Document:

Exhibit 10.21

 

	 	[Material marked with an asterisk has been omitted from this document pursuant to a request for confidential treatment and has been filed separately with the Securities and Exchange Commission.]

 

LICENSE AGREEMENT

 

This agreement (“Agreement”) is entered into as
of August 25, 2016, (the “Effective Date”) by and between Creative Medical Technologies, Inc., a Nevada corporation
having an address at 2007 W. Peoria Avenue, Phoenix, Arizona 85029 (“LICENSEE”) and The Regents of the University of
California, a California public corporation having its statewide administrative offices at 1111 Franklin Street, Oakland, California
94607-5200 (“UNIVERSITY”), represented by its San Diego campus having an address at University of California, San Diego,
Office of Innovation and Commercialization, Mail Code 0910, 9500 Gilman Drive, La Jolla, California 92093-0910 (“UCSD”).

 

BACKGROUND

 

A. The invention disclosed in UCSD Disclosure Docket No. SD2005-04
l and titled “Multipotent Amniotic Fetal Stem Cells” (“Invention”), was made in the course of research
at UCSD by Dr. Martin Haas (hereinafter the “Inventor”) and is covered by Patent Rights as defined below.

 

B. LICENSEE is desirous of obtaining an exclusive license to
Patent Rights from UNIVERSITY for commercial development, use, and sale of the Invention, and the UNIVERSITY is willing to grant
such rights.

 

The parties agree as follows:

 

ARTICLE 1.

DEFINITIONS

 

The terms, as defined herein, have the same meanings in both
their singular and plural forms.

 

1.1           “Affiliate”
means any corporation, firm, limited liability company, partnership or other entity that directly or indirectly Controls or is
Controlled by or is under common control with LICENSEE. “Control” means (i) having the actual, present capacity to
elect a majority of the directors of such entity; (ii) having the power to direct at least forty percent (40%) of the voting rights
entitled to elect directors; or (iii) in any country where the local law will not permit foreign equity participation of a majority,
ownership or control, directly or indirectly, of the maximum percentage of such outstanding stock or voting rights permitted by
local law.

 

1.2           “Field”
means Field 1 and Field 2.

“Field l” means treatment of degenerative, inflammatory
and immunological disease conditions in humans and other mammals.

“Field 2” means cellular banking.

 

1.3           “Licensed
Method” means any method that is claimed in Patent Rights the use of which would constitute, but for the license granted
to LICENSEE under this Agreement, an infringement, an inducement to infringe or contributory infringement, of any pending or issued
claim within Patent Rights.

 

     

     

    

 

1.4           “Licensed
Product” means any service, composition or product which is composed of or incorporates, or is directly or indirectly discovered,
developed and/or identified using, the Invention or that is claimed in Patent Rights, or the manufacture, use, sale, offer for
sale, or importation of which would constitute, but for the license granted to LICENSEE under this Agreement, an infringement,
an inducement to infringe or contributory infringement, of any pending or issued claim within the Patent Rights.

 

1.5           “Net
Sales” means the total of the gross invoice prices of Licensed Products sold or leased by LICENSEE, Sublicensee, Affiliate,
or any combination thereof, less the sum of the following actual and customary deductions where applicable and separately listed:
cash, trade, or quantity discounts or rebates (as allowed under applicable law); sales tax, use tax, tariff, import/export duties
or other excise taxes imposed on particular sales (except for value-added and income taxes imposed on the sales of Licensed Product
in foreign countries); transportation charges; or credits to customers because of rejections or returns. For purposes of calculating
Net Sales, transfers to a Sublicensee or an Affiliate of Licensed Product under this Agreement for (a) end use (but not resale)
by the Sublicensee or Affiliate shall be treated as sales by LICENSEE at list price of LICENSEE, or (b) resale by a Sublicensee
or an Affiliate shall be treated as sales at the list price of the Sublicensee or Affiliate.

 

1.6           “Patent
Costs” means all out-of-pocket expenses for the preparation, filing, prosecution, and maintenance of all United States and
foreign patents included in Patent Rights. Patent Costs include out-of-pocket expenses for patentability opinions, inventorship
determination, preparation and prosecution of patent application, re-examination, re-issue, interference, post- grant review and
other administrative proceedings in patent offices, and opposition activities, and the like, related to patents or applications
in Patent Rights.

 

1.7           “Patent
Rights” means UNIVERSITY’s rights in the claims of any of the following:

the U.S. patent serial number 7,569,385; and continuing applications
thereof including divisions, substitutions, and continuations-in-part (but only to the extent the claims thereof are entirely supported
in the specification and entitled to the priority date of the parent application); any patents issuing on said applications including
reissues, reexaminations and extensions; and any corresponding foreign applications or patents.

 

1.8           “Sublicense”
means an agreement into which LICENSEE enters with a third party that is not an Affiliate for the purpose of (a) granting certain
rights; (b) granting an option to certain rights; or (c) forbearing the exercise of any rights, granted to LICENSEE under this
Agreement. “Sublicensee” means a third party with whom LICENSEE enters into a Sublicense.

 

1.9           “Term”
means the period of time beginning on the Effective Date and ending on the expiration date of the longest-lived Patent Rights.

 

1.10         “Territory”
means worldwide, to the extent Patent Rights exist.

 

ARTICLE 2. GRANTS

 

2.1           License.
Subject to the limitations set forth in this Agreement and to the extent that it may lawfully do so, UNIVERSITY hereby grants
to LICENSEE an exclusive license under Patent Rights to make, use, sell, offer for sale, and import Licensed Products in the Field
within the Territory and during the Term. LICENSEE may extend such license to its AFFILIATES, provided that LICENSEE will be responsible
for such AFFILIATES.

 

     

     

    

 

	 	[Material marked with an asterisk has been omitted from this document pursuant to a request for confidential treatment and has been filed separately with the Securities and Exchange Commission.]

 

2.2           Sublicense.

 

(a)    The
license granted in Paragraph 2.1 includes the right of LICENSEE to grant Sublicenses to third parties during the Term but only
for as long as the license to Patent Rights is exclusive.

 

(b)    With
respect to Sublicense granted pursuant to Paragraph 2.2(a), LICENSEE shall:

 

(i)      not
receive, or agree to receive, anything of value in lieu of cash as consideration from a third party under Sublicense without the
express written consent of UNIVERSITY;

(ii)     to
the extent applicable, include all of the rights of and obligations due to UNIVERSITY (and, if applicable, the sponsor’s
rights) and contained in this Agreement;

(iii)    promptly
provide UNIVERSITY with a copy of each Sublicense issued; and

(iv)    collect
and guarantee payment of all payments due, directly or indirectly, to UNIVERSITY from Sublicensees and summarize and deliver all
reports due, directly or indirectly, to UNIVERSITY from Sublicensees.

 

(c)    Upon
termination of this Agreement for any reason, UNIVERSITY, at its sole discretion, shall determine whether LICENSEE shall cancel
or assign to UNIVERSITY any and all Sublicenses. For the avoidance of doubt, AFFILIATES’ rights extended by LICENSEE also
terminate upon termination of this Agreement.

 

2.3           Reservation
of Rights. UNIVERSITY reserves the right to:

 

(a)    use
the Invention and Patent Rights for educational and research purposes;

(b)    publish
or otherwise disseminate any information about the Invention and Patent Rights at any time; and

(c)    allow
other nonprofit institutions to use, publish, or otherwise disseminate any information about Invention and Patent Rights for educational
and research purposes.

 

ARTICLE 3.

CONSIDERATION

 

3.1           Fees
and Royalties. The parties hereto understand that the fees and royalties payable by LICENSEE to UNIVERSITY under this Agreement
are partial consideration for the license granted herein to LICENSEE under Patent Rights. LICENSEE shall pay UNIVERSITY:

 

(a)   a
license issue fee of * dollars (US$*), within thirty ((30) days after the Effective Date;

 

This Paragraph 3.l (a) will survive the termination,
expiration or assignment of this Agreement.

 

(b)   license
maintenance fees of * dollars (US$*) payable on the first anniversary of the Effective Date and * dollars (US$*) per year and payable
on the second anniversary of the Effective Date and annually thereafter on each anniversary; provided however, that such maintenance
fees will be creditable against earned royalties in any given payment period;

 

     

     

    

 

	 	[Material marked with an asterisk has been omitted from this document pursuant to a request for confidential treatment and has been filed separately with the Securities and Exchange Commission.]

 

(c)   LICENSEE
shall pay UNIVERSITY the following milestone payments for Field 1:

 

		(i)	IND submission for Licensed
Product                  $*

		(ii)	First patient dosed in Phase
I Clinical Trial for Licensed Product $*

		(iii)	First patient dosed in Phase
II Clinical Trial for Licensed Product $*

		(iv)	First patient dosed in Phase
III Clinical Trial for Licensed Product                $*

		(v)	BLA (or NDA) submission to
the FDA for Licensed Product                   $*

 

LICENSEE shall pay UNIVERSITY the following milestone
payments for Field 2:

 

		(i)	Completion of in vivo characterization
and optimization of cell production for Licensed Product         $*

		(ii)	First commercial sale of
Licensed Product        $*

 

(d)   For
Field 1: an earned royalty of * percent (*%) on Net Sales of Licensed Products For Field 2: an earned royalty of * percent (*%)
on Net Sales of Licensed Products

 

by LICENSEE, Sublicensees, and/or Affiliates, provided,
however, that in the event LICENSEE is required to pay royalties to one or more third parties for patent rights necessary to make,
use or sell Licensed Products, LICENSEE may deduct $* from the earned royalties payable to UNIVERSITY for every $* LICENSEE actually
pays to said third parties; provided, however, in no event shall the amount payable to UNIVERSITY be less than * percent (*%) of
the amount otherwise due; and

 

(e)   *
percent (*%) of all Sublicense fees received by LICENSEE from its Sublicensees that are not earned royalties.

