but who are our affiliates at the time of, or at any time
during the three months preceding, a sale, would be subject to additional restrictions, by which such person would be entitled to sell
within any three-month period only a number of securities that does not exceed the greater of:

 

	•	1% of the total number of shares of Class A common stock then outstanding, which will equal 100,000 shares immediately after our initial public offering; or

 

	•	the average weekly reported trading volume of the common stock during the four calendar weeks preceding the filing of a notice on Form 144 with  respect to the sale.

 

Sales by our affiliates under
Rule 144 are also limited by manner of sale provisions and notice requirements and to the availability of current public information
about us.

 

     

     

    

 

Restrictions on the Use of Rule 144 by
Shell Companies or Former Shell Companies

 

Rule 144 is not available
for the resale of securities initially issued by shell companies (other than business combination related shell companies) or issuers
that have been at any time previously a shell company. However, Rule 144 also includes an important exception to this prohibition
if the following conditions are met:

 

	•	the issuer of the securities that was formerly a shell company has ceased to be a shell company;

 

	•	the issuer of the securities is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act;

 

	•	the issuer of the securities has filed all Exchange Act reports and materials required to be filed, as applicable, during the preceding 12 months (or such shorter period that the issuer was required to file such reports and materials), other than Current Reports on Form 8-K; and

 

	•	at least one year has elapsed from the time that the issuer filed current Form 10 type information with the SEC reflecting its status as an entity that  is not a shell company.

 

As a result, our initial
stockholders will be able to sell their founder shares and private placement warrants, and the securities underlying the foregoing, as
applicable, pursuant to Rule 144 without registration one year after we have completed our initial business combination.

 

Registration Rights

 

The holders of the founder
shares (and any shares of Class A common stock issuable upon conversion of the founder shares), private placement warrants (and any
shares of Class A common stock issuable upon conversion of the private placement rights or upon the exercise of the private placement
warrants) and securities that may be issued upon conversion of working capital loans (and any securities that may be issued upon conversion
of working capital loans) will be entitled to registration rights pursuant to a registration rights agreement to be signed prior to or
on the effective date of our initial public offering, requiring us to register such securities for resale (in the case of the founder
shares, only after conversion to our Class A common stock). The holders of the majority of these securities are entitled to make
up to three demands, excluding short form demands, that we register such securities. In addition, the holders have certain “piggy-back”
registration rights with respect to registration statements filed subsequent to our completion of our initial business combination and
rights to require us to register for resale such securities pursuant to Rule 415 under the Securities Act. However, the
registration rights agreement provides that we will not permit any registration statement filed under the Securities Act to
become effective until termination of the applicable lock-up period as described here. Notwithstanding the foregoing, the underwriters
and 272 Capital may not exercise their demand and “piggyback” registration rights after five and seven years, respectively,
after the effective date of our initial public offering and may not exercise their demand rights on more than one occasion. We will bear
the expenses incurred in connection with the filing of any such registration statements.

 

Listing of Securities

 

Our units, Class A common
stock and warrants are listed on Nasdaq under the symbols “SGHLU” “SGHL” and “SGHLW,” respectively.
Our Class A common stock and warrants are eligible to trade separately. The shares of our Class A common stock and warrants
are listed separately and as a unit on Nasdaq.

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