 

All fees and royalty payments specified in Paragraphs
3.l (a) through 3.l (e) above shall

be paid by LICENSEE pursuant to Paragraph 4.3 and
shall be delivered by LICENSEE to UNIVERSITY as noted in Paragraph 10.1.

 

3.2           Patent
Costs. LICENSEE shall reimburse UNIVERSITY all future (on or after the Effective Date) Patent Costs incurred during the Term
and in the Territory within thirty (30) days following the date an itemized invoice is sent from UNIVERSITY to LICENSEE.

 

3.3           Due
Diligence.

 

(a)   LICENSEE
shall, either directly or through its Affiliate(s) or Sublicensee(s):

		(i)	diligently develop, manufacture,
and sell Licensed Products; and

		(ii)	achieve the described in
Exhibit A:

 

(b)   If
LICENSEE fails to perform any of its obligations specified in Paragraphs 3.3(a)(i)- (ii), then UNIVERSITY shall have the right and
option to either terminate this Agreement or change LICENSEE’s exclusive license under Patent Rights to a nonexclusive license.
This right, if exercised by UNIVERSITY, supersedes the rights granted in Article 2.

 

     

     

    

 

ARTICLE 4. REPORTS, RECORDS AND PAYMENTS

 

4.1           Reports.

 

		(a)	Progress Reports.

 

Beginning six (6) months after
the Effective Date and within sixty (60) days after the end of each of LICENSEE’s fiscal years, Licensee shall furnish UNIVERSITY
with a written report on the progress of its efforts during the immediately preceding fiscal year to develop and commercialize
Licensed Products. The report shall provide a discussion, to UNIVERSITY’s satisfaction, of intended efforts and sales projections
for the Licensed Products for the year in which the report is submitted. LICENSEE’s fiscal year begins on January l 51•

 

		(b)	Royalty Reports.

 

After the first commercial sale of a Licensed Product
anywhere in the world, LICENSEE shall submit to UNIVERSITY annual royalty reports on or before February 28 of each year. Each royalty
report shall cover LICENSEE’s (and each Affiliate’s and Sublicensee’s) most recently completed calendar year
and shall show:

 

		(i)	the date of first commercial
sale of a Licensed Product in each country;

		(ii)	the gross sales, deductions
as provided in Paragraph 1.4 (Net Sales), and Net Sales during the most recently completed calendar year and the royalties, in
US dollars, payable with respect thereto;

		(iii)	the number of each type of
Licensed Product sold;

		(iv)	Sublicense fees and royalties
received during the most recently completed calendar year in US dollars, payable with respect thereto;

		(v)	the method used to calculate
the royalties; and

		(vi)	the exchange rates used.

 

If no sales of Licensed Products
have been made and no Sublicense revenue has been received by LICENSEE during any reporting period, LICENSEE shall so report. The
reports referred to in this Paragraph 4.1(b) should be marked with the following title and case number: “License Agreement
between UCSD and Creative Medical Technology, Inc. for case SD2005-041.” Reports shall be submitted as an attachment to UCSD’s
email address: oic-reports@ucsd.edu.

 

4.2           Records
& Audits.

 

(a)    LICENSEE
shall keep, and shall require its Affiliates and Sublicensees to keep, accurate and correct records of all Licensed Products manufactured,
used, sold, offered for sale, and imported and Sublicense fees received under this Agreement. Such records shall be retained by
LICENSEE for at least five (5) years following a given reporting period.

 

(b)    All
records shall be available during normal business hours for inspection at the expense of UNIVERSITY by UNIVERSITY’s Internal
Audit Department or by a Certified Public Accountant selected by UNIVERSITY and in compliance with the other terms of this Agreement
for the sole purpose of verifying reports and payments or other compliance issues. Such inspector shall not disclose to UNIVERSITY
any information other than information relating to the accuracy of reports and payments made under this Agreement or other compliance
issues. In the event that any such inspection shows an under reporting and underpayment in excess of five percent (5%) for any
twelve-month (12-month) period, then LICENSEE shall pay the cost of the audit as well as any additional sum that would have been
payable to UNIVERSITY had the LICENSEE reported correctly, plus an interest charge at a rate of ten percent (I0%) per year. Such
interest shall be calculated from the date the correct payment was due to UNIVERSITY up to the date when such payment is actually
made by LICENSEE. For underpayment not in excess of five percent (5%) for any twelve (12)-month period, LICENSEE shall pay the
difference within thirty (30) days without interest charge or inspection cost.

 

     

     

    

 

4.3           Payments.

 

(a)    All
fees, reimbursements and royalties due UNIVERSITY shall be paid in United States dollars and all checks shall be made payable to
“The Regents of the University of California’’, referencing “UC San Diego Office of Innovation and Commercialization”,
and sent to UNIVERSITY according to Paragraph 10.1 (Correspondence).

 

(b)    Royalty
Payments.

 

(i)   Royalties
shall accrue when Licensed Products are invoiced, or if not invoiced, when delivered to a third party or Affiliate.

(ii)  LICENSEE
shall pay earned royalties annually on or before February 28 of each calendar year. Each such payment shall be for earned royalties
accrued within LICENSEE’s most recently completed calendar quarter.

 

(c)    Late
Payments. In the event royalty, reimbursement and/or fee payments are not received by UNIVERSITY when due, LICENSEE shall pay to
UNIVERSITY interest charges at a rate of ten percent (10%) per year. Such interest shall be calculated from the date payment was
due until actually received by UNIVERSITY.

 

(d)    Taxes.
Taxes imposed by any governmental agency on any payments to be made to UNIVERSITY by LICENSEE hereunder shall be paid by LICENSEE
without deduction from any payment due to UNIVERSITY hereunder.

 

ARTICLE 5. PATENT MATTERS

 

5.1           Patent
Prosecution and Maintenance.

 

(a)    Provided
that LICENSEE has reimbursed UNIVERSITY for Patent Costs pursuant to Paragraph 3.2, UNIVERSITY shall diligently prosecute and maintain
the United States and, if available, foreign patents, and applications in Patent Rights using counsel of its choice. For purposes
of clarity, if LICENSEE is not current in reimbursing UNIVERSITY for such Patent Costs, UNIVERSITY shall have no obligation to
incur any new Patent Costs under this Agreement or to further prosecute Patent Rights or file any new patent applications under
Patent Rights. UNIVERSITY shall provide LICENSEE with copies of all relevant documentation relating to such prosecution and LICENSEE
shall keep this documentation confidential. The counsel shall take instructions only from UNIVERSITY, and all patents and patent
applications in Patent Rights shall be assigned solely to UNIVERSITY. UNIVERSITY shall take into consideration any actions recommended
by LICENSEE to protect the Licensed Products contemplated to be sold by LICENSEE under this Agreement. UNIVERSITY shall in any
event control all patent filings and all patent prosecution decisions and related filings (e.g., responses to office actions) shall
be at UNIVERSITY’s final discretion (prosecution includes, but is not limited to, interferences, oppositions and any other
inter partes or ex parte matters originating in a patent office).

 

     

     

    

 

(b)    Should
LICENSEE elect to terminate its reimbursement obligations with respect to any patent application or patent in Patent Rights, LICENSEE
shall have no further license with respect to such Patent Rights under this Agreement. Non-payment of any portion of Patent Costs
with respect to any application or patent may be deemed by UNIVERSITY as an election by LICENSEE to terminate its reimbursement
obligations with respect to such application or patent. UNIVERSITY is not obligated at any time to file, prosecute, or maintain
Patent Rights in a country, where, for that country’s patent application or patent LICENSEE is not paying Patent Costs, or
to file, prosecute, or maintain Patent Rights to which LICENSEE has terminated its license hereunder.

 

5.2           Patent
Infringement.

 

(a)          If
UCSD (based on actual knowledge of the licensing professional responsible for administering this Invention) or LICENSEE learns
of potential infringement of commercial significance of any patent licensed under this Agreement, the knowledgeable party promptly
will inform the other party of the infringement and provide evidence of infringement available to the knowledgeable party (“Infringement
Notice”). In a jurisdiction where LICENSEE has exclusive rights under this Agreement, neither UNIVERSITY nor LICENSEE will
notify a third party (including the infringer) of infringement or put such third patty on notice of the existence of any Patent
Rights without first obtaining consent of the other. UNIVERSITY and LICENSEE agree to discuss and determine how best to proceed.
If LICENSEE notifies a third patty of infringement or puts such third party on notice of the existence of any Patent Rights regarding
such infringement without first obtaining the written consent of UNIVERSITY and UNIVERSITY is sued for declaratory judgment (or
its equivalent), UNIVERSITY will have the right to terminate this Agreement immediately, notwithstanding Paragraph 7.1. UNIVERSITY
and LICENSEE will use diligent efforts to cooperate with each other to terminate such infringement without litigation. If such
infringement has not ended within ninety (90) days of the effective date of the Infringement Notice, then LICENSEE may initiate
suit; and, if such infringement has not ended within one hundred and twenty (120) days of the effective date of the Infringement
Notice, and LICENSEE has not initiated suit, then UNIVERSITY may initiate suit.

 

(b)          Notwithstanding
the foregoing: (1) UNIVERSITY may not be joined in any suit without its prior written consent; (2) LICENSEE may not admit liability
or wrongdoing on behalf of UNIVERSITY without its prior written consent; (3) Each party will cooperate with the other in litigation
initiated under Paragraph 5.2, but at the expense of the party who initiated the suit; (4) If UNIVERSITY is joined in any suit
under Paragraph 5.2, LICENSEE will pay all of UNIVERSITY’s costs; (5) If UNIVERSITY is a party to a suit under Paragraph
5.2, then the recovery to UNIVERSITY will be greater than or equal to fifteen percent (15%) of net recoveries; (6) Any agreement
made by LICENSEE for purposes of settling litigation or other dispute regarding Patent Rights will comply with the requirements
of Paragraph 2.2 (Sublicense); and (7) If LICENSEE or UCSD (but not both) sues a third party for infringement of Patent Rights,
then the non-suing patty may not thereafter sue such infringer for the acts of infringement raised in the suit.

 

5.3 Patent Marking.

 

LICENSEE shall mark all Licensed
Products made, used, sold, offered for sale, or imported under the terms of this Agreement, or their containers, in accordance
with the applicable patent marking laws. LICENSEE shall be responsible for all monetary and legal liabilities arising from or caused
by (a) failure to abide by applicable patent marking laws and (b) any type of incorrect or improper patent marking.

 

     

     

    

 

ARTICLE 6. EXPORT CONTROL AND REGISTRATION

 

6.1           Export
Control. LICENSEE shall observe all applicable United States and foreign laws with respect to the transfer of Licensed Products,
and related technical data to foreign countries, including, without limitation, the International Traffic in Arms Regulations and
the Export Administration Regulations.

 

6.2           Governmental
Approval or Registration. If this Agreement or any associated transaction is required by the law of any nation to be either
approved or registered with any governmental agency, LICENSEE shall assume all legal obligations to do so. LICENSEE shall make
all necessary filings and pay all costs including fees, penalties, and all other out-of-pocket costs associated with such reporting
or approval process.

 

ARTICLE 7. TERMINATION OR EXPIRATION
OF THE AGREEMENT

 

7.1           Termination
by UNIVERSITY.

 

(a)    UNIVERSITY
may terminate this agreement if LICENSEE:

 

		(i)	is delinquent on any report
or payment;

		(ii)	is not diligently developing
and commercializing Licensed Product;

		(iii)	misses a milestone described
in Exhibit B;

		(iv)	is in breach of any provision;

		(v)	provides any false report;
or

		(vi)	files a claim including in
any way the assertion that any portion of UNIVERSITY’ s Patent Rights is invalid or unenforceable.

 

(b)  Termination
under this Paragraph 7.1 will take effect thirty (30) days after written notice by UNIVERSITY unless LICENSEE remedies the problem
in that thirty (30)-day period.

 

7.2           Termination
by LICENSEE.

 

(a)    LICENSEE
shall have the right at any time and for any reason to terminate this Agreement upon a ninety (90)-day written notice to UNIVERSITY.
Said notice shall state LICENSEE’s reason for terminating this Agreement.

 

(b)   Any
termination under Paragraph 7.2(a) shall not relieve LICENSEE of any obligation or liability accrued under this Agreement prior
to termination or rescind any payment made to UNIVERSITY or action by LICENSEE prior to the time termination becomes effective.
Termination shall not affect in any manner any rights of UNIVERSITY arising under this Agreement prior to termination.

 

7.3           Survival
on Termination or Expiration. The rights and obligations under Paragraphs and Articles 3.l (a) (license issue fee), 4 (Reports,
Records and Payments), 8 (Limited Warranty and Indemnification), 9 (Use of Names and Trademarks), 10.2 (Secrecy), and 10.5 (Failure
to Perform) shall survive the termination or expiration of this Agreement.

 

     

     

    

 

ARTICLE 8. LIMITED WARRANTY AND INDEMNIFICATION

 

8.1           No
Warranty.

 

(a)    The
license granted herein provided “AS IS” and without WARRANTY OF MERCHANTABILITY or WARRANTY OF FITNESS FOR A PARTICULAR
PURPOSE or any other warranty, express or implied. UNIVERSITY makes no representation or warranty that the Licensed Product or
the use of Patent Rights will not infringe any other patent or other proprietary rights.

 

UNIVERSITY WILL NOT BE LIABLE FOR ANY LOST PROFITS,
COSTS OF PROCURING SUBSTITUTE GOODS OR SERVICES, LOST BUSINESS, ENHANCED DAMAGES FOR INTELLECTUAL PROPERTY INFRINGEMENT, OR FOR
ANY INDIRECT, INCIDENTAL, CONSEQUENTIAL, PUNITIVE, OR OTHER SPECIAL DAMAGES SUFFERED BY LICENSEE, SUBLICENSEES, JOINT VENTURES,
OR AFFILIATES ARISING OUT OF OR RELATED TO THIS AGREEMENT FOR ALL CAUSES OF ACTION OF ANY KIND (INCLUDING TORT, CONTRACT, NEGLIGENCE,
STRICT LIABILITY AND BREACH OF WARRANTY) EVEN IF UNIVERSITY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. ALSO, UNIVERSITY
WILL NOT BE LIABLE FOR ANY DIRECT DAMAGES SUFFERED BY LICENSEE, SUBLICENSEES, JOINT VENTURES, OR AFFILIATES ARISING OUT OF OR RELATED
TO PATENT RIGHTS TO THE EXTENT ASSIGNED, OR OTHERWISE LICENSED, BY UNIVERSITY’S INVENTORS TO THIRD PARTIES.

 

(b)    Nothing
in this Agreement shall be construed as:

 

(i)  a warranty
or representation by UNIVERSITY as to the validity, enforceability, or scope of any Patent Rights;

(ii)  a
warranty or representation that anything made, used, sold or otherwise disposed of under any license granted in this Agreement
is or shall be free from infringement of patents of third parties;

(iii)  an
obligation to bring or prosecute actions or suits against third parties for patent infringement except as provided in Paragraph
5.2 hereof;

(iv)  conferring
by implication, estoppel or otherwise any license or rights under any patents of UNIVERSITY other than Patent Rights, or any technology,
regardless of whether those patents are dominant or subordinate to Patent Rights;

(v)  an
obligation to furnish any know-how not provided in Patent Rights.

 

8.2           Indemnification
and Insurance.

 

(a)      LICENSEE
will, and will require Sublicensees to, indemnify, hold harmless, and defend UNIVERSITY and its officers, employees, and agents;
the sponsors of the research that led to the Invention under Patent Rights, and their employers; against any and all claims, suits,
losses, damages, costs, fees, and expenses resulting from, or arising out of, the exercise of this license or any Sublicense. This
indemnification will include, but will not be limited to, any product liability.

 

     

     

    

 

(b)      LICENSEE,
at its sole cost and expense, shall insure its activities in connection with the work under this Agreement and obtain, keep in
force and maintain insurance as follows:

 

(i)  commercial
general liability insurance (contractual liability included) with limits of at least:

(A) each occurrence, five million
dollars (US$5,000,000); (B) products/completed operations aggregate, ten million dollars (US$10,000,000);

(C) personal and advertising
injury, five million dollars (US$5,000,000); and (D) general aggregate ten million dollars (US$10,000,000). If the above insurance
is written on a claims-made form, it shall continue for three (3) years following termination or expiration of this Agreement.
The insurance shall have a retroactive date of placement prior to or coinciding with the Effective Date;

(ii)  Worker’s
Compensation as legally required in the jurisdiction in which the LICENSEE is doing business; and

(iii)  the
coverage and limits referred to above shall not in any way limit the liability of LICENSEE.

 

(c)    LICENSEE
shall furnish UNIVERSITY with certificates of insurance showing compliance with all requirements. Such certificates shall: (i)
provide for thirty (30) days’ advance written notice to UNIVERSITY of any modification; (ii) indicate that UNIVERSITY has
been endorsed as an additionally insured party under the coverage referred to above; and (iii) include a provision that the coverage
shall be primary and shall not participate with nor shall be excess over any valid and collectable insurance or program of self-insurance
carried or maintained by UNIVERSITY.

 

(d)    UNIVERSITY
shall notify LICENSEE in writing of any claim or suit brought against UNIVERSITY in respect of which UNIVERSITY intends to invoke
the provisions of this Article. LICENSEE shall keep UNIVERSITY informed on a current basis of its defense of any claims under this
Article. LICENSEE will not settle any claim against UNIVERSITY without UNIVERSITY’s written consent, where (a) such settlement
would include any admission of liability or wrongdoing on the part of UNIVERSITY or other indemnified party, (b) such settlement
would impose any restriction on UNIVERSITY/indemnified party’s conduct of any of its activities, or (c) such settlement would
not include an unconditional release of UNIVERSITY/indemnified party from all liability for claims that are the subject matter
of the settled claim.

 

ARTICLE 9. USE OF NAMES AND TRADEMARKS

 

9.1           Nothing
contained in this Agreement confers any right to use in advertising, publicity, or other promotional activities any name, trade
name, trademark, or other designation of UNIVERSITY by LICENSEE without prior written approval by UNIVERSITY (including contraction,
abbreviation or simulation of any of the foregoing).

 

9.2           LICENSEE
hereby grants permission for UNIVERSITY (including UCSD) to include LICENSEE’s name and a link to LICENSEE’s website
in UNIVERSITY’s and UCSD’s annual reports and on UNIVERSITY’s (including UCSD’s) websites that showcase
innovation and commercialization stories.

 

ARTICLE 10. MISCELLANEOUS PROVISIONS

 

10.1         Correspondence.
Any notice or payment required to be given to either party under this Agreement shall be deemed to have been properly given
and effective:

 

     

     

    

 

		(a)	on the date of delivery if
delivered in person,

		(b)	five (5) days after mailing
if mailed by first-class or ce11ified mail, postage paid, to the respective addresses given below, or to such other address as
is designated by written notice given to the other party, or

		(c)	upon confirmation by recognized
national overnight courier, confirmed facsimile transmission, or confirmed electronic mail, to the following addresses or facsimile
numbers of the parties.

 

If sent to LICENSEE:

Creative Medical Technologies,
Inc.

2007 W. Peoria Avenue

Phoenix, Arizona 85029

Attention: Timothy

Warbington,
President, CEO

Phone: 602-680-7439

e-mail: ceo@creativemedicalhealth.com

 

If sent to UNIVERSITY by mail:

University of California,
San Diego

Office of Innovation and Commercialization

9500 Gilman Drive, Mail Code 0910

La Jolla, CA 92093-0910

Attention: Director

 

If sent to UNIVERSITY by overnight delivery:

University
of California, San Diego

Office of Innovation and Commercialization

10300 North Torrey Pines Road

Torrey Pines Center North, Third Floor

La Jolla,
CA 92037

Attention: Director

 

10.2         Secrecy.

 

(a)    “Confidential
Information” shall mean information relating to the Invention and disclosed by UNIVERSITY to LICENSEE during the term of
this Agreement, which if disclosed in writing shall be marked “Confidential”, or if first disclosed otherwise, shall
within thirty (30) days of such disclosure be reduced to writing by UNIVERSITY and sent to LICENSEE.

 

(b)   LICENSEE
shall:

 

(i)  use the Confidential
Information for the sole purpose of performing under the terms of this Agreement;

(ii)  safeguard
Confidential Information against disclosure to others with the same degree of care as it exercises with its own data of a similar
nature;

(iii)  not
disclose Confidential Information to others (except to its employees, agents or consultants who are bound to LICENSEE by a like
obligation of confidentiality) without the express written permission of UNIVERSITY, except that LICENSEE shall not be prevented
from using or disclosing any of the Confidential Information that:

 

     

     

    

 

		(A)	LICENSEE can demonstrate
by written records was previously known to it;

		(B)	is now, or becomes in the
future, public knowledge other than through acts or omissions of LICENSEE;

		(C)	is lawfully obtained by LICENSEE
from sources independent of UNIVERSITY; or

		(D)	is required to be disclosed
by law or a court of competent jurisdiction.

 

(c)    The
secrecy obligations of LICENSEE with respect to Confidential Information shall continue for a period ending five (5) years from
the termination date of this Agreement.

 

(d)    Notwithstanding
the foregoing, UNIVERSITY may disclose to the Inventors, senior administrators employed by UNIVERSITY, and individual Regents the
terms and conditions of this Agreement upon their request. If such disclosure is made, UNIVERSITY shall request the individuals
not disclose such terms and conditions to others. UNIVERSITY may acknowledge the existence of this Agreement and the extent of
the grant in Article 2 to third parties, but UNIVERSITY shall not disclose the negotiable financial terms of this Agreement to
third parties, except where UNIVERSITY is required by law to do so, such as under the California Public Records Act.

 

10.3         Assignability.
This Agreement may be assigned by UNIVERSITY, but is personal to LICENSEE and assignable by LICENSEE only with the written
consent of UNIVERSITY.

 

I 0.4         No
Waiver. No waiver by either party of any breach or default of any agreement set forth in this Agreement shall be deemed
a waiver as to any subsequent and/or similar breach or default.

 

I 0.5         Failure
to Perform. In the event of a failure of performance due under this Agreement and if it becomes necessary for either party
to undertake legal action against the other on account thereof, then the prevailing party shall be entitled to reasonable attorneys’
fees in addition to costs and necessary disbursements.

 

I 0.6         Governing
Laws. THIS AGREEMENT SHALL BE INTERPRETED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA, but the scope
and validity of any patent or patent application shall be governed by the applicable laws of the country of the patent or patent
application.

 

10.7         Force
Majeure. A party to this Agreement may be excused from any performance required herein if such performance is rendered impossible
or unfeasible due to any catastrophe or other major event beyond its reasonable control, including, without limitation, war, riot,
and insurrection; laws, proclamations, edicts, ordinances, or regulations; strikes, lockouts, or other serious labor disputes;
and floods, fires, explosions, or other natural disasters. When such events have abated, the non-performing party’s obligations
herein shall resume.

 

I 0.8         Headings.
The headings of the several sections are inserted for convenience of reference only and are not intended to be a part of or
to affect the meaning or interpretation of this Agreement.

 

I 0.9         Entire
Agreement. This Agreement, including Exhibits A and B, embodies the entire understanding of the parties and supersedes all
previous communications, representations or understandings , either oral or written, between the parties relating to the subject
matter hereof.

 

     

     

    

 

10.10         Amendments.
No amendment or modification of this Agreement shall be valid or binding on the parties unless made in writing and signed on
behalf of each party.

 

10.11         Severability.
In the event that any of the provisions contained in this Agreement is held to be invalid, illegal, or unenforceable in any
respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Agreement, and this Agreement
shall be construed as if the invalid, illegal, or unenforceable provisions had never been contained in it.

 

	CREATIVE MEDICAL TECHNOLOGIES, INC.	 	THE REGENTS OF THE UNIVERSITY OF CALIFORNIA
	 	 	 	 	 
	By:	/s/ Timothy Warbington	 	By:	/s/ Ruben Flores, Ph.D.
	Signature	 	Signature
	 	 	 
	Name:  Timothy Warbington	 	Ruben Flores, Ph.D.
	 	 	 
	Title:  President, CEO	 	Director
	 	 	 
	Date:  August 25, 2016	 	Date:  August 24, 2016

 

     

     

    

 

	 	[Material marked with an asterisk has been omitted from this document pursuant to a request for confidential treatment and has been filed separately with the Securities and Exchange Commission.]

 

Exhibit A -Due Diligence Milestones

 

For Field 1 and Field 2:

 

1.    diligently proceed with the development, manufacture, and
if successful and upon receipt of requisite regulatory approvals, sale of Licensed Products and/or Licensed Methods;

 

2.    annually
spend not less than * dollars (US$*) for the development of Licensed Products and/or Licensed Methods during the first three years
of this Agreement.

 

3.    market
Licensed Products and/or Licensed Methods in the United States within six (6) months after receiving all regulatory approvals and
other approvals, clearances or licenses necessary, to market such Licensed Products and/or Licensed Method in the United States;

 

4.    fill
the market demand for Licensed Products following commencement of marketing at any time during the term of this Agreement; and

 

5.    obtain
all necessary governmental approvals for the manufacture, use and sale of Licensed Products and/or Licensed Methods.

 

For Field 1:

 

1.    Complete in vitro characterization and optimization of cell
production for Licensed Product within twelve (12) months from the Effective Date;

 

2.    Initiate
GLP toxicology and dose escalation studies for Licensed Product within twenty four (24) months from the Effective Date;

 

3.    Submit
IND for Licensed Product to the FDA within thirty (30) months from the Effective Date;

 

4.    Initiate
the first Phase I clinical trial for Licensed Product within thirty six (36) months from the Effective Date;

 

5.    LICENSEE
shall provide additional diligence milestones to UNIVERSITY for the Phase II, Phase Ill, and NOA submission timelines for the Licensed
Product within forty (40) months from the Effective Date.

 

For Field 2:

 

1 .   Complete in vitro characterization and optimization of cell
production for Licensed Product within twelve (12) months from the Effective Date;

 

2.    First commercial sales of Licensed Product, either as a product
or services. Within 24 months from the Effective Date.Exhibit 10.22

 

MASTER SERVICES AGREEMENT

 

This Master Services
Agreement (the “Agreement”) is made this 15th day of November, 2015 by and between Professional Research
Consulting, Inc. d/b/a PRC Clinical, a California Corporation with offices at 1111 Bayhill Drive, Suite 290, San Bruno, California
94066 (“PRC Clinical or PRC”) and Creative Medical Health, Inc., a Delaware Corporation with business office
at 2007 W Peoria Ave., Phoenix, AZ 85029 (“Sponsor”).

 

WHEREAS, Sponsor is
in the business of developing, manufacturing and/or distributing pharmaceutical products, medical devices and/or biotechnology
products; and

 

WHEREAS, PRC is a contract
research organization engaged in the business of managing clinical research programs and providing clinical development services
and other services for the pharmaceutical, medical device and biotechnology industries; and

 

WHEREAS, Sponsor and
PRC desire to enter into this Agreement to provide the terms and conditions upon which Sponsor may engage PRC from time to time
to provide clinical development services in connection with certain clinical research studies of Sponsor’s proprietary products
(each, a “Project”), in which case the terms and conditions for each such Project shall be set forth in one
or more written work orders to be agreed upon and signed and attached to this Agreement and incorporated herein by reference (a
“Work Order’’); and

 

NOW, THEREFORE, for
good and valuable consideration contained herein, the exchange, receipt and sufficiency of which are acknowledged, the parties
agree as follows:

 

		9.	Services.

 

9.4 Work Orders.
In the event that the parties reach agreement with respect to the provision of Services for a Project, PRC and Sponsor shall execute
a Work Order with respect to such Services. Each Work Order shall set forth the nature and scope of the Services to be performed
and other specific details relating to the Services for each Project to be performed by PRC. Such Work Order shall include, but
not be limited to, an estimate of PRC’s fees, pass-through costs, and third party vendor costs for such Services, the deliverables
(if any) for the Project, and such other terms and conditions as shall be deemed appropriate or necessary for the performance of
the Services. Sponsor agrees that the Work Order shall be executed by both parties before PRC commences work under the Work Order,
unless the parties otherwise agree in writing. Each fully executed Work Order shall be deemed to be attached hereto and incorporated
herein. The applicable Work Order and this Agreement shall constitute the entire agreement for each
Project. To the extent any terms set forth in a Work Order conflict with the terms set forth in this Agreement, the terms
of this Agreement shall control unless otherwise specifically set forth in the Work Order. As required by 21 C.F.R. §
312.52, the specific obligations relating to each Project that are being transferred to PRC by Sponsor shall be listed in
the applicable Work Order. Sponsor shall retain responsibility for all other activities related to the Project. Sponsor shall at
all times be considered the sponsor of the Project for the purpose of all laws, regulations, and regulatory authority requirements
applicable to the conduct of clinical trials. Sponsor shall be solely responsible for review, approval, and adoption of the clinical
study protocol for each Project.

 

    	PRC Clinical MSA/Sponsor	 	version APRIL 2015

     

    

 

1.2           Change
Orders. If Sponsor requests any changes to the scope of the Services for a particular Project from those set forth in the applicable
Work Order, or if the assumptions set forth in the budget for such Project contained in the applicable Work Order change, PRC shall
prepare a written change order reflecting such changes, including an estimate of any resulting adjustment to the timeline for the
performance of the Services under the Work Order and to the compensation schedule (a “Change
Order”). Once a Change Order is executed by both parties, such Change Order shall constitute an amendment to the
applicable Work Order and the Services shall thereafter constitute those Services set forth in the Work Order as amended by the
Change Order. Both parties agree to act in good faith and promptly when considering a Change Order requested by the other party.
Without limiting the foregoing, Sponsor agrees that it will not unreasonably withhold approval of a Change Order, even if it involves
a fixed price contract, if the proposed changes in budgets or time lines result from, among other appropriate reasons, forces outside
the reasonable control of PRC or changes in the assumptions upon which the initial budget or time lines were based, including,
but not limited to, the assumptions set forth in the budget or timelines. PRC reserves the right to postpone effecting material
changes in the Project’s scope until such time as the parties agree to and execute the corresponding Change Order. For any
Change Order that affects the scope of the regulatory obligations that have been transferred to PRC, PRC and Sponsor shall execute
a corresponding amendment to the Transfer of Obligations Form. Sponsor shall file such amendment where appropriate, or as required
by law or regulation.

 

1.3           Timelines
and Delays. PRC shall use commercially reasonable efforts to perform the Services within any timelines specified in the applicable
Work Order. However, Sponsor acknowledges that such timelines are estimates and assume the full cooperation of Sponsor, regulatory
authorities, Ethics Committees or Institutional Review Boards, investigative sites and investigators, and other third parties not
under PRC’s control, and shall be subject to adjustment (including an adjustment in the fees and costs for the performance
of Services) if the work for the Services is delayed due to circumstances not attributable to PRC, such as the following: (a) a
failure by Sponsor to perform Sponsor’s obligations with respect to the Study in a timely fashion, (b) a delay by Sponsor
in providing information or feedback requested by PRC, (c) amendments to the protocol for the Project that occur after the execution
of the applicable Work Order, (d) enrollment rates that are lower than anticipated, © changes in applicable regulatory requirements,
suspensions or other delays imposed by regulatory authorities, or (f) delays in obtaining required approvals from regulatory authorities,
Ethics Committees or Institutional Review Boards. Sponsor acknowledges that, if it materially delays or suspends performance of
the Services for more than fifteen (15) calendar days and such delay or suspension is unrelated to any act or omission by PRC in
violation of this Agreement, then the personnel and/or resources originally allocated to the delayed or suspended portion of the
Services may be re allocated, and PRC will not be responsible for delays due to required re-staffing or re-allocation of resources.

 

If a Project is delayed
or suspended for more than 15 calendar days, Sponsor shall have the right to keep, at its expense, some or all of the PRC personnel
assigned to the Project assigned to the Project for the duration of the delay or suspension period. Sponsor shall pay a fee for
each such individual that remains assigned to the Project at Sponsor’s request. Said personnel fees shall be invoiced by
PRC, and shall be due and payable by Sponsor upon receipt of invoice. If a Sponsor does not wish to retain any PRC personnel for
the duration of the delay or suspension, PRC shall have the right to reallocate any and all such personnel to other projects, and
Sponsor shall bear the costs, if any, of providing Project-specific training to replacement personnel assigned to the Project once
it resumes. If a Project is delayed or suspended for more than 90 days, either party may terminate the Work Order for such Project
upon written notice to the other party.

 

    	PRC Clinical MSA/Sponsor	2	version APRIL 2015

     

    

 

1.4           Sponsor
Cooperation. Sponsor shall forward to PRC in a timely manner all documents, materials and information in Sponsor’s possession
or control necessary for PRC to conduct the Services. PRC shall not be liable to Sponsor nor be deemed to have breached this Agreement
for errors, delays or other consequences arising from Sponsor’s failure to timely provide documents, materials or information
or to otherwise cooperate with PRC in order for PRC to timely and properly perform its obligations. Sponsor shall provide PRC with
all information available to it regarding known or potential hazards associated with the use
of any substances supplied to PRC by Sponsor, and Sponsor shall comply with all current legislation and regulations concerning
the shipment of substances by the land, sea or air.

 

Sponsor will cooperate
with PRC in providing information to PRC and taking such actions (including, If applicable, executing documents), as are appropriate
to achieve the objectives of this Agreement. Sponsor acknowledges and agrees that PRC’s performance under this Agreement
is dependent on Sponsor’s timely and effective cooperation with PRC. Accordingly, Sponsor acknowledges that any delay by
Sponsor may result in PRC being released from an obligation or schedule deadline or in Sponsor having to pay extra fees in order
for PRC to meet a specific obligation or deadline despite the delay. Sponsor shall comply with all applicable laws, rules and regulations
governing the performance of its obligations hereunder and the subject matter of this Agreement.

 

		2.	Compensation and Payment.

 

2.1           Charges
for Services. Sponsor shall pay PRC for all Services performed under this Agreement in accordance with the budget and payment
schedule for such Services set forth in the applicable Work Order (the “Budget”). Unless otherwise specified
in a Work Order, the Budget for each Project shall consist of line items specifying the work to be completed by PRC for the Project
and the rates for such work.

 

2.2           Pass-Through
Costs. The Budget for each Project shall include an itemized breakdown of the estimated out-of-pocket costs that will be incurred
by PRC in connection with the performance of Services for such Project including, without limitation, travel expenses (collectively,
the “Pass-Through Costs”). Sponsor shall reimburse PRC for all Pass-Through Costs, incurred in accordance with
the Budget, provided that such Pass-Through Costs are supported by written receipts or other documentation reasonably acceptable
to Sponsor. Sponsor acknowledges that some or all of the Pass-Through Costs set forth in any Work Order are an estimate based on
the scope of the Project, timelines, and information supplied by third parties, and that such costs cannot be predicted with complete
certainty at the outset of a Project.

 

2.3           Third
Party Vendors. If applicable, PRC will provide a third party vendor budget in each Work Order. All third party vendor costs
and associated management fees invoiced to Sponsor shall be approved by Sponsor in advance and shall include documentation reasonably
acceptable to Sponsor.

 

2.4           Invoices.
Unless otherwise provided in the Work Order, PRC shall invoice Sponsor on a monthly basis for Services and Pass-Through Costs incurred
and associated overhead and handling charges via electronic invoice sent to the Financial/Accounts Payable contact designated in
the applicable Work Order. Each such invoice shall itemize the Services performed and all Pass-Through Costs with supporting documentation
where indicated. Unless otherwise specified in the applicable Work Order, and subject to Section 2.5 below, Sponsor shall pay each
monthly invoice for Services and Pass-Through Costs within 25 days of receipt. PRC shall invoice Sponsor for third party vendor
costs and associated management fees separately, and all such invoices shall be paid by Sponsor within 5 days of receipt. PRC reserves
the right to charge interest in the amount of 1.5% per month for any undisputed invoiced amounts that have not been paid within
25 days of Sponsor’s receipt of the applicable invoice.

 

    	PRC Clinical MSA/Sponsor	3	version APRIL 2015

     

    

 

2.5           Disputed
Invoices. Sponsor will notify PRC within 10 days of its receipt of an invoice submitted under Section 2.4 if it disputes such
invoice or any portion thereof. Sponsor shall provide, in writing, queries for PRC to address to allow full payment of any such
disputed invoice or disputed portion thereof within the original 25 day payment period. The parties will promptly discuss such
queries and formulate an action plan to resolve the issues. Billing queries generated by Sponsor will be addressed to the contact
person at PRC referenced in the applicable Work Order, and Sponsor and PRC will negotiate in a timely, good faith manner to resolve
billing queries. Any undisputed amounts shall be paid without delay pursuant to section 2.4

 

2.6           Exchange
Rate. All payments due hereunder in accordance with the Budget of the applicable Work Order shall be made by Sponsor in United
States Dollars (“USO”). The parties acknowledge and agree that all amounts
set forth in the Work Orders shall be in USD. If PRC incurs Pass-Through Costs or third party vendor costs under a Work Order in
a currency other than USO, such costs shall be invoiced to Sponsor and reimbursed to PRC at the USO equivalent of the expense paid
by PRC. The hourly labor fees contained in the Budget for each Work Order shall be fixed in USO, and will require no conversion.

 

2.7           Taxes.
The fees payable under any Work Order shall not, and shall not be construed to, include local, state, federal or foreign sales
and use taxes, such as Value Added Tax, if any, and any such taxes shall be assumed and paid by Sponsor.

 

2.8           Advance
and Fixed Fee Payments. If indicated in the applicable Work Order, Sponsor shall provide advance funding for certain projects.
The repayment schedule will be specified in the Work Order. This advance funding is needed to cover the cost of hiring staff and
making commitments with other vendors to service the Project. As such, should the Project terminate prematurely, the amount of
such advance payments would be forfeit by Sponsor. In the event that all Services are completed early relative to the timeline
described in the applicable Work Order, all remaining Fixed Fees will be immediately invoiced to and paid by Sponsor in accordance
with this Section 2.

 

2.9           Advance
Payment of Pass-Through Costs and Vendor Expenses. If indicated in the Work Order, and upon execution of a Work Order which
anticipated pass-through and/or third party vendor expenses, PRC will issue to Sponsor an invoice in an amount equal to an agreed
percentage of the total estimated Pass-Through Costs and third party vendor costs set forth in the Budget, including those Pass-Through
Costs consisting of payments to be made to investigators and investigative sites (such amount, the “Advance Payment”).
Sponsor shall pay to PRC such Advance Payment within 20 days after its receipt of such invoice. For clarity, Sponsor shall
pay PRC for Pass-Through Costs and third party vendor expenses incurred on a Project in accordance with the Budget for such Project
on a pass-through basis and in accordance with the payment terms set forth in Sections 2.2 and 2.3. The amount of the Advance Payment
paid by Sponsor to PRC for a Project will be held by PRC until the completion or termination of the applicable Project and credited
against that portion of the final invoice(s) under the applicable Work Order that consist of Pass-Through Costs and third party
vendor expenses. In the event that the amount of the Advance Payment paid by Sponsor to PRC exceeds the amount due by Sponsor to
PRC for actual Pass-Through Costs and third party vendor expenses under the final invoice(s) under the applicable Work Order, PRC
shall refund to Sponsor an amount equal to the amount by which the Advance Payment exceeds the amount due by Sponsor for actual
Pass-Through Costs and third party vendor expenses under such final invoice(s).

 

    	PRC Clinical MSA/Sponsor	4	version APRIL 2015

     

    

 

2.10         Inflationary
Adjustments. PRC shall be entitled upon 30 days’ written notice to increase the rates applicable to the performance of
Services to include inflationary adjustments, which inflationary adjustments shall not exceed 5% of the labor rates applicable
for the prior calendar year under the Work Order. In the event that any such increase is made, the parties shall enter into a Change
Order to reflect such revised fees.

 

		3.	Term and Termination.

 

3.1           Term.
The term of this Agreement shall commence on the Effective Date and shall continue for three (3) years unless extended in a written
amendment to this Agreement signed by authorized representatives of both parties. Each Work Order shall be effective upon the date
signed by the last signatory thereto and shall terminate upon the completion of Services to be provided thereunder, unless earlier
terminated in accordance with this Section 3.

 

3.2           Termination
by Either Party. Either party may terminate this Agreement or any individual Work Order for any reason upon 30 days’
prior written notice to the other party. Termination of a Work Order shall terminate the corresponding Project.

 

3.3           Termination
for Material Breach. Either party may terminate this Agreement or a Work Order if the other party materially breaches the terms
of this Agreement or of such Work Order and such breaching party fails to cure the breach within 15 days after receipt of written
notice from the non-breaching party specifying the nature of such breach. The parties agree that non-payment by Sponsor of an undisputed
invoice shall be deemed a material breach of this Agreement. If PRC determines, in that its continued performance of the Services
contemplated by one or more Work Orders would constitute a potential or actual violation of regulatory or scientific standards
of integrity, then PRC may terminate the applicable Work Order(s) by giving written notice stating the effective date (which may
be less than thirty (30) days from the notice date) of such termination. Either party may terminate this Agreement or any Work
Orders immediately upon provision of written notice if the other party becomes insolvent or files for bankruptcy. Any written termination
notice shall identify the specific Work Order or Work Orders that are being terminated.

 

3.4
         Effect of Termination. The termination of this Agreement by either party shall automatically
terminate all Work Orders, unless otherwise agreed in writing. Upon the receipt or provision of a notice of termination of this
Agreement or a Work Order, PRC shall cooperate with Sponsor to provide for an orderly wind-down and/or transition of the Services
provided by PRC hereunder. Upon termination of this Agreement, Sponsor shall promptly pay PRC in full for all fees for Services
performed, Pass-Through Costs and third party vendor expenses, and associated administrative overhead and handling fees, incurred
up through the termination date as calculated in accordance with the provisions of this Agreement and the Budget in the applicable
Work Order. In addition, Sponsor shall reimburse PRC for all reasonable, future non cancelable obligations to third parties for
Pass-Through Costs and third party vendor expenses to be incurred in accordance with the Budget for the applicable Work Order.
Promptly after the date of termination or completion of a Work Order or this Agreement, PRC will submit to Sponsor an itemized
accounting of Services performed for the applicable Project, the Pass Through Costs and third party vendor expenses incurred as
calculated in accordance with the provisions of this Agreement and the Budget in the applicable Work Order, the amount of any non-cancellable
obligations to third parties for Pass-Through Costs and third party vendor expenses that were to be incurred by PRC in accordance
with the Budget for each terminated Work Order, and the amount of payments received from Sponsor in order to determine the amount
of the balance owed by, or the overpayment to be refunded to, Sponsor. Any balance owed by, or any overpayment to be refunded to,
Sponsor will be paid or refunded within 25 days of receipt of such an itemized accounting. Sponsor shall pay for all actual costs,
including time spent by PRC personnel, incurred to complete activities associated with the termination and close-out of affected
Projects, including the fulfillment of any regulatory requirements.

 

    	PRC Clinical MSA/Sponsor	5	version APRIL 2015

     

    

 

3.5           Provisions Surviving
Termination. The obligations of the parties contained in Sections 2, 3.4, 3.5, 4, 5, 7, 8.2, 9.2, 9.4, 9.5, 9.6, 9.8, 9.9,
and 9.12 hereof shall survive termination of this Agreement.

 

		4.	Confidentiality.

 

4.1           Confidential
I nformation. Subject to the limitations set forth in Section 4.3, all information that (a) is provided by Sponsor to PRC relating
to a Project, (b) relates to a Project and is developed, generated, or obtained by PRC as a result of performing Services under
this Agreement, including, without limitation, Inventions (as defined in Section 5.2), shall, in each case, be deemed to be “Sponsor
Confidential Information”. Subject to the limitations set forth in Section 4.3, (i) all information pertaining to PRC’s
proposals, pricing, and quotations (except to the extent that such information incorporates Sponsor Confidential Information),
methods, standard operating procedures, and subcontractor information, including materials or technology owned or licensed by PRC,
that is disclosed to Sponsor or Sponsor’s representatives, and (ii) all information regarding PRC’s operations, methods,
and pricing, and all information that is or has been previously independently developed by PRC without the benefit of any information
provided by Sponsor, including PRC Property, and that is identified as confidential at the time of disclosure to Sponsor, shall
be deemed to be “PRC Confidential Information” under this Agreement. Sponsor Confidential Information and PRC
Confidential Information may be referred to herein individually and collectively as “Confidential Information”.
For purposes of this Agreement, each party is the “Disclosing Party’’ with respect to its own Confidential
Information, and a “Receiving Party” with respect to the Confidential Information of the other party.

 

4.2           Use
and Non-Disclosure of Confidential Information. The Receiving Party shall: (a) use
the Disclosing Party’s Confidential Information solely for the purposes contemplated by this Agreement and for no other purpose
without the prior written consent of the Disclosing Party; (b) not disclose the Disclosing Party’s Confidential Information
to any third party except as necessary in connection with the performance of activities under this Agreement without first obtaining
the written consent of the Disclosing Party; and (c) protect the confidentiality of the Disclosing Party’s Confidential Information
with at least the same degree of care used to protect its own confidential and/or proprietary information from unauthorized use
or disclosure, but in no event with less than reasonable care. The Receiving Party will be permitted to furnish and otherwise disclose
the other party’s Confidential Information to those of its employees, agents, contractors, and consultants who need to know
such Confidential Information in order to accomplish the purposes of this Agreement, provided that such personnel are bound by
obligations of confidentiality with respect to such Confidential Information substantially similar to those provided herein. If
the Receiving Party discloses the Disclosing Party’s Confidential Information to a third party with the Disclosing Party’s
permission as permitted herein, the Receiving Party shall ensure that all Confidential Information disclosed to such third party
is identified as confidential at the time of disclosure.

 

    	PRC Clinical MSA/Sponsor	6	version APRIL 2015

     

    

 

4.3           Exceptions
to Confidential Information. The obligations of confidentiality set forth in Section 4.2 shall not apply to that part of the
Disclosing Party’s Confidential Information which the Receiving Party is able to demonstrate by competent proof:

 

		(9)	was already known to the Receiving Party, other than under
an obligation of confidentiality, at the time of disclosure by the Disclosing Party;

 

		(b)	was generally available to the public or otherwise part
of the public domain at the time of its disclosure to the Receiving Party;

 

		©	later became part of the public domain through no act or omission of the Receiving Party;

 

		(d)	was disclosed to the Receiving Party without obligations
of confidentiality with respect thereto, by a third party who had no obligation to the Disclosing Party not to disclose such information
to others without restriction; or

 

		©	was independently developed by employees of the Receiving Party without use of or reference to
the Disclosing Party’s Confidential Information.

 

4.4           Disclosure
Required by Law. The Receiving Party may disclose the Disclosing Party’s Confidential Information without violating the
obligations of this Agreement to the extent that such disclosure is (a) required by a valid order of a court or other governmental
body having jurisdiction, (b) required by applicable law or regulation, (c) is necessary for filings with regulatory or governmental
agencies including, without limitation, the U.S. Securities & Exchange Commission and the FDA, or (d) in connection with prosecuting,
defending, or providing testimony in litigation, provided that the Receiving Party provides the Disclosing Party with reasonable
prior written notice of such disclosure when possible and, at the Disclosing Party’s request and expense, makes a reasonable
effort to obtain, or to assist the Disclosing Party in obtaining, a protective order or other appropriate remedy preventing or
limiting the disclosure and/or requiring that the Disclosing Party’s Confidential Information so disclosed be used only for
the purposes for which the law or regulation requires, for which the order was issued, for the applicable regulatory or governmental
filing, or for the applicable litigation.

 

4.5.         Return of Confidential
Information. At the Disclosing Party’s request, the Receiving Party shall return all Confidential Information provided
by the Disclosing Party in documentary form or, at the
Disclosing Party’s request, destroy all or such parts of the Disclosing Party’s Confidential Information as the Disclosing
Party shall direct, including any copies thereof made by the Receiving Party. Notwithstanding the foregoing, the Receiving Party
may retain one (1) copy of the Disclosing Party’s Confidential Information solely for archival purposes, subject to the ongoing
obligation to maintain the confidentiality of such information.

 

    	PRC Clinical MSA/Sponsor	7	version APRIL 2015

     

    

 

		5.	Intellectual Property.

 

5.1           No
License. Each party agrees that neither party transfers to the other party by operation of this Agreement any patent right,
copyright right, trademark right or other intellectual property right of such party, except as may be specifically provided herein.

 

5.2           Sponsor
Property. PRC will promptly disclose to Sponsor all improvements, inventions, formulae, processes, techniques, work product,
know-how and data, whether or not patentable, that is generated, conceived, discovered or reduced to practice by PRC, its employees,
agents, or subcontractors, whether solely or jointly with others in the course of or as a direct result of the performance of the
Services under this Agreement, together with all intellectual property rights arising therefrom (collectively, “Inventions”).
All Inventions and all deliverables will be the sole and exclusive property of Sponsor and shall be Sponsor Confidential
Information; provided that, the term “Inventions” does not include PRC Property (as such term is defined in Section
5.3) and improvements thereto. PRC hereby assigns and transfers to Sponsor all of PRC’s right, title and interest in any
and all Inventions and agrees to take, at Sponsor’s request and expense, all further acts reasonably required to convey full
title in the Inventions to Sponsor. Further, PRC will cause all of its personnel that perform Services hereunder to assign and
transfer to Sponsor all such personnel’s right, title and interest in Inventions to Sponsor, and to take, at Sponsor’s
request and expense, all further acts reasonably required to convey title in any such Invention to Sponsor.

 

5.3           PRC
Prooertv. “PRC Property” means inventions, processes, technology, know-how, trade secrets, and other assets
(including, without limitation, those related to data collection processes, data management processes, laboratory analyses procedures
and techniques, analytical methods, procedures and techniques, computer technical expertise and software (including codes) that
have been or are independently developed by PRC without the benefit of or access to any information provided by or on behalf of
Sponsor and that do not relate to the composition of matter, method of using, making or administering the drug that is the subject
of a Project. All PRC Property is the sole and exclusive property of PRC, and shall be PRC Confidential Information.

 

		6.	Representations and Warranties.

 

6.1           No
Inconsistent Obligations or Constraints. Each party represents and warrants that it is qualified and permitted to enter into
this Agreement and that the terms of this Agreement are not inconsistent with its other contractual arrangements. PRC warrants
that it is not constrained by any existing agreement in providing the Services to be performed under this Agreement. Sponsor agrees
that it will not enter into an agreement with a third party that would alter or affect the regulatory obligations delegated to
PRC in any Project without providing prior written notice to PRC.

 

6.2
         Due Authorization. The persons executing this Agreement represent
and warrant that they have the full power and authority to enter into this Agreement on behalf of each respective party.

 

6.3           Required
Licenses. Each party represents and warrants that, if applicable to a Project, it possesses all necessary licenses for use
of the MedDRA and WHO-Drug dictionaries in connection with such Project, and that it shall maintain all such licenses in full force
and effect during the term of this Agreement.

 

    	PRC Clinical MSA/Sponsor	8	version APRIL 2015

     

    

 

6.4           Compli
ance with Applicabl e Laws. Each party represents and warrants that it shall comply with all laws and regulations applicable
to such party in connection with its activities under this Agreement.

 

6.5           No
Debarred Person. PRC represents and warrants that it and its personnel who perform any Services hereunder are not presently
debarred by the FDA pursuant to 21 U.S.C. § 335a. In addition, PRC represents and warrants that, to the best of its knowledge,
it has not engaged in any conduct or activity which could lead to debarment actions. If, during the term of this Agreement, PRC
discovers or receives notice that it or any personnel employed or retained by it to perform Services comes under investigation
by the FDA for a debarment action or is debarred, PRC shall promptly notify Sponsor of same.

 

6.6           Disclaimer
of Warranties. EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN THIS AGREEMENT, NEITHER SPONSOR NOR PRC MAKES ANY REPRESENTATIONS
OR EXTENDS ANY WARRANTI ES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING ANY EXPRESS OR IMPLIED WARRANTI ES OF MERCHANTABILITY,
TITLE OR FITNESS FOR A PARTICULAR PURPOSE.

 

		7.	Indemnification.

 

7.1           Sponsor
I ndemnity. Sponsor shall indemnify, defend and hold harmless PRC and its employees, affiliates, directors, officers, and agents
(collectively, the “PRC lndemnitees”) from and against any and all
damages, liabilities, losses, costs and expenses of any kind or nature whatsoever, including, without limitation, reasonable attorney’s
fees, expert witness and court costs (collectively, “Losses”), incurred in connection with any claim, demand,
action, or proceeding brought by a third party (each, a “Claim”) arising from (a) any substance dispensed or
procedure administered in the course of a Project, or any other person’s use, consumption, sale, distribution or marketing
of the drug that is the subject of a Project, including the harmful or otherwise unsafe effect of such drug, (b) the performance
of Services by PRC hereunder in compliance with the terms of this Agreement, (c) the infringement or misappropriation of a third
party’s intellectual property rights by reason of the performance of the Services using the information supplied by Sponsor
or the Sponsor’s drug, (d) a breach of the Sponsor’s representations, warranties or obligations under this Agreement,
or © the negligence, gross negligence or
intentional misconduct on the part of Sponsor lndemnitees (as such term is defined in Section 7.2 below) in connection with this
Agreement; provided however, that Sponsor shall have no obligation of indemnity hereunder with respect to a Claim to the extent
that such Claim arises from (i) the negligence, gross negligence, or intentional misconduct on the part of PRC or its employees,
affiliates, or agents, or (ii) a breach of any of PRC’s obligations, representations or warranties under this Agreement.

 

7.2           PRC
lndemnitv. PRC shall indemnify, defend, and hold harmless Sponsor and its employees, affiliates, directors, officers, and agents
(collectively, the “Sponsor lndemnitees”) from and against any and all Losses incurred in connection with any
Claim arising from (a} the negligence, gross negligence, or intentional misconduct on the part of any of the PRC lndemnitees in
connection with this Agreement, or (b) a breach of any of PRC’s obligations, representations or warranties under this Agreement;
provided, however, that PRC shall have no obligation of indemnity hereunder with respect to any Claim to the extent that such Claim
arises from (i) the negligence, gross negligence,
or intentional misconduct on the part of Sponsor or its agents or representatives, or (ii) a breach of any of Sponsor’s obligations,
representations, or warranties under this Agreement.

 

    	PRC Clinical MSA/Sponsor	9	version APRIL 2015

     

    

 

7.3           Indemnification
Procedure. Each party’s agreement to indemnify, defend, and hold harmless the other party and its respective indemnitees
is conditioned upon the indemnified party: (a) providing written notice to the indemnifying party of any claim, demand, or action
arising out of the indemnified activities within 30 days after the indemnified party has knowledge of such claim, demand, or action;
provided, however, that any failure on the part of an indemnified party to notify the indemnifying party of receipt of notice of
a claim shall relieve the notified party of its obligation to indemnify the notifying party for such claim under this Agreement
only to the extent that the notified party has been prejudiced by the lack of timely and adequate notice; (b) permitting the indemnifying
party to assume full responsibility and authority to investigate, prepare for, settle, and defend against any such claim, demand,
or action; (c) assisting the indemnifying party, at the indemnifying party’s reasonable expense, in the investigation of,
preparation for and defense of any such claim, demand, or action; and (d) not compromising or settling such claim, demand, or action
without the indemnifying party’s written consent.

 

7.4           limitation
of liability. In no event shall the liability of either party arising out of this Agreement exceed an amount equal to the total
Budget for the relevant Project. Further, in no event will either party be entitled to, nor shall either party be responsible for,
whether in contract or in tort, any incidental, indirect, special or consequential losses or damages (including lost profits) arising
out of this Agreement or with respect to a party’s performance or non performance of this Agreement. However, the foregoing
limitations of liability and exclusions of damages recoverable in this Section 7.4 shall not (a) apply to breaches of confidentiality
obligations under Section 4, or (b) limit in any way a party’s indemnification obligations with respect to third-party claims
under Sections 7.1 or 7.2, as applicable.

 

7.5           Insurance.
Sponsor hereby represents and warrants that it will maintain adequate clinical trial and product liability insurance coverage for
each Project consistent with industry standards, through a reputable insurance carrier, to cover all subjects screened or treated
as part of a clinical trial for personal injury suffered as a result of the participation in the trial or the trial screening process.
PRC represents and warrants that it will maintain an insurance policy or program of self-insurance at commercially reasonable levels
during the term of this Agreement. Each party shall, at the other party’s request, provide to the other party proof of its
insurance coverage.

 

		8.	Record Storage; Inspections.

 

8.1           Record
Maintenance During Project. During the term of this Agreement, PRC shall maintain all materials and all other data obtained
or generated by PRC in the course of providing the Services hereunder. including all computerized records and files (collectively,
“Records”) . PRC shall cooperate with any reasonable internal review or
audit by Sponsor and make available to Sponsor for examination and duplication, during normal business hours and at mutually agreeable
times, all Records relating to a Project.

 

8.2           Record
Maintenance After Completion or Termination of Project. Unless otherwise stated in the applicable Work Order, all Records for
a Project shall be transferred to Sponsor by PRC upon the Project completion or termination. At Sponsor’s option, the Records
shall be either (a) delivered to the location designated by Sponsor at Sponsor’s expense, or (b) disposed of at Sponsor’s
expense. If PRC is required or requested to maintain and/or store the Records for a Project for a period beyond the completion
or termination of the applicable Project, Sponsor shall reimburse PRC for its reasonable maintenance and storage costs. In no event
shall PRC dispose of Records without first giving Sponsor 60 days’ prior written notice of its intent to dispose of the Records
and, if Sponsor so requests, PRC shall transfer such Records to Sponsor at Sponsor’s expense. PRC shall be entitled at its
sole expense to retain copies of the Records reasonably necessary for regulatory purposes or to demonstrate the satisfaction of
its obligations hereunder, all subject to the confidentiality obligations set forth in Section 4 above.

 

    	PRC Clinical MSA/Sponsor	10	version APRIL 2015

     

    

 

8.3           Regulatory
Inspections. If any governmental regulatory authority of appropriate jurisdiction conducts, or gives notice of intent to conduct,
an inspection at PRC directly related to the Services or takes any other regulatory action directly related to the Services, PRC
shall promptly give Sponsor notice thereof and supply to Sponsor all information pertinent thereto. PRC shall cooperate with all
regulatory authorities and permit such inspections relating to the Services. To the extent not prohibited by law, Sponsor shall
have the right, but not the obligation, to be present at any such inspection and to review and comment on any responses required.
If Sponsor receives notice of such an inspection to be conducted at PRC, Sponsor shall inform PRC of said inspection and cooperate
with PRC by providing any information requested by the inspecting authority.

 

8.4           Audits.
Sponsor shall have the right, for the duration of this Agreement and at reasonable times during PRC’s normal business
hours, to examine PRC’s standard operating procedures, PRC’s facilities where Services are performed, and Records to
confirm that the Services are being performed in accordance with this Agreement, the relevant Work Order, the relevant Protocol,
and applicable laws and regulations. PRC shall provide reasonable assistance, including making available members of its staff,
to facilitate such inspections and audits. Sponsor agrees that it shall not disclose to any third party any information ascertained
by Sponsor in connection with any such audit or examination, except to the extent required by law or regulation.

 

8.5           Sponsor
shall reimburse PRC for its time and expenses (including reasonable attorney fees and the costs of responding to findings) associated
with any inspection, audit or investigation relating to the Services instigated by Sponsor or by a governmental authority, unless
such inspection, audit or investigation finds that PRC breached this Agreement or any applicable law or regulation.

 

		9.	Miscellaneous.

 

9.1           Independent
Contractor Relationship. The parties hereto are independent contractors, and nothing contained in this Agreement is
intended, and shall not be construed, to place the parties in the relationship of partners, principal and agent,
employer/employee or joint enture. Neither party shall have any right, power or authority to bind or obligate the other, nor
shall either hold itself out as having such right, power or authority. Any investigators or institutions used in
connection with the clinical investigation to which the Work Order relates shall be independent contractors exercising
independent judgment and shall not be deemed to be employees, subcontractors or agents of PRC.

 

9.2           Nonsoli
citation. During the term of this Agreement and for 12 months following its termination (the “Restricted Period”),
Sponsor will not, without PRC’s prior written consent, directly or indirectly, solicit or encourage any employee or contractor
of PRC to terminate employment with, or cease providing services to, PRC. However, the parties agree that if Sponsor hires an employee
or contractor of PRC in violation of this Section 9.2, Sponsor shall pay PRC a fee of 30% of such person’s annualized salary
or contractor rates for the first year of services.

 

    	PRC Clinical MSA/Sponsor	11	version APRIL 2015

     

    

 

9.3           Force
Majeure. If either party shall be delayed or hindered in or prevented from the performance of any act required hereunder by
reason of strike, lockouts, labor troubles, restrictive governmental or judicial orders or decrees, riots, insurrection, war, acts
of God, inclement weather or other reason or cause reasonably beyond such party’s control (each a “Force
Majeure”), then performance of such act shall be excused for the period of such Force Majeure. Any timelines affected
by a Force Majeure shall be extended for a period equal to that of the Force Majeure. The party incurring the Force Majeure shall
provide notice to the other of the commencement and termination of the Force Majeure, and shall take reasonable, diligent efforts
to remove the condition constituting such Force Majeure or to avoid its affects so as to resume performance as soon as practicable.
Notwithstanding the foregoing, this Section 9.3 shall not excuse any delay or failure by Sponsor to pay any amounts owed to PRC
hereunder.

 

9.4
         Notices. Any notice required or permitted to be given hereunder by either party hereto shall be in writing and shall
be deemed given on the date delivered if delivered (a) personally, (b) by recognized overnight courier, (c) via facsimile (with
confirmation of receipt generated by the transmitting machine) or (d) by certified mail, return receipt requested, postage prepaid.
All notices to each party shall be sent to the address for said party set forth in the applicable Work Order. If no address is
provided in the Work Order, then notices shall be sent to the following address:

 

If to Sponsor:

 

	 	Correspondence to:	 	Finance/Accounts  Payable:
	Sponsor:	Creative Medical Health, Inc. 		Creative Medical Health,  Inc.
	Contact:	Donald Dickerson		Timothy Warbi ngton 
	Address:	2007 W Peoria Ave., Phoenix, AZ. 85029	 	2007 W Peoria Ave., Phoenix, AZ 85029
	Phone:	972-822-9192	 	480-789-9939
	Fax:	 	 	 
	Emaii:	coo@creativemedicalhealth.con	 	ceo@creativemedi calhealth.con

 

lf to PRC:

 

	Contact:	Curtis Head, CEO	 	Tony Taricco,
     President, COO 
	Address:	1111 Bayhill Dr., Ste 290	 	1111 Bayhill Dr., Ste 290
	 	San Bruno,
    CA 94066	 	San Bruno, CA 94066
	Phone:	877.519.6001
     x  701	 	877.519.6001
    x 702
	Email:	chead@prcclinical.com	 	ttaricco@prcclinical
    . com

 

Either party
may change its notice address by notice to the other party hereto in the form and manner provided in this Section 9.4.

 

9.5           Severance.
If any one or more provisions of this Agreement shall be found to be illegal or unenforceable in any respect, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected or impaired thereby, provided the surviving agreement
materially comports with the parties’ original intent. The parties shall make a good faith effort to replace any such provision
with a valid and enforceable one such that the objectives contemplated by the parties when entering this Agreement may be realized.

 

    	PRC Clinical MSA/Sponsor	12	version APRIL 2015

     

    

 

9.6           Waiver.
Waiver or forbearance by either party hereto of any of its rights under this Agreement or applicable law in any one or more instances
must be in writing and signed by the waiving party and shall not be deemed to constitute a waiver or forbearance of any other right
or a further or continuing waiver of such rights.

 

9.7
         Amendments; Assignment. No amendment, change or modification to this Agreement or any Work Order shall be effective unless
in writing and executed by authorized representatives of the parties hereto. This Agreement and any Work Order may not be assigned
by either party without the other party’s prior written consent.

 

9.8.          Arbitration
and Equitable Reli ef.

 

A.           Arbitration.
Sponsor and PRC agree that any and all controversies, claims or disputes with anyone (including
without limitation, Sponsor and Sponsor’s
heirs, successors and assigns, PRC and any employee, officer, director, shareholder or benefit plan of PRC, in its capacity as
such or otherwise} arising out of, relating to or resulting from Sponsor’s
performance of the Services under this Agreement or the termination of this Agreement, including any breach of this Agreement,
shall be subject to binding arbitration under the Arbitration Rules set forth in California Code of Civil Procedure Section 1280
through 1294.2, including Section 1283.05 (the “Rules”}
and pursuant to California law.
Sponsor AND PRC AGREE TO ARBITRATE, AND THEREBY AGREE TO WAIVE ANY RIGHT TO A TRIAL BY JURY WITH RESPECT TO, ALL DISPUTES ARISING
FROM OR RELATED TO THIS AGREEMENT. Sponsor understands that this Agreement to arbitrate also applies to any disputes that PRC may
have with Sponsor.

 

B.           Procedure.
Sponsor and PRC agree that any arbitration will be administered by the American Arbitration Association
(“AAA”),
and that a neutral arbitrator
will be selected in a manner consistent with its Commercial Rules. Sponsor and PRC agree that the arbitrator will have the power
to decide any motions brought by any party to the arbitration, including discovery motions, motions for summary judgment and/or
adjudication and motions to dismiss and demurrers, prior to any arbitration hearing. Sponsor and PRC agree that the arbitrator
will issue a written decision on the merits. Sponsor and PRC also agree that the arbitrator will have the power to award any remedies,
including attorneys’ fees and costs, available under applicable
law. Sponsor and PRC agree that the arbitrator will administer and conduct any arbitration in a manner consistent with the Rules
and that, to the extent that the AAA’s Commercial Rules conflict
with the Rules, the Rules will take precedence.

 

C.           Remedy.
Except as provided by the Rules, arbitration will be the sole, exclusive and final remedy for
any dispute between PRC and Sponsor. Accordingly, except as provided for by the Rules, neither PRC nor Sponsor will be permitted
to pursue court action regarding claims that are subject to arbitration. Notwithstanding the foregoing, the arbitrator will not
have the authority to disregard or refuse to enforce any lawful PRC policy, and the arbitrator shall not order or require PRC to
adopt a policy not otherwise required by law which PRC has not adopted.

 

D.           Availability
of Injunctive Relief. The parties shall retain all rights to seek injunctive relief, as provided
under Section 1281.8 of the California Code of Civil Procedure.

 

9.9         Governing
Law. This Agreement shall be governed by and interpreted in accordance with the laws of the State of California, without giving
effect to any choice of law principles that would require the application of the laws of a different slate.

 

    	PRC Clinical MSA/Sponsor	13	version APRIL 2015

     

    

 

9.10         Counterparts
and Facsimile Signatures. This Agreement, and any subsequent amendment(s), may be executed in counterparts and the counterparts,
together, shall constitute a single agreement. A facsimile transmission of this signed Agreement or a Work Order bearing a signature
on behalf of a party shall be legal and binding on such party.

 

9.11         Entire
Agreement. This Agreement constitutes the entire agreement between the parties and supersedes, as of the Effective Date, all
prior negotiations, representations or agreements, either written or oral, with respect to the subject matter hereof.

 

9.12         Testimony.
Should PRC be obligated to provide testimony or records regarding a Protocol or a drug that is the subject of any Project in any
legal or administrative proceeding, then Sponsor shall reimburse PRC for its reasonable, documented, out-of-pocket costs therefor,
plus an hourly fee for the time spent by its employees or consultants in providing such testimony or records equal to the internal
fully-burdened cost to PRC of such employee or consultant. However, the foregoing shall not apply (a) to litigation between the
parties arising under this Agreement, or (b) to legal or administrative proceedings that result, in whole or in part, from (i)
the negligence, gross negligence or wilful misconduct of PRC or its personnel, or (ii) PRC’s breach of its obligations, representations
or warranties hereunder.

 

IN WITNESS WHEREOF,
this Agreement has been executed and delivered by the parties hereto by their duly authorized officers as of the Effective Date.

 

	PROFESSIONAL RESEARCH CONSULTING, INC.	 	(SPONSOR]
	0/8/A PRC CLINICAL	 	 
	 	 	 	 	 
	By: 	 	 	By:	/s/ Donald Dickerson
	 	 	 	 	 
	Name:	 	 	Name:	Donald Dickerson
	 	 	 	 	 
	Title:	 	 	Title:	Chief Operating Officer
	 	 	 	 	 
	Date:	 	 	Date:	11/15/2015

 

    	PRC Clinical MSA/Sponsor	14	version APRIL 2015

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